2021-10-31-accounts

EAST SUSSEX FEDERATION OF WOMEN'S INSTITUTES UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2021

Charity Number 229488

EAST SUSSEX FEDERATION OF WOMEN'S INSTITUTES

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

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 - 21

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EAST SUSSEX FEDERATION OF WOMEN'S INSTITUTES REFERENCE AND ADMINISTRATIVE DETAILS

FOR THE YEAR ENDED 31 OCTOBER 2021

Registered charity name	East Sussex Federation of Women's Institutes
Charity number	229488
Trustees
	Lee Ede (Joint Chairman)
	Dorothy Proietti (Joint Chairman)
	Stephanie Gaunt (First Vice-Chairman)
	Sharon Hamby (Second Vice-Chairman)
	Kim Dunn (Hon. Treasurer)
	Glenys Susan Davies
	Elizabeth Lash
	Jacqueline Frost
	Anita Jobling
	Trudy Gower
	Susanna Way
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 2021

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The Trustees present their report with the financial statements of the charity for the year ended 31 October 2021. 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.

The review of the year would not be complete without reference to the Covid-19 pandemic and the impact of the control measures on our organisation.

Achievements and Performance

The Covid-19 pandemic has continued to affect the operation and activities of the Federation for the entire financial year, ranging from total lockdown in winter through to the easing of Government restrictions in July 2021. For the majority of the year there were only a very limited number of events and these, along with any meetings were held virtually, through Zoom or similar systems. From late summer, face to face meetings held outdoors began to be reintroduced by individual Wis, with indoor meetings and/or hybrid events from September 2021.

In fulfilling its aims the Federation has offered to its members virtual workshops, conferences, courses, and meetings in a wide variety of subjects. Bursaries given by the federation to members for educational courses at Denman College were able to be used for “Denman at Home” virtual courses. Individual WIs have used virtual meetings via Zoom, “meeting in a Bag” and other innovations to stay in touch with members during lockdowns and until physical face to face meetings were able to resume. In addition both the federation and individual WIs have engaged in activities which involve members of the public who are not WI members. The Federation has encouraged its members to participate in the national campaigns organised by the National Federation of WIs. Current campaigns include “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 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 hosting or attending virtual 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).

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EAST SUSSEX FEDERATION OF WOMEN’S INSTITUTES TRUSTEES REPORT YEAR ENDED 31 OCTOBER 2021

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Since March 2020, in line with government advice, the Federation took steps to help contain the Covid-19 outbreak. This included the suspension of all physical gatherings, and the Federation has had to curtail or change how it operates. During lockdown, the building at headquarters was closed, with flexible furlough for staff, or remote working, as appropriate. Furlough arrangements ceased in September 2021, and the headquarters is now open three days a week. The Federation now offers staff the option of flexible working, a combination of working from home and in the office.

The work of the Federation Trustees remained entirely online until September 2021, with meetings held virtually via Zoom and regular contact through email and a dedicated WhatsApp mobile messaging group. Similarly, Federation subcommittee meetings are now primarily via Zoom. The monthly WI News moved from paper-based to entirely online. Educational activities provided by Denman, through Denman at Home, were publicised to members. All subcommittee workshops have now moved online also, with overarching support from the Federation Joint Events Committee.

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 2020-2021 saw the WI Advisers organize Zoom online workshops to help support WIs during the Coronavirus pandemic. A new virtual WI, held entirely via Zoom, was launched.

The Federation Chairman and Treasurer are members of the Council of the National Federation of Women's Institutes. In 2021, the once-yearly meeting of the Council was in October and was held entirely 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.

The Federation’s Annual Meeting was held virtually via Zoom.

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. 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 the note 10.

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 Secretary and part time Bookkeeper.

East Sussex Federation previously supported Denman College, a central training location for all WI members, with bursaries awarded annually. However, Denman was forced to close in the autumn of 2020, and is now to be sold. Legal advice is currently being sought on the future use of the bursary funds.

The Federation planned to install a replacement kitchen in 2020, but this was put on hold due to the Coronavirus pandemic. The anticipated cost of approximately £9,800 will be met from the Lady Castle Stewart Fund.

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EAST SUSSEX FEDERATION OF WOMEN’S INSTITUTES TRUSTEES REPORT YEAR ENDED 31 OCTOBER 2021

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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 £112,167 (2020: £99,415) and the value of the restricted fund was £52,296 (2020: £44,288) 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 £283,702 (2020: £275,205).

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.

Structure, Governance and Management

The number of WIs in this Federation on 31 October 2021 was 88, with 2,834 members. The charity is constituted under rules laid down by the National Federation.

Currently unincorporated, the Federation is working towards becoming a Charitable Incorporated Organisation in future.

Recruitment and Training of Trustees

Trustees are nominated and voted in by the membership. Training 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 2020 to 31 October 2021, there were seven sub-committees: Craft & Art, Finance, Food and Garden, Leisure & Learning, WI Support Team, Public Affairs and Climate Change Ambassadors. Five sub-committees were chaired by members of the Board of Trustees and two had chairmen who were invited to report the minutes of the sub-committee to the Board of Trustees. In addition, a Joint Event Committee was formed early in 2021, with the aim of running a series of virtual workshops and events during the majority of lockdown.

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

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EAST SUSSEX FEDERATION OF WOMEN’S INSTITUTES TRUSTEES REPORT YEAR ENDED 31 OCTOBER 2021

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Professional Advisors

Barclays Bank, The Old Bank, Lewes BN7 2JP

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 2020 to 31 October 2021, the members of the Board of Trustees were:

Clare Biddiscombe-Woolgar, Polegate Sharon Hamby, Hailsham (until March 2021) Hilary Lewis, Eastbourne (until March 2021) Glenys Susan Davies, Westham Anita Jobling, Heathfield Kim Dunn, Horam Dorothy Proietti, Hailsham Lee Ede, Eastbourne Jacqueline Frost, Wartling Stephanie Gaunt, Hastings Trudy Gower, Herstmonceux (until March 2021) Elizabeth Lash, Chiddingly (from April 2021) Susanna Way, Fairwarp (from April 2021)

Chairman: Anita Jobling, Heathfield (stood down March 2021); Dorothy Proietti and Lee Ede (from 1 April 2021) First Vice-Chairman: Dorothy Proietti, Hailsham (stood down March 2021); Stephanie Gaunt (from 1 April 2021) Second Vice-Chairman: Glenys Susan Davies, Westham (stood down March 2021); Sharon Hamby (from April 2021) Hon. County Treasurer: Clare Biddiscombe-Woolgar, Polegate (stood down March 2021); Kim Dunn, Horam (from April 2021)

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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EAST SUSSEX FEDERATION OF WOMEN’S INSTITUTES TRUSTEES REPORT YEAR ENDED 31 OCTOBER 2021

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• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charity SORP;

• make judgements and estimates that are reasonable and prudent;

• • 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.

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 2021

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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 2021.

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:

• accounting records were not kept in respect of the charity as required by section 130 of the Act; or

• the accounts do not accord with those records; or

• the accounts do not comply with the applicable requirements concerning the form and

• 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 2021

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					2021	2020
		**Unrestricted **	**Restricted **	Endowment	Total	Total
		fund	fund	fund	funds	funds
	Note	£	£	£	£	£
INCOME AND ENDOWMENTS FROM:
Donations and legacies		-	-	-	-	1,000
Charitable activities
Affiliation fees		29,143	-	-	29,143	34,732
Government grant income	6	9,991			9,991	21,193
Council meetings		341	-	-	341	35
Sub-committee activities	2	3,253	-	-	3,253	7,114
Special activities	3	5,112	-	-	5,112	5,482
Suspended Institutes		-	4,217	-	4,217	2,791
Other trading activities
Stationery and sales lines		1,228	-	-	1,228	2,910
Sales of WI News		40	-	-	40	40
Investments	4	1,910	746	1,084	3,740	4,405
		_	_	_	_	_
Total income and endowments		51,018	4,963	1,084	57,065	79,702
		_	_	_	_	_
EXPENDITURE ON:
Raising funds
Stationery and sales lines		997	-	-	997	2,520
Purchases of WI News		-	-	-	-	420
Press and publicity		-	-	-	-	-
Charitable activities
Bursaries payable	5	-	-	-	-	(110)
Council meetings		-	-	-	-	250
Sub-committee activities	2	1,795	-	-	1,795	6,752
Special activities	3	4,069	-	-	4,069	3,122
Suspended Institutes		-	-	-	-	-
Salaries and national insurance	7	30,436	-	-	30,436	33,204
Travelling expenses
for Board of Trustees meetings		144	-	-	144	292
Support and governance costs	8	20,443	-	1,048	21,491	22,697
		_	_	_	_	_
Total resources expended		57,884	-	1,048	58,932	69,147
		_	_	_	_	_
Gains / (losses) on investments	10	15,297	3,111	12,716	31,124	1,195
		_	_	_	_	_
NET INCOMING / (OUTGOING)		8,431	8,074	12,752	29,257	11,750
RESOURCES BEFORE TRANSFERS
TRANSFERS BETWEEN FUNDS		66	(66)	-	-	-
		_	_	_	_	_
NET MOVEMENT IN FUNDS		8,497	8,008	12,752	29,257	11,750
RECONCILIATION OF FUNDS
Total funds brought forward		275,205	44,288	99,415	418,908	407,158
		_	_	_	_	_
Total funds carried forward		283,702 _	52,296 _	112,167 _	448,165 _	418,908 _

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 2021

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	Note	2021	2020
		£	£
FIXED ASSETS
Tangible fixed assets	9	123,818	125,218
Investments	10	212,657	183,497
		__	__
		336,475	308,715
		__	__
CURRENT ASSETS
Stocks		369	673
Debtors	11	4,724	6,690
Cash at bank and in hand		120,175	112,805
		__	__
		125,268	120,168
CREDITORS: Amounts falling due
within one year	12	13,578	9,975
		__	__
NET CURRENT ASSETS		111,690	110,193
		__	__
TOTAL ASSETS LESS CURRENT LIABILITIES		448,165	418,908
		__	__
NET ASSETS		448,165	418,908
		__	__
FUNDS OF THE CHARITY:
Unrestricted income funds	13	283,702	275,205
Restricted income funds	14	52,296	44,288
Endowment funds	15	112,167	99,415
		__	__
		448,165	418,908
		__	__

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 2021

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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]

The charity has prepared these accounts on a going concern basis, however there are material uncertainties in respect of the impact of COVID-19. The Trustees have taken into consideration the existing and potential effects of COVID-19 on the activities of the charity. 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.

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 2021

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Government grants are recognised under the performance model.

The grant income is recognised upon performance conditions being satisfied (and should it be received in advance of satisfying the performance, recognition of the income is deferred as a liability) and where there are no specific future performance-related conditions then grants are recognised when proceeds are received or receivable.

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.

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EAST SUSSEX FEDERATION OF WOMEN'S INSTITUTES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 OCTOBER 2021

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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).

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

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EAST SUSSEX FEDERATION OF WOMEN'S INSTITUTES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 OCTOBER 2021

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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 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.

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EAST SUSSEX FEDERATION OF WOMEN'S INSTITUTES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 OCTOBER 2021

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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 14 to 16.

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EAST SUSSEX FEDERATION OF WOMEN'S INSTITUTES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 OCTOBER 2021

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2. SUB-COMMITTEE ACTIVITIES

SUB-COMMITTEE ACTIVITIES
			2021	2020
	Receipts	Payments	Net	Net
	£	£	£	£
Craft and Art	556	236	320	101
Food and Garden	-	15	(15)	760
Finance	18	19	(1)	(83)
Climate Ambassadors	112	75	37	-
Joint Events Committee	1,158	783	375	-
Leisure and Learning	1,407	635	772	(120)
Organisation income	2	-	2	25
WIST	-	32	(32)	(321)
	____	____	__	__
Net surplus for the year	3,253 ____	1,795 ____	1,458 __	362 __

3. SPECIAL ACTIVITIES

			2021	2020
	Receipts	Payments	Net	Net
	£	£	£	£
Agricultural Show: Ardingly	504	453	51	(230)
Bulb Scheme	2,422	2,036	386	296
County Calendar	-	-	-	149
100 Club	1,730	1,550	180	290
County Event	-	-	-	-
NF Raffle	-	-	-	-
Gilt on the Gingerbread	164	-	164	-
Fundraising	-	-	-	1,149
NF Competitions	232	30	202	10
Room charges	60	-	60	186
Denman College Room	-	-	-	410
Denman College Federation visit	-	-	-	100
	__	__	__	__
Net surplus for the year	5,112 __	4,069 __	1,043 __	2,360 __

4. INVESTMENT INCOME

				2021	2020
	Unrestricted	Restricted	Endowment	Total	Total
	fund	fund	fund	funds	funds
	£	£	£	£	£
Listed investments, unit trusts
and common investment funds	1,906	745	1,082	3,733	4,179
Interest on cash	4	1	2	7	226
	__	__	__	__	__
	1,910	746	1,084	3,740	4,405
	__	__	__	__	__
BURSARY INCOME FUNDS
		Investment		2021	2020
		income	Payments	Net	Net
		£	£	£	£
ESFWI		746	-	746	838
		__	__	__	__
Net surplus / (deficit) for the year		746 __	- __	746 __	838 __

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 2021

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6. GOVERNMENT GRANT INCOME

GOVERNMENT GRANT INCOME
			2021	2020
	Income	Payments	Net	Net
	£	£	£	£
Job Retention Scheme Grant	9,991	-	9,991	10,793
Business rates refund	-	-	-	400
Grant from Wealden DC (COVID-19 Support)	-	-	-	10,000
	__	__	__	__
	9,991	-	9,991	21,193
	__	__	__	__
STAFF COSTS
		2021		2020
		£		£
Wages and salaries		30,144		32,799
Employer's national insurance		-		-
Employer's pension contributions		292		405
		__		__
		30,436 __		33,204 __

7. STAFF COSTS

The average number of full time equivalent employees was 3 (2020: 3). 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:

		2021	2020
		£	£
	Travel expenses	144	292
		__	__
**8. **	SUPPORT AND GOVERNANCE COSTS
		2021	2020
		£	£
	Headquarter's expenses	2,194	3,753
	Property repairs and maintenance	542	202
	Federation activities	364	960
	Printing and office stationery	1,116	655
	Postage and carriage	1,753	2,605
	Telephone	394	388
	Subscriptions and gifts	69	184
	Office expenses	3,128	3,852
	Independent examination fee	1,345	1,345
	Accountancy	1,955	2,505
	Professional fees	4,644	1,731
	Bank charges	400	300
	Insurance	1,637	2,268
		__	__
		19,541	20,748
	Depreciation of owned assets	1,950	1,949
		__	__
		21,491 __	22,697 __

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EAST SUSSEX FEDERATION OF WOMEN'S INSTITUTES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 OCTOBER 2021

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9. TANGIBLE FIXED ASSETS		Freehold	Improvements	Fixtures,	Total
		Property	to Freehold	Fittings and
			Property	Equipment
		£	£	£	£
COST
As at 1 November 2020		141,031	67,402	8,597	217,030
Additions		-	-	1,293	1,293
Disposals		-	-	-	-
		__	__	__	__
Carried forward		141,031	67,402	9,890	218,323
		__	__	__	__
DEPRECIATION
Brought forward		21,151	63,560	7,101	91,812
Charge for year		1,411	539	743	2,693
Disposals		-	-	-	-
		__	__	__	__
Carried forward		22,562	64,099	7,844	94,505
		__	__	__	__
NET BOOK VALUE
As at 31 October 2021		118,469	3,303	2,046	123,818
		__	__	__	__
As at 31 October 2020		119,880	3,842	1,496	125,218
		__	__	__	__
10.INVESTMENTS	Designated	General	Restricted	House	Total
	Bursary	fund	Bursary	Endowment
	Fund		Fund	Fund
	£	£	£	£	£
Market value at 1 November 2020	18,679	66,516	38,447	59,855	183,497
Acquisitions at cost	4,650	19,254	6,446	20,551	50,901
Disposals at open book value	(6,531)	(22,835)	(17,188)	(17,277)	(63,831)
Increase/(decrease) in cash balances	2,123	2,976	11,145	(3,302)	12,942
Portfolio fees	(190)	(730)	(393)	(663)	(1,976)
Realised gains / (losses)	342	3,949	2,356	2,776	9,423
Unrealised gains / (losses)	999	10,007	755	9,940	21,701
	__	__	__	__	__
Market value at 31 October 2021	20,072 __	79,137 __	41,568 __	71,880 __	212,657 __

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EAST SUSSEX FEDERATION OF WOMEN'S INSTITUTES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 OCTOBER 2021

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These investments are placed as follows:		2021		2020
	Cost	Market	Cost	Market
		value		value
	£	£	£	£
Listed investments:
Equities	109,204	128,854	107,587	110,868
Property	4,705	5,703	4,705	4,563
Bonds	26,279	26,961	24,174	25,429
Unit Trusts	20,268	24,124	21,611	26,588
Cash	27,015	27,015	16,049	16,049
	__	__	__	__
	187,471 __	212,657 __	174,126 __	183,497 __

These investments are placed as follows:

10.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 (60.2% of total market value) Bonds (12.7% of total market value) Unit Trusts (11.7% of total market value) Cash (12.7% of total market value)

11.DEBTORS

11.DEBTORS
	2021	2020
	£	£
Prepayments	4,724	6,690
	__	__
	4,724	6,690
	__	__
12.CREDITORS: Amounts falling due within one year
	2021	2020
	£	£
Other taxation and social security	197	322
Accruals	6,735	4,941
Grant from NFWI for promotional activities	1,166	1,166
Deferred income	5,480	3,545
	__	__
	13,578	9,975
	__	__

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.

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EAST SUSSEX FEDERATION OF WOMEN'S INSTITUTES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 OCTOBER 2021

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13. COMMITMENTS UNDER OPERATING LEASES

At 31 October 2021 the charity had minumum lease payments under non-cancellable leases which fall due as follows:

			2021	2020
			£	£
Within	1	year	960	960
Within	2	- 5 years	1,920	2,880
			__	__
			2,880 __	3,840 __

14.UNRESTRICTED INCOME FUNDS

UNRESTRICTED INCOME FUNDS
	Designated	Equipment &	General	Total
	Bursary	Maintenance	Fund
	Fund	Fund
	£	£	£	£
Balance at 1 November 2020	24,894	5,000	245,311	275,205
Income	325	-	50,693	51,018
Expenditure	-	-	(57,884)	(57,884)
Transfers between funds	-	-	66	66
Gains / (losses) on investment assets	1,341	-	13,956	15,297
	____	__	__	__
Balance at 31 October 2021	26,560	5,000	252,142	283,702
	____	__	__	__
Represented by:
Tangible fixed assets	-	-	120,712	120,712
Investments	20,072	-	79,137	99,209
Stocks	-	-	369	369
Debtors	-	-	4,724	4,724
Cash at bank and in hand	6,488	5,000	60,778	72,266
Creditors	-	-	(13,578)	(13,578)
	____	__	__	__
	26,560	5,000	252,142	283,702
	____	__	__	__

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.

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EAST SUSSEX FEDERATION OF WOMEN'S INSTITUTES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 OCTOBER 2021

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15.RESTRICTED FUNDS

RESTRICTED FUNDS
	Denman	Suspended	Bursary	Total
	Room	Institutes	Fund
	Fund	Fund
	£	£	£	£
Balance at 1 November 2020	410	2,937	40,941	44,288
Income	-	4,217	746	4,963
Expenditure	-	-	-	-
Transfers between funds	-	(66)	-	(66)
Gains / (losses) on investment assets	-	-	3,111	3,111
	____	__	__	__
Balance at 31 October 2021	410	7,088	44,798	52,296
	____	__	__	__
Represented by:
Investments	-	-	41,568	41,568
Cash at bank	410 _ _	7,088 __	3,230 __	10,728 __
	410 ____	7,088 __	44,798 __	52,296 __

Denman College was a central WI training location. The charity holds a room at this establishment. The fund represents the funds restricted for refurbishment of the room as necessary. The college was closed in 2020.

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.

16.LADY CASTLE STEWART HOUSE ENDOWMENT FUND	Endowment
	Fund
	£
Balance at 1 November 2020	99,415
Income	1,084
Expenditure	(1,048)
Transfers between funds	-
Gains / (losses) on investment assets	12,716
	__
Balance at 31 October 2021	112,167 __
Represented by:
Fixed assets	3,106
Investments	71,880
Cash at bank	37,181
	__
	112,167 __

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.

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EAST SUSSEX FEDERATION OF WOMEN'S INSTITUTES NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 OCTOBER 2021

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17.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.

18.RELATED PARTY TRANSACTIONS

There were no transactions with related parties during the year (2020: none).

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