WARWICK5HIRE FEDERATION OF WOMEN'S INSTITUTES CHARtfABLE INCORPORATED ORGANISATION ANNUAL REPORTS AND ACCOUMf5 31 MARCH 2023
Trustees Susan Postlethwarte Angela Struthers Veronica Chapman Anita Dudley Julia Baker Christine Dyer Ruth McC3rtney Glynis Forkn311 Sue Gill Anne Bloxham Claire WhitehÈad-Wall Chair Treasurer Vice Chair Wice Chair Charity number 1185351 Address Federation House I Corunna Court Corunna Road Warwick CV34 5HQ Independent Examiners Azets Audit Service 3Mc Middlemarch Business Park Siskin Drive COVENTRY Warwickshire CV3 4FJ Bankers The C(koperative Bank PO Box 250 Delf House Skelmersdale WN8 6V
WARWICKSHIRE FEDERATION OF WOMEN'S INsrrriJrES C.I.O. CONTENTS Page Trustees report Independent examiner's report Statement of financial activlties &7 Schedule to the statement of financial attivities Balance sheet Notes to the financial statements 10-16
WARWICKSHIRE FEDERATION OF WOMEN'S INSTrrLifES CI.0. Trustees Report The Trustees pre*nt their report and accounts for the year ended 31 March 2023. Structure. Governmerrt and Management The Federation is constituted and governed under the Constitution and Rules for County Federations as laid down by the National Federation. The principal activity of the Charity is to further the purpose of the Women's Institute movement in Warwickshire and elsewhere. The Warwick5hire Federation of Women's Institutes exists for the benefit of 88 Wls within Warwickshire and is a member of the National Federation of Women's Institutes. It offers to these Wls a mixture of events fulfilling the Values and Objects wtthin the Constitution to educate women. Method of Recruiting and Appointing Trustees The management of the charity is the responsibility of the Board of Trustees who are elected biennially and ccFopted under the terms of the Trust Deed. Any member of a Wl belonging to the Federation is eligible to stand for elertion to the Board. Publlc Benefit The trustees are satisfied that the charitrfs objects meet the public benefft purposes for the advancement of community development. The trustees confirm that they have taken into account the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charivs aims and objectives and in planning future activities. Risk Management The Board of Trustees recognise their responsibility to address the potential risks which Warwickshire Federation may encounter. An annual review and Risk Assessment is carried out by the Federation Officers and agreed by the Board of Trustees. The major risks, in particular those relatingto the operations and finances of the Trust. have been identified and the Trustees are satisfied with the overall level of risk and that systems are in place to manage or pre-empt those risks. The Federation also ensures that a Risk Assessment Is undertaken for individual events and regularly reviews possible risks. Page I
Achievements and Performance The Warwickshire Federation of Women'5 Institutes achieved CIO status in September 2019. Thi5 was in line with the organisation's Strate8ic Plan. The Board of Trustees have contlnued to plan and run the finances of the organisation in line with our Charitable Objettives to ensure a sound financial footin8 both now and for the future years. The Strate8ic Plan for 2022-23 was to manage The Federation's financial position post pandemic and durin8 a period of increased cost of living seen through the year with increased fuel and food costs and interest rate rises. We continue to try to artively increase our presence wsthinthe countyby recruitment and retention of members and opening of new Wls. The unusual events from February 2020 stemming from the Pandemic and its consequent ongoing impactstill remains during 2022-23 butthankfullyour predecessors had theforesight and fiscal expertise to ensure that our reserves would see us through this financial crisis and we considerthisto have been managed well underthe circumstances. The Board has actively pursued activities and events to try to bringthe Wl community together and meeting again. The Federation has received income during the financial year. but not to the amounts seen pre-pandemic, partly from looking at more affordable activrttes and events during this perlod of increased cost of living. The Board continues to review expenses at all levels and has undertaken cost cutting measures where appropriate. Unfortunately, 5 Wls closed during the year but many are thriving and we were able to open one new WE which has a Strong and enthusiastic membership. We have recruited two part-time administrators to help build on our past successes, provide service and support to oar 3.OCK) members across the county and deliver more compelling events across a wide range of actNFties. We have provided training for our Treasurers and our Independent Financial Advisers and held Presidenys Days to share inforn)ation and support Wls in leaming new ideas from each other. We have been working hard by attending numerous events wwthin Warwlckshire to raise awareness not only of our organi5ation, but also our campaigns and our inclusive nature. We believe that our Federation is well placed to build on the support and enthusiasm of our membership as they become more confident in attending activities and events. We will continue to strive to build a bold and inspirin& affordable, varied, relevant and inclusive schedule of events and activities for our members in 202>24. Page 2
WARWICKSHIRE FEDERATION OF WOMEN'S INSTITLrrES CI.0. Trust Report (continued) RESULTS FOR THE YEAR The Trustees consider that the results for the year and the financial position to be acceptable given the restrictions imposed during the pandemio CHARITABLE STATUS As stated previously the Federation became a Charitably Incorporated Organisation {CIO} in September 2019. Charity No: 1185351 CREDITORS It is the Federation's policy to pay all creditors in accordance with their terms and conditions. Page 3
WARWICKSHIRE FEDERATION OF WOMEW5 INsfinNES GI.0. Trustees Report (continued) RESERVES POUCY The Trustees review annually the amount of free reserves held by the Federation. These should be adequate to cover working capital and a contingency for unft)reseen costs. At the balance sheet date the Charity had reserves of £368,870 {2022 £402,679). INVESTMENT PQUCY The Charitrfs investments are managed by professional fund manager5 who have delegated authority to purchase and sell investments when recommended bythe Office and Finance committee and approved by the Trusiees. The charity aims to achieve the best financial return within an acceptable level of risL The investment objective is to protect assets from inflation and maintain income in real terms. Investments may be held in a diverse range of assets classes. Trustees susan Postlethwaite Angela Struthers Veronica Chapman AnÈta Dudley Julia Baker Christine Dyer Ruth Mccartney Glynis Forknall Sue Gill Anne Bloxham Claire Whitehead-wall Anne Bufton-mccoy Sue Myhill Chair Treasurer- appointed - 5.7.2022 VI Chair - appointed- 22.3.2023 Vice Chair appointed - 5.7.2022 appointed- 5.7.2022 appointed_ 5.7.2022 Resigned- 31.10.2022 On behalf of the board of Trustees Trustee Susan Postlethwalte- Chair Trustee Veronica pman - Vlce Chair Trustee Anita Dudl ice Chair Trustee Angela 5truthers- Treasurer Page 4
WARWICKSHIRE FEDERATION OF WOMEN'S INSfiTUtES CI.0. INDEPENDENT EXAMINER'S REPORT TOTHE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023 I report to the trustees on my examination of the financial Statements of Wanvickshire Federation of Women's Institutes Ithe ch3rttyl for the year ended 31 March 2023. Responsibilities and 51$ ¢rf report As the trustees of the charity you are respon%ble for the preparation of the finanoal statements in accordance with the requirnents of the Charities Act 2011 (the 2011 Att). I report in respect of my examinatton of the charitys financial statements carried out under section 145 of the 2011 Act. In carying out my examination I have followed all the applicable Direttions gNen by the Christy Commission under section 145{bl of the 2011 Act. Independent examinerfs 51aternent Your attention is drawn to the fact that the chartty has prepared financial statements in accordance with Accounting and Reportlng by Charities preparin8 their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 in preference to the Accountin8 and Reporting by Charities: Statement of Recommended Prattice issued on l April 2005 which is referred to in the extant regulattons but has now been withdrawn. l understand that thls has been done in order forfinancial ststements to provide a true and fair view in accordance with Generally Accepted Accounting Prattice effective ft)r reporting periods beginning on or after lJanuary2015. I have completed my examinatton. I confimi that no matters have come to myattention in connection with the examination giving rne cause to believe that in any material respert. l. Accounting records Vre not kept in respert of the charlry as qUired by section 130 of the 2011 Act: or 2. The financial statements do not accord with those record5: or 3. The financial statements do not comply viith the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and ReFKlrtsl Regulatlons 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered a5 part of an independent examination. I have no concerns and have corne across no other matters in connettTrDn WFth the examination to which attention should be drawn in this retK)rt in order to enable to proper understsnding of the financial statements to be reached. Robert Anderson FCA Azets Audit Services 3McMiddlemarch Business Park Siskin Drive COVENTRY Warwickshire CV3 SFJ Page 5
WARWICKSHIRE FEDERATION OF WOMEWS INSTITUFES GI.0. STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023 20Z3 2022 Unrestrlcted Funds Incomin resources Net Affiliation Fee5 Annua5 Federation Assessment Investment Income l£rossl Grants and Donation5 Trustee Events Creative Activities Leisure Artivities Membership and Promotion Public Affairs Corunna News Adverts and Enclosures Diaries Stationery and Fanry Goods Gift Aid 30.312 1,428 1,609 1.194 15,668 2,695 3.702 487 853 3,025 72 315 953 30,077 3,627 890 1,052 26,012 3,269 877 716 3.395 2,493 41 698 665 1,977 62,313 75,789 Pa8e 6
WARWICKSHIRE FEDERATION OF WOMEWS INsrmJrES CI.0. STATEMENT OF FINANCIAL AcfiviTIES FOR THE YEAR ENDED 31 MARCH 2023 Rewurw expended 2023 2022 Wages and Salaries Tax and National Insurance Pension Rates and Water Electricity Office Equipment and Maintenance Web Site Printing and Stationery Postage and Telephone Building Maintenance and Repair Donation Trustee Events Creative Activities Leisure Activities Membership and Promotion Public Affairs Corunna News Stationery and Fancy Good5 Diaries 13,014 18 15,067 2.624 770 2.460 1,020 4,045 2,818 1.660 3.741 1.642 1,198 2,936 1,600 2.646 3,128 55 20.437 930 494 663 2,074 870 808 6.512 55 31.152 2,889 2.887 962 614 656 341 {74,549} 162,6271 Management and administration {15,180) (16,1361 Net incomlng resour5 (27,4161 {2.974) Gains/{Lossesl on investment assets 16.3931 2.931 Net movement in funds (33,809> {43} Page 7
WARWICKSHIRE FEDERATION OF WOMEWS INThTttrES CI.0. SCHEDULE TO THE STATEMENT OF FINANCIAL A1vrnES FOR THE YEAR ENDED 31 MARCH 2023 2023 2022 Management and administration Insurance Accountancy Depreciation on leasehold property Depreciation on office equipment Charges on investments 2,688 4,474 5,434 1,976 2,536 5,553 5,434 1,976 637 15,180 16,136 Page 8
WARWICKSHIRE FEDERATION OF WOMEN'S INSTfnJTES CI.0. BALANCE SHE AS AT 31 MARCH 2023 Notss 2023 2022 Fixed assets Tangible assets Investments 174,346 55.144 181,756 61.975 229.490 243.731 Current assets stock- Stationery Fancy Good5 Cookery Books Centenary Brooches Centenary Celebration Items Other Debtors Current Account No. I Current Account No: 2 Scottish Widow5 Building Fund Shawbrook Bank Cash in Hand 522 799 304 2,370 432 268 1,164 330 5,060 432 9,915 57,978 16,919 48.083 16.107 32.786 55.792 302 32.665 55.465 31 164.141 180,227 CreditOTs- amounts falling due within one year {24,761) {21,279} 139,380 158.948 Net current assets Total assets less current IlabireS 368,870 402,679 Funds of the charlty Total funds Designated funds 336.084 32,786 370,014 32,665 368,870 402,679 The financial statements were approved by the trustees on Trustee Susan P05tlethwaite- Chalr Trustee Veronica Chapman- VI Chair Trustee Anita Dudl I Chair Trustee Angela Struthers- Treasurer Page 9
WARWICKSHIRE FEDERATION OF WOMEN'S INsfiTufES CI_O. NOTE5 TO THE FINANCIAL sTATEmEr5 FOR THE YEAR ENDED 31 MARCH 2023 Accounting policie5 Charlty information Warwickshire Federation of Women'5 Institute5 is a charitable incorporated organisation ICIO} re&stered In England and Wale5. The registered office is Federation House, I Corunna Court. Corunna Road. Warwick, CV34 5HQ The charity was registered with the Charrty Commission on the 19 September 1993 and converted to CIO in September 2019 when the assets and liabilttie5 of Warwickshire Federation of Women'5 Institute were trdnsferred to the CIO. Accountlng conventlon The financial statements have been prepared in accordance wlth the charity's {governing documerrt). the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reportin8 Standard applicable in the UK and Republic of Ireland IFRS 102} (effective l January 20191- The charity is a Public Benefft Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities applyin8 FRS 102 update Bulletin I not to prepare a Statement of Cash Flow5. The financial statements have departed from the Charities {Accounts and Reports) Regulations 2(K)8 only to the extent required to provide 3 true and fair view. This departure has involved the following Statement of Recommended Prattice for charities applying FRS 102 rather than the version of the Statement of Recommended Prattice which is referred to in the Regulations but which has since been withdrawn. The financial statements are prepared in sterlin& 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 certain financial instruments at fair value. The principal accounting policies adopted are set out below. Page 10
WARWICKSHIRE FEDERATION OF WOMEWS INStTrwES GI.0. NOTES TO THE FINANCIAL STATEMEwrs FOR THE YEAR ENDED 31 MARCH 2023 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. Charitable funds Unrestricted funds are available for use at the discretion of the trustee5 in furtherance of their charttable objecttves Restricted funds are subjert to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Income Income is recognised when the charity is legally entttled 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 when recetved. Expenditure Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties. it is probably that the settlement will be required and the amount of the obligation can be measured reliably. Tangible fixed assets Tan8ible fixed assets are initially measured at Cost and subsequently measured atcost of valuation. netof depreciation and any impairment losses. Any minor purchases of fvrniture or equipment are written off to the Statement of Financial Artivities and no further depreciation will be provided. Page 11
WARWICKSHIRE FEDERATION OF WOMEN'S INSTrnirES CI.0. NOTES TO THE FINANCIAL STATEMENTS FOR THE YE4R ENDED 31 MARCH 2023 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 ba5es= Freehold land and buildings Office Equipment Over 50 years Over 4 years 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. Charges in fair value are recognised in net income/(expenditure) for the year. Transartion COSts are expensed as incurred. A subsidiary is an enttty controlled by the charity- Control is the power to govern thefinancial and operating policies ofthe entityso asto obtain benefits from its activities. Impaimient of fixed assets At each reporting end date. the charity reviews the carrying amounts of it tangible assets to determine whetherthere is any indication thatthose assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Cash and osh equivalents Cash and cash equivalents include cash in hand. depots held at call with baks, other short-term liquid investments wtth original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liablllties. 1.10 Financial instruments The charity has elected to apply the provision5 of Section 11 'Basic Flnancial Instruments, and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognlsed in the charivs balance sheet when the charity becomes party to the contractual provision5 of the instrument. Financial assets and liabiltties are offset, with the net amounts presented in the financial statements. when there is a legally enforceable right to se off the recognised amounts and there is an intention to settle on the net basis or to realise the asset and settle the liability simultaneously. Page 12
WARWICKSHIRE FEDERATION OF WOMEN'S INSTtrLwfES CI.0. NOTES TO THE FINANCIAL sfATEMETrtrs FOR THE YEAR ENDED 31 MARCH 2023 Basi5 financial assets Basicfinancial assets. which includes debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effertive method unless the arrangement constitutes a financing transattion. 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. Ba51c flnanaal liabilities Basic financial liabilities. including creditors and bank loans are initially reCOlsed at transaction price unless the arrangement constitutes a financing transaction. where the debt instrument is measured at the present value of the fLrture payments discounted at a market rate of interest. Financial liabiltties classÉfied as payable WTthtn one year are not amortised. Debt instruments are Subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquire in the ordinary course of operations from suppliers. Amounts payable are classified as current113bilitles rf payment is due within one year or less. If not. they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Dereco8nltion of financial liabilrties Financial liabilities are derecognised with the charitrfs contractual obligations expire OT are discharged or cancelled. Page 13
WARWICKSHIRE FEDERATION OF WOMEN'S INStmirES CI.0. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Tangible flxed assets offi Equipment Land and Buildings Tol At l April 2022 12.452 271,715 284,1 At 31 March 2023 12.452 271.715 284.1 Depreciation At l April 2022 Charge forthe year 6,862 1.976 15,549 5,434 102,4 At 31 March 2023 8,838 100.983 109,8 Net book value At 31 March 2023 3,614 170.732 174,3 At 31 March 2022 5.590 176,166 181,7 Investments 2023 2022 Market value as at l April 2022 Acquisitions at cost Sales proceeds {Lossesl/Gains in year Capital account movement 61,975 61,552 {59,634) 16.3931 12,356} 59,643 67,329 166,3641 2,931 11,5641 Market value as at 31 March 2023 55.144 61,975 Historical cost as at 31 March 2023 55,919 65,229 Staff and trustee's remuneration No employee earned more than £60,(Y)O - Trustees remuneration nil (2022 - nil} - Trustees expenses nil12022- nil} Page 14
WARWICKSHIRE FEDERATION OF WOMEWS INsrrruTES CI.0. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Employees Number of Employees 2023 Number 2022 Number Administration Employment cost5 2023 2022 Wages and salaries Social security costs Pension Costs 13,014 18 15,067 2,624 770 13,032 18,461 Creditors 2023 2022 Other Creditors 24,901 21.279 24.901 21,279 Analysis of net assets between funds Unrestricted Designated Fund Fund Totsl Total Funds Funds 2022 2023 Investments Fixed Assets Current Assets Current liabilities 55.144 174,346 131,355 (24.761) 55.144 174,346 164,141 (24.7611 61,975 181,756 180,227 {21,2791 32.786 336,084 32.786 368.870 402,679 The Desi8nated fund represents funds set aside to cover the cost of building repairs. Page 15
WARWICKSHIRE FEDERATION OF WOMEN'S INStITUTES CI.0. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Movements in funds 2023 2022 Total funds Balan as at 31 March 402,679 402,722 Net movement in funds 133,809) {431 368.870 402.679 Retirement benefit stherne The charity operates a defined contribution pension scheme for all qualifying employees. The asset of the scheme are held separately from those of the charity in an independently administered fund. The charge of profft or loss in respect of defined contributions schemes was- {2022 £770) io. Related party trdnsactlon There were no disclosable related party transactions12022- none). ii. Independent examiner The amount of fees paid to the independent examiner £2,21Y)12022 - £2,000}. Page 16