**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 PrCpa￿tioll 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 Ca￿led 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 wa￿en 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... Page 12 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 Page 15 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