townswomen's guilds REPORT AND FINANCIAL STATEMENTS 31 JANUARY 2024 Reglstered Charity number: 1115974 Registered Company number: 5901323
TOWNSWOMEN'S GUILDS REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 CONTENTS Page Officers a nd professional advisers Trustees, report Independent Examiner's report Statement of fi na ncial activities 10 Balance Sheet 11 Notes to the financial statements 12-20
TOWNSWOMEN'S GUILDS OFFICERS AND PROFESSIONAL ADVISERS FOR THE YEAR ENDED 31 JANUARY 2024 The Trustees who served throughout the year and at the date of signing these accounts were: National Office held to 14 June 2023 from 14 June 2023 Vice -chairman Vice-chairman Ms M Brown Ms B Cobain Ms B Hales Ms L Howells Mrs M Lawton Mrs L Lewis Mrs K M Moore Mrs C Nunn Ms P Ryan Mrs S Stebbings (retired 14 June 20231 Vice-chairman Chairman Hon. Treasurer Hon. Treasurer (appointed 14 June 2023) (retired 14 June 2023) (retired 14 June 20231 {appointed 14 June 2023) Chairman REGISTERED OFFICE 1st Floor, Gee House Gee Business Centre Holborn Hill Birmingham B7 5JR Company Registration.. 05901323 Registered in England Charities Commission Registration No.. 1115974 PROFESSIONAL ADVISERS Bankers Natwest Bank plc 6, Floor 2 Sl Philips Place Birmingham B3 2RB Independent Examiner Stephen Lewis (Chartered Accountant) LMH Accountants Ltd T/a Trevor Jones & Co Old Bank Chambers 582-586 Kingsbury Road Birmingham B24 9ND Investment advlsers Vestra Wealth LLP 14 Cornhill EC3V 3NR Accountants LMH Accountants Ltd T/a Trevor Jones & Co Old Bank Chambers 582-586 Kingsbury Road Birmingham
TOWNSWOMEN'S GUILDS TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 January 2024 The Trustees of Townswomen's Guilds (TG), who together form the National Executive Committee {NEC} and are also the Directors of TG for the purposes of Company Law, present their annual report to members and the wider public. Objectives and activities TG is a nation31 organisation which acts as an umbrella for the member guilds who operate autonomously throughout the United Kingdom. The structure ofthe organisation is explained more fully under the heading Structure, Governance and Management. The objects of TG, found in it's Memorandum of Association, are to undertake any charitable purposes but more specifically: l. to advance the education of women irrespective of race, creed and party so as to enable them to make the best contribution towards the common good, and to develop their individual capabilities, competences, skills and understanding. 2, to educate people, but in particular women, on the principals of good citizenship and in all public questions, both national and international. 3. to advance the education of the public by carrying out research into any public questions, whether local, national, or international, and publishing the useful results of such research, 4. to advance the education of the public by promoting public understanding of any subject of educational value where women have particular knowledge or experience. 5. to provide or assist in the provision of faci lities for recreation or other leisure time occupation, including for creative and performing arts and crafts, in particular for women but also for such individuals who have a need for such facilities in the interests of social welfare and with view to improving their conditions of life; and 6. to advance citizenship for the public benefit by the promotion of civic responsibility and volunteering so that people become active members of society, During the year the NEC has continued meeting monthly on Zoom for our Board meetings. These are working very well, only taking a few hours instead of the 3-day, 2-night stay in Birmingham that it used to be. This has been a two-fold benefit as it has saved TG money i.e. not travelling and hotel costs, and also time that we can concentrate on supporting the guilds and federations in our areas. In June at the AGM in Llandudno, the Chair, Penny Ryan retired after serving for four years in the position. Connie Nunn retired after ten years, and Barbara Cobain retired through ill health, but she had served seven years as a Trustee. They are 311 missed for their enthusiasm, expertise and more importantly, friendship. We thank them for all their hard work although they are still supporting guilds in their area. We welcomed our new Chair Beryl Hales and two new Trustees, Linda Lewisfrom Pontardawe Guild and Susan Stebbings from Chester-Le-Street Hermitage Guild making us 7 again but we still have vacancies on the Board. At the AGM the ABC Award for services to her community was Elizabeth Timmons of Watford Cassiobury Guild. This was presented to her at her guild meeting shortly after the AGM by Connie Nunn and Beryl Hales. The Townswoman of the Year Award was presented to Stella Tratt of Knowle Guild which is in Bristol. The recruitment award was given to Ilford Gants Hill Guild with 28 new members. Well, done everyone.
TOWNSWOMEN'S GUILDS TRUSTEES, ANNUAL REPORT for the year ended 31 January 2024 {continued) The National International Women's Day was held in Southend-on-sea with three speakers and a 2- course lunch at both events. With members living all over the UK including Northern Ireland, we are encouraging Guilds and Federations to hold local events, so that more members and the general public can join in with this important day for women. This year North Durham Federation held a similar event in Newcastle-upon - Tyne and other successful events were held by Wirral and The Isle-of-wight Federations and Sedgley Evening Guild. Achievements and performance Education and events Throughout the year Beryl Hales has continued to hold a weekly quiz via Zoom and each month has put on an online evening. Every month is a different topic eg. Tap your Troubles Away celebrating National Tap-Dancing Day, TG does Desert Island Discs and TG brings on the Big Bands. These events are very much appreciated by the audience, and it is open to all our members. We are using social media more; TG is on Facebook and Instagram. Maureen Brown and Karen Moore have designed posts about Operation Townswomen, Climate Change and Domestic abuse. This is also used to promote different events and raise awareness ofTG as It is in the public domain. More guilds are using Facebookto advertise theirevents and post theiractivities, so that otherguilds can get ideas for their meetings. The regional rounds of the General Knowledge Qui2 were also held online, as the entrants and supporters were more reluctant to travel. The Final is in April 2024 when 8 teams will take part using Zoom, We held our National Carol Service at St Martins in the Bullring, the original Parish Church of Birmingham. The TG Singers Isedgleyl took part as well as the Trustees. Former Chairs Penny Ryan, Jenny Rideout, Margaret Key, Sue Smith and Maggie Chilton joined us along with the Lord Mayor of Birmingham, Chaman Lal who gave a welcome speech. In April and October, we sent out issues of Townswoman magazine and throughout the year, four editions of our newsletter "TG Together" went to every member, either by email or post. We also sent two mailings in Spring and Autumn to all Guilds and Federations primary contacts to pass on to the members. These included "How to apply for AGM tickets" the TG insurance certificate and details forthe year, the mandate selected for discussion at the AGM, how affiliation fees were spent, and details and encouragement about Operation Townswomen. Campaigns Rhiannon Batsford our Campaigns Co-ordinator kept Trustees updated on the progress of campaigns. The banking mandate continues to be addressed through a collaboration with bankers and other voluntarysectororganisations facilitated by UK Finance. Progress is slow as it is takingtime to enable bankers to fully understand the not-for-profit sector. The introduction of the Customer Duty on banks is extended to Charities like ours and gives us a little more leverage in our fight for improved service. In Our Hands- Climate action is a continuing issue and we have been working alongside climate change groups to support awareness especially through activities like the Big Green Week. Domestic abuse-we have been working with the End Violence Against Women coalition to Support its initiatives and we are encouraging members to wear orange on the 25th of each month to draw attention to domestic violence.
TOWNSWOMEN'S GUILDS TRUSTEES, ANNUAL REPORT for the year ended 31 January 2024 {continued) We launched Operation Townswomen at the 2023 AGM, this is not just about Raising funds for TG, but also to Recruit new members and Raise awareness of our great organisation. This is an ongoing th campaign to take us to our 100 anniversary in 2029 and beyond. Guilds, Federations, and individual members have already donated to Operation Townswomen funds during the year. Since TG'S inception, Townswomen have voiced their concerns to change and improve the lives of women, successes being raising the age of marriage in England and Wales to 18yrs, fighting the abolition of cheques and legalising the use of cannabis for medical purposes. We encourage all members to campaign at a local level for and against things that concern them locally. Recruitment The weekly quiz and monthly events are open to all members, but this is also a tool to raise awareness. The good thing about the TG website www.the-tg.com and the social media posts is that they can be accessed by the general public. We are posting more topics online e.g., the need for a photo id at the polling booth. The online meetings in the Member's area of the TG website are successful in reaching former members who don't have a guild near to them. They rejoin as Associate members and can join in with national events. At the AGM we yarn bombed outside the Venue Cymru with a marine life theme so that visitors and residents of Llandudno knew that Townswomen were there. Another form of connecting committees and guild members together is by using WhatsApp. This is a messaging and phone call service which our Patron HRH The Princess Royal, suggested to Karen Moore was a good way of keeping in touch. The Princess Royal also spoke to Trustee Lesley Howells at a Buckingham Palace Garden party about TG. She was very pleased that we had embraced technology to reach more people and encourage new members. Now there are 3 ways to recruit new members, word of mouth, publicity, and social media. Several new pull-up banners, posters and leaflets have been designed and these can be sent out to guilds along with other promotional material free of charge by contacting joanne@the-tg.com. All the promotional material e.g. posters, recruitment pack etc can be accessed on the TG website using Publicity Material from the Members, Area of the TG website. There is also merchandise available from the shop area of the TG website. The most popular way to recruit and raise awareness of TG are the rosettes, badges and pens, but new items are always being designed and there will be some new items on sale at the AGM in Coventry. External relations TG continues to be part of the 'Six O, Network and have met on Zoom throughout the year. Banking problems are kept under discussion because, just like our guilds and federations, they are affected as well. Matters related to climate change and domestic violence also remain on the group's agenda. More recently we have been looking at how as a group we can increase our effectiveness, As previously mentioned, we have joined in with Climate Change events throughout the year as this 15 an ongoing and ever evolving concern. Headquorters Joanne, Nancy, Sara, Rhiannon, and Helen have all been busy at the office and working from home to keep the business side of TG going, answering phone calls, handling affiliation, sending out newsletters and stock from the shop etc. We must thank them all for being flexible and continuing to help us in any way that they can. They are always very supportive of the members and the Trustees
TOWNSWOMEN'S GUILDS TRUSTEES, ANNUAL REPORT for the year ended 31 January 2024 (continued) and are very friendly and helpful. Membership At the end of January 2024, we had affiliation fees from 9769 members including Associate members and 281 Guilds. Future plans At the AGM in Coventry, our Guilds have been invited to parade their banners as well as Federations, this should prove to be extraordinary as they have never paraded them together previously. The National Carol Service in December 2024 and the AGM in June 2025 have been booked. We will continue to support our members and encourage them to publicise their Guilds and Federations on social media. We are delighted to have a prospective new Guild opening in Halesowen soon. Flnancial review The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the Charities Act 2011 and 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. The results for the year are set out in the Statement of Financial Activities and the notes to the accounts: the Balance Sheet sets out the financial position at the end of the year. Total income fell by £34,779 in the year., this was due to fewer affiliation fees being received, which was only partly compensated by a rise in the fee to £19 per member. We also lost Magazine income as only 2 magazines were published. Investment income will remain low as we have had to sell investments to fund our deficit. Increased interest rates are very small compensation, Total costs fell by £113,058. This was due to cost reduction measures taken in previous years, but we also reduced the number of magazines by 2 and have seen the advantage of that. We have I fewer mernbers ofstaffwhich means a reduction in salaries paid. Finally, we were also ableto release a provision of £13,000 for rates which we had made on moving to Gee House, because it became clear that our landlord had met all rate obligations. This year costs exceeded income by £107,819 (2023.. £186,098), We continue to seek further cost reductions, but we suffer from inflation just as our members do. One area that we haven't been able to reduce costs is rent and service charge. Our landlord has agreed that we might move to a smaller space, but this depends on our current offices being relet. Investment gains and losses have a major impact on our results but are subject to changes in the stock market (more information about our investment policy and performance appears below). For the yearended 31st January 2024 ouroverall investment losses were Ell,08012023 losses £35,515). This reduction follows changes made to the risk profile of our investment portfolio detailed below. We continue to encourage individual members, Guilds and Federations to donate to Operation Townswomen. At the end of January 2024, we had received approximately £3,000 for this fund. We are treating this fund as designated because it can be applied to any area of TG'S work. We also suggested to members, that they could donate to TG at no cost to themselves by using"Give as You Live" when purchases are made online. Investment policy ondperformance. Most of TG'S funds are placed with Investment Managers, Vestra Wealth LLP, in accordance with the
TOWNSWOMEN'S GUILDS TRUSTEES, ANNUAL REPORT for the year ended 31 January 2024 (continued) powers granted to the NEC by the Memorandum of Association. In response to our continued need to draw on our reserves, we instructed Vestra that our investment5 should be switched from a medium risk portfolio to a balanced low risk portfolio, with an emphasis on providing regular income and maintaining capital growth. Adopting a lower risk approach reduces our exposure to stock marketswings but also means an inevitable loss of speculative income. This yearwe had to withdraw £70,000 from the portfolio to fund our continuing activities (2023.. £240,000). The portfolio is managed on a total return basis. The return for 2024 was 0.72/12023.. _3.45Yol. Going concern Despite continuing deficits, the Trustees consider that TG is currently a going concern. We are continuing to recruit, are continuing to take action to reduce costs and are looking for ways to generate additional income. Reserves ond reserves policy All of TG'S funds are unrestricted, that means they can be used for any of the charitable purposes, On 31, January 2024, total reserves amounted to £406,510. In setting its reserve policy the NEC has regard its normal income pattern, which sees most being received at the start of the year. The NEC believes that to meet its liabilities as they fall due, it should have ready access to funds equal to one half of its estimated annual expenditure, this is approximately £170,000. Excess funds are held as investments. Lookingforward We are still encouraging our Guilds and Federations to donate to Operation Townswomen and Recruit and Raise Awareness of TG. Although the Trustees will continue to try to make cost savings, we still need to raise our income and so we have very reluctantly taken the decision to raise the affiliation fee to £25 a year from 151 February 2025, Risk monogement. The NEC undertakes an annual review of the risks that TG faces and puts in place appropriate measures to mitigate or eliminate those risks that cannot be tolerated or are beyond our control. The key risks we face continue to be: The continuing decline in membership, Competition from similar organisations, and A lack of awareness of TG and what we do. These risks are not independent. We are continuing our strategyto try and raise national awareness of TG, which we hope will lead to more Guilds (including virtual Guilds) and members. We believe that we can occupy the same domains as other organisations by continuing to be a safe place for women and by allowing Guild autonomy. We support those that need our help to deliver a programme that their members want. This programme will continue to be funded by drawing from our reserves. Structure• governance, and management. TG is a limited company and registered charity and, as such, we are governed by our Articles of Association. Our registration numbers appear on the cover of this document and details of Trustees, our Registered Office and our Advisers appear on page l. Under company law, the Members of TG are the individual Guilds who are formed under the umbrella of TG. Each Guild is autonomous but shares the National objectives. The members of each Guild are affiliated to the National organisation through their Guild who pay a capitation amount to the National Office. Associate membership is available to those who wish to be part of the
TOWNSWOMEN'S GUILDS TRUSTEES, ANNUAL REPORT for the year ended 31 January 2024 (continued) movement but are unable to access a Guild. Membership is open to all women over the age of 16. TG is governed by the NEC which is responsible for setting the strategic direction of the organisation, establishing policy, appraising staff, and agreeing remuneration, and budgeting and monitoring finances. The day-to-day operation of TG is conducted by a paid staff, acting in accordance with the established strategy and policy. The overall management of TG rests with the Trustees who act on an entirely voluntary basis. The NEC consists of a maximum of between 12 and 14 Trustees, twelve of whom will be elected {if more candidates are nominated than the number of vacancies),. the remaining two are available for existing Trustees to fill by co-option. All Trustees are members of a Guild and will have served as a member ofa Guild or Federation committee. The NEC has been under-strength for several years and needs new blood. If you know a member who would be an ideal Trustee, please persuade them to contact the Chairman at TGHQ. Each Trustee is allocated an area of the UK to cover and aims to support the Guild5 and Federations in that area through visits and letters. Trustees also attend National events, such as the AGM and Carol Services, and attend regular Zoom board meetings. The Trustees come from across the country. The Trustees always try to do their best for members in their areas, but in normal circumstances need an invitation to visit Guilds and Federations. We remain grateful to former Chairmen and National Trustees, who are assisting us by acting as patch Trustees in their local area. The NEC elects the Chairman and two Vice-chairmen by secret ballot, and an Honorary Treasurer is nominated. Officers, who must have served as Trustees for a minimum of two years, hold their roles for a period of one year and may then seek re-election. The maximum period that the Chairman may serve in that office is three consecutive years. Trustees normally serve for three years but may be re-elected or re-appointed at the end of the term to a maximum of 9 years, service. As a result of the pandemic, the Trustees in post at that time were permitted to extend their terms of office by one year. All Trustees receive an information pack on joining the board, and induction and training as needed over the course of theirTrusteeship. To ensure that Trustees receive no private benefit from their role, they receive no remuneration and have no financial interest in the Charity. They are reimbursed for expenses they incur only in accordance with the Trustees, expenses policy. If a topic in which a Trustee has a greater monetary interest than her colleagues is raised at a meeting, that Trustee must declare her interests before the matter is discussed and may be asked to withdraw from decision-making on that topic. Statement of Trustee responslbllltles The Trustees {who are also Directors of Townswomen's Guilds forthe purposes of Company Law) are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charity, and the income and expenditure of the charity for that period, In preparing these financial statements, the Trustees are required to., select suitable accounting policies and then apply them consistently. observe the methods and principles in the Charities SORP.
TOWNSWOMEN'S GUILDS TRUSTEES, ANNUAL REPORT for the year ended 31 January 2024 {continued) make judgements and estimates that are reasonable and prudent. state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and prepare the financia I statements on the going concern basis unless it is inappropriate to pre- sume that the charity will continue in business. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracyat anytimethefinancial position of the charity and enable them to ensure that thefinancial statements comply with the Charities Act 2011 and the provisions of the Articles of Association. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities, This report was approved and authorised for issue by the Board of Trustees at its meeting in April 2024 and is signed on its behalf on 29 May 2024 by: Mrs B. Hales- Natlonal Chalr
Independent examiner's report to the trustees of Townswomen's Guilds {'the Company,) I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 January 2024, which are set out on pages 10 to 20. Responsibilities and basis of report As the charity's trLFStees of the Company {and also its directors for the purposes of company lawl vou are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 {'the 2006 Act'l. Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 I'the 2011 Act,). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145151 Ib) of the 2011 Act. Independent examiner's statement Since the Company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualifi'ed to undertake the examination because l a member of Institute of Chartered Accountants in England & Wales, which is one of the listed bodies. I have completed my examination, I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: l. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act,. or 2. the accounts do not accord with those records; or 3, the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view which is not a matter considered as part of an independent examination,, or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Stephen Lewis Date 30 May 2024 For and on behalf of LMH Accountants Limited T/a Trevor Jones & Co Chartered Accountants Old Bank Chambers 582-586 Kingsbury Road Erd i ngton Birmingharn, B24 9ND
TOWNSWOMEN'S GUILDS STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 January 2024 2024 2023 Note Income from: Donations and legacie5 Charitable activities 4 Other trading activities Investments 6 Other income 188,124 15,134 2,005 8,345 7,986 214,800 19,402 5,915 11,761 4,495 Total Income 221,594 256,373 Expenditure on: Raising funds 8 Cha ritable activities 8,723 320,690 14,744 427,727 329,413 442,471 IS Net (loss} on investments (11,0801 135,515) Net expenditure (118,899) 1221,6131 Reconciliation of funds: Total funds brought forward Total funds carried forward 525,409 747,022 406,510 525,409 All income and expenditure derive from continuing operations and are unrestricted The Statement of Financial Activities also complies with the requirement for an Income and Expenditure Account under the Companies Act 2006. The notes on pages 13-20 form part of these financial statements, io
TOWNSWOMEN'S GUILDS Balance sheet 31 January 2024 Company number 5901323 Note 2024 2023 Fixed assets: 13 Intangible assets 14 Tangible assets 15 Investments 2,940 1,239 470,889 1,731 388,876 Totalfixed assets 390,607 475,068 Current assets: Stocks 16 Debtors Cash at bank and in hand 3,161 16,525 25,422 4,149 41,652 42,967 Total current asset5 Llabilities: 17 Creditors: Amounts falling due within one year Net current assets 45,108 88,768 128,4721 (37,9741 16,636 50,794 Total assets less current liabilities 407,243 525,862 18 Creditors.. Amounts falling due after more than one year 1733} {453} Total net assets 406,510 525,409 The funds of the charity: Unrestricted Funds Revaluation Reserve 375,784 30,726 498,789 26,620 20 Total charityfunds 406,510 525,409 For the year ending 31 January 2024 the Trustees confirm that the charitable company was entitled to the exemption from audit granted under section 477 of the Companies {a) the members have not required the company to year in question in accordance with section 476, and Ibl the Trustees acknowledge thei r responsibilities for of this Act with respect to accounting records and the preparation of accounts. The financial statements have been prepared on the basis stated in note l. The f ina ncia I statements were approved in principle and authorised for issue by the NEC at its April Meeting and were signed on 29 May 2024 on its behalf by: Mrs B Hales National Chair Mrs M Lawton Hon. National Treasurer li
TOWNSWOMEN'S GUILDS NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 January 2024 I ACCOUNTING POLICIES Statement of Compliance The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity's Eoverning document, the Companies Act 2006, the Charities Act 2011 and the SORP IFRS1021 Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard 102 applicable in the UK and Republic of Ireland {effective l January 2019). The charity is a company limited by guarantee and is a public benefit entity as defined by FRS 102. Statutory information appears on page I, The financial statement5 are prepared in sterling. Going Concern Status The Trustees have considered the requirements to comment on the going concern status of the charity and conf irm that resources are sufficient to continue operations for the foreseeable future. Accordingly, the financial statements are prepared on a going concern basis. Fund accounting General funds are unrestricted funds which are available for use at the discretion of the NEC in furtherance of the general objectives of the charity and which have not been designated for other purposes. Donations to Operation Townswomen are being held in a designated fund to enable progress to be monitored more easily. There are no restricted funds. Income All income is recognised in the Statement of Financial Activities when the conditions for receipt have been complied with and there is reasonable assurance of receipt. The following accounting policies are applied to income.. Affiliation fees.. Affiliation fees are accounted for when received Legacies are accounted for when legal entitlement has been established and the amount receivable is reasonably certain. Investment income.. Investment income is accounted for when receivable Other income.. Other income is accounted for when receivable Expenditure Expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation. Costs of raising fu nds are those costs incurred in attracting income, and those incurred in profile raising activities that raise funds Cha ritable activities include expenditure associated with staging meetings and other national events, and the publication of Townswoman Magazine. They include both the di rect and support costs relating to these activities. Support costs i nclude central f unctions and have been allocated to activity cost categories on a basis consistent with the time spent directly on each area. Intangible fixed assets Townswomen's Guilds acquired software from which the Trustees believe long term cost savings could be derived. Accordingly the asset was capitalised and has been amortised over its estimated minimum useful life of 5 years. It is also subject to annual impairment review. 12
TOWNSWOMEN'S GUILDS NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 January 2024 {continued) I ACCOUNTING POLICIES {Continued) Tangible fixed assets All fixed assets costing more than £250 are capitalised, and are subject to annual impairment reviews Tangible fixed assets are stated at cost less depreciation which is provided i n equal annual instalments over the estimated useful lives of the assets. The rate of depreciation applied is.. Office furniture and eqLripment- 20°A- 25% Equipment held under finance leases is depreciated over the life of the lease. Investments Investments, which are all considered as financial instruments, are stated at bid value. This constitutes fair value for the purposes of Financial Reporting Standards. Any gain or loss on revaluation is taken to the Statement of Financial Activities. Stocks Stocks, which mainly represent Townswomen's Guilds branded goods for sale to members, are valued at the lower of cost and estimated realisable value. Pension Costs The charity operates a defined contribution scheme which is funded by contributions from the charity. Payments are made to an insurance company which is financially separate from the charity, The payments are charged to the Statement of Financial Activities in the year in which they become payable, Leased assets and obligations Where assets are financed by leasing agreements that give rights approximating to ownership I finance leases ) the assets are treated as if they had been purchased outright. The amount capitalised is the present value of the minimum lease payments payable during the lease term. Lease payments are treated as consisting of capital and interest elements, and the interest is charged to the Statement of Financial Activities in proportion to the remaining balance outstanding. All other leases are 'operating leases and the annual rentals are charged on a straight line basis over the lease term. Rent free periods achieved when entering into an operating lease are accounted for over the period of the lease so as to spread the cost evenly over the lease term. Financial Instruments Townswomen's Guilds values its financial assets and liabilities in accordance with the provisions of FRS102 as basic financial instruments. This means that trade debtors and creditors are recognised when there is a contractual entitlement to make payment or receive funds and are valued at the amount expected to be received or paid. 13
TOWNSWOMEN'S GUILDS NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 January 2024 (continued) DONATIONS 2024 2023 Affiliation fees General donations Operation Townswomen donations Legacies 184,011 1,071 3,042 190,958 431 23,411 188,124 214,800 INCOME FROM CHARITABLE ACTIVITIES 2024 2023 Events Townswoman Magazine 8,634 6,500 8,152 11,250 15,134 19,402 4 OTHER TRADING ACTIVITIES 2024 2023 Internet advertising recei pts Sale of TG branded goods 68 5,847 2,005 2,005 5,915 INVESTMENT INCOME 2024 2023 Income from UK listed investments Income from overseas listed investments Bank interest 3,646 3,088 1,611 8,345 8,655 2,850 256 11,761 6 OTHER INCOME 2024 2023 Closed guilds and development funds 7,986 4,495 14
TOWNSWOMEN'S GUILDS NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 January 2024 (continued) 7 RAISING FUNDS 2024 2023 Cost of goods sold Investment management fees Other direct costs (including d irect staff costs) Share of support costs {note 91 Share of governance costs (note 101 3,000 1,066 2,724 1,630 303 9,139 875 2,714 1,797 219 8,723 14,744 8 CHARITABLE ACTIVITIES Direct Costs Support Governance Costs Costs Total 2024 2024 Events Campaigns Townswoman Magazine & Newsletter Raising awareness & Guild development Membership management & support 24,994 17,490 6,301 11,104 1,172 2,065 32,467 30,659 82,035 10,355 1,925 94,315 63,748 27,539 S,120 96,407 43,196 19,939 3,707 66,842 2024 Total 231,463 75,238 13,989 320,690 note 9 note 10 2023 Dlrect Costs Support Governance Costs Costs Total 2023 Events Campaigns Townswoman Magazine & Newsletter Raising awareness & Guild development Membership management & support 52,517 19,495 20,638 14,520 2,519 1,772 75,674 35,787 115,452 11,412 1,393 128,257 71,710 30,253 3,692 105,655 53,013 26,150 3,191 82,354 2023 Total 312,187 102,973 12,567 427,727 Basis of apportioning costs.. Wherever possible costs, includ ing staff costs, are apportioned directly to a relevant expense heading. Common costs, such as office running costs and the costs of staff involved in administering the organisation are apportioned between headings on the basis of the direct staff time allocated to each area. 15
TOWNSWOMEN'S GUILDS NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 January 202£ (continued) 9 SUPPORT COSTS 2024 2023 Premises expenses General office costs Staff costs Redundancy costs 26,175 34,806 15,887 41,309 38,743 14,587 10,131 76,868 104,770 Allocated to.. Raising Funds Charitable activities 1,630 75,238 1,797 102,973 76,868 104,770 10 GOVERNANCE COSTS 2024 2023 Independent examination fees Legal and professional Trustees, expenses & meeting costs 1,313 7,374 5,605 1,350 7,167 4,269 14,292 12,786 Allocated to.. Raising Funds Charitable activities 303 13,989 219 12,567 14,292 12,786 11 NET EXPENDITURE 2024 2023 Independent examination fees Depreciation of ta ngible f ixed assets Owned assets Leased assets Amortisation of intangible assets Operating lease rentals Property 1,313 1,350 180 636 2,940 315 864 5,040 21,870 21,870 16
TOWNSWOMEN'S GUILDS NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 January 2024 {continued) 12 INFORMATION REGARDING EMPLOYEES AND TRUSTEES 2024 2023 Salaries Social security costs Pension costs 120,978 5,419 12,098 145,080 7,073 13,473 138,495 The management of TG is undertaken by the Trustees with support from key members of staff. However, no member of staff can be considered to be key management. 165,626 Included in total staff costs are the following,. 2024 2023 Redundancy for 2023 10,131 2024 Number 2023 Number Average number of employees calculated on a full-time equivalent basis Employed partly on direct charitable activities and partly There is no material difference between the full-time equivalent number of employees and the average monthly number of employees. None of the NEC, or persons related or connected by business to them, received any remuneration during the year (2023: Nill. During the year the total expenses reimbursed to 812023.. 81 members of the NEC amounted to £5,21312023: £4,716J. This principally represents travelling and subsistence expenses incurred in the management of the charity's affairs. The charity has arranged i nsura nce to protect the charity f rom loss a rising from neglect of default of its trustees, employees or agents and to indemnify the trustees from the consequence of any neglect or default on their part. The annual cost of such insurance, which also covers the trustees and officers of individual guilds and federations, was £1,271 (2023.. £2,800). The NEC is not aware of any material transaction, contract or other arrangement with any connected person. 17
TOWNSWOMEN'S GUILDS NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 January 2024 (continued) 13 INTANGIBLE FIXED ASSETS Database Cost At 31 January 2023 and 31 January 2024 25,200 Depreclation At 31 January 2023 Charged in the year 22,260 2,940 At 31 January 2024 25,200 Net book value At 31 January 2024 At 31 January 2022 2,940 14 TANGIBLE FIXED ASSETS - HELD FOR CHARITY USE Office furniture and equipment Cost At l February 2023 Additions in the year Disposals 31 January 2024 26,137 1,320 {3,3841 24,073 Accumulated depreciation At l February 2023 Charged in the year Disposals At 31 January 2024 24,898 828 (3,384) 22,342 Net Book Value At 31 January 2024 1,731 At 31 January 2023 1,239 The above balance includes assets with a book value of £1,371 (2023: £6951 which are held under finance lease. There were no capital commitments at 31 January 202412023: £Nill. 18
TOWNSWOMEN'S GUILDS NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 January 2024 (continued) 15 INVESTMENTS 2024 2023 Market value l February 2023 Additions at cost Disposals at market va lue {Lossesl/Gains in market value 454,273 708,523 364,697 199,467 1459,0531 1418,2021 111,0801 135,5151 Market value 31 January 2024 348,837 454,273 Market Value 2023 Cost 2024 2024 2023 UK listed investments Overseas listed investments 252,056 96,781 159,517 294,756 247,238 70,873 154.187 273,466 Totsl investments Cash held by investment managers 348,837 40,039 454,273 16,616 318,111 40,039 427,653 16,616 388,876 470,889 358,150 444,269 Investment5 are valued at bid price. 16 DEBTORS 2024 2023 Prepayments and accrued income Other debtors 15,688 837 36,836 4,816 16,525 41,652 All amounts fall due within one year. 17a CREDITORS: Amounts falllng due within one year 2024 2023 Trade creditors Other taxes and social security Accruals Other creditors Deferred income Isee 17bl Obligations under finance leases 8,560 2,486 14,123 20 2,682 601 8,078 2,475 22,658 304 4,303 156 28,472 37,974 Obligations under finance leases are secured on the relevant fixed assets (note 141. 17b DEFERREO INCOME 2024 2023 Deferred income brought forward Released in year Deferred in year 4,303 {4,3031 2,682 1,184 11,184) 4,303 Deferred income carried forwarcl 2,682 4,303 Deferred income relates to the sale of tickets for events occurring after the year end for which income has been received in advance. 19
TOWNSWOMEN'S GUILDS NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 January 2024 {continued) 18 CREDITORS.. Amounts falling due after more than one year 2024 2023 Obligations under finance leases 733 453 Total amounts payable under finance leases 742 646 19 OPERATING LEASE COMMITMENTS The total of future lease payments under non-cancellable operating leases were: Property leases 2024 2023 Not later than one year 21,870 21,870 Later than one year and not later than five year 28,761 50,631 20 FUNDS All funds are unresticted.and comprise: Brought forward Incomlng Resources Resources Investment Expended {Losses)/gains Carried Forward 2024 Revaluation Reserve 26,620 4,106 30,726 Designated Fund Operotion Townswomei 3,042 3,042 General Fund 498,789 218,552 329,413 {IS,1861 372,742 525,409 221,594 329,413 111,080) 406,510 Brought forward Incomlng Resources Resources Investment Expended ILossesl/gains Carried Forward 2023 Revaluation Reserve 87,385 160,765} 26,620 General Fund 659,637 256,373 442,471 25,250 498,789 747,022 256,373 442,471 135,5151 525,409 The Operation Townswomen designated fund relates to money received in response to an appeal launched at the AGM 2023. To help ensure that TG continues to operate to our IOOth anniversary in 2029 and beyond. 20