THE SHROPSHIRE COUNTY FEDERATION OF WOMEN'S INSTtruTES Charity reglstratlon number 1042705 Company registration number 02996091 {England and Wales) ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE SHROPSHIRE COUNTY FEDERATION OF WOMEN'S INSTITUTES LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mrs L Oldham Mrs B Thurgood, Chair Mrs J M Turner Mrs J Bennett Ms GA Booton Mrs A J Wadey Mrs S E Forde Mrs Y J Openshaw Mrs J V Wardale Mrs C P Williams Mrs C L Jones {Appointed 18 July 2024) (Appointed 21 May 2024) {Appointed 21 May 2024) (Appointed 21 May 2024) (Appointed 21 May 2024) (Appointed 14 January 2025) Charlty number 1042705 Company number 02996091 Registered office 9 Park Pl&a Battl8field Enterprise Park Shrewsbury Shropshire SY13AF Independent examiner Dyke Yaxley Limited 1 Brassey Road Old Potts Way shreYbUry Shropshire SY3 7FA
THE SHROPSHIRE COUNTY FEDERATION OF WOMEN'S INSTITUTES CONTENTS Page Chaiman's statement Trustees, report Independent examinerfs report Statement of financial activities Balance sheet Notes to the financial statements 8-20
THE SHROPSHIRE COUNTY FEDERATION OF WOMEN'S INSTITUTES CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024 2024 was in some ways a very sad year for us, we had five long standing Trustees who stepped down from the Board after the 2024 Annual Meeting, Glenys IAheeler, Dorothy Henderson, Hilary Lewis and Jane Taylor who have all held Officers roles over the years, and to Carol Wolfe, who supported our teams, as well as digital and PR. As it was eledion year Joanne Wardale, Sandra Forde, Yvette Openshaw and Christine Williams were nominated and given a warm welcome on their election to the Board of Trustees. They spent some time observing meetings before taking this step. It has been a year of change as Trustee, Margaret O'Neill resigned in June 2024, leaving vacancy for the Treasurer role and Ann Owen resigned at the end of November 2024. In Juty 2024, one of our IFE'S. a Wl Treasurer and person of relevant experience, Angela Wadey showed an interest in joining the Trustees. She observed our July meeting and agreed to be nominated by the Board to take on the role of Treasurer which she began in August 2024. In November 2024, Christine Jones agr8ed to consider co-option onto the Board and obs@ed the final two meets'ngs of the year. The Board of Trustees met ten times during 2024, wilh observers attending in July and December. All new Trustees undertook Trustee training and most existing Trustees completed a refresher. The information gained from this will help with planning next steps for the Federation and its members. The Chair and Treasurgr attended virtual meetings for National Council. The Federation faced challenges from NFW as they changed their stsnck on Judges and Vll Advisers. The Federation has responded to the NFWI consultation process regarding the proposed changes to the Constitution. NFVM released information about Denman Grant applicats'ons and the new Wl Lottery towards the end of 2024 which the Federation will give due attention to in 2025. The NFVII Annual Meeting was held at The Royal Albert Hall in London. Many of the Board of Trustees, I Advisers, Delegates and Observers attended. This was the last in person meeting for three years. In 2024, Ann Owen supported members to compose Resolutions and attended the short-listing meetings run by NFWI. and although these proposed resolutions did not get shortlisted, the experience of the process was useful for members. SFIM Annual Meeting was held on 21 St May 2024 at Theatre Severn, Shrewsbury. The 2023 minutes were agreed. The Treasurer reported that Ihe 2023 accounts had been independently examined, and the financial statement was approved. The Governance and standing orders were adopted. The meeting was well attended. The Chair thanked all the members. the Board of Trustees and the Federation Teams. Our main speaker was Sarah Clarke (Black Rod). Sarah agreed to come and speak as her mother was a member of St Giles Wl. She was an extremely good and inspiring speaker. In the aftemoon the Team Chairs gave a brief synopsis of their adivities and highlighted future events. Each year Annual Returns completed by Wls help the Trustees and the Teams with their planning. It is pleasing to see that events are being increasingly well supported by our members- e.g. a visit to Shropshir8 Archives, concert at Bimiingham Symphony Hall, Calligraphy Skills, Acrylic Painting, Rambles, Quiz Night, Sock making and our Glitz and Glamour fashion day. In 2024 competitions set by the teams had some good entries, particularly the Coronation Cup Cushion Cover. The teams continue to recruit from the membership to bring in new ideas and fresh approaches. Sadly, since our last meeting four Ims have suspended, Alveley, Churchstoke, Worthen and Wrockwardine & District. On a positive, Shropshire Federation now has two virtual Wls. Darwin Daisies and Virtual Realty Wl, and have opened a new Wl. Tibberton & Cherrington. Despite losing Mlls it is pleasing to report that our membership is still flourishing, with enquiries coming in on a regular basis from a variety of sources, including the SFWI website. The premises, at Park Plaza have required essential maintenance, roof repairs, new lighting and improved provision for disability access. Office equipment has been upgraded this year including computers, laptop and phone system. A large screen television has been donated which enables us to now offer some hybrid meetings. Communication with members and the public is vitsl for recruf(ment and retention. County News continues to be sent to Vvls as a hard copy, electmnic or both. It features upcoming events, news about Wls and general information about vii.
THE SHROPSHIRE COUNTY FEDERATION OF WOMEN'S INSTITUTES CHAIRMAN'S STATEMENT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 We are slowly encouraging more members to embrace digital technology. Wis are contributing to the sFV1 website and a few Vvls have now got a generic email linked to our Sharepoint platform. In addition to the Federation teams, specific members that are supporting our digital journey are Nicky Popov. Gillian Steedman and Carol Powell. The Membership and Training Team ran a digrtal training day in October 2024 which attendees found extremely useful. Our office staff work hard keeping us all up to date. giving everyone a very wami welcome and help wherever they can. Nikki Tufftiell. our Office Administrator, liaises with NFW, pri)duces County News. gives administration support to our teams and allocates Independent Financial Examiners who check Wl accounts. Jenny Paterson, our Bookkeeper is very diligent and keeps all our accounts and bookings in order. VWe continued to be a visible presence in the Shropshire communty. SFW were represented at Oswesty Show, had a presence at the Shrewsbury Flower Show and ran a catering marquee at Bupwarton Show. We liaise with the Young Famiers, National Farmers Union and work closely with our friends at The Abbey. VVI Day in September was another huge success, the Show put on a fantastic display, Wls showcased themselves, and refreshments were available all day, catered for by the Federation team and several members. There was a spectacular display created for Remembrance Day. Credrt to Thembers for producing so many poppies and the team who put it together. The Carol Service was well attended, despite issues with parking which we hope to overcome in 2025. The collection was shared between the Abbey and Sevem Hospi. Members also knitted toys for donats.on to the PRH Phlebotomy UniL The Trustees and Advisers are developing stronger relationships with other Federations in areas such as dimate awareness. WIA training and general networking. This helps to unite the I+VI organisation for both the Federation and our members. Thank you to each and every one of you for your help and support over the year. Vve could not do this without you. Mrs B Thurgood County Chalmian . 03. Date: .
THE SHROPSHIRE COUNTY FEDERATION OF WOMEN'S INSTITUTES TRUSTEES. REPORT (INCLUDING DIRECTOR'S REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 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 2024, 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 accordance with the accounting policies set out in note 1 to the financial statements and comply with the Federation's governing document, the Companies Act 2006 and "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). Objectlves and activitles The principle object of the Federation is to further the purpose of the Women's Institute movement in Shropshire and elsewhere as defined by the constitution. PublK benefrt The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Federation should undertake. The trustees consider the objectives and activtties of the charity are of a public benefit. Achlevements and perfomiance Significant activities and achievements against objectives In order to fulfil the objectives of the Wl movement, Federation sub committees have organised events, workshops and training for the benefit of members, For a review of activities, please refer to the Chaimian's Statement on page 1 and 2. Flnancial review Going concem After making appropriate enquiries, the Trustees have a reasonable expectation that the Federation has adeqLJate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concem basis in preparing the financial statements. ReseThes policy As at 31 December 2024, the fr88 serveS level of the Federation stands at £131,004 (2023.. £141,925). Free reseNes are calculated as total unrestricted funds, excluding designated funds, any unrestricted funds tied up in tangible fixed asset5, and funds committed to future obligations The calculation is as follows.. Total Unrestricted Funds.. £324,728 Less.. Designated Funds.. £(61,047) Less: Unrestricted Funds Invested in Fixed Assets= £{132,1 on Less.. Funds Committed to Future Obligations.. £(570) Free Reserve5'. £131,004 The Trustees are aware of the level of free reserves but feel these are reasonable in regard to fulfilling the objectives of the Federation as well as maintaining the county office, and believ6 that th8 reserves need to be at least equivalent to the normal 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 Memarandum of Association dated 29 November 1994. It is registered in England and Wales Charity Commission, charity number 1042705, and registered with Companies House, number 02996091.
THE SHROPSHIRE COUNTY FEDERATION OF WOMEN'S INSTITUTES TRUSTEES, REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees. who are also Ihe 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 Vtheeler (Resigned 21 June 2024) Mrs D Henderson (Resigned 21 May 2024) Mrs H Lewis (Resigned 21 May 2024) Mrs L Oldham Mrs M E O'Neill Mrs J Taylor Mrs B Thurgood, Chair Mrs J M Turner Mrs C Wolfe Mrs J Bennett Ms G A Boolon MrsA Owen Mrs A J Vvadey Mrs S E Forde Mrs Y J Openshaw Mrs J V Wardale Mrs C P Williams Mrs C L Jones (Resigned 24 June 2024) (Resigned 21 May 2024) (Resigned 20 May 2024) (Resigned 25 November 2024) (Appointed 16 July 2024) (Appolnted 21 May 2024) (Appointed 21 May 2024) (Appointed 21 May 2024) (Appointed 21 May 2024) (Appointed 14 January 2025) Rectuitment and appointment of Inistees The management of the Federation is the responsibility of the Trustees who are elected and ctropted under the tems of the Artides of Association. The Board of Trustees elect the Chairman, Honorary Treasurer and other offices from their own number. Other m8tte Risk Management The Trustees have assessed the major risks to which the charitable Company is exposed. in particular those related to the operations and finances of the charitable wnpany, and are satisfied that systems and prOdureS are in place to mitigale our exposure to the major risks. There are a number of trustees that have been in place for more Ihan 9 years. The Federation are constantly looking for new trustees, however, given the purpose and objectives of the Federation there is a limrted market, making new trustees difficult to find. Small Companies Exemption This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. The Trustees, report was approved by the Board of Trustees. Mrs B Thurgood, Chair Trustee Date: lo. 03..
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 Institutes (the Federation) for the year ended 31 December 2024. Responsibilities and basis of report As the Trustees of the Federation (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance wtth the requirerT7ents of the Companies Act 2006 (the 2006 Act). Having satisfied myself that the financial statements of the Federation are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examinats'on. I report in respect of my examination of the Federation's financial statements carried out under sedion 145 of the Charities Act 2011 {th8 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145{5)(b) of the 2011 Act. Independent examlner's Statement I have completed my examination. I confimi that no matters have come to my attention in connection with the examination giving me Cause to believe that in any material respect.. accounting records were not kept in respect of the Federation 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 requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or the financial statements 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 concems arid 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 financial ststements to be reached. Audrey Wi ms FCCA Dyke Yaxley Limited 1 Brassey Road Old Potts V+ay Shrewsbury Shropshire SY3 7FA Dated". 20 lJlS
THE SHROPSHIRE COUNTY FEDERATION OF WOMEN'S INSTITUTES STATEMENT OF FINANCIALACTNITIES INCLUDING INCOMEAND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestrlcted Restrlcted lunds funds 2024 2024 Totsl Unrestrlcted Restrlcted funds funds 2023 2023 Total 2023 2024 Notes Income from: Donations and legacies Chaiitable activities Other trading activities Investments 2.936 70,586 41,255 6,619 4,263 66,860 63.102 4.495 5.111 3,109 69,969 63,102 4.495 5,770 87,650 41.255 6,619 3,723 659 540 Total Income 139,568 3.768 143,336 119.247 3.476 122,723 Expendlture on: Raising funds Charitable activities Other expenditure 3,343 126,820 2,784 154,979 245 2,784 155,254 245 3.343 128,820 275 13 275 158,283 130,183 130,163 Totsl expenditure 158,008 Net incomel{expenditure) (18,440) 3.493 (14,947) (10,916) 3,476 (7,440) Transfers between funds 3,611 (3,611) 180 (180) Net movement in funds 10 (14.829) (118) (14.947) (10,736) 3,296 (7,440) Reconciliatlon of funds: Fund balances at 1 January 2024 9,033 359.326 339.557 12,329 351,886 350,293 Fund balances at 31 December 2024 351.886 324,728 12,211 336,939 339,557 12,329 The statement of financial actlvities includes all gains and losses recognised In the year. All income and expenditure derive from continuing activities.
THE SHROPSHIRE COUNTY FEDERATION OF WOMEN'S INSTITUTES BALANCE SHEET AS AT31 DECEMBER 2024 2024 2023 Notes Fixed assets Tangible assets 15 132,107 133,994 Current assets Stocks Debtors Cash at bank and in hand 1,356 5,539 212,459 1.547 14,623 225,780 17 Credltors: amounts falling due within one year 219,354 241,960 18 (13,513) (23,580) Net current assets 205,841 218.370 Total assets less current Ilabllities 337,948 352,364 Defined benefit pension Ilability 20 (1,009) (478) Net assets 338,939 351,886 The funds of the Federation Restricted income funds Unrestrloted funds 21 12.211 324,728 12.329 339,557 336,939 351,886 The company is entitled to the exemption from the audit requirement contained in section 477 of the CompanlesAct 2006. for the year ended 31 Dernber 2024. The director acknowledges her responsibilities for comptying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The members have not required the company to obtain an audit of it5 financial statements for the year in question in accordance wfth section 476. The financial statements were approved by the Trustees on . i o, o 3. 20%5 Mrs B Thurgood, Chair Trustse Company registration number 02996091 (England and Wales)
THE SHROPSHIRE COUNTY FEDERATION OF WOMEN'S INSTITUTES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting pollcies Charity inforniation The Shropshire Federation of Women's Institutes is a charitable company limited by guarantee and vras constituted under a Memorandum of Association dated 29 November 1994. It is registered in England and Wales Charity Commission, charity number 1042705, and registered with Companies House, number 02996091. 1.1 Accountlng convention The financial statements have been prepared in accordance with the Federation's goveming document, the Companies Act 2006, FRS 102 'The Financial Reporting 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 accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)° (effective 1 January 2019). The Federation is a Public Benefit Entity as defined by FRS 102. The Federation has taken 8dvantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling, which is the functional currency of the Federats"on. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Going concern At the time of approving the financial ststements, the Truslees have a reasonable expectation that the Federation has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concem basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives. Designated funds comprise funds which have been set aside at the discretion of the Trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements. Restricted funds are subject to specific conditions by donors or grantors 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 Federation is legally entitled to it after any perfomiance 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 Federation has been notffied of the donation, unless performance Gonditions require deferral of the amount. Income tax recoverable in relation to donations re}Ved under Gift Aid or deeds of covenant is recognised at the time of the donats"on. Legacies are recognised on receipt or otheDNise if the Federation has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. Assets given for use by the Federation are recognised when receivable.
THE SHROPSHIRE COUNTY FEDERATION OF WOMEN'S INSTITUTES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng poll¢les {Contlnued) Membership subscriptions are recognised in the year in which payment is received by the charity, in line wth the NFVVI accounting policy. The subscription is non-refundable and is therefore accounted for in the year of receipt. Any amounts received 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 benefft to a third paty, it is probable that a transfer of economic benefits will be required in setdement, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activty are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activty. Direct costs attributable to a single ath.vty are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are spportioned 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 8t cost and subsequerrtly measured at cost or valuation. net of depreciation and any impaimient losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful Ilves on the following bases.. Leasehold land and buildings Fixiures and fittings Computers 2% straight line 1 ObA straight line 200A straight line The gain or loss arising on the disposal of an asset is detemined as the difference beeen the sale proceeds and the carrying value of the asset. and is recognised in th8 Statement of financial activities. 1.7 Impaimient of fixed assets At each reporting end date, the Federation reviews the carying amounts of its tangible assets to determine vrfhether there is any indication that those assets have SUffed an impaimient loss. If any such indication exists, the recoverable amount of the asset is ests'mated in order to detennine the extent of the impaimient loss (if any). 1.8 stocks stocks are stated at the lower of Cost and estimated selling price less costs to COTnplete 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 IoGation and condition. Items held for distribution at no or nominal consideration are measured the lower of replament cost and cost. Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. 1.9 Cash and cash equlvalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
THE SHROPSHIRE COUNTY FEDERATION OF WOMEN'S INSTITUTES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng policies (Contfnued) 1.10 Financial instruments The Federalion has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'other Financial Instruments Issues. of FRS 102 to all of its financial instwments. Financial instruments are recognised in the Federation's balance sheet when the Federation becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset. with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to setue on a net basis or to realise the asset and settle the liability simultaneously. 1.11 Employee benefits The cost of any unused holiday entittement is recognised in the period in which the employee's services are received. 1.12 Retirement beneflts Employees of the charity a members of a multi*mployer scheme where it is not possible in the normal courses of events to identify the share of underlying assets and liabilities belonging to the individual employers. Therefore, as required by FRS 102, the charrtable company accounts for this scheme as rf it were a defined contribution scheme. The pension charge represents the amounts payable by the charttable company to the fund in respect of the year. The pension scheme is in defficit and the charitsble company is making additional deficit payments. Under the SORP a provision is required, based on these deficit payments. 1.13 Debtors Debtors are recognised at the settlement amount due after any discount offered. 1.14 Creditors Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third paty and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount. Income from donations and legacies Unrestncted Restricted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Donats"ons and gifts Affiliation fees 343 66.517 3,109 3,452 66,517 2.005 65,645 2,936 4.941 65,845 68,860 3,109 69,989 67,650 2,936 70,586 10-
THE SHROPSHIRE COUNTY FEDERATION OF WOMEN'S INSTITUTES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Incomo from charltable activities Unrestricted funds 2024 Unrestrlcted funds 2023 Charltsble activttles Sub Committees courses and events Publication and stationery Recharge County Wl's insur8nc8 Shropshire County news publications AGM and Federation Council meeting 36,348 26,927 335 2,083 3,975 7.935 2.212 3,46D 20,738 63.102 41,255 Income from other trading activities Unrestrlcted Unr•strlctsd funds funds 2024 2023 Shropshire Calendars Claremont Club NFWI raffle Merchandise 1,710 1,470 555 760 2,453 1.485 553 2,128 Other trading activities 4,495 6,819 Income from Investmonts Unrestricted Restricted funds fvnds 2024 2024 Total Unrtstrlcted Restricted funds funds 2023 2023 Totsl 2024 2023 Bank interest received 5,111 659 5,770 3,723 540 4,263 11
THE SHROPSHIRE COUNTY FEDERATION OF WOMEN'S INSTITUTES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Expenditure on raislng funds Unrestrfcted Unrestrlcted funds funds 2024 2023 Tradlng costs Merchandise Shropshire Calendars Claremont Club 706 1,071 1,007 790 1.559 994 2,784 3,343 Expenditure on charltable activities Total funds Total funds 2024 2023 Direct costs Sub Committees courses and events Publication and stationery Affiliation fees Shropshire County news publications Irrecoverable VAT AGM and Federation council meetings 25,432 524 38,658 6,084 3,242 16,538 17.801 189 33,851 6,451 2.301 7,861 90,476 68.454 Grant funding of activities (see note 8) 800 680 Share of support and governance costs (see note 9) Support Governance 60,898 3,080 55.285 2.401 155,254 126.820 Analysls by fund Unrestricted funds Restricted funds 154,979 275 126,820 155,254 126,820 Grants payable Total funds Total funds 2024 2023 Grants to individuals 800 680 12-
THE SHROPSHIRE COUNTY FEDERATION OF WOMEN'S INSTITUTES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Grants payable (Continued) Grants payable from unrestricted funds amount to £550 (2023: £680) and from restricted funds £250 (2023: £nil). Support costs allocated to actlvities 2024 2023 Staff costs Depreciation Subscriptions County office expenses Bad debt Accountancy fees Insurance Office utilities Govemance costs 38.197 3.651 193 8.360 32.390 3.532 130 12,466 19 2,140 1,681 2,927 2.401 3.194 2.310 4.993 3,080 63,978 57,686 Anatysed between: Total funds 63,978 57,686 10 Net movement in funds 2024 2023 The net movement in funds is stated after chargingl(crediting): Fees paYale for the independent examination of the charity's financial statements Depreciation of owned tangible fixed assets Loss on disposal of tsngible fixed assets 1,150 3,651 245 1,675 3.532 11 Trustees During the year, expenses totalling £3,613 were reimbursed to 15 Trustees (2023.. £1,633 to 12 Trustees). The amounts outstanding at the year end was £22 (2023: £1,178). 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 (2023.. £nil). 13-
THE SHROPSHIRE COUNTY FEDERATION OF WOMEN'S INSTITUTES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 12 Employees The average monthly number of employees during the year was: 2024 Number 2023 Number Administration staff Trustees (voluntary) 11 12 Totsl 13 14 Employment costs 2024 2023 Wages and salaries other pension costs 35,298 2.899 30,758 1,632 38,197 32,390 There were no employees whose annual remuneration was more than £60,000. 13 Other expenditure Unrestricted Unrestrtcted funds funds 2024 2023 Net loss on disposal of tangible fixed assets 245 14 Taxation 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 extent that these are applied to its charitable objects. 14-
THE SHROPSHIRE COUNTY FEDERATION OF WOMEN'S INSTITUTES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 15 Tangible fixed assets Leasehold Flxtures and Computers land and fittlng$ buildings Ti>tal Cost Al 1 January 2024 Additions Disposals 165,794 8,195 6,673 2,009 (5,424) 180.662 2,009 (10,747) (5,323} At 31 December 2024 165,794 2.872 3,258 171,924 Depreciation and Impainnent At 1 January 2024 Depreciation charged in the year Eliminated in respect of disposals 32,809 3,311 7,551 63 (5,188) 6,308 277 (5,314) 46.668 3,651 (10,502) At 31 December 2024 36,120 2,426 1,271 39,817 Carrylng amount At 31 December 2024 129,674 1,987 132,107 At 31 December 2023 132,985 644 365 133,994 16 Stocks 2024 2023 Finished goods and goods for resale 1,356 1,547 17 Debtors 2024 2023 Amounts falling due wlthln one year: Trade debtors Other debtors Prepayments and accrued income 212 174 5,153 1,762 504 12,357 5,539 14,623 15-
THE SHROPSHIRE COUNTY FEDERATION OF WOMEN'S INSTITUTES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 18 Creditors: amounts falllng due within one year 2024 2023 Notss Other taxation and social security Deferred income Trade creditors Other creditors Accruals 740 6,427 560 228 5,558 741 6,899 10,158 2,062 3,720 19 13,513 23,580 Included in accruals is a grant payable of £250 (2023: £nil) 19 Deferred income 2024 2023 Arising from income relating to events in the next financial year 6,427 6,899 Deferred income is included in the financial statements a5 follows: 2024 2023 Deferred income is included within: Current liabilities 6,427 6,899 Movements in the year.. Deferred income at 1 January 2024 Released from previous periods Resources deferred in the year 6,899 (6,899) 6.427 2,782 (2,782) 6,899 Deferred income at 31 December 2024 6.427 6,899 20 Retirement benefft schemes 2024 2023 Defined Contributlon schemes Charge to profit or loss in respect of defined contribution schemes 2,368 1,118 16-
THE SHROPSHIRE COUNTY FEDERATION OF WOMEN'S INSTITUTES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 20 Retlrement benefit schemes (Continued) Defined beneftt schemes The company participates in the 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 infomiation to enable it to account for the scheme as a defined benefit scheme. Therefore it accounts for the scheme as a defined contribution scheme. The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This. together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupats'onal pension schemes in the UK. The scheme is classified as a 'last-man standing arrangement,. Therefore the company is potentially liable for other partiGipating employers, obligations rf those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to me8t their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme. A full actuarial valuation for the scheme was carried out at 30 September 2023. This valuation showed assets of £514.9m, liabilities of £531.Om and a deficit of £16.1m. To eliminate this funding shortfall, the Twstee has asked the participating employers to pay additional contributions to the scheme. During the year, the charity contributed £45312023.. £453) towards the deficit. The assets of the scheme are held separately from those of the charitable company in independent administered funds. The pension charge represents contributions payable by the charitable company to the fund. after adjusting for the increase on the provision amounting to £531 (2023.. decrease of £421). The amounts induded in the balance sheet arising from the Federation's obligations in respect of defined benefft plans are as follows: 2024 2023 Liabilth'esl(asset5)- Present value of defined benefit obligattons 1,009 478 Deficit in scheme 1.009 478 2024 Movements in the pTrs9nt value of defined benerrt obligations Liabilities at 1 January 2024 other 478 531 The defined benefit obligations arise from plans whith are wholly or partly funded. 17-
THE SHROPSHIRE COUNTY FEDERATION OF WOMEN'S INSTITUTES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 21 Restrlcted funds The restricted funds of the charty comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used. At 1 January 2024 Incoming resources Resources expended Transfers At31 December 2024 Denman bedroom fund Denman travel fund County bursary fund Ethel Broadhurst memorial fund Suspended institutes 472 1,137 1,958 700 8,062 472 1,137 2,367 875 7.580 659 (250) (25) 3,109 (3,811) 12.329 3,768 (275) (3,611) 12,211 Previous year: At 1 January 2023 Incomlng resources Resources expended Transfers At31 December 2023 Denman bedroom fijnd Denman travel fund County bursary fund Ethel Broadhurst memorial fund Suspended insts"tutes 472 1,137 1,418 700 5.306 472 1,137 1,958 700 8.062 540 2,936 (180) 9,033 3,476 {180) 12,329 Denm8n bedn)om fund R8presents monies collected to sponsor a bedroom at Denman. The fund can be used to pay for the fumishing, repairs and Maintenan of Ihe bedroom. Denman travel fund Can be used to pay travelling expenses of the members attending Denman. SFWI are currently avrditing confirmation from the NFIM for fijture direction to the use of these funds since the charitable objectives of Denman College were changed in 2021. County bursary fund Can be used to pay towards training courses of members of the Shropshire County Federation of Women's Institutes. Ethel Bmadhurst memorial fund To be used to give an annual prize to the institute in preparing the best press report during the year. 18-
THE SHROPSHIRE COUNTY FEDERATION OF WOMEN'S INSTITUTES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 21 Restrlcted funds (Continued Suspended institutes Represents monies collected from suspended institutes vrfhich is held for 3 years by the Federation to provide back to the institute should it reopen. After the time has elapsed the donation is transferred to unrestricted funds. The fund consists of institutes suspended in the following years.. 2024., £3,109. 2023: £2.936 and 2022: £1,515. 22 Unrestricted funds The unrestrtcted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted fvnds by the trustees for specific purposes. At 1 January 2024 Incomlng resources Resources expended Transfers At31 December 2024 Rainy day fund NFWI raffle fijnd Office fund General funds 1.835 853 60,000 276,869 1.835 1,102 58,110 263,681 554 (305) (1,890) (155,8131 139,014 3,611 339.557 139,568 (158,008) 3,611 324.728 Previou$ year: At 1 January 2023 Incoming resources Resources expended Transfers At31 December 2023 Rainy day fund NFWI raffle fund Office fund General funds 1,835 628 60,000 287,830 1,835 853 60,000 276,869 553 (400} 72 118,694 (129,7631 108 350,293 119,247 130,163 180 339.557 Rainy d8y fund To be used, at the discretion of the Executive Committee, for helping institutes who are in trouble financially. NF ffle fund A raffle is held each year and it is at the discretion of the Trustees how to spend the net proceeds. offi fund This fund represented the cash proceeds from the sale of the prior office in 2013 which was designated for the purchase of new office equipment in 2014. The balance is being held to cover future capital additions. 19-
THE SHROPSHIRE COUNTY FEDERATION OF WOMEN'S INSTITUTES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 23 Analysis of net assets bet¥Yeen funds Unrestricted funds 2024 Restrlcted funds 2024 Totsl 2024 At 31 December 2024: Tangible assets Current assetsl(liabilities) Provisions and pensions 132.107 193,630 (1,009) 132,107 205.841 (1,009) 12.211 324,728 12,211 336,939 Unrestricted funds 2023 Restrlcted funds 2023 Totsl 2023 At 31 December 2023: Tangible assets Current 8ssetsl(liabilities) Provisions and pensions 133,994 206,041 {478) 133,994 218,370 {478) 12,329 339,557 12,329 351,886 24 Operating lease commitments Lessee At the reporting end date the Federation had outstanding commitments for future minimum lease payments under non-cancellable operating leases. which fall due as follows: 2024 2023 Imthin one year Between Iwo and five years 380 190 380 570 570 950 25 Related party transactlons Transactions wlth related partles During the year the charity entered into the following transactions with related parties.. The Federation paid £75 (2023". £71) to Aroma Tea and Coffee, a business owned by trustee, Mrs J M Turner. No amounts were outstanding at the year end {2023: £nil). -20-