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. Trans*ons 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 estim*ts 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