REGISTERED COMPANY NUMBER: 02747046 (England and Wales) REGISTERED CHARITY NUMBER: 1014445
Report of the Trustees and
Financial Statements for the Year Ended 31 March 2023
for
Federation of Essex Women's Institutes
Fisher Michael The Old Grange Warren Estate Lordship Road Writtle Essex CM1 3WT
Federation of Essex Women's Institutes
Contents of the Financial Statements for the Year Ended 31 March 2023
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | to | 7 |
| Notes to the Financial Statements | 8 | to | 14 |
| Detailed Statement of Financial Activities | 15 | to | 16 |
Federation of Essex Women's Institutes
Report of the Trustees
for the Year Ended 31 March 2023
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
02747046 (England and Wales)
Registered Charity number
1014445
Registered office
WI Centre, Whitelands Terling Road Hatfield Peverel Essex CM3 2AG
Trustees
J Curtis M Jackson F J Cattermole L Evans S Macewen K Lodge (resigned 30.6.22) L Crisp G Hathaway G Bruce S Seymour (appointed 8.3.23) V Brome (appointed 12.4.23) K Powell (appointed 12.4.23)
Company Secretary
S Lawton
Independent Examiner
Fisher Michael The Old Grange Warren Estate Lordship Road Writtle Essex CM1 3WT
Page 1
Federation of Essex Women's Institutes
Report of the Trustees for the Year Ended 31 March 2023
Trustees
The trustees who held office during this period are named on page one. The Trust Deed of the charity governs the appointment of trustees. The Managing Trustees are authorised to appoint new trustees to fill casual vacancies arising among the elected members by co-option.
Investment policies and returns
The Trust Deed authorises the trustees to make and hold investments using the general funds of the charity. Under the constitution, the charity has the power to make any investment which the trustees see fit. The trustees consider the return on investments in the period to be good given the prevailing economic climate and will continue to review throughout the year.
Constitution, objects and policies
The charity is governed by the Constitution and rules as laid down for Federations from time to time by the National Federation and its objects are to further the purpose of the Women's Institute organisation in Essex and elsewhere.
The policy of the charity continues to be to offer a wide variety of activities to members and to give support to districts and to local institutes as necessary. In planning the activities for the period, the trustees kept in mind the Charity Commission's guidance on public benefit. The interests of all members are covered by the variety of classes and events organised. The charity is organised so that the trustees meet regularly to manage its affairs. Two staff are employed to assist with the administration of the charity as appropriate.
Development, activities and achievements
Membership of the Essex Federation of Women's Institutes has fallen slightly over the period under review. Numbers attending activities provided by the Federation at WI Centre and at other locations have increased although are still not at pre-2020 levels. The charity would not be able to provide the wide range of services that it does to its members without the continued support of a large number of sub-committee/team members and the editorial and media helpers teams who, along with the Executive members and the WI Adviser, give their services voluntarily.
Review of financial activities and affairs
Membership fees represent only a proportion of the annual income required and the need to increase revenue from other sources remains imperative. Through our sponsorship and Blue plaque initiatives across Essex for women's team sports and activities, we are raising awareness of our charity and its activities to a wider audience. All income is entirely reliant upon members' continued support and forms a valuable contribution to the Federation.
Income from Sub-Committee / team activities and events has increased in the year to £12,612 (2022: £5,768).
Income from investments is made up of two elements, bank interest received on the Federation's bank balances and movement in the value of the investments. During the period under review, bank interest has fallen slightly to £7,311 (2022: £7,678) and there has been a loss on the investments of £12,337 (2022: gain of £28,236). The loss on the investment is in line with expectations due to movements in the stock market and it is hoped that the value will recover in the future.
Future developments
The trustees intend to continue to develop the services on offer to members and to ensure the continued financial strength of the federation. By using technical advancements the trustees will be able to provide additional services and training, generating additional income.
Reserves policy
The trustees have adopted a Reserves policy that is monitored throughout the year and a full review takes place a minimum of two months prior to the financial year-end. The amount of unrestricted funds currently held in reserves is just over £400,000.
Public benefit
The charity acknowledges its requirements to demonstrate clearly that it must have charitable purposes or aims that are for the public benefit. Details of how the charity has achieved this are provided in this Trustees Annual Report. The trustees confirm that they have paid due regard to the Charity Commission guidance of public benefit before deciding what activities the charity should undertake.
Page 2
Federation of Essex Women's Institutes
Report of the Trustees for the Year Ended 31 March 2023
Risk management
The trustees actively review the major risks which the charity faces on a regular basis and believe that maintaining reserves at current levels, combined with an annual review of the controls over key financial systems and procedures, will provide sufficient resources in the event of adverse conditions as has been shown since March 2020. The trustees have also examined other operational and business risks faced by the charity and confirm they have established systems to mitigate the significant risks and have instigated a continual review of all procedures.
Connected charity
The Federation is a member of the National Federation of Women's Institutes of England, Wales, Jersey, Guernsey and the Isle of Man, a company limited by guarantee No 2517690, charity registration no. 803793, whose principal address is 104 New Kings Road, London SW6 4LY.
Other assets
The trustees hold assets on behalf of newly formed Women's Institutes to assist with their formation and prior to them obtaining their own banking facilities. These funds are held as restricted funds.
20th June 2023
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................
J Curtis - Trustee
Page 3
Inde eNdetLt Examinev's Re ort to the Trustees of Fedej'ation of Essex Womeii's In51itute$ Indepethdent examiner's report lo the tru5tee5 of Federation of Essex Women's Institute$ {'the CDmpRny'l I report lo ihe cliarity tru5tEe5 On my examination of the accounts of the Company for thc ycar ended 31 March 2023. Re$ponsibilities bAsis of report As the charity's tru5tee5 of tlie Company land also its directors for the purpo%&8 of )EnpaThY lawl you are r¢spon55ble for the PrCpatioll of the accounts in accordance with the requirements of the Companies ALI 2006 ('the 2006 Act'l. Having satisficd myself that the accounts of the Company are not required to be audited under Part 16 of (he 2006 Act and are eligible for indcpcndcnt examination. I report in respect of Iny examination of your charity's accoun1% as Caled out under Section 145 of (he Charities Act 2011 I'the 2011 Act'}. In carrying out Iny examination I have followed the Directions given by the Charity Commissioll under Section 145{5) Ibl of the 2011 Act. Indepelldent exAminer'5 5tat¢mtnl I have compleied my examination. I confirm that no matters have corne to my attention in conne¢tion with the examinaiion gsving nie cause to believ¢.' a¢¢ounting rccords were not kept in respect of th¢ Company as rcquired by Section 386 of the 21Mk6 Act,. or the account5 do not accord with thos¢ re¢ords- or the accounts do Aot comply witli the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts giv¢ a true and fair view which is not a matter Consider as part of an independent examination. or Ihe accounts have not been prepared in a¢cordance with the m¢thods and principles of the Statement of Re¢ommcnded Prdetice for a¢¢ountillg and repojtlllg by charities (applicable to chai'itie5 preparing their accounts in accordan¢e with the Fiii&t]Lial Rq)orting Standard applicable in the UK and Republic of Irel&nd (fRS 10211. I have no con¢eTns and have come acros5 no otheT rnatters in connection with the examination to which attention should be drawn in this report in order to enablr a proper understanding of thc accounts to be reachcd. Mrs A S Kaley Fisher Michael Thc Old Grange waen F:state Loi'dship Road WTittle Essex CMI 3WT Date.. Page 4
Federation of Essex Women's Institutes
Statement of Financial Activities
for the Year Ended 31 March 2023
| Unrestricted fund Notes £ INCOMING RESOURCES FROM Voluntary income 72,953 Incoming resources from charitable activities Charitable activities 50,589 Activities for generating funds 2 4,487 Investment income 3 (5,026) Total 123,003 EXPENDITURE ON Fundraising trading costs - Charitable expenditure Charitable activities 83,200 Governance 56,648 Total 139,848 NET INCOME/(EXPENDITURE) (16,845) Transfers between funds 13 (365) Net movement in funds (17,210) RECONCILIATION OF FUNDS Total funds brought forward 432,690 TOTAL FUNDS CARRIED FORWARD 415,480 |
Restricted fund £ - 888 - - 888 973 - - 973 (85) 365 280 1,726 2,006 |
2023 Total funds £ 72,953 51,477 4,487 (5,026) 123,891 973 83,200 56,648 140,821 (16,930) - (16,930) 434,416 417,486 |
2022 Total funds £ 73,778 21,517 1,709 35,914 |
|---|---|---|---|
| 132,918 | |||
| 820 64,108 34,678 |
|||
| 99,606 | |||
| 33,312 - |
|||
| 33,312 401,104 |
|||
| 434,416 |
The notes form part of these financial statements
Page 5
Federation of Essex Women's Institutes
Balance Sheet
31 March 2023
| Unrestricted fund Notes £ FIXED ASSETS Investments 9 319,387 CURRENT ASSETS Stocks 10 5,526 Debtors 11 23,397 Cash at bank and in hand 109,490 138,413 CREDITORS Amounts falling due within one year 12 (42,320) NET CURRENT ASSETS 96,093 TOTAL ASSETS LESS CURRENT LIABILITIES 415,480 NET ASSETS 415,480 FUNDS 13 Unrestricted funds Restricted funds TOTAL FUNDS |
Restricted fund £ - - - 2,006 2,006 - 2,006 2,006 2,006 |
2023 Total funds £ 319,387 5,526 23,397 111,496 140,419 (42,320) 98,099 417,486 417,486 415,480 2,006 417,486 |
2022 Total funds £ 331,724 6,026 28,443 121,156 155,625 (52,933) 102,692 434,416 434,416 432,690 1,726 434,416 |
|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
Page 6
continued...
Federation of Essex Women's Institutes
Balance Sheet - continued 31 March 2023
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. J Curtis - Trustee
The notes form part of these financial statements
Page 7
Federation of Essex Women's Institutes
Notes to the Financial Statements
for the Year Ended 31 March 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. 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.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Tangible fixed assets are initially measured at cost. After initial recognition, tangible fixed assets are measured at cost less any accumulated depreciation and any accumulated impairment losses.
Depreciation is provided at the following annual rates, in order to write off each asset over its estimated useful life:
- Plant and machinery etc - 25% straight line
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
continued...
Page 8
Federation of Essex Women's Institutes
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
2. ACTIVITIES FOR GENERATING FUNDS
| 2. ACTIVITIES FOR GENERATING FUNDS |
||
|---|---|---|
| Shop income 3. INVESTMENT INCOME Deposit account interest Gain / (loss) on investments 4. NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): Depreciation - owned assets |
2023 £ 4,487 2023 £ 7,311 (12,337) (5,026) 2023 £ - |
2022 £ 1,709 2022 £ 7,678 28,236 |
| 35,914 | ||
| 2022 £ 525 |
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.
Trustees' expenses
During the period, the following expenses have been reimbursed to Trustees in respect of travelling costs, home telephone and other expenses incurred on behalf of the Charity:
| 2023 | 2022 | |
|---|---|---|
| Number of trustees who were paid expenses | 8 | 2 |
| Total amounts paid | £4,003 | £1,458 |
6. STAFF COSTS
The average monthly number of employees during the year was as follows:
| Charitable activities Governance |
2023 1 1 2 |
2022 1 1 |
|---|---|---|
| 2 |
No employees received emoluments in excess of £60,000.
continued...
Page 9
Federation of Essex Women's Institutes
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
| 7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund £ INCOMING RESOURCES FROM Voluntary income 73,778 Incoming resources from charitable activities Charitable activities 20,646 Activities for generating funds 1,709 Investment income 35,914 Total 132,047 EXPENDITURE ON Fundraising trading costs - Charitable expenditure Charitable activities 64,108 Governance 34,675 Total 98,783 NET INCOME 33,264 RECONCILIATION OF FUNDS Total funds brought forward 399,426 TOTAL FUNDS CARRIED FORWARD 432,690 8. TANGIBLE FIXED ASSETS COST At 1 April 2022 Disposals At 31 March 2023 DEPRECIATION At 1 April 2022 Eliminated on disposal At 31 March 2023 NET BOOK VALUE At 31 March 2023 At 31 March 2022 |
Restricted Total fund funds £ £ - 73,778 871 21,517 - 1,709 - 35,914 871 132,918 820 820 - 64,108 3 34,678 823 99,606 48 33,312 1,678 401,104 1,726 434,416 Computer equipment £ 49,170 (8,324) 40,846 49,170 (8,324) 40,846 - - |
Total funds £ 73,778 21,517 1,709 35,914 |
|---|---|---|
| 132,918 | ||
| 820 64,108 34,678 |
||
| 99,606 | ||
| 33,312 401,104 |
||
| 434,416 |
continued...
Page 10
Federation of Essex Women's Institutes
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
9. FIXED ASSET INVESTMENTS
| MARKET VALUE At 1 April 2022 Revaluations At 31 March 2023 NET BOOK VALUE At 31 March 2023 At 31 March 2022 There were no investment assets outside the UK. Cost or valuation at 31 March 2023 is represented by: Valuation in 2013 Valuation in 2014 Valuation in 2015 Valuation in 2016 Valuation in 2017 Valuation in 2018 Valuation in 2019 Valuation in 2021 Valuation in 2022 Valuation in 2023 Cost 10. STOCKS Stocks 11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors Prepayments and accrued income |
Unlisted investments £ 331,724 (12,337) 319,387 319,387 331,724 Unlisted investments £ 17,174 3,641 1,987 6,905 6,291 9,438 17,215 25,697 28,238 (12,337) 215,138 319,387 2023 2022 £ £ 5,526 6,026 2023 2022 £ £ 3,850 9,326 19,547 19,117 23,397 28,443 |
|---|---|
continued...
Page 11
Federation of Essex Women's Institutes
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade creditors Other creditors Accruals and deferred income 13. MOVEMENT IN FUNDS Unrestricted funds Unrestriced Funds Restricted funds Restricted Funds TOTAL FUNDS Net movement in funds, included in the above are as Unrestricted funds Unrestriced Funds Restricted funds Restricted Funds TOTAL FUNDS Comparatives for movement in funds Unrestricted funds Unrestriced Funds Restricted funds Restricted Funds TOTAL FUNDS |
At 1.4.22 £ 432,690 1,726 434,416 follows: |
Net movement in funds £ (16,845) (85) (16,930) Incoming resources £ 123,003 888 123,891 At 1.4.21 £ 399,426 1,678 401,104 |
2023 2022 £ £ 8,320 13,484 23,624 17,588 10,376 21,861 42,320 52,933 Transfers between At funds 31.3.23 £ £ (365) 415,480 365 2,006 - 417,486 Resources Movement expended in funds £ £ (139,848) (16,845) (973) (85) (140,821) (16,930) Net movement At in funds 31.3.22 £ £ 33,264 432,690 48 1,726 33,312 434,416 |
|---|---|---|---|
continued...
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Federation of Essex Women's Institutes
Notes to the Financial Statements - continued
for the Year Ended 31 March 2023
13. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds Unrestriced Funds Restricted funds Restricted Funds TOTAL FUNDS |
Incoming resources £ 132,047 871 132,918 |
Resources Movement expended in funds £ £ (98,783) 33,264 (823) 48 (99,606) 33,312 |
Resources Movement expended in funds £ £ (98,783) 33,264 (823) 48 (99,606) 33,312 |
|---|---|---|---|
| 33,312 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds Unrestriced Funds Restricted funds Restricted Funds TOTAL FUNDS |
At 1.4.21 £ 399,426 1,678 401,104 |
Net movement in funds £ 16,419 (37) 16,382 |
Transfers between funds £ (365) 365 - |
At 31.3.23 £ 415,480 2,006 |
|---|---|---|---|---|
| 417,486 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds Unrestriced Funds Restricted funds Restricted Funds TOTAL FUNDS |
Incoming resources £ 255,050 1,759 256,809 |
Resources Movement expended in funds £ £ (238,631) 16,419 (1,796) (37) (240,427) 16,382 |
Resources Movement expended in funds £ £ (238,631) 16,419 (1,796) (37) (240,427) 16,382 |
|---|---|---|---|
| 16,382 |
continued...
Page 13
Federation of Essex Women's Institutes
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
14. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2023.
Page 14
Federation of Essex Women's Institutes
Detailed Statement of Financial Activities for the Year Ended 31 March 2023
| Detailed Statement of Financial Activities for the Year Ended 31 March 2023 |
||
|---|---|---|
| INCOMING RESOURCES Voluntary income Membership fees Sundry grants and donations Lapsed funds Activities for generating funds Shop income Investment income Deposit account interest Gain / (loss) on investments Incoming resources from charitable activities Essex News WI stationery sales Sub-committee activities County and National meetings Other income Executive committee activities Fed Flutter Total incoming resources EXPENDITURE Resources expended Fed Flutter Charitable expenditure Wages Rent and rates Insurance Light and heat Telephone Postage and stationery Advertising Essex News costs Sub-committee activity costs County and national meetings World pay card charges Cleaning Carried forward |
2023 £ 68,909 500 3,544 72,953 4,487 7,311 (12,337) (5,026) 16,787 94 12,612 17,094 2,276 1,726 888 51,477 123,891 973 30,309 17,316 1,117 693 3,904 2,438 2,192 15,095 14,253 19,012 201 1,239 107,769 |
2022 £ 73,585 - 193 |
| 73,778 1,709 7,678 28,236 |
||
| 35,914 12,400 432 5,768 - 1,657 389 871 |
||
| 21,517 | ||
| 132,918 820 27,183 17,539 527 773 2,579 2,418 - 10,506 4,968 550 152 948 68,143 |
This page does not form part of the statutory financial statements
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Federation of Essex Women's Institutes
| Charitable expenditure Brought forward Repairs and maintenance Travel and accomodation Support costs Governance costs Wages Rent and rates Insurance Light and heat Telephone Postage and stationery Sundries Executive committee expenses Cleaning Repairs and maintenance Archives Legal and professional fees Office equipment maintenance Subscriptions Stock Bank charges Computer equipment Total resources expended Net (expenditure)/income |
Detailed Statement of Financial Activities for the Year Ended 31 March 2023 |
2023 £ 107,769 945 222 108,936 10,103 5,772 372 231 1,302 811 35 3,695 413 315 352 3,810 2,270 197 500 734 - 30,912 140,821 (16,930) |
2022 £ 68,143 869 - |
|---|---|---|---|
| 69,012 9,061 5,846 176 258 859 806 829 707 316 290 139 4,110 2,222 298 3,250 81 526 |
|||
| 29,774 | |||
| 99,606 | |||
| 33,312 |
This page does not form part of the statutory financial statements
Page 16