COMPANY REGISTRATION NUMBER: 4715832 HARITY REGISTRATION NUIIIBER: 1110834 Women Connect First Company Limited by Guarantee Financial Statements 31 March 2024 GORDON DOWN & COMPANY LIMITED Accountsnts and Business Advisors Temple Court 13a Cathedral Road Cardiff CF119HA
Women Connect First Company Limited by Guarantee Flnanclal Statements Year ended 31 March 2024 Page Trustees, annual report (incorporating the director's report) Independent examinerfs report to the trustees Statement of financial activities (including income and expenditure account) 11 Statement of financial position 12 Statement of cash flows 14 Notes to th8 financial statements 15 The following pages do not form part of the flnanclal statements Detailed statement of financial activities 28 Notes to the detailed statement of financial activities 30
Women Connect First Company Limited by Guarantee Trustees. Annual Report (Incorporatlng the Dlrector's Report) Year ended 31 March 2024 The trustees, who are also the directors for the purposes of company law. present their report and the unaudited financial statements of the charity for the year ended 31 March 2024. Reference and admlnistrative details Reglstsred charlty name Women Connect Flrst Charlty reglstratlon numbor 1110834 Company reglstratlon number 4715832 Principal office and rogistered 7 N8vill8 Street offlce Riverside Cardiff CF116LP Wales Tho trustees (SeNed from 4 July 2023 to 28 February 2024) (Served from 4 July 2023 to 5 February 2024) (Reslgned 9 June 2023) Rajrna Begum Margaret Mclaughlin Justna Muhith Gw6ndolin Ngum Daxa Varsani Aisha Ali Shavanah Taj Lyan Hassan Saroop Kaur Sumaya Khan Stephanie Makuvise Dr Sofia Anthi Vougioukalou (Resigned 18 July 2023) (Resigned 18 July 2023) (Resigned 3 June 2023) (Appointed 21 February 2024) (Appointed 21 February 2024) (Appointed 21 February 2024) (Appointed 18 October 2023) (Appointed 21 February 2024) Independent examiner Philip M Harris FCA Temple Court 13a Cathedral Road Cardiff CF119HA structure. governance and management Governing document The organisation is a charitable company limited by guarantee. incorporated on 28 March 2003 and registered as a Charity on 11 August 2005. The company was established under a Memorandum of Association which estsblished the objectives and powers of the charttable company and is governed under its Articles of Association.
Women Connect First Company Limited by Guarantee Trustees. Annual Report (Incorporatlng the Dlrectorfs Report) (cofttinuedj Year ended 31 March 2024 structure, governance and managemant (¢ontlnu• Recruitment and appointment of trustees The directors of the company are also charity trustees for the purpose of charity law and under the company's Articles are known as members of the Management Board. Under th8 r@quirements of the Memorandum and Articles of Association. the members of the Management Board are elected to serve for a period of 3 years after which they must be re-elected at the next Annual General Meeting. All members of th8 Management Board give their tim8 voluntarily and recelved no benefits from the charity. Trustee Inducllon and trainlng Most trustees are already familiar with the practical work of the charlty. They are also regularly invited to tske part in t8am-building and stsff development days and other Women Connect First events. Addltionally, new trustees are Invited and encouraged to attend a series of short training sessions to familiarise themselves with the charity and the context within which it operates, These are jointly led by the Chair of the Management Board and the Chief Executive Officer of the charity and include.. The obligations of Management Board members The main documents which set out the operational framework for the charity including the Memorandum and Articles Resourcing and the current financial position as set out in the latest published accounts Future plans and objectlV8S. Oryanisatlonal structure The Charity Is govern8d by its Trustees, who meat ragularly to rewew reports presented to them by the administrative team which is entrusted wlth the implementation of the Trustees, declslons. A scheme of delegation Is In place and day to day responslbllity for the provision of the services rest with the Chief Executive Officer, who has the responsibility for the day to day operational management of staff. individual supervision of the staff team and also ensurfng that the team continue to develop thelr skilEs and working practices in line wlth good practice. Key management remuneratlon The board of Trustees together with key staff members are considered to be the key management personnel of the Charity. Details of payments tolfrom Trustees are disclosed in note 14 to the accounts. Payments to key management personnel are given in note 13. The level of payment made to all key management personnel is reviewed annually by the Trustees.
Women Connect First Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (contlnuod) Year ended 31 March 2024 structure. governanc• and managem•nt (continued) Risk managemant The Management Board has conducted a review of th8 major risks to which the charity is exposed. A risk register has been established and is updated at least annually. Where appropriate, systems or prorRdures have been established to mitigate the risks the charity faces. Signrficant extemal risks to funding have led to the development of a strategic plan which will allow for the diversification of funding and activities. Intemal control risks are minimised by the implementation of procedures for authorisation of all transactions and projects. Procedures are In place to ensure compllance wlth health and safety of staff, volunteers, clients and visitors to the centre. These procedures are periodically reviewed to ensure that they continue to meet the needs of the charity. The trustees have conducted thelr own review of the major risks to which th8 charity is exposed, where at unacceptable levels, have taken steps to mitigat8 those risks. The procedures are periodically reviewed to ensure that they still meet the needs of the charity. The principle risks facing the charity and a summary of the key mitigation actions, are noted below. Risk: Partnerships breaking up Miligating actions: Seeking to work with organisations and individuals with shared values Establishing clear partnership agreements from the outset Effectively servicing partnerships with regular meetings and communication. regularly reviewing and evaluating progress. Rlsk: Staff malpractlcel a safeguardlng fallure Mltlgatlng actlons: Implementing recruitment policies and controls for staffl volunteers with appropriate DBS checks Regular provision of safeguarding training for all staff and volunteers Effective supervision procedures Effectlve rlsk assessment systems In place Rlsk: A major property In¢ldent Mltlgatlng actlons: Implementation of ongoing prop8rty ch8cks Ensuring sufficient insurance coverage in place Rlsk: Loss of key personnel Mitigatlng actions: Regular appraisals & team meetings Team development activities Quality continuing professional development opportunlties
Women Connect First Company Llmited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (¢onllnuod} Year ended 31 March 2024 Structure. governance and management (contlnued) Risk: Reduction In cllenls I seNice users Mitigating actlons: Development of activtties and communty projects to attract new members Rlsk: Loss of funding for projects Mltigating actions: Diversify funding streams Generate own income Boost public donations Objective5 and actlvltles Purposes and alms Women Connect First Is a charitable company limlted by guarantee, r8gist8r8d with the Charlty Commission and Companies Hous8, Wlth the following charitable objectives: 1. To advance the education of the public primarlly. but not exclusively, of women members of elhni¢ minority communities 2. To relieve poverty and distress arising from financial hardship andlor physi[ andlor mental suffering 3. The promotion of equality and diverslty for the public benefrt, in particular, but not exclusively, in Wales by: (i) Developing the capacity and the skills primarily but not exclusively, of women members of ethnic minority communities in such a way that they are better able to identify and help meet their needs and partlclpate more fully in society (li) Raising awaren8ss of their social and religious needs.
Women Connect First Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (conllnu8d) Year ended 31 March 2024 Achlevernents and perfonnance The trustees have the pleasure in presenling their report and the financial statements for the company for the year ended 31 st March 2024. Our track record spans 23 years of successful service delivery by and for diverse minority ethnic women. Women Connect First had another successful year with many hlghlights and a number of challenges as we navigated through the growing cost of living crisis on local communities here in Wales. Thanks to th8 r8sili8nc8, dedication and innovation of our stsff, volunteers, and trustees, we were able to adapt and deliver culturally appropriate, bespoke and tailored services to address the needs of the diverse minority ethnic communities in South Wales and steadily grow from strength to strength to expand our service provision. This financial year has been a very busy and challenglng one for third sector organisatlons due to the impact of the cost of living crisis and inflation which have caused a very highly competitive funding @nvironment, whilst the demand on services multiplied. Women Connect First have weathered this funding crisis within the sector with our financial and strategic planning which has been executed to secure grants from major funding bodigs and resulted in an expansion of our services In year. This Included Housing Advice. Winterwarm Hubs. Energy Advice. Carbon Monoxid8 awareness. as well as Climate Change focused work. New work took plac8 alongside our other regular frontline services of advice & advocacy, Childn and young people services, health and well-being services and services for older women. On behalf of the Trustees, Stsff, Volunteers, beneficiaries and the communities we serve, we would like to thank our funders for providing us with the support and resources that make it possible for the charity to provide essential services as well as adapting and responding to new areas of need and serve some of the most disadvantaged and vulner8ble women from diverse ethni¢iti&s and their families in South Wales. Funders We delivered around 14 large. medium and small proj8cts supported by a divers8 range of funders. During this financial year, our funders included Welsh Govemment, The National Lottery Community Fund for Wales, Lloyds Bank Foundation for England & Wales. BBC Chlldren in Need, Paul Hamlyn Foundation, Tudor Trust, Cardiff Council, Zurich Community Trust, National Grid, Postcode Community Trust, Wa18s and W8St Utilities and Glamorgan Voluntary Services.
Women Connect First Company Limited by Guarantee Trustees. Annual Report {Incorporating the Directorfs Report) (continued) Year ended 31 March 2024 Achlevements and perfomiance (contlnued) ACTIVITIES & ACHIEVEMENTS This year we witnessed a significant increase in the number of women we supported. Throughout our work, the voice of our beneficiaries and volunteers are an ever-increasing part in planning, developing and delivering our services. In spite of the current cost of living and funding crisis we have been able to mainlain highly effective and efficient support programmes at a time of increasing pressure on public funding. Highlights include: Volunteers continued to mako an enormous contribution with women helping in a range of services including the office administration. outreach, at events. our community cafe and health and wellbeing sessions. Advice & Advocacy servlce were offered for Housing and Homelessness issues, Energy Advice, Finance and Welfare Benefits. This year we have particularly seen the expansion and greater influx in the number of women & families accessing this service due to the Cost of living crlsls and we have supported around 400 women and provided over 700 advice sessions. Chlldren & Young People servlces were provided by our Afterschool clubs for children and young girls and were delivered from our centre in Riverside, which continues to attract children living within the Close vicinily of Canton, Riverside, Grangetown and Butetown. The sessions included a mix of indoor and outdoor sessions which provided a safe space for children and young girls to learn new skills, explore, thrive and improve their self<onfidence and future aspirations. Creche services: provided childcare for mothers accessing our project services within our premise5 in our Little Rainbows Creche. Our Health and we114)elng projects expanded ourservice provislon to a high numberof women. young girls and children from diverse communities participating in a number of activities provided by the 'Sports4AII' project funded by Welsh Government's Anti-racist Wales Action Plan In different areas of Cardiff such as Riverside, Canton, Cathays, Penylan, Butetown. Grangetown and other local community and leisure centres. The project engaged 227 women, young girls and children into different sport, physical activity, well-being and holiday tsster sessions. Our Older People Servlces contlnued through the Golden Years 'Lets Age Well, project, bespoke and tailored services to over 277 older women and their families from diverse communities providing different courses to build confidence. skills, language. communication and digital literacy. including ESOL, IT & computers, conversational English, smart phones and tablets, book clubs, physical and well-being activities such as chair yoga, strength and balance, Pilates, Tai Chi, Seminars and Information sessions on a wide range of topics covering health, welfar8, energy, cost of living support, rights and entitlements, housing, socialising activities Included the Friday café, trips. picnics, muslc and art for well-being in dlfferent areas of Cardiff, Ilbrary vlslts, cultural celebrations, befrEending and volunteering support. The voices of the older women were also captured via different consultations, surveys, consultations with various policy makers, and participation in different surveys on issues that affect older minority ethnic communities. Climate Chango focused work continued In a more formal capacity with our n8w 'Div8rse Voic8s on Climate Change, project funded by The National Lottery Community Fund for Wales Sustslnable Steps programme. The projectaims lo engage, educate, enable and sustain behavioural change within diverse communities towards protecting their local environment and combating climate change. During its first year the project engaged 189 women and children to date.
Women Connect First Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (contlnuod) Year ended 31 March 2024 Achlevements and performance f¢ontlnuad) Our World Café continued lo offer weekly meals at Neville Street to our beneficiaries and the public and to host consultations and visitors from diverse third and public sectors. The café provides volunteering and training opportunities to women. We are a registered free period products and food bank voucher provider, and we are ensuring that period products. food bank vouchers and other such support services are available to vulnerable women and families. Durlng the year. the service was accessed by 123 people and we distributed over 500 period packs. Our influencing work facilitated a high number of consultatlons and hosted a number of key policy influencers wilhin our Friday café to ensure the voices of grassroots women, older women and young people from diverse communitl8S Were heard. The interfm CEO and Senior Management attended a number of stratsgic forums and ministerial meetings to represent the volces and needs of diverse communities. Partnerships We would not be able to undertake our work wrthout the support and collaboration of our many partners in the third, statutory and private sectors. During the year, they have included land this is not an exhaustive list) Cardrff and Va18 Unrversity H8alth Board, Cardiff Council, Pedal Power, BAWSO, CAB. Asylum Justice, Malndy. Channel View and Penylan Leisure Centres, community centres such as South Riverside Community Development Centre, Grangetown Pavilion, Butetown Community Centre. Chapter Arts Centre, St. MaS Church Hall in Pontcanna, to name a few. Trustees and Govemance Mrs Maria Costanza Mesa retired from the position of CEO in April 2023. We wish her happy and quality time wtth family and thank her for all her dedication and hard work ov8r the last 8 years she served the charity. Menaka Kodur is undertaking the role of Interim CEO for the charity. She has worked for the charity for over two decades and has extensive experience in charity management, fundraising and operations and has played a key role in driving Women Connect First from strength to strength since its inception in 2001. She is a passionate advocate for women's empowerment. equality, diversity and inclusion. During the financial year Ihere were five new trustees appointed and six retirements from the board. We thank our formertrustees for their vital conlributions and hard work during their time with us. FUTURE PLANS Women Connect First continues to grow and deliver a wide range of servlces under the strateglc leadershlp of our trustees and management team. We have an incredibly talented and committed diverse team of staff and volunteers driving the charity and we are moving towards a new phase and looking forward to another successful year. We will continue to place the needs of diverse communities at the heart of the organisation and work with our beneficiaries, partners, and funders to tailor our services accordingly. A huge Thank You, to our funders, supporters, service users, staff, volunteers and trustees.
Women Connect First Company Limited by Guarantee Trustees. Annual Report (Incorporatlng the DirectOS Report) (¢onllnued) Year ended 31 March 2024 Flnan¢lal revlew The charity's total income for the year amounted to £479,356 (2023: £611,059). The restricted incoming resources for th8 year of £409,371 consists of grant incorne received. Any unspent rev8nu8 incom8 is carried fOard to next year, as of 31st March 2024 restricted reserves were £110.741. The total unrestrtcted funds at the year-end represent the charltys free reserves and amounted to £291.604. Reserves policy In the trustees, view, the reserves should provide the charity with adequate financial stability and the means for tt to meet its charitsbl8 objectives for the foreseeable future. The trustees propose to maintain the charitvs reserves level which is at least equivalent to six months operational expenditure and will do so having regards to its manner of operation of likelyfunding systems. The trustees will review the amount of res8rves that are required to ensure that they are adequate to fulfil the charity's continuing obligations on a quarterly basis at their regular monthly meetings. Golng concern Having considered budgets for the next twelve months. the Trustees are confident that the Charty will continue to meet its liabilities as they fall due for the foreseeable future and consider that ther8 are no material uncertainties about its ability to continue as a golng concem. It is ther8fore considered appropriate by the Trustees to prepare the financial statements on a going concern basis. Small company provisions This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. The trustees, annual report was approved on trustees by: i i lol%nd signed on behalf of the board of Gwendolln Ngum Trustee
Women Connect First Company Limited by Guarantee Independent Examlner's Report to the Trustees of Women Connect Flrst Year ended 31 March 2024 I report to the trustees on my examination of the financlal statements of Women Connect First (Yhe charity,) for the year ended 31 March 2024. Responslbllltl8s and basls of report Respective responsibilities of trustees and examlner The Charity's trustees (who are also directors of Women Connect First for the purpose of company law) are responsible for the preparation of the accounts. The charitS trustees consider that an audit is not required for thls year under saction 144 of the Charltles Act 2011 and that an independent examination is needed. Havlng satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibllity to: examine the accounts under section 145 of the 2011 Act; to follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5) of the 2011 Act. and to state wheth8r particular matters have come to my attention. Basls of Independent examiners report My examination was carried out in a¢¢ordance with the General Directions given by the Charty Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those rOrdS. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on whether the accounts present a 'true and fair view,. Independent examlner's statement Since the chariws gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Acl. I confirm that l am qualified to undertake the examination because l am a member of th8 Institute of Chartered Accountsnts in England and Wales (ICAEW), which is one of the listed bodies.
Women Connect First Company Llmited by Guarantee Independent Examinorfs Report to the Trustees of Women Connect Flrst (eonllnu8d) Year ended 31 March 2024 In connection with my examination, no matter has come to my attention: {1) which gives me reasonable cause to believe that in any material respect the trustees have not met the requirements to ensure thal.. proper accounting records are kept (in accordan with section 386 of the Companies Ad 2006). and accounts are prepared which agree wth the accounting records, and comply wlth the accounting requirements of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities or (2) to which, in my opinion, attention should be drawn in order lo enable a proper understanding of the accounts to be reached. éAc Philip M Harris FCA Independent Examiner Temple Court 13a Caihedral Road Cardiff CF119HA 10
Women Connect First Company Limited by Guarantee Statement of Flnanclal Actlvltles (including income and expenditure account) Year ended 31 March 2024 2024 Restricted Endowment funds funds Total funds Total funds 2023 Unrestricted funds Note Income and endowments Donations and legacies Charitable actNlties Other trading activities Investment income 1,604 13.946 54.209 226 409,371 410,975 13,946 54,209 226 507,528 18.106 85.361 66 Total Income 69.985 409.371 479.356 611.059 Expendfture Expenditure on charitable activities 10,11 94.220 401.495 495.714 640,018 Total expendlture 94.220 401.495 495.714 640.018 Net expendlture and net movement in funds (24,235) 7,876 (16,358) (28,959) Reconclliatlon of funds Total funds brought forward Total fund5 Carried forward 316.471 102,865 200,000 619.336 648,294 292,236 110.741 200,000 602,977 619,336 The ststement of financial activities includes all gains and bsses recognised in the year. AJI income and expenditure derive from continuing activities. The notes on pages 15 to 26 forni part of these flnancial statements.
Women Connect First Company Limited by Guarantee Statement of Flnanclal Position 31 March 2024 2024 2023 Nots Fixed assets Tangible fixed assets 15 296.257 296,678 Current assets Debtors Cash at bank and in hand 16 32.045 309,658 96,747 275,063 341,703 371,810 Credltors: amounts falling due within one year Net current assets 17 34,983 49,153 306,720 322,657 Total assets less current liabilities 602.977 619,335 Net assets 602.977 619,335 Funds of the charity Endowment funds Restricted funds Unrestricted funds 200,000 110.741 292,236 200.000 102,863 316.472 Total Charity funds 19 602,977 619.335 For the year ending 31 March 2024 the charity was entitlad to 8X8mption from audit under section 477 of the Companles Act 2006 relating to small companies. Directors, responsibilities: The members have not required the company to obtsin an audit of its financial statements for th8 year in questlon in accordance with section 476. The directors acknowledge their responsibilities for complying wth the requirements of the Act with respect to accounting records and the preparation of financial statements. These financial statements have been prepared in accordance wlth the provlsions applicable to companies subject to the small companies, regime. The statement of financial position continues on the following page. The notes on pagos 15 to 26 fonn part of these financial statements. 12
Women Connect First Company Limited by Guarantee Statement of Financial Position (contlnuedj 31 March 2024 These financial statements were approved by the board of trustees and authorfsed for issue on . J.L l..J.4 2{j4nd are signed on behalf of the board by: Gwendolin Ngum Trustee The notss on pagos 15 to 26 form part of the$0 flnan¢lal statoments. 13
Women Connect First Company Limited by Guarantee Statement of Cash Flows Year ended 31 March 2024 2024 2023 Cash flows from operating activities Net expenditure (16,358) (28,959) Adjustments for Depreciation of tangible fixed assets Other interest receivable and similar income Accrued expensesl(income) 421 (226) 50,424 631 (66) (96,034) Changes in." Trade and other debtors Trade and other creditors 9,030 {8,922) 34,369 27,076 25,897 Cash gen8rated from operations (71,455) Interest received 226 66 Net cash froml(used in) operating actlvities 34,595 (71,389) Net increasel(de¢rease) In cash and cash equivalents Cash and cash equlvalents at beginning of year Cash and cash equlvalents at end of year 34,595 275,063 (71,389) 346,452 309,658 275,063 Thè notes on pagos 15 to 26 form part of these flnanclal statements. 14
Women Connect First Company Limlted by Guarantee Notes to the Financial Statements Year ended 31 March 2024 General informatlon The charity is a publlc benefit entity and a private company limited by guarantee, registered in England and Wales and a regist8red charity in England and Wales. The address of the registered office Is 7 Neville Street. Riverside. Cardtff. CF116LP, Wa18S. Statement of Compllance These financial statements have been prepared in compliance with FRS 102. 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,. the 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)) and the Companies Act 2006. Accounting poli¢les Basls of preparatlon The financial statements have been prepared on the historical cost basis. as modified by th8 revaluation of certain financial assets and liabilities and investment propertles measured at fair value through income or expenditure. The financial statements are prepared in sterling. which is the functional currency of the entity. Golng concern There are no material uncertalntles about the charitys ability to continue. Judgements and key sources of estlmation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experi8nc8 and other factors, including 8XP8Ctations of future events that are believed to be reasonable under the circumstances. Fund accountlng Unreslrided funds are available for use at the discretion of the trustees to further any of the charity's purposes. Deslgnated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their 8xpenditur8 declared by the donor or through the terms of an appeal, and fall Into one of two sub-classes.. restrictad income funds or endowment funds. 15
Women Connect First Company Limited by Guarantee Notes to the Financlal Statements (continuedj Year ended 31 March 2024 Accountlng poll¢les (¢ontlnu¢dJ Incoming rnsources All incoming resources are included in the statement of financial activities when entitlement has passed to the charity,. it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: income from donatlons or grants Is recognised when ther8 is evidence of entFtlement to the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entttlement is estsblished. income from donated goods is measured at the fair value of th8 goods unless this is impractical to measure reliably, In which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised In the accounts when received if the value can be reliab measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of services is recognised with the delffivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requlrement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. Resources expendod Expenditure is recognised on an accruals basis as a liability is incurrsd. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activitie5 to which it relates: expenditure on raising funds includes the costs of all fundraising activities, events, non- charitabla trading activities, and the sale of donated goods. expendilure on charitable activities includes all costs incurred by a charity in undertaking activitles that further its charitable aims for the benefil of ils beneficiaries, including those support costs and costs relating to the govemance of the charity apportioned to charitsble activities. other expenditure includes all expendlture that Is neither related to raising funds for the charlty nor part of tts expenditure on charitable activities. All costs are allocated to expenditure categories refl@cting th8 use of the resource. Direct costs attrlbutable to a single activity are allocated directly to that activty. Shared costs are apportioned between the activities they contribute to on a reasonable, justlflable and consistent basis. Operating leases Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease temi, on a straight-line basis. 16
Women Connect First Company Llmited by Guarantee Notes to the Financial Statements (¢ondnue Year ended 31 March 2024 Accounting policles (contlnued) Tangiblo assets Tangible assets are inltially recorded at cost, and subsequently stated at cost less any a¢¢umulated depreciation and impairment losses. Any tangible assets Caled at revalued amounts are recorded at the fair value at the dale of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment108ses. An increase In the carying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure wilhin the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss Is shown within other recognised galns 8nd losses on tho statement of financial actlvities, Depreciation Depreciation is calculated so as to write off the cost or Valuaon of an asset. less Its residual value, over the useful economic life of that asset as follows.. Fixtures and fittings 33 % reducing balance Impaimient of fixed assets A review for indicators of impaiment Is carrled out at each reporting date. with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impaiments are also reviewed for possible reversal at each reporting date. For the purposes of impaimient testing. when tt is not possible to estimate the recov8rable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that Includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a buslness comblnation is. from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergie5 of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units. 17
Women Connect First Company Llmited by Guarantee Notes to the Financial Statements (¢onllnuodJ Year ended 31 March 2024 Accountlng pollcles (contlnu8d) Financial instruments A financlal asset or a financial liabilFty is recognised only when the entlty becomes a party to the contractual provisions of the instrument. Basic financial instruments are Initially recognised at the amount rec9ivable or payable including any related transaction costs. unless the arrangement constitutes a financing transaction. where it Is recognised at the present value of the future paym8nts discounted at a market rate of interest for a similar debt instrument. Current assets and current liabilities are subsequentty measured at the cash or other conslderatlon expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Defined contribution plans Contrlbutlons to deflned contribution plans are recognis8d as an expense In the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment wlll lead to a reduction in future payments or a $h refund. When conlrlbutlons are not expected to be settled wholly within 12 months of the end of the reportlng date In whlch the employees render the related service. the liabillty Is measured on a dlscounted present value basis. The unwinding of the discount is recognlsed as an expense in the period to which Ft relates. Llmlted by guarantee Th8 company is limited by guarantee 8nd does not have a share capital. The liability of the members in the event of the Gompany being liquidated is limit8d to £1. Donations and legacles Unrestricted Funds Restricted Total Funds Funds 2024 Donations Donations 1,604 1,604 18
Women Connect First Company Limited by Guarantee Notes to the Financlal Statements (¢ontinued) Year ended 31 March 2024 Donatlons and legacles (¢ontlnu•dJ Unrestricted Funds Restricted Total Funds Funds 2024 Grants Cardlff Councll Chlldren In Need Glamorgan Voluntary Services Lloyds Bank Foundation National Grid - Community Matters Fund Postcode Community Trust Rosa - Voices from the Frontline The National Heritage Memorial Fund The National Lottery Community Fund - Sustainable Steps Wales Tudor Trust Wales & West Utilities Welsh Govemment Anti-Racist Wales Cultur8, Heritage and Sport Welsh Govemment Sustainable Social Services Third Sedor Zurlch Communlty Trust 4,000 9.463 8.300 25,000 10,000 25.000 (7,000) 6.787 4,000 9,463 8,300 25,000 10,000 25,000 (7,000) 6,787 60.491 40,000 31,695 60,491 40,000 31,695 90,000 90,000 86,385 19,250 86,385 19,250 1,604 409,371 410,975 Unrestricted Funds Restricted Total Funds Funds 2023 Donations Donations 3,423 3,423 19
Women Connect First Company Llmlted by Guarantee Notes to the Financial Statements (¢ondnued) Year ended 31 March 2024 Donations and legacles (conllnuod) Unrestricted Funds Restricted Total Funds Funds 2023 Grants Cardiff Councll - Perlod Poverty Cardiff Council- Summer of Fun Cardiff Third Sector Council Children in Need Lloyds Bank Foundation National Grid - Community Matters Fund Older People's Commissioner for Wales Paul Hamlyn Foundation Rosa - Voices from the Frontline The National Heritsge Memorial Fund The Natlonal Lottery Community Fund - Awards For 2,000 5,000 3,000 500 27,250 10,000 3.000 47.000 7,000 23.213 2,000 5,000 3,000 500 27,250 10,000 3,000 47,000 7,000 23,213 10.000 40.000 10,000 40,000 Tudor Trust Wales & West utllities Carbon Monoxide Vulnerablllty WCVA Voluntary Services Recovery Fund Welsh Government Child Poverty Welsh Government Equality & Inclusion Programme Welsh Govemment Healthy and Active Fund Welsh Government Anti-Racist Wales Culture, Heritage and Sport Welsh Govemment Sustainable Social Services Third Sector Zurich Community Trust SoLrth Rlverside Community D@velopment Centre CAF Resllience Fund Phase 2 15,283 5,979 4,995 27,766 74,999 15,283 5,979 4,995 27,766 74,999 48,201 48,201 86,385 20,743 3,869 37,920 504,103 86,385 20,743 3,869 37,920 3.423 507,526 Charltable activities Unrestricted Totsl Funds Unr8strict8d Totsl Funds Funds 2024 Funds 2023 Workshops. semlnars. activities. courses Creche seNices 12,331 1,815 12,331 1,615 13,786 4,320 13,786 4,320 13,948 13,946 18,106 18,106 20
Women Connect First Company Limited by Guarantee Notes to the Flnancial Statements (contlnued) Year ended 31 March 2024 other tradlng actlvltles Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Room hir8 World cafe Project management fees 13,933 3,898 36,378 54,209 13,933 3.898 36.378 27,214 27,214 6,511 51,636 51.636 54,209 78.850 85,361 Investment income Unrestricted Total Funds Unrestrfcted Total Funds Funds 2024 Funds 2023 Bank interest receivable type 1 226 226 66 66 Investment management Costs Unrestricted Funds Restricted Total Funds Funds 2024 Other investment man8gernent costs Unrestricted Funds Rgstrictad Total Funds Funds 2023 Other investment management costs (1) 10. Expenditure on Gharltable actlvities by fund type Unrestricted Funds Restricted Total Funds Funds 2024 Charttable activities 94,220 401,495 495,714 Unrestricted Funds Restricted Total Funds Funds 2023 Charitable actlvltles 49,366 590.651 640.018 21
Women Connect Flrst Company Limited by Guarantee Notes to the Financial Statements (¢onrfnued) Year ended 31 March 2024 11. Exp8ndlture on charitable activltles by actlvlty type Activities undertaken Total funds dlrectly 2024 Total fund 2023 Charitable activities 495.714 495.714 640.018 12. Not expendlture Net expendlture Is stated after chargingl(crediting): 2024 2023 Depreclation of tangible fixed assets 421 631 13. Staff costs The total staff costs and employee benefits for the reporting period are analysed as follows: 2024 2023 Wages and salaries Soclal security costs Temporary staff costs Employee settlement costs Employer contrfbutions to pension plans other employee benefits 253,101 16,621 12,050 30,000 14,250 3,642 318,014 22,575 17,974 15,878 12,831 329.664 387,272 The average head count of employees during the year was 11 (2023: 14). The average number of full-time equivalent employees during the year is analysed as follows: 2024 No. 2023 No. Senior Manager Project Manager Project Officer CrecheNouth Worker Administration & Finance 12 No employee received employee benefits of more than £60,000 during the year (2023: Nil). 14. Truste8 r8mun8ration and expenses No remuneration or other benefits of employment with the charity or a related entity were received by the trustees during the 2024 financial year. In the 2023 financlal year, payments of £2,500 and £1,500 for consultancy services provided to the charity were made to Mela Cymru. a company in which a trustee has an interest. 22
Women Connect First Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 15. Tangible flxed assets Freehold Fixtures and prop8rty fittings Total Cost At 1 April 2023 and 31 March 2024 Depreclatlon At 1 April 2023 Charge for the year At 31 March 2024 295.416 17.346 312,762 16.083 421 16,083 421 16.504 16,504 Carrying amount At 31 March 2024 295.416 296,258 At 31 March 2023 295.416 1.263 296,679 16. Debtors 2024 2023 Tr8de debtors Prepayments and accrued inc0rn8 1.138 30,907 10,190 86,557 96,747 32,045 17. Credltors: amounts falllng due wlthln one year 2024 2023 Trade creditors Accruals and deferred income Social securtty and other taxes Other creditors 20,705 2,966 9,829 1,483 27,058 8,214 13,881 34,983 49,153 18. Penslons and other post retirement benefits Defined contrlbutlon plans The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £14,250 (2023: £15,878). 23
Women Connect First Company Limited by Guarantee Notes to the Flnanclal Statements (contlnued) Year ended 31 March 2024 19. Analysls of charltable funds Unrestricted funds At 1 Aprfl 2023 At Incom8 Expenditure 31 Mar 2024 General funds 316,471 69.985 (94,220) 292,236 At 1 April 2022 At Income Expenditure 31 Mar 2023 General funds 258.882 100,445 (49,385) 309,962 Restricted funds At 1 April 2023 At Income Expenditure 31 Mar 2024 Cardlff Council Cardiff Third Sector Council Children in Need Glamorgan Voluntary Services Lloyds Bank Foundation National Grid - Community Matters Fund Paul Hamlyn Foundation Postcode Community Trust Rosa - Voices from the Frontline The National Heritage Memorial Fund The National Lottery Community Fund - Awards For All The National Lottery Community Fund Sustainable Steps Wales Tudor Trust Wales & West Utilities - Carbon Monoxide Vulnerability Welsh Govemment Anti-Racist Wales Culture, Heritage and Sport Welsh Government Sustainable Soclal Services Third Sedor Zurich Communty Trust 1.214 2.327 4,000 (5.214) (2,327) (9.463) (2.676) (25.000) 9,463 8,300 25,000 5,624 19,782 19,782 10,000 (10.000) (30.024) (12.475) 30,024 25.000 (7,000) 8,787 12,525 7,000 (6,787) 577 (577) 60.491 40.000 (29.772) (40,000) 30,719 30.000 30,000 31,695 (31,695) 90,000 (90,000) 86,385 19,250 (86,385) (19,100) {401.495) 11,941 102,865 12.091 409,371 110.741 24
Women Connect First Company Limited by Guarantee Notes to the Financial Statements (ntInued) Year ended 31 March 2024 At 1 April 2022 At Income Expenditure 31 Mar 2023 Cardiff Council - Period Poverty Cardiff Council- Summer of Fun Cardiff Third Sector Council Children in Need Glamorgan Voluntsry Services Lloyds Bank Foundation National Grid - Communty Matters Fund Older People's Commissioner for Wales Paul Hamlyn Foundation Postcode Community Trust Rosa - Voic8s from the Frontline Smallwood Trust and the Women Thrive Fund Techniquest The Nalional Heritage Memorial Fund The Nalional Lottery Community Fund Awards For All Tudor Trust Wales & West Utllitles - Carbon Monoxide Vulnerabllily WCVA Voluntary Services Recovery Fund Welsh Government Child Poverty Welsh Government Equality & Inclusion Programme Welsh Government Healthy and Active Fund Welsh Government Anti-Racist Wales Culture, Heritage and Sport Welsh Government Sustainable Social Services Third Sector Zurich Community Trust South Riverside Communty. Development Centre CAF Resilience Fund Phase 2 2,000 5,000 3,000 500 (786) (5.000) (673) (9,513) 1,214 2,327 9.013 10.310 27.250 {17,778) 19,782 10.000 (10.000) 3,000 47.000 (3,000) (28.476) 11,500 30,024 7,000 7.000 29,654 1,500 20,549 (29,654) (1,500) (43,762) 23,213 10,000 40,000 (9,423) (39,965) 577 30,000 29,965 15,283 (15,283) 5,979 4,995 {5,979) (4,995) 27.766 (27,766) 74,999 (74,999) 48,201 (48,201) 86,385 17.500 (86,385) {5,559) 11,941 1,689 75,232 189,412 7,112 37,920 (8,801) (113,152) (590,652) 504,103 102,863 25
Women Connect First Company Limitsd by Guarantee Notes to the Financial Statements fcontinuedj Year ended 31 March 2024 Endowment funds At 1 April 2023 At Income Expenditure 31 Mar 2024 Pemanent Endowment Fund 200,000 200,000 At 1 April 2022 At Income Expenditure 31 March 2023 Pemianent Endowment Fund 200.000 200.000 20. Analysis of net assets between funds Unrestricted Funds Restricted Endowment Total Funds Funds Funds 2024 Tangible fixed assets Current assets Creditors less than 1 year Net assets 96,257 230,962 (34.983) 292,236 200,000 296,257 341.703 (34,983) 602,977 110,741 110,741 200,000 Unr8Strict8d Funds Restricted Endowment Total Funds Funds Funds 2023 Tangible fixed assets Current assets Creditors less than 1 year Net assets 96,678 268,947 (49.153) 316,472 200,000 296.678 371,810 (49,153) 619,335 102.863 102.863 200,000 21, Analysis of changes In net debt At At 1 Apr 2023 Cash flows 31 Mar 2024 Cash at bank and in hand 275,063 34,595 309.658 26