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2024-10-31-accounts

Charity registration number 1201046

THE NORFOLK FEDERATION OF WIs

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

THE NORFOLK FEDERATION OF WIs

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mrs Heather Jeary Mrs Kim Reynolds Mrs Gillian Banks Mrs Susan Sursham (Appointed 8 January 2024) Mrs Elizabeth Barker Mrs Sandra Barker (Appointed 12 February 2024) Mrs Heather Duffield (Appointed 12 February 2024) Mrs Jane France Secretary Mrs Louise Casson Charity number 1201046 Registered office Evelyn Suffield House 45 All Saints Green NORWICH Norfolk United Kingdom NR1 3LY Independent examiner Argents Accountants Limited 15 Palace Street NORWICH Norfolk United Kingdom NR3 1RT

THE NORFOLK FEDERATION OF WIs

CONTENTS

Page
Trustees' report 1 - 3
Independent examiner's report 4
Statement of financial activities 5
Balance sheet 6
Notes to the financial statements 7 - 19

THE NORFOLK FEDERATION OF WIs

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 OCTOBER 2024

The trustees present their annual report and financial statements for the year ended 31 October 2024.

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 charity's [governing document], the Charities Act 2011 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).

Objectives and activities

The main purposes of the Women's Institute organisation are to advance the education of women and girls for the public benefit in all areas including (without limitation) local, national and international issues of political and social importance; music, drama and other cultural subjects; and all branches of agriculture, crafts, home economics, science, health and social welfare.

To promote sustainable development for the public benefit by educating people in the preservation, conservation and protection of the environment and the prudent use of natural resources; and promoting sustainable means of achieving economic growth and regeneration.

To advance health for the public benefit; and to advance citizenship for the public benefit by the promotion of civic responsibility and volunteering.

The Women's Institute organisation seeks to give women the opportunity of working together through the Women's Institute organisation in their communities, of developing their capacity and skills, and of putting into practice those ideals for which the Women's Institute organisation stands.

The Federation is composed of Norfolk Women's Institutes who elect the Federation Board of Trustees.

Activities in which members can participate are organised by the Federation in line with the movement's objective.

THE NORFOLK FEDERATION OF WIs

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024

Achievements and performance

2024 has been another very busy year for the Norfolk Federation of WIs with many activities and visits taking place. It has been lovely meeting lots of members at the various events planned by both the Trustees and the Office Staff. WI membership across Norfolk has continued to grow. We lost some WIs over the year but gained some new ones. The Board of Trustees has welcomed Sue as our new Treasurer and Wendy Adams became the chair of Creative Activities. Sadly, Sheila Young and Jay Page decided to stand down.

During the year it has been lovely to welcome members to Evelyn Suffield House for many events taking place each month. From Mah Jong to Ladies that Lunch, with different days offering crafts, information and help, we have tried to offer something for everyone.

In February two bus loads were transported to the V&A for the Re: Imagining Musicals Exhibition. April was very busy with the Centenary Salver, the Advisers Quiz as well as an Edible Hanging Basket workshop and May offered Lunch with Giggly Pigs! Several members took to the skies for our gliding days in the summer and in October some brave members ventured to the Dry Ski Slope for Tubing. It was a memorable event in June when several of us travelled to the Royal Albert Hall, London, for The National Annual Meeting. In July we enjoyed an evening of Puddings, Plonk and Pop. There was a full house at each of the audition days for new speakers as this is enjoyable as well as helping with the programme for individual WIs.

Crafts have also featured with workshops for relief printing, air dry clay, and icing for Christmas as well as a day offering 4 different crafts, and a request for members to make cloth bags for the Food Banks gained a huge response.

Sales have also encouraged members to Evelyn Suffield House as they enjoyed rummaging through the preloved handbags, later in the year a sale of puzzles and games and in November the Festive Craft Fair.

During August two upstairs rooms had a revamp to create an office in the Chairman’s room and a studio in the large room. This should make them more useful for different activities. Trustees have worked hard to put on so many events as well as organising committees and taking part in activities. Thank you to each Trustee for writing such interesting pieces for both the weekly column in the EDP and the Trustees Parley for the Norfolk WI News. These are always so good to read and I am thankful that I do not have to write them all!

Thanks also to our three members of staff for all their work over the year. The smooth running of the Federation owes much to their dedication to the Federation and to its members.

The Board of Trustees, six committees, three members of staff and all the Federation Volunteers who make up the Norfolk Federation will continue to work on behalf of all our members and look forward to the many events planned for the coming year.

Financial review

The attached statements show the current state of the finances which the Committee consider to be sound.

We are most grateful to individual WIs and their members who have made donations of both their time and of a financial nature towards our work.

Reserves Policy

The Board of Trustees regularly reviews the reserves of the Federation. Sufficient funds are maintained to ensure that the Federation could continue in the event of a significant reduction in income, and to cover the possibility of extensive works being required to the Federation's office, a Grade II listed building. As a general guide the Board of Trustees aim to maintain approximately twelve months’ worth of income at any time in bank deposits.

Structure, governance and management

The Federation was established in 1919 and is governed by the Constitution and Rules for Federations of Women's Institutes adopted at the National General Meeting in June 2013.

THE NORFOLK FEDERATION OF WIs

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024

The trustees who served during the year and up to the date of signature of the financial statements were: Mrs Heather Jeary Mrs Kim Reynolds Mrs Gillian Banks Mrs Susan Sursham (Appointed 8 January 2024) Mrs Elizabeth Barker Mrs Sandra Barker (Appointed 12 February 2024) Mrs Heather Duffield (Appointed 12 February 2024) Mrs Jane France Mrs Margaret Collingwood (Resigned 18 March 2024) Mrs Jay Page (Resigned 18 March 2024) Mrs Sheila Young (Resigned 18 March 2024)

Board of Trustees members are elected every two years with the Officers being elected from the membership of the committee annually. The Annual Meeting is held in March.

The Board of Trustees is responsible for the implementation of the organisation's aims and objectives and policies.

The Federation is a member of the National Federation of Women's Institutes, 104 New King's Road, London.

Risk management

The Board of Trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. There is a formal annual risk assessment undertaken by the Board and as a result changes to procedures are made as appropriate. In the opinion of the Board of Trustees the system established mitigates risks to an acceptable level.

The trustees' report was approved by the Board of Trustees.

Mrs Heather Jeary

Trustee

13 January 2025

THE NORFOLK FEDERATION OF WIs

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF THE NORFOLK FEDERATION OF WIS

I report to the trustees on my examination of the financial statements of The Norfolk Federation of WIs (the charity) for the year ended 31 October 2024.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 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 examiner's statement

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

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 that in any material respect:

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 financial statements to be reached.

Mark Johnstone FCA

Argents Accountants Limited 15 Palace Street NORWICH Norfolk NR3 1RT United Kingdom

Dated: 13 January 2025

THE NORFOLK FEDERATION OF WIs

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 OCTOBER 2024

Unrestricted
Restricted Endowment
funds
funds
funds
2024
2024
2024
Notes
£
£
£
Income from:
Donations and legacies
3
8,361
-
-
Charitable activities
4
86,575
-
-
Other trading activities
5
10,267
-
-
Investments
6
3,654
2,227
-
Total income and endowments
108,857
2,227
-
Expenditure on:
Raising funds
7
38,654
-
-
Charitable activities
8
91,493
950
-
Total expenditure
130,147
950
-
Net gains/(losses) on investments
13
-
-
4,347
Net income/(expenditure)
(21,290)
1,277
4,347
Transfers between funds
(294)
294
-
Net movement in funds
10
(21,584)
1,571
4,347
Reconciliation of funds:
Fund balances at 1 November 2023
117,416
11,617
82,762
Fund balances at 31 October 2024
95,832
13,188
87,109		 Total
Unrestricted
Restricted Endowment
funds
funds
funds
2024
2023
2023
2023
£
£
£
£
8,361
141,038
10,647
79,874
86,575
66,417
-
-
10,267
9,097
-
-
5,881
2,500
2,070
-
111,084
219,052
12,717
79,874
38,654
29,526
-
-
92,443
72,110
1,100
-
131,097
101,636
1,100
-
4,347
-
-
2,888
(15,666)
117,416
11,617
82,762
-
-
-
-
(15,666)
117,416
11,617
82,762
211,795
-
-
-
196,129
117,416
11,617
82,762		 Total
2023
£
231,559
66,417
9,097
4,570
311,643
29,526
73,210
102,736
2,888
211,795
-
211,795
-
211,795

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

THE NORFOLK FEDERATION OF WIs

BALANCE SHEET

AS AT 31 OCTOBER 2024

Notes
Fixed assets
Tangible assets
15
Current assets
Stocks
16
Debtors
17
Investments
18
Cash at bank and in hand
Creditors: amounts falling due within
one year
19
Net current assets
Total assets less current liabilities
The funds of the charity
Endowment funds
21
Restricted income funds
22
Unrestricted funds
23		 2024
£
3,171
2,457
77,609
109,141
192,378
(17,180)		 £
20,931
175,198
196,129
87,109
13,188
95,832
196,129		 2023
£
4,968
2,589
73,262
133,237
214,056
(23,906)		 £
21,645
190,150
211,795
82,762
11,617
117,416
211,795

The financial statements were approved by the trustees on 13 January 2025

Mrs Susan Sursham Trustee

THE NORFOLK FEDERATION OF WIs

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

1 Accounting policies

Charity information

The Norfolk Federation of WIs is a Charitable Incorporated Organisation (CIO).

The CIO was incorporated in November 2022. On 17 January 2023 the CIO acquired the net assets of the previous entity which had operated as an unincorporated charity for many years. This is the first full year for the CIO. The comparatives for these accounts represent the short period up to 31 October 2023.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, 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 charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements 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 financial statements are prepared in sterling, which is the functional currency of the charity. 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 statements, 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 financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

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.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

THE NORFOLK FEDERATION OF WIs

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024

1 Accounting policies

(Continued)

Legacies are recognised on receipt or otherwise if the charity 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.

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity 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 apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings not provided Plant and equipment 10% on reducing balances Fixtures and fittings 10% on reducing balances

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

The charity owns the freehold property at 45 All Saints Green, Norwich. The board of Trustees have elected not to revalue the property on a regular basis. The cost shown in the accounts reflects structural alterations carried out, at their original cost, since the building was acquired. Depreciation is not provided for on freehold property as any such figure would be immaterial in terms of the building value as a whole.

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews 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).

1.8 Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

THE NORFOLK FEDERATION OF WIs

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024

1 Accounting policies

(Continued)

1.9 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.

1.10 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.

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 charity’s contractual obligations expire or are discharged or cancelled.

2 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.

THE NORFOLK FEDERATION OF WIs

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024

3 Income from donations and legacies

Unrestricted
Restricted Endowment
funds
funds
funds
2024
2024
2024
£
£
£
Donations and gifts
8,176
-
-
Legacies
185
-
-
Net assets of previous charity transferred in
-
-
-
8,361
-
-		 Total
Unrestricted
Restricted Endowment
funds
funds
funds
2024
2023
2023
2023
£
£
£
£
8,176
1,514
-
-
185
-
-
-
-
139,524
10,647
79,874
8,361
141,038
10,647
79,874		 Total
2023
£
1,514
-
230,045
231,559

THE NORFOLK FEDERATION OF WIs

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024

4 Income from charitable activities

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Core activities
Membership fees 39,562 37,213
Norfolk WI News 3,043 2,473
Committee events 30,777 16,168
Federation meeting income 7,287 5,455
Event support fees 3,467 2,481
Yearbooks 2,439 2,627
86,575 66,417

5 Income from other trading activities

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Special events 929 614
Sales of Publications, stationery and goods 7,583 6,559
500 Club 1,190 1,360
Miscellanous 565 564
Other trading activities 10,267 9,097

6 Income from investments

Unrestricted
Restricted
funds
funds
2024
2024
£
£
Dividend income
2,949
2,151
Interest receivable
705
76
3,654
2,227		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
5,100
2,183
2,070
781
317
-
5,881
2,500
2,070		 Total
2023
£
4,253
317
4,570

THE NORFOLK FEDERATION OF WIs

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 OCTOBER 2024

7 Expenditure on raising funds

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Fundraising and publicity
500 Club 667 669
Support costs 140 4,314
807 4,983
Trading costs
Publications, stationary and goods 8,314 2,973
Support costs 29,533 21,570
37,847 24,543
Total costs 38,654 29,526

8 Expenditure on charitable activities

Core Core
activities activities
2024 2023
£ £
Direct costs
Committee event expenses 20,308 9,908
Committee meeting expenses 1,159 620
Bursaries 950 1,100
Yearbook 763 740
Training 27 446
23,207 12,814
Share of support and governance costs (see note 9)
Support 67,276 58,436
Governance 1,960 1,960
92,443 73,210
Analysis by fund
Unrestricted funds 91,493 72,110
Restricted funds 950 1,100
92,443 73,210

THE NORFOLK FEDERATION OF WIs

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024

9 Support costs allocated to activities

Staff costs
Depreciation
Rates and water
Insurance
Light and heat
Telephone
House repairs and renewals
Office expenditure
National AGM
Federation committee
Federation meeting costs
Sundry
Governance costs
Analysed between:
Fundraising
Core activities
Governance costs comprise:
Accountancy
Support & governance costs were apportioned as follows:
Fundraising activity - 5%
Trading activity - 25%
Charitable activity - 70%
10
Net movement in funds
The net movement in funds is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
11
Trustees		 2024
£
59,519
714
893
2,556
4,546
1,045
5,255
12,243
244
2,670
6,787
37
2,400
98,909
29,673
69,236
98,909
2024
£
2,400
2,400
2024
£
714		 2023
£
46,702
776
701
1,519
2,747
1,682
8,423
9,501
787
3,562
6,374
706
2,800
86,280
25,884
60,396
86,280
2023
£
2,800
2,800
2023
£
776

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

THE NORFOLK FEDERATION OF WIs

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024

11 Trustees

(Continued)

During the period 6 trustees were reimbursed for travelling and out of pocket expenses totalling £1,587.

12 Employees

The average monthly number of employees during the year was:

2024 2023
Number Number
Full time 1 1
Part time 2 2
Total 3 3
Employment costs 2024 2023
£ £
Wages and salaries 56,795 44,186
Other pension costs 2,724 2,516
59,519 46,702

There were no employees whose annual remuneration was more than £60,000.

13 Gains and losses on investments

Endowment Endowment
funds funds
2024 2023
Gains/(losses) arising on: £ £
Revaluation of investments 4,347 2,888

14 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

THE NORFOLK FEDERATION OF WIs

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024

15
Tangible fixed assets
Freehold land
and buildings
Plant and
equipment
Fixtures and
fittings
£
£
£
Cost
At 1 November 2023
13,088
1,222
8,111
At 31 October 2024
13,088
1,222
8,111
Depreciation and impairment
At 1 November 2023
-
102
674
Depreciation charged in the year
-
93
621
At 31 October 2024
-
195
1,295
Carrying amount
At 31 October 2024
13,088
1,027
6,816
At 31 October 2023
13,088
1,120
7,437
16
Stocks
2024
£
Finished goods and goods for resale
3,171
17
Debtors
2024
Amounts falling due within one year:
£
Trade debtors
76
Prepayments and accrued income
2,381
2,457
18
Current asset investments
2024
£
Charibond investments
77,609		 Total
£
22,421
22,421
776
714
1,490
20,931
21,645
2023
£
4,968
2023
£
66
2,523
2,589
2023
£
73,262

THE NORFOLK FEDERATION OF WIs

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024

19 Creditors: amounts falling due within one year

Other taxation and social security
Payments received on account
Amounts held for WIs
Other creditors
Accruals and deferred income
20
Retirement benefit schemes
Defined contribution schemes
Charge to profit or loss in respect of defined contribution schemes		 2024
£
-
4,239
9,864
677
2,400
17,180
2024
£
2,724		 2023
£
970
3,460
15,891
1,185
2,400
23,906
2023
£
2,516

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

21 Endowment funds

Endowment funds represent assets which must be held permanently by the charity. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.

At 1 Incoming Gains and
At 31 October
November resources losses 2024
2023
£ £ £ £
Permanent endowments
Fakenham Educational Bursary & House Fund 73,262 - 4,347 77,609
Patricia Batty Shaw 6,000 - - 6,000
Miss Catleugh Bursary 1,000 - - 1,000
Cecily McCall Bursary 1,500 - - 1,500
Van Poortvliet Bursary 1,000 - - 1,000
82,762 - 4,347 87,109

THE NORFOLK FEDERATION OF WIs

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024

21 Endowment funds (Continued)
Previous Period: At 1 Incoming Gains and
At 31 October
November resources losses 2023
2022
£ £ £ £
Permanent endowments
Fakenham Educational Bursary & House Fund - 70,374 2,888 73,262
Patricia Batty Shaw - 6,000 - 6,000
Miss Catleugh Bursary - 1,000 - 1,000
Cecily McCall Bursary - 1,500 - 1,500
Van Poortvliet Bursary - 1,000 - 1,000
- 79,874 2,888 82,762

Endowment funds purpose and restrictions:

Fakenham Educational Bursary and House Fund : For providing funds for assistance with the maintenance and upkeep of Evelyn Suffield House and for other educational purposes

Patricia Batty Shaw : The Patricia Batty Shaw bursary is paid annually.

Miss Catleugh Bursary, Cecily McCall Bursary & Van Poortvliet Bursary : The bursary funds were given for the provision of bursaries to members of Norfolk Women's Institutes undertaking further education. It is generally necessary to accumulate several years' income to provide adequate funding. The income from the funds is the interest arising from the permanent endowments. These are paid on an ad-hoc basis depending on the level of interest earned.

22 Restricted funds

The restricted funds of the charity 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 Incoming Resources Transfers At 31 October
November resources expended 2024
2023
£ £ £ £ £
Norfolk Room Fund 2,490 - - - 2,490
Denman Agnes Salter Fund 517 - - - 517
Fakenham Educational Bursary
Fund 8,610 2,151 (600) - 10,161
Patricia Batty Shaw Bursary
Fund - 48 (200) 152 -
Miss Catleugh Bursary Fund - 8 (150) 142 -
Cecily McCall Bursary Fund - 12 - - 12
Van Poortvliet Bursary Fund - 8 - - 8
11,617 2,227 (950) 294 13,188

THE NORFOLK FEDERATION OF WIs

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024

22 Restricted funds (Continued)
Previous Period: At 1 Incoming Resources **Transfers ** At 31 October
November resources expended 2023
2022
£ £ £ £ £
Norfolk Room Fund - 2,490 - - 2,490
Denman Agnes Salter Fund - 517 - - 517
Fakenham Educational Bursary
Fund - 9,210 (600) - 8,610
Patricia Batty Shaw Bursary
Fund - 200 (200) - -
Miss Catleugh Bursary Fund - 150 (150) - -
Van Poortvliet Bursary Fund - 150 (150) - -
- 12,717 1,100 - 11,617

Restricted fund purpose and restrictions:

Both the Norfolk Room Fund and Denman Agnes Salter Fund were established when the Denman College was open. They will be used in 'future' for more general educational purposes, subject to the Charity Commissions approval.

23 Unrestricted funds

The unrestricted 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 funds by the trustees for specific purposes.

At 1
November
2023
Incoming
resources
Resources
expended
Transfers At 31
£
£
£
£
General funds
117,416
108,857
(130,147)
(294)
Previous Period:
At 1
November
2022
Incoming
resources
Resources
expended
Transfers At 31
£
£
£
£
General funds
-
219,052
(101,636)
-		 October
2024
£
95,832
October
2023
£
117,416

THE NORFOLK FEDERATION OF WIs

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024

24 Analysis of net assets between funds

Unrestricted
Restricted
Endowment
funds
funds
funds
2024
2024
2024
£
£
£
At 31 October 2024:
Tangible assets
20,931
-
-
Current assets/(liabilities)
74,901
13,188
87,109
95,832
13,188
87,109
Unrestricted
Restricted
Endowment
funds
funds
funds
2023
2023
2023
£
£
£
At 31 October 2023:
Tangible assets
21,645
-
-
Current assets/(liabilities)
95,771
11,617
82,762
117,416
11,617
82,762		 Total
2024
£
20,931
175,198
196,129
Total
2023
£
21,645
190,150
211,795

25 Related party transactions

There were no disclosable related party transactions during the year.