THE SHROPSHIRE COUNTY FEDERATION OF WOMEN'S INSTITUTES Charity Tegistration number 1042705 Company regTStration number 02996091 (England and Wales) ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 THE SHROPSHIRE COUNTY FEDERATION OF WOMEN'S INSTITUTES LEGAL AND ADMINISTRATIVE INFORMATION Trustees, Mrs G Wheeler, Chair Mrs D Henderson Mrs H Lewis Mrs L Oldham Mrs M E O'Neill Mts J Taylor Mrs B Thurgood Mrs J M Turner Mrs C Wolfe Mrs J Bennett Ms G A Booton Mrs A Owen (Appointed 18 May 2023) Charity number 1042705 Company number 02996091 Reglstsred office 9 Park Plaza Battlefield Enterprise Park Shrewsbury Shropshira SY13AF Independent examiner Audrey Williams FCCA Dyke Yaxley Limited 1 Brassey Road Old Potts Way Shrewsbury Shropshlre SY3 7FA THE SHROPSHIRE COUNTY FEDERATION OF WOMEN'S INSTITUTES CONTENTS Page Chaimian's ststement Trustees, report Independent examiner's report ststement of financial activities Balance sheet Notes to the financial st2tements 10-23 THE SHROPSHIRE COUNTY FEDERATION OF WOMEN'S INSTITUTES CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023 2023 proved to be an eX￿ptionallY busy year. We saw more members than ever popping into our offica for many and varied reasons,. for training. questions, information and socialising at our 'drop-in' days. During the CoU￿e of the year our book-keeper Debbie Evans left us and we were joined in August by Jenny Paterson who took over the role. Throughout Ihe year, Nikki Tuffnell. our administrator, worked tirelessly. with efficiency and kindness. We introduced 'Sharepoint' into the office, which is an administration tool to support not only the Federation, but also Wls. This has now been set up and is being embedded in our administrative practt gradually, with Tnjslees and Advisers being intrOdU￿d to the platfomi this year. We hope to begin the roll out of this to Wls in 2024. The Offi￿ continues lo pmduce County News 11 times a year. This is disttibuted to members via their Wl secretary. Members have the option to receive hard, electronic copies or both. The Board of Trustees met in person every month except August as is the norm. Ann Owen retumed to the Board afier a short break and we were very pleased to welcome her back. Towards the end of the year four members attended our meetings as observers with a view to joining the Board in the future. The Annual Meeting was held on 18 May at the Theatre Severn, Shrewsbury. The 2022 Annual Meeting minutes were agreed. The Treasurer reported on the independently examined 2022 financial statement and received approval. The govemance and standing orders were adopted. Officers remained the same as in the previous year. Glenys Wheeler. Chaimian, Bridget Thurgood, County Treasurèr, Hilary Lews and Margaret O'Neill, Vice County Chairmen. The meeting was well attended although not sold out completely. The Chairman thanked all the members, federation teams and especially the Tnjsteas for everything they had done over the past year. The main speaker was Chris Lubbe. Chrfs had been one of Nelson Mandela's bodyguards and gave a very moving speech which received a standing ovation from members. In the afternoon session, Clun Wl gave a presentatlon on the work they do on behalf of the 'Days for Girls, charity. Once again, our sub-teams organised a wide variety of events and activities. Earty Sn the year wa had a trip to Birrningham Symphony Hall run by the Cultural and Currenl Affairs team. The Climate team organised a Queen Bee evenl in the Spring then, tha summer saw us visit Edgbaston for the IT20 Women's Cricket organised by the Sport and Leisure team. Towards Ihè end of the year the Craft and Home Economics team ran a paper flowers workshop and the Show team, who overcame significant difficulties, put on a fantastic display in Shrewsbury Abbey. Throughout the year tho M & T team ran various training sessions and welcomed a newly qualified Wl Adviser. Yvette Openshaw. The Fedération Chaiman and Treasurer attended virtual meetlngs for National Councll and durtng those meetings were given infonnation regarding NFWI'S sale of Denman and how the fijnds will be utilised in accordance with the Charity Commission's ruling. The Federation will hopeftjlly be able to access these funds for additional leaming opportunities to benefit members in the future. In May, many of the Board of Trustees, Wl delegates and additional members attended NFWI Annual Meeting in Cardiff. We invited NFWI CEO, Melissa Green to visit us and we were delighted that she was able to come and spend a day with the Board of Trustees discussing various Wl topics. Our team of Independent Financial Examiners scrutinised many finalised Wl annual accounts. We also continue to liaise with the Young Farrners and the NFU. Sadly. since our 2022 report we have lost some Wls. Acton Bumell. Bomere Heath, Coalbrookdale, Knowbury, Richards Castle and Tibberton. We are sory to see these Wls suspend but despite this our membership has remained buoyant vjith enquirtes for new membership being regularly received. In 2022 the Federation has been proactive in promoting Wl acmss Ihe County. We launched our website in January and also began the process of establishing a Virtual Wl which featured in a Shropshire Radio interview with Ann Owen. During the summer, SFWI maintained their presence at Shrewsbury Flower Show, Oswestry Show and Burwarton Show however, this year. a team consisting of Trustees and some Wl rnembers took on the catering at Burwarton Show which was prevtously run by County Markets. THE SHROPSHIRE COUNTY FEDERATION OF WOMEN'S INSTITUTES CHAIRMAN'S STATEMENT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 For the first time, SFWI took the decision to ￿lebrate Wl Day at Shrewsbury Abbey. Inilially, we had planned for Federation and various Wls to be able to showcase themselves, but due to us being unable to attend Shrawsbury Flower Show free of charge we then agreed to Incorporate Ihe Show as part of this day. Despite some scepticism it was attended by hundréds of p￿pIe and at the end of the day was declared a resounding success. The High Sheriff attènded and presented the show prizes to our talented members. Later In Ihe year, we retumed lo the Abbey. In November, for Remembrance Day, a small team once agaln erected a marvellous display of poppies. made by our members and then in December we held our annual Carol SeNice whlch was attended by over 200 members. Finally, my thanks go to all members of Shropshire Wl and esperially to our two staff. Nikki and Jenny and the Federation Board of Trustees for all their hard work, tolerance and good humour. Mrs G Wheeler County Chairnian THE SHROPSHIRE COUNTY FEDERATION OF WOMEN'S INSTITUTES TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees, {who are also directors of the Federation for the purposes of the Companies Act) are pleased to present their annual report and financial statements for the year ended 31 December 2023, which are also prepared to meet the requirements for a directors, report and accounts for Companies Act purposes. The financial statements have been prepared in accordan￿ with the accounting policies set Olrt in note 1 to the financial statements 8nd comply with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Chaiibes: Ststement of Recommended Practice applicable to charilies prepar(ng their accounts in accordance with the Financial Reporting Standard 8pplicable in the UK and Republic of Ireland {FRS 102)" {effective 1 January 2019). Obje¢tives and activities The principle object of the Federation is to further the purpose of the Women's Instttute movement in Shropshire and elsewhere as defined by the constitulion. The Trustees. have paid due regard to guidanGe issued by the Charity Commission in deciding what activities the Federation should undertake. Th9 trustees consider Ihe objactives and activities of the charity are of a public benefit. Achievemants and perforniance In order to fuffil the objectives of the Wl movement, Fedaration sub committees have organised avènts, workshops and training for the benefit of members. For a review of activities, pl&ase refer to the Chaimian's Statement on page 1 and 2. Financlal review After making appropriate enquiries, the Trustees have a reasonable expectation that the Federation has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Reserves Policy Free reserves of the Federation stand at £141,925 (2022.. £148,733). The Trustees are aware of the 16vel of. free reserves but feel these are raasonable in regard to fulfilling the objectives of the Federation as well as maintalning the county office, and believe that the reseNes need to be at least equivalent to the nomal annual expenditure. Structure, governance and management The Shropshire County Federation of Womens Institutes is registered as a charitable company limited by guarantee and was constituted under a Memorandum of Association dated 29 November 1994. It is registered in England and Wales Charity Commission. charity number 1042705. and registered wtth Companies House, number 02996091. The Tnjstees,, who are also the directors for the purpose of company law. and who served during the year and up to the date of signature of the financial statements were- Mrs G Wheeler. Chair D Henderson Mrs H Lewts Mrs L Oldham Mrs M E O'Neill Mrs J Taylor Mrs B Thurgood Mrs J M Turner C Wolfe Mrs J Bennett Ms G A Booton Mrs Aowen {Appointed 18 May 20231 THE SHROPSHIRE COUNTY FEDERATION OF WOMEN'S INSTITUTES TRUSTEES. REPORT {INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Election of Trustees The management of the Federation is the responsibilty of the Trustees who are elected and co￿oPle￿ under the terms of the Articles ofAssociation. The Board of Trustees eleGt th8 Chairman. Honorsry Treasurer and other offic8s from their own number. Risk Management Th8 Trustees have assessed the major risks to which the charitable company is exposed, In particular those related to Ihe operations and finances of the charitable company, and are satisfied Éhat systems and procedures are in place to mitigate our exposure to the major risks. There are a number of trustees that have boen in place for more than g years. The Federalion are constantly looking for new trustees, however, given the purpose and objectives of the Federation there is a limtted market. making new trustees dtfficult to find. Small Companies Exemption This report has been prepared in a¢Gordan￿ with the provisions applicable to companies entitled to the small cL)mpanies exemption. The Trnjstees, report was approved by the Board of Trustees,. Mrs G Wheeler, Chair Trustee 7.l+Poa+........ THE SHROPSHIRE COUNTY FEDERATION OF WOMEN'S INSTITUTES INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES. OF THE SHROPSHIRE COUNTY FEDERATION OF WOMEN'S INSTITUTES I report to the Trustees. on my examination of the financial statements of The Shropshire County Federation of Women's Instilutes (the charity) for the year ended 31 December 2023. Responsibilities and basls of report As the Trustees, of the charity land also its directors for the purposes of company lawl you are responsible for the preparation of tho financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Ad). Having satisfied myself that the financial statements of the charity are not required to be audltèd under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity's financial statements carried out under section 145 of the Charilies Act 2011 {the 2011 Act). In carying out my examinalion I have followed 811 the applicablè Direclions given by the Charfly Commission under section 145151{bl of the 2011 Act. Independent examinerfs ststement I have completed my examlnation. I confimi that no matters have come to my attention in connection wlth thè examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act., or the financial statements do not accord with those records. or the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requiremenl that the accounts give a true and fair viéw which is not a matter considered as part of an independent examination. or the financial slatements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charilies applicable to charities preparing their accounts in accordan￿ with the Financial Reporting Standard applicable in Ihe 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 attenlion should be drawn in this report in order to enable a propèr understanding of the financial statements to be reached. Audrey Williams FCCA Dyke Yaxley Limited 1 Brassey Road Old Potts Way Shrewsbury Shropshlre SY3 7FA Dated: . THE SHROPSHIRE COUNTY FEDERATION OF WOMEN'S INSTITUTES STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Current financial year Unrestricted Restricted funds funds 2023 2023 Total Total 2023 2022 Notes ncome from: Donations and legacies Charitable actlvities other trading activities Investments 67,650 41,255 6.619 3,723 2,936 70,586 41.255 6.619 4,263 65.194 46.667 6,554 925 540 Total Income 119.247 3,476 122,723 119,340 Ex nditure on: Ralsing funds 3,343 3,343 2.774 Charitable 8Ctiwties 128.820 126.820 128,973 Total expenditure 130.163 130,163 131.747 Net {outgoingllinGomlng resources before transfers (10,916) 3,476 17,4401 {12,407) Gross transfers belween fvnds 180 (1801 Net (expenditUTe)lincome for the yèarj Net movement in funds (10,7361 3.296 (7.440) {12,407) Fund balances at 1 January 2023 350,293 9,033 359,326 371,733 Fund balances at 31 December 2023 339,557 12,329 351,886 359,326 The slatement of financial actimties Includes all gains and losses recognised in thé year. All income and expenditure dorive from continuing activilles. The statement of financial activities also complies with the requirements for an income and expenditure account underthe Companies Act 2006. THE SHROPSHIRE COUNTY FEDERATION OF WOMEN'S INSTITUTES STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Prior flnanclal year Unrestrl￿ed Restrl¢ted funds funds 2022 2022 Total 2022 Notes Income from: Donations and legacies Charitable activities Other trading activities Investments 63,679 46,667 6,554 806 1.515 65.194 46,667 6,554 925 119 Total income 117.706 1,634 119,340 endlture on: Ralsing funds 2,774 2.774 Charitable activities 128,698 275 128,973 Total expenditure 131,472 275 131,747 Net (outgoingllincoming resources before transfers (13,766) 1,359 (12,407) Net {expenditure)lincome for Ihe yearl Net movement in funds (13,766) 1,359 (12,407) Fund balances at l January 2022 364,060 7.673 371,733 Fund balances at 31 December 2022 350,294 9,032 359.326 THE SHROPSHIRE COUNTY FEDERATION OF WOMEN'S INSTITUTES BALANCE SHEET AS A T31 DECEMBER 2023 2023 2022 Notes Fixed assets Tangible assets 13 133.994 137,527 Current assets Stocks Debtors Cash at bank and in hand 14 15 1.547 14,623 225.780 656 5,949 226,339 241.950 232.944 Creditors: amounts falling due within one year 16 (23,580) 110,246) Net cuThent assets 218.370 222,698 Total assets less current liabilities 352,364 360.225 Provisions for Ilabllltles 17 {478) {899) Net assets 351,886 359,326 Income funds Restrfcted funds Unreslricted funds Deslgnated funds General unrestricted funds 19 12,329 9,032 20 62,688 276,869 62,462 287,832 339,557 350,294 351.886 359,326 THE SHROPSHIRE COUNTY FEDERATION OF WOMEN'S INSTITUTES BALANCE SHEET {CONTINUED) ASAT31 DECEMBER 2023 The c￿MpanY is entitled to the exemption from the audit requirement contained In section 477 of the Companies Act 2006, forthe year ended 31 December 2023. The directors acknowledge their responsibillties for complying with the requlraments of the Companies Act 2006 th respect to accounting records and the preparatlon of financial ststemenls. The members hav8 not required the company to obtain an audit of its financ(al statements for the year in question in accordance with section 476. The financial ststements were approved by thé Trustees, on ..... Mrs G Wheeler. Chair Trustee Company Registration No. 02996091 THE SHROPSHIRE COUNTY FEDERATION OF WOMEN'S INSTITUTES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policles Charity Information The Shropshire Federation of Women's Institutes is a charitsble company limited by guarantee and was constituted under a Memorandum of Association dated 29 November 1994. 11 is registered in England and Wales Charity Commission, charity number 1042705, and registered with Companies House, number 02996091. 1.1 Accounting conventlon The financial statements have been prepared in accordanGe with the charitys governing document, the companies Act 2006, FRS 102 'The Financial Reporknng Standard applicable in the UK and Republic of Ireland. {"FRS 102°) and the Charities SORP 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordane with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019}. The charity is a Publi¢ Benefit Entily 8s defined by FRS 102. The charity has taken advantage of tha provisions in the SORP for charities not to prepare a Ststement of Cash Flows. Thè financi81 statements are prepared in sterling, which is the functional currency of the charity. Monetary amounls in these financial statements are roundéd to the nearesl £. The financial stslements have béen prepared under the historical cosl convention. The principal accounting policies adopted are set out below. 1.2 Going concern At the time of approving the financial statements, the Trustees, have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeablè future. Thus the Trustees, continue to adopt the going concern basis of aGwunting in preparing the finanGial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the Trustees. in furtheran￿ of their charftable objectlves. Designated fvnds comprise funds which have been set aslde at the discretion of the Trustees, for spectfic purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements. Restricted fvnds are subject to speclfic conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out In the notes to the financial statements. 1.4 Income Income is recognised when the charity is legally entitled to it after any performancé conditions have been met. the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notlfied of the donation, unless perfonrtance conditions require deferral of the amount. Income tax recoverable in relatlon to donations re￿iVed under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognlsed on receipt or otherwise if the charity has been notified of an impanding distribution. the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingant assét. 10- THE SHROPSHIRE COUNTY FEDERATION OF WOMEN'S INSTITUTES NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies {Continued) Membership subscriptions are recognised in the year in which payment is received by the charity, in line with the NFWI accounting policy. The subscriplion is non-refundable and is therefore aGcounted for in the year of receipt. Any amounts reGeived after the year end, for example, from joiners during the year. are accounted for in the following financial year as the charity is not aware of these until they are received. 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is piobable that a transfer of economic benefits will be required in settlement. and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the totsl of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity ar8 allacated directly to thal activily. Shared costs which contribute to more than one activty and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use. 1.6 Tangible fixed assets Tangible fixed assets are Initially measured al cost and subsequently measured at cost or valuation, net of depreciation and any impairmenl losses. Deprectaeion is recognised so as lo write off the cost or valuation of assets less thelr residual values over their useful lives on the following bases.. Leasèhold land and buildings Fixtures and fittings Computers 2410 Straight line 1 OOA straight line 20 % straight line The gain or loss arising on the disposal of an asset is detemiined as the difference betr￿een the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. 1.7 Impainnent of fixed assets At each reporting end dale. the charity reviews the carrytng amounts of its tangible assets to deterrnine whether there is any indication th8t those assets have suffered an impaiment loss. If any such indication exists, the r8Goverable amount of the 8sset is estimated in order to determine the extent of the impaimient loss (if any). 1.8 stocks Stocks are stated at the lower of Gost and estimated selling price less costs lo cornplete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideratian are measured the lower of replacement cost and cost. Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in rnarketing, selling and distrlbution. 1.9 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-tsmi liquid investrnents with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 11 THE SHROPSHIRE COUNTY FEDERATION OF WOMEN'S INSTITUTES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng policles {Continued) 1.10 Financial instruments The charity has elected to apply the provisions of Section 11 'Basic Financi81 Instrumenls. and Sectlon 12 'Other Financial Instruments Issues, of FRS 102 to all of its financi81 instruments. Financial instruments are reGognised in the charivs balance sheet when the charity becomes paty to the Gontraclual provisions of Ihe instrument. Financial assets and liabilities are offset, wth the net amounts presented in the financial statements. when there is a leg811y enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liabilty simullaneously. 1.11 Employee benefits The cost of any unused holiday entitlement is rec￿gnIsed in the period in which the employee's services are received. 1.12 Retirement benefits Employees of the charity are members of a multi-employer scheme where it is not possible in the normal courses of events to identlfy the share of underlying assats and liabilities belonging to the individual employers. Therefore, as required by FRS 102, the charitsble company accounts for this scheme as if it were a defined contribution scheme. The pension charge represents the amounts payable by the charitable company to the fund in respect of the year. The pension scheme is in deficit and the charitable company is making additional deficit payments. Under the SORP a provision is required, based on these deficit payments. 1.13 Debtors Debtors are reGogni5ed at thè settlement amount du8 after any discount offered. 1.14 Creditors Creditors are r8cognised where the charity has a present obligation resulting from a past event that will probably result In the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Credltors and provisions are normally recognised at their settlement amount. 12- ¢n THE SHROPSHIRE COUNTY FEDERATION OF WOMEN'S INSTITUTES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Charltable actlvlties Total funds Totsl funds 2023 2022 Sub-committees: courses and events PubliGation and ststionery Recharge County Wl's insurarice Shropshire County news publications AGM and Federation Council meeting 26,927 335 2,083 3,975 7,935 28,703 390 1,583 3,912 12.079 41,255 48.667 Other tradlng actlvlties Unrestrlcted Unrestricted funds funds 2023 2022 Shropshire Calendars Claremont Club NFWI raffle Merchandise 2.453 1,485 553 2.128 3,363 889 607 1.695 Other trading activilies 6,619 6,554 Investments Unrestrlcted Restricted funds funds 2023 2023 Total Unrestricted fijnds 2022 Restrfcted funds 2022 Total 2023 2022 Bank interast received 3,723 540 4.263 806 119 925 14- THE SHROPSHIRE COUNTY FEDERATION OF WOMEN'S INSTITUTES NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Raising funds Unrestrlcted Unrestricted funds funds 2023 2022 Tradin costs Merchandise Shropshire Calendars Claremont Club 790 1,559 994 945 1,330 499 Trading costs 3,343 2,774 3,343 2,774 Charitable aotivltles Total funds Total funds 2023 2022 Sub-committees: courses and events Publication and stationery Affiliation fees Shropshire County news publicalions Irrecoverable VAT AGM and Federation Council meeting 17,801 189 33,851 6,451 2,301 7,861 24,268 459 34,176 5,669 1,845 11,562 68,454 77,979 Grant funding of activities (see note 8) 680 517 Share of support costs (see note 9} Share of govarnan¢e costs (see note 9) 55,285 2,401 47.884 2.593 126,820 128,973 Analysls by fund Unrestricted funds Restricted funds 126.820 128,698 275 15- THE SHROPSHIRE COUNTY FEDERATION OF WOMEN'S INSTITUTES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Grants payablè Total funds Total funds 2023 2022 Grants to Individuals 517 680 517 Support costs Support Governance Gosts costs 2023 Support Governance costs costs 2022 Staff costs Depreciation Subscriptions County office expensas Bad debt Accountancy fees Insurance offi￿ utilities Board expenses Independent examination 32.390 3.532 130 12,466 19 2,140 1,681 2,927 32.390 3,532 130 12,466 19 2,140 1,681 2,927 726 1,675 2g,080 3,490 85 6,588 29.080 3,490 85 6,568 3,385 1,692 3,577 3.385 1,692 3.577 998 1,595 726 1.675 998 1,595 55.285 2,401 57,686 47,884 2,593 50.477 Analysed betwaen Charitable activities 55,285 2,401 57,686 47,884 2.593 50,477 The independent examineffs remuneration amounts to an independent examiner fee of £1,675 {2022= £1,595). l Q Trustees. During the year ended 31 December 2023, expenses totalling £1,633 were reimbursed to 12 Trustees (2022 - £1,282). The amounts outstanding at the year end was £1,178 (2022: £186). The expenses were for travel and purchases made on behalf of the Federation during the year. During the year, no Trustees received any remuneration or other benefits (2022 - £nill. 16- THE SHROPSHIRE COUNTY FEDERATION OF WOMEN'S INSTITUTES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 11 Employees The average monthly number of employées during the year was: 2023 Numbor 2022 Number Administration staff Trustees (voluntary) 12 11 Total 14 13 Employment costs 2023 2022 Wages and salaries Defined contribution scheme Defined benefit scheme 30,758 1.118 514 27,083 1,637 360 32,390 29,080 There were no employees whose annual remuneration was more than £60,000. 12 Taxatlon The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extént that these are applied to its charitsble objects. 13 Tanglble fixed assets Leasèhold Flxtures and land and fltting bulldings Computers Totsl Cost At 1 January 2023 165,794 8,195 6.673 180.662 At 31 December 2023 165.794 8,195 6,673 180.662 Depreciallon and impairment At 1 January 2023 Depreciation charged in the year 29,494 3.315 7.472 79 6,170 138 43,136 3.532 At 31 December 2023 32,809 7,551 6,308 46.668 Carrylng amount At 31 December 2023 132,985 644 365 133.994 At 31 December 2022 136,300 724 503 137,527 17- THE SHROPSHIRE COUNTY FEDERATION OF WOMEN'S INSTITUTES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 14 Stocks 2023 2022 Finished goods and goods for resale 1,547 656 15 Debtors 2023 2022 Amounts falllng due within one year: Trade debtors Other debtors Prepayments and accrued income 1,762 504 12,357 3.561 107 2,281 14.623 5.949 16 Creditors: amounts falling due withln one year 2023 2022 Other taxation and social security Trade creditors Other creditors Accnjals and deferred ineome 741 10.158 2.062 10.61g 1.469 1.158 7.619 23.580 10.246 17 Provlslons for liabilities 2023 2022 Notes Retirement benafit obligations 18 478 899 478 899 18- THE SHROPSHIRE COUNTY FEDERATION OF WOMEN'S INSTITUTES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 18 Retirement benefit schemes Defined contribution schemes The charge to profit or loss in respecl of defined contribution schemes was £1118 (2022 - £1637). Defined benefit scheme5 The company participates in Ihe scheme. a multi-employer scheme which provides benefits to some 638 non- associated participating employers. The scheme is a defined benefit scheme in the UK. It is not possible for the company to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore it accounts for the scheme as a defin8d mnlribution scheme. The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into for￿ on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Acluarial Standards issued by the Financial Raporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK. The scheme is classified as a 'last-man standing arrangemenv. Therefore the company is potentially liable for other participating employers, obligations if those employers are unable to mèet their share of the scheme deficit following wllhdrawal from tho scheme. Participating employers are legally required to meet their share ofthe scheme deflcit on an annuity purchas6 basis on withdrawal from the scherna. Afull actuarial valuation for the scheme was carried out at 30 September 2020. This valuation showed assets of £800.3m, liabilities of £831.9m and a deficit of £31.6m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to thé scheme. Durlng the year, the charity contributed £453 (2022: £711) towards the deficit. The assets of the scheme are held separately from those ofthe charitable company in independenlly administered funds. The pension charge represents contributions payable by the charitable company to the fund. after adjusting for the movement on the provision amounting to £421 {2022.' £7311. The amounts included in the balance sheet arising from the charity's obligations in respect of defined benefit plans are as follows-. 2023 2022 Present value of defined benefit obligations 478 899 Deficit in scheme 478 899 Movements in the present value of defined beneflt obligations.. 2023 2022 Liabilities at 1 January 2023 Movement in year 899 {421) 1,630 (7311 At 31 December 2023 478 899 The defined benefit obligations arise from plans which are wholly or partly fundad. 19- (￿￿¢00[￿ )￿0 co o CD ¢fjrOO ¢D W O OCÉ ou (n ¢iJ Ln O J w) o cooo 00 0)￿0 O