townswomen's guilds REPORT AND FINANCIAL STATEMENTS 31 JANUARY 2025 ReBlstered Charlty numb•r: 1115974 Re8isiered Lompany number: Sg1)1323
TOWNSWOMEN'S GUILDS REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 CONTENTS Page Officers and professional advisers Trustees, report 2-10 Independent Examiner's report 11 Statement of financial activities 12 Balance Sheet 13 Notes to the financial statements 14-22
TOWNSWOMEN'S GUILDS OFFICERS AND PROFESSIONAL ADVISERS FOR THE YEAR ENDED 31 JANUARY 2025 The Trustees who served throughout the year and at the date of signing these accounts were: National Office held Ms B Hales Ms L Howells Ms M Brown Mrs L Lewis Mrs K M Moore Mrs S Stebbing Chairman Vice-Chairman/Treasurer Treasurer Secretary 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 th 6 Floor 2 St Philips Place Birmingham B3 2RB Independent Examlner 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
TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 January 2025 The Trustees of Townswomen's Guilds ITGI, who together form the National Executive Committee {NECI 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 national organisation which acts as an umbrella for the member guilds who operate autonomously throughout the United Kingdom. The structure of the 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 specificallv.. 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. to educate people, but in particular women, on the principals of good citizenship and in all public questions, both national and international, 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. to advance the educatlon of the public by promoting public understanding of any subject of educational value where women have particular knowledge or experience. to provide or assist in the provision of facilities for recreation or other leisure time occupation, including for creative and performing arts and crafts, in particularforwomen but also for such individuals who have a need for such facilities in the interests of social welfare and with a view to improving their conditions of life; and 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 so that we can concentrate on supporting the guilds and federations in our areas. Achievements and Performance Education and Event5 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. You'vegota Friend in Me, BatAppreciation Weekand A TG Christmas Cracker, 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 and they are both valuable tools to promote TG. Ourguilds are also using Facebook to advertise their events and post their activitie5, SO that otherguilds can get ideas for their meetings. 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 detailsfortheyear, the mandate selected fordiscussion attheAGM, how affiliation fees were spent, and details and encouragement about Operation Townswomen. In March the National International Women's Day event was held in Norwich with three th fascinating speakers. Members also pledged to help TG reach our 100 birthday, with raffle proceeds donated to Operation Townswomen. The Final of the National General Knowledge Quiz was held online in April 2024when 8 teams tookpart using Zoom. Our AGM was held in Coventry in June, and we were fortunate to have our Patron, HRH, The th Princess Royal present to help us celebrate our 95 Anniversary and cut our anniversary cake, At the AGM Marilyn Lawton retlred a5 Honorary Treasurer after completlng her nine years on the NEC. We thank Marilyn for all her hard work although she will still be supporting Guilds in her area. Maureen Brown and Lesley Howells will be taking bn the role of Honorary Treasurers with the help of Trevor Jones Chartered Accountants. This was necessary as no Members came forward to volunteer and we were unable to find anyone through outside sources. We also welcomed Karen Moore in her new role as nominal Company Secretary and Le51ey Howells as Vice chair. We have not been able to recruit new Trustees this year, and this is a concern for the NEC. The ABC Award winner for services to her community was won by Kathleen Reader of Alsager Pikemere Guild and the winners of the National General Knowledge Quiz were Solihull Blossomfield Guild who had retained the title. Both awards were presented by the National Chair Beryl Hales. Our Patron, HRH The Princess Royal, presented the Chair's Award to Jean Martin together with the Most New Members Award which was won jointly by Wellington (E) Guild and Eastwood Cockethurst and SedgeleylE) each having recruited 20 new members. We held our National Carol Service at St Mary and All Saints Parish Church in Chesterfield in December. The TG Singes(Sedgeley} took part as well as the Trustees.
Campalgns Rhiannon Batsford our Campaigns Co-ordinator kept Trustees updated on the progress of campaigns. 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. In our Hands - we are continuing to encourage our members to raise awareness of Climate Change through our Facebook page and campaign in their local areas, Recruitment In January 2024 we publicly launched Operatlon Townswomen on Facebook with a series of vldeos aimed at both TG members and the public. The videos aimed to encourage the recruitment of new members and provide guilds with direction in how they could recruit members to their own guilds or advice on how to encourage younger people to form their own Guilds. Trustees went out and about to Guilds and Public events to promote Operation Townswomen and many Guilds followed their example and went out and promoted TG, and we have seen a rise in new members as a result, unfortunately, this has not offset the continued decline in membership. The weekly quiz and monthly Zoom events hosted by Beryl Hales are also used for recruitment. We have had new merchandise this year in the form of a Floral Magnet 95th Anniversary Magnet, a new Floral Fun and Friendship Badge and a TG Compact Mirror. External relatlons 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 is an ongoing and ever evolving concern. Headquarters Joanne, Nancy, Sara, Rhiannon, and Helen have all been busy at the office and working frorn home to keep the business side of TG going, answering phone calls, handling affiliation, sending out to help us in any way that they can. They are always very supportive of the members and the Trustees and are very friendly and helpful. At the beginning of 2025 we offered the staff the opportunity to volunteer for redundancy
and Sara Trayer5 accepted and left TG in April 2025. We thank Sara for all her hard work over the years. Membershlp Our membership has been declining for several year5, and this is continuing year on year. We have had a new Guild open in Halesowen. Future plans It has been decided by the Trustees that it is necessary to close Townswomen's Guilds the Registered Company Number 5901323 and Townswomen's Guilds the Registered Charity Number 1115974. A resolution to close the company and charity was agreed unanimously at a Trustee Meeting held on Wednesday 23rd April 2025. To ensure that the closure is conducted correctly it has proven necessary to take professional advice and we are waiting to hear from our legal team to advise how we should proceed. Thls does not mean that the Indlvldual Townswomen's Gullds around the country need to Close. Why we have decided we need to close The members of the National Executive Committee are both Trustees of the Charity and Directors of the company. As Directors of the company, we have a fiduciary duty to ensure that the company is viable, and we believe that by continuing we will drift into insolvencv and we wish to avoid this. We firmly believe that this course of action, a planned closure, is fairer to both staff and members. The plan will be to close membership on 31st January 2026 and complete the accounts for 2025/26 and with the help of our Accountants wind up the Company and the Charity. The following problems are the main reasons we have come to this decision: Declining Membership membership has been declining for several years and this is continuing year on year. Year Members Guilds 2020 17,000 472 2024 9,769 281 Currently 8,444 249
Increasing costs: Despite reducing costs over the years including making staff redundant as membership declined, reducing the number of magazines to members and reducing the number and cost of events we still cannot balance our books and needed to increase our Affiliation Fees this year to £25.00. The following graph shows that despite these cost reductions we are Still having to Use our reserves, and they are continuing to decline. 1600000 Total Funds for Townswomen's Guilds ' 1400000 1200000 1000000 800000 600000 400000 200000 Year •IvalUe b 2020 ht forward 2022 bFLind8 ro¥èyi Irom Rese&(4 A further increase in Affiliatlon Fees would be required and members have told us how hard it is to pay the increased costs of the Affiliation Fees and by closing in 2026 Guilds would no longer have this cost. Why 2026 is the time to Close the Notional Compony and Charity Insurance: Our brokers have found it difficult to find anyone willing to insure us this vear and it has resulted in our insurance costs increasing from £7,308.24 to £12,314.75. It is extremely unlikely that we will be able to get insurance next year and we would need to change our Articles of Association and Guilds would be required to obtain their own insurance cover. By closing in 2026 Guilds can use part of the Affiliation fees to fund their insurance costs Lease renewal.. We are coming to the end of our current lease on our Headquarters, May 2026, and we had planned to move to a smaller 5Ulte of offices within Gee House to save money. However, we have been informed that there will no longer be any commercial advantage to this. Trustees: We have been struggling along for many years with less than the ideal
number of Trustees112) and nowwe only have 6Trustees. When Beryl's time as Chair is over, we would have only 5 By closing in 2026 we are being fairer to the remaining Trustees as we are all willing to continue to see the closure process completed. Reserves: We currently have enough reserves to continue for a further year or two at most and we wish to ensure that the company has a planned closure and does not need to go into insolvency. By c105ing in 2026 we are being fairer on our staff many of whom have been with us for many years and ensures they receive a fair redundancy payment. Residual Funds.. By closing in 2026 we will hopefully have some residual funds which we need to give to a charity or number of charities with similar aims to ourselves. The current membership will end in January 2026 and until that time we plan to run TG as normal, provide support and National Events in 2025, including the AGM and Carol Service The National Carol Service In December 2025. Financial Revlew The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and complywith the charity's governingdocument, the Charities Act 2022 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. Investment pollcy ond perform¢7nce Most of TG'S funds are placed with Investment Managers, Vestra Wealth LLP, in accordance with the powers granted to the NEC by the Memorandum of Association. Vestra have been instructed that our investments should form a balanced, medium/low risk portfolio, with an emphasis on providing regular income and malntaining capital growth. However, last year we had to withdraw £123,500 from the portfolio to fund our continuing activities. Vestra Wealth LLP have been informed of our plans to close Townswomen's Guild and will start to reduce the equity exposure on the portfolio and move the portfolio in cash when instructed. Golng Concern A resolution to close the company and charity was agreed unanimouslyat a Trustee Meeting held on Wednesday 23rd April 2025.
Reserves and resenies policy All of TG'S funds are unrestricted, that means they can be used for any of the charitable purposes. On 31st January 2025, total reserves amounted to £320,884. 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 35 they fall due, it should have ready access to funds equal to one half of its estimated annual expenditure, this is approximately £160,500. Excess funds are held as investment5. Risk management The NEC undertakes an annual review of the risks TG faces and puts in place appropriate measures to mitigate or eliminate those risks which cannot be tolerated or are beyond our control. The key risks we face are The continuing decline in membership We have been unable to recrult enough Trustees to the National Executive Increase In costs The need to continue to fund our activities from our reserves. Structurei governance, and management TG is a limited company and reglstered 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 autonomou5 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 movement, 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 con51Sts 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 of a Guild or Federation committee for at least five years. Where we have fewer that 10 Trustees the service qualifications set out above may be
replaced by enquiries of Members in the candidates Guild and/or Federations as to the suitability of the applicant for appointment as a Trustee, Candidates, suitability as a Trustee will focus on their willinBness, enthusiasm and integrity in their dealings both within TG and without. Each Trustee is allocated an area of the UK to cover and aims to support the Guilds 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. The NEC elects the Chair and one or two Vice-chairs by secret ballot, while it is preferable to have two Vice Chairs this is not always possible due to the size of the Board, An Honorarv Treasurer is a nominated position. 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, All Trustees receive an information pack on joining the board, and induction and training as needed over the course of their Trusteeship. 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 forexpenses they incuronly 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 responsibilities The Trustees (who are also Directors of Townswomen's Guilds for the purposes of Company Lawl are responsible for preparing the Trustees, Report and the financial statement5 in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wale5 requires the Trustee5 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,. 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 financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2022 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 on .I,kh.. .June 2025 and is signed on its behalf on ,by Mrs Beryl Hales National Chair 10
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF TOWNSWOMEN'S GUILDS I report to the Trustees on my examination of the financial statements Townswomen's Guilds {the incorporated charity) for the year ended 31 January 2025. Responsibilities and bas15 of report As the Trustees of the cha rity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act), Having satisfied myself that the financia I statements of the charity are not required to be a udited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity's financial statements carried out under section 145 of the Charities Act 2022. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145{51{bl of the 2022 Act, Independent examiner's statement 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 that in any material respect.. accounting records were not kept in respect of the cha rity as required by section 386 of the 2006 Act; or the financial statements do not accord with those records; or the financial statements 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 the financial statements 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 {FRS 1021. I have no concerns and have come across no other matters In connection wlth the examination to which attention should be drawn in this report in order to ena ble a proper understanding of the Stephen Lewis (Chartered Accountant) For and on behalf of LMH Accountants Llmited T/a Trevor Jones & Co Old Bank Chambers Balance Sheet ErdinEton Birmingham B24 9ND li
TOWNSWOMEN'S GUILDS STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 January 2025 2025 Note 2024 Income from: Donations and legacies Charitable activities 4 Other trading activities Investments 6 Other income Total Income 188,263 13,256 1,606 4,991 494 208,610 188,124 15,134 2,005 8,345 7,986 221,594 Expendlture on: Raising funds 8 Charitable activities 9,191 305,936 315,127 8,723 320,690 329,413 IS Net gain/lloss) on investments 20,891 {11,080} Net expendlture 185,6261 (118,8991 Reconclllatlon of funds: Total funds brought forward 406,511 525,410 Total funds carried forward 320,885 406,511 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 13-21 form part of these financial statements. 12
TOWNSWOMEN'S GUILDS Balance Sheet 31 January 2025 Company number 5901323 Note 2025 2024 Fixed assets.. 13 Intangible assets 14 Tangible assets 15 Investments Totalfixed ¢7ssets 4,059 283,793 287,852 1,730 388,876 390,606 Current assets: Stocks 16 Debtors Cash at bank and in hand Total current assets Liablllties; 17 Creditors: Amounts falling due within one year 3,672 13,824 27,488 44,984 3,163 16,525 25,422 45,110 {11,8231 (28,472} Net current {liabilities)/ assets 33,161 16,638 Total assets less current IiGbilities 321,013 407,244 18 Creditors: Amounts falling due after more than one year Total net assets (128) 320,885 1733) 406,511 The funds of the charlty.. Unrestricted Funds Revaluation Reserve 277,960 42,925 320,885 375,785 30,726 406,511 19 Total charltyfunds For the year ending 31 January 2025 the Trustees confirm that the charitable company was entitled to the exemption from audit granted under section 477 of the Companies {al the members have not required the company to obtain an audit of its accounts for year in question in accordance with section 476, and (bl the Trustees acknowledge their responsibilities for complying with the requirements 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 financial statements were approved in principle and authorised for issue by the NEC and were signed on Il June 2025 on its behalf by,. Mrs B Hales National Chalr Mrs M Brown - Vice Chair trjl ortec-*Th 13
TOWNSWOMEN'S GUILDS NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 January 2025 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 governing document, the Companies Act 2006, the Charities Act 2022 and the SORP IFRS102) 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 20191. The charity is a company limited by guarantee a nd is a public benefit entity as defined by FRS 102. Statutory information appears on page l. The financial statements are prepared in sterling. Golng Concern Status The Trustees have prepared the financial statement5 on a basis other than that of a going concern. As disclosed in the trustees report, the Trustees have decided that the charity will cease its operations for the year ending 31 January 2026. While the charity has sufficient funds to continue for a period beyond this date, the decision has been made to formally wind down its activities. Fund accountlng General funds are unrestricted funds which are available for use at the discretion of the NEC in furtherance of the general objective5 of the charity and which have not been designated for other purposes. 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 Expendlture Expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation. Costs of raising funds are those costs incurred in attracting income, and those incurred in profile raising activities that raise funds Charitable activities include expenditure associated with staging meetings a nd other natlonal events, and the publication of Townswoman Magazine. They include both the dlrect and support costs relating to these activities. Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the time spent directly on each area. Intanglble fixed assets Townswomen's Guilds acquired software from which the Trustees believe long term cost savings could be derived. Accordingly the asset wa5 capitali5ed a nd has been amortised over its estimated minimum useful life of 5 years. It is also Subject to a nn ual impairment review. 14
TOWNSWOMEN'S GUILDS NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 January 2025 (continued) I ACCOUNTING POLICIES {Contlnued) Tanglble 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 in equal annual instalments over the estimated useful lives of the assets. The rate of depreciation applied is.. Office furniture and equipment- 20%- 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 I 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. 15
TOWNSWOMEN'S GUILDS NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 January 2025 (continued) DONATIONS 2025 2024 Aff iliation fees General donations Operation Townswomen donations Legacies 179,630 212 7,421 1,000 188,263 184,011 1,071 3,042 188,124 INCOME FROM CHARITABLE ACTIVITIES 2025 2024 Events Townswoman Magazine 6,756 6,500 13,256 8,634 6,500 15,134 4 OTHER TRADING ACTIVITIES 2025 2024 Internet advertising receipts Sale of TG branded goods 61 1,545 1,606 2,005 2,005 5 INVESTMENT INCOME 2025 2024 Income from UK listed investments Income from overseas listed investments Bank interest 1,292 1,730 1,969 4,991 3,646 3,088 1,611 8,345 6 OTHER INCOME 2025 2024 Closed guilds and development funds 494 7,986 16
TOWNSWOMEN'S GUILDS NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 January 2025 (continued) 7 RAISING FUNDS 2025 2024 Cost of goods sold Investment management fees Other direct costs (including d irect staff costs) Share of support costs {note 9) Share of governance costs (note 10) 2,324 2,187 2,648 1,755 277 9,191 3,000 1,066 2,724 1,630 303 8,723 8 CHARITABLE ACTIVITIES Direct Costs Support Governance Costs Costs Total 2025 2025 Events Campaigns Townswoman Magazine & Newsletter Raising awareness & Guild development Membership management & support 2025 Total 21,907 17,085 6,783 11,953 1,069 1,883 29,759 30,921 80,926 11,147 1,757 93,830 51,728 29,551 4,658 85,937 40,642 212,288 21,464 80,898 3,383 12,750 65,489 305,936 note 9 note 10 Dlrect Costs Support Governance Costs Costs Total 2024 2024 Events Campaigns Townswoman Magazine & Newsletter Raising awareness & Guild development Membership management & support 2024 Total 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 5,120 96,407 43,196 231,463 19,939 75,238 3,707 13,989 66,842 320,690 Basis of apportioning costs.. Wherever possible costs, including staff costs are apportioned directly to a relevant expense heading, Common costs, such as office running costs and the costs of staff involved in managing and administering the organisation are apportioned between headings on the basis of the direct staff time allocated to each area. 17
TOWNSWOMEN'S GUILDS NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 January 2025 (continued) 9 SUPPORT COSTS 2025 2024 Premises expenses General office costs Staff costs Redundancy costs 35,635 31,924 15,094 26,175 34,806 15,887 82,653 Allocated to.. Raising Funds Charitable activities 76,868 1,755 80,898 82,653 1,630 75,238 76,868 10 GOVERNANCE COSTS 2025 2024 Independent examination fees Legal and professional Trustees, expenses & meeting costs 1,500 8,290 3,237 13,027 1,313 7,374 5,605 14,292 Allocated to., Raising Funds Charitable activities 277 12,750 13,027 303 13,989 14,292 5 11 NET EXPENDITURE 2025 2024 Independent examination fees Depreciation of ta ngi ble fixed assets Owned assets Leased assets Amortisation of intangible assets Operating lease rentals Property 1,500 1,313 534 636 180 636 2,940 25,457 24,962 18
TOWNSWOMEN'S GUILDS NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 January 2025 (continued) 12 INFORMATION REGARDING EMPLOYEES AND TRUSTEES 2025 2024 Salaries Social security costs Pension costs 118,085 5,019 11,830 134,934 120,978 5,419 12,098 138,495 The management of TG is undertaken by the Trustees with support from key Included in total staff costs are the following: 2025 2024 Redundancy 2025 Number 2024 Number Average number of employees calculated on a full-time equivalent basis Employed partly on direct cha ritable activities and pa rtly 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 (2024: Nil). During the year the total expenses reimbursed to 6 {2024.. 8) members of the NEC amounted to £3,260 {2024.. £5,213J. This princippally represents travelling and subsistence expenses incurred in the management of the charity's affairs. The charity has arranged insurance to protect the charity from Ioss arising 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 insurance also covers the trustees and officers of individual guilds and federations. The NEC is not aware of any material transaction, contract or other arrangement with any connected person. 19
TOWNSWOMEN'S GUILDS NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 January 2025 (continued) 13 INTANGIBLE FIXED ASSETS Database Cost At 31 January 2024 and 31 January 2025 25,200 Depreciation At 31 January 2024 Charged in the year At 31 January 2025 25,200 25,200 Net book value At 31 January 2025 At 31 January 2024 14 TANGIBLE FIXED ASSETS - HELD FOR CHARITY USE Offlce furnlture and equlpment Cost At l February 2024 Additions in the year Disposals 31 January 2025 24,073 3,500 27,573 Accumulated depreciation At l February 2024 Charged in the year Disposals At 31 January 2025 22,343 1,171 23,514 Net Book Value At 31 January 2025 4,059 At 31 January 2024 1,730 The above balance includes assets with a book value of £735 {2024.. £1,371) which are held under finance lease. There were no capital commitments at 31 January 2025 {2024.. £Nil), 20
TOWNSWOMEN'S GUILDS NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 January 2025 (contlnued) 15 INVESTMENTS 2025 2024 Market value l February 2024 Additions at cost Disposals at market value ILossesl/Gains in market value Market value 31 January 2025 348,837 454,273 364,697 {109,3571 {459,0531 20,891 {11,0801 260,371 348.837 Market Value 2024 Cost 2025 2025 2024 UK listed investments Overseas listed investments 162,345 98,026 252,056 96,781 152,260 65,186 247,238 70,873 Total investments Cash held by investment managers 260,371 23,422 283,793 348,837 40,039 388,876 217,446 23,422 240,868 318,111 40,039 358,150 Investments are valued at bld price. 16 DEBTORS 2025 2024 Prepayments and accrued income Other debtors 13,507 317 13,824 15,688 837 16,525 All amounts fall due within one year. 17a CREDITORS: Amounts falling due wlthin one year 2025 2024 Trade creditors Other taxes and social security Accruals Other creditors Deferred income (see 17bl Obligations under fina nce leases 4,448 2,341 4,408 20 8,560 2,486 14,123 20 2,682 601 28,472 606 11,823 Obligations under fina nce leases are secured on the relevant fixed assets (note 141, 17b DEFERRED INCOME 2025 2024 Deferred income brought forward Released in year Deferred in year Deferred income carried forward 2,682 12,682) 4,303 14,3031 2,682 2,682 21
TOWNSWOMEN'S GUILDS NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 January 2025 Icontlnued) 18 CREDITORS: Amounts falling due after more than one year 2025 2024 Obligations under finance leases 128 733 Total amounts payable under finance leases 128 733 19 FUNDS All funds are unrestlcted and comprise.. Brought Incomlng Resources forward Resources Expended Investment {Losse5}1 Galn5 Transfer Between Funds Carrled Forward 2025 Revaluation Reserve 30,726 118 13291 12,410 42,925 Designated Fund Operation Townswomen 3,042 7,421 110,4631 General Fund 372,743 201,071 1314,7981 8,481 10,463 277,960 406,511 208,610 315,127 20,891 320,885 Brought Incomln8 Resoutces forward Resources Expended Investment {Losses11 Galns Transfer Between Funds Carrled Forward 2024 Revaluation Reserve 26,620 4,106 30,726 Designated Fund Operotion Townswomen 3,042 3,042 General Fund 498,790 218,552 1329,4131 115, 1861 372,743 525,410 221,594 329,413 111,0801 406,511 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. Due to reduction in funds it will not be feasible to achieve this target,. it was decided that the TG will close 31st January 2026. It has been decided to transfer the designated funds to general funds. 22