TRUSTEES’ REPORT AND FINANCIAL STATEMENTS
for the year ending 31 December 2020
REGISTERED NUMBER: 13103 CHARITY NUMBER: 313700
Futures for Women Report and Financial Statement for the year ending 31 December 2020 Registered Charity Number 313700
Registered Company Limited by Guarantee Number 13103
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Charitable Company, | 2 |
| its Trustees and advisers | |
| Trustees’ annual report (including Directors’ report) | 3-8 |
| Independent examiner’s report | 9 |
| Statement of financial activities (incorporating an income and | 10 |
| expenditure account) | |
| Balance sheet | 11 |
| Notes to the financial statements | 12-19 |
1
Futures for Women Report and Financial Statement for the year ending 31 December 2020 Registered Charity Number 313700
Registered Company Limited by Guarantee Number 13103
Reference and Administrative Details
Registered Office
Archway Cottage 2 Church Street Marton Rugby Warwickshire CV23 9RL
Trustees
The Trustees, also directors under company law, who served during the year and up to the date of this report were as follows:
Rosemary Parr (Chair) Joanna Murray (Vice Chair) Amy McVittie (resigned 12 September 2020) Harriet Anderson (from 2 January 2020) Victoria Lee (from 10 June 2020) Quintilla Wikeley (from 31 January 2020)
Secretary
Jane Hampson
Bankers
Barclays Bank plc CAF Bank Ltd 46-49 Broad Street 25 Kings Hill Avenue Stamford Kings Hill, West Malling Lincolnshire Kent PE9 2PA ME19 4JQ
Investment Managers
Charles Stanley and Company Limited COIF Charities Investments 55 Bishopsgate Senator House. 85 Queen Victoria Street London London EC2N 3AS EC4V 4ET
Independent Examiner
Frances Taylor FCA FCIE
2
‘We have to free half of the human race, the women, so that they can help free the other half.’
Emmeline Pankhurst
The Trustees of Futures for Women (‘the Charity ’) present their annual report and financial statements for the year ended 31 December 2020. The annual report serves the purposes of both a Trustees’ report and a directors’ report under company law. The Trustees confirm that the annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company’s governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (updated 1 January 2019). The annual report has also been prepared in accordance with the provisions in the Companies Act 2006 relating to small companies.
Objects and Activities
The principal activity of Futures for Women is to fund the training of women for employment and to help them achieve financial independence.
The Charity manages a capital fund that generates interest, and it also raises money from membership fees, donations, legacies and fund-raising events.
As set out in the Articles of Association the charitable objects of the Charity are:
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the training of girls and women for business and other careers and suitable occupations;
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the providing of technical and other instruction as a means to the above;
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the giving to such persons who are unable to meet the cost of training such assistance during
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the period of training by way of a grant, loan or otherwise.
In 2020 the Charity’s main objective was the part-funding of skills and confidence building workshops for disadvantaged women to prepare them for employment and to help them achieve financial independence. It no longer provides training or instruction.
Public Benefit of Futures for Women
The Trustees are aware of the need under charity law to demonstrate the public benefit of Future for Women’s charitable purpose of supporting disadvantaged women in the UK into employment, to help them achieve financial independence. The Trustees follow the Charity Commission’s guidance on public benefit.
For many years Futures for Women’s main charitable activity has been to provide interest-free loans, usually of £1000 each, to individual women graduates to assist them with professional or vocational training for a wide range of careers. It is clear from the reports the Charity has received from many loan beneficiaries over the years that its funding support has been instrumental in helping these women to achieve their career goals.
In 2018 the Trustees commissioned social research from its strategy consultants Action Planning into the position of women in the UK workplace. This research paper reported that women continue to have challenges from a young age and at all parts of their employment journey. Women still only make up 35% of ‘Division 1’ employees - managers, directors and senior officials, and the proportion of females at company board level is as low as 23%. Challenges such as the availability and costs of child care, caring responsibilities and an inability to access flexible or part time working exist for all women irrespective of age. Further groups of women are more acutely disadvantaged due to other factors such as race, domestic abuse, economic background and age. Existing barriers to women achieving senior positions include negative perceptions and unconscious bias about women’s potential, poor stereotypes and an absence of role models and mentors.
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Following this strategic review the Trustees agreed to develop a new focus on other ways of supporting women into the workplace. In March 2019 the Trustees of Futures for Women’s announced that for 2019/2020 we would be working in partnership with the Sharan Project (registered charity 1149094) whose charitable purpose is to help vulnerable women, particularly members of the South Asian community living in Britain, who have suffered from forced marriage, domestic violence or honour abuse. During 2019 and 2020 Futures for Women awarded a grant of £29,000 to part-fund a Sharan Project programme which sought to create realistic employment opportunities for three groups of women, based in Birmingham.
The Trustees recognise that funding a specific project to help disadvantaged women into employment is a major departure from awarding interest-free loans which are repaid to the Charity, and that this may result in the erosion of some of the Charity’s capital. However, they believe that this new projectbased approach will be of considerable public benefit in supporting disadvantaged women from a wider sector of society to progress to worthwhile careers which will give them some degree of financial independence.
Futures for Women also aims to act as a voice to encourage the professional participation of women in society. Its website is visited by many and describes the history and significance of the Charity. It also contains testimonials from beneficiaries as to the importance to them of their loans in fulfilling their career ambitions.
Achievements and Performance 2020
2020 was a year like no other, for all of us. As the Futures for Women Secretary is based at her home office on a permanent basis the day-to-day running of our charity was unaffected by the pandemic and our Trustee meetings were able to continue via Zoom, thanks to the hosting by Trustee Quintilla Wikeley.
During the year we welcomed three new members to the Board – Quintilla herself, who has been a long-time supporter, as well as Harriet Anderson and Victoria Lee. Harriet has a family connection to our charity, while Victoria is an ex-beneficiary. All three women bring new skills to our Board and a fresh approach to our work, and we are all looking forward to meeting each other in person at last at our 2021 AGM.
But the employability workshops for disadvantaged women from the south Asian community in south Birmingham, which we were supporting via a grant to the Sharan Project, were unable to take place due to lockdown and social distancing rules which were in force for the majority of the year. Lockdown had a disproportionate effect on vulnerable women and the Sharan Project found that calls to their helpline for women suffering from domestic abuse increased by 50% in the first 3 weeks. The project ran online safety campaigns and made its helpline available out of working hours. They also raised their media profile to increase awareness of harmful practices. The Sharan Project are now planning a 4-week employability course to support disadvantaged women into the construction industry, part-funded by Futures for Women, to take place in 2021. Contact has been maintained with the 2019 cohort of women who attended the two workshops in Birmingham and of the 16 women who completed the courses 5 have now found employment, 2 are in self-employment and 4 are undertaking further study.
Although Futures for Women awarded no interest-free loans in 2020 we continued to receive repayments for outstanding loans. We were also pleased to hear from several ex-beneficiaries about their career journey since graduation and all of them expressed their gratitude to Futures for Women for helping them to complete their studies.
The Trustees continued their review of our strategy which they believe will also attract new funding to the Charity, and they researched potential funding streams in 2020. The Charity’s funds were bolstered by the receipt of two unexpected legacies, one of £58,967 and another of £1000 paid by anonymous donors into our CAF account during the year, and we are very grateful to these donors for the significant support they have given to Futures for Women’s work. These donations have been designated as constituting a new fund of the Charity to be known as the Boucherett Fund, to support women undertaking vocational training.
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The Trustees considered how to use these donations to further our work and decided to return to our roots and support disadvantaged women wanting to undertake a course of further education at Grimsby Institute, which is located in north Lincolnshire, the county of birth of our founder, Jessie Boucherett. It was also decided that the support would take the form of 20 grants of £500, rather than an interest-free loan. Contact was made with the bursary department of the Institute who will support women in making applications before these are forwarded to Futures for Women for a final decision. The successful beneficiaries will be asked to send us a report once they are in paid employment. These grants will be awarded and processed in 2021.
Trustees also agreed to re-open the interest-free loan programme in 2021, a decision taken in part due to the positive feedback received from existing beneficiaries. These loans will be available to women seeking to pursue a course of higher education or professional training,
As part of our desire to maintain diversity within the confines of our Articles of Association which state that we are only able to support women, the Trustees considered the issue of gender and are working on formulating a formal policy. Our application forms and website have been amended to confirm that Futures for Women accepts applications for anyone who identifies as female, who fluctuates between genders or identifies with both genders.
Two of our Patrons retired during the year due to pressure of work and Trustees are working to secure some new Patrons. Lady Hawley remains our sole Patron. We also invited Dr Andrea Dexter to join our Board meetings as an observer and she has provided us with welcome advice based on her experience of working as a Lincolnshire GP.
Following advice from our investment managers, Charles Stanley, the Trustees agreed to change our investments from an income based fund to a balanced fund. The Trustees decided to invest £35,000 of the main anonymous legacy in our COIF account with the remaining funds being held as cash in our CAF account.
In May 2020 we were contacted by Michael Neureiter, a Postdoctoral Researcher in the School of Business at the University of Pittsburgh, in the United States. He was working on a research project that examined the ways in which women’s activists and organisations could help increase women’s presence in corporate leadership. As part of this research project he requested an interview with Futures for Women. Both his qualitative interviews and his quantitative analyses suggest that women’s organisations are largely successful at achieving their goals, and make a positive difference in the lives of many women.
Planned Objectives 2020-2021
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to work with The Sharan Project as a charity partner to run one final employability workshop to support disadvantaged women into working in the construction industry
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to work with Grimsby Institute to award grants of £500 to 20 disadvantaged women wanting to undertake a course of further education
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to support other women’s charities with similar objectives, through grants or governance training, subject to available resources
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to offer interest-free loans to women seeking to undertake a course of higher education or professional training
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to seek funding for our new direction
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to expand the supporter programme
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• to recruit new Trustees and confirm a Patron
Financial Review
The Charity’s gross income for the year was £66,288 (2019: £5,771) which included a legacy of £59,000. The total expenditure for the year was £32,802 (2019: £25,092) which is mainly in relation to grants payable, secretarial fees and investment management fees.
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Following a small gain on the value of investments, the Charity has made a surplus overall for the year of £36,505 (2019: deficit of £2,528).
Going concern
After making appropriate enquiries, the Board have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. However, the Covid-19 pandemic has had a profound impact on the global economy. The Board have considered the impact of this issue on the Charity’s current and future financial position.
Reserves Policy
The policy of the Board is to try to ensure that the total of capital is kept at an amount that will produce sufficient income to cover the charity’s overheads and the annual loans or grants. The Board regularly reviews the risks associated with income and expenditure. This enables an estimate to be made of the level of reserves to allow time for reorganisation in the event of a downturn in income and to protect future beneficiaries.
The Charity held unrestricted reserves at 31 December 2020 of £236,472 (2019: £199,967) of which there were free reserves (being general funds excluding fixed assets and designated funds) of £30,590 (2019: £25,393).
Risk Assessment
The Board of Trustees regularly consider the major strategic, business and operational risks that the Charity faces, assess the key risks which may impact on the charity’s activities, and maintain a risk register. The Trustees ensure systems and procedures exist to minimise these risks.
The Secretary communicates with beneficiaries at least twice a year, to encourage their loan repayments to commence as soon as possible.
The Trustees also assessed the risks associated with fundraising, including reputational risks.
Investment Policy and Performance
The stockbrokers Charles Stanley invest the Charity’s funds in medium low risk investments, to endeavour to protect the capital from market turbulence while growing it moderately and providing an income for the charity.
Charles Stanley reported that in 2020 our investment portfolio produced a total return of 1.29% for the year. This compares against the MSCI PIMFA private investment income return of 1.94%. The total costs reported were £3,597 with 2.64% cumulative effect of costs and charges on return of the portfolio over the year.
Structure, Management & Governance
The Charity is a registered charity (number 313700) and a registered company limited by guarantee (number 13103) incorporated in England.
Its governing document is the Articles of Association as revised and adopted by a special resolution of the members in February 2011. The Charity’s activities are managed by a Board of Trustees who are both the trustees and the directors of this charitable company. The Trustees report at the AGM to the members of the Charity who support its work and pay an annual subscription.
6
Recruitment and Appointment of Trustees and other Officers
The Board of Trustees consists of not more than twelve individuals who are elected by the membership each year at the AGM. The Trustees have a diverse range of professional qualifications and skills together with experience and knowledge in the field of women’s education, professional training and development.
In recruiting Trustees, the Board seeks persons who are sympathetic to the aims of the Charity and who can bring particular skills to its work. Trustees are recruited through adverts on social media or personal contact and by recommendation from amongst past beneficiaries, the membership and other interested supporters. Potential trustees are invited to attend a Board meeting and receive the papers relevant to that meeting together with the annual accounts and reports of the previous two years. After submission of a CV the Trustees consider the candidate and if appropriate then propose the recruitment of the new Trustee at the next AGM.
The Chair welcomes new Trustees by a letter of appointment and appoints a mentor to support them for a year. They also receive copies of the list of Trustees, minutes of the last meeting, the Articles of Association (the governing document), and a copy of The Essential Trustee published by the Charity Commission. New Trustees may obtain the Charity’s policies from the Secretary.
AGM 2020
Our AGM planned for June 2020 in London was postponed due to the pandemic and re-scheduled to take place in September at the home of our Vice-Chair, Joanna Murray, in Burghclere, Hampshire. Thanks go to Joanna and her husband for hosting the meeting. Zoom was available for Trustees and members who were unable to attend in person. Prior to the AGM we heard from Polly Harrar of the Sharan Project via Zoom on the difficulties they had faced in organising the employability workshops part-funded by Futures for Women, due to meeting restrictions. Polly also updated us on how the Sharan Project had reacted to the increase in calls from women at risk of domestic abuse and supported them through the difficult period of lockdown.
During the AGM Trustee Amy McVittie resigned following 7 years’ service and we formally elected our 3 new Trustees. It was also announced that our accountant for 3 years, Peter Tacon, had unexpectedly passed away in July and condolences were passed to his widow, Lesley. Both Peter and Lesley had attended our 2019 AGM.
Unfortunately our President, Lady Appleyard, was unable to attend our AGM due to a clash in dates with another charity event. Our Chair, Vice Chair and Secretary were invited to lunch with the President a few weeks after the AGM for an update meeting which was very positive.
Administration of the Charity
The Charity employs our Secretary Jane Hampson to carry out all aspects of its administration. She manages the prompt repayment of loans and all accounting and investment matters. The Secretary has received training on Sage accounting, which means she can carry out more work in house, and so reduce accountancy expenditure.
During 2020 the Trustees met via Zoom in March, June, September and November to discuss the business of the charity and formulate a new strategy. A new London location is yet to be confirmed for when physical meetings are able to take place once again.
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Constituent Charity
On 10 October 2011 the Charity Commission made a uniting direction ruling that the Celtic Help Fund, previously a separate registered charity (no. 313416), was a constituent charity of Futures for Women. On 11 August 2017 the Charity Commission gave its consent for the Celtic Help Fund to be dissolved and for its funds to be transferred to the general fund of Futures for Women.
Statement of Responsibilities of the Trustees
The Trustees are required to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and the incoming resources and application of resources, including the net income or expenditure, of the charity for the year. In preparing those financial statements the Trustees are required to
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select suitable accounting policies and then apply them consistently;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
We have fulfilled our responsibilities as Trustees under the Charities Act 2011 for preparing financial statements in accordance with applicable law and United Kingdom accounting standards. All the transactions undertaken by the charity have been properly reflected and recorded in the accounting records. The financial statements are free of material mis-statements including omissions. We have not had any correspondence with the Charity Commission from 1 January 2019 through to date.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The total number of such guarantees at 31 December 2020 was 22. The Trustees are members of the charity but this entitles them only to voting rights. The Trustees have no beneficial interest in the charity.
Approved by the Trustees on 25 September 2021 and signed on their behalf by:
Rosemary Parr Chair, Futures for Women
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Independent Examiner’s Report to the Trustees of Futures for Women (‘the Company’)
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31st December 2020 which are set out on pages 10-19.
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 charity’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:
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1) accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
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2) the accounts do not accord with those records; or
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3) the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or
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4) the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).
I have no concerns and have come across no 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.
_____ Frances Taylor Fellow of The Institute of Chartered Accountants England & Wales FR4Good Ltd
1 Shaw Croft Sheriffhales Nr Shifnal Shropshire TF11 8SP
DATE: 29[th] September 2021
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Charity No 313700 Company No 13103 Annual accounts for the period Period start date To Period end date 1st January 2020 31st December 2020
Section A Statement of financial activities (including summary income and expenditure account)
| Expenditure (Note 4) Expenditure on: Net gains/(losses) on investments Reconciliation of funds: Total funds carried forward Total Net income/(expenditure) before investment gains/(losses) Net income/(expenditure) Transfers between funds Donations and legacies Total funds brought forward Total Income (Note 3) Charitable activities Net movement in funds Raising funds Income and endowments from: Investments Charitable activities |
Unrestricted funds Restricted income funds Endowment funds Total funds Prior year funds £ £ £ £ £ 61,650 - - 61,650 1,573 15 - - 15 40 4,623 - - 4,623 4,158 |
|---|---|
| 66,288 - - 66,288 5,771 |
|
| 2,081 - - 2,081 1,880 30,721 - - 30,721 23,212 |
|
| 32,802 - - 32,802 25,092 |
|
| 33,486 - - 33,486 (19,321 ) |
|
| 3,019 - - 3,019 16,793 |
|
| 36,505 - - 36,505 (2,528 ) |
|
| - - - - - |
|
| 36,505 - - 36,505 (2,528 ) |
|
| 199,967 - - 199,967 202,495 |
|
| 236,472 - - 236,472 199,967 |
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| Charity No Company No |
313700 13103 |
|---|---|
Section B Balance sheet
| Fixed assets Loans (Note 6) Investments (Note 6) Total fixed assets Current assets Debtors (Note 7) Cash at bank and in hand (Note 9) Total current assets Creditors: amounts falling due within one year (Note 8) Net current assets/(liabilities) Total assets less current liabilities Total net assets or liabilities Funds of the Charity Unrestricted funds Total funds |
Unrestricted funds Restricted income funds Endowment funds Total this year Total last year £ £ £ £ £ 8,168 - - 8,168 22,616 187,714 - - 187,714 151,958 |
|---|---|
| 195,882 - - 195,882 174,574 |
|
| 160 - - 160 235 42,296 - - 42,296 26,099 |
|
| 42,456 - - 42,456 26,334 |
|
1,866 - - 1,866 941 |
|
| 40,590 - - 40,590 25,393 |
|
| 236,472 --236,472 199,967 |
|
| 236,472 - - 236,472 199,967 |
|
| 236,472 - 236,472 199,967 |
|
| 236,472 - - 236,472 199,967 |
The company was entitled to exemption from audit under s477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to small companies subject to the small companies regime and in accordance with FRS102 SORP.
| Signed by one or two trustees/directors on behalf of all the trustees/directors |
Date of approval dd/mm/yyyy Print Name Rosemary Parr, Chair Jane Hampson, Secretary 25.9.21 25.9.21 |
|---|---|
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Section C Notes to the accounts
Note 1 Basis of preparation
This section should be completed by all charities .
1.1 Basis of accounting
These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
The accounts have been prepared in accordance with:
the Statement of Recommended Practice: Accounting and Reporting by Charities • and with preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 • and with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102)
- and with the Charities Act 2011.
The charity constitutes a public benefit entity as defined by FRS 102.*
- -Tick as appropriate
1.2 Going concern
If there are material uncertainties related to events or conditions that cast significant doubt on the charity's ability to continue as a going concern, please provide the following details or state "Not applicable", if appropriate:
An explanation as to those factors that support the conclusion that the charity is a Not applicable going concern; Disclosure of any uncertainties that make the going concern assumption doubtful; Not applicable Where accounts are not prepared on a going concern basis, please disclose this fact together with the basis on which the trustees Not applicable prepared the accounts and the reason why the charity is not regarded as a going concern.
1.3 Change of accounting policy
The accounts present a true and fair view and no changes have been made to the accounting policies adopted.
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Section C Notes to the accounts (cont)
| Note 2 | Accounting policies |
|---|---|
| 2.2 INCOME | |
| Recognition of income | These are included in the Statement of Financial Activities (SoFA) when: |
| the charity becomes entitled to the resources; | |
| it is more likely than not that the trustees will receive the resources; | |
| the monetary value can be measured with sufficient reliability. | |
| Offsetting | There has been no offsetting of assets and liabilities, or income and expenses, unless required or permitted by the FRS 102 SORP or FRS 102. |
| Grants and donations | Grants and donations are only included in the SoFA when the general income recognition criteria are met (5.10 to 5.12 FRS102 SORP). |
| Gift Aid receivable is included in income when there is a valid declaration from the | |
| Tax reclaims on | donor. Any Gift Aid amount recovered on a donation is considered to be part of that |
| donations and gifts | gift and is treated as an addition to the same fund as the initial donation unless the |
| donor or the terms of the appeal have specified otherwise. | |
| Support costs | The charity has incurred expenditure on support costs. |
| Income from interest, | This is included in the accounts when receipt is probable and the amount receivable can be |
| royalties and dividends | measured reliably. |
| Income from membership | Membership subscriptions received in the nature of a gift are recognised in Donations and |
| subscriptions | Legacies. |
| Investment gains and | This includes any realised or unrealised gains or losses on the sale of investments and any |
| losses | gain or loss resulting from revaluing investments to market value at the end of the year. |
| 2.3 EXPENDITURE | AND LIABILITIES |
| Liabilities are recognised where it is more likely than not that there is a legal or constructive | |
| Liability recognition | obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty. |
| Governance and support | Support costs have been allocated between governance costs and other support. |
| costs | Governance costs comprise all costs involving public accountability of the charity and its |
| compliance with regulation and good practice. | |
| Creditors | The charity has creditors which are measured at settlement amounts less any trade discounts |
| Basic financial instruments |
The charity accounts for basic financial instruments on initial recognition as per paragraph 10.7 FRS102 SORP. Subsequent measurement is as per paragraphs 11.17 to 11.19, FRS102 SORP. |
| 2.4 ASSETS | |
| Fixed asset investments in quoted shares, traded bonds and similar investments are valued at | |
| Investments | initially at cost and subsequently at fair value (their market value) at the year end. The same treatment is applied to unlisted investments unless fair value cannot be measured reliably in |
| which case it is measured at cost less impairment. | |
| Debtors (including trade debtors and loans receivable) are measured on initial recognition at | |
| Debtors | settlement amount after any trade discounts or amount advanced by the charity. |
| Subsequently, they are measured at the cash or other consideration expected to be received. |
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Section C Notes to the accounts (cont)
Note 3 Income
----- Start of picture text -----
Unrestricted Restricted Endowment
Analysis of income funds income funds funds Total funds Prior year
£ £
Donations Donations and gifts 61,040 - - 61,040 828
and legacies: Gift Aid 130 - - 130 235
Membership subscriptions and sponsorships which are in
substance donations 480 - - 480 510
Total 61,650 - - 61,650 1,573
Charitable Book sales
activities:
15 - - 15 40
Total 15 - - 15 40
Income from Interest income 2 - - 2 7
investments: Dividend income 4,621 - - 4,621 4,151
Total 4,623 - - 4,623 4,158
TOTAL INCOME 66,288 - - 66,288 5,771
----- End of picture text -----
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Section C Notes to the accounts (cont)
Note 4 Expenditure
----- Start of picture text -----
This year Last year
Unrestricted Unrestricted
Analysis funds Total funds funds Total funds
Expenditure on raising funds: £ £
Investment management costs:
2,081 2,081 1,880 1,880
Total expenditure on raising funds 2,081 2,081 1,880 1,880
Expenditure on charitable activities:
DIRECT - Grants payable to individuals
14,500 14,500 14,500 14,500
SUPPORT:
Website costs
19 19 225 225
Administration costs
15,002 15,002 8,212 8,212
GOVERANCE 1,200 1,200 275 275
Total expenditure on charitable activities
30,721 30,721 23,212 23,212
TOTAL EXPENDITURE 32,802 32,802 25,092 25,092
----- End of picture text -----
Note 5 Details of certain types of expenditure
Note 5.1 Fees for examination of the accounts
| Other fees (for example: financial advice, consultancy, accountancy services) paid to the independent examiner Independent examiner’s fees |
This year Last year £ £ 750 275 450 - |
|---|---|
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Section C Notes to the accounts (cont)
Note 6 Investment assets
6.1 Fixed assets investments
Carrying (fair) value at beginning of period
Add: additions to investments during period*
Less: disposals at carrying value Add/(deduct): net gain/(loss) on revaluation Carrying (fair) value at end of year
----- Start of picture text -----
Cash & cash Listed
Total
equivalents investments
6,769 145,189 151,958
1,595 61,450 63,045
( 2,081 ) ( 28,227 ) ( 30,308 )
( 1,244 ) 4,263 3,019
5,039 182,675 187,714
----- End of picture text -----
6.2 Analysis of investments
This year: Analysis of investments
| Fair | value | at | year end | Cost | less impairment | |||
| £ | £ | |||||||
| 5,039 | - | |||||||
| 147,209 | 35,466 | |||||||
| 152,248 | 35,466 | |||||||
| 187,714 |
Cash or cash equivalents
Listed investments
Total
Grand total (Fair value at year end+Cost less impairment)
Last year: Analysis of investments
----- Start of picture text -----
Fair value at year end Cost less impairment
£ £
6,769 -
104,858 40,331
111,627 40,331
151,958
----- End of picture text -----
Cash or cash equivalents
Listed investments
Total
Grand total (Fair value at year end+Cost less impairment)
6.3 Concessionary loans
| Value of any concessionary loans which have been committed but not taken up at the reporting date Amounts payable within 1 year Amounts payable after more than 1 year Amount of concessionary loans made Amounts receivable after more than 1 year Amounts receivable within 1 year Terms and conditions eg interest rate, security provided |
- - - Description Interest-free loans to individual women graduates meeting appropriate criteria This year Total 3,753 4,415 - |
This year £ Last year £ 8,168 22,616 |
|---|---|---|
| 8,168 22,616 | ||
| - - - - Last year 14,960 7,656 |
16
Section C Notes to the accounts (cont)
Note 7 Debtors and prepayments
7. Analysis of debtors
| This year | This year | Last year | ||
|---|---|---|---|---|
| £ | £ | |||
| Other debtors | 160 | 235 | ||
| Total | 160 | 235 |
Note 8 Creditors and accruals
8. Analysis of creditors
| 8. Analysis of creditors | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Amounts | falling due | Amounts falling due after | |||||||
| within one year | more than one year | ||||||||
| This year | Last year | This year | Last year | ||||||
| £ | £ | £ | £ | ||||||
| Accruals and deferred income | 1,200 | 275 | - | - | |||||
| Other creditors | 666 | 666 | - | - | |||||
| Total | 1,866 | 941 | - | - |
Note 9 Cash at bank and in hand
Cash at bank and on hand Total
| This year | Last year | |
|---|---|---|
| £ | £ | |
| 42,296 | 26,099 | |
| 42,296 | 26,099 |
17
Section C Notes to the accounts (cont)
Note 10 Charity funds
10.1 Details of material funds held and movements during the CURRENT reporting period
Please give details of the movements of material individual funds in the reporting period together with a balancing figure for 'Other funds' (which should include revaluation reserve and fair value reserve, if applicable). The 'Total funds' figure below should reconcile to 'Total funds' in the balance sheet.
* Key: PE - permanent endowment funds; EE - expendable endowment funds; R - restricted income funds, including special trusts, of the charity; and U - unrestricted funds
| Fund balances brought forward £ Unrestricted general fund UR No restrictions 199,967 Boucherett fund UR Designated fund to support women undertaking vocational training - 199,967 Fund balances carried forward include assets and liabilities denominated in a foreign currency Fund names Type PE, EE R or UR Purpose and Restrictions Total Funds as per balance sheet* |
Income Expenditure Transfers Gains and losses Fund balances carried forward £ £ £ £ £ 66,288 (32,802 ) (10,000 ) 3,019 226,472 - - 10,000 - 10,000 |
|---|---|
| 66,288 (32,802 ) - 3,019 236,472 |
|
| Yes No |
If yes, please state the basis on which the assets and/or liabilities have been translated into sterling (or the currency in which the accounts are drawn up).
Some listed investments are held in other currencies being Euro, Japanese Yen and US Dollar and these are translated using the following rates 1.172, 141.1308 and 1.3670 respectively.
10.2 Details of material funds held and movements during the PREVIOUS reporting period
Please give details of the movements of material individual funds in the reporting period together with a balancing figure for 'Other funds' (which should include
* Key: PE - permanent endowment funds; EE - expendable endowment funds; R - restricted income funds, including special trusts, of the charity; and U - unrestricted funds
| Fund balances brought forward £ Unrestricted general fund UR No restrictions 202,495 202,495 Fund balances carried forward include assets and liabilities denominated in a foreign currency Total Funds as per balance sheet Fund names Type PE, EE R or UR Purpose and Restrictions* |
Income Expenditure Transfers Gains and losses Fund balances carried forward £ £ £ £ £ 5,771 (25,092 ) - 16,793 199,967 |
|---|---|
| 5,771 (25,092 ) - 16,793 199,967 |
|
| Yes No |
18
Section C Notes to the accounts (cont)
Note 11 Transactions with trustees and related parties
If the charity has any transactions with related parties (other than the trustee expenses explained in guidance notes) details of such transactions should be provided in this note. If there are no transactions to report, please enter “True” in the box or "False" if there are transactions to report.
11.1 Trustee remuneration and benefits
This year
None of the trustees have been paid any remuneration or received any other benefits from an employment with their charity or a related entity (True or False)
Last year
None of the trustees have been paid any remuneration or received any other benefits from an employment with their charity or a related entity (True or False)
TRUE TRUE
11.2 Trustees' expenses
If the charity has paid trustees expenses for fulfilling their duties, details of such transactions should be provided in this note. If there are no transactions to report, please enter “True” in the box below. If there are transactions to report, please enter "False".
No trustee expenses have been incurred (True or False)
TRUE
11.3 Transaction(s) with related parties
Please give details of any transaction undertaken by (or on behalf of) the charity in which a related party has a material interest, including where funds have been held as agent for related parties. If there are no such transactions, please enter 'true' in the box provided.
This year
There have been no related party transactions in the reporting period (True or False)
Last year
There have been no related party transactions in the reporting period (True or False)
TRUE TRUE
19