annual report and accounts 2011 - cherie blair foundation ......the cherie blair women’s...

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

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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

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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


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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.


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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.


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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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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


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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


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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


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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


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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


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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


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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


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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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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.


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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.


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


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


22

3. Incoming resources from charitable activities

2011

2010


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


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.


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)


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


370

1,390

1,760

Charge for the year

276

1,415

1,691


646

2,805

3,451

Net book value


732

5,937

6,669


1,008

1,431

2,439


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


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.


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.


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

Google

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

annual report and accounts 2011 - cherie blair foundation ......the cherie blair women’s...

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