RURAL YOUTH TRUST FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025 Registered Charity Number 1003944
RURAL YOUTH TRUST
For the year ended 31 December 2025
INDEX
1 OFFICERS AND ADVISERS 2 - 4 TRUSTEES’ REPORT 5 INDEPENDENT EXAMINER’S REPORT 7 STATEMENT OF FINANCIAL ACTIVITIES (2024) 8 BALANCE SHEET 9 – 12 NOTES TO THE FINANCIAL STATEMENTS
Page 1
RURAL YOUTH TRUST For the year ended 31 December 2025
The trustees present their annual report and financial statements of the charity for the year ended 31[st] December 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s trust deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102).
TRUSTEES, OFFICERS, ADVISERS AND ADMINISTRATIVE INFORMATION
| Charity Name and Number | The Rural Youth Trust |
|---|---|
| Registered charity number: 1003944 (England & Wales) | |
| President | Peter Jackson CBE (Deceased) |
| Trustees | John Lee OBE DL (Chairman) |
| Joanna Robson (Treasurer) | |
| Glenn Jones | |
| Neil Cameron | |
| Stephen Jarvis | |
| Hannah Talbot | |
| Invited to attend | Trust Secretary – Caryn May |
| Chair of NFYFC Council – Drew Bailey | |
| NFYFC Chief Officer – James Eckley | |
| Place of business and | |
| Correspondence address | Ms C May |
| YFC Centre | |
| National Agricultural Centre | |
| Kenilworth | |
| Warwickshire | |
| CV8 2LG | |
| Bankers | H S B C |
| 46 The Square | |
| Kenilworth | |
| CV8 1EA | |
| Investment Advisers | Evelyn Partners |
| 103 Colmore Row | |
| Birmingham | |
| B3 3AG | |
| Independent Examiner | Mark D Harwood FCA BFP FMAAT |
| Michael Harwood & Co | |
| Chartered Accountants | |
| Greville House | |
| 10 Jury Street | |
| Warwick | |
| CV34 4EW |
TRUSTEES’ REPORT
Page 2
RURAL YOUTH TRUST For the year ended 31 December 2025
History, objectives and activities of the Trust
The Rural Youth Trust was established under a Trust deed dated August 1991 with the objective of awarding grant to assist in the leadership and motivation of young people in rural areas, whether through the National Federation of Young Farmers Clubs or through other avenues.
Structure, Governance and Management
Trustees are elected in accordance with the terms of the Trust. The Trust deed allows for a minimum of three and a maximum of eight trustees. The trustees met three times in the year. The induction of a new Trustee involves being made aware of a Trustee’s responsibilities, the governing document, the administrative procedures, the history and philosophical approach of the charity. A new Trustee would receive copies of the previous year’s annual report and accounts and a copy of the Charity Commission leaflet “The Essential Trustee: What you need to Know”. Trustees serving in the year are shown on page one.
The Trustees annually review the risks that the charity faces. To date these have mainly related to investment management and these have been ameliorated by diversified portfolio management.
The Trustees have delegated day to day responsibility for administration of the Charity with the Treasurer.
Public Benefit
The Trustees have had due regard to the guidance published by The Charity Commissioners on public benefit, and consider that the objectives and activities of the charity fulfil this requirement.
Procedures and policy for grant making
The Trustees meet at least twice, and up to four times a year to consider any grant applications and maintain regular electronic communication to review any feedback they have received. Nominations for grants must be in writing and on the charity’s pro forma application form. An application form is available from the correspondence address.
The Trustees always seek feedback on the actual use of grants given and the achievements made, including those to individuals. The explanations and feedback received are sufficient for monitoring the quality of the grants made.
Financial Review
The year’s results show a surplus of £18,968 (2024 – deficit of £13,275) after having paid grant payments and also grants committed, amounting to £2,220 (2024 - £40,174) before the realised gains of £4,251 (2024: gains of £11,201) and unrealised gains on investments of £132,668 (2024 – gains of £65,277).
Risk Review
The Trustees have considered the risks to which the Charity is exposed and have established systems for mitigating those risks. The risks are limited to investment risks. The Trustees believe that by investing its funds in Evelyn Partners which is periodically reviewed, these risks are minimised.
TRUSTEES’ REPORT (continued)
Page 3
RURAL YOUTH TRUST For the year ended 31 December 2025
Reserves Policy
The total fund for the charity was £1,451,804 at 31[st] December 2025 which is unrestricted. The Trustees have agreed a policy whereby the funds not committed or invested in investments held by the charity should be maintained at a minimum of £1,000 at the bank and/or brokers to meet immediate application.
General reserves at the year end stood at £1,451,804. The Trustees have agreed a policy whereby unrestricted funds not committed or invested in investments should be kept at a minimum in order to maximise investment returns.
The Trustees have considered the most appropriate policy for investing funds. Most of the capital of the Trust is invested and managed by the Trust’s brokers Evelyn Partners of Birmingham. The investment brief remains to invest the fund for a mixture of security, income and some long-term capital growth.
It remains the Trustees’ intention broadly to match the investment income from the investments with the cost of grants and administration expenditure.
Investment Policy
The Trustees have considered the most appropriate policy for investing funds. The Trustees have invested in fixed income stocks, equities and short-term sterling deposits which were managed by Evelyn Partners. The Trustees consider that the returns on these funds are satisfactory.
The Trustees met formally with a representative from Evelyn Partners twice during the year to review the performance of the funds, risks and anticipated future needs.
Achievements and Performance
Grants Awarded
The Trustees again received a large number of enquiries for assistance during the year but unfortunately a number of them were considered outside the criteria for grant aid set down for the Trust. However, grants were made in the following areas: -
Leicestershire FYFC Suffolk YFC Surrey FYFC
Future Plans
The Trustees continue to promote the Trust and intend to provide grants in a similar way as in the recent past and encourage applications from eligible organisations.
TRUSTEES’ REPORT (continued)
Page 4
RURAL YOUTH TRUST For the year ended 31 December 2025
Statement of Trustees Responsibilities
The Trustees are responsible for preparing the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.
Charity law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with the United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The financial statements are required by law to give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for that period. In preparing those financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the applicable Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material
-
departures that must be disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume
-
that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements.
Approved by the Trustees on 22nd April 2026
Signed ………………………………………. J Lee OBE DL (Chairman)
Signed ………………………………………. Mrs J Robson (Treasurer)
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF
Page 5 RURAL YOUTH TRUST For the year ended 31 December 2025 Charity Number 1003944
I report to the Charity’s trustees on my examination of the accounts of the charity (“the Trust”) for the year ended 31 December 2025, which are set out on pages 6 to 12.
Responsibilities of Trustees and Examiner
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent Examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect:
-
The accounting records were not kept in accordance with section 130 of the Act; or
-
The accounts did not accord with the accounting records; or
-
The accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Mark D Harwood FCA BFP FMAAT Michael Harwood & Co. Chartered Accountants Greville House 10 Jury Street Warwick Warwickshire CV34 4EW
Dated:
RURAL YOUTH TRUST
Page 6
STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 December 2025
| Unrestricted | Total | Total | ||
|---|---|---|---|---|
| Funds | Unreserved | |||
| Funds | ||||
| Note | 2025 | 2025 | 2024 | |
| £ | £ | £ | ||
| INCOME FROM: | ||||
| Donations | - | - | 6,250 | |
| Investments | 2 | 32,465 | 32,465 | 32,670 |
| Sundry income | - | - | - | |
| ---------------------------------- | -------- | |||
| TOTAL INCOME | 32,465 | 32,465 | 38,920 | |
| EXPENDITURE ON: | ||||
| Raising funds | ||||
| Broker’s fees | 9,095 | 9,095 | 8,754 | |
| Charitable activities | ||||
| Grants to young people in rural areas | 4 | 2,220 | 2,220 | 40,174 |
| ----------- | ----------- | ----------- | ||
| 11,315 | 11,315 | 48,928 | ||
| Other costs | ||||
| Printing, postage and stationery | 11 | 11 | 26 | |
| Travel expenses | - | - | 1,066 | |
| Website expenses | 243 | 243 | 267 | |
| Treasurer’s honorarium | 250 | 250 | 250 | |
| Sundries | 72 | 72 | 187 | |
| Accountancy fee | 400 | 400 | 355 | |
| Independent Examiner’s fee | 1,166 | 1,166 | 1,055 | |
| Bank charges | 40 | 40 | 61 | |
| -------------------------------- | ---------- | |||
| TOTAL EXPENDITURE | 13,497 | 13,497 | 52,195 | |
| -------------------------------- | ---------- | |||
| Net (expenditure)/income before gains/(losses) | 18,968 | 18,968 | (13,275) | |
| Realised (losses)/gains on sale of investment assets | 4,251 | 4,251 | 11,201 | |
| -------------------------------- | ----------- | |||
| Net (expenditure)/income | 23,219 | 23,219 | (2,074) | |
| Unrealised (losses)/gains on revaluation of fixed assets | 132,668 | 132,668 | 65,277 | |
| ----------------------------------- | ------------ | |||
| Net movement in funds | 155,887 | 155,887 | 63,203 | |
| Reconciliation of funds: | ||||
| Total funds at 1 January 2025 | 1,295,917 | 1,295,917 | 1,232,714 | |
| -------------------------------------- | ---------------- | |||
| TOTAL FUNDS AT 31 December 2025 | 8 | £1,451,804 | £1,451,804 | £1,295,917 |
| ====================== | ========= |
All income and expenditure derive from continuing activities.
The statement of financial activities includes all gains and losses recognised during the year.
The notes on pages 9 to 12 form part of these financial statements.
RURAL YOUTH TRUST
Page 7
STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 December 2024
| Unrestricted | Total | Total | ||
|---|---|---|---|---|
| Funds | Unreserved | |||
| Funds | ||||
| Note | 2024 | 2024 | 2023 | |
| £ | £ | £ | ||
| INCOME FROM: | ||||
| Donations | 6,250 | 6,250 | - | |
| Investments | 2 | 32,670 | 32,670 | 30,201 |
| Sundry income | - | - | 32 | |
| ---------------------------------- | -------- | |||
| TOTAL INCOME | 38,920 | 38,920 | 30,233 | |
| EXPENDITURE ON: | ||||
| Raising funds | ||||
| Broker’s fees | 8,754 | 8,754 | 8,135 | |
| Charitable activities | ||||
| Grants to young people in rural areas | 4 | 40,174 | 40,174 | 34,414 |
| ----------- | ----------- | ----------- | ||
| 48,928 | 48,928 | 42,549 | ||
| Other costs | ||||
| Printing, postage and stationery | 26 | 26 | 11 | |
| Travel expenses | 1,066 | 1,066 | - | |
| Website expenses | 267 | 267 | 354 | |
| Treasurer’s honorarium | 250 | 250 | 250 | |
| Sundries | 187 | 187 | 72 | |
| Accountancy fee | 355 | 355 | 355 | |
| Independent Examiner’s fee | 1,055 | 1,055 | 1,055 | |
| Bank charges | 61 | 61 | 60 | |
| -------------------------------- | ---------- | |||
| TOTAL EXPENDITURE | 52,195 | 52,195 | 44,706 | |
| -------------------------------- | ---------- | |||
| Net income/(expenditure) before gains/(losses) | (13,275) | (13,275) | (14,473) | |
| Realised gains/(losses) on sale of investment | 11,201 | 11,201 | 695 | |
| assets | ||||
| -------------------------------- | ----------- | |||
| Net income/(expenditure) | (2,074) | (2,074) | (13,778) | |
| Unrealised gains/(losses) on revaluation of fixed assets | 65,277 | 65,277 | 56,885 | |
| ----------------------------------- | ------------ | |||
| Net movement in funds | 63,203 | 63,203 | 43,107 | |
| Reconciliation of funds: | ||||
| Total funds at 1 January 2024 | 1,232,714 | 1,232,714 | 1,189,607 | |
| -------------------------------------- | ---------------- | |||
| TOTAL FUNDS AT 31 December 2024 | 8 | £1,295,917 | £1,295,917 | £1,232,714 |
| ====================== | ========= |
All income and expenditure derive from continuing activities.
The statement of financial activities includes all gains and losses recognised during the year.
The notes on pages 9 to 12 form part of these financial statements.
Page 8
RURAL YOUTH TRUST
BALANCE SHEET For the year ended 31 December 2025
| Note | 2025 | 2024 | ||
|---|---|---|---|---|
| FIXED ASSETS | £ | |||
| £ | ||||
| Listed investments | 5 | 1,423,680 | 1,267,026 | |
| CURRENT ASSETS | ||||
| Debtors | 6 | 1,414 | 18 | |
| HSBC account | 1,450 | 3,720 | ||
| Cash held by brokers | 28,940 | 28,821 | ||
| -------------- | -------------- | |||
| 31,804 | 32,559 | |||
| CREDITORS | ||||
| Amounts falling due within one year | 7 |
(3,680) | (3,668) | |
| ------------ | ------------ | |||
| NET CURRENT ASSETS | 28,124 | 28,891 | ||
| --------------- | ---------------- | |||
| TOTAL ASSETS LESS CURRENT | LIABILITIES | 1,451,804 | 1,295,917 | |
| ---------------- | ---------------- | |||
| NET ASSETS | £1,451,804 | £1,295,917 | ||
| ========= | ========= | |||
| THE FUNDS OF THE CHARITY: | ||||
| General Fund - Unrestricted | 8 | 1,451,804 | 1,295,917 | |
| ---------------- | ---------------- | |||
| TOTAL CHARITY FUNDS | £1,451,804 | £1,295,917 | ||
| ========= | ========= |
The financial statements were approved and authorised for issue by the Trustees on 22nd April 2026 and were signed on its behalf by:
Signed …………………………………………… J Lee OBE DL (Chairman)
Signed …………………………………………… Mrs J Robson (Treasurer)
The notes on pages 9 to 12 form part of these financial statements.
RURAL YOUTH TRUST
Page 9
NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2025
1. ACCOUNTING POLICIES
a) General information and basis of accounting
The Rural Youth Trust is a charity registered in England and Wales since 1991. The address of the registered office is given in the charity information on page 1 and the nature of the charity’s operations and principal activities are given on pages 1 to 2.
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015.
The accounts do not include a cash flow statement on the grounds that it is applying FRS 102 Section 1A.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £1.
b) Income recognition
Donations and all other income are accounted for on the accruals basis, including a provision for gift aid tax claimed.
c)
Expenditure recognition
Expenditure is accounted for on an accruals basis.
Grants are accounted for when the trustees have accepted a legal or constructive obligation to pay the grants. The Trust has made no grant commitments after the year end.
d) Funds
General funds which are unrestricted comprise the accumulated surplus on the income and expenditure account. They are available for use at the discretion of the trustees in furtherance of the general objectives of the charity as set out by the Trust Deed and which have not been designated for other purposes.
e) Investments
In accordance with best practice the charity has included its investments at market value at 31 December 2025, which is considered a “fair” valuation.
Realised and unrealised gains and losses on investments are taken directly to funds.
g) Tax
The charity is exempt from income tax and capital gains tax within the exemption granted by sections 521- 536 Income Taxes Act 2007.The charity has borne VAT on its expenditure where appropriate.
RURAL YOUTH TRUST
Page 10
NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2025
h) Going concern
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure are sufficient with the level of reserves for the charity to be able to continue as a going concern.
2. INVESTMENT INCOME
| 2. INVESTMENT INCOME |
||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Dividend income | 20,724 | 23,653 |
| Interest from investments | 11,741 | 9,017 |
| ------------ | ------------ | |
| £32,465 | £32,670 | |
| ======= | ====== |
3.
TRUSTEES’ REMUNERATION
There were no trustees’ remuneration for the year ended 31[st] December 2025 apart from an honorarium payment of £250 awarded to the Treasurer, Mrs J Robson, who is also a Trustee for the Trust. Nor for the year ended 31[st] December 2024 apart from an honorarium payment of £250 awarded to the Treasurer, Mrs J Robson, who is also a Trustee for the Trust.
4. ANALYSIS OF CHARITABLE EXPENDITURE
The charity met its charitable purposes by making grants in accordance with its objectives. Grants were approved to the following organisations in the year:
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Curlys YFC – New Club Funding | - |
500 |
| Holt Countryside – New Club Funding | - |
500 |
| Leicestershire FYFC | 1,320 | - |
| Lincolnshire FYFC – New Club Funding | - | 500 |
| NFYFC re – Fieldwork Proposal | - | 36,255 |
| Radnor YFC – Treasurer, Food Hygiene & First Aid Training - |
1,419 | |
| Suffolk YFC – First Aid | 500 | 500 |
| Surrey YFC | 400 | 500 |
| ----------- | ------------------ | |
| £2,220 | £40,174 | |
| ======= | ========== | |
| No grants were withdrawn during the year. |
RURAL YOUTH TRUST
Page 11
NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2025
5. FIXED ASSET INVESTMENTS
| 5. | FIXED ASSET INVESTMENTS | ||
|---|---|---|---|
| 2025 | 2024 | ||
| £ | £ | ||
| a) | Market value 1 January 2025 | 1,267,026 | 1,210,208 |
| Acquisitions at cost in the year | 248,747 | 176,148 | |
| Disposals at market value in the year | (224,761) | (184,607) | |
| --------------- | --------------- | ||
| 1,291,012 | 1,201,749 | ||
| Net profit/(loss) on revaluation | 132,668 | 65,277 | |
| -------------- | -------------- | ||
| Market value 31 December 2025 | 1,423,680 | 1,267,026 | |
| Cash with broker | 28,940 | 28,821 | |
| --------------- | --------------- | ||
| Total with broker at 31 December 2025 | £1,452,620 | £1,295,847 | |
| ========== | ========== | ||
| Cost at 31 December 2025 | £995,450 | £989,987 | |
| ======== | ======== | ||
| The Trust’s portfolio is managed by Evelyn Partners (formerly Smith & Williamson Investment Management). | |||
| Analysis of Investments | |||
| 2025 | 2024 | ||
| £ | £ | ||
| The charity’s investment portfolio can be analysed as follows: | |||
| Government Stocks | 156,791 | 82,375 | |
| UK Equities | 622,156 | 594,807 | |
| Other Equities | 644,733 | 589,844 | |
| --------------- | --------------- | ||
| £1,423,680 | £1,267,026 | ||
| ========= | ========= |
The investment in Vanguard Funds S&P500 represents over 5% of the investment portfolio.
| 6. | DEBTORS | ||
|---|---|---|---|
| 2025 | 2024 | ||
| £ | £ | ||
| Accrued interest from investment portfolio | 1,414 | 18 | |
| ------ | ------- | ||
| £1,414 | £18 | ||
| ==== | ==== | ||
| 7. | CREDITORS | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Amounts falling due within one year: | |||
| Brokerage Fees | 2,210 | 2,258 | |
| Independent Examiner’s and Accountancy fees | 1,470 | 1,410 | |
| ----------- | ----------- | ||
| £3,680 | £3,668 | ||
| ====== | ====== |
RURAL YOUTH TRUST
Page 12
NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2025
8. FUNDS
| FUNDS | |
|---|---|
| General | |
| Fund | |
| £ | |
| Balance at 1 January 2025 | 1,295,917 |
| Income in year | 32,465 |
| Expenditure in year | (13,497) |
| Realised gains/(losses) | 4,251 |
| Unrealised gains/(losses) | 132,668 |
| ---------------- | |
| Balance at 31 December 2025 | £1,451,804 |
| ========= | |
| General | |
| Fund | |
| £ | |
| Balance at 1 January 2024 | 1,232,714 |
| Income in year | 38,920 |
| Expenditure in year | (52,195) |
| Realised gains/(losses) | 11,201 |
| Unrealised gains/(losses) | 65,277 |
| ---------------- | |
| Balance at 31 December 2024 | £1,295,917 |
| ========= |
9. RELATED PARTY TRANSACTIONS
Donations of £NIL were received from the president, Mr Peter Jackson CBE (Deceased) during the year (2024 - £5,000).
Total business expenses of £11 relating to postage were reimbursed to the Treasurer, Mrs J Robson, who is also a Trustee. (2024 - £61).
An honorarium payment of £250 was awarded to the Treasurer, Mrs J Robson, who is also a Trustee for the Trust. (2024 - £250)
10. FINANCIAL COMMITMENTS
The Charity has not agreed in principle to contribute to any projects after the year end.