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2022-10-31-accounts

Charity registration number: 1191427

The Devon Federation of Women's Institutes

(A Charitable Incorporated Organisation) Annual Report and Financial Statements for the Year Ended 31 October 2022

Smart Accounting & Tax Solutions LLP 74A Station Road East Oxted Surrey RH8 0PG

The Devon Federation of Women's Institutes

Contents

Reference and Administrative Details 1
Trustees' Report 2 to 7
Independent Examiner's Report 8
Statement of Financial Activities 9 to 10
Balance Sheet 11 to 12
Notes to the Financial Statements 13 to 27

The Devon Federation of Women's Institutes

Reference and Administrative Details

Charity Registration Number 1191427 Registered Office The Firs Honiton Road Clyst Honiton Exeter Devon EX5 2FT Independent Examiner Smart Accounting & Tax Solutions LLP 74A Station Road East Oxted Surrey RH8 0PG

Page 1

The Devon Federation of Women's Institutes

Trustees' Report

The Trustees present the annual report together with the financial statements of the charitable incorporated organisation for the year ended 31 October 2022.

Objectives and activities

Objects and aims

Public benefit

The Women’s Institute is non-sectarian, non-party political and offers all women the opportunity to enjoy friendship and lifelong learning to widen their horizons and, together, influence local, national, and international affairs in accordance with the Constitution and Rules of the Women’s Institute.

The Trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

Page 2

The Devon Federation of Women's Institutes

Trustees' Report

Achievements and performance

The period covered in these accounts has proved to be challenging. We had hoped that the post lockdown era where life was opening up would give many opportunities for WIs to meet and for the Federation to organize events. However the impact from the pandemic has affected individuals and WIs in many ways and has affected all areas of WI life. In particular across the county we have lost many WIs as the stalwart officers felt they had no more to give and it was difficult to recruit replacements. Equally, many individuals had a different approach to life and wanted a social gathering without the close tie to the national WI organization.

In the Federation, and in many WIs, we note that attendance at physical events was lower than in the past. It took longer for some people to feel confident in group situations. This had an impact on the events we planned. It was clear that those events in the open air such as walks and birdwatching cruises were far more popular than indoor events. As many were oversubscribed we had to adapt and rebook to try and meet all requests.

In the Federation life has not returned to pre pandemic normality as we have had to scrutinise our expenditure and realise that travel expenses across the county can become a drain on our shrinking resources. Zoom remains embedded in our planning as we ration the in-person meetings to ensure the best value for money. Whether it is Board of Trustee or committee meetings there are fewer face to face meetings at The Firs.

The pandemic changed our use of Devon News as many WIs chose to have the free online version only. Postage rates have increased and we try to restrict the amount that is posted as this has a huge cost to the Federation and to individual WIs.

Across the Federation we continue to explore ways to be more efficient with money. However with the uncertainty of membership fees and with less physical events our budget planning was indicating that we would have a significant shortfall, especially as the income from affiliation fees (our main income stream) was affected by the loss of members across the county.

Successful events included our Annual Carol concert that was reinstated in 2021, the Pamper Days run by Sport and Leisure Committee and lunches run by Food, Craft and Skills and by International and Public Affairs Committees. However many other planned events were abandoned due to lack of take-up and this continues to have a detrimental affect on finance.

Page 3

The Devon Federation of Women's Institutes

Trustees' Report

Financial review

While our overall income is higher than the previous year so is our total expenditure which has caused a loss in the unrestricted portion of our accounts. This has also been affected by the volatile financial market in the period. Without a significant restricted income from Suspended WIs that we are unable to use or access we would have a much clearer deficit in our accounts.

Total expenditure has increased as committees look to put on events and Advisers travel to support their WIs.

At 31 October 2022 the total Federation funds show an increase of £19,908 but as stated much of this is restricted or endowment income. Without this income our predicted budget in the period would show an overall loss and a need to realise some of our investments would have been the case. As we move ahead to planning more in person events we hope that the situation will improve. However without significant changes the Federation will have a shortfall in the near future.

Policy on reserves

The Trustees policy is to hold sufficient free reserves to do the following:

Our policy to hold substantial reserves is continuing to hold us in good stead as we continue to manoeuvre through uncertainties.

Investment policy and objectives

The Trustee's attitude to investment risk is cautious and investments are reviewed twice yearly with an Independent Financial Adviser, the Brokers and the Trustees. The Federation holds insurance to cover public liability, employers' liability and personal liability which is reviewed annually to ensure that sufficient cover is maintained and all legislative requirements are met.

Page 4

The Devon Federation of Women's Institutes

Trustees' Report

Trustees and officers

The Trustees and Officers serving during the year and since the year end were as follows:

Trustees: J Bufton (resigned 15 February 2022) J Connolly C Evans (resigned 11 September 2022) E Gibbins (resigned 26 March 2022) P Keane R Matterface S Mitchell R Nebbett M Rhodes S Shorthouse A Swain E Watson A Bache, (Ex Officio)

Structure, governance and management

Nature of governing document

The Devon Federation of Women's Institutes is governed by the Constitution and Rules for County Federations as defined by the National Federation of Women’s Institutes. The Federation registered as a Charitable Incorporated Organisation (CIO) on 22nd September 2020 and began operating though the CIO on 1st November 2020.

Recruitment and appointment of Trustees

Up to twelve Trustees are elected biennially by members of the Women’s Institutes across Devon and up to a third of their number can be additionally co-opted. The chairman and officers are elected annually by the Board of Trustees. Trustees must meet at least five times a year, but normally it is eleven, to discuss Federation and National matters and to take decisions. All trustees are provided with a comprehensive file with relevant policies and guidelines which are kept under constant review.

Arrangements for setting key management personnel remuneration

No Trustees are remunerated.

Page 5

The Devon Federation of Women's Institutes

Trustees' Report

Organisational structure

The offices of the Federation are at The Firs, Blackhorse on the outskirts of Exeter, where we employ three part time staff. The building is owned by the Federation and administered from there.

Throughout this period the building has not been used to its potential as at many times the staff had to work from home and it has not been possible to hold regular meetings or training there.

Statement of Trustees' responsibilities

The Trustees (who are also the directors of The Devon Federation of Women's Institutes for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Page 6

The Devon Federation of Women's Institutes

Trustees' Report

The annual report was approved by the Trustees of the Charity on 5 March 2023 and signed on its behalf by:

......................................... ......................................... M Rhodes E Watson Trustee Chairman and Trustee

Page 7

The Devon Federation of Women's Institutes

Independent Examiner's Report to the trustees of The Devon Federation of Women's Institutes ('the Company')

I report to the Charity Trustees on my examination of the accounts of the Charitable Incorporated Organisation (CIO) for the year ended 31 October 2022.

Responsibilities and basis of report

As the Charity’s Trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the 2011 Act’).

Having satisfied myself that the accounts of The Devon Federation of Women's Institutes are not required to be audited 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. 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:

  1. accounting records were not kept in respect of The Devon Federation of Women's Institutes as required by section 130 of the 2011 Act; or

  2. the accounts do not accord with those records; or

  3. 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.

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.

...................................... Andrew McKenzie-Smart Smart Accounting and Tax Solutions LLP

74A Station Road East Oxted Surrey RH8 0PG

21 March 2023

Page 8

The Devon Federation of Women's Institutes

Statement of Financial Activities for the Year Ended 31 October 2022 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Note
Income and Endowments from:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investment income
6
Other income
7
Total income
Expenditure on:
Raising funds
8
Charitable activities
9
Other expenditure
10
Total expenditure
Gains/losses on
investment assets
Net (expenditure)/income
Transfers between funds
Net movement in funds
Reconciliation of funds
Total funds brought
forward
Total funds carried
forward
21		 Unrestricted
funds
£
404
50,569
61,716
5,655
3,968
122,312
(131,082)
(12,885)
(9,244)
(153,211)
(12,261)
(43,160)
(1,726)
(44,886)
532,198
487,312		 Restricted
funds
£
77,038
-
-
-
-
77,038
-
-
-
-
-
77,038
(451)
76,587
29,523
106,110		 Endowment
funds
£
-
-
-
-
-
-
(1,709)
-
-
(1,709)
(12,261)
(13,970)
2,177
(11,793)
122,132
110,339		 Total
2022
£
77,442
50,569
61,716
5,655
3,968
199,350
(132,791)
(12,885)
(9,244)
(154,920)
(24,522)
19,908
-
19,908
683,853
703,761

The notes on pages 13 to 27 form an integral part of these financial statements. Page 9

The Devon Federation of Women's Institutes

Statement of Financial Activities for the Year Ended 31 October 2022 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Note
Income and Endowments from:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investment income
6
Other income
7
Total income
Expenditure on:
Raising funds
8
Charitable activities
9
Other expenditure
10
Total expenditure
Gains/losses on
investment assets
Net (expenditure)/income
Transfers between funds
Net movement in funds
Reconciliation of funds
Total funds brought
forward
Total funds carried
forward
21		 Unrestricted
funds
£
-
48,647
29,268
6,059
5,866
89,840
(102,122)
(5,630)
(12,071)
(119,823)
22,561
(7,422)
2,593
(4,829)
537,027
532,198		 Restricted
funds
£
19,315
-
-
-
-
19,315
-
-
-
-
-
19,315
(1,169)
18,146
11,377
29,523		 Endowment
funds
£
-
-
-
-
-
-
(1,729)
-
-
(1,729)
21,246
19,517
(1,424)
18,093
104,039
122,132		 Total
2021
£
19,315
48,647
29,268
6,059
5,866
109,155
(103,851)
(5,630)
(12,071)
(121,552)
43,807
31,410
-
31,410
652,443
683,853

All of the Charity's activities derive from continuing operations during the above two periods.

The notes on pages 13 to 27 form an integral part of these financial statements. Page 10

The Devon Federation of Women's Institutes

(Registration number: ) Balance Sheet as at 31 October 2022

Note
Fixed assets
Tangible assets
15
Investments
16
Current assets
Stocks
17
Debtors
18
Cash at bank and in hand
19
Creditors: Amounts falling due within one year
20
Net current assets
Net assets
Funds of the Charity:
Endowment funds
Restricted income funds
Restricted funds
Unrestricted income funds
Unrestricted funds
Total funds
21		 2022
£
376,895
216,101
592,996
3,705
1,037
122,496
127,238
(16,473)
110,765
703,761
110,339
106,110
487,312
703,761		 2021
£
386,139
244,180
630,319
4,732
1,307
54,747
60,786
(7,252)
53,534
683,853
122,132
29,523
532,198
683,853

The notes on pages 13 to 27 form an integral part of these financial statements. Page 11

The Devon Federation of Women's Institutes

(Registration number: ) Balance Sheet as at 31 October 2022

For the financial year ending 31 October 2022 the Charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements on pages 9 to 27 were approved by the Trustees, and authorised for issue on 5 March 2023 and signed on their behalf by:

......................................... M Rhodes Trustee

......................................... E Watson Chairman and Trustee

The notes on pages 13 to 27 form an integral part of these financial statements. Page 12

The Devon Federation of Women's Institutes

Notes to the Financial Statements for the Year Ended 31 October 2022

1 Charity status

The Charity is limited by guarantee, incorporated in England and Wales , and consequently does not have share capital. Each of the Trustees is liable to contribute an amount not exceeding £1 towards the assets of the Charity in the event of liquidation.

The address of its registered office is: The Firs Honiton Road Clyst Honiton Exeter Devon EX5 2FT

These financial statements were authorised for issue by the Trustees on 5 March 2023.

2 Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The financial statements have been prepared in accordance with 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)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Basis of preparation

The Devon Federation of Women's Institutes meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

Going concern

The Trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the Charity.

Page 13

The Devon Federation of Women's Institutes

Notes to the Financial Statements for the Year Ended 31 October 2022

Income and endowments

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.

Donations and legacies

Donations are recognised when the Charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the Charity before the Charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.

Investment income

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.

Raising funds

These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.

Charitable activities

Charitable expenditure comprises those costs incurred by the Charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Support costs

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.

Page 14

The Devon Federation of Women's Institutes

Notes to the Financial Statements for the Year Ended 31 October 2022

Governance costs

These include the costs attributable to the Charity’s compliance with constitutional and statutory requirements, including audit, strategic management and Trustees’s meetings and reimbursed expenses.

Taxation

The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a Charitable Company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Tangible fixed assets

Individual fixed assets are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation and amortisation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class Depreciation method and rate Land and buildings 2% Straight line Equipment, furniture and fittings 25% Straight line

Fixed asset investments

Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal.

Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.

Stock

Stock is valued at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving stocks. Cost is determined using the first-in, first-out (FIFO).

Page 15

The Devon Federation of Women's Institutes

Notes to the Financial Statements for the Year Ended 31 October 2022

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Fund structure

Unrestricted income funds are general funds that are available for use at the Trustees discretion in furtherance of the objectives of the Charity.

Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.

The endowment funds are where the capital was received for investment purposes. There are no restrictions on the use of income from these funds.

3 Income from donations and legacies

Donations and legacies;
Donations from individuals
Donations from suspended
WIs		 Unrestricted
funds
General
£
404
-
404		 Restricted
funds
£
-
77,038
77,038		 Total
2022
£
404
77,038
77,442		 Total
2021
£
-
19,315
19,315

4 Income from charitable activities

Membership income
Training
Training by advisers		 Unrestricted
funds
General
£
49,919
-
650
50,569		 Total
2022
£
49,919
-
650
50,569		 Total
2021
£
48,627
10
10
48,647

Page 16

The Devon Federation of Women's Institutes

Notes to the Financial Statements for the Year Ended 31 October 2022

5 Income from other trading activities

Trading income;
Sales - Calendars
Sales - Stationery
Sales - 2020 mugs
Sales - Speaker book
Sales - Devon WI News
Sales - Diaries
Recovery - Postage Devon WI News
Events income;
Events income
6 Investment income
Interest receivable and similar income;
Interest receivable on bank deposits
Other income from fixed asset investments		 Unrestricted
funds
General
£
4
211
830
66
7,413
3,101
3,654
46,437
61,716
Unrestricted
funds
General
£
27
5,628
5,655		 Total
2022
£
4
211
830
66
7,413
3,101
3,654
46,437
61,716
Total
2022
£
27
5,628
5,655		 Total
2021
£
915
463
1,060
35
1,769
-
-
25,026
29,268
Total
2021
£
-
6,059
6,059

Page 17

The Devon Federation of Women's Institutes

Notes to the Financial Statements for the Year Ended 31 October 2022

7 Other income

NFWI raffle income
300+ club
Postage recovery
Insurance recovery
Other income
NFWI subscriptions
Pooling of fares
Delegates accommodation		 Unrestricted
funds
General
£
504
755
199
2,468
38
4
-
-
3,968		 Total
2022
£
504
755
199
2,468
38
4
-
-
3,968		 Total
2021
£
845
515
411
1,381
2,045
-
544
125
5,866

8 Expenditure on raising funds

a) Costs of trading activities

Note
Costs of goods sold
Events and conferences
Allocated support costs
11
Note
Costs of goods sold
Events and conferences
Allocated support costs
11		 Unrestricted
funds
General
£
3,949
41,351
-
45,300
Unrestricted
funds
General
£
6,106
22,818
-
28,924		 Endowment
funds
Permanent
£
-
-
1,709
1,709
Endowment
funds
Permanent
£
-
-
1,729
1,729		 Total
2022
£
3,949
41,351
1,709
47,009
Total
2021
£
6,106
22,818
1,729
30,653

Page 18

The Devon Federation of Women's Institutes

Notes to the Financial Statements for the Year Ended 31 October 2022

b) Other costs

Note
Legal fees
Wages and salaries
Staff pensions (Defined contribution)
Water rates
Light, heat and power
Insurance
Repairs and maintenance
Telephone and fax
Printing, postage and stationery
Trade subscriptions
Hire of other assets (Operating leases)
Sundry expenses
Office general
Office running costs		 Unrestricted
funds
General
£
7,399
44,387
4,430
450
2,852
3,315
8,135
2,441
5,607
279
1,834
2,419
376
1,858
85,782		 Total
2022
£
7,399
44,387
4,430
450
2,852
3,315
8,135
2,441
5,607
279
1,834
2,419
376
1,858
85,782		 Total
2021
£
5,581
42,266
4,424
215
1,446
3,679
1,601
1,874
6,281
217
1,993
1,385
473
1,763
73,198

Page 19

The Devon Federation of Women's Institutes

Notes to the Financial Statements for the Year Ended 31 October 2022

9 Expenditure on charitable activities

Note
Devon WI News
Workshop costs
ACWW
Subcommittee travelling
Federation travel
Advisers travel
Subcommittee general
Governance costs
11
10Other expenditure
Note
Depreciation, amortisation and other
similar costs		 Unrestricted
funds
General
£
4,606
1,667
255
1,332
666
2,170
779
1,410
12,885
Unrestricted
funds
General
£
9,244
9,244		 Total
2022
£
4,606
1,667
255
1,332
666
2,170
779
1,410
12,885
Total
2022
£
9,244
9,244		 Total
2021
£
1,506
2,236
-
532
85
376
83
812
5,630
Total
2021
£
12,071
12,071

Page 20

The Devon Federation of Women's Institutes

Notes to the Financial Statements for the Year Ended 31 October 2022

11Analysis of governance and support costs

Governance costs

Board travel
Training of volunteers		 Unrestricted
funds
General
£
780
630
1,410		 Total
2022
£
780
630
1,410		 Total
2021
£
262
550
812

12Net incoming/outgoing resources

Net incoming/(outgoing) resources for the year include:

Loss on disposal of fixed assets held for the Charity's own use
Depreciation of fixed assets		 2022
£
-
9,244		 2021
£
85
11,986

13Trustees remuneration and expenses

During the year the Charity made the following transactions with Trustees:

£278 (2021: £262) of expenses were reimbursed to during the year.

No Trustees, nor any persons connected with them, have received any remuneration from the Charity during the year.

14Taxation

The Charity is a registered charity and is therefore exempt from taxation.

15Tangible fixed assets

Page 21

The Devon Federation of Women's Institutes

Notes to the Financial Statements for the Year Ended 31 October 2022

Cost
At 1 November 2021
At 31 October 2022
Depreciation
At 1 November 2021
Charge for the year
At 31 October 2022
Net book value
At 31 October 2022
At 31 October 2021		 Land and
buildings
£
448,560
448,560
62,767
8,971
71,738
376,822
385,793		 Furniture
and
equipment
£
16,317
16,317
15,971
273
16,244
73
346		 Total
£
464,877
464,877
78,738
9,244
87,982
376,895
386,139

Page 22

The Devon Federation of Women's Institutes

Notes to the Financial Statements for the Year Ended 31 October 2022

16Fixed asset investments

Other investments

Cost or Valuation
At 1 November 2021
Revaluation
Additions
Disposals
At 31 October 2022
Net book value
At 31 October 2022
At 31 October 2021		 Listed
investments
£
244,180
(24,521)
48,201
(51,759)
216,101
216,101
244,180		 Total
£
244,180
(24,521)
48,201
(51,759)
216,101
216,101
244,180

The market value of the listed investments at 31 October 2022 was £216,101.

Individual holdings representing more than 5% of the market value at the balance sheet date are:

CT Investments Funds (UK) ICVC CT UK Equity Income £14,856 (2021 : £15,929)

17Stock

17Stock
Stocks
18Debtors
Prepayments
Other debtors		 2022
£
3,705
2022
£
534
503
1,037		 2021
£
4,732
2021
£
1,307
-
1,307

Page 23

The Devon Federation of Women's Institutes

Notes to the Financial Statements for the Year Ended 31 October 2022

19Cash and cash equivalents
Cash on hand
Cash at bank
Short-term deposits
20Creditors: amounts falling due within one year
Accruals		 2022
£
26
117,890
4,580
122,496
2022
£
16,473		 2021
£
51
50,143
4,553
54,747
2021
£
7,252

Page 24

The Devon Federation of Women's Institutes

Notes to the Financial Statements for the Year Ended 31 October 2022

21Funds
Unrestricted funds
General
Restricted funds
Suspended WIs Fund
Bursaries Fund
Restricted funds
Endowment funds
Permanent
Total funds		 Balance at 1
November
2021
£
532,198
18,829
10,694
29,523
122,132
683,853		 Incoming
resources
£
122,312
77,038
-
77,038
-
199,350		 Resources
expended
£
(153,211)
-
-
-
(1,709)
(154,920)		 Transfers
£
Other
recognised
gains/(losses)
£
(1,726)
(12,261)
(451)
-
-
-
(451)
-
2,177
(12,261)
-
(24,522)		 Balance at
31 October
2022
£
487,312
95,416
10,694
106,110
110,339
703,761

Page 25

The Devon Federation of Women's Institutes

Notes to the Financial Statements for the Year Ended 31 October 2022

The specific purposes for which the funds are to be applied are as follows:

Suspended WIs Fund. When a WI suspends the funds it held at suspension are retained for three year so they are available for use by a new WI that forms in the same area or if the WI reforms the funds will be returned to the WI. After three years the funds are transferred to the Federation and can be used by the Federation.

Bursaries Fund. Some WIs had raised money for Denman college before it closed in 2020. These WIs have requested that the money was not returned to them after the college's closure but held by the Federation to be used for bursaries for Denman Trust courses in the future. The Federation also holds other funds which are to be used as bursaries

Denman funds £1,694

Diamond Jubilee Fund £450 Miss A M Brown Fund £500 Mrs D Earle Fund £400

Mr D Gould Fund £2,000 Joan Rudd Fund £5,000 Bursary Fund £650

Permanent Endowment Fund. These funds were invested following a fund raising appeal. The money was raised to provide investments to generate income for the Federaion. The income can be used for any purpose, but the capital must remain invested.

Page 26

The Devon Federation of Women's Institutes

Notes to the Financial Statements for the Year Ended 31 October 2022

22Analysis of net assets between funds

Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Total net assets
Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Total net assets		 Unrestricted
funds
General
£
376,895
108,050
18,839
(16,473)
487,311
Unrestricted
funds
General
£
386,139
126,485
26,827
(7,252)
532,199		 Restricted
funds
£
-
-
106,110
-
106,110
Restricted
funds
£
-
-
29,523
-
29,523		 Endowment
funds
Permanent
£
-
108,051
2,289
-
110,340
Endowment
funds
Permanent
£
-
117,695
4,436
-
122,131		 Total funds
at 31
October
2022
£
376,895
216,101
127,238
(16,473)
703,761
Total funds
at 31
October
2021
£
386,139
244,180
60,786
(7,252)
683,853

Page 27

The Devon Federation of Women's Institutes

Statement of Financial Activities by fund for the Year Ended 31 October 2022

Unrestricted Funds

Total Total
Unrestricted
Unrestricted
Funds Funds
2022 2021
£ £
Income and Endowments from:
Donations and legacies 404 -
Charitable activities 50,569 48,647
Other trading activities 61,716 29,268
Investment income 5,655 6,059
Other income 3,968 5,866
Total income 122,312 89,840
Expenditure on:
Raising funds (131,082) (102,122)
Charitable activities (12,885) (5,630)
Other expenditure (9,244) (12,071)
Total expenditure (153,211) (119,823)
Net expenditure (30,899) (29,983)
Transfers between funds (1,726) 2,593
Other recognised gains and losses
Other gains/losses (12,261) 22,561
Net movement in funds (44,886) (4,829)
Reconciliation of funds
Funds transferred to entity 532,198 537,027
Total funds carried forward 487,312 532,198

This page does not form part of the statutory financial statements. Page 28

The Devon Federation of Women's Institutes

Statement of Financial Activities by fund for the Year Ended 31 October 2022

Restricted Funds

Restricted Funds
Income and Endowments from:
Donations and legacies
Total income
Expenditure on:
Net income
Transfers between funds
Net movement in funds
Reconciliation of funds
Funds transferred to entity
Total funds carried forward		 Total
Restricted
Funds
2022
£
77,038
77,038
77,038
(451)
76,587
29,523
106,110		 Total
Restricted
Funds
2021
£
19,315
19,315
19,315
(1,169)
18,146
11,377
29,523

This page does not form part of the statutory financial statements. Page 29

The Devon Federation of Women's Institutes

Statement of Financial Activities by fund for the Year Ended 31 October 2022

Endowment Funds

Total Total
Endowment Endowment
Funds Funds
2022 2021
£ £
Income and Endowments from:
Expenditure on:
Raising funds (1,709) (1,729)
Total expenditure (1,709) (1,729)
Net expenditure (1,709) (1,729)
Transfers between funds 2,177 (1,424)
Other recognised gains and losses
Other gains/losses (12,261) 21,246
Net movement in funds (11,793) 18,093
Reconciliation of funds
Total funds brought forward 122,132 104,039
Total funds carried forward 110,339 122,132

This page does not form part of the statutory financial statements. Page 30

The Devon Federation of Women's Institutes

Detailed Statement of Financial Activities for the Year Ended 31 October 2022

Income and Endowments from:
Donations and legacies (analysed below)
Charitable activities (analysed below)
Other trading activities (analysed below)
Investment income (analysed below)
Other income (analysed below)
Total income
Expenditure on:
Raising funds (analysed below)
Charitable activities (analysed below)
Other expenditure (analysed below)
Total expenditure
Net income/(expenditure)
Other recognised gains and losses
Other gains/losses (analysed below)
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Total
2022
£
77,442
50,569
61,716
5,655
3,968
199,350
(132,791)
(12,885)
(9,244)
(154,920)
44,430
(24,522)
19,908
683,853
703,761		 Total
2021
£
19,315
48,647
29,268
6,059
5,866
109,155
(103,851)
(5,630)
(12,071)
(121,552)
(12,397)
43,807
31,410
652,443
683,853

This page does not form part of the statutory financial statements. Page 31

The Devon Federation of Women's Institutes

Detailed Statement of Financial Activities for the Year Ended 31 October 2022

Donations and legacies
Appeals and donations
Other income
Suspended WIs
Charitable activities
Membership income
Training
Training by advisers
Other trading activities
Event income
Sales - Speaker book
Sales - Devon WI News
Sales - Calendars
Sales - Diaries
Recovery - Postage Devon WI News
Sales - Stationery
Sales - 2020 mugs
Investment income
Income from listed investments
Interest on cash deposits		 Total
2022
£
404
-
77,038
77,442
49,919
-
650
50,569
46,437
66
7,413
4
3,101
3,654
211
830
61,716
5,628
27
5,655		 Total
2021
£
-
1,694
17,621
19,315
48,627
10
10
48,647
25,026
35
1,769
915
-
-
463
1,060
29,268
6,059
-
6,059

This page does not form part of the statutory financial statements. Page 32

The Devon Federation of Women's Institutes

Detailed Statement of Financial Activities for the Year Ended 31 October 2022

Other income
NFWI raffle income
300+ club
Postage recovery
Insurance recovery
Other income
NFWI subscriptions
Pooling of fares
Delegates accommodation		 Total
2022
£
504
755
199
2,468
38
4
-
-
3,968		 Total
2021
£
845
515
411
1,381
2,045
-
544
125
5,866

This page does not form part of the statutory financial statements. Page 33

The Devon Federation of Women's Institutes

Detailed Statement of Financial Activities for the Year Ended 31 October 2022

Raising funds
Calendar printing
Stationery for resale
2020 celebration mugs
Diary purchases
Event costs
2020 celebration venue hire
Wages and salaries
Staff pensions (Defined contribution)
2020 Celebration travel
Water rates
Light, heat and power
Insurance
Repairs and maintenance
Telephone and fax
Printing, postage and stationery
Trade subscriptions
Hire of other assets (Operating leases)
Sundry expenses
Office general
Office running costs
Legal and professional fees Permanent Endowment fund
Legal and professional fees Unrestricted Fund		 Total
2022
£
-
442
809
2,698
41,351
-
44,387
4,430
-
450
2,852
3,315
8,135
2,441
5,607
279
1,834
2,419
376
1,858
1,709
7,399
132,791		 Total
2021
£
1,829
1,664
2,613
-
20,431
2,375
42,266
4,424
12
215
1,446
3,679
1,601
1,874
6,281
217
1,993
1,385
473
1,763
1,729
5,581
103,851

This page does not form part of the statutory financial statements. Page 34

The Devon Federation of Women's Institutes

Detailed Statement of Financial Activities for the Year Ended 31 October 2022

Charitable activities
Devon WI News
Workshop costs
ACWW
Subcommittee travelling
Federation travel
Advisers travel
Subcommittee general
Board travel
Training of volunteers
Other expenditure
Depreciation of fixtures and fittings
Profit/(loss) on sale of tangible fixed assets held for charity's
own use
Other gains/losses
(Gain)/loss on investments Permanent Endowment fund
(Gain)/loss on investments Unrestricted fund		 Total
2022
£
4,606
1,667
255
1,332
666
2,170
779
780
630
12,885
9,244
-
9,244
12,261
12,261
24,522		 Total
2021
£
1,506
2,236
-
532
85
376
83
262
550
5,630
11,986
85
12,071
(21,246)
(22,561)
(43,807)

This page does not form part of the statutory financial statements. Page 35