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2025-04-05-accounts

CHARITY REGISTRATION NUMBER: 1207438

FLOWW

Unaudited Financial Statements 31 March 2025

STELLA BRIGHT LTD

Chartered accountants

9 Lydden Road London SW18 4LT

FLOWW

Financial Statements

Year ended 31 March 2025

Page
Trustees' annual report 1
Independent examiner's report to the trustees 8
Statement of financial activities 9
Statement of financial position 10
Notes to the financial statements 11

FLOWW

Trustees' Annual Report

Year ended 31 March 2025

The trustees present their report and the unaudited financial statements of the charity for the year ended 31 March 2025.

Reference and administrative details Registered charity name FLOWW Charity registration number 1207438 Principal office 204 Muswell Hill Road London N10 3NH The Trustees D Nieto Dr K Ruddy F Ferguson P Jain Independent Examiner Stella Bright Ltd 9 Lydden Road London SW18 4LT

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FLOWW

Trustees' Annual Report (continued)

Year ended 31 March 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

FLOWW is a Charitable Incorporated Organisation (CIO), established as a charity on 13 March 2024. It is registered with the Charity Commission for England and Wales. Charity number 117438. It is governed by its constitution. The charity also operates through a registered non-profit company in South Africa (FLOWW South Africa) to support the delivery of its charitable activities. The Trustees ensure that all activities are carried out in furtherance of the charity's objects.

Organisational structure

Over the last year, our Board of Trustees has comprised of 4 members. They have all been Trustees since FLOWW's registration and bring their experience across the spectrum of poverty alleviation, medicine, education and sustainability to the leadership of the charity. Trustees serve on a voluntary basis and receive no remuneration.

Trustees met twice during the year in a combination of online and in-person formats. As well as receiving operational reports from the CEO, they are responsible for policy direction and financial oversight. Policies are reviewed and approved by Trustees on an agreed schedule. The Trustees have identified and reviewed the principal risks facing the charity and have put appropriate controls and procedures in place to mitigate these risks. They are satisfied that suitable governance and internal control arrangements are in place to safeguard the charity's assets and ensure the responsible use of funds.

Day-to-day management is delegated by the Trustees to the leadership team who are responsible for operational delivery and implementation of strategy. Charitable activities are primarily delivered through partnerships with established local organisations, enabling effective oversight while ensuring that work is informed by local knowledge and expertise.

Key management remuneration

In the opinion of the Trustees, there is one member of key management personnel, the CEO. The cost of this post in the 2024/25 year was £91,069 (salary £85,246 + employer's NIC £5,823).

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FLOWW

Trustees' Annual Report (continued)

Year ended 31 March 2025

OBJECTIVES AND ACTIVITIES

Objectives and Aims

FLOWW is a registered charity in England and Wales (1207438), established in 2024.

FLOWW's charitable purpose is the prevention and relief of Period Poverty and its associated social, educational, economic and environmental impacts. The charity works to ensure that girls and women living in poverty are able to manage their periods effectively, affordably and sustainably, thereby enabling fuller participation in education, work, the economy, sport and community life while saving the planet from the harm of single-use products in the process.

In setting and reviewing its objectives during the year ended 31 March 2025, the Trustees had due regard to the Charity Commission's guidance on public benefit. The Trustees are satisfied that FLOWW's activities during the year were carried out in furtherance of its charitable purposes and provided clear public benefit to the communities served.

Activities and Operating Model

Foundational Underwear Model & Impact

FLOWW grew out of the belief that Period Poverty can ultimately be eradicated and that period underwear is the most optimal existing solution to achieve this. To this end, FLOWW can deliver 3 pairs of period underwear to a girl/ woman for 20USD. The underwear is leak-proof, washable, reusable, fast-drying and extremely comfortable - and entirely replaces the need to use any other period products for 5 years+.

For a school-aged girl, who would otherwise miss 100 - 250 school days (over the same 5 years period) because she's unable to manage her period, this means that she has the opportunity to attend school every day, reducing the probability of falling behind/ dropping out.

Statistically, a girl who finishes secondary school will marry 2.5 - 4.5 years later and have between 1 and 2 fewer children - and she is more likely to educate the children she has.

She will also save 80% of the amount normally spent managing her period and will earn $6,000 to $8,000 more over her lifetime.

In terms of sustainability, 3 pairs of underwear replace 1125 single-use products. These will be kept out of production and so too out of landfill and the water system.

This is the equivalent of 400-500 plastic bags worth of plastic.

And carbon emissions of period management over 5 years are reduced by 96%.

Two Arms of Delivery

During the year ended 31 March 2025, FLOWW progressed its charitable objectives through two complementary operational arms.

The Trustees consider this dual approach to be central to FLOWW's strategy: (1) delivering immediate public benefit through targeted distribution of period underwear via established charity partners and (2) investing in model development to create scalable, sustainable approaches capable of generating long-term, exponential impact.

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FLOWW

Trustees' Annual Report (continued)

Year ended 31 March 2025

1) Direct Giving Model (partner-channeled distribution)

In order to deliver the underwear to its intended recipients at cost (20USD), FLOWW works through a partnership operating model. Rather than operating independently, the charity works with trusted local organisations that have established relationships with beneficiaries. This enables period underwear to be delivered alongside education, fitting support and follow-up, increasing the likelihood of sustained use and impact. Importantly, by embedding itself into the ecosystems of its charity partners, FLOWW is also able to deliver the underwear at cost as it spends nothing on logistics, distribution, infrastructure or reach.

FLOWW's approach is informed by the principle that local communities are best placed to understand their own needs. By embedding its work within existing systems such as schools, sports programmes and community networks, the charity seeks to maximise reach, reduce waste and ensure solutions are culturally appropriate and sustainable.

FLOWW's Direct Giving Model delivers immediate relief of Period Poverty by embedding distribution of period underwear into the existing programmes and trusted systems of partner organisations. This approach avoids the charity needing to build its own distribution infrastructure and enables FLOWW to reach girls and women who would otherwise be unable to manage their periods safely, affordably and reliably.

During the year, FLOWW worked in partnership with:

to distribute period underwear to girls and women experiencing period poverty in South Africa and India. These partners supported beneficiary identification, distribution and education, ensuring support reached those facing financial and social barriers to effective menstrual health management.

The Trustees note that this partnership-based approach strengthened accountability, reduced delivery risk and generated valuable learning, which has informed programme design and future planning.

2) Model Development Laboratory (innovation and scalability)

Alongside direct delivery, the Trustees have established FLOWW's Model Development Laboratory to develop and test approaches that enable the charity's impact to scale beyond direct giving alone. The purpose of this work is to create replicable, community-owned systems that are ultimately self-sustaining and that can permanently reduce Period Poverty at community level while also reducing environmental harm from disposable menstrual products.

The first major initiative under this arm is the Masiphumelele Project, which the Trustees regard as a strategically significant investment in long-term impact. The project is designed as a three-year pilot in a township outside Cape Town to test whether a community can transition away from single-use menstrual products and adopt period underwear as a permanent solution.

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FLOWW

Trustees' Annual Report (continued)

Year ended 31 March 2025

ACHIEVEMENTS AND PERFORMANCE

During the year ended 31 March 2025, FLOWW made good progress in delivering its objectives while also investing in the foundations required for long-term sustainability.

Direct Giving- Partnership Model

Through its partner organisations, FLOWW distributed 1000s of pairs of period underwear to underserved girls and women, particularly adolescent girls at risk of missing school and women experiencing ongoing economic insecurity. Menstrual health education and fitting and use guidance were delivered alongside products, reflecting FLOWW's knowledge that access alone is insufficient without understanding, confidence and continued use.

Qualitative feedback from partners and beneficiaries indicated sustained and measurable positive outcomes, including improved confidence, reduced anxiety around menstruation, increased participation in school, sport and community life and meaningful cost savings.

Masiphumelele Project - Scale, Design and Progress

A significant achievement during the year was the launch of the Masiphumelele Project, the first ambitious project from FLOWW's Model Development Laboratory. This an experimental pilot in a township outside Cape Town designed to test a permanent transition away from single-use menstrual products across an entire community. Key milestones achieved included the appointment of a local project coordinator, community-led research and early development of a sustainable social enterprise model.

Masiphumelele was selected as a suitable pilot environment due to its defined geographic footprint, high-density population and strong existing ecosystem of local NGOs and community leaders. The community has an estimated population of approximately 50,000 people, including around 12,500 menstruating women and girls, which provides a meaningful but manageable scale for piloting and refining the approach. The project commenced in October 2024 with the appointment of a local Project Coordinator, and early delivery has been grounded in community-led co-design. FLOWW worked closely with local women's groups to support research and engagement, ensuring that planning and operational design were driven by lived experience and local knowledge.

During the year, FLOWW completed a structured data-gathering phase to inform implementation and reduce delivery risk. This included household surveys exploring income patterns and the impact of period poverty; technology surveys mapping smartphone access and digital capability; and potential buyer research focused on purchasing preferences and affordability. The Trustees consider this evidence-led approach a material achievement that will support effective future delivery.

A key learning emerging from this phase was the need to build an enterprise-led supply model that enables local women to participate as resellers and entrepreneurs. This approach is intended to support community ownership and long-term sustainability. The next phase of development includes finalising processes for onboarding, training, ordering, payment and distribution and establishing a dedicated hub in Masiphumelele to support delivery.

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FLOWW

Trustees' Annual Report (continued)

Year ended 31 March 2025

FINANCIAL REVIEW

Financial position

The income for the charity for the year was £188,500. And the expenditure was £155,611 resulting in a surplus for the year of £32,889.

During the year, the primary funder of FLOWW was the Ferguson Family via CAF.

We would want to place on record our appreciation for this support.

We would also wish to place on record our appreciation to our funders for their commitment to work together to streamline our reporting processes and to working alongside us to achieve our aims. They are partners, as opposed to simply funders, in this important work.

At 31st March 2025, the total reserves of the charity were £32,889 with the full amount being unrestricted general reserves.

Expenditure

Expenditure during the year was primarily directed towards programme delivery, partner-supported distribution, community engagement and early-stage development of the Masiphumelele Project. The Trustees consider this to be an appropriate and proportionate use of charitable funds.

Reserves Policy

The intention of the trustees is to build up unrestricted reserves equivalent to three to six months of running costs as the charity continues to grow. Based on the expenditure for the year ended 31st March 2025, this equates to circa £58,500.

At 31st March 2025, the unrestricted free reserves of the charity were £32,889. The Trustees are satisfied that while for the first year of operations as a registered charity the reserve's policy falls short of the intended amount, the predicted and committed funding for 2025/26 suggests that the reserve will be met comfortably in the next accounting period.

PLANS FOR FUTURE PERIODS

In the coming year, FLOWW will focus on consolidating and scaling the progress made during the reporting period. Extending its direct delivery through its trusted existing partners and expanding its reach through new partnerships.

Priorities include advancing the Masiphumelele Project into implementation, piloting the social enterprise reseller model, strengthening monitoring and evaluation, and documenting learning into an open-source playbook.

In addition to this, FLOWW plans to launch two more scalable, self-sustaining projects - one in the public sector (eg school, hospital, prison) and one in the private/ CSR sector.

The Trustees are confident that these plans align with FLOWW's charitable objectives and will further increase public benefit.

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FLOWW

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Trustees' Annual Report (continued)

Year ended 31 March 2025

The trustees' annual report was approved on 27 January 2026 and signed on behalf of the board of trustees by:

F Ferguson Trustee

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FLOWW

Independent Examiner's Report to the Trustees of FLOWW

Year ended 31 March 2025

We report to the trustees on our examination of the financial statements of FLOWW ('the charity') for the year ended 31 March 2025.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).

We report in respect of our examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out our examination we have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

We have completed our examination. We confirm that no material matters have come to our attention in connection with the examination giving us cause to believe that in any material respect:

  1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

  2. the financial statements do not accord with those records; or

  3. the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination.

We 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 accounts to be reached.

Stella Bright Ltd Independent Examiner

9 Lydden Road London SW18 4LT

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FLOWW

Statement of Financial Activities

Year ended 31 March 2025

2025
Unrestricted
fundsTotal funds
Note £ £
Income and endowments
Donations 4 188,500 188,500
───────── ─────────
Total income 188,500 188,500
═════════ ═════════
Expenditure
Expenditure on raising funds:
Costs of raising donations 5 12,000 12,000
Expenditure on charitable activities 6,7 143,611 143,611
───────── ─────────
Total expenditure 155,611 155,611
═════════ ═════════
───────── ─────────
Net income and net movement in funds 32,889 32,889
═════════ ═════════
Reconciliation of funds
Total funds brought forward – –
───────── ─────────
Total funds carried forward 32,889 32,889
═════════ ═════════

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 11 to 16 form part of these financial statements.

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FLOWW

Statement of Financial Position

31 March 2025

31 March 2025
2025
Note £
Fixed assets
Tangible fixed assets 12 1,500
Current assets
Cash at bank and in hand 67,016
Creditors: amounts falling due within one year 13 35,627
────────
Net current assets 31,389
────────
Total assets less current liabilities 32,889
────────
Net assets 32,889
════════
Funds of the charity
Unrestricted funds 32,889
────────
Total charity funds 14 32,889
════════

These financial statements were approved by the board of trustees and authorised for issue on 27 January 2026, and are signed on behalf of the board by:

The notes on pages 11 to 16 form part of these financial statements.

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FLOWW

Notes to the Financial Statements

Year ended 31 March 2025

1. General information

The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 204 Muswell Hill Road, London, N10 3NH.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Charities Act 2011.

3. Accounting policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

There are no material uncertainties about the charity's ability to continue.

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

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FLOWW

Notes to the Financial Statements (continued)

Year ended 31 March 2025

3. Accounting policies (continued)

Incoming resources

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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FLOWW

Notes to the Financial Statements (continued)

Year ended 31 March 2025

3. Accounting policies (continued)

Tangible assets (continued)

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Equipment - 25% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Debt instruments are subsequently measured at amortised cost.

Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.

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FLOWW

Notes to the Financial Statements (continued)

Year ended 31 March 2025

3. Accounting policies (continued)

Financial instruments (continued)

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Donations

4. Donations
Unrestricted Total Funds
Funds 2025
£ £
Donations
Donations 188,500 188,500
═════════ ═════════
5. Costs of raising donations
Unrestricted Total Funds
Funds 2025
£ £
Costs of raising donations and legacies - Donations 12,000 12,000
════════ ════════
6. Expenditure on charitable activities by fund type
Unrestricted Total Funds
Funds 2025
£ £
Charitable activities 143,611 143,611
═════════ ═════════

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FLOWW

Notes to the Financial Statements (continued)

Year ended 31 March 2025

7. Expenditure on charitable activities by activity type

7. Expenditure on charitable activities by activity type
Activities
undertaken Total funds
directly 2025
£ £
Charitable activities 143,611 143,611
═════════ ═════════
8. Net income
Net income is stated after charging/(crediting):
2025
£
Depreciation of tangible fixed assets 500
════
9. Independent examination fees
2025
£
Fees payable to the independent examiner for:
Independent examination of the financial statements 2,520
═══════

10. Staff costs

The average head count of employees during the year was 1.

The number of employees whose remuneration for the year fell within the following bands, were:

2025
No.
£80,000 to £89,999 1
════

Key Management Personnel

Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the charity. The total compensation paid to key management personnel for services provided to the charity was £85,246.

11. Trustee remuneration and expenses

No remuneration, other benefits or reimbursed expenses were paid to the Trustees for the year ended 31 March 2025.

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FLOWW

Notes to the Financial Statements (continued)

Year ended 31 March 2025

12. Tangible fixed assets

Tangible fixed assets
Equipment
£
Cost
At 1 April 2024 –
Additions 2,000
───────
At 31 March 2025 2,000
═══════
Depreciation
At 1 April 2024 –
Charge for the year 500
───────
At 31 March 2025 500
═══════
Carrying amount
At 31 March 2025 1,500
═══════
Creditors: amounts falling due within one year
2025
£
Trade creditors 38
Accruals and deferred income 4,520
Social security and other taxes 31,069
────────
35,627
════════

13. Creditors: amounts falling due within one year

14. Analysis of charitable funds

Unrestricted funds

Unrestricted funds
At
At 31 March 202
1 April 2024 Income Expenditure 5
£ £ £ £
General funds –
════		 188,500
═════════		 (155,611)
═════════		 32,889
════════

15. Analysis of net assets between funds

Analysis of net assets between funds
Unrestricted Total Funds
Funds 2025
£ £
Tangible fixed assets 1,500 1,500
Current assets 67,016 67,016
Creditors less than 1 year (35,627)
(35,627)
──────── ────────
Net assets 32,889 32,889
════════ ════════

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