REGISTERED COMPANY NUMBER: 02747046 (England and Wales) REGISTERED CHARITY NUMBER: 1014445
Report of the Trustees and Financial Statements for the Year Ended 31 March 2024
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 2024
| 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 2024
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 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard 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 (resigned 17.1.24) S Macewen L Crisp G Hathaway G Bruce S Seymour (resigned 9.10.23) V Brome (appointed 12.4.23) K Powell (appointed 12.4.23) J Hoyles (appointed 23.10.23) (Sabbatical)
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 2024
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. Three 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-team members and the editorial and media helpers teams who, along with the Board of Trustees 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-team activities and events has increased in the year to £14,818 (2023: £12,542).
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 increased slightly to £7,983 (2023: £7,311) and there has been a gain on the investments of £33,001 (2023: loss of £12,337).
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 hybrid options, the trustees are now 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 £435,000.
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 2024
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. 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 and liabilities
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, but in the current year there are no funds held for this purpose.
When a Women's Institute is suspended, the balance of the funds remaining after the payment of all outstanding liabilities is handed over to the Board of Trustees of the Federation, to be held by them until the WI is reformed, or for three years, or until a new WI is established which in the opinion of the Federation Board of Trustees serves the area formerly served by the WI, whichever is the shorter period. If at the end of that time the WI has not been reformed, the funds (including interest) are to be retained by the Federation. Currently £24,361 (2003: £22,602) is held on behalf of suspended WIs.
Approved by order of the board of trustees on 8 May 2024 and signed on its behalf by:
dye) aseset)
........................................................................ M Jackson - Trustee
Page 3
Independent Examiner's Report to the Trustees of Federation of Essex Women's Institutes
Independent examiner's report to the trustees of Federation of Essex Women's Institutes ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Mrs A S Kaley
Fisher Michael The Old Grange Warren Estate Lordship Road Writtle Essex CM1 3WT
Date: 8 May 2024
Page 4
Federation of Essex Women's Institutes
Statement of Financial Activities for the Year Ended 31 March 2024
| Unrestricted fund Notes £ INCOMING RESOURCES FROM Voluntary income 74,675 Incoming resources from charitable activities Charitable activities 60,112 Activities for generating funds 2 3,609 Investment income 3 40,984 Total 179,380 EXPENDITURE ON Fundraising trading costs - Charitable expenditure Charitable activities 127,728 Governance 31,650 Total 159,378 NET INCOME/(EXPENDITURE) 20,002 RECONCILIATION OF FUNDS Total funds brought forward 416,659 TOTAL FUNDS CARRIED FORWARD 436,661 |
Restricted fund £ - 908 - - 908 700 - - 700 208 828 1,036 |
2024 Total funds £ 74,675 61,020 3,609 40,984 180,288 700 127,728 31,650 160,078 20,210 417,487 437,697 |
2023 Total funds £ 73,024 51,407 4,487 (5,026) 123,892 973 83,200 56,648 140,821 (16,929) 434,416 417,487 |
|---|---|---|---|
The notes form part of these financial statements
Page 5
Federation of Essex Women's Institutes
Balance Sheet 31 March 2024
| Unrestricted fund Notes £ FIXED ASSETS Investments 8 352,388 CURRENT ASSETS Stocks 9 5,523 Debtors 10 23,881 Cash at bank and in hand 91,664 121,068 CREDITORS Amounts falling due within one year 11 (36,795) NET CURRENT ASSETS 84,273 TOTAL ASSETS LESS CURRENT LIABILITIES 436,661 NET ASSETS 436,661 FUNDS 12 Unrestricted funds Restricted funds TOTAL FUNDS |
Restricted fund £ - - - 1,036 1,036 - 1,036 1,036 1,036 |
2024 Total funds £ 352,388 5,523 23,881 92,700 122,104 (36,795) 85,309 437,697 437,697 436,661 1,036 437,697 |
2023 Total funds £ 319,387 5,526 23,397 111,496 140,419 (42,319) 98,100 417,487 417,487 416,659 828 417,487 |
|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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
continued...
Page 6
Federation of Essex Women's Institutes
Balance Sheet - continued
31 March 2024
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 8 May 2024 and were signed on its behalf by:
............................................. M Jackson - 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 2024
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 2024
2. ACTIVITIES FOR GENERATING FUNDS
| Shop income 3. INVESTMENT INCOME Deposit account interest Gain / (loss) on investments (see note 8) |
2024 £ 3,609 2024 £ 7,983 33,001 40,984 |
2023 £ 4,487 2023 £ 7,311 (12,337) (5,026) |
|---|---|---|
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.
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:
| Number of trustees who were paid expenses Total amounts paid |
2024 10 £5,299 |
2023 8 £4,003 |
|---|---|---|
5. STAFF COSTS
The average monthly number of employees during the year was as follows:
| Charitable activities Governance |
2024 2 1 3 |
2023 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 2024
| 6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund £ INCOMING RESOURCES FROM Voluntary income 73,024 Incoming resources from charitable activities Charitable activities 50,519 Activities for generating funds 4,487 Investment income (5,026) Total 123,004 EXPENDITURE ON Fundraising trading costs - Charitable expenditure Charitable activities 83,200 Governance 56,648 Total 139,848 NET INCOME/(EXPENDITURE) (16,844) Transfers between funds 813 Net movement in funds (16,031) RECONCILIATION OF FUNDS Total funds brought forward 432,690 TOTAL FUNDS CARRIED FORWARD 416,659 |
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund £ INCOMING RESOURCES FROM Voluntary income 73,024 Incoming resources from charitable activities Charitable activities 50,519 Activities for generating funds 4,487 Investment income (5,026) Total 123,004 EXPENDITURE ON Fundraising trading costs - Charitable expenditure Charitable activities 83,200 Governance 56,648 Total 139,848 NET INCOME/(EXPENDITURE) (16,844) Transfers between funds 813 Net movement in funds (16,031) RECONCILIATION OF FUNDS Total funds brought forward 432,690 TOTAL FUNDS CARRIED FORWARD 416,659 |
Restricted fund £ - 888 - - 888 973 - - |
Total funds £ 73,024 51,407 4,487 (5,026) 123,892 973 83,200 56,648 140,821 (16,929) - (16,929) 434,416 417,487 |
|---|---|---|---|
| 139,848 (16,844) 813 (16,031) 432,690 |
973 (85) (813) (898) 1,726 |
||
| 416,659 | 828 |
continued...
Page 10
Federation of Essex Women's Institutes
Notes to the Financial Statements - continued
for the Year Ended 31 March 2024
7. TANGIBLE FIXED ASSETS
| 7. | TANGIBLE FIXED ASSETS | |
|---|---|---|
| Computer | ||
| equipment | ||
| £ | ||
| COST | ||
| At 1 April 2023 | 40,846 | |
| Disposals | (439) | |
| At 31 March 2024 | 40,407 | |
| DEPRECIATION | ||
| At 1 April 2023 | 40,846 | |
| Eliminated on disposal | (439) | |
| At 31 March 2024 | 40,407 | |
| NET BOOK VALUE | ||
| At 31 March 2024 | - | |
| At 31 March 2023 | - | |
| 8. | FIXED ASSET INVESTMENTS | |
| Unlisted | ||
| investments | ||
| £ | ||
| MARKET VALUE | ||
| At 1 April 2023 | 319,387 | |
| Revaluations | 33,001 | |
| At 31 March 2024 | 352,388 | |
| NET BOOK VALUE | ||
| At 31 March 2024 | 352,388 | |
| At 31 March 2023 | 319,387 | |
| There were no investment assets outside the UK. | ||
| Cost or valuation at 31 March 2024 is represented by: | ||
| Unlisted | ||
| investments | ||
| £ | ||
| Valuation in 2014 and prior | 20,815 | |
| Valuation in 2015 | 1,987 | |
| Valuation in 2016 | 6,905 | |
| Valuation in 2017 | 6,291 | |
| Valuation in 2018 | 9,438 | |
| Valuation in 2019 | 17,215 | |
| Valuation in 2021 | 25,697 | |
| Valuation in 2022 | 28,238 | |
| Valuation in 2023 | (12,337) | |
| Valuation in 2024 | 33,001 | |
| Original Investment | 215,138 | |
| 352,388 |
continued...
Page 11
Federation of Essex Women's Institutes
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
| 9. STOCKS Stocks 10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors Other debtors Prepayments and accrued income 11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Other creditors Accruals and deferred income 12. MOVEMENT IN FUNDS At 1.4.23 £ Unrestricted funds Unrestriced Funds 416,659 Restricted funds Restricted Funds 828 TOTAL FUNDS 417,487 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds Unrestriced Funds 179,380 Restricted funds Restricted Funds 908 TOTAL FUNDS 180,288 |
2024 2023 £ £ 5,523 5,526 2024 2023 £ £ 732 3,850 515 - 22,634 19,547 23,881 23,397 2024 2023 £ £ 581 8,319 24,406 23,624 11,808 10,376 36,795 42,319 Net movement At in funds 31.3.24 £ £ 20,002 436,661 208 1,036 20,210 437,697 Resources Movement expended in funds £ £ (159,378) 20,002 (700) 208 (160,078) 20,210 |
|---|---|
continued...
Page 12
Federation of Essex Women's Institutes
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
12. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Net movement At 1.4.22 in funds £ £ Unrestricted funds Unrestriced Funds 432,690 (16,844) Restricted funds Restricted Funds 1,726 (85) TOTAL FUNDS 434,416 (16,929) Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds Unrestriced Funds 123,004 Restricted funds Restricted Funds 888 TOTAL FUNDS 123,892 |
Transfers between At funds 31.3.23 £ £ 813 416,659 (813) 828 - 417,487 Resources Movement expended in funds £ £ (139,848) (16,844) (973) (85) (140,821) (16,929) |
|---|---|
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 1.4.22 £ 432,690 1,726 434,416 |
Net movement in funds £ 3,158 123 3,281 |
Transfers between funds £ 813 (813) - |
At 31.3.24 £ 436,661 1,036 437,697 |
|---|---|---|---|---|
continued...
Page 13
Federation of Essex Women's Institutes
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
12. MOVEMENT IN FUNDS - continued
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 £ 302,384 1,796 304,180 |
Resources Movement expended in funds £ £ (299,226) 3,158 (1,673) 123 (300,899) 3,281 |
|---|---|---|
13. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2024.
Page 14
Federation of Essex Women's Institutes
Detailed Statement of Financial Activities for the Year Ended 31 March 2024
| 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 (see note 8) Incoming resources from charitable activities Essex News WI stationery sales Sub-team activities County and National meetings Other income Board of Trustees' 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-team activity costs Board of Trustees' activity costs County and national meetings World pay card charges Carried forward |
2024 £ 73,750 925 - 74,675 3,609 7,983 33,001 40,984 15,965 47 14,818 21,738 3,465 4,079 908 61,020 180,288 700 27,069 17,164 (833) 581 3,984 2,680 11,856 16,194 10,062 2,729 33,173 91 124,750 |
2023 £ 68,910 570 3,544 73,024 4,487 7,311 (12,337) (5,026) 16,787 94 12,542 17,094 2,276 1,726 888 51,407 123,892 973 30,309 17,316 1,117 693 3,904 2,438 2,192 15,095 13,533 720 19,012 201 106,530 |
|---|---|---|
This page does not form part of the statutory financial statements
Page 15
Federation of Essex Women's Institutes
Detailed Statement of Financial Activities
| Charitable expenditure Brought forward Cleaning Repairs and maintenance Travel and accomodation Support costs Governance costs Wages Rent and rates Insurance Light and heat Telephone Postage and stationery Sundries Board of Trustees' expenses Cleaning Repairs and maintenance Archives Legal and professional fees Office equipment maintenance Subscriptions Stock Bank charges Total resources expended Net income/(expenditure) |
for the Year Ended 31 March 2024 | 2024 £ 124,750 1,274 1,444 1,204 128,672 9,023 5,721 (278) 194 1,328 893 407 5,299 425 482 138 4,175 2,674 222 3 - 30,706 160,078 20,210 |
2023 £ 106,530 1,239 945 222 108,936 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 (16,929) |
|---|---|---|---|
This page does not form part of the statutory financial statements
Page 16