Chai'lty Reglstratlon Nuiiibe.1' 10165 FEDERATION OF WOMEN'S INSTITUTES OF NORTHEtLN IRELAND FtNANCIAL STATEMEINTS YEAR ENDED 31 AUGUST 2023 MB MCGRADY & CO CHARTERED ACCOUNTANTS TELEPHONE (028) 90316950 FEDERATION OF WOMEN'S INSTITUTES OF NORTHERN IRELAND YEAR ENDED 31 AUGUST 2023 CHARITY REGISTRATION NUMBER 101656 CHAIRPERSON MiE Mai'gai'et Broome VICE CHAIRPERSON Mi"s Kathleen Vei'nei. HONORARY TRKASURER Mis Sheelagh McRandal TRUSTllES OF FEDERATION HOUSE LAdy Anthony Hamilton Mi's Hilda Stewart REGISTERED OFFICE 209121 l Uppei. Lisbui'ii Road Belfast BTIO OLL AUDITORS M.B. McGI?dy & Co Suite 2B Cadogan House 322 Lisburn Road Belfast BT9 6GH BANKERS Danske Bank Doiiegall Squai'e West Belfast BTI 6JS SOLICITORS Diamond Hei'on Diainond House 7-19 Royal Avenue Belfast BTI IFB Page 2 FEDERATION OF WOMEN'S INSTITUTES OF NORTHERYL I￿4 LLND REPORT OF THE TRUSTEES Tlie Tiustees pi'esent their Report and the Audited Accoullts of the Federatkoll foi. the ye￿. elided 31 August 2023. Tlie financial statements, which have been pi'epared under the Iiistoiical cost convention, ai"e in accoi"dance with relevant accounting standards, the Charities Act (Noi'thei'n "cland) 2008, and die provisions of die Stateineiit of Rccomnicnd¢d Piactice, "Accounting and Repoi'ting foi. Chaiities (FRS102). The Trustees The trustees who served the charitable organisation dui'ing tlie pei'iod were as follows: M Biooine (Chair) IC Veinei, (Vice Chair) S McRandal (Treasui'er) H Adaiiison J Beattie L Dowds S Ledlie V Little M Mccracken C Rankin B Richai'dson P Robinson R McAllister R Savage M Daii'ali R FaiTelly T Feeiiey S Lyons R CaiToII L Roper L Mcclure Obj ectives and Activities The pui-pose of the Federatioii is aiming to unite iii pioinotiiig aiiy woi'k wliich inalces foi. the bettci'meiit of our homes and the dcvelopinent and iniproveineiit of rui'al aiid urban life tlirougli social and educational activities. This is achieved by providiiig oppoi'tunities foi. lifeloiig learning> Id foi. personal and social developinent, forming and suppoi'ting bi"aiichcs of Woinen'8 Tiistitute across Noitherii Ireland and eiicouraging unity of pui.pose at Iiomc. Tlie Trustees coiifii'ni tliat tliey have i-efci.red to the Charity Coiiiiiiission's guidaiice on public benefit wheii ieviewiiig tlie Fedei'ation's aiins and objectives. Tlie i'esults of the Federation's activities for the year can be seen in appcndix la alld I b. Page 3 FEDERATION OF WOMEN'S INSTITUTES OF NORTHERN IRELAND REI PORT OF THE TRUSTEES CONTINUED The Fedei"ation of Women's Institutes of Northeni Ireland is a i'egistei'ed cliai'ity, iiuinbei. l 01656, and is constittited undei" the Handbook 2019. New Trustees ￿'e appointed by each Aiea Gioup electing one full inember to serve as a Tn￿tee for a period of thi'ee years. A list of all Trustees is available fi'om Fedei"ation House. Trustees, Responsibilities Statement The Trustees ￿'e required to prepare financial stateinents foi. eacli finaiicial y￿. which give a ti'iie and fail. view of the state of affaii's of the Fedei'ation and of the Suiplusl(Deficit) of the Fedeiation for that period. In prepaiiiig those fmancial statemeiits, the Comniittee is i'equired to:. • select suitable accounting policies and then apply thein consistently. obseive the methods and principles in the Charities SORP (FRS102)' Inake judgeinents and accounting estimates that al'e reasonable and pi'udeiit. and prepai'e tlie fiiiancial stateinents on the goiiig coLiceiTr basis unless it is inappi'opriate to piesume that the Fedeiztion will contiiiue in operation. Disclosui'e of infoi'matfion to the auditors We, tlic trustees of the cliaiity who held office at thc date of approval of tliese Financial Stdteinents as set out above cach coiifii'm, so far as we al'e aw¢irc tliat: thei"e is no relevant aiidit information of whicli tlie chai'ity's auditoi's al'e uiiawai'e. and we liave taken all steps that we ought to Iiave taken as Tiustees in oi'dei. to Inake 0￿SelveS aware of any i-elevant audit iiifoiinatioii aiid to establish that thc cliai'ity's auditoi's al'e aW￿.e of tliat inforniation. Auditors M.B. McGI'ady & Co have beeii appointed as auditoi%. The Fedej'ation's iegistei'ed office is: 209121 l Uppei. Lisbuim Road Belfast BTIO OLL Page 4 FEDLI RATION OF WOMEN'S INSTITUTKS ofi NORTHERN IRELAND REPORT OF THE4 TRUSTEES CONTINUED Approved by the Trustees on 1,0¥,£4- and si￿]ed oil theii behalf by: CHAIRPLRSON Mis Ma1g￿.et Broome TREASURER Mis Sheelagh McRandal Page 5 riEDERATiON or WOMENIS INSTITUTES OF NORTHERN IRELAND INDEPENDENT AUDITOR'S REPORT TO THE EXTCUTIVE COMMirrEE OF THE FEDERATION OF WOMEN'S INSTITUTES OF NoRTHF.R￿ IRELLND Opilllon We have aiidited the fmancial stateinents of F¢d¢17tion of Women's Instimtes of Noithern Ii'eland foi the yeaL' elided 31 August 2023 whÈch coniprise the Stat¢Jncnt of Finai)cial Activities, tlie Balance Sheet and notes to the financial statements, incliiding a swiw)ary of significant accounting policies. Tlie fman¢ial i'eporting fi'aincwoi"k tliat has b¢¢Ji applied in tli¢ii- preparation is applicable law and United Kiiigdom Accouiiting Staiidards (United Kingdom Geneially Accepted Accounting Practice), including Fit1￿]cIal Reporting Siandai'd 102 The Fiiiancial Repoi"ting Standaid applicable to the UK and Repiiblic of Ireland" and Chaiities SORP (FRS 102). In our opiiiioii, except foi. tlie po&sible effects of the matters described in the basis for qualified oplnion sectioii of our i'epoit, the financial slalements., give a tiue and fail. view of the state of the Federatloll's affairs as at 31 August 2023 and of ils incoming resoui'ces and ai)plication of iesoui'ces, iiicluding its incoine and expenditure foj. the yeai, thcn ended. havc been pi'operly prepaird in accordancc witli the Uijited Kingdoin Generally Acc¢ptcd Accouiiting Practice. aiid liavc been prepared iii accordance with thc requireinenls of Ili¢ Charities A¢1 (Northei'n Ircland) 2008. Basls for Quallfled Opinion Witli i'espect to income foi- meinberships and the Balinoral ¢vent, sufficient audit evidence was not available, Wc weir unable to obtalll SLiffJcient appiDpi'iat¢ audit evid¢ncc L'egardiiig the ainount of tliis iiicomc using otliei- audit pi'ocedui'es. We coiiducted our aiidit in accoi'dancc with Ijiternatioiial Standards Oil Aiiditing (UK) (ISAS (UK)) and applicable law, Oiii. i'cspoiisibilities Liiidcr those slaiidai'ds are further desci'ibed in tlie Auditoi s i'espotisibilities for tlie aiidit of the findiicial statemetits sectioii of oui. i-epoit. We al'e independent of tlie cliai'ity in accordance witli tlic ethical requti'¢in¢nls that arc i-clevaiit to our audit of Llic f&nancial statei))eiits in tlie UK, including tlie FRC'S Eljiical Standai'd, and we liave fiiifillcd oiii. othei. ethical responsibilities in aetoi'dancc will) Ih¢se i'cquiieLnents, We believe that tlie audit evidence w¢ have obtaiiied is sufficient and appl'opiiate to provide a basis foi. our opiiiioii. Conclusions relating to golilg concei'n We di'aw youi attentioii lo Note 18 whicli indtcate tbat unc¢Atainty exists wliicli Inay cast doiibt on the chaiity's ability lo coiitinue as a going concein but that this doubt is not significant. Oiir opinion is not modified Ali irspect of this matlci.. OuA- responsibilities and the responsftbilili¢s of tlie Trustces with respect to going concon al'e dcsci'ibed in tlie relevaiit sections of this report. Page 6 riEDERATION OF WOMEN'S INSTITUTES OF NORTHERN IRELAND INDEPENDENT AUDITOR'S REPORT TO THE EXECUTIVE COMlflTTEE OF THE riEDEI RATION OF WOMEN'S INSTITUTES OF NORTHKRN IRELAND CONTINUED Other Informatioii Tlie other infoYii]ation comprises die infom]ation included in the Tnistee's Report, otbei Lball thc financial stateinents and ow. auditor's ieport tliei'eon. Tlie Truste￿ are Lrsponslble for thc other infoiniatioii. Our opinioii on tlie ffinancial statements does not cover the other I￿oI￿]ati0ll and, except to the extent ot11c￿lse cxplicitly stated in oui. i'eport, wc do not express ally foiin of assuranc¢ conclusioll thereon, In connection wAth our audit of the financlal statements, oui. responsibility is to itad the other infom]atioll and, in doing so, considei. wh¢thei tlie ot1)￿. iiifoiination is iiiateiially inconsistciit with tlie fmancial slakmcnts oi. oui. kiiowledge obtained in the audit oi. otlieiwise appeal's to bc matei'lally misstated. Ifwe identify sucli Oydterial iiiconsistencies oi. appaLeLit matei-ial tnisstateiiients, we are ieqiiii-cd to d¢terJninc whethei. there is a iiiaterial Misslate￿ellt of the otlier iiiforillatioii. If, based on tli¢ worl< we liave pelfoiined, we Conclude thai th￿¢ is a ii)aki'ial nllSStateJnent of Iliis otlicr infoi'inatioii, we al'e requiicd to I'CPOAt that fact. We have nothiiig to i'eport All tliis regard. Mattel's on whlch Ive are required to report by exception lii tlie light of the ktiowledge and uiiderstanding of the cliarity and its environi))ent obtained in tlic course of the audit, we have not identified iiiatei'ial miss(atenicnts in the Report of the Ti'uslccs. W¢ liave nothing to report in respect of th¢ following inatters where thc Charities Act (Nortliern ￿tland) 2008 l'equii'es us to i'eport to you if, in our oplniotl: • tlie iiiforiiiation given in the Ti'ustee's Annual Rcport is incoi)sislcnt in any n)at¢rial itspect witli tlie financial statements. or tlie cliai'ity lias not kept proper and adeqiiate accouiiting recoi'ds. or th¢ finaiicial statements are iiol in agireinent with tlie accounting i'ecol'ds and returns. oi. we ljave not received all die iLifoimation and explanatioiis we rcquire for audit. Responsibllfities of Ti'ustees As explaiiicd moi'c ftilly in tlic Trustee's Rcpoit (sct out on page 3-5), tli¢ Truslces ai'c responsible for tlie i)i-eiiai'ation of the finaiiLial stateinents and foi. being satisficd that tliey give a true and fair view, and for sucli llltcrnal control as tlie Tiiistees deterinille is Iiecessaiy to ¢nabl¢ tlie picparation of fuiaiicial stat¢ineiits tliat arc free fi'om nmtei'ial misstatement, wheihcr due to f17ud oi. enDr. In prepai'ing the f￿anCIal stateinents, th¢ Tiust¢¢s are responsible for assessing tlie charity's ability to Continue as a going conceni, disclosing, as applicable, Inattei% i'elated to going conceiii and usiiig the going cortcei'ii basis of accounting Linless die TI￿sleeS ¢ithek' illtend to liquidate the cliai'ity or to ccase operations, oi. liave no realistic alteLnative but to do so, Pagc 7 riEDERATION OF WOMEN'S INSTITUTES OF NORTHERN IRELIIND INDEPEI NDENT AUDITOR'S REPORT TO THE EXECUTIVE COhlMIrrEE ofi THE FEDERATION OF WOMEN'S INSTtTUTES OF NORI'HLRN IRELAND CONTINUED Our i"espollsSbillties for the audit of the financfial statements Our objectives are to obtaLll reasonable assui'ance about wliether the fmancial stateinents as a whole al'e free fi'olll material inisstatemenl, wlietheL' due to fraud oi. eri'oi., and to Issue an auditoi-'s i'epoi'l tbat includes oui- opinion. Reasoiiablc assurance is a high level of asswxnce, but is iiot a guai'antee tliat an audit conducted in accoi'dallce with ISAS (UK) will always detect a Jnaterial mi￿tateMent when it exists. Misstatcinents can arise from fraud or eri'oi and are consid¢i'ed material if, Individually or in aggrcgale, they could reasonably be expeGtcd to influence tlie econoinic decisions of useiE takcn on th¢ basis of tbese fiiiancial statements. Extent the audit WY4s capable of detectlng iri'egularities, liieludlng fraud i'egularities, iiicluding fi'aud, al'e instaiiccs of iion-coinpliance willi laws and Jrgulatioiis. We d¢sign pi'oc¢dui'es in line with oui. responsibilities, outlined above, to detccl n)atei-ial inisslatejneiits iii t'espect of ii're2ulai'ities, iiicludiiig fi?ud. Tlie cxtent to which our pi'o¢eduies ale capable of dckctiiig iii'egulai-itics, iticluding fi?ud is detailed below: In assessing and detecting iri'egularities of non-compliance widi laws and i'egiilations we considered the followliig: tlie inatters discussed amoiig tlie audit cngageinent team and any other relevant professioi)als regai'diiig Iiow and wlieit fraiid iniglit occur in Ilie flnancial stalciiieiits and any potcJ)tial indicators of filud. Ilie natui'e of tlie environment and any laws and reglilatioiis applicable to tlie cliai-ity and the ¢nvirownent' • tli¢ clial'ity's own assessnient of thc i'isk of f17ud and other In'egul￿.itics" • clial'ity's policies and procedures in relation to: how tli¢y identify and comply wlth all relevant laws aiid regulations and wlietheL' lliey al-e awaie of any non-coiiipliance how tliey dLtect and i'espoiid to risks of fraud and dieir knowledge of 8ny aC￿al, suspected or alleged fiaud,, conti'ol etivii'onmetit within tlie cliai'ity and how this mitigates risks of fi'aud aiid instaiices of noii-compliaiiG¢ willi laws aiid regulations. As a resiilt of tliese procediiits, we coiisidered the opportunities and illcetitives tliat inay exist within tlie Olgaiiisation foi. fraud aiid identified die greatest potential for fi?ud lli relalion to casli handling. In con]moii with all audits undei. ISAS (UK), we al'e also i'equii-ed to perfoLin specific procedures to r¢spoJid to the i-isk of n￿nagement override. Iii r¢sponse to the i'isk of iiiaterial Misstatel￿nt t1￿Ollgh irregularities and tion-compliance with laws aiid i'egulations, wc designed procedures wliich iiicliided, but were not limited to.. eiisul'ing tlie eiigageinent leain had the appi'opi-iate knowledge and eXpelti￿ in ol'd￿. lo be able to identify and recognise any instances of fiaud oi. iion-compliance witb laws and regulatiojis. we identified the laws and re￿lIationS applicablc to tbe Coiiipaiiy througli disciissions with dii'ectoiE aiid nuiiag¢mellt and ti'oiii our knowledge and expei'ience of tlic sector. Page 8 FEDERATION OF WOMENIS INSTrruTES OF NORTHERN IRELAND NDEPENDENT AUDITOR'S REPORT TO THE EXECUTIVE COfvITrIITTEE OF THE FEI DERATION or WOMEN'S INSTITUTES OF NORTHERN IRELAND CONTINULD ensuring tbe audit was can'ied oiit witli a level of professional sccpticism tlwoughout: In iesponse to the risk of iiTegiilai'ities and noii-¢oinpliaThc¢ witb laws and i'egulations, we designed procedui'es which inclLided, but were not liiiiited to: enquiring of iiianagement conc¢rlls of actual and potential litigalion and claiins. agreeing the financial statenient disclosur￿ to underlying supporting documentation to assess compliance witli i-elevaiit l&ws and regulations, reviewing correspondenc¢ with HMRC and othei. IElcvant regulators, the company's legal advisoi's and fundci8. To address thc risk of fraud througli manageincnt bias and oveiyide of controls, we: Vcrlfy tlie cxistence of employees: perforin analytical ptY)cediires to identify any unusual or unexpected i'elationships tliat may indicate i'isks of material misstatement diie to fraiid, obtaiii an ui)deistanding of pi'ovisions eg iecovcrability of debtors. test the appi'opi'iateThcss of journal entries and oth¢r adjustineiits as.sess wlietliei. the judgemciils made iii Inaking aecounting estimates are indicative of a potential bias and - evalualc tlie business rational¢ of any significaiit tsaJisactlOLlS that air unusual or outside the noi'inal cou13e of business. We also cominunicated i'elevant identified laws and regulatioiis and potential fi'aud rAsk to all cngagement t¢ain membcrs and significant coinponent aiidit teams, and reTh￿Ined alert to any indications of fraud or non-coinpliancc with laws aiid re￿lIationS tl]roughout th¢ audlt. Tliei'e are itherent linjitations iii our audit procedures described above. The more reinoved that laws aiid regulations al'e froni fiiiaTh¢ial transactions, the less likely it is that wc would bccome aware of noii-coiiipliance. Auditing standai'ds also liinit tlie audit procedui'cs required to idcntify noii-¢omplianc¢ with laws aiid iegulalions to enqliiiy of thc Tiustecs and otlier niaiiagemeiit and tlie inspcctioii of r¢gLilatory and legal cori'espoiidence. if aiiy, Material misslatcments that ai'ise due to fraud can bc haidei. to detect than thos¢ that ai'ise fi'oin eri'oi. as they inay involve delib¢i?te concealmciit of collusion. A fiii'iliei. desci'iptioii of our iEspoiisibilities foi- the audit of the fLnanci81 sl#teiiients is located on the Fiiiantial Rcportiiig Council's websit¢ at ww.frc.oi'g.uk/auditor51'epsonsibilitics. Tliis dcsci'iptioii foriiis p￿t of oui. Report of tli¢ Auditors, Page 9 riEDERATION OF WOMEYI IS INSTITUT£1 S OF NORTHERN IRELAND INDEPENDENT AUDITOR'S REPORT TO THE EXECUTIVE COMMITTEE OF THE FEDERATION OF WOMEN'S INSTITUTES OF NORTHERN IRELAND CONTINUED Wlio we are reportlng to This report is inad¢ solely to tlie cl)aritys Trustees, as a body, in accordaiice with Pai't 4 of tlie Charities Accounts and Repoi'ls Regulations (NortlieiiTr IIEland) 2015. Our audÈt woi-lc has been iLndeitsk¢n so Ilial w¢ miglit state to tlie charity's Tnistees those inatters wc air requii'ed to state to tli¢in in an auditor's report and for no other pwposc. To the full¢sl extent pennitted by law, w¢ do not accept or assunie responsibility lo anyone oth¢i' tliai) the charity and the charity's Tn￿teeS as a body, for oui" audil work, for this iEPOrt, or foi. th¢ opinions we liave forined. Malacliy Statutory Auditor) For aiid on behalf of M.B. McGrady & Co Suite 2B 322 Lisburn Road Belfast BT9 6GH Date., Page 10 FEDERATION OF WOMEN'S INSTITUTES OF NORTHERN lllEI LAND STATEMEI NT OF fiINANCIAL ACTIVITIES foR THE YEAR INDED 31 AUGUST 2023 Note 2023 2022 INCOME Membei%hip Fees Contributions To Federation Funds Gift Aid Gi'ant Incoine Inconie Fioin Federation Activities: Si)ecial Undertakings (Appendix IA) Magazine (Appendix IB) Inslttiite Contributions To Insui'ance 42,530 8,355 2,418 4,000 42,744 7,904 5,506 8,280 27,617 6,892 22,967 4,824 34,509 13,241 27,791 11,723 llleome fi roni Investments: Dividends And Inlerest On Investments Gain / (Loss) On Disposal Of Investi)Icnts Gain l (Loss) On Rcvaliialion Of Invcstments Baiik Deposi¢ Intci-est 4,895 7,305 (16,461) 55 4,945 4,148 {15.811) 39 (4,206) (6,679) Donations Towai'ds Council Meeting Expenses 1,776 1,506 Total liicome 102,623 98,775 Ovei'liead Expenses Sifttt Salai'ies JRS Gi'ants Ex Gi'etia Staff Payments Reci'Liitment Costs Gi'ound Rent Ynsui'an¢e Rcpairs And Renewals Watei. Rates Liglit Ai)d Heat Postage And Telephone Sl&tioncry & Office Expenses Webs'ite Costs Siibscriplions Auditoi s RcinLineration Geiieyal Expenses Cleaning Execiitive & Sub-CoinLnitte¢ Travel Expenses Legal & Professional Fees Depi'ecialion Bad Debts Bonk And Investment Cliarges Council Me¢liDg Expenses 80,614 55,837 (713) 15,000 969 22 11,723 10,982 835 3,431 2.953 9,595 8,280 262 2,226 4,968 1,847 6,129 3,096 3,447 841 2,173 3,969 22 iJ,241 6,567 599 3,788 2,481 9,921 125 3,092 1,862 2,019 IIJ,509 4,807 222 1,729 144,811 (42,188) 147 872 49,U97 Sui'plus1(Deficlt) Of liicoiiie Over Expendfi¢uYe stxteiiieiit Of GenerAI Fund Balanc¢ Bi'oll￿t Foi'wai-d 323,284 372.381 Add.. Suiylusl(Dcficit) Of Income Over Expenditure Balan¢e Caiiied FoiwaLd (42 188 281,096 49,097 323,284 The notes on Pages 13 to 19 form parl of Ibese financial statements Pagell FEDERATION OF WOMEN'S INSTITUTES OF NORTHERN IRELAND BALANCE SHEET AS AT 31 AUGUST 2023 Note 2023 2022 4ixed Assets Tangible Assets Inv¢slin¢nls 101,934 153,432 255,366 100,031 184,210 284,241 4(a) Cui'i'eiit Assets Stocks D¢L)toi's & Pi'epayments Casli at Bank and in l)and 10,525 6,150 4S,413 62,11118 13,266 16,063 52,883 82,212 4(b) Cui'i'ent Llabllltles nounts owing to A C w w aiai'ities Creditoi's and Acciuals J3,167 J4,201 27,.1611 13,693 18,055 31,748 Net Cui'i'ent Assets 34,720 50,464 Net Assets 290,086 334,705 Fliianced by: Geneial Fiind Sub-coininiltee Fiillds Sp¢cAal Fiinds 281,096 600 8,390 290 086 323,284 600 10,821 334,705 14 APPROVED BY THE EI XECUTIVK COMMirrEE 11,: OLk :24-...................... CHAIRPERSOIY TREASURER Th¢ nol¢s on pages 13 to 19 forni part of tliesc financial statejnenls. Chai'ity iegisli'ation 11￿116er.' 101656 Pagc 12 FEDERATION OF WOMEN'S IN,STITUTKS OF NORTHERN IRELAIYD NOTES TO THE ACCOUNTS Note I Accounting Policies The following accounting policies have been used consistently in dealing witli items wliich ait con8idcT¢d lliateiial in relation to the Federation's financial statements:_ (a) Accountillg Convention The financial statenients, wliich liave be¢n prepai'ed undei. tlic histoi'ical cost convention, ale in accoi'dance with iElevant accounting standards, tlie Cliarities Act (Nortliei'n Ireland) 2008, and tlie piovisions of the Statenient of Rcconiiiiended Practice, "Accounting and Repoi'ting foi Cliaiktics (FRS102). The financial statements ait pitparcd on a going concei'n basis. The financial statcments aiE piepai'ed in stei'ling wliicli is tlie fiinctional Cliiiency of tl)e chai'ity, (b) Income Inconie con8lSts of Coiitsibiitions and Menibersliip Fees and Ineoiiie from Federation activities. Inconie fi'oni Investments and Deposits are retained and al'e foi. tlie uniesti'icted use of the Fed¢i'ation. Income colLectcd for ACWW Chai'ities are designated fo7. that puipose. Therc are no I'estricted soui'ces of income. Income fi'om bank interest is accounted for on a receipts basis. Contiibutions to mcmbei'ship funds and mcmbership fees are also accounted foi. on a iEceipts basis, (c) Tangible Assets and Depi'eciation Tangible Fixed Assets are stated at cost less accumulated depi'eciation. IAS 16 pei'niits assets to be iepoited al cost, without revaluation, wl)ere value exceed8 cost. Depreciation is calculated to write off the cost of the Fixed Assets over the period of theii. useful lives, tlie piincipal l'ates being as follows:_ Fixtiii'cs and Fittings Coinpiitei. Equipment & SoftwakE Website Pi'operty 250/0 Reducing Balance 250/0 Reducing Balance 25 % Reducing Balance 2 /0 Straigbt Line Page 13 FEDERATION OF WOMEN'S INSTITUTES OF NORTHEI RIY IRELAND NOT£1 S TO THE ACCOUNTS CONTINUED (d) Stock Stock consists of goods for resale. Stock is valued at cost with provision being madc to wi-ite down obsolete or defective stock to net realisable value. Replaceinent value of stock does not diffei" mateiially from book cost. (e) Pension Scheme The Fcd¢iation operates a Defined Conts'ibution Pension Scheine for employees. Premiums al'e chaiged in the accoiints in the pei'iod to which they relate. (fj Investments Investments ale stated on the Balance Sheet at Mai'ket Value. Investments ale lield pi'imai'ily to pi"ovide an investment return foi. the Federation. Realised and unrealised gains/losses arising on investments ale disclosed in the Statement of Financial Activities, Ig) Expendlture All expenditui'e is accounted for on an accruals basis and has been incliided under expense eategoi'i¢s tliat aggi'egate costs i'elated to tliat category. Note 2 Tanglble Fixed Assets Com Flxtui'es & F ul Fittin s & Softivare Cost Pro er Total Balance at 3118/22 AddAtions Disposals a12nce at 3118123 155,580 53,400 21.512 6,710 230,492 6,710 155,581) 53,400 28,222 237,202 i'eciation Balance at 3118122 Cliai'ge foi. year On Disposals Balance at 3118123 56,173 3,112 53,201 50 21,087 1,645 130,461 4,807 59,285 53,251 22,732 135,268 Net Book Value at 3118123 96,295 149 5,490 101,934 Net Book Value at 3118122 99,407 199 425 100,03 I Page 14 riEDERATION OF WOMEN'S INSTITUTES OF NORTHERN IRELAND NOTE4 S TO THEI ACCOUNTS CONTIIYUED Note 3 Particulars of Employees Tlie average nujnber of peisons cmployed by the Federatioji dui'iiig the year was as follows:_ 2023 2022 Administi'atioii The aggregate pa￿.011 costs of tliese persoiis were as follows:_ Wages and Salaries Pensioii Sclieine Costs Social Secuiity Costs 72,902 6,623 1,089 80,614 51,462 3,288 1,087 55,837 No employees receive total employee benefits of iiioit tliaii £60,000. Note 4 liivestnieiits aiid Bank Deposits 2023 2022 (a) Sterling Cash Abei'decn Std Fd Mg ASI UK Smlr Coslnstl GBP Allianz Glb Invest Stialegic Bond I Inc GBP Artemis Fd Mngrs Income E GBP Dis Blackn'ock EUBI)N Dy BR EURPN Dynamic Fd I Blaclci'o¢k FM Ltd Contl EURP Inc D Units Inc BMO Commercial Pro Ord GBPO.01 BNY Mellon Glb Fds Gbl Bd Fd Stei"liiig Z Inc Eiiipii'ic Student Findlay Park FD Fi'anlcliii Tmpltn Fd UK Gi'eencoat UK Wind Janiis Hend UK & EU JH Strategic Bond Dis HICL tnfiasti'ucttir Ord INT Piiblic Partner Ord GBPO.000 I iSI)aies Ii PIC USD J O Hambi"o (Johcm Fnds UK Ltd UK Equity Inc( JP Moi'gan AM UK Ltd JP Morgan bund Icvc JPM Gbl Macro Opps C Ne JP Moi'gaii fuiids td US Equity Inc IC GBP Nel In Jiipitei. UT Mngrs Eui'opcai) Z Inc Legal & Geiiei'al UT Polal. Capital Fd Royal London UTM Saga Spdi. ETFS El Bloom Scliroder Unit Tst Asian Alpha Plus L Acc Nav Schroder Unit tst Asiaii Income L Vanguard Funds PIC FTSE All World Ucits Etf U Vanguard Fiinds PIC S&P 935 4,108 1,940 4,541 4,639 11,232 4,030 3,515 4,793 4,710 4,297 5,711 4,806 3,733 3,112 4,493 3,887 5,854 7,355 6,666 6,018 5.985 5,483 4,512 7,406 13,297 6,617 7,720 6,839 8,600 8,466 4,515 8,862 4,335 8,633 4,533 8,244 4,700 12,386 10,609 10,076 3,998 7,164 7,188 9,635 16,603 7,852 7,705 9,387 15,917 153,432 184,210 Page 15 FEDERATION OF WOMEN'S INSTITUTES OF NORTHERN IRELAND NOTES TO THE ACCOUNTS CONTINUED Investments are included at Market Value, as calculated by Investec Wealth & Investmeiit, at 31 st August 2023 2023 2022 (b) Danske Bank Cui'A'ent Account Danske Bank- Business Investment Account Danske No 2 Deposit Account Cash in Hand 22,517 27,225 17,937 4,659 300 45,413 17,840 7,518 300 52,883 Note S Stocks 2023 2022 Home Craft Spinning Wlieel Awai'd Stationery Foi. Resale Badges & Key-Rings NapL