FFEDERASIWN SEFYDLIAD Y MERCHED CEREDIGION FEDERATION OF WOMEN'S INSTITUTES
( affiliated to the National Federation of Women’s Institutes))
Registered Charity Number: 501389
Trustees Annual Report and Financial Statement 2020-2021
Unfortunately, due the continued lockdown, restrictions and selfisolation caused by the Corona-virus pandemic, the Trustees of Ceredigion Federation of WIs were only able to offer a limited program of events again this year. Virtual Board Meetings were held by e-mail communication and Zoom. WIs have been offered free Zoom license provision paid centrally by the Federation in order to keep members active while living under restriction, but working within the law. Information has been disseminated to members by regular newsletters on a wide variety of topics. There has been continuing liaison with outside agencies, CAVO and Ceredigion County Council as well as the National Federation of Women’s Institutes and support has been given to individual WI’s regarding Risk Assessment and meetings guidance.
The Trustees have considered the principal risks which face the Federation and have implemented suitable policies for controlling those risks. The Trustees continue to implement the GDPR and Covid 19 legislation.
The activities of the Federation, with their financial implications, are reviewed at the monthly meeting of the Trustees, with discussion of income and expenditure. The Trustees consult professional advisers when necessary and act on their advice. CFWI received repeated Business Grants from the Welsh Senedd to help with continuing the work of the WI in Ceredigion during these insecure times of Covid 19 when fundraising has been limited if not impossible.
The unrestricted reserves of the Federation are kept at a level which would enable the Federation to continue operating in its present way for one year, together with a small reserve for other urgent purposes. The Federation holds the freehold property Ein Swyddfa, 11 Cambrian Place, Aberystwyth together with a Property Maintenance Account and a Reserve Business Account. The property is in good order but the work planned has been delayed due to the pandemic.
Our restricted reserves include the Mildred Jowitt Bond, the interest from which is used for training, the Dr. Eleanor James legacy to be used for Bursaries to Denman College held in a separate account. Details for the future method of application of the Dr. Eleanor James legacy are awaited from the solicitors of
NFWI due to the fact that Denman is now closed. Members applied for 20 Denman at Home vouchers during the pandemic in order to keep the momentum of these bursaries alive. The KP Davies and Madge Collins Denman Bursaries accounts are merged. The interest on this merged account is used alternately in so far as KP Davies is concerned for training and Madge Collins monies were left for Denman Bursaries the latter currently on hold as detailed above.
Membership remains on a similar level to last year. Both Custard Queens WI (over 25 members) and Llanafan WI (under 25 members) won the
National Federation of Women’s Institutes Wales Recruitment Awards and were awarded with £200 each at the Wales Conference postponed since last year. Seaside Sisters WI and Tregaron WI won the Federation Recruitment Award for 2020-2021. It is with regret that it is announced that Penrhyncoch WI, Llanwnnen WI and Sarnau WI have chosen to suspend. We congratulate all our 39 WIs for managing to maintain their momentum and gain new members during lockdown.
WI Advisers and Board Members continue their busy schedule of keeping in contact by phone and e-mail with branches during the course of the year and also held training events by Zoom when possible.
We are delighted that Ann Jones member of Llanddewi Brefi WI and dual member of Tregaron WI has been appointed Chairman of NFWI. This must be the highpoint of our otherwise understated year. The Chairman of Ceredigion Federation attends the Federation of Wales Committee Meetings and has also attended the ‘virtual’ zoom meetings. The Federation has supported NFWI with constitutional changes and appointed delegates to ‘vote’ on behalf of their link WIs. WI Advisers joined NFWI zoom sessions assisting WIA development which in turn has helped support the WI’s.
Membership Committee arranged a virtual Annual Council Meeting in November with Ann Jones as Guest Speaker. The Resolutions Meeting was held by Zoom and WIs voted on the resolution –‘raising awareness of the subtle signs of Ovarian Cancer’. An MCS Training Meeting and a President’s Coffee and Chat were well appreciated by members and the Group Meeting by Zoom focusing on ‘Everything Alpaca’ ended up on the pages of WI Life. Sadly there was no Eisteddfod and no Royal Welsh Show again this year. At Federation level, fund raising has been difficult this year. The Federation took part in the competitions held in the name of the Betty Seaton Evans Award and The Lady Denman Cup Award.
Coronavirus prevented Public Affairs from holding the usual array of events but kept in touch with members by holding a fun quiz by Zoom.
Creative Skills Committee have met throughout the last difficult months and arranged several Zoom presentations shown throughout the Federation. Diverse subjects were covered including Climate Change with local interest given by our own Science Co-ordinator, an illustrated talk showing the diverse nature of Cors Fochno/Borth Bog, Christmas wreath making and also a Vegetarian Cookery demonstration. Attendance was good and enjoyed by everyone. Members also took part in a virtual Royal Welsh Show and the Wales
Committee virtual Summer Festival. Members brought success to the Federation in both events.
Regular meetings were held by the Board of Trustees to arrange the Ceredigion Federation Centenary Year. /this will now commence in August 2021 and continue throughout the following year.
The Ad Hoc Committee for the National Eisteddfod of Wales encountered another unusual year with the committee unable to carry out its remit due to the Pandemic. Plans have been in place since 2019 to organize the Ceredigion stand at the Eisteddfod to be held in Tregaron, the host location. This is done in conjunction with the WI Wales Office to promote the WI to the public on their visit to the event during the first week of August. It is now hoped that it will take place in 2022 having already been postponed twice. The display is on the theme “Turning the Tide” and the arrangements for this are in hand. In readiness for the display to be staged all WIs were asked to make a pendant depicting the date of commencement of their WI also showing something relevant to their own group such as a meeting place or WI activity. The result is superb showing all aspects of WI Life stitched in true WI fashion. All pendants are now displayed in the form of Bunting which will be used throughout the Centenary year.
Ceredigion Federation of WIs has established close contact with Ceredigion Archives. Our involvement with ACWW continues. The WE fund: Sustainable Water, Sanitation and Energy project has been well supported and completed.
Never was there more need for the company of WI members within the community. We look forward to celebrating our Centenary in Autumn 2021.
Signed………………………………Chair
Signed……………………………… Federation Secretary.
Charity registration number: 501389
Ceredigion Federation of Women's Institutes
Annual Report and Financial Statements
for the Year Ended 30 June 2021
PJE Chartered Accountants 23 College Street Lampeter Ceredigion
SA48 7DY
Ceredigion Federation of Women's Institutes
Contents (continued)
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 to 4 |
| Statement of Trustees' Responsibilities | 5 |
| Independent Examiner's Report | 6 |
| Statement of Financial Activities | 7 to 8 |
| Balance Sheet | 9 |
| Notes to the Financial Statements | 10 to 17 |
Ceredigion Federation of Women's Institutes
Reference and Administrative Details
Secretary
Miss Eirwen James - Secretary
Other Officers
Mrs Carol-Jane Denham, Treasurer
Mrs Bethan Williams - Chair
Principal Office
11 Cambrian Place Aberystwyth Ceredigion SY23 1NT
Charity Registration Number
501389
Auditor
PJE Chartered Accountants 23 College Street Lampeter Ceredigion
SA48 7DY
Page 2
Ceredigion Federation of Women's Institutes
Trustees' Report
Trustees Annual Report and Financial Statement 2020-2021
Page 2
Ceredigion Federation of Women's Institutes Trustees, Report {continued} Page 3
Ceredigion Federation of Women's Institutes
Trustees' Report (continued)
The annual report was approved by the trustees of the charity on .................... and signed on its behalf by:
.........................................
Miss Eirwen James - Secretary
.........................................
Mrs Bethan Williams - Chair
Board of Trustees 2020-2021:
Chair: Bethan Williams.
Vice Chairs: Dinah Gibbons and Lesley Jones.
Treasurer: Carol-jane Denham.
Board of Trustees: Susan Barratt, Gay Evans, Margaret Fogg, Anne George, Gill Gray, Pat Griffiths, Lynne Lloyd, Linda Moore, Monica Rose
Federation Secretary: Miss Eirwen James.
Page 4
Ceredigion Federation of Women's Institutes
Statement of Trustees' Responsibilities
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the trustees of the charity on .................... and signed on its behalf by:
.........................................
Miss Eirwen James - Secretary
.........................................
Mrs Bethan Williams - Chair
Page 5
Ceredigion Federation of Women's Institutes
Independent Examiner's Report to the trustees of Ceredigion Federation of Women's Institutes
I report on the accounts of the charity for the year ended 30 June 2021 which are set out on pages 7 to 16.
Respective responsibilities of trustees and examiner
The trustees are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
-
examine the accounts under section 145 of the 2011 Act;
-
to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
-
to state whether particular matters have come to my attention.
Basis of independent examiner’s report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the next statement.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
-
(1) which gives me reasonable cause to believe that in any material respect the requirements:
-
to keep accounting records in accordance with section 130 of the Charities Act 2011; and
-
to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act
have not been met; or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
......................................
23 College Street Lampeter Ceredigion
SA48 7DY
Date: .............................
Page 6
Ceredigion Federation of Women's Institutes
Statement of Financial Activities for the Year Ended 30 June 2021
| Unrestricted funds | |
|---|---|
| Total | |
| Designated General Restricted funds 2021 |
|
| Note | £ £ £ £ |
| Income and Endowments from: | |
| Charitable activities | - 26,034 - 26,034 |
| Investment income 3 |
- - 228 228 |
| Total Income | |
| - 26,034 228 26,262 |
|
| Expenditure on: | |
| Charitable activities | - (15,323) - (15,323) |
| Total Expenditure | |
| - (15,323) - (15,323) |
|
| Net income | |
| - 10,711 228 10,939 |
|
| Gross transfers between funds | - 32,670 (32,670) - |
| Net movement in funds | |
| - 43,381 (32,442) 10,939 |
|
| Reconciliation of funds | |
| Total funds brought forward | |
| 12 40,416 40,202 80,630 |
|
| Total funds carried forward 7 |
|
| 12 83,797 7.760 91,569 |
Page 7
Ceredigion Federation of Women's Institutes
Statement of Financial Activities for the Year Ended 30 June 2021 (continued)
| Unrestricted funds | |
|---|---|
| Total | |
| Designated General Restricted funds 2020 |
|
| Note | £ £ £ £ |
| Income and Endowments from: | |
| Charitable activities | - 32,861 - 32,861 |
| Investment income 3 |
- 219 280 499 |
| Total Income | |
| - 33,080 280 33,360 |
|
| Expenditure on: | |
| Charitable activities | - (21,169) - (21,169) |
| Total Expenditure | |
| - (21,169) - (21,169) |
|
| Net income/(expenditure) | |
| - 11,911 280 12,191 |
|
| Gross transfers between funds | - (10,040) 10,040 - |
| Net movement in funds | |
| - 1,871 10,320 12,191 |
|
| Reconciliation of funds | |
| Total funds brought forward | |
| 12 38,545 29,882 68,439 |
|
| Total funds carried forward 7 |
|
| 12 40,416 40,202 80,630 |
All of the charity's activities derive from continuing operations ng the above two periods.
Page 8
Ceredigion Federation of Women's Institutes
(Registration number: 501389) Balance Sheet as at 30 June 2021
| 2021 2020 |
|
|---|---|
| Note | £ £ |
| Current assets | |
| Cash at bank and in hand | 91,539 80,253 |
| Debtors | 30 377 |
| Creditors: Amounts falling due within oneyear | |
| - - |
|
| Netassets | |
| 91,569 80,630 |
|
| Funds of the charity: | |
| Restricted funds | |
| 7,759 40,161 |
|
| Unrestricted income funds | |
| Unrestricted funds | 83,810 40,469 |
| Total funds 7 |
|
| 91,569 80,630 |
The financial statements on pages 7 to 17 were approved by the trustees, and authorised for issue on .................... and signed on their behalf by:
.........................................
Mrs Bethan Williams - Chair
Page 9
Ceredigion Federation of Women's Institutes
Notes to the Financial Statements for the Year Ended 30 June 2021
1 Accounting policies
Statement of compliance
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
Basis of preparation
Ceredigion Federation of Women's Institutes meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
Exemption from preparing a cash flow statement
The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
Income and endowments
Investment income
Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings, they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Page 10
Ceredigion Federation of Women's Institutes
Notes to the Financial Statements for the Year Ended 30 June 2021 (continued)
1 Accounting policies (continued)
Governance costs
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustee’s meetings and reimbursed expenses.
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade creditors
Are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustee's discretion in furtherance of the objectives of the charity.
Designated funds are unrestricted funds set aside for specific purposes at the discretion of the trustees.
Page 11
Ceredigion Federation of Women's Institutes
Notes to the Financial Statements for the Year Ended 30 June 2021 (continued)
1 Accounting policies (continued)
Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
Financial instruments
Classification
Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.
Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
Page 12
Ceredigion Federation of Women's Institutes
Notes to the Financial Statements for the Year Ended 30 June 2021 (continued)
1 Accounting policies (continued)
Debt instruments
Debt instruments which meet the following conditions are subsequently measured at amortised cost using the effective interest method:
(a) The contractual return to the holder is (i) a fixed amount; (ii) a positive fixed rate or a positive variable rate; or (iii) a combination of a positive or a negative fixed rate and a positive variable rate.
(b) The contract may provide for repayments of the principal or the return to the holder (but not both) to be linked to a single relevant observable index of general price inflation of the currency in which the debt instrument is denominated, provided such links are not leveraged.
(c) The contract may provide for a determinable variation of the return to the holder during the life of the instrument, provided that (i) the new rate satisfies condition (a) and the variation is not contingent on future events other than (1) a change of a contractual variable rate; (2) to protect the holder against credit deterioration of the issuer; (3) changes in levies applied by a central bank or arising from changes in relevant taxation or law; or (ii) the new rate is a market rate of interest and satisfies condition (a).
(d) There is no contractual provision that could, by its terms, result in the holder losing the principal amount or any interest attributable to the current period or prior periods.
(e) Contractual provisions that permit the issuer to prepay a debt instrument or permit the holder to put it back to the issuer before maturity are not contingent on future events, other than to protect the holder against the credit deterioration of the issuer or a change in control of the issuer, or to protect the holder or issuer against changes in levies applied by a central bank or arising from changes in relevant taxation or law.
(f) Contractual provisions may permit the extension of the term of the debt instrument, provided that the return to the holder and any other contractual provisions applicable during the extended term satisfy the conditions of paragraphs (a) to (c).
Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.
With the exception of some hedging instruments, other debt instruments not meeting these conditions are measured at fair value through profit or loss.
Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment.
Page 13
Ceredigion Federation of Women's Institutes
Notes to the Financial Statements for the Year Ended 30 June 2021 (continued)
- 1 Accounting policies (continued)
Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.
Investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored.
Derivative financial instruments
The charity uses derivative financial instruments to reduce exposure to foreign exchange risk and interest rate movements. The charity does not hold or issue derivative financial instruments for speculative purposes.
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in statement of financial activities immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in statement of financial activities depends on the nature of the hedge relationship.
Fair value measurement
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.
2 Income from charitable activities
| 2 Income from charitable activities |
|
|---|---|
| Unrestricted funds | |
| Total Total |
|
| Designated General 2021 2020 |
|
| £ £ £ £ |
|
| - 26,034 26,034 32,861 |
Page 14
Ceredigion Federation of Women's Institutes
Notes to the Financial Statements for the Year Ended 30 June 2021 (continued)
3 Investment income
| Unrestricted | ||||||
|---|---|---|---|---|---|---|
| funds | ||||||
| Total | Total | |||||
| General | Restricted funds | 2021 | 2020 | |||
| £ | £ | £ | £ | |||
| Interest receivable and similar | ||||||
| income; | ||||||
| Interest receivable on bank deposits | - | 228 | 228 | 499 | ||
| 4 | Analysis of governance and support costs | |||||
| Governance costs | ||||||
| Unrestricted | ||||||
| funds | ||||||
| Total | Total | |||||
| General | 2021 | 2020 | ||||
| £ | £ | £ | ||||
| Audit fees | ||||||
| Other fees paid to auditors | 600 | 600 | 600 | |||
| Othergovernance costs | 78 | 78 | 1,759 | |||
| 678 | 678 | 2,359 |
5 Trustees remuneration and expenses
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
6 Taxation
The charity is a registered charity and is therefore exempt from taxation.
Page 15
Ceredigion Federation of Women's Institutes
Notes to the Financial Statements for the Year Ended 30 June 2021 (continued)
| 7 Funds |
7 Funds |
|---|---|
| Balance at 1 July 2020 Incoming resources Resources expended Transfers Balance at 30 June 2021 |
|
| £ £ £ £ £ |
|
| Unrestricted funds | |
| General | |
| Current account 5,635 26,034 (14,588) (11,503) 5,578 |
|
| 3NatWest bank reserve account 1,690 - - 19,442 21,132 |
|
| NSB reserve account 22,661 - - - 22,661 |
|
| Property maintenance account 3,273 - - 370 3,643 |
|
| Pooling of costs account 4,619 - - - 4,619 |
|
| Mildred Jowitt Bursary (NatWest) 427 - - 22,789 23,216 |
|
| Petty Cash | 30 - - - 30 |
| Tripfund | 2,081 - (735) 1,572 2,918 |
| 40,416 26,034 (15,323) 32,670 83,797 |
|
| Designated | |
| ACWWproject account | 12 - - - 12 |
| Total unrestricted funds | |
| 40,428 26,034 (15,323) 32,670 83,809 |
|
| Restricted funds | |
| Madge Collins Bursary | 7,241 - - - 7,241 |
| Suspended WI account | 10,399 1 - (9,881) 518 |
| 9Mildred Jowitt Bursary | |
| (Principality) | 22,562 227 - (22,789) - |
| Total restricted funds | |
| 40,202 228 - (32,670) 7,760 |
|
| Total funds | |
| 80,630 26,262 (15,323) - 91,569 |
Page 16
Ceredigion Federation of Women's Institutes
Notes to the Financial Statements for the Year Ended 30 June 2021 (continued)
8 Analysis of net assets between funds
| Unrestricted funds | ||||
|---|---|---|---|---|
| General Designated |
Restricted funds | Total funds | ||
| £ £ |
£ | £ | ||
| Current assets | 83,797 | 12 | 7,760 | 91,569 |
| Current liabilities | - | - | - | - |
| Total net assets | 83,797 | 12 | 7,760 | 91,569 |
| 9 Analysis of net funds |
| 9 Analysis of net funds |
|||||
|---|---|---|---|---|---|
| At 1 July | 2020 | Cash flow | At 30 June 2021 | ||
| £ | £ | £ | |||
| Cash at bank and in hand | 80,253 | 11,286 | 91,539 | ||
| Net debt | 80,253 | 11,286 | 91,539 | ||
10 NFWI Subscription Shares
Under new terms issued by the NFWI the federation is now acting as agent in respect of the NFWI subscription shares collected and paid on behalf of the NFWI and, accordingly, these amounts are no longer shown as income and expenditure of the federation.
The amounts of subscriptions collected and paid on to the NFWI in the year are summarised below.
| 2021 2020 |
|
|---|---|
| £ £ |
|
| NFWI Subscriptions | 7,559 9,055 |
| Poolingof Fares | - - |
| 7,559 9,055 |
Page 17
Charity registration number: 501389
Ceredigion Federation of Women's Institutes
Annual Report and Financial Statements
for the Year Ended 30 June 2021
PJE Chartered Accountants 23 College Street Lampeter Ceredigion
SA48 7DY
Ceredigion Federation of Women's Institutes
Contents (continued)
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 to 4 |
| Statement of Trustees' Responsibilities | 5 |
| Independent Examiner's Report | 6 |
| Statement of Financial Activities | 7 to 8 |
| Balance Sheet | 9 |
| Notes to the Financial Statements | 10 to 17 |
Ceredigion Federation of Women's Institutes
Reference and Administrative Details
Secretary
Miss Eirwen James - Secretary
Other Officers
Mrs Carol-Jane Denham, Treasurer
Mrs Bethan Williams - Chair
Principal Office
11 Cambrian Place Aberystwyth Ceredigion SY23 1NT
Charity Registration Number
501389
Auditor
PJE Chartered Accountants 23 College Street Lampeter Ceredigion
SA48 7DY
Page 2
Ceredigion Federation of Women's Institutes
Trustees' Report
Trustees Annual Report and Financial Statement 2020-2021
Page 2
Ceredigion Federation of Women's Institutes Trustees, Report {continued} Page 3
Ceredigion Federation of Women's Institutes
Trustees' Report (continued)
The annual report was approved by the trustees of the charity on .................... and signed on its behalf by:
.........................................
Miss Eirwen James - Secretary
.........................................
Mrs Bethan Williams - Chair
Board of Trustees 2020-2021:
Chair: Bethan Williams.
Vice Chairs: Dinah Gibbons and Lesley Jones.
Treasurer: Carol-jane Denham.
Board of Trustees: Susan Barratt, Gay Evans, Margaret Fogg, Anne George, Gill Gray, Pat Griffiths, Lynne Lloyd, Linda Moore, Monica Rose
Federation Secretary: Miss Eirwen James.
Page 4
Ceredigion Federation of Women's Institutes
Statement of Trustees' Responsibilities
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the trustees of the charity on .................... and signed on its behalf by:
.........................................
Miss Eirwen James - Secretary
.........................................
Mrs Bethan Williams - Chair
Page 5
Ceredigion Federation of Women's Institutes
Independent Examiner's Report to the trustees of Ceredigion Federation of Women's Institutes
I report on the accounts of the charity for the year ended 30 June 2021 which are set out on pages 7 to 16.
Respective responsibilities of trustees and examiner
The trustees are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
-
examine the accounts under section 145 of the 2011 Act;
-
to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
-
to state whether particular matters have come to my attention.
Basis of independent examiner’s report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the next statement.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
-
(1) which gives me reasonable cause to believe that in any material respect the requirements:
-
to keep accounting records in accordance with section 130 of the Charities Act 2011; and
-
to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act
have not been met; or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
......................................
23 College Street Lampeter Ceredigion
SA48 7DY
Date: .............................
Page 6
Ceredigion Federation of Women's Institutes
Statement of Financial Activities for the Year Ended 30 June 2021
| Unrestricted funds | |
|---|---|
| Total | |
| Designated General Restricted funds 2021 |
|
| Note | £ £ £ £ |
| Income and Endowments from: | |
| Charitable activities | - 26,034 - 26,034 |
| Investment income 3 |
- - 228 228 |
| Total Income | |
| - 26,034 228 26,262 |
|
| Expenditure on: | |
| Charitable activities | - (15,323) - (15,323) |
| Total Expenditure | |
| - (15,323) - (15,323) |
|
| Net income | |
| - 10,711 228 10,939 |
|
| Gross transfers between funds | - 32,670 (32,670) - |
| Net movement in funds | |
| - 43,381 (32,442) 10,939 |
|
| Reconciliation of funds | |
| Total funds brought forward | |
| 12 40,416 40,202 80,630 |
|
| Total funds carried forward 7 |
|
| 12 83,797 7.760 91,569 |
Page 7
Ceredigion Federation of Women's Institutes
Statement of Financial Activities for the Year Ended 30 June 2021 (continued)
| Unrestricted funds | |
|---|---|
| Total | |
| Designated General Restricted funds 2020 |
|
| Note | £ £ £ £ |
| Income and Endowments from: | |
| Charitable activities | - 32,861 - 32,861 |
| Investment income 3 |
- 219 280 499 |
| Total Income | |
| - 33,080 280 33,360 |
|
| Expenditure on: | |
| Charitable activities | - (21,169) - (21,169) |
| Total Expenditure | |
| - (21,169) - (21,169) |
|
| Net income/(expenditure) | |
| - 11,911 280 12,191 |
|
| Gross transfers between funds | - (10,040) 10,040 - |
| Net movement in funds | |
| - 1,871 10,320 12,191 |
|
| Reconciliation of funds | |
| Total funds brought forward | |
| 12 38,545 29,882 68,439 |
|
| Total funds carried forward 7 |
|
| 12 40,416 40,202 80,630 |
All of the charity's activities derive from continuing operations ng the above two periods.
Page 8
Ceredigion Federation of Women's Institutes
(Registration number: 501389) Balance Sheet as at 30 June 2021
| 2021 2020 |
|
|---|---|
| Note | £ £ |
| Current assets | |
| Cash at bank and in hand | 91,539 80,253 |
| Debtors | 30 377 |
| Creditors: Amounts falling due within oneyear | |
| - - |
|
| Netassets | |
| 91,569 80,630 |
|
| Funds of the charity: | |
| Restricted funds | |
| 7,759 40,161 |
|
| Unrestricted income funds | |
| Unrestricted funds | 83,810 40,469 |
| Total funds 7 |
|
| 91,569 80,630 |
The financial statements on pages 7 to 17 were approved by the trustees, and authorised for issue on .................... and signed on their behalf by:
.........................................
Mrs Bethan Williams - Chair
Page 9
Ceredigion Federation of Women's Institutes
Notes to the Financial Statements for the Year Ended 30 June 2021
1 Accounting policies
Statement of compliance
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
Basis of preparation
Ceredigion Federation of Women's Institutes meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
Exemption from preparing a cash flow statement
The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
Income and endowments
Investment income
Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings, they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Page 10
Ceredigion Federation of Women's Institutes
Notes to the Financial Statements for the Year Ended 30 June 2021 (continued)
1 Accounting policies (continued)
Governance costs
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustee’s meetings and reimbursed expenses.
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade creditors
Are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustee's discretion in furtherance of the objectives of the charity.
Designated funds are unrestricted funds set aside for specific purposes at the discretion of the trustees.
Page 11
Ceredigion Federation of Women's Institutes
Notes to the Financial Statements for the Year Ended 30 June 2021 (continued)
1 Accounting policies (continued)
Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
Financial instruments
Classification
Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.
Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
Page 12
Ceredigion Federation of Women's Institutes
Notes to the Financial Statements for the Year Ended 30 June 2021 (continued)
1 Accounting policies (continued)
Debt instruments
Debt instruments which meet the following conditions are subsequently measured at amortised cost using the effective interest method:
(a) The contractual return to the holder is (i) a fixed amount; (ii) a positive fixed rate or a positive variable rate; or (iii) a combination of a positive or a negative fixed rate and a positive variable rate.
(b) The contract may provide for repayments of the principal or the return to the holder (but not both) to be linked to a single relevant observable index of general price inflation of the currency in which the debt instrument is denominated, provided such links are not leveraged.
(c) The contract may provide for a determinable variation of the return to the holder during the life of the instrument, provided that (i) the new rate satisfies condition (a) and the variation is not contingent on future events other than (1) a change of a contractual variable rate; (2) to protect the holder against credit deterioration of the issuer; (3) changes in levies applied by a central bank or arising from changes in relevant taxation or law; or (ii) the new rate is a market rate of interest and satisfies condition (a).
(d) There is no contractual provision that could, by its terms, result in the holder losing the principal amount or any interest attributable to the current period or prior periods.
(e) Contractual provisions that permit the issuer to prepay a debt instrument or permit the holder to put it back to the issuer before maturity are not contingent on future events, other than to protect the holder against the credit deterioration of the issuer or a change in control of the issuer, or to protect the holder or issuer against changes in levies applied by a central bank or arising from changes in relevant taxation or law.
(f) Contractual provisions may permit the extension of the term of the debt instrument, provided that the return to the holder and any other contractual provisions applicable during the extended term satisfy the conditions of paragraphs (a) to (c).
Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.
With the exception of some hedging instruments, other debt instruments not meeting these conditions are measured at fair value through profit or loss.
Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment.
Page 13
Ceredigion Federation of Women's Institutes
Notes to the Financial Statements for the Year Ended 30 June 2021 (continued)
- 1 Accounting policies (continued)
Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.
Investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored.
Derivative financial instruments
The charity uses derivative financial instruments to reduce exposure to foreign exchange risk and interest rate movements. The charity does not hold or issue derivative financial instruments for speculative purposes.
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in statement of financial activities immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in statement of financial activities depends on the nature of the hedge relationship.
Fair value measurement
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.
2 Income from charitable activities
| 2 Income from charitable activities |
|
|---|---|
| Unrestricted funds | |
| Total Total |
|
| Designated General 2021 2020 |
|
| £ £ £ £ |
|
| - 26,034 26,034 32,861 |
Page 14
Ceredigion Federation of Women's Institutes
Notes to the Financial Statements for the Year Ended 30 June 2021 (continued)
3 Investment income
| Unrestricted | ||||||
|---|---|---|---|---|---|---|
| funds | ||||||
| Total | Total | |||||
| General | Restricted funds | 2021 | 2020 | |||
| £ | £ | £ | £ | |||
| Interest receivable and similar | ||||||
| income; | ||||||
| Interest receivable on bank deposits | - | 228 | 228 | 499 | ||
| 4 | Analysis of governance and support costs | |||||
| Governance costs | ||||||
| Unrestricted | ||||||
| funds | ||||||
| Total | Total | |||||
| General | 2021 | 2020 | ||||
| £ | £ | £ | ||||
| Audit fees | ||||||
| Other fees paid to auditors | 600 | 600 | 600 | |||
| Othergovernance costs | 78 | 78 | 1,759 | |||
| 678 | 678 | 2,359 |
5 Trustees remuneration and expenses
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
6 Taxation
The charity is a registered charity and is therefore exempt from taxation.
Page 15
Ceredigion Federation of Women's Institutes
Notes to the Financial Statements for the Year Ended 30 June 2021 (continued)
| 7 Funds |
7 Funds |
|---|---|
| Balance at 1 July 2020 Incoming resources Resources expended Transfers Balance at 30 June 2021 |
|
| £ £ £ £ £ |
|
| Unrestricted funds | |
| General | |
| Current account 5,635 26,034 (14,588) (11,503) 5,578 |
|
| 3NatWest bank reserve account 1,690 - - 19,442 21,132 |
|
| NSB reserve account 22,661 - - - 22,661 |
|
| Property maintenance account 3,273 - - 370 3,643 |
|
| Pooling of costs account 4,619 - - - 4,619 |
|
| Mildred Jowitt Bursary (NatWest) 427 - - 22,789 23,216 |
|
| Petty Cash | 30 - - - 30 |
| Tripfund | 2,081 - (735) 1,572 2,918 |
| 40,416 26,034 (15,323) 32,670 83,797 |
|
| Designated | |
| ACWWproject account | 12 - - - 12 |
| Total unrestricted funds | |
| 40,428 26,034 (15,323) 32,670 83,809 |
|
| Restricted funds | |
| Madge Collins Bursary | 7,241 - - - 7,241 |
| Suspended WI account | 10,399 1 - (9,881) 518 |
| 9Mildred Jowitt Bursary | |
| (Principality) | 22,562 227 - (22,789) - |
| Total restricted funds | |
| 40,202 228 - (32,670) 7,760 |
|
| Total funds | |
| 80,630 26,262 (15,323) - 91,569 |
Page 16
Ceredigion Federation of Women's Institutes
Notes to the Financial Statements for the Year Ended 30 June 2021 (continued)
8 Analysis of net assets between funds
| Unrestricted funds | ||||
|---|---|---|---|---|
| General Designated |
Restricted funds | Total funds | ||
| £ £ |
£ | £ | ||
| Current assets | 83,797 | 12 | 7,760 | 91,569 |
| Current liabilities | - | - | - | - |
| Total net assets | 83,797 | 12 | 7,760 | 91,569 |
| 9 Analysis of net funds |
| 9 Analysis of net funds |
|||||
|---|---|---|---|---|---|
| At 1 July | 2020 | Cash flow | At 30 June 2021 | ||
| £ | £ | £ | |||
| Cash at bank and in hand | 80,253 | 11,286 | 91,539 | ||
| Net debt | 80,253 | 11,286 | 91,539 | ||
10 NFWI Subscription Shares
Under new terms issued by the NFWI the federation is now acting as agent in respect of the NFWI subscription shares collected and paid on behalf of the NFWI and, accordingly, these amounts are no longer shown as income and expenditure of the federation.
The amounts of subscriptions collected and paid on to the NFWI in the year are summarised below.
| 2021 2020 |
|
|---|---|
| £ £ |
|
| NFWI Subscriptions | 7,559 9,055 |
| Poolingof Fares | - - |
| 7,559 9,055 |
Page 17