Company Registration No. 02723008 (England and Wales)
Charity Registration No. 1012552 (England and Wales)
THE WEST MIDLANDS COUNTY FEDERATION OF WOMEN'S INSTITUTES
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
THE WEST MIDLANDS COUNTY FEDERATION OF WOMEN'S INSTITUTES
LEGAL AND ADMINISTRATIVE INFORMATION
Companies Act directors
Mrs Lynn Smith
Mrs Iris Montgomery
Charity number
1012552
Company number
02723008
Registered office
38 Wensley Road
Yardley
Birmingham
B26 1LT
Independent examiner
Mr R A Horton
Jerroms Business Solutions Limited
Suite 1 The Gardens
Coleshill Manor Office Campus
Coleshill
B46 1DL
Bankers
Lloyds Bank plc
9-11 Poplar Road
Solihull
B91 3AN
Board of Trustees
Mrs L Smith (Chair)
Bournville WI
Mrs I C Montgomery (Hon Treasurer)
Hobs Moat and Yardley WIs
Mrs E Galloway (Vice chair)
Kings Norton Afternoon WI
Mrs C Marsh (Vice chair)
Walmley Evening WI
Mrs J Alfridi Martin
Yardley WI
Mrs J Poyner
Bournville WI
Mrs C Sears
Green Lane WI
Mrs K Slivinski
Yardley WI
Mrs D Statham
Victory Belles WI
Mrs A Turnbull
Hawne WI
Mrs C Woodland
Victory Belles WI
THE WEST MIDLANDS COUNTY FEDERATION OF WOMEN'S INSTITUTES
CONTENTS
Page
Trustees' report
1 - 3
Independent examiner's report
4
Statement of financial activities
5
Balance sheet
6
Notes to the financial statements
7 - 13
THE WEST MIDLANDS COUNTY FEDERATION OF WOMEN'S INSTITUTES
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MAY 2023
- 1 -

The trustees present their annual report and financial statements for the year ended 31 May 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's [governing document], the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

The Women's Institute organisation is based on the ideals of fellowship, truth, tolerance and justice.

 

The main purposes of the Women's Institute organisation are:

To advance the education of women and girls for the public benefit in all areas including local, national and international issues of political and social importance; music, drama and other cultural subjects and all branches of agriculture, crafts, home economics, science, health and social welfare;

 

To promote sustainable development for the public benefit by educating people in the preservation, conservation and protection of the environment and the prudent use of natural resources and promoting sustainable means of achieving economic growth and regeneration to advance health for the public benefit; and

 

To advance citizenship for the public benefit by the promotion of civic responsibility and volunteering.

 

The Women's Institute organisation seeks to give women the opportunity of working together through the Women's Institute organisation in their communities, of developing their capacity and skills, and of putting into practice those ideals for which the Women's Institute stands.

The charity's principal objectives continue to be:

To promote membership and implement recruitment initiatives in order to gain and retain members and promote a positive modern image of the organisation.

To offer a wide range of learning opportunities, encouraging personal development, promoting lifelong learning and ensuring that traditional skills are promoted.

To encourage WI members to adopt healthier, more sustainable lifestyles by further developing our work in home economics and by promoting and encouraging participation in sport and leisure activities, science and combined arts.

To increase influence of the WI on legislators, decision makers and the public at large with regard to local, national and international issues of political and social importance.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

The Federation held a number of events and outings during the year as detailed under Fundraising Activities.

Achievements and performance

This year has shown a renewed enthusiasm for attending meetings following a downturn during the Covid years and a re-vitalisation of the co-operative spirit which underpins this great organisation.

 

Annual Federation events such as Croquet, Darts, Skittles and the Quiz competitions have been resurrected and have been well supported, as have the Federation trips to Barmouth, Cardiff Christmas Market, The Nutcracker ballet and Stamford Market.

 

Our own Annual Meeting took place in October at the Hyatt Hotel where we bid an affectionate farewell to Judy Massam in tribute to her outstanding contribution to WI life in general and to our Federation in particular over nearly 50 years of service.

During the year to 31 May 2023 the value of investments rose further, and additional funds were invested. The investments are held in funds which accumulate income from the underlying investments, reflected in the price of the units, and the Federation draws a fixed monthly sum by sales of units.

THE WEST MIDLANDS COUNTY FEDERATION OF WOMEN'S INSTITUTES
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 2 -
Financial review

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six months’ expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

The company's investment principles aim to give a balance of income and growth over the long term, which the board expects to be achieved.

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

The Federation was established in 1976 and incorporated under the Companies Act on 15 June 1992 as a company limited by guarantee, governed by its Memorandum and Articles of Association. The limited company was registered with the Charities Commission on 2 July 1992.

The chair and honorary treasurer are directors for the purposes of the Companies Acts and this Trustees' Report includes the requirements of a Directors' Report under the Companies Act. They and other members of the Executive Committee are Trustees of the registered charity.

Mrs Iris Montgomery
Mrs L B Smith
Mrs L Galloway
Mrs C Marsh
Mrs D Haddock
(Resigned 7 July 2022)
Mrs J Massam
(Resigned 7 July 2022)
Mrs J Poyner
Mrs C Sears
Mrs Kim Slivinski
Mrs D Statham
Mrs C Woodland
Mrs J Afridi Martin
Mrs D Arkinstall
(Resigned 7 July 2022)
Mrs A Turnbull
(Appointed 16 May 2023 and resigned 3 July 2023)

The Board of Trustees consists of between eight and fifteen persons who must retire after every third annual general meeting. The elected Committee of Trustees may co-opt additional members up to one third of their own number.

No person may be elected or re-elected as a Committee Member at a general meeting unless she has been nominated by a Committee member. The honorary officers of the Federation, the Chair, Treasurer and Vice Chair are elected annually by the Trustees from among their own members.

The Federation must hold an Annual General Meeting once in each calendar year, not later than 15 months after the previous AGM, in addition to any other meetings held in that year. All other members' meetings are called Extraordinary General Meetings, which may be called at any time on a requisition signed by one tenth of the members.

 

The Board of Trustees may delegate any of its powers or the implementation of any of its resolutions to any sub-committee consisting of such persons as the Executive Committee may determine. The Chair of each sub-committee shall report the proceedings of each meeting of the sub-committee to the Board of Trustees. Any decision taken by the sub-committee which relates to the expenditure of funds shall not take effect until it is approved by the Board of Trustees.

THE WEST MIDLANDS COUNTY FEDERATION OF WOMEN'S INSTITUTES
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 3 -

Following election, members of the board receive training and induction from other members of the board.

This Federation is a member of the National Federation and is entitled to appoint Federation Representatives to the National Federation, and be bound by and comply with the constitution of the National Federation. This Federation may no carry out any policy which is in any way contrary to the policy of the National Federation and it must provide membership and other financial and statistical returns and reports of meetings to the National Federation whenever it is required to do so.

This Federation and the National Federation of Women's Institutes of England, Wales, Jersey, Guernsey and the Isle of Man are related parties.

Risk management

The Trustees have a duty to identify and review the risks to which the charity is exposed and to ensure that appropriate controls are in place to provide reasonable assurance against fraud and error. The principal risks that the charity faces include financial risks, reputational risks and investment risks.

Financial risks are controlled through sound governance and robust financial control procedures. Risks of a decline in major income sources including falling membership subscriptions due to a fall in membership numbers are managed through proactive promotion and recruitment strategies.

Reputational risks could arise through the inappropriate use of the WI brand. These are managed through Board scrutiny of activities and products.

Investment risks arise as a result of the charity's policies relating to ethical investment, which limit the funds in which investments can be placed. This risk is managed by the close working relations that exist between the trustees and their financial advisors.

Public benefit

The Trustees confirm that they have complied with the duty in Section 17(5) of the Charities Act 2011 to have due regard to the public benefit guidance published by the Commission in determining the activities undertaken by the charity.

Further information on the activities undertaken for the public benefit is given in the Objectives, Activities and Achievements section of this report.

The trustees' report was approved by the Board of Trustees.

Mrs L B Smith
Trustee
31 July 2023
THE WEST MIDLANDS COUNTY FEDERATION OF WOMEN'S INSTITUTES
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE WEST MIDLANDS COUNTY FEDERATION OF WOMEN'S INSTITUTES
- 4 -

I report to the trustees on my examination of the financial statements of The West Midlands County Federation of Women's Institutes (the charity) for the year ended 31 May 2023.

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1

accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or

2

the financial statements do not accord with those records; or

3

the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

4

the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Dated: 31 July 2023
THE WEST MIDLANDS COUNTY FEDERATION OF WOMEN'S INSTITUTES
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MAY 2023
- 5 -
Unrestricted
Unrestricted
funds
funds
2023
2022
Notes
£
£
Income from:
Donations and legacies
3
91
1,345
Other trading activities
4
38,166
33,979
Investments
5
116
4
Total income
38,373
35,328
Expenditure on:
Raising funds
6
21,132
15,795
Charitable activities
7
9,670
11,854
Total expenditure
30,802
27,649
Net gains/(losses) on investments
8,626
4,628
Net movement in funds
16,197
12,307
Fund balances at 1 June 2022
307,356
295,049
Fund balances at 31 May 2023
323,553
307,356

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
THE WEST MIDLANDS COUNTY FEDERATION OF WOMEN'S INSTITUTES
BALANCE SHEET
AS AT 31 MAY 2023
31 May 2023
- 6 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
11
-
1
Investments
12
247,324
222,553
247,324
222,554
Current assets
Stocks
1,200
1,706
Debtors
13
1,884
5,564
Cash at bank and in hand
104,472
104,334
107,556
111,604
Creditors: amounts falling due within one year
14
(31,327)
(26,802)
Net current assets
76,229
84,802
Total assets less current liabilities
323,553
307,356
Income funds
Unrestricted funds
323,553
307,356
323,553
307,356

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 May 2023.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 31 July 2023
Mrs Iris Montgomery
Trustee
Company registration number 02723008
THE WEST MIDLANDS COUNTY FEDERATION OF WOMEN'S INSTITUTES
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 7 -
1
Accounting policies
Charity information

The West Midlands County Federation of Women's Institutes is a private company limited by guarantee incorporated in England and Wales. The registered office is 38 Wensley Road, Yardley, Birmingham, B26 1LT.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.

 

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4
Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
1.5
Expenditure

Expenditure is accounted for on an accruals basis.

THE WEST MIDLANDS COUNTY FEDERATION OF WOMEN'S INSTITUTES
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 8 -
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
10% straight line
Computers
33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7
Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.8
Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.10
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

THE WEST MIDLANDS COUNTY FEDERATION OF WOMEN'S INSTITUTES
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 9 -
Basic financial liabilities

Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.12

Women's Institute branch suspensions

On the closure of a Women's Institute branch in the West Midlands area, any remaining funds in the accounts of that branch are paid to this company and are released to profit and loss over a three year period in order to match income with any related costs defrayed by this company on behalf of the closed branch.

2
Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Donations and legacies
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
Donations and gifts
91
845
Legacies receivable
-
500
91
1,345
THE WEST MIDLANDS COUNTY FEDERATION OF WOMEN'S INSTITUTES
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 10 -
4
Other trading activities
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£

Membership subscriptions

16,927
20,585
Fundraising events
21,239
13,394
Other trading activities
38,166
33,979
5
Investments
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
Interest receivable
116
4
6
Raising funds
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
Fundraising and publicity
Other fundraising costs
21,132
15,795
21,132
15,795
THE WEST MIDLANDS COUNTY FEDERATION OF WOMEN'S INSTITUTES
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 11 -
7
Charitable activities
2023
2022
£
£
Depreciation and impairment
1
4

Storage rental

3,770
3,053

Telephone, postage and stationery

1,297
1,690

Bank and other charges

1,023
1,008

Insurance

(51)
371

Support grants to branches

-
2,555
6,040
8,681
Share of governance costs (see note 8)
3,630
3,173
9,670
11,854
8
Support costs
Support costs
Governance costs
2023
2022
£
£
£
£

Accountancy services

-
2,100
2,100
2,220

Trustees' expenses

-
1,530
1,530
953
-
3,630
3,630
3,173
Analysed between
Charitable activities
-
3,630
3,630
3,173
9
Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
10
Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

THE WEST MIDLANDS COUNTY FEDERATION OF WOMEN'S INSTITUTES
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 12 -
11
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 June 2022
18,309
2,718
21,027
At 31 May 2023
18,309
2,718
21,027
Depreciation and impairment
At 1 June 2022
18,308
2,718
21,026
Depreciation charged in the year
1
-
1
At 31 May 2023
18,309
2,718
21,027
Carrying amount
At 31 May 2022
1
-
1
12
Fixed asset investments
Listed investments
£
Cost or valuation
At 1 June 2022
222,553
Additions
25,000
Valuation changes
8,626
Investment drawdown
(8,855)
At 31 May 2023
247,324
Carrying amount
At 31 May 2023
247,324
At 31 May 2022
222,553
13
Debtors
2023
2022
Amounts falling due within one year:
£
£
Prepayments and accrued income
1,884
5,564
THE WEST MIDLANDS COUNTY FEDERATION OF WOMEN'S INSTITUTES
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 13 -
14
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
12,226
8,471
Accruals and deferred income
19,101
18,331
31,327
26,802
15
Related party transactions

There were no disclosable related party transactions during the year (2022 - none).

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