REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements |
for the Year Ended 31 March 2024 |
for |
The Somerset County Federation of |
Women's Institutes |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements |
for the Year Ended 31 March 2024 |
for |
The Somerset County Federation of |
Women's Institutes |
The Somerset County Federation of |
Women's Institutes |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Chairman's Report | 1 |
Report of the Trustees | 2 |
Independent Examiner's Report | 3 |
Statement of Financial Activities | 4 |
Balance Sheet | 5 | to | 6 |
Notes to the Financial Statements | 7 | to | 14 |
The Somerset County Federation of |
Women's Institutes |
Chairman's Report |
for the Year Ended 31 March 2024 |
We have come to that time of year to share what the board of trustees and members have achieve. We have all worked hard to keep everything in the County running smoothly and in good order throughout 2023/2024. |
Our County Sub Group Teams are always busy organising some wonderful events, we have had a good mix of events, that have been enjoyed by members throughout the year. |
Members had a brilliant time the Ashbury/Manor Resort Activities holiday March. Another visit is planned for 2025. |
Federation Community Projects Team have once again worked tirelessly within the community. Items have been given to the Food bank, Care Homes, Special Schools and of course the YMCA with your very generous contributions, especially to the Shoebox Appeal that are always received, we sent the pictures and thank you notes from the recipients. |
15 October we held our Annual Meeting at The Pavilion Wessex Suite Bath and West Showground, our speakers for the day were Rosie Hather ARC Homeless Charity, Sally Mills Author and Environmentalists and Lesley Waters Celebrity Chef. Jo Stewart stood in at the last minute and gave a superb overview of all the Community Projects Team has done over the years, as Rosie Hather was unable to attend. Sally Mills and Lesley Waters shared with us their exploits throughout their careers, both were very well received by members. Thank you to everyone who made the day a success. |
We welcomed Brena Court onto the board of trustees October 2023 Brena has joined the FELT Team (Federation Events and Leisure Team) |
Thanks go once again to County News Editor Annie Makepeace for her work producing the monthly magazine |
Also behind the scenes is Lindsay Birch our Graphic Designer and Laura Balkwill County News Advertising Assistant and Gallery Co-ordinator, send Laura your photographs and if you or anyone you know have anything to advertise in County News, she is the one for you to contact. We have very competitive rates. |
Many thanks go to Casey and Judith for keeping the office running, helping members with all things WI and supporting the board of trustees |
. |
This years annual meeting was last time Casey Worrall organised the event, sadly we said farewell to her and Judith Laughton, Federation Assistant at the end of the year. |
I have continued with my visits to WI's and enjoyed meeting members, joining in their celebrations I thank them all for their kind invitations. |
The Somerset County Federation of |
Women's Institutes (Registered number: 02822778) |
Report of the Trustees |
for the Year Ended 31 March 2024 |
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of 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). |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
Trustees |
Independent Examiner |
Maxwells |
Chartered Accountants |
4 King Square |
Bridgwater |
Somerset |
TA6 3YF |
Approved by order of the board of trustees on |
Independent Examiner's Report to the Trustees of |
The Somerset County Federation of |
Women's Institutes |
Independent examiner's report to the trustees of The Somerset County Federation of Women's Institutes ('the Company') |
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024. |
Responsibilities and basis of report |
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). |
Having satisfied myself that the accounts of the Company 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 your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the 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: |
1. | accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or |
2. | the accounts do not accord with those records; or |
3. | the accounts 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 accounts 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 accounts to be reached. |
Gavin Roberts, ACA FCCA |
The Institute of Chartered Accountants in England and Wales |
Maxwells |
Chartered Accountants |
4 King Square |
Bridgwater |
Somerset |
TA6 3YF |
14 January 2025 |
The Somerset County Federation of |
Women's Institutes |
Statement of Financial Activities |
for the Year Ended 31 March 2024 |
31.3.24 | 31.3.23 |
Unrestricted | Restricted | Total | Total |
funds | funds | funds | funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies | ( |
) |
Charitable activities |
Other trading activities | 2 |
Investment income | 3 |
Total |
EXPENDITURE ON |
Raising funds |
Charitable activities |
Total |
Net gains/(losses) on investments | ( |
) |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 498,772 |
The Somerset County Federation of |
Women's Institutes (Registered number: 02822778) |
Balance Sheet |
31 March 2024 |
31.3.24 | 31.3.23 |
Unrestricted | Restricted | Total | Total |
funds | funds | funds | funds |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
Social investments | 9 |
CURRENT ASSETS |
Debtors | 10 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 11 | ( |
) | ( |
) | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 12 |
Unrestricted funds | 472,981 |
Restricted funds | 25,791 |
TOTAL FUNDS | 498,772 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006. |
The trustees acknowledge their responsibilities for |
(a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. |
The Somerset County Federation of |
Women's Institutes (Registered number: 02822778) |
Balance Sheet - continued |
31 March 2024 |
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
The financial statements were approved by the Board of Trustees and authorised for issue on |
The Somerset County Federation of |
Women's Institutes |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets. |
The financial statements have been prepared in accordance with applicable accounting standards and estimate techniques. |
Income |
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. |
Expenditure |
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Freehold property | - |
Fixtures and fittings | - |
Taxation |
The charity is exempt from corporation tax on its charitable activities. |
Fund accounting |
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. |
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
Pension costs and other post-retirement benefits |
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. |
The Somerset County Federation of |
Women's Institutes |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | OTHER TRADING ACTIVITIES |
31.3.24 | 31.3.23 |
£ | £ |
Shop income |
3. | INVESTMENT INCOME |
31.3.24 | 31.3.23 |
£ | £ |
Rents received |
Other Investment Income | 978 | 630 |
4. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
31.3.24 | 31.3.23 |
£ | £ |
Depreciation - owned assets |
5. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. |
Trustees' expenses |
31.3.24 | 31.3.23 |
£ | £ |
Trustees' expenses |
6. | STAFF COSTS |
The average monthly number of employees during the year was as follows: |
31.3.24 | 31.3.23 |
Management and administration |
The Somerset County Federation of |
Women's Institutes |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
7. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted | Restricted | Total |
funds | funds | funds |
£ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Charitable activities |
Other trading activities |
Investment income |
Total |
EXPENDITURE ON |
Raising funds |
Charitable activities |
23,181 | 4,195 |
Total |
Net gains/(losses) on investments | ( |
) | ( |
) |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
Transfers between funds | 14,726 | (14,726 | ) | - |
Net movement in funds | ( |
) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward | 475,423 | 38,687 |
TOTAL FUNDS CARRIED FORWARD | 472,981 | 25,791 | 498,772 |
The Somerset County Federation of |
Women's Institutes |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
8. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | and |
property | fittings | Totals |
£ | £ | £ |
COST |
At 1 April 2023 and 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
9. | SOCIAL INVESTMENTS |
Other |
investments |
£ |
MARKET VALUE |
At 1 April 2023 | 26,969 |
Revaluations | 204 |
At 31 March 2024 | 27,173 |
NET BOOK VALUE |
At 31 March 2024 | 27,173 |
At 31 March 2023 | 26,969 |
Cost or valuation at 31 March 2024 is represented by: |
Other |
investments |
£ |
Valuation in 2023 | 26,969 |
Valuation in 2024 | 204 |
27,173 |
If Charibonds Charities shares had not been revalued they would have been included at the following historical cost: |
31.3.24 | 31.3.23 |
£ | £ |
Cost | 28,500 | 28,500 |
Charibonds Charities shares were valued on an open market basis on 31 March 2024 by M&G Investments . |
The Somerset County Federation of |
Women's Institutes |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments and accrued income |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Suspended WI deposits |
Trade creditors |
VAT | 153 | - |
Other creditors |
Accruals and deferred income |
12. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 1.4.23 | in funds | 31.3.24 |
£ | £ | £ |
Unrestricted funds |
General fund | 326,488 | (14,069 | ) | 312,419 |
Pre Incorporation General | 146,493 | - | 146,493 |
(14,069 | ) |
Restricted funds |
Caring and Sharing Fund | 1,231 | - | 1,231 |
NFWI AGM | 14,106 | 1,078 | 15,184 |
Women's Institute Suspense Account | 10,454 | (3,513 | ) | 6,941 |
(2,435 | ) |
TOTAL FUNDS | (16,504 | ) | 482,268 |
The Somerset County Federation of |
Women's Institutes |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
12. | MOVEMENT IN FUNDS - continued |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Gains and | Movement |
resources | expended | losses | in funds |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 110,841 | (125,113 | ) | 203 | (14,069 | ) |
Restricted funds |
NFWI AGM | 42,372 | (41,294 | ) | - | 1,078 |
Women's Institute Suspense Account | (3,513 | ) | - | - | (3,513 | ) |
( |
) | (2,435 | ) |
TOTAL FUNDS | ( |
) | (16,504 | ) |
Comparatives for movement in funds |
Net | Transfers |
movement | between | At |
At 1.4.22 | in funds | funds | 31.3.23 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 328,930 | (17,168 | ) | 14,726 | 326,488 |
Pre Incorporation General | 146,493 | - | - | 146,493 |
475,423 | (17,168 | ) | 14,726 | 472,981 |
Restricted funds |
Somerset Room | 580 | - | (580 | ) | - |
Caring and Sharing Fund | 1,231 | - | - | 1,231 |
Esme McLaurin Travel Fund | 4,687 | 5 | (4,692 | ) | - |
NFWI AGM | 14,535 | 3,766 | (4,195 | ) | 14,106 |
Property Fund | 8,702 | 527 | (9,229 | ) | - |
Taunton Embroidery | 224 | - | (224 | ) | - |
Women's Institute Suspense Account | 8,728 | (2,468 | ) | 4,194 | 10,454 |
38,687 | 1,830 | (14,726 | ) | 25,791 |
TOTAL FUNDS | 514,110 | (15,338 | ) | - | 498,772 |
The Somerset County Federation of |
Women's Institutes |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
12. | MOVEMENT IN FUNDS - continued |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Gains and | Movement |
resources | expended | losses | in funds |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 108,512 | (123,747 | ) | (1,933 | ) | (17,168 | ) |
Restricted funds |
Esme McLaurin Travel Fund | 5 | - | - | 5 |
NFWI AGM | 3,766 | - | - | 3,766 |
Property Fund | 527 | - | - | 527 |
Women's Institute Suspense Account | 1,727 | (4,195 | ) | - | (2,468 | ) |
6,025 | (4,195 | ) | - | 1,830 |
TOTAL FUNDS | 114,537 | (127,942 | ) | (1,933 | ) | (15,338 | ) |
A current year 12 months and prior year 12 months combined position is as follows: |
Net | Transfers |
movement | between | At |
At 1.4.22 | in funds | funds | 31.3.24 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 328,930 | (31,237 | ) | 14,726 | 312,419 |
Pre Incorporation General | 146,493 | - | - | 146,493 |
475,423 | (31,237 | ) | 14,726 | 458,912 |
Restricted funds |
Somerset Room | 580 | - | (580 | ) | - |
Caring and Sharing Fund | 1,231 | - | - | 1,231 |
Esme McLaurin Travel Fund | 4,687 | 5 | (4,692 | ) | - |
NFWI AGM | 14,535 | 4,844 | (4,195 | ) | 15,184 |
Property Fund | 8,702 | 527 | (9,229 | ) | - |
Taunton Embroidery | 224 | - | (224 | ) | - |
Women's Institute Suspense Account | 8,728 | (5,981 | ) | 4,194 | 6,941 |
38,687 | (605 | ) | (14,726 | ) | 23,356 |
TOTAL FUNDS | 514,110 | (31,842 | ) | - | 482,268 |
The Somerset County Federation of |
Women's Institutes |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
12. | MOVEMENT IN FUNDS - continued |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
Incoming | Resources | Gains and | Movement |
resources | expended | losses | in funds |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 219,353 | (248,860 | ) | (1,730 | ) | (31,237 | ) |
Restricted funds |
Esme McLaurin Travel Fund | 5 | - | - | 5 |
NFWI AGM | 46,138 | (41,294 | ) | - | 4,844 |
Property Fund | 527 | - | - | 527 |
Women's Institute Suspense Account | (1,786 | ) | (4,195 | ) | - | (5,981 | ) |
44,884 | (45,489 | ) | - | (605 | ) |
TOTAL FUNDS | 264,237 | (294,349 | ) | (1,730 | ) | (31,842 | ) |
13. | RELATED PARTY DISCLOSURES |
Honorarium payments were given to Teresa Hemms for £150.00 and Donna Cooper for £250.00 agreed at trustee board meetings. |
Trustees are reimbursed for travel and other miscellaneous expenses totalling £910.88. |