**MEDICAL WOMEN’S FEDERATION REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
**Registered Company No. 0145990**
**Registered Charity No. 261820**
**AZETS AUDIT SERVICES River House 1 Maidstone Road Sidcup Kent DA14 5RH**
**MEDICAL WOMEN’S FEDERATION**
## **CONTENTS**
||**Page**|
|---|---|
|Reference and Administrative Details|1 - 2|
|Report of the Council|3 - 6|
|Independent Examiner’s Report|7|
|Statement of Financial Activities|8|
|Balance Sheet|9|
|Notes to the Financial Statements|10 – 18|
**MEDICAL WOMEN’S FEDERATION**
**REFERENCE AND ADMINISTRATIVE DETAILS**
|**Directors**|Professor Scarlett McNally|
|---|---|
||Dr Nuthana Prathivadi Bhayankaram|
||Dr Adaeze Chikwe|
||Dr Rashmi Mathew|
||Dr Angharad Ruttley|
|**Council**|See page 2|
|**Company Secretary and Honorary Secretary**|Miss Rebecca Winterborn|
|**Charity Registration Number**|261820|
|**Company Registration Number**|145990|
|**Registered Office**|Tavistock House North|
||Tavistock Square|
||London|
||WC1H 9HX|
|**Key Management**|Professor Scarlett McNally, President|
||Dr Rashmi Mathew, Honorary Co-Treasurer|
||Dr Angharad Ruttley, Honorary Co-Treasuer|
||Katie Aldridge, Executive Officer|
|**Independent Examiner**|M A Wilkes (FCA)|
||Azets Audit Services|
||River House|
||1 Maidstone Road|
||Sidcup|
||Kent DA14 5RH|
|**Bankers**|National Westminster Bank PLC|
||Tavistock Square Branch|
||Tavistock House|
||Tavistock Square|
||London WC1H 9XA|
|**Investment Managers**|Brewin Dolphin|
||12 Smithfield Street|
||London|
||EC1A 9BD|
1
**MEDICAL WOMEN’S FEDERATION**
## **PATRON, OFFICERS AND COUNCIL MEMBERS**
|**Patron**|HRH The Duchess of Gloucester GCVO|
|---|---|
|**President**|Professor Scarlett McNally BSc MB BChir FRCS(Tr&Orth) MA MBA|
||FAcadMEd|
|**Vice President**|Dr Nuthana Prathivadi Bhayankaram MBChB BMedSc MRCPCH MRes|
|**Honorary Secretary**|Miss Rebecca Winterborn PGCert Med Ed, PGCert Med|
||US MBChB, MD, FRCS|
|**Honorary Treasurer**|Ms Rashmi Mathew MSc PFHEA FRCOphth|
||Dr Angharad Ruttley MBBS, MRCPsych, LLM|
|**Editor of “Medical Woman**”
|Dr Adaeze ChikweMBB|
|**Council Members & Alternate Members of Council**||
|**National Co-ordinator (MWIA)**
|Dr Clarissa Fabre|
|**Medical Student Representative**|Dr Akshara Sharma|
|**Junior Doctor Representative**|VACANT|
|**Regional and Standing Committee**|**Representatives**|
||Co-opted Member for Campaigning - Dr Jasmine Thomas|
||Co-opted Member for Equality, Diversity and Inclusion (EDI) - Dr Rahel-|
||Ochido Ibilola Odonde|
||London Representative - Dr Farah Jameel|
||East Midlands Representative – Miss Sue Ward|
||East of England Representative – Dr Kethaki Bhayankaram|
||West Midlands Representative – Dr Lulu Lyons|
||South West Representative – Dr Helena McKeown|
||South East Representative – Dr Anna Reed|
||Northern Ireland Representative – Dr Rose McCullagh|
||Scotland East Representative – Dr Rose Penfold|
||Wales Representative – Dr Geeta Kumar|
2
**MEDICAL WOMEN’S FEDERATION**
## **REPORT OF THE COUNCIL**
The Council present their report and the unaudited financial statements for the year ended 31 December 2023.
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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.
## _**Objectives and Activities**_
## _**Aims and objectives**_
The objectives and aims of the Charity are to:
- promote and increase for the public benefit the contribution of women medical practitioners to the provision of healthcare, medical education or medical research;
- and to promote the health and well-being of all women and their families.
The charity does this by:
- Holding or supporting conferences, symposia and seminars around the country on medical matters especially those matters affecting women and/or women doctors.
- Making reasoned representations to the government, the BMA and other relevant organisations on medical matters and in particular those which affect women doctors.
- Making awards, grants and prizes as appropriate.
- Providing a national network or forum whereby women doctors can exchange information, ideas etc.
## _**Public benefit**_
The Council confirm that they have referred to the guidance contained in the Charity Commission general guidance on public benefit when reviewing the charity’s aims and objectives and in planning future activities.
## _**ACHIEVEMENTS AND PERFORMANCE**_
MWF hosted a virtual conference on 17[th] March 2023 titled ‘ _**Empowerment: Driving Change and Development in Medicine’**_ . Speakers at this conference included Susie Edwards, Dr Nikki Ramskill, Harriet Waley-Cohen, Professor Partha Kar OBE, Dr Robert Fleming, Professor Kamilla Hawthorne MBE, Dr Angharad Davies, Dr Vaishaila Parulekar, Dr Latifa Patel, Lucy Kerr and Dr Olamide Dada. There were also abstract presentations which gave junior members an opportunity to showcase their research. Attendence for the event was very high with 159 registered attendees. MWF also launched a raffle for this event which proved very popular.
MWF hosted a joint event on 13[th] February with the Royal Society of Medicine. The event had the title ‘ _**Women and Medicine: Inequalitites past, present and future’**_ and allowed MWF to raise its profile.
MWF hosted several networking events throughout the year which included an archiving evening in October 2023. This allowed members to meet each other and learn about the history of MWF.
The 2023 Katherine Branson Student Essay Competition had two winners. One winner was Lani Robinson with the title ‘ _**During the Cost-of-living Crisis, how can medical students best manage their money?**_ ’ The second winner was Japjee Parmar with the title ‘ _**Was, Is and Will Medicine be Sustainable?’**_
Postgraduate doctors throughout the UK were invited to submit their artistic and prose entries on the topic of ‘ _**Why women doctors are the solution to the NHS workforce crisis’**_ for the Postgraduate Doctor Prize. The winner of the artistic category was Dr Moe Latt and the winner of the prose category was Dr Aarushi Dadhich.
3
**MEDICAL WOMEN’S FEDERATION**
**REPORT OF THE COUNCIL**
## _**Financial Review**_
During the year the charity raised funds totalling £54,949 (2022: £195,372). No legacies were received in the year (2022: £131,082). Expenditure totalled £86,113 (2022: £111,108) and net gains on investments of £4,884 (2022: net losses of £21,624). This resulted in a net deficit in the year of £26,280 (2022: Surplus of £62,640).
The fund balances carried forward at 31 December 2023 were £224,318 (2022: £250,598).
## _**Reserves Policy**_
It is the policy of the charity to maintain total funds at a level which equates to at least one year’s expenditure, being approximately £100,000 (2022: £100,000). This provides sufficient funds to cover management and administration costs and to respond to applications for grants and awards which arise from time to time. Unrestricted funds at 31 December 2023 are £47,968 (2022: £80,828) and Council review the reserves on an annual basis.
At the year end the charity had designated funds totalling £176,350 (2022: £169,770). See note 17 for details.
## _**Investment Policy and Returns**_
Under its Memorandum and Articles of Association, the Council members have the power to make any investment which they see fit. The investment strategy is set by the Council for the period of five years and takes into account income requirements and the investment managers' view of prospects in the medium term. The strategy is that funds are to be invested in low and medium risk investments with a view to maximising income whilst at the same time enjoying capital appreciation which keeps pace with inflation, so that the value of funds is maintained in real terms. The policy of the company is also not to invest in any tobacco related investments. The strategy is reviewed annually.
## _**Future Developments**_
MWF will be hosting a Spring Conference on the 10th May 2024 at Anglia Ruskin University in Cambridge with a formal dinner being held at Downing College the night before. The title of the conference is ‘Innovation and Leadership in Challenging Times’. The GMC and MPS will be sponsoring the event. A raffle will be held which will raise money for MWF and MSF UK.
MWF will continue to maintain an active presence throughout 2024 and will arrange several networking events for members to meet and share their experiences. MWF needs to exist not only for aspiring women medical leaders and academics but for the everyday doctor too. In 2024, MWF’s goal is to continue to remain the voice of medical women on medical issues.
## _**Going concern**_
The long-term financial strategy for MWF involves seeking long-term sponsorship with organisations that align with MWF values. Sponsorship and partnerships will allow MWF conferences to run at a profit. Significant sponsorship has been gained for the upcoming Spring Conference in May 2024 which will help cover the costs of running the event and will help MWF make a profit.
4
**MEDICAL WOMEN’S FEDERATION**
**REPORT OF THE COUNCIL**
## **Structure, Governance and Management**
## _**Constitution**_
The Charity, registered number 261820, is also a company limited by guarantee and is governed by its Memorandum and Articles of Association and, in matters prescribed in the Articles, by its Regulations, which are collectively referred to in this report as ‘the Constitution’. The Constitution was re-written in 2006 in order to bring it up to date for recent changes in legislation and also to bring the terms of office of the directors in line with those of other similar organisations. The new Constitution came into effect at the 2007 Annual General Meeting. The guarantee of individual members is limited to £1.
## _**Council**_
The directors of the company are also the company’s Trustees, for Charities Act purposes. Under the Constitution, the directors are known as the members of the Council and throughout this report are collectively referred to as directors or Council members. The Council members are detailed on page 2. There are no other directors or trustees. All Council members must be ordinary members of the company.
The Council members currently in office are detailed on page 2. At the 2023 Annual General Meeting (AGM) held on the 18th May 2023 the following were appointed as Council members and directors of the charitable company:
- Dr Adaeze Chikwe
- Professor Scarlett McNally
- Dr Nuthana Prathivadi Bhayankaram
- Dr Farah Jameel
- Dr Anna Reed
- Ms Susan Ward
- Dr Clarissa Fabre
At the same AGM the following ceased to be Council members and directors of the charitable company:
- Miss Marina Politis
- Dr Olamide Dada
- Professor Chloe Orkin (resigned March 2023)
The Council shall consist of the Officers:
- Two representatives of the Scottish Standing Committee of the Federation;
- One representative of the Welsh Standing Committee of the Federation;
- One representative of the Northern Ireland Standing Committee of the Federation;
- One representative (save for the two representatives in respect of the
- English Regions (as defined in the Regulations) elected by the Ordinary members who belong to that Region;
- One representative elected by Ordinary Members who are medical students;
- One representative elected by Ordinary Members who are junior doctors;
- Up to three Ordinary Members co-opted by the Council.
Council members who are representatives of the various regions are elected by the ordinary members of the company with a home address falling within the region. The President, President Elect, Vice President and other representatives are elected by a ballot of all the members of the company. All ballots are either postal or electronic. The Honorary Treasurer, the Editor of the “Medical Woman” and the National Co-ordinator of the MWIA are elected by Council. The Council can also appoint up to three directors and, in addition, it has the power to appoint a director to fill a casual vacancy. A Council member who is a regional or other representative may appoint an alternate member who will, where her appointer is unable to attend a Council or committee meeting, attend in her appointer’s stead and perform all her duties. An alternate member of the Council is a director and Trustee of the company.
Council members are elected to serve for a period of three years, except as noted below, after which they may be re-elected for a further three-year term before they must stand down. The President’s term of office is two years and the President Elect’s is one year. The term of office for the Vice-President is two years with a possible further term of two years. Medical Student representatives are required to stand down during any year of their term of office if they qualify as a doctor.
5
**MEDICAL WOMEN’S FEDERATION**
**REPORT OF THE COUNCIL**
The term of office of an alternate member starts on her appointment by her appointer and ends when she is either removed by her appointer or her appointer’s term of office comes to an end. A director appointed to fill a casual vacancy must stand down at the next AGM when she may stand for election to that office in the normal way.
The Council meets regularly, twice a year. It delegates the day to day activities to the Officers’ Committee which comprises the Officers (President, President-Elect, Vice President, Honorary Treasurer) and the Honorary Secretary and the editor of Medical Woman. Where relevant e.g. grants, ACCIA awards, the Officers convene committees to consider applications for grants and awards from both the company and also the Medical Women’s Federation Grant Fund. The company employs a full-time Executive Officer and a part-time office administrator, who undertake the day to day administration of the company. The work of the company is undertaken at local level by a network of local groups/contacts.The Council is grateful to various members for the voluntary service which they give to the company in all aspects of its work.
## **Relationships with other organisations**
The company is the Trustee of one other charity, the Medical Women’s Federation Grant Fund which was set up to provide financial assistance to medical women both students and qualified. In addition the company is a member of the Medical Women’s International Association (MWIA), a federation of medical women’s organisations from around the world.
## **Statement of Trustees’ Responsibilities**
The Council (who are also directors of Medical Women’s Federation for the purposes of company law) are responsible for preparing the Councils’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP 2015 (FRS 102);
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The Council are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the Council on 10 July 2024 and signed on their behalf by
**Dr Rashmi Mathew Honorary Co-Treasurer**
**Dr Angharad Ruttley Honorary Co-Treasurer**
6
**MEDICAL WOMEN’S FEDERATION**
## **INDEPENDENT EXAMINER’S REPORT TO THE MEMBERS**
I report to the charity trustees on my examination of the accounts of the company for the year ended 31 December 2023 which are set out on pages 8 to 18.
## **Responsibilities and basis of report**
As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
2. the accounts do not accord with those records;
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
**M A Wilkes (FCA) For and on behalf of Azets Audit Services** River House 1 Maidstone Road Sidcup Kent, DA14 5RH
21 August 2024
7
## **MEDICAL WOMEN’S FEDERATION**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023**
|**Income and Expenditure Account**
**Notes**
**Income from:**
Donations & legacies
**2**
Charitable activities
Other trading activities
Investments
**3**
**4**
**5**
_
**Total income**
_
**Expenditure on:**
Raising funds
**7**
Charitable activities
**6**
**Total expenditure**
**6**
**Net income / (expenditure) before gains**
**and losses on investments**
Net gains/(losses) on investments
**13**
_
**Net movement in funds**
**RECONCILIATION OF FUNDS:**
Fund balances brought forward
at 1 January 2023
**Fund balances carried**forward
**at 31 December 2023**|**Unrestricted**
**Funds**
**2023**
**2022**
**£**
**£**
1,071
133,685
9,661
40,010
4,207
13,877
43,431
4,379
___________
____________
54,949
195,372
___________
____________
4,885
5,857
81,228
105,251
__________
__________
86,113
111,108
__________
__________
(31,164)
84,264
4,884
(21,624)
___________
____________
(26,280)
62,640
250,598
187,958
__________
__________
224,318
250,598
|
|---|---|
All transactions are derived from continuing activities.
All recognised gains and losses are included in the Statement of Financial Activities.
All transactions in 2023 and 2022 were derived from unrestricted income and expenditure.
8
## **MEDICAL WOMEN’S FEDERATION**
## **BALANCE SHEET AS AT 31 DECEMBER 2023**
## **REGISTERED COMPANY NUMBER: 145990**
|**2023**
**Notes**
**£**
**Fixed Assets**
Tangible assets
**12**
Investments
**13**
**Current Assets**
Debtors
**14**
28,390
Cash at bank and in hand
139,279
__________
167,669
**Creditors:**amounts falling
due within one year
**15**
(110,892)
__________
**Net Current Assets / (Liabilities)**
**Creditors:**amounts falling due after
more than one year
**16**
**Net Assets**
**Represented by:**
Unrestricted funds
Designated funds
**17**|**2022**
**£**
**£**
-
173,366
__________
173,366
23,515
171,692
__________
195,207
(105,670)
__________
56,777
(5,825)
__________
224,318
__________
47,968
176,350
__________
224,318
|**£**
-
166,786
__________
166,786
89,537
(5,725)
__________
250,598
__________
80,828
169,770
__________
250,598
|
|---|---|---|
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Council’s responsibilities:
- The Council Members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476;
- The Council Members acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.
Approved by the Board of Trustees on 10 July 2024 and signed on their behalf by:
**Professor Scarlett McNally President**
**Dr Rashmi Mathew Honorary Co-Treasurer**
**Dr Angharad Ruttley Honorary Co-Treasurer**
9
**MEDICAL WOMEN’S FEDERATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **1. ACCOUNTING POLICIES**
## **1.1**
## **Basis of preparation**
Medical Women’s Federation is a company limited by guarantee in the United Kingdom. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity’s operations and principal activities are set out on page 3.
The charity constitutes a public benefit entity as defined by FRS 102. 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006* and UK Generally Accepted Accounting Practice.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
## **1.3 Funds accounting**
Unrestricted general funds are funds which can be used in accordance with the charitable objectives at the discretion of the Council.
Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
## **1.4 Income**
Income is included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
Voluntary income including donations and gifts and conference income are included in full in the SOFA when receivable.
Grants and Legacy’s received are recognised when the charity becomes unconditionally entitled to the receipt.
Life subscriptions are included in the SOFA in equal instalments over a period of 10 years. Subscriptions in respect of new members after 30 September run to the end of the following year and are treated as the following year’s subscriptions.
Investment income is earned through holding assets for investment purposes such as shares. It includes dividends and interest. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend income is recognised as the charity’s right to receive payment is established
10
## **MEDICAL WOMEN’S FEDERATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **1.5 Expenditure**
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:
- Costs of raising funds are those costs incurred in attracting voluntary income.
- Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs allocated directly to such activities and those costs of an indirect nature necessary to support them.
Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.
Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grant. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.
## **1.6 Support costs allocation**
Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity and include project management carried out at Headquarters. Where support costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources.
Fund-raising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities.
The analysis of these costs is included in note 9.
## **1.7 Tangible fixed assets**
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives as follows:
Computer equipment and software - 33% straight line Office furniture, fixtures and equipment - 20% straight line
## **1.8 Investments**
Investments are recognised initially at their transaction value which is normally the transaction price less transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains / (losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably
## **1.9 Debtors and creditors receivable / payable within one year**
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
11
**MEDICAL WOMEN’S FEDERATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **1.10 Financial instruments**
The Charity only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the Charity and their measurement basis are as follows.
## Financial assets
Trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments.
Cash at bank is classified as a basic financial instrument and is measured at face value.
## Financial liabilities
Trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.
Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.
## **1.11 Taxation**
The company is a registered charity and is therefore entitled to the exemptions from corporation tax afforded by section 505 of the Income and Corporation Taxes Act 1988. Accordingly, there is no corporation tax charge in these financial statements
## **1.12 Operating Leases**
Rentals payable and receivable under operating leases are charged to the SoFA on a straight line basis over the period of the lease.
## **1.13 Going Concern**
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern. This included consideration of the effect of the Covid-19 virus on the Charity’s operations.
## **1.14 Judgements and key sources of estimation uncertainty**
Accounting 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 following judgements (apart from those involving estimates) have been made in the process of applying the above accounting policies that have had the most significant effect on amounts recognised in the financial statements:
## _Useful economic lives of tangible assets_
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 11 for the carrying amount of the equipment and furniture, and note 1.7 for the useful economic lives for each class of assets.
There are no key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
12
**MEDICAL WOMEN’S FEDERATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
|**2.**
**INCOME FROM DONATIONS AND LEGACIES**
Donations
Legacy income
Over provision of legacy income in prior year
Tax recoverable on gift aid
**3.**
**INCOME FROM CHARITABLE ACTIVITES**
Conferences
Other income
Sponsorship
**4.**
**INCOME FROM OTHER TRADING ACTIVITIES**
Subscriptions
**5.**
**INVESTMENT INCOME**
Income from UK quoted investments
**6.**
**ANALYSIS OF EXPENDITURE**
**Staff**
**Costs**
**Raising funds**
2,110
**Charitable activities:**
Conferences
18,991
Information, grants and other costs
21,101
__________
**Total expenditure**
42,202|**Direct**
**costs**
**£**
1,088
6,034
3,079
__________
10,201|**2023**
**£**
1,943
-
(1,310)
438
__________
1,071
__________
**2023**
**£**
3,421
6,240
-
__________
9,661
__________
**2023**
**£**
40,010
__________
**2023**
**£**
4,207
__________
4,207
__________
**Support**
**Total**
**Costs**
**2023**
**£**
**£**
1,687
4,885
15,171
40,196
16,852
41,032
__________
__________
33,710
86,113|**2022**
**£**
761
131,082
-
1,842
__________
133,685
__________
**2022**
**£**
6,209
6,418
1,250
__________
13,877
__________
**2022**
**£**
43,431
__________
**2022**
**£**
4,379
__________
4,379
__________
**Total**
**2022**
**£**
5,857
52,556
52,695
__________
111,108|
|---|---|---|---|
||||_
_|
||||_|
||||_
_|
||||_|
Support costs have been allocated on the basis of the time allocated to each activity.
|**7.**
**COST OF RAISING FUNDS**
Investment manager’s fees
Allocation of salaries and support costs
|**2023**
**£**
1,088
3,797
__________
4,885
|**2022**
**£**
896
4,961
__________
5,857
|
|---|---|---|
13
**MEDICAL WOMEN’S FEDERATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
|**8.**
**INFORMATION, GRANTS AND OTHER OUTPUTS**
Website and IT costs
Publication – Medical Women
Merchandise
Allocation of salaries and support costs
**9.**
**SUPPORT COSTS**
Office costs
Communications
Equipment costs
Accountancy and payroll
Other expenses
MWIA affiliation fee
Governance costs (note 10)
**10.**
**GOVERNANCE COSTS**
Independent Examiner’s fee
Trustees’ meeting expenses including travel|**2023**
**£**
618
938
1,523
37,953
__________
41,032
__________
**2023**
**£**
17,241
1,364
4,800
708
680
2,557
6,360
__________
33,710
__________
**2023**
**£**
5,400
960
__________
6,360
|**2022**
**£**
1,710
778
618
49,589
__________
52,695
__________
**2022**
**£**
18,032
1,219
4,875
1,262
843
2,910
6,075
__________
35,216|
|---|---|---|
|||__________
**2022**
**£**
5,070
1,005
__________
6,075
|
14
**MEDICAL WOMEN’S FEDERATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
|**11.**
**STAFF COSTS AND TRUSTEES REMUNERATION**
Salaries and wages
Pension costs
The average number of employees by headcount was:
Executive Officer – full-time
Communications and Administrative Officer – full-time|**2023**
**£**
39,435
2,767
__________
42,202
__________
1
-
__________
1
__________|**2022**
**£**
60,405
3,565
__________
63,970|
|---|---|---|
|||__________
1
1
__________
2
__________|
There were no employees earning more than £60,000 during the year (2022: £Nil). One employee is a member of a defined contribution pension scheme (2022: two). No Council members received any remuneration during the year (2022: none). Travel costs of £427 were reimbursed to 2 Council members during the year (2022: 4 members re-imbursed travel costs of £1,005).
The key management personnel comprise of those listed on page 1. The total employments benefits including employer pension contributions of key management personnel were £45,424 (2022: £63,970).
## **12. TANGIBLE FIXED ASSETS**
||**Equipment,**|
|---|---|
||**furniture &**|
||**fixtures**|
||**£**|
|**Cost**||
|As at 1 January 2023 and at 31 December 2023|8,301|
||__________|
|**Depreciation**||
|As at 1 January 2023 and at 31 December 2023|8,301|
||__________|
|**Net Book Value**||
|As at 1 January 2023 and at 31 December 2023|-
__________|
15
**MEDICAL WOMEN’S FEDERATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **13. FIXED ASSET INVESTMENTS**
|**IXED ASSET INVESTMENTS**|||
|---|---|---|
|**Market Value**
At 1 January 2023
Additions
Disposals
Unrealised/Realised Gains/(Losses)
At 31 December 2023
Historic Cost
**Investments at fair value comprise: **
UK Listed Equities
Oversea Equities
Market value at 31 December 2023|**2023**
**£**
166,786
31,817
30,121
4,884
__________
173,366
__________
148,002
__________
**2023**
**£**
42,782
130,584
__________
173,366
__________|**2022**
**£**
193,642
52,975
(58,207)
(21,624)
__________
166,786|
|||__________
147,421|
|||__________
**2022**
**£**
89,400
77,386
__________
166,786
__________|
The fair value of listed investments is determined by reference to the mid-market value of one share in the Fund at the Balance Sheet date. Investments held are categorised as following:
|Fixed interest security and bonds
Alternative
Equities
Property
Cash
Market value at 31 December 2022|**2023**
**£**
11,943
16,047
124,061
15,887
5,428
__________
173,366
__________|**2022**
**£**
11,976
16,890
121,937
15,983
-
__________
166,786
__________|
|---|---|---|
The following investments are significant holdings within the investment portfolio:
|HSBC S&P 500 ETF GBP
HICL Infrastructure
Dodge & Cox Worldwide funds
BHP Billiton Ord US$0.50
Blackroom Fm Ltd I shares
Blackrock Fund Managers
Jupiter Fund
LF Ruffer Managed Funds|**2023**
**£**
42,485
7,468
11,311
-
-
11,817
9,628
8,579|**2022**
**£**
36,484
16,890
10,350
4,112
11,944
9,311
10,104
12,363
|
|---|---|---|
16
**MEDICAL WOMEN’S FEDERATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
|**14.**|**DEBTORS**||||**2023**|**2022**|
|---|---|---|---|---|---|---|
||||||**£**|**£**|
||Other debtors||||16,994|15,576|
||Gift aid recoverable||||5,141|4,703|
||Prepayments and accrued Income||||6,255|3,236|
||||||__________|__________|
||||||28,390
__________|23,515
__________|
|**15.**|**CREDITORS:** **AMOUNTS FALLING DUE WITHIN**||**ONE YEAR**||**2023**|**2022**|
||||||**£**|**£**|
||Medical Women’s Federation Grant Fund (note 20)||||103,270|97,130|
||Other creditors||||-|1,441|
||Accruals and deferred income||||7,622|7,099|
||||||__________|__________|
||||||110,892
__________|105,670
__________|
|**16.**|**DEFERRED INCOME – LIFE MEMBERS’ SUBCRIPTIONS**||||**2023**|**2022**|
||||||**£**|**£**|
||At 1 January 2023||||5,725|6,275|
||New life member subscriptions||||650|-|
||Transferred to Statement of Financial Activities||||(550)|(550)|
||||||__________|__________|
||At 31 December 2023||||5,825
__________|5,725
__________|
|**17.**|**DESIGNATED FUNDS**||||||
|||**As at 1**||**New**|**Designations**|**As at 31 December**|
|||**January 2023**|**Designations**||**Released**|**2023**|
||**2023**|**£**|**£**||**£**|**£**|
||Scottish Activities & Travel|2,984||-|-|2,984|
||Conferences & Education|166,786|6,580||-|173,366|
|||__________|_________||__________|__________|
||Total|169,770|6,580||-|176,350|
|||**_______**|_______||_______|**_______**|
Scottish Funds - these funds are to be used for local activities and trustees travel to attend MWF meetings **.**
Conference & Education – these funds are held within Investments and are used to generate income for future conferences and Education.
||**As at 1**|**New**|**Designations**|**As at 31**|
|---|---|---|---|---|
||**January 2022**|**Designations**|**Released**|**December 2022**|
|**2022**|**£**|**£**|**£**|**£**|
|Local Groups|685|-|(685)|-|
|Scottish Activities & Travel|2,984|-|-|2,984|
|Conferences & Education|-|166,786|-|166,786|
||__________|_________|__________|__________|
|Total|3,669|166,786|(685)|169,770|
||**_______**|_______|_______|**_______**|
17
**MEDICAL WOMEN’S FEDERATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **18. LEASE COMMITMENTS**
Total future minimum lease payments under non-cancellable operating leases are as follows:
|Within one year|**Land and Buildings**
**2023**
**2022**
**£**
**£**
11,568
11,568
__________
__________
11,568
11,568
|**Other**
**2023**
**£**
1,030
__________
1,030
|**2022**
**£**
1,030
__________
1,030
|
|---|---|---|---|
## **19. TAXATION**
The Medical Women’s Federation is a registered charity and therefore is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.
## **20. RELATED PARTY TRANSACTIONS**
The charitable company is the Trustee of the Medical Women’s Federation Grant Fund, a registered charity number 268282. The charitable company receives a maintenance charge from the grant fund to cover staff time and other costs incurred in administering the affairs of the charity. The maintenance charge received was £5,940 (2022: £5,940) and an amount of £103,270 was due to the Medical Women’s Federation Grant Fund at the year-end (2022: £97,130).
The charitable company is a member of the Medical Women International Association (MWIA) a federation of medial women’s organisations from around the world. The capitation fee paid to MWIA is shown in note 9.
## **21. SHARE CAPITAL**
The company is limited by guarantee and has no share capital. The liability of its members is limited to £1 per member.
18