REGISTERED COMPANY NUMBER: 056646591England and Wales) REGISTERED CHARITY NUMBER: 1118613 Report of the Trustees and Financlal Ststements for the Year Ended 31 t>ac•mbor 2024 WOMEN THEWELL Knox Cropper LLP Chartered Accountants and Statutory Auditors 153-155 London Road Hemel Hempstead Hertfordshire HP3 9SQ
WOMEN THEWELL Contents of the Financial Statements for the Year Endod 31 Doc8mbor 2024 Page Referenc6 and Admlnlstratlve Detsi18 Report of the Tru8tee8 2 to 11 Report of the Independent Audltors 12 to 14 statement of Flnanclal Act6vltle8 15 Balance Sheet Cash Flow Statement 17 Notes to tho Cash Flow Statement 18 Note8 to the Flnancial Statsments 19 to 28
WOMEN THEWELL Reference and Admlnlstrativo Detai18 forthe Year Ended 31 December 2024 TRUSTEES Sr S Browne Dr A Daughton F Dick Sr K Heron (resigned 30.1.25) Sr B Holmes (resigned 3.12.24) M Meatcher (resigned 2.4,25) J Morris (resigned 3,12.241 DrA Rand8 R Branch (appointed 3.12.24) E Casey (appointed 1.12.24) H Coban (appointed 3.12.24) S Galloway (appointed 7.3.24) Sr C Cronin (appointed 2.4.25) REGISTERED OFFICE 54-55 Birkenhead Street Kings Cross London WC1H 8BB REGISTERED COMPANY NUMBER 05664659 {England and Wales) REGISTERED CHARITY NUMBER 1118613 AUDITORS Knox Cropper LLP Chartered Accountants and Statutory Auditors 153-155 London Road Hemel Hempstead Hertfordshire HP3 9SQ Page 1
WOMEN THEWELL (REGISTERED NUMBER: 05664659) Report of the Tru8teo8 for the Year Ended 31 December 2024 The trustees who are also directors of the charity for the pu0$eS of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statsment of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). Page 2
WOMEN THEWELL (REGISTERED NUMBER: 06664659) Raport of the Tru8tee8 for the Year Endod 31 Dgcembor 2024 OBJECTIVES AND ACTIVITIES Objectives and aims Women at The Well is a support seNice for women facing multiple disadvantages and social exclusion, based in the King's Cross area of central London. We have a specialism in working with women whose lives are affected by prostitution, trafficking and related forms of sexual exploitation. Our work is delivered at our day centre in Kings Cross and through a small outreach team who meet women on the streets across London. It is holistic, trauma informed and a unique, open-ended offer to some of the most marginalised women in London. We al80 seek to influence the opinion of everyone who can improve attitudes and policy towards these women, including public sector professionals, policy makers and the public. In 2024, there were 1,692 visits to our women only, no appointment drop-in centre in King's Cross, where women a¢cess8d food, showers. laundry and gentle activities. Our advocacy team did assessmenls and casework with more than 200 women, which involves setting out goals, arranging and accompanying lo appointments related to housing, income, justice, safety and health, as well as providing emotional support at each step. Our outreach ieam met 682 women in drfferent part8 of London, including women rough-sleeping and living in h05tels and in other i801ated settings. Our charitable objects 'To promote the benefit of the women inhabitants of England and Wales and in particular vulnerable women by the relief of those who are in need, hardship or distress, the advancement of good health, the provision of a safe place and advice training and support services and by assists'ng in the provision of educalh)n, training and support in fi'nding employment." In 2024, following the appointment of a new CEO in late 2023 and the departure of long-serving and founder CEO Sister Lynda Dearlove, the organisation undertook a review of its Strategy and planning and delivery, and created a new Organisational Strategy for 2024-2027. During this review, we reaffimied our Vi9ion and our Mission: Our vlsion 18 a society in which all VMen are empowered to achieve their full potential free from discrimination, abuse and neglect. Our mlsslon is to work towards the abolition of prostitution and the sexual exploitation of women by providing high quality support service for women affected by these harms in our local community in London, and by influencing all those with power to change policy and law in this area. And, we undertook deep refiection on our values and how we need these to guide and surround all our work and interactions with one another,. Our values are respect, solidarity, hope and a relentless commitment to the full human dignrty of every woman. We are respectful of the needs, privacy and life history of every woman we work with. We work In solidarity with every woman by providing support, accompaniment and welcome without condition in a safe VmenonIY spa. We are hopeful that every woman can restore her power when she has the support she is entitled to, and that wider ch8nges in law and policy are possible to enable women's flourishing. While we deliver our service in a secular manner. to ensure that all women can feel welcome, Women at The Well is rooted in and guided by Catholic Social Teaching and its radical emphasis on the dignily of every human being and the duty of all of us to make this a reality. We reafflmied that we have a Speclal commitment to trauma infomied worklng. This means.. ' we have conslant regard to whether women feel safe; we strive to be open and transparent so that women know they can build trusting relationships with us- we are aware of power and power dynamics, we do not pretend Ihal some people do not hold more power than others., Page 3
WOMEN THEWELL (REGISTERED NUMBER: 05664659) Report of tho Trustses forthe Year Ended 31 December 2024 we work to restore women's power and to support them to have real choice and influence in all decisions relating to them, and as much as possible in how we run our servlce., we work in a style that is collaborative, both with our clients and with each other,. we focus on strengths, every woman's right to recovery, and empowerment., • we try to have humility and to be responsive to bias, prejudice and historical trauma. We then set out the followlng 8lx Strategic Objectives , which we evaluate and plan against each year. 1. SUPPORT.. Deliver a suite of high qualrty, responsive and trauma informed support services for vmmen harmed by or at risk of prostitution and sexual exploitation in our community in London, with special attention to the support needs of women facing complex and multiple disadvantages 2. EXPERT.. Continue to develop specialist expertise in the hams of prostrtution and sexual exploitation, and in the design and delivery of specialised exiting support, always evaluating, improving what we do and being willing to test new approache8 3. HELP OTHERS IMPROVE.. Seek to influence the perspective and practice of those working in other agenci8s whom the women using our sepiice are entitled to have a good response from (including local authorities, housing providers, police, other voluntary Sector and more) 4. CONTACTS AND SHARING INSIGHTS.. Build strong relationships with sister organisations 8cross the UK, and bring together insights from our Support work to make the evidence based ca58 for policy and legal change in the UK 5. INFLUENCE.. Undertake contact development, and develop policy products and events in order to influence targeted policy maker8 and opinion fonner8 at local, national, international levels, 88 well as those in key professions and sectors 6. ORGANISATIONAL DEVELOPMENT.. Make a priority of conscious organisational development by developing and retaining our expert team, diversfying our income, strengthening our governance and looking after our unique premises Page 4
WOMEN THEWELL (REGISTERED NUMBER: 06664659 Report of tho Tru8tee8 forthe Year Ended 31 Docember 2024 OBJECTIVES AND ACTIVITIES Slgnlficant activities OUR ACTIVITIES AND ACHIEVEMENTS IN 2024 In pursuit of our Strategic objectives, our Activiti8s in 2024 were.. Drop-ln Centre, open 50 weeks of the year, no appointment needed: Our purpose-built women only drop-in centre in King's Cross 18 open 12.30pm-3.30pm, Monday to Thursday, with no appointment needed and no charge for any seNice. Last year we were open for 50 weeks, providing hot food, showers, heallh checks and laundry as well as clean clothes and toiletries. In 2024, we had 1,692 visits to Ihe dropin centre in the year, a mixture of regular visitors and women new to the service. We provided.. 1,536 meals • 684 showers were taken 516 women were provided with toiletries . 798 women used the laundry seNice . 969 women received new clothe8 876 women took part in gentle activities (including art and crafts, nai18, reflexology, films) Women who come to the drop-in centre can access all of this basic needs support. They can also get immediate help with referrals for emergency accommodation, support to stay safe, income advice, some health support and more. Many women first visit us at the drop-in centre and get to know the staff and volunteers there, and then decide to ask for more long-term support with our advocacy team. E88entlal volunteers - A group of around 20 very regular volunteers are the backbone of the work needed to run the daily drop-in ntre. They are a fantastic group of women, aged from 19 to 83 years old, many very long-serving and known to the women who visit the centre. The volunteers are critical to ensuring the drop-in centre is welcoming to all women, and are often women's first conversation. We could not run our seniice without them. Sp8clal guest8 - we had external specialist visitors to the drop-in centre every ek who provide a range of services thal women might not be able to access elsewhere without appointments for example. In 2024 these included sexual health specialist support, hepatitis testing, advice related to drugs and alcohol, advice related to what specialist 5UPPQrt is available locally for Black and minoritised women, training opportunrties and more. In-house advocacy and support, tallored 1.1 support for women: Our small team of specialist advocacy and support workers supported more than SOO women with basic support and advice, ranging from making a safety plan and arranging emergency accommodation to welfare advice, support for trafficking victims, accessing a GP and hospital care. We worked more intensively with around 200 women including building personal plans tailored to their goals, regular safety planning, accompaniment to key appointments and regular welfare checks. The support we provide includes.. • referrals into safe housing., listening, advice and referrals related to help related to domestic and sexual abuse., sign-posting to legal advice,, sign-posting and advice related lo income including benefits, budgets'ng and grants., sign-posting and some support to navigate aCsS to healthcare, including primary care, the dentist, hosprtal care and mental health support., support related to substance misuse,. in 2024 we began hosting a women only addiction self-help support group at our King's Cross centre which has gd take up; Page 5
WOMEN THEWELL (REGISTERED NUMBER: 05664659 Report of the Tru8tses for tho Year Ended 31 December 2024 OBJECTIVES AND ACTIVITIES access to holistic therapies.. advocacy and support for victims of sex trafficking and modern slavery, including approach and support through the National Referral Mechanism; . advice for women with insecure immigration status and who have no recourse to public funds", . trauma infomed emotional support,. support into training, employment & voluntary work. Outreach - golng to where women are: In 2024, our small outreach team undertook 128 shifts in the community, in the early morning. during the day and late at night. These shifts are undertaken in pairs and we visited neighbourhoods across London where women are in street proslitution and facing other risks and precarity. On some of these shifts we accompanied the local authority rough-sleeping teams and health workets. Last year we met 514 women whom we already knew while doing this work, and 168 vmen who were new to us. We provided food, hot drinks. cbthes and toiletnes to women while on community outreach work 187 times. We accompanied the police a8 indep8ndent supportladvocacy for women on visits to premises and areas where it was suspected that sex was being sold eight times. We are sometimes asked to do this work by the police. but undertake this work only when it is guaranteed we will be able to talk lo women separately and in prlvacy. Our team kept in touch with women in the communty and checked in on them 137 times, by visiting or on the phone. We gave advice on referrals for housing, income and addictions to 298 women. This work included.. practical and material support given including clothes, hot drinks, toiletries, transport; ' advice on rights to and help to access emergency accommodation; support for women struggling lo access their entitlement to mental health support, including medication., . visrt to properties where women were 'exchanging for se*, offering emotional and practical support,. an enomious amount of work supporting women whose properties have been 'cuckooed' {coercivelyldeceptively occupied by others with intent, usually leading to the propety being used for criminal 8clivity}, where rights and remedies are poor,. Support to access justice in relation to VAWG and other crimes against vmmen., • engagement in partnerships with Islington and Camden to add$9 rough-sleeping women's needs, which tends to be more poorly addressed. Influenclng other8 in order to change wlder policy and practlce: In our local community - Vle ran eight information and training sessions for new police recruits in the Camden area, with up around 15 recruits attending each time. The local police asked us to provide these sessions and we find that they lead to important early career conversations about why some women face multiple disadvantages, and about the natu of prostitution and sexual exploiiation in our localrty, and ensures recruits know how to refer women to us. Speaking truth to power - in 2024 we made time to speak up about the needs of women facing disadvantages and at risk of sexual exploitation to those standing for election., we wrote to London Mayor candidates in April 2024 and to candidates in our Parliamentary constituency during the general election in July, lo tell them about the situations and needs of disadvantaged women at risk of sexual exploitation in this area. We also reached beyond borders and made a submission to the UN Special Rapporteurfs call for evidence on the relationship between prostiiution and VAWG in January 2024, and we were represented at the World Congress for the Abolition of Prostrtution in Montreal in June. In 2024 we revamped our website to tell our story as well as we can, and began 8 gular, quarterly newsletter for 5upporiers to try and keep people in touch with our news. We were also guest speakers for other local and national organisations during the 16 Days of Aciion to End Violence Against Women in November and December and appreciated the opportunity to talk about how policy makers and the community more broadly need to hear about how domestic and sexual abuse are such huge drivers of VMen'S experience of disadvantage. Page 6
WOMEN THEWELL (REGISTERED NUMBER: 056646591 Report of the Tru8tses forlhe Year Ended 31 December 2024 OBJECTIVES AND ACTIVITIES Trend8 and observatlons In 2024 Our team is expert in what we do and has decades of collective work experience with women who are very excluded and living with trauma. Nevertheless, we have been alanned this last year at the clearly increasing number of women rough-sleeping in central London, and the pcarIty and risk they fa. Our outreach team talk to women who are bedding down in tents, and seeking spaS where they are more out of the way. We are also saddened by our own increased provision of cold wealher appropriate coats and clothes, and the doubling of our drop-in service food bill in 2024 (much more due to demand more visitors, more hunger than to price rises). The needs of the women using our support seplices have some stand out experienc8$. INe found that in 2024: 40°h of the women we work with have a current physical andlor mental health problem and need immediate help to access and navigate the health system.. this difficulty includes digital exclusion but is also broader., 800k of women tell us they have histories of domestic andlor sexual abuse,. this indicates huge and endemic ongoing issues with protection from, support to recover and access to justice for violence against women and girfs in our society., Alm08t 100r)/o of women we work with are erther homeless or insecurely housed,. every week in 2024 we were working wilh women whose properties had been cuckooed {coercively occupied by other5 for vicious intent), and a significant proportion of our time is used in housing related advocacy. Our Impact- How we knowwe are achieving our alms While the nature of our vffjrk supporting women is individually qualitative in nature, we take care to measure all our delivery both qualitatively and quantitatively. We keep counts of women using all our sepiices, and we track progress that they make as far as is ethical, reasonable and non-intrusive. Because there are monitoring challenges in our work, and complex background contexts, we are careful to late this to everyone who needs to understand it, including funders. Our monitoring and evaluation work includes recording the numbers of women using each Service (as related in the previous sections}, and we store and analyse case-files lo try and astimate 'progress' in specialist case management sofbNare, which staff are trained to use and which has compliant data protection and securty. We a180 evaluate our work by conducting regular frontline staff focus groups, to collect observations of emerging trends and needs,. and we ask the women using ihe service for feedback via mixed methods (with thought to approprieteness and being non-intrusive). For 2024, our evaluation work indicates that a large majority of the vrnen we work with more intensively are better able lo stay safe because of their connection to US,. and a majority of the women are making progres8 on the goals they have set with out us related to health, housing secun'iy, social connections and seeing better futu. Pag8 7
WOMEN THEWELL (REGISTERED NUMBER: 05664659) Report of the Tru8te8s for thè Yaar Ended 31 Doc•mbor 2024 OBJECTIVES AND ACTMTIES Publlc benefit In compiling our annual report, we have had regard to the Charity Commission's guidance on public benefit. Our drop-in centre provides material and practical support to women need it, often facing destiiution. As well as alleviating immediate needs related to hunger, warmth, clothing and personal hygiene, we offer advice on same day emergency accommodation and other emergency interventions (including welfare related and police protection vthere relevant). There were almost 1,700 visits to this service last year. Sometimes we are making links beeen other local services who are not initially the ones women seek out or understand they can go to. We are meeting basic material needs and improving access to other seNices including statutory services. Our on&toone advocacy support services enabl8 women to feel Supported and abla to make changes in their lives., they also make them aware of their rights and entitlements and more able to 8ccess health, welfare and other servi. Our outreach work under this model reaches vlomen whom few others are trying to reach and offers them a chance to access safety. housing Security. health and more. Cumulatively, this work and the changes it can lead to in women's lives, may help lead to reductions in drug use and its social and economic consequences, reductions in use of the criminal justice system, and reductions in use of emergency medicine. It can also lead to improved long-temi health and wellbeing, improved family relationships, less loneliness, and many women's better understanding of their nghts and entitlemenis. In speaking up for women in our advocacy work we are advancing the human rights and equality of women in a legal and policy environment that is less responsive to vmmen's rights and needs. For example, homeless women have specific gendered needs and should in most cases be offered safe, women only accommodation, but this does not often feature in public provision. Drug rehabilitstion services also often fail to factor in women'8 specifi'c experiences related to addiction and recovery. Legal and social responses to prostitution and the spectrum of sexual exploitation practices around it fail to recognise women's specific experiences and needs. Our public advocacy vnrf( is part of improving respect for vMen,8 rights at every level of government and in society more broadly. STRATEGIC REPORT Flnancial position During the ye8r there were total income of £682,024 (2023.. £746,007) and total expenditure of £670,097 (2023.. £658,395). Further detsils of grant income can be found viithin note 2 to the accounts. All expendrture supports the key objectives of the charity as described above. A8 Stated within the Reserves Policy below, the nature and quantity of reserves will be reviewed on a regular basis and adjusted to reflect any changes in the Charity's financial position. The trustees and senior staff consider it a prioriiy to secure sufficient inc8 to ensure the long-temi future of the Charity. Reserves policy The Trustees have adopted a policy whereby the unrestricted seIeS held by the charity allow for three months of budgeted expenditure in the event of a funding shortfall.. The total reserves of the charity at 31 December 2024 were £229,839 {2023: £217.912), of which £85,051 (2023- £23,274) were held in restricted funds. The unrestricted funds totalled £144,788 (2023.. £194,638).This leaves the charity with free reserves (being unrestricted funds les5 those invested in fixed assets) of £136,336 (2023: £193,523) Going concern After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concem basis in preparing the financial statements. Page 8
WOMEN THEWELL (REGISTERED NUMBER: 05664659) Report of the Tru8tee8 forthe Year Endod 31 Docgmber 2024 STRATEGIC REPORT Principal risks and uncertaintles The principal risks to the chanty which the trustees identify are.. Financial sustainabllity failing to secure adequale income in a competitive charity funding environment. cost of living related costs increases (eg utilrties and project costs, as well as salaries). Failing to secure enough inccrtre against ou r budgeted costs would put at serious risk.. Service continuity., staff recruitment and retention,. Holding secure reserves Governance failing to maintain a board of skilled trustees, meeting regularly and staying ahead of strategy, the extemal environment, outcome monitoring, staffing and financial management. This would put at serious risk.. Core compliance, including health & safety, and safeguarding Quality serlice delivery Sound team management practices Sound financial management and therefore financial security Operatlonal rfskB rolated to servlce dellvery from our premlsos, including.. safeguarding related,. Health and Safety on our premises, personal security of all staff and volunleers related to potential incidents at work; volunteer recruitment and retention,. senior staff capabilitylpe rfomiance Operational rlsks related to 8ervlce delivery away from our premlses (outreach team), including.. personal safety of staff when on late nighvearly mming shifts., personal safety of women approached by our staff Reputational ri8k8 - Disappearance of, harm to or vnrse of client woman who have been supporting,. funder related reputational damage,. criticism of our operats'ons andlor policies by significant external influent181 person s. The trustees, risk management 81rategy includes a risk register detailing the nature of the8e risks and more, their likelihood, mitigation measures and where appropriate record of who is responsible and their nesSary actions by date. The key mitigation measure8 in relation to the risks listed above are,, Detailed fundraising strategy with realistic resource behind it and close attention and participation of senior leaders and board., close income moniloring and re-forecasting, Renewed attention to quality governance including.. recruitment by skills need,. induction programme for all new trustees, and opportunities to refsh knowledge and skills for longer serving trustees. trustee code of conduci includes minimum expected participation levels. Comprehensive operational risk planning and management, wilh multiple ensuing policies (including Health & Safety, Safeguarding, Complaints, Vvhistleblowingl. these are reviewed regularly by senior leaders and the board according to a policy schedule,. these are made 'active' through regular discussion with taam members. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. Page 9
WOMEN THEWELL (REGISTERED NUMBER: 056646591 Raport of tha TrustO08 forthe Year Ended 31 December 2024 Women at The Well is a company limited by guarantee with Articles of Association registered at Companies House (Company Number 05664659). It Is also a registered charity in England & Wales (Charity Number 1118613). Origins and governance Wfxnen at The Well was founded by and continues to be supported by The Sisters of Mercy, an order of Roman Catholic nuns. Women at The Well delivers support seniices to women in a secular manner, trying hard to ensure that all women can feel welcome. Staff and volunteers are women of all faiths and none. At govemance, strategy and planning level, Catholic Social Teaching, which centres especially the dignrty of every individual and the duty of everyone to make dignity a lived reality for others, provides a crrtical guide for the board of trustees and our organisational strategy. Re¢ruitment of truste88 to the board The structure of Women at The Well's board is described in its Articles of Association. The board should usually include three delegates from the Institute of Our Lady of Mercy {the legal entity of the order of Ihe Sisters of Mercy), and can include two delegates from the National Board of Catholic Women. Other member8 of the board are co-opted by exigting board members, through an application and interview process, with an emphasis on the 8kills needed to protect and oversee the organisation. Trustees serve three year temis. It is expected that new trustees will undertake training and a bespoke induction programme. This is condilion of appointment, Trustees meet at least five times per year. All trustees are volunteers and receive no remuneration from or in connection with the chanty outside of reasonable (travel etcl expenses. Organisational structure The governance of the organisation is undertaken by the board of trustees. The trustees delegate responsibility for the day to day management of the charity to the CEO. The Organisational Strategy is the key tool for the govemance and management of the charity. It is developed by the trustees, CEO and staff team together, consulting women who use the servi, and is the key tool for planning priorities and tracking delivery. Financial management is overseen by the treasurer and significant decisions on finance are made ft)Ilowing recommendations and consultation between the board, and the CEO and senior staff. STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees (who are also the directors of Women@thewell for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance wrth applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of Ihe incoming resources and application of resources, including the income and expendrture, of the charitable company for that period. In preparing those financial statements, the trustees are required lo seleci suitable aoUnting policies and then apply them consistently., obserye the methods and principles in the Charity SORP., make judgements and estimates that are reasonable and prudent., slate whether applicable accounting standards have been followed, subject to any material departures disc105ed and explained in the financial statements., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. Page 10
WOMEN THEWELL (REGISTERED NUMBER: 05664659) Report of the Trustee8 for Ihè Yr Ended 31 December 2024 STATEMENT OF TRUSTEES, RESPONSIBILITIES - contlnued The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with tho Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hen for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the twstees are aware: there is no relevant audit infomation of which the charitable company's auditors are unaware,. and the trustees have tsken all steps that they ought to have taken to make themselves aware of any relevant audit informth'on and to establish that the auditors are aware of that infonnation. AUDITORS The auditors, Knox Cropper LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. Report of the trustees, incorporating a strategic report, approved by order of the board of trustees. as the Company directors, on 27 June 2025 and signed on the board's behalf by.. Dr A Daughton - Trustee Page 11
Report ol tho Independent Audltor8 to the Member8 of Women@thewell Opinion We have audited the financial statements of Women@thewell (the 'charitable company,) for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framewort( that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements-. give a true and fair view of the state of the charitable company's affairs as at 31 December 2024 and of ts incoming resources and application of resources, including its income and expenditure, for the year then ended., have been properly p pared in accordance wilh United Kingdom Generally Accepted Accountin9 Practice., and have been prepared in accordance wrth the requirements of the Companie8 Act 2006. 8asi$ for opinion We conducted our audit in accordance with Intemational Standards on Auditing {UKI (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the chanlable Gompany in accordance with the ethical requirements that are relevant to our audit of the fin8ncial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relatlng to golng concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial slatements is appropriate. Based on the WOTk we have perfomied, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other Inforniation The trustees are responsible for the other information. The olher information comprises the information included in the Annual Report, other than the financial statements and our Raport of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other information and, except to the extent othemise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other infomiation and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required to determine whether this gives rise to a material misststement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other infomiation, we are required to report that fact. We have nothing to port in this regard. Opinions on other matters prescrlbed by the Companies Act 2006 In our opinion, based on the work undertaken in the course ofthe audit.. the infomation given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements- and the Report of the Trustees has been prepared in accordance with applicable legal requirements. Pag8 12
Report of the Independent AudltOT8 to Ihe Membors of Women@th8well Matters on which we are required to report by exception In the Iht of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees. We have nothing to report in respect of the following matters where the Companies Act 20( requires us to report to you if, in our opinion.. adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us.. or the financial ststements are not in agreement with the accounting records and retums; or rtain disclosures of trustees, remuneration specified by law are not made,. or Y have not reiVed all the information and explanations require for our audit. R88ponsibilitie8 of trustees As explained mre fully in the Statement of Trustees, Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees detemiine is necessary to enable the pparatIOn of financial statements that are free from material misstatement, vthether due to fraud or error. In preparing the financial Statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disc105ing, as applicable, matters related to going concem and using the going COnM basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Page 13
Report of the Indepandant Auditors to the Membors of Women h11 Our re8pon8ibiliti85 for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when rt exists. Misstatement8 can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularits'es, including fraud is detailed beloAI'. Irregularities, including fraud, are instanc88 of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud 15 detailed bel¢)W'. The Charitable Company is required lo comply with both company law and charity law and, based on our knowledge of its activities, we identified that the legal requirement to accurately account for restncted funds was of key significance. We gained an underslanding of how the charitable company complied with its legal and regulatory framework, including the requirement to properly account for restricted funds, through discussions with management and a review of the documented policies, procedures and controls. The audit team, which is experienced in the audit of charities, considered the charitable company's suscepts'bility to material misstatement and how fraud may occur. Our considerations included the risk of management override. Our approach to check that all restricted income was properly identified and separately accounted for and to ensure that only valid and appropriate expendiiure w85 charged to restricted funds. This included reviewing joumal adjustments and unusual transactions. There are inherent limitations in th8 audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. A further description of our respon8ibilrtie8 for the audit of the financial statements is located on the Financial Reporting Council's website at W.frc.Org.klaudIt0rsresponslbllitles. This description forms part of our Report of the Independent Auditors. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to slate to them in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do nol accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Stephen Anderson (Senior Statutory Auditor) for and on behalf of Knox Cropper LLP Chartered Accountants and Ststutory Auditors 153-155 London Road Hemel Hempstead Hertfordshire HP3 9SQ 27 June 2025 Page 14
WOMEN THEWELL Slatsment ol Flnanclal Activities for the Year Ended 31 December 2024 2024 Total fund8 2023 Total funds Unrestricted fund Restricted funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 367,060 283,034 650,094 673,940 Other trading activrties Investrnent income Other income 3,138 28,372 420 3,138 28,372 420 21,848 46,075 4,144 Total 398.990 283.034 682,024 746,007 EXPENDITURE ON Raising funds 34,320 34,320 35,328 Charitable actlvltles Basic Needs Support & Advocacy Life Skills Outreach Support Policy & Relationships 107,186 138,033 725 57,303 111,271 16,113 33,984 963 169,662 547 123,299 172,017 1,688 226,955 111,818 107,230 167,208 447 224,266 123,916 Total 448,838 221,259 670,097 658,395 NET INCOMEI(EXPENDITURE) 149.848) 61,776 11.927 87,612 RECONCIUATION OF FUNDS Total funds broughlforward 194,636 23,276 217,912 130,300 TOTAL FUNDS CARRIED FORWARD 144,788 85,051 229,839 217,912 The notes fonn part of these financial statements PwJe 15
WOMEN THEWELL (REGISTERED NUMBER: 06664669) Balance Sheet 31 Decambor 2024 2024 Total fund• 2023 Total fvnds Unrèstrictéd fund Restrictèd fiJnds Notes FIXED ASSETS Tangible assets 12 8,452 8,452 1,115 CURRENT ASSETS Debtors Cash at bank 13 32,354 137,021 32,354 238,816 65,181 223,371 101,795 169,375 101,795 271,170 288,552 CREDITORS Amounts falling due within one year 14 (33,0391 116,744) (49,783) (71,755) NETCURRENT ASSETS 136,336 85,051 221,387 216,797 TOTAL ASSETS LESS CURRENT LIA8IUTIES 144,788 85,051 229,839 217,912 NET ASSETS 144,788 86,051 229,839 217,912 FUNDS Unrestricted funds Restricted funds 15 144,788 85,051 194,636 23,276 TOTAL FUNDS 229,839 217,912 The financial statements were approved by the Board of Trustees and authorised for issue on 27 June 2025 and were signed on its behalf by.. A Daughton - Trustee The notes fom part of these financial statements Page 16
WOMEN THEWELL Cash Flow Statement for tho Year Ended 31 Decembèr 2024 2024 2023 Notes Cash flows from operatlng actlvities Cash generated from operations 25,027 119,371 Net cash provided by operating activities 25,027 119,371 Cash flowa from Investlng act5vltles Purchase of tangible fixed assets Interest received (9,794) 212 (1,038) 177 Net cash used in investing activitie8 (9,582) 1861) Change In cash and cash equivalents In the reportlng perlod Cash and cash equivalents at tho beglnnlng of the reportlng period 15,445 118,510 223,371 104,861 Cash and cash equivalènts at the end of the reportlng perlod 238,816 223,371 The notes fomi part ofthes8 financial statements Pe 17
WOMEN THEWELL Notes to th• Cash Flt)w Statemènt for tho Yoar Ended 31 Decembor 2024 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net income for the reporting period (a8 per the Ststement of Financial Activities) Adjustments for: Depreciation charges Interest reiVed Decreasel(incre8se) in debtors (Decreaseyincrease in credrtors 11,927 87,612 2,457 1212) 32,827 (21,972) 1,535 (177) 112,354) 42,755 Nat cash provided by operatlon8 25,027 119,371 ANALYSIS OF CHANGES IN NET FUNDS At1.1.24 Cash flow At 31.12.24 Net cash Cash at bank 223,371 16,446 238,816 223.371 16.445 238,816 Total 223,371 15,445 238,816 The notes fom part of trtese financial statements Page 18
WOMEN THEWELL Nole8 to the Financlal Stsiements for tho Year Endod 31 December 2024 ACCOUNTING POLICIES Basig of preparing the financial ststements The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP {FRS 102) '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 IFRS 1021 (effective 1 January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. and the Companies Act 2006. The financial statements have bn prepared under the historical cost convention. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliabty. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charrty to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably Expenditure 18 accounted for on an accruals basis and has been classrfied under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activrties on a basis consistent with the use of resources. Tanglble flxed assets Depreciation is provided at the following annual rates in order to write off each asset over ts estimated useful life. Plant and machinery Fixtures and fittings 100A on cost Taxation The charity is exempt from corporation tax on its charitable activiiies. Fund accounting Unreslricled funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricied purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds a raised for particular restricled purposes. Further explanation of the natu and purpose of each fund is included in the notes to the financial statements. Pension costs and other post4etirement benefits The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. Page 19 continued...
WOMEN THEWELL Notè8 to the Financial Statements . continued forthe Year Ended 31 Docembor 2024 DONATIONS AND LEGACIES 2024 2023 Donations Grants 22,060 628,034 52.573 621,367 650,094 673,940 Grants received, included in the above, are as follows: 2024 2023 Other grants 628,034 621,367 OTHER TRADING ACTIVITIE8 2024 2023 Fundraising activities Training Consultancy 530 488 20,830 1,138 2,000 3,138 21,848 INVESTMENT INCOME 2024 2023 Renis received Deposit account interest 28,160 212 45,898 1TT 28,372 46,075 RAISING FUNDS Ralslng donatlons and legacles 2024 2023 Subscriptions Consultancy 198 35,130 34,320 34,320 35,328 Page 20 continued...
WOMEN THEWELL Note8 to Ihe Fln•nclal Statements - contlnued for the Year Ended 31 December 2024 CHARITABLE ACTIVITIES COSTS Support costs (see note 7} Direct Costs Totsls Basic Needs Support & Advocacy Life Skills Outreach Support Policy & Relationships 64,252 112,972 1,688 167,911 92,137 59,047 59,045 123,299 172.017 1,688 226,955 111.818 59,044 19,681 438,960 196,817 635,T17 SUPPORT COSTS Governance Management Finance Totsls Basic Needs Support & Advocacy Outreach Support Policy & Relationships 56,212 56,211 56,210 18,737 11 10 10 2,824 2,824 2,824 69,047 59,046 $9,044 19,681 187,370 9,413 196,817 Activity Managament Finance Govemance costs Basis of allocation Based on estimales usage of resources Based on estimates usage of resources Based on estimates usage of resources NET INCOMEIIEXPENDITURE) Net incomel(expenditure) is stated after chargingl(creditingl: 2024 2023 Auditors, rernuneration Depreciats'on - owned assets 8,540 2,457 6,100 1,534 TRUSTEES, REMUNERATION AND BENEFITS The were no trustees, remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023. Trustee8' expense8 2024 2023 Trustees, expenses 873 204 Page21 nb'nued...
WOMEN THEWELL Not08 to the Flnan¢lal Statsmonts - contSnuod forthe Year Ended 31 December 2024 10. STAFF COSTS 2024 2023 Wages and salaries Sc£ial security costs Other pension costs 463,692 22,010 25,043 430,777 32,238 21,731 510,745 484,746 The average monthly number of employees during the year was as follows.. 2024 14 2023 15 Staff The number of employee8 whose employee benefits (excluding employer pension costs) exceeded £60,000 was.. 2024 2023 £60,001- £70,000 Included within staff costs above is the remuneration of the Senior Managemenl Team which amounted to £293,813 (2023., £249,454) for the year ended 3108rnber 2024. 11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund Restricted funds Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 439,574 234,366 673,940 Other trading activities Investment income Other income 21,848 46,075 4,144 21,848 46,075 4,144 Total 511,641 234,366 746,007 EXPENDITURE ON Raising funds 35,328 35,328 Charltable activlti88 Basic Needs Support & Advocacy Life Skills Outreach Support Policy & Relationships 101,244 80,569 220 55,821 111,093 5,986 86,639 227 168,445 12,823 107,230 167,208 447 224,266 123,916 Total 384,275 274,120 658,395 NET INCOMEIIEXPENDITURE 127,366 139,754) 87,612 Page 22 continued...
WOMEN THEWELL Note8 to the Financlal Statsmonts - ¢ontinuad for the Year Ended 31 December 2024 11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Restricted fund fvnds Total funds RECONCILIATION OF FUNDS Total funds brought forward 67,272 63,028 130,300 TOTAL FUNDS CARRIED FORWARD 194,638 23,274 217.912 12. TANGIBLE FIXED ASSETS Fixtures and fith'ngg Plant and machinery Totals COST At 1 January 2024 Additions Di8posa18 29,532 30,406 9,794 (23,308) 59.938 9.794 (23.308 At 31 December 2024 29.532 16.892 46,424 DEPRECIATION At 1 January 2024 Charge for year Eliminated on disposal 29,532 29,291 2,457 (23,308) 58,823 2,467 123.308) At 31 December 2024 29,532 8,440 37,972 NET BOOK VALUE At 31 Oecembar 2024 8,452 8,452 At 31 December 2023 1,115 1,115 13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade debtors Prepayments and accrued income 6,863 25,491 9,896 55,285 32,354 65,181 Page 23 continued...
WOMEN THEWELL Nots8 to the Flnancial Statoments - continuod for the Year Ended 31 December 2024 14. CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade creditors Social security and other taxes Other creditors Accruals and deferred income 8,673 10,020 7,026 24,064 22,590 9,978 6,255 32,932 49,783 71,755 15. MOVEMENT IN FUNDS Net movement in funds At 31.12.24 Al1.1,24 Unrestricted funds General fund 194,636 (49,848) 144.788 Restricted fund8 St Andrews of Holborn Kew Garden City 8ridge Trust National Lottery Community Fund Smallwood Trust Voluntary Solidarity Fund Benefact Trust 5S7 885 21,423 21,980 4,988 13,364 10,000 2,000 10,000 4,988 35,198 10,000 2,000 10,000 21,834 23,276 61,775 85,051 TOTAL FUNDS 217,912 11,927 229,839 Net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds General fund 398,990 (448,838) (49.848 Restrlctod funds St Andrews of Holborn Transfomation - Homeless City Bridge Trust National Lottery Community Fund Smallwood Trust Voluntary Solidarity Fund Benefact Trust St Andrews Xmas 2024 21,981 37,088 44,505 146,860 20,000 2,000 10,000 600 (558) (37,088) (39,517) (133,496) (10,000) 21,423 4,988 13,364 10,000 2,000 10.000 {600) 283,034 1221,259) 61,775 TOTAL FUNDS 682.024 (670,097) 11,927 Page 24 continued...
WOMEN THEWELL Notes to tho Finaneial Statements - conlinued forthe Year Ended 31 Do¢omb•r 2024 15. MOVEMENT IN FUNDS - continued Compardtives for movement In funds Net movement in funds At 31.12.23 At 1.1.23 Unrestricted funds General fijnd 67,272 127,364 194,636 Restricted funds London Catalyst St Andrews of Holborn Kew Garden CAP National Lottery Community Fund 1,500 13,837 885 12,700 34,106 (1,500) (13,280) 557 112,700) (12,272) 21,834 63,028 (39,752) 23,276 TOTAL FUNDS 130,300 87,612 217,912 Comparative net movement in funds, included in the above are 88 follows.. Incoming re8ourc88 Re8ourc8s èxpended Movement in furK18 Unrestricted funds General fund 511,641 (384,277) 127,364 Restrlctsd funds Souter 2022 London Catalyst St Andrews of Holbom Tudor Trust No1 CAP 5.000 (5,000) (1,500) (33,279) (36,645) (12,700) {168) (11,290) (21,605) (151,931) {1,500) (13,280) 19,999 36,645 (12,7(JJ) Transformation - Homeless 168 11,290 21,605 139,659 rus National Lottery Community Fund (12,272) 234,366 (274,118) (39,752) TOTAL FUNt)s 746,007 (658,395) 87,612 Page 25 continued...
WOMEN THEWELL Not88 to the Flnanclal Statsmonts - contlnuod for the Year Ended 31 December 2024 15. MOVEMENT IN FUNDS . continued A current year 12 months and prior year 12 month8 combined position is as follows: N8t mov8ment in funds At 31.12.24 At1.1,23 Unrestrlcted funds General fund 67,272 77,516 144,788 Re8trlctsd fund8 London Catalyst St Andrews of Holborn Kew Garden CAP City Bridge Trust National Lottery Community Fund Smallwood Trust Voluntary Solidarity Fund Benefact Trust 1,500 13,837 885 12,700 (1,500) 8,143 21,980 885 (12,700) 4,988 1,092 10,000 2,000 10,000 4,988 35.198 10,000 2,000 10,000 34,106 63,028 22,023 85,051 TOTAL FUNDS 130,300 99,539 229,839 A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows.. Incoming resources Resourchs expended Movement in funds Unrestrlcted fund8 General fund 910,631 (833,115) 77,516 Restrlcted funds Souter 2022 London Catalyst Sl Andr8ws of Holborn Tudor Trust No1 CAP Tran5fornation - Homeless 5,000 (5,000) (1,500) 133,837) 136,645) (12,700) (37,256) (11,290) (61,122) (285,427) (10,000) (1,500) 8,143 41,980 36,645 (12.700) 37,256 11,290 66,110 286,519 20,000 2,000 10,000 600 rus National Lottery Community Fund Smallwood Trust Voluntary Solidarity Fund Benefact Trust St Andrews Xmas 2024 4,988 1,092 10,000 2,000 10,000 {600) 517,400 {495,377) 22,023 TOTAL FUNDS 1,428,031 11,328,492) 99,539 Page 26 continued...
WOMEN THEWELL Notes to the Flnanclal Ststement8 - continu8d for the Year Ended 31 Decembèr 2024 15. MOVEMENT IN FUNDS- contlnued Restrictsd funds towards projects Albert Hunt Trust, Souter Charltable Trust and London Catalyst Provided funding towards the costs of running the drop in ntre and support costs for women's health and wellbeing. St. Andrew Holborn Group of Charities Provided funding as a contribution to the cost of an advocacy and support VK•rkerf salary and costs. Tudor Trust Provided funding as a contribution to the cost of of providing advocacy and support. CAP Exiting & ISVA CAP International "fime for Abolition" granted us £12,700 in 2022. ran us un s In suppo exploited in prostitution. the salary c08ts of a Speciali8t Support worker to support women Clty Brldge Trust Granted us funds for five years, starting in 2023. towards the costs of a senior outreach worker. Natlonal Lottery Communlty Fund In September 2022 the charity won a new three-year funding bid worth £418,973 from the National Lottery Community Fund for the RC London and South East Region programme. The project which run until September 2025 is aimed at providing Outreach Support to women whose lives are affected by prostiiLrtion, including women who have been trafficked or are othepwise at risk. Smallwood Granted us funds for three years, starting April 2024, towards the costs of a Advocacy and Support worker. 8•nofact Trust Granted us funds for three years, commenced on Septernber 2023, towards the.funding of a new Advocacy and Support Worker supporting women affected by the sex trade and prostitution. Page 27 onb'nued...
WOMEN THEIIIIELL Note8 to the Flnanclal Ststements - contlnued for tho Year Ended 31 December 2024 16. RELATED PARTY DISCLOSURES The charity has three organisations with which it has a particular relationship,. the Institute of Our Lady of Mercy IOLM), the National Board of Catholic Vlomen (N8clI and Anglia Ruskin University. Both IOLM and the N8CW have nomination rights to the Management Committee. During the year, Women@theW811 reiVed unrestricted grants totalling £240,000 (2023.. £240,000) from IOLM. The landlord of the propety from which Women@theWell operates is IOLM and the leasing agreement for the propety involves a ten year rent fre& period for both sides, with a service charging facility in place that is worked out by area and usage. During the year, Women@theWell reIved service charge income amounting to £28,087 (2023.. £45,898) from the IOLM. The amount outstanding at the year end from IOLM was £7,911 (2023'.£9,896) There were no other related party tr8nsacti¢ns for the year ended 31 st December 2024 nor for the year ended 318l December 2023. Page 28