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