Annual Report and Accounts 2012 - Cherie Blair Foundation ... · Annual Report and Accounts 2012 ....

Annual Report and Accounts 2012

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

Enterprise Development Programme 6

Mentoring Women in Business Programme 14

Mobile Technology Programme 16

Financial review 19

Future plans 21

Statement of trustees’ responsibilities 21

Independent auditors’ report 23

Statement of financial activities 25

Balance sheet 26

Notes to the financial statements 27

Reference and administrative details 37

Acknowledgements 38

Cover photo: Naasu G. Fofanah, Gender Affairs Specialist, Office of the President, Sierra Leone addressing a

group of women entrepreneurs in a networking workshop by AFFORD-SL in Eastern Sierra Leone,

photo by Priya Patel, Cherie Blair Foundation for Women

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A message from the Chairman

As the global economic crisis continues, it is ever more important that we make the most of women’s business potential. The Foundation has seen substantial growth in the number of women entrepreneurs supported in the past year. To date, it has reached over 23,000 women entrepreneurs across 50 countries. It is inspiring to see what can be achieved through multi-sector partnerships. The Foundation’s ability to convene organisations on a global scale and bring about transformational initiatives is remarkable. Our Founder contributes generously to these and our staff and supporters ensure their success. Central to what we do is the formation of partnerships across sectors. Within our charitable objectives we build broad alliances based on women entrepreneurs’ needs and the private sector’s expertise. The Mentoring Women in Business Programme benefits both mentors and mentees – one reason why many corporate partners join us in this initiative. Our work with mobile technology includes operators and manufacturers as well as national non-profit organisations. We offer tailored business support through our Enterprise Development Programme with the support of organisations across sectors and around the world. Rather than compete with other non-profit organisations, we welcome cross-organisational liaison and learning. This open, collaborative approach is a key factor behind the numbers we reach and the quality of our work. It has helped women like Shilpa in India improve their confidence, Sahar in Lebanon get a business loan and Louisa in Sierra Leone create employment opportunities. Through collaboration with coalitions such as the Global Banking Alliance and the Aspen Network of Development Entrepreneurs, we share ideas and work to develop best practice. This year we have been able to help thousands of women entrepreneurs and we will continue to support many more in years to come. It is with great pleasure that I present the Cherie Blair Foundation for Women’s annual report. My thanks go to all who make our work possible. Robert Clinton Chairman

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A message from the CEO

Mary, one of the women entrepreneurs we work with in Kenya, owns and manages a sanitation business – not the usual path for a Kenyan woman. She initially struggled to substantially increase her sales but since getting involved with the Foundation, she has obtained new contracts, hired three new employees and made significant investments for the development of her business. The Cherie Blair Foundation for Women has focused on reaching more women like Mary. This year we have significantly increased our charitable expenditure. We have focused on further developing our three core programmes with the aim of supporting women entrepreneurs to build their confidence, capability and capital. This includes several in-depth research projects and the development of a strong monitoring and evaluation framework. Our Enterprise Development Programme strategy was developed this financial year and promises to reach 3,500 women in total in the next three years. Our Mentoring Women in Business Programme has been further developed based on lessons learned in the previous year and we are on track to reach 1,000 women with mentoring support over the internet by 2014. The Mobile Technology Programme has seen tremendous growth, tripling the numbers of women reached to over 20,000 in this financial year and has well-researched plans to reach tens of thousands more. We have been developing staff capacity both in-house and in our partner organisations. The Foundation has an established culture of learning that carries on a tradition of continuous efforts to improve our work, deepen our impact and widen our reach. Our focus remains firmly on the women entrepreneurs we support and we drive resources to partners in the countries we work in to ensure women have the appropriate solutions for the unique challenges they face in their context. We also work with other international non-profits and the private and public sectors to amplify our impact as much as possible. We are very grateful to our funding partners who have pooled their resources to develop women’s enterprise, our international steering committee members who contribute their time and expertise and our founder who tirelessly advocates women’s economic rights. It has been a rewarding year and I am thrilled that we could make a difference to so many women around the world. Thank you to everyone who is helping to turn our vision into a reality. 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 2012. These have been prepared in accordance with accounting policies set out on pages 27-28 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 37 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 regularly, at least five times a year. 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. In June 2012 Pat O'Driscoll, who had been a trustee of the Foundation since 2008, lost her battle to cancer. She brought a calm professionalism, wisdom and insight to the work of the charity and is much missed. The Foundation currently has five trustees serving on the board.

Organisational structure and staffing The trustees are responsible for setting the strategic direction and policies of the charity. The CEO reports 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 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 or micro businesses. The Foundation’s charitable expenditure to further these goals amounted to 93% of total expenditure this year. Based on commonly identified challenges women entrepreneurs face across the world, the Foundation focuses its research, services and advocacy on: capacity development, access to technology, access to capital and savings products and access to peer and mentor networks.

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. Public benefit is also demonstrated throughout this report, in particular through the achievements below.

Achievements In this financial year, the Foundation has successfully met its objectives by implementing projects across Africa, Asia, Latin America and the Middle East. It has directly reached over 23,000 women with

support since its establishment and tens of thousands more indirectly through advocacy, research and employment opportunities. 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 support women entrepreneurs in developing and emerging markets 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 have expanded our work, developing the existing Business Support Programme plans into an updated and enhanced Enterprise Development Programme, which has already reached over 2,000 women this financial year and is set to reach over 3,500 in total over the next three years. We have reached record numbers of women entrepreneurs through e-mentoring which puts us on track to meet the Mentoring Women in Business Programme’s goal of reaching 1,000 women by October 2014. We have continued to build upon the Mobile Technology Programme strategy, expanding our research into integrating women in mobile retail channels and tailoring mobile value added services for women. Our findings have been put into practice through the development and implementation of projects with partners. We have reached over 20,000 women through the Mobile Technology Programme this year and expect to reach tens of thousands more in coming years. During the past year the Foundation has ramped up its access to capital work. The Foundation has trained staff and conducted in-depth research on the financial needs of the women entrepreneurs we support. Consequently a comprehensive access to capital strategy has been put in place. In line with the Foundation’s business plan for 2011-2013, the Foundation has deepened and broadened its partnerships with other organisations working on the economic empowerment of women and contributing to the advancement of gender equality. The Foundation has been working across sectors with organisations on mobile technology solutions for the challenges women entrepreneurs face in their business ventures.


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The Foundation has partners in over 50 countries in its Mentoring Women in Business Programme to offer cross-border support to women entrepreneurs through e-mentoring. Through our Enterprise Development Programme, the Foundation has partnered with business incubators, non-profits, chambers of commerce, business leaders and international corporations in order to provide tailored support to women entrepreneurs. The Foundation has increasingly contributed to global policy dialogue and practice on women’s economic empowerment. The Founder, CEO, trustees, programme directors and other staff have been actively involved in advocating the benefits of supporting women’s enterprise development. We have participated in panel discussions around the world, written blogs on fostering women’s entrepreneurship, shaped discussion in high level public debates and contributed to the global discussion in the press and through social media. Activites in the last financial year included but are not limited to the following: supporting

Secretary Clinton’s International Council for Women’s Business Leadership; contributing to the dialogue on women’s economic empowerment at the Aspen Ideas Festival; organising advocacy activities around International Women’s Day; advising organisations around the world on mentoring, enterprise development and mobile technology strategies for supporting women’s economic empowerment; contributing to international networks and coalitions on women’s enterprise; advising on the post 2015 global development agenda; and organising a number of high level global discussions around women’s entrepreneurship and women’s financial inclusion. These activities have resulted in organisations taking up new activities to support women’s economic empowerment, new and strengthened existing partnerships allowing the Foundation to expand its work and raised awareness around the importance of women’s enterprise development.

Woman entrepreneur in Indonesia with Cherie Blair, photo by Ceri Howes, Cherie Blair Foundation for Women


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Enterprise Development Programme

The potential of women entrepreneurs remains largely untapped in developing and emerging markets, with many still lacking the skills, capital and access to markets they need to be successful micro, small and growing business owners. Women are also three times more likely to operate in the informal economy due to legal and cultural constraints, which restrict the potential for their businesses to grow. The Enterprise Development Programme was developed from the Foundation’s business support projects to deliver tailored business training, facilitate business registration and enhance access to capital and markets for women entrepreneurs. The programme prioritises women who have achieved some level of success but need support to take their businesses to the next level. Our tailored support equips women entrepreneurs with the tools to transition into small and growing businesses. During the financial year we hired a dedicated programme director and programme coordinator to develop the strategy and manage projects within the Enterprise Development Programme. Since starting at the Foundation, the programme director has convened an international steering committee and has brought international partner organisations together across sectors to support and implement the programme strategy.

Sierra Leone Women’s Entrepreneurs Together with the African Foundation for Development in Sierra Leone, with support from the Pratt Foundation, we have established the first national network for women entrepreneurs that offers tailored business services, peer support, networking opportunities, and access to markets and capital to facilitate the growth of women’s businesses. The project is guided by a steering committee, made up of local municipality members, private sector organisations and non-governmental organisations, that provides strategic direction, additional business skills and resources, and contextual knowledge to the project. In six months, the network has so far reached and connected 80 women entrepreneurs. The network links these businesses to suppliers, markets, training, resources and to other women entrepreneurs with whom they can do business.

“I am really looking forward to

developing my marketing and branding

skills as well as forming new linkages

with possible clients, suppliers and

partners. I hope to use these new

network connections to attract more

clients and expand my guesthouse.”

- Louisa Musa, Kenema, Sierra Leone Workshop on identifying barriers to women’s entrepreneurship

hosted by AFFORD-SL, photo by Priya Patel, Cherie Blair

Foundation for Women


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Part of this project involved two regional workshops in Freetown and Kenema in June 2012 which explored the key barriers that deter women from growing their businesses, provided a platform for networking opportunities, informed the women about the national network and successfully identified training needs for the women involved. Each workshop benefited over 30 women entrepreneurs. Following the networking events, six women entrepreneurs’ businesses were selected to undergo incubation. These businesses range from an internet café to a fashion boutique to cassava processing and production. In the next financial year, these women will be assigned to a local business mentor who will

help them develop and strengthen a detailed three-year business plan, develop milestones to scale up their businesses to the next level and establish an action plan for growth, as well as provide additional business training and market information as required. Tailored business training will also be held for the women who attended the two workshops. The aims in the long term are to increase the number of women in sustainable business in Sierra Leone, thereby creating employment opportunities and to nurture credible women role models, who will help create an encouraging climate for other women entrepreneurs to follow.

Supporting Women Entrepreneurs in Lebanon Together with Tomorrow’s Youth Organization, the René Moawad Foundation and J.P. Morgan, we have supported women entrepreneurs to develop sustainable businesses in Northern Lebanon through business skills training, incubation services, product development and access to markets. This financial year, the project completed its 19-month cycle. An independent evaluation found that 42 women benefited from a four-day business plan development and entrepreneurial skills training workshop conducted by the Business Incubation Association of Tripoli (BIAT). Eighteen of these

women benefitted from one-to-one coaching with their business mentors and each successfully produced a credible business plan which put them in a better position for applying for loans and developing their businesses further. The project resulted in ten women-owned businesses being established through intensive incubation support provided by BIAT, an IT course delivered by Digital Opportunity Trust (DOTS) and the efforts of the women entrepreneurs themselves.

Four of the ten women in the project are already making a profit. Eight of the women are employing staff and two women have taken on new premises outside the home to grow their businesses. The women in the project have created more than 60 employment opportunities in total. This is a positive result, given the political and security context in Northern Lebanon.

“Through my training, I was able to

identify networks for the sale of my

accessories and strongly define my

business strategy. The training helped

me to strengthen my existing business

skills and to fill the gaps where I was less

informed, such as in marketing/branding,

IT and the English language.”

- Hwayda, Lebanon

Women entrepreneurs at the BIAT centre in Lebanon

where they receive business coaching, photo by Priya

Patel, Cherie Blair Foundation for Women


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In Lebanon’s fragile economy, Sahar is an inspiring business owner. She made outstanding progress with her honey production business. Prior to joining our project, Sahar struggled with access to capital and business management. With the support of advisors within the programme, Sahar has secured a loan to buy packaging materials and to expand to meet increasing demand. She has already seen a 60% increase in profit, which she will use to repay her loan and reinvest in the business. This project is an excellent example of cross-sector collaboration at work. We were able to convene a number of organisations to ensure the women involved in the project received the best carefully tailored and appropriate support to meet their needs. J.P. Morgan provided valuable guidance and assistance with the project development and access to capital

aspect. Tomorrow’s Youth Organization, the René Moawad Foundation, BIAT and the project’s steering committee were central to consultations with the women involved, ensuring that the project development was participatory throughout. We are also grateful to the number of banks, institutions and alliances that assisted us to make a difference to the women entrepreneurs and their communities. The lessons learned in this project have been used to develop a new project in collaboration with Tomorrow’s Youth Organization in Nablus and Lebanon to support 90 women entrepreneurs to develop micro and small enterprises using a similar model, as well as addressing the issue of accessing capital.

Middle East Entrepreneurs Project In partnership with Tomorrow’s Youth Organization and the Oak Foundation, we have developed a two-year project, implemented from November 2012, that supports women entrepreneurs in marginalised areas to develop their micro and small enterprises through leadership and business skills training, coaching, incubation and facilitating access to capital.

The Programme Director has together with our local partner developed this project using lessons learned from previous projects in Lebanon and Palestine to benefit 90 women with initial business training and 30 women with individual business coaching. The project strategy document was designed in such a way that out of the women involved, 15 women-led businesses will be incubated. It is expected that the majority of women will increase their capability and confidence and

that many will reach new markets in their businesses. The project development also ensures that women will benefit from one-to-one support in accessing capital and will receive further intensive training on financial risks and opportunities, so that at least 30 women targeted have more than one financing option available to them to help grow their businesses by the end of the project. The Programme Director has included an element of network building in the project, whereby project staff in Lebanon and Palestine work with programme participants to develop informal regional links. As a result, it expected that women will demonstrate greater knowledge about demand in local and international markets, connect to existing networks of peers and resources, as well as benefit from access to market data and value chain information at the local and regional level to help inform their business decisions. The ultimate goal of this project is to increase the potential of women entrepreneurs and enhance their roles as contributors to the Palestinian and Lebanon economies.

The Cherie Blair Foundation for Women

works with us to design programmes

customised to local needs, while

contributing their expertise and support.

- Nadine Okla, Project Manager,

Lebanon


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Fostering Young Israeli Women Entrepreneurs

The Foundation, in partnership with Western Galilee College, has developed a comprehensive economics and management degree programme in Northern Israel to develop women’s entrepreneurial skills. This financial year coincides with the third and final year of the course for the project’s first intake. Nineteen Arab and Jewish women have successfully completed the unique three-year BA Economics and Management programme. All have expressed positive changes in their social and professional development. Most of the women have secured employment in the fields of business, IT or banking, whilst others are furthering their studies or are following through with entrepreneurial ambitions.

Throughout the three years, the students have benefited from academic tutoring, workplace training, and educational workshops including one with the Ministry of Foreign Affairs in Jerusalem, exposure visits to world-renowned technology companies like Google and Amdocs, and a host of other business development opportunities. Six students undertook a week-long study visit to the UK, where they met with inspiring business leaders and completed work-experience placements with entrepreneurs and successful businesses. The women left London with newfound energy, a widened perspective on their career paths and the confidence to realise that success is within their reach. The Foundation has secured a grant from the Self-Worth Foundation, to support a further intake of students over the next three years. A final external evaluation will be conducted at the start of the next financial year. Learning and recommendations from the report's findings ensure the high quality and impact of the programme is maintained.

“The courses in the programme gave me

the support and tools I needed to build

up my headscarf business from scratch

and now I feel that the concept of

entrepreneurship has become a part of

me.”

- Reut Bublil, Akko, Israel

Programme Manager Dr Miri Said with students from Western Galilee College

visiting the London Stock Exchange, photo courtesy of Dr Miri Said


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Self-Worth Foundation Fostering Women Entrepreneurs Project The Foundation, together with Economic Empowerment for Women (EEW) and Koret Israel Economic Development Fund (KIEDF) and with funding from the Women’s Self-Worth Foundation, has been supporting Jewish and Arab women entrepreneurs in developing and expanding their micro-enterprises through business incubation services, access to capital and a peer-to-peer network. To date, 32 women have begun to improve their capability and confidence through the business incubation centre in Beit Shemesh. Over 60 women have been interviewed as potential candidates to participate in the coming months. Incubation activities in Beit Shemesh have included an accelerated business course, development of business plans, establishment of regional forums and consulting services. At least 40 women entrepreneurs will benefit from networking opportunities through the Beit Shemesh incubator’s first regional forum at the beginning of the following financial year. Upon completion of the business incubation a number of these women will benefit from microloans provided by KIEDF as part of the project. So far, three women are already receiving microloans as part of the project. Michal is one of them. She runs a French pastry and coffee shop. She is well known for her French cuisine and unique bakery items which have a special niche in Jerusalem and the surrounding area with high potential for sales. Michal has received a loan from KIEDF to purchase new supplies and expand one of her best selling pastry products. An additional eight potential clients have received support in developing their loan requests, which involve working on their business plans and goals for the future. The next financial year will focus on on-going enterprise development and loan distribution for up to 60 existing women entrepreneurs in

addition to a new group in Katomonim and KiryatYovel. In Shemesh, business incubation services will continue and access to capital will follow for up to 40 existing women entrepreneurs in addition to a new group. KIEDF and EEW will also be working together to coordinate relevant organisations working in each location, in order to build up a network of service providers which women entrepreneurs can tap into to develop their businesses. The ultimate goal of the project is to increase the number of sustainable women-led businesses in Jersualem’s marginalised communities through strengthening women’s confidence, capability and capital.

India Mentor Development Programme

Following our commitment to support women entrepreneurs in India at the Foundation’s 2010 Women Mean Business Conference, the Foundation teamed up with the National Entrepreneurship Network (NEN) to develop a group of 60 highly effective, accessible mentors across India.

In this financial year, 68 mentors were successfully trained in assessing market opportunities, product development, pricing techniques for start-ups and financing for entrepreneurs. This exceeded the original target of 60.

Michal in her pastry shop in Jerusalem, photo by KIEDF


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As a result, over 980 women entrepreneurs were mentored, well over the target of 400 set in the project’s first year.

To ensure on-going support, mentors were also offered one-on-one mentoring. The results of this support have been positive: faculty mentors became more confident about supporting women entrepreneurs to develop their businesses. The programme’s ultimate objective is to increase the number of successful women entrepreneurs in India who are growing businesses that create wealth and much-needed jobs. Initial results are positive. For example, Bala set up her own company to train and recruit

graduates into engineering and IT positions. She started off relying on family contacts and struggled to generate steady revenue. Since joining the project, Bala has been paired with a mentor, Radhika Meenakshi. Radhika has supported Bala to rework her business strategy to tap into new markets. This has dramatically increased her customer base by 40% and her revenue by nearly 500%.

India Connectivity Report

The Foundation collaborated with the International Center for Research on Women (ICRW) to produce Connectivity: How Mobile Phones, Computers and the Internet Can Catalyze Women’s Entrepreneurship, the result of an in-depth examination of four innovative programmes in diverse areas of rural India. ICRW researchers set out to investigate how information and communication technologies (ICTs), particularly mobile phones, can – and are – changing women’s lives through business creation. The research follows our 2010 Women Mean Business Conference in Mumbai, where leading professionals and women entrepreneurs gathered to discuss how ICT could help women overcome the barriers that women entrepreneurs in India face. Our findings were widely distributed internationally to organisations working on mobile technology and/or women’s

“I was a total novice who just came up

with an idea. It was the programme that

encouraged me to pursue it and guided

me through the entire process. It has

been the driving force behind my

startup.”

- Aswin Yogesh, Chennai, India

Women Mean Business Conference participant in

Mumbai, photo provided by the Cherie Blair

Foundation for Women

Professor Joyeeta Mukherjee’s deputy mentoring a group of

women entrepreneurs in the fashion industry in Mumbai, India,

photo provided by the National Entrepreneurship Network


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entrepreneurship in India, including the mobile industry, governments, international non-profits and institutions. The study illustrates how the role of ICTs and entrepreneurship is shifting perceptions about women’s roles and positions in society. As a result of this study, the Foundation’s Mobile Technology Programme has developed

an initiative with the aim of creating economic opportunities for women entrepreneurs and accelerating their businesses. In partnership with the Self Employed Women’s Association (SEWA), they are developing a mobile-based management information system that is simple, user friendly and will enhance the efficiency of SEWA’s rural distribution network.

Business Development Centre for Women In partnership with the Business Women Forum, the Foundation has been supporting a business development centre in Ramallah for Palestinian women entrepreneurs who want to set up or develop their own businesses. The centre, a one-stop shop for business support, has expanded its reach from 46 to a total of 88 women entrepreneurs since the last financial year. Services provided include feasibility studies across different sectors, evaluating marketing opportunities, legal consulting, incubating high-growth projects and on-going 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. Of the 88 supported, 15 women participated in a one day workshop on the role of social media in broadening customer base and sourcing information. Eight women entrepreneurs have received intensive training and coaching via business consultants to help them produce business plans. Five women have benefited from a training session with an international designer via video conference and more than 10 businesswomen have reported an increase in revenue (ranging from 10% to140%). The centre has also created market linkages for several women. For example it has linked Najwa Hamdan & Manal Ehmidat who co-own a handicrafts business to local gift shops in Ramallah. Similarly Sabreen Mosha’sha’ who owns a ‘Kitchen Club’ business teaching kids how to cook has successfully been linked to private and governmental schools and she has already participated in promotional days and activities at these schools. Others are being supported by centre consultants to develop their packaging and change some technical specifications to meet the export market requirements.

Oriana Nasser has benefited from a combination of consulting services, workshops and trainings. She is currently running her family business in Bethlehem, Jerusalem Stone Source Company, which employs 160 skilled workers. Oriana worked with the Business Development Centre for Women to assess the marketing capabilities of her company, as well as develop a marketing plan under the supervision of professional consultants.

Oriana Nasser, owner of Jerusalem Stone Source

Company, attending a workshop,

photo provided by Business Women Forum


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With this support, as well as trainings and workshops, Oriana was able to increase product visibility, raise the profile of the products and services that her company offers, identify new leads for the business and increase market share locally and internationally.

In the next financial year we will continue to support more businesswomen and conduct research into the barriers and opportunities in accessing capital for women-owned SMEs in Palestine. The findings of the study will support us to improve women’s access to suitable financial services in Palestine so that they can grow and scale up their businesses.

Students at ‘Kitchen Club’ – a business run by Sabreen Mosha’sha’ in Ramallah

which teaches children how to cook, photo provided by Kitchen Club


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Mentoring Women in Business Programme By combining mentoring with technology, the Mentoring Women in Business Programme is pioneering a new way of supporting women entrepreneurs. Mentoring accelerates the strides women are already making and takes their businesses, confidence and skills to the next level. Equipped with an interactive online platform developed with Google, we match women entrepreneurs from developing and emerging countries with male and female mentors, who are highly-successful professionals and entrepreneurs from around the world. Over the course of twelve months, mentees work online with their mentors to achieve key business and professional goals. The programme crosses cultural and physical boundaries. It connects people from different corners of the world and creates a community of committed, ambitious entrepreneurs who are invested in each other’s success. The Mentoring Women in Business Programme was developed to enhance the success of women-led businesses in developing and emerging markets. We built a virtual community for women entrepreneurs to support each other and receive online mentoring and business advice. Overall, we supported over 400 women entrepreneurs from 50 different countries during the financial year through e-mentoring.

Over 80% of the women entrepreneurs who completed our last survey reported that their mentoring relationships had a positive impact on their businesses. Of mentee respondents from our February 2012 group, 94% attributed specific progress to their mentors, with over

half reporting they built confidence, gained new business skills or revised their business strategies. Over 40% were able to launch a new business or expand their current business after eight months of working with their mentor. 22% hired new employees and 25% gained new clients. Over 17% credited their ability to keep their business from failing to the support provided through this programme.

“With Carmen’s help, I am starting to

shape up and beginning to understand

what is required when setting up a

business. It’s not all about jumping into

a pool; it’s about learning the different

strokes required to swim and get to the

other side .”

- Angela Ndereyerio, Mentee and seed

business owner, Kenya

“It has been an amazing journey that

could not have materialised without you

and your truly incredible energy, drive

and passion and your ability to pull

together and mobilise people towards

impressive objectives. A huge thanks to

Cherie Blair for instigating and

supporting so wholeheartedly this

transformational program.”

- Athina Kafetsiou, Mentor

Erin, an entrepreneur in Malaysia, demonstrates how

she uses her tablet to connect with her mentor at the

Malaysian launch of the Mentoring Women in Business

Programme with Qualcomm Wireless Reach, Maxis,

the Malaysian Ministry of Women and YPVWM


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“It was one of the defining moments of

my life to reach out and ask for help! The

feeling that I am not alone trying to

stumble along is indescribable!”

- Dr Shilpa Datar, Mentee and

entrepreneur in India

The women who participated in the programme gained new skills, built their confidence, developed digital literacy and accessed new networks. Take Shilpa, for example. Despite the challenges of an arranged marriage at a young age, a family that wouldn’t allow her to attend full-time university, and having small children at home, Shilpa was determined to pursue her dreams.

She not only managed to complete her undergraduate and post graduate degrees, but went on to finish her PhD despite her family’s opposition. With a psychology degree and celebrated dissertation in hand, she set out to create a pioneering set of tools for assessing personalities from a non-western perspective.

But, she was alone. She lacked support and faced hostility from her family and community as a woman trying to start her own business. Because Shilpa lacked a support system, she struggled with a software company she hired to help her build her assessment. After nearly two years, the company failed to deliver a useable product. Some businessmen in town told her that she was “just a woman trying to play business”. Shilpa had the ambition, ideas, and work ethic needed to start her business and create an innovative product, but lacked support. Mentoring filled that void. Shilpa was matched with Priya Nallamuthu, an engineer and IT consultant in the UK. They started meeting online using Google Hangouts to assess Shilpa’s business plan and sort through the various obstacles she’d been facing. Over the course of a year working together, they managed to find a software developer to complete her assessment tools, patent her idea, put her competitive product on the market, and start building her client base and marketing her product. At the end of 2012, she received the respected “Veda Brahma Award for Excellence in Innovation” for her ground-breaking work. The hostility and barriers she faced as a woman doing business in her community haven’t necessarily faded away, but she now has a support system as she works to overcome them. Transforming the lives of women like Shilpa would not be possible without the efforts of our partner organisations. Our partners nominate mentors and mentees from around the world to apply to our programme, which allows us to match women entrepreneurs with mentors who meet their needs. Thank you to all our partner organisations, to our steering committee members, volunteers, mentors and everyone who brings this programme to life.

Dr Shilpa Datar, based in India, speaking with

programme coordinator, Allison Kahn,

photo provided by the Cherie Blair Foundation

for Women


16

Mobile Technology Programme Combining research, projects and advocacy, the Mobile Technology Programme aims to create sustainable economic opportunities for women entrepreneurs through the use of mobile phones and services. In the last financial year, this programme undertook further research, which was put into practice, as detailed below. Furthermore, the founder, CEO and Foundation staff have been advocating the benefits of mobile technology for women’s enterprise development in particular. US Ambassador-at-Large for Global Women's Issues, Melanne Verveer, credited the Foundation for “spawning a global movement” to close the gender gap in access to mobile phones in developing countries. The Foundation has made a significant contribution to the discussion on how mobile technology can be used to empower women on an international scale and there is evidence that other organisations have instigated projects as a result of our leadership in this field, amplifying our impact much further as we share research findings and lessons learned across sectors.

Mobile Value Added Services Projects

With support from the ExxonMobil Foundation, the Cherie Blair Foundation for Women has been testing tailored mobile value-added services for women entrepreneurs in Indonesia, Nigeria and Egypt. We identified eight core challenges specifically faced by women entrepreneurs in our three chosen target markets, ranging from difficulty accessing customer and marketing networks to barriers to accurate market prices and supplier information. We disseminated findings from the resulting report, Mobile Value Added Service: A Business Growth Opportunity for Women, which led to collaborations to implement projects on the ground, using the information in the report to benefit women entrepreneurs.

The Cherie Blair Foundation for Women, together with commercial partners such as Nokia, MTN Nigeria and Indosat, along with local NGO partners in Nigeria and Indonesia and funding partner, ExxonMobil Foundation, developed a customised service that specifically addresses the key challenges that women entrepreneurs in these countries face.

The service, called Business Women, was launched in Nigeria in August 2012 and was in the process of being developed at year end in Indonesia. By the end of the financial year, it had already reached 15,000 women entrepreneurs. It is expected to reach tens of thousands more. As part of this project, in October 2012, the Cherie Blair Foundation for Women developed a financial literacy and business development training to supplement the Business Women mobile service in both Nigeria and Indonesia, through local partners Youth for Technology Foundation and Mercy Corps, respectively. The first weeks were spent largely on project design and focused heavily on identifying the local needs of women in each country. Both projects were developed to benefit 2,000 women in each country with the knowledge and skills they need to improve their confidence and businesses.

“Studies like this will help us understand

how technology can best support women

in the developing world. Expanding the

use of mobile technology for women will

help raise living standards, leading to

more prosperity for them, their families

and their countries.”

- Suzanne M. McCarron, President of the

ExxonMobil Foundation

Entrepreneur using her mobile phone to

connect with suppliers and customers, photo

provided by Youth for Technology Foundation


17

Mobile Retail Channels Study The past year offered numerous opportunities for the Mobile Technology Programme to further develop insights on the inclusion of women entrepreneurs in the retail channels of mobile operators, which were initially studied in our 2011 report, Women Entrepreneurs in Mobile Retail Channels: Empowering Women, Driving Growth. This research was the first of its kind and spelled out the commercial justifications for mobile operators to include more women in their retail channels.

Thousands of potential business opportunities for women exist in this sphere, which this study highlighted. During the financial year, the Foundation was able to identify a number of these opportunities and brought one to life, in an exciting collaboration that spans three

countries in Africa and will involve, corporate, NGO and institutional partners. In 2012, the Foundation partnered with Millicom (Tigo) and the US Agency for International Development (USAID) to design a project that would purposefully and directly engage thousands of women across Ghana, Rwanda and Tanzania in Millicom (Tigo)’s mobile money retail chain, called the Tigo Cash Agent network. The Foundation carefully selected local microfinance partner organisations and developed a detailed monitoring and evaluation framework, in addition to increasing its organisational capacity to effectively run and manage a project that will be funded by USAID. These activities are central building blocks to creating a successful and sustainable project, and we look forward to working with 4,150 women entrepreneurs across these three countries in the coming year, as they receive entrepreneurship training and support, as well as working capital loans that will enable them to initially establish and then grow thousands of successful mobile money enterprises.

Supply Chain Management Solutions

The Foundation, alongside the Vodafone Foundation in India, is working in partnership with SEWA to develop a mobile-based management information system for SEWA’s rural distribution network. The network operates largely in India’s Gujarat State, procuring farm produce from local marginal farmers at market prices. The network then processes and packages this produce before selling it at affordable prices. The scale and reach of of the network has increased dramatically since its inception and, over time, systems have been developed to account for increased sales volumes and an expanding supply chain. However, inventory management and sales reporting remains a challenge, which is what this project aims to address. In 2012, the Foundation worked closely with Indian developer Ekgaon Technologies and SEWA to identify the core needs of the women entrepreneurs that operate within the network. Based on this work, Ekgaon started the work of developing the system, which by October 2012 was nearing its completion. The roll-out of the solution will be followed by hands-on

trainings of women entrepreneurs in SEWA’s rural distribution network, to ensure that the system is accessible and appropriate for their daily business needs. Ultimately, the Foundation and SEWA will reach over 2,000 women throughout rural Gujarat with these trainings and with the mobile-enabled business solution, allowing women to efficiently and accurately manage their entire supply chain.

“I feel female agents are better and they

are more hardworking than males.

Female sales agents are quick,

cooperative, faithful and hardworking.”

- Distributor, Uganda

Women in SEWA’s network exploring the new

mobile information system, photo by Anant

Nautiyal, Cherie Blair Foundation for Women


18

Nyanza Women’s Economic Empowerment In Kenya, many women find that they do not have the same land ownership rights as men, making it very difficult to secure a loan as they do not hold the necessary collateral. However, with the explosive growth of mobile technology throughout Sub-Saharan Africa, improving access to finance can now be addressed through the mobile phone. The Cherie Blair Foundation for Women and CARE International have joined forces to train 5,000 women entrepreneurs in business skills and connect at least 15% of these women to formal financial services using the mobile phone. The women entrepreneurs involved are based in Nyanza Province in Western Kenya and entrepreneurial activities vary from fishing, horticulture and manufacturing to service, retail and wholesale. The business skills training incorporates a selection of income generating activity, marketing, profitability analysis, business planning and steps in business

initiation and diversification. Project monitoring and focus groups found that there has been noticeable impact at the individual, household and enterprise level. Entrepreneurs both in terms of agricultural and other manufacturing enterprises have had increases in income which has led to an increase in savings and an increase in the capital base of their businesses. The survey respondents reported that they are increasingly able to pay school fees for their children in secondary schools and tertiary institutions. An impact study completed by CARE International last year demonstrated that women are more actively involved in household decision making and a number of women said that they have been able to invest in livestock which previously was the men’s domain.

Entrepreneur, Lilian Adhiambo, makes a call from her shop in Western Kenya, photo by Kate Holt


19

Financial review

The Foundation continues to be in good financial health and has managed to attract the support of generous donors and partners, for which we are very grateful. Incoming resources for the year totalled £1,818,151. Funding came from a mixture of individuals, trusts, foundations, government agencies and corporations. The majority of incoming resources was derived from charitable activities, totalling £1,334,549, with the remainder coming from voluntary income and a small amount from activities for generating funds and investment income.

Of the incoming resources from charitable activities, 50% was attributed to the Enterprise Development Programme, 30% to the Mentoring Women in Business and 20% to the Mobile Technology Programme. In addition the Foundation has confirmed funding commitments for future years for grants awarded in 2011-12 from USAID of $625,965, Oak Foundation of £101,406 and the Vodafone Foundation in India of £94,773.


20

Resources expended totalled £2,268,372 for the financial year, with the vast majority of resources spent on charitable activities. Of the total expenditure, 93% went towards charitable spending, 5% on generating income and 2% towards governance.

The Foundation spent a total of £2,113,299 on charitable activity in the financial year. The majority – 47% – was spent on the Mobile Technology Programme, with 39% spent on the Enterprise Development Programme and 14% spent on the Mentoring Women in Business Programme.

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. 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 business plan. At year-end the trustees designated funds from the unrestricted reserves to establish a general reserve fund. 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 2011-2012 financial year totalled £697,230, of which £229,719 was


21

unrestricted. The remaining £467,511 is restricted to cover specific programme expenditure in future periods.

Future plans In line with the Foundation’s business plan, the Foundation will continue to further develop the strategy of the three programmes. Our goal over the next three years is to extend our reach, transforming the lives of over 3,500 women entrepreneurs through the Enterprise Development Programme, more than 1,000 women entrepreneurs through our Mentoring Women in Business Programme and over 100,000 women entrepreneurs through our Mobile Technology Programme. We will do this by working with non-profit, public and private sector organisations internationally. We will also be implementing the access to capital strategy developed in 2012.

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 2012 was 5 (2011 - 6). The trustees are Members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the Foundation.


22

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 2013 and signed on their behalf by Robert Clinton Chairman

Independent auditors’ report for the year ended 31 October 2012

23

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 2012 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 2012 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 2012

24

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 28

th March 2013

Statement of financial activities for the year ended 31 October 2012

25

Statement of financial activities (incorporating an income and expenditure account)

2012 2011

Restricted Unrestricted Total Total

Note £ £ £ £

Incoming resources Incoming resources from generated funds

Voluntary income 2 - 425,661 425,661 307,183 Activities for generating funds 3 - 54,949 54,949 -

Investment income - 2,992 2,992 492 Incoming resources from charitable activities 4

Mobile Technology Programme 266,341 - 266,341 1,240,681

Mentoring Programme 401,620 - 401,620 210,878 Enterprise Development Programme 666,588 - 666,588 141,857

Total incoming resources 1,334,549 483,602 1,818,151 1,901,091

Resources expended

Costs of generating funds 5 Costs of generating voluntary income 4,094 100,209 104,303 79,888 Costs of activities for generating funds - 5,247 5,247 -

Charitable activities 5 Mobile Technology Programme 923,962 61,352 985,314 244,228

Mentoring Programme 286,716 6,345 293,061 175,165 Enterprise Development Programme 667,313 167,611 834,924 442,884

Governance costs 5 - 45,523 45,523 32,000

Total resources expended 1,882,085 386,287 2,268,372 974,165

Net (outgoing) /incoming resources before other recognised gains and losses 6 (547,536) 97,315 (450,221) 926,926

Foreign exchange rate gain/(loss) (5,363) 11,224 5,861 (32,028)

Net movement in funds (552,899) 108,539 (444,360) 894,898

Reconciliation of funds

Total funds brought forward 1,020,410 121,180 1,141,590 246,692

Total funds carried forward 467,511 229,719 697,230 1,141,590

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 14 to the financial statements.

Balance sheet as at 31 October 2012

26

Balance sheet company number: 06198893

as at 31 October 2012

2012 2011

Note £ £ £

Fixed assets

Tangible fixed assets 9 17,444 6,669

Current assets

Debtors 10 223,172 122,956

Cash at bank and in hand 1,452,688 1,308,445

1,675,860 1,431,401

Liabilities Creditors: amounts due within one year 11 650,842 296,480

Net current assets 1,025,018 1,134,921

Creditors: amounts due after more than one year 12 345,232 -

Net assets 13 697,230 1,141,590

The funds of the charity 14

Restricted funds

In surplus 467,511 1,020,410

Unrestricted funds

General funds 148,050 77,263

Designated funds 81,669 43,917

Total charity funds 697,230 1,141,590

Approved by the trustees on 28

th March 2013 and signed on their behalf by

Robert Clinton Chairman

Notes to the financial statements for the year ended 31 October 2012

27

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. Rental income is recognised in respect of the period to which it relates.

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 there is uncertainty as to whether the charity can meet such conditions the incoming within the charity's control, the incoming resources are recognised when there is sufficient evidence that conditions will be met. Where resource is deferred, even in those cases where, under accounting conventions, the corresponding grant payable is recognised in full.

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.


28

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, are 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, 27% on the Mobile Technology Programme, 14% on the Mentoring Programme, 41% on the Enterprise Development Programme and 10% 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

2012 2011


£ £ £ £

Donations from individuals and organisations - 408,424 408,424 270,472

Donated services and facilities - 16,640 16,640 23,128

Gift aid income - 597 597 13,583

Total - 425,661 425,661 307,183


29

3. Activities for Generating Funds

2012 2011


£ £ £ £

Fundraising events - 45,750 45,750 -

Rental income - 9,199 9,199 -

Total - 54,949 54,949 -

4. Incoming resources from charitable activities

2012 2011


£ £ £ £

(a) Mobile Technology

Programme

Retailer Study 15,811 - 15,811 91,087

Programme support 38,069 - 38,069 57,667

Mobile Services Projects - - - 959,850

Nyanza Project - - - 132,077 Supply Chain Management Project 212,461 - 212,461 -

266,341 - 266,341 1,240,681

Restricted Unrestricted 2012 Total

2011 Total

£ £ £ £

(b) Mentoring Programme 401,620 - 401,620 210,878

Restricted Unrestricted

2012 Total

2011 Total

£ £ £ £

(c) Enterprise Development

Programme

Women Mean Business - - - 137,785 Fostering Young Israeli Women Entrepreneurs Project 163,314 - 163,314 3,072 Business Development Centre for Women - - - 1,000 Self-Worth Foundation Fostering Women Entrepreneurs Project 319,908 - 319,908 - Sierra Leone Entrepreneurs Project 49,614 - 49,614 - Middle East Entrepreneurs Project 102,926 - 102,926 -

Launch and Workshop 30,826 - 30,826 -

666,588 - 666,588 141,857


30

5. Total resources expended

Cost of generating

funds

Mobile Technology Programme

Mentoring Programme

Enterprise Development

Programme Governance

costs Support

costs 2012 Total

2011 Total

£ £ £ £ £ £ £ £

Staff costs (Note 7) 63,913 101,210 111,742 107,762 10,326 90,360 485,313 287,364

Other staff costs 145 - 4,590 - - 14,935 19,670 12,157

Fundraising events 5,247 - - - - - 5,247 -

Consultancy fees - - - - - - - 1,000

Grants payable to partners - 519,384 64,499 610,625 - - 1,194,508 315,508

Travel and subsistence - - - - 6,773 6,773 4,344

Other project costs - 52,964 80,240 20,837 - - 154,041 100,807

Conference delivery - - - - - - - 68,936

Marketing and promotion 21,105 - - - - 10,349 31,454 16,262

Research - 247,959 - - - 3,728 251,687 71,214

Premises - - - - - 63,012 63,012 47,491

Office costs - - - - - 39,207 39,207 28,516

Audit and accountancy - - - - 8,160 789 8,949 16,005

Legal and professional - - - - 1,517 - 1,517 2,870

Depreciation - - 90 - - 6,904 6,994 1,691

90,410 921,517 261,161 739,224 20,003 236,057 2,268,372 974,165

Support costs 19,140 63,797 31,900 95,700 25,520 (236,057) - -

Total resources expended 109,550 985,314 293,061 834,924 45,523 - 2,268,372 974,165

All grants are payable to partner institutions for project costs as outlined on page 31. The Foundation does not make grants to individuals.


31

5. Total resources expended (continued) Grant details:

Partner Total grant

£

Mobile Technology programme

Mobile Services Projects Youth for Technology 124,696

Mobile Services Projects Mercy Corps 144,688

Supply Chain Management Project Mahila SEWA Trust 250,000

Mentoring Programme

Mentoring Programme Yayasin Pendidikan and Vokasional Wanita Malaysia 64,499


Fostering Young Israeli Women Entrepreneurs Project Western Galilee College 122,545

Middle East Entrepreneurs Project Tomorrow’s Youth Organization 172,984

Self-Worth Foundation Fostering Women Entrepreneurs Project Economic Empowerment for Women 135,048 Self-Worth Foundation Fostering Women Entrepreneurs Project

Koret Israel Economic Development Funds 135,048

Sierra Leone Entrepreneurs Project AFFORD Sierra Leone 45,000

1,194,508

6. Net outgoing resources for the year

This is stated after charging: 2012 2011

£ £

Depreciation 6,994 1,691

Auditors' remuneration:

audit 6,800 6,500

other services Nil 750

Trustees' remuneration Nil Nil

Trustees' reimbursed expenses Nil Nil


32

7. Staff costs and numbers

Staff costs were as follows: 2012 2011

£ £

Salaries and wages 436,743 258,526

Social security costs 48,570 28,838

485,313 287,364

Total emoluments paid to staff were: 436,743 258,526

One employee earned between £60,001 and £70,000 during the year (2011:one). 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. The average weekly number of employees (full-time equivalent) during the year was as follows:

2012 2011

No. No.

Fund generation 1.5 1.1

Charitable activities 7.3 3.9

Support 2.3 1.2

Governance 0.2 0.2

11.3 6.4

8. Taxation

The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

9. Tangible fixed assets

Fixtures and

fittings Office

equipment Total

£ £ £

Cost

At the start of the year 1,378 8,742 10,120

Additions in year 2,935 14,834 17,769

At the end of the year 4,313 23,576 27,889

Depreciation

At the start of the year 646 2,805 3,451

Charge for the year 717 6,277 6,994


Net book value


At the start of the year 732 5,937 6,669


33

10. Debtors

2012 2011

£ £

Other debtors 23,071 23,052

Prepayments 17,694 16,197

Donations and sponsorships receivable 182,407 83,707

223,172 122,956

11. Creditors: amounts due within one year

12. Creditors: amounts due after more than one year

2012 2011

£ £

Grant commitments 345,232 -

345,232 -

13. Analysis of net assets between funds

Restricted

funds Unrestricted

funds Designated

funds

Total funds

£ £ £ £

Tangible fixed assets 451 16,993 - 17,444

Net current assets 812,292 131,057 81,669 1,025,018 Creditors due after more than one year (345,232) - - (345,232)

Net assets at the end of the year 467,511 148,050 81,669 697,230

2012 2011

£ £

Trade creditors 11,525 10,902

Grant commitments 565,094 232,200

Taxation and social security 15,439 9,858

Other creditors 39,982 32,812

Accruals 16,543 10,708

Deferred income 2,259 -

650,842 296,480


34

14. Outgoing resources including foreign exchange gains and losses

At the start of

the year Incoming

resources Outgoing

resources Transfers

At the end of

the year

£ £ £ £ £

Restricted funds Mentoring Programme 35,713 401,620 (286,716) - 150,617 Enterprise Development Programme* - 666,588 (667,313) - (725) Mobile Technology Programme† 980,603 266,341 (929,325) - 317,619 Fundraising 4,094 - (4,094) - -

Total restricted funds‡ 1,020,410 1,334,549 (1,887,448) - 467,511

Unrestricted funds

General funds 77,263 494,826 (374,039) (50,000) 148,050

Designated funds General Reserve Fund - - - 50,000 50,000 Mobile Technology Programme 13,917 - (5,903) - 8,014 Mentoring Programme 30,000 -

(6,345) - 23,655

Total unrestricted funds 121,180 494,826 (386,287) - 229,719

Total funds 1,141,590 1,829,375 (2,273,735) - 697,230

* The Oak Foundation has awarded the Cherie Blair Foundation for Women a grant, payable over two years, part of which was received in the 2011-12 financial year. However, the expenditure which corresponds to this income has been recognised in large part in this financial year in accordance with standard accounting practice. In the following financial year, the accounts will show the receipt of the remaining part of this grant, which totals £101,406. † The Vodafone Foundation in India has awarded the Cherie Blair Foundation for Women a grant,

payable in three instalments. Two instalments have been included in income in the 2011-12 financial year. However, the expenditure which corresponds with this grant has been accounted for in large part in the 2011-12 year. The remaining instalment, totalling £94,773 will be accounted for in future accounting periods. ‡ If the expenditure which corresponds to the above two awards had not been recognised in large part in

the current financial year, then the restricted funds at year end would be £766,642.


35

14. Outgoing resources including foreign exchange gains and losses (continued) 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 advice.


The Enterprise Development Programme develops women’s enterprise by providing tailored business support through strategic partnerships. Complemented by the mentoring and mobile technology initiatives, the programme facilitates access to networks, training and finance to foster women-led businesses. The Enterprise Development Programme is built from projects within our former Business Development Programme. In 2012, a programme manager was hired to further develop the strategy and launch the Enterprise Development Programme, which encompasses the business development work of the Foundation. A programme launch was planned to take place just after the end of the financial year as well as a workshop for beneficiaries in London, scheduled around the launch activities.

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. Middle East Entrepreneurs Project

In partnership with Tomorrow’s Youth Organization, we are supporting women entrepreneurs to develop sustainable businesses through product development support, access to new markets, networks, mentoring and business skills training. Self-Worth Foundation Fostering Women Entrepreneurs Project

We have joined forces with Economic Empowerment for Women and Koret Israel Economic Development Fund to support Jewish and Arab women entrepreneurs in developing and expanding their micro-enterprises through business incubation services, access to capital and a peer-to-peer network.

Sierra Leone Women Entrepreneurs Project

Together with the African Foundation for Development in Sierra Leone, we are establishing a national network for women entrepreneurs that will offer tailored business services, peer support, networking opportunities, and access to markets and capital to facilitate the growth of their businesses.

Mobile Technology Programme

Combining research, projects and advocacy, the Mobile Technology Programme aims to create sustainable economic opportunities for women entrepreneurs through the use of mobile phones and services.


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14. Outgoing resources including foreign exchange gains and losses (continued) Mobile Value Added Services Projects Taking forward the work of our Women and Mobile report, we have started a new project with support from ExxonMobil that will test tailored mobile value-added services for women entrepreneurs in Indonesia, Nigeria and Egypt. Through this project, we are identifying the challenges specifically faced by women entrepreneurs in our three chosen target markets and addressing them using mobile value-added services. The benefits of this two-year project will be enjoyed by thousands of women entrepreneurs. Mobile Retail Channels Study Through new research, we have developed insights on the inclusion of women entrepreneurs in the retail channels of mobile operators. This research is the first of its kind and spells out the commercial justifications for mobile operators to include more women in their retail channels. Thousands of potential business opportunities for women exist in this sphere, which this study highlights. Supply Chain Management Solutions Project The Foundation, alongside the Vodafone Foundation in India, is working in partnership with India’s Self Employed Women’s Association (SEWA) to develop a mobile-based Management Information System (MIS) for SEWA’s Rural Distribution Network (RUDI).

Fundraising Fundraising outgoing resources covered part of the cost of a full-time fundraiser, in line with restrictions on the donation given.

Purposes of designated funds General Reserve Fund

This has been established in line with the trustees’s objective of building up a general reserve as part of the Foundation’s risk management, financial management and budget process.

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.

15. Operating lease commitments

The charity had annual commitments at the year-end under operating leases expiring as follows:

Property

2012 2011

£ £

2 - 5 Years 35,392 -

35,392 -

Reference and administrative details for the year ended 31 October 2012

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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 (until 9 June 2012) Martin Kaye Jessica Learmond-Criqui Amy Christiansen Si-Ahmed

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

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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 and those who choose to remain anonymous.

Mr and Mrs Tony and Cherie Blair

SNR Denton

Enterprise Rent-A-Car

UK Jewish Agency

DHL Living Responsibly Fund

Hewlett Packard

Microsoft

Eversheds

Buffin Foundation

Ernst & Young

Cherie Blair pictured with business owner, Caren Dulo in Western Kenya, during a visit to our Nyanza Women’s

Economic Empowerment Project in partnership with Care International UK, photo by Kate Holt

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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 2013

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