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2024-05-31-accounts

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 2024

THE WEST MIDLANDS COUNTY FEDERATION OF WOMEN'S INSTITUTES

LEGAL AND ADMINISTRATIVE INFORMATION

Companies Act directors Mrs C Marsh Charity number 1012552 Company number 02723008 Registered office 103 Middleton Hall Road Birmingham B30 1AG Independent examiner Mr R A Horton Jerroms Business Solutions Limited Lumaneri House Blythe Gate Blythe Valley Business Park Solihull B90 8AH Bankers Lloyds Bank plc 9-11 Poplar Road Solihull B91 3AN Board of Trustees Mrs C Marsh (Chair) Walmley Evening WI Mrs E Galloway (Treasurer) Kings Norton Afternoon WI Ms J Poyner (Vice chair) Bournville WI Mrs L Smith Bournville WI Mrs I Montgomery Hobs Moat WI Mrs D Statham Victory Belles WI Mrs C Woodland Victory Belles WI Mrs J A Martin Yardley WI Mrs F Northey Quinton WI

THE WEST MIDLANDS COUNTY FEDERATION OF WOMEN'S INSTITUTES

CONTENTS

Page
Trustees' report 1 - 4
Independent examiner's report 5
Statement of financial activities 6
Balance sheet 7
Notes to the financial statements 8 - 13

THE WEST MIDLANDS COUNTY FEDERATION OF WOMEN'S INSTITUTES

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MAY 2024

The trustees present their annual report and financial statements for the year ended 31 May 2024.

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 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

THE WEST MIDLANDS COUNTY FEDERATION OF WOMEN'S INSTITUTES

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MAY 2024

This year we have seen continued efforts to recover membership, income and activity after the losses incurred during Covid The federation financial year still runs from 01 June to 31 May. There has been a change in Federation Treasurer, Liz Galloway taking over from Iris Montgomery. Financially, the Federation's budget continues to be sound and our investment portfolio in ethical bonds is doing well. We're making strenuous efforts to extend our income from new membership and activities into the future.

Monthly income has been boosted by the sum of £805 per month interest on deposit accounts managed by St James'. In July, £500 was received from the Educational Trust for Acrylic Painting Course and a contribution of £2,000 towards the Annual meeting in September. A sum of £350 was received from NFWI as our return on the raffle.

From September onwards through to Christmas, nearly 200 payments of £5 per stake were received for the 200 Club, totalling £1,000. Some £450 was received from members the Christmas Carols in St. Martin's Church although this was largely offset by the increased cost of hiring St. Martin's and the organist at £300.

Federation activities such as the Quiz, croquet, darts, have all made small profits but in general, activities have reduced in number. Planned coach trips were sadly cancelled due to lack of interest together with the rising cost of coach hire making them unprofitable.

Significant items of expenditure have been auditors' fees (£2,400) and AGM costs of £6,615, including the hire of

Austin Court at £3,334.

Regular expenditure throughout the year has been by instalments of £87.77 monthly to NFU for insurance (£1,050 annually) and the sum of £77.31 (rising to £84.33) to Safestore for storage of equipment. Overheads associated with running the Federation including stationery, printing, trustee expenses are similar to last year.

£19,000 + £624 (pooling of fares) has been paid to NFWI over the year for 2023/24 subscriptions. All subscriptions for 2024/25 are due by 31 May and every effort has been made to achieve this target. It should be noted that subscriptions received later than the main payment still attract the 70 percent per head insurance charge.

WI Treasurers are being urged to carry out transactions by BACS transfer rather than cheque payments and this is gradually taking effect. Bank charges have amounted to £234 over the year, rather less than last year.

During the year to 31 May 2024 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.

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 WEST MIDLANDS COUNTY FEDERATION OF WOMEN'S INSTITUTES

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MAY 2024

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.

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 subcommittee consisting of such persons as the Executive Committee may determine. The Chair of each subcommittee 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.

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.

The Company Risk Register is reviewed annually and assessed by impact and likelihood in accordance with Charity Commission CC8 guidelines to ensure risk is minimised accordingly and actions taken to prevent risk.

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 WEST MIDLANDS COUNTY FEDERATION OF WOMEN'S INSTITUTES

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MAY 2024

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

Mrs C Marsh

Chair Dated: 3 July 2024

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

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 2024.

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:

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.

Richard Alan Horton

Chartered Certified Accountant

Jerroms Business Solutions Limited Lumaneri House Blythe Gate Blythe Valley Business Park Solihull B90 8AH

Dated: 3 July 2024

THE WEST MIDLANDS COUNTY FEDERATION OF WOMEN'S INSTITUTES

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MAY 2024

Unrestricted Unrestricted Unrestricted Unrestricted
funds funds
2024 2023
Notes £ £
Income from:
Donations and legacies 3 46 91
Other trading activities 4 32,557 38,166
Investments 5 256 116
Total income 32,859 38,373
Expenditure on:
Raising funds 6 12,113 21,132
Charitable activities 7 6,422 9,670
Total expenditure 18,535 30,802
Net gains/(losses) on investments 27,077 8,626
Net income and movement in funds 41,401 16,197
Reconciliation of funds:
Fund balances at 1 June 2023 323,553 307,356
Fund balances at 31 May 2024 364,954 323,553

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

THE WEST MIDLANDS COUNTY FEDERATION OF WOMEN'S INSTITUTES

BALANCE SHEET

AS AT 31 MAY 2024

2024 2023
Notes £ £ £ £
Fixed assets
Investments 12 263,936 247,324
Current assets
Stocks 1,103 1,200
Debtors 13 2,025 1,884
Cash at bank and in hand 131,604 104,472
134,732 107,556
Creditors: amounts falling due within 14
one year (33,714) (31,327)
Net current assets 101,018 76,229
Total assets less current liabilities 364,954 323,553
Net assets excluding pension liability 364,954 323,553
The funds of the charity
Unrestricted funds 364,954 323,553
364,954 323,553

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 2024.

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 in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the trustees on 3 July 2024

Mrs C Marsh

Chair

Company registration number 02723008 (England and Wales)

THE WEST MIDLANDS COUNTY FEDERATION OF WOMEN'S INSTITUTES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024

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 103 Middleton Hall Road, Birmingham, B30 1AG.

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 or grantors 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 2024

1 Accounting policies

(Continued)

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 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.

1.9 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.

1.10 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.

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.

THE WEST MIDLANDS COUNTY FEDERATION OF WOMEN'S INSTITUTES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2024

1 Accounting policies

(Continued)

1.11 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 Income from donations and legacies

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Donations and gifts 46 91

4 Income from other trading activities

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Membership subscriptions 17,515 16,927
Fundraising events 15,042 21,239
Other trading activities 32,557 38,166

5 Income from investments

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Interest receivable 256 116

THE WEST MIDLANDS COUNTY FEDERATION OF WOMEN'S INSTITUTES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MAY 2024

6 Expenditure on raising funds

Unrestricted Unrestricted Unrestricted Unrestricted
funds funds
2024 2023
£ £
Fundraising and publicity
Other fundraising costs 12,113 21,132
7 Expenditure on charitable activities
Accountanc Accountanc Accountanc Accountanc
y fees and
y fees and
trustee
trustee
expenses expenses
2024 2023
£ £
Direct costs
Depreciation and impairment - 1
Storage rental 766 3,770
Telephone, postage and stationery 1,512 1,297
Bank and other charges 352 1,023
Insurance (107) (51)
2,523 6,040
Share of support and governance costs (see note 8)
Governance 3,899 3,630
6,422 9,670
Analysis by fund
Unrestricted funds 6,422 9,670
8 Support costs allocated to activities
2024 2023
£ £
Governance costs 3,899 3,630
Analysed between:
Accountancy fees and trustee expenses 3,899 3,630
9 Net movement in funds 2024 2023
£ £
The net movement in funds is stated after charging/(crediting):
Depreciation of owned tangible fixed assets - 1

THE WEST MIDLANDS COUNTY FEDERATION OF WOMEN'S INSTITUTES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2024

10 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

11 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

12 Fixed asset investments

Listed
investments
£
Cost or valuation
At 1 June 2023 & 31 May 2024 247,324
Carrying amount
At 31 May 2024 247,324
At 31 May 2023 247,324
13 Debtors
2024 2023
Amounts falling due within one year: £ £
Prepayments and accrued income 2,025 1,884
14 Creditors: amounts falling due within one year
2024 2023
£ £
Other creditors 18,610 12,226
Accruals and deferred income 15,104 19,101
33,714 31,327

15 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 June Incoming Resources Gains and At 31 May
2023 resources expended losses 2024
£ £ £ £ £
General funds 323,553 32,859 (18,535) 27,077 364,954

THE WEST MIDLANDS COUNTY FEDERATION OF WOMEN'S INSTITUTES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2024

15 Unrestricted funds (Continued)
Previous year: At 1 June Incoming Resources Gains and At 31 May
2022 resources expended losses 2023
£ £ £ £ £
General funds 307,356 38,373 (30,802) 8,626 323,553

16 Related party transactions

There were no disclosable related party transactions during the year (2023 - none).