OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2021-10-31-accounts

----- Start of picture text -----
|
CHARITY COMMISSION |
17 FEB 2022
RECEIVED
----- End of picture text -----

‘FOLK FEDERATION OF WOMEN'S INSTITUTES

accounts for year ending 31 October 2021 Charity Registration No. 227411.

Charity Registration No: 227411

NORFOLK FEDERATION OF WOMEN’S INSTITUTES ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

|

----- Start of picture text -----
y = 4 ‘A~ »
fi 4 yy .
Ni yo
NAiF
NN hi y
----- End of picture text -----

NORFOLK FEDERATION OF WOMEN'S INSTITUTES

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mrs Margaret Collingwood
Mrs Coral Batchelor
Mrs Carol Makins
Mrs Vicki Reynalds
Mrs Elizabeth Barker
Mrs Heather Jeary
Mrs Hazel Jones
Mrs Evelyn Ninham
Mrs Jay Page
Mrs Kim Reynolds
Mrs Lesley Sanders
Charity number 227411
Principal address 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
NR31RT

/

NORFOLK FEDERATION OF WOMEN'S INSTITUTES

CONTENTS

||||| |---|---|---| |||Page| |Trustees’ report||1-3| |Independent examiner's report||4| |Statement of financial activities||5-6| |Balance sheet||7| |Notestothefinancialstatements||8-22|

| |

NORFOLK FEDERATION OF WOMEN'S INSTITUTES

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 OCTOBER 2021

ne

The trustees present their annual report and financial statements for the year ended 31 October 2021.

| 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 socia! 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 trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Achievements and performance

Along with the national feeling of relief that the pandemic is changing to endemic we are grateful for the roll-out of vaccines, boosters and the measures taken to keep us safe during last year. These successes have allowed Wis and the Federation to return to some semblance of normality, holding events and meetings.

Having said that, the beginning of 2021 was not “business as usual”. Evelyn Suffield House was closed and staff were working from home, however, the work of the Federation continued by Zoom — an innovation we did our best to master in 2020.

It was not until June that the Government's roadmap and the easing of restrictions allowed us to plan our reopening.

The National Federation launched a pilot scheme for Federations to form virtual Wis and Norfolk was excited when selected as part of this project. In line with normal practice, three exploratory meetings were held by Zoom and in April the Federation was delighted that Virtually Norfolk WI was born. We are hopeful that a virtual Vi will meet the needs of those unable to attend in person at a WI meeting, either through ill-health or job constraints. It is a new chapter in our 102 year history.

-1-

fi

NORFOLK FEDERATION OF WOMEN'S INSTITUTES

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2021

The dispensation given to charities by the Charity Commission to postpone Annual Meetings in 2020 was not extended. Legally we were obliged to hold our Federation Annual Meeting before ist June. Oue to the restrictions in force at that time, it was not possible to hold a physical meeting. We therefore held the Federation’s 10ist Annual Meeting online on 18th May.

We appreciate that technology is not appealing to all our members but it was the only option open to us. The Federation welcomed over 140 members to the meeting.

Throughout the lockdown and roadmap periods-we offered Zoom talks for members, and our Federation SubCommittees continued meeting via Zoom, planning various activities for members to share online. They worked extremely hard on behaif of the Federation and we thank them for their dedication.

We were pleased when the roadmap allowed us to plan the re-opening of Evelyn Suffield House. Prior to welcoming back members, the Board of Trustees, Sub-Committees and Staff spent two weeks exhaustively clearing the House of all the extraneous materials which had accumulated over the years. The Staff were relieved to be once again working together in the Office.

At this point, the Trustees would like formally to acknowledge and thank the Staff for their hard work over the last two years in such trying conditions. Employers are required by faw to ensure that employees take their holiday (it is no longer permissible to pay for holiday not taken), however, as a result of work pressures and the Staffs’ commitment to the Federation their full holiday entitlement for two years had accrued. Therefore, in order to fulfil our legal obligations, the Office was closed for the month of December.

The Board of Trustees were delighted to welcome members at the Open House on 1st August, with the second successful Walking Treasure Hunt of Norwich taking place on the same day. It was wonderful, finally, to meet up again. From that date, as far as possible, “normal service” has been resumed.

Inevitably during a pandemic such as we have experienced there will be casualties and unfortunately, some of our Wls have not been able to continue. We are pleased to note that, in the main, their members have joined other Wis but it must be acknowledged that the Federation membership has at this time decreased.

The Board of Trustees, seven Sub-Committees, three members of staff and 73 Federation volunteers who make up the Norfolk Federation will continue to work on behalf of all our members and are looking forward to the calendar of events planned for the coming year, and a return to a familiar way of Wi life.

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-ofbéth their tire 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 six 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.

.

| |

NORFOLK FEDERATION OF WOMEN'S INSTITUTES

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2021

.

The trustees who served during the year and up to the date of signature of the financial statements were: Mrs Margaret Collingwood

Mrs Coral Batchetor Mrs Carol Makins Mrs Vicki Reynolds Mrs Elizabeth Barker

Mrs Mary Dorrell Mrs Heather Jeary Mrs Hazel Jones Mrs Evelyn Ninham Mrs Jay Page Mrs Kim Reynolds Mrs Lesley Sanders

,

(Resigned 31 October 2021)

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 Margaret Collingwood Trustee

,

14 February 2022

-3-

:

NORFOLK FEDERATION OF WOMEN'S INSTITUTES

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF NORFOLK FEDERATION OF WOMEN'S INSTITUTES

1 report to the trustees on my examination of the financial statements of Norfolk Federation of Women's Institutes (the charity) for the year ended 31 October 2021.

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).

| 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 | 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. | 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.

| have completed my examination. | confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

| 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: 14 February 2022

-4-

NORFOLK FEDERATION OF WOMEN'S INSTITUTES

STATEMENT OF FINANCIAL ACTIVITIES

FOR: THE YEAR ENDED 31 OCTOBER 2021

| :

‘ Unrestricted Restricted Endowment Total Unrestricted Restricted Endowment Total
funds funds funds funds funds funds
, 2021 2021 2021 2021 2020 2020 2020 2020
Notes £ £ £ £ £ £ £ £
Income from:
_
Donations and legacies		 3 32,838 - - 32,838 36,578 50 - 36,628
Charitable activities 4 49,497 - - 49 497 71,992 - - 71,992
Other trading activities 5 6,282 - - 6,282 11,233 250 - 11,483
Investments 6 1,817 - 1,665 3,482 2,540 - 1,951 4,491
Total income and endowments 90,434 - 1,665 92,099 122,343 300 1,951 124,594
Expenditure on:
Raising funds 7 26,031 - - 26,031 46,749 3,187 - 49,936
Charitable activities 8 53,337 - - 53,337 52,596 - 490 53,086
Total resources expended 79,368 - - 79,368 99,345 3,187 490 103,022
Net gains/(losses) on investments 12 7,579 - 7,579 15,158 (8,859) - (8,859) (17,718)
Netmovementinfunds 18,645 - 9,244 27,889 16,269 (5,017) (7,398) 3,854

-5-

. ‘ | | cf NORFOLK FEDERATION OF WOMEN'S INSTITUTES

| |

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)

FOR THE YEAR ENDED 31 OCTOBER 2021

Unrestricted Restricted Endowment Total Unrestricted Restricted Endowment Total
funds funds funds funds funds funds
2021 2021 2021 2021 2020 2020 2020 2020
Notes £ £ £ £ £ £ £ £
Gross transfers between funds - - - - 2,130 (2,130) - -
Netmovement in funds 18,645 - 9,244 27,889 16,269 (5,017) (7,398) 3,854
Fund balances at 1 November 2020 171,396 3,007 44,943 219,346 155,127 8,024 52,341 215,492
Fund balances at 31 October 2021 190,041 3,007 54,187 247,235 171,396 3,007 44,943 219,346
_——————— ———————l ——————d —————l —————l —————d ———————d ed

The statement of financial activities includes all gains and losses recognised in the year.

|

All income and expenditure derive from continuing activities.

NORFOLK FEDERATION OF WOMEN'S INSTITUTES

BALANCE SHEET

AS AT 31 OCTOBER 2021

2021 2020
Notes £ £ £ £
Fixed assets
Tangible assets 13 23,435 24,557
’
Current assets
Stocks 14 2,623 4,000
Debtors 15 12,620 3,088
Investments 16 79,284 64,126
Cash at bank and in hand 149,556 151,332
244,083 222,546
Creditors: amounts falling due within
one year 17 (20,283) (27,757)
Net current assets 223,800 194,789
Total assets less current liabilities 247 235 219,346
Capital funds
Endowment funds - general
General endowment funds 54,187 44,943
54,187 44,943
Permanent endowment - -
Expendableendowment 54,187 44,943
19 54,187 44,943
Income funds
Restricted funds 20 3,007 3,007
Unrestricted funds
Designated funds 21 9,100 9,100
General unrestricted funds 180,941 162,296
190,041 171,396
247,235 219,346

The financial statements were approved by the Trustees on 14 February 2022

Mrs Vicki Reynolds Trustee

-7-

,

NORFOLK FEDERATION OF WOMEN'S INSTITUTES

----- Start of picture text -----
|
----- End of picture text -----

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2021

1 Accounting policies

Charity information

Norfolk Federation of Women's Institutes is a unincorporated charity governed by the Constitution and Rules for Federation of Women's Institutes .

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. 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.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

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.

-8-

a

NORFOLK FEDERATION OF WOMEN'S INSTITUTES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2021

(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.

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 Computers 33% on cost

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).

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.. Lee . .

z

7

|

NORFOLK FEDERATION OF WOMEN'S INSTITUTES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2021

(Continued)

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.

The charity is exempt from tax on its charitable activities.

1.12 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

-10-

NORFOLK FEDERATION OF WOMEN'S INSTITUTES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 OCTOBER 2021

1 Accounting policies

(Continued)

1.13 Retirement benefits

The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

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.

3 Donations and legacies

Unrestricted Unrestricted Restricted Total
funds funds funds
2021 2020 2020 2020
£ £ £ £
Donations and gifts 4,398 558 50 608
Legacies receivable 383 6,000 - 6,000
Grants 28,057 30,020 - 30,020
32,838 36,578 50 36,628
Grants receivable for core activities
Covid-19 Business Grant 28,057 25,000 - 25,000
Covid Job retention scheme - 5,020 - 5,020
28,057 30,020 - 30,020

-W-

.

,

NORFOLK FEDERATION OF WOMEN'S INSTITUTES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2021

4 Charitable activities

Core Core
activities activities
2021 2020
£ £
Membership fees 36,978 42,620
Norfolk WI News 2,833 6,605
Subcommittee events 5,585 18,289
Federation meetings income - 77
Event support fee 1,654 2,081
Yearbooks 2,447 2,320
49,497 71,992

5 Other trading activities

Unrestricted Unrestricted Restricted Total
funds funds funds
2021 2020 2020 2020
£ £ £ £
Special events 697 1,811 150 1,961
Sale of publications, stationery and goods 4,184 6,164 - 6,164
500 Club 1,036 1,625 - 1,625
Miscellaneous 365 1,633 100 1,733
Othertradingactivities 6,282 11,233 250 11,483

6 Investments

Unrestricted Endowment Total Unrestricted Endowment Total
funds funds funds funds
general general
2021 2021 2021 2020 2020 2020
£ £ £ £ £ £
Dividend income 1,665 1,665 3,330 1,951 1,951 3,902
Interest receivable 152 - 152 589 - 589
1,817 1,665 3,482 2,540 1,951 4,491

-12-

‘

NORFOLK FEDERATION OF WOMEN'S INSTITUTES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2021

7 Raising funds

Unrestricted Unrestricted Restricted Restricted Total
funds funds funds
2021 2020 2020 2020
£ £ . £ £
Fundraising and publicity
500 Club 520 785 - 785
Support costs 3,507 3,811 - 3,811
Fundraising and publicity 4,027 4,486 - 4,596
Trading costs
Publications, stationery and goods 4,463 5,893 - 5,893
Century events - - 3,187 3,187
Support costs 17,541 36,260 - 36,260
Trading costs 22,004 42,153 3,187 45,340
26,031 46,749 3,187 49,936

8 Charitable activities

Core Core
activities activities
2021 2020
£ £
Sub-committee event expenses 3,420 16,092
Committee meeting expenses 72 244
Bursaries - 490
Yearbooks 730 -
4,222 16,826
Share of support costs (see note 9) 47,560 35,205
Share ofgovernance costs (see note 9) 1,555 1,055
53,337 53,086
Analysis by fund
Unrestricted funds 53,337 52,596
Endowmentfunds-general - 490

-13-

NORFOLK FEDERATION OF WOMEN'S INSTITUTES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2021

9 Support costs
Support Governance 2021 Support Governance 2020
costs costs costs costs
£ £ £ £ £ £
Staffcosts 46,843 - 46,843 45,254 - 45,254
Depreciation 1,122 - 1,122 980 - 980
Rates and water 311 - 311 1,055 - 1,055
Insurance 1,563 - 1,563 540 - 540
Light and heat 1,513 - 1,513 2,153 - 2,153
Telephone 1,746 - 1,746 1,620 - 1,620
House costs 2,347 - 2,347 7,096 - 7,096
Office expenditure and
postage 6,813 - 6,813 8,482 - 8,482
National AGM - rebates
2020 3,562 - 3,562 - - -
Federation committee 187 - 187 731 - 731
Federation meetings
costs 192 - 192 3,501 - 3,501
Sundry 1,744 - 1,744 2,699 - 2,699
Accountancy - 2,220 2,220 - 2,220 2,220
67,943 2,220 70,163 74,111 2,220 76,331
Analysed between
Fundraising 3,397 110 3,507 3,701 110 3,811
Trading 16,986 555 17,541 35,205 1,055 36,260
Charitable activities 47,560 1,555 49,115 35,205 4,055 36,260
67,943 2,220 70,163 74,111 2,220 76,331

Support costs were apportioned as follows;

TradingFundraisingactivityactivity - _ - 25%5% Charitable activity - 70%

10 Trustees

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

2 trustees (2020 : 8) were reimbursed for travelling and out of pocket expenses totalling £457 (2020 : £995)

-14-

NORFOLK FEDERATION OF WOMEN'S INSTITUTES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2021

  1. Employees

The average monthly number of employees during the year was:

The average monthly number of employeesemployees during the year was:was:
2021 2020
Number Number
Full time 1 1
Part time 2 2
Total ; 3 3
Employment costs 2021 2020
£ £
Wages and salaries 44,087 42.614
Other pension costs 2,756 2,640
46,843 45,254

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

12 Net gains/(losses) on investments

Unrestricted Endowment Total Unrestricted Endowment Total
funds funds funds funds
general general
, 2021 2021 2021 2020 2020 2020
£ £ £ £ £ £
Revaluation of
investments 7,579 7,579 15,158 (8,859) (8,859) (17,718)

-15-

NORFOLK FEDERATION OF WOMEN'S INSTITUTES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2021

13 Tangible fixed assets
Freehold land
and buildings		 Plant and
equipment		 Fixtures and
fittings		 Computers Total
£ £ £ £ £
Cost
At
1 November 2020		 13,088 4,612 29,459 8,444 55,603
At 31 October 2021 13,088 4,612 29,459 8,444 55,603
Depreciation and impairment
At 1 November 2020 - 3,157 19,445 8,444 31,046
Depreciation charged in the year - 122 1,000 - 1,122
At 31 October 2021 - 3,279 20,445 8,444 32,168
Carrying amount
At 31 October 2021 13,088 1,333 9,014 - 23,435
At 31 October 2020 13,088 1,455 10,014 - 24,557
14 Stocks
2021 2020
£ £
Finished goods and goods for resale 2,623 4,000
15 Debtors
2021 2020
Amounts falling due within one year: £ £
Trade debtors 337 1,372
Prepayments and accrued income 12,283 1,716
12,620 3,088
16 Current asset investments
2021 2020
£ £
Charibondinvestments 79,284 64,126

-16-

NORFOLK FEDERATION OF WOMEN'S INSTITUTES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 OCTOBER 2021

17 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
2021 2020
£ £
Payments received in advance 12,576 9,460
Amounts held for WI's 5,817 4,983
Other creditors 140 11,564
Accruals 1,750 1,750
20,283 27,757

18 Retirement benefit schemes

Defined contribution schemes

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.

The charge to profit or loss in respect of defined contribution schemes was £2,756 (2020 - £2,640).

-17-

,

|

NORFOLK FEDERATION OF WOMEN'S INSTITUTES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2021

19 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.

Movement in funds Movement in funds
Balance at Incoming Resources Transfers Revaluations Balance at Incoming Resources Transfers Revaluations Balance at
1 November resources expended gains and 1November resources expended gains and 31 October
2019 losses 2020 losses 2021
£ £ £ £ £ £ £ £ £ £ £
Expendable endowments
Fakenham Educational
Bursary and House Fund 44,031 1,951 (490) - (8,859) 36,633 1,665 - - 7,579 45,877
Patricia BattyShaw 5,152 - - - - 5,152 - - - - 5,152
Miss Catleugh Bursary 1,071 - - - - 1,071 - - - - 1,071
Cecily McCall Bursary 1,243 - - - - 1,243 - - - - 1,243
Van Poortvliet Bursary 844 - - - - 844 - - - - 844
52,341 1,951 (490) - (8,859) 44,943 1,665 - - 7,579 54,187

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 McCail 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. At the present time the National Association's solicitors and the Charity Commission are in dialogue regarding how to manage these funds following the closure of Denman College.

,

NORFOLK FEDERATION OF WOMEN'S INSTITUTES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2021

20 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

,

Movement in funds Movement in funds Movement
in funds
Balance at Incoming Resources Transfers Balance at Incoming Balance at
1 November resources expended 1 November resources 31 October
2019 2020 2021
£ £ £ £ £ £ £
Norfolk
Room Fund 2,390 100 - - 2,490 - 2,490
2019 Fund 5,117 200 (3,187) (2,130) - - -
Denman
Agnes Salter
Fund 517 - - - 517 - 517
8,024 300 (3,187) (2,130) 3,007 - 3,007

Restricted fund purpose and restrictions:

.

Norfolk Room Fund : Funds raised for the support of the Norfolk rooms at Denman College, when it was open, and to supply bursaries.

2019 Fund : Funds to be used for major promotions and celebrations of the Norfolk Centenary in 2019, with the surplus after the celebrations being transferred to general funds.

Denman Agnes Salter Fund : Funds were used to cover any loss making future events at Denman College when it was open.

At the present time the National Association's solicitors and the Charity Commission are in dialogue regarding how to manage these funds following the closure of Denman College.

-19-

NORFOLK FEDERATION OF WOMEN'S INSTITUTES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2021

21. Designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

Movement
in funds
Transfers 1 Balance at
November		 Incoming
resources		 Balance at
31 October
2020 2021
£ £ £ £
Designated funds 9,100 9,100 - 9,100
9,100 9,100 - 9,100

Designated fund purpose and restrictions:

Designated fund : Unrestricted funds that trustees have earmarked to potentially be spent on certain projects in the current or forthcoming year, including the Federation becoming a CIO.

.

-20-

NORFOLK FEDERATION OF WOMEN'S INSTITUTES

i NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR:THE YEAR ENDED 31 OCTOBER 2021

22 Analysis ofnetassets betweenfunds
;		 Unrestricted Restricted Endowment Total Unrestricted Restricted Endowment Total
funds funds funds funds funds funds
2021 2021 2021 2021 2020 2020 2020 2020
£ £ £ £ £ £ £ £
Fund balances at 31 October 2021 are represented
by:
’ Tangible assets 23,435 - - 23,435 24,557 - - 24,557
Current assets/(liabilities) 166,316 3,297 54,187 223,800 146,839 3,007 44,943 194,789
; 189,751 3,297 54,187 247,235 171,396 3,007 44,943 219,346

|

| aT ccc acca ZL ZLIL__ a | -21.

o

NORFOLK FEDERATION OF WOMEN'S INSTITUTES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2021

23 _+Related party transactions

There were no disclosable related party transactions during the year (2020 - none).

-22-