EAST SUSSEX FEDERATION OF WOMEN'S INSTITUTES UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED
31 OCTOBER 2023
Charity Number 229488
EAST SUSSEX FEDERATION OF WOMEN'S INSTITUTES
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023
| CONTENTS | PAGE |
|---|---|
| Reference and administrative details | 1 |
| Trustees report | 2 - 6 |
| Independent Examiner's report | 7 |
| Statement of financial activities | 8 |
| Balance sheet | 9 |
| Notes to the financial statements | 10 - 19 |
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EAST SUSSEX FEDERATION OF WOMEN'S INSTITUTES REFERENCE AND ADMINISTRATIVE DETAILS
FOR THE YEAR ENDED 31 OCTOBER 2023
Registered charity name East Sussex Federation of Women's Institutes Charity number 229488 Trustees Lee Ede (Joint Chairman) Dorothy Proietti (Joint Chairman) Glenys Susan Davies (First Vice-Chairman) Susanna Way (Second Vice-Chairman) Kim Dunn (Hon. Treasurer) Sharon Hamby Elizabeth Lash Pamela Thatcher Linda Hayler Julie Aris Independent examiner Louise Underdown ACA 53 Gildredge Road Eastbourne East Sussex BN21 4SF Bankers Barclays Bank Plc The Old Bank Lewes East Sussex BN7 2JP
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EAST SUSSEX FEDERATION OF WOMEN’S INSTITUTES TRUSTEES REPORT YEAR ENDED 31 OCTOBER 2023
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The Trustees present their report with the financial statements of the charity for the year ended 31 October 2023. The Trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
Objectives and Activities
Aims & Objects
The main purposes of the Women's Institute movement are to improve and develop conditions of both rural and urban life and to advance the education of women and girls for the public benefit in all areas including local, national and international issues, music, drama and other cultural subjects and also to secure instruction and training in all branches of agriculture, crafts, home economics, science, health and social welfare. It seeks to give to all women the opportunity of working together through the Women's Institute Organisation and putting into practice those ideals for which it stands. The object of the East Sussex Federation is to further these purposes and this has remained unchanged during the year, as per the Governing Documents dated June 2013.
In reviewing the year, and as required by section 17(5) of the Charities Act 2011, the Trustees have had due regard to the guidance from the Charity Commission on public benefit, and its supplementary guidance on advancing education. The charitable aims of the federation apply to members of the WI movement in East Sussex - to provide educational opportunities, to encourage personal development, to promote lifelong learning, to ensure traditional skills are preserved and to encourage support of the local community. Membership of the WI is open to all women who have reached the age of majority, free from any discrimination on grounds of disability, ethnicity, religion, social background or sexual orientation.
Achievements and Performance
In fulfilling its aims the Federation has offered to its members virtual workshops, conferences, courses, visits, meetings, and special events in a wide variety of subjects. In this financial year, activities have included a variety of craft workshops, workshop / training on how to set up a WI website, visit to Hever Castle at Christmas, visit to the Sussex Prairies Gardens, as well as cookery demonstrations plus lunch at the Langham Hotel. Bursaries given by the federation to members for educational courses, attended either in person or virtually / online. Individual WIs have organised their monthly meetings and other gatherings in an extensive range of topics. In addition, both the federation and individual WIs have engaged in activities which involve members of the public who are not WI members. WI members have demonstrated and taught crafts within their local communities and raised funds for local projects. The Federation has encouraged its members to participate in the national campaigns organised by the National Federation of WIs. Current campaigns include Clean Rivers for people and wildlife, Women & Girls with ASD and ADHD, ‘Stop Modern Slavery’, encouraging stem cell donation, tackling climate change and plastic pollution, halting the decline in local bus services, increasing awareness of organ donation, labelling of food with the country of origin, avoiding food waste, halting the decline of the High Street, the need for more midwives, supporting local libraries, mental health issues (Care Not Custody and Mental Health Matters), ending violence against women, and halting the decline of honey bees. The Federation has promoted the WI movement and traditional crafts by attending local and countywide events. WI members are made aware of, and support, women’s projects in the developing world through the auspices of the Associated Country Women of the World (ACWW).
There is a support system for all WIs using trained WI Advisers. Training is offered to WI members to help with running of their own WIs and in related areas such as use of computers, email and social media. The year 2022-2023 saw events attended in person by WI members as well as Zoom online workshops to help support WIs during this post-pandemic period.
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EAST SUSSEX FEDERATION OF WOMEN’S INSTITUTES TRUSTEES REPORT YEAR ENDED 31 OCTOBER 2023
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The Federation Chairman and Treasurer are members of the Council of the National Federation of Women's Institutes. In 2023, the National Council meetings have continued to be held online. In furtherance of its work East Sussex Federation has annual membership of the following societies: The South of England Agricultural Society, the Sussex Wildlife Trust, and the Fawcett Society. The Federation is a member society (Category II) of the Associated Country Women of the World, and actively promotes the work of this association which supports women’s projects in the developing world.
Charitable Incorporated Organisation (CIO) update
Following the successful application to the Charities Commission, the East Sussex Federation of Women’s Institutes Charitable Incorporated Organisation (registered charity number 1200319) was established on 9th September 2022. The next step was to gain approval from both the membership and NFWI for the closure of the unincorporated federation in an orderly and proper manner and, after the settling of all liabilities of the federation, the transfer of assets of the unincorporated federation to the East Sussex Federation of Women’s Institutes CIO. A special general meeting of members to vote on this resolution was held on 29th March 2023. The Resolution was passed unanimously. The NFWI Annual Meeting in Cardiff on 25th May 2023 also approved the resolution. The Federation is now waiting for final Charity Commission approval to finish the process.
Financial Review
Investments
The Managing Trustees are empowered to invest surplus funds in such investments, securities and property as they see fit. The Trustees are of the opinion that the assets of each fund are adequate to fulfil that fund's obligations, although at a reduced level during the year. The investments are reviewed four times a year. The Federation investments are managed by Brewin Dolphin, London on behalf of the Federation. The details of the investments held are provided in note 9.
Income
The Affiliation fees are the main source of income for the Federation (the total amount and proportions for National Federation, County Federation and WIs is decided by the national organisation). There are also proceeds from events organised by the sub-committees and by the Board of Trustees.
Expenditure
The major expenditure was on administration, which includes staff salaries for a part time Federation Secretary, part time Assistant Federation Secretary as well as outsourcing a Bookkeeper. The Federation has also outsourced necessary additional Human Resources and Health & Safety advice from Avensure.
East Sussex Federation supported Denman College, a central training location for all WI members. Following the closure and sale of the college, this training is now provided online through “Denman at Home”
Reserves Policy
The endowment fund and restricted fund provide income for the maintenance of the building and for awarding bursaries. The value of the endowment fund was £100,538 (2022: £99,285) and the value of the restricted fund was £47,215 (2022: £49,505) at the end of the year. The unrestricted fund is to cover contingencies which may occur in the day to day operation of the organisation, and currently stands at £218,367 (2022: £251,479).
The Trustees operate a rolling management plan which is regularly reviewed. It concentrates on retaining current members and looking for opportunities to recruit new members, while controlling costs. The reserves are sufficient to enable annual deficits to be sustained in the short term.
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EAST SUSSEX FEDERATION OF WOMEN’S INSTITUTES TRUSTEES REPORT YEAR ENDED 31 OCTOBER 2023
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Structure, Governance and Management
The number of WIs in this Federation on 31 October 2023 was 80 with 2,989 members. The charity is constituted under rules laid down by the National Federation.
Recruitment and Training of Trustees
Trustees are nominated and voted in by the membership. Training, including a bespoke online accreditation programme, is provided by the National Federation of Women's Institutes on a regular basis.
The Managing Trustees have undertaken a review to analyse the various risks that the organisation might face in the future and implement policies to mitigate those risks as necessary. The Risk policy is reviewed annually.
Sub-committees
From 1 November 2022 to 31 October 2023, there were six sub-committees: Craft & Art, Finance, Food & Garden, Leisure & Learning, WI Support Team (WIST), and Climate Change Ambassadors. Five subcommittees were chaired by members of the Board of Trustees and the other had chair who was invited to report the minutes of the sub-committee to the Board of Trustees.
The sub-committees carry out the charitable objects of the Organisation, each covering a different aspect in accordance with their individual Terms of Reference. The sub-committees include non-Board of Trustees members. All sub-committee recommendations, decisions (including detailed budgets and final account of any events) and expenditure of any kind are referred through their minutes for confirmation by the Board of Trustees.
Plans for future periods
The Trust plans to continue all the current activities to further its aims and objectives.
Reference and Administrative Details
Charity Name: East Sussex Federation of Women’s Institutes Charity Number: 229488 (Registered with the Charity Commission for England and Wales) Principal Address: ESFWl Headquarters, Falcon Way, Hailsham, East Sussex BN27 1HY Professional Advisors Bankers: Barclays Bank, The Old Bank, Lewes BN7 2JP Solicitors: Mayo Wynne Baxter, Dial House, 221 High Street, Lewes BN7 2AE Accountants: Honey Barrett Limited, 53 Gildredge Road, Eastbourne BN21 4SF Investment Advisors: Brewin Dolphin Limited, 12 Smithfield Street, London EC1A 9BD
For the period 1 November 2022 to 31 October 2023, the members of the Board of Trustees were:
Julie Aris, Westham (from March 2023) Sharon Hamby, Hailsham Glenys Susan Davies, Westham Linda Hayler, Eastbourne (from March 2023) Kim Dunn, Horam Susanna Way, Crowborough Lee Ede, Eastbourne Pamela Thatcher, Horam (from April 2022) Jacqueline Frost, Wartling (stood down March Elizabeth Lash, Golden Cross 2022) Dorothy Proietti, Hailsham
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EAST SUSSEX FEDERATION OF WOMEN’S INSTITUTES TRUSTEES REPORT YEAR ENDED 31 OCTOBER 2023
Joint Chairman: Lee Ede, Eastbourne and Dorothy Proietti, Hailsham First Vice-Chairman: Glenys Susan Davies, Westham Second Vice-Chairman: Elizabeth Lash, Golden Cross (until March 2023) Susanna Way, Crowborough (from March 2023) Hon. County Treasurer: Kim Dunn, Horam
Holding Trustees
In addition to the Managing Trustees, there are three Holding Trustees, appointed by Deed of Trust, for the Federation's freehold property in Falcon Way, Hailsham. The Deeds to the property are held in safekeeping by the Federation's Solicitors (Mayo Wynne Baxter). The Holding Trustees are:
Margaret Carter, Framfield Barbara Cornwell, Barcombe Anne Stamper, Ringmer
Statement of Trustees Responsibilities
The Trustees 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 Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”.
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provision of the charity constitution requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008, and the provisions of the Constitution of the Federation. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees are responsible for maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
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EAST SUSSEX FEDERATION OF WOMEN’S INSTITUTES TRUSTEES REPORT YEAR ENDED 31 OCTOBER 2023
Signed on behalf of the Trustees
Dorothy Proietti Lee Ede
Joint Federation Chairs
Approved by the Trustees on
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EAST SUSSEX FEDERATION OF WOMEN'S INSTITUTES INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES YEAR ENDED 31 OCTOBER 2023
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF EAST SUSSEX FEDERATION OF WOMEN'S INSTITUTES
I report to the charity Trustees on my examination of the accounts of East Sussex Federation of Women's Institutes for the year ended 31 October 2023.
RESPONSIBILITIES AND BASIS OF REPORT
As the charity Trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ("the Act").
I report in respect of my examination of the charity's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
INDEPENDENT EXAMINER'S STATEMENT
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and
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content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give true and fair view which is not a matter considered as part of an independent examination.
I confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached.
Louise Underdown ACA Independent examiner Honey Barrett Limited 53 Gildredge Road Eastbourne East Sussex BN21 4SF Dated:
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EAST SUSSEX FEDERATION OF WOMEN'S INSTITUTES STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 OCTOBER 2023
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| 2023 | 2022 | |||||
|---|---|---|---|---|---|---|
| Unrestricted | **Restricted ** | Endowment | Total | Total | ||
| fund | fund | fund | funds | funds | ||
| Note | £ | £ | £ | £ | £ | |
| INCOME AND ENDOWMENTS FROM: | ||||||
| Donations and legacies | - | - | - | - | - | |
| Charitable activities | ||||||
| Affiliation fees | 34,046 | - | - | 34,046 | 33,739 | |
| Council meetings | 7,035 | - | - | 7,035 | 12,803 | |
| Sub-committee activities | 2 | 11,484 | - | - | 11,484 | 9,929 |
| Special activities | 3 | 4,638 | - | - | 4,638 | 7,680 |
| Suspended Institutes | - | 1,810 | - | 1,810 | 1,429 | |
| Other trading activities | ||||||
| Stationery and sales lines | 1,517 | - | - | 1,517 | 2,041 | |
| Sales of WI News | 670 | - | - | 670 | 700 | |
| Investments | 4 | 3,509 | 1,286 | 2,024 | 6,819 | 4,235 |
| _ | _ | _ | _ | _ | ||
| Total income and endowments | 62,899 | 3,096 | 2,024 | 68,019 | 72,556 | |
| _ | _ | _ | _ | _ | ||
| EXPENDITURE ON: | ||||||
| Raising funds | ||||||
| Stationery and sales lines | 267 | - | - | 267 | 1,337 | |
| Purchases of WI News | 2,859 | - | - | 2,859 | 1,350 | |
| Press and publicity | - | - | - | - | - | |
| Charitable activities | ||||||
| Bursaries payable | 5 | - | 525 | - | 525 | 75 |
| Council meetings | 6,183 | - | - | 6,183 | 13,546 | |
| Sub-committee activities | 2 | 9,586 | - | - | 9,586 | 7,627 |
| Special activities | 3 | 3,387 | - | - | 3,387 | 5,421 |
| Suspended Institutes | - | - | - | - | - | |
| Salaries and national insurance | 6 | 30,547 | - | - | 30,547 | 28,007 |
| Travelling expenses | ||||||
| for Board of Trustees meetings | 1,272 | - | - | 1,272 | 734 | |
| Support and governance costs | 7 | 42,836 | - | 1,434 | 44,270 | 35,869 |
| _ | _ | _ | _ | _ | ||
| Total resources expended | 96,937 | 525 | 1,434 | 98,896 | 93,966 | |
| _ | _ | _ | _ | _ | ||
| Gains / (losses) on investments | 9 | 395 | (2,070) | (1,597) | (3,272) | (26,486) |
| _ | _ | _ | _ | _ | ||
| NET INCOMING / (OUTGOING) | (33,643) | 501 | (1,007) | (34,149) | (47,896) | |
| RESOURCES BEFORE TRANSFERS | ||||||
| TRANSFERS BETWEEN FUNDS | 531 | (2,791) | 2,260 | - | - | |
| _ | _ | _ | _ | _ | ||
| NET MOVEMENT IN FUNDS | (33,112) | (2,290) | 1,253 | (34,149) | (47,896) | |
| RECONCILIATION OF FUNDS | ||||||
| Total funds brought forward | 251,479 | 49,505 | 99,285 | 400,269 | 448,164 | |
| _ | _ | _ | _ | _ | ||
| Total funds carried forward | 218,367 _ |
47,215 _ |
100,538 _ |
366,120 _ |
400,268 _ |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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EAST SUSSEX FEDERATION OF WOMEN'S INSTITUTES BALANCE SHEET AT 31 OCTOBER 2023
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| Note | 2023 | 2022 | |
|---|---|---|---|
| £ | £ | ||
| FIXED ASSETS | |||
| Tangible fixed assets | 8 | 124,372 | 125,159 |
| Investments | 9 | 171,836 | 184,328 |
| __ | __ | ||
| 296,208 | 309,487 | ||
| __ | __ | ||
| CURRENT ASSETS | |||
| Stocks | 387 | 414 | |
| Debtors | 10 | 352 | 536 |
| Cash at bank and in hand | 79,338 | 102,091 | |
| __ | __ | ||
| 80,077 | 103,041 | ||
| CREDITORS: Amounts falling due | |||
| within one year | 11 | 10,165 | 12,259 |
| __ | __ | ||
| NET CURRENT ASSETS | 69,912 | 90,782 | |
| __ | __ | ||
| TOTAL ASSETS LESS CURRENT LIABILITIES | 366,120 | 400,269 | |
| __ |
__ | ||
| NET ASSETS | 366,120 | 400,269 | |
| __ | __ | ||
| FUNDS OF THE CHARITY: | |||
| Unrestricted income funds | 13 | 218,367 | 251,479 |
| Restricted income funds | 14 | 47,215 | 49,505 |
| Endowment funds | 15 | 100,538 | 99,285 |
| __ | __ | ||
| 366,120 | 400,269 | ||
| __ | __ |
These financial statements were approved by the trustees and authorised for issue on and are signed on their behalf by:
Lee Ede
Joint Federation Chairman
Dorothy Proietti
Joint Federation Chairman
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EAST SUSSEX FEDERATION OF WOMEN'S INSTITUTES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 OCTOBER 2023
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1. Accounting Policies
1.1 [Basis of preparing financial statements]
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with The Charities SORP (FRS 102) "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019", Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities Act 2011. The financial statements have been prepared under historical cost convention.
The accounts have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for Charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
1.2 [Financial Reporting Standard 102 - reduced disclosure exemptions]
The charity has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
- the requirements of Section 7 Statement of Cash Flows.
1.3 [Going concern]
At time of approving the accounts, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the accounts.
1.4 Income recognition
All income is recognised once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Donations are recognised in the year in which the charity is entitled to and certain of receipt and the amount can be measured with reasonable certainty. Income is only deferred when the charity has to fulfill conditions before becoming entitled to it or where the donor has specified that the income is to expected in future year.
Donated services or facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. On receipt, donated services are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services of equivalent economic benefit on the open market; a corresponding amount is recognised in expenditure in the period of receipt.
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EAST SUSSEX FEDERATION OF WOMEN'S INSTITUTES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 OCTOBER 2023
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Legacies are recognised on the receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and the receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
Investment income is earned through holding assets such as shares for investment purposes, including dividend income. Investment income is included when the amount can be measured reliably. Dividend income is recognised as the charity’s right to receive payment is established.
1.5 Expenditure recognition
Expenditure is accounted for on an accruals basis. Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
Charitable activities comprise those costs directly attributable to the fulfilment of the charitable objectives.
Under the Charities SORP (FRS 102) and Charities SORP FRSSE, charities are encouraged to allocate their support costs including governance costs between their fundraising and charitable activities. However the majority of the East Sussex Federation of Women's Institutes support activities are expended on the administrative requirements of the Federation and are not considered to be attributable either directly or indirectly to the fundraising activities of the Federation. Accordingly the governance costs and staff costs are analysed on an overall basis.
1.6 Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Assets at the value below £25 are not capitalised. Depreciation is provided at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life as follows:
Asset Category Annual Rate Freehold Land Not depreciated Freehold Property Straight line over 50 years Improvements to Freehold Property Straight line over 10 years Fixtures, Fittings and Equipment Straight line over 5 years
1.7 Fixed assets investments
Investments are initially recognised at their transaction value and subsequently measured at their market value at the balance sheet date using the closing quoted market price. Changes in fair value are recognised in net income / expenditure for the year. Transaction costs are expensed as incurred.
1.8 Impairment of fixed assets
At each reporting end date, the Trustees review the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
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EAST SUSSEX FEDERATION OF WOMEN'S INSTITUTES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 OCTOBER 2023
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Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in income/(expenditure) for the year, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but only to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.9 Valuation of stock
Stocks are stated at the lower of cost and estimated selling price less selling costs.
Selling costs are calculated as all estimated costs to be incurred in marketing, selling and distribution.
1.10 Cash and cash equivalents
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.
1.11 Financial instruments
The charity 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 instruments.
Financial instruments are recognised in the charity's balance sheet when the charity 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 settle on a net basis or to realise the asset and settle the liability simultaneously
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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EAST SUSSEX FEDERATION OF WOMEN'S INSTITUTES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 OCTOBER 2023
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Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Trust’s contractual obligations expire or are discharged or cancelled.
1.12 Taxation
The charity is exempt from tax on its charitable activities.
1.13 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
1.14 Funds
The general unrestricted fund is free for the Trustees to use for any purposes in furtherance of Federation's charitable objectives.
The endowment fund represents donations and a subsequent legacy from Lady Castle Stewart. This is a permanent fund to be used for any purpose relating to maintenance and improvement of the building and its fixtures, fittings and equipment.
Restricted funds arise from donations which are made for a specific purpose and can only be used for the purpose for which funds were given.
Further details on each fund are disclosed in notes 13 to 15.
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EAST SUSSEX FEDERATION OF WOMEN'S INSTITUTES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 OCTOBER 2023
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2. SUB-COMMITTEE ACTIVITIES
| SUB-COMMITTEE ACTIVITIES | ||||
|---|---|---|---|---|
| 2023 | 2022 | |||
| Receipts | Payments | Net | Net | |
| £ | £ | £ | £ | |
| Craft and Art | 1,630 | 1,492 | 138 | (212) |
| Food and Garden | 5,765 | 5,234 | 531 | 1,272 |
| Finance | - | 34 | (34) | (14) |
| Climate Ambassadors | 25 | - | 25 | (27) |
| Leisure and Learning | 3,501 | 2,605 | 896 | 901 |
| Organisation income | 152 | - | 152 | 185 |
| WIST | 411 | 221 | 190 | 197 |
| ____ | ____ | __ | __ | |
| Net surplus for the year | 11,484 ____ |
9,586 ____ |
1,898 __ |
2,302 __ |
3. SPECIAL ACTIVITIES
| SPECIAL ACTIVITIES | ||||
|---|---|---|---|---|
| 2023 | 2022 | |||
| Receipts | Payments | Net | Net | |
| £ | £ | £ | £ | |
| Bulb Scheme | 2,420 | 2,027 | 393 | 376 |
| 100 Club | 1,590 | 1,250 | 340 | 650 |
| Fundraising | 10 | - | 10 | 335 |
| NF Competitions | 353 | 50 | 303 | 588 |
| Room charges | 265 | 60 | 205 | 310 |
| __ | __ | __ | __ | |
| Net surplus for the year | 4,638 __ |
3,387 __ |
1,251 __ |
2,259 __ |
4. INVESTMENT INCOME
| INVESTMENT INCOME | |||||
|---|---|---|---|---|---|
| 2023 | 2022 | ||||
| Unrestricted | Restricted | Endowment | Total | Total | |
| fund | fund | fund | funds | funds | |
| £ | £ | £ | £ | £ | |
| Listed investments, unit trusts | |||||
| and common investment funds | 2,130 | 1,023 | 1,477 | 4,630 | 3,903 |
| Interest on cash | 1,379 | 263 | 547 | 2,189 | 332 |
| __ | __ | __ | __ | __ | |
| 3,509 | 1,286 | 2,024 | 6,819 | 4,235 | |
| __ | __ | __ | __ | __ | |
| BURSARY INCOME FUNDS | |||||
| Investment | 2023 | 2022 | |||
| income | Payments | Net | Net | ||
| £ | £ | £ | £ | ||
| ESFWI | 1,286 | 525 | 761 | 743 | |
| __ | __ | __ | __ | ||
| Net surplus / (deficit) for the year | 1,286 __ |
525 __ |
761 __ |
743 __ |
5. BURSARY INCOME FUNDS
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EAST SUSSEX FEDERATION OF WOMEN'S INSTITUTES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 OCTOBER 2023
________________
6. STAFF COSTS
| STAFF COSTS | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Wages and salaries | 30,267 | 27,699 |
| Employer's national insurance | - | - |
| Employer's pension contributions | 280 | 308 |
| __ | __ | |
| 30,547 __ |
28,007 __ |
The average number of full time equivalent employees was 3 (2022: 2). There are no employees with emoluments above £60,000.
The trustees are not entitled to and did not receive any remuneration during the year. Between them the eleven trustees received reimbursed expenses totalling:
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Travel expenses | 1,272 | 734 |
| __ | __ | |
| SUPPORT AND GOVERNANCE COSTS | ||
| 2023 | 2022 | |
| £ | £ | |
| Headquarter's expenses | 4,173 | 3,348 |
| Property repairs and maintenance | 787 | 3,627 |
| Federation activities | (75) | 50 |
| Printing and office stationery | 2,213 | 1,185 |
| Postage and carriage | 1,972 | 2,009 |
| Telephone | 715 | 482 |
| Subscriptions and gifts | 387 | 217 |
| Office expenses | 4,997 | 2,897 |
| Independent examination fee | 1,345 | 1,345 |
| Accountancy | 2,425 | 2,105 |
| Bookkeeping | 9,368 | 7,245 |
| Professional fees | 11,940 | 7,465 |
| Bank charges | 392 | 403 |
| Insurance | 1,540 | 1,530 |
| __ | __ | |
| 42,179 | 33,908 | |
| Depreciation of owned assets | 2,091 | 1,961 |
| __ | __ | |
| 44,270 __ |
35,869 __ |
7. SUPPORT AND GOVERNANCE COSTS
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EAST SUSSEX FEDERATION OF WOMEN'S INSTITUTES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 OCTOBER 2023
________________
| **8. ** | TANGIBLE FIXED ASSETS | Freehold | Improvements | Fixtures, | Total | |
|---|---|---|---|---|---|---|
| Property | to Freehold | Fittings and | ||||
| Property | Equipment | |||||
| £ | £ | £ | £ | |||
| COST | ||||||
| As at 1 November 2022 | 141,031 | 67,966 | 13,446 | 222,443 | ||
| Additions | - | 2,260 | 511 | 2,771 | ||
| Disposals | - | - | - | - | ||
| __ | __ | __ | __ | |||
| Carried forward | 141,031 | 70,226 | 13,957 | 225,214 | ||
| __ | __ | __ | __ | |||
| DEPRECIATION | ||||||
| Brought forward | 23,973 | 64,649 | 8,662 | 97,284 | ||
| Charge for year | 1,411 | 680 | 1,467 | 3,558 | ||
| Disposals | - | - | - | - | ||
| __ | __ | __ | __ | |||
| Carried forward | 25,384 | 65,329 | 10,129 | 100,842 | ||
| __ | __ | __ | __ | |||
| NET BOOK VALUE | ||||||
| As at 31 October 2023 | 115,647 | 4,897 | 3,828 | 124,372 | ||
| __ | __ | __ | __ | |||
| As at 31 October 2022 | 117,058 | 3,317 | 4,784 | 125,159 | ||
| __ | __ | __ | __ | |||
| **9. ** | INVESTMENTS | Designated | General | Restricted | House | Total |
| Bursary | fund | Bursary | Endowment | |||
| Fund | Fund | Fund | ||||
| £ | £ | £ | £ | £ | ||
| Market value at 1 November 2022 | 16,898 | 70,357 | 36,294 | 60,779 | 184,328 | |
| Acquisitions at cost | 3,476 | 13,260 | 7,418 | 12,678 | 36,832 | |
| Disposals at open book value | (3,495) | (12,716) | (6,777) | (14,323) | (37,311) | |
| Increase/(decrease) in cash balances | 30 | (346) | (540) | (6,114) | (6,970) | |
| Portfolio fees | (166) | (699) | (342) | (563) | (1,770) | |
| Realised gains / (losses) | (178) | 858 | (611) | (282) | (213) | |
| Unrealised gains / (losses) | (720) | 435 | (1,459) | (1,315) | (3,059) | |
| __ | __ | __ | __ | __ | ||
| Market value at 31 October 2023 | 15,844 __ |
71,149 __ |
33,983 __ |
50,860 __ |
171,836 __ |
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EAST SUSSEX FEDERATION OF WOMEN'S INSTITUTES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 OCTOBER 2023
________________
| These investments are placed as follows: | 2023 | 2022 | ||
|---|---|---|---|---|
| Cost | Market | Cost | Market | |
| value | value | |||
| £ | £ | £ | £ | |
| Listed investments: | ||||
| Equities | 104,151 | 109,388 | 113,013 | 120,041 |
| Property | 4,705 | 4,168 | 4,705 | 4,761 |
| Bonds | 35,634 | 30,954 | 26,279 | 21,472 |
| Unit Trusts | 18,586 | 17,088 | 20,956 | 19,347 |
| Commodities | 2,105 | 2,218 | 2,105 | 1,944 |
| Cash | 8,023 | 8,023 | 16,763 | 16,763 |
| __ | __ | __ | __ | |
| 173,203 __ |
171,838 __ |
183,821 __ |
184,328 __ |
9. INVESTMENTS (continued)
The portfolio includes the following investments, each of which has a market value over 5% of the total market value of the portfolio:
Equities (63.7% of total market value) Bonds (18% of total market value) Unit Trusts (9.9% of total market value)
10.DEBTORS
| 10.DEBTORS | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Prepayments | 352 | 536 |
| __ | __ | |
| 352 | 536 | |
| __ | __ | |
| 11.CREDITORS: Amounts falling due within one year | ||
| 2023 | 2022 | |
| £ | £ | |
| Other taxation and social security | 182 | 311 |
| Accruals | 6,037 | 8,004 |
| Grant from NFWI for promotional activities | 1,166 | 1,166 |
| Deferred income | 2,630 | 2,300 |
| Other creditors | - | 478 |
| __ | __ | |
| 10,165 __ |
12,259 __ |
Deferred income relates to courses or events which take place after the year end, but have been paid for in advance. All brought forward deferred income has been released as these courses and events took place during the year.
12. COMMITMENTS UNDER OPERATING LEASES
At 31 October 2023 the charity had minumum lease payments under non-cancellable leases which fall due as follows:
| 2023 | 2022 | |||
|---|---|---|---|---|
| £ | £ | |||
| Within | 1 | year | 979 | 960 |
| Within | 2 | - 5 years | 2,203 | 1,920 |
| __ | __ | |||
| 3,182 __ |
2,880 __ |
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EAST SUSSEX FEDERATION OF WOMEN'S INSTITUTES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 OCTOBER 2023
________________
13.UNRESTRICTED INCOME FUNDS
| UNRESTRICTED INCOME FUNDS | ||||
|---|---|---|---|---|
| Designated | Equipment & | General | Total | |
| Bursary | Maintenance | Fund | ||
| Fund | Fund | |||
| £ | £ | £ | £ | |
| Balance at 1 November 2022 | 23,988 | 5,000 | 222,491 | 251,479 |
| Income | 569 | - | 62,330 | 62,899 |
| Expenditure | - | - | (96,937) | (96,937) |
| Transfers between funds | - | - | 531 | 531 |
| Gains / (losses) on investment assets | (898) | - | 1,293 | 395 |
| ____ | __ | __ | __ | |
| Balance at 31 October 2023 | 23,659 | 5,000 | 189,708 | 218,367 |
| ____ | __ | __ | __ | |
| Represented by: | ||||
| Tangible fixed assets | - | - | 119,607 | 119,607 |
| Investments | 15,844 | - | 71,149 | 86,993 |
| Stocks | - | - | 387 | 387 |
| Debtors | - | - | 352 | 352 |
| Cash at bank and in hand | 7,815 | 5,000 | 8,378 | 21,193 |
| Creditors | - | - | (10,165) | (10,165) |
| ____ | __ | __ | __ | |
| 23,659 ____ |
5,000 __ |
189,708 __ |
218,367 __ |
The Equipment and Maintenance Fund is a designated fund. It is intended to ensure sufficient funds are kept available to maintain the equipment and fixtures and fittings of the charity to a suitable standard.
The Bursary fund represents monies invested to generate annual income. This income is then to be applied in the granting of bursaries to member institutes and individuals.
14.RESTRICTED FUNDS
| RESTRICTED FUNDS | ||||
|---|---|---|---|---|
| Denman | Suspended | Bursary | Total | |
| Room | Institutes | Fund | ||
| Fund | Fund | |||
| £ | £ | £ | £ | |
| Balance at 1 November 2022 | 410 | 8,437 | 40,658 | 49,505 |
| Income | - | 1,810 | 1,286 | 3,096 |
| Expenditure | - | - | (525) | (525) |
| Transfers between funds | - | (2,791) | - | (2,791) |
| Gains / (losses) on investment assets | - | - | (2,070) | (2,070) |
| ____ | __ | __ | __ | |
| Balance at 31 October 2023 | 410 | 7,456 | 39,349 | 47,215 |
| ____ | __ | __ | __ | |
| Represented by: | ||||
| Investments | - | - | 33,983 | 33,983 |
| Cash at bank | 410 _ _ |
7,456 __ |
5,366 __ |
13,232 __ |
| 410 | 7,456 | 39,349 | 47,215 | |
| ____ | __ | __ | __ |
Denman College was a central WI training location. The fund represents the funds restricted for refurbishment of the room as necessary. The college was closed in 2020.
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EAST SUSSEX FEDERATION OF WOMEN'S INSTITUTES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 OCTOBER 2023
________________
14.RESTRICTED FUNDS (continued):
The Suspended Institutes funds arises from monies held by member institutes upon their ceasing to operate. These monies are held for 3 years and can be claimed by new institutes setting up in the same area during that period. After this time it is transferred to general funds.
The Bursary fund represents monies invested to generate annual income. This income is then to be applied in the granting of bursaries to member institutes and individuals.
15.LADY CASTLE STEWART HOUSE ENDOWMENT FUND
| LADY CASTLE STEWART HOUSE ENDOWMENT FUND | Endowment |
| Fund | |
| £ | |
| Balance at 1 November 2022 | 99,285 |
| Income | 2,024 |
| Expenditure | (1,434) |
| Transfers between funds | 2,260 |
| Gains / (losses) on investment assets | (1,597) |
| __ | |
| Balance at 31 October 2023 | 100,538 __ |
| Represented by: | |
| Fixed assets | 4,765 |
| Investments | 50,860 |
| Cash at bank | 44,913 |
| __ | |
| 100,538 __ |
This fund represents donations and a subsequent legacy from Lady Castle Stewart. This is a permanent fund to be used for any purpose relating to maintenance and improvement of the building and its fixtures, fittings and equipment. In April 2011 the Board of Trustees agreed that this fund would become a designated fund.
16.VOLUNTARY CONTRIBUTION
The charity recognises and fully appreciates the contribution made to the running of the charity by the voluntary helpers. The charity is also aware of the additional cost it could incur if this gap was filled by employed staff.
17.RELATED PARTY TRANSACTIONS
There were no transactions with related parties during the year (2022: none).
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