DoGusign Envelope ID". 8B22BA90-789743CD-A7C6-31A438FC43EA YOUNG WOMEN'S ANNUAL REPORT IY 2023-2024 YWCA England & Wales. Trading as Voung Women's Trust Report of the Board of Trustees and Financial Statements, year ended 31 March 2024 DoGusign Envelope ID". 8B22BA90-789743CD-A7C6-31A438FC43EA CONTENTS Report of the Board of Trustees 32 Independent Auditor's report 36 Statement of Financial Activities 37 Balance Sheet 38 Statement of Cash Flows 39 Notes to the Financial Statements Annval Report 2025_2024 DoGusign Envelope ID". 8B22BA90-789743CD-A7C6-31A438FC43EA REPORTOF THE BOARD OF TRUSTEES The trustees present their report and the audited financial statements forthe year ended 31 March 2024. Reference and administrative informatTon set out on es 30-37 forms part ofthis report. The financial statements comply with current statutory requirements. the memorandum of and articles ofassociation and the statement of Recommended Practice Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRSIO2. OBJECTIVES The objectives of the charity are to promote any charitable purposesfor the benefit of women and young people including but not limited to= The main activities undertaken by the charity are: Provision of services through our Work It Out coachlng, Informatlon and Cvfeedback. To eliminate all forms of disadvantage experlenced byyoung women. To encourage their social, physical, emotional and personal development. Influen¢lng changethrough our research, policy and campaigns. These activities are underpinned by our participation programme. To promote leadership and participation in society by young women. PUBLIC BENEFIT In planning the charity's activities, the Trustees have given due regard to the Charity Commission's guidance on public benefit. Young Women's Trust isthe leading organisation championing young women aged 18 to 30 on low or no pay. We provide young women with practical support and undertake research to spotlight the realities of their lives and inform campaigns for greater economic justice. Annual Report2023-2024 DoGusign Envelope ID 8B22BA90-789743CD-A7C6-31A438FC43EA CHAIR'S MESSAGE As the first year of Young Women's Trust's 2023-2028 strategy, this has been year of innovating, trying new things, and learning as much and as quickly as we can. We have committed to putting social ¢hangeatthe heart ofeverythlng the organisation does, so we can tackle the challengesthat young women on low and no payfacein the 2020sand beyond. Those challenges include persistent inequality, workplaces where discrimination is the norm foryoung women, and grinding worries about low pay and job security. Young women tell us they're feeling disillusioned, ignored, and losing hope for thefuture. Butwe have also seen a passion for change, and enormous amounts of hope, resilience and potential from theyoung women in our networks. The general election, a new government with a commitmenttotackling inequality and a parliament with the highest proportion ofwomen in history creates momentum. and renewed opportunityto match the commitment ofyoung women with real change. They include Influencing Planning Group, 24amazing young women who design our campaigns. At theend oftheyear, theywere shaping ourGeneral Election campaign, giving voicetoyoung women's needs and encouraging their peersto vote. We have 15 skilled peer researchers, who this year have carried out research with other young women about their experiences of progression at work, and reviewed the evidence about theimpact ofage and genderon someone's experience of precarious and insecure work. And 9 young women have co-designed our new'Power Hours, peer network programme, which brings young women Emma Norris, Chair, Young Women'sTru5t togetherto build their confidence and a sense of solidarity as they navigate the challenges ofwork. Alongsidethese innovations, we continue to provide our outstanding Work It Out service that helps thousands of young women secure newjobs, progress, raise their incomes and achieve their goals. In my first few months as Chair. it is the driveand talent ofyoung womenthat gives me faith that while we still live in a society where women are under paid and undervalued, Young Women's Trustis going to beat the heart ofthe movement that changesthat. Emma Norris Chair, Young Women's Trust Annval Report2025_2024 DoGusign Envelope ID". 8B22BA90-789743CD-A7C6-31A438FC43EA STRATEGIC REVIEW STRATEGIC REVIEW This section presents our strategy and progress against our strategic ambitions and goals in financial year 2023- 2024. It also outlines learning from the year and our plans for 2024-2025. This section includes: l. Our strategy 2. Ourimpact 3. Developing our organisation 4. Funding and support 5. Our fundraising practice "Coaching increased my confidence, made me feel supported on my journey after being unemployed for a year, and gave me the motivation to continue the search. I felt like I wasn* alone and stuck in a rut anymore" Annval Report 2025_2024 Docusign Envelope ID 8B228Ago_7897_43CO_A7C6_31A438FC43EA Young Women's Trust champions young women aged 18 to 30 on low or no pay. We are fighting against the earnings gap which sets young women back before they've even started out in life. Our vision is a world where young women are valued, can make choices and look forward to a fairer financial future. Our purpose is to create an equal world of work and raise young women's incomes. Our vision Our purpose To createan equal world of work and raise young women's incomes. Ourten year goal We will reduce the income gap between young women and A world where young women are valued, can make choices and look forward to a fairer financial future. young men. Words from Hend Kheiralla In the last two years since l joined the Young Women's Trust advisory panel, I worked together with the YWTteam and the panel on shaping the five-year strategy published in April 2023. Through various meetings and in-person residentials, we cametogetherto contribute our lived experiences and share our stories to develop a strategy that is inclusive of the multiple needs of women in the workplace and aimed at closing the income gap. This input from a diverse group of women helped highlight the multiple layers of support needed forwomen to thrive in their careers. We found that the support needed goes beyond finding the right job. It also involves addressing barriers that prevent women from stepping up in their careers. This includes providing an environment where women can grow professionally and feel safeguarded against all types of discrimination, as well as ensuring efficient line management that boosts their knowledge, networks, and confidence. I had many opportunities to use my voice to shed light on the incredible work that Young Women's Trust does to support young women. One of them was through a film made in collaboration with Deloitte, where l explored the importance of being part of a women's network in supporting each other to thrive. and the value and joy that solidarity, encouragement, and shared successes can bring. This continued through attending and speaking at various events where young women's voices are needed, from political arenasto using data and evidenceto inform employers of the barriers that women face in the workplace, and the steps we can collectively take to ensure these barriers are tackled. Looking ahead, I hope Young Women's Trust continues to help more women thrive in their careers. build supportive networks, and dismantle systems that prevent them from making choices about what they want to do with their lives. Annval Report 2025_2024 DoGusign Envelope ID". 8B22BA90-789743CD-A7C6-31A438FC43EA STRATEGIC REVIEW IIOUR STRATEGY Young women earn less than young men right from the start of working life- and the gap only grows as they get older. That's just not fair. Young Women's Trust champions young women aged 18 to 30 on low or no pay. We're here to create a more equal world of work and raise young women's incomes. We offer coaching and support to build young women's knowledge, networks and self-belief. We carry out research into what young women's lives are really like and use this evidence to campaign for equality. We developed a 5-year strategy to tackle these issues and 2023 was the first year of implementation. Ourambition is to close the Income gap between young women and men and ensure young women feel happy in theirjobs and hopeful about their futures. We will dothis by focusing on two key goals.. GOALI: VISIBILITYVOICEAND POWER We will give young women a platform to raise their voices and build their power. We will ensure widespread visibility of the financial penalty that young women face. GOAL2:A MORE EQUALWORLDOFWORK We will raise young women's incomes, satisfaction with their jobs and future prospects. We will influence government and employers to take action to bring about equality in the workplace. Annval Report 2025_2024 DoGusign Envelope ID". 8B22BA90-789743CD-A7C6-31A438FC43EA STRATEGIC REVIEW UOUR IMPACT IMPACT AGAINST OUR AMBITION. This section outlines our progress in 2023 toward our overall ambition: to closethe income gap between young women and men and ensure young women feel happyin their jobs and hopef ul about their f utures. CLOSINGTHE INCOMEGAP YOUNGWOMEN FEEL HAPPY AT WORK& HOPEFULABOUTTHE FUTURE On average, a young woman will earn a fifth less each year than a young man ofthe same age-that equates to around £4,000 a year. That's not fair. We aim to close this income gapthrough our work. We have grown a network of over 10,000 young women supporting our mission and, in 2023 we worked with over4,000 young women directly. Our Annual Survey 2023 found that a shocking number ofyoung women in the UKwere filled with dread when thinking abouttheirfinances, halfof all women surveyed had experienced discrimination at work and over a third were worried about job security. Ourwork aims to both tackle the structural barriers and support young women to enablethem tothrive in the workplace. 52 1 ofyoung women who used ourcoaching and job application feedback services said theirincome had increased. Income increases were mostly attributed to getting a new jobfollowing our support. 79%ofyoung women sald the ¢oa¢hlng helped them feel lessanxious or stressed. 78% of young women sald they felt more optimistic about theirfuture after using our coaching service. 60% ofthe young women we worked with said their confidence or self-belief had improved. "It gave me the confidence to go fully self-employed. I quit my part- time employed job and increased my income by over double in six weeks." Annval Report 2025_2024 DoGusign Envelope ID 8B22BA90-789743CD-A7C6-31A438FC43EA STRATEGIC REVIEW UOUR IMPACT IMPACT AGAINST OUR GOALS. GOAL I: Visibility, Voice and Power Wewlll glve young women a platform to ralsethelrvolcesand bulld thelr power. Young women are at the heart of our campaigning, research and calling for change. Our engagement with young women through our specialist groups offers a platform forthem to raise their voices and build their power, and ensures our work is closely guided by the young women we work with. LED BYYOUNGWOMEN, FOR YOUNGWOMEN Young women guide our work by taking part in the following activities: 15 peer researchers 24 influencing planning help design, ¢ondu¢t and present our research-and enableotheryoung women with similar experiencestofeel more comfortable to share thelr storles group members help shape, test and Implement our campaign activities 25 advisory panel memberstake part in organisational decision-making, take a lead in public representation ofthe organisation,take partin fundlng pitches, talktothe medla and wrlte forour blog 24 media volunteers use their real-lifestories in the media to bring to life ourcampalgns 9 project co-designers Young Women's Trust Lounge-a spacewhere c2,000 young women can connectwith each other, feed into ourdecision- making and find out where they can get support work directlywith YWT staff and external partners on specific projects such as thedeslgn ofa new serviceto provideyoung women with peer networks Annval Report 2025_2024 DoGusign Envelope ID". 8B22BA90-789743CD-A7C6-31A438FC43EA STRATEGIC REVIEW RAISINGVOICESTHROUGH CAMPAIGNINGWITH YOUNG WOMEN FORCHANGE MOBILISINGA MOVEMENT FOR CHANGE We are harnessing the power of digital channels to grow our network of young women and supporters who are raising their voices for change. This year, we ran a digital mobilisation campaign which recruited 6,000 new supporters and gave us valuable learning to help us grow our reach in f uture. Our campaigning activities start with listening to young women, finding out their needs and then, working togetherto identify ways to influence key stakeholders. In 2023 young women worked with us to create their M ofWork- setting out all the changes they want to see from politicians, employers and colleagues. The messaging in this manifesto forms the basis of our campaigning work. Our influencing activities include connecting young women with employers, politicians and other opinion formers to share their opinions and needs. Young women spoke at events, including in Parliament, with Business I n The Community, at Battersea Political Summer School, and a round table with employers. A group ofyoung women also took an open letter with more than 6,000 signatures to Downing Street, calling on the government to listen to their needs as one of the groups most affected bythe cost of living crisis. WE WILL ENSUREWIDESPREAD VISIBILITY OF THE FINANCIAL PENALTYTHATYOUNGWOMEN FACE. We aim to increase visibility of the financial penalty that young women face by first developing a strong evidence base. Through our research we gatherfindings on the realities ofyoung women's lives. We then publish this evidence reaching outthrough media, digital engagement, campaigns and eventsto increase the visibility of the challenges young women face and offer solutions. "I believe having young women in the room has brought a humane approach to conversations which allows employers and MPS to really see and feel the impact of the work we are talking about." Annval Report 2025_2024 io DoGusign Envelope ID". 8B22BA90-789743CD-A7C6-31A438FC43EA STRATEGIC REVIEW BUILDINGTHE EVIDENCE BASE WITH OUR RESEARCH In 2023 we published three reports which include findings on key issues affecting young women in the workplace and recommendations for employers and policy-makers. Ourannual surve compares the work experiences ofyoung women and men across the UK. The results were shocking, revealing the devastating impact of the rising cost of living on young women and the widespread discrimination they face. THE LONG ROAD TO CHANGE YDung WornerfxTruBtAnnualSurvty2025 Discrimination is a force that shapes young women's experience ofthe workplace and contributes to the persistent income gap. This iece of research unpacks how discrimination impacts young women's futures and what can be done about it. DON'TKEEP US DOWN Young womAn*0xp•rfAnc•sot iA¥51 Working with BRAW data and government datasets we found that young women aged 18-30 aretaking home. on average, a fifth less per yearthan a man ofthe same age. Thi research investigates what causes the gap. THE INCOMEGAP T￿4¢•1•andG1US*￿uIp&¥l￿*￿￿4IltY l¢¥youNJtwJm•nlThth•UK Annval Report 2025_2024 DoGusign Envelope ID". 8B22BA90-789743CD-A7C6-31A438FC43EA STRATEGIC REVIEW SHARING EVIDENCEANDSTORIES THROUGH MEDIA The media is one ofthe most powerful tools we have to reach as many people and decision makers as possible. We have seen our research mentioned 21 times with coverage in the&uordiotL Good Mornin Britain Dail Mi Cosmopolitan and styli&L￿z1ne alongside widespread regional coverage across the country. We have also seen an increase in coverage within trade medla that reaches HR professionals. Alongsidethis we provided a reactive news service offering expert commentary on breaking news stories and offering real life stories where requested. resulting In our voice being included in publications such as TheTimes, Independent and on BBC Newsto name a few. Onèln5evenHRheads fx>iiovemenarelwtersulti 10 tw>iobs nKli.' Ih lo LEARNING& FORWARD LOOK:VISIBILITY,VOICE&POWER LEARNING FROM 2023 Our digital pilots have been particularly good at engaging audiences of olderwomen supporters. We are still learning about the best waysto reach and motivate young women to campaign. We have a large network ofyoung women who are current or past 'service users,. We are exploring ways to engage them further in influencing and otherareas of our work. penalty and realities ofyoung women's working lives. The reach and influence ofour research could be enhanced through collaboration with other organisations. PLANSFOR2024 Through our digital mobilization programme, continue to grow our community of young women and develop their engagement journey with us. We continue to find that offering a broad range of ways for young women to raise their voices is key- f rom one-off digital actions to speaking with the media or more intensive engagement in designing services and campaigns. Through our research, we have made strides in raising the visibility of the financial Publish three more peer-led research projects.. our annual survey, progression at work research nd precarious and insecure work research. Begin to explore research collaboration opportunities on our priority themes. Annval Report 2025_2024 12 DoGusign Envelope ID 8B22BA90-789743CD-A7C6-31A438FC43EA STRATEGIC REVIEW GOAL 2: An Equal World Ofwork Workit Out: 3,968 young women Wewill raise young women's incomes. satisfaction with their jobs and future prospects. Ourservices and specialist groups supported over 4,000 young women in 2023 Power Hourstests: 45 young women YWTeas knowledge sharing webinars: 428 young women Our services aim to boost young women's incomes and future prospects. These services include,. the"Work it Out" service which provides free coaching and help with job applications,'"YWTeas" webinars which share knowledge and skills and; our new serviceto be launched in 2024,"Power Hours., a peer support model which aims to enable young women to make a changeto their work situation. Participation groups: 560 young women RAISINGYOUNGWOMEN'S INCOMESANDHELPINGTHEM THRIVE Our Workit Out coaching and job application feedback has helped young women to increase their confidence and, find and progress at work. Over half otyoung women using the service said theirincomes had increased. "I went from feeling borderline helpless with no direction ... my Work it Out coach helped me recognise my skills ... I was able to approach interviews knowing my own worth, and ready to look for what I would like to get out of a job. During the process I got my first interview in ten years and got the job. Thank you so much." 59% of unemployed Workit Out users found a job within 6 months. 980Aofyoung women uslng ourlob application feedback servicefelt confidentthat asa result of our support, theircv would helpthem getthe job they want. Annval Report 2025_2024 13 DoGusign Envelope ID". 8B22BA90-789743CD-A7C6-31A438FC43EA STRATEGIC REVIEW POWER HOURS PROTOTYPING IN 2023: We underwent 3 cycles of testing our new service'Power Hours,. Power Hours is our new peer support model foryoung women who want to make a change to their work situation. They are co-designed with young women and delivered by young women, with support from the Young Women's Trust team. The entire development of our new Power Hours service has been generously funded by Deloitte. WHOARETHE YOUNGWOMEN WE ARESUPPORTINGTHROUGH OUR SERVICES? Our Worklt Out senflce aimsto reach young women and people of marginalised genders from diverse backgrounds, diverse experiences and from across England and Wales. YOUNG WOMEN SUPPORTED BY AGE YOUNGWOMEN SUPPORTED BY ETHNICITY 3% 3% 21% 38% 76% 59% Prefer not to say Raclally minoritised 18-20 21-24 25-30 Whit8 YOUNG WOMEN SUPPORTED BY ANNUAL INCOME Over £40k £30-£40k £20430k Un(ler£20k 200 400 600 800 iooo 1200 1400 Annval Report 2025_2024 14 DoGusign Envelope ID". 8B22BA90-789743CD-A7C6-31A438FC43EA STRATEGIC REVIEW INFLUENCINGPOLICY& EMPLOYERSTO BRINGABOUT EQUALITY IN THE WORKPLACE. Engaging employers to create change in the workplace is a new and growing area of work for us. We have begun to develop a network of employers who want to champion change. In February 2024 we broughtthese employers and young women together to discuss how they can make the Young Women's Manifesto for an Equal World of Work a reality. We have also launched a pilot training course for employers and their line-managers, helping them to support young women to thrive at work. 45 1 ofyoung women we supported had experienced poor mental health 711 ofyoung women we supported earned under £30kayear To influence workplace policy, we submitted ewdenceto Labour's revlew of the gender pay gap. highlighting the particularchallenges that young women face at the start of working life and the solutions they need. Working with young women from our specialist group, the Influencing Planning Group, welaunched a new sulte of content on Rlghts at Work, supporting young women to know and stand up for their rights. 20 1 ofyoungwomen wesupported hada disability LEARNING& FORWARD LOOIL.AN EQUALWORLDOFWORK LEARNING FROM 2023 PLANSFOR2024 Through our Power Hours prototypes we are learning howthe power of peer support and networks can enable young women to thrive at work. Run the pilot of our new service Power Hours. Expand our Work it Out feedback service by providing support to young women on their Linked in profiles. Continue our pilot work with employers offering line manager trèining and other services to help address structural and cultural barriers which keep the income gap in place. Launch campaigns with young women based on the findings from our progression at work and precariou5 work research to influence workplace policy & practice. I n the early stages of our employer engagement work, we have seen that many employers are open and keen to learn about the concrete steps they can taketo maketheirworkplaces more equal. Early learning f rom our pilot line manager training with employers f urther strengthens our conviction that support for line-managers is a vital part ofchanging workplace culture and practice Annval Report 2025_2024 15 DoGusign Envelope ID". 8B22BA90-789743CD-A7C6-31A438FC43EA STRATEGIC REVIEW 11 DEVELOPING OUR ORGANISATION As an organisation we continue to work hard on living our values and ensuring we're in the best possible position to deliver our strategy. 2023 saw us focus on our equality, inclusion and diversity strategy and anti-racism. EQUITY. INCLUSION AND DIVERSITY PRINCIPLES In 2023 we have moved forward with our equity. diversity and inclusion principles through a series of intensive anti-racism workshops with all staff. We have updated our H R policies to ensure we are living our values in key areas such as pay transparency and pay equity and changed our approach to recruitment in line with the latest best practice. Anti-racist approach: We have fjdentlffied race equityand anti-racism as Gender diversity: We alsovalue gender diversity. We primarily use the gendered language of'young women,, however, we Include wlthin thls people a particular priority for us. Our equfjty. diversity and inclusion working group (EDI) champions ouranti-racist organisational aims. Ouraction plan outlines how we will make with marginalised gender identities who are also on the receiving endofmisogyny and sexism. changes internally and in our external work. Annval Report 2025_2024 16 DoGusign Envelope ID". 8B22BA90-789743CD-A7C6-31A438FC43EA STRATEGIC REVIEW OUR VALUES Illustration= Kat Williams We'reambl betterworld foryouniiwomen.we havetttecouragetotrynewthing5a Collaborative Vc be.ievc thrlt to make big chaDges. weneed towork togethervrtth others. oxwrffyTh¢è$ makwus $trongW. EVer￿￿109￿9￿01s groundedinevidenGeand the real￿￿￿of young women*llv8S. Pass Ihe Mic webe11&veyoungwomen rthethe èner9yandtalenttoehan¥ethè world.W8wiII build th8irpow8r JndJrnpllfyth8lrvolce Annval Report 2025_2024 DoGusign Envelope ID". 8B22BA90-789743CD-A7C6-31A438FC43EA STRATEGIC REVIEW UFUNDING AND SUPPORT This section presents our fundraising activities for our work in 2023. It also summarises our fundraising governance practices. Galaxy Ripple effect event.. Young women and our CEO sit alongside èn expert panel èt èn event to launch our campaign with Galaxy. Thanks to our brilliant partners, donors and fundraisers. we were able to raise £914,000 in 23124, which has helped us to deliver all ofthe fantastic work with young women included in this report. CORPORATE PARTNERSHIPS We partner with inspirational organisations that wantto create an equ81 world of work and raise young women's incomes. This year, we've been delighted to grow our Corporate Partnerships incomethanks to some innovative new partnerships. Corporate partners donate vital funds and they also support the charity in other strategic ways. Our partners help to raise our public profile and amplify our campaigns, solve operational challenges through pro bono consulting work, and volunteer their time and expertise to support young women. Estee Lauder Inslght Day= Contentcreatlon experts from Estee Lauder Companies spend the day co- creating social media content with young women. PHILANTHROPY We were grateful to receive funding from various Trusts and Foundations this year, which has enabled us to continue to deliver our services for young women. We are also luckyto work alongside high-net-worth individuals who care passionately about supporting young women and have made generous donations to help them thrive. mW'51iu5t Deloitte Hackathon.. Deloitte employees and clients designing innovètive solutions forvoung Women's Trust at a Hackathon event. 11 I, Annval Report 2025_2024 18 DoGusign Envelope ID". 8B22BA90-789743CD-A7C6-31A438FC43EA STRATEGIC REVIEW PUBLIC FUNDRAISING Our network of generous and loyal supporters have powered ourwork by giving monthly donations, responding to appeals, leaving a gift in their will or by giving their time and energy to fundraise for us. We are gratef ul to and inspired by all those who have championed young women this year. li One otour wonderful particlpants C8lebrat1ng ompletion of the London Landmarks Half Marathon. PLANNING FOR THE FUTURE We are in the process of developing our new fundraising strategy which prioritise long-term sustainable growth across our corporate, major donors, trusts and foundations, and individual giving income streams. We have an exciting challenge ahead and lookforward to working with funders existing and new who are passionate about realising the social changethat young women need to see. ST ME Young Women'5 Trustteam 5UPPOrt our Londo Landmarks runners. Thankyou We are grateful to everyone who supported our work in financial year 2023-24 including: Acaclum Group Batiste Harmonlc Flnance Investe¢ C&C Search Network Rail High Speed The Big Give The Blagrave Trust The Conneely Family The Estee Lauder Companies UK&I Venn Group Wlth Nothlng Underneath Women of Cisco UK&I Charlotte Lubert City Brldge Foundatlon Deloitte UK DEMAIN Direct Line Group Estella Bartlett French Connection Galaxy (Mars Wrigley) Glastonbury Festival Anonymous Major Donor Annval Report2025_2024 19 DoGusign Envelope ID". 8B22BA90-789743CD-A7C6-31A438FC43EA STRATEGIC REVIEW DOUR FUNDRAISING PRACTICE As is the case with our partners, we simply could not do what we do without the generosity of our valued supporters. We adhere to the Fundraising Regulator's Code of Fundraising practice and champion the Fundraising Promise ensuring that our funijraising is legal, open, honest, and respectful. We invest in a number of different fundraising practices including fundraising from individuals, trusts, foundations, companies and events. We do not carry out door-to-door, street, private site, or telephone fundraising. We workwith third parties on printing and mailing public appeals and on challenge events. We also work with commercial participators and professional f undraisers. We are committed to ensuring and monitoring the ongoing compliance of third parties with the Fundraising Code of Practice and the law. All third-party work is governed by a contract or terms and con(Jitions which set out the obligations of the parties involved. We want to ensurethat all of our supporters have a positive experience. We comply with General Data Protection Regulations and always ensure we respect the privacy and contact preferences of all our donors. We believethat no one should ever feel pressured into giving and take steps to ensure that vulnerable people are protected. We also respond promptlyto requests to cease contact orto complaints. We received no complaints about our fundraising practices this year. In line with our complaints policy, we ensure that all complaints are listened to an investigated thoroughly. addressed within an appropriate and timely manner, handled in confidence, and used to inform best practice. Annval Report 2025_2024 20 DoGusign Envelope ID". 8B22BA90-789743CD-A7C6-31A438FC43EA FINANCIAL REVIEW FINANCIAL REVIEW The charity had an operating deficit for the year of£l,534,000 before investment gains, up from a deftcit of £960,000 in 2022-2023. The overall surplus for the year. after other gains and losses, was £681,000 (2022- 2023: £2,371,000 deficit). As at the Balance Sheet date the total funds of the charity are £16,464,000 {2022-2023.. £17,145,000). The deficit was planned by the Board and relates to their decision to continue to use some ofthe Charity's expendable endowments during 2023-2024to develop newactivitiesand growourimpact. Investment gains forthe year were £853,000 (2022-2023= investment losses were £1,411,000)- 2022-2023 having been a year of financial turmoil, with both global inflationary pressures, and banking sector liquidity issues in the US, as recently as October 2023. it felt as though any review of 2023-2024would be much the same. Sovereign markets were in turmoil, equity markets were attheirlowest point of the year. and geopolitical concerns were once again in the ascendant as hostilities escalated in the Middle East. However, and as is often the case in financial markets, portfolios delivered strong gains over the final weeks of 2023, which have continued into 2024. While seasonality played its part in the rally, the primary fuel was a shift in the outlook for interest rates in 2024, with traders bringing forward the expected date of the first reductions as well as pricing in deeper cuts. The markets, rally during November and December 2023 provided a clear example ofthe benefits of staying the course when investing forthe longerterm, Lacklustre returns until that point tempted many to opt forthe greater certainty of cash deposits. But once sentiment turns forthe better, decent returns 8re often generated rapidly. and that was certainly the case this time. Ili, Annval Report 2025_2024 21 DoGusign Envelope ID". 8B22BA90-789743CD-A7C6-31A438FC43EA FINANCIAL REVIEW INCOME OTHER INCOME Total income fortheyearwas £1,345,000, overall, not significantly different from 2022-2023's income of £1,306,000. Fundraised income for 2023-2024was £714,000.. which is in line with 2022-2023's {£715,0001. Corporate income continued to grow.. however, it was a challenging year for trusts and individual giving. Unrestricted donations were in line with 2022-20231£413,000 in 2023-2024 compared to £419,000 in 2022-2023), and restricted donations increased to £207,000 from £32.000 in 2022-2023. Unrestricted grants for 2023-2024 were £40,000 with restricted grants of£54,000, compared to £17,000 unrestricted and £247,000 restricted in 2022-2023. Investment income, excluding capital gains was £405,000 {2022-2023 £408,000). Net gains on investments were £853,000 {2022-2023 £1.411,000 loss). The market value ofinvestments atthe end ofthe year was £16,202,000 (2022-2023 £16,809,000). The Board drew down a planned £l,400,00012022-2023'. £850.000} from the investments during the yearto meet the charity's cash-flow needs. FINANCIALOUTLOOK In October 2022, the Board approved the financial principles that would guide the Charity's financial planning for the next 10 years and fund a new S-year strategy. This new 2023- 2028 strategy sets out ambitious goals to achieve the Charity's purpose- which require an equally bold funding strategy. The Charity will use its endowmentto invest in real change foryoung women whilst growing its fundraising income to ensure the long-term stability of the Charity, so that it can continueto champion future generations ofyoung women. The permanent endowment will provide annual returns that will fund a significant proportion of charitable activities as well as core costs, while a planned use of charitable funds will allow the Charity to continue to invest in enhancing its impact, as it grows its fundraising income. Over the next ftve years, a planned spending down of f unds to fund the Charity's long- term ambitions, will demonstrate confidence in the strategic plans, and commitment to bringing about a step change foryoung women. EXPENDITURE Total operating expenditure for the year was £2,823,000 (2022-2023 £2,196.000). Total salary costs were £1,365,000 {2022- 2023 £1,167,000) which shows an increase this year due to the average headcount increasing from 23 to 29. Allocated support costs totalled £570.000 (2022-2023 £446,000) and governance costs were £104,000 (2022-2023 £53,000). This variance is largely due to the costs associated with staff changes. The direct costs ofgenerating income were £469,00012022-2023 £362,000) which includes £59,000 {2022-2023.. £53,000) of investment management fees. The direct costs of the coaching services and other services provision was £815,000 {2022-2026 £726,000). We spent £225,000 {2022-2023.. £208,000) on participation costs to engage directly with young women from our beneficiary group. Campaigning and influencing direct costs were £503,000 (2022-2023 £329,000). Research costs were £137,000 (2022-2023 £72,000). Annval Report 2025_2024 22 DoGusign Envelope ID". 8B22BA90-789743CD-A7C6-31A438FC43EA FINANCIAL REVIEW OURFUNDS Regional restricted funds of £1,108,000 (2022-2023: £999,000) The charity's fundstotalled £16,464,000 (2022-2023 £17.145.000) and are principally comprised of.. These are f unds that arose from the sale of hostels which are not endowments but are subject to restrictions on the geographical areas in which they can be spent. Voung Women's Trust is using the remaining funds to support our work. Endowments £13,957,000 Permanent and expendable endowments which have been built up over the last 150 years by donors who wished to support our work with girls and women in the long term. Most of the donations were originally for buildings, when the charity provided hostels and accommodation for girls and women. When the buildings were sold Young Women's Trust reflected the wishes ofthe donors by creating endowments that would provide long term supportfor girls and women now and in the future. The proceeds were invested and now provide Young Women's Trust with income to support the organisation as well as our charitable activities including the delivery ofservices, research, and policy work. This provides vital financial stability and ensures ourworkto support young women in need is sustainable over the long term. Young Women's Trust has a permanent endowment of £8,132,000 (2022-2023: £7,703.000), and in the past capital gains have been applied to the fund to enable it to grow overtime. From March 2015 the fund was moved to a'total returns. basis which meant that the capital gains can be used for charitable purposes. To maintain a level of general reserves at 6 months planned operating activity, £63,000 {2022- 2023.. £239,000) wastransferred from the Permanent Endowment to General Funds. Thereis also an expendable endowment of £5,825,00012022-2023.. £5,909,000) over which theTrustees have some discretion. Again, to maintain a level of general reserves at 6 months planned operating ctivity, £500,000 (2022-2023= £897,000) wastransferred from the Expendable Endowmentto General Funds. Currently the endowments are invested in a range of UK and global assets, in orderto provide income annually for services, policy and campaigning work. Restricted funds committed for use in 202412025 is £249,000 (2022- 2023: £239,000) Most oftheincomethat Young Women's Trust receives is spent in the year it is received. Atthe year-end there are some timing differences, which results in us having already received some money for programmesthat continue into next year. Designated Funds £103,000 {2022- 2023: £1,370,000) The Trustees set aside £67,000 in a designated fund for fixed assets {property and computers) which has been spent this year on new computer software. Therefore, £67,000 has been transferred to general reserves. The Board designated £1,200,000 in 2016-2017to fund an expansion plan for the Charity. This will fund f uture planned budget deficits. The Charity used funding to cover the deficit incurred this year and therefore the f ull amount was transferred to general reserves. The investment property was not revalued during the year, so the Property Revaluation Reserve has maintained a value at the year- end of £103,000 (2022-2023: £103,000). General Reserves £1,047,000 (2022-2023: £925,000) Annval Report 2025_2024 23 DoGusign Envelope ID". 8B22BA90-789743CD-A7C6-31A438FC43EA FINANCIAL REVIEW RESERVESPOLICY value in the long term, while also producing a flow of income. In accordance with Charity Commission guidance. Young Women'sTrust defines 'free' reserves asthose funds which are available to spend because they are not endowments, not restricted, not tied up in fixed assets and not otherwise designated. The Trustees reviewthe reserves policy each year. Having considered the major risks faced by the charity, the Trustees aim to hold sufficient 'free' reserves to fund our planned operating activities for 6 months in case of loss of income. For 2024-2025 this equatesto around £1,442,078 (2022- 2023.. £1,343,314). This is necessary in order for us to provide consistent and uninterrupted services to women and complete our planned campaigns. The Board feel that this is a sufficient amount of'free, reserves to mitigate the major risks faced by the charity. As explained above. £63,000 (2022- 2023.. £239,000) of capital gains from the permanent endowment, £500,000 {2022- 2023.. £897,000) from the expendable endowment, £67,00012022-23.. £nil) from designated fixed asset fund and £1,200,000 (2022-23.. £nil) from the other designated funds have been transferred to the General Fund to help meet the general fund reserves goal of 6 months predicted expenditure. As at 31 March 2024, the unrestricted or general reserves fund is £1,047,000 (2022-2023.. £925,000) which equatesto 4 months budgeted expenditure for 2024- 2025. The investment objective forthe long-term reserves is to generate a return, net of fees, of30k in excess of inflation, as measured by the UK Consumer Price Index (CPI) over the long term in order to protect the real value of the investment portfolio for the future activities of the Trust. In this context, long-term is taken to be five years plus. Measuring return over the long term will smooth the expected fluctuations in annual total returns and help to allow sufficient investment flexibility to the manager{s) so that the real value of the Trust can be maintained in accordance with the investment objective above. The total return for the year on investments was +8.1% against 8 benchmark of +l0.50k and the average total return over 5 years 4.6% against a benchmark of 5.0%. The key short term risk to the reserves is th8t continued inflationary pressures and the recent high interest rate environment could lead to a period ofglobal economic slowdown. The charity will continue to work closely with our investment managers to monitor, review and adjust investments accordingly. Other risks to the reserves are inflation, and its affect on real returns and the assets should be invested to mitigate this risk over the long term. The Trustees understand that this is likely to mean that the investment portfolio will have a substantial exposure to real economic assets including equities. and other long duration assets, and that the capital value will fluctuate. The Trustees are able to tolerate volatility of the capital value of the Trust, as long as the Trust is able to meet its short-term funding commitments through either income or liquid capital assets. The charity's assets can be invested wiijely and should be diversified by asset class and by security. Asset classes could include cash, bonds, equities, property, hedge funds, structured products, private equity, commodities, and any other assetthat is deemed suitable for the charity. The charity will not enter into any direct derivative contracts unless these are for the purpose of hedging existing investments. Most of the general reserve is invested but can be drawn down to meet planned expenditure. We manage our cash-flow by regular forecasting and reporting and work closely with our investment managers to make surethatthere is cash available when it is needed. INVESTMENT POLICY All long-term funds should be invested to grow, after fees, at least in line with inflation, in order to maintain their real Annval Report 2025_2024 24 DoGusign Envelope ID". 8B22BA90-789743CD-A7C6-31A438FC43EA FINANCIAL REVIEW The charity has an ethical investment policy which currently limits our direct exposure to companies that derive in excess of IO% oftheirturnover from pornography, arms or the manufacture or distribution of tobacco products. The Finance and General Purposes Committee is charged with reviewing the investment strategy adopted bythe investment manager(s). INVESTMENT MANAGEMENT Our investments are monitored by the Finance and General Purposes Committee, which meets 4 times a year. Representatives from Investec meet with the Finance Committeetwice a year to present their report and answer questions from the Committee. A report on the performance ofthe investment portfolio is given to the Committee at each meeting. Performance is monitored againstthe agreed benchmark and external indices. GOINGCONCERN We have set out above a review ofthe charity's financial performance and general reserves position. The Board believes that we have adequate financial resources and are able to manage our business risks. The financial planning process has taken into account the current economic climate and the potential impact upon our sources ofincome and planned expenditure. The Board has a reasonable expectation that the charity has adequate financial resources to continue in operational existence for the foreseeable future. The Board believes thatthere are no material uncertainties that call into doubt the charity's ability to continue in operation. Accordingly, our accounts have been prepared on the basisthatthe charity is a going concern. Annval Report 2025_2024 25 DoGusign Envelope ID". 8B22BA90-789743CD-A7C6-31A438FC43EA GOVERNANCE AND MANAGEMENT GOVERNANCE AND MANAGEMENT BOARDOFTRUSTEES Young Women's Trust is managed by a Board ofTrustees. Board members are Trustees for the purposes of charity law nd directors for the purposes ofcompany law. The Board of Trustees is also Trustee for the trusts consolidated with these financial statements. We have places for 18 board members and on 31 March 2024 there were 9. RECRUITMENT AND APPOINTMENTOFTRUSTEES Trustees are recruited through external advertising having regard to the Skills needed on the Board. Once appointed new Trustees are inducted by the Chief Executive and Chair and are given information on the duties, responsibilities, and expectations ofa Trustee. Trustees ore appointed for a period of 3 years. The Trustees retire at the July Board meeting 3 years after their initial appointment but can be re-elected for a further 3 year term. The maximum length of service is 6 years, but the Chair and Honorary Treasurer may be asked to serve a f urther 3 year term on the approval ofthe Company membot The Board met 5times during the year.. operational management was delegated by the Board to the senior leadership team and Chief Executive. There is a scheme of delegation in place which clearly details the extents and limits of executive responsibility. Thereis also a sub-committee ofthe Board. the Finance and General Purposes Committee, which incorporates risk management. investment, nominations, and remuneration. The Finance and General Purposes Committee also has 2 external co- opted members with specialist skills in finance and investment. The Committee met 5 times during the year. Annval Report 2025_2024 26 DoGusign Envelope ID". 8B22BA90-789743CD-A7C6-31A438FC43EA GOVERNANCE AND MANAGEMENT CHIEF EXECUTIVE'S PAY AND REMUNERATION POLICY A transparent and fair process for determining remuneration at all levels of the charity is required to ensure that stakeholders can be confident in the management of the charity. The charity also understands the importance of attracting and retaining high quality employees from the Chief Executive through to support staff. Claire Reindorp was appointed as Chief Executive in January 2022. REMUNERATION All employees apart from the Chief Executive and the Director of Finance and Operations are paid in line with the appropriate point on the salary scale related to their role The salary scales and bands are reviewed each year and benchmarked against the appropriate external data every 3 years. They are available to external stakeholders on request Pay bands are determined by the role and job description The Board will approve any changes to pay scales in conjunction with approving the annual budget on the recommendation ofthe Finance and General Purposes Committee. The Chief Executive and Director of Finance and Operations salaries is determined by the Board and take account of the performance ofthe charity and the external market No employee shall receive any other payments apart from theircontractual salary. employer's contributions to pension plans, and reimbursed out of pocket expenses Annval Report 2025_2024 DoGusign Envelope ID". 8B22BA90-789743CD-A7C6-31A438FC43EA GOVERNANCE AND MANAGEMENT RISKMANAGEMENT Our greatest operational risk identified during 2023-24was'. The Board understands its responsibility forthe development and implementation of a system of internal control and reviewing its effectiveness. The system that has been developed is designed to manage rather than eliminate the risk of failure to meet our business objectives and can therefore only provide reasonable and not absolute assurance against material misstatement orloss. The main elements ofyoung Women's Trust system of internal controls are.. Tax Compliance: We do not ensure that as income streams diversify and grow, adequate legal and tax professional dvice is sought in a timely manner, resulting in instances of non- compliance with HMRC guidance not being immediatelyidentilied. Mitigations include advice regularly being sought from legal and tax specialists, and systems and processes being put in place to ensure compliance. 'Horizon-scanning' reviews of potential future risks performed by the Finance and General Purposes Committee Risks and mitigations are regularly reviewed by both the Senior Leadership Team and the Board. The creation and regular review of a comprehensive risk register covering all areas of Young Women's Trust functioning which is managed by the Chief Executive and Senior Management Team and reviewed by the Board at each meeting. Regular review of the top risks and their mitigation by the Finance and General Purposes Committee. We maintain a register of both strategic and operational risks for trustee review. Our two greatest strategic risks identified by the Senior Leadership Team and the Board for 2023-24 were.. Increased emphasis on social change: We do not secure significant changes in public policy, public attitudes andlor employer policy and practice. Mitigations include ensuring our strategy is focused on realistic policy goals, developing our internal capacities and working effectively in coalition with others. Financial sustainability: We do not reduce our dependence on our endowment in the medium term or long term. Mitigations include ensuring a strong fundraising strategy and financial model are in place. Annval Report 2025_2024 28 Docusign Envelope ID.. 8B22BA90-789743CD-A7C6-31A438FC43EA STATEMENTOF RESPONSIBILITIES OFTHE TRUSTEES The Trustees (who are also directors of Young Women's Trust for the purposes of company law) are responsible for preparing the Trustees, report including the strategic report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accou nting Practice). Companylaw requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and ofthe incoming resources and application of resources, including the income and expenditure, ofthe charitable company forthat period. In preparing these financial statements, theTrustees are required to.. The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets ofthe charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the Trustees are aware= Select suitable accounting policies and then apply them consistently Observe the methods and principles in the Charities SORP There is no relevant audit information of which the charitable company's auditors are unaware,. and Make judgements and estimates that are reasonable and prudent They have taken all steps that they oughtto have taken to make themselves aware ofany relevant audit information and to establish that the auditors are aware of that information. State whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ f rom legislation in other juri8di¢tions. Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation Docusign Envelope ID.. 8B22BA90-789743CD-A7C6-31A438FC43EA REFERENCE REFERENCE AND ADMINISTRATIVE DETAILS STATUS Young Women's Trustis the operating name of YWCA England & Wales, a registered charity and a company limited by guarantee. Company number.. 137113 Country of incorporation.. United Kingdom Charity registration number: 217868 Country of registration.. England REGISTERED OFFICE BOARDOF TRUSTEES Young Women's Trust Unit 1.01, Wenlock Studios, 50-52 Wharf Road, London Nl 7EU Emma Norrls (Chair) Appointed March 2024 Jo-ann Robertson (Chair) Appointed April 2018 {Resigned March 2024) Molly Dawson Appointed July 2022 Lorna Lewis Appointed July 2022 Gordon Mattocks Appointed February 2019 Nothando Mpala Appointed July 2022 (Resigned July 2023) Mary Neate Appointed February 2020 Mlchelle Nelson Appointed July 2022 Judith Reed Appointed February 2019 Lisa Rousseau-Bedouch Appointed February 2019 Rebeka Stevens Appointed February 2020 Elizabeth Uviebinene Appointed July 2022 (Resigned March 2024) AUDITOR Sedulo Audit Limited, Albert House, 256- 260 Old Street, London, ECIV 9DD ACCOUNTANTS Sedulo London Limited, Albert House, 256- 260 Old Street, London, ECIV 9DD BANKERS Unity Trust Bank PLC, Nine Brindley Place, Birmingham Bl 2HB Natwest, PO Box 2BA, 69 Baker Street, London WIU 6AT SOLICITORS Blake Morgan LLP, Seacourt Tower, West Way, Oxford, OX2 OFB INVESTMENT MANAGERS Investec Wealth & Investment, 2 Gresham Street, London, EC2V 7QN Annual Report 2023-2024 50 Docusign Envelope ID.. 8B22BA90-789743CD-A7C6-31A438FC43EA REFERENCE REFERENCE AND ADMINISTRATIVE DETAILS SENIOR LEADERSHIPTEAM Claire Reindorp Chief Executive Abida Khan Director of Finance and Operations (appointed July 2024) Suzl Copland Director of Services and Participation Kate Nightingale Director of Communications, Campaigns and Research Rachel McLachlan Director of Fundraising {appointed July 20241 AUDITORS Sedulo Audit Limited were appointed as the charitable company's auditors during the year and will be proposed for re- appointment atthe forthcoming Annual General Meeting. The report of the Trustees has been approved bythe Trustees on IDatel 12/17/2024 and signed on their behalf by- turel 2F03FE83A8B9ty14 Emma Norris Chair s￿by.. CF8142E7AADC4E Annual Report 2023-2024 DoGusign Envelope ID". 8B22BA90-789743CD-A7C6-31A438FC43EA INDEPENDENT AUDITOR'S REPORT INDEPENDENT AUDITOR'S REPORT OPINION BASIS FOR OPINION We have audited the financial statements ofyoung Women's Trust Ithe'charitable company,) forthe year ended 31 March 2024, which comprises the Statement of Financial Activities, the Charitable Company Balance Sheet, the Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). We conducted our audit in accordance with International Standards on Auditing {UKI IISAS (UK)) and applicable law. Our responsibilities under those standards are f urther described in the auditor responsibilities for the audit of the financi81 statements section of our report. We are independent ofthe charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriateto provide a basisfor our opinion. IN OUROPINIONTHE FINANCIAL STATEMENTS: CONCLUSIONS RELATINGTO GOINGCONCERN give a true and fair view of the state of the charitable company's affairs as at 31 March 2024, and ofthe charitable company's incoming resources and application of resources. including its income and expenditure, fortheyear then ended,. In auditing the financial statements. we have concluded that the trustees, use of the going concern basis ofaccounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identilied any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's abilityto continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements ofthe Companies Act. Annval Report 2025_2024 32 DoGusign Envelope ID". 8B22BA90-789743CD-A7C6-31A438FC43EA INDEPENDENT AUDITOR'S REPORT Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. MAThERSON WHICH WEARE REQUIREDTO REK)RT BY EXCEPTION In the light of the knowledge and understanding ofthe charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees. report and the directors, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. OTHER INFORMATION The other information comprises the information included in the trustees, annual report, other than the financial statements and ourauditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the charitable company financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and. in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course ofthe audit or otherwise appearsto be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statementsthemselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. adequate and sufficient accounting records have not been kept by the charitable company, or returns adequate for our audit have not been received from branches not visited by us: or the charitable company's financial statements are not in agreement with the accounting records and returns,. or certain disclosures of directors, remuneration specified by law are not made,. or we have not received all the information and explanations we require for our audit- or the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage ofthe small companies exemptions in preparing the trustees, report and from the requirementto prepare a strategic report. OPINIONSON OTHER mA￿ERs PRESCRIBED BYTHE COMPANIES ACT2006 In our opinion, based on the work undertaken in the course ofthe audit.. RESPONSIBILITIES OF TRUSTEES the information given in the trustees, report for the financial year for which the financial statements are prepared is consistent with the financial statements., and As explained more f ully in the trustees, responsibilities statement, the trustees (who are also the directors of the charitable company forthe purposes of company law) are responsible for the preparation of the financial Statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements the directors, report included within thetrustees, report has been prepared in accordance with applicable legal requirements Annval Report 2025_2024 33 DoGusign Envelope ID". 8B22BA90-789743CD-A7C6-31A438FC43EA INDEPENDENT AUDITOR'S REPORT that are f ree f rom material misstatement, whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis ofaccounting unless the trustees either intend to liquidate the charitable company or to cease operations. or have no realistic alternative but to do so. those that could have a material impact on the financial statements. This included those regulations directly related to the financial statements, including linancial reporting. and tax legislation. In relation to the operations ofthe Charitable Company this included compliance with the Charities Act and SORP 2019, GDPR, employment law, safeguarding and health & safety. The risks were discussed with the audit team and we remained alert to any indications of non-compliance throughoutthe audit. We carried out specific proceduresto address the risks identified. These included the following.. Reviewing minutes of Board meetings, reviewing any correspondence with the Charity Commission, agreeing the financial statement disclosures to underlying supporting documentation, enquiries of management and officers of the Charitable Company and a review ofthe risk management processes and procedures in place. We have also reviewed the procedures in place for the reporting ofany incidents to the Trustee Board including serious incident reporting of these matters as necessary with the Charity Commission. Management override: To address the risk of management override ofcontrols, we carried out testing of journal entries and other adjustments for appropriateness. We reviewed systems and proceduresto identify potential areas of management override risk. AUDITOR RESPONSIBILITIES FOR THEAUDITOFTHE FINANCIAL STATEMENTS We have been appointed auditor under the Companies Act 2006 and report in accordance with those Acts Our objectives Bre to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement. whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise f rom f raud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including f raud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including f raud. The extent to which our procedures are capable of detecting irregularities, including f raud is detailed below.. We also assessed management bias in relation to the accounting policies adopted and in determining significant accounting estimates, including treatment of legacies and grant income. and the valuation of investments. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likelyto becorne aware of We gained an understanding ofthe legal and regulatory framework applicable to the Charitable Company and the sector in which it operates and considered the risk of the Charitable Company not complying with the applicable laws and regulations including fraud in particular Annval Report 2025_2024 Docusign Envelope ID: D3A5FC68-2017-4646-B241-4F673DE7E702 ## INDEPENDENT AUDITOR’S REPORT instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities is available on the FRC’s website. This description forms part of our auditor’s report. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. ## USE OF OUR REPORT This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and to the charitable company’s trustees, as a body, in accordance with the act. Our audit work has been undertaken so that we might state to the charitable company’s members and its trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body and the charitable company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed. ## Diccon Thornely ## For and on behalf of Sedulo Audit Limited Statutory Auditors 605 Albert House, Old Street London EC1V 9DD Date: 17/12/2024 Annual Report 2023–2024 35 Docusign Envelope ID.. 8B22BA90-789743CD-A7C6-31A438FC43EA INDEPENDENT AUDITOR'S REPORT STATEMENT OF FINANCIAL ACTIVITIES (incorporating an income and expenditure account) for the year ended 31 March 2024 2024 2023 Nrrt• 4)3 419 G￿¥1[¥ SE￿￿E¥ IT 220 409 T1>faI￿aTr• l.JlS 314 glui*s 41 970 457 C4DWlir¥& hilu￿￿ PDky& R•w1￿h 676 434 107 3J3 313 1813 41 2190 TtsxaD 1561 Nel IlE￿￿es119a￿7S￿ I￿￿ttlE￿¥ IJ9 11981 11 Tcq) 119 16BiI C2131 f2Jn) 19 L136 119 (2141 ILg64} Td¥fLrts brcughl 11,145 id51 15376 195 ts.957 L?iis All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 19a to the financial statements. Annual Report 2023-2024 36 DoGusign Envelope ID". 8B22BA90-789743CD-A7C6-31A438FC43EA INDEPENDENT AUDITOR'S REPORT BALANCE SHEET As at 31 March 2024 2024 2023 Note le￿&[ed r8si&ied Tangibl8 assets InvesThent Property Investhients 12 81 65 13 170 170 16.8J9 14 16.202 16,453 17,044 Current asset&. DÈbiors 16 173 Cash a bank a￿1 in ha 166 117 339 367 Liabiltiies= Creditors.. amounts falling du¢ vdithin one year 17 328 Net current assets li ioi Ttxal net ass8iS 16,464 17.145 The lunds ol the charity.. Permanent endowm9ni lu[￿$ Exoendatle endowmeni funcls ReslrKled InCL￿ne lun(Ss Un￿StrIcted incomè funds.. Designai8d lunds Goncrd fund- 20 20 20 8,132 5,825 L357 7,703 1.236 20 20 103 1,047 1,370 925 Total Unre9￿1c1eCs funds 1,150 2,295 TO1￿ charityfunds 16,464 17,145 These financial statements have been prepared in accordance with the provisions applicable to the charitable com anies subject to the small companies regime. 11117/2024 ¥ed bythetrustees on.......................................... and signed on their behalf by 8FO27E8W8Q444 Emma Norris. Chair Company no. 137113 Annval Report 2025_2024 DoGusign Envelope ID". 8B22BA90-789743CD-A7C6-31A438FC43EA INDEPENDENT AUDITOR'S REPORT STATEMENT OF CASH FLOWS For the year ended 31 March 2024 2024 £,￿0 2023 £'oc re￿ated restated Cash flow5 from operating activitles Net incomo I18xpendituro) for thtr reFK>rting perii)d (as per the st8tement ol linanci81 activities) Depreciaiion charges (Gainsylosses ¢)n invesim8nts (Gainsylosses on investmont property DNidends and interesr and rent from investments {681) 12,3911 40 23 {852) 1,411 55 {405) 1408) 185) 33 neT9￿8)Ide¢re2s6 in debtors Increaselldecreasel in crediiors 78 61 Net cash provided by l (used tn) operwing activtties IL7591 {1.362) Cash Ilows from investing activiiie Dpiidend5. iniere5t and rents from investrnents 405 408 Purchase ol fixed assets {56) {55) 3,755 1441 949 Change in cash in investment portlolio Proceeds from sale of investments 7017 Purchase ol invesiments 12,241) 17,0681 Net cash provided by / (used in) In￿sting &¢t1￿tieS 1.80B 1,262 ChangÈ in cash and cash equwalÈnts in thè year 49 iioo) Cash and cash equivalents ai the bèginning ol the year 117 217 Cash and cash equivalents ai the end of the year 166 117 Annval Report 2025_2024 38 DoGusign Envelope ID". 8B22BA90-789743CD-A7C6-31A438FC43EA NOTESTOTHE FINANCIALSTATEMENTS NOTESTOTHE FINANCIAL STATEMENTS I.ACCOUNTING POLICIES current economic climate and the potential impact upon our sources of income and planned expenditure, the trustees have a reasonable expectation that the charitable company has adequate resourcesto continue in operational existence for the foreseeable future. Therefore, the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. a. Statutory information Young Women's Trust is a charitable company limited by guarantee and is incorporated in England. The registered office address is Unit 1.01, Wenlock Studios, 50-52 Wharf Road, London, NI 7EU. b. Basis of preparation The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period. e. Income Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met. Income from government and other grants, whether'capital, grants or'revenue, grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable thatthe income will be received and the amount can be measured reliably and is not deferred. For legacies, entitlement is taken as the earlier of the date on which either.. the charity is aware that probabte has been granted, the estate has been finalised and notification has been made by the executor(s) to the charity that a distribution will be made, or when a distribution is received f rom the estate. c. Public benefit entity The charitable company meets the definition of a public benefit entity under FRS 102. d. Going concern At the time of approving the financial statements and having reviewed the charity's financial performance and general reserves position, whilst mindful of the Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified ofthe executor's intention to make a distribution. Where Annval Report 2025_2024 39 DoGusign Envelope ID". 8B22BA90-789743CD-A7C6-31A438FC43EA NOTESTOTHE FINANCIALSTATEMENTS legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material. h. Total return The Trustees have accounted forthe permanent endowment fund to account and report income and c3pital returns and charitable expenditure on a total return basis. The unapplied total return is the amount of the fund overand abovethe baselevel of endowment as calculated at i April 2015 when the basis was adopted. The Trustees agreed this base level should be the value ofthe endowment as calculated as the original amount received uplifted for inflation linked to CPI totalling £6,104,000. The total return each year remains part of the endowment fund, until it is transferred tothe general fund and becomes'applied total return,: The transfer is shown in the tablein note14and onthe SOFA. Income received in advance ofthe provision of a specified service is deferred until the criteria for income recognition are met. f. Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity- this is normally upon notification of the interest paid or payable by the bank g. Fund a¢¢ountlng Endowment funds are separated in to permanent and expendable endowments. The permanent endowment fund comprises the original capital fund, and the accumulated gains on this fund, established to provide income for the charity. The capital cannot be converted into income. The fund is represented by the capital investments included in fixed assets. Thetrustees have adopted a policy of total return accounting for the permanent endowment funds detailed in note13 that are drawn down to be used in charitable actvities. The expendable endowment comprises the unspent portion of the original capital fund and the accumulated capital gains. Income arising from the fund is applied to the general funds of the Charity. The trustees draw down from the capital fund as and when necessary to spend on charitable activities. Restricted funds are to be used for specific purposes as laid down bythe donor. Expenditure which meets these criteria is charged to Unrestricted f unds are donations and otherincoming resources received or generated for the charitable purposes. i. Expenditure and irrecoverable VAT Expenditure is recognised 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 of the obligation can be measured reliably. Expenditure is classifted under the following activity headings- Costs of raising funds relate to the costs incurred by the charitable company in inducing third parties to make voluntary contributions to it, as well as the cost of any activities with a fundraising purpose Expenditure on charitable activities includes the costs of delivering services, undertaking research and campaigning undertaken to further the purposes of the charity and their associated support costs Other expenditure representsthose items not falling into any other heading Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. Designated funds are unrestricted funds earmarked by the trustees for particular purposes. Annval Report 2025_2024 40 DoGusign Envelope ID". 8B22BA90-789743CD-A7C6-31A438FC43EA NOTESTOTHE FINANCIALSTATEMENTS j. Allocation of support costs Resources expended are allocated tothe particular activity where the cost relates directly to that activity. Support and governance costs are re- allocated to each of the activities on the following basis which is an estimate, based on staff time, ofthe amount attributable to each activity. Computer systems and IT-4years straight line Fixtures and Fittings- 4 years straight line Leasehold Improvements- Overthe life ofthe lease m. Investment property Investment property includes freehold property held by the charity to earn rentals. Investments properties are initially recorded at cost and subsequently measured at fair value. Any revaluations of the property will be accounted for in the statement of financial activities. 2024 2025 Cost of raising funds Coachlng servl¢e$ Policy& Campaigns 29% 29% 23% 25% 26% 210 Research 9% n. Listed investments Participation 13% 180k Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Any change in fair value will be recognised in the statement of financial activities. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading °Net gainsl(losses) on investments" in the statement of financial activities. The charity does not acquire put options, derivatives or other complex financial instruments. Governance costs are the costs associated with the governance arrangements ofthe charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management ofthe charity's activities. Particiapation costs are the costs of engaging with our beneficiary group and are allocated across charitable activities by the total spend on each activity. k. Operating leases Rental charges are charged on a straight line basis over the term of the lease. o. Debtors Trade and otherdebtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net ofanytrade discounts due. l.Tangiblefixed assets Items of equipment are capitalised where the purchase price exceeds £1,000. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed forimpairment if circumstances indicate their carrying value may exceed their net realisable value and value in use. p. Cash at bankand In hand Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Depreciation is provided at rates calculated to write down the cost ofeach asset to its estimated residual value over its expected useful life. The depreciation rates in use Bre as follows: Annval Report 2025_2024 41 DoGusign Envelope ID". 8B22BA90-789743CD-A7C6-31A438FC43EA NOTESTOTHE FINANCIALSTATEMENTS q. Credltors and provlslons Creditors and provisions are recognised where the charity has a present obligation resulting f rom a past event that will probably result in the transfer of funds toa third partyandtheamountdueto settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing forany trade discounts due. r. Flnancial instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. . Pensions All employees are entitled to join the pension scheme. Young Women's Trust makes contributions to defined contribution'money purchase, scheme managed by Scottish Widows. The plan invests the contributions made by the employee and employerin an independently administrated investment fund to build up over the term ofthe plan. The fund is then converted into a pension upon the employee's chosen retirement age. Young Women's Trust has no liability beyond making its contributions and the deductions forthe employee's contributions. The pension cost charge represents contributions payable under the scheme by the charity to the fund. t. Taxation The company pays corporate taxation on its non primary purpose income generated from its other trading activities. All other income is exempt from taxation. Annval Report 2025_2024 42 DoGusign Envelope ID". 8B22BA90-789743CD-A7C6-31A438FC43EA NOTESTOTHE FINANCIALSTATEMENTS 2.CHANGE IN ACCOUNTING POLICY During the year, the trustees have reviewed the occounting policy for expenditure and in order to provide a more accurate reflection of the organisation's costs and activities, have removed the policy in relation to recognising participation as a supporting activity. The overall effect on the Statement of Financial Activities is £nil for the prior periods, however, this has changed the presentation between activities. See note 7b. 3. INCOME FROM DONATIONSAND LEGACIES 2024 2023 Unrostricted Restri￿ed Totrl Unrestricted R8strict8d Tot £￿(￿) restated restared stared Donations 207 505 320 32 352 Legacies G+lis in Kind 35 80 412 207 620 419 32 451 4. INCOME FROM CHARITABLEACTIVITIES 2024 2023 Urwé5tricied Resiricted Total Unre5rnuÈd Resiricted Tot Grants Corpic Relief Ciiy ol London Icity Bridge) Brirford 8ridge Trusi Cotyer Fergus50n Ajlen & Overy Foundation g Give Tftjst Other Trusts & FwndatDns 18 35 20 io io 30 94 18 28 io io 25 32 17 iii b.tOt￿ lor Se￿￿e$ 61 17 217 The 8lagravÈ Trust 33 gJb40tal for Policy. Research & Campaigns 33 33 30 Total $r￿0me Irom charitable activities 94 17 247 Annval Report 2025_2024 43 DoGusign Envelope ID". 8B22BA90-789743CD-A7C6-31A438FC43EA NOTESTOTHE FINANCIALSTATEMENTS 5. OTHER TRADINGACTIVITIES 2024 2023 Total Unresiricied Restricted Total unreslri￿ed Restricted resi8fed C(xporare seTrices Sale of goods 217 217 183 183 226 226 183 183 6A. INCOME FROM INVESTMENTS (CURRENTYEARI 2024 Unrestricted Resiricied End0￿ments Tot InvesiiTiwiI poittolK) Bank inieresi Renial Incorne 295 383 21 21 76 295 405 6B. INCOME FROM INVESTMENTS (PRIOR YEAR) 2023 Tl￿al Unre51ricled Restricted Endowments Itiveslmeni porilolio Barik irn¥resi 35 ReTrI￿ Income 75 35 Annval Report 2025_2024 DoGusign Envelope ID". 8B22BA90-789743CD-A7C6-31A438FC43EA NOTESTOTHE FINANCIALSTATEMENTS 7￿ANALYSIsoF EXPENDITURE (CURRENTYEAR) ¢(1111 2924T￿ 7JZ3 T< c￿sE51NDlE>} L167 47 617 146 Z3 41 137 215 57D 105 T4 (57D) 24 21 iioli ToW•xp•Tr*w•*)24 198 7B.ANALVSISOF EXPENDITURE (PRIOR YEAR) Cwhinll c￿S s1afvco￿S tNrthT ¢thfisf&ttcasL 249 211 1.187 Dite¢i¢( 116 Jjfy 2S 190 329 31 13 St6 B51 107 1196 Annval Report 2025_2024 45 DoGusign Envelope ID". 8B22BA90-789743CD-A7C6-31A438FC43EA NOTESTOTHE FINANCIALSTATEMENTS 8. NET INCOMEIIEXPENDITURE) FOR THE YEAR This is stated after charging I crediting.. 2024 2023 £,￿0 Depreciation and amorti5a￿n Operaiing lease ren￿15.. Property Auditots. wemunerabon 40 23 43 14 84 Is 9.ANALYSIS OFSTAFFCOSTS,TRUSTEE REMUNERATION AND EXPENSES, ANDTHE COSTOF KEY MANAGEMENT PERSONNEL Staff costs were as follows.. 2024 2023 Salaries and wages Social securty costs Employer'5 contribution to delined contribution pension schemes Temporary sraff Life Assurance costs 092 iio 104 49 107 1,365 1.167 During theyear, £35,771 (2023: £Nil) was paid to 2 members of staff in relation to severance pay. The following number ofemployees received employee benefits lexcluding employer pension costs) during the year between.. 2024 2023 No. No. £60.OLK)- £69.999 £70.0(X). £79,999 £80.0(￿- £89,999 The charity considersthatits key management personnel comprises the Trustees, the Chief Executive and the senior management team. Thetotal employee benefits including pension contributions ofthe key management personnel were £309,345 (2023- £370,204) and £97.650 {2023.. £Nil) was paid via self employment. Trustee$, expenses represents the payment or reimbursement of travel and $ub$i$ten¢e costs totalling £516 (2023: £414). Annval Report 2025_2024 46 DoGusign Envelope ID". 8B22BA90-789743CD-A7C6-31A438FC43EA NOTESTOTHE FINANCIALSTATEMENTS 10. STAFF NUMBERS The average number of employees {head count based on number of staff employed) during the year was as follows.. 2024 2023 No. No. Raising lund5 Policy. Research & Campaigns Services Parbcipaiion Support The average FfE during the year was 2512023.. 201 29 23 11. RELATED PARTYTRANSACTIONS There were no related partytransactions during the year ended 31 March 2024 nor 31 March 2023. 12. TANGIBLE FIXED ASSETS Leasehold Improvemenrs Fixtures & Fittings Compurer Equipment ToEal Cost or v￿￿ation At the start of the year Additions in year In year iai 56 121 185 56 121 At the end ofthe year Igs 239 Depreclaiion At the start of thè yéar charge for Ihe year DISpo￿S during Ihe year 120 120 21 17 12) 12) Ai the end ol Ihe year 21 135 158 Net book value Al the end ol the year 81 At the start of the year 21 Annval Report 2025_2024 DoGusign Envelope ID". 8B22BA90-789743CD-A7C6-31A438FC43EA NOTESTOTHE FINANCIALSTATEMENTS 13. INVESTMENT PROPERTY 2024 201J Fair value al the start of Ihe year Net gains or lo&%es from lai¥ value adiustments 170 225 1551 Fair value ai end ol ihe year 170 170 The investment property is included at a total valuation of £170,000. This is following a revaluation performed by an independent valuerin 2023. The trustees considerthis to be representative of its fair value as at 31 March 2023. The historic cost of the property is £85,000. 14. LISTED INVESTMENTS 2024 2023 £'cN)o Fair value ai the stan ol the year Addiiions ai c05t Dispos￿ proceeds Net ga￿ / (lossl on change in lair value 16,809 2.241 (3,7551 852 19.118 7.Ck18 17.017) (1,411} 16.147 17.758 Net movement in cash held by investment managers 55 1949) Fair value at the end of the year 16,202 I6.￿9 Historic cosi at the end ol the year 14.521 16,079 Investments comprise.. 2024 21r23 E'CM)O British Government Inveslments Other UK Fixed interèst investments Overseas Fixed Intere51 Shares listed on (he Lon(kJn Stock Exchange Overseas listed investments Other Cash 581 1,4C4) 185 1.360 J8 3.096 7.127 3.974 69 2,432 7.881 2,973 155 16,202 I6.￿9 The charity does not hold a revaluation reserve for investments. All unrealised investment gains and losses are applied to the originating funds either endowed or restricted. If the charity held a revaluation reserve its estimated current value would be £4.2M12022: £3.4M). Annval Report 2025_2024 48 DoGusign Envelope ID". 8B22BA90-789743CD-A7C6-31A438FC43EA NOTESTOTHE FINANCIALSTATEMENTS 15.APPLICATION OFTOTAL RETURN TO PERMANENT ENDOWMENT FUNDS The trustees decided to adopt a policy oftotal return accounting forthe permanent endowed funds as from l April 2015. This means that you recognise whatthe original capital gift was (the trust for investment) and this must be held indefinitely. The gains and losses and income that arise on this investment form the'unapplied total return,; which the trustees havethe powerto release and spend They agreed to spend 3% annually, to be funded first from the income and any required balance by way ofwithdrawals from capital. This target would be reviewed annually by way of a 'smoothing formula, over rolling 5 year periods to ensure that this withdrawal target remains sustainable. The preserved value ofthe permanent endowment fund represents its fair value as at 31 March 2012. Trust lor Unapplied Total Retum Total Investment End¢)wment bgginning of reporting pemd Gift component ol Permanent Endowment UnaDolied total return £'or*i £'rNJo 6.104 1.599 Total 6.104 i.sg9 Invesiineiii return dividends and iiiieresi Investmcni retum rcaliscd Ejnd unreali5ed losses Less investment manaqement costs 160 357 1251 160 357 1251 Toral 6.104 2,091 8.195 Unapplled total return applied as Income In the report￿rn9 period If￿) (63) Net movement In the Deliod 6.104 2,028 Comparatives for previous year Trustlor Investment Unapplied Totsl Retum Total Endowment At beginning ol res)Dring period Gift componeni ol Permaneni Endowrnent Unapplicd total return £'o £,￿0 6.104 2,286 Total 6.104 2.286 Invèstln8nt retum dividènds and intèrest Investmeni reium re&ised a￿1 unrealised losses Less invesimeni managemeni cos 162 1588} 122} 162 1588) {22) Total 6.104 1,838 Unapplied total return applied as Income in the reportirig period IZ391 {239) Nei movement In the peiiod 6.104 1,599 Annval Report 2025_2024 49 DoGusign Envelope ID". 8B22BA90-789743CD-A7C6-31A438FC43EA NOTESTOTHE FINANCIALSTATEMENTS 16. DEBTORS 2024 2023 Trade debio Othor debtors Prepawients AL-Liued income 32 51 32 61 89 157 173 250 17. CREDITORS:AMOUNTS FALLING DUE WITHIN ONEYEAR 2024 2023 £'u)o researeu Trade crediiors TaxaDon and 5(Kial securny Oiher ¢redilCWS ru￿5 98 97 174 23 37 31 4D 328 266 Annval Report 2025_2024 50 DoGusign Envelope ID". 8B22BA90-789743CD-A7C6-31A438FC43EA NOTESTOTHE FINANCIALSTATEMENTS 18. PENSION SCHEME The Charity participates in a defined contribution scheme managed by Scottish Widows and employer's contributions are recognised in the SOFA as they fall due. The amount charged during the yearis £53,684 (2022.. £49,029). The amount outstanding at the year end is £8,283 (2023.. £6,997). 19AANALYSISOF NET ASSETS BETWEEN FUNDSICURRENTYEAR) Genera1 nresiri¢ied Deggnaied Resiricted En