2023-03-31-accounts

DwJSI￿ Envek¥• ID.. 74BE8867-A44F41(*-8234-BE18734LF8GC Registered number: 08993335 Charity number: 1160293 THE CIRCLE OF WOMEN (A company limited by guarantee) UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 INIIIINI 'AcrAJGH5Z' lOJtQ12023 CIXAPANIES HOUSE

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Docusty EnvoWJe ID." 748EB867.A44F41fM234.BE18734O￿c THE CIRCLE OF WOMEN {A company limited by guaranteel CONTENTS Page Reference and adminlstrative details of the Charftable companyy its Trnstees and advlsers statements fr¢)m the Chief Executive, Trustees and Foundér Trustees. report 6-22 Truslees, responsibilities statement 23 Independent examlnerfs report 24-25 Statemenl of financial activities 26-27 Balance sheet 28 statement of cash Ilows 29 Notes lo the financlal statements 30-45

Docusiyn Envekpa ID". 748E8867_A44F41C68234-BE187340F8CC THE CIRCLE OF WOMEN (A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023 Trustees Hilary Louise Sl¢Th Waters Livia Firth car￿ine Jane Wellesley {resigned 6 June 20221 Claire Rowan Lewis (resigned 6 December 2022) Catherine FeNier Elizabeth Ann Cadbury Tara Alexandra Paterson Susan Turrell Melanie Claire Ward Amarachi Clarke (appointed 15 September 2022) Grace Camara {appoinled 15 September 2022 Karis Victoria Mclarty (apwnted 15 September 2022) Company regiStef•d number 08993335 Charity reglstered number 1160293 Registered oificg Office 7 3>37 Ludgate Hill London England EC4M 7JN Company secfetsry Hilary Waters Chief èxgcutive oflicer Raakhi Shah Accountants Kinnair Ass￿lateS Limited Chartered Accountsnts Aston House Redbum Road Neweastle upon Tyne Tyne & Wear NE5 1NB Page 1

DrtuSvJn En¥eknpe ID.. 748E8867.A44F41C68234.8EJ87340F8CC THE CIRCLE OF WOMEN IA company Ilmited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY. ITS TRUSTEES AND ADVISERS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 Bankers The Co-operative Bank P.0. Box 250 Skelmersdale WN8 6WT Metro Bank Ple One South8mpton Row London WC1V SHA The Charities Foundation 10 St. Bride Street London EC4A 4AD Page 2

Docu&gn Envekjpe ID.. 748E8867.A44F4l(&823￿18731OFBCc TrIE CIRCLE OF WOMEN (A company limited by guarantee) STATEMENTS FROM THE CHIEF EXECUTIVE, TRUSTEES AND FOUNDER FOR THE YEAR ENDED 31 MARCH 2023 Raakhi Shah, Chief Executive. The Circle A New Frontier of O ression The rights of women and gids came Ur￿er a mounting assault across the wodd in 2022. We watched in hope as women in Iran and Afghanistan rose up against repression and gender apartheid in their Countries. and then reacled with horror as their voices were brutally silenced, wth the inlemational community stsnding by. We saw the use of sexual vholence as a weapon of war conlinue to surge in the worfd's conllict zones. As the world economy reeled from the after4fects ofthe pandenlc. we saw a rise in the exploitation of women as cheap or foreed labour in farms and factories across the Global South. In several counlnes. we also saw attempts to rcAI back the hard-won legal rohts of women. most notably with the US Supreme Court decision to overtum thg abortion pr￿ctI￿$ set ¢)ul in Roe v Wade. And we saw the surg8 of a (Jangerous new cul¢ure of online and ￿stItUtIOnal misogyny. with the y￿)Ient abuse of women not jusl exajsed. but nomialised. er￿vraged and celebratgd. We Musl All Rise 11 was more important than ever in 2022 for The Cirde to stand strong. both in wr solidarity with women, and in the action we took to support the f￿$ of global feminism fKJht back in defence of women's rights and freedoms. Last year The Circle deepened its partnerships grassroots gSobal feminist organisalions in countries working al the front-line of their communities to end gender-based violence and enable women to build better futures for themselves. We were able lo utilise our global netsvork lo suptM)rt wilh legal advice, media skills worksliops. and funding advice. amplifying the work and voices of our partners and acb'vists. contrilxrting to global advccacy coalitions. hosting events, and reaching new aLKliences. Auni ue Global Feminist Netr￿rk Every woman and ally who 1$ part of The Cirde's gl¢Jbal network is a changemaker uniling to make The Circle a unique home for impactful change. The Cirde is a growing organisalion. entirely funded by the donabons and grants we receive from partners and supporters, wth a [￿￿year strategy that speaks to our arnbrt￿)n for greater impact than ever. I want to thank each and every one of our supporters and partners that has helped us sland against the slom this past year and emerge with global feminism a Str￿er than ever force for good around the worfd. You are our strength. Raakhi Shah Page 3

DoTrJSvJn Envgkwe10.. 748E8867A44F410&8234-8Ele7340F8CC THE CIRCLE OF WOMEN IA company Ilmited by guarantee) STATEMENTS FROM THE CHIEF EXECUTIVE. TRUSTEES AND FOUNDER (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Thank you from The Circle Chair and Board of Trustees With the help. sdidarity and generosity of wr growing ne￿k of supp￿erS and grassroots partners around the globg. The Circle has been working harder than ever over the past year lo build a wodd where women and girls can live free from violence. discrimination aThJ fear, and receive opporluntties they need lo build the best possible lives for themselves. If we need a reminder of this work is so vital. we need only ltsjk at the cold hard facts Ihal faced women around the wodd in 2022.. Up to 3 million women and girfs died last year because of gender-based vidence. 1 in 3 women will suffer physical or sexual vidence in their lifetime.. 1.3 billion women in total, a number bigger than the populakn.on of Europe and North knrica put toggther. 2.4 billion women of working age around the workj lived in a country Whe￿ they do not have the same economic rights as men. The most sweeping rollback of women's rights by the Taliban in Afghanistan saw women and girls lose access to educats"on. employment and publbc spaces as w811 as olher basic freedoms. We hear the stories behind these harsh statistics all too frequently from The Cirde's growing network of grassroots partners around the wodd. but equally- and inspirakn"onally- we hear the slories of the work our Partners are doing on a daily b8SiS With your support to help w0￿￿n stand up for their rights and freedoms, start new lives. or slep out from the sha(bJw.of Vi￿er￿ and fear. As we reflect on The Circle's upcoming 15-year annNersary, il has been important to take stock of our achievements lo date and refresh our ambition for Ihe future. Our new five-year strategy seeks to do just that. The Board are enormousty grateful once again for the energy. crgativty and commitment of the staff at The Circle who work every day towards those goals. But above all. we are grateful lo every one of our passionate supporters. partners and donors. whose consislenl generosity is what makes il possible for The Cirde to have such impact arvj influence aeross the worbd. and to transforrn the lives of 50 many wornen and girls. Thank you for everythin9 you do to help us change the world. Melanie Ward, Chair of Trustees Page 4

Docusign Envoh)w ID.. 74BEBB67A44F41C68234.8E187340FBC THE CIRCLE OF WOMEN IA company limited by guarantee) STATEMENTS FROM THE CHIEF EXECUTIVE. TRUSTEES AND FOUNDER {CONTINUED FOR THE YEAR ENDED 31 MARCH 2023 Annie Lennox, Founder of The Circle. I'd like to thank you ALL for supporting our work in 2022 and for embracing the concept of 'Global Feminism. which 15 central to our collectwe futures. We urgendy need women and allies lo unite in demanding action in EVERY county. To deferKI women's rights and freedoms. To protect our sisters and daugmers from violence and to prO￿)Ie equality of access to health, education and decent jobs everywhere. As we approach The Circle's 15th year. I've become more eonsLIou5 of everything we've achieved as an i)rganisation. and everylhing we still have to do. It is a milestone moment for The Circle, and crossroads moment for women arourKI the world. The challenges women fac* are immense. From the plague of sexual violence to the scourge of modem slavery, arnl for the first time in a century. we face concerted global efforts to roll back the rights won by generations of women past. in order to make the hatred and subj'ugalbon of wcKnen a cultural and FM)lilical nomi. Change is possible. bjl it is never easy. We have lo be resilient and determined. I believe that The Circle's message of'Global Feminism. and Ihe support you give. gives us the opportunty to play a significant role in fKJhting against these negative trends. So thank you once again. There is so much al slake. but we can all play a part in changing the ￿￿Frse of history. Annie Lennox, Founder of The Circle Page 5

DoGuSw Envthpe ID." 748EB867-A44F41o￿23l4El8T340F8Cc THE CIRCLE OF WOIAEN IA wnpany limited by guarantse) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2023 The Trustees present their annual rewrt together the financial slatements of charitable company for the year 1 April 2022 10 31 March 2023. The Annual report serves the purposes of both a Truslees. report and 8 direclofs, report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the cuffenl stalutory requirements. the requirements of the charitable company's governing document and the provisions of Ihe Statement ol Recommended Practice {SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS102) {effective 1 January 20191. The charitable company. ￿nce Awil 2011, also trades under the name Yhe Cirde.. The Circle NGO is a unique and dynamic organisation whith briros global feminists logelher to fight for the safety and equality of marginalised and vulnerable women arourml the wodd. Founded by a group of passionate. leading women. The Cirde is a space for creative wjeas, connections and the opportunity lo make change. From small beginnings in 2￿8. we have grown into an independent and diverse nelwort( of women and allies from all walks of life who are tM)nded by the desire to live in a world where women and girls have equal rights and equal opportunities. Our Vision A future where there 1$ safety and equality for all women and girfs Our Mission To ewiomically empower and end VI￿enCe aga￿st marginalised and vulnerable women across the world by building a ne￿ork of Global Feminist char4Jemakers th) fund. advocate. and amplfy. To date we have supwted over 160.000 women and gids ar￿1nd the wodd and raised over £2.6million. We are proud to have a new, ambitious fNe-y&ar strategy to supkxml and empower more women and girls than ever before.11 is our mi55ion lo= Fund and Support women on the frontline: Women and girts make up 50% of the wodd's population. yet less than of global funding goes lo women's rights. The Cirde is on a mission lo change that. We fund grassroots organisations wilh long-temi flexible funding. and critical non- financial 5UPPOrt through our global feminist ne￿ork. Advocate for long-term change: In partnership with activisls. lawyers and our part￿r organisalions, we work together to advocate for long-temi change. Amplfy the voices of activists. women on the frontline and Ihose with lived experience bringing their stories from out of the shadows using inspiring communi¢atK)ns, leading names and our networks in the creative induslries. Conn8¢t and Conve￿ globd feminists to share their experignce. st￿leS. give solidarity and lake action. 'Partnering with the Circle has been so special and given us the opportunty lo meet and discuss with influerilidl woniÉ>n arotsi)d the wuild which is inspiring and motivoting. and to bc inlomatK)nally rccognivod as a women's rights organisab"on' Mukyala Zailuna. Women in Leadershlp Uganda Page 6

Docusvw Envoh¥e ID". 74BE8867-A44F411W2344E76734CrtGc THE CIRCLE OF WOMEN IA Gompany limited by guarantee TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 MARCH 2023 Achiovements and Im act Through our grassrwts partners. you helped SUPE￿ over 4.IXKI Women and Girls. Under our priority Ihemalic areas of Economic Justice and Ending wi￿enCe Against Women. your support helped provide marginalised and vulnerable wornen and communrties vthh-. Safe spaces and refuges lo enable woffen to escape violence Counselling. psychosocial and therapeutic support for survivors Awareness raising campaigns Ihrough radio The provision of domestic abuse support worker5 Skills d8veloprnenl to enable access employment Mentoring The training ofmllage advocates for women's rights Emergency Assistsnce Training in the workplace Workshops to understand women's INJhts and laws in their country Through our wder advoeacy work continued to push for an end to poverty wages and call for a living wage for gamienl wotl(ers" we joined forces with others callin9 for an end lo gender apartheid and a global summit for Afghan women and gids. Centered our grassr￿1$ parbier Organisati￿$ and their work thrOL￿hOUt th8 year. reach.ng over 1 million view5 on social rned￿. We connected and convened our of global femintsls Ihroughout the year bringing solidarity, *ion and safe spaces to discuss issues. hls of The Clrcle's actN We latd the foundations of fulure grovrth and impact by launching our new 5 year strategy which has focused our ambilion for change. Raised over £670.OCJ) allowing US to build and increase our investments in delivering greater impact over the coming years. Built strategi¢ partnerships ￿th TikTok. L'oreal FurKI for Women. One Sony. Universal Music and more which eXte￿Ied our resources and influerKe. Launched new iniknatives ind￿1ng our Music Icons Auction wtth 8illie Eilish, Ta￿Or Swrft. Alicia Keys", and the Global Feminism Series bringing together activists. leading stars and worfd leaders lo shine a SpwJtl￿ht on the nghts of women. Reached over 20 million people through our communications work including intemalion81 media coverage on 88C Radio 4 Woman's Hour. People.com, Times Radio: shared our powerful "She Came To Me. film with 1.3m people and launched our fikTok account reaching 20.000 followers in the first 3 day$- allowing us to reach wider and new audiences. Achieved Gold in the Brand Impact Awards with United Us. alkyl￿n9 US to reach more people with our indusive message of global feminism. Page 7

Do¢uSign Envobwlo.. 748E8e67-A44F41(68234-BE1873￿￿tscC THE CIRCLE OF WOMEN {A company limited by guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Working in partnership with actiwsts. lawyers and sisler (ryanisalions in pushing for long-lasling change for women and gids." we advwated for a living wage for garment workers and called for an end lo gender apartheid in Afghanislan and Iran. Wf(h Covid restrictions over we gathered during International Women's Day 8 series of uplifting and inspiring events. centering the orw3ins of IWD started by gamienl workers over 100 years ago. We saw our Cirde nefvths evofve and celebrate with events from inbmate dinners to powerful film scxeenings, continuing to build feminist SPa￿S for conversation and ideas. 1. Your funding and support has helped our grassroots partners lo directly change the lives of thousands of women and girls. Over £100.1XIO was granted to suptmyt our partner org3nisakn.ons to their vilal work. This year, we were thrilled lo establish partnerships with fyvo new cryanisations to economically empower and end violence against women and girts_. Rahela Trust. Afghanistan and UK Awer Women. Kenya We continued to deepen our existing partnerships wth: Women in Leadership. Uganda The Women's Cenlre. Sri Lanka Sikh Women's Aid. UK Nonceba, South Africa Marie Colvin Journ￿ls1$. Network. M￿dIe Easl The Circle's partnership provides a unique mix of lunding and non-financial capacity building support through our global network including legal adw"ee. medla workshops and amplifiealion across our communication channels and as part of our events calerKlar. allowing organisations lo get their messages out. grow arKI become more sustainable. Our partner organisations featured in 70+ Circle sctial media posts with over 35.C(JO collective views of their woll(. Through the pJwerful"She Came to Me" fikn. the stories of our partner Nonceba reached 1.3 million people on social media. We are delighted thal over the course of Ihe coming year we have the opportunity to grow these partnership5 as well as announce 8 number of new partnerships with other grassroots organisaticms around the world, further expanding our global feminist neh¥ork. and changing even more lives al the front line of the fight for women's rights, protection and empowermenl. Page 8

Dowsiw EnvIl)￿l0.. 749E8867A44F41t&823*8EI8734Cf8CC THE CIRCLE OF WOMEN (A company limited by guarantee) TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Supportlng W¢)mèn in Uganda with Wom•n in Leadership The Circle proudly partne￿ with Women in Leadership, a grassrwts. fem8le-led organisation supporting victims of gender-based violenee {G8V) in Uganda. With the support of your donations, the Women in Leadership's work went from strength lo strength in 2022. in a country where 350A of gids experience sexual violeno while growing up. and 560h of women experience SFQUSal violence as adults. Their Circle-funded Justice Project is a cornn￿nty-led Gender-8ased Violence campaign. leveraging . communily radio lo raise awareness and challenge hamiful cultural practices, alongside Iraining village G8V (gender based violence) adVO￿leS and engaging local police in the effective response to GBV at the community level. The Justice project seeks lo break the silence around domestic vK)lence and amplify the voices of women who have expeneneed wolence. Your donations helped.. Train and support wllage health workers as adV￿te5 lo raise awareness of rights in relation to olence against W￿en and girts and develop effective pracbcal responses lo prevent rt. Women understand where lo reF￿ violer￿e in the￿ villages. Access a trained GBV village advocate to accompany them to t￿lICe and health centre. building their confidence to Teport crimes and access healthcare. Fund 15 'Break the Silence, radios shows on Busoga FM rad￿. which raises awareness ol how women can find sup Over 2.500 women and eommunity members were reached thrc￿h The Justice project in 2022.. 201 women were direclly supwrted by village advrxales and over 800 women more widely. 1.500 people listened lo the '8reak the Silence. radio shows. Since the start of Ihe project. Women in Leadership have seen an increased knowledge amongst women and girls about gender-based violerkce arKI their rights" they know where to report crimes and therefore raise up their voices against wolence. 'Break the Silence, Radio shows cover a variety of toF¥cs: Introductth to the Justice projecL its aims. the GBV advocates and their roles. What is G8V and fomis of domestic violence. The U9andan domeslic violence actllaw. Where women and girls can report cases and the different legal b￿jIeS and Iheir duties. What is sexual violence and its different forms: what is rape and its drfferenl fomis. The law aLMxrt rèpe and what steps can be taken rf you are a survivor. Q&A section for callers. Supporting Garrnent Workers in Sri Lanka with The Women's Centre, The Wom8n's Centre supports women who are subjected lo oppression arml wolence, training and equipping them with skills to stand up to Injusti￿ and challenge attitudes. In Sri Lanka. the gamenl sedor is a major driver for the economic participation of mainly young women. who originate from rural eommunilies and poor- econornic backgrounds. Many are subjected to wi¢Yespread violakn.ons including gender-based Violen￿ from their employers. supervisors. boardin9 house owners and other men living and working around the garment fartories. Page 9

Dr*yJSlgn En¥810￿ ID.. T4BEB￿7-AI4F4ltfj-823￿BE187340F8Cc THE CIRCLE OF WOMEN (A Company limited by guaranlee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 COVID had seen garment NbDrkets severely impacted with many losing theirjobs after fashion brands pulled eontracls. This was further compounded by the severe economic crtsis and curfews across Sri Lanka in 2022. The skyrocketing costs of living have impaded everyone. bLrt some marginalised ￿mMUn￿leS and groups a particulady hard hit, including the gamient seclor. Women face the double burden of trying to earn an income whilst also performing unpaid care for chddren and eklerty relatives. Your donat￿n$ helped ￿th. Counselling and psychosocial suppcrtt for young women and gids w(xking in the garment sector who are survivors of gender4>ased violence. Awareness faising among women on leadership and laws ￿lated lo gender-based violence. Development of referral mechanisms for the survivors of gender-ba5ed vK)lence. Development of a F4)licy paper on decent working environmenls for female gamient workers. Communty awareness-raising programmes on gender-based violence. 275 women were SUPF#Nted through the partnership and 500 women were more widely supported. 'Ourproiect with The Circle is 8 great opportunity forus lo strengthen women wothers and suThivors in the gamient industry thmugh awareness rai&ng. advocacy andpsychos0￿al support. We should speak out fearfessly by coming fonvard to l)uild a women s W￿19 8ctsvist network across Ihe world., Padmini Weerasuriya is Ihe Director of the Women's Centre Sri Lanka Supporting Sikh and Punjabi Women with Sikh Women's Aid, UK Sikh Women's AKI is a Cornbunty-based Organisati￿ that helps women frorn a Sikh and South-Asian background who are experiencing domestic abuse, sexual abuse. and violence. Sikh Women's recent reFrfy1 'From Her. Kings are Bom. fouTrJ 620A of Sikh Panjatx women and girls wl)o respoThled to the survey, reported they had experienced domestic abuse. Nearly hall146%1 of all respondents who experienced d￿neStl¢ abuse had more than one perpetrator. most a third of all respondenls (32°A) have expwienced sexu81 abuse with 62% of these respondents Saying this abuse took pl￿e when they were children. The cl￿19,5 initial seed funding last year paid lor Sikh Women's first domestic abuse worker and supported them to become 8 registered chanty. This year your dona1K￿S have.. Supported the provision of a part time specialist {k￿nest￿ abus& support worker who provides a Confidential support service. Supported women and their children. particularly victims of honor-based violence and forced marriage for a period of up to 6 months lo hdp them eope and recover. 80 women in total were supported through Cirde funding.. 30 women have been dIreC￿Y supported and a further 50 women received advice. guidance or onward referral. Page 10

Docusign En¥etspe ID.. 748E8867A44F41C6-8234-BE18734Cf8CC ThE CIRCLE OF WOMEN {A ciHnpany limtted by guaranteel TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Supporting Women In South Africa wilh Nonceba Women's Shelter A long-temi partner wth The c4￿1e. Nonceba, a sherter for women Ileeing violence li South Africa, provides vital lifeline for women in crisis. Our funding brings sanctuary cnunselling and support lo women fleeing the horror of abuse. violence, and homelessness. Your donations ￿1[¢d.. Provide a safe space for the women and children to stay for an initial 3 m¢)nths. Psychosocial and Iherapeulic support lo the women accessing the shelter. Educational Awareness on Gender Based Violence. parenting skills. court processe5 and ￿ghts. Skills development for the women lo help them access employment. A second accomodabon sile for women vtho needed lo extend their stsy. 237 women and children in total were 5LlPPOrted with Circle donabons.. 105 women have been directly supported and a further 132 women and children received advice. guidance. onward referral and community based support. The long-lerm effects of the support by Nonceba meant women were able lo get ernployn￿nt and be financially independent.. secure a home to rent and able to provide for their families.. reunification seryices with family were provKled- and reloeats.on to other provinces such as Gauteng and Eastern Cape. Nonceba reported women had been empX)We￿d. gaining their seIfconfthn￿ and worth. Supportin9 female journalists in the Arab World wlth The Marie Colvin Joumalists. Network {MCJN) 2022 marked the anniversary of Marie Colvin's death. MCJN empowers and supports female ioumalists in the Arab region and was f(yJnded by friends offearless joumalist. Mane Colvin after her death in 2012. Incubated within The Circle for a number of years, MCJN became an independent organisalh)n in 2022. The Circle and MCJN are delighted to remain project partners on this newioumey. MCJN had 299 merrthrs of the Netsth. ¢ompri5ing al least 15 drfferent Arab nationalities. of whom more than 60 women volunteer their time and experbse as menlors to other members in the Network. In 2022. MCJN provided 206 nefvth members Th￿n￿wir￿j, counselling. training opportunities, travel bursaries and errrgencies assistance. These women are often bread￿nnerS for their extended larnilies, whose continued employability therefore indirectly benefits hundreds of families across the Ardb region. as well 85 enabling women's voices and perspectives to continue to be heard in the media. Supportlng Women In Afghanislan with Women for Afghan Women The Circle has proudly supported Wornen For ASghan Women through our Afghanistan emergency appeal. Funds have supported vulnerable women-led households facing homelessness and hunger crises. With support from The Circle. funds from the appeal direclly supported over 350 families. Humanilarian aid induded food and non-food items such as personal hygiene packs (shampoo. soap, toothpaste. toothbrushes, elc.), blankets, pressure cookers. beans. rice. flour. cooking oil. tomato paste. black and green Iga, mat¢hes. salt. dry milk. and sugar. among other items. 1,750 individuals in totsl were Supp(￿ed with humanitsrian wtth Cirde dOnat￿nS. Page 11

DowSKJn Envek)p8 ID.. 74BEBB67-A44F411)64234-BE187340F8CC THE CIRCLE OF WOMEN (A Company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 New partnerships Supporting Afghan Wornen with Rahela TrusL UK We are proud lo conlintje our lOng￿larmI1ng support to the women and gifls of Afghanistan. Rahela Tnjst is an Afghan-led feminist organisalion. embedded Én the Afghan diaspora in the UK whose mission is lo provide scholarships. mentorship and access lo local aThJ 9k)b￿ professional networks to disadvantaged and talented Afghan women from fural areas. Th8 Circle and Rahela Trust share the belief that when women are given confidente, opportunities and access lo resources, incredible. positive thange can be achieved. "As a small charity. we a￿ eager lo leam from the Circle s exp$￿se and bn.ng that knowledge lo our evolving wo￿. Togelher, we're confident we can ¢￿are an equitable future for the women andpeople olAlghanistan, and we a￿ honoured fo have The Circle as an ally in this important mission., Rahela Sidiqi. founder of Rahela Trust The partnership wth The Cirde will see the Chan98 Makers Project reach 45Afghan women directly and 450 wornen in indifeclly. Supporting Women in Kenya with Awer Wom•n Founded by the indigenous Awer women in Kenya, Awer Women Empowement is a feminist organisalion that fights for the nghls of Awer v40men v4ith a focus on violence p￿VentIOn and er8dicakn"on. in(ligenous women's rights and economic justice. The organisation advocates for the nghls of indigenous women who have experienced violence. be they victims of human trafficking. sexual exploitation and prostilukn'on, forced marriage or other forTnS of violence. The organisats.on offers psychosocial care, organtses medical and legal support. help5 in finding house. jobs arKI vocalwjnal tr￿"ning. Awer Women was founded in 2018 by two ex-conllict coneubines from Boni, Lamu District of Kenya who had been kidnapped and traificked lo neighbourirMJ county. Somalia as sex slaves and forced labour of Al- Shabaab fighters and terror group. The aim of the organisalion is lo prevent violence and promote the ￿ntry of women back into their communities through social acceptance and empowemienl. The partnership with The Cirde will reach over 94.OCKI directly women (wer Ihe coming year and 282.000 in the wder community. 2. Your support has enabled us to play a leading role around the world in advocating for lasting. global change. Throughout 2022. we saw the rights. freedoms and safety of V•Dmen under unprecedented assault throughout the Y￿r1d_ Against this backdrop. it was more imporlant than ever for The Cirde lo advocate and campaign for the Oicy changes al intemational level that can transfom) the lives of million5 of women. and which can only be delivered through the pressure thal groups like ours are ab￿ to place on national govemments, mulb"laleral insts"tutions, and global corporations. Calling for E¢onomiG Justice for female garnient workers Fast fashion is a feminist issue and hurts the lives of women and gids across the wodd. With your donations we conbnue lo fight for the rights of millions of women garment workers to end the devastation of FM)vety pay and demand economic jusb"ce. Page 12

DocuSLqn Efi¥ekpe ID.. 748EB867.A44F410fv8238E18734f8CC THE CIRCLE OF WOMEN {A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 2022 saw progress behind the scenes on new legislative proposals, especially at the EU. that will be crilical in regulating the actions of transnational corporalk)ns within global supply chains. The Circle conducted a geographical mappmig of varicwJs legislative prokN)s8ls- kjoking specifically for those wlh relevance to wages in the fashion industry. AoThJside this The Circle cA)mpleled parallel scoping of the UK landscape lo push for the right to a living wage in the gamienl industry We also publidy called for change. The Circle marked Intemational Women's Day by going back lo the roots ol Ihe day which was slarted by garment workers in New York over 1(KJ years ago demanding a fair and dignified wage. We linked this to the ongoing fight decades later to Ouf call for a living wage and launched an online etilion callin on lobal leaders lo I islale on the issue. b¥thich saw hundreds of people join. We Continued to work in partnership as part of two important coalition campaigns.. a Good Clothes Fair Pa is demanding living wage legislabon across the garment. textile and fooiwear sector: and Corporate Justice Coalition are s earheadin acam n for mandato due dili ence le Islalion in the UK. -1 ended up working in a faclory at the age of 12. because oleconomic insecurity. It was a shock one day to be at school. then the next be in a facfory full of8dufts...the environmenf was terrifying. Verbal, phy&cal and sexual wolence was common. On my fitst day. I worked a 16hour shift. standing for the whole time. IÈ was extreme povety wages. Years later. I realized I was there twause my working mother wasn l tsceiving a living wage. If she had been recewing one. I could have gone lo school-Kalpona Akter, Founder of the Bangladesh Centre for Workers. Solidarity. fom*r gamient worker and Clrcle Ambassador "Peth8PS this could be the year we subvert everything through WhatAnn￿ Lennox calls global feminism. and we finally embrace feminist fashion. Women are Ihe biggest consun7ers ol clothes and acce$50ries, an(J women a￿ most of t1￿ workforce whoproduce them (8￿A ofgam?ent workers are female). In Ihe Global North we keep marching for women's nghts and equalty. while we ats h8PPy to wear clothes sewn by enslaved and abused women in the Global South. It doesnl make sense. does rf?- Livia Firth, Co-Founder of The Clrcle Standlng up for women and glrfs In Afghanlstsn Under the rule of the Taliban. even more nghts were tsken away from Afghan women and girls in 2022.. fofbidden to work in their former jobs- forbidden to attend school or university.. forbidden lo enjoy public spaces.. stopped from prolesling against these changes." and facing brutal punishment rf they breached any of the new laws on their appearance or behawour. It Wa5 tho fa5te5t rollback of rMJhts of women anywhere in the wortd. n addition lo funding grassroots organisalions. The Cirde C£•ntinued to CA)ntinue to advocate for women and girls lo be reinststed with their rights. In partnership the ActK)n 4 Afghanistsn coalition. alongside Afghan women aclivisls, Malala Fund. Overseas Development Institute. R8hela Trust. mY￿￿ne1. Southall Black Sisters and rnore, The Circle urged UK and world ￿aderS to: Host a Global Summit on Afghan Women and Girls. Centre the voices of Afghan women and girts in decision-making. Establish an asylum and resettlement rwte for Afghan women al risk. The Cirde added our voice lo letters lo the UK Prime Mnister and world leaders; whilst hundreds of Circle supporters signed public petstions and joined events. Page 13

Cthjsign Env8knp8 ID". 74BE8867-A44F410fv8234-BE18734CF8CC THE CIRCLE OF WOMEN {A Company lirniled by guarantea) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Endin G8nder A rtheld The Cirde and its Ambassadors. Annie Lennox. Livia FKth. Lucy Swle and more also joined organisation$ and activists including Fazia K(￿fi and Nazanin Zaghari-Raldiffe in calling for an end lo gender apartheid in Afghanistan and Iran. This campavJn strongly calls to govemments to interyKet andlor expand the legal definition of apartheid under intemational and national laws to include severe forrr¢s of inslilutionalised gender-based discrrimination. 3. You have enabled us to amplify the voius of women so their demands are heard around Ihe world. Through the Un￿Ve skills and expertise of our global n8￿th. The Cirde was able to Irve ils value of being reative lo the core and reach over 20 million people wth our communtcations work. The Power of Film 'Sh• Came To Me. To mark our participation in 2022's'16 Days of Activism against gender-based violence.. we released 'She Came To Me" a powerful Short film directed by Circle supporters Saffron Burrows, scripted by Lorien Haynes, stsrring Oscar and Bafta-nominaled actress Marianne Jean-Baptiste. and inspired by the words of Nozuko Conjwa. one of the mana9ers of the Nonceba Famly Counselling Centre in South Africa. whose work is supported by The Cirele. .1 am incrediblyproud lo be part of this film. to Sha￿ the stories ofjust a handful offhe brdve and resilient women that have come to me for supi)ort lo escape horrific srfualions and amplty their words around the worfd. Ourpartnership with The Circle is very important to us. not Just because oflhe funding forour vital work bul to be Gonnecled and be part ofa nehyork of women coming fogether to rnake Change for their sisters around the worfd. That is very speu81.-{Nozuko Conjwa. Nonceba Family Counselling Centre) The ower of collective feminist events The Global Ferninism Series We accelerated our efforts to amplify the voices of women on the front line by launchiThJ a new, inspiring Global Feminism Series. An inspiring exciting programme of upcoming in-person and online events to shine a spouighl on women around the world fights.ng for gender equality and emwwement, the series over the coming year will be an optKJrtunity for supporters and partners to hear from worfd leaders, feminist actsvists, stars and extraordinary women leading projects on the frontline. The events are also a powerful tool for activists to share their experience in a safe space and for supporters to find out how they can take action lo support. Launch event-Afghanistan Emergency Briefing Introduced by Annie Lennox and chaired by wnter. broadcaster and Ambassador for The Circle. Lucy Siegle, the expert panel included Afghan politician. human rights activist. and fom)er Minister of Women's Affairs. Hasina Safi, and the lawyer, carnpa￿ner and CO•founder of the Action For Alghanistsn coalition, 2ehra Z8idi. Our expert speakers combined harrowing stories of the violence suffered by Afghan women speaking up for their rights. and inspirab.onal st¢yies of their courage in continuing lo do so, despite the grave danger they face. Circle supporters jCHned from all over the wodd ineludirKJ BaNJladesh. UK and US showing their solidarity. 'We all need toioin hands. recognizing al this Cn1￿81 s4iualion ever￿ing that is being done, but il is not enough. The women ofAfghanistan need our suppoff Hasina Safi. Human rights acllvlst. and fomier Afghanistan Minister of Women's Affairs. Page 14

Docusw EnvekJFe ID.. 748EB867.A44F41C*4334-BE187340F8CC THE CIRCLE OF WOMEN {A company limited by guarantee) TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 MARCH 2023 Clrcle Ambassador, Melanie Hall QC. 'Il was a pnty to be part ofone of the mostwwerful events The Circle has ever hosled. The panel was extremely well4nfoM￿d and deeply committed lo securing tangible outputs. This is The Circle at ils very best. We brought together women whose lived experience infonned both activists and those who a￿ in a pOsit￿n to make a ￿81 difference. powerfully communicating the issues and howand why supportive action can make 8 real difference. The Power of the Media & Partnershi We amplified our message of global feminism. the work of our partners and stories of women we suppcfft across the world. Media Coverage From Vogue. BBC Woman's Hour, Rdling Stone Magazine. People.com, Billboard. The Independent, podcasts and more. The Cirde saw media coverage across the worfd. Social Media achievements induded-. Doubling our Twrtter I￿lOWIng 2.000 more Inslagram followers 1.000 more Linkedln follower5 Launched our new TikTok account reaching 21.OCM) followets and 20 million views for one of our ffirst VKleos Global Feminist Changomakers Unite We hosted inspiring and Ihoughl-provoking Cirde evenls throughout the year which were attended by hundreds of passionate activists. influencets and those working on the front line. We were once again supported in 2022 by amaziThJ i￿kind donations from our network of global feminists in drflerent professions. who volunteered their time and talents giving hundreds of hours of support to our work throughout the year. This induded help with design. photography. legal advice. film-making. hosting and speaking al events. Highlights included: 16 Days of Actlvism against Gender-8ased Vlolence We marked the global 16 days ofActivism with partners and gkjbal nelwork. Highlights included.. Attonding our partner Sikh Women's Aid Annual COnfe￿nce. where our CEO Raakhi Shah shared the importance of partnerships and how supp)rling w(Then for th& diaspora and marginalised communities is critical to The Circle. '16 Days Challenge, asking supporter5 to fundraise crealrvety using the number 16. The launch of our Music I￿n$ Audion. Page 15

Docusign Envebpa ID.. 74BE8867-A44F41CM234-BE187340F8CC ThE CIRCLE OF WOMEN IA company limited by guaranl•e TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Spotlight: Music Icons Auction In November 2022. we convened some of the wortd's greatest living female singer-50ngwrilers to contribute to a very special fundraising auction to support The Circle's work around the worfd. Our founderAnnie Lennox j¢)ined wilh fell¢)w rnusic ie4)ns AIKia Keys. Aryelique Kidjo. BrarKli Carlile and Billie Eilish lo donate signed, hand-written lyrics to some of their most famous songs. including Annie's own 'Sweet Dreams (Are Made Of This).. Taylor Swift also donated one of her 51gned gurtars to the auction. Collectively. The Circle's 16 Days campaign raised over £250.￿1 for women and gids. Safe Space Discussions Following Safe Space discussions in recent years that we o￿vened after murders of Sarah Everard. George Floyd, and Ihe takeover of Afghanistan by the Taliban. we held another powerful and successful discussion in 2022 about US Abortion Rights. in the wake of the US Supreme Court deusion revetsing Roe v Wade. Th&se important events have continuod lo be powerful moments in bringing Circle supporters together to discuss vital global issues. Evolving the Circle Networks As we grew our global nelwork. our indNidual Circle eomrnittees evofved into informal netsvorks. We thank them for their fabulous energy and creativity to raise funds and show solidarity. Highlights of their ro¢enl a¢livilies have included the fdl¢)wing: The Lavryers Network continued their adYc￿cy support, with a focus on the liwng wage campaign and gathered again in person over dinner. The Asian Network hosted their annual Chai Day event at the Peepal Centre. Leicester. raising over £2,000 with a malthod donation from Bardays" they also CO•hosted a film screening at the Asian Film Festival. The Oxford Network hosted their Spring gathering to welcome new supporters. The Media Network Iv)51ed a two-part Series on How to Podcast and screening of'Lost Gids. followed by Q&A at The Hearth, Women's Space. For IntemalK)nal Women's Day. over breakfast we CJ)nvened 25 of the mosl senior women in the music industry from Universal Music Group. Sony BMG. Virgin Music. Deviate Digital, Murray Chalmers PR. Columbia ReccKds. DefJam. Dawbell PR to develop creative plans for the coming year. We wefe delighted to hol(J our first Philanthropy Circle dinners in 2022 to bring together a group of committed and passionate feminist philanlhropisls to support our work. Regular online netwofking events ft)r members, bringing them Icgelher to discuss topics of the day and connect with each olher. International Women's Day International Women's Day has its origin5 in garment workers str*ing for better pay in New York over 100 years ago. The Circle's IWD 2023 campaign went back lo these origins. highlighting the fight for gam)enl woikers. pay and h¢)w this still hasn't been achieved in over a century. Our Kwrful film tcM)k us through the decades and our petition calling a living wage was launched. wilh hundreds wgning. We also gathered in Pers￿ with supwters new and obj al Askq House, London where our host comedian, Shazia Mioa entertained us and intrOdU￿d us to our partner Women in Leadership who celebrated with us live from Uganda. The event finished with a rKJwerful moment of guests collectively signing the petslion. Page 16

Oocuslgn Envek)p8 ID.. 74BEB867.A44F41(*-8234-BE187340F8CC THE CIRCLE OF WOMEN IA cornpany limlled by guarantee TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 Plans for the FU￿re In May 2022. we developed a new five-year strategy for The Cirde in response to Ihe escalating need for marginalised and vulnerable women around the wortd. The fve•year strategy is ambitious in ￿pe and sets out the c￿lectIve vision and strategy fcK the charity from May 2022 to March 2027. As we celebrate our 15th anniversary. our team is int8ntl￿al about what The Circle will 8thieve over the next year. Growth in our support of grassroots partners and centerlng thelr volces to showcase their Impact We will fund and support I￿re women4ed grassroots women's organisath)ns. aThY increas8 th8 number of women and girfs we help. protect and empower through our partnets. committing 50•A of our income to support grassroots org8nisalions. Our funding will be flexible and long-term. Through our global network of changemakers we will increase our nonthnancial support, supporting these grassroots organisalions to reach their grealest polential. Advocate for Economic Juslice and Ending Violence Our adV￿a¢Y and campaigning work will grow and we will invest in our first dedicated advocacy role. We will continue to focus on our themalÉc areas." 1) Under our economic justice pillar. we wll ￿ntinUe to ajvocale for a living wage for gamient workets bringing together lawyers. a¢liv¢sls and partner organi5ations,' 2} Under our Ending Violence pillar, we will build a new focused strategy in 2023 to end gender- based violence. Incrnas• our organisalional profile and those of our partners We will build new innovative partnefships and initiatives using our unlque connections in the creatNe industries, particulady music, film, and the arts to amplfy Ihe voices of aetiwsts and women who are on tt)e front-line of the fight for change. and whose stories inspire our movement. Funding In line with our expenditure aThJ plans to support more wornen and gills. we will focus on our fundraising in¢omg growth, building a strong sustsinable pipeline with bold. h￿h￿Slu& partners vlho believe in our ViSKJn. Build our global nelwofk of changemakers We will continue lo focus on The Circle as one global network. evolving our geographic and sectoral Circle netyvorks and building our netsvork of hIg￿level supporters and changem8kers. We will ensure thal the women and (KganisatK)ns we support are i%ntral to all our plans and acts"vth"es. Connect and Convene We will continue lo creatè space global feminisls around Ihe workl to interacl, building our events including our global feminism series. utilisirKJ our unNue ne1W￿ of changemakers lo show solidarity and action. Page 17

OoGuSiyb Envdopo ID.. 74BEB867.A44F41l&823￿18734QFaCc THE CIRCLE OF WOMEN (A Company limited by guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Global Femlnlsm Ensure we are an indusive. progressive and dNerse organisation. at everything we do through the lens of global feminisrn. Thank You to our gonerous partners, donop4 and Cir¢k support•rs Immense gratitude lo our supporters and partners have stayed alongsKle us and conlributed to our change and ambition so that we can have greater impact on women's rights and lives at a critical time in history. Circle Co4ounders and Ambassadors-Annie Lennox. Liwa Firth. Melanie Hall QC, Lucy Siegle. Antonella Antonelli and Kalpona Akter. Clrcle Network Chairs - Santosh Bhanot. Eve Conway. Leanne t)uffield. Melanie Hall, Lynn Harris, Mary McGowne, Alice Sinclair. Circl• Board of Twslee$- Melanie Ward, Cathy Feffier. Claire Lewis. Tara Pater50n. Jane Wellesley. Sue Turrell, Livia Firth. Lizzie Cadbury. Hi18ry Water5. Grace Camara. Karls Mcciarty, and Amarachi Clarke. Partners Coles4Aedlock Foundation Cotton Crab Clothing Different Kind Inlemalional Media Support L'oreal Fund for Women One Sony The George Cadbury The Oberoi Foundation TikTok Universal Music Group Oonors who wish to remain anonyrnous Gran14)uking poll¢ies A key pillar of The Circl8'S Straiegy is ￿ fund aThJ sutwt Women-￿ grassroots organisations. We focus on organisations that work in key areas that are core lo the equalty and safety of women and girls". ECI)n￿1C Empowerment ErKliru Vidence Against Women arKS Girls The Circle partners with organisations wth an annual income of £10,00￿£2s0,000 and fvnds each organisation with minimum grants of £5.000 each and up lo 50¥0 of their total mean annual income. The organisalions we fund and supwrt are wmarily based in the Global South and UK, supporting marginalised and vulnerable women. The Circle is proud lo support projects that organisalions would like to develop, grow or require seed-funding for. We are also open lo flexible funding for core costs. Our partnerships are for two years initially and are anticipated lo be long-lemi. Page 18

Ooeus'gn Envekp6 ID.. 748EB867.A44F41C*-8234-BE18734fF8CC THE CIRCLE OF WOMEN IA company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 In 2022, the due diligence and verificalion of grassrwls pathers was undertaken in partnership with the Charities Aid Foundation (CAF). Volunteers Currenuy The Cirde has no ongoing volunteers but as an organisalion to date has benefitted from the invaluable conlribultons of inlluenlial women and allie5 who have given their skills. time and ne￿OrkS. in pursuit of The Cirde's goals and we are gratefvl for their lime across a number of initialNes. Flnancial performance The finanaal performance of The Circle in 2022123 was the strongest year to dale and in line'with our strategic aims. Management carried out an assessment arKI concluded that there are no material uncertainties to diselose. Consequentty, the a￿ount$ have been prepared on a going concern basis. Total incorne for the year was £639,459, wthich was an increase of 48% over the previous year: exduding discontinued operations (Marie Colvin Joumalisls. Nelwork which was in the process of becoming an independent organisationl. total income for the year wa5 £584.$51. whth was a 93% increase over the previous year. Unreslricled ineome of £314,303 represents 49°A of overall total income and allows us to embark on our investment initiatives to deliver Ihe new five year strategic tAan. Reslricled income of £325,156 allows us lo embark on grant￿1vIng gro￿. where we aim to grant the equivalent of 50% of the inccrfne to grassroots partners. Expgndrture for the year increased by to £489.269 Costs have been analysed into key ￿tegYleS in line with SORP disc105ure5.' 1) Direct Charitable Aclivilies" 2} Raiwng fu￿1$ Stsff costs remain the most signrficant area of expenditure at £159,26112022.' £138,302) other than grants to partners. The average number of employee5 remaine(J the same 314. however The Cirde inve51ed in more senior staff to those roles to increase the qualty and impad of our support., over the coming year the team will grow to 6 employees. The net incom for the year was £150.190 {2022'. £32.7131 resulting in totsl funds of £612.919 of which £195,273 is restricted and £417.646 is unrestricted {2022: £105.820 and £356.909 respectively). The Board of Trustees has committed lo a five year grovlh plan to increase the number of women we support and partner with. Following the independent examinalion for the FY ended 31 March 2023. the Board intends to designate further fundiThJ in supwt of this plan subject to affordability eriteria. The generosity and On9￿n9 commitment of our existing and new supporters has continued lo drNe our success and growth. We are fortunate that our income comes from a wde range of sources, and we are grateful lo the many individuals and organisations who have stc(rtJ by us throughout this year. Fundralsing activlties and income g•neratson We have and will continue to adapt our fundraising to a challengiry extemal environment including thg cost- Page 19

D￿Sign Envebpe ID.. 748E8867.M4F41(&82344E187340F8CC THE CIRCLE OF WOMEN (A company limlted by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 of-INing crisi5 and global conllicts such a5 the Ukraine war. We have been agile in developing new fomis of fundraising, for example new partnerships with TikTok and L'oreal FurKI for Woffen. Financial review Going Goncern After making appropriate enouiries. the Trustees have a reaSona￿e expectation that the eharilable company has adequate resources to continue in cyerational existence for the foreseeable future. For this reason, they continue lo adopl the going concem basis in preparing the financial slatemenls. Further details regarding the adoption of the going concem basis ran be found in the accounting policies. Reserves poll¢y The Trustees have considered the requirement for free reserves. i_e. those unreslricled funds not designated for specific purpose or otherwise commbtted. The Trustees aim to maintain unrestricted reserves of at least £60,000 which cover any commilmenls made and the running costs of the organis8tion for 13 weeks. This provides sufficient Ilexibility lo cover any temporary shortfall of incoming resources and to allow the charity to respond immediately lo a reasonable range of unforeseen adverse Circumstances prior lo specific remedial plans being implemented. As at 31 March 2023 the unrestricted reserves were £417,646. The additional funds held over those required by the reserves policy are acceptable. gNen the short-l&mi need for charities to see out the current economi environment. The Circle's investment slralegy wll continue to be implemented so that over the next financial year where there will be a reduction in this level, bringing them in line with the reserves w)licy. Prln¢lpal risks and uncertaintles The Board of Trustees review and assess risks faced by the charity every three months. The Chièf Executive fully Ltpdates the Board of Trnstees and hohlights cuffenl risks facing the charity, including risk5 relating to governance, finan￿. operations. physical. extemal and reputational. legal and complianee. Thg main risks identif￿d on the risk register and how Ihey are managed are" A shortfall of income against higher operating costs. In addilion a relianee on relatrvely few lunders. This is mits"galed by a new fundraising strategy that seeks to be ambitsous and diverse in its approach buihding multi-year partnerships from a range of income streams with a path"cular focus on three key areas.. major donors, grant funding and corporate. Wellbeing and seniority of key staff to ensure iMplementat￿n of strategy. This is miligaled by reeruilment of a new Senior Leadership Team {SLT). fortnighdy in person team meetings. weekly informal eheck4ns, alongside regular ￿￿thlY 1..1s. Timely funds to grassroots partners. This rs being mitigaled by bringing our grants management and partner support in•house in 2023 when our partne￿hIp with Charits"es Foundation Comes to an end. Page 20

Docusign Envdopè10.. 74BEB867A44F41W23&8E18734CfBCC ThE CIRCLE OF WOMEN (A eompany limited by guarantee) TRUSTEES. REPORT ICONTINUEOI FOR THE YEAR ENDED 31 MARCH 2023 Circle supporters with a high profile and global reach. spoke tyJt on The Circle's prioritses and new messaging guidelines and communicalions rAans supported Ihese. The Chief Executive ensures thal robust pdicies, procedures, syslerns and training are in place to deal with risk and these are designed to miligaie or manage any FKJtenlial impact on the chanty should tkThe risks malerialise. Flnancial risk management obieclives and policles The Circle's key financial risks have been ldenlrf￿d as.. A reliance on a relalivety small number of donors. Fundin9 grassrwts women's organisakn.ons based in thallenging and fragile environments. To manage these key financial risks. The Circle is implementirMJ its Fundraising Strategy and has partnered with Charities Aid Foundation ICAFI to furKI parlneTS io date. In the next financial year, we will overhaul our approach and poliaes for ￿ndIng partner organisation5 and bring grants management in-house so that we can rnaximise Ilexibility and impact as well as ensure strong risk managerr￿n¢. Principal funding Cuffent funding is Fffimarily though a mix of philanthropic, corporate and grants income and our fundraising strategy will continue to dIVe￿ify The Circle's income streams and mulli-year partnerships. Structurè overnance and mana ement Governance ststus The Circle of Women is registered as a chantable company limited by guarantee and was set up by a Memorandum ofAssocialion. Melhods of appointmenl or election of Trustees The management of the charitable company is the responsibility of the Trustees who are e18cled and co- opted Lsnder Ihe temis of the Articles of Asswation. New Trustoes are openly recrurted and appointed by the Board. Organlsational structure and declsionamaking policies The Trustees review and approve all policies and oversee the implementation of its agreed five-year slralegic plan (April 2022 to March 20271. The Trustees fneet quarterty throughout the year and have an annual session lo update and revise the strategy. Pollcles adopted for the Induction and training ol Trustees Regular ￿￿ewS are underlaken lo assess the skills of the current Trustees aThl identify any argas for strengthening. All Trustees are provided with an induction lo familiarise themselves 7Mth the tharity and the wider not-for- profil sector. They are briefed on their resp)nsibilib'es and are referred io the Charity Commission guide 'The Essential TnJstee'. Day to day operational ￿sPonsIbl11ty for operabng the charity is delegated by the board lo Ihe CEO. Page 21

DocuSl9n ETrv8loFe ID". 74BEB867-A44F4106-82344E187340F8CC THE CIRCLE OF WOMEN (A company Ilmited by guarantee) TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Pay policy for key management personnel All Tnjstees give their tirne freely and no Trustee receNed remuneration in the year although reasonable expenses are provided on occasion. As a small but fast growing and dynamic charity. The Cirde believes that its 5tsff are key lo delivering ils objectives. To this end il has ensured that its pay policies are fair. transparent. competitive and sustainable and that il rewards 115 Staff competitively vthTrle ensuring that li remains prudent and can guarantee that salary costs are sustainable both al the current tiffle and in the future. The Chief Executive is responsible for proposing the remuneration and terms and conditions of omployment for all staff of the charity which is then approved by the Board. The pay and terms condtbons of the Chief Executive are approved by the full Board of Trustees. The charity aspires to pay its staff around the median market pay level for comparable jobs in simi18r sized organisalions and wlh similar operating models. The Circle pays stsff reL4ted to their particular skills, experience. qualifications. performance and contribution to the charity. The Circle reviews salary levels annually. with salary levels corning into effect at the start of the financial year. Pollcies Policies covering all key operdtional and govemance areas are maintained and reviewed. Key policies include Safeguarding. Dats Proleekn"on. Health and Safety, Disciplinary. Grievance, Conllict of Interest. and Privacy Policy for Clients. Donors and Diversity. The Staff Handts￿k, which includes a summary of all policies, is made available lo all staff and is shared wth new Trustees. Relaled party relatlonships The Foundor of the Mari8 Colvin Journalists. Nefvk {MCJNI. Lady Jane Wellesley. stepped down as a Trustee for The Circle in June 2022. when the pn)cess of MCJN becoming an indeper)dent charilable organisation began. Financial rlsk management The Trustees have assessed the rnaior risks to which the charitable company is exposed. in particular those related lo the operations and finances of ihe charitable company. With the increased investment and growth of the charity. Trustees have put in place.. 1) A new Finance and Audit sutpcommrtlee that came into effecl in February 2023 and this was chaired in the interim by Vice Chair until a new Treasurer was appointment.. 2) A new scheme of delegation policy. The Trustees are sakn"sf￿ that systems and procedures are in place lo rnibgate exposure to the major risks. Trustees. Indemnrfies Indemnity insurance is in place for Tnjstees. Approved by order of the members of the board of Trustees and sNJned on their behalf by. OocuS*MOby'. IDI￿35F61e5I9S . MelanSe Claire Ward (Chair of Trustees) Dale.. 02-Oct-202 3 Page 22

Docusign En¥eh)￿ ID.. 748EB867.A44F41Cfr8234-BE187340F8CC THE CIRCLE OF WOMEN (A company limited by guarantee} STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2023 The Trustees (who are also the directors of the charilable company for the purposes of company law) are responsible for preparing the Trustees, report and the finanual statements in accordance with applicable law and United Kingdom Accounting Standards {Uniled Kingdom Generauy Accepled Accounting Practice). Company law requires the Trustees lo prepare financial statements for each financial year. Under company law. the Trustee5 must nol approve the financial statements unless they are satisfied that Ihey give a true and lair view of Ihe slate of affaiis of the charitable company and of ils incoming resources and application of resources. including its income and expenditure. for that pencrfl. In preparing these financial ststernenls. the Trustees are required to.. select suitable accounting p(Aictes and then appty thèm consistenlly: observe the methods and principles of the Charities SORP {FRS 1021.. make judgments and accounting estimates that are reasonable and prudent.. stale whether applicable UK Accounting Standards {FRS 1021 have been followed, subject to any material departures disclosed and explained in the finaneial statements- pfepare the financial slalemenls ￿ the going concem basis unless it is inappropriate lo presume that the charitable company will continug in business. The Trustees are reswnsible for keeping adequate accounting records that are sufficient lo show and explain the Charitable companls transaclions and 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 2¢)06. They 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. Approved by order of ihe members of Ihe board of Trustees on 13 September 2023 ils behalf by.. and signed on 101CF3SF82BSlg6. Melanle Clalre Ward Page 23

Dca4SvJn Env¢lop¢ ID.. 74eEB867.A44F4I￿8234-BElB73￿8Cc THE CIRCLE OF WOMEN {A Mmpany limiled by guaranteè) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2023 Independenl examlnerfs report to the Trustoes of The Circle of Women (Ihe charitable ¢ompany'l I reFlOrt lo the charity TfUSte8s on my examinabon of the accounts of the chariiable company for the year ended 31 March 2023. Responsibilities and basis of report As the Truslees of the charitable company land its directors for the purposes of wmpany law) you are responsible for the preparation of the accounts in accordance WTih the requirements of the Companie5 Act 2006 I'lhe 2006 ACVI. Having satisf￿d mysew that the accounts of the charitable CAJrnpany are not required io be audited under Part 16 of the 2006 Act and are eligible for independent examination. I report in respect of my examination of the charitable compan¥s accounts carried out under section 145 of the Charities Act 2011 1.the 2011 Act.). In arrwng out my examinatK)n I have followed the Directions given by the Charity Cornmission under section 145151(bl of the 2011 Act. Indopondent examinerfs statement the tharrtable companys gross income exeeeded £250.IJOO your examiner musl be a member of a body listed in section 145 of Ihe 2011 Acl. I confim that l am qualffied to undertake the examination because l am a mernber of the Institute of Chartered Accountants in EnglaThJ and Wales, which is one of the listed bodies. I have completed my examination. I confim) that no matters have come to my attention in connection with the examination giving me cause to believe.. accounting records were kept in ￿Spect of the eharrt8ble company as required by section 386 of the 2006 Act.. or the accounts do not accord with those records., or the accounts do not comply with Ihe accounts"ThJ requirements of SeCt￿n 396 of the 2006 Aet other than any requirement that the accounts give a Irue and fai￿ view whieh is not a matter considered as part of an independent examination. or the accounts have not been prepared in aeeordance with Ihe methods and principles of the Statement of Recommended Practice for accounting and reporb.ng by charities lapplicable lo charilies preparing their accounts in accordance with the Financial Rewrting Standard ap￿ICable in Ihe UK and Republic of Ireland {FRS 10211. I have no coneems and have come armss no other matters in connecb.on with the examinalion to which attention should be drawn in this report in order to enable a proper understsnding of the accounts to be reached. Page 24

CKKuS¥n Env8lop0 ID.. 748E8867.A44F41C68234-BE18734Cf8CC THE CIRCLE OF WOMEN {A company limitsd by guarantee) INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 This ￿port is mad8 solety to the charitable CoMpan￿S Trustees. as a boty, in accordance with Part 4 of the Charities (Accounts and Reports} Regulations 2008. My work has been undertaker¢ so that I rn￿h1 state to Ihe chaiitable companvs Trustees those matters l am required to stale lo them in an Independent examinerfs report and for no other purpose. To the fullest extent pemiitted by 18w, I do not 3ccept or assume responsibility to anyone other than the charitable company and Ihe charitable c4)mPan￿S Trustees as a body, for my work or for Ihis report. Signed-. Dated: 02-Oct-2023 Dellev Anderson FCA Kinnair Associates Limited Aston House Redbum Road Newcastle upon Tyne NE5 1NB Page 25

THE ¢I￿LE OF WOIN IA¢wpry limltAd by war4n*•l STATEMENT OF FMIMICiALACTIVmES (INCORPORATING NCOIIE PIID EXPENDrruRE ACCOUNT) FC¥I THE YEAR EPIDED 31 114R¢H 2fj23 lun¢ts ds oipratths operarions 2023 2023 2023 2023 2022 2022 22 ItKom• trom.. Dcnabons and Wc Othertradiry activrtKs Investments 276,510 52OB17 18298 575,515 291,693 129.893 427,S86 10.817 40 4& Tot•1 incorne 311303 325.1S6 SK551 54AOS 639,459 3Q2.5¢4 129.893 432.437 Exp•n¢ituv• On.. RAiSiTr9 funds Chantsb￿￿1lvrtIES n.711 7l711 78,711 410,551 55.207 229.572 55.207 314.517 0.0$9 101.113 114.945 Total expondltwe 210,069 3B8.156 101.113 284.TT9 114.945 399,724 Nel Incomellexpethdlturnl Trdnsférs bèrw££n fur￿4 35.103 25,634 115.087 12S.6)41 190.395 1462051 18.6491 150.19D 17,765 14,948 32,713 Il•tmovem•nt In lund 60.737 154,a541 19),1 17.765 14,948 32,113 Pa9e 26

THE URCLE Cf ¥1￿￿Ell ¢Aeompany limii•d by yuJrJfih•l STATEMEFIT OF FINAN¢iALAU]vmES IINCORPORATING INCOME J40 EXPElItITUREACCOUNTI ICONnNUEDI FOR THE YEAR ENDED 31 MARCH 2123 con1kn￿rIg Dise•mirnwd funds yrabons +Jperation 2023 2023 Tot fvnds 2022 funds 2023 opwalions 2022 2023 2022 Re¢wcillAIi¢￿ of funds.. Totsl fuThls brought fMv•rd N81 mowmthil in fuTh 356,W 60.737 407,175 89A53 205.om 162,7Zg 15D.19D 390.110 17.T65 430.016 32,713 14.948 T•i•l funds cathBd for4¥d 417.616 195273 611919 611919 407.875 462.729 Thè Slatsrnenl offina￿￿ actNrtWs in¢kxkn al ksèa rewrn5ed in thepr. The note6 on page$ 3010 45 f<m parto1thesefinants￿ Slater￿ts. Page 27

Oo¢uSign EnvÉk)PE 10: 748E8867•44F411WA234-BE187340F8CC THE CIRCLE OF WOMEN (A company limiled by guarantee) REGISTEREO NUMBER: 08993335 BALANCE SHEET AS AT 31 MARCH 2023 2023 2022 Current assels Debtors 58.254 649,027 39,082 441.612 Cash al bank and in hand 707.281 480.694 C￿dItorS. amounts falling due wilhin one year 14 {94.362) (77.965) Net current assets 612,919 462. 729 Tatal assets less Current liabllities 612.919 462, 729 Total net assets 612,919 462. 729 Charity funds Restricted funds Unreslricled funds 15 15 195.273 417.646 105,820 356.909 Total fvnds 612.919 462.729 The charitable company was entitled to exempb.on from audil under sectK)n 477 of the Companies Act 2006. The fflembers have not required the company lo obtain an audit for Ihe year in question in accordance wlth section 476 of Companies Act 2006. The Trustees acknowledge their responsibilrties for complying with Ihe requirements of the Act with respect to accounting records and preparalwjn of financial statemonts. The finaneial statements have been prepared in accordance wilh the wovisions applicable to entIt￿S subject to the small companies regime. The financial statements were approved and aulhorised for isgje by th8 Trustees and signed on their behalf by.. DpXuSW•W. 101CFJ5F82854*. Melanie Claire Ward Chair Dale.. 02-oct-2023 The notes on pages 30 to 45 form part of these financk41 staternents. Page 28

Oocu&Jn En¥dco8 ID. 74BEB867.A44F41C68234.BE187340F8CC THE CIRCLE OF WOMEN (A company limited by guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023 2023 2022 Not• Cash flows from operating activilies Net cash used in operatirrfj actiwties 19 207.415 (21.051) Change In cash and cash equivalents in the year Cash and eash eqvivalents al the beginning of the year 207.415 (27,0511 468,663 441.612 Cash and Cash 8quivalents at the end of the year 20 649.027 441.672 The notes on pages 30 10 45 fomi part of Ihese financial ststemenls Page 29

tio¢uSi￿ EnVok￿e ID.. 746EDe67.M4F410&8234-BE18n4(F6CC THE CIRCLE OF WOMEN IA company limited by guaranle•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 General Informalion The charitable company1089933351 is a registered charity and a private ccffipany limited by guarantee incorporated in England and Wales. Its registered office is Office 7. 35-37 Ludgale Hill, London EC4M 7JN. The members of the charitsble company are the Trustees named on page one. In the event of the charitsble company being wound up. Ihe liabilty in respect of the guarantee is limited lo £10 per member of the charitable company. The aim of the charitsble company is lo achieve equality for women and girls in a fairer wortd. Further infom)alion is provided within the Trustees. Report. Ac¢ountlng policies 2.1 Basis of preparation of financial sL*ements The financial statements have been prepared in accordance wilh the Charilies SORP IFRS 1021 A¢¢ounting and Reporting by Chant￿$." Statement of Recommended Practs¢g applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) leffeclive 1 January 20191. The financial slalements are also prepared in accordance with the Financial ReportJ"ThJ Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. The Cirde of Women meets Ihe definilK)n of a public benefit enlty under FRS 102. Assets and liath"lities are inrtially recognised at historical cost or transaclw)n value unless othernise staled in the relevant accounting KX)Iicy. The financial statements a￿ prepared in sterling. which is the functTonal ujrrency of the company. Monetary amunls in these financial statements are rounded to the nearest £. 2.2 Going concern After making appropriate enquifies. the Tmslees have a reasonable expectation Ihal the charitable company has adequate resources to continue in operational existence for the foreseeable future and that there are no matenal uncertainties. For this reason. they conb'nue lo adopt the going eoneem ba￿S in preparing the financial stslements. 2.3 Income All income is recognised once the charitable company has entitlement lo the income, il is probable that the income will be received and the amount of income receivable can be measured reliably. Grants are included in the Stslemenl of financial activities on a receivable basis. The balance of income received for specific purwjses bul not expended during the period is shown in the relevant funds on the Balance sheet. Where income is T￿lved in advance of entillemenl of receipt, its recognition is Oeferred and included in eredilors as deferre(l income. Where entitlement oecurs before income is received, the income is accrued. Income tax recoverable in relati(￿ to investrnent income is recognised at th8 time Ihe investment income is reeeivable. 2.4 Expenditure Expenditure is recognised once there is a legal or constructNe obligation to transfer eeonornic benefit lo a third paty, il is probable that a transfer of economic benefits will be required in settlernenl and the amount of the obligation can be measured rel￿bly. Expenditure is elasstfied by actsvty. The costs Page 30

Docusign Envekpe10.. 748EB867.A44F410&82344E1B734Cf8CC THE CIRCLE OF WOMEN (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accounting policiès (continued) 2.4 Expenditure (contlnued) of each ath.vty are made up of the total of direct costs and shared costs. induding support costs involved in undertaking each aetiwty- Direct costs attributable to a single activity are allocated directly lo that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned be￿en those activities on a basis tonsislent with the use of reS￿r¢eS. Central staff costs are allocated on the basis of time spent. Expenditure on raising fvnds indudes all expenditure incurred by the charitsble company to raise funds for its charitable purposes and indudes costs of all fundraising activities events. Expenditu￿ on charitsble activitie5 is incurred on directly undertaking the activities which further the charitable companrfs objectives. as wdl as any associated sup5>0rt costs. Grants payable are charged in the year when the offer is made except in those cases where the offer 15 conditional, such grants being recognised as expenditure when the conditions allaching are fuffilled. Grants offered subject lo conditions which have not been mel al the year end are noted as a commitment, bvl not accnjed as expenditure. l exp8ndilure is inclusive of irrecoverable VAT. 2.5 Debtors Trade and other deblors are recognised al the selllemenl amount after any Irade dtscounl offered. Prepayments arè valued al the amcmjnt prepaKI nèt of any trade discounts du8. 2.6 Cash at bank and in hand Cash at bank and in hand indudes cash aTrJ SI￿)rt-terrn highly liqu￿ investments with a short maturity of three I￿￿th5 or less from tha date of aequisition or openin9 of the depostt or similar account. 2.7 Liabilities and provlslons Liabilities are recognised when there is an obligalion al the Balance sheet date as a Tesult of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the setuement can be estimated reliably. 2.8 Financial inslruments The charitable company only has financial assets and financial liabilities of a kind that qualify as basic financial instrumenls. Basic financial instruments are inithalty reco9nised al transaction value and subsequently measured at their settlement value. 2.9 Penslons The charitable company operates a defined eontritrwtion pension scheme and the pension eharge represents the amounls payable by the Charitable ccrfnpany lo the fund in respect of the year. Page 31

Oo¢uSgn Enve1¢pa ID.. 748EB867-A44F410MTJ4-BE187340F8CC THE CIRCLE OF WOMEN (A cornpany limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accounting policies lcontinuedl 2.10 Fund a¢¢ounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charitsble company and which have not been designaied for other purposes. Restn'cted funds are funds which are to be used in accordarKe with specific restrictions inposed by donors or which have been raised by the Charitsble company 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 sel out in the notes to the financAal stalemenls. Income from donations and legacies Unrestricted funds 2023 Restricted funds 2023 Total funds 2023 Donatlons Membership income Donated services Oonations Grants 21,208 1,569 22,777 247.817 29.980 257.248 17.693 505,065 47.673 299.005 276.510 575,515 un￿51￿Cted fvnds 2022 Restricted funds 2022 Total funds 2022 Donations Membership income Donated seryices Donations Grants 26,971 21.6¢XI 163.671 5.022 1.519 28.490 21.600 244. 175 127.321 80,504 122.299 217.264 204.322 421.586 Page 32

DoGuSign En¥do￿l0". 748E8867.A44F41Cft8234-BE18734CF8CC THE CIRCLE OF WOMEN {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Income from other trading actlvities Income from fundralslng ev•nts Unrestricted Restrl¢ted fvnds funds 2023 2023 Total funds 2023 Fundraising Even15 15.298 3.000 18.298 Unrestricted funds 2022 Tolal funds 2022 Fundraising Events 10.811 10.811 Oth•r incoming resources Rtstrided funds 2023 Total funds 2023 Total funds 2022 Re1Ml￿rgernent ol funds from Marie Colvin J¢wmalists Network 45,646 45,646 Page 33

DocuSKJn En¥￿0￿ ID. 748EB867-A44F41¢M234-BE187340F8CC THE CIRCLE OF WOMEN (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Expenditur• on raising funds Fundraising trading expenses and costs of raising voluntary income Unrestricted funds 2023 Total funds 2023 Events and similar eosts Wa9es and salaries Expenses allo¢aled 10.672 53.622 14.417 10.672 53,622 14,417 78.711 78.711 Unrestrictgd funds 2022 Reslricled funds 2022 Tol81 funds 2022 Events and similar ￿Sts 5.943 47.749 1,515 7.458 47.749 Wages aTrJ salaries 53,692 1,515 55.207 Analysls of expendlture by actlvltles Activities undertaken directty 2023 Grant fundlng of actlvities 2023 Support Costs 2023 Total funds 2023 Direct Charitable project costs 177.449 101.047 132.062 410,558 Page 34

Docu&gn Énvtknp8 ID.. 748E8867.A44F4lc68234￿l8734QF8cc THE CIRCLE OF WOMEN (A Company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Analysis of exPendi￿r+ by activities (continu￿) 'Grant funding of actsvilies undertaken direclly 2022 Support costs 2022 Total funds 2022 2022 Direcl Charitsble rKoiect costs 181.757 63.440 99.320 344.517 Analysis of support costs Allocated to charitable activities 2023 Total funds 2023 Total lunds 2022 Staff costs allocated to support aetivities Legal, professional and consvltancy costs Communication materials OffKe and IT expenses Staff costs allocated to governance aetrvib.es Other goveman¢e ￿sts 28,413 56.933 85 28.413 56.933 85 30.596 13,711 29,537 11.854 11,222 2.400 30.604 13.627 2.400 30,604 13,627 2,400 Total 2023 132.062 132.062 99.320 other Govemance costs compris8 Independent Examinerfs fees of £2.400 {2022 - £2.400). Analysls of grants Grants to Institution$ 2023 Total funds 2023 Grants in support of Charits￿e actiwties 101.047 101.047 Page 35

Docu&gn Envelop•10.. 74BEB867-A44F41C68234-BE18734Cf8CC THE CIRCLE OF WOMEN IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Analysls of grants (¢ontlnued) Grants to Institut￿nS 2022 Total fvnds 2022 Grants in support of charitable actiwties 63.440 63.440 The charitat￿e company has made the folhjwng material grants to inslitutions during the year: 2023 2022 Name of institution I project partner Women in Leadership Uganda Women forAfghan Women Women's Centre Srilanka Sikh Women's Aid Glasgow Rape Crisis Irise Marie Colvin Joumalists Nelwork Nonceba Family Centre Awer Wornen 9.567 5.000 23,985 8.239 5.000 1,500 1,500 3. 12Q 15.000 8.293 9.750 10.875 56.515 5.000 Rahela Trust 100,000 63,344 Other grants to inslituknons individually u￿ler £1,0(K) 1,047 96 101.047 63.440 Analy$i$ of expenditure on ¢harltable acltvltles Summary by fund type Unrostrlcted funds 2023 Restrfcted funds 2023 Total 2023 Direct Charitatrje Fyoject costs 200.489 210.069 410,558 Page 36

Docuslgn Env*)p8 ID.. 74BEF867_A44F41(&623￿Ie7a4cfeCc THE CIRCLE OF WOMEN IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Analysis of expenditure on charitable activities (continued) Summary by fund type (contbnued) un￿s￿l¢led fvnds 2022 Reslricled funds 2022 Total 2022 Direct Charitable project costs 161.313 183,204 344.517 10. Independent examlnevs remuneratlon 2023 2022 Fees payable to the cornpansls independent examiner for the independent examination of the companls annual accounts {exclusive of VATI Fees payable to Ihe charitable compan15 Independent examiner in respect of-. 1.000 1.000 Accounts Preparation All olher seNices not induded above 1.000 1.020 11. stsff costs 2023 2022 Wages and salaries Social security costs Conlribulion to defined contribution pension schemes 142,880 11.676 4.705 123,354 11.570 3,378 159,261 138,302 The average number of p&rsons gmployed by the charilable coryany during the year was as follows: 2023 No. 2022 No. l activities Page 37

Docusign EiwdopE10.. 748EB867-A44F41C68234￿EI87340FBCc THE CIRCLE OF WOMEN (A c¢xnpany limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Staff Kosts {¢onlinued) No employee received remunerakn.on amounting lo mc*e than £60,Crt)O in either year. The Key management personnel of the charitable Company 15 defined a5 the Trustees and the Chief Executive Officer. Trustees are not remunerated. Remuneration of the CEO (which includes the employers National Insurance and emrAoyers pension costs) was £61.74812022.. £58.5811. 12. Trustees. remuneratlon and expenses DurirwJ the ygar ended 31 Marth 2022. Trustees received any remuneration or other benefits (2022 - £NILJ. DuriNJ the year endgd 31 March 2023, no Trustee expgnses have been incurred {2022- £NIL). 13. Debtors 2023 2032 Due wrfhin one year Other debtors 58.254 39,082 58.254 39.082 14. Creditors: Amounts falling due within one year 2023 2022 Accruals 94,362 t7.965 Page 38

DocuSi9n EnvdopE10.. 74BEB867-A44F41¢JU2344E187340F8CC THE CIRCLE OF WOMEN (A company limited by guarante•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 15. ststwnent ol funds SL*emont of funds- current year Balance at 31 March 2023 Balance at 1 April 2022 Transfers inlout Income Expenditure Unrestricted funds General Funds- all lunds Covid-19 Appeal 356.909 314.303 (279.200) 25.634 417.646 356.909 314.303 (279.200) 25,634 417.646 Restrictèd funds Marie Colvin Journalists. Nelwork A Living Wage in thg Fast Fashion industry Matemal Health Rohts Nonceba Family Centre (Women's Shelter} Irise (Menstrual Heallh and Wellb8ing) Big Give Afghan Women & Girfs Solidarity FurKI L'oreal Fund for Women Tik Tok 54.854 (101.1131 {8,649 16.869 2.070 10.000 (18,9361 4.000 12.070 11,933 1,400 (10.875 10,568 11.984 11.899 (5,6661 11.217 94.949 152.000 (4.243) {67,902) 113.2491 77.457 84,098 105.820 325.156 (210,069 (25.6341 195.273 Total of funds 462.729 639,459 {489,269) 612,919 Page 39

Doujsign EnYolcp810.. 74BEB867.A44F41LU2344E187340F8CC THE CIRCLE OF WOMEN (A company lirnited by guarante•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 15. Ststement of funds {continued) ststernent of funds . prior year 8818nce at 31 March 2022 Balance al 1 Apnl 2021 Transfers in/out Income Expendilur9 Unre$trl¢ted fiinds General Funds - all funds Covid-19 Appeal 336.665 7.134 228.115 (215,005) T,134 (7, 134) 356,909 343.799 228.175 (215.005) 356,909 Restricted funds Marie cO￿1n Journalists. Network 39.906 729.893 (7 14.945) 54,854 A Living Wage in the Fast Fashion industry M8temal Health Rights Nonceba Family Centre (Women's Shelter) Irise (Menstrual Health and Wellbeing) Big Give Afghan Women & Girls Solidarity Fund 34.2C (17.331) 16.869 2,070 2.070 34,284 761 (15.002) 20,043 (15) 9.972 15 (10. 163) 12,175 11,984 27.293 (27.293) 86.217 204.322 (184.719) 105.820 Total of lunds 430.076 432,437 (399. 724) 462. 729 Page 40

DocuSwJn EmieloFe10.. 748E8867.A44F41I￿j4-BElB73￿8Cc THE CIRCLE OF WOMEN {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 16. Naturn offuThd$ Under The Cirde'5 strategic 'Fund and Support. Imllar. the organisath.on provides flexible grants to 8 portfolio of women4ed. grassroots organi5alions. through a variety of unrestn'cted and restricted funding. Sikh Womens Aid. UK - Monies raised by The Circle lo support womgn in the Sikh and Punjabi communily are facing dornestic abuse. sexual abuse and vijlence. Women's Centre. Sn. Lanka - Monies raised by The Cirde lo support female garment workers subj'ected to oppresston. vicAence and injustice in the w￿laCe. Women in Leadership. Uganda - MorNes raised by The Circle to support suNivors and victims of gender*ased violence and lo raise awareness in the community of Ihg issues and how wom8n ean find support. Rahela Trust, AfghanislanlUK Monies raised by The Cirde to support 'The Diaspora Changemaker Netsvorks, pro1￿1. This pNoneering projecl for women in rural areas of Afghanistan and beyond wll give them access io a wi(lo-ranging network of mentOf5 across the Afghan diasFM)ra globally and within Afghanistan. Awer Women, Kenya - Monies raised by The Cirele to support the augmenting v#)lence prevention and eradication arnong indTrgenous Awer women of Lamu. Kenya. Nonceba, South Africa - Monies raised by The Cirde to SUP￿ the women's shelter of Nonceba Family Counselling Centre. Marie Colwn Joumalists. Nelwork. Middle East - Monies raised by The Cirde lo support frontling female joumalisls in the Middle East and North Afru. especially those working in conflict zones. Further infomation regarding the funding sources towards some of thesè projects along with descripb'on of the nature and purpose of each fund is provided below".- Restricted funds Marie Colvin Joumalisls, Network - Monies fdised by The Circle to sup￿1 frontline female journalists worknng in the Middle East and North Afn"ca. A Living Wage in the Fast Fashion Industry - Monies raised by The Cirde for its work to ensure a Iwing wage for women working in the fast fashion industy. Malemal Health Rights - monie5 raised by The Circle lo support its work as part of the UN'S Every Woman Every Child campaign to provide legal advi￿. drafting and anatysin9 to support tho Tanzanian government in tha proce$$ of ratsfw.ng intemational conventions on matemal health rights. Nonceba - Monies raised by The Cirde throLNJh its fvndraising and Chai Day to supwrt the women's shelter of Nonceba Family Counselling Centre in Soulh Africa. Irise - Monies raised by The Cirde for a project wth lrise in Uganda educating girts ￿ thgir menstrual health and wellbeing and the prOWs￿n of low cost sanitary pr￿lucts. Big Give Monies Taised through a Big Give Christmas Challenge for The Circle projects partners induding Irise, Nonceba and Glasgow & Ctyde Rape cri￿S. Page 41

Do￿sign En¥8kJp8 ID.. 74BEB867-A44F41(M234-BE16734OF8CC THE CIRCLE OF WOMEN IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Global Efflergency Public Fundraising appeal.. The Afghan Women and Girls Solidarity Fund - set up in response to emerging crises for women and girfs following the takeover of Taliban in Afghanistsn. Funds were generously donated by the publtc and SUPWed The Circle's partner. Women for Afghan Women in their response. L'oreal Fund for Women The partnership wilh L'0￿81 ftjnds The Circle's grassroots partner organisations to focus on economic empowerment and ending violence against women and girls. Funding over tsvo years will support projecls in countries suth as South Africa. Sri Lanka and the UK. TikTok - FundiThJ from the TikTok partnership I￿11 1) fvnd The Circle's partner organisation to contsnue to prov¢de holistic support such as refuge. counselling. legal aid and advice services. helplines. training and skills development lo women and girfs who have experienced gender-based violence IGBV) via grassroots organisalions in the Global South and the UK including Sri Lanka. South Africa and Uganda. The project aims lo support at least 2.500 suth women in one year.. 2} support the creation of an educational series lo help raise awareness of GBV.. 3) contribute to the payment of core operating costs including staff salaries. Transfers were made from varii)us restricted funds lo unrestrieied fuThJs for the following purposes'.- Transfer from Marie Colvin Fund. This FurKI separated from The Circle during the year. This transfer represents the remaining fund balance shown wilhin The Cirde records after agreed settlement of all aclivilies had been made. Transfer from Maternal Heafth Rlghts Fund. This transfer of an old unused balance was moved with agreement from the donor lo unrestrictedlgeneral funds as there is no further work to be undertaken on the Matemal Health Rights Project. Transfer from the Bl9 Glve campaign is for the technical support costs and support time charged within unrestricted fvnds against the Big Give projects and Igrant. Transfer from the L'oreal Fund for Women 15 towards Ihe operating costs of The Circle as agreed with this funding partner. 17. Summary offunds Summary of funds- current year Balance al 31 March 2023 Balance at 1 Aprll 2022 Transfers Inlout Income Expenditure General funds Restricted fvnds 356.909 105.820 314.303 325.156 (279.200) (210,069) 25.634 {25.634) 417.646 195.273 462.729 639.459 (489.2691 612.919 Page 42

Docusign Envdop•10.. 74BEB867-A44F41(682344E187340F8CC THE CIRCLE OF WOMEN (A company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 17. Summary of funds (continued) Summary of funds - prior y•ar Balance at 31 March 2022 Balonce at 7 Apnl 2027 Trnnsfeffd i￿0￿1 Incom8 Expenditu General funds 343.799 86.217 228,115 204,322 (215.005) (184, 719) 356,909 105.820 Restn"cted funds 430.016 432.437 1399. 724) 462,729 Analysi¥ of net ass•ts between funds Analysls of nel assets between funds - ￿rrent year Unrestricted R•stricted funds fund$ 2023 2023 Totsl fvnds 2023 Current assèts 505.276 184.960} (2.670> 202.005 {9.4021 2,670 707,281 (94.362 Creditors due wtthin one year Difference Total 417.646 195.273 612,919 Analysis of n•t assets between funds - prior year Unrestricted funds 2022 Rests?cted fvnds 2022 Total funds 2022 Current assets Creditors due wthin one 367,548 (10,639) 113. 146 (7,326) 480.694 (17.965) Total 356.909 105,82D 462, 729 P3ge 43

DocuSwJn Envelope ID.. 748É8867.A44F41(M2344E18734CF8CC THE CIRCLE OF WOMEN (A company limiled by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 19. Re￿ncIliation of net movement in funds to net cash blow from operating a¢tiviti•$ 2023 2022 Net inc(¥ne for the year {as per Statement of Financial Aclivilies) 150,190 32,713 AdJts$tments for: Increase in debt￿S Increasel(deueasel in creditors (19.172) 76,397 (T,625) (52, 139) Net Cash pmvlded byl{used in) operating activltles 207.415 (27,051) Analysis of cash and cash equivalents 2023 2022 Cash in hand 649,027 441,612 Total cash and cash equivalents 649,027 441.672 21. Analysls of changes In Det debt At 1 Aprll 2022 Cash flows At 31 March 2023 Cash al bank and in haThJ 441,612 207.415 649.027 441.612 207,415 649.027 22. Penslon commitinents The charbtable company operates a defined contribution pension schem8. The assets of the seheme are held separately from those of the charitable company in an independently administered fund. The pension cost charge represents contributions payable by the charitable company lo the fund arnounted lo £3.818 {2022." £3,378). There were no contributions payabte to the fund al the bala￿e sheet dale12022'. £nil). Page 44

Docusign EnvebFe ID.. 74BE8867A44F41t&8234.BE187340F8CC THE CIRCLE OF WOMEN IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 23. Related party transaction$ There are no related paty transactions. 24. 01$￿ntInued operations During th8 year. the Mario Cofvin Jwmalists Network separated from The Circle. Income and expenditure and fund balances related to Ihis actmty are shown wthin discontinued operations within the ststement of Financial Activilies. Page 45