Annual Report and Accounts 2011
Annual Report and Accounts 2011
“Giving women the chance to become financially independent and make the most of their talents is the key to higher living standards and stronger economies.”
Cherie Blair Founder and Patron
Front cover photo of Dolphine Oele, entrepreneur and participant in our Nyanza Women’s Economic Empowerment Project in Kenya in
partnership with CARE International; photo below of Cherie Blair with project participants; both photos by Kate Holt
Report of the trustees for the year ended 31 October 2011
Contents A message from the Chairman 1
A message from the CEO 2
Trustees’ report
Governance and management 3
Objectives and activities for the public benefit 4
Mentoring Women in Business Programme 5
Mobile Technology Programme 6
Business Support Programme 8
Financial review 13
Future plans 14
Statement of trustees’ responsibilities 15
Independent auditors’ report 16
Statement of financial activities 18
Balance sheet 19
Notes to the financial statements 20
Reference and administrative details 30
Acknowledgements 31
1
A message from the Chairman
The Foundation provides women with the skills, technology, networks and access to finance that they need to become successful small and growing business owners, so that they can contribute to their economies and have a stronger voice in their societies. Women who are financially independent have greater control over their own and their children's lives. Economic security gives women more influence in tackling injustice and discrimination in their communities and wider society. Women entrepreneurs around the world still lack the business skills, technology, networks and access to capital they need to be successful in the long term. Less than 2% of the titled land in the world is owned by women; many women in East Africa are unable to take out a loan without their husband's signature; and women in South Asia face barriers in access to technology, with a gap of 37% in mobile phone ownership between men and women in the region. This discrimination is not only harmful to the women who face it but it is also a missed opportunity for their families and communities. However, there has been some progress in women's empowerment over the past decade and the Foundation firmly believes that equal opportunities for women is a realistic goal. The steps made towards reaching the third Millennium Development Goal are encouraging, particularly in relation to educational achievements for women. The Cherie Blair Foundation for Women is building on this progress. Thanks to our supporters, this year we have directly reached some 6,000 women from as far apart as India, Kenya and Lebanon, supporting them to develop their skills, build their confidence and increase their income. In addition, our research and advocacy activities have enabled us to share knowledge with others working towards women's economic development and influence policy-makers to do more in this field. Over the next year, we look forward to increasing the reach of our programmes, and making a real difference to even more women entrepreneurs. None of this would be possible without the generous support of our donors, members, mentors and partners, for which we are profoundly grateful. The board of trustees would also like to recognise the charity’s Founder and Patron, Cherie Blair, for contributing her time, resources and expertise to the Foundation. We are extremely fortunate to have a founder that is so closely involved with the charity and funders and partners who help us do more for the women entrepreneurs we support. Robert Clinton Chairman
2
A message from the CEO
With the generous contributions we have received in the past year, we have been able to give women a helping hand to raise their own status. This vital work makes a real difference to women’s lives and also creates role models for future generations of women. Thank you for your continued support which makes this possible. Thanks to the contributions of our supporters, this year the Foundation has furthered its reach, expanding its projects across 25 countries throughout Africa, Asia and the Middle East. Working with partners, we have been able to provide women business owners with much needed skills training, connections to wider networks and access to finance and technology. Seeing the changes in the women entrepreneurs we support has made this a very rewarding year. Early in 2011, I spoke at the Democracy that Delivers for Women Conference in Washington DC about the “3 C’s” of women’s economic empowerment: capability, confidence and capital. The Foundation has chosen these three indicators to ensure our programmes take an impact focussed approach. We aim to improve women’s livelihoods so that they can have a better quality of life and a strong sense of independence, which is all too often undervalued. It is widely recognised that investing in women yields substantial returns for their families too. By focusing on women’s capability, confidence and capital, we are raising the status of women and supporting them to take on a greater role in their communities and economies. In the following report, you can read more about our programmes. I have been inspired by many of the women’s stories. Dolphine in Kenya is making more sales in a shorter period of time using her mobile phone for banking and managing transactions with suppliers. Additionally, with the business training delivered in partnership with CARE International, Dolphine has been able to expand her businesses and hire five new employees. Nehaya in Palestine has set up her own catering business and hired two employees with the support from her mentor. In India, our conference inspired women like Ankita, providing them with access to high level business leaders and building their confidence. I have seen for myself how the generous support the Foundation has received has resulted directly in a better status for many of the women in our programmes and we want to reach more women entrepreneurs in the next year. I look forward to building on our existing partnerships and forging new ones to help us take on the challenges ahead. Thank you for your continued support. Henriette Kolb CEO
Report of the trustees for the year ended 31 October 2011
3
Report of the trustees The trustees present their report and the audited financial statements for the year ended 31 October 2011. These have been prepared in accordance with accounting policies set out on pages 20-21 and comply with the Charity’s Memorandum and Articles of Association, applicable law and the requirements of the Statement of Recommended Practice, second edition ”Accounting and Reporting by Charities” issued in March 2005 (SORP 2005). Reference and administrative information set out on page 30 forms part of this report. The Cherie Blair Women’s Foundation was incorporated with Companies House on 2 April 2007 under the registration number 06198893, limited by guarantee and registered in England and Wales. The Foundation was registered with the Charity Commission on 8 September 2008 (No. 1125751). On 10 September 2008, the Company passed a Special Resolution to change its name to the Cherie Blair Foundation for Women, following which the Registrar of Companies issued a Certificate of Incorporation on Change of Name from the Cherie Blair Women’s Foundation to the Cherie Blair Foundation for Women, dated 30 September 2008.
Governance and management
Trustees The board of trustees convenes meetings every two months. In between meetings, the trustees receive a written management report by the Chief Executive Officer (CEO) covering human resources, programmes, finances, communication, events and governance. In principle, trustees are recruited by the board of trustees. The selection is based on integrity and specific expertise required by the charity. The chairman of the board and the CEO are responsible for inducting new trustees and identifying training opportunities for individual trustees as needed. During the 2010-2011 financial year, the board appointed one new trustee, Amy Christiansen Si-Ahmed, in June 2011.
Organisational structure and staffing The trustees are responsible for setting the strategic direction and policies of the charity. The CEO reports directly to the board of trustees and is responsible for the day-to-day management of the Foundation and implementing the strategy and policies. Senior management report directly to the CEO.
Risk management In line with the Charity Commission’s guidelines on risk management, the board of trustees has developed a risk register, outlining the potential financial, governance, operational, external and compliance risks the charity could face, weighing the likelihood and potential impact of each and taking action to further manage those risks as appropriate. The register is reviewed on an on-going basis by the trustees. Key risks have been identified and addressed as appropriate.
Grant making policy The Foundation co-develops projects together with local partner organisations and judges each case for support, including grants and donations, on its merits. Prior to making any commitment for support, the Foundation will assess the details of the project, including timescales for implementation, its budget and the means of obtaining value for money. The Foundation will also consider whether the proposing organisation is capable of undertaking the project, has a satisfactory financial position and is non-political in its mandate and execution of activities. Grants or donations are made to organisations, rather than individuals, whose activities support the Foundation’s objectives. The Foundation does not launch Calls for Proposals and does not accept unsolicited applications. The Foundation does not normally provide grants or donations for projects where the grant or donation is to cover expenditure that has already been incurred or committed. The Foundation does not normally provide grants or donations for capital infrastructure. Any grant or donation offered may be subject to conditions relating to specifications, project management, progress reports, payment of claims, publicity and future use. Any grant or donation offered may be conditional on the availability of funding from other sources or depend on the impact that the project may have.
Report of the trustees for the year ended 31 October 2011
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Objectives and activities for the public benefit Vision Our vision is a world where women have equal opportunities and the capability, confidence and capital necessary to establish and grow businesses, resulting in a brighter future for the women themselves and their communities as a whole.
Mission Our mission is to provide women with the skills, technology, networks and access to finance that they need to become successful small and growing business owners, so that they can contribute to their economies and have a stronger voice in their societies.
Charitable objects The object of the charity is to raise the status of women in developing and emerging markets by focusing on their economic empowerment. The Foundation supports women entrepreneurs in filling the gap in the economy commonly referred to as the ‘missing middle’ – small and medium enterprises. Support goes to women who are ready to take the next step towards becoming successful entrepreneurs or who are already running small businesses. The Foundation’s charitable expenditure to further these goals amounted to 89% of total expenditure this year.
Based on commonly identified challenges women entrepreneurs face across the world, the Foundation focuses its services on:
Capacity development Access to technology Access to capital and savings
products Access to peer and mentor networks
The Foundation works in partnership with local and regional service delivery organisations and global knowledge partners. The Foundation co-develops the project framework with the local partner, provides grant funding, project management support, technical advice, quality control and impact assessment support as well as networks and visibility. The Foundation undertakes its own research where evidence is not available.
Public Benefit The trustees confirm that they have complied with the duty in the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on public benefit. The Foundation’s activities, which include project management, service delivery, research and grant funding, all provide public benefits. Research by the OECD demonstrates that, unlike men, women invest around 90% of their income back into their households. Thus, there is a strong rationale for supporting women to become financially independent because it helps lift families and societies out of poverty. Public benefit is also demonstrated throughout this report, in particular through the achievements listed below.
Achievements In this financial year, the Foundation has successfully met its objectives by implementing projects in Africa, Asia and the Middle East. It has reached nearly 6,000 women entrepreneurs and business students since its establishment. The Foundation’s projects are designed to have a lasting impact, sustainably lifting families out of poverty by supporting women’s economic inclusion and development. The Foundation has continued to develop, deepen and expand its working relationships with relevant stakeholders from the private, public and non-profit sector which can add value to its work. The Foundation works closely with its implementing and knowledge partners to maximise the benefits for women entrepreneurs in developing and emerging markets. In line with plans made in the previous financial year, the Foundation has consolidated and strategically expanded its work, in particular in the area of access to mobile technology, and the Foundation has begun to focus strategically on access to finance throughout its activities. The Foundation consolidated its projects into three programmes reaching women entrepreneurs across over 25 countries: the Mentoring Women in Business Programme, Mobile Technology Programme and the Business Support Programme.
Report of the trustees for the year ended 31 October 2011
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Mentoring Women in Business Programme
The Mentoring Women in Business Programme was developed in collaboration with Google to enhance the success of women-led businesses in developing and emerging markets. Together, we built a virtual community for women entrepreneurs to support each other and receive online mentoring and business advice. Overall, we supported over 90 women entrepreneurs during the financial year through e-mentoring. The programme began with a 12-month pilot phase in June 2010 to test the newly developed online platform and determine best practice. The pilot phase included an intake of 23 mentees from Bangladesh, Afghanistan,
India, Israel, Palestine and Sri Lanka, which we continued supporting into this financial year. The Foundation successfully completed the pilot in June 2011. An independent evaluation by mentoring experts, Clutterbuck Associates, demonstrated benefits for mentees and mentors. The mentoring programme resulted in improved self-confidence, business knowledge, marketing know-how and new technology skills. For example, Nehaya, a mentee in the Palestine, was successfully able to secure funding for kitchen equipment with the support of her mentor, Giles. This enabled her to open up a catering business and employ two women in her community. Nehaya now encourages other women to start their own business and hopes to be a mentor herself. Following the successful pilot phase, the Foundation began implementing a three-year programme strategy with the aim of reaching 1,000 mentees in developing and emerging markets. In June 2011, the Foundation took on an intake of 39 mentees from India, Kenya and Swaziland. In October 2011, the Foundation matched 31 mentees from India, Kenya, Palestine and the UAE with mentors. Mentors are men and women from around the world with relevant expertise and experience. Relationships last one year.
“The match with my mentor was
phenomenal. She really understood my
business needs, introduced me to new
contacts and made me feel more
confident about scaling up my
business.”
- Karon Shaiva, Mentee and
Entrepreneur
Mentee training in Ramallah at the Business Centre for Women
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6
Mobile Technology Programme Following the Foundation’s report, Women and Mobile: A Global Opportunity, produced in partnership with the GSMA, the Foundation has been instrumental in fostering a global discussion about mobile phones for women’s economic development. As a result, a number of NGOs, governments and corporations have begun working together on initiatives for women’s empowerment through mobile technology. In addition, the Foundation has continued to develop the Mobile Technology Programme, first announced in October 2010 as part of a global effort to close the mobile gender gap in partnership with the GSMA Development Fund. The newly created programme leverages mobile technology to provide women entrepreneurs with support in three key areas: access to finance, retail channel participation and customised applications to scale up their businesses. We work in partnership with mobile network operators, corporations, local NGOs and thought leaders in this space. Ultimately, the programme is aimed at improving the capability, confidence and capital of women entrepreneurs. In the 2010-2011 financial year, the Foundation developed the programme strategy in full, following through on its project in Kenya, hiring a dedicated programme manager and beginning preparation and implementation of new projects.
Nyanza Women’s Economic Empowerment
The Foundation, together with CARE International, has trained 5,000 women entrepreneurs in business skills in the Nyanza region of Kenya and is connecting at least 750 women entrepreneurs to formal financial services using the mobile phone. The goal for these women is to scale up their businesses from the micro level to small and growing businesses. An external evaluation will take place at the end of the project cycle but we are beginning to see the impact already. For example, Dolphine Oele was the owner of two successful micro-businesses when she first took part in our project in Western Kenya. A
confident, competent entrepreneur, Dolphine was ready to expand to the next level. Our implementing partner, CARE International, provided Dolphine with business training and demonstrated how mobile technology could help her run her businesses more efficiently. She now uses her mobile phone for banking and managing transactions with suppliers, including orders and mobile payments. Since the training, Dolphine has set up five additional businesses and has hired five employees. She credits mobile technology with helping her make more sales in a short period of time. The project is embedded in CARE’s “Access Africa – Equal Access to Financial Services” programme, a 10-year investment which aims to lift 30 million people out of poverty and help transform their futures.
“I used to keep my money under the
bed but now I put my money in the M-
PESA. I do not need to fear the thieves
as I go home after closure of my
business, since all the money is in my
phone.”
- Lilian Adhiambo, Entrepreneur
Lilian Adhiambo at one of her clothes shops;
photo by Kate Holt
Report of the trustees for the year ended 31 October 2011
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Women Entrepreneurs in Mobile Retail Channels
The Foundation has undertaken an in-depth study on the role of women in the mobile phone industry, highlighting the social and economic advantages of including more women entrepreneurs in the mobile value chain. The study drew participation from mobile network operators, distributors, vendors and other industry stakeholders across 11 markets, namely Bahrain, Cote d’Ivoire, Ghana, India, Indonesia, Nigeria, Qatar, South Africa, Tanzania, the Philippines and Uganda.
The report demonstrates that women in the mobile value chain benefit from skills training, income for the household and better economic prospects. The study also points to clear advantages for mobile operators who include women in their retail chains, including higher revenue potential through improved sales, stronger brand imaging and access to untapped markets. The study outlines recommendations for the mobile industry, NGOs and governments to address the challenge of integrating more women into the mobile value chain. Noting that statistics in this domain are hard to come by, the report urges mobile network operators and distributors to build a business case by collecting data on the performance of their retail agents from a gender perspective. Governments and NGOs are encouraged to work together to create targeted initiatives to drive female participation in the mobile value chain. We plan to use our findings to implement projects to support more women in mobile retail channels.
Mobile Services for Women Entrepreneurs
The Mobile Services for Women Entrepreneurs project, in partnership with the ExxonMobil Foundation, involves testing tailored mobile value-added services for women entrepreneurs in Indonesia, Nigeria and Egypt. Through this project, we will identify the challenges faced by women entrepreneurs in three chosen target markets and address them using mobile value-added services. During the financial year, the Foundation completed the planning stage of the project and began implementation of the research phase to understand women entrepreneurs’ needs in relation to mobile applications and services. The report, to be published in May 2012, will include a shortlist of prioritised mobile services in each country, detailing the main benefits, specifications and business case for each. The project team will use the findings of the report to put the research into practice in each country through integrated business support projects. This phase will test and scale either an existing or a new mobile service that benefits women entrepreneurs. The project team will conduct in-depth impact evaluations
of the pilot projects to identify best practice and enable the services most beneficial for women entrepreneurs to be scaled up and rolled out. The benefits of this two-year project will be enjoyed by thousands of women entrepreneurs.
“Working as Team Manager has given
me the opportunity to learn and teach
new skills to women. They have gained
great confidence and their new roles
have been life transforming.”
- Hayfaa Al Marri, Sales Manager, Al
Johara channel, Vodafone Qatar
“Mobile technology presents an
opportunity for a new generation of
women entrepreneurs by enabling
timely access to vital information,
speeding up time-consuming tasks,
and opening up new market
opportunities.”
- Ann Mei Chang, Mobile Technology
Programme Steering Committee
Member
Report of the trustees for the year ended 31 October 2011
8
Business Support Programme
The Business Support Programme offers comprehensive business development support addressing the challenges faced by women entrepreneurs in Africa, Asia and the Middle East. Complemented by our mentoring and mobile technology initiatives, the programme facilitates access to networks, training and finance for women-owned and managed businesses. We focus on women who already own businesses and are struggling to expand or those who have the potential to become successful entrepreneurs but lack the necessary support.
Business Development Centre for Women
In partnership with the Business Women Forum, the Foundation is supporting a business development centre in Ramallah for women who want to set up or develop their own businesses and become increasingly financially independent. The centre was first developed in 2009 as a one-stop shop for business support for Palestinian women entrepreneurs. During the financial year, the centre expanded its reach to support a total of 46 women. Services provided include feasibility studies across different sectors, evaluating marketing opportunities, legal consulting, incubating high-growth projects and ongoing training and skills upgrading. The centre receives advice from a multi-sector Palestinian advisory board and cooperates with various chambers of commerce, such as Bethlehem, and with Palestinian universities.
Eight women entrepreneurs participated in the Palestinian Expo in August 2011 to exhibit their products with an aim to enlarge their customer base. Six women entrepreneurs participated in the “Palestinian Industries” event in Ramallah and successfully showcased their products. Four outreach workshops have been conducted in cooperation with chambers of commerce and other organisations that provide business development services. Three women entrepreneurs participated in the e-mentoring programme of the Foundation. A legal workshop was conducted in Ramallah, “Palestinian Labour Law & Mediation and Arbitration”, which was attended by 30 businesswomen and entrepreneurs from several Palestinian governorates. The project will be independently evaluated after completion of the three-year implementation period. However our interim project monitoring reports indicate that beneficiaries have professionalised their business ventures and increased their sales as a result of the services. For example, Ikhlas, a businesswoman who sold handmade soap, was able to provide enough income for her family and had income set aside to expand but didn’t have the marketing expertise necessary to take her business to the next level. Our Business Development Centre for Women in Ramallah introduced Ikhlas to new networks, including consultants who provided advice at a discounted rate on marketing, branding and wider networks. With new branding and larger networks to tap into, Ikhlas increased the number of orders for her soap, creating employment opportunities in her community in the process. Ikhlas now has big plans for her company and is working to secure a contract with a local hotel chain.
“When I came up with the idea of
traditional accessories, I heard about
the Business Development Centre and
have since found incredible support in
setting appointments with financial
experts and lawyers.”
- Hiyam, Ramallah, Palestine
Ikhlas Swa exhibiting her hand-made soaps;
photo by Business Women Forum
Report of the trustees for the year ended 31 October 2011
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Fostering Young Israeli Women Entrepreneurs
The Foundation, in partnership with Western Galilee College, has developed a comprehensive three-year economics and management degree programme to develop women’s entrepreneurial skills. This financial year coincides with the second year of the course. The students were taught three core subjects: financing, firm theories and statistics. They also benefitted from extra-curricular activities to enhance learning and development, including workshops, business conferences, visits to corporations and internships. Students
visited Strauss Company and Intel and met with the CEOs. One student completed an internship with the "Koret Foundation" in Karmiel and two have been accepted for 2012 internships at Discount Bank. The result has been new business administration skills and increased self-confidence. Of 23 students who began the programme, 21 have completed the second year, seven of whom received excellence certificates and two of whom received scholarships of 1,000 NIS each for high grades. Academic results after the second year of the programme are 20% higher than the average achievements of their peers. The students have formed a supportive team environment which facilitates learning. In the next financial year, six students are to be selected to participate in a study visit to the UK in May. The aim is for the students to gain insights from successful business ventures and understand global value chains and marketing. The Foundation plans to continue the successful programme through to the third year and will partner with a donor to fund a further intake of students.
Sunny Money for Women The Foundation together with SolarAid has developed an initiative to include more women in the “Sunny Money” solar product franchising programmes in rural Kenya and Malawi. The training sessions provided women with management and marketing skills, enabling them to develop small businesses selling solar products and ultimately to gain an independent income. The Foundation reached 76 women entrepreneurs in Malawi and 36 women in Kenya. The additional income contributed to improved living standards, not only for the women themselves, but also their families and communities. A group of widows in Malawi used their additional income to pay school fees for children in the local orphanage. One of the widows explained that the more solar products she was able to sell, the more children she would be able to send to school.
As well as the scheme’s economic outcomes, solar franchising leads to additional health and environmental benefits. Replacing kerosene lamps protects families from unhealthy fumes, allows children to study in the evenings and reduces the amount of harmful emissions.
“The programme supports and assists
female students to excel in their
studies. The extra tutorials offered
make me and the other students feel
special and confident in our potential
to succeed.”
- Hagar, Akko, Israel
“To be a franchisee, I had to market
my business to my community; show
myself to be honest, hard-working and
committed and a person of self-
respect.”
- Romonah, Bungoma, Kenya
Ramonah Omukhobero in her Sunny Money kiosk with
Cherie Blair; photo by Solar Aid
Report of the trustees for the year ended 31 October 2011
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Supporting Women Entrepreneurs in Nablus In partnership with Tomorrow’s Youth Organization, the Foundation supported the training, coaching and mentoring of 24 highly capable women. Each of the women completed an entrepreneurial training course, resulting in credible and innovative business plans and improved leadership and business skills. Ten of the most successful women were selected by the local project Steering Committee to receive further support for developing their businesses. The participants were connected with microfinance institutions, private investors and
international experts. Six women participated in the pilot of the Foundation’s mentoring programme and benefited from business advice from their UK-based mentors. The Foundation’s support resulted in improved business skills, communication skills and self-confidence. So far, three of the women’s businesses have been formally registered with the appropriate regulatory authority and the Foundation aims to develop a follow-on project with Tomorrow’s Youth Organization to provide continued business support in this difficult economic environment, with a focus on access to finance in particular.
Supporting Women Entrepreneurs in Lebanon
The Foundation began implementation of the Lebanon entrepreneurs project in April 2011 following the model of the Nablus entrepreneurs project. During the financial year, the Foundation supported 42 women through training and business plan development. Out of the 42 women, 18 were selected for one-to-one coaching with business mentors from the Business Incubation Association of Tripoli (BIAT) and have successfully completed their business plans. Out of these 18, ten women will be selected to receive additional needs-based training, mentoring and support in the implementation of each business plan. At the
end of the intensive incubation, the ten entrepreneurs will be linked to suitable loan and investment institutions so that they can start and grow their businesses. The aim is for each of the businesswomen involved to demonstrate improved business skills and self-confidence. The Foundation will continue with the project throughout the following financial year. The project is delivered in partnership with Tomorrow’s Youth Organization, the René Moawad Foundation and the J.P. Morgan Chase Foundation.
“I feel now it will be possible to really
make my business work and make a
living for me and my family.”
- Yousra, Tripoli, Lebanon
Entrepreneurs in Nablus; photo by Tomorrow’s Youth Organization
Report of the trustees for the year ended 31 October 2011
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Women Mean Business Conference
Our first conference held in 2009 fostered a unique network of high level speakers and Indian women entrepreneurs to discuss the barriers women face in setting up and developing their businesses. Our second conference, held in December 2010, highlighted information and communication technologies (ICT) as a tangible solution to these challenges.. More than 35 high profile speakers and 200 participants came together to discuss the benefits of mobile services and web-based technology, such as e-mentoring and social media. The Foundation committed to increase support for women-led enterprises in India through the following initiatives, which the conference activities helped to develop: the Mentoring Women in Business Programme, the India Mentor Development Project and the Women entrepreneurs in India and ICT
research study. A number of commitments were made by delegates, speakers and supporters to help women succeed in education, business and entrepreneurship through the powerful tool of technology. As part of the conference, the Foundation partnered with the National Entrepreneurship Network to grant ten young entrepreneurial women leaders with fellowships to attend the conference and publicly receive awards for their work. The fellows benefited from one-on-one interactions with inspirational business leaders including Kiran Mazumdar Shaw and Shailesh Rao. The recognition and the opportunity to interact closely with powerful women leaders has inspired, opened doors for, and shaped expectations of the fellows.
India Mentor Development Programme Following our commitment to support women entrepreneurs in India, as mentioned in the previous section on the Women Mean Business Conference, we have teamed up with the National Entrepreneurship Network (NEN) to develop a group of 60 highly effective, accessible mentors across India. In the first year, 60 mentors began their training across India through a course consisting of five modules. These mentors have committed to supporting more than 1,200 entrepreneurs over a three-year period commencing at the end of their training. The first workshop focused on assessing market opportunities, product development and pricing techniques for start-ups. The second focused on entrepreneurial finance.
Participants benefited from learning critical skills such as: structuring deals, choosing the right financing options and avoiding costly pitfalls. In addition to the workshops, the programme provides ongoing support to the mentors. Full impact will be assessed in 2014 once the mentors have completed their training, fulfilled their mentoring commitments and have been able to reach the women entrepreneurs they plan to support. However, initial indicators are extremely positive, showing that the mentors are well-prepared, topics are relevant and entrepreneurs require the support from the mentors. Not only have the courses been very highly rated by the participants, but more importantly, the mentors-in-training are engaging with entrepreneurs.
“The programme is an unforgettable
experience for me. The energy, the
spark - I still can’t forget it. Finding
myself amidst such passionate people,
all with a 'can-do'attitude has allowed
me to explore new dimensions and
take a move ahead.”
- Ankita Gupta, 2010 Conference
Fellow
National Entrepreneurship Network – Cherie Blair Foundation
for Women fellows at our 2010 conference in Mumbai
Report of the trustees for the year ended 31 October 2011
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Women Entrepreneurs in India and ICT The Cherie Blair Foundation for Women and the International Center for Research on Women (ICRW) are collaborating on a research project in India which focuses on how information and communication technologies (ICT) such as mobile phone services, can facilitate women’s entrepreneurship in India. We committed to undertake this research at our 2010 Women Mean Business Conference, as mentioned previously, in order to facilitate more women business owners in India. India was chosen because of its rapidly developing economy and the growing ICT sector. Despite the fact that mobile phones are seemingly ubiquitous in India, there is a significant gender gap in access to mobile technology in South Asia, where a man is 37% more likely to have access to a mobile phone than a woman. The research identifies through case studies how ICT can help women grow their businesses. The report, to be distributed
digitally in 2012, will help the foundation in its future India project development and will allow for recommendations that can facilitate action by development actors, the government and the private sector.
Fashion Human Rights The Foundation gave a grant to Alba Collective in April 2011 for capacity development of the organisation and project work with women artisans. Over 200 senior artisans have been trained in the business skills necessary to sell their embroidered fashion and accessories work in international markets, such as sample production, costing, working with designers to integrate design concepts and artisanal skills, scheduling orders and managing workflow. The goal of the project in the long term is to increase the number of artisans who have the skills to work at an international level and build the capacity in these micro-entrepreneurs so that over time they can grow their own businesses and reinvest their income into their families and communities. Since the training, the artisans have received orders from the World Economic Forum, Museum of Modern Art in New York, the Cherie Blair Foundation for Women and various others. The project is due to end in the next financial year with an end-of-project impact assessment.
“Now with all our business converging
onto the mobile, and with the mobile
making life so simple, I can think of
growth without getting stressed. My
markets, my vendors … they are all
just an SMS away.”
- Sarita, an entrepreneur in central
India
Report of the trustees for the year ended 31 October 2011
13
Financial review
The Foundation is in good financial health in large part as a result of our innovative programmes which attract the continued support of generous funders, for which we are very grateful. Resources expended totalled £974,165 for the financial year, with the vast majority of resources spent on charitable activities. Of the total expenditure, 89% went towards charitable spending, 8% on generating income and 3% towards governance. The income-generating expenditure included the cost of hiring a staff member in December 2010, dedicated to managing the Foundation’s fundraising partnerships and activities.
The Foundation spent a total of £862,277 on charitable activity in the financial year. The majority – 52% – was spent on the Business Support Programme, with 28% spent on the Mobile Technology Programme and 20% spent on the Mentoring Women in Business Programme. Of the total amount, £546,769 was spent on direct project implementation and project support. In addition, the Foundation gave a total of £315,508 in grants to partners in the financial year. The previous financial year necessarily included grant commitments which were monitored and, upon satisfactory reporting, then disbursed in the 2010-2011 financial year.
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14
The Foundation further diversified its funding sources during the reporting period. Funding comes from a mixture of individuals, trusts, foundations, governments and corporate donations. Incoming resources for the year totalled £1,901,091, with the majority restricted for our charitable programmes, 16% unrestricted voluntary income and 0.03% investment income. It is important to note that the majority of the income for restricted charitable purposes was received at the end of the financial year and will be spent in the following two financial years. This led to relatively large restricted reserves at year end, as outlined in the following section.
Reserves Policy The trustees regularly monitor the level of reserves to ensure that there are sufficient resources available to satisfactorily carry out the planned activities of the Cherie Blair Foundation for Women and to fulfil all contractual, statutory and legal obligations. As a young organisation, the trustees recognise that financial fluctuations may well be greater than those of more established charities. At present the trustees allocate unrestricted reserves to building the capacity of the charity and its programmes. However, over time the goal is to increase the charity’s reserves, in line with the Foundation’s two-year business plan and budget. The trustees are satisfied that there will be sufficient resources available to meet future planned expenditure and to allow for grants to be made in the coming year in accordance with the charity’s charitable objects. Reserves at the end of the 2010/2011 financial year totalled £1,141,590, of which £121,180 was unrestricted. The remaining £1,020,410 is restricted to cover specific programme expenditure in the next two financial years.
Future plans The Foundation will continue to support women entrepreneurs in Africa, Asia and the Middle East with the skills, technology, networks and access to finance that they need to become successful small and growing business owners, so that they can contribute to their economies and have a stronger voice in their societies. We will continue to expand our work strategically, working towards the Mentoring Programme’s goal to reach 1,000 women by October 2014, continuing to build upon the Mobile Technology Programme and further developing the Business Support Programme strategy. The Foundation will also continue to work around access to finance throughout the three programmes. The Foundation drafted a two-year business plan for 2011 – 2013, including a two year budget which guides all Foundation work and governance. The plan and budget are regularly reviewed and updated. The Foundation will deepen and broaden its partnerships with other organisations working on the economic empowerment of women and contributing to the advancement of gender equality. The Foundation will further develop its three programmes and contribute increasingly to global policy dialogue and practice on women’s economic empowerment.
Report of the trustees for the year ended 31 October 2011
15
Statement of trustees’ responsibilities The trustees (who are also directors of the Cherie Blair Foundation for Women for the purposes 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP; make judgements and estimates that are reasonable and prudent; state whether applicable UK Accounting Standards have been followed, subject to any
material departures disclosed and explained in the financial statements; and prepare the financial statements on the going concern basis unless it is inappropriate to
presume that the charitable company will continue in operation.
The trustees are responsible for keeping proper 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. In so far as the trustees are aware:
there is no relevant audit information of which the charitable company’s auditors are unaware; and
the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the Foundation in the event of winding up. The total number of such guarantees at 31 October 2011 was 6 (2010 - 5). The trustees are Members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the Foundation. Sayer Vincent were re-appointed as the charitable company's auditors during the year and have expressed their willingness to continue in that capacity. Approved by the trustees on 28th March 2012 and signed on their behalf by Robert Clinton Chairman
Independent auditors’ report for the year ended 31 October 2011
16
Independent auditors’ report to the members of the Cherie Blair Foundation for Women We have audited the financial statements of the Cherie Blair Foundation for Women for the year ended 31 October 2011 which comprise the income and expenditure account, balance sheet and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of trustees and auditors As explained more fully in the Statement of trustees’ responsibilities set out in the trustees’ report, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board’s Ethical Standards for Auditors.
Scope of the audit of the financial statements An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the charitable company’s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the trustees; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the trustees’ report to identify material inconsistencies with the audited financial statements. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.
Opinion on financial statements In our opinion the financial statements:
give a true and fair view of the state of the charitable company’s affairs as at 31 October 2011 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
Opinion on other matter prescribed by the Companies Act 2006 In our opinion the information given in the trustees’ report for the financial year for which the financial statements are prepared is consistent with the financial statements.
Independent auditors’ report for the year ended 31 October 2011
17
Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
1. adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
2. the financial statements are not in agreement with the accounting records and returns; or 3. certain disclosures of trustees’ remuneration specified by law are not made; or 4. we have not received all the information and explanations we require for our audit.
Catherine L Sayer Senior Statutory Auditor for and on behalf of Sayer Vincent, Statutory Auditors
SAYER VINCENT 8 Angel Gate City Road LONDON EC1V 2SJ 30
th March 2012
Statement of Financial Activities for the year ended 31 October 2011
18
Statement of Financial Activities (incorporating an income and expenditure account)
2011
2010
Restricted Unrestricted
Total
Total
Note £
£
£
£
Incoming resources Incoming resources from
generated funds Voluntary income 2 -
307,183
307,183
825,111
Investment income
-
492
492
84
Incoming resources from charitable activities 3
Mobile Programme
1,240,681
-
1,240,681
12,098
Mentoring Programme
210,878
-
210,878
44,826 Business Support Programme
4,072
137,785
141,857
273,886
Total incoming resources
1,455,631
445,460
1,901,091
1,156,005
Resources expended Costs of generating funds: 4
Costs of generating voluntary income 45,898
33,990
79,888
46,879
Charitable activities 4 Women Mean Business
Programme
-
-
-
101,291
Mobile Programme
234,964
9,264
244,228
152,290
Mentoring Programme
175,165
-
175,165
114,934 Business Support Programme
134,038
308,846
442,884
489,414
Governance costs 4 -
32,000
32,000
23,848
Total resources expended
590,065
384,100
974,165
928,656
Net incoming resources before transfers
5 865,566
61,360
926,926
227,349
Gross transfers between funds 13 (23,721)
23,721
-
-
Net incoming resources before other recognised gains and losses
841,845
85,081
926,926
227,349
Foreign exchange rate loss
-
(32,028)
(32,028)
(3,839)
Net movement in funds
841,845
53,053
894,898
223,510
Reconciliation of funds
Total funds brought forward
178,565
68,127
246,692
23,182
Total funds carried forward 1,020,410
121,180
1,141,590
246,692
All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 13 to the financial statements.
Balance sheet as at 31 October 2011
19
Balance sheet company number: 06198893
as at 31 October 2011
2011
2010
Note £
£
£
Fixed assets Tangible fixed assets 8
6,669
2,439
Current assets Debtors 9 122,956
161,432
Cash at bank and in hand
1,308,445
604,146
1,431,401
765,578
Liabilities Creditors: amounts due within one year 10 296,480
489,990
Net current assets
1,134,921
275,588
Creditors: amounts due after more than
one year 11
-
31,335
Net assets 12
1,141,590
246,692
The funds of the charity 13
Restricted funds In surplus
1,020,410
178,565
Unrestricted funds General funds
77,263
68,127
Designated funds
43,917
-
Total charity funds
1,141,590
246,692
Approved by the trustees on 28th
March 2012 and signed on their behalf by Robert Clinton Chairman
Notes to the financial statements for the year ended 31 October 2011
20
Notes to the financial statements
1. Accounting policies
a. The financial statements have been prepared under the historical cost convention and in accordance with applicable accounting standards and the Companies Act 2006. They follow the recommendations in the Statement of Recommended Practice, Accounting and Reporting by Charities (SORP 2005). The Foundation has taken the small company exemption from producing a cash flow statement for the year in accordance with the Companies Act 2006.
b. Voluntary income is received by way of donations and gifts and is included in full in the statement of financial activities when receivable.
c. Donated services are recognised when the benefit to the charity is reasonably quantifiable. The value placed on these resources is the estimated value to the charity of the service received.
d. Revenue grants are credited to the statement of financial activities when received or receivable whichever is earlier. Where unconditional entitlement to grants receivable is dependent upon fulfilment of conditions within the charity's control, the incoming resources are recognised when there is sufficient evidence that conditions will be met. Where there is uncertainty as to whether the charity can meet such conditions the incoming resource is deferred.
e. Incoming resources for charitable activities are donations raised for projects. These are recognised in the statement of financial activities when receivable.
f. Sponsorship income and ticket sales relating to events are recognised in the period in which the events are held. Any sponsorship income received in advance is deferred where it relates to events held in a future accounting period.
g. Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.
h. Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.
i. Designated funds are unrestricted funds earmarked by the trustees for particular purposes.
j. Costs of generating funds relate to the costs incurred by the charitable company in soliciting voluntary contributions, as well as the cost of any activities with a fundraising purpose.
k. Resources expended are recognised in the period in which they are incurred. Resources expended include attributable VAT which cannot be recovered.
l. Grants payable are included in the period in which the grants are approved by the trustees. The programmes which are funded by the grants from the Foundation are regularly reviewed and monitored. The trustees retain the rights to terminate the grant commitments if they are not satisfied with the progress of the programmes during the monitoring process, in which case the grants will be written back.
Notes to the financial statements for the year ended 31 October 2011
21
1. Accounting policies (continued)
m. Resources expended are allocated to the particular activity where the cost relates directly to that activity. However, support costs, comprising the salary and overhead costs of the central function, is apportioned on the following basis which are an estimate, based on staff time, of the amount attributable to each activity. Of the total support costs, 8% was allocated to the cost of generating funds, 19% on the Mobile Programme, 10% on the Mentoring Programme, 55% on the Business Support Programme and 8% on governance costs.
n. Governance costs are the costs associated with the governance arrangements of the
charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities.
o. Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:
Fixtures and fittings 5 years Office equipment 3 years
Items of equipment are capitalised where the purchase price exceeds £500. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use.
p. Rentals payable under operating leases, where substantially all the risks and rewards of ownership remain with the lessor, are charged to the statement of financial activities in the year in which they fall due.
q. Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. The ensuing unrealised foreign exchange rate loss is shown on the statement of financial activities. Transactions in foreign currencies are translated into sterling at the average rate of exchange for the year. Exchange differences are taken into account in arriving at the net incoming resources for the year.
2. Voluntary income
2011
2010
Restricted Unrestricted
Total
Total
£
£
£
£
Donations from individuals and organisations
-
270,472
270,472
684,820
Donated services and facilities -
23,128
23,128
37,530
Gift aid income
-
13,583
13,583
43,666
Grants receivable
-
-
-
59,095
Total
-
307,183
307,183
825,111
Notes to the financial statements for the year ended 31 October 2011
22
3. Incoming resources from charitable activities
2011
2010
Restricted Unrestricted
Total
Total
£
£
£
£
(a) Mobile Technology
Programme Retailer Study 91,087
-
91,087
-
Programme support 57,667
-
57,667
-
Mobile Services Projects 959,850
-
959,850
-
Nyanza Project 132,077
-
132,077
12,098
1,240,681
-
1,240,681
12,098
Restricted
Unrestricted 2011 Total
2010 Total
£ £ £ £
(b) Mentoring Programme 210,878
-
210,878
44,826
Restricted
Unrestricted
2011 Total
2010 Total
£
£
£
£
(c) Business Support
Programme Women Mean Business -
137,785
137,785
47,586
Fostering Young Israeli Women Entrepreneurs Project 3,072
-
3,072
3,362
Sunny Money for Women Project -
-
-
15,000
Nablus Entrepreneurs Project -
-
-
79,365
Business Development Centre for Women 1,000
-
1,000
-
Lebanon Entrepreneurs Project -
-
-
128,573
4,072
137,785
141,857
273,886
Notes to the financial statements for the year ended 31 October 2011
23
4. Total resources expended
Cost of generating
funds
Mobile Technology Programme
Mentoring Programme
Business Support
Programme
Governance costs
Support costs
2011 Total
2010 Total
£
£
£
£
£
£
£
£
Staff costs (Note 6) 47,535
50,256
73,151
58,329
9,950
48,143
287,364
184,848
Other staff costs
7,197
-
-
-
-
4,960
12,157
3,246
Consultancy fees -
-
-
-
-
1,000
1,000
4,168
Grants payable to partners
-
90,000
-
225,508
-
-
315,508
514,059
Travel and subsistence
-
-
-
-
4,344
4,344
1,348
Other project costs -
6,418
87,794
6,595
-
-
100,807
62,114
Conference delivery
-
-
-
68,936
-
-
68,936
54,212
Marketing and promotion
13,306
-
-
-
-
2,956
16,262
14,783
Research
-
69,113
-
564
-
1,537
71,214
-
Premises
-
-
-
-
-
47,491
47,491
39,661
Office costs
-
-
-
-
-
28,516
28,516
23,121
Audit and accountancy
-
-
-
-
7,800
8,205
16,005
20,676
Legal and professional
-
-
-
-
2,400
470
2,870
5,204
Depreciation
-
-
-
-
-
1,691
1,691
1,216
68,038
215,787
160,945
359,932
20,150
149,313
974,165
928,656
Support costs
11,850
28,441
14,220
82,952
11,850
(149,313)
-
-
Total resources expended 79,888
244,228
175,165
442,884
32,000
-
974,165
928,656
All grants are payable to partner institutions for project costs, as outlined on page 24. The Foundation does not make grants to individuals.
Notes to the financial statements for the year ended 31 October 2011
24
4. Total resources expended (continued) Grant details:
Partner
Total grant
£
Mobile Technology programme Nyanza Women Economic
Empowerment Care International 90,000
Business Support Programme Fashion Human Rights Alba Collective 6,210
Supporting Women Entrepreneurs in Lebanon Tomorrow's Youth Organization 129,298
India Mentor Development Programme National Entrepreneurship Network 90,000
315,508
5. Net incoming resources for the year
This is stated after charging:
2011
2010
£
£
Depreciation
1,691
1,216
Auditors' remuneration: audit
6,500
6,500
other services
750
2,400
Trustees' remuneration
Nil
Nil
Trustees' reimbursed expenses Nil
Nil
6. Staff costs and numbers
Staff costs were as follows:
2011
2010
£
£
Salaries and wages
258,526
166,655
Social security costs
28,838
18,193
287,364
184,848
Total emoluments paid to staff were:
258,526
166,655
One employee earned between £60,000 and £65,000 during
the year (2010: none)
Notes to the financial statements for the year ended 31 October 2011
25
6. Staff costs and numbers (continued)
The average weekly number of employees (full-time equivalent) during the year was as follows:
2011 2010
No. No.
Fund generation 1.1
0.4
Charitable activities 3.9
2.5
Support 1.2
1.1
Governance 0.2
0.2
6.4
4.2
7. Taxation
The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.
8. Tangible fixed assets
Fixtures and fittings
Office equipment Total
£ £ £
Cost
At the start of the year
1,378
2,821
4,199
Additions in year
-
5,921
5,921
At the end of the year
1,378
8,742
10,120
Depreciation
At the start of the year
370
1,390
1,760
Charge for the year
276
1,415
1,691
At the end of the year
646
2,805
3,451
Net book value
At the end of the year
732
5,937
6,669
At the start of the year
1,008
1,431
2,439
Notes to the financial statements for the year ended 31 October 2011
26
9. Debtors
2011
2010
£
£
Trade debtors
-
23,246
Other debtors
23,052
23,000
Prepayments
16,197
39,313
Donations and sponsorships receivable
83,707
75,873
122,956
161,432
10. Creditors: amounts due within one year
11. Creditors: amounts due after more than one year
2011 2010
£ £
Grant commitments
- 31,335
- 31,335
12. Analysis of net assets between funds
Restricted funds
Unrestricted funds
Designated funds
Total funds
£
£ £ £
Tangible fixed assets -
6,669 - 6,669
Net current assets
1,020,410
84,511 30,000 1,134,921
Net assets at the end of the year 1,020,410
91,180 30,000 1,141,590
2011 2010
£ £
Trade creditors 10,902 3,103
Grant commitments 232,200 316,099
Taxation and social security 9,858 -
Other creditors 32,812 23,000
Accruals 10,708 24,788
Deferred income -
123,000
296,480
489,990
Notes to the financial statements for the year ended 31 October 2011
27
13. Movement in funds
At the start of
the year Incoming
resources Outgoing
resources
Transfers
At the end of
the year
£
£
£
£
£
Restricted funds Mentoring
Programme -
210,878
(175,165)
-
35,713 Business Support Programme 128,573
4,072
(134,038)
1,393
-
Mobile Programme -
1,240,681
(234,964)
(25,114)
980,603
Fundraising 49,992
-
(45,898)
-
4,094
Total restricted funds 178,565
1,455,631
(590,065)
(23,721)
1,020,410
Unrestricted funds
General funds
68,127
445,460
(410,629)
(25,695)
77,263
Designated funds
Mobile Programme
-
-
(5,499)
19,416
13,917
Mentoring Programme -
-
30,000
30,000
Total unrestricted funds 68,127
445,460
(416,128)
23,721
121,180
Total funds 246,692
1,901,091
(1,006,193)
-
1,141,590
Purposes of restricted funds Mentoring Programme
The Mentoring Women in Business programme was developed in collaboration with Google to enhance the success of women-led businesses in developing and emerging markets. Together, we built a virtual community for women entrepreneurs to support each other and receive online mentoring and business advice.
Business Support Programme
The Business Support Programme offers a comprehensive package that addresses the business challenges faced by women entrepreneurs in Africa, Asia and the Middle East. Complemented by the mentoring and mobile technology initiatives, the programme facilitates access to networks, training and finance to foster women-led businesses.
Fostering Young Israeli Women Entrepreneurs
The Foundation, in partnership with Western Galilee College, has developed a comprehensive economics and management degree programme to develop women’s entrepreneurial skills.
Notes to the financial statements for the year ended 31 October 2011
28
13. Movement in funds (continued)
Sunny Money for Women
The Foundation has developed an initiative to include more women in SolarAid’s “Sunny Money” solar product franchising programmes in rural Kenya and Malawi. The training sessions provided women with management and marketing skills, enabling them to develop small businesses selling solar products and ultimately to gain an independent income. Nablus Entrepreneurs Project
In partnership with Tomorrow’s Youth Organization, the Foundation supported the training, coaching and mentoring of 24 highly capable women. Each of the women completed an entrepreneurial training course, resulting in credible and innovative business plans and improved leadership and business skills. Ten of the most successful women were selected by the local project Steering Committee to receive further support for developing their businesses.
Lebanon Entrepreneurs Project
In partnership with Tomorrow’s Youth Organization, the René Moawad Foundation and the J.P. Morgan Chase Foundation, we are equipping entrepreneurial women with a combination of business development support, access to finance, mentoring opportunities and technology.
Mobile Technology Programme
The Mobile Technology Programme harnesses the benefits of mobile technology for women entrepreneurs in Africa, Asia and the Middle East. The programme works with local organisations to implement projects that use mobile technology to support women entrepreneurs. Current projects can be classified into three categories:
Access to Finance: Using mobile phones to access financial services. Retail Channel Participation: Integrating women into mobile value chains. Customised Applications: Developing mobile applications for women entrepreneurs.
Fundraising Fundraising outgoing resources covers the cost of a full-time fundraiser, in line with restrictions on the donation received in the previous financial year.
Purposes of designated funds Mobile Technology Programme
This meets the general and miscellaneous expenditure of the Mobile Technology Programme that does not fall under project specific restricted funding. Mentoring Women in Business Programme This meets the general and miscellaneous expenditure of the Mentoring Women in Business Programme.
Transfers between funds
Restricted income from charitable activities includes full funding for the Nyanza Women’s Economic Empowerment Project. Part of the committed project costs payable to partners in the current year were accrued in last year’s accounts against unrestricted funds. This has resulted in a transfer of £23,721 from restricted to unrestricted funds in the current year.
14. Trustees remuneration and expenses No remuneration, directly or indirectly, out of the funds of the Foundation was paid or payable for the year to any trustee or to any person or persons known to be connected to them.
Notes to the financial statements for the year ended 31 October 2011
29
15. Operating lease commitments
The charity had annual commitments at the year-end under operating leases expiring as follows:
Property
2011
2010
£
£
1 - 2 Years
-
27,878
-
27,878
Reference and administrative details for the year ended 31 October 2011
30
Reference and administrative details Company number 06198893 Charity number 1125751 Registered office and 66 Lincoln's Inn Fields operational address London
WC2A 3LH Head office PO Box 60519
London W2 7JU
Founder and Patron Cherie Blair Trustees Trustees, who are also directors under company law, who served
during the year and up to the date of this report were as follows:
Robert Clinton Chairman Sara Carello Pat O'Driscoll Martin Kaye Jessica Learmond-Criqui Amy Christiansen Si-Ahmed (appointed 27 June 2011)
Bankers Lloyds TSB Coutts & Co
25 Gresham Street 440 Strand London London EC2 7HN WC2R 0QS
Solicitors Farrer & Co
66 Lincoln's Inn Fields London WC2A 3LH
Auditors Sayer Vincent
Chartered accountants and registered auditors 8 Angel Gate City Road London EC1V 2SJ
Principal staff Henriette Kolb, CEO
31
Acknowledgements The Foundation is grateful for the generous support received from a range of donors and partners. Working together, we can make a difference to women entrepreneurs around the world. We would like to express our thanks to our key supporters listed below, as well as our other donors who choose to remain anonymous.
Mr and Mrs Tony and Cherie
Blair
UAE Red Crescent Society
City Of Milan
DHL Living Responsibly Fund
Ms Sarina Russo
Goldman Sachs
Hewlett Packard
Kingfisher
Como Foundation
Fondazione Cassa Di
Risparmio Di Modena
Delta Partners Group
SNR Denton
Qualcomm, Inc
Alibaba Group
32
Cherie Blair Foundation for Women PO Box 60519, London W2 7JU
Registered Charity No. 1125751 Registered Office:
66 Lincoln’s Inn Fields, London WC2A 3LH
[email protected] www.cherieblairfoundation.org
© Cherie Blair Foundation for Women 2012