Registered number:
03524013
WOMEN OF THE YEAR (FORMERLY KNOWN AS WOMEN OF THE YEAR LUNCH AND ASSEMBLY)
(A company limited by guarantee)
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
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WOMEN OF THE YEAR (FORMERLY KNOWN AS WOMEN OF THE YEAR LUNCH AND ASSEMBLY)
(A company limited by guarantee)
COMPANY INFORMATION
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J Etchingham
(resigned
8 February 2023
)
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D Coyne, Finance Director
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J E Angelides
(resigned
8 November 2022
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J Luke
(appointed
8 September 2022
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B T Grey-Thompson
(appointed
8 February 2023
)
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R Bumbra
(appointed
8 February 2023
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WOMEN OF THE YEAR (FORMERLY KNOWN AS WOMEN OF THE YEAR LUNCH AND ASSEMBLY)
(A company limited by guarantee)
CONTENTS
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Statement of income and retained earnings
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Notes to the financial statements
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WOMEN OF THE YEAR (FORMERLY KNOWN AS WOMEN OF THE YEAR LUNCH AND ASSEMBLY)
(A company limited by guarantee)
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2022
The directors present their report and the financial statements for the year ended 31 May 2022.
Directors' responsibilities statement
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The directors are responsible for preparing the Directors' report and the
financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year
. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
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select suitable accounting policies for the Company's financial statements and then apply them consistently;
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make judgements and accounting estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors who served during the year were:
J Etchingham
(resigned
8 February 2023
)
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D Coyne, Finance Director
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J E Angelides
(resigned
8 November 2022
)
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In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
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WOMEN OF THE YEAR (FORMERLY KNOWN AS WOMEN OF THE YEAR LUNCH AND ASSEMBLY)
(A company limited by guarantee)
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2022
This report was approved by the board and signed on its behalf.
D Coyne, Finance Director
Director
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WOMEN OF THE YEAR (FORMERLY KNOWN AS WOMEN OF THE YEAR LUNCH AND ASSEMBLY)
(A company limited by guarantee)
INDEPENDENT CHARTERED ACCOUNTANTS' REVIEW REPORT
TO THE DIRECTORS OF WOMEN OF THE YEAR (FORMERLY KNOWN AS WOMEN OF THE YEAR LUNCH AND ASSEMBLY)
FOR THE YEAR ENDED 31 MAY 2022
We have reviewed the financial statements of Women Of The Year (Formerly Known as Women of the Year Lunch and Assembly) for the year ended 31 May 2022, which comprise the Statement of income and retained earnings, the Balance sheet and the notes to the financial statements. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including
Financial Reporting Standard 102 'Financial Reporting Standard applicable in the UK and Republic of Ireland'
(United Kingdom Generally Accepted Accounting Practice).
Directors' Responsibility for the Financial Statements
As explained more fully in the Directors' responsibilities statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view.
Accountants' Responsibility
Our objective is to express a conclusion based on our review of the financial statements. We conducted our review in accordance with International Standard on Review Engagements (ISRE) 2400 (Revised), 'Engagements to review historical financial statements' and ICAEW Technical Release TECH 09/13AAF 'Assurance review engagements on historical financial statements'. ISRE 2400 (Revised) requires us to conclude whether anything has come to our attention that causes us to believe that the financial statements, taken as a whole, are not prepared, in all material respects, in accordance with United Kingdom Generally Accepted Accounting Practice. ISRE 2400 (Revised) also requires us to comply with the ICAEW Code of Ethics.
Scope of the Assurance Review
A review of the financial statements in accordance with ISRE 2400 (Revised) is a limited assurance engagement. We have performed procedures, primarily consisting of making enquiries of management and others within the entity, as appropriate, applying analytical procedures and evaluating the evidence obtained. The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International Standards on Auditing (UK). Accordingly, we do not express an audit opinion on these financial statements.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the financial statements have not been prepared:
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so as to give a true and fair view of the state of the Company's affairs as at 31 May 2022, and of its
loss for the year then ended;
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in accordance with
United Kingdom Generally Accepted Accounting Practice and
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in accordance with the requirements of the Companies Act 2006
.
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WOMEN OF THE YEAR (FORMERLY KNOWN AS WOMEN OF THE YEAR LUNCH AND ASSEMBLY)
(A company limited by guarantee)
INDEPENDENT CHARTERED ACCOUNTANTS' REVIEW REPORT
TO THE DIRECTORS OF WOMEN OF THE YEAR (FORMERLY KNOWN AS WOMEN OF THE YEAR LUNCH AND ASSEMBLY) (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2022
Use of our report
This report is made solely to the Company's directors, as a body, in accordance with the terms of our engagement letter dated 21 February 2022. Our review work has been undertaken so that we might state to the Company's
directors those matters that we have agreed to state to them in a reviewer'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 directors, as a body, for our review work, for this report or the conclusions we have formed.
MHA MacIntyre Hudson
Chartered Accountants
Victoria Court
17-21 Ashford Road
Maidstone
Kent
ME14 5DA
28 February 2023
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WOMEN OF THE YEAR (FORMERLY KNOWN AS WOMEN OF THE YEAR LUNCH AND ASSEMBLY)
(A company limited by guarantee)
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MAY 2022
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Interest receivable and similar income
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Retained earnings at the beginning of the year
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(Loss)/profit for the year
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Retained earnings at the end of the year
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The notes on pages 8 to 11 form part of these financial statements.
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WOMEN OF THE YEAR (FORMERLY KNOWN AS WOMEN OF THE YEAR LUNCH AND ASSEMBLY)
(A company limited by guarantee)
REGISTERED NUMBER:
03524013
BALANCE SHEET
AS AT
31 MAY 2022
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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WOMEN OF THE YEAR (FORMERLY KNOWN AS WOMEN OF THE YEAR LUNCH AND ASSEMBLY)
(A company limited by guarantee)
REGISTERED NUMBER:
03524013
BALANCE SHEET
(CONTINUED)
AS AT
31 MAY 2022
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
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
financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by
:
D Coyne, Finance Director
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The notes on pages 8 to 11 form part of these financial statements.
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WOMEN OF THE YEAR (FORMERLY KNOWN AS WOMEN OF THE YEAR LUNCH AND ASSEMBLY)
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
Women of the Year (Formerly Known as Women of the Year Lunch and Assembly) is a company limited by guarantee, incorporated in England and Wales in the United Kingdom. The registered office address is Brewers' Hall, Aldermanbury Square, London, EC2V 7HR.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.
The company is limited by guarantee and does not have share capital. Every member of the company undertakes to contribute to the assets of the company in the event of it being wound up while they are a member, or within one year afterwards, for payment of the debts and liabilities of the company contracted before they cease to be a member, and the costs, charges and expenses of winding up, and for the adjustment for the rights of the contributors among themselves, such as may be required not exceeding £1.
2.
Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis. The Directors have considered relevant information, including the annual budget, forecast future cashflows and the impact of subsequent events in making their assessment. The Directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the accounts.
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WOMEN OF THE YEAR (FORMERLY KNOWN AS WOMEN OF THE YEAR LUNCH AND ASSEMBLY)
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
2.
Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
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the amount of revenue can be measured reliably;
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it is probable that the Company will receive the consideration due under the contract;
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the stage of completion of the contract at the end of the reporting period can be measured reliably; and
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the costs incurred and the costs to complete the contract can be measured reliably.
Revenue represents amounts receivable from sponsorship and ticket sales, net of value added tax.
Donations are accounted for as they are received by the company.
Interest income is recognised in profit or loss using the effective interest method.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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WOMEN OF THE YEAR (FORMERLY KNOWN AS WOMEN OF THE YEAR LUNCH AND ASSEMBLY)
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
2.
Accounting policies (continued)
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
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Judgements in applying accounting policies and key sources of estimation uncertainty
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No significant judgements have been made by management in preparing these financial statements other than those disclosed in note 2.
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The company has no employees other than the
8
directors (2021:
8
directors), whom did not receive any remuneration (2021: £Nil).
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Prepayments and accrued income
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WOMEN OF THE YEAR (FORMERLY KNOWN AS WOMEN OF THE YEAR LUNCH AND ASSEMBLY)
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Reconciliation of movement in members' funds
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Profit/(loss) for the financial year
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Related party transactions
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During the year, no directors had expenses reimbursed (2021: No directors).
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The company was under the ultimate control of the members throughout the year.
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