Charity registration number: 229778
WOMEN'S INSTITUTE - PENNINGTON
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Annual Report and Financial Statements for the Year Ended 31 March 2023
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Westlake Clark Chartered Accountants 7 Lynwood Court | Priestlands Place Lymington Hampshire $041 9GA
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WOMEN'S INSTITUTE - PENNINGTON
Contents
| Reference and Administrative Details | l | |
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| Trustees’ Report | 2 to3 | |
| Statement ofTrustees’ Responsibilities | .. | 4 |
| Independent Examiner's Report | 5 | |
| Statement ofFinancial Activities | 6 | |
| Balance Sheet | e | 7 |
| NotestotheFinancialStatements | 8to12 |
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WOMEN'S INSTITUTE - PENNINGTON
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Reference and Administrative Details
Trustees Maureen Courtney Suzanne Clark Susan Webb Pamela Hughes Ruth Speed Diana Young
Principal Office
St Marks Community Hall Lymington Hampshire SO41 8HX
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Charity Registration Number 229778
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Independent Examiner
Westlake Clark Chartered Accountants 7 Lynwood Court Priestlands Place Lymington Hampshire SO41 9GA S
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WOMEN'S INSTITUTE - PENNINGTON
Trustees' Report
The trustees present the annual report together with the financial statements of[the][charity][for][the][year][ended][31][March] 2023.
Objectives and activities
Objects and aims
To Improve and develop conditions of rural life in accordance with the constitution and rules of the Women's Institutes.
Public benefit
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The trustees confirm that they have complied with the requirements ofsection 17 of the Charities Act 20: f to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Structure, governance and management
Nature ofgoverning document
The charity is governed by its constitution adopted on 08 October 1963 and is a registered charity, number 229778.
Financial instruments
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Objectives and policies
The charity’s activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. The use of financial derivatives is governed by the charity’s policies approved by the board of trustees, which provide written principles on the use of financial derivatives to manage these risks. The charity does not use derivative financial instruments for speculative purposes.
Cash flow risk
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The charity’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. The charity uses foreign exchange forward contracts and interest rate swap contracts to hedge these exposures.
Interest bearing assets and liabilities are held at fixed rate to ensure certainty of cash flows.
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Credit risk
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The charity’s principal financial assets are bank balances and cash, trade and other receivables, and investments. The charity’s credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence ofa reduction in the recoverability of the cash flows. The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies. The charity has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.
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WOMEN'S INSTITUTE - PENNINGTON
Trustees’ Report
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The annual report was approved by the trustees of oO the charity on (oH rly, and signed on its behalf by:
Pamela Hughes . Trustee
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WOMEN'S INSTITUTE - PENNINGTON
Statement of Trustees’ Responsibilities
The trustees are responsible for preparing the trustees’ report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources ofthe[charity][for][that][period.][In][preparing][these][financial][statements,][the][trustees][are][required][to:]
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select suitable accounting policies and then apply them consistently; ES
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- observe the methods and principles in the Charities SORP; *
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make judgements and estimates that are reasonable and prudent;
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« state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the ; Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the trustees of the charity on 10... 99.:.2.2.and signed on its behalf by:
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Pamela Hughes C
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Trustee
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WOMEN'S INSTITUTE - PENNINGTON
Independent Examiner's Report to the trustees of Women’s Institute - Pennington
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 March 2023 which are set out on pages 6 to 12.
Respective responsibilities of trustees and examiner
’ As the charity’s trustees of Women’s Institute - Pennington you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Women’s Institute - Pennington's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of Women’s Institute - Pennington as required by section 130 of the Act; or : .
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
Wesdare tal Westlake Clark LimitedChorte L i mter. Chartered Accountants . 7 Lynwood Court Priestlands Place Lymington Hampshire S041 9GA
Date:.JO|oS)2623
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WOMEN'S INSTITUTE - PENNINGTON
Statement of Financial Activities for the Year Ended 31 March 2023
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| Total | Total | Total | ||||
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| Unrestricted | 2023 | 2022 | ||||
| Note | £ | £ | £ | |||
| Income and Endowments from: | ||||||
| Charitable activities | 2 | 2,012 | 2,012 | se | 902 | |
| Otherincome | 4 | 698,716 | 698,716 | S826 | ||
| Total income | 700,728 | 700,728 | 1,728 | |||
| Expenditure on: | ||||||
| Charitable activities | 5 | (15,020) | (15,020) | (10,102) | ||
| Other expenditure | 6 | (1,920) | (1,920) | - | ||
| Total expenditure | (16,940) | (16,940) | (10,102) | |||
| Netmovement in funds | : | 683,788 | 683,788 | (8,374) | ||
| Reconciliation offunds | ||||||
| Total funds brought forward | 21,674 | 21,674 | 30,048 | |||
| Totalfundscarriedforward | 11 | 705,462 | 705,462 | 21,674 |
All ofthe[charity's][activities][derive][from][continuing][operations][during][the][above][two][periods.] The funds breakdown for 2022 is shown in note 11.
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WOMEN'S INSTITUTE - PENNINGTON
(Registration number: 229778) Balance Sheet as at 31 March 2023
| 2023 | 2022 | |||
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| Note | £ | £ | ||
| Investment at cost | 645,125 | |||
| Current assets | ||||
| Cash atbank and in hand | 62,257 | 21,674 | ||
| Creditors: Amounts fallingduewithin one year | (4,920) | - | ||
| Net assets | 705,462 | 21,674 | ||
| Funds ofthe charity: | ||||
| Unrestricted income funds | ; | |||
| Unrestricted funds | 705,462 | 21,674 | ||
| Totalfunds | 11 | 705,462 | 3,58,001 |
The financial statements on pages 6 to 12 were approved by the trustees, and authorised for issue ON .......c.cce and signed on their behalf by:
Pamela Hughes Trustee
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WOMEN'S INSTITUTE - PENNINGTON
Notes to the Financial Statements for the Year Ended 31 March 2023.
- 1 Accounting policies
Statement of compliance ~ The financial statements 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 Republic of Ireland (FRS 102) (effective | January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
Basis of preparation
Women’s Institute - Pennington meets the definition ofa public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
Exemption from preparing a cash flow statement The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a.cash flow statement in these financial statements.
Going concern
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The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
Expenditure
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All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it ig probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable e <penditure heading that aggregate similar costs to 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 time 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. | Charitable activities | ; Charitable expenditure comprises those costs expenditure comprises those costs comprises those costs those costs costs incurred by by the charity in the delivery delivery of its activities its activities activities and services for for
Charitable activities ; Charitable expenditure comprises those costs expenditure comprises those costs comprises those costs those costs costs incurred by by the charity in the delivery delivery of its activities its activities activities and services for for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. .
Support costs
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
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WOMEN'S INSTITUTE - PENNINGTON
Notes to the Financial Statements for the Year Ended 31 March 2023
Taxation
The charity is considered to pass the tests set out in Paragraph | Schedule 6 of the Finance Act 2010 and therefore it meets the definition ofa charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital 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 such income or gains are applied exclusively to charitable purposes. ,
Cash and cash equivalents
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Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount ofcash[and][are][subject][to][an][insignificant][risk][of][ change][in][value.]
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees's discretion in furtheragsce of the objectives ofthe charity. ©
2 Income from charitable activities
| Unrestricted | |||||||
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| Total | Total | ||||||
| General | 2023 | 2022 | |||||
| £ | £ | £ | |||||
| Meetings/Lectures | 213 | 213 | 208 | ||||
| H.news, E.Calender | 125 | 125 | 106 | ||||
| Members order | 932 | 932 | - | ||||
| Sub committee | 14 | 14 | - | ||||
| Members subscriptions | 728 | 728 | 588 | ||||
| 2,012 | 2,012 | 902 | |||||
| 4 | Other income | , | |||||
| Total | Total | ||||||
| . | 2023 | 2022 | |||||
| Other income | £ 698,546 |
_£ & |
801 | ||||
| Misc. income | 170 | n | 25 | ||||
| 698,716 | 826 |
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WOMEN'S INSTITUTE - PENNINGTON
Notes to the Financial Statements for the Year Ended 31 March 2023
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5 Expenditure on charitable activities
| 5 Expenditure on charitable activities |
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| Unrestricted | ||||
| funds | Total | Total | ||
| General | 2023 | 2022 | ||
| £ | £ | £ | ||
| Legal and professional fees | 4,875 | 4,875 | - | |
| Meeting lectures | 4,216 | 4,216 | 1,431 | |
| Miscellaneous | 1,888 | 1,888 | 629 | |
| Member order | 1,545 | 1,545 | 39] | |
| Printing, postage and stationery | 810 | 810 | 582 | |
| County and National expenses | 753 | 753 | 6,786 | |
| Hall expenses | 480 | 480 | - | |
| Sub committee expenses | 223 | 223 | - | |
| H.news, E.calender expenses | 107 | 107 | 250 | |
| Insurance | 72 | 72 | ; - |
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| Charity donations | 31 | 51 | “33 | |
| 15,020 | 15,020 | 10,102 | ||
| 6 Other expenditure | ||||
| Unrestricted | ||||
| funds | ||||
| Total | Total | |||
| General | 2023 | 2022 | ||
| £ | £ | £ | ||
| Accountancy fee | 1,920 | 1,920 | - | |
| 1,920 | 1,920 | - |
7 Trustees remuneration and expenses
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year. No trustees have received any reimbursed expenses or any other benefits from the charity during the year.
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WOMEN'S INSTITUTE - PENNINGTON
Notes to the Financial Statements for the Year Ended 31 March 2023
9 Taxation
The charity is a registered charity and is therefore exempt from taxation.
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| 11 Funds | ||||||
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| Balance at | Incoming | Resources | Balance at 31 | |||
| April 2022 | resources | Expended | March | 2023 | ||
| £ | £ | £ | & | |||
| Unrestricted funds | & | |||||
| General General |
21,674 | ___700,728 | ___(16,940) | ; ___705,462 |
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| Balance at 1 | Incoming | Resources | Balance at 31 | |||
| April 2021 | resources | expended | March | 2022 | ||
| £ | £ | £ | £ | |||
| Unrestricted funds | ||||||
| General | ||||||
| General | 30,048 | 1,728 | (40,102) | 21,674 | ||
| 12 Analysis ofnetassets between funds | ||||||
| Unrestricted | ||||||
| , | funds | Total.funds | ||||
| General | 2023 | . | ||||
| £ | £ | |||||
| Investment | 645,125 | 645,125 | ||||
| Current assets | 62,257 | 62,257 | ||||
| Current liabilities | (1,920) | ., | (1,920) | |||
| Totalnetassets | 705,462 | $705,462 |
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WOMEN'S INSTITUTE - PENNINGTON
Notes to the Financial Statements for the Year Ended 31 March 2023
| Unrestricted | © | |||||
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| funds | Total funds | |||||
| General | 2022 | |||||
| £ | £ | |||||
| Current assets | . | 21,674 | 21,674 | |||
| Current liabilities | oo | - | ||||
| Totalnetassets | 21,674 | 21,674 | ||||
| 13 Analysis ofnet | net funds | |||||
| At 1 April | Financing | At31 March | ||||
| 2022 | cash flows | 2023 | ||||
| £ | £ | £ | ||||
| Cash at bank and in hand | . | 21,674 | 40,583 | 62,257 | ||
| Netdebt | 21,674 | 40,583 | 62,257 |
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