NYWFWI Spring Council 2018: 24th March 2018
Presentation of the Accounts for Y/E 31 December 2017
Good Morning ladies! Madam Chairman, honoured guests and fellow members, it is mytask to present the accounts for North Yorkshire West Federation of WI’s in Lesley’s absence. For those of you that don’t know me I am Jackie Williams, a Board Trustee and I am the Federation’s Assistant Treasurer.
(Pause)…..Contrary to popular belief, the finance item is not the time to switch off, pop to the bathroom, or have a snooze. It’s 2nd on the agenda after the Chairman because it is essential and important; If the finances go wrong, especially in charitable organisations,then they make headlines on a scale that is easily comparable with the likes of Brexit, Cambridge Analytica or any Russian Spy attacks!!!!
At Spring Council last year, Pauline pledged that by increasing our focus on financial management the financial health of NY West Federation could be improved to a balanced position for the benefit of members. Hopefully in the next 10 minutes,and from the Accounts,you will see the positive progress that’s been made in the last 12 months
Copies of the Annual Report and Accounts for year ended31 December 2017 have been sent to every WI. I trust that they’ve all been read from cover to cover…shall we have a show of hands to confirm……ah well, maybe not then, BUT and it’s a big BUT….. how do we assess if Federation finances are sound and looked after properly and whether 2017 has been a good year?It is the Annual Meeting and we do have to adopt them after all.
Well it’s no different to at home really, we try to maintain, if not maximise, our income whilst mindful that members’ spending on WI membership and events is likely to be constrained in times of austerity; we review and manage costs to reduce or minimise them whenever possible, and we try to contain spend within the resources available to us, whilst investing wisely for the benefit of members, keeping reasonable levels of reserves, and providing value for money services and products.
As a membership-based organisation, our main sources of income are from subscriptions and from activities organised for members. Both have remained steady compared to the previous year. Taking account of fluctuations year on year, one-off events, and changes for Federation ‘acting as agent’ for NFWI shares of subscriptions, the underlying “like for like” performance is very positive given the economic pressures faced by members. The stability of membership numbers at around 3,000 in 2016 and 2017 is good news for us and for the WI organisation overall.
Federation events were well supported throughout 2017, with several repeated, and with new venues and variations in event timings to try to accommodate everyone. Once again, our Annual Council Meeting was very well attended, as this one is today. Thank you for supporting these events and those organised by our enthusiastic sub-committees.Last year they held many events including our ever-popular Federation Quiz, a wide range of craft workshops, interesting trips, inspiring leisure activities and challenging public affairs topics, all of which were well supported and helped us fulfil our educational remit. To encourage attendance at future events, as well as the extended Lilac Cards scheme that Pauline has spoken about, we have decided to offer three new prizes to WIs sending the most delegates to attend all training workshops, eg Resolutions, Programme Planning, Officers training. The winning WI cheque will be £30, £20 for 2nd and 3rd place will receive £10.I know a number of you have expressed disappointment that we increased the price of our training and information workshops from £5 to £8.50. The board looked at this very carefully before making this decision and it was felt, as these workshops had not gone up for at least 4 years, it was time to review the pricing. We do not expect these courses to make money but we do require them to break-even, and as you will be aware these courses are normally paid for by your WI, the price needed to increase. We will keep a close eye on it and if we feel it advisable we will look at the pricing again during next year.
The Great Yorkshire Show, a highly enjoyable and successful event in the Federation calendar continues to be a major contributor to our financial sustainability.
Income from our Federation newsletter remains steady. Federation Newsis produced by our hard-working team of Committee Chairs, together with our Newsletter Editor, Federation Secretary and a host of valued member contributors from around the Federation. It is an excellent source of Federation information and a showcase for WI activities around the patch, well worth the subscription.
The 200 club proves steadily popular, and its popularity allows us to offer attractive prizes in our regular draws. You have to be in it to win it, and if you have a share, you may well be in luck later today.
The NFWI Raffle is well supported, and in common with every federation, North Yorkshire West receives a share of the income raised pro rata to the number of tickets sold. Indeed 2017 was our best year ever.
As we are all aware, investment returns remain low. Our assets are carefully monitored on a regular basis, by the Board of Trustees, in line with the WI Constitution.
Fixed costs form the bulk of our expenditure, and these include wages, rent, rates, telephone, internet, postage and printing all of which are closely monitored throughout the year.As Lesley has reported previously we aim to negotiate the best value deals that we can on all our overheads, and this year we opted to change our electricity supplier to stay cost effective for that element. Your continued help in minimising postage costs by supplying Stamped Addressed Envelopes for any receipts or ticket returns that you require, is both essential and appreciated.
Board of Trustees and committee expenses reflect the work that their members do in the running of the federation. During the year we carried out a review of all these expenses to ensure they are managed to optimal levels. Processes to strengthen financial planning for events were introduced during the year, and for budgetsetting for 2018 to improve cost and financial control.
With all this positive news, and hard work, we have had a very good year and I am pleased to be able to report a healthy surplus of £8,446 based on the 2017 accounts. In line with Pauline’s pledge, this year’s surplus ensures that over the last 3 years a break-even position has been achieved. This has enableda lot of work to be done last year at Alma House by Ripon Housing Improvement Trust (our Landlords) that many of you who have visited will have seen. We now have a large storeroom over our back hallway which means we have a lot more storage space, and with re-decoration and new carpet laid the whole area looks very much better. In addition, the landlords have put in a new breakglass fire alarm in the main hall and have recently put in emergency lighting throughout the building together with new kitchen lighting and additional sockets so that the highest safety levels are now met.
North Yorkshire West Federation trustees require that levels of unrestricted reserves should be held that would allow work to continue in the event of unforeseen disruption to our income streams. The equivalent of 12 months office expenditure is optimal, and with current levels more than adequate for this purposewe are in a stable financial position as we start the new financial year.
Looking forwards, we are planning another financially successful year in 2018 with:
On the income side…A varied events and activities programme is being created, covering as wide a variety of subjects as possible to inform, educate and entertain you; plans are in place to support increases in WI membership at 3 new WIs, and in all our existing ones; GYS planning is ongoing, as is the planning to progress the new and exciting fundraising event at Broughton Hall in September. Watch this space and your newsletter for more information on all of these.
For expenditure….the review of spending to manage running costs to affordable levels, and the scrutiny of suppliers and their costs, to secure best value for every one of our events and activities, will continue as a matter of absolute basic financial routine.
Our plan is to again create a modest surplus for reinvestment for the benefit and support of members, including a programme of kitchen and office improvements and decorations, and further health and safety requirements at Alma House. This will ensure compliance with lease and statutory obligations whilst ensuring facilities are safe, fit for purpose and pleasant when you are there.
There are lots of challenges in making the finances do what we want them to do, and some are nearly boring -although it pains me to say that as an over 40 years qualified accountant!! It isn’t easy, but it is rewarding when our plans are achieved. We look forward to working closely with more of you than ever before as we build and progress those plans together.
A word to WIs now on support that is available for Treasurers; it shouldn’t seem like a daunting or lonely role and advice is on hand, and not just on-line onMyWI either. Lesley’s regular Treasurers’ Drop-In sessions have proved popular with visits taken up by severalWI Treasurers. Accounting changes for ‘acting as agent’ funds are not straightforward, they do affect all WIs, and Lesley is available to explain these, as well as their potential impact on registration with the Charity Commission, for those WIs with income close to £5,000. Associated changes to Gift Aid are still being finalised by HMRC (the tax people) and NFWI. You may remember that from this year WIs can onlyreceive Gift Aid on their WI element of the subscription, but as soon as we have the full guidance we will keep you advised.
If we don’t have the answers to any of your queries immediately to hand, there is a whole network of experienced Treasurers across the Federation patch that we are all able to tap into. Watch the newsletter for more Drop-In dates or call the office to contact Lesley.
Thank you to all the Treasurers who have sent in their annual subscriptions so promptly. We are still waiting for a few more. Delegates could you please check with your treasurer that subscriptions have been sent in. I have also been asked to remind you that all cheques sent into Alma House should have the event, workshop or item written on the back of the cheque. One of the queries we have had recently is that cheques are put into the bank before you know you have a place. As we do not want cheques to go missing we bank weekly and all cheques received during that week are sent to the bank. Should you not get onto a course or an event the monies will be refunded as soon as the closing date is passed.
We have a team of Independent Financial Examiners (IFEs) in the federation who are trained to examine your accounts at year end. We always need more of us by the way to do that, so do let us know if you would like to be trained to join the team and we can arrange it. However, if yourWI needs an IFE to examine your year-end accounts just please let Michelle, our Federation Secretary know, and one will be allocated.
So, now the important techy bit that I have to tell you: The Accounts and all the accounting records have been subjected to an Independent Financial examination to provide members and NFWI with assurance that the accounts are consistent with the accounting records and that they comply with Charity Commission requirements and Charity Law. The IFE has appropriate accounting experience and knowledge of Charity Law and the WI Constitution and has not raised any points that should be brought to members attention in presenting the accounts.
I’m nearly done but I can’t sit down without saying some final Thank Yous. Firstly, thank you to all our sub-committee members, my fellow Board of Trustees and our Chairman, Pauline for their unfailing efforts and energy throughout the year.
I also need to record thanks to Mr Parker, Chairman of Ripon Housing Improvement Trust Ltd, for listening to our concerns and for all his help over the last year.
Also, thank you to JWP Creers LLP, our accountants for their very professional assistance, and in particular to Veronica Ridsdale and Tom Patrickson, for their support and advice during the annual accounts preparation.
Words can’t adequately express the sincere thanks that must go to Michelle, our Federation Secretary and Marina our Finance Assistant, as without their willing help and support the managing of the finances would be impossible.
Finally thank YOU -thank you for your support, thank you for your contributions and thank you for listening!!!!! There is no time for questions now due to a tight agenda but that doesn’t stop you asking me or Lesley anything at any other time.
1. I would now like to propose JWPCreers LLP as our Financial Examiners for 2018. Could I please have a seconder from the floor
Delegates please vote: For
Against
2. I now would like to propose acceptance of the Annual Report and Accounts for 2017. Could I please have a seconder from the floor
Delegates please voteFor
Against
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