REGISTERED CHARITY NUMBER: 257040 Re ort of the Trustees and Audited Financial Sta ments for the Year Ended 31 March 2024 for Association of WRENS and Women of the Ro al Naval Services
Association of WRENS and Women of the Ro al Naval Services Contents of the Financial Statements for the Year Ended 31 March 2024 Page Reference and Administrative Details Report of the Trustees Report of the Independent Auditors 9 to 12 Statement of Financ1 Activities 13 Statement of Financial Position 14 Notes to the Financial Statements 15 to 24
Association of WREN5 and Women of the Ro al Naval Services Ref rence and Administrative Details for the Year Ended 31 March 2024 TRUSTEE5 Mi55 A Lagnje IChairTnanl lappointed 14.10.231 succeeding Mrs L Snowden" Mrs K Eynon. Ivice Chairman) lappointed 14.10.231, Iresigned 28.2.241 Miss A Cameron (Hon Treasurer) Mrs K Elliot. Mrs B McGregor Mrs LGannon MissA Moffatt Mr5 J Whitmarsh Mrs J Crisp Mrs C Snell Mrs N Smith Mrs A Wrigley Mi55 S Houghton (appointed 14.10.231 Mr5 A Cross lappointed 14.10.231 Completed service 14 October 2023 PRINapAL ADDRESS Building 1187 Scott Road HM Naval Base Portsmouth Hampshire POI 3LU REGisfERED CHARITY NUMBER 257040 AUDITORS Moore Chartered Accountants and Statutory Auditor 30 Gay Street Bath BAI 2PA
Association of WRENS and Women of the Ro al Naval Services Re ort of the Trustee5 r the Year Ended 31 March 2024 The Trustees present their report with the financial statements of the charity for the year ended 31 March 2024. The Trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicèble in the UK and Republic of Ireland (FR5 1021 (effective 20191. oBJEIVEs AND AcnvmES Objectives and alms The Association's object 15 to promote the efficiency of the women in the Royal Nawy in the following ways: 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 SeNice and of their predecessors in the Women's Royal Naval Servite IWRNSI. in particular, but not exclusively. by maintainin8 contact and bindin8 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 sèrvice charity or charities. The Association carries out activities in thè form of sale of Christmas cards and srnal18ift5 which are sold through the magazine, website and at fundions. Charity regulations restrict the amount of trading income that can be received to 25% of total income and the A55ociation ensures it trades at a level $0 as notto exceed this. The Association is also ¢areful 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 fomi 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 actFvities 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 Trustee5 have paid due regard to the Charity Commission 8uidance on public benefit. The focus of our activities remains the promotion of the service of fom)er members of the Women's Royal Naval Service. The benefits are provided predominantly. but not exclusively, to women in or connerted to the Royal Navy. RISK MANAGEMENT The Trustee5 have assessed the major risksto which the Association 15 exposed and are satisfied that Systems are in place to mitl8ate exposure to the major risks. Review of the Risk Mana8ement Register is now 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 regulation5 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 a150 been added to the Business Continuity Folder.
Association of WRENS and Women of the Ro al Naval Service5 Re ort of the Trustees for the Year Ended 31 March 2024 ACHIEVEMENT AND PERFORMANCE The Association receives income each year in the form of annual, and 5 year, subscriptions from members. Income is also generated from investments and to a lesser extent savings. It is the current aim of the Association to maintain expenditvre within this income and not rely on legacies to fvnd ongoing daily cost5 due to the unpredictable nature of this income stream. The Association was able to carry out several attivities for achieving its objective5 during the year. Recruitment opportunities and sales tables were able to be utilised at all events that were attended. A very successful Out of Town meeting was held in Lwerpool hosted by HMS Eaglet RNR Unit which provided an excellent waterfront venue. Thi5 3150 coincided with the 80th Anniversary of the Battle of Atlantic cornmemorations as well as the RNA Corblerence. A good number of local members as well as those from up and down the country attended and were also ablè to take part in the Sunday service and Parade. The National Standard was also paraded throughout the weekend. There were many artivities during the weekend and the Assotiation was able to provide support with representation at all the events that the City of Liverpool had arranged. The economic benefits of zoom technology have continued to allow the Trustee team to hold interim and extraordinary meetings when required. For instance, where disruption on the rail network would have made attendance at Meetings in London impossible these have been able to go ahead as scheduled by virtue of the online facilitie5. The Association endeavours to hold an Out of Town meeting each year in a venue agreed by the Trustees.. bv 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 A$SlatIOn officers and members. Three editions of The Wren magazine were published during the year. Thanks goes to members who continued to submit items and to our printer5. Snell Print. who continue to achieve not only the printing but the distribution. Snell Print Serves us well and have proved competitive when compared to other similar suppliers. The production of the magazine is still being compiled by Genie Creative and although thi5 has resulted in additional costs this has proved effertNe so far. The Editorial Team continue to oversee the content of the magazine and welcome article5 from members and the wider Naval famity- Cer the last year improvements have been made and these have been wèll received by the Members who continue to enjov receiving the magazine, either as a hard copy or online. Where the option to receive the magazine online has been made available and taken up this ha5 proved successful and becoming more popular. This has had a positive economic effect for the Charity's costs. The 'Talking Wren, is provided by a team of members and is valuable and welcomed service for those members who are unable to read the magazine for themselves due to vision impairment. To seekfurther avenuesto promote the Association particularly influenced by official and unofficial Facebook groups, the establishment of è team to manage the Website, social media and Sales have proved extremely beneficial. The website has now been running since September 2021 with a dedicated member5 section and thi5 will continue to be developed as quIred. On-line membership applications and substription renewals are increasingly being used to generate and svstain membership. The shop continues to be developed on the website and is being utilised by members. Other avenues of raising sales funds have been used enabling members to order direct from a supplier of 5pecrfic items with a percentage of the sales being paid to the Association as commission. One such example is the sale of the official Wrens Tartan Scarf supplied by MacDonald Kiltmakers.
Association of WRENS and Women of the Ro al Naval SeNi es Re ort of the Trustees for the Year Ended 31 Marth 2024 Every opportunity has been tsken to sell old stock items. Several Sales items including our range of 2020 commemorative items have continued to move 51owty and some items are now sold out. Decision will need to be made regarding the shelf life of the remaining dated stock. Other stock had also been slow to move, and a concerted effort has been applied to sell these albeit at a small reduction in price. Again, some of these items are now sold out without any financial loss to the Association. The On-line shop and sales brochure are available all year round rather than as a Christmas Catalogue. The Christmas Cards and the Association Diary continue to be extremely popular. The sales of Christmas Cards were outstanding once again with foLbr new designs made available. The profits from these sales continued to be shared betwèen the Association and WRNS BT. Throughout the year several new linès have been added to the range of item5 available and some of which have been atthe request of members. Some of these item5 have proved popular and due to the demand have required the purchase of further supplies. Thanks must go especially to Katharine Lovegrove in the HQ who for the second year running continued to support the Association single handedly. There has been no HQ responsibility left wanting and Katharine also rose to the challenge of some additional duties with her usual professionalism and tenacity. During the latter stages of the year more effort was directed to the recruitment of staff to return the HQto a full complement. Thanks, is also due to all Tnjstees and members whose commitsnent to the Association is greatly appreciated and valued.
Association of WRENS and Women of the Ro al Naval Services Re ort of the Trustees for the Year Ended 31 March 2024 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 SiXTrmonths expenditure. The Trustees consider that resee$ at this level will ensure that, in the event of a Significant drop in fundin& they will be able to continue the Charity's current activities while consideration is given to way5 in which additional fund5 mav be raised. Reserves are available to meet this policy although caution continued to be applied due to the challenges in the financial markets and the impact this has had on the Association'5 investments. The 202312024 financial year has not seen the receipts from legacies as has been seen previously which highlights the unpredictability of this funding stream. The accounts show an in-year net gain, before investmerht gain5, of £24,003 (compared to the small gain of £2,418 last yearl. Despite the uncertainties in the financial markets due to the gepolItIcal sttuation and other financial pressures the gainsllosses within the investment portfolio showed a gain of £34.273 Icompared to 2023.. showing a loss of £87,431). This movement may be indicative of recovery in some sectors. The Finance Committee invested a total of £SO,000 into the portfolio, the primary purpose being to In¢aSe the income in support of our operating costs. The full effect of this invesiment may not be realised in the short term, but l am pleased to report that the Annual Portfolio Income has increased and does help toward5 balancing the books. As mentioned above income from legacies and other In MemoTiarn donations was significantly lower for the second year running summing up to a total of £25,231. A large part of this was due to the receipt of £21,404 which was the remaining sum owing from a previous legacy received in 2021. Other In Memoriam donation5 received during 2023/24 amounted to £3,827 which was short of a budget of £12.500. Donation income excluding Bift aid amounted to £9,939, with gift aid added this would be approx. £12.000 against a budget forecast of £14.000. Despite this the generosty from members, branches and informal groups 15 acknowledged with gratitude considerTrng the constant rises in cost of livin8 and inflationary pressures throughout the year. Total donations and legacies together with other supporting income amounted to £41,831 in the year to 31st March 2024 compared to £28,294 in the comparative period last year. The A55ociation's main èxpenditure 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. Staff Costs were below budget as expected due to under staffing in the Office. Meeting cost and trustee expenses was also under budget. this was largely due to the reduced size of the Trustee team and associated travel requirements. Our expenses budget will remain in place to allow for the Trustee Team returning to full complèment and the changes made to elements of the expenses policy. Similarly, the budEet coverin8 Staff costs will also remain the same if not increase to cover staff costs going forward. The Association has delegated responsibiltty for the management of the investment portfolio to its investment managers RBC Brewin Dolphin who has managed the portfolio throughout a turbulent year for the stock market taking the necessary measures to protect the portfolio to minimise the continuing efferts of world events on financial markets as far as reasonably possible. These mea5ure5 included the adjustment to the fund allocation to asset classes which are favoured by the higher interest rate environment such as Government Securities and Fixed Interest Securities. The Portfolio's book value increased by £56,795 in the vear to 31 March 2024 to £938,964. Whilst there is still some way to go to recover to pre-pandemic levels, on a positive note, Portfolio income of £34.639 does represent a significant increase overthe same time and exceeded the budget forecast.
Association of WRENS and Women of the Ro al Naval rvices Re ort of the Trustees for the Year Ended 31 March 2024 Investments are held as a reserve to ensure that the activitie5 of the Association can continue in the longer- term. Investments are chosen to achieve a stable and lower risk return. A Charities Savings account with United Trust Bank is held to supplement possible cash flow deficiencies durinE the financial year in preference to selling off investments. These Cash reserves are monitored regularly by the Finance Committee. Due to the higher interest rates the return on these savings amounted to £2,811 compared to the previou5 year's £987 and exeded budget. It is possible that interest rates shall start to fall during the next financial year but by how much and how quickly remains unknown. As previously reported 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 to represent the best value as opposed to an annual payment subjett to VAT and inflation. In line with applicable accounting standards. this one-off payment is presented a5 an intsn8ible asset on the balance to be amortised over 10 years. Having now run lor 3.5 years, £1,896 was included in the first year's accounts with £3.793 being applied in thisfinancial year as in last year's ac¢oLbnts. There is now 6.$ years to run. Various Branches and Informal Groups have responded by making donations for the maintenance of the WRNS Garden. APPRECIATION Donation5 Donations arè gratefully received from a significant number of our members and where possible have generated an addition313mount via Gift Aid. Thanks, is also gratefulty acknowledged for donations reIVed this year from the following Branches and Infornial Group5: Bournemouth Cardigan Chester Croesoswallt & District Edinburgh Fareham Fife Nottingham Pembroke5hire Portsmouth South t)orset Swindon & District West Cornwall Yeovil & District York Legacies and In Memoriarn Donations WÈ have received legacies or kind (lonations in memory of the following members and non-members who passed away during the year: Elizabeth 8eeton Hermione Burns Mary Fraser Geraldine Hawley Kathleen Hartland Patricia Miller Kathleen Newman Eileen Parker Marjorie Roberts janet Vockins Dorothy Woods Penny Wright FUTURE DEVELOPMENTS A recruitment campaign to restore the staffing of the Association HQ back to full complement. The establishment of a new Strategy Group comprising participants from the Trustee team along with a Vice President as part of the group. The aim is to enhance the delivery of the objective5. The Constitution is next scheduled for review in 2025.
Association of WRENS and Women of the Ro al Naval Services ort of the Trustees for the Year Ended 31 March 2024 STRucfuRE. 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, 21, 2012, 2015, 2018 and 2022. Mrs Lisa Snowden completed her tenure as Acting Chairman and was succeeded by Miss Annie Lagrue who was appointed as Chairman in October 2023. Mrs Sara Moseley completed her short tenure as Vice Chairman handing over to Mrs Karen Eynon in October 2023 (m Eynon resigned in February 20241. Mrs Karen Elliott and Mrs Barbara McGregor retired from the Trustee Committee following the 2023 AGM having completed two 3-year tenures. Miss Sheila Houghton and Mrs Andrea Cross were elerted as new Trustees and Mrs lanette Crisp was elected to serve a 2nd 3-ye3r tem) as a Trustee. Nomination5 for appointmènt as a Trustee are received from members or branches, as vacancies were available for all applicants no ballot was held and appointments were duly made at the Annual General Meeting, following which the Trustees elert the Officers and Finance Committee members. The Association provides all new Trustees With an induction pack which includes CC3: The Essential Trustee and CCII: 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 a reported to the Trustees at each of their meetings. Non-financial matters are the responsibilify 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 may need to withdraw from the meeting if the conflict is relevant to the discussion. The day to day running of the ¢harty ha5 been carried out by one Administrator for whole of this financial year. It is intended that a second member of staff shall be recruited. EVENTS OF THE YEAR The Association of wfi5 has had a busy year particularly throughout June- the main events were= The 30th Anniversary of Women's Integration into the Royal Nawy was celebrated. The second Association Day took place and was well supported by branches and informal groups around the country. The Battle of the Atlantic 80th Anniversary Weekend was held in Liverpool and as many members of the WRNS were involved at the time it seemed only frtting to hold the 2023 Out of Town Meeting at HMS Eaglet, Liverpool. The weekend also marked the opening of the Wrens, exhibition. based in the former WRNS Quarters within the Western Approaches HQ Building which many were also able to visit during the weekend. The National Armed Forces Day event took place in Falmouth, Cornwall with a great turnoLbt of WRNS. The second weekender was arranged due to the success of last year's event and took place in Leamirbgton Spa. Once again this was enjoyed by all those who attended with an excursion to the National Memorial Arboretum on Saturday followed by a fundraising Gala Dinner in the evening.
Association of WRENS and Women ofthe Ro al Naval Services Re ort of the Trustees for the Year Ended 31 M rch 2024 The ye3r ended as usual with the Carol Service at St Mary Le Strand followed by the Aow & WRNS BT Fundralslng Dinner held at HMS President for the first time. The guests were treated to a very special eveninE due to the fabulous staff at HMS President and the catering team. This rounded off 2023 in great style. Fridav evening prior to the dinner 50 lucky Aow Members were treated to a private tour of the Tower of London and the opportunity to witness the historic Ceremony of the Keys. The final event of 2023124 wa5 the Memorial Service held at St Mary Le Strand on 12th February 2024 to mark the 80th Anniversary of the sinking of SS Khedive Ismail. The tragedy took the lives of over 1.2tMJ people including 17 Wrens. The sinking was the single worst Ios5 of female service personnel in the history of the Commonwealth of Nations. Other regular events included ticketed allocations for Wimbledon, courtesy of the Lest We Forget Association and tickets to Buckingham Palace Garden parties thanks to The Not Forgotten Association. The opening of the Field of Remembrance at Westminster Abbey and the annual Service of Remembrance at the Cenotaph were well attended as usual. STATEMEPU OF TRUSTEES, RESPONSIBIUTIES The trustees are responsible for preparing the Rew)rt of the Trustee5 and the financial statement5 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. Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust dee(I requires the trustees to prepare financi31 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 requiretl to select Suitable accounting policies and then apply them consistèntlv. observe the methods and principles in the Charity SORP.. make Itjdgements and estimate5 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 accura 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 2CK)8 and the provisions of the trust deed. They are also responsible for safeguarding the a55ets ot the charity and hence for taking reasonable steps for the prevention and detertion of fraud and other irre8ularities. Approved by order of the board of tnjstees on..-.... and signed on its behalf by.. Mrs C Gibbon- ce President
Re ort of the Inde ndent Auditors to the Trustees of AsSOCl3tion of WRENS and Women of the Ro al Naval Services Oplnlon We have audited the financial statements of Association of WRENS and Women of the Royal Nav31 Services Ithe 'charity'l for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Statement of Financial P051tion and note5 to the financial statements, includin8 a summary of significant accounting policies. The financial reporting frameworkthat has been applied in their preparation is applicable law and United Kingdom A¢countin8 Standards (United Kingdom Generally Accepted Accounting Practicel. 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 2024 and of its incoming resources and applitation of re50Ltrces. for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accountin8 Prattice, includin8 Financial Reporting Stsndard 102 The Financial Reportkn8 Standard applicable in the UK and Republit of Ireland,. and have been prepared in actordance with the requirements of thè Charities Act 2011. Basis for oplnion We conducted our audit in accordan with International Standards on Auditing IUK} IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the fbnancial statements sertion 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, includin8 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 collectNely, 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 thetrustees wrth respect to going concern are described in the relevant sections of this report.
ort of the Inde ndent Auditors to the Trustees Association of WRENS and Women of the Ro al Naval Services Other Snforrnatlon The trustees are responsible for the other information. The other infomiation 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 explicitty 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 irb the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material mi55tatements. we are required to determine whether this gives rlse 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 fa¢t. 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 (Actounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: the information given in the Report of theTrustees is inconsistent in any material re5pectwith the financial statemènts- or 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 trustee5 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 tontrol 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 ontinue as a 89inB concern, disclosin& 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 realistit alternative but to do so. io
Re ort of the Inde endent Auditor5 to the Trustees of Association of WRENS and Women of the al Naval Services Our responsibilltles for the audit of the financial st•ternents We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Art 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 IUKI will always detect a material misstatemènt when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the ag8regate, they could asonablY 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 consldered capable of detertlng irregularities. influding fraud The objectives of our audit in respert of fraud. are.. to identify and assess the risks of material misstatement of the financial 5tatÈments 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 appropri3tèly to instances of fraud or suspected fraud identified during the audwt. 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 a5 follow5.. We obtained an understandinB of the legal and regulatory requirements applicable to the company and considered that the most significant are the Charities Act 2011, UK Financial Reportin8 St3nd3rds and UK taxation legislation. We obtained an understanding of how the company complies wtth 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 discussion5 With management and those charged with govemance. 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 under5tandin& we designed specific appropriate aydit procedures to identify instances of non- compliance with laws and regulations. This included making enquiries of management and those charge with governance and obtaining additional corroboratNe evidence as required. Afurther description of our responsibilitiesforthe audtt of thefinancial statement5 is located on the Financial Reporting Council's website at wv•w.frC_org.uklauditorsresnSIb1IItIe5. This description forms part of our Report of the Independent Auditors. li
ort of the Inde endent Auditor5 to the Trustees of Association of WRENS and Women of the al Naval sei[e5 Use of our report This report is made 501ety to the charity's trustees, as a body. in actordance wf(h Part 4 of the Charitie5 (Accounts and Reports) Regulations 28. Our audit work has beèn undertaken so that wè might State to the charity's trustees those matters we are required to state to them in an auditOfS' 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 thi5 report, or for the opinions we have formed. Moore Chartered Accountants and Statutory Auditor 30 Gay Street Bath BAI 2PA Date: ..... 12
Association of WRENS and Women of the Ro al Naval Services statement of Financial Activities for the Year Ended 31 March 2024 31.3.24 Total funds 31.3.23 Total funds Unrestricted Restricted fund funds Notes INCOME AND ENDOWME[5 FROM Donations and legacies 41,516 315 41.831 28.294 Charitable acti¥ities Membership co-ordination 27,655 27.655 31,262 Other trading activities Investment income Other in¢ome 9.508 37,450 7,440 9,508 37.450 7.440 5,914 32,629 5.711 Total 123.569 31S 123.884 103.810 EXPENDITURE ON Raising funds 5,748 5.748 3,652 Charitable actlvlties WRNS benevolent trust The Wren publication Trustee meeting and events Arboretum renovation Support tosts Membership CoTInatIon 462 15,403 7,653 3,793 14,138 51,848 462 15,403 7,653 4.629 14.138 51,848 603 21,213 9,158 3,793 14,761 48.212 836 Totsl 99.045 836 99,881 101,392 Net gainslllossesl on investments 34.273 34.273 187,4311 NET INCOMVIEXPENDITURE} 58.797 15211 58,276 185,013} RECONCILIATION OF FUNDS Total funds brought forward 1.126,654 4.825 1,131.479 1,216,492 TOTAL FUNDS CARRIED FORWARD 1,185.451 4.304 1,189,755 1,131,479 13
Association ofWRENS and Women ofthe Ro al Naval Services Statement of Financial Posltion 31 March 2024 31.3.24 Total funds 31.3.23 Total funds Unrestricted Restrirted fund funds Notes FIXED ASSETS Intangible assets Tangible assets Investments io li 12 24.652 424 938.964 24,652 424 938,964 28,445 530 882,169 964,040 964,040 911,144 CURRENT ASSETS Stocks Debtors Cash at bank and in hand 13 14 4,273 7.406 247,275 4,273 7.406 251,579 4,328 5,967 251,328 4,304 258,954 4.304 263,258 261,623 CREDITORS Amounts fallin8 due within one year 15 117,402) 117.4021 {18,3251 NET CURRENT ASSETS 241.552 4,304 245,856 243,298 TOTAL ASSEf5 LESS CURRENT LIABIUTIES 1.205.592 4.304 1,209,896 1,154,442 CREDITORS Amounts falling due after more than one year 16 120.1411 120,1411 122.9631 NASsETs 1,185.451 4.304 1,189.755 1,131,479 FUNDS Unrestricted funds Restricted fund5 18 1,185,451 4,304 1,126,654 4.825 TOTAL FUNDS 1,189,755 1,131,479 The financ .statements were approved by the Board of Trustees and authorised for issue on ..Z.......... and were signed on its behalf by.. Mrs C Gibb ce President 14
A550ciation of WRENS and Women of the Ro al Naval Services Notes to the Financial Statements for th@ Year Endèd 31 M rch 2024 GENERAL INFORMATION The charity is registered charity in England and Wales and 15 unincorporated. The address of the principal office is Building 11087. Scott Road. H.M. Naval Base. Portsmouth, Hampshire, POI 3LU. ACCOUIrnNG POLICIES Basis Ot prnparir the financial statements The financial statements of the charity. which is a public benefht entity under FR5 102, have been prepared in accordance with the Charities SORP IFRS 1021 'Accounting and Reporting by Charities: Statement of Recommended Prartice applicable to charities preparing their accounts in accordance with the Financial Rew)rting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffectNe l January 20191., Financial Reporting Standard 102'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Chèflties 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 gwe a "true and fair view" and have departed from the Charitie5 Ikcounts and Report51 Regulations 2(M)8 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 Reportirbg Standard applicable in the UK and Republic of Ireland IFRS 1021 issued on 16 July 2014 las updated by the second edition, issued October 20191 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from l April 2005 which has since been withdrawn. The financial statements are prepared in sterfin& which is the functional currency of the entity. Golng concern There are no material uncertainties about the charity's ability to continue. Financial reporting standard 102- reduced dClOs** exemptions The charity has taken advantage of the following disclosure exemption 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. Incorne Donations and gffts are included in incoming resources when the charity is probable of ceIpt and the amount can be quantified with reasonable accuracv. Legacies are recognised when receNed 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. 15
Association of WRENS and Women of the al Naval Services Notes to the Financial Statements continued for th Year Ended 31 March 2024 ACCOUNTING pouaES- continued Income Investmont 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 revaluètion and realisation of investments are taken or charged to income in the Statement of Financial Artrvities. Expenditure Liabilities are re¢o8nised 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 c8n be measured reliably. Expenditure 15 accounted for on an accrua15 basis and has been classified under headings that 38gregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been all(Kated to activities on a basis consistent wrth the use of resources. Support and governance comprise the costs for the running of the charity. Charitable expenditure relates specifically to,. donations to benevont funds, costs of producing the 'Wren' magazine and meetings and event costs. Financlal instruments Basic financial instruments are inityally recognised at the amount receivable or payable including any related transartion 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 re¢eived and not discounted. Allocation and apportionment of costs Support costs which are not dirertly attributable to one of the charities actNities are allocated based on the estimated split of time which the charity's staff and Trustees spend on each area. Intanglble fixed assets The charity paid a lump-sum amoLbnt for the upkeep of the Association's memorial stone at the national arboretum in perpetuity. In acwrdance 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 lixed assets is capitalised where material. Where capitalised. assets are stated at cost les5 subsequent depreciation unless otherwise stated. 16
Association of WRENS and Women of the Ro al Naval SeTVi¢ Notes to the Financial Statements- for the Year Ended 31 March 2024 ntinued ACCOUNTING POLICIES- continued Stocks Stocks are valued at the lower of cost and net realisablevalue. after making due allowance for obsolete and slow moving items. Taxation Thè charity is exempt from tax on its charitable artNities. Fund attounting Unrestricted funds are available for use at the discretion of the trustees in the furtherance of the general activitie5 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 A550ciation for specific purposes and can only be used for those purposes. Operatlng lea5e5 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. Penslon costs and other post-retirement benefrts The charity operates a defined contribution pension scheme. ContributiOfLS payable to the charity's pen510ri Scheme are charged to the Statement of Financial Actrvitbe5 in the period to which they relate. DONATIONS AND LEGACIES 31.3.24 31.3.23 Donations received Legacies received and receivable Other supporting income 9,939 25,231 6,661 15,323 11,727 1,244 41.831 28.294 17
Association of WRENS and Women of the Ro al Naval Services Notes to the Financial St3temènts- continued for the Year Ended 31 March 2024 OTHER TRADING ACTIVITIES 31.3 24 31.3.23 Fundraising events 9.508 5,914 INVESTMENT INCOME 31.3.24 31.3.23 From UK listed investments Deposit account interest 34,639 2,811 31,642 987 37,450 32.629 AuDORs. REMUNERATION 31.3.24 31.3.23 Fees payable to the charity's auditors for the audit of the charity's financial statements 6.660 6.600 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefrts for the year ended 31 March 2024 nor for the year ended 31 March 2023. Trustees, expenses During the year the Association paid expenses totalling £7,65412023.. £9,158) to 12 trustees12023: 12 trusteesl for travellirsg and other incidental costs. STAFF COSTS 31.3.24 31.3.23 Wages and salaries Social security costs Other pension costs 16.174 2,151 1,168 16.833 2,283 1.127 19,493 20,243 Key management personnel are considered to be the Trustees and therefore no remuneration was paid in the year12023: nill- 18
Association of WRENS and Women of the Ro al Naval Services Notes to the Finantial Statement5- continued forth Y ar Ended 31 March 2024 STAFF COSTS- continued The average monthly number of employees during the year was as follows.. 31.3.24 31.3.23 Office staff No employees re1ved emoluments in excess of £60,OLYJ. COMPARATIVES FOR THE STATEMENT OF FINANCIALAcnvmES Unrestricted Restricted fund funds Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 27.712 582 28.294 Charitable artwities Membership ctrordination 31,262 31,262 Other trading activitie5 Investment income Other income 5,914 32.629 5,711 5,914 32.629 5,711 Total 103.228 582 103,810 EXPENDITURE ON Raising funds 3,652 3,652 Charitable arti¥ities WRNS benevolent trust The Wren publication Trustee meeting and events Arboretum renovation Support costs Membership co-ordination 603 21,213 9.158 3.793 14.761 47.244 603 21,213 9.158 3,793 14,761 48.212 Total I,424 101,392 Net gainslllossesl on invesrments 187.4311 187,4311 INCOMEIIEXPENDrruREI 184,6271 13861 185,0131 RECONCILIATION OF FUNDS Total funds brought forward 1.211,281 5,211 1,216.492 19
Association of WRENS and Women of the Ro al Naval Services Notes to the Financial Statements continued for the Year Ended 31 March 2024 COMPARATIVES FOR THE STATEMENT OF FINANCIAL AcnvmES- contlnued Unrestricted Re5trirted fund funds Total funds TOTAL FUNDS CARRIED FORWARD 1.126,654 4.825 1.131,479 10. IANGIBLE FIXED ASSErs Arboretum upkeep COST At l April 2023 and 31 March 2024 37,927 AMORTISATION At l April 2023 Charge for year 9,482 3,793 At 31 March 2024 13,275 NET BOOK VALVE At 31 March 2024 24,652 At 31 March 2023 28.445 ii. TANGIBLE FIXED ASSEts Fixtures and fittings cosr At l April 2023 and 31 March 2024 9,019 DEPRECIATION At l April 2023 Charge for year 8,489 106 At 31 March 2024 8,595 NET BOOK VALUE At 31 March 2024 424 At 31 March 2023 530 All fixed assets are initially recorded at C05t. 20
Association of WRENS and Women of the Ro al Naval Services Notes to the Financial Statement5- continued for th Year Ended 31 March 24 12. FIXED ASSET INVESTMENTS Cash held within portfolio Listed investments Tota15 MARK VALUE At l April 2023 Additions Disposals Revaluations Impaiments 845,487 65,819 {10.3771 34.273 36,682 40,377 164.6551 882.169 106,196 175,0321 34.273 18,6421 18.6421 At 31 March 2024 935,202 3,762 938,964 BOOK VALUE At 31 March 2024 935.202 3.762 938.964 At 31 March 2023 845.487 36.682 882,169 There were no investment assets outside the UK. The investment portfolio is managed by Brewin Dolphin and held at market value. As at 31 Mareh 2024. the book cost of listed investments amounted to £9,929l2o23. £836,990). 13. STOCKS 31.3.24 31.3.23 Stocks 4,273 4.328 14. DEBTORS: AMOUNTS FALUNG DUE WITHIN ONE YEAR 31.3.24 31.3.23 Other debtors Prepayments and a¢¢rued Income 3.140 4,266 763 5,204 5,967 21
Association of WRENS and Women of the Ro al Naval Service5 Notes to the Financial Statements- continued for the Year Ended 31 March 2024 15. CREDITORS: AMOUNT5 FALLING DUE wrrHIN ONE YEAR 31.3.24 31.3.23 Other creditors Accrua15 and deferred income 1.200 17,125 17,402 17,402 18,325 All financial instrument5 are carried at amortised cost. 16. CREDITORS: AMOUNTS FALLING DUE AFfER MORE THAN ONE YEAR 31.3.24 31.3.23 Accruals and deferred income 20,141 22,963 17. LEASING AGREEMEpirs Minimum lease payments under non-cancellable operating leases fall due as follows- 31.3.24 31.3.23 Within one year Between one and fNeyears 7.115 7.310 8.280 14,425 14,425 22,705 18. MOVEMENT IN FUNDS Nèt movement in funds At 31.3.24 At 1.4.23 Unrestrlcted fvnds General fund 1.126,654 58,797 1.185,451 Restrirted funds Arboretum project WRNSIOO 1.405 3.420 15211 884 3.420 4.825 15211 4.304 TOTAL FUNDS 1.131,479 58,276 1,189,755 22
Association of WRENS and Women of the I Services Notes to the Financial Statements- continued for the Year Ended 31 March 2024 18. MOVEMENT IN FUNDS-continutd Net movement in funds, included in the above are as follows: Incoming resources Resources expended Gains and losses Movement in funds Unrestrirted funds General fund 123,569 199,0451 34,273 58,797 Restricted funds Arboretum project 315 18361 15211 TOTAL FUNDS 123,884 199.8811 34.273 58,276 Comparatlves for movernent In funds Net movement in funds At 31.3.23 At 1.4.22 UThre5tr1cted fvnds General fund 1.211,281 184.6271 1,126,654 Restricted (unds Arboretum project WRNSIOO 1,543 3.668 1138 12481 1,405 3,420 5.211 13861 4,825 TOTAI FUNDS 1.216,492 185,0131 1.131.479 23
Association of WRENS and Women of the Ro al Naval Services Notes to the Financial Statements- continued for the Year Ended 31 March 2024 18. MOVEMENT IN FUNDS- continued Comparative net movement in funds. intluded in the above are as follows: Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds General fund 103,228 I1,424} 187.4311 184,6271 Restricted funds Arboretum project WRNSIOO 582 17201 12481 11381 12481 582 19681 13861 TOTAL FUNDS 103.810 1101.3921 187.4311 185,0131 WRNSIIJO Fund This fund was closed in April 2018 leaving a reserve of £3,(KM) to maintain the memorial stone in Portsmouth Cathedral grounds. Arl>oretum Fund This fund's purpose is to.. maintain and upkeep the WRNS Garden in the National Memorial Art)oretum. AOW2020 Fund This fund's purpose is to.. - celebrate the centenary of the formation of the Association of Wrens. As part of the Tnjstees. ongoing ¢onsideration of reserves. a review has been undertaken during the year to assess the presentation of funds previously listed a5 restricted and in particular the AOW2020 Fund following the ¢ompletion of all centenary celebrations. Transfers between the funds in the previous year include the necessary adjustments. 19. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 March 2024. 24