REGISTERED CHARITY NUMBER: 257040
Report of the Trustees and
Audited Financial Statements for the Year Ended 31 March 2022
for
Association of WRENS and Women of the
Royal Naval Services
Association of WRENS and Women of the Royal Naval Services
Contents of the Financial Statements for the Year Ended 31 March 2022
| Page | |
|---|---|
| Reference and Administrative Details | 1 |
| Report of the Trustees | 2 to 8 |
| Report of the Independent Auditors | 9 to 12 |
| Statement of Financial Activities | 13 |
| Statement of Financial Position | 14 |
| Notes to the Financial Statements | 15 to 24 |
Association of WRENS and Women of the Royal Naval Services
Reference and Administrative Details for the Year Ended 31 March 2022
| TRUSTEES | |
|---|---|
| Mrs A Hill (Chair) | |
| Mrs G Tuckett (Vice Chair) (resigned 1 November 2021) | |
| Mrs L Snowden (Vice Chair) (appointed 1 November 2021) | |
| Mrs R Hoddinott (Hon Treasurer) (resigned 31 March 2022) | |
| Ms A Cameron (appointed 31 October 2021) | |
| (Hon Treasurer 31 March 2022) | |
| Mrs J Crisp | |
| Mrs K Elliot | |
| Mrs K Eynon | |
| Mrs L Gannon | |
| Mrs B McGregor | |
| Miss A Moffatt | |
| Mrs K Rolls (resigned 31 May 2021) | |
| Mrs Caroline Snell (appointed 2 October 2021) | |
| Mrs V Taylor | |
| Mrs J Whitmarsh | |
| PRINCIPAL ADDRESS | Building 1/87 |
| Scott Road | |
| HM Naval Base | |
| Portsmouth | |
| Hampshire | |
| P01 3LU | |
| REGISTERED CHARITY NUMBER257040 | |
| AUDITORS | Moore |
| Chartered Accountants and Statutory Auditor | |
| 30 Gay Street | |
| Bath | |
| BA1 2PA |
1
Association of WRENS and Women of the Royal Naval Services
Report of the Trustees for the Year Ended 31 March 2022
The Trustees present their report with the financial statements of the charity for the year ended 31 March 2022. 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 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The Association's object is to promote the efficiency of the women in the Royal Navy in the following ways:
a. By celebrating past achievements, preserving the history and traditions, fostering esprit-de-corps and comradeship encouraging personnel to benefit from the experience of former members of said Service and of their predecessors in the Women's Royal Naval Service (WRNS), in particular, but not exclusively, by maintaining contact and binding together in practical friendship with each other.
b. Where necessary refer former serving members of the WRNS and serving and retired RN women and their dependants to the appropriate service charity or charities.
The Association carries out activities in the form of sale of Christmas cards and small gifts which are sold through the magazine, website and at functions. Charity regulations restrict the amount of trading income that can be received to 25% of total income and the Association ensures it trades at a level so as not to exceed this. The Association is also careful to ensure that stock levels are kept at a manageable level to avoid the risk of losses arising through stock obsolescence.
The Association organises opportunities for members to get together in the form of Reunions, the Annual Fundraising Christmas Dinner and Carol Service and publicises meetings of smaller groups throughout the country. The thrice yearly Magazine, the Website and official Facebook page are vehicles through which this information is disseminated.
The Association makes significant use of volunteers for which it is extremely grateful. Volunteers who assist with the activities of the Association at events etc., are unpaid and do not receive reimbursement of travel and associated costs. Trustees are reimbursed travel and subsistence costs for meetings only.
Public benefit
The Trustees have paid due regard to the Charity Commission guidance on public benefit in Section 17 of the 2011 Charities Act by deciding what activities the charity should undertake. The focus of our activities remains the promotion of the service of former members of the Women's Royal Naval Service. The benefits are provided predominantly, but not exclusively, to women in or connected to the Royal Navy.
RISK MANAGEMENT
The Trustees have assessed the major risks to which the Association is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. Review of the Risk Management Register is now a standing agenda item at Trustee Meetings and the updating of the Register is allocated to a nominated Trustee. The Association is also required to comply with HM Dockyard emergency planning regulations and has lodged with the HM Naval Base Emergency Planning Officer a document entitled Business Continuity and Risk Management Policy. A Covid Risk Assessment Document has also been added to the Business Continuity Folder.
2
Association of WRENS and Women of the Royal Naval Services
Report of the Trustees
for the Year Ended 31 March 2022
ACHIEVEMENT AND PERFORMANCE
The Association receives income each year in the form of annual, 5 year, and 10 year subscriptions from members. It is the current aim of the Association to maintain expenditure within this income and not rely on legacies to fund ongoing daily costs.
Due to the continuing pandemic the Association was unable to carry out a number of activities for achieving its objectives during the year.
No Recruitment opportunities or sales tables were able to be utilised as all events were postponed or cancelled.
With ongoing restrictions due to the pandemic an Out of Town (OOT) meeting was held via Zoom. This proved popular and enabled members unable to travel to meetings to participate. This positive effect of the pandemic enabling members unable to travel to General Meetings to attend via Zoom will become standard practice for future OOT and AGM meetings to enable greater participation by members.
The Association endeavours to hold an Out of Town meeting each year in a venue agreed by the Trustees; by varying the location of this meeting across the UK it enables members to attend in an area convenient to their locality and to enjoy wider fellowship and camaraderie with Association officers and members.
Despite the pandemic three editions of The Wren magazine were published during the year. Thanks goes to members who continued to submit items and to our printers, Snell Print, who through difficult times managed to achieve not only the printing but the distribution despite continuing disruption to the world wide postal system. Following an editorial team meeting it was decided to consider out-sourcing the production of the magazine resulting in the Winter 2021 edition being compiled by Genie Creative. Out-sourcing does, however result in additional costs in the production of The Wren and some technical issues were experienced but are being constantly reviewed. The Editorial Team continue to oversee the content of the magazine and welcome articles from members and the wider Naval family.
The year saw a change to how our Outreach/Public Relations was managed with Celia Saywell retiring from managing Outreach matters to becoming our Archive Consultant and a new PR team being established to manage the Website, Social Media and Sales. Sadly, in January 2022 Celia passed away and although we have much of her documentation and recorded events, we will forever miss her knowledge and recollections of many years of Association and WRNS history which she regularly retrieved from her knowledge and experience.
The PR Team continue to seek further avenues to promote the Association with particular influence from both official and unofficial Facebook groups. A new website went live in September with a dedicated members section and will continue to be developed. On-line membership applications and subscription renewals are increasingly being used to generate and sustain membership. The shop continues to be developed on the website and is being utilised increasingly by members. Other avenues of raising sales funds are being investigated with members being able to order direct from a supplier of specific items and a percentage of the sales being paid to the Association.
3
Association of WRENS and Women of the Royal Naval Services
Report of the Trustees
for the Year Ended 31 March 2022
Our 2020 Centenary Year was a major casualty of the pandemic and all major 2020 events were postponed to 2021 but restrictions and lockdowns still blighted the holding of these rescheduled events. The Centenary celebrations were due to commence at a dinner under the wings of Concorde at the Fleet Air Arm Museum, Yeovilton but March 2020 turned into the Spring of 2021 and then was postponed again until March 2022. Despite the wait and the additional costs the evening was greatly enjoyed as the finale of our Centenary celebrations, the venue iconic, the camaraderie tangible and the atmosphere electric from the moment attendees stepped onto the Flight Deck.
Our Centenary Stone was due to be dedicated by HRH The Princess Royal in the WRNS Garden of the National Memorial Arboretum in June 2020 and a new date was set for June 2021 with a lavish lunch in the NMA Aspects Centre, but thwarted once more by restrictions we were restricted to holding a service of dedication in the garden followed by an outdoor picnic lunch. The weather was kind and it was great to be among our members again, but lunch was not what we had hoped for. HRH’s attendance was much appreciated and she spent some time after the service of dedication meeting members.
Our Edinburgh weekend Extravaganza planned for October 2020 moved to October 2021 surrounded by uncertainty of Scotland’s pandemic regulations it did go ahead but with some social distancing measures in place. The weekend arrangements commenced with a reception in the Great Hall of Edinburgh Castle, by kind permission of the Governo. The evening was ‘set alight’ by a Mess Beating by the band of HM Royal Marines. The Annual General Meeting was held In the Royal Scots Club on the Saturday afternoon with a magnificent Dinner being held in the same venue that evening. On Sunday members attending a morning service in Cannongate Kirk followed by refreshments in Whitefoord House. The Scottish Veterans Residence. The whole weekend was a huge success and enjoyed enormously.
Thanks must go especially to Rita Hoddinott and Karen Elliot for their work in organising these events. With the delays, reorganising, managing attendees and payments etc it had not been easy and appreciation is expressed to Lin Burton and Katharine Lovegrove in HQ for their support and patience.
Another casualty of the pandemic has been our range of 2020 commemorative items which have had little chance to raise income and decisions will need to be made regarding their shelf life. Thanks go to Kathy Carter for her work in obtaining the relevant items and her frustration over lack of sales is shared. The 2020 Committee will be considering how best to maximise left over stock. The On-line shop and sales brochure, are now available all year rather than as a Christmas Catalogue, but due to the pandemic the range of items for sale have been reduced. Christmas Cards and the Association Diary continue to be popular.
The Association has remained active throughout the pandemic years and thanks is due to all Trustees and members whose commitment to the Association is greatly appreciated and valued.
4
Association of WRENS and Women of the Royal Naval Services
Report of the Trustees
for the Year Ended 31 March 2022
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 difficult to maintain throughout the year due to the pandemic.
The 2021/2022 financial year would, for the reasons already stated have been unable to remain within budget parameters but for the receipt of a few notable legacies. The accounts show an in-year net gain, before investment gains, of £59,021 (2021 loss £22,166). Despite turbulence on the stock market due to world economies and Covid-19 the investment portfolio gained £32,813 (2021: gain of £125,777). The Finance Committee invested £30,000 in the portfolio during the financial year, but the effect of more investment was negated by world situations.
As mentioned above income from legacies far outstripped the budget thanks to 3 significant legacies and other In Memoriam donations gave a legacy total of £108,488 against a budget of £12,000. Donation income of £14,382 was below the budget of £16,000 partially due to the pandemic and partly because the donation page on the website is not directly attached to the shop. Attempts to address this have not been successful. Total donations and legacies were £142,068 in the year to 31st March 2022 compared to £22,261 in the comparative period last year.
The Association's main expenditure arises from costs in relation to its main objectives. These comprise primarily of staff costs, travel and meeting costs and costs associated with the production and distribution of the magazine. Meeting cost and trustee expenses were significantly increased due to the 2020 events in Edinburgh and the NMA, but it is hoped that these will stabilise in 2022/2023.
The Association has delegated responsibility over the management of investments portfolio to its investment managers Brewin Dolphin who have proactively managed the portfolio through a turbulent year for the stock market and taken measures to protect our portfolio from the effects of the pandemic, world events and rising inflation. The value of the Portfolio increased by £54,655 in the year to 31 March 2022 (inclusive of the £30,000 investment noted above).
Investments are held as a reserve to ensure that the activities of the Association can continue in the longer-term. Investments are chosen to achieve a stable and lower risk return. A Charities Savings account is held to supplement possible cash flow deficiencies during the financial year rather than sell off investments. These cash reserves are monitored regularly by the Finance Committee.
With the final Centenary event taking place in Yeovilton on 26 March 2022 the Treasurer drew up a balance sheet for the events the organisation and planning of which had commenced in January 2018. Despite some losses due to delays and reorganisation overall the Centenary raised £15,785 for Association funds, largely due to the grand Raffle and donations towards the Centenary Stone.
5
Association of WRENS and Women of the Royal Naval Services
Report of the Trustees
for the Year Ended 31 March 2022
As reported last year the siting of the Centenary Stone in the National Memorial Arboretum resulted in a review of the maintenance costs for the WRNS Garden and an In Perpetuity cost of £37,927 was felt by the Trustees that this In Perpetuity payment represented best value as opposed to an annual payment subject to VAT and inflation. In line with applicable accounting standards, this one-off payment is presented as an intangible asset on the balance to be amortised over 10 years. £1,896 Was included in last year’s accounts with £3,793 being applied in this financial year and in the subsequent 8 years. Various Branches and Informal Groups have responded by making donations for the maintenance of the WRNS Garden.
APPRECIATION
Donations
Donations are gratefully received from a significant number of our members and where possible generate an additional amount via Gift Aid.
Thanks is also gratefully acknowledged for donations received this year from the following Branches and Informal Groups:
| Bournemouth | Edinburgh | South Dorset |
|---|---|---|
| Bristol | Fife | Swansea |
| Cardigan | Fareham | Swindon |
| Cheltenham | Greenwich | Wellingborough & Kettering |
| Cleveland | Glasgow | Yeovil & District |
| Croesoswallt & District | Guildford | |
| Exeter | Pembrokeshire |
Legacies and In Memoriam Donations
We have received legacies or kind donations in memory of the following members and non-members who died during the year:
| Kathleen Austin | Muriel Cheeseman | Audrey McDonough |
|---|---|---|
| Pauline Ball | Doreen Chilman | Dorothy Mitchell |
| Doris Battersby | Phyllis Dacombe | Joan Morgan |
| Bayley Audrey | Elizabeth Daker | Margaret Preedy |
| Elizabeth Beeton | Evelyn England | Eileen Reed |
| Rosemary Booth | Lynda Fellows | Celia Saywell |
| Anne Brock | Mary Gould | Elizabeth Sedgwick |
| Jean Brown | Alfreda Hardiman | Doreen Tomms |
| Joy Camilletti | Dora Johnson | Joan Willis |
| Margaret Capps | Jacqueline Johnson | Marjorie Woods |
Two years ago the option to pay annual subscriptions by Direct Debit was introduced, disappointingly only 24 members have elected to pay by this means, it is hoped that more members will take advantage of this payment option.
FUTURE DEVELOPMENTS
The Constitution is currently under review and will be brought before the AGM in 2022.
The planning for a proposed annual AOW Day throughout the UK will now commence in June 2022.
A Weekender Break is planned for September 2022 in Shropshire.
6
Association of WRENS and Women of the Royal Naval Services
Report of the Trustees
for the Year Ended 31 March 2022
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Charity is controlled by its governing document, a deed of trust, and constitutes an unincorporated charity.
The Association was formed in 1920 and is governed by its Constitution as revised in 1991, 2001, 2012, 2015 and 2018.
During the year Mrs Georgina Tuckett stood down as Vice Chairman, Mrs Lisa Snowden was appointed in her place. Mrs Kathy Rolls resigned as a Trustee. Mrs Lyn Gannon, Miss Alison Moffatt and Mrs Jacky Whitmarsh were re-elected for a second 3 year tenure with Mrs Caroline Snell and Ms Anne Cameron being elected as new Trustees, Ms Cameron will assume the role of Honorary Treasurer in place of Mrs Rita Hoddinott on completion of the financial year. Ms Catherine Askew was appointed as a part time Administrator in place of Mrs Lin Burton who will retire in the new financial year on 8 April 2022.
Nominations for appointment as a Trustee are received from members or branches, a ballot was held and appointments made as above at the Annual General Meeting, following which the Trustees elect the Officers and Finance Committee members.
The Association provides all new Trustees with an induction pack which includes CC3: The Essential Trustee and CC11: Payment of Charity Trustees. All new Trustees are required to sign an acknowledgement confirming they have read and understood these documents. The Induction Pack provides a breadth of information and documents to inform and support Trustees in their role.
The Association operates a two-tier structure for the making of decisions. On matters of Finance the Finance Committee is appointed to manage the decisions which are reported to the Trustees at each of their meetings. Non-financial matters are the responsibility of the Trustees.
Trustees are required to disclose all relevant interests and register them with the Auditors. Trustees will be required to declare conflict of interest at meetings of the Trustees and withdraw from the meeting.
The day to day running of the charity is carried out by two job sharing Administrators.
EVENTS OF THE YEAR
Despite continued disruption from Covid and associated restrictions and lockdowns we were eventually able to plan and execute our 3 major postponed Centenary events. These have already been reported on page 4 Achievement and Performance.
In summary - on 21 June the centenary Stone was dedicated in the presence of HRH The Princess Royal, our Patron, in the WRNS Garden of the National Memorial Arboretum but the planned lunch for attendees had to be scaled down to an out-door picnic due to Government restrictions regarding catering for large numbers. On 2 October the long-awaited weekend of events in Edinburgh took place commencing with a reception in Edinburgh Castle by kind permission of the Governor of the Castle Major General Alastair Bruce of Crionaich. A Gala Dinner in the Royal Scots Club where the guest speaker was The Right Honourable Lord Provost & Lord Lieutenant of the City of Edinburgh Frank Ross. Other events that weekend included the AGM held in the Royal Scots Club, a church Service in Cannongate Kirk and tea in Whitefoord House, the Scottish Veterans Residence. The final event, held on 26 March 2022 was the dinner under the wings of Concorde in the Fleet Air Arm Museum, Yeovilton. All 3 events were acclaimed to be a triumph with many members able to join together and celebrate our unique Association.
7
Association of WRENS and Women of the Royal Naval Services
Report of the Trustees for the Year Ended 31 March 2022
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"
The law applicable to charities in England and Wales, the Charities Act 2011 (Charities Act 2022 comes into effect on 8 June 2022) , Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed 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, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charity Statement of Recommended Practice (SORP); make judgements and estimates that are reasonable and prudent; 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 which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2015 and the provisions of the trust deed. They 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 order of the board of trustees on ............................................. and signed on its behalf by:
................................................................. Mrs A Hill - Trustee
8
Report of the Independent Auditors to the Trustees of Association of WRENS and Women of the Royal Naval Services
Opinion
We have audited the financial statements of Association of WRENS and Women of the Royal Naval Services (the 'charity') for the year ended 31 March 2022 which comprise the Statement of Financial Activities, the Statement of Financial Position and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
-
In our opinion the financial statements:
-
give a true and fair view of the state of the charity's affairs as at 31 March 2022 and of its incoming resources and application of resources, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and
-
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
9
Report of the Independent Auditors to the Trustees of Association of WRENS and Women of the Royal Naval Services
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
-
the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
10
Report of the Independent Auditors to the Trustees of Association of WRENS and Women of the Royal Naval Services
Our responsibilities for the audit of the financial statements
We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.
Our approach was as follows:
We obtained an understanding of the legal and regulatory requirements applicable to the charity and considered that the most significant are the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issues by the Financial Reporting Council.
We obtained an understanding of how the charity complies with these requirements by discussions with management and those charged with governance.
We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.
Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
11
Report of the Independent Auditors to the Trustees of Association of WRENS and Women of the Royal Naval Services
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Moore Chartered Accountants and Statutory Auditor 30 Gay Street Bath BA1 2PA
Date: .............................................
12
Association of WRENS and Women of the Royal Naval Services
Statement of Financial Activities for the Year Ended 31 March 2022
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies Charitable activities Membership co-ordination Other trading activities 3 Investment income 4 Other income Total EXPENDITURE ON Raising funds Charitable activities WRNS benevolent trust The Wren publication Trustee meeting and events Arboretum renovation Support costs Membership co-ordination AOW2020 Total Net gains on investments NET INCOME Transfers between funds 17 Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 141,491 30,227 8,054 23,551 6,486 209,809 7,726 159 16,096 13,052 3,793 14,451 66,165 29,923 151,365 32,813 91,257 35,390 126,647 1,084,634 1,211,281 |
Restricted funds £ 577 - - - - 577 - - - - - - - - - - 577 (35,390) (34,813) 40,024 5,211 |
31.3.22 Total funds £ 142,068 30,227 8,054 23,551 6,486 210,386 7,726 159 16,096 13,052 3,793 14,451 66,165 29,923 151,365 32,813 91,834 - 91,834 1,124,658 1,216,492 |
31.3.21 Total funds £ 18,611 22,108 6,709 23,114 6,345 76,887 5,424 475 17,168 1,591 1,896 13,513 53,840 5,146 99,053 125,777 103,611 - 103,611 1,021,047 1,124,658 |
|---|---|---|---|---|
13
Association of WRENS and Women of the Royal Naval Services
Statement of Financial Position
31 March 2022
| Notes FIXED ASSETS Intangible assets 9 Investments 11 CURRENT ASSETS Stocks 12 Debtors 13 Cash at bank CREDITORS Amounts falling due within one year 14 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 15 NET ASSETS FUNDS 17 Unrestricted funds Restricted funds TOTAL FUNDS |
Unrestricted fund £ 32,238 954,099 986,337 4,266 7,722 260,315 272,303 (19,841) 252,462 1,238,799 (27,518) 1,211,281 |
Restricted funds £ - - - - - 5,211 5,211 - 5,211 5,211 - 5,211 |
31.3.22 Total funds £ 32,238 954,099 986,337 4,266 7,722 265,526 277,514 (19,841) 257,673 1,244,010 (27,518) 1,216,492 1,211,281 5,211 1,216,492 |
31.3.21 Total funds £ 36,031 899,444 935,475 9,105 8,127 224,393 241,625 (20,624) 221,001 1,156,476 (31,818) 1,124,658 1,084,634 40,024 1,124,658 |
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. Mrs A Hill - Trustee
14
Association of WRENS and Women of the Royal Naval Services
Notes to the Financial Statements for the Year Ended 31 March 2022
1. GENERAL INFORMATION
The charity is registered charity in England and Wales and is unincorporated. The address of the principal office is Building 1/087, Scott Road, H.M. Naval Base, Portsmouth, Hampshire, PO1 3LU.
2. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, 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 Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
The financial statements have been prepared to give a "true and fair view" and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a "true and fair view". This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 (as updated by the second edition, issued October 2019) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Financial reporting standard 102 - reduced disclosure exemptions
The charity has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':
- the requirements of Section 7 Statement of Cash Flows.
Income
Donations and gifts are included in incoming resources when the charity is probable of receipt and the amount can be quantified with reasonable accuracy.
Legacies are recognised when received and on notifications before the balance sheet date where it is probable that the legacy will be received and the value of the incoming resources can be measured with sufficient reliability.
Annual subscriptions are accounted for in the period to which they relate. Ten-year subscriptions are accounted for on an accruals basis and the element in relation to future years membership is deferred.
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Association of WRENS and Women of the Royal Naval Services
Notes to the Financial Statements - continued for the Year Ended 31 March 2022
2. ACCOUNTING POLICIES - continued
Income
Investment assets and income
Dividends and interest from investments are credited to income on receipt.
All investments are shown in the Balance Sheet at their mid-market price as quoted on the London Stock Exchange. Gains and losses on the revaluation and realisation of investments are taken or charged to income in the Statement of Financial Activities.
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.
Support and governance comprise the costs for the running of the charity. Charitable expenditure relates specifically to; donations to benevolent funds, costs of producing the 'Wren' magazine and meetings and event costs.
Financial instruments
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Allocation and apportionment of costs
Support costs which are not directly attributable to one of the charities activities are allocated based on the estimated split of time which the charity's staff and Trustees spend on each area.
Intangible fixed assets
The charity paid a lump-sum amount for the upkeep of the Association's memorial stone at the national arboretum in perpetuity. In accordance with FRS 102, the useful economic life of the intangible asset has been fixed at 10 years and is amortised over that period.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings
- 20% on cost
Expenditure on fixed assets is capitalised where material. Where capitalised, assets are stated at cost less subsequent depreciation unless otherwise stated.
16
Association of WRENS and Women of the Royal Naval Services
Notes to the Financial Statements - continued for the Year Ended 31 March 2022
2. ACCOUNTING POLICIES - continued
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees in the furtherance of the general activities of the charity. Unrestricted funds incorporate unrealised gains arising on the revaluation of investment assets to market values at the Balance sheet date.
Restricted funds are those monies given to the Association for specific purposes and can only be used for those purposes.
Operating leases
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.
Pension costs and other post-retirement benefits
The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
3. OTHER TRADING ACTIVITIES
| Fundraising events 4. INVESTMENT INCOME From UK listed investments Deposit account interest |
31.3.22 £ 8,054 31.3.22 £ 22,658 893 23,551 |
31.3.21 £ 6,709 31.3.21 £ 23,114 - 23,114 |
|---|---|---|
17
Association of WRENS and Women of the Royal Naval Services
Notes to the Financial Statements - continued for the Year Ended 31 March 2022
5. AUDITORS' REMUNERATION
| AUDITORS' REMUNERATION | ||
|---|---|---|
| 31.3.22 | 31.3.21 | |
| £ | £ | |
| Fees payable to the charity's auditors for the audit of the charity's | ||
| financial statements | 5,500 | 5,500 |
6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2022 nor for the year ended 31 March 2021.
Trustees' expenses
During the year the Association paid expenses totalling £11,804 (2021: £1,590) to 12 trustees plus 7 officers/2020 committee members (2021: 5 trustees plus 4 officers/2020 committee members) for travelling and other incidental costs.
7. STAFF COSTS
| Wages and salaries Social security costs Other pension costs |
31.3.22 £ 21,308 4,251 1,845 27,404 |
31.3.21 £ 21,058 3,233 1,771 26,062 |
|---|---|---|
Key management personnel are considered to be the Trustees and therefore no remuneration was paid in the year (2021: nil).
The average monthly number of employees during the year was as follows:
| 31.3.22 | 31.3.21 | |
|---|---|---|
| Office staff | 2 | 2 |
No employees received emoluments in excess of £60,000.
18
Association of WRENS and Women of the Royal Naval Services
Notes to the Financial Statements - continued
for the Year Ended 31 March 2022
| 8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies 10,239 Charitable activities Membership co-ordination 22,108 Other trading activities 6,709 Investment income 23,114 Other income 6,345 Total 68,515 EXPENDITURE ON Raising funds 5,424 Charitable activities WRNS benevolent trust 475 The Wren publication 17,168 Trustee meeting and events 1,591 Arboretum renovation 1,896 Support costs 13,513 Membership co-ordination 53,840 AOW2020 42 Total 93,949 Net gains on investments 125,777 NET INCOME 100,343 RECONCILIATION OF FUNDS Total funds brought forward 984,291 TOTAL FUNDS CARRIED FORWARD 1,084,634 |
Restricted funds £ 8,372 - - - - 8,372 - - - - - - - 5,104 5,104 - 3,268 36,756 40,024 |
Total funds £ 18,611 22,108 6,709 23,114 6,345 76,887 5,424 475 17,168 1,591 1,896 13,513 53,840 5,146 99,053 125,777 103,611 1,021,047 1,124,658 |
|---|---|---|
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Association of WRENS and Women of the Royal Naval Services
| Notes | to the Financial Statements-continued | |
|---|---|---|
| for the Year Ended 31 March 2022 | ||
| 9. | INTANGIBLE FIXED ASSETS | |
| Arboretum | ||
| upkeep | ||
| £ | ||
| COST | ||
| At 1 April 2021 and 31 March 2022 | 37,927 | |
| AMORTISATION | ||
| At 1 April 2021 | 1,896 | |
| Charge for year | 3,793 | |
| At 31 March 2022 | 5,689 | |
| NET BOOK VALUE | ||
| At 31 March 2022 | 32,238 | |
| At 31 March 2021 | 36,031 | |
| 10. | TANGIBLE FIXED ASSETS | |
| Fixtures | ||
| and | ||
| fittings | ||
| £ | ||
| COST | ||
| At 1 April 2021 and 31 March 2022 | 8,489 | |
| DEPRECIATION | ||
| At 1 April 2021 and 31 March 2022 | 8,489 | |
| NET BOOK VALUE | ||
| At 31 March 2022 | - | |
| At 31 March 2021 | - |
All fixed assets are initially recorded at cost.
20
Association of WRENS and Women of the Royal Naval Services
Notes to the Financial Statements - continued
for the Year Ended 31 March 2022
11. FIXED ASSET INVESTMENTS
| Listed investments £ MARKET VALUE At 1 April 2021 892,024 Additions 71,783 Disposals (57,125) Revaluations 32,813 Cash introduced - Interest and charges - At 31 March 2022 939,495 NET BOOK VALUE At 31 March 2022 939,495 At 31 March 2021 892,024 |
Cash held within portfolio £ 7,420 (71,622) 57,125 - 30,000 (8,319) 14,604 14,604 7,420 |
Totals £ 899,444 161 - 32,813 30,000 (8,319) 954,099 954,099 899,444 |
|---|---|---|
There were no investment assets outside the UK.
The investment portfolio is managed by Brewin Dolphin and held at market value. As at 31 March 2022, the book cost of listed investments amounted to £803,186.
| 12. | STOCKS | ||
|---|---|---|---|
| 31.3.22 | 31.3.21 | ||
| £ | £ | ||
| Stocks | 4,266 | 9,105 | |
| 13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
| 31.3.22 | 31.3.21 | ||
| £ | £ | ||
| Other debtors | 1,580 | 1,580 | |
| Prepayments and accrued income | 6,142 | 6,547 | |
| 7,722 | 8,127 |
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Association of WRENS and Women of the Royal Naval Services
| Notes to the Financial Statements-continued for the Year Ended 31 March 2022 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.22 £ Accruals and deferred income 19,841 19,841 All financial instruments are carried at amortised cost. 15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 31.3.22 £ Accruals and deferred income 27,518 16. LEASING AGREEMENTS Minimum lease payments under non-cancellable operating leases fall due as follows: 31.3.22 £ Within one year 7,102 Between one and five years 7,236 14,338 17. MOVEMENT IN FUNDS Net Transfers movement between At 1.4.21 in funds funds £ £ £ Unrestricted funds General fund 1,084,634 91,257 35,390 Restricted funds Arboretum project 966 577 - WRNS100 3,668 - - AOW2020 Fund 35,390 - (35,390) 40,024 577 (35,390) TOTAL FUNDS 1,124,658 91,834 - |
31.3.21 £ 20,624 20,624 31.3.21 £ 31,818 31.3.21 £ 6,302 11,748 18,050 At 31.3.22 £ 1,211,281 1,543 3,668 - 5,211 1,216,492 |
|---|---|
22
Association of WRENS and Women of the Royal Naval Services
Notes to the Financial Statements - continued
for the Year Ended 31 March 2022
17. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Arboretum project TOTAL FUNDS |
Incoming resources £ 209,809 577 210,386 |
Resources expended £ (151,365) - (151,365) |
Gains and Movement losses in funds £ £ 32,813 91,257 - 577 32,813 91,834 |
|---|---|---|---|
Comparatives for movement in funds
| Unrestricted funds General fund Restricted funds Arboretum project WRNS100 AOW2020 Fund TOTAL FUNDS |
At 1.4.20 £ 984,291 552 3,668 32,536 36,756 1,021,047 |
Net movement in funds £ 100,343 414 - 2,854 3,268 103,611 |
At 31.3.21 £ 1,084,634 966 3,668 35,390 40,024 1,124,658 |
|---|---|---|---|
23
Association of WRENS and Women of the Royal Naval Services
Notes to the Financial Statements - continued
for the Year Ended 31 March 2022
17. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Arboretum project AOW2020 Fund TOTAL FUNDS |
Incoming resources £ 68,515 414 7,958 8,372 76,887 |
Resources expended £ (93,949) - (5,104) (5,104) (99,053) |
Gains and Movement losses in funds £ £ 125,777 100,343 - 414 - 2,854 - 3,268 125,777 103,611 |
|---|---|---|---|
WRNS100 Fund
This fund was closed in April 2018 leaving a reserve of £3,000 to maintain the memorial stone in Portsmouth Cathedral grounds.
Arboretum Fund
This fund's purpose is to:
- maintain and upkeep the WRNS Garden in the National Memorial Arboretum.
AOW2020 Fund
This fund's purpose is to:
- celebrate the centenary of the formation of the Association of Wrens.
As part of the Trustees' ongoing consideration of reserves, a review has been undertaken during the year to assess the presentation of funds previously listed as restricted and in particular the AOW2020 Fund following the completion of all centenary celebrations. Transfers between the funds shown above include the necessary adjustments.
18. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2022.
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