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2024-03-31-accounts

REGISTERED COMPANY NUMBER: 02822778 (England and Wales) REGISTERED CHARITY NUMBER: 1022578

Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31 March 2024

for

The Somerset County Federation of Women's Institutes

Maxwells Chartered Accountants

4 King Square Bridgwater Somerset TA6 3YF

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
Detailed Statement of Financial Activities 15 to 16

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.

Page 1

The Somerset County Federation of Women's Institutes

for the Year Ended 31 March 2024

Report of the Trustees

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

02822778 (England and Wales)

Registered Charity number

1022578

Registered office

344 Bristol Road Bridgwater Somerset TA6 4BU

Trustees

Mrs A P Chadwick Mrs D M Cooper Mrs J L D Evans (appointed 3.4.23) Mrs J P Glossop Mrs T Hemms Mrs A D Makepeace (resigned 23.11.23) Ms S M Routley Mrs J Stewart (resigned 11.12.23) Mrs B Court (appointed 2.10.23) Mrs E L Porter

Independent Examiner

Maxwells Chartered Accountants 4 King Square Bridgwater Somerset TA6 3YF

Approved by order of the board of trustees on 13 January 2025 and signed on its behalf by:

Mrs D M Cooper - Trustee

Page 2

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

  2. 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

  3. 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

Page 3

The Somerset County Federation of Women's Institutes

Statement of Financial Activities for the Year Ended 31 March 2024

Unrestricted
funds
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
(2,618)
Charitable activities
County News
11,165
Council Meetings
4,842
Sub-Committees
48,555
Other resources expended
36,076
Other trading activities
2
4,201
Investment income
3
8,620
Total
110,841
EXPENDITURE ON
Raising funds
943
Charitable activities
County News
5,882
Council Meetings
4,777
Sub-Committees
35,015
Other resources expended
78,496
Total
125,113
Net gains/(losses) on investments
203
NET INCOME/(EXPENDITURE)
(14,069)
RECONCILIATION OF FUNDS
Total funds brought forward
472,981
TOTAL FUNDS CARRIED FORWARD
458,912		 Restricted
funds
£
38,859
-
-
-
-
-
-
38,859
37,932
-
-
-
3,362
41,294
-
(2,435)
25,791
23,356		 31.3.24
Total
funds
£
36,241
11,165
4,842
48,555
36,076
4,201
8,620
149,700
38,875
5,882
4,777
35,015
81,858
166,407
203
(16,504)
498,772
482,268		 31.3.23
Total
funds
£
38,206
4,519
5,073
48,493
6,542
4,016
7,688
114,537
4,854
13,969
12,170
69,573
27,376
127,942
(1,933)
(15,338)
514,110
498,772

The notes form part of these financial statements

Page 4

The Somerset County Federation of Women's Institutes

Balance Sheet

31 March 2024

Unrestricted
funds
Notes
£
FIXED ASSETS
Tangible assets
7
395,645
Social investments
8
27,173
422,818
CURRENT ASSETS
Debtors
9
10,205
Cash at bank and in hand
49,482
59,687
CREDITORS
Amounts falling due within one year
10
(23,593)
NET CURRENT ASSETS
36,094
TOTAL ASSETS LESS CURRENT
LIABILITIES
458,912
NET ASSETS
458,912
FUNDS
11
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Restricted
funds
£
-
-
-
-
32,638
32,638
(9,282)
23,356
23,356
23,356		 31.3.24
Total
funds
£
395,645
27,173
422,818
10,205
82,120
92,325
(32,875)
59,450
482,268
482,268
458,912
23,356
482,268		 31.3.23
Total
funds
£
404,976
26,969
431,945
5,745
87,982
93,727
(26,900)
66,827
498,772
498,772
472,981
25,791
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

The notes form part of these financial statements

continued...

Page 5

The Somerset County Federation of Women's Institutes

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 13 January 2025 and were signed on its behalf by:

Mrs D M Cooper - Trustee

The notes form part of these financial statements

Page 6

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 - 2% on cost Fixtures and fittings - 20% on reducing balance

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.

continued...

Page 7

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 4,201 4,016
3. INVESTMENT INCOME
Rents received 31.3.24
£
7,642		 31.3.23
£
7,058
Other Investment Income 978 630
8,620 7,688
4. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
Depreciation - owned assets 31.3.24
£
9,331		 31.3.23
£
9,544
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
Trustees' expenses 31.3.24
£
400		 31.3.23
£
484
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
INCOME AND ENDOWMENTS FROM Unrestricted
funds
£		 Restricted
funds
£		 Total
funds
£
Donations and legacies 32,713 5,493 38,206
Charitable activities
County News 4,519 - 4,519
Council Meetings 5,073 - 5,073
Sub-Committees 48,493 - 48,493
Other resources expended 6,542 - 6,542
Other trading activities 3,489 527 4,016
Investment income 7,683 5 7,688
Total 108,512 6,025 114,537
EXPENDITURE ON
Raising funds 4,854 - 4,854

continued...

Page 8

The Somerset County Federation of Women's Institutes

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued

Charitable activities
County News
Council Meetings
Sub-Committees
Other resources expended
Total
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
Transfers between funds
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
7.
TANGIBLE FIXED ASSETS
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		 Unrestricted
funds
£
13,969
12,170
69,573
23,181
123,747
(1,933)
(17,168)
14,726
(2,442)
475,423
472,981
Freehold
property
£
423,964
23,249
8,479
31,728
392,236
400,715		 Restricted
funds
£
-
-
-
4,195
4,195
-
1,830
(14,726)
(12,896)
38,687
25,791
Fixtures
and
fittings
£
27,303
23,042
852
23,894
3,409
4,261		 Total
funds
£
13,969
12,170
69,573
27,376
127,942
(1,933)
(15,338)
-
(15,338)
514,110
498,772
Totals
£
451,267
46,291
9,331
55,622
395,645
404,976

continued...

Page 9

The Somerset County Federation of Women's Institutes

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

8. SOCIAL INVESTMENTS

----- Start of picture text -----
||| |---|---| |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|

----- End of picture text -----

If Charibonds Charities shares had not been revalued they would have been included at the following historical cost:

----- Start of picture text -----
|||| |---|---|---| |31.3.24|31.3.23| |£|£| |Cost|28,500|28,500|

----- End of picture text -----

Charibonds Charities shares were valued on an open market basis on 31 March 2024 by M&G Investments.

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

----- Start of picture text -----
|||| |---|---|---| |31.3.24|31.3.23| |£|£| |Trade debtors|1,451|-| |Other debtors|1,216|-| |Prepayments and accrued income|7,538|5,745| |10,205|5,745|

----- End of picture text -----

continued...

Page 10

The Somerset County Federation of Women's Institutes

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Suspended WI deposits
Trade creditors
VAT
Other creditors
Accruals and deferred income
MOVEMENT IN FUNDS
Unrestricted funds
General fund
Pre Incorporation General
Restricted funds
Caring and Sharing Fund
NFWI AGM
Women's Institute Suspense Account
TOTAL FUNDS
Net movement in funds, included in the above are a
Unrestricted funds
General fund
Restricted funds
NFWI AGM
Women's Institute Suspense Account
TOTAL FUNDS		 s follows:
Incoming
resources
£
110,841
42,372
(3,513)
38,859
149,700		 At 1.4.23
£
326,488
146,493
472,981
1,231
14,106
10,454
25,791
498,772
Resources
expended
£
(125,113)
(41,294)
-
(41,294)
(166,407)		 31.3.24
31.3.23
£
£
6,941
-
8,417
2,489
153
-
11,964
22,251
5,400
2,160
32,875
26,900
Net
movement
At
in funds
31.3.24
£
£
(14,069)
312,419
-
146,493
(14,069)
458,912
-
1,231
1,078
15,184
(3,513)
6,941
(2,435)
23,356
(16,504)
482,268
Gains and
Movement
losses
in funds
£
£
203
(14,069)
-
1,078
-
(3,513)
-
(2,435)
203
(16,504)

11. MOVEMENT IN FUNDS

continued...

Page 11

The Somerset County Federation of Women's Institutes

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

11. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Net
movement
At 1.4.22
in funds
£
£
Unrestricted funds
General fund
328,930
(17,168)
Pre Incorporation General
146,493
-
475,423
(17,168)
Restricted funds
Somerset Room
580
-
Caring and Sharing Fund
1,231
-
Esme McLaurin Travel Fund
4,687
5
NFWI AGM
14,535
3,766
Property Fund
8,702
527
Taunton Embroidery
224
-
Women's Institute Suspense Account
8,728
(2,468)
38,687
1,830
TOTAL FUNDS
514,110
(15,338)
Comparative net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
108,512
(123,747)
Restricted funds
Esme McLaurin Travel Fund
5
-
NFWI AGM
3,766
-
Property Fund
527
-
Women's Institute Suspense Account
1,727
(4,195)
6,025
(4,195)
TOTAL FUNDS
114,537
(127,942)		 Transfers
between
At
funds
31.3.23
£
£
14,726
326,488
-
146,493
14,726
472,981
(580)
-
-
1,231
(4,692)
-
(4,195)
14,106
(9,229)
-
(224)
-
4,194
10,454
(14,726)
25,791
-
498,772
Gains and
Movement
losses
in funds
£
£
(1,933)
(17,168)
-
5
-
3,766
-
527
-
(2,468)
-
1,830
(1,933)
(15,338)

continued...

Page 12

The Somerset County Federation of Women's Institutes

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

11. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
Pre Incorporation General
Restricted funds
Somerset Room
Caring and Sharing Fund
Esme McLaurin Travel Fund
NFWI AGM
Property Fund
Taunton Embroidery
Women's Institute Suspense Account
TOTAL FUNDS		 At 1.4.22
£
328,930
146,493
475,423
580
1,231
4,687
14,535
8,702
224
8,728
38,687
514,110		 Net
movement
in funds
£
(31,237)
-
(31,237)
-
-
5
4,844
527
-
(5,981)
(605)
(31,842)		 Transfers
between
funds
£
14,726
-
14,726
(580)
-
(4,692)
(4,195)
(9,229)
(224)
4,194
(14,726)
-		 At
31.3.24
£
312,419
146,493
458,912
-
1,231
-
15,184
-
-
6,941
23,356
482,268

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Esme McLaurin Travel Fund
NFWI AGM
Property Fund
Women's Institute Suspense Account
TOTAL FUNDS		 Incoming
resources
£
219,353
5
46,138
527
(1,786)
44,884
264,237		 Resources
expended
£
(248,860)
-
(41,294)
-
(4,195)
(45,489)
(294,349)		 Gains and
Movement
losses
in funds
£
£
(1,730)
(31,237)
-
5
-
4,844
-
527
-
(5,981)
-
(605)
(1,730)
(31,842)

continued...

Page 13

The Somerset County Federation of Women's Institutes

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

12. 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.

Page 14

The Somerset County Federation of Women's Institutes

Detailed Statement of Financial Activities for the Year Ended 31 March 2024

Detailed Statement of Financial Activities
for the Year Ended 31 March 2024
31.3.24 31.3.23
£ £
INCOME AND ENDOWMENTS
Donations and legacies
Gifts 2 -
Donations 1,056 1,768
Disbanded WI associations 2,410 -
Subscriptions 32,623 36,438
Donated services and facilities 150 -
Other trading activities 36,241 38,206
Shop income 4,201 4,016
Investment income
Rents received 7,642 7,058
Other Investment Income 978 630
Charitable activities 8,620 7,688
Fundraising Events 77,234 64,627
Advertising 11,420 -
Trips/Visits 11,984 -
100,638 64,627
Total incoming resources 149,700 114,537
EXPENDITURE
Raising donations and legacies
Subscriptions 37,932 -
Other trading activities
Opening stock (1,092) -
Shop expenditure 2,035 3,762
Closing stock - 1,092
Charitable activities 943 4,854
Fundraising event costs 45,628 72,605
AGM Expenses 4,777 -
50,405 72,605
Support costs

This page does not form part of the statutory financial statements

Page 15

The Somerset County Federation of Women's Institutes

Detailed Statement of Financial Activities for the Year Ended 31 March 2024

Detailed Statement of Financial Activities
for the Year Ended 31 March 2024
31.3.24 31.3.23
£ £
Support costs
Management
Trustees' expenses 400 484
Wages 26,539 31,089
Pensions 621 -
Rates and water 648 -
Insurance 2,354 -
Light and heat 1,933 -
Telephone 1,569 -
Postage and stationery 3,432 -
Office equipment expenses 2,183 802
Sundries 7,786 9,121
Travel 1,628 -
Repairs and renewals 6,906 -
Depreciation of tangible and heritage assets 9,332 8,870
Interest payable 6 -
Vat partial exemption 985 -
Finance 66,322 50,366
Bank charges 1,721 117
Governance costs
Sundries 173 -
Accountancy and legal fees 7,913 -
Legal fees 415 -
Management Fee 583 -
9,084 -
Total resources expended 166,407 127,942
Net expenditure before gains and losses (16,707) (13,405)
Realised recognised gains and losses
Realised gains/(losses) on fixed asset investments 203 -
Realised gains/(losses) on investment property - (1,933)
Net expenditure (16,504) (15,338)

This page does not form part of the statutory financial statements

Page 16