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2024-03-31-accounts

Charity registration number NIC103815

Company registration number NI054763 (Northern Ireland)

WOMEN IN BUSINESS NI LTD

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

WOMEN IN BUSINESS NI LTD

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Anne Clydesdale
Paula Leathem
Keith Lippert
Mairead Mackle
John McCully
Andrea McIlroy-Rose
Joris Minne
Angela Moore
Nichola Robinson
Sir David Sterling
Secretary Roseann Kelly
Charity number NIC103815
Company number NI054763
Registered office Arthur House
41 Arthur Street
Belfast
Co. Antrim
BT1 4GB
Auditor Harbinson Mulholland
Centrepoint
24 Ormeau Avenue
Belfast
Co. Antrim
Northern Ireland
BT2 8HS
Bankers Danske Bank
Donegall Square West
Belfast
Co. Antrim
Northern Ireland
BT1 6JS

WOMEN IN BUSINESS NI LTD

CONTENTS

Page
Trustees' report 1 - 5
Independent auditor's report 6 - 9
Statement of financial activities 10
Statement of financial position 11
Statement of cash flows 12
Notes to the financial statements 13 - 21

WOMEN IN BUSINESS NI LTD

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2024

The trustees present their annual report and financial statements for the year ended 31 March 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

a. Policies and objectives

The company's policies and objectives are the promotion of equality and diversity in Northern Ireland by supporting and encouraging women, insofar as is exclusively charitable, to reach their full potential in business and thereby deliver a better economy and society in Northern Ireland.

b. Strategies for achieving objectives

All of the charity's activities are for the empowerment of women and the advancement of diversity and inclusion and will therefore impact positively on the economy of Northern Ireland.

c . Activities undertaken to achieve objectives

The WIB Network delivered 62 events with 5,552 women engaged during the year. This included an All Island Female Entrepreneurs Conference, a Leadership Conference, a Women in Tech Conference and two Awards and a Chairs lunch.

15 programmes were delivered 3 times during the year including Yes You Can Female Enterprise support Programme and the Women Returners Programme Press Refresh funded by the Dept of the Economy and delivered in Partnership with Belfast Met.

d. Main activities undertaken to further the company's purposes for the public benefit

The WIB membership growth, events schedule and programmes delivered, in particular the Yes You Can Programme, and Press Refresh, Diversity Mark NI’s continued growth, with new signatories and accessors and the growth of a new business unit Timely Careers for women returners were the the main activities in achieving the objectives and furthering the charity's purposes for the public benefit.

Public benefit

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

WOMEN IN BUSINESS NI LTD

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Achievements and performance

a. Main achievements of the company

WIBNI Ltd:

b. Review of activities

WIBNI are pleased with the performance of the charity during the year. Although the charity results in a deficit of £25,803 in the year, company objectives were delivered and the charity is in a sound financial position at the year end. Included within the strategic plan is to maintain a level of unrestricted reserves such that the risk arising from any significant drop in funding is minimised.

c. Factors relevant to achieve objectives

The Charity has 3 key activities focused on the delivery of objectives; membership events, conferences and programmes, Timely Careers women returners support and Diversity accreditation..

d. Fundraising activities and income generation

The Charity did not fundraise, income generation is mainly through membership fees, events profits, sponsorships and DM signatory fees.

e. Investment policy and performance

The Charity currently hold no investments, any cash held is used for activities and cash flow throughout the year.

WOMEN IN BUSINESS NI LTD

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Financial review

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

b. Reserves policy

The total reserves of the charity as at 31 March 2024 were £224,165. It is the policy of the charity that unrestricted reserves which have not been designated for a particular purpose should be maintained at a level to ensure that in the event of a significant drop in funding, it will be able to continue the charity's current activities for a period of between three to six months, while consideration is given to ways in which additional funds may be raised.

c. Material investments policy

The Charity do not hold any investments.

d. Principal risks and uncertainties

The Charity has developed a draft risk register for review and approval with the board.

e. Financial risk management objectives and policies

The Charity has developed a draft risk register as noted above.

f. Principal funding

The charity is funded through Membership fees, events profits, sponsorship and signatory fees.

Structure, governance and management

a. Constitution

Women in Business NI Ltd is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association.

The company is constituted under a Memorandum of Association dated 12/04/2005 and is a registered charity (NIC103815) and a company (NI054763).

The name of the charity is Women In Business NI Ltd and the address of the principal office and registered office is located at Arthur House, 41 Arthur Street, Belfast, BT1 4GB.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Anne Clydesdale

Paula Leathem Keith Lippert Mairead Mackle John McCully Andrea McIlroy-Rose Joris Minne Angela Moore Nichola Robinson Sir David Sterling

WOMEN IN BUSINESS NI LTD

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

The principal object of the company is to create a more equal and diverse community in Northern Ireland and thereby deliver a better economy and society in Northern Ireland by supporting and encouraging women insofar as is exclusively charitable to reach their full potential in business.

b. Methods of appointment or election of Trustees

The management of the company is the responsibility of the Trustees who are elected and co-opted under the terms of the Memorandum of Association. Trustees are chosen to maximise the breadth of experience and knowledge of the Board as a whole.

c. Organisational structure and decision-making policies

WIBNI is both a charity and a company limited by guarantee and is governed by its memorandum and articles of association.

The recruitment of elected and co-opted trustees is conducted by the Board of Directors. Directors are reelected at the Annual General Meeting.

The Board of Directors meets quarterly to oversee the management of the charity. The Board of Directors employs a Chief Executive who is responsible for the day-to-day management of the charity. The Directors have a Strategic Plan in place for 2018-2023. Policies and procedures are reviewed on an on-going basis.

d. Policies adopted for the induction and training of Trustees

The charity recognises that a healthy turnover of board members ensures that fresh and independent thinking is available and strengthens the corporate governance of the organisation. The charity has a new director/trustee recruitment & induction process policy outlined in our governance manual for timelines for recruitment to our board. The policy is currently under review.

e. Pay policy for key management personnel

A sub committee will review the pay and remuneration of staff members on an annual basis taking into account available resourcing and levels of remuneration in other charitable organisations.

f. Related party relationships

The charity does not have a formal policy in place. However, all Trustees are required to declare any related party relationships they have at the board meeting.

g. Financial risk management

The Trustees have assessed the major risks to which the company is exposed, in particular those related to the operations and finances of the company, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.

Plans for future periods

Women In Business NI Ltd plan to continue with the current activities to achieve the stated aims and objectives. The further plans of the Charity will be reviewed at the Strategic Plan review which is ongoing.

In April 2023, a resolution was passed to merge Diversity Mark (NI) Ltd and Women in Business NI Ltd. Diversity Mark (NI) Ltd will remain a dormant company.

Funds held as custodian

There are no funds held as custodian.

WOMEN IN BUSINESS NI LTD

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Statement of trustees' responsibilities

The trustees, who are also the directors of Women in Business NI Ltd for the purpose of company law, are responsible for preparing the Trustees' 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 charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Auditor

In accordance with the company's articles, a resolution proposing that Harbinson Mulholland be reappointed as auditor of the company will be put at a General Meeting.

The trustees' report was approved by the Board of Trustees.

John McCully Trustee

16 December 2024

WOMEN IN BUSINESS NI LTD

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF WOMEN IN BUSINESS NI LTD

Opinion

We have audited the financial statements of Women in Business NI Ltd (the ‘charity’) for the year ended 31 March 2024 which comprise the statement of financial activities, the statement of financial position, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you were:

Other information

The other information comprises the information included in the Directors’ Report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

WOMEN IN BUSINESS NI LTD

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF WOMEN IN BUSINESS NI LTD

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the trustees' report.

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

WOMEN IN BUSINESS NI LTD

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF WOMEN IN BUSINESS NI LTD

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

WOMEN IN BUSINESS NI LTD

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF WOMEN IN BUSINESS NI LTD

Use of our report

This report is made solely to the company’s members, as a body, in accordance with chapter 3 Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Angela Craigan (Senior Statutory Auditor) for and on behalf of Harbinson Mulholland

16 December 2024

Chartered Accountants Statutory Auditor

Centrepoint 24 Ormeau Avenue Belfast Co. Antrim Northern Ireland BT2 8HS

Harbinson Mulholland is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

WOMEN IN BUSINESS NI LTD

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2024

Unrestricted
Restricted
funds
funds
2024
2024
Notes
£
£
Income and endowments from:
Charitable activities
3
1,106,647
61,738
Other income
4
202,582
-
Total income
1,309,229
61,738
Expenditure on:
Charitable activities
5
1,282,566
61,738
Total expenditure
1,282,566
61,738
Net income/(expenditure)
26,663
-
Transfers to reserves
19
(52,466)
-
Net movement in funds
7
(25,803)
-
Reconciliation of funds:
Fund balances at 1 April 2023
249,968
-
Fund balances at 31 March 2024
224,165
-		 Total
Unrestricted
funds
2024
2023
£
£
1,168,385
877,317
202,582
146,136
1,370,967
1,023,453
1,344,304
1,025,745
1,344,304
1,025,745
26,663
(2,292)
(52,466)
-
(25,803)
(2,292)
249,968
252,260
224,165
249,968

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

WOMEN IN BUSINESS NI LTD

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2024

2024
Notes
£
Fixed assets
Tangible assets
11
Current assets
Debtors
12
398,539
Cash at bank and in hand
321,391
719,930
Creditors: amounts falling due within
one year
13
(523,079)
Net current assets
Total assets less current liabilities
The funds of the charity
Unrestricted funds
16		 2023
£
£
27,314
234,955
267,979
502,934
(283,228)
196,851
224,165
224,165
224,165		 £
30,262
219,706
249,968
249,968
249,968

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2024, although an audit has been carried out under section 65 of the Charities Act (NI) 2008 .

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the trustees on 16 December 2024

John McCully Trustee

Company registration number NI054763 (Northern Ireland)

WOMEN IN BUSINESS NI LTD

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2024

Notes
Cash flows from operating activities
Cash generated from/(absorbed by)
operations
20
Investing activities
Purchase of tangible fixed assets
Net cash used in investing activities
Net cash used in financing activities
Net increase/(decrease) in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2024
£
(9,435)		 £
62,847
(9,435)
-
53,412
267,979
321,391		 2023
£
-		 £
(84,684)
-
-
(84,684)
352,663
267,979

WOMEN IN BUSINESS NI LTD

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

1 Accounting policies

Charity information

Women in Business NI Ltd is a private company limited by guarantee incorporated in Northern Ireland. The registered office is Arthur House, 41 Arthur Street, Belfast, Co. Antrim, BT1 4GB.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

WOMEN IN BUSINESS NI LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings 3-5 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

WOMEN IN BUSINESS NI LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.10 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

WOMEN IN BUSINESS NI LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

3 Charitable activities

Unrestricted
Unrestricted
funds funds
2024 2023
£ £
Programme funding 393,541 433,409
Events 308,527 301,198
Membership 466,317 142,710
1,168,385 877,317
Analysis by fund
Unrestricted funds 1,106,647 877,317
Restricted funds 61,738 -
1,168,385 877,317

4 Other income

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Adverstising and sponsorship 160,567 142,000
Other income 42,015 4,136
202,582 146,136

WOMEN IN BUSINESS NI LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

5 Expenditure on charitable activities

Direct costs
Staff costs
Event costs
Website development
Business development
Outsourcing costs
Participants costs
Share of support and governance costs (see note 6)
Support
Governance
Analysis by fund
Unrestricted funds
Restricted funds		 Total
2024
£
730,823
226,312
34,420
19,658
26,965
165,404
1,203,582
106,530
34,192
1,344,304
1,282,566
61,738
1,344,304		 Total
2023
£
470,532
237,400
32,435
4,648
20,508
173,898
939,421
70,379
15,945
1,025,745
1,025,745
-
1,025,745

6 Support costs

Depreciation
Insurance
Telephone
Management &
administration
PR & marketing
Staff training
Bank interest & charges
Audit & accountancy
Legal & professional
Analysed between
Charitable activities		 Support
costs
Governance
costs
£
£
12,384
-
3,193
-
2,803
-
2,679
-
61,179
-
17,425
-
6,867
-
-
24,135
-
10,057
106,530
34,192
106,530
34,192		 2024
£
12,384
3,193
2,803
2,679
61,179
17,425
6,866
24,135
10,057
140,722
140,722		 Support
costs
Governance
costs
£
£
12,384
-
2,964
-
1,558
-
5,651
-
38,818
-
4,512
-
4,492
-
-
11,385
-
4,560
70,379
15,945
70,379
15,945		 2023
£
12,384
2,964
1,558
5,651
38,818
4,512
4,494
11,385
4,560
86,326
86,324

Governance costs includes payments to the auditors of £3,200 (2023- £3,200) for audit fees.

WOMEN IN BUSINESS NI LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

7 Net movement in funds 2024 2023
£ £
The net movement in funds is stated after charging/(crediting):
Depreciation of owned tangible fixed assets 12,384 12,385

8 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

9 Employees

The average monthly number of employees during the year was:

Trustees
Employees
Total
Employment costs
Wages and salaries
Social security costs
Other pension costs
The number of employees whose annual remuneration was more than £60,000
is as follows:
90,001 to £100,000		 2024
Number
9
16
25
2024
£
628,141
61,311
41,371
730,823
2024
Number
1		 2023
Number
9
11
20
2023
£
403,228
41,017
26,287
470,532
2023
Number
1

Remuneration of key management personnel

The total amount of employee benefits received by key management personnel in the period was £159,436 (2023: £168,834) The Charity considers its key management personnel comprises of the Chief Executive and Managing Director

10 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

WOMEN IN BUSINESS NI LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

11 Tangible fixed assets

Tangible fixed assets
Fixtures and
fittings
£
Cost
At 1 April 2023 64,944
Additions 9,435
At 31 March 2024 74,378
Depreciation and impairment
At 1 April 2023 34,682
Depreciation charged in the year 12,384
At 31 March 2024 47,064
Carrying amount
At 31 March 2024 27,314
At 31 March 2023 30,262
12
Debtors
Amounts falling due within one year:
Trade debtors
Amounts owed by subsidiary undertakings
Prepayments and accrued income
13
Creditors: amounts falling due within one year
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income		 2024
£
381,895
-
16,644
398,539
2024
£
105,137
94,694
4,075
319,173
523,079		 2023
£
206,074
14,961
13,920
234,955
2023
£
65,401
67,477
5,570
144,780
283,228

WOMEN IN BUSINESS NI LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

14 Retirement benefit schemes

Retirement benefit schemes
2024 2023
Defined contribution schemes £ £
Charge to profit or loss in respect of defined contribution schemes 41,371 26,287

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

15 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

Building Futures
Grow It All Ireland		 At 1 April
2023
Incoming
resources
Resources
expended
At 31 March
2024
£
£
£
£
-
25,347
(25,347)
-
-
36,391
(36,391)
-
-
61,738
(61,738)
-		 At 1 April
2023
Incoming
resources
Resources
expended
At 31 March
2024
£
£
£
£
-
25,347
(25,347)
-
-
36,391
(36,391)
-
-
61,738
(61,738)
-
-

16 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

General funds
Previous year:
General funds		 At 1 April
2023
Incoming
resources
Resources
expended
£
£
£
249,968
1,309,229
(1,282,566)
At 1 April
2022
Incoming
resources
Resources
expended
£
£
£
252,260
1,023,453
(1,025,745)		 Transfers
At 31 March
2024
£
£
(52,466)
224,165
Transfers
At 31 March
2023
£
£
-
249,968

WOMEN IN BUSINESS NI LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

17 Analysis of net assets between funds

Unrestricted
funds
2024
£
At 31 March 2024:
Tangible assets 27,314
Current assets/(liabilities) 196,851
224,165
Unrestricted
funds
2023
£
At 31 March 2023:
Tangible assets 30,262
Current assets/(liabilities) 219,706
249,968

18 Related party transactions

There were no disclosable related party transactions during the year (2023 - none).

19 Transfer to reserves

During the year ended 31 March 2024 the activities of Diversity Mark (NI) Ltd were transferred to Women in Business NI Ltd. Diversity Mark (NI) Ltd is a subsidiary of Women in Business NI Ltd and remained dormant during the year ended 31 March 2024.

20
Cash generated from operations
2024
£
Deficit for the year
(25,803)
Adjustments for:
Depreciation and impairment of tangible fixed assets
12,384
Movements in working capital:
(Increase) in debtors
(163,585)
Increase/(decrease) in creditors
239,851
Cash generated from/(absorbed by) operations
62,847		 2023
£
(2,292)
12,385
(73,291)
(21,486)
(84,684)

21 Analysis of changes in net funds

The charity had no material debt during the year.