Company registration number.. 03190540 Charity iegislralion number.. 1056051 Herefordshire Federation of Women's Institutes (A company limited by guarantee} Annual Report and Financial Statements for the Year End8d 31 Decemb8r 2024 Independent Accountancy Limited Coldmoor Farm Pulley Ledbury Herefordshire HR82RD
Herefordshire Federation of Women's Institutes Contents Reference and Administrative Details Trustees, Report 2to3 Independent Examiner's Report statement of Financial Activities 5106 Balance Sheet 7t08 Notes lo th8 Financial Statements 91015
Herefordshire Federation of Women's Institutes Reference and Administrative Detalls Charity Rogistration Numbèr 1056051 Company Rg9i8tration Numbor 03190540 Registered Office Wl House go Sl Owens Street Hereford HR12QD Independent Accountancy Limited Coldmoor Farm Pulley Ledbury Herefordshir8 HR8 2RD Indop•ndgnt Examinor P8ge 1
Herefordshire Federation of Women's Institutes Trustees. Report The Irustees. who are directors for the purposes of company law, present the annual report logelhei with the financial slalements of the charitable company for the year ended 31 December 2024. Objectives and activities Fundraising disclosures During the year the main fundraiser was the stand at The Royal Three Counties Show, seNing food and beverages. Public beneflt The principle activity Is the furtherance of the Women's Inslilule movement in Herefordshire. During the year there were 44 Women's Inslilules, with 1053 members. The Iruslees ¢onfirm that they have complied with the requirements ol section17 of th8 Charities Act 2011 to have due regard lo the public benefit guidance published by the Charity Commission for England and Wales. TNstee$ and offlcars The Iruslees and olli¢er$ serving during the year and since the year end were as follows.. Trustee8'. J We¢xlhou$e S Walker M Simcock M Voo9d V Madgen G Voogd FSnanclal Instruments Objectives and pollcles The charity's activities expose il lo a number of financial risks including credit risk, ¢ash flow risk and liquidity risk. The use of financial derivatives is govemed by the charity's policies approved by Ihe board of Iruslees, which provide wrillen principles on the use of finarntial derivatives lo manage these risks. The charity does not use derivative financial instruments for speculative purposes. Liquldity risk In order lo maintain liquidty to ensure that sufficient funds are available for ongoing operations and future developments, Ihe charity uses a mixture of long-lerm and shorl-lerm debt finance. Further details regarding liquidity risk can be found in the Statement of accounting policies in the financial statements. Page2
Herefordshire Federation of Women's Institutes Trustees, Report Statement of tru8tee8' re8ponslbllltle8 The trustees {who are also the directors of Herefordshire Federation of Women's Institutes for the purposes of company law) are responsible for preparing the IfUStees' report and the financial statements in accordance wilh applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted AccoLtnting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees musl not approve the financial statements unless they are satisfied that they giv8 2 true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to.. select suitable accounting policiès and apply them consis18ntly', observe the methods and principles in the Charities SORP., makejudgemenls and eslimales that are reasonable and prudenl., state whelher applicable accounting standards, comprising FRS 102 have been followed, subject lo any material departures disclosed and explained in the financial slatemenls., and prepar8 the financial statements on the going concern basis unless il is inappropriate to presume Ihal th8 charitable company will continue in business. The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy al any lime the financial position of the charitable company and enable them to ensure that the financial slalemenls comply with the Companies Act 2006 They are also responsible for saf8guarding the assets of the charitable company and hence for taklng reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the corporat8 and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financlal statements may differ from legislation in other jurisdictions. Small companle8 prov181on 8tatemènt This report has been prepared in accordance with the small companies regime under the Companies Act 2006. The annual report was approved by the Iruslees of the charity on behalf by. and signed on its oodhouse Trustee Margaret Simcock Trustee Page 3
Herefordshire Federation of Women's Institutes Independent Examinerfs Report to the trustees of Herefordshire 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 December 2024. ResponslbilltS05 and basls of report As the charity's Iruslees of the Company land 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 Acl 2006 ('the 2006 Act.). Having satisfied myself that the accounts oflhe Company are not required to b@ 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 ('Ihe 2011 Act.). In carrying oul my examination I have followed the Directions given by the Charity Commission und8r section 145(5}{b) of the 2011 Act. Independent examlner'8 ststemont I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving m8 cause to believe.. 1. accounting records were not kept in respect of Herefordshire Federallon of Wom8n's Institutes as required by section 386 ofthe 2006 Act. or 2. the accounts do not accord with those records., or 3. the accounts do not comply with the accounting requirements of sectlon 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 independant examination,. or 4. the accounts have not b88n prepared in accordance with the methods and principles of Ihe Statement of Recommended Practice for accounting and reporting by charities lapplicable to charities preparing Iheir accounts in accordance wtth the Financial Reporting Standard applicable in the UK and Republic of Ir81and IFRS 102)]. I have no concerns and have come across no oth8r matters in connection with the examination to which altention should be drawn in this report in order to enable a proper understanding of th8 accounts to be reached. Kirsten Exton FCCA CPAA Cddmcor Farm Putley Ledbury Herefordshire HR8 2RD Dale.. P8ge 4
Herefordshire Federation of Women's Institutes Statement of Financial Activities for the Year Ended 31 December 2024 (Including Income and Expenditure Account and Statement ofTotsl Recognised Gains and Losses) Unrestricted funds Restricted funds Total 2024 Note Income and Endowments from: Donations and legacies Charitable activilies Other trading activities Other in¢ome 51,773 1,009 3,052 51,773 1,009 3,052 Tolal Income 56,044 56,044 Expendlture on: Raising funds Charitabl8 activllles (1,7481 {1,748) 67,388 Totsl expendllure N818xp8ndStur8 Net movement In funds 69,136 13,244 13,244 (13,2441 Reconclllatlon of funds Total funds brought forwaTd Total funds carried foard 115,234 8,486 8,486 Restricted funds 123,720 110,476 Total 2023 13 101,990 Unrestrlctod funds Note Income and Endowments from: Donations and legacies Charltable actlvllles Othèr tradlng activities Olherincome 110 52,680 2,294 1,024 110 52,680 2,294 1,024 Total Incom8 56,108 56,1082 Expendlture on.. Raising funds Charitable activities {2,8071 (2,8071 65,141 Total expenditure 3,150. (3,150). (8.794} (3, 150) 67,948 Net 8xpenditure Net movement in funds 111.840) Reconclllatlon of funds Total funds brought forward 123,988 11,636 135,624 The notes on pages 9 to 15 form an integral part of these financial slalements. Page 5
Herefordshire Federation of Women's Institutes ststement of Financial Activities for the Year Ended 31 December 2024 (Including Income and Expenditure Account and Statement of Totsl Recognised Gains and Losses Unrestrlcted funds Restricted funds Total 2023 Note Total fiJnds carried forward 13 115234 123720 All of the charily's activities derive from continuing operations during the above hvo periods. The funds breakdown for2022 is shown in note13 . Th8 notes on pages91015 form an integra1 part ofthese financial statements. Page6
Herefordshire Federation of Women's Institutes (Registration number.. 03190540) Balance Sheet as at 31 December 2024 2024 2023 Note Flxed assets Tangible assets Current assets Stocks Debtors Cash at bank and in hand 85,728 86,222 10 253 253 150 42,182 42,585 29,133 29,386 Credltors: Amounts fallSng due wlthln one year Net current assets 24,748 110476 Net assets 123720 Funds of the charlty: Restrlcted Income funds Reslricled funds 8,486 8,486 Unre8trlct•d Income funds Unrestricted funds 101990 Total funds 13 110,476 123,720 For the financial year ending 31 December 2024 the charity was enlilled to exemption from audil under section 477 of the Companies Acl 2006 relating to small companies. Directors, responsibilities.. The members have not required Ihe charity to Obtain an audit of its accounts for the year In question in accordancewith section 476; and The directors acknowledge their respjnsibililies for complying with the requirements of th& Act with r8spect lo accounting records and the preparation of accounts. The notes on pages 9 to 15 form an integral part of these financial sla18ments, Page 7
Herefordshire Federation of Women's Institutes (Registration number: 03190540) Balance Sheet as at 31 December 2024 The nan ial statements on pages 5 to 15 were approved by the ttees, and authorised for issue on z.cand signed on their behalf by.. (x)dhouse Trustee Margaret Simcc£l< Truste8 The notes on pages9 to15 form an integral part ofthese financial slatements. Page8
Herefordshire Federation of Women's Institutes Notes to the Financial Statements for the Year Ended 31 December 2024 1 Charity status The charity is limited by guarantee, incorporated in England & Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation. The address of its registered office is.. Wl House 90 Sl Owens Street Hereford HR1 2QD 2 Accountlng pollcl88 Summary of significant accountlng pollclès and key accounting e8tlmat8s The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consislenlly applied to all the years presented, unless otheNise slated. Statement of compllanco The financial slalements have been prepared in accordance with 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 Republi¢ of Ireland {FRS 10211 (issued in O¢lober 2019} - (Charities SORP {FRS 102)), the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland (FRS 102) and the Cornpanies A¢t 2006. Basis of preparation Herefordshire Federation of Women's Institutes meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless othemise staled in the relevant accounting policy notes. Golng concern The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainly that affect the carrying value of assets held by the charity. Income and endowment8 All income is recognised once the charity has entitlement to the income, il is probable that the income will be received and the amount of the income receivable can be measured reliably. Poge 9
Herefordshire Federation of Women's Institutes Notes lo the Financial Statements for the Year Ended 31 December 2024 Donations and legacies Donations are recognised when the charity has been notified in writing of both the amount and settlement dale. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is enlilled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilmenl of those conditions is wholly within the control of the charity and il is probablè that these conditions will be fulfilled in the reporting period. Expenditure All expenditure iy recognised once there is a legal or constructive obligation lo that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs lo that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of lirne spent, and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs. Ralslng funds These are Costs incurred in attracting voluntary income, the management of investments and those incurred in trading a¢livilies that raise funds. Charitable actlvltles Charitable expenditure ComprSe$ Ih05e costs incurred by the charity in the delivery of its activities and services for its benefi¢iaries. 11 includes both costs that ¢an be allo¢aled directly to such activities and those costs of an indirect nature necessary lo support them. Support costs Support costs include central functions and have been allocated lo aclivity cost categories on a basis Consistent with the use of resources, for example, 8llo¢ating property costs by floor areas, or per capila, staff costs by Ihe time spent and other costs by their usage. Govèrnance costs These include the costs attributable to the charity's compliance with conslilutional and slalulory requirements, including audit, strategic management and trustees rneelings and reimbursed expenses. Taxatlon The charity is considered to pass the lests set out in Paragraph 1 Schedule 6 of th6 Finance A¢t 2010 and therefore it meets the definition of a charitable company for UK corporation lax purposes. Accordingly. the charity is potentially exempt from laxalion in respect of income or ¢apilal gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992. to the extent that su¢h income or gains are applied ex¢lusively to charitable purposes. Tangible fixed assets Individual fixed assets costing £0.00 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Poge 10
Herefordshire Federation of Women's Institutes Notes to the Financial Statements for the Year Ended 31 December 2024 Depreciation and amortlsation Depreciation is provided on tangible fixed assets so as to write off the cosl or valuation. less any estimated residual value, over their expected useful economic life as follows.. Asset class Fixtures & Fittings DepreGiation method and rate 150A reducing Balance Investment propgrtieg Wl House was valued during 2017, with a vacant possession value of £190,000. 11 has not been valued since that date, nor revalued within the accounts. stock Stock is valued al the lower of cost and eslimaled selling price less costs to complete and sell, after due regard for obsolete and slow moving stocks. Cost is determined using the first-in, first- out IFIFO}. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-lerm highly liquid inv8slmenls that are readily convertible to a known amount of ¢ash and are subject lo an insignificant risk of change in value. Trade creditors Trade creditors are obligations to pay for goods or servlces that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, al the end of the reporting period, lo defer settlement of the creditor for al least twelve months after the reporting date. If there is an unconditional right to defer selllement for at least twelve months after the reporting dale, they are presented as non-current liabilities. Trade creditors are recognised initially al the transaction price and subsequently measured at amortised cost using the effective interest method. Fund structure Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity. Reslri¢ted in¢ome funds are those donated for use in a particular area or for specific purposes, the use of which is reslricled to that area or purpose. Flnanclal instrumonls Classification Financial assets and financial liabilities are re¢ognised when the charity becomes a party lo the contractual provisions of the instrument. Financial liabilities and equity instruments are classified aGGording to the substance of the contractual arrangements entered into. An equity inslrumenl is any contract that evidences a residual interest in the assets of the charity after deducting all of ils liabilities, Pogell
Herefordshire Federation of Women's Institutes Notes to the Financial Statements for the Year Ended 31 December 2024 Recognition and measurement All financial assets and liabilities are initially measured at transaction price {in¢luding transaction coslsl, except for those financial assets classified as al fair value through profit or loss, which are initially measured at fair value {which is normally the transaction price excluding transaction costs). unless the arrangement ¢onslilules a financing Iransaclion.11 an arrangement constitutes financing transaction, the financial asset or financial liability is measured al the present value of thè future paymènts discounted at a market rale of interest for a similar debt instrument. Financial assets and liabilities are only offset in the slalement of financial position when, and only when there exists a legally enforceable right to sel off the recognised amounts and the charity intends either lo sellle on a net basis, or to realise the asset and sellle the liability simultaneously. Financial assets are derecognised when and only when al the conlraclual rights to the cash flows from the financial asset expire or are settled, b} the charity transfers lo another party substantially all of the risks and rewards of ownership of the financial asset, or ¢1 the charity, despite having retained some, but not all, significant risks and rewards of ownèrship, has Ifansferred control of the asset to another party. Financial liabilities are derecognised only when the obligation sperified in the contract is discharged, cancelled or expires. Falrvaluo measurement The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a re¢ent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic ¢ir¢umstances or a significant lapse of lime since the transaction took place. If the market is not active and re¢enl transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique. 3 Income from donations and legacies Unrestricted fund8 G8n8ral Total funds Donations and legacies. Donations from Gompanles, trusts and slmilar proceeds Total for 2024 58 58 58 58 Total for 2023 110 110 4 Income from charitable activities Page 12
Herefordshire Federation of Women's Institutes Notes to the Financial Statements for the Year Ended 31 December 2024 Unrestricted funds General Total funds Affiliation fees & branch charges Wl Events National Federation dues 13,903 22,910 13,913 22,910 14.960 Total for2024 51,773 51,773 Total for 2023 52,616 52,616 5 Incom6 from other tradlng actlvltles Unrestrlcted funds General Total fund8 Tradlng Incoma., Sales of goods and services Total for 2024 1,009 1,009 1,009 1,009 Total for 2023 2,069 6 ExpendSture on charltable actlvltlo8 Unrestrlcted funds General Restrlcted funds Total funds Nota National Federation dues Allocated support costs Governance costs 14,960 50,035 2,393 14,960 50,035 2,393 Total 2024 67,388 67,388 Total 2023 61,991 65,141 Pago 13
Herefordshire Federation of Women's Institutes Notes to the Financial Statements for the Year Ended 31 December 2024 Total expenditurn 7 Trustees remuneratlon and expenses During the year the charity made the following transactions with Iruslees.. £1,413 {2023'. £2,057) of expenses were reimbursed to during the year. No trustees, nor any persons connected with them, have reIVed any remuneration from Ihe charity during the year. No trustees have received any other benefits from the charity during the year. 8 Taxatlon The charity Ss a gIStered charity and is therefore exempt from taxation. 9 Tanglbla flxed assets Land and bulldlng8 Furnlture and equlpment Total Cost At 1 January 2024 At 31 December 2024 112987 Depreciatlon At1 January 2024 Charge for the year At 31 December 2024 8,789 17.976 494 26,765 8,789 18,470 27,259 Net book value At 31 December 2024 At 31 Dember 2023 82,929 86,222 Iostock 2023 2022 Stocks 253 253 Page 14
Herefordshire Federation of Women's Institutes Notes to the Financial Statements for the Year Ended 31 December 2024 11 Debto 2023 2022 Prepayments 150 12 Credltors: amounts falling due within one year 2023 2022 Trade creditors Other taxation and social security Oth8r creditors Accruals 92 654 2.912 980 96 926 2,605 1,460 4,638 5,087 13 Fund8 Balance at 31 December 2024 Balance at 1 January 2024 Incoming resources Resources expended Unr08tilcted funds General 115,234 55,892 {69,136) 101,990 Restrlcted funds 8.486 Total fund8 123720 110476 Balance at 31 December 2023 Balance at 1 January 2023 Incomlng resources Resources expended Unrestricted funds General 123.988 56.064 {67,948 115.234 Restricted funds Total funds 149,782 56,038 70,1961 123,720 Page 15
Herefordshire Federation of Women's Institutes Statement of Financial Activities by fund for the Year Ended 31 December 2024 Unrestrlcted Funds Total Total Unrestricted Unrestricted Funds Funds 2024 2023 Incom6 and Endowments from: Donations and18gacies Charitable acliviti8S Other trading activities Other incom8 58 51,773 1,009 3.052 110 52.680 2,294 1,024 Total incom8 55.892 56.108 Expendltur6 on: Raising funds Charitable activllles (1.748) 67,388 {2,8071 61,991 Total expenditure Net expenditure 69,136 64,798 13.244) 8,690 N81 movement In funds 113,244> (8,690) Reconclllatlon of funds Totsl funds brought fornard Total funds carried fornard 115,234 123,988 101,990 115,235 This page does not form part of the slalutory financial statements. Pag8 16
Herefordshire Federation of Women's Institutes Statement of Financial Activities by fund for the Year Ended 31 December 2024 Restricted Funds Total Total Restricted Restrlcted Funds Funds 2023 2024 Income and Endowments from: Expendlturo on: Charitable activities 3,150 Total expenditure Nel exp8nditure Reconcillation of funds 3,150 (3,150) Total funds brought forward Total fvnds carried fcxward 11,636 8,486 8,486 This page does not form part of the statutory finala1 statements. Page 17
Herefordshire Federation of Women's Institutes Detsiled Ststement of Financial Activities for the Year Ended 31 December 2024 Total 2024 Total 2023 Income and Endowments from: Donations and legacies lanalysed below) Charitable activities (analysed below) Other trading aclivi118s {analysed below) Other incom6 lanalysed below) Total income 110 52,680 2,294 51,773 1,009 3,052 55,892 56,108 Expenditure on: Raising funds {analysed below} Charitable activities {analysed below) Total expenditure Nel expenditure Nel movement in funds (1,748) 67,388 (2,8071 65,141 69,136 67,948 11,840 (13.244) (11,8401 Reconclllatlon of funds Total funds brought forward Total funds canied foNard 123 720 135624 110476 123,720 This page do@s not form part of Ihe statutory financial slalemenls. Page 18
Herefordshire Federation of Women's Institutes Detsiled Statement of Financial Activities for the Year Ended 31 December 2024 Total 2024 Total 2023 Donatsons and legacles Appeals and donations 58 110 110 Charltable actlvltles Subscriptions National F8deration dues Fundraislng and events 13,903 14,960 22,910 12,740 15,119 51,773 52,680 Other tradlng actlvltles Salas of purchased goods 1,009 2.294 1,009 2,294 Other Income Olh9r income 3,052 3,052 1,024 Ralslng funds Purchas8s- publl¢atlons 1,748 1,748 2,807 2,807 Charltable actlvltles Other fundraislng costs Nalonal Federation du8S Wages and salaries Rates Light, h8atand power Insurance Evenl exp8nses R8palrs and maintenance Repairs and renewals Telaphone and fax Office expenses Computer softwar8 and mainlen8nce cosls Printing, poslage and slationery Trade subscriptions Charitable donations Sundry expenses Cleaning Advertising & promotion This page does not form part of the statutory financial statomenls. Page 19 114,960) 121,811) 12111 (3,846) <2,048) 115,6831 {13,093) {21,320) 1172) (1,240) 11,715) 115,1271 1790) 11,288) (451) 1809) 1801) (1,3201 (1,850) (89) 11.380) {2,182) 1891 1361 1153} (67) 1143}
Herefordshire Federation of Women's Institutes Detailed Ststement of Financial Activities for the Year Ended 31 December 2024 Total 2024 Tolal 2023 Bank charges DepatIon of fixtures and fittings Accountancy fees Trustees expenses {1131 (4941 (980) 1,413 {153) (581) (1,003) 2,057 This pag@ does not form part of the statutory financial stalemenls. Page 20