2012 Annual Report - Cherie Blair Foundation for Women

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

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 crossorganisational
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 for the year ended 31 October 2012
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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Report of the trustees for the year ended 31 October 2012
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 indepth
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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Report of the trustees for the year ended 31 October 2012
Woman entrepreneur in Indonesia with Cherie Blair, photo by Ceri Howes, Cherie Blair Foundation for Women
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.
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Report of the trustees for the year ended 31 October 2012
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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Report of the trustees for the year ended 31 October 2012
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
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.
Women entrepreneurs at the BIAT centre in Lebanon
where they receive business coaching, photo by Priya
Patel, Cherie Blair Foundation for Women
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
“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
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.
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Report of the trustees for the year ended 31 October 2012
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 crosssector
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 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
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-toone
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.
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Report of the trustees for the year ended 31 October 2012
Fostering Young Israeli Women Entrepreneurs
“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
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 workexperience
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.
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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Report of the trustees for the year ended 31 October 2012
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
Michal in her pastry shop in Jerusalem, photo by KIEDF
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.
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Report of the trustees for the year ended 31 October 2012
As a result, over 980 women entrepreneurs
were mentored, well over the target of 400 set
in the project’s first year.
“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
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 muchneeded
jobs.
Initial results are positive. For example, Bala
set up her own company to train and recruit
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
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.
Women Mean Business Conference participant in
Mumbai, photo provided by the Cherie Blair
Foundation for Women
Our findings were widely distributed
internationally to organisations working on
mobile technology and/or women’s
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Report of the trustees for the year ended 31 October 2012
entrepreneurship in India, including the mobile
industry, governments, international nonprofits
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 highgrowth
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.
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.
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, owner of Jerusalem Stone Source
Company, attending a workshop,
photo provided by Business Women Forum
12

Report of the trustees for the year ended 31 October 2012
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
13

Report of the trustees for the year ended 31 October 2012
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.
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
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
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
14

Report of the trustees for the year ended 31 October 2012
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”.
Dr Shilpa Datar, based in India, speaking with
programme coordinator, Allison Kahn,
photo provided by the Cherie Blair Foundation
for Women
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.
“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
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.
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.
15

Report of the trustees for the year ended 31 October 2012
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.
“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
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.
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.
16
Entrepreneur using her mobile phone to
connect with suppliers and customers, photo
provided by Youth for Technology Foundation

Report of the trustees for the year ended 31 October 2012
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.
“I feel female agents are better and they
are more hardworking than males.
Female sales agents are quick,
cooperative, faithful and hardworking.”
- Distributor, Uganda
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.
Women in SEWA’s network exploring the new
mobile information system, photo by Anant
Nautiyal, Cherie Blair Foundation for Women
17

Report of the trustees for the year ended 31 October 2012
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
18

Report of the trustees for the year ended 31 October 2012
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.
19

Report of the trustees for the year ended 31 October 2012
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
20

Report of the trustees for the year ended 31 October 2012
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.
21

Report of the trustees for the year ended 31 October 2012
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
22

Independent auditors’ report for the year ended 31 October 2012
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.
23

Independent auditors’ report for the year ended 31 October 2012
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
24

Statement of financial activities for the year ended 31 October 2012
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.
25

Balance sheet as at 31 October 2012
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
26

Notes to the financial statements for the year ended 31 October 2012
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.
27

Notes to the financial statements for the year ended 31 October 2012
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
Office equipment
5 years
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
Restricted Unrestricted Total Total
£ £ £ £
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
28

Notes to the financial statements for the year ended 31 October 2012
3. Activities for Generating Funds
2012 2011
Restricted Unrestricted Total Total
£ £ £ £
Fundraising events - 45,750 45,750 -
Rental income - 9,199 9,199 -
Total - 54,949 54,949 -
4. Incoming resources from charitable activities
(a) Mobile Technology
Programme
2012 2011
Restricted Unrestricted Total Total
£ £ £ £
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
2012 2011
Restricted Unrestricted Total Total
£ £ £ £
(b) Mentoring Programme 401,620 - 401,620 210,878
2012 2011
Restricted Unrestricted Total 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
29

Notes to the financial statements for the year ended 31 October 2012
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.
30

Notes to the financial statements for the year ended 31 October 2012
5. Total resources expended (continued)
Grant details:
Mobile Technology programme
Partner
Total
grant
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
Enterprise Development Programme
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
31

Notes to the financial statements for the year ended 31 October 2012
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
At the end of the year 1,363 9,082 10,445
Net book value
At the end of the year 2,950 14,494 17,444
At the start of the year 732 5,937 6,669
32

Notes to the financial statements for the year ended 31 October 2012
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
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
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 Unrestricted Designated Total
funds
funds
funds 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
33

Notes to the financial statements for the year ended 31 October 2012
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.
34

Notes to the financial statements for the year ended 31 October 2012
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.
Enterprise Development Programme
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.
35

Notes to the financial statements for the year ended 31 October 2012
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 -
36

Reference and administrative details for the year ended 31 October 2012
Reference and administrative details
Company number 06198893
Charity number 1125751
Registered office and
operational address
66 Lincoln's Inn Fields
London
WC2A 3LH
Head office PO Box 60519
London
W2 7JU
Founder and Patron
Trustees
Cherie Blair
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
Auditors
Farrer & Co
66 Lincoln's Inn Fields
London
WC2A 3LH
Sayer Vincent
Chartered accountants and registered auditors
8 Angel Gate
City Road
London
EC1V 2SJ
Principal staff
Henriette Kolb, CEO
37

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
38

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
enquiries@cherieblairfoundation.org
www.cherieblairfoundation.org
© Cherie Blair Foundation for Women 2013
38