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2023-12-31-accounts

The women’s health charity

Annual Report and Accounts to 31 December 2023

Charity Reg no: England & Wales: 239281, Scotland: SC042856. Company number: 00824076

Contents

Contents
Introduction 3
Trustees’ report
About us 5
Ambassadors 6
Research 7
Communications and Advocacy 13
Education 15
Fundraising 17
Affiliations 20
Our year in numbers 21
Financial summary
Financial review 22
Structure, governance & management 27
Reference & administrative details 29
Fundraising statement 31
Statement of trustees’ responsibilities 32
Independent auditor’s report 33
Accounts
Statement of financial activities 38
Balance sheet 39
Statement of cash flows 40
Notes to the accounts 41

Introduction

2023 has seen another exciting year of progress for Wellbeing of Women in our mission to advance access to high quality healthcare for all women. We continue to fund cutting edge research into women’s reproductive and gynaecological health, the empowerment of women to advocate for their wellbeing, alongside educating wider society about the need to provide women with the care they need.

This year, we continued to invest in cutting edge research that makes a real difference to women’s lives, with over £750,000 going into new projects. We awarded 17 new research grants which will be led by 13 universities and NHS Trusts across the UK, addressing vital issues across the life course, from menstrual health to problems with fertility, domestic abuse and mental health; together with better understanding, earlier diagnoses and treatment of ovarian cancer. Importantly, our awards are also directly supporting the development of 14 of the next generation of leading women’s health researchers. We have forged a collaborative new research partnership with the Faculty of Sexual and Reproductive Health, focussing on taboo areas such as domestic violence and abuse, training for health workers to improve support for women with mental health disorders, identifying the varioation in side effects of different contraceptive methods to improve uptake in ethnic minority women.

We also found new ways to encourage supporters to give, while informing them about women’s health. The Better For Women Fund, launched in February, enables forward-thinking donors to invest in the future of women's health by focusing on one urgent need at a time. They can learn about each priority, while giving money to accelerate change. Thank you to Philip Jansen for hosting the event at the iconic BT Tower revolving restaurant.

In readiness for International Women’s Day, we brought together a panel of inspirational women including Davina McCall, Mariella Frostrup, Dame Jessica Ennis-Hill, Alex Mahon and Liv Garfield to discuss the importance of prioritising

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Professor Dame
Lesley Regan, Chair
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women’s health to benefit women and girls at school, in the workplace and across society.

In late 2023 we launched our new campaign, Just a Period, to address the unacceptable normalisation of period symptoms and gynaecological conditions. A roundtable attended by a mix of MPs, doctors and celebrity ambassadors raised awareness of the need to educate and empower girls and women to be in control of their menstrual health from an early age. We shared an impactful film, which showed how heavy periods and pain affect so many girls and women’s lives and prevents them reaching their potential. This campaign was seen by politicians and talked about in the media and continues to move women to share their stories with us.

Our work on the menopause goes from strength to strength, with over 2700 organisations now signed up to support employees going through the menopause via the Menopause Workplace Pledge. Over 500 people have attended our webinars discussing menopause support at work. We collaborated with Helen Tomlinson, the government’s first-ever Menopause Employment Champion, to promote the pledge on the government’s new menopause portal for employers, ‘Help to Grow’.

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We were delighted to launch our Employer Membership Programme which is a paid programme of information and guidance for organisations dedicated to improving women’s health in the workplace.

Working to bridge the inequality gap in healthcare for marginalised women was key to some exciting projects this year. In September we launched the Health Collective, comprised of grassroots organisations representing women’s voices from every community in our society. Together, we want to ensure that their voices are heard and influence policy, as well as providing a safe and supportive space for them to share experiences and solutions to common problems.

We also launched the Women’s Health Community Fund in partnership with Holland & Barrett to help deliver resources to diverse and underserved communities. It funded 13 organisations to deliver 35 workshops or events, which reached 650 people.

This year’s fundraising events included a literary lunch with Sue Barker CBE, our 35th annual Celebrity Cricket Match and our City Christmas Fair which raised more funds than ever. 75 people took part in fundraising challenges this year raising an impressive £95,000. Huge thanks to our supporters, fundraisers and volunteers, including our wonderful local branches, for all their efforts this year.

It gives me great pleasure to welcome our new Ambassadors Dr Philippa Kaye, Lavina Mehta MBE and Mariella Frostrup and thank our existing ambassadors, who have once again done so much to help raise awareness and promote change this year.

I would like to extend heartfelt thanks to the outgoing chair of our Research Advisory Committee, Professor David Williams and give the warmest of welcomes to our newly appointed Chair, Professor Hilary Critchley.

The team I have the honour to lead at Wellbeing of Women have worked hard to improve women’s access to vital care and raise awareness of the importance of ending the shame and stigma surrounding so many aspects of women’s day to day health. I remain steadfastly committed to ensuring that women and girls are empowered with accurate information about their health and investment continues in high-quality research to pioneer new cures, tests and treatment.

I look forward to working with researchers, volunteers, partners, sponsors, and, most importantly, women to make a difference to women’s health in 2024 and beyond. When we get it right for women, everyone in our society benefits – fact!

Professor Dame Lesley Regan, Chair

Jessica Ennis-Hill, Alex Mahon, Prof Dame Lesley Regan, Mariella Frostrup, Davina McCall and Liv Garfield at our BT Tower event.

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About us

Women’s health has seen a surge of activity in the last year and we’re proud to be playing our part by funding groundbreaking research, providing trusted health information and education, and ramping up our advocacy with new campaigns.

2023 was a year where our commitment to being led by women’s voices has been more fruitful than ever. We have built, maintained, and worked with communities online and in person to help us save and change lives of women girls and babies.

The Health Collective launched in 2023 with the aim of tackling women's health inequalities in marginalised communities. It is being led by grassroots organisations representing women's voices from every community in our society. It emerged out of the urgent need to do more to ensure all girls and women receive the best care, regardless of which community they belong to.

Complementing this, we set up the Women's Health Community Fund with corporate partner Holland & Barrett. This project provided resources to grassroots organisations in under-served communities to focus on closing the menopause care gap.

Our community fundraising had an incredibly successful year, 75 people took part in a fundraising challenge event, raising an incredible £95,000!

We also saw the power of our donors banding together as a community. Our forward-thinking philanthropists invested in the future of women's health via the ‘Better for Women’ fund, helping to secure a future where no girl or woman is limited by her menstrual health.

We launched our “Just a Period” campaign using the power of our online community. The campaign was co-designed with our supporters, through focus groups, online testing, and crowdsourcing creatives from women across X, Instagram and Facebook. We hit our one-year targets for online campaign reach by the end of 2023, largely thanks to the online community of women and girls who support us.

Finally, as part of a wider women’s health community, we were able to work with more partners than ever to fund vital research across the life course and kickstart more research careers.

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Ambassadors

Our ambassadors are passionate supporters, dedicated to the mission of saving and changing lives of women, girls and babies. They use their influence to raise awareness of women’s health issues, advocate for change, and inspire others to support Wellbeing of Women.

A snapshot of their activity in 2023:

Together with Dr Nighat Arif, we launched The Health Collective. It emerged out of the urgent need to do more to ensure all girls and women receive the best care, regardless of which community they belong to. It is being led by grassroots organisations representing women’s voices from marginalised communities in our society. We held our first meeting in September 2023.

Rosie Nixon supported our Menopause Workplace Pledge by interviewing fellow Ambassador Dr Nighat Arif, charity supporter Lisa Snowdon and Menopause Champion Helen Tomlinson. This was used to create a series of short videos discussing their experiences, insights and tips for the menopause.

We are so grateful for the support of our Ambassadors. They are using their platforms to help us to save and change the lives of women, girls and babies.

Above Jessica Ennis-Hill, Alex Mahon, Philip Jansen, Prof Dame Lesley Regan, Mariella Frostrup, Davina McCall and Liv Garfield at the BT Tower event. Followed by our first Health Collective meeting. Then our “Just a Period” roundtable featuring Dr Aziza Sesay, Emma Hayes, Prof Dame Lesley Regan and Anneliese Dodds MP.

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Research

Since 1964, we have invested over £68 million in more than 600 research projects. Many of these have led to medical breakthroughs in the care of women, girls, and babies, and have supported the careers of leading academic minds in women’s health.

Our research projects in women’s health aim to advance scientific knowledge, inform clinical practice, and ultimately improve the health and wellbeing of women, girls and babies. An important goal of our research is to address health disparities and promote health equity across diverse populations, and much of our funded research addresses this.

We currently have £4.5 million invested in almost 50 exciting research projects tackling women's health across the life course.

New funding

Our new awards continue to address a broad range of important health issues across a women’s life course, from menstrual health and heavy periods to vulvodynia and vulval lichen sclerosus; from issues with fertility to domestic abuse and mental health; as well as the understanding, earlier diagnosis, and treatment of ovarian cancer.

Supporting the next generation

Our 2023 awards are directly supporting the development of 14 of the next generation of leading women’s health researchers, who will help shape the future and for women and girls in the UK and beyond.

The charity is incredibly grateful for a second year to receive financial support from the Medical Research Charities Early Career Researcher Support Fund, to help support our dedicated early career researchers. This support recognises the vital role that charities play in nurturing research talent in the UK and supporting the people who will make future breakthroughs.

Partnerships

Much of the research we invest in is made possible thanks to collaborating with other like-minded organisations, and this year we were excited to announce a new research partnership with the Faculty of Sexual and Reproductive Health. We awarded partnership grants with six esteemed partners in 2023 and the list of partners continues to grow.

Research Advisory Committee

Our research is selected, monitored, and evaluated by our eminent Research Advisory Committee. We thank them, and the expert peer reviewers from around the world who freely give their time to help the charity, for all their support and dedication. These individuals are collectively responsible for ensuring we keep our reputation for funding the highest quality research.

This year we said goodbye to our Committee Chair, Professor David Williams, whose tenure came to an end. We owe a debt of gratitude to David for guiding us through the COVID-19 pandemic. Through his leadership we have continued to fund outstanding research and can see an exciting future for our work in women's health. We now look forward to working with our newly appointed Chair and Deputy Chair, Professors Hilary Critchley, and Dilly Anumba.

A final thanks must go to the researchers in receipt of our funding, whose ideas, passion, and unwavering commitment is central to the charity’s mission to save and change the lives of women, girls, and babies. A very special thanks also goes to all the women, girls and people across the UK who are involved and contribute to the amazing research that we fund.

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Above: Dr Marianne Watters
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New projects awarded in 2023

Periods & menstrual health

Dr Dania Badran – Heavy menstrual bleeding Using new and informative technologies to study the mechanisms that cause heavy menstrual bleeding, a condition affecting the lives and wellbeing of one in three women.

Dr Jackie Maybin & Dr Gemma Sharp – Heavy menstrual bleeding

Identifying the top ten research priorities for problematic menstrual bleeding, a debilitating condition affecting one in three women .

Sexual heath & wellbeing

Dr Pollyanna Cohen – Sexual health & mental health

Developing effective training resources for mental health professionals to improve sexual and reproductive health outcomes among women with mental health disorders.

Funded in partnership with the Faculty of Sexual and Reproductive Health.

Pregnancy & birth

Dr Anna Sydor – Domestic abuse Determining optimal ways to identify and improve support for women experiencing coercive control, a risk factor for other forms of domestic abuse affecting at least 2–3% of women.

Dr Michael Wilkinson – Fetal growth restriction

Exploring how blood vessels in the placenta are affected by fetal growth restriction and the use of steroids as a potential therapy for this complication in pregnancy.

Funded in partnership with the Royal College of Midwives and Burdett Trust for Nursing

Funded in partnership with the British Maternal and Fetal Medicine Society

Ms Jacana Bresson – Postnatal care

Exploring how poor sleep following birth can impact women’s physical and mental health and ways to improve it.

Funded in partnership with the Royal College of Midwives and Burdett Trust for Nursing

Dr Charlotte Williams – Hypertensive disorders of pregnancy

Discovering the factors that make women from different ethnic backgrounds vulnerable to hypertensive disorders in pregnancy to identify women at risk.

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Dr Amie Wilson – Caesarean section

Using the C-WHY system – a tool used to classify caesarean section – to explore patterns in the reasons for and outcomes of caesarean section.

Dr Evangelia Vlachodimitropoulou – Sickle cell disease in pregnancy

Investigating the safety and effectiveness of hydroxyurea – an established treatment for sickle cell disease – in pregnancy.

Funded in partnership with the Royal College of Midwives and Burdett Trust for Nursing

Dr Jennifer Jardine – Hypertensive disease & cardiovascular health

Using health data to identify women at risk of future cardiovascular disease and ethnic differences in long-term outcomes following hypertensive disorders of pregnancy.

Funded in partnership with the British Maternal and Fetal Medicine Society

Contraception & abortion care

Miss Fatima Nabage – Contraception

Looking at the side-effects from contraception experienced by women from ethnic minority groups to improve access to contraceptive services.

Mrs Michelle Anderson – Perinatal mental health

Identifying and preventing mental health issues in the postnatal period in women who undergo a caesarean section with general anaesthetic or are admitted to intensive care.

Funded in partnership with the Burdett Trust for Nursing

Fertility

Dr Jemma Barash – Female fertility preservation

Identifying research priorities in female fertility preservation to improve care for people seeking fertility preservation.

Funded in partnership with the Faculty of Sexual and Reproductive Health

Gynaecological conditions

Miss Athena Lountzi – Vulvodynia

Identifying research priorities for vulvodynia, a painful condition of the female genital area that affects 8–10% of women.

Funded in partnership with the British Society for the Study of Vulval Disease

Dr Sophie Rees & Dr Caroline Owen – Vulval lichen sclerosus

Providing reliable health resources for patients with vulval lichen sclerosus, a chronic inflammatory skin condition affecting the genital area. Funded in partnership with the British Society for the Study of Vulval Disease

Gynaecological cancers

Dr Robert Hollis – Ovarian cancer

I nvestigating different subtypes of endometrioid ovarian cancer to identify patients most at risk of failing treatment and relapsing.

Prof Ahmed Ahmed – Ovarian cancer

Using genetic analysis to predict treatment responses and health outcomes in women with ovarian cancer.

Funded in partnership with the British Gynaecological Cancer Society

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What has our research achieved?

Pregnancy

Dr Jane Cleal – Treating infertility

Unsuccessful pregnancy can be caused by inappropriate endometrial receptivity, in which the womb lining is unable to receive an implanting embryo.

The research team has found structural differences in the womb lining of women who experience unsuccessful pregnancy, identifying genetic and cellular markers that affect its

ability to receive an implanting embryo. This work could lead to the development of a clinical test that predicts a woman’s likelihood of successful pregnancy.

Professor Nicola Robertson – Treating birth asphyxia

This research has found that the natural hormone, melatonin, could be a safe and protective treatment in babies at risk of birth asphyxia, when a baby doesn't receive enough oxygen before, during or just after birth. This finding is of particular importance for babies born in low-income and middle-income countries where 96% of cases occur.

The team are continuing to explore how a combination of melatonin and a tiny amount of alcohol could be an even more effective treatment, as well as melatonin combined with an antibiotic.

Dr Angharad Care – Treating preterm birth

PPROM stands for Preterm Prelabour Rupture of Membranes. This describes the situation when your waters break before you're in labour and before the baby is due. When this occurs before 23 weeks' gestation it is a serious complication of pregnancy with high rates of morbidity for mothers and babies.

This research has helped to provide more clarity on the outcomes for mother and baby when PPROM occurs before 23 weeks.

The results should be used in counselling families with PPROM before 23 weeks' gestation, and to update clinical guidelines. They also show that maternal sepsis is a considerable risk that needs more research.

Funded in partnership with Little Heartbeats

Dr Shuby Puthussery – Improving access to antenatal care

The research team has developed and implemented a community-based intervention to improve the number of women from an ethnically diverse and socially disadvantaged community starting antenatal care within the recommended 12-week period of pregnancy.

Findings show that women who received the intervention felt it addressed an important issue and provided valuable information

in a way that was acceptable to the community. The team’s next steps are to test out the intervention in more communities across the UK. Funded in partnership with the Burdett Trust for Nursing

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Dr Heather Garthwaite – Improving outcomes following fertility treatment

Clomifene citrate is a medication taken by some women experiencing fertility issues and is associated with the risk of multiple pregnancy.

pregnancy. These findings are the first to provide evidence for national guidelines on the use of ultrasound in this context.

The research team explored whether the use of ultrasound scans during fertility treatment with this drug reduced the risk of multiple

Gynecological Cancers

Dr Samar Elorbany – Treating advanced ovarian cancer

Dr Samar Elorbany – Treating advanced This could lead to the ovarian cancer development of immunotherapies that Using a cutting-edge technique, the research help the body respond team have identified different populations of better to chemotherapy immune cells in high-grade serous ovarian and improve clinical cancer. Findings show that chemotherapy outcomes in patients promotes an anti-tumour effect on some of with advanced ovarian these cell populations, but a pro-tumour effect cancer. on others.

This work has provided a foundation for research into drugs that inhibit the cells that have a pro-tumour effect.

Dr Sarah Kitson – Preventing womb cancer weight loss advice and/or a hormoneThis research team has developed and releasing coil. validated an accurate model for predicting a woman’s risk of developing womb cancer over This work could the following decade. ultimately lead to a greater understanding The team now plans to explore whether of the role that weight women are happy to have this risk assessed in loss and the Mirena coil the first place and, if they are found to be at have on the risk of high risk, will invite them to take part in a developing womb clinical trial to try and reduce this risk using cancer.

Dr Narthana Ilenkovan – Treating ovarian cancer

This research has identified a gene mutation in a molecular signalling pathway in patients with low-grade serous ovarian carcinoma, a type of ovarian cancer that tends to affect younger women and is resistant to current chemotherapy options.

Findings show potential points in this pathway that could be targeted

with new combinations of chemotherapy.

This work has provided insight into the molecular profile of this type of ovarian cancer and, with further research, could lead to better treatment options for this patient group.

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Personalising care for menstrual health conditions

Dr Varsha Jain is an Obstetrics and Gynaecology Trainee and Clinical Fellow based at the University of Edinburgh .

I've been involved in research since I was a medical student, and I really liked the way that research challenged my brain. It allowed me to ask questions which I couldn’t do in a clinical setting.

In 2019, I was awarded a Wellbeing of Women Clinical Research Fellowship to undertake a PhD on heavy menstrual bleeding at the Centre for Reproductive Health at the University of Edinburgh.

One in three women and girls of reproductive age will suffer with heavy periods at some point in their lives. Roughly a third of these will end up having a hysterectomy because existing medications don’t work.

I wanted to understand what was happening in the lining of the womb (endometrium) in women with heavy menstrual bleeding. The gynaecological conditions, adenomyosis and fibroids are often the underlying cause, so I studied samples of the endometrium from women with these conditions to be able to understand why these women were suffering with heavy periods.

I found that the endometrium from women who had fibroids or adenomyosis wasn't responding as it should be to a hormone called progesterone. This is really important because a lot of the medications that we use to treat heavy periods are based on the way our bodies interact with progesterone. My research has provided some insight into why the mainstay of treatments might not work to treat heavy bleeding in these women to hopefully develop new drugs that could work better and prevent hysterectomy.

In addition, it gives women validation that they're not alone in the fact that their heavy periods aren't getting better with these drugs.

My long-term goal is really to be able to personalise the healthcare that we're providing to women who have heavy periods when it comes down to this progesterone difference that might be occurring, if I can understand what's happening at an individual patient level and be able to tailor their medication, I think that will be a huge win for patients.

Ultimately, knowing which treatment will be most effective means that women won’t be suffering with debilitating symptoms for years or decades.

Wellbeing of Women has been a huge help for me and my PhD which would not have been possible otherwise. The work the charity does is immensely important. The focus on women’s health throughout their lives means that problems such as heavy periods, which are generally quite taboo and don't come up so often as funding calls, can be highlighted and they can be researched. Heavy periods are under-researched and we just don't know enough about them, without the funding and focus from Wellbeing of Women, we wouldn’t be able to move forward for our patients.

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Communications and Advocacy

“Just a Period”

In September 2023, we launched the “Just a Period” campaign to address the unacceptable normalisation of severe period symptoms and gynaecological conditions.

Millions of women and girls suffer with severe period pain, heavy bleeding or irregular cycles that disrupt their lives. Instead of getting the treatment and support they desperately need, they’re often dismissed and told it’s “just a period”.

The campaign seeks to drive better education and information for all by sharing the impact these problems can have on women and make sure there is good information and education available for anyone who needs it. We want to educate and empower girls and women to be in control of their menstrual health from their first period to their last.

The campaign was off to a flying start with a roundtable discussion hosted by Dame Lesley Regan, which was attended by a mix of politicians and campaign ambassadors such as Dr Nighat Arif, Emma Hayes and Clare Nasir. We had widespread media coverage for our survey showing the devastating impact that difficult periods can have on women’s lives. We also launched a moving short film showing women’s experiences and created an information hub on our website to educate and inform.

We worked with Naga Munchetty on BBC 5

Live to raise awareness of the lack of women’s health research funding and our Chief Executive, Janet Lindsay, gave evidence at the Women and Equalities select committee about the challenges that women face getting help for period problems.

We launched the first in a series of campaign Instagram Lives hosted by Dr Aziza Sesay and started creating educational clips for TikTok. By the end of 2023, we had smashed our digital reach targets as more people were learning about menstrual health.

Our impact:

Over 70,000 views to our campaign video on Instagram, we encouraged our followers to share their experiences in the comments

Case study: Tanya Simon-Hall Tanya started having bad periods, with severe pain and vomiting, when she was 20. She went to the doctors about them, but nothing was done. They told her, ‘It’s just a period’.

“My reaction was, ‘What’s that!?’ and they said, ‘OK, bye!’ There’s not enough information out there for women suffering every month, who are looking for help. I wasn’t given any information when I was diagnosed.”

By 2019, Tanya’s periods were really bad. She had trouble picking up and dropping off her son at school and going to work.

That’s when Tanya went to see a gynaecologist. They said she also had rectal vaginal endometriosis and found three big nodules.

Tanya went to two different clinics for scans. The second clinic found adenomyosis and sent the results to Tanya’s GP. When the doctors rang to tell her, she’d never heard of the condition.

Because of other pre-existing conditions, the current treatments for endometriosis and adenomyosis aren’t an option for Tanya. Instead, she manages her symptoms through diet and lifestyle.

Rather than explaining, they ended the call .

To tackle the lack of information out there, Tanya has started running workshops with teens to help them understand their periods, “We need to educate ourselves so we can see the right specialists and ask the right questions."

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Menopause Workplace Pledge

Our first campaign, the Menopause Workplace Pledge, continued to gather momentum throughout 2023.

It was first launched in October 2021, in partnership with HELLO! Magazine and supported by Bupa.

We worked with Hello! Magazine and supporters like Lisa Snowdon Dr Nighat Arif to produce three short videos to promote the pledge and the importance of menopause support at work for Menopause Awareness Month in October.

Over 2700 organisations signed up by the end of 2023, including well-known names such as the Labour Party, Gatwick airport, Pfizer and Reed.

A poll of organisations who have signed the pledge shows that more than 9 in 10 employers (94%) felt that signing the Menopause Workplace Pledge has contributed to improvements in support in their workplace.

We collaborated with the government’s firstever Menopause Employment Champion, Helen Tomlinson, by publishing a Q&A with her on our website and social channels. Helen has also been a key public supporter of our Pledge.

During 2023, we organised our first two webinars aimed at those who have signed up. They looked at new guidance by the British Standards Institute (BSI) about menstruation, menstrual health and menopause in the workplace and the effectiveness of cognitive behavioural therapy (CBT) as a tool to help alleviate some menopause symptoms. Over 250 people watched them stream live, with more watching later.

The Menopause Workplace Pledge was shortlisted for two national awards in May 2023. The campaign was shortlisted for a PPA Award, which celebrate outstanding achievements and innovation in UK specialist media, and a 2023 Digital Publishing Award.

Employer spotlight: Pfizer UK Limited

The UK arm of the pharmaceutical company Pfizer signed up to the Menopause Workplace Pledge in 2023. For them, it was the natural next step to formalise their commitment to menopause support.

Tess Neal, Pfizer’s UK menopause lead, says, “It’s a great feeling to know Pfizer takes menopause support in the workplace seriously and is standing shoulder-toshoulder with so many other like-minded organisations.”

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Education

Our health-education webinar series has continued to grow in popularity and success throughout 2023. We hosted 11-webinars, bringing together leading experts and voices of women with lived experience to discuss conditions like pelvic floor health, hyperemesis gravidarum, and contraception. Our webinar videos were watched more than 13,000 times on YouTube in 2023.

“Being part of the webinar has been life changing for me. By the end of it I felt so much more confident about my pelvic health, and that there is hope.

I feel that I was with knowledgeable, articulate friends who went to the trouble of sending a follow-up email with not only a link to the webinar, but with links to such useful organisations and websites. I no longer feel that I am on my own.

You helped to educate society on women’s health conditions.”

Pelvic Floor Health Webinar Attendee

We tested new ways of reaching broader audiences, including short form educational content, we launched on TikTok, and started an Instagram Live series. Our health experts have been vital in creating this engaging and trusted information, ranging from Dr Philippa Kaye discussing bone health and menopause, Dr Nighat Arif busting common period myths, to Dr Aziza Sesay demystifying the menstrual cycle.

In the second half of the year, we expanded our health information pages, including setting up a period hub for our “Just a Period” new campaign. These pages were viewed more than 17,000 times in 2023, helping to empower people with knowledge to support their health journey throughout the life course.

Dr Aziza Sesay breaking down periods and the menstrual cycle

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Spotlight on Menopause Xplored

Following a successful pilot phase, we launched Menopause Xplored in September 2023. These free interactive workshops provide education on menopause for small and medium businesses (SMEs) based in Bedfordshire, Luton and Milton Keynes areas. During each workshop, attendees are immersed in a woman’s experience of menopause at work using VR headsets.

Afterwards, a free-flowing conversation, facilitated by menopause expert Diane Danzebrink, encourages attendees to think critically about their own work environments and what changes could be made for inclusivity.

Starting in Oct 2023, we held 3 workshops and reached 28 businesses and 31 employees.

The sessions have been very well received with a 4/5 rolling average score “How knowledgeable do you now feel about the menopause?” and a 4.5/5 rolling average score when asked “To what extent do you now feel comfortable discussing menopause with colleagues at work?”

The Menopause Xplored initiative is funded through a partnership between the Department of Health and Social Care, NHS England and the UK Health Security Agency.

Employer spotlight: Aimmi

Charlotte is the Head of Employee Engagement & Wellbeing at Aimmi, a company with 180 employees.

“I had an employee go through a terrible menopause experience last year, which was when I first became interested in the topic. I created our first menopause policy, because I wanted to make sure that employees had the support, they needed to feel comfortable and productive at work.

“Since then, I've been on the lookout for training opportunities for all managers. I believe it's essential that they have the knowledge and tools to support their team members during this transition. During my research I came across Menopause Xplored and decided to join the workshop, to see if it would be valuable for our teams.

“The workshop was very informative. They provided a lot of advice on how to support team members going through menopause and gave us practical tools to implement in the workplace.

“One of the highlights of the workshop was the use of virtual reality (VR). It gave me a good feel for what women might experience during menopause, and it helped me understand some of the challenges they face.

“The workshop prompted me to make some changes to our policies and practices. One of the first things I did was update our menstrual and menopause policy to reflect the new knowledge and insights I gained. I wanted to ensure that our policy was as inclusive and supportive as possible for women going through this transition.”

Above: Menopause Workshop

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Fundraising

2023 was another good year of fundraising for the charity. We continued to build relationships and opportunities with existing and new funders as we expanded our women’s health education and advocacy work.

As always, the year was dotted with fundraising events including;

The Better For Women Fund, launched in February, is a philanthropic fund to enable forward-thinking donors to invest in the future of women's health, by tackling one urgent need at a time. The current focus is menstrual health and in October members met with Dr Marianne Watters to hear about her research into menstrual fluid.

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Davina McCall at The BT
Tower event
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Above our annual Celebrity Cricket Match, followed by Sue Barker at our Fortnum and Mason lunch and our Christmas Christmas Fair

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Appeals

Our Women & Girls fund Appeal and Big Give Christmas Appeal raised over £38,000. In October we raised funds to help us to continue to invest in menopause support and education. In December, our appeal raised funds to support our “Just a Period” campaign working to ensure that no one’s pain, or heavy bleeding is dismissed.

Community fundraising

Our amazing network of branches continued to raise funds with events throughout the year with homemade jam sales, afternoon teas, lunches and speaking events in Brighton, East Riding, Great Yarmouth, Northern Ireland and Wealden.

Our superstar community fundraisers, Natasha and Mike Dickinson, organised a team of 30 people to take part in the Manchester 10K and half marathon. Natasha has supported Wellbeing of Women over the years, and we are so grateful for her support.

Our Wealden branch even organised a charity lunch with famous antiques expert, Catherine Southon from Antiques Road Trip and Bargain Hunt.

Other exciting events that our fundraisers took part in included the London Marathon, London Landmarks Half Marathon, Hackney Half and Great North Run to name a few!

75 people took part in a fundraising challenge event in 2023 raising an incredible £95,000!

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Fundraiser Natasha Still and her amazing team of runners who took on the Manchester 10K and the Manchester Half Marathon
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Launch of a new fundraising initiative

Building on our Menopause Workplace Pledge and growing number of corporate supporters, we were delighted to launch our Employer Membership Programme which is a paid programme for organisations dedicated to improving women’s health in the workplace.

The EMP provides evidence-based information, policy templates and guidance, best practice, case studies and events. We plan to grow the programme in the coming years to simultaneously support women in work and raise funds for our research, education and advocacy.

Partnerships

We continued to work with key corporate partners such as PwC, Bupa, Reckitt, Vitabiotics, BGC, Bolt Burdon Kemp, and FSCS. In addition, we launched a new partnership with Holland & Barrett to fund grassroots organisations providing localised menopause support and information to underserved communities, and embarked on a new partnership with skincare brand, Vichy Laboratories, launching in 2024.

Women’s Health Fund recipient Fareeha Jay

Women's Health Community Fund has enabled me to run these sessions online but has also helped me amplify my voice, which I cannot do alone. It's a lot more than funding. It's about providing me with a platform to showcase my work.”

Fareeha is a freelance dietitian with a particular focus on South Asian diets. She shares why menopause support is needed in her community and the motivation to apply for the fund.

"There are two reasons why menopause support is needed for South Asian women. One is that this is a taboo topic, and shame is associated with it. Secondly, there is a lot of guidance on diet for perimenopause and menopause; however, that guidance is not culturally tailored to the needs of South Asian women".

Trusts and Foundations

Wellbeing of Women would like to thank the many generous trusts and foundations whose support in 2023 has made a meaningful difference to the lives of women, girls and babies. These include the Albert Gubay Charitable Foundation, The Burdett Trust for Nursing, Garfield Weston Foundation and The National Lottery.

We would also like to thank the pharmaceutical companies who are helping to make a positive and lasting impact on women’s health: Besins Healthcare, Gedeon Richter, GSK, Hologic, and Theramex.

19

Affiliations

We would like to recognise our esteemed research partnerships and thank the groups that work with us to support women’s health.

The Thompson Family Charitable Trust

20

Our year in numbers

----- Start of picture text -----
Awarded
funding to
Invested over 17 Over 2,700
£750,000 organisations
new projects
into new signed our
research Menopause
Workplace Pledge
covering millions of
Supported 35
employees
leading researchers
and their teams to Over
drive progress in Funded 13
£2.5 million
women’s health recipients with the
across the life raised in first Women’s
course Health Community
2023 Fund
Reached
Our webinar thousands of people
videos were with our
watched more than “Just a Period”
13,000 times on campaign
YouTube 500+ people
joined webinars to
discuss menopause
at work
----- End of picture text -----

21

Financial review

Income

Continuing the growth of the charity in line with our five-year strategy, income once again grew year on year by over 10% to £2.843m in 2023 (2022: £2.573m). Growth was driven by an increase in donations alongside restricted income particularly for Education projects and initiatives. Income from investments was higher at £108k (2022: £85k), and there was a net gain on the valuation of the investment portfolio of £52k (2022: £240k loss) recovering some of the value lost in the prior year due to turbulent market conditions. However, the value of the unlisted shares was written down to nil (2022: £264k) in a conservative assessment as the charity was unable to confirm the value, which resulted in a net loss overall for investments of £212k and impacted the net movement in funds for the charity.

Expenditure

Growth in Education spend fuelled further increase in Charitable Activities in 2023 compared to the previous year at £2.112m (2022: £1.934m), whilst Research spending was slightly decreased to enable the expansion of the new strategic pillars. Fundraising costs slightly increased to £592k (2022: £582k) driven by expansion of the Fundraising team to support the charity’s growth ambitions. Total expenditure increased to £2.703m (2022: £2.517m), largely in proportion to the increase in the charity’s income.

Pension costs

Included in the accounts is a liability arising from the Royal College of Obstetrician and Gynaecologists (RCOG) defined benefit pension scheme, of which Wellbeing of Women is a minority employer. As described in note 20 a buy-out of the pension scheme is currently in progress and this is reflected in the calculation of the liability. Wellbeing of Women’s share of the scheme’s deficit is currently set at 4.00% of the total. The total present value of the charity’s liability is £122k (see Note 20), falling due within one year. Wellbeing of Women’s Trustees are confident that this liability can be met from current and future income. In 2014, the Trustees decided to close entry for employees to the RCOG defined benefit scheme and to offer a new multi-employer defined contribution scheme administered by The Pension Trust on a comparable basis.

Reserves

Each year, Wellbeing of Women awards research grants and training/educational grants. Grants are only awarded if there are unrestricted and / or restricted funds available to their full value, thereby guaranteeing funding to recipients.

At the end of 2023, Wellbeing of Women had unrestricted funds of £1.713m (2022: £1.896m) and restricted funds of £314k (2022: £324k). The Trustees are satisfied that the surplus free reserves, together with balances in restricted and designated funds, form a secure base to fund charitable expenditure in 2024.

Restricted Funds may be restricted in several ways, for example: on a particular field of research, type of award, or geographical area; to a specific award already underway; or for a

22

non-Research project in Education and/or Advocacy. The Trustees seek to apply restricted funds to optimum benefit at the earliest opportunity, and to release unrestricted funds that have been previously committed, to underwrite new grant awards.

The unrestricted and restricted funds brought forward from the previous year are available for the Trustees to make awards in the current year. In determining the amounts to be committed, the Trustees are mindful of the current fundraising performance of the charity before making grant commitments.

The Trustees reviewed the reserves policy and consider it appropriate to maintain free reserves above a minimum target of £750k in order to protect the charity in the following risk scenarios:

The Trustees designated three funds within unrestricted funds:

After restrictions and designations of funding the charity held £763k of general reserves in total (2022: £670k), above the minimum target of £750k. The reserves policy is reviewed by Trustees each year to ensure it remains relevant to the ongoing requirements of the charity.

Risk management

The Trustees have reviewed the risks that the charity faces, particularly those related to Strategic, Operational and Financial Risks using a Risk Register that is regularly reviewed by both the Audit Committee and the Board, implementing appropriate policies, procedures, and systems to mitigate the charity’s exposure.

The continued growth in activities, particularly in Education, funded by a budget deficit to grow the team in both capacity and capability, represent both reputation and financial risk to

23

the charity. The Trustees review the ongoing investment in the Executive team and new projects, using management and project accounts with cash flow forecasts, quarterly reforecasting and regularly stress test the financial resilience of the organisation through scenario testing and 12-month cash flow forecasts.

The Trustees have concluded that due to the discretionary nature of a substantial element of its annual spend, the strength of the Investment Policy protecting the value and liquidity of its reserves such that operational costs and long-term Grant commitments can all be met, that Wellbeing of Women has sufficient funds to continue its operation for the foreseeable future.

More specifically, the major risks identified, and mitigations are set out below:

24

Through this process, the Trustees are satisfied that the major risks identified have been managed. It is recognised that systems can only provide reasonable, but not absolute, assurance that major risks have been adequately mitigated.

A large proportion of the charity’s expenditure is discretionary, being related to events, Advocacy and Education projects, and awarding grants. Given this, the use of the investment portfolio and the reserves being structured in such a way to ensure the funding of existing commitments, the Trustees have concluded that the charity will be able to maintain its operations into the future. The Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future, being 12 months from the signing of the accounts.

Investment Policy

Wellbeing of Women grants are awarded only if there are unrestricted or restricted funds available to their full value, thereby guaranteeing funding to recipients. Wellbeing of Women’s investment policy, therefore, aims to maximise the return available on these funds from within an investment portfolio created expressly for this purpose.

The policy:

The investment portfolio performed better in 2023, with gains of £160k on a total returns basis, made up of income of £108k and unrealised gains of £52k (2022: total returns loss of £155k), recovering the value lost in 2022 and outperforming the composite benchmark and relevant Asset Risk Consultants indices which act as a comparator to monitor performance.

Taking the relative performance of the portfolio against the market and comparative indices into account, combined with the free reserves position of the charity, the Trustees are

25

satisfied that the performance of the investments in 2023 has met the objectives as set out above.

The charity was unable to confirm the value of the unlisted shares held, either through recent sales or other methods, so in a conservative assessment the value has been written down to zero leading to a loss of £264k on these shares, and a net loss on investments of £104k on a total returns basis.

Grant Making Policy and Process

Background : Wellbeing of Women funds pioneering research into gynaecological and reproductive health, as well as childbirth to transform the lives of women, girls and babies. To ensure that there are successive generations of well trained and highly skilled researchers, Wellbeing of Women also invests funds to establish clinical academic pathways within the fields of obstetrics, gynaecology, and midwifery.

26

Structure, governance and management

Constitution

Wellbeing of Women is a Registered Charity (England and Wales 239281) and a Company limited by guarantee (Company no 00824076) and governed by its Memorandum and Articles of Association. The charity, founded in 1964 as the National Centre for Childbirth Research, became Birthright in 1972, Wellbeing in 1993, and Wellbeing of Women in 2004. The charity is a member of the Association of Medical Research Charities and was registered in Scotland in 2012 (SC042856).

Public Benefit

The Trustees confirm that they have complied with their duty under the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on public benefit.

Board of Trustees

The Trustees who served during the year and up to the date of approval of these accounts are listed on page 29.

Wellbeing of Women is governed by a Board of Trustees who meet approximately quarterly to set policy, agree strategy and ensure that the charity’s charitable purposes are met. The Board is supported by subcommittees, each involving trustees and volunteers with the skills and experience required to help the charity deliver its objectives. Details of the remit of the subcommittees are provided below.

The Board of Trustees regularly reviews the expertise required to help the charity deliver its objectives and, if gaps are identified or a vacancy occurs, new trustees are sought with the appropriate skills or experience. All trustees are fully briefed on joining the charity and are offered opportunities to increase their knowledge and expertise as they arise.

The executive team, led by the Chief Executive, is responsible for the day to day running of the charity and delivery of its charitable activities. Financial matters are overseen by the Director of Finance and Resources who is also the Company Secretary.

Remuneration Policy

Staff remuneration is proposed by the Chief Executive and Director of Finance and Resources in an annual budget and approved by Trustees. The Chair and Honorary Treasurer make recommendations to the full Board of Trustees for determining the remuneration of the CEO.

Sub-Committees of the Board

The Audit Committee

The Audit Committee, chaired by a Trustee, meets at least three times per annum. The Committee considers the risk management of the charity and the Risk Register. At each level of management, a risk-based assessment of decisions is used. The Audit Committee’s specific responsibilities are clearly set out in the Terms of Reference for its members.

27

Wellbeing Trading Ltd

The charity has a wholly owned trading subsidiary, which is registered in England and Wales. Wellbeing Trading Limited has been inactive since 2008.

Scotland

Wellbeing of Women was entered onto the Scottish Charity Register on 12th January 2012. Since that time the charity has awarded over £1.2 million in new grants to Scottish led research in Aberdeen, Edinburgh and Glasgow. In addition, Wellbeing of Women raises funds in Scotland via its active Edinburgh volunteer branch and other sources.

28

Reference and administrative details

Chair

Professor Dame Lesley Regan DBE MD DSc FRCOG

Trustees

Jos Cleare (appointed 13 July 2023) Karen Green (appointed 13 July 2023) Margaret Horvath (Chair, Audit Committee) Philip Jansen Indra Joshi (appointed 13 July 2023) Sacha Nathan (Deputy Chair from 13 July 2023)

Ranee Thakar Gill Walton Lady Helen Ward Debbie White (Honorary Treasurer)

Chair Research Advisory Committee

Dr David Williams PhD FRCP FRCOG (until 12 December 2023)

Professor Hilary Critchley (from 12 December 2023)

Chief executive

Janet Lindsay

Director of Finance & Resources and Company Secretary

David Milne

Head of Research

Jeremy Barratt

Honorary Presidents

Sir Marcus Setchell KCVO FRCS FRCSEd FRCOG

Sir Victor Blank Hon FRCOG

Honorary Vice-presidents

Professor Andrew Goddard (President of the Royal College of Physicians) Miss Ranee Thakar (President of the Royal College of Obstetricians and Gynaecologists)

29

Professional Advisors and banking services

Auditors

Sayer Vincent LLP

Chartered Accountants

Statutory Auditor

110 Golden Lane, London, EC1Y 0TG

Investment Advisors

Cazenove Capital, Schroder & Co. Limited

1 London Wall Place, London, EC2Y 5AU

Bankers

National Westminster Bank Plc

10 Marylebone High Street , London, W1A 1FH

CAFCash Limited

Kings Hill, West Malling, Kent, ME19 4TA

Registered and principal office

10-18 Union Street, London, SE1 1SZ

www.wellbeingofwomen.org.uk

30

Fundraising statement

Charities (Protection and Social Investment) Act 2016

Wellbeing of Women aims to inspire people to donate funds to support our work or to raise money for us via a number means. These include applications to trusts and foundations, through relationships with individuals, partnerships with business, fundraising events, challenge events and by legacy giving.

The following principles guide our fundraising activities:

During 2023 there were no complaints relating to our fundraising activities.

31

Statement of Trustees’ responsibilities

The Trustees, who are also the directors of Wellbeing of Women for the purpose of company law, are responsible for preparing the Trustees' Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the Trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these accounts, the trustees are required to:

The Trustees are responsible for keeping adequate and proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure the accounts comply with the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 accounts may differ from legislation in other jurisdictions.

Disclosure of information to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information (that is, information needed by the company’s auditors in connection with preparing their report) of which the company’s auditor is unaware. Additionally, the directors individually have taken all the steps necessary that he/she ought to have taken as directors in order to make himself/herself aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

By Order of the Trustees

Professor Dame Lesley Regan DBE MD DSc FRCOG Chair Dated: [2[nd] July 2024]

32

Independent auditor’s report

To the members of

Wellbeing of Women

Opinion

We have audited the financial statements of Wellbeing of Women (the ‘charitable company’) for the year ended 31 December 2023 which comprise the statement of financial activities, balance sheet, statement of cash flows 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the 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 appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on Wellbeing of Women’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

33

Independent auditor’s report

To the members of

Wellbeing of Women

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other Information

The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the 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 of the audit, or otherwise appears to 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 statements themselves. 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report,

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 (as amended) require us to report to you if, in our opinion:

34

Independent auditor’s report

To the members of

Wellbeing of Women

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees (who are also the directors of the charitable company for the 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 that are free from 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 of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with regulations made under those Acts.

Our objectives are 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 from fraud 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 fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material

35

Independent auditor’s report

To the members of

Wellbeing of Women

misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

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 likely to become aware of 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.

36

Independent auditor’s report

To the members of

Wellbeing of Women

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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 section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005. Our audit work has been undertaken so that we might state to the charitable company's members 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, for our audit work, for this report, or for the opinions we have formed.

Joanna Pittman (Senior statutory auditor)

Date: 11 July 2024 for and on behalf of Sayer Vincent LLP, Statutory Auditor 110 Golden Lane, LONDON, EC1Y 0TG

Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act 2006

37

Wellbeing of Women

Statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 December 2023

For theyear ended 31 December 2023
Note
Income from:
2
3
3
3
4
5
6
6
6
6
14
8
23a
19
Reconciliation of funds:
Total funds carried forward
Transfers between funds
Net income / (expenditure) before other
recognised gains and losses
Gains / (losses) on pension revaluation
Net movement in funds
Total funds brought forward
Net gains / (losses) on investments
Net (expenditure) / income for the year
Research
Advocacy
Investments
Total income
Raising funds
Expenditure on:
Other trading activities
Total expenditure
Net income / (expenditure) before net
gains / (losses) on investments
Charitable activities
Education
Education
Research
Advocacy
Donations and legacies
Charitable activities		 Unrestricted
£
816,742
3,500
-
18,850
320,149
107,785		 Restricted
£
534,551
517,233
139,511
384,936
-
-		 2023
Total
£
1,351,293
520,733
139,511
403,786
320,149
107,785
2,843,257
591,791
1,107,916
390,755
612,872
2,703,334
(212,140)
(72,218)
-
(72,218)
(119,663)
(191,881)
2,219,228
2,027,347
139,922		 Unrestricted
£
735,619
2,500
20,000
17,000
374,891
85,381		 Restricted
£
419,765
735,749
72,895
107,464
1,677
-		 2022
Total
£
1,155,384
738,249
92,895
124,464
376,568
85,381
1,267,026 1,576,231 1,235,391 1,337,550 2,572,941
591,791
909,410
266,034
447,870		 -
198,506
124,721
165,002		 582,453
1,059,749
307,657
154,644		 -
328,557
83,759
-		 582,453
1,388,306
391,416
154,644
2,215,105 488,229 2,104,503 412,316 2,516,819
(212,140)
(948,080)		 -
1,088,002		 (240,282)
(869,112)		 -
925,234		 (240,282)
56,122
(1,160,220)
1,097,525		 1,088,002
(1,097,525)		 (1,109,394)
777,358		 925,234
(777,358)		 (184,160)
-
(62,695)
(119,663)		 (9,523)
-		 (332,036)
56,928		 147,876
-		 (184,160)
56,928
(182,358)
1,895,550		 (9,523)
323,678		 (275,108)
2,170,658		 147,876
175,802		 (127,232)
2,346,460
1,713,192 314,155 1,895,550 323,678 2,219,228

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 23a to the financial statements.

38

Wellbeing of Women

Company no. 00824076

Balance sheet

As at 31 December 2023

As at 31 December 2023 As at 31 December 2023
Note
£
Fixed assets:
13a
Intangible assets
13b
14
Non current assets:
15
Current assets:
15
647,788
674,971
1,322,759
Liabilities:
16, 17, 20
(1,647,680)
18
23a
950,000
763,192
Total unrestricted funds
Restricted income funds
Unrestricted income funds:
Designated funds
The funds of the charity:
Total net assets
Total assets less current liabilities
Debtors
Creditors: amounts falling due within one year
Net current (liabilities)
Debtors
Creditors: amounts falling due after one year
Investments
Cash at bank and in hand
Tangible assets
General funds
Total charity funds		 2023
£
13,928
49,353
3,671,643		 £
418,131
431,488		 2022
£
3,475
80,405
3,802,903
3,734,924
147,456		 3,886,783
278,912
147,456 278,912
3,882,380
(324,921)		 4,165,695
(320,387)
1,322,759
(1,647,680)		 849,619
(1,170,006)
950,000
763,192		 1,225,000
670,550
3,557,459
(1,530,112)		 3,845,308
(1,626,080)
2,027,347 2,219,228
314,155
1,713,192		 323,678
1,895,550
2,027,347 2,219,228

Approved by the trustees on 2 July 2024 and signed on their behalf by

Professor Dame Lesley Regan Chair of the Board of Trustees

39

Wellbeing of Women

Statement of cash flows

For the year ended 31 December 2023

~~[A statement of cash flows is only required for larger charities with income of more than £500k]~~

Note
Cash flows from operating activities
Net movement in funds
23a
(as per the statement of financial activities)
Depreciation and amortization charges
13
(Gains)/losses on investments
14
(Profit)/loss on the disposal of fixed assets
Dividends, interest and rent from investments
5
(Gains) / losses on pension revaluation
19
(Increase)/decrease in debtors
15
Increase/(decrease) in creditors
16
14
Analysis of cash and cash equivalents and of net debt
Cash at bank and in hand
Total cash and cash equivalents
Net cash (used in) / provided by operating activities
Cash and cash equivalents at the end of the year
Change in cash and cash equivalents in the year
Net cash provided by / (used in) investing activities
Donated investments
The charity had no debt during the year
Cash flows from investing activities:
Dividends, interest and rents from investments
Purchase of fixed assets
Proceeds from sale of investments
Purchase of investments
Cash and cash equivalents at the beginning of the
year
Cash held in the investment portfolio
Change in cash and cash equivalents due to
exchange rate movements		 £
£
(191,881)
37,004
212,140
-
(107,785)
119,663
-
(98,201)
262,043
232,983
107,785
(16,404)
907,590
(1,052,034)
(53,064)
179,919
851,933
-
1,031,852
At 1 January
2023
Cash flows
£
£
431,488
243,483
420,445
(63,564)
2023		 £
£
(191,881)
37,004
212,140
-
(107,785)
119,663
-
(98,201)
262,043
232,983
107,785
(16,404)
907,590
(1,052,034)
(53,064)
179,919
851,933
-
1,031,852
At 1 January
2023
Cash flows
£
£
431,488
243,483
420,445
(63,564)
2023		 £
£
(127,232)
15,187
240,282
-
(85,381)
(56,928)
-
(192,952)
(15,878)
(222,902)
85,381
(84,696)
752,887
(801,151)
(47,579)
(270,482)
1,122,415
-
851,933
Other non-
cash
changes
At 31
December
2023
£
£
-
674,971
-
356,881
2022		 £
£
(127,232)
15,187
240,282
-
(85,381)
(56,928)
-
(192,952)
(15,878)
(222,902)
85,381
(84,696)
752,887
(801,151)
(47,579)
(270,482)
1,122,415
-
851,933
Other non-
cash
changes
At 31
December
2023
£
£
-
674,971
-
356,881
2022
232,983
(53,064)		 (222,902)
(47,579)
At 1 January
2023
£
431,488
420,445		 Other non-
cash
changes
£
-
-
179,919
851,933
-		 (270,482)
1,122,415
-
1,031,852 851,933

Cash flows
£
243,483
(63,564)
At 31
December
2023
£
674,971
356,881
851,933 179,919 - 1,031,852

40

Wellbeing of Women

Notes to the financial statements

For the year ended 31 December 2023

a) Statutory information

Wellbeing of Women is a registered charity; a company limited by guarantee not having any share capital and is incorporated in England and Wales.

Each member of the company is liable to contribute £1 towards the liabilities of the company in the event of liquidation.

It is registered with the Charity Commission for England and Wales and the Office of the Scottish Charity Regulator.

The registered office address and principal place of business, is 10-18 Union Street, London, England, SE11 1SZ.

b) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: 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), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

In applying the financial reporting framework, the trustees have made a number of subjective judgements, for example in respect of significant accounting estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below.

Key judgements that the charity has made which have a significant effect on the accounts include estimating the liability from multi-year grant commitments to allocate between current and non-current liabilities, the calculation of the value of donated services and that it is not possible to identify the WoW liability portion of the defined benefits pension scheme.

c) Public benefit entity

The charity meets the definition of a public benefit entity under FRS 102.

d) Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. As set out in more detail in the Risk management section of the Trustees' annual report, the Trustees have concluded that the discretionary nature of a substantial element of the charity’s annual expenditure, combined with the use of investments to ensure the funding of existing commitments, will ensure the charity is able to maintain its operations into the future.

The trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future, being 12 months from the signing of the accounts. Trustees have prepared cash flow forecasts and scenario plans for at least 12 months from the date of this report which show that the charity has sufficient resources to meet its liabilities as they fall due. The Trustees therefore continue to adopt going concern basis of accounting in preparing the accounts.

41

Wellbeing of Women

Notes to the financial statements

For the year ended 31 December 2023

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

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 that the income will be received and the amount can be measured reliably and is not deferred.

Donations and income from local branches are accounted as notified / received by the branches. All other income is accounted for on an accruals basis and where receipt is probable.

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate 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 from the estate. 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 of the executor’s intention to make a distribution. Where 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.

Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.

f) Donations of gifts, services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised so refer to the trustees’ annual report for more information about their contribution.

On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

g) Fund accounting

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes and are used for general advancement of Wellbeing of Women's objectives.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

Some research projects are underwritten by unrestricted funds and the restricted funding is sought retrospectively. If this funding is secured in subsequent years there is a transfer between funds reimbursing the unrestricted fund.

42

Wellbeing of Women

Notes to the financial statements

For the year ended 31 December 2023

h) 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 classified under the following activity headings:

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

Medical research and training grants payable out of Wellbeing of Women's own resources are charged to the statement of financial activities in the period in which the grant commitment is made. Grants are regarded as committed when the grants are formally approved by the Trustees of Wellbeing of Women, usually following the recommendations of the Research Advisory Committee (RAC), and the grantees informed of the decision. Once the grants are committed there are no conditions in the control of the charity to avoid the expenditure so liabilities are recognised in full for multi-year grants.

Grants are calculated as falling due in less than or greater than one year based on the pattern of expenditure advised either in the grant application or subsequent grant variations, progress information provided from Research reports and expected invoicing dates from grant-receiving institutions for multiyear grants or within one year for Entry Level Scholarship where contractually the full amount can be requested in advance.

Resources expended are allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity, comprising the salary and overhead costs of the central function, is apportioned based on an estimte of staff time attributable to each activity.

Where information about the aims, objectives and projects of the charity is provided to potential beneficiaries, the costs associated with this publicity are allocated to charitable expenditure.

Where such information about the aims, objectives and projects of the charity is also provided to potential donors, activity costs are apportioned between fundraising and charitable activities on the basis of area of literature occupied by each activity.

Governance costs are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities.

Governance costs are re-allocated to each of the activities based on the time spent on governance estimated to be attributable to each activity.

k) Operating leases

Rental charges are charged on a straight line basis over the term of the lease.

43

Wellbeing of Women

Notes to the financial statements

For the year ended 31 December 2023

1 Accounting policies (continued)

l) Tangible fixed 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 for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use.

Depreciation an amortisation are provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

Furniture 5 years
Computer Equipment 3 years
Office Refurbishment 10 years
Website & Systems 3 years

m) Listed & unlisted investments

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 for listed investments.

For unlisted investments value of the most recent share allotment or sale price has been used for valuation.

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 gains/(losses) on investments” in the statement of financial activities. The charity does not acquire put options, derivatives or other complex financial instruments.

n) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

o) Cash at bank and in hand

Cash at bank and cash in hand includes cash in the charity's and branch bank accounts. Cash and cash equivalents also includes 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, held within the investment portfolio, which are held available for short-term conversion to cash.

44

Wellbeing of Women

Notes to the financial statements

For the year ended 31 December 2023

1 Accounting policies (continued)

p) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

For multi-year grants no discounting is applied due to the nature of the research projects and it cannot be reliably estimated the time at which they fall due.

q) Financial instruments

The charity only has basic financial assets and financial liabilities. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. The charity does not hold non-basic financial instruments. Full details are given in the investments note.

r) Pensions

The charity has a defined contribution Pension scheme operated by The Pension Trust; contributions are charged to the Statement of financial activities when they become payable. The charity is a minority member of a legacy Royal College of Obstetricians and Gynaecologists defined benefit pension scheme, for staff who had been employed by the charity prior to 2003 - details are set out in note 20. In accordance with FRS102, Wellbeing of Women has recognised the present value of the future payments as a liability and annual adjustments to the present value of the future payments are recognised as charges in the statement of financial activities. A buy-out plan has been agreed by the members of the scheme, with the present value of estimated buyout costs included on the balance sheet as a liability. The RCOG defined benefit pension plan is a multi-employer scheme that is unable to identify the share of plan assets and liabilities attributable to Wellbeing of Women.

45

Wellbeing of Women

Notes to the financial statements

For the year ended 31 December 2023

Gifts
Legacies and In Memorium
Donated services		 Unrestricted
£
723,394
7,588
85,760		 £
527,051
-
7,500
Restricted		 2023
Total
£
1,250,445
7,588
93,260		 Unrestricted
£
594,267
1,265
140,087		 £
419,765
-
-
Restricted		 2022
Total
£
1,014,032
1,265
140,087
816,742 534,551 1,351,293 735,619 419,765 1,155,384

Gifts and donations are received from supporters, at events, and local activities organised by individuals, volunteer committees and local Wellbeing of Women Branches, corporations and trusts, regular donations and appeals.

Income from legacies represent those notified during the period that can be reasonably measured.

The donation of services relates to:

46

Wellbeing of Women

Notes to the financial statements

For the year ended 31 December 2023

Research
Sub-total for Research
Advocacy
Sub-total for Advocacy
Education
Sub-total for Education
Thompson Family Trust
Educational seminars
Scottish Government
Healthcare Quality and
Improvement Directorate
MRC UK Government
Covid Medical Research
Charity Support Fund
British Gynaecological
Cancer Society
British Maternal and Fetal
Medicine Society
NHSE/WoW Clinical
Menopause Fellowship
DHSC Grant for
Menopause Workplace
training
British Society for the
Study of Vulval Disease
The Faculty of Sexual and
Reproductive Health
Other income from
education
Total income from
charitable activities
Midwife Research		 Unrestricted
£
-
-
-
1,500
-
-
2,000
-

 £
58,216
32,048
345,242
14,984
22,024
24,737
19,982
-
Restricted		 2023
Total
£
58,216
32,048
345,242
16,484
22,024
24,737
21,982
-		 Unrestricted
£
-
-
-
2,500
-
-
-
-		 £
20,000
204,877
426,272
25,000
9,600
-
-
50,000
Restricted		 2022
Total
£
20,000
204,877
426,272
27,500
9,600
-
-
50,000
3,500
-		 517,233
139,511		 520,733
139,511		 2,500
20,000		 735,749
72,895		 738,249
92,895
-
-
6,000
-
12,850		 139,511
167,172
-
100,000
117,764		 139,511
167,172
6,000
100,000
130,614		 20,000
-
17,000
-
-		 72,895
107,464
-
-
-		 92,895
107,464
17,000
-
-
18,850 384,936 403,786 17,000 107,464 124,464
22,350 1,041,680 1,064,030 39,500 916,108 955,608

47

Wellbeing of Women

Notes to the financial statements

For the year ended 31 December 2023

The Midwive Fund is comprised of funding from both the Royal College of Midwives and Burdett Trust for Nursing and is restricted to funding grants for Midwifery research and training.

The Scottish Government Healthcare Quality and Improvement Directorate and Chief Scientists Office have jointly co-funded a medical research project grant in the field of Endometriosis Research, awarded to Dr. Lucy Whitaker at the University of Edinburgh - see note 7 for further detail.

The MRC UK Government Covid Medical Research Charity Support Fund provides funding for ongoing grants awarded to early career researchers.

Other restricted Research income represents co-funded grant partnerships with the listed partner.

The Department for Health and Social Care, through the Health and Wellbeing Fund, have provided a grant to deliver a pilot project to deliver training to small and medium-sized businesses in order for them to better support their staff who are going through the menopause.

4 Income from other trading activities

Income from other trading activities
Fundraising Events
Other Trading Activities		 Unrestricted
£
283,607
36,542		 £
-
-
Restricted		 2023
Total
£
283,607
36,542		 Unrestricted
£
305,026
69,865		 £
-
1,677
Restricted		 2022
Total
£
305,026
71,542
320,149 - 320,149 374,891 1,677 376,568

5 Income from investments

Income from investments
Cazenove Investment Portfolio
Dividends
Interest		 2023
Total
£
105,552
2,233		 2022
Total
£
83,560
1,821
107,785 85,381

All income from investments is unrestricted.

48

Wellbeing of Women

Notes to the financial statements

For the year ended 31 December 2023

6a Analysis of expenditure (current year)

Analysis of expenditure (current year)
Staff costs (Note 9)
Direct costs
Raising funds
Direct fundraising event costs
Investment Management costs
Charitable activities
New grants awarded
Write off of grant balances
Grant administration
Campaigns
Education
Employer Membership
Programme
Indirect costs
Governance
Premises
Professional Services
Administration
Support costs
Governance costs
Total expenditure 2023
Total expenditure 2022		 Raising
funds
£
239,872
220,054
21,451
-
-
-
-
-
-
-
-
-
-		 Charitable activities* Governance
costs
£
115,087
-
-
-
-
-
-
-
-
22,021
-
-
-		 Support
costs
£
-
-
-
-
-
-
-
-
-
-
32,075
147,552
87,824		 2023
Total
£
888,092
220,054
21,451
832,696
(3,536)
2,764
166,061
246,764
39,518
22,021
32,075
147,552
87,824		 2022
Total
£
692,459
225,271
21,503
1,108,529
(7,300)
1,781
159,019
64,603
-
16,206
26,683
164,461
43,604
Research
£
164,303
-
-
832,696
(3,536)
2,764
-
-
-
-
-
-
-		 Advocacy
£
169,611
-
-
-
-
-
135,039
-
-
-
-
-
-		 Education
£
199,220
-
-
-
-
-
31,022
246,764
39,518
-
-
-
-
481,376
82,993
27,422		 996,227
56,847
54,843		 304,650
58,683
27,422		 516,523
68,928
27,422		 137,108
-
(137,108)		 267,451
(267,451)
-		 2,703,334
-
-		 2,516,819
-
-
591,791 1,107,916 390,755 612,872 - - 2,703,334 2,516,819
582,453 1,388,307 391,415 154,644 - -

49

Wellbeing of Women

Notes to the financial statements

For the year ended 31 December 2023

6b Analysis of expenditure (prior year)

Staff costs (Note 9)
Direct costs
Raising funds
Direct fundraising event costs
Investment Management costs
Charitable activities
New grants awarded
Write off of grant balances
Grant administration
Campaigns
Education
Indirect costs
Governance
Premises
Professional Services
Administration
Support costs
Governance costs
Total expenditure 2022		 Raising
funds
£
215,966
225,271
21,503
-
-
-
-
-
-
-
-
-		 Charitable activities* Charitable activities* Charitable activities* Governance
costs
£
112,803
-
-
-
-
-
-
-
16,206
-
-
-		 Support
costs
£
-
-
-
-
-
-
-
-
-
26,683
164,461
43,604		 2022
Total
£
692,459
225,271
21,503
1,108,529
(7,300)
1,781
159,019
64,603
16,206
26,683
164,461
43,604
Research
£
156,232
-
-
1,108,529
(7,300)
1,781
-
-
-
-
-
-		 Advocacy
£
149,799
-
-
-
-
-
159,019
-
-
-
-
-		 Education
£
57,659
-
-
-
-
-
-
64,603
-
-
-
-
462,740
87,461
32,252		 1,259,242
63,270
65,794		 308,819
60,665
21,931		 122,263
23,351
9,031		 129,008
-
(129,008)		 234,747
(234,747)
-		 2,516,819
-
-
582,453 1,388,306 391,415 154,645 - - 2,516,819

*New activity of Education has been added to reflect additional strategic pillar launched in 2022. Previously presented activities Grants for medical research and training, and Medical Research dissemination have been combined into the single charitable activity Research for 2022.

50

Wellbeing of Women Notes to the financial statements

For the year ended 31 December 2023

7a Grant making (current year)

Grant making (current year)
Cost
type
Duration
(months)
Researcher
ELS
8 Miss Athina
Zoi Lountzi
ELS
12 Ms Jacana
Bresson
ELS
24 Dr Jemma
Barash
ELS
12 Dr Pollyanna
Cohen
ELS
18 Dr Michael
Wilkinson
ELS
12 Miss Fatima
Nabage
ELS
18 Dr Dania
Badran
ELS
12 Dr Charlotte
Williams
PRF
24 Dr Robert
Hollis
PRF
18 Dr Anna Sydor
PRF
24 Dr Evangelia
Vlachodimitro
poulou
PRF
24 Dr Amie
Wilson
PRF
24 Dr Jennifer
Jardine
EG
18 Dr Sophie
Rees
RG
30 Prof Ahmed
Ahmed
RG
24 Dr Jacqueline
Maybin
RTF
36 Mrs Michelle
Anderson
RG
30 Dr Lucy
Whitaker
RTF
36 Dr Marianne
Watters*
Co-producing effective training for mental health professionals to
improve the sexual, reproductive and maternal health of people
accessing mental health services.
Ethnic minority women's experience of contraceptive side effects
and how they are explained to them by healthcare professions.
Institution
University of Stirling
Lewisham & Greenwich NHS Trust
University College London
University College London
University of Manchester
University of Sheffield
University of Liverpool
University of Bristol
University of Edinburgh
Research priorities in vulvodynia: A modified Delphi study.
Identifying key transcriptional differences in benign gynaecological
conditions to determine novel therapeutic targets.
RACER-HD: RACe and Ethnicity-specific Risk factors for
Hypertensive Disorders of pregnancy.
Resolving the molecular taxonomy of endometrioid ovarian
carcinoma.
Screening and support for victims of coercive control – A scoping
review.
JLA Problematic Menstrual Bleeding Priority Setting Partnership.
The ABBI Study: A mixed methods study investigating the impact of
being ABsent from BIrth on maternal mental health, mother/infant
bonding and father/partner experiences.
Factors influencing inpatient sleep quality: an ethnographic study
on the postnatal ward.
NIHR James Lind Alliance Research Priority Setting Partnership:
Female Fertility Preservation – ‘Female FP PSP’.
Cardiff University
University of Edinburgh
King's College London
At the end of the year
Topic
Investigating the effect of dexamethasone on the vascular reactivity
of chorionic plate arteries in vitro.
King's College London
University of Birmingham
Queen Mary University of London
University of Bristol
University of Oxford
Exploring the impact of hydroxyurea on pregnancy complications
and outcomes in sickle cell disease.
C-WHY UK: Validation, acceptability, and application of C-Why
classification system for reporting caesarean section indications.
Exploring the relationship between hypertensive diseases in
pregnancy, cardiovascular morbidity and ethnicity: a linked data
approach.
Lichen Sclerosus Patient Information Resource.
Quantifying non-genetic heterogeneity for risk stratification and
prediction of clinical outcome in Ovarian Cancer.
A randomised, double-blind, placebo-controlled feasibility trial to
evaluate dichloroacetate in the management of endometriosis-
associated pain (EPiC2).
University of Edinburgh
Can the analysis of menstrual fluid inform the clinical management
of heavy menstrual bleeding (HMB)?
University of Edinburgh		 Grants to
institutions
£
19,474
19,999
19,750
19,955
14,405
20,000
19,770
19,999
29,967
28,317
30,000
11,300
29,642
30,000
140,417
24,970
299,422
48,000
7,310
832,696

*ELS = Entry Level Scholarships, PRF = Postdoctoral Research Fellowships, EG = Education Grant, RG = Research Project Grant, RTF = Research Training Fellowship.

**Cost extensions awarded to existing grants during the year.

51

Wellbeing of Women Notes to the financial statements

For the year ended 31 December 2023

7b Grant making (prior year)

Grant making (prior year)
Cost
type*
Duration
(months)
Researcher
ELS
13 Mrs Terri
Brosnan
ELS
12 Miss Rebecca
Claire Tothill-
Miller
ELS
36 Dr Hui Wei
Leow
ELS
8 Dr Ankit
Chadha
ELS
12 Dr Hannah
Rosen
O’Sullivan
RTF
(NIHR
DF)
45 Ms Rebecca
Blaylock
PRF
30 Dr Kate Duhig
PRF
24 Dr Emmanuel
Amabebe
PRF
36 Dr Maria
Paraskevaidi
RG
30 Professor
Nicola (Nikki)
Robertson
RG
30 Dr Lucy
Whitaker
RTF
36 Dr Marianne
Watters
Prognostic and therapeutic potentials of vaginal bacterial sialidase,
cytokines and metabolites for preterm birth.
University of Sheffield
Laser-assisted Rapid Evaporative Ionisation Mass Spectrometry
(Laser-REIMS) in the early detection, diagnosis and treatment of
cervical and vulval precancer and cancer.
Imperial College London
AMELIORATE Study: Azithromycin and Melatonin: Combined
Therapies to Treat Encephalopathy of the Newborn.
University College London
A randomised, double-blind, placebo-controlled feasibility trial to
evaluate dichloroacetate in the management of endometriosis-
associated pain (EPiC2).
University of Edinburgh
Termination of Pregnancy for Fetal Anomaly: How are services
provided and how does this relate to women’s preferences and
experiences? A multi methods study.
King's College London
University of Edinburgh
Institution
Newcastle upon Tyne Hospitals NHS
Foundation Trust
University of Manchester
University of Leeds
Imperial College London
Can the analysis of menstrual fluid inform the clinical management
of heavy menstrual bleeding (HMB)?
London School of Hygiene and Tropical
Medicine
Topic
Utilising MRI to assess maternal cardiac and placental function in
women with hypertensive disorders of pregnancy.
Newcastle upon Tyne Hospitals NHS
Foundation Trust
Antenatal screening for placenta accreta spectrum disorder: the
performance of a regional screening service and women’s
experiences.
Profiling extracellular vesicle encompassed miRNAs: novel
mechanisms linking diabetes in pregnancy to large for gestational
age (LGA) infants.
Investigation of use of REIMS tissue analysis to determine ‘HRD’
status in ovarian cancer.
Understanding how cervical remodelling and cervical stiffness
measurements in pregnancy relate to preterm birth.
What impact has the introduction of telemedicine had on abortion
accessibility and equitable provision of services in England and
Wales?		 Grants to
institutions
£
19,915
19,509
20,000
20,000
19,200
84,843
29,997
29,479
30,000
299,498
249,850
286,238
1,108,529
8 Net (expenditure) / income for the year
This is stated after charging / (crediting):
2023 2022
£ £
Depreciation 5,952 1,510
Amortisation 31,052 13,677
Operating lease rentals payable:
Property 23,520 20,880
Other - -
Auditor's remuneration (excluding VAT):
Audit* 17,917 15,400
Other services - 516

52

Wellbeing of Women

Notes to the financial statements

For the year ended 31 December 2023

Staff costs were as follows:

Staff costs were as follows:
Salaries and wages
Social security costs
Employer’s contribution to defined contribution pension scheme		 2023
£
749,894
71,901
66,297		 2022
£
576,685
66,526
49,248
888,092 692,459

The following number of employees received employee benefits (excluding employer pension costs and employer's national insurance) during the year between:

2023 2022
No. No.
£60,000 - £69,999 1 1
£70,000 - £79,999 2 1

The total employee benefits (including pension contributions and employer's national insurance) of the key management personnel were £262,997 (2022: £246,673).

The charity trustees were neither paid nor received any other benefits from employment with the charity in the year (2022: £nil). No charity trustee received payment for professional or other services supplied to the charity (2022: £nil).

There was £195 relating to Trustees' expenses for the payment or reimbursement of travel and subsistence costs (2022: £nil). During the year expenses in the amount of £2,764 (2022: £1,812) were incurred for travel expenses on Charity business for 15 (2022: 13) members of the Research Advisory Committee.

10 Staff numbers

The average number of employees (head count based on number of staff employed) during the year was 17 (2022: 13); this equated to 15 full time equivalent staff (2022: 12)

11 Related party transactions

There are no related party transactions to disclose for this financial year (2022: none).

There are no donations from related parties which are outside the normal course of business. There was one donation of £20,000 from a related party - the Royal College of Midwives whose Chief Executive, Gill Walton, is a Trustee of Wellbeing of Women. The donation relates to an ongoing annual co-funding partnership for grants awarded to midwives established in 2012 and pre-dating Ms Walton in both positions.

12 Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

53

Wellbeing of Women

Notes to the financial statements

For the year ended 31 December 2023

13a Tangible fixed assets

Tangible fixed assets
Cost
At the start of the year
At the start of the year
At the end of the year
At the end of the year
Net book value
At the start of the year
Charge for the year
At the end of the year
All of the above assets are used for charitable purposes.
Additions in year
Depreciation		 Fixtures and fittings
£
1,484
-		 Computer
equipment
£
4,054
16,404
Total
£
5,538
16,404
1,484 20,458 21,942
442
297		 1,620
5,655		 2,063
5,952
739 7,275 8,014
745 13,183 13,928
1,042 2,433 3,475

13b Intangible fixed assets

Intangible fixed assets
All of the above assets are used for charitable purposes.
Disposals in year
Eliminated on disposal
Amortisation
At the start of the year
Charge for the year
Additions in year
At the end of the year
Cost
At the start of the year
Net book value
At the end of the year
At the start of the year
At the end of the year		 Website &
systems
£
101,718
-
(12,600)
Total
£
101,718
-
(12,600)
89,118 89,118
21,313
31,052
(12,600)		 21,313
31,052
(12,600)
39,765 39,765
49,353 49,353
80,405 80,405

All of the above assets are used for charitable purposes.

Investments
Disposal proceeds
Net gain / (loss) on change in fair value*
Fair value at the end of the year
Additions at cost
Fair value at the start of the year
Cash held by investment broker		 Unlisted
£
264,360
-
-
(264,360)		 Listed
£
3,118,098
1,052,034
(907,590)
52,220
2023		 Total
£
3,382,458
1,052,034
(907,590)
(212,140)		 2022
£
3,574,475
801,151
(752,887)
(240,282)
- 3,314,762 3,314,762
356,881		 3,382,458
420,445
3,671,643 3,802,903

*Unable to confirm value of unlisted shares through recent sales or other methods so in a conservative assessment the value has been written down to zero. Investments comprise:

*Unable to confirm value of unlisted shares through recent sales or other methods so in a conservative assessment the value has been written
Investments comprise:		 down to zero.
UK Equities
North America Equities
Other Equities
Bonds
Multi-Asset
Alternatives
Unlisted shares in UK registered companies
Cash		 2023
£
346,319
423,560
722,517
1,171,844
102,401
548,119
-
356,882		 2022
£
454,736
349,860
655,196
941,572
168,787
547,947
264,360
420,445
3,671,643 3,802,903

54

Wellbeing of Women

Notes to the financial statements

Notes to the financial statements
For the year ended 31 December 2023

15
16
17
Debtors
Amounts falling due after one year
Accrued income
Prepayments
Accrued income
Trade debtors
Deferred income
Grants payable
Creditors: amounts falling due within one year
Accruals
Deferred income (note 17)
Trade creditors
Amounts falling due within one year
Pension liability (note 20)
Taxation and social security
Pensions payable		 2023
£
147,007
18,983
481,798		 2022
£
57,540
26,643
333,949
647,788 418,131
£
147,456		 £
278,912
147,456 278,912
2023
£
126,239
20,819
8,994
1,315,241
34,386
20,000		 2022
£
129,311
29,394
6,432
976,117
23,901
-
1,525,680
122,000		 1,165,155
4,851
1,647,680 1,170,006
Balance at the beginning of the year
Amount released to income in the year
Amount deferred in the year
Balance at the end of the year
18
19
Balance at the beginning of the year
Amount released in the year
Increase/(decrease) in provision in the year
Balance at the end of the year
Grants payable at the start of the year
New grants awarded in the year (note 7)
Write of off grant balances *
Grants paid in the year
Grants payable at the end of the year
Pension liability (note 20)
Grants payable
Creditors: amounts falling due after one year
Provisions for liabilities comprises movement in the RCOG Defined Benefit Pension scheme as detailed in note 19.
Deferred income comprises a donation for a Research Grant to be awarded in 2024 and will be recognised once the grant is awarded in line w
Movement in Provisions for liabilities and grant funding commitments
Grant funding commitment movement in the year		 2023
2022
£
£
-
-
-
-
20,000
-
ith the income recognition policy.		 2023
2022
£
£
-
-
-
-
20,000
-
ith the income recognition policy.
20,000 -
2023
£
1,530,112		 2022
£
1,625,088
1,530,112
-		 1,625,088
992
1,530,112 1,626,080
2023
£
5,844
(3,506)
119,663		 2022
£
73,290
(10,519)
(56,928)
122,000 5,844
2023
£
2,601,205
832,696
(3,536)
(585,011)		 2022
£
2,697,980
1,108,529
(7,300)
(1,198,004)
2,845,353 2,601,205

55

Wellbeing of Women

Notes to the financial statements

For the year ended 31 December 2023

20 Pension scheme Defined Contribution scheme

Wellbeing of Women staff are entitled to become members of the multi-employer pension scheme operated by The Pension Trust. The scheme is based on defined contributions and Wellbeing of Women’s liability is restricted to the annual contributions. The pension cost of this scheme for the year are disclosed in Note 9.

Defined Benefits scheme scheme

Until 2003 Wellbeing of Women staff were entitled to join the defined benefits section of the RCOG's pension scheme. This is now closed to new entrants and there are no longer any active members amongst Wellbeing of Women's staff. The RCOG defined benefit pension plan is a multi-employer scheme that is unable to identify the share of plan assets and liabilities attributable to Wellbeing of Women. According to FRS 102, Wellbeing accounts for the plan as a defined contribution plan and has recognised its share of the pension funding deficit as a liability.

The most recent actuarial valuation of the whole RCOG’s scheme was at 30 November 2022. The fair value of the assets was £20.575m (£23.107m; 2019), with the actuarial valuation of the liabilities (based on technical provisions measures1) being £20.681m (£25.816m; 2019), resulting in a deficit of £0.106m (£2.709m; 2019) for the whole scheme. Wellbeing of Women's share of this deficit has been currently determined at 4.00% (4.25% 2022).

A Recovery Plan was formally agreed with members in May 2020. The final deficit Reduction Payment was made on 31 March 2023, whereupon the scheduled payments ceased.

The scheme's members have agreed to pursue a buy-out of the scheme, with the decision made by the majority member (RCOG) in December 2022. WoW's Trustees have voted to proceed with the buyout. An estimate has been provided for the administration costs of the buy-out to be shared proportionally between members (full cost estimated at being £3,050,000 with WoW's share at 4.00% to be £122,000).

The full value has been recognised in 2023 as a liability (2022: £5,844), with costs expected to fall in the latter half of 2024. The movement in liability provision for the year represents the increased estimated costs of the insurers premium due to a competitive market, additional liabilities and rule amendments. It was previously anticipated that net assets held within the scheme would cover much of this cost but pending a full revaluation the full potential cost has been included as a liability.

Financial instruments
Investments
Pension Liability - amount falling due within one year
Pension Liability - amount falling due in more than one year
Pension administration charges
Defined pension scheme liability
Financial assets measured at fair value through profit and loss
Financial liabilities measured at fair value through profit or loss		 2023
£
122,000
-		 2022
£

4,851
992
122,000
5,844
7,322
2023
£
3,314,761
7,494
2022
£
3,382,458
122,000 5,844
Intangible fixed assets
Net assets at 31 December 2022
Defined benefit pension asset / (liability)
Net assets at 31 December 2023
Analysis of net assets between funds (prior year)
Long term liabilities
Tangible fixed assets
Investments
Net current liabilities
Tangible fixed assets
Intangible fixed assets
Long term liabilities
Investments
Long term debtors
Long term debtors
Net current assets/(liabilities) (excluding pension liability)		 General unrestricted
£
13,928
49,353
702,552
-
916,457
(797,097)
(122,000)		 Designated
£
-
-
950,000
-
-
-
-		 Restricted
£
-
-
2,019,091
147,456
(1,119,377)
(733,015)
-		 Total funds
£
13,928
49,353
3,671,643
147,456
(202,921)
(1,530,112)
(122,000)
763,192 950,000 314,155 2,027,347
General unrestricted
£
3,475
80,405
1,015,713
-
441,552
(870,595)		 Designated
£
-
-
1,225,000
-
-
-		 Restricted
£
-
-
1,562,190
278,912
(761,938)
(755,485)		 Total funds
£
3,475
80,405
3,802,903
278,912
(320,387)
(1,626,080)
670,550 1,225,000 323,678 2,219,228

56

Wellbeing of Women

Notes to the financial statements

For the year ended 31 December 2023

23a Movements in funds (current year)

Movements in funds (current year)
Total restricted funds
Total designated funds
Total unrestricted funds
General funds
Unrestricted funds:
Designated funds:
Long term commitments
Research
Campaigns and other charitable activities
Total funds
Shane Warne Memorial Fund
NHSE/WoW Clinical Fellowship Menopause
Total unrestricted funds
Midwife Research
Lisa Waterman Memorial Fund
Royal College of Physicians
DHSC grant for Menopause workplace training
Sir Victor & Lady Blank Research Fund
Harris Wellbeing of Women Pre-Term Birth Centre
Donations restricted to specific projects or themes
Scottish Government Partnership
British Gynaecological Cancer Society
British Maternal and Fetal Medicine Society
Restricted funds:
British Society for the Study of Vulval Disease
The Faculty of Sexual and Reproductive Health		 At 1 January 2023
£
62,097
29,624
16,412
656
67,318
-
-
-
-
-
40,108
107,464
-		 Income & gains
£
58,216
-
-
14,822
-
14,984
22,024
24,737
19,982
32,048
-
167,172
1,222,246		 Expenditure & losses
£
(29,808)
-
-
(14,821)
-
(14,984)
(22,024)
(24,737)
(19,977)
(32,048)
(40,108)
(165,002)
(124,721)		 Transfers
£
-
-
-
-
-
-
-
-
-
-
-
-
(1,097,525)		 At 31 December
2023
£
90,505
29,624
16,412
657
67,318
-
-
-
5
-
-
109,634
-
323,679 1,576,231 (488,230) (1,097,525) 314,155
500,000
650,000
75,000		 -
-
-		 (299,421)
(406,228)
(74,594)		 249,421
206,228
49,594		 450,000
450,000
50,000
1,225,000 - (780,243) 505,243 950,000
- 25,000 - (25,000) -
1,225,000 25,000 (780,243) 480,243 950,000
670,550 1,242,026 (1,766,665) 617,282 763,192
1,895,550 1,267,026 (2,546,908) 1,097,525 1,713,192
2,219,229 2,843,256 (3,035,138) - 2,027,347

Purposes of restricted funds

Midwive research - Funds received to support calls for midwifery research. Grants awarded are fully recognised as expenditure in the accounts of the year in which they were awarded.

Lisa Waterman Memorial Fund - Funds received to be used towards research into amniotic fluid embolism.

Royal College of Physicians - Funds to partner on a call for an Entry Level Scholarship and a Postdoctoral Research Fellowship.

Sir Victor & Lady Blank Research Fund - Funding Postdoctoral Research Fellowships with expenditure fully recognised in the year in which they were awarded.

Harris Wellbeing of Women Pre-Term Birth Centre - Funds received from Lord and Lady Harris to establish the Harris-Wellbeing Centre for Preterm Birth Research at the Liverpool Women's Hospital.

British Gynaecological Cancer Society - funds received to co-fund one PRF which was awarded in 2023 and the expenditure fully recognised in the accounts.

British Maternal and Fetal Medicine Society - funds received to co-fund one ELS and one PRF, both awarded in 2023 with the expenditure fully recognised in the accounts.

British Society for the Study of Vulval Disease - funds received to co-fund one ELS and one Educational Grant, both awarded in 2023 with the expenditure fully recognised in the accounts.

Faculty of Sexual and Reproductive Health - funds received to co-fund two ELS, both awarded in 2023 with the expenditure fully recognised in the accounts.

Scottish Government Partnership - funds received to co-fund a research project grant in Endometriosis awarded in 2022 with the expenditure fully recognised in the accounts. This grant was extended in 2023 with the value of the extension fully recognised in the accounts.

NHSE/WoW Clinical Fellowship Menopause - funds received to co-fund a clinical fellowship to research the diagnosis and provision of care for menopause and peri-menopause and recommend improvements for clinicians and other prescribers.

DHSC grant for Menopause workplace training - a grant received from the DHSC Women's Health Fund to design and deliver workplace training for menopause support in the Bedfordshire area.

Donations restricted to specific projects or themes - Funds received in relation to specific individual projects awarded grants. The grants have previously been underwritten by unrestricted funding and recorded as expenditure in the year in which the grant was awarded. Once restricted funding is received the funds to service the ongoing liabilities are transferred from restricted to unrestricted funds, aligning with the previously booked expenditure in accordance with the funder's requirements.

Purposes of designated funds

Long term commitments - Funds earmarked to provide cover for at least four months of current grant liabilities in the event of a loss in value of portfolio investments or fundraising issues

Research - Funds to award new research grants

Campaigns and other charitable activities - Funds to implement the strategy and facilitate the new activities for education and advocacy

Shane Warne Memorial Fund - unrestricted donations received from WoW's annual cricket event that have been transferred to designated funds.

57

Wellbeing of Women

Notes to the financial statements

For the year ended 31 December 2023

23b Movements in funds (prior year)

Movements in funds (prior year)
Restricted funds:
Total restricted funds
Total designated funds
Total unrestricted funds
General funds
Research
Campaigns and other charitable activities
Total funds
Midwife Research
Lisa Waterman Memorial Fund
Donations restricted to specific projects or themes
Unrestricted funds:
Designated funds:
NHSE/WoW Clinical Fellowship Menopause
DHSC grant for Menopause workplace training
Shane Warne Memorial Fund
Total unrestricted funds
British Maternal and Fetal Medicine Society
Scottish Government Partnership
Royal College of Physicians
Sir Victor & Lady Blank Research Fund
Harris Wellbeing of Women Pre-Term Birth Centre
British Gynaecological Cancer Society
Long term commitments		 At 1 January 2022
£
61,809
29,624
16,412
639
67,318
-
-
-
-
-
-		 Income & gains
£
20,000
-
-
59,493
-
25,000
9,600
204,877
50,000
107,464
861,116		 Expenditure & losses
£
(19,712)
-
-
(59,476)
-
(25,000)
(9,600)
(204,877)
(9,892)
-
(83,759)		 Transfers
£
-
-
-
-
-
-
-
-
-
-
(777,358)		 At 31 December
2022
£
62,097
29,624
16,412
656
67,318
-
-
-
40,108
107,464
-
175,801 1,337,550 (412,316) (777,358) 323,678
500,000
650,000
250,000		 -
-
-		 (344,471)
(445,393)
(223,623)		 344,471
445,393
48,623		 500,000
650,000
75,000
1,400,000 - (1,013,487) 838,487 1,225,000
-
1,400,000
770,658		 361,966
361,966
930,354		 -
(1,013,487)
(1,331,299)		 (361,966)
476,521
300,837		 -
1,225,000
670,550
2,170,658
2,346,459		 1,292,319
2,629,869		 (2,344,786)
(2,757,102)		 777,358
-		 1,895,550
2,219,228

24 Operating lease commitments payable as a lessee

The charity's total future minimum lease payments under non-cancellable operating leases is as f
Less than one year
One to five years
Over five years		 2023
2022
£
£
5,880
5,880
-
-
-
-
Property
ollows for each of the following periods		 2023
2022
£
£
5,880
5,880
-
-
-
-
Property
ollows for each of the following periods		 2023
2022
£
£
1,118
3,207
1,400
2,518
-
-
Equipment		 2023
2022
£
£
1,118
3,207
1,400
2,518
-
-
Equipment
5,880 5,880 2,518 5,725

25 Post balance sheet events

There are no post-balance sheet events which require adjustment to the financial statements.

26 Legal status of the charity

The charity is a company limited by guarantee and has no share capital.

58

@wellbeingofwmen Wellbeing of Women wellbeingofwomen @WellbeingofWmen @wellbeingofwomen

10-18 Union Street, London, SE1 1SZ

hello@wellbeingofwomen.org.uk · 020 3697 7000 · wellbeingofwomen.org.uk