2024-09-30-accounts

theWI INSPIRING WOMEN THE NATIONAL FEDERATION OF WOMEN'S INSTITirrES OF ENGLAND, WALES, JERSEY, GUERNSEY AND THE ISLE OF MAN Trustee report and financial statements for the year ended 30 September 2024 Charity niimber: 803793 Company number: 02517690

The National Federdtion of Women's Institutes of England. Wales, Jew., Guernsey and the Isle of Man Contents Page Introduction Trustee re ort Strategic report Objectives and actiNities Achievernents and performance Financial review Plans for future periods Principal risks and uncertainties Stwcture, governance and management Statement of t￿Stees. responsibilities io Reference and a(In]inistrative details 12 al Statetnents Independent Auditor s Report Consolidated StateTnent of Financial AetiNities Consolidated Summary Income and Expenditure Account 16 Balance Sheets 17 Consolidated Statement of Cash Flows 18 Notes to the Accounts 19-35

The National Federation of W'omen's Institutes of England. Wal&s, JerseN'. Guernsev and the Isle of fvlan Introdiiction The trustees, who are the directors of the charitable eompany, present their report and group audited accounts for the year ended 30 September 2024. The trustees, report incorporates the strategic report as required under company law. The group comprises the National Federation of Women's Institutes (the NFWI) including Denman. the NFWq s educational charity, and its subsidiary trading company WI Enterprises Limited. The accounts have been prepared in accordance with Financial Reporting Standard 102 (FRS 102) applicable in the UK and Republie of Ireland, the Cklarities Statement of Recommended Practice (FRS 102) and the Companies Act 2006. The NFWt represents the WI movement nationally. It supports, co-ordinates and provides a focus for the aCtI￿tIeS of the WI movement as a whole so as to promote unity of purpose. The WI movement consists of around 180.000 members in 5,500 Women's Institutes (￿s). Each INI is affiliated to one of 69 county or island federations (the federations) and these in turn are members of the NFWI. Each county or island federation and each local WI is a separately constituted charity that prepares its own accounts which are either independently examined or audited. Strategic report Objectives and activities The Women's Institute organisation is based on the ideals of fellowship, trnth, tolerance and justice. All women who are interested in the values and purposes of the Women's Institute may join, no matter what their Triews on religion or politics may be. The organisation is non-sectartan and non- party political. The NFWI'S aitn is for the WI to be an organisation of ehoice. inspiring and enriching the lives of all women and gir]s who Tr*ish to play an active role in their communities, widen their horizons and learn new sktlls, and for every woman to have the OppOrtL￿ity to join the WI, wherever she lives. The main purposes of the Women s Institute organisation are: a) 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" b) to promote sustainable development for the public benefit by educating people in the pre5eTh'ation, conseTh'ation and protection of the environment and the prudent llse of natural resources. and promoting sustainable means of achieving economie growth and regeneration. c) to advance health for the public benefit. d) to advance citizenship for the public benefit by the promotion of ciMc responsibility and volunteering. The NFWI seeks to gkve women the opportunity. of w'orking together through the Women's Institute organisation in their communities, of developing their capacity and ski115, and of putting into practice those ideals for which the Women s Institute organisation stands. The NF￿ seeks to ensure that it is open and aeeessible to all women and that as many different opportunities are offered to as man}, members as possible so that that they can make the most of their membership. It supports, assists and adNises the federations and WIS to provide an effectii'e framem'ork for delii'ery of the WI'S purposes and also offers membels the chance to work alongside their fellow members throughout England, Wales and the Islands on national projects. It provides

The National Federation of Women's Institutes of England. Wales, Jerm.. Guernsey and the 151e of Nlan inforniation, training and edueation senTice5. It promotes women's concerns and interests nationally by prO￿dIng an operating model within which members, iiews shape polic%" and strate￿, representing their concerns to national and loeal government, other ageneies. corporations and the woder community and infiueneing change. The activities undertaken by the NFWI fall under the following strategic aims: Bold and Inspiring: To be a bold voÉee representing all women and the communities in which they live. Growing and Relevant: To continually promote the achievements of the WI, reach more women and grow WI membership. Inclusive: For membership to refiect local communiti&s and represent women from all bac￿oUndS through the work the WI does. Flexible: To remove any prdetieal barriers to women supporting the WI by offering flexible ways the! can engage what the Wt does. The NFWI launched a new strategic plan on 16th September 2020. This report is based on this framework. Public benefit- The trustees confirtn they haN"e had due regard to the Charity Commission guidance on public benefit in detern]ining the actiNities undertaken the charity. The trustees are satisfied that the NFWI'S actiiities, as explained in this report, are in aeeordanee Mqth the regulations on public benefit Achievements and performance This section summarises the key achievements in 20231¥ against the NFWI'S strategic aims. Bold and Inspiring: To be a bold ￿0]ee representiiig all women and the communities in Vl'hich the). live We have excelled in our campaigning activit!, particularly in women s health and fighting the seourge of violence against women. IVI members took part in the annual 16 da￿ of actiiism to tackle gender- based violence, by holding presentation meetings, wearing orange, erafting orange flowers to send to MPS, donating iten]s to their local women's refuges and holding Community epents. Meanwhile Welsh Wls continued their long-running Not In My Name campaign - holding cross- parti" eTrents, hosting an annual eandle-lit irygil outside of the Senedd. and engaging male allies, including the Farmer's Union of Wales, to get behind the Mfhite Ribbon campaign to end male violence against women. In N0Ve￿ber, a lunchtime cross-party stakeholder event foeussed on the need for a Trthole society response to en(ling Violence Against Women (VAW). In the el'ening, a Candlelight Vigil took place on the steps of the Senedd to show solidarity wtth victims and survivors of the VAW across the world. NFWI-Wales and the Farme1￿. Union of Wales (FUW) hosted a drop-in event on the FUW stand at the Eisteddfod to engage organisations and indi￿dualS to take action to end violence against women. NFWI-Wales was iniited to two roundtables. the first with the Council of Europe Group of Experts on combating VAW and domestic violence in relation to the implementation of the Istanbul Convention in Wales and the second with Reem Alsalem, UN Special Rapporteur on Violence Against Women who was visiting Wales to discuss the situation on VAW in Wales and to feed the information into her report being prepared for the UK Government. Members gathered in London to hear about the No More Wiolence campaign including a campaigning workshop and a panel discussion with experts from Imkaan. Women's Aid and Woman's Trust all contributing.

The National Federation ofWomen"s Institutes of England. Wales. Jers•', Guernsey" and the Isle of fvIaTh WI members actipely engaged their Police and Crime Commissioner (PCC) candidates ahead of the election to ask about their plans to tackle iiolence against women and girls. The Wl's Climate Conference took place on 17 October 2023. The day-long conference welcomed over 120 members to explore different aspects of climate change, including discussions about the UK'S energy system. the disproportionate impaet of elimate change on women; and improiillg the UK'S biodiversity, agrieulture. global climate. The event featured presentations and panel discussions from over 30 high-profile speakers. including forn]er Prime Minister Lady Theresa May, former Secretary of State for Business, Energy and Industrial Strateg5' and president for Cop 26 Sir Alok Sharma and then Shadow Secretary of State for Energy and CIITnate Change, Ed Miliband. In May and June, metnbers joined the Larger Us Climate Coni'ersations project, which focused on the value of having constructi%"e, judgement-free coni-ersations about climate change in our daj-to-day lives. This eulminated in a 6-week Challenge where group5 of WI members supported each other to engage in clitnate conTrersations. which w7s a week-long celebration of action on climate change and nature. It also ealled on politicians to pla}. their role. NFWI-Wales organised a meeting in February 2024 bringing together Wl Climate Change Ambassadors and Federation Public Affairs Chairs to gather members thoughts on the Welsh GOI,ern￿ellt,s Just Transition Framework consultation on MoN￿g to net zero in a fair way. In November, the NFWI joined the Marine ConseTh-ation Society, at io Downing Street in Westminster to hand in their petition containing oi'er 44.000 signatures. The petition, supported by Wl members, called for the introduction of mandatory microfibre filters for washing tnachÉnes by 2024. We held a drop-in for MPS in Parliament, encouraging decision n￿(erS to join the All-Party Parliamentary Group (APPG) on Microplastics which the NFWt is the secretariat for and provides technical and policy input Members co-signed The Climate Coalition s open letter for communih, groups calling politicians - ahead of the General Election - to commit to COn￿ersatiOnS the public on how they taclde the climate and nature erises. members across England, Wales and the Islands continuing to make wal'es for clean riTrers holding awareness stunts, undertakillg eraftiiism and citizen science, and lots more in their communities. The WI also partnered with Earthwatch for the first time to promote the eitizen science driiTe to our members. Over 80 WIS and even more individual members took part -measuring nutrient pollution in local water bodies. The NFM Public Affairs team held a Parliamentary drop in event as part of the launch of our Thinking Differently report - giiing i'oices to the experiences of autistic and ADHD women. MPS were invited to hear from WI members themselves, who shared their personal experiences of autism and ADHD. As well as the report, MPS were giiTen Catnpai￿l ke}Tings and brooches crafted by members. syml>)lising their commitment to championing the cause of neurodiversity. The NF￿-WaleS joined up with Target th,arian Cancer to call on the Welsh Government to take urgent action and fund a national awareness Campai￿ on ovarian cancer symptoms. A petition was handed in to Eluned Morgan MS, the then Minister for Health and Social Serrices in NoN'ember and members joined some Members of the Senedd {MSs) for a photo opportunity, of the steps of the Senedd. At the NFWt Annual Meeting in June, Wl members voted with a confident majority of 95% to pass the Dental Health Matters resolution and signal their deep concern about the crisis in NHS dentistry. To continually promote the achieN"ements of the ￿, reach more women and grolv Wl membership During the year we welcomed 25,401 new members and 60 new WIS were fornied.

The National Federation of Women's Institutes of England. Wal&s. Jersth., Guernsei and ihe Isle of hl2n In 2023, we launched our first NFWI podcast. which anyone can stream or domrydoad using their preferred platform. The first episodes were full of the Stories and experiences of WI members and supporters - including cO￿erage of our Thinking Differentlj and No More Violence Against Women campaigns. We continued our collaboration with England Rugb}' through The Women's Rugby World Cup Impact 25 Programme. 41 WIS have now partnered with their local rugby clubs, showcasing the resoUrcefuln￿S of members and the diversity of our aetiiities - not limited to rugby or sport. Members have leveraged local rllgby venues to welcome newcomers, inNite in refugee women and families, host No More Violence events, and hold other event nights and fundraisers. We're building a strong, inclusive and ￿brant legacy whilst showe2sing the power of teamwork-on and off the pitch. For membership to Promote. local communities and represent Vl'omen froni all backgrounds through the Vi'ork the WI does In 2024, Wl Life continued to champion the WOEnen of the ￿ movement, in eight issues of bold content. The magazine celebrated members, achievements through stories and images., ever)thing from Margate WI s tireless work in taekling litter, and Penllwvn M s 124% increase in membership. to Cheshire Federntion's community, crafts workshops and the global reach of the w￿￿[al Wls such as Cybercats and Surrey ￿￿ens. Eminent Professor Caitriona Beaumont wrote for ￿ Lrfe on the power of the WI, and in an exclusive inteThryew Professor Laura McAllister spoke about what it means to be a fetninist in 20¥. WI Life vtsited Pride events all oi'er the UL met the women of Bronzefield Bees WI inside Surrey's HMP Bronzefield, and reported from the knnual Meeting. The magazine supported the WI'S campaigning agenda in every issue, reporting on key developments in Thinking Differently, No More Violence against Wortlen and Girls, and Clean Rivers for People and Mrildlife catnpaigns. wt Life led the conversation in 2024 and amplified the i'oiees of ￿ women - including through features on how to stay safe ￿hlIe dating online" banishing imposter s￿drOMe. easing the burden of the sandwich generation. and promoting your WI in media. We also focussed on providing our Wl AdNisors with more training and networking opportllnities this year, following a review of the programme. A ke}. request that emerged froTn federations and Wl AdNTsers was to find a wa}. for AdNisers to come together, network and share their ideas and experiences. The first of these new Networking sessions was held in late sunllner 2023, with an extra Autumn date added to due demand. To remove anv prcictical barriers to women supporting the Wl by offering flexible ways they can engclge ivith iyhat the WI does Introducing greater flexibility for mernbers in the way they join and how they manage their Wls was a central aim of the strategy launched in 2020. We launched new WI Supporter options in April 2023, with Supporter and Supporter Plus strearns. Howeper, llpon a 12-month reTriew of these options, it was clear that we could streamline them ￿rther, into instead: Supporter and Donation. This gives greater clarity" about where the Wl Supporters sit Mrythin the moN'ement and its function. The Supporter option is for women onl}" and proNides a Vi75, to connect to the Wl and show support without becoming a ￿11 member. The Donation option - now supported by a 'donate now, button on the NFWI website, is for anyone - including men - who wish to support our work fmanclally. Meanwhile. our virtual WIS grew again in size in the year 23124. These now total 17 virtual groups - vith more Coming online. There is even a Virtual WI Summer festival, organised independently of the NFWI which proved a popular event.

The National FederatlOD of Women's Institlltes of England. Wales. Jerw, Guernse￿ and the Isle of Man This )'ear the NFWI attended, hosted stalls, and celebrated the moi-ement across man)" eN'ents in England, Wales and the regions. Standouts were our iniited appearances at the Happy Place Festivals in Chiswick and Tatton Park. stylist Live, HaN" festii"al, and Pride ei'ents. We are Committed to being welcorning and inclusive to all women - iniryting new members and supporters in and to see for themselves the huge benefits of fLm. friendship and skills sharing. Financial review At the end of the financial year the NFWI remained in a strong financial position overall with adequate reserve5. Income Conso]idated income increased by 10.82% to £4.057m (2023: £3.66m). Income from donations and legacies was £46k (2023: £13k). Income from charitable actÈvities was £2.4im (2023: £2.33m). The main sources of income were membership subscriptions of £2.3Otn (2023: £2.￿M), other educational actiNities of £109k (2023: £174k). Other income was from training, events and actI￿tieS, and services for members. Paid membership numbers for the 2024 membership year at the end of the financial year maintain similar numbers compared to the same time last year. Income from other trading activities was £i.058m (2023: £983k). This came from advertising, commission agreements 2nd other trading actiNities by the trading subsidiary. IYI Enterprises Ltd. Investment income registered an increase of 61.3% to £544k (2023: £337k). At the very end of this financial year, launched the ￿ [￿ttery. which will be a new revenue stream for all three tiers of the organisation. Adi'ertising revenue continues to recover but it is still lower than the results pre-2020, and income from the sale of diaries continues to fall year on year. Expenditure Consolidated expenditure increased by 8.6% to £4.528m (2023: £4.17m). Expendi￿re on charitable actiiities was £3.67m (2023: £3.33m). Membership and training expenditure was £2.28m (2023: £2.06m) i¥hich included £i.168m for production and deliN'ery" of the members, magazine, Wl Life, and other services for members. Education expenditure was £807k (2023: £747k) whkch included expenditure at Denman of £307k and other educational activities of £5ook Public affairs expenditure of £587k (2023: £525k) supported actiiryties related to research and campaigning. Expenditure on raising fi￿dS was £855k (2023". £84ok). Thts mainl}. rdated to costs of sales and overheads of Wt Enterprises Ltd. Education & Development, incliiding Denman Our journey tom'ards making aceess to learning conN'enient, inspiring and flexible. is progressing remarkably. We are on a mission to create a d)Trarnic learning pathwa}. that propels women into pursuing their passion, skills or academic goals. empoTh"ering w.omen to inerease their self-worth, confidenee and reach their full potential at all stages of life.

The National Federation of W'otnen'5 Institlltes of England. Ivales, Jerse)., Guernsey" and the Isle of Man Phase one has been a resounding success. We proudl}' launched The ￿ Learning Hub on January 24, 2024, complete a platfortn update to make naNTrgation easier, and exciting changes to our educational and eourse offerings and accessibility. The response has been phenomenal. We have averaged 6,000 bookings per month, showcasing the incredible enthusiasm of our members to engage qth our educational initiatives. Thanks to the improvements in our course prO￿S1On, we have offered an incredible alerage of 130 courses per month. Our partnerships and collaborations surged by 40% compared to last year, enhancing our capacity to support members especiall}. those in kei, role5. Working alongside external organisations has significantly enriched our edueational offerings. enabling us to aecess additional expertise and resources. This allowed us to proiide diverse and d>Thamic learning opportunities for our members. In 2023, we communicated our commitment to expanding the educational network regionally to address gaps in the educational market, Tria the Denman Trust Grant Scheme. Through this scheme, federations can Èmplement in-person educational programmes that reflect loeally identified interests, promote Tnembership growth, and encourage members to expand their skill sets and personal development. Trading subsidiary The trading company, Wl Enterprises Ltd achieved a total profit of E204k as of September 2024 (2023: £143k). The Ivt Enterpris&s Ltd partnership Hobbycrdft continues to grow with new product ranges introduced and others in the pipeline. WIE also12unched a shop Mith sustainable products in partnership with Teemill and started working with Gardners - the UK largest book wholesalers within the year. The WIE Board continues to explore areas of new partnerships and other avenues to diversify income. Balance sheets Tangible fixed assets, including the freehold properties at historic eost were £306k (2023". £312k)' In￿eSt[nellts were £4.0rn (2023: £4.2m). Net current assets were £8.82m (2023.. £8.8om). Total ￿ndS of the group as at 30 September 2024 were £13.121m {2023.- £13.299) comprtsing unrestrieted fi￿dS of £4.18im (2023: £4.6om), restricted funds of £8.84m (2023: £8.63m) and endowment funds of £54k (2023: E54k). Unrestricted funds are available for expendits￿e on achieTring the charity's objects at the discretion of the trustees. These included designated funds of £3ook to coi."er the Cost of two remaining issues of the membership magazine in the 2024 calendar year that will be expended by December 2024. Restricted funds included £8.8rn restricted to Denman and £89k restricted to other projects by the terms of the grant or donation. Details are gii'en in note 19b and fi￿er explanation of Denman s nds is given below. Endowment funds represent donated funds held in investments with the income available for expenditure on the general purposes of the charity. Income in the year of £1,647 was transferred to unrestricted funds. Investments Fixed asset inN"estments are managed in accordance with ini'estsnent principles recommended by the Finance Comtnittee and approi'ed bj the trustees. The assets of the charity must be in￿ested in accordance with the TrL￿tee Act 2000 and the gO￿erning instrument of NFWI and Denman. Ill￿eStMents have been, and continue to be, held in a broad range of property. equities and fixed interest securities, whÉch are quoted on a recognised inN"estrnent exchange. Risk should be managed so as to preserve and increase the value of capital and income whilst avoiding unnecessary risk and

The National Federation of Il'omen's Institutes of England. Wales. Jersth., Guernsej. and the Isle of fvlan volatility. The investtnent portfolio should have an ethical slant in order to be consistent where possible with issues on which the NFWI campaigns. 99% of total fixed asset investments were managed by CCtA with 80% invested in the COIF Charities Ethieal InTrestrnent Fund and 20% in the COIF Charities Property Fund. 1% of total investments representing shares donated for the benefit of Denman were held in other investments. Income from fixed asset investments was £M9k (2023: £337k)' unrealised gains were £302k (2023: £30th). These were in line with the benchtnarks. The parent charity" holds an investment of £ioo.ioo in the trading subsidiary, Wt Enterprises Ltd, comprising loo% of the share capital. Reserves policy The charity requires reseNes to allow it to continue work to promote the interests of women in accordance with the charity's objects in the event of unforeseen disruption to its ineome streams. The reserves policy is reviewed by the board annually. Free reserves are ealculated as total reserves less permanent endowment, restricted funds and that part of unrestricted funds not readily available for spending, i.e. represented by fixed assets and designated funds. The t￿Stees, policy is to hold sufficient free reserves: to meet working Capital requireTnents' and to protect Continuity of actiioties and 5eThices by holding sufficient fi￿d$ to mitigate the impact of risks. b) The working capital requirement at 30 September 2024 was based on eight months of the membership subscription income for the }'ear. since the NFWI receiwes the majority of subscription income annually in June and July and holds ￿ndS to Co￿er operating costs over the remaining period until the folloming year's subscription income is received. The amount required for potential mitigation of risks M'as based on the trnste&s' risk review and assessed in relation to the cost of covering each risk and the likelihood of the risk occurring. The total free reserves requirement at 30 September 20¥ was estimated to be £2.5m. Total free reserves held at this date were £3.5m. The trustees, financial plans for future }'ears are to use available reserves to maintain and improve servic&8. Plans for future periods The launeb of the NFWI strategic vision in September 2020 provided a new focus for the organisation at all levels and has helped create momentum and delii'er sueeess over the past four years. The four vision statements have proiided a shared purpose and set of goals for the organisation and as we enter the final year of the plan, they also help us identify our areas of focus for the new strategy (2025- 2030). This ambitious first strategy for NFWI aimed to ensure that the organisation continues to adapt and respond to the needs of each generation of women, refiecting the changes in wider society and ensuring that the Wl continues to proactiN-el)' lead positii'e change. Externally these ambitions aim to amplify" the voice and aChi￿'eMents of tnernbers and speak and on behalf of all women. Internally this is centred on ensuring members receiNt a high-quality membership experience, Mqth a focus on listening to member iiews and eontinuallj improiing i%hat is offered. The period 2020-2024 has been a challenging one, but these areas of priorit¥, bal'e helped the ckLarity' renuin focussed and have helped us achieve a significant aTnount of change and groi%¢h. Operationally changes hai"e begun to modernise the charity"'s iYorkiThg methods to make the best use of charitable resources and to support and facilitate excellent gol-ernance ￿thin all charities throughout the federated structure. These initiatives include a review of the constitution, and a review of the way membership fees are collected. We have also systematically reNiewed our internal policies and

The National Federation of Women's Institutes of England. Wales, Jer￿., Guernsey and the Isle of hlan proeedures. ensuring all the NFWI central policies (which are compulsory for federations and Wls) are strong, fit for purpose and easy to deliitr. Kev to the organisation's transformation has been accessibility and flexibility and over the past 4 years we hai"e seen a significant change in the way women ean engage wryth and become part of the WI movement. These include virtual WES, online events and activities and our supporter programme. Principal risks and iincertainties The NF￿ trustees actively monitor the major risks facing the charity. Forn￿1 risk analyses are maintained for the three main business areas and r￿leWed bj the board at least annually. Risk management has also been added to all kei national committee5 to ensure this is regularly reviewed and proactively managed. Risks are considered under the headings of strategic. operational, financial 2nd regulatory. Ha￿ing completed the annual r￿Trew, the trustees consider that appropriate actions have been taken to control and mitigate the impact of risks where possible. As the national coordinating bod}, for the WI movement, the major strategic risks include failure to attract and retain members and anj action that results in a negative impaet on the WI'S reputation and influence. These would affert the standing in whieh the Wl is held and its ability to influence the wider community. The risks are managed through support, guidance and communications with the der organisation, a proactive PR strategy and dose monitoring. Finaneial risks relate to the ability to maintain major sources of income and potential over-reliance on membership subscriptions. The charity relies on membership subscriptions for a SI￿lficant proportion of its income. Total paying member nutnbers in 2024 were broadly in line with 2023. The NFWI conlinues to inN"est in attracting and retaining members through ongoing developtnent of serlices. A new 7-year financial plan has been launched which aims to support the diversifieation of NF￿'S income streams to strengthen the charity and ensure sustainability. This plan includes a variety, of new commercial and fundraising activities, including the WI lottery which wa5 launched this year. The contribution rnade by the trading subsidiary, WI Enterprises Ltd, increased by 42% compared to previous year. The WIE Board continues to explore areas of new partherships and other avenues to diNersify" income, including the new Wl LK>tterv. InNestTnent has been made into the organisation's retail aetiiities with expansion of key commercial partnerships to increase the WI'S presence in major retail outlets and the diversification of products in the WI'S own online shop. The main operational rKsks relate to the stability. of key IT s)Etems ineludtng the membership database. These risks are managed through support agreements, appropriate policies and prO￿dureS robust internal controls over access and moving our systems to cloud for extra security. The trustees are aware of increased risk of cyber-attack due to a higher i'olume of information being exchanged online. The NFWt remains Niglant in protecting itself against these attacks through educating staff on common threats such as phishing attempts. as well as IT systems whieh flag fraudulent emails. A cyber insurance is now included in the NFWI insurance cover. The trustees recognise a continued risk from the implementation of GDPR and the Data Protection Act 2018. This is managed with support from the NFWI'S legal adiisers through the r￿qeW of current arrangements alld dei'elopment of new procedures. We eontinually update staff and federations on areas of foeus and best practice. Structtire, governance and management The NFWI constitution is set out in its Articles of Association. Copies are available from the company's registered office or from Companies House. The NFWI deterniines the overall constitutional structure for the WI movement including the governing documents for Wts and county federations as well as its own. The governing documents were last updated in 2021 ensuring they continue to proiide a sound, Tnodern basis for the work of the WI going forward, whilst not changing the fundamental i'alues and objects on which the WI is formed.

The National Federation ofM'omeTh's Institutes of England, Wales, Jers￿,, Guernsey and the Isle of Man Chairmen and treasurers of the county. and island federations represent members, views at National Council which meets at least annually, proiiding a forum for consulting on the shaping of polic), and strategy and how the charity is managed. During the year in reNryew and as a result of the ehallenges of COVID-19, the NFWI and Federations haN'e met more frequentlj to explore some of the key issues and risk areas introduced by the pandemic and to work in partnership to find solutions. Each WE is also represented at the NFWI'S Annual Meeting, providing a ￿rther channel of communication. In 2024, we returned to our spiritual home for our Annual Meeting - around 5000 members joining us in the Royal Albert Hall in LA)ndon. Members unable to attend in person, signed up to the livestream. Our theme was our No More Violence campaign and we had three excellent, high profile, speakers.. former chief prosecutor Nazir Af7al, Spice Girl Mel B - inteThiewed bj BBC journalist Victoria Derbyshire" and fornier Archer s actor Tim Watson. Each spoke to our tbeme from their lived experience or line of work Siibsidiary company The subsidiary company, WT Enterprises Ltd, is limited by share capital and has an authorised and issued share capital of £ioo,ioo. Wl Enterprises Ltd is a loo% subsidiary of the parent charitable company and raises funds for the parent charity. through eotnmercial N"entures. Fundraising disclosiire We commit to our fundraising being legal, open, honest and respectful. meeting the standards set in the Fundraising Code of Praetiee. We also ensure that nobod}. Thho appears to be vulnerable is asked to comtnit to giTring. No complaints were raised with the Fundraising Regulator in the year (2023: no complaints). We currently do not fimdraise from the general public and are registered wtth the Fundraising Re￿llatOr. We do not use the services of any third-party ￿ndraISerS. In August 2024, we began emplo}ryng the services of a professional fundraiser who is paid a flat day rate for their serrices. In the next financial year, we are aiming to grow our fundraising incotne to ensure our sustainability. as an organisation. Recruitment and appointment of trustees The Board of Thistees n￿Y have up to fifteen members. Twelve members are elected biennially by the county, and island federations and Wls, and up to two members may be co-opted by the elerted ttustees. In addition, the Chair of the Federation5 of Wales Committee is elected by the federations of Wales and becomes a member of the Board of Trustees ex-officio. Any person who is eligible to hold a Trustee position and has seTh'ed as a member of a Federation Board of Trustees for at least 24 months is eligible to stand for election or co-option as a NFWI t￿￿tee. The NFWI Chair, Honorary Treasurer and other officers are elected annually by the trnstees from among their nu￿ber. Indiiction and training of trnstees Ne￿lY elected trnstees undertake training and induction senior staff and external specialists. The Board of Trustees also undertakes a skills audit, and an}" skills gaps identified are met either the proTrusion of external suptK)rt or co-option to the board of up to two nlembers M4th the requisite skills. Organisational stnicttire of the charity and how decisions are made The board meets at least four times a year. A finan￿ committee comprisos of up to six board members and up to two exiernal advisers, adiising the board on all aspects of the group's finances. Much of the board's work is delegated to additional M'orlung committees chaired b)" members of the Board of Trustees for each of the charitys ￿￿Ill areas of actiiity. The comnjittees include Membership and

The National Federation ofwomen's Institutes of England, Wales. Jers￿,, Guernsw and the Isle of Man Engagement, Aetivities, Training and DeN'elopment, Public Affairs. the Federation5 of Wales, Finance and the Denman Trust Board. In addition, WIE Ltd has a separatel} constituted Board of Directors, all but two of whom are NFWI Trustee5. The board determines polio and strategy taking account of advice from the Trarious working eommittees, clear guÈdance produced on the decisions that require NFWt Board agreement. Day to day management is delegated to the Chief Executive to whom all of the NF￿'S emplo}"ees are responsible through the line managernent Structure. The ChÉef Executive together Mqth the NFWI'S senior team is responsible for exeeution of policy and strategy. The Chief Executive is accountable to the board. The following matters require board appro￿?1. The annual budget Reserves policy Capital expenditure Investment policy. on the recommendation of the Finance Committee Risk Register Remiineration of staff Salaries for the key management personnel are determined by evaluating the roles wTrth referellee to comparable roles in the charity sector. The NFWI aims to pay salaries at the median rate for the sector. The NFWI uses the nationally agreed National Joint Council (NJC) pay scale and pay award to remunerate other staff. To determine the salary for each role, the NFWI evaluates salaries Mrythin the charity sector and sets a starting salary. at the median rate for charities. Each role has a three-point scale. and the salary is incremented annually until the n￿LmuM of the scale is reached. Cost of I1￿7ng increases are awarded in line with increases in the NJC scale. Key management personnel are also eligible for eost-of-IiNin8 increases. and these are nornully at the same rate as the NJC percentage increase. The NFWt also ensures that salaries meet the Goi'ernment's National Minimum Wage and National tA%ing Wage, and it annually reiiews salaries in respect of the ￿oluntary higher level UK Liiing Wage. Employee costs are detailed on page 26. Statement of trustees, responsibilities The trustees (who are also directors of The National Federation of Women's Institutes of England, Wales, Jersey, Guernsey and the Isle of Man for the purposes of company law) are responsible for preparing the Trustees Report and the financial statements in accordanee applicable law and United Kingdom Accounting Standards (United Kingdom Generall}. Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial }Ear which give a true and fair view of the stste of affairs of the charitable company and group as at the balance sheet date, and of the charitable eompany and group's incoming resources and application of resources, including income and expenditure, for that period. In preparing those financial statements, the trustees are required to: select suitable accounting policies and then appl}." them consistently. observe the methods and principles in the Charities SORP. make judgements and accounting estimates that are reasonable and prudent; state ￿hether applicable UKAccounting Standards have been followed subject to any material departures disclosed and explained in the financial statements" and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable companN will Continue kn business. 10

The National Federation of w'omen's Institutes of EDgland. Wales. Jersth", Guernses and the Isle of LkIan The trustees are responsible for keeping adequate accounting records that are Sufficient to show and explain the charitable compan!"'s and the group's transartions and disclose ￿7th reasonable accuiacy at anj time the financial position of the charitable eompanj and the group and enable them to ensure that the financial statements comply the Companies Act 2006, the Charity (Aceounts and Reports) Regulations 2008 and the proirysions of the charitable company's eonstitution. The}. are also responsible for safeguarding the assets of the cklaritable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the eorporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ frotn legislation in other jurisdictions. The following statements have been affirmed by each of the trustees of the cFLaritable company: so far as each trnstee is aware, there is no relei'ant audit inforniation (that is, information needed by the company's auditors in connection preparing their report) of which the company's auditors are unaware. and each trustee has taken all the steps that he/she ought to have taken as a trustee in order to make hitnself/herself aware of any relevant audit information and to establish that the charitable compangs auditors are aware of that inforniation. On 18 November 2024, the coMpan￿S auditor changed its name from Haysmacintyre LLP to Haysmac LLP. The Thistees, Report incorporating the Strategic Report was authorised and approved by the Board of Trnstees. BY ORDER OF THE BOARD Jeryl Stone Chair of Trustees Date: 4.4.25

The National Federiilion ofwomen's Institutes of England. Wales. Jerse4', Guernsey and the Isle of Man Reference and administrative details Trustees Tracy Baker Pamela Beedan Christine Booth Hilary Haworth Natasha Huckle Ann Jones Angle I£ach Ann Mitchell Paula Pierce Yvonne Price Alessandra Shernian Jeryl Stone Honorary Treasurer Co-opted to the Board 24th September 2024 Resigned 6ih June 2024 Co-opted to the Board 24 September 2024 Chair Geiieral Seci'etars/Chief Executive Melissa Green Conipany i"egistration number 02517690 Chai'ity registration number 803793 Registei'ed and principal office 104 New Kings Road. IDndon SW6 4LY Aiiditors Haysmac LLP, io Queen Street Place, tA)ndon EC4R BanLei's CAF Bank, 25 Kings Hill Avenue, Kings Hill, West Malling, Kent MEI9 4TA Investinent Advise.rs CCLA Investment Management Limited, Senator House, 85 Queen Wictoria St, London, EC4V 4ET Leg¢21 Adiisers Bates Wells, Solicitors, io Queen Street Pla(￿, tA)ndon EC4R IBE 12

The National Federation of Women's Institutes of England, Wales. Jersey. Guernsey and the Isle of Man Independent auditorfs repx)rt for the year ended 30 September 2024 Opinion We hai'e audited the financial Statements of The National Federation of Women's In5tttutes of England, Wales, Jersey, Guernsey and the Isle of Man for the year ended 30 September 2023 which comprise the Consolidated Ststement of Financial AetiNities, the Consolidated SuEnmary Income and Expenditure Account, the Consolidated and Company Balanee Sheets. the Consolidated Statement of Cash Flows and notes to the financial statements. including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Rnancial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: give a t￿e and fair Niew of the state of the group's and of the parent charitable eompany's affairs as at 30 September 2024 and of the group's and parent charitable company's net movement in funds, including the income and expenditure, for the year then ended. have been properls, prepared in accordance with United Kingdo]n Generally Accepted Accounting Practiee. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and M'e have fulfilled our other ethical responsibilities in accordance Thith these requirements. We belieN-e that the audit emdence we have obtained is sufficient and appropriate to proiide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements. we have Concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we hai'e performed, lye have not identified any materiaI uneertainties relating to events or conditions that, indiNidualls"or collertii"ely, tna) cast significant doubt on the group and parent charitable company's ability to continue as a going concern for a period of at le2St hvelve months fro when the financial statements are authorised for issue. Our responsibtlities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other infornlation The t￿Stee$ are responsible for the other inforniation. The other information comprises the information included in the Trustees Annual Report. Our opinion on the financial statements does not coi'er the other information and. except to the extent otherwise explicidj stated in our report, we do not express any forn] of assurance conclusion thereon. In connection Thith our audit of the financial statetnents, our responsibility 15 to read the other information and, in doing so, consider M,hether the other information is materially inconsistent ￿1th the financial statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify, sueh material inconsistencies or apparent material misstatements, we are required to deterniine whether there is a tnaterial misstatement in the financial statements or a material misstatement of the other information. If, based on the ￿"orkWe have perfornied, we conclude that there is a material misstatement of this other infonnation, we are required to report that fact. We have nothing to report in this regard. 13

The National Federation of Women's Institutes of England, Wales, Jersey, Guemsey and the Isle of Man Independent audilorfs report for the year ended 30 September 2024 We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls). Audit procedures performed by the engagement team included: Inspecting Co￿eSpOndence with regulators and tax authorities. Discussions Thith managetnent including consideration of or suspected instances of non- compliance MTrth laws and regulation and fraud. Evaluating management's controls designed to prevent and detect irregularities. Identifying and testing journals, in partieular journal entrios posted in the year relating to accounting estimates as well as }"ear end journals. Review of minutes of meetings. and Challenging assumptions and judgements made by management in their accounting estimates. Because of the inherent limitations of an audit. there is a risk that we not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements. as we will be less likel} to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, eollusion. omission or tnisrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www auditorsres nsibilities. This description fornis part of our auditor's report. Use of our report This report is made solely to the charitable comp2n}'s metnbers, as a body, in aeeordance ￿1th Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable cotnpany's members those matters we are required to state to them in an Auditor's report and foT no other purpose. To the fullest extent pertnitted bj- law, we do not accept or assutne responsibility to anyone other than the charitable company and the charitable company's metnbers, as a body, for our audit work, for this report, or for the opinions we haTr-e fornied. Jane Askew (Senior Statutory Auditor) For and on behalf of Haysmac Ltp, Statutory Auditor Date: 8 April 2025 io (￿een Street Place London EC4R 14

The National Federation of Women's Institutes of Errfjland, Wales, Jersey. Guernsey and the Isle of Man Consolidated Statement of Financial Activities for the year ended 30 September 2024 Unrestricted Funds Restricted Endovrfnent Funds Funds Tota Funds 2024 Total Funds 2023 Notes Income from Donations, legacies & grants Donations & grants Legacies 14,201 14,201 31,600 7,867 5,000 31,600 Charitable activthes Memtership & training Educational ￿tIvItieS Public Affairs 2,300,266 41,415 2,300,266 109,404 48 2,153,716 173,778 540 67,989 Other trading activities 1.057,931 1,057,931 983,017 Investsnenls 122,526 419,442 1,647 543,615 336,952 Total income 3.536.387 519,031 1,647 4,057,065 3,660,870 E¥penditure on Raising funds Trading activities 1854,5861 1854,5861 1839,6911 Charitable activitr'es Membership & training Educational activrties Public Affairs 12,278,513} (500,366) 1307,159) (587.406) 12,278,513) 12,057,156) 1807,5251 1746,6411 {587,4061 1525,4051 Total expenditure {4.220.871} {307,159) (4,528,030) 14,168,893) ILosse51 on investments 210,724 88,008 3,085 301,817 1200,7201 Net income l (expenditure) (473,760) 299.880 4732 {169,148} 1708,743) Transfers between funds 53,627 {48,8951 {4,732} Net movement in funds 1420,133) 250,985 (169,1481 {708,743) Reconciliation of funds Total funds broltghl forward 4,601,528 8.633,942 54,203 13,289,673 13,998,416 Totsl funds carried forward 21 4,181,395 8,884,927 54,203 13,120,525 13,289,673 All recognised gains and losses are induded in the Statement of Financial ACtiv￿.es. No separate statement of total recognised gains or losses has been p￿pared. The splrt by fvnd of the 2023 comparative totals is shown in a separate comparab've consolidated Statement of Financial Acbmties al note 26 on page 37. The notes on pages 2210 35 fom7 part of the accounts. 15

The National Federation of Women's Institutes of England, Wales, Jefsey, Guemsey and the Isle of Man Consolidated Summary Income and Expenditure Account for the year ended 30 September 2024 The Consolidated &Jmmary Ino)me and ExFendilure AC(￿U￿1 has teen pwenled f(￿ Companies Act purposes. All income funds 2024 All income funds 2023 Income 3.513.450 3,325,491 Gains Ikissesl on investments 298,732 1198,541) Interest and investment In￿Me 541,968 335,380 Gross income in the year 4,354,150 3,462.330 Expenditure 14,510,134) {4,150,9041 Depreciab'on (17,8961 117,9901 Totsl expenditure in the year {4,528,030} {4,168,894) Net incomellexpendilurel before tax {173,8801 1706,5641 Tax payable Net expenditure for the year {173.8801 1706,5641 The above Consolidated Summary Income and Expenditure Account represent the total unrestricted and restncted income and expenditure as shown in the consolidated SOFA on p￿e15. The notes on pages 20 to 35 lomi part olthe accounts. 16

The National Federation of Women's Institutes of England, Wales. Jersey, Guemsey and the Isle of Man Balance Sheet at 30 September 2024 Com an number.. 02517690 Consolidated Com Notes 2024 2023 2024 2023 Fixed assets TangibSe assets Investments Investment in subsidiary undertaking 118 306,140 3,994,888 312,499 4,178,893 306,140 3,￿4,888 100,100 312.499 4,178,893 100,100 12 4,301.028 4,491,392 4,401,128 4,591,492 Current assets Stock Debtors Investments- short term detM)sils Cash at bank and in hand 33.635 419,575 7.150.572 1,662,620 45,233 558,732 7,116,506 1.742,553 13 333.330 7,150,571 1,405,142 309,420 7,116,506 1,547,517 9,266,402 9,463,024 8,889,043 8,973,443 Creditors.. amounts falling due within one year 14 {446,9051 {664,743) 1212,5481 1318,1651 Net current agsets 8,819,497 8,798,281 8,676,495 8,655,278 Total net as8Èts 13,120,525 13,289.673 13,077,623 13,246,770 Funds Endowment fvnds Restricted funds unrest￿ted funds 18 54,203 8,884,927 4,181,395 54,203 8,633,942 4.601,528 54,203 8.884,927 4,138,493 54,203 8,633,942 4,558,625 19 Total funds 13,120,525 13,289,673 13,077,623 13,246,770 The National Federation of Women's Inslilules of EngFand, Wales, Jersey, Guemsey and the Isle of Man has taken the exemption from presenb'ng its unconsolidaled statement of financial acbvilies under ￿tIOn 408 of the Cornpanies Act 2006. The net expenditure af the Charity was £470,96512023: £￿8.023 net expend4bJre}. The financial statements ￿Ere approved by the Board of Tnjstees and authorised for issue and signed on its LEhalf by /1 J Stone (Chair} H Haworth (Honorary Treasurer) Dale.. 4.4.25 The notes on pages 2010 35 fom) part of the acc¢wnts. 17

The National Federation of Women's Inslrtutes of England, Wales, Jersey. Guefflsey and the IS￿ of Man Consolidated Statement of Cash Flows at 30 September 2024 2024 2023 Cash used in operating activities {1,063.768} 1713,9491 Cash flows from investing activFties Diwdends & interest from investments Purchase of tangible fixed assets Purchase of investrnents Sale of investsnent 543,615 111.5371 1114,1781 600,000 336,952 18,6401 1127,7561 500,000 Net cash provided by investing activities 1,017,900 700,556 Change in cash and cash equivalents in the year Cash and cash equivalents al the bejinning of the year (45,8681 113,3931 8,859,059 8,872,453 Cash and cash equivalents atthe end oftheyear 8,813,191 8,859,060 Reconciliation of net movements in funds to net cash flow from operating activities Nel extendilure for the rew)rbng period ended 30 September 2023 as per Statement of Financiat Activity Depreoats'on charge Loss on investmen15 Diwdends and interest Decreaselincreasel in st￿k Decrease in stock hekl for resale Ilncreasel decrease in debtors Increase (decrease} in ￿ditOrS 1169,1481 17,896 1301,8171 1543,6151 11,598 {708,7431 17,990 200,720 1336,9521 112,6781 139,158 {217,8401 31,028 94,687 Net Gash used in operating activities {1,063,7681 1713,9481 Analysis of Gash and cash equivalents Cash al bank Short-lemi deposits 1,662,620 7,150,572 1,742,553 7,116,506 8,813,192 8,859,059 The notes on pages 2010 35 form part of the ￿Ounts. 18

The National Federalion of Women's Insirtutes of Engla￿1, Wales, Jersey, Guemsey and the Isle of Man Notes to the consolidated financial statements for the year ended 30 September 2024 ACCOUNTING POLICIES Statement of compliance The financial statements have been prepar8J in WWdan￿ vth Aco)unting and Reporting by Charibes.. Ststemenl of Recommended Practice appluble lo charities preparing their a(zounls in ￿ts)rdan￿ the Financial Reporb'ng Stsndard applicable in the UK and Republic of Ireland IFRS 1021 Isecond edib'on, effective 1 January 20191 (Charities SORP IFRS10211, the Financial Reporbng Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2￿. They are dravffl up under the historical cost basis of accounting as modified by the revaluats'on of investments. Assets and liabilities are initially reccgnised al histori¢al cost of transaction value unless otherwise sL8ted in the relevant ac()Junting policy notes General information The Chanty 15 a cornpany lirnited by guarantee, ino)rFA)rated in England and Wales (company nurnber.. 02517690) and a Charity registered in England and Wales Icharity number.. 803793}. The Charity's registered offi￿ ajdress is104 New Kings Road, London SW6 4LY. The National Federkn'on of Women's Insbtules meets the definition of a put￿￿ benefft entsty under FRS102. Consolidation The accounts consolidate the finanual slaletnents of the NFWI (the tharity} and its wfiolly owned subsidiary, W EnteTprise5 Ltd. on a line-by-line basis. Transons and balan￿5 tets1￿ the charity and its SUbs￿lary have been eliminated from the consolidated finanaal slalemenls. As perniitted by ￿lon 408 of the Companies Act 2LM)6, no separate Statement of Financial Activities or Income and Expenditure account has teen presented for the thanty alone. Income of the charity alone amounted lo £3,202,47912023'. £2,821,179). Net income I lextendrturel of the tharity after gains on investments amounted ID £169,148k12023.' £708,743). Going concem The trustees consider that there are no material uncertainties about the NFWI'S abilty to continue in existen￿ in the foreseeable future. Having considered the seven-year finanLial strategy and cash flow, the board of tnjstees are of the view that NFWI has adequate resources for the foreseeable future. Critical accounting judgements and estimts and key sources of estimation un¢ertainty In the application of these accounbng pOI￿leS, the trustees are requir￿ lo make judgements, esbrnales and assumptions about the carrwng value of assets and liabilities that are not readily apparent from other $our￿s. Estimates and judge￿entS are continually evaluated and afe based on historical eX￿erien￿ and other factors, induding ex￿la￿0nS of future events that are ￿lieved to te reasonable under the circumstances. Athough these estimates are based on management's best knowledge of the amount, events or actions, actual results may ulb'matety differ from those estimates. Revisions lo accounting estimates are reccEnised in the peri¢JJ in which the estimate is rewsed il the rewsion affects only that period or in the Feriixl of the revision and future periods if the revision affects current and future pericKJs. The trustees consider the followng rtems to k areas subject to eslimalion and judgemenL Depreciation.. The useful economic lives of tangible fixed assets are based on management's judgement and experience. When management idenliffes that actual useful economic lives differ materially from the estimates used to calculate depreuation, that charge is adjusted retrospectively Although tangiblè fixed assets are signfficanl, varian￿S tE￿n actual and estitnated uselul economic lives w11 not have a material impact on the operating results. Historically, no changes have been required. In the view of the trustees, no assumpb'ons ¢xnceming the future or estimation Un￿rtaInty affeding assets or liabilities at the balan sheet dale are likely to result in a material adjustrrEnt lo their carrying amounts in the next finan(ial year. The followng accounting policies have b￿fi applied consistenuy in dealing wth items which are o)nsidered material in relation lo the financial statements. 19

The National Federalion of Women's Institutes of ErKJland. Wales, Jersey, Guernsey and Ihe Isle of Man Notes to the consolidated financial statements for the year ended 30 September 2024 Income and endovanents Income from donations and govefflmenl grants Ire.. fvd¢Mghl is reQ￿nised in the SOFA vthen there is eviden￿ of entit￿ment to the income, receipt is probable and the monetsry value can te reliabty measured, unless any tems or conditions have not been mel, in which case the In￿Me is deferred until the temis or ￿ndItionS have ken met. Income from leg￿leS is rwnised then il is probable that the income wll be receN8J; normally when the chanty is advised of the gift, the executor has confimed there are sufficient assets in the estate lo pay the ￿gacY and any condib'ons attached lo the legacy that are not within the control of the NFWI have been met. Membership subscriptions are accounted lor in the year in pa￿ent is re￿1Ved by the NFWI. The annual W membership subscripbon which falls due in April is paid locally lo Wls., the NFWI FKJrbon is submitt&J via the county fede￿￿'0nS lo the NFWI by the end of September. The 5ub5cription is non-refundable and is therefore accounted for in the year of re￿IPt. Any amounts received after the year end, for example, from joiners dunng the year. are &counted for in the followng finanaal year as the NFWI is not aware of these unb'l they are r￿1ved. In¢ome from course fees is accounted for in the year in which the course tskes pl&e. Income from other saies is accounl&l lor in the year in 4thich the g(ths or ServI￿S are sUppl￿d. Investment income is recognised on a receivable basis and the amounts can ie measured reliably. Interest on fvnds on deposrt is included then T￿1Vable utx)n notification by the relevant banking inslthtions. Dividends receivable on assets held for investment purposes are receivable upon notsficab'on by the relevant investment instilub'ons. Income from endowment funds is splrt beknn restrict￿ and unrestrKt&J funds aco)rding lo the specific lemis of the funds. Expenditure Expenditure is accounted for on an accnjals basis where there is a legal and constnjctive obligation to make a payment to a third paty and the amount of the obligab'on can be measured reliably, expenditure is allocated lo the headings re￿vant lo the ￿tIvity. Where wsts cannot be direcuy attributed, they are allocated lo ¥tiwties on a basis consistent with the use of the resour￿. Direct COSt5 including directy attn'bulable staff and premises Ix)sls are all￿ated in full to the key areas ol acliwty. Shared supwrt costs whith cannot ￿ allocated lo a single activrty are apKM)fboned on a systernalic basis, principally staff b'me. Governance Ir>sls are those incurred in conneth.on Imth ￿nstitutiOnal and slatulory requirements and wth the strategic management of the chanty's acbvi(ies. Govemance costs a￿ induded within support costs and allocated lo key activities on the basis of staff lime. The value of donated services by Wl members and others is not reflected in the accounts as a value cannot be estimated. Rentals applicable to owab'ng leases are charged to the SOFA on a straight-line basis over the lems of the ￿aSes. Employee benefits Pension Contributions.. NW employees are automaticaty enrolled into The National Federats'on of Women's Institutes Group Personal Pension &herne unless they chfJ)se lo opt out. The scheme is a defined contribution scheme that uses the Awva My Future inveslrnenl solution. The chanty has no liability under the scheme other than for the payment of o)ntnbutions. Conlribub'ons are rnade by both the employee and the employer. Pension costs are ￿cOUnted lor according lo the period in thich they fall due ort temi benefits.. Short term benefits, including holiday pay, are rec(MJnised as an expense in the periTrJ in which the Servi￿ is rets1v￿. Employee le￿InatiOn benefits.. Temiinab'on benefits are &c￿nted on an ￿al basis and in line FRS 102. Fixed Assets Tangible fixed assets costing over £500 are capitalisgj Fixed assets are disclosed at historical cost less depreciation. No depreciation is charged on freehold land. On other fixed assets. depreciab'on is charged on a straighl-line basis over the estimated useful economic life of the asset at the following rates ter year. Freehokl propety 2% of costIvaluat￿n Furniture, fixtures and fittings 20'k of cosl Computer equipment 25% of o)st Plant and machinery 5% -10% of cost bas8J on the expected vKI￿lng lrfe of the asset Investments Investments ¥e a fomi ol basic finanoal instruments and are initialty shovm in the financial stslements at fair value. Movements in the values ol investments a￿ shown as unrealised gains and losses in the Statement of Finanryal Activities.

The National Federation of Wofflen's Institutes of EThJland, Wales, Jersey, Guemsey and the Isle of Man Notes to the consolidated financial statements for the year ended 30 September 2024 Profits and losses on the realisation of investM￿ts are shown as real￿ gains and losses in the Statement of Financial Ath'vilies. Realised gains and losses on investments are calculated befv￿n sdes proce8Js and their opening ¢arying values or their purchase value il acquired subsequent lo the first day ol the financtal year. Unrealised gains and losses are call￿rated a5 the differen between the fair value al the year end and their carrying value. Realis&J and unrealised investment gains and105ses are combined in the Stslemenl of FinanGal Activities. Listed fixed asset and pool￿ fvnd investments are induded in the financial stslements at market value. Investments in the subsidiary company are stated in the ￿COUnts of the pa￿nt charity at (￿St. Realised and unrealised gainsnosses arising on investments are disdosed in the Statement of Financial Acbvities, analysed behvee unrestricted, restricted and endowment funds. Unrealised gains on g￿eral fund investments are credited lo a revalUat￿n reserve. Investment income is analysed between unrestricted, restn'cted and endoYKnent funds and disclosed in the appropriate colurnn in the Staternenl of Financial Acts'vitses. Income from investments is accounted for on a receipts basis. Interest rewvable is a￿oUnted for on an a[￿rU8[S basis. Financial Instrurnents The charity operates basic financial instruments in temis of ts assets and liabilities. Stock Stock includes goods for resale. Stoc* is valued at cost on a first in first out basis provision being made lo write down obsolete and defective stock to nel realisable value. Repl￿ement value of stcd does not differ materially from book cost. Debtors Trade and other debtors are reccgnised at the setuement amount due forthe provisK)n ol se￿1￿$ ddivered. Prepayments are cognised al the amount prepaid or the amount it has paid in advance. Cash and cash equivalents Cash and cash equivalents indude cash and deFrf)Srts wth a short-terni mabjiity of six months or less from the date of opening the depK)sit account. Creditors Credrtors are recognised ￿ere the charity has a present obligation resuhj'ng from a past event that wll probably resuft in the transfer of funds lo a third paty and the amount due lo setue the obligation can be measured reliably., amounts are recryJnised al their setuemenl amount. Fund Accounting The charity's unrestricted reserves are available to use at the discreb'on of the tnjstees in furtherance ol the objects of the charity These may include reserves vhich have been designated by the trustees to meet spectfic future commitments and developments. Restricted funds comprise grants, dona'ons and legaaes the don￿ has given for skwfic purrK)ses. Denman college fiJnds, which are subject to the Denman Tnjst. are restricted Y￿thin the NFWI. Theretore, incoming resources and reSoU￿S expended by Denman are shown in the NFWI'S accounts as movements in restricted fvnds. Endowment funds comprise funds which, under restrictions imp)sed by the dO[￿r$, cannol be expended bul vthere the income may be used to further the general ot¥ects of the chanty 2. Income from donation8, legacie$ & grants 2024 2023 Donations & grants Legaoes 14,201 31,600 7,867 5,000 45,801 12,867 21

The National Federation of Women's Insiitutes of England, Wales, Jersey, Guemsey and the Isle of Man Notes to the consolidated financial statements for the year ended 30 September 2024 3. Income from charitable activities 2024 2023 Membership & training Subscripbons Membership support and events 2,122,114 31,602 2.300,266 2,300,266 2,153,716 Education Denman at Home course ino)me Other educational activib'es 134,295 39,483 109,404 109,404 173,778 Public affairs Events 48 540 48 540 Total 2,409,718 2,328,034 4. Income from other trading actNities 2024 2023 Trading subsidiary lumover and other operating income Payment lo trading subsidiary eliminated on consolidation Rental incorne Other 2,226.048 {1.168,1171 2,090,261 11,107,962) 3,115 718 1,057,931 986,132 22

The National Federation of Women's Inslitules of England, Wales, Jersey, Guemsey and the Isle of Man Notes to the consolidated financial statements for the year ended 30 September 2024 Summary of financial perfomiance of the trading Subsidiary company The tholly 0￿ed trading subsidiary. Wl Enterprises Ltd is incorporated in the United Kingdom, company number 01339906.11 undertakes trading activities lo raise funds for the parent charity and donates its proffts in tull under the Gift Aid scheme. A deed ol covenant is in place between the chanty and trading subsidiary. Acbvilies include wbliration of the membership rnagaane and sales of advertising, sponsorship and commissiC￿ arrangements, sath of retail pr(MJucts and the annual Wl raffle. A surnmary of the financial pertomiance is shown below. The payment ￿ the trading subsidiary from Ihe charity of £1,116,117 {2023= £1,107.9621 was for the publication and dislnbution of the membership magaine, Wl Life. 2024 2023 Sales Raffle income Other operats'ng income Interest receivable 2,037,194 76,604 112,249 613 1,888,584 71,290 13Q,388 624 2,226,660 2,090,886 Cost of sales & distribub'on ¢osts Raffle costs including allocation to federations Administration {1,624,0071 159,016) 1339,6791 11,576,742) 154,3901 1316,5201 (2,022,702} 11,947,652) Nel profit Gift aid payment to the charity I08edofwwtinplxeJ 203,958 {203,9581 143,234 1143,2341 Retained in trading subsidiary Nel current assets of the trading subsidiary 158,940 158,940 Aggregate share capital and reserves 158,940 158,940 5. Income from investrnents 2024 2023 Inwme from investments Bank interest 484,377 59,238 277,701 59,251 543,615 336,952 23

The National Federation of Women's Institutes of EnglarKI, Wales. Jersey, Guernsey and the Isle of Man Notes to the consolidated financial statements for the year ended 30 September 2024 6. Expenditure Direct costs Support costs 2024 2023 Expenditure on raising funds Trading activibes (688.5061 {166,080) 1854,5861 (839,6911 Expenditure on Charitsble Activrties Membership & training Membership suwort, info￿8110￿ and events Education Denman Other educali¢Mal activib'es Public Affair5 Research and campaigns 11,604,050) (674,4631 12.278.513) {2,057,1561 1273,467) 1256,125) 133.6921 1244,2411 {307,1591 {500,3661 1201,1131 1545,5281 {169,881} {417,5251 {587,4061 1525,4051 Total expenditure {2,992,0291 11.536,CKJ11 14,528,030) 14,168,893) The NFWI paid Wl Enterprises Ltd £1,168,117 {2023. £1,107,962) for pul￿1catiOn and distnbub'on of the membership magaine, Wl fe. This sum has been induded in expenditure on meM￿r$hIp & training and offset aJainst expenditure on trading activities. Expenditure Direct costs Support costs 2023 Expenditure on raising funds Trading ￿1V￿￿'eS (687,6731 (152,0181 1839.6911 Expenditure on Charitsble Activittes Membership & training Membership support, infomation and events Educaknon Denman Other educational acb'vities Public Affairs Research and campaigns (1.631.762) (425,394) 12,057,156) 1169,401) 1195,285) (31,7121 1350,2431 (201,1131 1545,5281 1192,398} 1333.0071 1525,4051 Total expenditure 12.876,5191 11,292,374) 14,168,893) 24

The Nation31 Federation of Women's Insiitutes of Eroland, Wales, Jersey, Guemsey and the Isle of Man Notes to the consolidated financial statements for the year ended 30 September 2024 Shared support costs C051s that are shared across more than one actiwty are shown below. Management, finance and Human ReSoUr￿S costs are apportioned lo the trading subsidiary and lo Denman on the basis of b'me spent,. all other costs are apportion￿ on the basis of the number ol staff ernployed within each ￿tiVty. Raising Membership Educaiion funds & training -Denman EduG*ion -other Public affairs Total 2024 Total 2023 Management and ￿mmunICab.0nS Finan Human Resources Informatson technology & websi(e Premises & office costs Goveman (32,2301 138,8091 125,4941 133,C(171 136,5391 (105,633) 1127.213) 181,8181 1109,9851 1124,5691 {125,2461 18,423} 110,1081 110.1081 15,0541 138,2521 165,3921 1249,9301 146,0671 178,7511 1300,9481 129,6281 {50,649} 1197,6971 139,8281 {68,086} 1255,9601 145,110) {77,1141 {283,3321 145,355) {77,5331 {248,1341 1179,8771 1269,1581 1165,9731 1228,6351 1265,0021 1183,7301 1166,0791 1674,464) 133,693) 1244,2401 1417,5251 11,536,001) 11,292,375) Comparative shared sUPIKIrt costs for 2023 Raising funds Membership & training Education .Denman Education Public affair$ Total 2023 Management and communications Finance Human Resources Information technology & website Premises & office costs Goveman 124.6651 136.9071 122,7581 131,351) 136,337) 156.514} 185,4661 151,3021 173,8741 {87.7401 170,4981 17,928} {9,5141 {9,5141 (4.7571 146,530) 170,367} 142,2391 160.8231 172,2401 158,0441 144,2401 166,9041 140,1601 157,8301 168,6851 155,1881 1179,8771 1269,1581 1165,9731 1228,6351 1265,0021 1183,7301 1152,0181 1425,394) 131,713) 1350,2431 {333,0071 11,292,375) 25

The National Federation of Women's Institutes of England, Wales, Jersey. Guernsey and the Isle of Man Notes to the consolidated financial statements for the year ended 30 September 2024 7. Employees Employee costs 2024 2023 Salaries Social secufity c051s Pension contributions Temporary staff costs 1,703.046 186,082 113.066 1,588,947 170,088 104,674 6,136 2,002,194 1,869,845 The followng number of employees eam8J in ex￿$ of £60,000 per annum.. 2024 2023 £60,000- 69,999 £70,000- 79,999 £100,000- 109,999 Employers pension contributions paid in res￿1 of the akrne efflployees V+Ere £27,87712023.. £27,367). £310,393 of salary costs in the ojrrenl year were Lx)me by the subsidiary company12023.. £291,586). Average numbers of employees during the year 2024 Number 2024 FfE 2023 Number 2023 FTE Membership & training Education - Denman Education - other Public Affairs Managernent & adminislralion Trading activities - Wl Enlerpll5e5 Ltd 16 15 16 16 42 39 40 40 Remuneration of key management personnel The key management personnd are the Chief Exeojtive, the Head of Fill￿￿, the He&J of Education and Training, and the Group Manager, Wl Enterprises Ltd. 2024 2023 Salaries Social se(XJrity costs Pension contributions 369,482 44,641 26,434 304,602 37,207 21,293 440,557 363,102 8. Trustee expenses Trustee exFEnses include reimbursement ol travel and subsistence costs incurred by the tnjslees in carying out their duties, including round-sum allowance paid lo the officers to (nver incidental exrenses. The charity also makes similar payments to third parties on behalf of trustees. 2024 2023 Directly reimbursed lo trustees Paid lo third parties on the twslees. beha Officers, round-sum exFEnses allowances 4,597 4,658 3,862 6,900 6,112 9,255 16,874

The National Federation of Women's Institutes of England, Wales, Jersey, Guemsey and the Isle of Man Notes to the consolidated financial statements for the year ended 30 September 2024 9. Net income l{expenditurel for the year is stated after charging: 2024 2023 Auditors, remuneration Audit fee Igroupl Other seryices Depreciation Operating costs- rentals 32,550 31,000 17,8% 87,920 17,990 65,367 10. Grant making activty Included in Denman expendrture were bursary awards for members attending courses al Denman ol £10). 11 a. Tangible fixed assets Freehold Property Furniture, fixtures & ffftings Computer equipment Totsl 2024 Group and charity Valuationlcost Al 1 (klober 2023 Additions Disposals 541,995 55,381 1,871 258,125 9.666 855,501 11,537 At 30 Septernber 2024 541,995 57,252 267,791 867,038 Depreciation Al1 October 2023 Charge for year Eliminated on disposal 243,037 8,251 53.991 8,866 245,975 778 543,003 17,895 At 30 September 2024 251,288 62,857 246,753 560,898 Net book value At 30 Seplernber 2024 290,707 15.6051 21,038 306,140 At 30 September 2023 298,958 1,391 12,150 312,499 12. Investments Group and chartty 2024 2023 Listed investments Market value al 1 Cttober 2023 Addiknons Disposal proceeds un￿alISed gain Ilossl 4,178,893 114,178 (600.0001 301,817 4,751,855 127,756 1500,0001 1200,7201 Market value at 30 September 2024 3,994,888 4,178,891 Investments at historic o)sl 565 821 99% of lolal investments is held in FKK)led investment fvnds,- 1% is held in investment trusts. Short temi deposits 116506 27

The National Federation of Women's Institutes of England, Wales, Jersey. Guemsey and the Isle of Man Notes to the consolidated financial statements for the year ended 30 September 2024 Investment in subsidiary company Charity 2024 2023 At cost: 100.kn ordinary share capital of Wl Enterprises Ltd 100,100 100,100 Wl Enterprises Ltd is a private company limited by shares registered in England Wales, ¢J)mpany number 0139906. 13. Debtors Group Charity 2024 2024 2023 2023 Trade debtors Other debtors Due from subsidiary company Prepayments and accrued income 176,217 27,452 200.637 13.981 (2821 14,191 203,958 115.463 37,671 143,234 128,131 215,906 344,115 419,575 558,733 333.330 309,420 14. Creditors Group Charty 2024 2024 2023 2023 Deferred income (see latAe below) Trade creditors Other creditors.. VAT payable Taxation and soaal security Other Accruals 188.116 107.825 152,750 317,622 547 74,656 14,545 117,998 23.09) 42,848 29,596 42,926 25,410 96.440 23,090 42,848 29,596 42,926 25,410 87,690 85,026 71,407 446.905 664.744 212,548 318,165 15. Deferred InG￿ne Group Charity 2024 2024 2023 2023 Brought forward al 01 October 2023 Released lo Statement of Finanaal Activities in current year Deferred in current year 152,750 {144,5951 136,864 {128,710} 14,545 16,3901 8,055 100 179,961 144.595 17,6081 6,390 Carried fotward at 30 September 2024 188,116 152,749 547 14,545 Deferred income represents course fees received in advance by Denman and the NFWI, and advertising sales in future issues of Wl Life magaine. 28

The National Federation of Women's Institutes of Eroland. Wales, Jersey. Guetrsey and the Isle of Man Notes to the consolidated financial statements for the year ended 30 September 2024 16. Pooling of Fares 2024 2023 Brought forward al 01 October 2023 Re￿ip1S during the year Less.. Tfftvd reimbursements Salariesladministrab'onl 25,408 73,264 (110,014) (2,000) 24,030 78,666 175,2881 (2,0001 Carried forward at 30 Septemter 2024 113,3421 25,408 The pooling ol fares scheme aims lo average the cost of travelling to the annual In￿ts'ng and national counal meeting lor Wl and county and island federation delegates irrespective ol distsnce travelled. Eath Wl and federab'on contribute a sel amount lo the fund which is used lo defray delegates, travel expenses 17. Commitments under 0￿rating leases 2025 2024 Premises Equipment Premises Equipment Amount payable within one year Arnount payable wthin t￿) lo fve years 32,960 30.935 54.960 54,791 34,432 10,226 30,935 85,881 63,895 109,751 44,658 116,816 The Charge lo the Stslement of Financial Actiwties in the year lots11gJ £32,960 {2023-. £30,9351. 18. Endowment funds 2024 2023 Al 01 October 2023 Income ExrEnditure Movernent in market value of investments Transfer5 54.203 1,647 54,810 1,572 3,085 {4,7321 12,1791 AI 30 SepteM￿r 2024 54,203 54,203 The endowment fvnd arises from donations to establish a fvnd that pKowdes in(>Jme for the general purposes of the NFWI. 29

The National Federation of Women's Instr(utes of England, Wales, Jersey, Guemsey the Isle of Man Notes to the consolidated financial statements for the year ended 30 September 2024 19 a. Restricted funds Income Expenditure Imiestment gainslllosses) Net transfers 30 September 2024 Group and Charity September 2023 Grants and donations Get Cooking project Gwalia Funds Ashley Family Foundation WMAD donation Natural Heritage proF England Rugby project 4.118 4.118 1,105 35,870 4,379 36.000 15191 {2601 586 35,610 4,379 44,053 39,884 131.8311 81,472 39,884 {32.6101 88,746 Other funds Denman fvnds 8,552,470 519,031 1318.3011 88.008 {45,027) 8,795,181 Total restricted funds 8.633,942 558,915 1350,9111 88,008 {45,0271 8,884,927 The Gel Cooking project was lunded by the Welsh Govemmenfs Heath Challenge Waes grant scheme lo promote healthy eatin9 on a low budget. The Sports Counal Wales grant SUPFQrted training of Wl Sports Ambassath)rs lo %w)rk in their local communities. The Gwalia fund comprises donati(￿S for the Maintenan￿ of the Gwalia room al Denman. The Ashley Family Foundation donation was towards the slorage, promotion and digitssalion of the NFWI Textile Collection. The WMAD donation was maje uwn the dOSu￿ Women Making a Differen￿ for projects that help empower women in Wales. The Natural Hefrtage pro2ect funded by a Heritage Lottery Fund grant to engage local communib'es in Wales lo preserve, protect and plant urban trees. England Rugby.. This project aims to deep dive into the dats and insights of women parb'upaling in physical ￿tiVfy and social spaces and ublise this data lo create links tetween local Wls and rugby dubs, encouraging ¥%r*rnen vtho may have never been in a dub tEfore to parbapate in activity on srte and to view the rugby club as a welcoming enwronment for all vKJmen, The initial target is a minimum of 20 dubs. Denman's funds are restricted within the chartty. 19b. Denman funds In¢ome Expenditure Investment gainslllossesl Net transfers 30 September 2024 September 2023 Grants and donations General funds Unrestricted fund Permanent Endow maintenan￿ fund Travel fund Bursaries fund Education fijnd Library & ￿sour￿S fund Garden fvjnd Other donth'ons Saving Denman fvnd 3,250,567 486,140 7,565 -318.301 3,426 19,454 145,0271 415,995 3,376,805 443,014 4,000,000 101 4,000,000 134,071 250,624 185,152 6,366 4,814 1134,0711 1250,624} 5,592 14,379 205,123 16,3661 14,8141 101 8,305 11,815 700,756 18,3051 111,815} 101 19,734 50,749 771,239 Totsl restricted funds 8,552,470 519,031 1318,301) 88,008 145,0271 8,796,181 30

The National Federation of Women's Insirtules of England, Wales, Jersey. Guernsey and the IS￿ of Man Notes to the consolidated financial statements for the year ended 30 September 2024 The general fijnds are unrestrcted within Denman bul may only be applied lo Denfftan's ￿ti¥ltieS and are restricted wthin the overall charity. The Maintenan￿ fund arose from an aFFeal to provide fvnds for essential maintenan￿, repairs and renewals to the c£)Ilege buildings and grounds. A minimurn capital balan￿ detem)ined by the NFWI trustees is held in the fund. The travel fund arose from donations lo assist members in travdling to Denman A distribution is maje every two years. The bursaries fund arose from donations lo provide bursaries towards Denman course fees and travel expenses. The education fund and library & resources fvnd were sel up from bequests to pro￿de resources for educat'onal purposes. The garden fund arose from donab'ons to fijnd the maintenance of the Denman gardens. The other donations were given lo support speafic ath'vib"es and maintenano need5 al Denman. The Saving Denman appeal funds were raised through a member-ied appeal inthat￿ in 2016,10 prowde funds lor the future maintenance of the Denman estste. 20. Unrestricted fund$ General fund Designated funds Investment revaluation reserve Total unrestri¢ted funds Group Al 01 CttotEr 2023 Nel movement in funds Transfer beiween fvnds 3,172,284 1631,120) 53,627 353,364 153,3641 1,075,880 210,724 4,601,528 1473,7601 53,627 At 30 September 2024 2,594,791 300,000 1,286,604 4,181,395 Charity Al 01 Ckloter 2023 Nel movement in funds Transfer be￿n fvnds 3,174,771 1631,1201 53,627 353,364 153,3641 1,030,490 210,724 4,558,625 1473,7601 53,627 At 30 September 2024 2,597.278 300,￿0 1,241,214 4,138,492 Designated funds include £300k to fvnd the remaining issues of ￿ Life maJaine in the 2024 calendar year. 21. Statement of funds 30 September 2023 Income Expenditure Investment gainsl{10ssesl Net transfers 30 September 2024 Group Unrestricted Restricted Endowment 4,601,528 8,633,942 54.203 3,536,387 519,031 1,647 14,220,871) 1307,1591 210,724 88,008 3,085 53,627 148,8951 14,7321 4.181,395 8,884,927 54,203 Total funds 13,289.673 4,057,065 14,528.030) 301,817 13,120,525 Charity Unreslricled Restricted Endowment 4,558,626 8,633,942 54,203 2,681,8(X) 519,031 1,647 {3.366,2841 (307.159) 210,724 88,008 3,085 53,627 148,8951 14,7321 4,138,493 8,884,927 54,203 Total funds 13,246,771 3,202,478 {3,673,4431 301,817 13,077,623 31

The National Federation of Women's Institutes of England, Wales, Jersey. Guefnsey and the Isle of Man Notes to the consolidated financial statements for the year ended 30 September 2024 22. DistribLrtion of net assets between funds Group Fixed Amets Investments Short term deposits, bank & cash Oiher net assetsl (liabilities) Total funds Unreslrict&J ftjnds 306,140 2.861,663 1,120,718 1107.1261 4,181,395 Reslncted fvnds Denrnan Other 1,079,022 7,692.473 24,687 88,745 8,796,182 88,745 1,079,022 7,692,473 113,432 8,884,927 Endovmenl funds 54,203 54,203 Total funds 306,140 3,994,888 8,813,191 6,306 13,120,525 Charity Fixed Assets Investments Short terni deposits. bank & cash Other net a8set&l Iliabilittesl Total funds unrestrict￿ funds 306,140 2.961,763 863,241 7,349 4,138,493 Restricted funds Denman Col*e Other 1,079,022 7,692,473 24,687 88,745 8,796.182 88,745 1,079,022 7,692,473 113,432 8,884,927 Endowment funds 54.203 54,203 Total funds 306,140 4,094,988 8,555,714 120,781 13,077,623 23. Related paty transa¢tions The NFWI paid the trajing Subsidiary £1.168,11712023.. £1.107,962} for publication and distnbub'on of the Wl membetship magaane. The trading subsidiary paid the charity a management charge of£166k12023.' £152k} for shared ffinan￿, HR and office services. 24. Post balance Sheet events Given the Current investment valuth'ons, the Trustees are ccrfnfortable that the organisation is still a going cOn￿M and there is no large impact on finanual forecasts. 32

The National Federation of Women's Institutes of England, Wales, Jersey, Guemsey and the Isle of Man Notes to the consolidated financial statements for the year ended 30 September 2024 25. Comparative Statement of Financial Arttvities at 30 September 2023 Unrestricted Funds Restricted Funds Endowment Funds Total Funds 2023 Notes Income from Donations, legacses & grants Donth'ons & grants Legaae5 7.165 5,000 702 7,867 5,000 Charttable activities Membership & training Educational activrties Public Affairs 2.153,716 39.483 540 2,153,716 173,778 540 134,295 Other trading ￿NItieS 982,299 718 983,017 Investmen15 132,525 202,855 1,572 336,952 Totsl income 3,320,728 338,570 1,572 3,660,870 Expenditure on Raising ￿ndS Trading xtivilies {839,691) {839,6911 Charitable activtti'es Membership & training Educational activities Public Affair5 12,057,156) 1545,528} 1525,4051 12,057,156) 1746,6411 1525,4051 {201.1131 Total expenditure {3,967,780) {201.113) {4,168,8931 Nel gains I Ilossesl on investments 1174,9161 (23,6251 {2,1791 1200,720) Net income I (expenditure) (821,968) 113,832 16071 1708,7431 Transfers befv￿en funds 136,0001 36,000 Net movement in funds (857,968) 149,832 16071 1708,7431 Reconciliation of funds Totsl fund5 brought forward 5,459,496 8.484,110 54,810 13,998,416 Total fund5 carried forward 21 4,601.528 8,633,942 54.203 13.289,673 33

The National Federation of Women's Institutes of England, Wales, Jersey. Guernsey and the IS￿ of Man Notes to the consolidated financial statements for the year ended 30 September 2024 26. Comparative Statement of Funds at 30 Septsmber 2023 01 Ortober 2022 Income Expenditure Investment gainslllosses) Net transfers 30 September 2023 Group Unrestricl8J Reslricled Endowment 5,459.496 8,484,110 54,810 3,320,728 338,570 1,572 13,967,780) 1201.113) 1174,9161 (23.6251 12,1791 136,0001 36,000 4,601,528 8,633,942 54,203 Total funds 13,998,416 3,660,870 (4,168.8931 1200,7201 13,289,673 Charity Unoslricled Restricted Endowrnenl 5,416,594 8,484,110 54,810 2,481,037 338,570 1,572 13,128,089) 1201,1131 {174,9161 (23,6251 12,179} {36,000) 36,000 4,558,626 8,633,942 54,203 Totsl funds 13,955,514 2,821,179 13,329,202) 1200,720} 13,246,771 27. Comparative Distribution of Net Assets between funds at 30 September 2023 Group Fixed Assets Investsnents Short tenn deposits, bank & cash Other net assetsl (liabilities) Totsl funds Unrestri¢ted funds 312,499 3.133.675 1.315,008 1159,6541 4,601,528 Restricted funds Denman Other 991,014 7,544,051 17,405 81,472 8,552,470 81,472 991.014 7,544,051 98,877 8,633,942 Endofftenl fvnds 54.203 54,203 Total funds 312,499 4,178,892 8.859,059 160,7771 13,289,673 Charity Fsxed Assets Investments Short temi deposits, bank & cash Other net assetsl Iliabilitiesl Total funds Unreslrict&Y fvnds 312,499 3,233,775 1,119,972 {107,621) 4,558,625 Restricted hjnds Denman College Other 991,014 7,544,051 17.405 81,472 8,552,470 81,472 991,014 7,544,051 98,877 8,633,942 Endowment ftjnds 54,203 54,203 Totsl funds 312,499 4,278,992 8,664,023 18,744) 13,246,770 34