## **ANNUAL REPORT AND ACCOUNTS**
**for the year ended 31st December 2023**
**REGISTERED NUMBER: 6706841 CHARITY NUMBER: 1127631**
## **THE W**
## **Annual Report and Accounts for the year ended 31st December 2023**
|**Contents**|**Page**|
|---|---|
|Reference and Administrative Details|1|
||2|
||12|
|Consolidated Statement of Financial Activities (including Income and Expenditure Account)|17|
|Balance Sheets|19|
|Consolidated Statement of Cash Flows|20|
|Notes to the Financial Statements|21|
## **THE WOME S ORGANISATION**
## **Reference and Administrative Details 31st December 2023**
|Incorporated in England and Wales on 24th September 2008|Incorporated in England and Wales on 24th September 2008|
|---|---|
|**Company number**|6706841|
|**Charity number**|1127631|
|**Trustees**|S M Oshikanlu|
||G A Moglione|
||A Morgan|
||M T Navin-Mealey|
||J Croft|
||J A Gillespie|
||L M Pearson|
|**Secretary**||
|**Chief Executive**||
|**Registered office**|54 St James Street|
||Liverpool|
||L1 0AB|
|**Statutory Auditor**|Mitchell Charlesworth (Audit) Limited|
||Accountants|
||Statutory Auditor|
||5 Temple Square|
||Temple Street|
||Liverpool L2 5RH|
|**Banker**|National Westminster Bank plc|
||Liverpool City Business Centre|
||2-8 Church Street|
||Liverpool|
||Merseyside|
||L1 3BG|
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**Trustees**
**for the year ended 31st December 2023**
## **THE WOME S ORGANISATION**
The directors, who are trustees of the charity, present this annual report and the audited accounts for the year ended 31st December 2023.
## **Structure, Governance and Management**
The charity was incorporated on 24th September 2008 as a successor to the registered not-for-profit company Train opment services. The charity is governed by Memorandum and Articles of Association and constituted as a charitable company limited by guarantee. At a general meeting of the company held on 7th June 2010 a special resolution was passed to change the name of the charity to 'The Women's Organisation'.
The Board of The Women's Organisation is drawn from community, educational, business, legal and trade union backgrounds. All members have been circulated with invitations to nominate trustees prior to the AGM advising them of any retiring trustees and requesting nominations for the AGM. The co-option of trustees is also considered when the Board has identified specific skill, knowledge or experience set requirements to ensure the effective governance of the organisation.
Board Members are drawn from diverse backgrounds and board recruitment is undertaken in line with our equal opportunities policy to ensure that the organisation benefits from the experience and diversity of trustees.
The trustees who served during the year, together with any changes up to the date of approving this report are listed on page 1.
The trustees are appointed in accordance with the Memorandum and Articles of Association.
## **Policies and procedures for the induction of trustees**
The Women's Organisation provides a comprehensive induction programme to all new trustees to ensure that they are fully appraised of, and have an understanding of, their fiduciary duties and obligations under charity and company law, the content of the Memorandum and Articles of Association, the committee and decision-making processes, the business plan and financial performance of the charity.
All trustees are provided with a Trustees/ Directors handbook which covers key aspects including financial procedures, health and safety, social accounting roles and responsibilities. All board members have access to training and development support and take part in an annual skills audit and development days.
## **Organisational Structure**
The charity is administered by a board of trustees which meets biannually. The trustees have appointed a Chief Executive Officer to manage the day-to-day operations of the charity and to ensure the effective operations of the charity. The Chair of the Board of Trustees provides individual support and supervision to the Chief Executive on a monthly basis. There are human resource, strategy and finance sub groups that meet as required to address specific issues outside the parameters of the approved business plan. The Chief Executive has delegated authority, approved by the trustees, for operational and strategic development matters including research and forecasting, finance, human resources and marketing and ensuring that the organisation achieves its overall aims and objectives. The Board of Trustees develops the business plan in conjunction with the Chief Executive Officer based upon stakeholder engagement and a rigorous research process.
Day to day management of The Women's Organisation is delegated to the senior managers. The current leadership team comprises:
Ms M. O'Carroll Chief Executive Officer Ms H. Millne Deputy Chief Executive Officer
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**Trustees for the year ended 31st December 2023**
## **THE WOME S ORGANISATION**
## **Related Parties**
The Women's Organisation Trading Ltd is a wholly owned subsidiary of The Women's Organisation. It provides services to public sector bodies in promoting and delivering women's economic development activities, and actively promotes the work of the charity providing advice and training opportunities for women who suffer poverty and exclusion due their unemployed, age, BAME, ex offender and /or disability status.
## **Risks**
The charity has developed a risk register in the context of its charitable aims and objectives. The register is based upon an internal and external assessment using SWOT and PESTEL analysis, the nature and scale of the project activities and the criteria set for success. The risk register also focuses upon current and future legislation and regulation, finance, reputation and legitimacy with key stakeholder, major funders and supporters.
The register includes a preventative action plan and mitigation strategies to minimise risk in all areas of the charity's work.
## **Public Benefit**
The charity's objects and activities have been specifically developed to ensure that they comply with the Charity Commission guidance on delivering public benefit. The charity's activities deliver public benefit through the provision of services which seek to relieve the impact of poverty through improving employment, enterprise, and educational opportunities. Our services have been specifically designed based upon the Charity Commis benefit. We conduct practical application of the public benefit test which for example including the non-charging of fees to our service users who face economic and social disadvantage.
## **Strategic Report**
## **Objectives and Aims**
The objects of the Charity are:
- The relief of unemployment for the benefit of the public in such ways as may be thought fit, including without limiting the generality of the foregoing, provision of assistance to find employment and the provision of managed work space and other services to support business start and development.
- To act as a resource for young people up to the age of 25 by providing advice and assistance and organising programmes of educational and other activities as a means of advancing education, relieving unemployment and advancing in life and helping young people by developing their skills, capacities and capabilities to enable them to participate in society as independent, mature and responsible individuals.
- To act as a resource for women who have need of such assistance by reason or their poverty or social and economic circumstances by providing advice and assistance and organising programmes of educational and other activities as a means of advancing education, relieving unemployment and ensuring that their conditions in life are improved.
- The promotion of equality and diversity for the public benefit by advancing education and raising awareness in equality and conducting or commissioning research on equality issues and publishing the results to the public.
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**Trustees ort)**
## **THE WOME S ORGANISATION**
## **for the year ended 31st December 2023**
## **Charity's aims and strategies for achieving objectives**
The charity will achieve its charitable objectives through:
- Providing accessible, quality and gender sensitive enterprise; employment, education, management development.
- Supporting improved health and well-being for women.
- Stimulating research to support women's economic development.
- Influencing policy to improve the position of women.
- Delivering gender friendly incubator and meeting spaces.
- Maintaining a sustainable organisation.
During 2023 we strove to meet our aims and objectives by:
- Reviewing and systematically updating our policies and procedures.
- Undertaking research and development activities to develop infrastructure that will further the charity's and trading subsidiary purposes.
- Implementing social and environmental accounting methodologies.
- Continuously addressing Quality Assurance standards across the provision.
- Meeting our social, environmental and legal obligations.
- Networking with existing and new voluntary, community and statutory bodies to increase the provision.
- Increasing efforts to bring additional resources into the organisation in order to ensure our services are available to as many women from disadvantaged communities as possible.
- Establishing links with other providers, organisations, and agencies.
- Offering comprehensive programmes of training and development programmes to management committee, staff and volunteers.
- Developing and providing advice and guidance and training relevant to clients' needs.
- Supporting and informing local and national strategies.
And working within our value base, which is that:
WE ARE ACCESSIBLE - We are here for all women - whatever their story- and we can appreciate the most complex of challenges. We are inclusive and celebrate diversity in every context, and are committed to helping women achieve their potential, no matter what their background or goals.
WE ARE CREATIVE - We continually evaluate and improve our own practices to respond to women's needs. Whether we are tackling complex issues or more common universal ones, we employ innovation and imagination. If there is no obvious existing solution, we work and think creatively to find a new one.
WE ARE LEADERS - Pioneering new ideas, resources, programmes and connections makes us more effective. That's why we are constantly pushing against the status quo and acting as a bold and forward-thinking voice that brings people together.
WE ARE CHANGE-MAKERS - We are absolutely committed to helping all women, and our focus is always on practical, positive outcomes. In other words, we get quality results. Whether we're helping new businesses grow and thrive, inspiring improvements in legislation, or raising social awareness, our success lies in having a real and meaningful impact on individual women's lives.
WE ARE COLLABORATORS - We foster co-operation between individuals and organisations, from the grassroots to the highest level of government, bringing credibility, professionalism and enthusiasm to every partnership we undertake.
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**Trustees for the year ended 31st December 2023**
## **THE WOME S ORGANISATION**
## **Charity's aims and strategies for achieving objectives** _**(continued)**_
In 2023 the c continued to respond to issues arising from the cost of living crisis living and continued to make considerable strides in achieving its charitable and wider social objectives. Having built upon the 27 years' experience of delivering quality services to women the charity continued to provide free enterprise, employment and education advice support services for women who experience social and economic exclusion including one-to-one advice, mentoring, personal development activities, start your own business planning courses and workshops, networking and management programmes. Through its trading arm services to women in business are also provided.
The charity targets women from diverse communities to assist them in working towards health and wellbeing through programmes that develop self-esteem and self-belief as well as skills for economic independence and community participation.
We have continued to work with a diverse range of clients, of the 1,788 new clients (969 in 2022, +84%) we have worked with in 2023 the profile was:
94% women 16% disabled 40% declared mental ill health/stress 13% BAME 20% over 50 years age 17% single parent 1% no qualifications/low level education 2% ex -offenders 21.2% unemployed, of which 31% of these long-term unemployed (>12mths) 9.8% economically inactive
*%based upon number of responders.
Clients engaged in pre or post business start services, personal development, employability support and professional development training. Clients were supported in starting a business and existing businesses were supported in the creation of new jobs. The organisation was successful in supporting the progression and professional development of clients in several ways including women reporting improved labour market status (promotion, pay rise etc.) and over 500 clients completed units of accredited qualifications.
The organisation continued to deliver a core offering of business courses as well as several events addressing specific needs identified through directly working with businesses, for example sustainability and net-zero for business, financial capabilities, developing pitches, as well as in person peer networking events, engaging with entrepreneurs across the City Region.
In 2023 The Women's Organisation continued to lead the Enterprise Hub consortium as the accountable body and managing partner. The charity led the Liverpool City Region start up support service, offering a single gateway for enterprise support services through a network of 13 partner organisations, delivering services to over 8500 people. This six-year, European funded Programme, was integral to the Local Enterprise Partnership and Combined Authority strategies, and ensured a comprehensive, quality service to aspiring entrepreneurs The Enterprise Hub programme was expected to be refunded through UKSPF at the end of European Funding. In the event the responsibility for UKSPF funded business support has been devolved to local authorities who have essentially taken on the delivery function. The highly impactful one front door and accessible service provided through Enterprise Hub closed in June 2023 as ERDF (European Regional Development Fund) finished.
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**Trustees**
## **THE WOME S ORGANISATION**
**for the year ended 31st December 2023**
## **Charity's aims and strategies for achieving objectives** _**(continued)**_
In 2023 The Women's Organisation led as accountable body in 10 consortium programmes:
- Enterprise Hub 2, Liverpool City Region wide Enterprise Start Up and Early Stage business support; completed successfully in June 2023
- Excelerate Labs 2, delivering Enterprise Start Up and Growth Services across Greater Manchester; completed successfully in June 2023
- Better Off Finance delivering financial capability support as a vehicle to reduce barriers people gaining employment, successfully completed in March 2023
- Civil Society Involvement National Technical Assistance Programme, successfully completed in December 2023
- Directions, Liverpool City Region wide skills and personal development programme to narrow the gap between the most disadvantaged and the labour market, successfully completed in December 2023
- Advice Skills Academy 2, an innovative project supported by the European Union through the European Social Fund, that builds the skills and knowledge of staff offering advice services in the Liverpool City Region, successfully completed in December 2023
- Enterprise Hub Skills, entrepreneurial training, learning and development for Liverpool City Region residents who are thinking about starting their own business, who are self-employed, working or volunteering within or running small businesses, successfully completed in December 2023
- New Horizons, offering support to those living in the Liverpool City Region who experience specific and multiple barriers accessing job search, training and education opportunities that enable them to compete effectively in the employment market, successfully completed in December 2023
- LEP Brokerage, Supporting clients to access business support services across LCR, successfully completed in December 2023
- Mind and Money Financial Capability programme, providing continuation at the completion of the Better Off Finance programme commenced April 2023
rganisation also continued to be an advisory partner on The Other City at Islington Mill Creative Enterprise Support until its completion in September 2023. This Partnership offered business support for Creative and entrepreneurs based at Islington Mill and across Greater Manchester. The Women s Organisation provided ERDF compliance advice throughout the partnership.
We also successfully bid for and confirmed income from Department of Health and Social Care, EU Partners and LCR Combined Authority on behalf of community partners running to 2025.
In 2023 the charity has continued to stimulate research and development in the area of gender, enterprise, health and wellbeing through its digital innovation work and its contract to research and deliver the DG Regio Entrecomp initiative. We have continued to contribute to research and work with the Expert Panel of leading academics from across the globe who focus in the in the field of women's economic development and inclusion to support our work and contribute to the evidence base.
Following the opening of 54 St James Street in 2011 marketing of the new facility resulted in continuous 100% occupation since April 2012. The building continues to be well received by tenants, conference and meeting space customers and strategic partners. By the close of 2023 the use of the tenanted space is circa 50% women led businesses and the remainder social enterprises both that meet the charities objectives and target groups. Conferencing customers have increased by 28% in 2023 (from 2022) and bookings have increased by 10%.
The CEO and Deputy CEO represent the charity, and the sector at the National Growth Programme Board and three of its national subcommittees, and co-ordinate representation from other organisations across England on the remaining six sub-committees. The CEO also represented the sector on the local ESIF committee. These Boards provide strategic, high-level opportunity to influence the current European funds and the development of the UK Shared Prosperity, or other successor funds as they are developed.
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**Trustees**
**for the year ended 31st December 2023**
## **THE WOME S ORGANISATION**
## **Charity's aims and strategies for achieving objectives** _**(continued)**_
The organisation continued a hybrid approach to providing services, with increasing in-person support delivery where appropriate and based on client need. The organisation has been able to see first-hand the continuing effects of the pandemic and cost of living and economic pressures on our clients, wider service users and the local business community. The organisation continued to provide resources, updates and support to clients via the blog, social media and by phone or email.
Supported by the latest research the organisation worked on a number of policy influencing initiatives:
- Co-published with the Enterprise Research Centre Women as Entrepreneurs: Lessons Unlearned? authored by Emeritus Professor Tom Cannon asking policy makers to build and invest in the infrastructure to support women as entrepreneurs and asking why place based initiatives cannot respond to clear evidence of the need for targeted support. It highlights the missed opportunity to deliver this approach through partners embedded in and understanding the needs of women as entrepreneurs?
https://www.enterpriseresearch.ac.uk/wp-content/uploads/2022/10/ERC-Insight-Women-as-EntrepreneursLessons-Unlearned-T.-Cannon-1.pdf
- Continued to contribute to the Liverpool City Region Business Support Ecosystem consultation process guided en Millne attended
- consultation meetings alongside fellow business support agencies to discuss and give feedback on the Business Start-up and Growth Investment Pipeline Evidence Base. The resulting policy clearly placed the UKSPF to the Local Authorities this policy has not been executed as part of the implementation in Liverpool City Region.
- Continued our partnership with the Enterprise Research Centre, as part of the State of the Art Review series.
- Worked with national business representative bodies, research community and third sector partners to produce a series research and briefing notes for Ministers and Government departments on the negative and inclusion and wider economic development.
- Mapped national and international mission and market opportunities within Europe, the Commonwealth and globally around the social economy and women economic development.
Online marketing and social media were a key focus for marketing as services continued to be delivered online.
Combined followers on our other social media platforms are all increased on 2022 figures as follows:
Facebook: 24,238 Linked In: 12,076 Instagram:22,927 Twitter/ X: 50,050
Through 2023 the charity maintained its consultancy services through the trading name Enterprise Evolution, and have continued to provide bespoke enterprise education, social accounting and evaluation services to customers in the UK, China and Brazil.
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**Trustees eport and Strategic Report)**
## **THE WOME S ORGANISATION**
## **for the year ended 31st December 2023**
## **Reserves Policy**
A formal policy on reserves was agreed at the 29th January 2009 meeting of the Board of Directors and reviewed annually since. It states:
The trustees have set a reserves policy which requires:
- Reserves will be maintained at a level which ensures that the charity's core activity could continue during a period of
- unforeseen difficulty: to enable operating activities to be maintained and taking account of potential risks and contingencies that may arise from time to time.
- A proportion of reserves will be maintained in a readily realisable form.
- The policy is reviewed annually by the Trustees.
The calculation of the required level of reserves is an integral part of the organisation's planning, budget and forecast cycle.
It takes into account:
- Risks associated with each stream of income and expenditure being different from that budgeted
- Planned activity level
- Organisation's commitments
- Amounts are to be set aside to meet financial risks associated with potential contingencies and uncertainties' relating to the charity's operating activities. These include:
- gaps in contract confirmation to ensure continuity of service to charity beneficiaries
- the provision for an orderly winding-down of operations in the event of a significant adverse event that is outside the control of the charity
- the funding of unforeseen major projects that have not been provided for in the normal financial planning process
- The Board confirmed a staged policy to build unrestricted free reserves designated and allocated to meet the above risks and contingencies through three steps as follows:
- Provide a minimum three months operating costs contingency in line with charity commission guidance
- Aspire to accrue six months operating costs contingency fund
- Develop a fund to provide grants to charity beneficiaries for childcare and incubator rent subsidies
## **Remuneration Policy**
The Women's Organisation is committed to ensuring that we pay our staff fairly and in a way which ensures we attract and retain the right skills to have the greatest impact in delivering our charitable objectives.
In accordance with the Statement of Recommended Practice (SORP):
- The Women's Organisation discloses all payments to trustees (no trustees receive 'pay')
- Disclose the number of staff in receipt of more that £60,000 and above (in bands of £10,000) Disclose pensions and other benefits
- The Women's Organisation has a remuneration sub -group, which meets as required by the Board and is comprised of The Women's Organisation (trading) Chair, and one other (who shall be decided by the Chair). The CEO is in attendance for the meeting (leaving for the discussion regarding the CEO's remuneration) and no members of the executive are members of the committee. The sub-group will operate by correspondence when appropriate.
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## **THE WOME S ORGANISATION**
**Trustees**
## **for the year ended 31st December 2023**
## **Remuneration Policy** _**(continued)**_
The main responsibilities of the sub-group are to:
- Review The Women's Organisation salary banding against an area benchmarking tool and make sure amendments as are appropriate to ensure that The Women's Organisation salaries remain competitive
- Determine the remuneration package of the Chief Executive
- Approve the annual percentage increase in the payroll for all staff (which can be zero) taking into account RPI as at 31 December for the previous year.
- Approve any consolidated pay awards and staff salary increases outside of the annual review process as recommended from time to time by the Chief Executive.
- Approve any non-consolidated pay awards (bonus) as recommended by the Chief Executive
- Determine pension arrangements and ensure that contractual terms on termination are fair to the individual and the charity, that poor performance is not rewarded and a duty to mitigate loss is recognised.
In determining The Women's Organisation's remuneration policy, the remuneration sub-group takes into account all factors which are deemed necessary. The objective of the policy is to ensure that the Chief Executive and staff team are provided with appropriate incentives to encourage enhanced performance and are, in a fair and responsible manner, rewarded for their individual contributions to the success of the Charity.
The appropriateness and relevance of the remuneration policy is reviewed annually, including reference to comparisons with other charities ensuring The Women's Organisation remains sensitive to the broader issues e.g. pay and employment conditions elsewhere.
We aim to recruit, subject to experience, at the lower - medium point within a band, providing scope to be rewarded for excellence. We do not employ interns without pay and we pay at least the Real Living Wage for all our staff, including direct suppliers.
Delivery of The Women's Organisation's charitable vision and purpose is primarily dependent on our staff, which is the largest single element of charitable expenditure.
## **Financial Review**
Through 2023 The Women's Organisation has consolidated its position as an expert and trusted developer and leader of significantly sized consortia. This programme management function, both secures the charity's strategic position and contributes to the diversification of funding within the company.
In addition, in developing the paid for services offer at 54 St James Street and in the expansion and rebranding of the consultancy services the charity is continuing to maximise new income opportunities.
These newer areas complement the existing core services of gender lensed delivery and the income generated through 54 St James Street.
In 2023 the trustees have maintained cash flow facilities to help facilitate partnership development and delivery going forward.
The accounts show net incoming resources of £663,634 (2022 £531,088).
The Women's Organisation has performed operationally in line with its financial projections, and the strategy employed since 2015 is embedded and being successfully implemented. The refocused strategic plan has resulted in successfully securing and implementing substantial contracts through to 2024; diversifying our income streams; building and retaining a sound customer base; and implementing actions to improve the cash flow position. Combined, these will not only underpin the core financial stability of the company, but also contribute to its incremental growth ambitions.
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**Trustees l Report and Strategic Report) for the year ended 31st December 2023**
## **THE WOME S ORGANISATION**
## **Financial Review** _**(continued)**_
The Women's Organisation is working strategically at a national level to influence successor investment, currently the potential UK Shared Prosperity Fund, that will replace European funding at the end of this programme 2023. This influencing work includes consideration of the investment that will be available in the North of England, and the extent to which this is targeted to women's issues including economic development; people's civic and social inclusion; skills and advancement.
Principal funding sources and how expenditure in the year supported charitable activities.
The charity has been successful in its tenth year of trading and expects to gain new customers and operate within new markets in the coming years.
The fixed asset of 54 St James Street, Liverpool is of significant value to the charity and provides a physical infrastructure to support and facilitate the charity s core objectives.
The charity s wholly owned trading subsidiary had another successful year and continues to improve and expand its range of services. The Board of Directors agree that The Women s Organisation (Trading) Ltd would make a gift aid payment of £972,366 (2022- £874,269) to the charity.
The directors are confident in the growth potential for the traditional operation of trading services but also in the additional new markets.
The principal sources of incoming resources in 2023 include:
- Securing appropriate investments through public contracts and other funding sources through which to maintain and develop the quality and breadth of services.
- Programme management and sector support services
- Income through rents, room hire and building services
- Consultancy services
## **Plans for future periods**
Beyond 2023 the charity's key aims are to deliver innovative economic development services to women nationally; provide gender friendly meeting and incubator space; support the development of gender aware enterprise research; to influence policy in order to improve the position of women in society and to maintain a sustainable organisation.
The activities that will contribute to achieving these aims will include:
- Providing a range of accessible, gender sensitive enterprise and employment services to women.
- Providing and developing further activities and services that contribute to women's improved prosperity and wellbeing.
- Developing, in partnership, programmes and financial instruments appropriate to the needs of women's business growth and adding social value.
- Delivery of activities at the Women's International Centre for Economic Development (WICED) to act as a beacon for women's economic development.
- Continue to develop the International Research Hub by supporting research activities.
- Responding to consultations and raising issues of gender equality within national, regional and local contexts.
- Securing appropriate investments through public contracts and other funding sources through which to maintain and develop the quality and breadth of services and develop new business areas.
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## **THE WOME** N’ **S ORGANISATION**
## **Trustees** ” Annual Report (including **for the year ended 31st December 2023**
## **Sta onsibilities**
The trustees (who are also directors of The Women’s Organis ation for the purposes of company law) are responsible for preparing the Trustees’ Annual Re port (including the Strategic Report) and the financial statements in accordance with 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. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period.
In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observer the methods and principles in the charities SORP 2019 (FRS102);
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed 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 operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. The trustees are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
- there is no relevant audit information of which the charitable co mpany’s auditor is unaware; and
- the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant information, and to establish that the auditors are aware of that information.
## **Auditors**
Mitchell Charlesworth (Audit) Limited are deemed to be re-appointed under section 487(2) of the Companies Act 2006.
In approving the Trustees Annual Report, we also approve the Strategic Report included therein, in our capacity as company directors.
This report was approved by the Board of Trustees on 28 August 2024 and signed on its behalf by:
S M Oshikanlu Trustee
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## **Mitchell Charlesworth (Audit) Limited**
## **Accountants**
5 Temple Square · Temple Street · Liverpool · L2 5RH
## **THE WOMEN S ORGANISATION**
**Independ**
**Members**
**Year ended 31st December 2023**
## **Opinion**
We have audited the financial statements of The W ganisation charitable company s subsidiaries (the gr for the year ended 31st December 2023 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Charity Balance Sheet, the Consolidated Statement of Cash Flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards including Financial Reporting Standard 102 he Financial Reporting Standard applicable in the UK and Republic of Irela (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the group the parent charitable company s affairs as at 31st December 2023, and of incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Audit e financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, ard, and we have fulfilled our 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 relating to going concern**
In auditing the financial statements, we have concluded that the trustees of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt about the gr or the parent charitable company s ability to continue as a going concern for a period of at least twelve months from the date 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.
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## **Mitchell Charlesworth (Audit) Limited**
## **Accountants**
5 Temple Square · Temple Street · Liverpool · L2 5RH
## **THE WOMEN ANISATION**
**Independent t to the Members of The Women Organisation**
**Year ended 31st December 2023**
## **Other information**
The other information comprises the information included in the Trustees eport, other than the financial statements and our Audit Report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of 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 misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Opinions on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:-
- the information given in the Trustees orporating the Strategic the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Directo Report have been prepared in accordance with applicable legal requirements.
## **Matters on which we are required to report by exception**
In the light of our knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate and sufficient accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or the paren financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.
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## **Mitchell Charlesworth (Audit) Limited**
## **Accountants**
**5 Temple Square · Temple Street · Liverpool · L2 5RH**
## **THE WO ORGANISATION**
## **Independ**
**o the Members of The Wome s Organisation**
## **Year ended 31st December 2023**
## **Responsibilities of trustees**
As explained more fully in the responsibilities statement set out on page 11, the trustees (who are also the directors of the parent charitable company for the purposes of company law) 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 determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the and parent charitable company ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.
## **Auditor ponsibilities for the audit of the financial statements**
We have been appointed auditor under the Companies Act 2006 and report in accordance with this Act.
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 an audi t 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 it exists. Misstatements 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.
Irregularities, including fraud, are instances 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, is detailed below.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
Extent to which the audit was considered capable of detecting irregularities, including fraud
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
**14 | P a g e**
## **Mitchell Charlesworth (Audit) Limited**
## **Accountants**
**5 Temple Square · Temple Street · Liverpool · L2 5RH**
## **THE RGANISATION**
**Independe the Mem**
##
**Year ended 31st December 2023**
## **Identifying and assessing potential risks related to irregularities**
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, we considered the following:
- the nature of the industry and sector, control environment and business performance;
- the charity's own assessment of the risks that irregularities may occur either as a result of fraud or error;
- the results of our enquiries of management and members of the Board of Trustees of their own identification and assessment of the risks of irregularities;
- any matters we identified having obtained and reviewed the charit ocumentation of their policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and
- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:
(i) The presentation of the charity's Statement of Financial Activities, (ii) revenue recognition, (iii) the overstatement of salary and other costs, and (iv) the understatement of creditors. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and the Statement of Recommended Practice - 'Accounting and Reporting by Charities' issued by the joint SORP making body.
**15 | P a g e**
## **Mitchell Charlesworth (Audit) Limited**
## **Accountants**
**5 Temple Square · Temple Street · Liverpool · L2 5RH**
## **THE WOMEN** ’SO **RGANISATION**
## **Independent** Auditor’s Report to the Mem **bers of The Wom** en’s Organisa **tion**
## **Year ended 31st December 2023**
## **Audit response to risks identified**
In addition to the above, our procedures to respond to risks identified included the following:
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations described above as having a direct effect on the financial statements;
- enquiring of management and members of the Board of Trustees concerning actual and potential litigation and claims;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- reading minutes of meetings of those charged with governance and reviewing correspondence with relevant authorities where matters identified were significant;
- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
A further description of our responsibilities is available on the Financial Reporting Counc https:// ~~a~~ www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor ’sS report.
## **Use of our report**
This report is made solely to the charita ble 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 c ompany’ s members those matters we are required to state to them in an auditor’s report and for n o other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable compa ny’ s members as a body, for our audit work, for this report, or for the opinions we have formed.
## **Mr Philip Griffiths (Senior Statutory Auditor)**
**for and on behalf of Mitchell Charlesworth (Audit) Limited**
30 August 2024
**Accountants** 3rd Floor **Statutory Auditor** 5 Temple Square Temple Street Liverpool Merseyside L2 5RH
**16 | P a g e**
## **THE WOME ORGANISATION**
## **Consolidated Statement of Financial Activities (including Income and Expenditure Account) for the year ended 31st December 2023**
|**Unrestricted**
**Restricted**
**Notes**
**Funds**
**Funds**
**£**
**£**
**Income from:**
Charitable activities
2
3,624,666
1,030,959
Other trading activities
3
1,974,741
-
Investments
4
32,752
-
**Total income**
5,632,159
1,030,959
Expenditure on:
Raising funds
6
116,842
-
Charitable activities
7
4,815,314
1,067,328
**Total expenditure**
4,932,156
1,067,328
**Net income/(expenditure)**
700,003
(36,369)
**Reconciliation of funds:**
Total funds brought forward
2,360,450
2,952,169
**Total funds carried forward**
3,060,453
2,915,800|**Total**
**2023**
**£**
4,655,625
1,974,741
32,752
6,663,118
116,842
5,882,642
5,999,484
663,634
5,312,619
5,976,253|**Total**
**2022**
**£**
4,449,000
1,017,089
2,235|
|---|---|---|
|||5,468,324|
|||116,961
4,820,275|
|||4,937,236|
|||531,088|
|||4,781,531|
|||5,312,619|
All income and expenditure derive from continuing activities.
The notes on pages 21 to 34 form part of these financial statements
**17 | P a g e**
## **THE WOME ORGANISATION**
## **Consolidated Statement of Financial Activities (including Income and Expenditure Account) for the year ended 31st December 2023**
Comparative information for the year ended 31st December 2022
|**Unrestricted**
**Restricted**
**Notes**
**Funds**
**Funds**
**£**
**£**
**Income from:**
Charitable activities
2
3,040,900
1,408,100
Other trading activities
3
1,017,089
-
Investments
4
2,235
-
**Total income**
4,060,224
1,408,100
**Expenditure on:**
Raising funds
6
116,961
-
Charitable activities
7
3,365,443
1,454,832
**Total expenditure**
3,482,404
1,454,832
**Net income/(expenditure)**
577,820
(46,732)
**Reconciliation of funds:**
Total funds brought forward
1,782,630
2,998,901
**Total funds carried forward**
2,360,450
2,952,169|**Total**
**2022**
**£**
4,449,000
1,017,089
2,235
5,468,324
116,961
4,820,275
4,937,236
531,088
4,781,531
5,312,619|**Total**
**2021**
**£**
3,976,674
1,693,506
159|
|---|---|---|
|||5,670,339|
|||69,419
5,149,438|
|||5,218,857|
|||451,482|
|||4,330,049|
|||4,781,531|
The notes on pages 21 to 34 form part of these financial statements
**18 | P a g e**
## **THE WOME ORGANISATION**
## **Balance Sheets 31st December 2023**
||**Notes**||**2023**||**2022**|
|---|---|---|---|---|---|
|||**Group**|**Charity**|**Group**|**Charity**|
|||**£**|**£**|**£**|**£**|
|**Fixed assets**||||||
|Tangible assets|15|4,909,615|4,909,615|4,945,874|4,945,874|
|||4,909,615|4,909,615|4,945,874|4,945,874|
|**Current assets**||||||
|Debtors|17|1,217,934|1,349,869|2,085,631|1,139,148|
|Cash at bank and in hand||3,124,452|1,180,178|2,103,758|794,861|
|||4,342,386|2,530,047|4,189,389|1,934,009|
|**Creditors**||||||
|Amounts falling due within one year|18|1,834,266|185,120|2,276,930|183,297|
|**Net current assets**||2,508,120|2,344,927|1,912,459|1,750,712|
|**Total assets less current liabilities**||7,417,735|7,254,542|6,858,333|6,696,586
|
|**Creditors**||||||
|Amounts falling due after more than one||||||
|year|19|1,441,482|1,441,482|1,545,714|1,545,714|
|**Net assets**||5,976,253|5,813,060|5,312,619|5,150,872|
|**Funds**||||||
|Unrestricted funds||||||
|General funds|23|3,060,453|2,909,568|2,360,450|2,203,664|
|Restricted funds|23|2,915,800|2,903,492|2,952,169|2,947,208|
|**Total funds**|24|5,976,253|5,813,060|5,312,619|5,150,872|
The financial statements were approved by the Trustees and authorised for issue on 28 August 2024, and are signed on their behalf by:
S M Oshikanlu - Trustee
Company Registration Number: 6706841
The notes on pages 21 to 34 form part of these financial statements
**19 | P a g e**
## **THE WOMEN**
## **ISATION**
## **Consolidated Statement of Cash Flows 31st December 2023**
||**Notes**||**2023**||**2022**|
|---|---|---|---|---|---|
|||**£**|**£**|**£**|**£**|
|**Cash flow from operating activities**|26||1,138,238||1,259,633|
|Cash flow from investing activities||||||
|Payments to acquire tangible fixed assets||(9,886)||(15,749)||
|Interest received||32,752||2,235||
|**Net cash flow from investing activities**|||22,866||(13,514)|
|**Cash flow from financing activities**||||||
|Repayment of long-term loans||(108,752)||(111,789)||
|Interest paid||(31,658)||(35,704)||
|**Net cash flow from financing activities**|||(140,410)||(147,493)|
|**Net increase in cash and cash equivalents**|||1,020,694||1,098,626|
|Cash and cash equivalents at 1st January 2023|||2,103,758||1,005,132|
|Cash and cash equivalents at 31st December 2023|||3,124,452||2,103,758|
|**Cash and cash equivalents consist of:**||||||
|Cash at bank and in hand|||3,124,452||2,103,758|
|**Cash and cash equivalents at 31st December 2023**|||3,124,452||2,103,758|
The notes on pages 21 to 34 form part of these financial statements
**20 | P a g e**
**Notes to the Financial Statements Year ended 31st December 2023**
## **THE WOME ORGANISATION**
## **1. Summary of significant accounting policies**
## **a) General information and basis of preparation**
The Women s Organisation is a charitable company limited by guarantee registered in England and Wales. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity s operations and principal activities are described in the Truste t on page 3.
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 (FRS 102) (effective 1 January 2019), the Companies Act 2006 and UK Generally Accepted Accounting Practice.
The financial statements are prepared on a going concern basis under the historical cost convention. The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest pound.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
## **b) Funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity where they have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
## **c) Income recognition**
All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably, and it is probable that the income will be received.
For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained, then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.
Donated facilities and donated professional services are recognised in income at their fair value when their economic benefit is probable, it can be measured reliably, and the charity has control over the item. Fair value is determined on the basis of the value of the gift to the charity. For example, the amount the charity would be willing to pay in the open market for such facilities and services. A corresponding amount is recognised in expenditure.
No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102). Further detail is given in the Trustees nnual Report.
**21 | P a g e**
**Notes to the Financial Statements Year ended 31st December 2023**
## **THE WOME ORGANISATION**
## **1. Summary of significant accounting policies** _**(Continued)**_
For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. At this point income is recognised. On occasion legacies will be notified to the charity however it is not possible to measure the amount expected to be distributed. On these occasions, the legacy is treated as a contingent asset and disclosed.
Income from trading activities includes income from the provision of training services and fees for the hire of facilities by service users.
Investment income is earned through holding assets for investment purposes. Interest income is recognised using the effective interest method.
## **d) Expenditure recognition**
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required, and the amount of the obligation can be measured reliably. It is categorised under the following headings:
- Expenditure on charitable activities includes costs of business support and training costs undertaken to further the purposes of the charity.
Other expenditure represents those items not falling into the categories above.
Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.
## **e) Support costs allocation**
Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs and administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity and include project management carried out at Headquarters. Where support costs cannot be directly attributed to particular headings, they have been allocated to cost of raising funds and expenditure on charitable activities on a pro-rata basis consistent with the use of the resources.
The analysis of these costs is included in note 8.
## **f) Tangible fixed assets**
- Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Individual assets are capitalised on the balance sheet where their cost exceeds £500.
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:
Long leasehold premises - 2% per annum Office equipment and fixtures - 10% - 33% per annum
## **g) Debtors and creditors receivable/payable within one year**
- Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
## **h) Loans and borrowings**
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
**22 | P a g e**
**THE WOME ORGANISATION**
**Notes to the Financial Statements Year ended 31st December 2023**
## **1. Summary of significant accounting policies** _**(Continued)**_
## **i) Tax**
- The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore meets the definition of a charitable company for UK corporation tax purposes.
## **j) Operating lease agreements**
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.
## **k) Irrecoverable VAT**
All resources expended are classified under activity headings that aggregate all costs related to the category. Irrecoverable VAT is charged against the category or resources expended for which it was incurred.
## **l) Employee benefits**
- When employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
The charity operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.
## **m) Financial instruments**
Financial instruments are classified and accounted for, according to the substance of the contractual arrangements, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
## **n) Going concern**
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure are sufficient with the level of reserves and funding availability for the charity to be able to continue as a going concern.
## **o) Judgements and key sources of estimation uncertainty**
The charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom agree to the subsequent actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
Provision has been made for any potential clawback of income on European funded contracts that have now completed and are open to audit in the post year-end period. There is estimation uncertainty as to the amount of such clawback which will only be known when such audits have been completed.
|**2.**|**Income from charitable activities**|||**Total**|**Total**|
|---|---|---|---|---|---|
|||**Unrestricted**|**Restricted**|**2023**|**2022**|
|||**£**|**£**|**£**|**£**|
||Training and service contracts|3,624,666|1,030,959|4,655,625|4,449,000|
Income from charitable activities in 2022 was £4,449,000, of which £1,408,100 was attributable to restricted and £3,040,900 was attributable to unrestricted funds.
**23 | P a g e**
## **THE WOME ORGANISATION**
## **Notes to the Financial Statements Year ended 31st December 2023**
|**3.**
**Income from other trading activities**
**Unrestricted**
**£**
Service and training contacts
1,908,298
Facilities hire
66,443
1,974,741|**Restricted**
**£**
-
-
-|**Total**
**2023**
**£**
1,908,298
66,443
1,974,741|**Total**
**2022**
**£**
969,193
47,896
1,017,089|
|---|---|---|---|
Income from other trading activities in 2022 was £1,017,089, of which £Nil was attributable to restricted and £1,017,089 was attributable to unrestricted funds.
|**4.**|**Income from investments**|||**Total**|**Total**|
|---|---|---|---|---|---|
|||**Unrestricted**|**Restricted**|**2023**|**2022**|
|||**£**|**£**|**£**|**£**|
||Bank interest receivable|32,752|-|32,752|2,235|
Income from investments in 2022 was £2,235, all of which was attributable to unrestricted funds.
## **5. Subsidiary undertaking**
isation (Trading) Limited (company number 03146623)
The results of the subsidiary, T included within the Consolidated Statement of Financial Activities are as follows:-
||**£**|
|---|---|
|Income|6,141,144|
|Operating expenses|(5,188,674)|
|Operating surplus|952,470|
|Interest receivable|21,342|
|Surplus for the period before taxation|973,812|
|Taxation|-|
|Surplus for the period after taxation|973,812|
|Distribution to parent charity|(972,366)|
|Profit for the period|1,446|
|Reserves represented by:-||
|Current assets|3,022,003|
|Creditors due within one year|(2,858,813)|
||163,190|
**24 | P a g e**
## **THE WOME ORGANISATION**
## **Notes to the Financial Statements Year ended 31st December 2023**
|**6.**
**Analysis of expenditure on raising funds**
Facilities management
Client services
Total expenditure|**2023**
**Total**
**£**
74,253
42,589
116,842|**2022**
**Total**
**£**
72,913
44,048
116,961|
|---|---|---|
All of the above costs in the current and previous year were attributable to unrestricted funds.
|**7.**
**Analysis of expenditure on charitable activities**
Facilities management
Client services|**Direct**
**costs**
**Support costs**
**(see note 8)**
**£**
**£**
193,271
42,589
5,005,866
640,916
5,199,137
683,505|**2023**
**Total**
**£**
235,860
5,646,782|
|---|---|---|
|||5,882,642|
£1,067,328 of the above costs were attributable to restricted funds (2022 £1,454,832) and £4,815,314 (2022 £3,365,443) of the above costs were attributable to unrestricted funds.
Comparative information in respect of the preceding period is as follows:
|Facilities management
Client services|**Direct**
**costs**
**Support costs**
**(see note 8)**
**£**
**£**
190,163
44,048
3,944,247
641,817
4,134,410
685,865|**2022**
**Total**
**£**
234,211
4,586,064|
|---|---|---|
|||4,820,275|
£1,454,832 of the above costs were attributable to restricted funds (2021 £1,314,208) and £3,365,443 (2021 £3,835,230) of the above costs were attributable to unrestricted funds.
**25 | P a g e**
## **THE WOME ORGANISATION**
## **Notes to the Financial Statements Year ended 31st December 2023**
|**8.**
**Allocation of support costs**
Governance (see note 9)
Staff costs
Telephone
Printing, postage and stationery
Computer costs
Hire of equipment
Repairs and maintenance
Legal and professional
Dissemination
Bank interest
Bank charges
Depreciation
Bad debts
Sundry
Insurance
Marketing
Irrecoverable VAT
Loss/(profit) on foreign exchange
**9.**
**Governance costs**
Audit fees
**10.**
**Net income/(expenditure) resources for the year**
**This is stated after charging/(crediting):**
Audit fees
Depreciation of fixed assets
Operating lease rentals
Land and buildings|**2023**
**£**
17,050
245,341
9,646
7,219
62,973
6,475
89,467
23,245
2,000
31,658
2,750
46,145
14,149
33,598
3,274
71,425
14,219
2,871
683,505
**2023**
**£**
17,050
**Total**
**2023**
**£**
17,050
46,145
2,000|**2022**
**£**
16,220
252,086
5,008
2,145
83,991
6,722
84,314
44,872
-
35,704
1,878
58,102
27,894
23,331
12,003
32,817
-
(1,222)
685,865
**2022**
**£**
16,220|
|---|---|---|
|||**Total**
**2022**
**£**
16,220
58,102
2,000|
## **11. Auditor emuneration**
The auditor remuneration for the group amounts to an audit fee of £16,927 (2022 £16,143) and non-audit fees of £123 (2022 £77).
## **12. Trustee and key management personnel remuneration and expenses**
None of the trustees (or any persons connected with them) received or waived any remuneration during the period. Travel expenses totalling £150 (2022 £400) were reimbursed to 5 (2022 6) trustees.
The total amount of employee benefits received by key management personnel is £591,853 (2022 £550,681). The trustees consider the key management personnel to be the Chief Executive, the Deputy Chief Executive, Finance Manager, Operations Manager and Development Director.
**26 | P a g e**
## **THE WOME ORGANISATION**
## **Notes to the Financial Statements Year ended 31st December 2023**
|**13.**
**Staff costs**
Group staff costs and employee benefits were as follows:
Wages and salaries
Social security costs
Defined contribution pension costs|**Total**
**2023**
**£**
1,808,200
179,323
178,567
2,166,090|**Total**
**2022**
**£**
1,835,619
187,948
138,999|
|---|---|---|
|||2,162,566|
The wages and salaries above included redundancy payments totalling £39,081 (2022: £Nil).
The average monthly number of employees and full time equivalents (FTE) during the year was as follows:-
|**2023**
**Number**
Client facing and advisory
24
Management
5
Administrative and support
22
51|**2023**
**FTE**
21
5
21
47|**2022**
**Number**
25
5
26
56|**2022**
**FTE**
23
5
25|
|---|---|---|---|
||||53|
The number of employees who received total employee benefits (excluding employer pension costs) of more than £60,000 per annum were as follows:-
|||**2023**|**2022**|
|---|---|---|---|
|||**Number**|**Number**|
|£70,001|- £80,000|2|2|
|£100,001|- £110,000|2|2|
A reclassification has been made to the 2022 figures to reflect the actual position.
|**14.**|**Interest payable and similar expenses**|**2023**|**2022**|
|---|---|---|---|
|||**£**|**£**|
||Bank loans and overdrafts|31,658|35,704|
**27 | P a g e**
## **THE WOME ORGANISATION**
## **Notes to the Financial Statements Year ended 31st December 2023**
|**15.**
**Tangible fixed assets**
**Office**
**Leasehold land**
**Equipment**
**Group and charity**
**& buildings**
**& fixtures**
**£**
**£**
**Cost or valuation**
At 1st January 2023
5,208,042
140,049
Additions
-
9,886
**At 31st December 2023**
5,208,042
149,935
**Depreciation**
At 1st January 2023
311,341
90,876
Charge for the year
26,110
20,035
**At 31st December 2023**
337,451
110,911
**Net book value**
At 31st December 2023
4,870,591
39,024
At 31st December 2022
4,896,701
49,173|**Total**
**£**
5,348,091
9,886|
|---|---|
||5,357,977|
||402,217
46,145|
||448,362|
||4,909,615|
||4,945,874|
## **16. Investment in subsidiary undertaking**
The charity is the sole member of Th tion (Trading) Limited, a company limited by guarantee and incorporated in England and Wales, which provides training and business support services.
|**17.**
**Debtors**
Trade debtors
Prepayments and accrued income
Amounts owed by subsidiary undertaking
**18.**
**Creditors: Amounts falling due within one year**
Futurebuilders loan
Bank loans and overdrafts
Trade creditors
Other tax and social security
Accruals and deferred income
Other creditors|**Group**
**2023**
**£**
154,889
1,063,045
-
1,217,934
**Group**
**2023**
**£**
106,108
-
163,626
24,532
1,521,213
18,787
1,834,266|**Charity**
**2023**
**£**
140,205
-
1,209,664
1,349,869
**Charity**
**2023**
**£**
106,108
-
6,546
24,532
36,791
11,143
185,120|**Group**
**2022**
**£**
31,791
2,053,840
-
2,085,631
**Group**
**2022**
**£**
104,086
6,542
82,344
46,781
2,015,880
21,297
2,276,930|**Charity**
**2022**
**£**
22,634
-
1,116,514
|
|---|---|---|---|---|
|||||1,139,148|
|||||**Charity**
**2022**
**£**
104,086
6,542
29,267
4,009
28,700
10,693
|
|||||183,297|
**28 | P a g e**
## **THE WOME ORGANISATION**
## **Notes to the Financial Statements Year ended 31st December 2023**
|**19.**
**Creditors: Amounts falling due after more**
**than one year**
Futurebuilders loan
Bank loan|**Group**
**2023**
**£**
1,441,482
-
1,441,482|**Charity**
**2023**
**£**
1,441,482
-
1,441,482|**Group**
**2022**
**£**
1,545,168
546
1,545,714|**Charity**
**2022**
**£**
1,545,168
546|
|---|---|---|---|---|
|||||1,545,714|
The Futurebuilders loan is secured by a fixed charge dated 28th May 2010 over the leasehold premises at 54 St James Street and by a floating charge in the form of a debenture dated 30th November 2010.
The capital repayments are £11,145 per month and interest is payable at a rate of 2% on the principal amount.
The charity has also provided a legal charge dated 6th March 2014 to The Secretary of State for Communities and Local Government over the leasehold premises at 54 St James Street in support of the funding for the building.
## **20. Maturity of debt**
||||
|---|---|---|
|**Maturity of debt**
Creditors include finance capital which is due for repayment as follows:
Amounts repayable:
In one year or less on demand
In more than one year but not more than two years
In more than two years but not more than five years
Due after five years|**2023**
**£**
106,108
108,328
338,227
994,926
1,547,589|**2022**
**£**
110,628
106,654
331,588
1,107,472|
|||1,656,342|
## **21. Operating lease commitments**
Total future minimum lease payments under non-cancellable operating leases are as follows:
|**2023**
**Land &**
**buildings**
**£**
Not later than one year
2,000
Later than one and not later than five years
8,000
Later than five years
219,000
229,000|
**2022**
**Land &**
**Other**
**buildings**
**£**
**£**
11,152
2,000
36,574
8,000
-
221,000
47,726
231,000|**Other**
**£**
11,152
41,930
-|
|---|---|---|
|||53,082|
The charity has a 125 year lease with Liverpool City Council at an initial rent of £2,000 per annum for land on which the charity has its Business Centre.
**29 | P a g e**
## **THE WOME ORGANISATION**
Notes to the Financial Statements Year ended 31st December 2023
|**22.**
**Deferred income**
**Under 1 year**
**Over 1 year**
**£**
**£**
At 1 January 2023
209,623
-
Additions
20,000
Amounts released to income
(209,623)
-
At 31 December 2023
20,000
-
**23.**
**Fund reconciliation**
**Unrestricted funds**
**Balance**
**01/01/23**
**Income**
**Expenditure**
**£**
**£**
**£**
Group
2,360,450
5,632,159
(4,932,156)
Charity
2,203,664
1,472,999
(767,095)
Comparative information in respect of the preceding period is as follows:
**Unrestricted funds**
**Balance**
**01/01/22**
**Income**
**Expenditure**
**£**
**£**
**£**
Group
1,782,630
4,060,224
(3,482,404)
Charity
1,628,474
1,406,321
(831,131)
**Restricted funds**
**Balance**
**01/01/23**
**Income**
**Expenditure**
**Group**
**£**
**£**
**£**
Social Investment Fund: Future Builders Capital
Grant (54 St James Street)
365,376
-
(5,416)
Local Authority Business Growth Incentive (LABGI):
Capital Grant (54 St James Street)
468,380
-
(6,946)
European Regional Development Fund (54 St
James Street)
2,093,016
-
(31,047)
Liverpool Vision (54 St James Street)
20,436
-
(307)
Building Better Opportunities
-
703,821
(703,821)
Smallwood Trust
4,961
40,000
(32,653)
The Women
s Workplace Wellness Programme
-
287,138
(287,138)
2,952,169
1,030,959
(1,067,328)|**Total**
**£**
209,623
20,000
(209,623)
20,000
**Balance**
**31/12/23**
**£**
3,060,453
2,909,568
**Balance**
**31/12/22**
**£**
2,360,450
2,203,664
**Balance**
**31/12/23**
**£**
359,960
461,434
2,061,969
20,129
-
12,308
-
2,915,800|
|---|---|
**30 | P a g e**
**THE WOME ORGANISATION**
**Notes to the Financial Statements Year ended 31st December 2023**
**23. Fund reconciliation (continued)**
T
|**Restricted funds (continued)**
**Charity**
Social Investment Fund: Future Builders
Capital Grant (54 St James Street)
Local Authority Business Growth Incentive
(LABGI): Capital Grant (54 St James Street)
European Regional Development Fund (54 St
James Street)
Liverpool Vision (54 St James Street)
Comparative information in respect of the preceding
**Group**
Social Investment Fund: Future Builders Capital
Grant (54 St James Street)
Local Authority Business Growth Incentive
(LABGI): Capital Grant (54 St James Street)
European Regional Development Fund (54 St
James Street)
Liverpool Vision (54 St James Street)
Building Better Opportunities
Smallwood Trust
**Charity**
Social Investment Fund: Future Builders
Capital Grant (54 St James Street)
Local Authority Business Growth Incentive
(LABGI): Capital Grant (54 St James Street)
European Regional Development Fund (54 St
James Street)
Liverpool Vision (54 St James Street)|**Balance**
**01/01/23**
**Income**
**Expenditure**
**£**
**£**
**£**
365,376
-
(5,416)
468,380
-
(6,946)
2,093,016
-
(31,047)
20,436
-
(307)
2,947,208
-
(43,716)
period is as follows:
**Balance**
**01/01/22**
**Income**
**Expenditure**
**£**
**£**
**£**
370,792
-
(5,416)
475,326
-
(6,946)
2,124,063
-
(31,047)
20,743
(307)
-
1,364,800
(1,364,800)
7,977
43,300
(46,316)
2,998,901
1,408,100
(1,454,832)
**Balance**
**01/01/22**
**Income**
**Expenditure**
**£**
**£**
**£**
370,792
-
(5,416)
475,326
-
(6,946)
2,124,063
-
(31,047)
20,743
-
(307)
2,990,924
-
(43,716)
|**Balance**
**31/12/23**
**£**
359,960
461,434
2,061,969
20,129|
|---|---|---|
|||2,903,492|
|||**Balance**
**31/12/22**
**£**
365,376
468,380
2,093,016
20,436
-
4,961|
|||2,952,169
**Balance**
**31/12/22**
**£**
365,376
468,380
2,093,016
20,436|
|||2,947,208|
Future Builders, LABGI, the European Regional Development Fund and Liverpool Vision provided Capital Funding towards the 54 St James Street development.
**31 | P a g e**
**THE WOME ORGANISATION**
**Notes to the Financial Statements Year ended 31st December 2023**
## **23. Fund reconciliation (continued)**
The Building Better Opportunities project was funded jointly by the National Lottery and the European Social Fund. The Women s Organisation leads this project and works with a number of partners, including the Citizen s Advice Bureau, to create financial opportunities for unemployed and economically inactive individuals.
ganisation is a Community Grant Partner for the Smallwood Trust Women s Resilience Fund, providing small financial grants to women on low income, to help them become more financially resilient and stable. This is achieved by the grants supporting individuals through financial hardship, employment pathways, housing needs or health and wellbeing.
programme. This will be a fully integrated social model of health support package. This package will include reso
to deliver meaningful change within SMEs and thus improve th through their lifecycle within their workplaces.
|**24.**
**Analysis of net assets between funds**
**Unrestricted**
**Funds**
Fund balances at 31st December 2023 are represented by:
**£**
**Group**
Tangible fixed assets
2,006,123
Cash
3,112,144
Other current assets/(liabilities)
(616,332)
Creditors due after more than one year
(1,441,482)
3,060,453
**Charity**
Tangible fixed assets
2,006,123
Cash
1,180,178
Other current assets/(liabilities)
1,164,749
Creditors due after more than one year
(1,441,482)
2,909,568|**Restricted**
**Funds**
**£**
2,903,492
12,308
-
-
2,915,800
2,903,492
-
-
-
2,903,492|**Total**
**£**
4,909,615
3,124,452
(616,332)
(1,441,482)|
|---|---|---|
|||5,976,253|
|||4,909,615
1,180,178
1,164,749
(1,441,482)|
|||5,813,060|
**32 | P a g e**
**Notes to the Financial Statements Year ended 31st December 2023**
## **THE WOME ORGANISATION**
## **24. Analysis of net assets between funds**
Comparative information in respect of the preceding period is as follows:
|**Unrestricted**
**Funds**
Fund balances at 31st December 2022 are represented by:
**£**
**Group**
Tangible fixed assets
1,998,666
Cash
2,098,797
Other current assets/(liabilities)
(191,299)
Creditors due after more than one year
(1,545,714)
2,360,450
**Charity**
Tangible fixed assets
1,998,666
Cash
794,861
Other current assets/(liabilities)
955,851
Creditors due after more than one year
(1,545,714)
2,203,664|**Restricted**
**Funds**
**£**
2,947,208
4,961
-
-
2,952,169
2,947,208
-
-
-
2,947,208|**Total**
**£**
4,945,874
2,103,758
(191,299)
(1,545,714)
5,312,619
4,945,874
794,861
955,851
(1,545,714)
5,150,872|
|---|---|---|
## **25. Constitution**
The company is limited by guarantee and does not have a share capital. In the event of the company being wound up the members are committed to contributing £1 each.
|**26.**|**Reconciliation of net income/(expenditure) to net cash**|**Year to**|**Year to**|
|---|---|---|---|
||**flow from operating activities**|**31st**|**31st**|
|||**December**|**December**|
|||**2023**|**2022**|
|||**£**|**£**|
||Net income for the year|663,634|531,088|
||Interest receivable|(32,752)|(2,235)|
||Interest payable|31,658|35,704|
||Depreciation|46,145|58,102|
||(Increase) in debtors|867,697|1,490,543|
||Increase in creditors|(438,144)
|(853,569)|
||Net cash flow from operating activities|1,138,238|1,259,633|
**33 | P a g e**
## **THE WOME ORGANISATION**
## **Notes to the Financial Statements Year ended 31st December 2023**
|**27.**
**Analysis of changes in net debt**
**Balance at**
**1st January**
**2023**
**£**
Long term borrowings
1,545,714
Short term borrowings
110,628
Total liabilities
1,656,342
Cash and cash equivalents
(2,103,758)
Total net debt
(447,416)|**Balance at**
**Non cash**
**31st December**
**Cashflows**
**Changes**
**2023**
**£**
**£**
**£**
-
(104,232)
1,441,482
(108,752)
104,232
106,108
(108,752)
-
1,547,590
(1,020,694)
-
(3,124,452)
(1,129,446)
-
(1,576,862)|
|---|---|
## **28. Pensions and other post-retirement benefits**
## **Defined contribution pension plans**
The charity operates a defined contribution pension plan for its employees. The amount recognised as an expense in the period was £178,567 (2022 £138,999). Included in creditors at the year end is a pension liability of £7,832 (2022 £19,740).
The defined contribution liability is allocated to unrestricted funds.
## **29. Related party transactions**
There were no related party transactions during the current or previous years.
## **30. Contingent liabilities - grants**
Grants may be repayable in certain circumstances, for example in the event that buildings are not used for their intended purpose or if all the conditions attached to any grant have not been met in full.
The trustees do not expect any liability to repay grants to crystallise and therefore no provision is made.
**34 | P a g e**
## **THE WOM ORGANISATION**
## **Statement of Financial Activities (including Income and Expenditure Account) for the year ended 31st December 2023**
|**Unrestricted**
**Funds**
**Income from:-**
**£**
Donations and legacies
972,366
Other trading activities
489,223
Investments
11,410
**Total income**
1,472,999
**Expenditure on:-**
Other trading activities
131,062
Charitable activities
636,033
**Total expenditure**
767,095
**Net income/(expenditure)**
705,904
**Reconciliation of funds:**
Total funds brought forward
2,203,664
**Total funds carried forward**
2,909,568|**Restricted**
**Funds**
**£**
-
-
-
-
-
43,716
43,716
(43,716)
2,947,208
2,903,492|**Total**
**2023**
**£**
972,366
489,223
11,410
1,472,999
131,062
679,749
810,811
662,188
5,150,872
5,813,060|**Total**
**2022**
**£**
874,269
531,471
581|
|---|---|---|---|
||||1,406,321|
||||116,961
757,886|
||||874,847|
||||531,474|
||||4,619,398|
||||5,150,872|
All activities relate to continuing operations
## **THE WOM ORGANISATION**
## **Schedule to the Statement of Financial Activities for the year ended 31st December 2023**
|**Unrestricted**
**Restricted**
**Funds**
**Funds**
**Incoming resources**
**£**
**£**
Donations
972,366
-
**Incoming resources from other trading activities**
Service and training contracts
422,780
-
Facilities hire
66,443
-
489,223
-
**Investment income**
Bank interest receivable
11,410
-|**Total**
**2023**
**£**
972,366
422,780
66,443
489,223
11,410
|**Total**
**2022**
**£**
874,269
483,575
47,896
531,471
581|
|---|---|---|
## **THE WOM ORGANISATION**
## **Balance Sheet At 31st December 2022**
|**Fixed assets**
Tangible assets
**Current assets**
Debtors
Cash at bank and in hand
**Creditors**: Amounts falling due within
one year
**Net current assets**
Total assets less current liabilities
**Creditors**: Amounts falling due after
more than one year
**Net assets**
**Funds**
Unrestricted funds:
General
Restricted funds|**2023**
**£**
**£**
4,909,615
1,349,869
1,180,178
2,530,047
185,120
2,344,927
7,254,542
(1,441,482)
5,813,060
2,909,568
2,903,492
5,813,060|**2022**
**£**
**£**
4,945,874
1,139,148
794,861
1,934,009
183,297
1,750,712
6,696,586
(1,545,714)
5,150,872
2,203,664
2,947,208
5,150,872|
|---|---|---|