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2024-12-31-accounts

MEDICAL WOMEN’S FEDERATION

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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
Professor Dame Jane Dacre
Dr Nuthana Prathivadi Bhayankaram
Professor Rashmi Mathew
Dr Angharad Ruttley
Council See page 2
Company Secretary and Honorary Secretary Dr 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
Professor Dame Jane Dacre, President-Elect
Professor Rashmi Mathew, Honorary Co-Treasurer
Dr Angharad Ruttley, Honorary Co-Treasuer
Katie Aldridge Balamanoharan, 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
President-Elect Professor Dame Jane Dacre DBE, MD, FRCP
Vice President Dr Nuthana Prathivadi Bhayankaram MBChB BMedSc MRCPCH MRes
(until May 2025)
Dr Sarah Matthews and Professor Angharad Davies (from May 2025)
Honorary Secretary Miss Rebecca Winterborn PGCert Med Ed, PGCert Med
US MBChB, MD, FRCS
Honorary Treasurer Professor Rashmi Mathew MSc PFHEA FRCOphth
Dr Angharad Ruttley MBBS, MRCPsych, LLM
Editor of “Medical Woman”
 Dr Divine Kirsty and Dr Eniola Bada
Council Members & Alternate Members of Council
National Co-ordinator (MWIA)
 Dr Clarissa Fabre
Medical Student Representative Natasha Bocchetta
Resident Doctor Representative Dr Moe Latt
SAS Doctor Representative Dr Kate Aldersey and Dr Victoria Zaslona
Co-opted Member for Campaigning Dr Jasmine Thomas (until May 2025) and
Dr Ellen Welch and Dr Sarah Jacques (from May 2025)
Co-opted Member for Equality,
 Dr Adaeze Chikwe
Diversity and Inclusion (EDI)
Co-opted Member for Fundraising,
Engagement and Membership Ms Karen Booth

Regional and Standing Committee Representatives

May 2024 – 25: London Representative - Dr Farah Jameel and Dr Lulu Lyons East Midlands Representative – Miss Sue Ward East of England Representative – Dr Kethak Prathivadi Bhayankaram South West Representative – Dr Helena McKeown South East Representative – Dr Anna Reed Scotland East Representative – Dr Rose Penfold Wales Representative – Mrs Geeta Kumar

From May 2025:

London Representative - Dr Farah Jameel and Dr Lulu Lyons East Midlands Representative – Miss Sue Ward West Midlands – Dr Dr Uzoamaka Esomchukwu

East of England Representative – Dr Nuthana Prathivadi Bhayankaram South West Representative – Dr Felicity Hoskins and Dr Briony Adams South East Representative – Dr Elizabeth Butler-Meadows Northern Ireland – Dr Fiona McEvoy Scotland East Representative – Dr Rose Penfold Wales Representative – Dr Manju Nair

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 2024.

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:

The charity does this by:

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 Spring Conference on 10[th] May 2024 titled ‘ Innovation and Leadership in Challenging Times’ . The conference was opened by the MWF Royal Patron, The Duchess of Gloucester, who made a short speech to delegates at the start of the day. Speakers throughout the day included Professor Dame Lesley Regan, Miss Samantha Tross, Professor Catherine Calderwood, Dr Ellen Fallows, Dr Anita Sharma, Dr Rachel Morris and Dr Rosalind Ranson. There were also abstract presentations which gave junior members an opportunity to showcase their research and over thirty poster presentations. Attendence for the event was very high with 110 registered attendees. MWF secured sponsorship from the General Medical Council, British Medical Association and Medical Protection Society.

In 2024, MWF launched a monthly networking session titled "In conversation with..” which feature a high-profile speaker. The events are free for members and £10 for non-members. The evenings have been very popular and speakers have included Professor Sir Chris Whitty, Dr Chris Van Tulleken, Dr Henrietta Hughes OBE and Dame Clare Gerada.

The 2024 Katherine Branson Student Essay Competition was won by Pia Wahi-Singh on the topic ‘ “The Medical Women’s Federation sees barriers for women doctors and for good health – which should we fight about?”.

Resident doctors throughout the UK were invited to submit their artistic and prose entries on the topic of ‘ “How can the new government support women doctors?” for the Resident Doctor Prize. The winner of the artistic category was Dr Paula Muehlschlegel and the winner of the prose category was Dr Katherine Wise.

3

MEDICAL WOMEN’S FEDERATION

REPORT OF THE COUNCIL

Financial Review

During the year the charity raised funds totalling £78,728 (2023: £54,949). Expenditure totalled £100,826 (2023: £86,113) and net gains on investments were £16,042 (2023: net gains of £4,884). This resulted in a net deficit in the year of £6,056 (2023: Deficit of £26,280).

The fund balances carried forward at 31 December 2023 were £218,262 (2023: £224,318).

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 (2023: £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 and Council review the reserves on an annual basis.

Unrestricted funds at 31 December 2024 were £19,804 (2023: £47,968) Designated funds at 31 December 2024 were £195,513 (2023: £176,350). See note 18 for details. Restricted funds at 31 December 2024 were £2,945 (2023: £nil). See note 17 for details.

Total funds at 31 December 2024 were £218,262 (2023: £224,318).

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 hosted the 2025 conference on the 16[th] May at Anglia Ruskin University in Cambridge with a formal dinner being held at Downing College the night before. The title of the conference was ‘Redefining Health – with women doctors’.

MWF will continue to maintain an active presence throughout 2025 and will arrange several networking events for members to meet and share their experiences. This includes the monthly ‘In conversation with …’ events and events with other organisations. MWF needs to exist not only for aspiring women medical leaders and academics but for the everyday doctor too.

In 2025, MWF launched its new five-year strategy which aims to focus on raising the Profile of the charity, support the Potential of members, focus on Prosperity, influence Policy and work in Partnership with others.

In 2026, MWF have gained a charity place at the London Marathon and five charity places at the London Landmarks half marathon. Along with other fun runs, this will help MWF raise essential funds.

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. The new MWF Strategy with one of the aims focusing on Prosperity will also help funds grow.

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 2024 Annual General Meeting (AGM) held on the 10[th] May 2024, the following were appointed as Council members and directors of the charitable company:

At the same AGM the following ceased to be Council members and directors of the charitable company:

The Council shall consist of the Officers:

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:

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 26 September 2025 and signed on their behalf by

Professor 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 2024 which are set out on pages 8 to 19.

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

Date: 29 September 2025

7

MEDICAL WOMEN’S FEDERATION

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024

Income and Expenditure Account
Unrestricted
Funds
Restricted
Funds
2024
2024
£
£
Notes
Income from:
Donations & legacies
2
10,182
-
Charitable activities
Other trading activities
Investments
3
4
5
22,724
38,497
4,200
3,125
-
-
__
_

Total income
75,603
3,125
_
_

Expenditure on:
Raising funds
7
5,214
-
Charitable activities
6
95,432
180
_
_
Total expenditure
6
100,646
180
_
_
Net income / (expenditure) before gains
and losses on investments
(25,043)
2,945
Net gains/(losses) on investments
13
16,042
-
_
_

Net movement in funds
(9,001)
2,945
RECONCILIATION OF FUNDS:
Fund balances brought forward
at 1 January 2024
224,318
-
__
____
Fund balances carriedforward
at 31 December 2024
215,317
2,945		 Total
Funds
2024
£
10,182
25,849
38,497
4,200
__

78,728
_

5,214
95,612
_
100,826
_
(22,098)
16,042
_

(6,056)
224,318
____
218,262		 2023
£
1,071
9,661
40,010
4,207
__
54,949
__
4,885
81,228
_
86,113
_
(31,164)
4,884
__
(26,280)
250,598
_
224,318

All transactions are derived from continuing activities.

All recognised gains and losses are included in the Statement of Financial Activities.

All transactions in 2023 were derived from unrestricted income and expenditure.

8

MEDICAL WOMEN’S FEDERATION

BALANCE SHEET AS AT 31 DECEMBER 2024

REGISTERED COMPANY NUMBER: 145990

2024
Notes
£
Fixed Assets
Tangible assets
12
Investments
13
Current Assets
Debtors
14
8,000
Cash at bank and in hand
126,391
_
134,391
Creditors:amounts falling
due within one year
15
(103,383)
_
Net Current Assets / (Liabilities)
Creditors:amounts falling due after
more than one year
16
Net Assets
Represented by:
Restricted funds
17
Unrestricted funds
Designated funds
18		 2023
£
£
-
192,529
_
192,529
28,390
139,279
_
167,669
(110,892)
_
31,008
(5,275)
_
218,262
_
2,945
19,804
195,513
_
218,262
 £
-
173,366
_
173,366
56,777
(5,825)
_
224,318
_
-
47,968
176,350
_
224,318

For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Council’s responsibilities:

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 26 September 2025 and signed on their behalf by:

Dr Rashmi Mathew Honorary Co-Treasurer

Professor Dame Jane Dacre President

Dr Angharad Ruttley Honorary Co-Treasurer

9

MEDICAL WOMEN’S FEDERATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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 2024

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:

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 2024

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 2024

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
2,384
Charitable activities:
Conferences
21,452
Information, grants and other costs
23,834
____
Total expenditure
47,670		 Direct
costs
£
1,049
13,069
3,478
____
17,596		 2024
£
5,209
1,429
-
3,544
_
10,182
_
2024
£
12,725
9,624
3,500
_
25,849
_
2024
£
38,497
_
2024
£
4,200
_
4,200
_
Support
Total
Costs
2024
£
£
1,781
5,214
16,003
50,524
17,776
45,088
_
____
35,560
100,826		 _ 2023
£
1,943
-
(1,310)
438
_
1,071
_
2023
£
3,421
6,240
-
_
9,661
_
2023
£
40,010
_
2023
£
4,207
_
4,207
___
Total
2023
£
4,885
40,196
41,032
____
86,113

_

_

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
 2024
£
1,049
4,165
____

5,214		 2023
£
1,088
3,797
____
4,885

13

MEDICAL WOMEN’S FEDERATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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		 2024
£
841
672
1,965
41,610
_
45,088
_
2024
£
19,333
992
4,727
391
526
2,832
6,759
_
35,560
_
2024
£
6,320
439
____
6,759
 2023
£
618
938
1,523
37,953
_
52,695
_
2023
£
17,241
1,364
4,800
708
680
2,557
6,360
____
33,710
_
2023
£
5,400
960
_
6,360

14

MEDICAL WOMEN’S FEDERATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

11.
STAFF COSTS AND TRUSTEES REMUNERATION
Salaries and wages
Pension costs
The average number of employees by headcount was:
Staff		 2024
£
45,529
2,141
_
47,670
_
2
 2023
£
39,435
2,767
____
42,202
____
2

There were no employees earning more than £60,000 during the year (2023: £Nil). One employee is a member of a defined contribution pension scheme (2023: one). No Council members received any remuneration during the year (2023: none). Travel costs of £109 were reimbursed to 2 Council members during the year (2023: 2 members re-imbursed travel costs of £427).

The key management personnel comprise of those listed on page 1. The total employments benefits including employer pension contributions of key management personnel were £37,831 (2023: £36,727).

12. TANGIBLE FIXED ASSETS

Equipment,
furniture &
fixtures
£
Cost
As at 1 January 2024 and at 31 December 2024 8,302
____
Depreciation
As at 1 January 2024 and at 31 December 2024 8,302
____
Net Book Value
As at 1 January 2024 and at 31 December 2024 -
____

15

MEDICAL WOMEN’S FEDERATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

13. FIXED ASSET INVESTMENTS
2024 2023
£ £
Market Value
At 1 January 167,938 166,786
Additions 25,297 15,321
Disposals (20,420) (19,053)
Unrealised/Realised Gains/(Losses) 16,042 4,884
____ ____
188,857 167,938
____ ____
Cash held in portfolio 3,672 5,428
____ ____
At 31 December 2024 192,529
____		 173,366
____
Historic Cost 145,730
____		 148,002
____
**Investments at fair value comprise: ** 2024 2023
£ £
UK Listed Equities 39,575 42,782
Overseas Equities 152,954 130,584
____ ____
Market value at 31 December 2024 195,529
____		 173,366
____
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:
2024 2023
£ £
Fixed interest security and bonds 25,937 11,943
Alternative 12,247 16,047
Equities 134,488 124,061
Property 16,185 15,887
Cash 3,672 5,428
____ ____
Market value at 31 December 2023 195,529
____		 173,366
____

16

MEDICAL WOMEN’S FEDERATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

14. DEBTORS 2024 2023
£ £
Other debtors - 16,994
Gift aid recoverable 1,872 5,141
Prepayments and accrued Income 6,128 6,255
____ ____
8,000
____		 28,390
____
15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2024
£ £
Medical Women’s Federation Grant Fund (note 20) 95,230 103,270
Accruals and deferred income 8,153 7,622
____ ____
103,383
____		 110,892
____
16. DEFERRED INCOME – LIFE MEMBERS’ SUBCRIPTIONS 2024 2023
£ £
At 1 January 2024 5,825 5,725
New life member subscriptions - 650
Transferred to Statement of Financial Activities (550) (550)
____ ____
At 31 December 2024 5,275
____		 5,825
____
17. RESTRICTED FUNDS
As at 1 As at 31
January 2024 Income Expenditure December 2024
2024 £ £ £ £
Thetre Hats Project - 3,125 (180) 2,945
_ _ _ _

Theatre Hats Project

MWF were successful in a bid for funding from the Royal College of Surgeons of England’s “Grassroots” fund which supports initiatives helping people from underrepresented groups to become surgeons. The Centre for Perioperative Care (CPOC) has also contributed. MWF is coordinating the distribution of individual named cloth theatre hats to medical students who are women or non-binary. There are three options: standard, hijab and Afro or large hair hats. These will help medical students to be more included within the surgical team and to learn and feel they belong.

2023

None

17

MEDICAL WOMEN’S FEDERATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

18. DESIGNATED FUNDS

As at 1 New Designations As at 31
January 2024 Designations Released December 2024
2024 £ £ £ £
Scottish Activities & Travel 2,984 - - 2,984
Conferences & Education 173,366 19,163 - 192,529
____ ___ ____ ____
Total 176,350 19,163 - 195,513
_ _ _ _

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 2023 Designations Released December 2023
2023 £ £ £ £
Scottish Activities & Travel 2,984 - - 2,984
Conferences & Education 166,786 6,580 - 173,366
____ ___ ____ ____
Total 169,770 6,580 - 176,350
_ _ _ _

19. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unrestricted
funds
Fund balances at 31 December 2024 are
represented by:
£
Fixed assets
192,529
Current assets
131,446
Current liabilities
(103,383)
Non-current liabilities
(5,275)
___
Total
215,317
_
2023
There were only unrestricted fund balances.		 Restricted
funds
Total
Funds
£
£
-
192,529
2,945
134,391
-
(103,383)
-
(5,275)
_
_
2,945
218,262
_
_

19. LEASE COMMITMENTS

Total future minimum lease payments under non-cancellable operating leases are as follows:

Within one year Land and Buildings
2024
2023
£
£
11,568
11,568

 Other
2024
£
-

18

MEDICAL WOMEN’S FEDERATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

20. 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.

21. 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 (2023: £5,940) and an amount of £95,230 was due to the Medical Women’s Federation Grant Fund at the year-end (2023: £103,270).

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.

The charity received £1,250 of donations from Trustees, there were no restrictions or conditions attached to the donation (2023: £nil).

22. SHARE CAPITAL

The company is limited by guarantee and has no share capital. The liability of its members is limited to £1 per member.

19