Registered Charity Number: 1176679
## **SAPPHIRE WOMEN FOUNDATION TRUSTEES REPORT & ACCOUNTS**
31[st] October 2024
## **SAPPHIRE WOMEN FOUNDATION**
## **Financial statement Year ended 31 October 2024**
|Contents|Page|
|---|---|
|Charity information and professional advisers|3|
|Trustees’ report|4|
|Accountants’ report|8|
|Income statement|10|
|Statement of financial position|11|
|Notes to the financial statements|12|
2
## **SAPPHIRE WOMEN FOUNDATION**
## **Charity information Year ended 31 October 2024**
Registered charity name SAPPHIRE WOMEN FOUNDATION Charity number 1176679 Registered office 4 Scotland Street Manchester M40 1LJ Trustees Kelechi C. Nnodim ( _Chair_ ) _(appointed 30/11/2024)_ Jacinta Ifeoma Ofoegbu _(appointed 16/01/2025)_ Lucy I. Nnaji-Ihedinmah _(appointed 16/01/2025)_ Bankers Lloyds Bank plc Accountants BC NWAIWU & CO LTD Building 1 Suit 4A Office 6 Wilsons Park Business Centre Manchester M40 8WN
3
**Trustees’ Report Year ended 31 October 2024**
## **SAPPHIRE WOMEN FOUNDATION**
## **Introduction**
The Trustees of Sapphire Women Foundation present their annual report and financial statements for the year ended 31 October 2024. This report is prepared in compliance with the Charities Act 2011 and the Charities Act 2022, along with the guidance issued by the Charity Commission for England and Wales.
## **Objectives and Activities**
Sapphire Women Foundation is committed to empowering women by providing support, resources, and educational opportunities that enhance the lives of women in our community. Our charity was established with the aim of addressing gender-related challenges, fostering economic empowerment, and promoting holistic wellbeing among women.
## **Our Objectives**
The objects of the charity for the public benefit include;
- a) The relief of the physical and mental sickness of persons in need by reason of relationship breakdown with partner(s), in particular by the provision of counselling and support.
- b) To promote social inclusion for the public benefit by preventing people from becoming socially excluded, relieving the needs of those who are socially excluded and assisting them to integrate into society.
## **Our Activities**
During the year, we focused on:
- Skills Training and Employment Support: Delivering career coaching, job skills training, and employment matching for women seeking stable work opportunities.
- • Mental Health and Wellness Programs: Offering mental health workshops, counseling, and wellness activities to help women build resilience.
- Financial Education and Digital Skills Training: Expanding our financial literacy and digital skills programs, which have proven essential in helping women gain financial stability and independence.
- Community Engagement and Advocacy: Building partnerships to create a strong support network for women and advocating for policy changes that benefit the women we serve.
4
## **SAPPHIRE WOMEN FOUNDATION**
**Trustees’ Report**
## **Year ended 31 October 2024**
## **Achievements and Performance**
The Foundation made significant strides towards meeting its objectives this year. Despite the challenges posed by the cost-of-living crisis, we adapted many of our programs to a virtual format to continue offering support.
## **Structure, Governance, and Management**
The charity is governed by a board of trustees, who meet regularly to ensure the effective oversight and direction of the Foundation’s operations. Trustees are appointed based on their commitment to our mission and their relevant skills.
## **Trustee Information**
The current Trustees of the charity are:
Kelechi C. Nnodim ( _Chair_ ) _(appointed 30/11/2024)_
Jacinta Ifeoma Ofoegbu _(appointed 16/01/2025)_
Lucy I. Nnaji-Ihedinmah _(appointed 16/01/2025)_
## **Public Benefit**
The board of trustees have given due consideration to Charity Commission’s published guidance on the operation of the public benefit requirement and confirm that these requirements are met by the charity.
## **Going concern**
The trustees have assessed the ability of the charity to continue operating and discharging its role for the foreseeable future, and have made financial projections, taken into consideration the current economic climate because of Cost-of-Living crisis and its potential impact on the various sources of income and planned expenditure. We have adequate financial resources and are able to manage our business risks.
## **Statement of responsibilities of the trustees**
The Trustees of Sapphire Women Foundation are responsible for ensuring that the charity maintains proper accounting records that disclose with reasonable accuracy the financial position of the charity at any time and to enable them to ensure that the financial statements comply with the Charities Act 2011 and applicable accounting standards.
5
## **SAPPHIRE WOMEN FOUNDATION**
**Trustees’ Report**
## **Year ended 31 October 2024**
## **Trustee Responsibilities**
## 1) Preparation of Financial Statements
The Trustees are responsible for preparing the annual report and financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (UK GAAP). Although the charity did not meet the threshold for an independent examination or audit for the year ended 31 October 2023, the Trustees acknowledge their duty to present a true and fair view of the charity’s financial performance and position.
## 2) Public Benefit Compliance
The Trustees confirm that they have complied with their duty under section 17 of the Charities Act 2011 to have due regard to the guidance published by the Charity Commission on public benefit.
## 3) Financial Oversight and Risk Management
- The Trustees are responsible for safeguarding the assets of the charity and taking reasonable steps to prevent fraud and other financial irregularities. They are committed to ensuring that funds are used solely for the purposes intended and are not exposed to undue risk.
## 4) Effective Governance
The Trustees ensure that effective governance arrangements are in place and maintained, and that there is a robust framework for managing the charity’s operations and activities.
## 5) Reserves and Financial Stability
Trustees are responsible for maintaining an appropriate level of reserves, as per the charity’s reserves policy, to support the continuity of activities and the stability of the charity’s financial position.
- 6) Compliance with Laws and Regulations Trustees are responsible for ensuring that the charity operates in compliance with all relevant laws and regulations, and that all activities align with its charitable objectives.
6
## **SAPPHIRE WOMEN FOUNDATION**
**Trustees’ Report Year ended 31 October 2024**
## **Approval**
The Trustees’ Statement of Responsibilities has been prepared in accordance with the provisions of the Charities Act 2011.
Approved by the Board of Trustees on 26 August 2025 and signed on their behalf by:
## **Kelechi Catherine Nnodim**
Chair of Trustees
7
## **SAPPHIRE WOMEN FOUNDATION**
## **Accountants' Report Year ended 31 October 2024**
## **Accountants' report to the board of trustees on the preparation of the unaudited statutory accounts of Sapphire Women Foundation for the period ended 31 October 2024**
As accountants to Sapphire Women Foundation, we have prepared the accounts for the year ended 31 October 2024 on the basis of the information provided by the Trustees. Our work has been undertaken in accordance with the requirements of the Charities Act 2011 and the guidance issued by the Charity Commission for England and Wales.
## **Responsibilities of the Trustees**
The charity’s Trustees are responsible for:
- Ensuring that the charity maintains adequate accounting records and prepares financial statements that give a true and fair view of the charity’s financial activities and position for the period.
- Ensuring that the financial statements comply with the Charities Act 2011 and relevant regulations.
The Trustees are also responsible for safeguarding the assets of the charity and taking reasonable steps to prevent and detect fraud and other irregularities.
## **Accountants’ Responsibility**
Our responsibility is to prepare the accounts based on the records provided by the Trustees. This involves:
- Compiling the financial statements in accordance with the Charity Commission’s guidance.
- Ensuring that the accounts comply with the relevant financial reporting framework applicable to charities.
This report does not constitute an audit or independent examination, as the charity did not meet the thresholds requiring such levels of assurance for the period ended 31 October 2024.
## **Basis of Report**
We have compiled the accounts based on information and explanations provided by the Trustees. We have not verified the accuracy or completeness of the information
8
## **SAPPHIRE WOMEN FOUNDATION Accountants' Report Year ended 31 October 2024**
provided and express no opinion on the accounts. Therefore, our report is solely based on the Trustees’ representations and their underlying records.
## **Approval**
This report is provided solely for the Trustees of Sapphire Women Foundation in compliance with the Charity Commission's requirements.
________________________
BC NWAIWU & CO LTD Building 1 Suit 4A Office 6 Wilsons Park Business Centre Manchester M40 8WN
Date: August 26, 2025
9
## **SAPPHIRE WOMEN FOUNDATION**
## **Income Statement Year ended 31[st] October 2024**
|**Note**
**Income from:**
Donations and legacies
2
Charitable activities
3
**Total income**
**Expenditure on:**
Charitable activities
4
**Total expenditure**
**Net income/(expenditure) for**
**the year**
5
Transfer between funds
Net movement in funds for the year
**Reconciliation of funds**
Total funds brought forward
**Total funds carried forward**|**Unrestricted**
£
5
-
**5**
-
**-**
5
-
**5**
-
**5**|**Restricted**
£
480
-
**480**
830
**830**
(350)
-
**(350)**
350
**-**|2024
£
485
-
**485**
830
**830**
(345)
-
**(345)**
350
**5**|2023
£
500
-|
|---|---|---|---|---|
|||||**500**|
|||||650|
|||||**650**|
|||||(150)
-|
|||||**(150)**
350|
|||||**200**|
The notes on pages 12 to 16 form part of these financial statements
10
## **SAPPHIRE WOMEN FOUNDATION**
## **Balance Sheet As at 31[st] October 2024**
|**Note**
**Fixed assets**
Tangible assets
6
Total fixed assets
**Current assets**
Cash at bank and in hand
7
Debtors
8
Total current assets
**Liabilities**
Creditors -_Amount falling due_
_within one year_
9
**Net current assets**
**Total assets less current liabilities**
Creditors -_Amount falling due after_
_more than one year_
10
**Net assets**
**The funds of the charity:**
Unrestricted funds
11
Restricted funds
11
**Total charity funds**|£
5
-
5
-|2024
£
-
-
**5**
5
-
**5**
5
-
**5**|£
-
2,000
2,000
(650)|2023
£
-|
|---|---|---|---|---|
|||||-
**1,350**|
|||||1,350
(1,000)|
|||||**350**|
|||||-
350|
|||||**350**|
The trustees are satisfied that the charity is entitled to exemption from the requirement to obtain an audit/independent examination under section 144(2) of the Charities Act 2011 (the 2011 Act). The trustees of the charity have not required the charity to obtain an independent examination in accordance with section 144(2) of the Act.
The trustees acknowledge their responsibilities for complying with the requirements of the Charity Act 2011 with respect to accounting records and the preparation of accounts.
## **Kelechi Catherine Nnodim**
## Chair of Trustees
Approved by the board on 26[th] August 2025
The notes on pages 12 to 16 form part of these financial statements
11
**SAPPHIRE WOMEN FOUNDATION Notes to the financial statements Year ended 31[st] October 2024**
## **1. Accounting Policies**
The principal accounting policies adopted in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
## **1.1 Basis of preparation**
The financial statements have been prepared in accordance with the Charities Act 2011, as amended by the Charities Act 2022, and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). As a public benefit entity, the charity follows the Charities Statement of Recommended Practice (SORP) FRS 102, under the historical cost convention.
## **1.2 Income Recognition**
Income is recognized when the charity has entitlement to the funds, it is probable that the income will be received, and the amount can be reliably measured.
- Donations and Grants: Donations and grants are recognized as income when
- the charity has unconditional entitlement to the funds.
- Gift Aid: Gift Aid on donations is recognized on an accruals basis where there is a valid Gift Aid declaration from the donor.
- Investment Income: Investment income is recognized when received.
## **1.3 Expenditure Recognition**
Expenditure is recognized once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount can be reliably measured.
- Charitable Activities: Expenditure on charitable activities includes costs
- associated with the primary objectives of the charity.
- Support Costs: These are costs incurred that support the activities of the charity, and they include administrative expenses. Support costs are allocated to activities based on an appropriate method.
- Governance Costs: These are costs related to the general running of the charity, such as audit, legal advice, and trustee meetings.
12
**SAPPHIRE WOMEN FOUNDATION Notes to the financial statements Year ended 31[st] October 2024**
## **1.4 Fixed Assets and Depreciation**
Fixed assets are stated at cost less accumulated depreciation. Assets costing over £500 are capitalized. Depreciation is calculated to write off the cost of fixed assets over their useful economic lives on a straight-line basis, as follows:
- Office Equipment: 3 years
- Furniture and Fixtures: 5 years
## **1.5 Fund Accounting**
The charity maintains the following funds:
- Unrestricted Funds: These are funds that can be used at the discretion of the Trustees to further the charity's objectives.
- Restricted Funds: These funds are subject to specific conditions imposed by donors or funders. They can only be used for particular purposes as directed.
## **1.6 Debtors and Creditors**
- Debtors: Debtors are measured at transaction price, less any impairment.
- Creditors: Creditors are recognized where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds and can be measured or estimated reliably. Creditors are recognized at their settlement amount.
## **1.7 Cash and Cash Equivalents**
Cash and cash equivalents include cash at bank and in hand and short-term deposits with a maturity of three months or less from the date of acquisition.
## **1.8 Going Concern**
The Trustees have assessed the charity’s ability to continue as a going concern. They have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Therefore, the charity continues to adopt the going concern basis in preparing the financial statements.
13
## **SAPPHIRE WOMEN FOUNDATION**
## **Notes to the financial statements Year ended 31[st] October 2024**
|2
**Donations and legacies**
Unrestricted
£
Donations
5
Other income
-
**Total**
5
3
**Charitable activities**
Unrestricted
£
**Grants**
-
-
-
**Charitable trading**
Charity sales
-
Support services
-
-
**Total income from charitable**
**activities**
-
4
**Expenditure on charitable activities**
Staff cost
Project costs
Depreciation
Professional fees
Governance costs
Support costs
Restricted expenditure
Unrestricted expenditure
5
**Net income/(expenditure) for the year**
This is stated after charging/(crediting):
Depreciation|Restricted
2024
£
£
-
5
480
480
480
485
Restricted
2023
£
£
-
-
-
-
-
-
-
-
-
-
-
-
2024
£
-
-
-
-
300
530
830
830
-
830
2024
£
-|2024
£
5
480||2023
£
-
500
500
2022
£
-
-
-
-
-
-
2023
£
-
-
-
-
500
150|
|---|---|---|---|---|
|||485|||
|||2023
£
-|||
|||-|||
|||-
-|||
|||-|||
|||-|||
||||||
|||||650|
|||||650
-|
|||||650|
|||||2023
£
-|
14
## **SAPPHIRE WOMEN FOUNDATION**
## **Notes to the financial statements Year ended 31[st] October 2024**
|6
**Fixed assets: tangible assets**
**Cost**
At 1 November 2023
Additions
At 31 October 2024
**Depreciation**
At 1 November 2023
Charge for the year
At 31 October 2024
**Net book value**
At 31 October 2024
At 1 November 2023
7
**Cash at bank and in hand**
Cash at bank
Cash in hand
8
**Debtors**
Trading debtors
Funding debtors
Prepayments|Land and
Buildings
£
-
-
-
-
-
-
-
-|Fixtures
and fittings
Computer
equipment
£
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2024
£
5
-
5
2024
£
-
-
-
-|Computer
equipment
£
-
-||Total
£
-
-|
|---|---|---|---|---|---|
|||-|-||-|
|||-
-|-
-||-
-|
|||-|-||-|
|||-|-||-|
|||-|-||-|
||||||2023
£
-
-|
||||||**-**|
||||||2023
£
-
2,000
-|
||||||2,000|
15
## **SAPPHIRE WOMEN FOUNDATION Notes to the financial statements Year ended 31[st] October 2023**
|9
**Creditors**_- Amount falling due_
Accountancy fee
Others
10
**Creditors**_- Amount falling due_
_one year_
Trade creditors
Other creditors
11
Fund movements
**Restricted funds**
Restricted project fund
**Unrestricted funds**
General fund
**The funds of the charity**|_within one year_
_after more than_
Balance at 1
November
2023
£
350
350
-
-
350|2024
£
-
-
-
2024
£
-
-
-
Income Expenditure
£
£
480
(830)
480
(830)
5
-
5
-
485
(830)||2023
£
500
150
650
2023
£
-
1,000
1,000
As at 31
October
2024
£
-|
|---|---|---|---|---|
||||||
||||||
||||||
|||||-
5|
|||||5|
|||||5|
16