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2023-12-31-accounts

The Charity Registration Number is: 1182317

GAIN - Girls are Investors

Report and Accounts

31 December 2023

GAIN - Girls are Investors

Report and accounts for the year ended 31 December 2023

Contents

Page
Charity information 1
Trustees' Annual Report 1
Statement of Trustees' Responsibilities 10
Independent Examiner's Report 11
Funds Statements:
Statement of Financial Activities 13
Revenue Funds 15
Income and Expenditure account 16
Balance sheet 17
Cash flow statement 18
Notes to the accounts 21

GAIN - Girls are Investors

Trustees' Annual Report for the year ended 31 December 2023

The Trustees present their Report and Accounts for the year ended 31 December 2023.

Reference and administrative details.

The charity’s name.

The legal name of the charity is: GAIN (Girls are Investors).

The charity is also known by its operating name, GAIN.

The charity's areas of operation and UK charitable registration.

The charity is registered in England & Wales with the Charity Commission in England & Wales (CCEW) with charity number 1182317. The charity does not operate in any overseas jurisdictions.

Legal structure of the charity.

The charity is constituted as a Charitable Incorporated Organisation (CIO) in England & Wales. The governing document of the charity is the constitution of the CIO as approved by the CCEW.

There are no restrictions in the governing documents on the operation of the Charity other than those imposed by Charity Law.

The trustees are all individuals.

The principal operating address, telephone number, email and web addresses of the charity are:

36 Bridger Close Felpham West Sussex PO22 8FT

The Trustees in office on the date the report was approved were:

Anne Marie Fleurbaaij - Co-Chair Natasha Braginsky Mounier - Co-Chair Tilly Franklin Charlotte Yonge Caroline Hultman Rahul Moodgal

The following persons served as Trustees during the year ended 31 December 2023:

The trustees who served as a trustee in the reporting period, and, if applicable, their dates of appointment or resignation during the year were:

Name

Appointed

Resigned/Retired

Tilly Franklin Anne Marie Fleurbaaij Charlotte Yonge Caroline Hultman Rahul Moodgal Natasha Braginsky Mounier

1

GAIN - Girls are Investors

Trustees' Annual Report for the year ended 31 December 2023

Objects and activities of the charity.

The purposes of the charity as set out in its governing document.

GAIN is a community of investors set to change the staggering lack of gender diversity in investment management, from the ground up. GAIN educates young women about and inspires them to pursue careers in investing with a suite of online resources and a strong network of female role models, who speak in high schools and universities around the UK and feature on our online channels, delivering compelling and high-impact messages on the many benefits of investing as a career.

The objects of the CIO are:

(1) To advance the education of the public in the fundamental skills necessary for careers in professional investing and investment related fields: financial analysis, investment strategy, basic finance concepts and economics, critical thinking and analysis, presentation skills and leadership concepts;

(2) The promotion of equality and diversity for the public benefit by providing educational and work experience initiatives targeting girls and women attending schools, colleges and universities designed to address the underrepresentation of women in senior decision-making roles within the investment industry.

The main activities undertaken in relation to those purposes during the year.

GAIN is building a substantial volunteer network, which comprised c.1800 subscribers to our volunteer newsletter at the end of the 2023 calendar year, representing 500+ investment companies. The volunteers leverage GAIN's content to deliver educational talks in schools and universities around the UK.

The main activities undertaken during the year to further the charity's purpose for the public benefit.

GAIN provides a comprehensive range of events, online content and programmes to educate students, including:

• multiple online & in-person events at schools and universities in the UK and our first GAIN Student Awards Event;

• introduction of work experience insight days provided by sponsor firms to students at schools and universities;

• new podcast introduced in 2023 to educate students on investment topics.

We also provide mentoring opportunities on our programmes and help students realise their career ambitions. We offer the following programmes:

The short term and longer term aims and objectives.

GAIN's mission is to inspire and empower the next generation of women and non-binary investment professionals by providing a platform for learning, career development and networking.

Our vision is to reach 25,000 women and non-binary students each year by 2030 and aspire to increase their rate of application to investment firms to 30% in the longer term.

The charity's strategies for achieving its aims and objectives in the future.

GAIN will continue to provide a comprehensive range of events, online content and programmes to educate students (as listed above).

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GAIN - Girls are Investors

Trustees' Annual Report for the year ended 31 December 2023

How the activities undertaken during the year contributed to the achievement of the aims and objectives.

GAIN continues to inspire and empower the next generation of women and non-binary professionals by offering additional learning and career development opportunities. We have also expanded our provision of networking opportunities, increasing the number of insight days arranged with firms and networking opportunities during the programmes.

Resources used in the activities undertaken during the year.

GAIN leverages a small, dedicated team to deliver the events, programmes and content to students throughout the year. With our charitable status, we are able to benefit from non-profit discounts in technology & other resources to enable us to deliver our content in an effective and sustainable way.

Social investment policies and how these contributed to the achievement of charity's aims and objectives during the year.

GAIN does not make social investments. Donations and sponsorship received directly support GAIN's activities during the year.

The contribution of volunteers during the year.

Volunteers continue to be a key component of GAIN's work. At the end of 2023, GAIN had 1800+ volunteers registered and receiving the volunteer newsletter. Volunteers from the investment management industry contribute by speaking at online and in-person events, as guests on the GAIN podcast, mentoring students and providing additional content for the GAIN website.

The main achievements and performance of the charity during the year.

In 2023, GAIN expanded its outreach to students. With our increased outreach and volunteer support, we were able to reach 10,240 students in the year. Some key successes include:

3

GAIN - Girls are Investors

Trustees' Annual Report for the year ended 31 December 2023

Fundraising activities during the year.

GAIN raised £739,510 in total funding in 2023, which was more than adequate to fund the charity’s operations during the period.

Most of the charity’s funding comes from corporate donations & sponsorship. In addition, there are a small number of grants from industry sponsors and initiatives.

The difference the charity's performance during the year has made to the beneficiaries of the charity.

GAIN's performance during 2023 has positively impacted the beneficiaries of the charity. We have seen an increase in both applications and participation for all our programmes. With 63% of interns obtaining full-time roles in the investment industry following their internship in 2023, GAIN is directly impacting the number of women entering the industry.

The degree to which the achievements and performance during the year have benefited wider society.

Only 12% of investment portfolios are currently run by women and 20% of applications to the investment management industry are from young women. 63% of students who have completed an internship through the GAIN programme have been offered an investment role or secured a subsequent internship (this excludes those who are still at university and those who did not respond to our follow up survey) demonstrating the degree to which we are making an impact and benefitting wider society.

The significant charitable activities undertaken in the year.

The main activities during 2023 were:

Programmes: the annual GAIN Empower Investment Internship Programme, the GAIN Investment Insight Programme (GIIP), the GAIN Schools Investment Challenge.

Events & online resources, including:

How the achievements during the year measure up to the objectives set.

In 2023, we exceeded all our objectives including: number of students reached via our events & programmes, volunteer engagement and donations received.

4

GAIN - Girls are Investors

Trustees' Annual Report for the year ended 31 December 2023

The performance of material fundraising activities during the year against the fundraising objectives set.

GAIN is principally funded by corporate sponsorship. Objectives set for sponsorship & grants received during 2023 were comfortably exceeded.

Expenditure incurred in the year in order to raise income in the future.

GAIN has not incurred any material expenses in the year in order to raise income in the future.

Structure, governance and management of the charity.

The methods used to recruit and appoint new charity trustees.

Current GAIN trustees are to appoint new charity trustees as long as these individuals are eligible for trusteeship and understand the functions and duties of a trustee. There are no minimum or maximum number of trustees that can be appointed and no set term for each trustee.

Any appointment must be made at a meeting held according to the ordinary practice of the appointing body.

The policies and procedures for the induction and training of trustees.

We have a customised approach whereby we provide a new trustee with

The charity's organisational structure.

GAIN has 6 Trustees and 1 CEO with 6 direct reports (Programmes Manager, Marketing Manager, Events Manager, Educational Partnerships Manager, Administrative Manager, Finance & Operations Coordinator).

The Programmes Manager has 1 direct report (Programme Coordinator).

The Educational Partnerships Manager has 1 direct report (Education Partnerships Coordinator).

How the charity makes decisions and how decisions are delegated.

The GAIN team (CEO and below) have responsibility for day-to-day decision making and keep the Trustees updated on this in a bi-weekly update.

Strategic decisions are made at quarterly meetings involving the Trustees and the GAIN team.

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GAIN - Girls are Investors

Trustees' Annual Report for the year ended 31 December 2023

The Chief Executive Officer and other senior management personnel to whom day-to-day management is delegated.

Day-to-day management is shared between the CEO, Programmes Manager, Marketing Manager, Events Manager, Educational Partnerships Manager.

Setting pay and remuneration of key management personnel.

This is managed by the CEO with oversight from the Remuneration & Nominations Committee.

The charity as a part of a wider network.

GAIN is an independent charity supported by sponsors and volunteers. The relationships with our sponsors are managed by our CEO. Relationships with our volunteers are managed by the GAIN team depending on the initiative the volunteer is involved with.

The charity's relationships with related parties.

GAIN partners with a non-profit organisation called Level 20 for our Internship Programme, this relationship is managed by our Programmes Team (day to day) and CEO (strategic).

We work with a number of third parties to deliver our programmes, events and services and these relationships are managed by the teams that use the third party's services.

Contract negotiation is managed by the CEO.

Bankers Barclays Bank, 1 Churchill Place, London, E14 5HP Solicitors Goodwin Proctor London, 100 Cheapside, London, EC2V 6DY Accountants HS Tax Advisers Ltd, 15 Hillcrest Avenue, Edgware, Middlesex, HA8 8NZ

Financial review

The charity's financial position at the end of the year ended 31 December 2023.

The financial position of the charity at 31 December 2023 and comparatives for the prior period, as more fully detailed in the accounts, can be summarised as follows:

Net income
Unrestricted Revenue Funds available for the general purposes of
the charity
Total Funds		 2023
£
309,012
682,402
682,402		 2022
£
159,390
373,390
373,390

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GAIN - Girls are Investors

Trustees' Annual Report for the year ended 31 December 2023

Financial review of the position at the reporting date, 31 December 2023.

GAIN raised £739,510 in funding from corporate sponsors in the investment management industry, personal donations, grants & the internship programme during the calendar year 2023, which was more than adequate to fund the charity’s operations during the period. At the end of the year we had cash reserves of £673,188.

The trustees consider the financial performance by the charity during the year to have been satisfactory.

Policies on reserves.

The Trustees of the charity have considered an appropriate policy on reserves and have decided to retain a minimum of twelve months of average operating costs as reserves. This has been set at £450,000 as at 31 December 2023.

The charity intends to hold these reserves for unexpected drops in income and will spend them on

its charitable activities. Reserves are also held for opportunities to expand the charity’s activities that the Trustees regularly consider.

The Trustees will review the reserves policy on an annual basis to take account of the changing circumstances of the charity.

Availability and adequacy of assets of each of the funds.

The board of trustees is satisfied that the charity's assets in each fund are available and adequate to fulfil its obligations in respect of each fund.

Significant events which have affected the financial performance and the financial position.

GAIN has been selected as a UK charity partner by the Foundation of a Global Investment Firm, receiving £78,532 in 2023.

Sponsorship has also, across the board, been strong.

In addition, our internship programme has grown and with this, our revenue for intern programme fees which we charge to cover our administration costs and training we organise for interns on our programme.

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GAIN - Girls are Investors

Trustees' Annual Report for the year ended 31 December 2023

The major risks to which the Charity is exposed and reviews and systems to mitigate them.

GAIN has identified the following 5 key risks for the charity and put mitigants in place for the risk or has an action item to mitigate the risk:

1) Compliance: risk of failure to comply with legislation and reporting appropriate to the size of our organisation resulting in reputational and financial damage. Mitigant in place: Key legal and regulatory requirements identified with key compliance procedures involving compliance monitoring and reporting and preparation for compliance visits. All legal matters checked with legal counsel & Accountant to ensure legal and regulatory requirements met. Action Item: Recruit a trustee with appropriate experience to the Board of Trustees.

2) Cyber & Information Security: Risk that the technology systems and support are inadequate or fail to adapt to changing requirements; systems are vulnerable to cyber-attacks or cannot continue in a disaster with failing network/cloud access. Mitigant in place: Team Cyber Security lead appointed. All employee laptops have Avast VPN installed 24/7 to avoid hacking and tracking by malicious third parties. Customer data stored on Salesforce with its own data security in place. Employee data stored on Breathe with its own data security in place. Action Item: Ongoing cyber security training undertaken by Cyber Security lead. Cyber security health check on GAIN systems to be completed.

3) Volunteer Engagement Decline: Significant reduction in Volunteering from Volunteer network. Mitigant in place: Frequent follow ups with volunteers have been implemented after every volunteer event to collect, review, and respond to feedback. Annual volunteers meeting in place to keep volunteers updated and invite feedback. Volunteer contributions regularly celebrated in organisation's social media.

4) Reputational Risk: Reputational failures could cause catastrophic risk to GAIN, both in terms of our implied "license to operate" within schools and universities and our ability to generate financial/other support from donors and supporters. Mitigant in place: CEO with oversight from Trustee Board maintain an open, transparent, and compliant culture including compliance with all relevant legal processes, 1x year publishing of impact report on organisational activities and achievements, regular sponsor updates. Implementation in Q1 2004 of a 5-point partnerships criteria framework to assess suitability of collaboration with non-investment firms.

5) Sponsorship decline: Failure to be financially sustainable as a charity/termination of funding. Mitigant in place: CEO maintains regular schedule of meetings with potential sponsors and current sponsors including at renewal date. CEO with support from Trustee board keeps organisation relevant/up to date within the industry.

Factors likely to affect future financial performance.

We continue to grow our sponsorship base, therefore our income is likely to grow. Our internship programme is also growing year on year which will generate an increase in income.

Principal funding sources in the year and how these support the key objectives of the charity.

The principal sources of funding for GAIN are sponsorship/donations, grants and the Internship Programme. This funding enables GAIN to pay the team salaries who organise and deliver the various initiatives (events, programmes, school investment challenge, talks) that support the key objectives of GAIN.

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GAIN - Girls are Investors

Trustees' Annual Report for the year ended 31 December 2023

Plans For the Future.

Summary of plans for the future and the trustees' perspective of the future direction of the charity.

GAIN continues to focus on delivery high quality content, events and programmes to students. Expectations are that GAIN will continue at the current rate of growth and reach 25,000+ students each year by 2029 (10-year anniversary).

Details of The Independent Examiner.

Hemel Shah FCA, CTA Member of Institute of Chartered Accountants in England and Wales 15 Hillcrest Avenue Edgware Middlesex HA8 8NZ

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GAIN - Girls are Investors

Trustees' Annual Report for the year ended 31 December 2023

Statement of Trustees' Responsibilities

The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities Act 2011 and the Charities (Accounts and Reports) Regulations 2008. Notwithstanding the explicit requirement in the extant statutory regulations, the Charities (Accounts and Reports) Regulations 2008, to prepare the financial statements in accordance with the SORP 2005, in view of the fact that the SORP 2005 has been withdrawn, the Trustees determined to interpret this responsibility as requiring them to follow current best practice and prepare the accounts according to the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2019, applicable to all accounting periods beginning on or after 1st January 2019), (The SORP).

In particular, charity law requires the Trustees, if they prepare accounts on an accruals basis, to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity as at the end of the financial year and of the surplus or deficit of the charity. In preparing those financial statements the Trustees are required to:

The law requires that the trustees must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for the year.

The Trustees are also responsible for maintaining adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which are sufficient to show and explain the charity's transactions and enable them to ensure that the financial statements comply with regulations made under the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are also responsible for the contents of the Trustees' report, and the statutory responsibility of the Independent Examiner in relation to the Trustees' report is limited to examining the report and ensuring that, on the face of the report, there are no material inconsistencies with the figures disclosed in the financial statements.

This report was approved by the board of trustees on

24 July 2024

ANNE MARIE FLEURBAAIJ Trustee

10

GAIN - Girls are Investors

Report of the Independent Examiner to the Trustees of the charity on the accounts for the year ended 31 December 2023

I report to the Trustees on my examination of the financial statements of the charity on pages 13 to 31 for the year ended 31 December 2023 which have been prepared in accordance with the Charities Act 2011 (the Act) and with the Financial Reporting Standard 102, (effective 1st January 2016) as modified by FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2019, applicable to all accounting periods beginning on or after 1st January 2019), (The SORP), published by the Charity Commission in England & Wales (CCEW) , and under the historical cost convention and the accounting policies set out on page 21.

Respective responsibilities of the Trustees and the Independent Examiner and the basis of the report

As described on page 10, you, the charity's Trustees, are responsible for the preparation of the financial statements in accordance with the Charities Act 2011 and all other applicable law and with United Kingdom Generally Accepted Accounting Practice, applicable to smaller entities, and for being satisfied that the financial statements give a true and fair view.

The Trustees consider that the audit requirement of Section 144(1) of the Charities Act 2011 (the Act) does not apply, and that there is no requirement in the Governing Document for the conducting of an audit. As a consequence, the Trustees have elected that the financial statements be subject to independent examination.

Having satisfied myself that the financial statements are not required to be audited under any legal provision, or otherwise, and are eligible for independent examination, it is my responsibility to:

a) examine the financial statements of the charity under Section 145 of the Act;

b) follow the applicable procedures in the Directions given by the Charity Commission under section 145(5)(b) of the Act.

Basis of Independent Examiner's Statement and scope of work undertaken

Since the charity's gross income exceeded £250,000, the charity's examiner must be a member of a body listed in section 145 of the Act. I confirm that I am qualified to undertake the examination because I am an authorised member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

I report in respect of my examination of the charity's financial statements carried out under s145 of the Act. In carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act setting out the duties of an independent examiner in relation to the conducting of an independent examination. An independent examination includes a review of the accounting records kept by the charity and of the accounting systems employed by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you, as Trustees, concerning such matters. The purpose of the examination is to establish as far as possible that there have been no breaches of charity legislation and that, on a test basis of evidence relevant to the amounts and disclosures made, the financial statements comply with the SORP.

The procedures undertaken do not provide all the evidence that would be required in an audit, and information supplied by the Trustees in the course of the examination is not subjected to audit tests or enquiries and does not cover all the matters that an auditor would consider in arriving at an opinion. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide.

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GAIN - Girls are Investors

Consequently, I do not express an audit opinion on the view given by the financial statements, and in particular, I express no opinion as to whether the financial statements give a true and fair view of the affairs of the charity, and my report is limited to the matters set out in the statement below.

I planned and performed my examination so as to satisfy myself that the objectives of the independent examination are achieved and before finalising the report I obtained written assurances from the Trustees of all material matters.

Independent Examiner's Statement, Report and Opinion

Subject to the limitations upon the scope of my work as detailed above, I have completed my examination: and can confirm that:

The gross income of the charity in the year ended 31 December 2023 appears to exceed the sum specified in Section 145(3) of the Act, namely £250,000, and that I am qualified to act as Independent Examiner in accordance with that section by virtue of my being a qualified member of Institute of Chartered Accountants in England and Wales.

The accounts are being examined in the circumstances specified in Regulation 34(3)(b, and the date when the Charity Commission dispensed with the requirements for audit under Section 144(1) of the Charities Act 2011 (the Act) of the Act was 31 December 2023.

This is a report in respect of an examination carried out under section 145 of the Act and in accordance with Directions given by the Charity Commission under section 145(5)(b) of the Act which may be applicable;

In the course of my examination no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Signed:

Hemel Shah FCA, CTA - Independent Examiner Institute of Chartered Accountants in England and Wales 15 Hillcrest Avenue Edgware Middlesex HA8 8NZ

This report was signed on 24 July 2024

12

GAIN - Girls are Investors - Statement of Financial Activities for the year ended 31 December 2023

Statement of Financial Activities for the year ended 31 December 2023.

SORP
Current year
Ref
Unrestricted
Funds
2023
£
Income & Endowments from:
Donations & Legacies
A1
739,510
Expenditure on:
Charitable activities
B2
430,498
Total expenditure
B
430,498
Net income for the year
309,012
Net income after transfers
A-B-C
309,012
Net movement in funds
309,012
Reconciliation of funds:
E
Total funds brought forward
373,390
Total funds carried forward
682,402		 Current year
Restricted
Funds
2023
£
-
-
-
-
-
-
-
-		 Current year
Total Funds
2023
£
739,510
430,498
430,498
309,012
309,012
309,012
373,390
682,402		 Prior Year
Total Funds
2022
£
435,186
275,796
275,796
159,390
159,390
159,390
214,000
373,390

The “SORP Ref” indicated above is the classification of income set out in the formal SORP documents. As required by paragraph 4.60 of the SORP, the brought forward and carried forward funds above have been agreed to the Balance Sheet.

A separate Statement of Total Recognised Gains and Losses is not required as this statement includes all recognised gains and losses.

All the prior year transactions were unrestricted items, and no further analysis is required.

All activities derive from continuing operations.

The notes attached on pages 21 to 31 form an integral part of these accounts.

13

GAIN - Girls are Investors - Statement of Financial Activities for the year ended 31 December 2023

GAIN - Girls are Investors - Resources applied in the year ended 31 December 2023 towards fixed assets for Charity use:

assets for Charity use:
Funds generated in the year as detailed in the SOFA
Resources applied on functional fixed assets
Other applications of funds
Net resources available to fund charitable activities		 2023
£
-
(6,881)
-
(6,881)		 2022
£
-
(1,150)
-
(1,150)

The resources applied on fixed assets for charity use represents the cost of additions less proceeds of any disposals.

The notes attached on pages 21 to 31 form an integral part of these accounts.

14

GAIN - Girls are Investors - Statement of Financial Activities for the year ended 31 December 2023

Movements in revenue and capital funds for the year ended 31 December 2023

Revenue accumulated funds

Unrestricted
Funds
2023
£
Accumulated funds brought forward
373,390
Recognised gains and losses before
transfers
309,012
682,402
Closing revenue funds
682,402
Summary of funds
Unrestricted
and
Designated funds
2023
£
Revenue accumulated funds
682,402		 Restricted
Funds
2023
£
-
-
-
-
Restricted
Funds
2023
£
-		 Total
Funds
2023
£
373,390
309,012
682,401
682,402
Total
Funds
2023
£
682,402		 Last year
Total Funds
2022
£
214,000
159,390
373,390
373,390
Last Year
Total Funds
2022
£
373,390

The notes attached on pages 21 to 31 form an integral part of these accounts.

15

GAIN - Girls are Investors - Statement of Financial Activities for the year ended 31 December 2023

GAIN - Girls are Investors

Income and Expenditure Account for the year ended 31 December 2023 as required by the Companies Act 2006

Income
Income from operations
Gross income in the year before exceptional items
Gross income in the year including exceptional items
Expenditure
Charitable expenditure, excluding depreciation and amortisation
Depreciation and amortisation
Realised losses on disposals of social investments which are programme related
Total expenditure in the year
Net income before tax in the financial year
Tax on surplus on ordinary activities
Net income after tax in the financial year
Retained surplus for the financial year		 2023
£
739,510
739,510
739,510
427,821
2,677
-
430,498
309,012
-
309,012
309,012		 2022
£
435,186
435,186
435,186
275,413
383
-
275,796
159,390
-
159,390
159,390

All activities derive from continuing operations

In accordance with the provisions of the Companies Act 2006, the headings and subheadings used in the Income and Expenditure account have been adapted to reflect the special nature of the charity's activities.

The notes attached on pages 21 to 31 form an integral part of these accounts.

16

GAIN - Girls are Investors - Balance Sheet as at 31 December 2023

Note
SORP
Ref
2023
£
Fixed assets
A
Tangible assets
9
A2
4,971
Total fixed assets
4,971
Current assets
B
Debtors
10
B2
7,500
Cash at bank and in hand
B4
673,188
Total current assets
680,688
Creditors: amounts falling due within
one year
11
C1
(3,257)
Net current assets
677,431
The total net assets of the charity
682,402
The total net assets of the charity are funded by the funds of the charity, as follows:		 2022
£
767
767
-
372,625
372,625
-
372,625
373,392

Restricted funds - -

Unrestricted Funds

Unrestricted Revenue Funds
14
D3
Total charity funds		 682,402
373,392
682,402		 373,392
373,392

The 'SORP Ref' indicated above is the classification of Balance Sheet items as set out in the formal SORP documents. As required by paragraph 4.60 of the SORP, the brought forward and carried forward funds above have been agreed to the SOFA.

The Trustees acknowledge their responsibilities for complying with the requirements of charity legislation with respect to accounting records and the preparation of accounts.

The charity is subject to Independent Examination under charity legislation, and the report of the Independent Examiner is on page 12.

The Trustees are satisfied that, although the charity is not registered under the Companies Acts, if it were so registered, it would be eligible to prepare accounts in accordance with the provisions in Part 15 of the Companies Act 2006. applicable to companies subject to the small companies’ regime.

ANNE MARIE FLEURBAIJJ

Trustee

Approved by the board of trustees on 24 July 2024

The notes attached on pages 21 to 31 form an integral part of these accounts.

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GAIN - Girls are Investors

Cash Flow Statement for the year ended 31 December 2023

Cash flows from operating activities
Net cash provided by operating activities as shown below
A
Cash flows from investing activities
Purchase of property, plant and equipment
Cash flows from financing activities
Net cash provided by financing activities
C
Overall cash provided by all activities
A+B+C
Cash movements
Change in cash and cash equivalents from activities in the
year ended 31 December 2023
Cash and cash equivalents at 1 January 2023
Change in cash and cash equivalents due to exchange rate movements
Cash at bank and in hand less overdrafts at 31 December		 2023
£
307,445
(6,881)
-
300,564
300,564
372,624
-
673,188		 2022
£
159,773
(1,149)
-
158,624
158,624
214,000
-
372,624

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GAIN - Girls are Investors

Cash Flow Statement for the year ended 31 December 2023 GAIN - Girls are Investors

Cash Flow Statement for the year ended 31 December 2023 - Continued

Reconciliation of net income to net cash flow from operating activities

Net income as shown in the Statement of Financial Activities
Adjustments for:
Depreciation charges
Write downs of investments
Net unrealised losses on investment assets
Decrease in debtors
Increase in creditors, excluding loans
Net cash provided by operating activities
Analysis of cash and cash equivalents
Cash in hand at for the year ended 31 December 2023
Notice deposits - (less than 3 months)
Total cash and cash equivalents		 309,011
2,677
-
-
(7,500)
3,257
A
307,445
2023
£
673,188
-
673,188		 159,390
383
-
-
-
-
159,773
2022
£
372,624
-
372,624

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GAIN - Girls are Investors

Cash Flow Statement for the year ended 31 December 2023 GAIN - Girls are Investors

Cash Flow Statement for the year ended 31 December 2023 - Continued

Analysis of change in net debt
Cash
Total		 At start
of year
372,624
372,624		 Cash
Flows
300,564
300,562		 At end
of year
673,188
673,188

20

GAIN - Girls are Investors

Notes to the Accounts for the year ended 31 December 2023

1 Accounting policies

Policies relating to the production of the accounts.

Basis of preparation and accounting convention.

The accounts have been prepared on the accruals basis, under the historical cost convention, and in accordance with the Financial Reporting Standard 102, (effective 1st January 2016) and 'FRS 102 SORP’ (Statement of Recommended Practice for Accounting and Reporting by Charities) 2019, applicable to all accounting periods beginning on or after 1st January 2019), (The SORP), published by the Charity Commission in England & Wales (CCEW), and in accordance with all applicable law in the charity's jurisdiction of registration, except that the charity has prepared the financial statements in accordance with the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2019, applicable to all accounting periods beginning on or after 1st January 2019), (The SORP), in preference to the previous SORP, the SORP 2005, which has been withdrawn, notwithstanding the fact that the extant statutory regulations, the Charities (Accounts and Reports) Regulations 2008 refer explicitly to the SORP 2005. This has been done to accord with current best practice.

Going Concern.

The charitable activities are entirely dependent on continuing grant aid and voluntary donations as well as trading revenues. As a consequence, the going concern basis is dependent on the future flow of these uncertain funding streams. Accordingly, the Trustees have obtained forecasts and, after reviewing the financial forecasts for future periods to 31 December 2024, the Trustees are satisfied that, at the time of approving the financial statements, it is appropriate to adopt the going concern basis in preparing the financial statements. Other than these matters, the Trustees are not aware of any material uncertainties about the charity's ability to continue as a going concern.

Risks and future assumptions.

The charity is a public benefit entity.

The trustees have a duty to identify and review the risks to which the charity is exposed and ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The trustees examine the major strategy, business and operational risk, which their charity faces regularly and believe that they are maintaining sufficient reserves, combined with an annual review of the controls over financial systems, will provide sufficient resources in the event of adverse conditions.

Policies relating to categories of income and income recognition.

Income recognition.

Income, whether from exchange or non-exchange transactions, is recognised in the statement of financial activities (SOFA) on a receivable basis, when a transaction or other event results in an increase in the charity’s assets or a reduction in its liabilities and only when the charity has legal entitlement, the income is probable and can be measured reliably.

Dividends are accrued when the shareholder’s right to receive payment is established.

Income subject to terms and conditions which must be met before the charity is entitled to the resources is not recognised until the conditions have been met.

All income is accounted for gross, before deducting any related fees or costs.

21

GAIN - Girls are Investors

Notes to the Accounts for the year ended 31 December 2023

Accounting for deferred income and income received in advance.

Where terms and conditions relating to income have not been met or uncertainty exists as to whether the charity can meet any terms or conditions otherwise within its control, income is not recognised but is deferred as a liability until it is probable that the terms or conditions imposed can be met.

Any grant that is subject to performance-related conditions received in advance of delivering the goods and services required by that condition or is subject to unmet conditions wholly outside the control of the recipient charity, is accounted for as a liability and shown on the balance sheet as deferred income. Deferred income is released to income in the reporting period in which the performance-related or other conditions that limit recognition are met.

When income from a grant or donation has not been recognised due to the conditions applying to the gift not being wholly within the control of the recipient charity, it is disclosed as a contingent asset if receipt of the grant or donation is probable once those conditions are met.

Where time related conditions are imposed or implied by a funder, then the income is apportioned to the time periods concerned, and, where applicable, is accounted for as a liability and shown on the balance sheet as deferred income. When grants are received in advance of the expenditure on the activity funded by them, but there are no specific time related conditions, then the income is not deferred.

Any condition that allows for the recovery by the donor of any unexpended part of a grant does not prevent recognition of the income concerned, but a liability to any repayment is recognised when repayment becomes probable.

Policies relating to expenditure on goods and services provided to the charity.

Recognition of liabilities and expenditure

A liability, and the related expenditure, is recognised when a legal or constructive obligation exists as a result of a past event, and when it is more likely than not that a transfer of economic benefits will be required in settlement, and when the amount of the obligation can be measured or reliably estimated.

Liabilities arising from future funding commitments and constructive obligations, including performance related grants, where the timing or the amount of the future expenditure required to settle the obligation are uncertain, give rise to a provision in the accounts, which is reviewed at the accounting year end. The provision is increased to reflect any increases in liabilities and is decreased by the utilisation of any provision within the period, and reversed if any provision is no longer required. These movements are charged or credited to the respective funds and activities to which the provision relates.

Allocating costs to activities.

Direct costs that are specifically related to an activity are allocated to that activity. Shared direct costs and support costs are apportioned between activities.

The basis for apportionment, which is consistently applied, and proportionate to the circumstances, is:

Staffing - on the basis of time spent in connection with any particular activity. Staffing - on a per capita basis, based on the number of people employed within any particular activity. Premises related costs - on the proportion of floor area occupied by a particular activity.

Nonspecific support costs - on the basis of the usage of resources, in terms of time taken, capacity used, request made or other measures.

Estimation techniques used in apportioning costs – based on turnover by activity.

Volunteers

In accordance with the SORP, and in recognition of the difficulties in placing a monetary value on the contribution from volunteers, the contribution of volunteers is not included within the income of the charity. However, the trustees value the significant contribution made to the activities of the charity by unpaid volunteers and this is described more fully in Note 6.

22

GAIN - Girls are Investors

Notes to the Accounts for the year ended 31 December 2023 Policies relating to assets, liabilities and provisions and other matters.

Tangible fixed assets.

Tangible fixed assets are measured at their original cost value, or subsequent revaluation, or if donated, as described above. Cost value includes all costs expended in bringing the asset into its intended working condition.

Depreciation has been provided at the following rates in order to write off the assets to their anticipated residual value over their estimated useful lives.

Plant and machinery

33.33% straight line

Debtors

Debtors are measured at their recoverable amounts at the balance sheet date.

Financial instruments including cash and bank balances.

Cash held by the charity is included at the amount actually held and counted at the year end. Bank balances, whether in credit or overdrawn, are shown at the amounts properly reconciled to the bank statements.

Pensions - defined contribution schemes.

The charity operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

Pensions - defined benefit schemes.

The charity operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

Fund Accounting.

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.

There are no endowment funds.

2 Liability to taxation.

The Trustees consider that the charity satisfies the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by chapter 3 part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively on the specific charitable objects of the charity and for no other purpose. The charity is registered for VAT and is partially exempt.

3 Winding up or dissolution of the charity.

If upon winding up or dissolution of the charity there remain any assets, after the satisfaction of all debts and liabilities, the assets represented by the accumulated fund shall be transferred to some other charitable body or bodies having similar objects to the charity.

4 Significance of financial instruments to the charity's position.

There are no significant implications of financial instruments to the charity's position.

23

GAIN - Girls are Investors

Notes to the Accounts for the year ended 31 December 2023

5 Net surplus before tax in the financial year.

5 Net surplus before tax in the financial year.
2023 2022
£ £
The net surplus before tax in the financial year is stated after charging:
Depreciation of owned fixed assets 2,677 383
Pension costs 5,571 6,523

6 The contribution of volunteers.

Volunteers continue to be a key component of GAIN's work. At the end of 2023, GAIN had 1800+ volunteers registered & receiving the volunteer newsletter. Volunteers from the investment management industry contribute by speaking at online and in-person events, as guests on the GAIN podcast, mentoring students and providing additional content for the GAIN website.

7 Staff costs and emoluments.

Salary costs 2023 2022
£ £
Gross Salaries excluding trustees and key management personnel 225,746 228,042
Employer's National Insurance for all staff 18,380 -
Employer's operating costs of defined
contribution pension schemes 5,571 6,523
Total salaries, wages and related costs 249,697 234,565
The average number of part time staff employed in the year was 3 2
The average number of full-time staff employed in the year was 5 4
The estimated full time equivalent number of all staff employed in the year was 7 5
The estimated equivalent number of full-time staff deployed in different activities in the year was:
Engaged on charitable activities 4 3
Engaged on publicity activities 1 -
Engaged on fundraising activities 1 1
Engaged on management and administration 1 1
The estimated full time equivalent number of all staff employed as above 7 5

24

GAIN - Girls are Investors

Notes to the Accounts for the year ended 31 December 2023

Neither the trustees nor any persons connected with them have received any remuneration from the charity or any related entity, either in the current or prior year.

Highest Paid Employee

The remuneration in the year was
Pension contributions paid by the employer
Compensation/Termination payments
Total remuneration package
included in total salaries above		 46,093
44,751
1,196
1,022
1,850
1,000
49,139
46,773

8 Remuneration and payments to Trustees and persons connected with them.

No trustees or persons connected with them received any remuneration from the charity, or any related entity.

9 Tangible fixed assets.

Current Year
Cost
At 1 January 2023
Additions
At 31 December 2023
Depreciation
At 1 January 2023
Charge for the year
At 31 December 2023
Net book value
At 31 December 2023
At 31 December 2022		 Land and
Buildings
Plant &
Machinery
Motor
Vehicles
Total
Total
£
£
£
£
£
-
1,149
-
1,149
1,149
-
6,881
-
6,881
6,881
-
8,031
-
8,031
8,031
-
383
-
383
383
-
2,677
-
2,677
2,677
-
3,060
-
3,060
3,060
-
4,971
-
4,971
4,971
-
766
-
766
766

10 Debtors.

Trade debtors

2023 2022
£ £
7,500 -
7,500 -

25

GAIN - Girls are Investors

Notes to the Accounts for the year ended 31 December 2023

11 Creditors: amounts falling due within one year.
Accruals
PAYE, NIC VAT and other taxes
Other creditors
12 Income and Expenditure account summary.
At 1 January 2023
Surplus after tax for the year
At 31 December 2023		 2023
2022
£
£
2,000
-
55
-
1,200
-
3,255
-
2023
£
2022
£
373,390
214,000
309,012
159,390
682,402
373,390

13 Particulars of how particular funds are represented by assets and liabilities.

At 31 December 2023 Unrestricted Designated Restricted Total Total
Funds funds Funds Funds Funds
£ £ £ £ £
Tangible Fixed Assets 4,971 - - 4,971 4,971
Current Assets 680,688 - 680,688 680,688
Current Liabilities (3,257) - - (3,257) (3,257)
682,402 - - 682,402 682,402
At 1 January 2023 Unrestricted Designated Restricted Total Total
Funds Funds Funds Funds Funds
£ £ £ £ £
Tangible Fixed Assets 767 - - 767 767
Current Assets 372,625 - - 372,625 372,625
373,392 - - 373,392 373,392
Change in total funds over the year as shown in Note 13, analysed by individual funds.
Funds Movement in Transfers Funds Funds carried
brought funds in 2023 between carried forward to
forward from funds in 2023 forward to 2024
2022 2024
See Note 15 See Note 0
£ £ £ £ £
Unrestricted and designated funds:
Unrestricted Revenue Funds 373,391 309,012 - 682,403 682,403
Total unrestricted and designated funds 373,391 309,012 - 682,403 682,403
Total charity funds 373,391 309,012 - 682,403 682,403

14 Change in total funds over the year as shown in Note 13, analysed by individual funds.

26

GAIN - Girls are Investors

Notes to the Accounts for the year ended 31 December 2023

15 Analysis of movements in funds over the year as shown in Note 14.

Unrestricted and designated funds:
Unrestricted Revenue Funds		 Other
Income
Expenditure
Gains &
Losses
Movement
in funds
Movement
in funds
2023
2023
2023
2023
2023
£
£
£
£
£
739,510
(430,498)
-
309,012
309,012
739,510
(430,498)
-
309,012
309,012

27

GAIN - Girls are Investors

Detailed analysis of income and expenditure for the year ended 31 December 2023 as required by the SORP 2015

This analysis is classified by conventional nominal descriptions and not by activity.

16 Support costs for charitable activities

Current year
Current year
Current year
Unrestricted
Restricted
Total Funds
Current Year
Funds
Funds
2023
2023
2023
£
£
£
Employee costs not included in direct costs
Salaries - Administrative staff
225,746
-
225,746
Employers' NI - Administrative staff
18,380
-
18,380
Defined contribution pension costs -
Other salaries
5,571
-
5,571
Training and welfare - staff
1,075
-
1,075
Administrative overheads
General Expenses (including Subscriptions)
990
-
990
Software licenses and expenses
9,148
-
9,148
Advertising and marketing
3,220
-
3,220
Sundry expenses
163
-
163
Programme costs
27,313
-
27,313
Eventscosts
5,289
-
5,289
Insurance
1,075
-
1,075
Travel and subsistence
4,524
-
4,524
Professional fees paid to advisors other than the auditor or examiner
Accountancy fees other than
examination or audit fees
Legal fees
Consultancy fees
Financial costs
Depreciation & Amortisation in total for
the period
Support costs before reallocation
Total support costs - Current Year
The basis of allocation of costs between activities is described under accounting policies
4,440
-
4,440
850
-
850
120,037
-
120,037
2,677
-
2,677
430,498
-
430,498
430,498
-
430,498		 Current year
Current year
Current year
Unrestricted
Restricted
Total Funds
Current Year
Funds
Funds
2023
2023
2023
£
£
£
Employee costs not included in direct costs
Salaries - Administrative staff
225,746
-
225,746
Employers' NI - Administrative staff
18,380
-
18,380
Defined contribution pension costs -
Other salaries
5,571
-
5,571
Training and welfare - staff
1,075
-
1,075
Administrative overheads
General Expenses (including Subscriptions)
990
-
990
Software licenses and expenses
9,148
-
9,148
Advertising and marketing
3,220
-
3,220
Sundry expenses
163
-
163
Programme costs
27,313
-
27,313
Eventscosts
5,289
-
5,289
Insurance
1,075
-
1,075
Travel and subsistence
4,524
-
4,524
Professional fees paid to advisors other than the auditor or examiner
Accountancy fees other than
examination or audit fees
Legal fees
Consultancy fees
Financial costs
Depreciation & Amortisation in total for
the period
Support costs before reallocation
Total support costs - Current Year
The basis of allocation of costs between activities is described under accounting policies
4,440
-
4,440
850
-
850
120,037
-
120,037
2,677
-
2,677
430,498
-
430,498
430,498
-
430,498		 Current year
Total Funds
2023
£
225,746
18,380
5,571
1,075
990
9,148
3,220
163
27,313
5,289
1,075
4,524
4,440
850
120,037
2,677		 Prior Year
Total Funds
2022
£
228,042
-
6,523
409
1,439
2,539
5,742
37
21,905
1,271
157
3,834
-
3,515
-
383
430,498
-		 275,796
430,498
-		 275,796
-
-
-

All the expenditure in the prior year was unrestricted.

Administrative overheads

The basis of allocation of costs between activities is described under accounting policies.

28

GAIN - Girls are Investors

Detailed analysis of income and expenditure for the year ended 31 December 2023 as required by the SORP 2015

17 Total Charitable expenditure.

Total Charitable expenditure.
Current Year
Total support costs
B2d
Total charitable expenditure
B2
All the expenditure in the prior year was unrestricted.
Prior Year
Total support costs
B2d
Total charitable expenditure
B2		 Current year
Current year
Unrestricted
Funds
Restricted
Funds
2023
2023
£
£
430,498
-		 Current year
Total Funds
2023
£
430,498
430,498
Prior Year
Total Funds
2022
£
275,796		 Prior Year
Total Funds
2022
£
275,796
430,498
-		 275,796
Prior Year
Prior Year
Unrestricted
Funds
Restricted
Funds
2022
2022
£
£
275,796
-
275,796
-		 275,796

29

GAIN - Girls are Investors

Activity analysis of Income and expenditure for the for the year ended 31 December 2023

This analysis is classified by activity and not by conventional nominal descriptions.

18 Analysis of income by activity

Analysis of income by activity
SOFA ref 2023 2022
£ £
Activity
Summary of Total Income, including the items above
Donations & Legacies A1 739,510 435,186
Categories of income
Income from exchange transactions 739,510 435,186
Total Events & online resources
-
19 Analysis of charitable expenditure by activity
Activity
Direct
costs
2023
£
Programmes
Employee costs not included in direct costs
-
Administrative overheads
-
Professional fees
-
Financial costs
-
Total Programmes
-
Direct
costs
2023
£
Events & online resources
Employee costs not included in direct
costs
-
Administrative overheads
-
Professional fees
-
Fi
i l
t		 172,200
Support
costs
2023
£
150,463
31,032
75,197
1,606
258,298
Support
costs
2023
£
100,309
20,689
50,131
1 071		 -
Grant
funding of
activities
2023
£
-
-
-
-
-
Grant
funding of
activities
2023
£
-
-
-		 172,200
Total
2023
£
150,463
31,032
75,197
1,606
258,298
Total
2023
£
100,309
20,689
50,131
1 071		 Total
2022
£
141,007
22,132
2,109
230
165,478
Total
2022
£
94,004
14,755
1,406
153
110,318

30

GAIN - Girls are Investors

Activity analysis of Income and expenditure for the for the year ended 31 December 2023

Summary of charitable costs by activity

Total Programmes
Total Events & online resources
Total charitable expenditure		 Direct
costs
2023
£
-
-
-		 Support
costs
2023
£
258,298
172,200
430,498		 Grant
funding of
activities
2023
£
-
-
-		 Total
2023
£
258,298
172,200
430,498		 Total
2022
£
165,478
110,318
275,796

The basis of allocation of costs between activities is described under accounting policies.

The breakdown of this expenditure by type of spending (i.e nominal classification) is detailed in note 17.

31