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← The Devon Federation Of Young Farmers Clubs

2021-08-31-accounts

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DEVON FEDERATION OF YOUNG FARMERS' CLUBS ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

Reglatered Comparty No: 04600221

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_ DEVON FEDERATION OF YOUNG FARMERS' CLUBS I ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 " 5 iS ep

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|||||| |---|---|---|---|---| |Contents|Pages| |Trustees' Annual|Report|1-8| |Independent Examiner's Report|9| |Statement|of|Financial|Activities|10| |Balance|Sheet|11| |Notes to the Financial Statements|12-25|

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DEVON FEDERATION OF YOUNG FARMERS’ CLUBS

TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2021

REFERENCE AND ADMINISTRATION DETAILS

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NAME Devon Federation of Young Farmers' Clubs.

REGISTERED CHARITY NUMBER Previously registered Charity Number 301029 incorporating the JohnJuly Spear2003, Number Memorial1098759.Fund Number 810146. Registered on 25 treat all of the above as being part of one charity called Devon The charity has been authorised by the Charity Commission to Federation of Young Farmers’ Clubs. REGISTERED COMPANY NUMBER = 04699221. The body was incorporated under the Companies Act 2003.1985 as a private company limited by guarantee on 17 March

GOVERNING INSTRUMENT

The Constitution of the Federation, along with the Memorandum and Articles of Association.

TRUSTEES See pages 2 and 3 for details.

DEVON FEDERATION OF YOUNG FARMERS’ CLUBS

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TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2021

TRUSTEES of the Charity

Appointed by those Clubs affiliated to Devon Federation of Young Farmers’ Clubs.

Appointed Autumn 2020 — to retire at 2021 AGM

Andrew Richards Jack Routley Jonathan Turner Luke Shadrick William Hartnoll Simon Heywood Sam Thornton - White David Leworthy Henry Greenhalf Ryan Battershall Agatha Jones Nathan Watts Jasmine Trenaman Myles Jones Jess Parkhouse NevilleDuncan PitmanWilmot AmyImogen TopeNorthmore JohnKelly Hurford Wakeham Amy Lethbridge Daniel Ley Joshua Quant William Luke James Youlden Annabelle Bickle JakeBen MayRichards ThomasSamantha LathamBail JamesGeorge JefferyPearce Ben Perryman Michael Hayball Thomas Westaway Daniel Olive

Co-opted Trustees appointed by nomination with voting power

Group Representatives -

Thomas Maynard Francesca Ansdell

Sam Thornton - White Katie Grist Peter Shinner Stephanie Colwill

CamillaMatthewCroc Dar ke r MeredithRosie BennettHoskin VictoriaRebeccaGilbertDennis

_DEVON FEDERATION OF YOUNG FARMERS’ CLUBS PAGE 3 |

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TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2021

DIRECTORS of the Company Limited by Guarantee

Appointed

Retired

Members —

Gareth Hutchings 24 November 2016 Rosie Bennett 28 November 2019 i Matthew Darke 22 November 2018 Michelle L Batting 28 November 2019 26 November 2020 Philip G Palfrey 28 November 2019 26 November 2020 | H elenannahE CBellewFrost 28 November 2019 26 November 2020 Georgina M Lethbridge 28 November 2019 26 November 2020 Laura E Lee 28 November 2019 26 November 2020 4 Charlotte L Watts 28 November 2019 26 November 2020 Shelley L Down 28 November 2019 26 November 2020 Victoria Gilbert 28 November 2019 | CamillaSam ThorntonP L Crocker- White 2 68 November 20 1920 Thomas P Maynard 26 November 2020 \ :| FrancescaKatie E GristL Ansdell 26 November 2020 Meredith O Hoskin 26 November 2020 Rebecca L | A Dennis 26 November 2020

Co-opted —

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Mr P G Wolfgang 22 November 2012 MrMrs RA WM CampBurden 265 March November2018 2015 Miss S Nicholls 5 March 2018 Mr L J Heywood 26 November 2019 Mr C R Down 22 November 2018 Mrs K Stagg 26 November 2019

26 November 2020

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TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2021 DEVON FEDERATION OF YOUNG FARMERS’ CLUBS

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EX-OFFICIO President ofthe Federation
David Fursdon Esq, Her Majesty's Lord-Lieutenant of Devon
MAFRICSFAAV FRAgS
REGISTEREDADDRESS YFCCentre
Amory Building
CheritonBishop
Exeter
Devon
EX6 6JH
BANKERS CAFBankLtd
25 Kings Hill Avenue
Kings Hill
West Malling
Kent
ME19 4JQ
TREASURER TMRounsefellFCA
8 Alexandra Close
Crediton
Devon
EX17 2DY
ACCOUNTANTS Simpkins Edwards LLP
CharteredAccountants
Michael House
Castle Street
Exeter
EX4 3LQ
SOLICITOR PGWolfgang
Michelmores LLP
Woodwater House
Pynes Hill
Exeter
EX25WR

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i] DEVON FEDERATION OF YOUNG FARMERS’ CLUBS TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2021 | STRUCTURE, GOVERNANCE AND MANAGEMENT T Legal Status The trustees who are directors for Company Law purposes present their report along with the financial statements of the charity for the year ended 31 August 2021. The financial statements have been prepared in accordance with the accounting policies set out in the ‘Notes to the Financial Statements’ and comply with the charity's Memorandum and Articles of Association, the Companies Act 2006, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities | RepublicpreparingoftheirIrel a ndccounts(FRS 102)in accordance(as amendedwithfortheaccountingFinancialperiodsReportingcommencingStandard fromapplicable1 Januaryin the2016).UK and tl Organisational StructureThe governing board of DFYFC, known as the Executive, is made up of elected representatives from each Council are sub committees of the Executive. gl of our affiliated Clubs and Groups and up to 15 co-opted individuals. The Board of Management and General OBJECTIVES AND ACTIVITIES | | The Executive confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Devon Federation of Young Farmers’ Clubs’ aims and objectives and in planning future activities. | Objects ir DFYFC objects are to: e advance the education of young members of the public at large, in agriculture, home crafts, country | life and related subjects; and e In the interests of the social welfare of such members to provide, and promote the provision of, and will assist in the development of their spiritual and mental capacities, self-reliance and individual ‘| facilities for recreation and other leisure time occupations which will improve their conditions of life responsibilities so that they will grow to full maturity as individuals and members of the community. Furtherance of Objects DFYFC furthers these objects by providing support to its network of clubs within Devon, to provide young i] activitiespeoplepeople inandruralcontact,areasandruralcontact,areasruralcontact,areascontact,areasareas thuswithwith enablingopportunitiesthemopportunitiesthemthem fortoto becomepersonalresponsibleandpersonalresponsibleandresponsibleandand socialadultsdevelopmentequippedthroughwithadultsdevelopmentequippedthroughwithdevelopmentequippedthroughwithequippedthroughwiththroughwithwith theaa confidenceprogrammeandofprogrammeandofandofof skills to make a contribution within their community. The Devon Federation seeks to achieve this by: 1 e offering opportunities for personal growth through which young people can develop life skills, confidence and self-esteem; i] e providing ways for young people to express their views and be heard; ways for young people to express their views and be heard; for young people to express their views and be heard; young people to express their views and be heard; people to express their views and be heard; to express their views and be heard; express their views and be heard; their views and be heard; views and be heard; and be heard; be heard; heard;

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"| DEVON FEDERATION OF YOUNG FARMERS’ CLUBS PAGE 6 TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2021 | ACHIEVEMENTS AND PERFORMANCE i} AtClubs. the endA huge of thenumber financialof additional year 728 youngpeoplepeoplealso benefited were membersfrom the oforganisation the Devon Federationby attending ofevents Young asFarmers’guests and as speakers, either in person or via zoom. ii | ThereIt is very are 37important clubs intoDevon,the Federation each of whichthat youngbelongspeople, to one ofespecially the 6 areathose groupsfrom withinrural theareas Countycan Federation.engage in positive activities and also to ensure that these young people are actively involved in their communities. YFC i charitynot only work encompasses and practicaltrainingactivities.andDevoncompetitions YFC continuesbut engagesto provideregularly youngwithpeoplehelping with opportunities,local communitiespersonalvia and social development and cultural awareness, through a programme of activities, enabling them to become ii | providesresponsiblr e creation adults equippedopportunit w i esth t ohe members confidenceof the andpublicskills to as contributeit showcasesto theirthe achieve own co m munity.ents of Devonits members YFC and of rural life - at rural and agricultural shows and events where the public may spectate or participate. in the amount of fund raising that members do for a range of charities. Despite the extremely challenging i One of the outstanding areas of achievement that members of Devon Young Farmers continue to excel at is circumstances due to the pandemic, they have continued to focus their efforts on raising money for excellent causes including Devon Air Ambulance Trust, the Stroke Association and the Farming Community Network. i We are forever indebted to our members for their strong sense of community work and positive impact that they have on their local residents. Clubs and groups have completed numerous fundraising and community i] projects which will ensure local residents will have a better quality of life. Devon YFC has been severely impacted by the pandemic and, although the members have been incredible with their support of the organisation and constant positivity, Covid-19 will continue to have a huge impact on | our finances for at least the next three years. We are extremely grateful to the volunteers, of all ages, who so generously give up their time to support the . membership in so many ways. Their encouragement and dedication to the federation is invaluable and without i] them we would not be able to make such a positive difference to the lives of so many young people. in| FINANCIAL REVIEW As shown in the statement of financial activities on page 10, incoming resources have decreased this year by £18,764 to £138,220. Total resources expended have decreased this year by £3,748 to £144,561. The market value of the equity investment has increased by £47,829 during the year to 31 August 2027. ry This has given an increase in net resources for the year of £24,880 on unrestricted funds and an increase of £16,608 on restricted funds after the transfer of £6,506 from unrestricted Funds to restricted Funds relating to the International Youth Exchange Fund. | The total fund balance at 31 August 2021 was £833,492 in unrestricted funds and £35,153 in restricted funds, giving a total balance of £868,645 (2020: £827,157). i Reserves Policy The trustees have reviewed the Federation’s need for reserves and, in line with the guidance issued by the 4 Charitycosts, whichCommissioncomprisetheytotalhaveexpenditure agreed thatless itcostis prudentof charitableto haveactivitiesreserves(grantsequivalentor donations).to one Reserveyear’s runningfunds at this level will enable the Federation to meet its liabilities to staff and fulfil the terms of its contractual aT arrangements.

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_ DEVON FEDERATION OF YOUNG FARMERS’ CLUBS PAGE a TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2021 Sg Ie | Investment Policy value. They have had to accept another year of low interest given the rates currently available. li The trustees’ intention during the period was to maintain flexibility in its investments and protect the capital Al Risk Management ly | Theoperation trusteesof its have assessed finances, and the are ms a tisfiedjor risks that to systems which theare charityin placeis exposed,to mitigatein particularexposure to those majo r elatedrisks. to the If PLANS FOR THE FUTURE alongside ensuring that all members are fully involved with the decision-making process of the the organisation. | The main aim for Devon Federation of YFC YFC is to provide opportunities for personal and social The current focus focus is to ensure that DFYFC DFYFC is financially secure and not dependent on on short term funding. We ii achieve this through through several measures measures including: 1. Reviewing membership levy and altering as needed to ensure a strong membership base. | 2.3.3. SeekingEnsuring sponsorshiptheEnsuring sponsorshipthe sponsorshipthethe county officeof notcontinues only the organisationtoof notcontinues only the organisationto notcontinues only the organisationtocontinues only the organisationto only the organisationto the organisationto organisationtoto achieve valuebut alsoforbut alsoforfor specificmoneymoney whenactivitiesprocuring throughoutsupplies theand year.services.activitiesprocuring throughoutsupplies theand year.services.procuring throughoutsupplies theand year.services. throughoutsupplies theand year.services.supplies theand year.services. theand year.services.and year.services. year.services.services.

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alongside ensuring that all members are fully involved with the decision-making process of the the organisation. The main aim for Devon Federation of YFC YFC is to provide opportunities for personal and social development The current focus focus is to ensure that DFYFC DFYFC is financially secure and not dependent on on short term funding. We can achieve this through through several measures measures including:

  1. Reviewing membership levy and altering as needed to ensure a strong membership base. 2.3.3. SeekingEnsuring sponsorshiptheEnsuring sponsorshipthe sponsorshipthethe county officeof notcontinues only the organisationtoof notcontinues only the organisationto notcontinues only the organisationtocontinues only the organisationto only the organisationto the organisationto organisationtoto achieve valuebut alsoforbut alsoforfor specificmoneymoney whenactivitiesprocuring throughoutsupplies theand year.services.activitiesprocuring throughoutsupplies theand year.services.procuring throughoutsupplies theand year.services. throughoutsupplies theand year.services.supplies theand year.services. theand year.services.and year.services. year.services.services. 4. Applying for grants to fund specific aspects of the federation including training.

TRUSTEES RESPONSIBILITIES

The trustees are responsible for preparing the Trustees’ Report and the Financial Statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the trustees to prepare financial statements for resources and application of resources of the charity for that period. In preparing these financial! statements the each financial year which give a true and fair view of the state of affairs of the charity and of the incoming trustees are required to:

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DEVON FEDERATION OF YOUNG FARMERS’ CLUBS

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TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2021

TRUSTEES’ RESPONSIBILITIES (CONTINUED)

The trustees are responsible for keeping proper accounting records which 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 Charity (Accounts and Reports) Regulations and provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees report was approved by the trustees on 25 November 2021 and signed on their behalf by:

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Matthew Darke

Trustee

Rosie Bennett

Trustee

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BY INDEPENDENTDEVON FEDERATIONEXAMINER’S REPORT OF YOUNGTO THE FARMERS’BOARD OF TRUSTEES CLUBSON THE UNAUDITED FINANCIALPAGE 9 STATEMENTS OF DEVON FEDERATION OF YOUNG FARMERS’ CLUBS

| report to the charity trustees on my examination of the accounts of the company for the year ended 31 August 2021 whichResponsibilities are set out onand pagesbasis 10of toreport 25.

} As the charity’s trustees of the company (who are also the directors of the company for the purposes of company law), | you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (“the 2006 Act”).

|| Having satisfied myself that the accounts of the company are not required to be audited for this year under Part 16 of the 2006 Act and are eligible for the independent examination, | report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 (“the 2011 Act’). In carrying out my examination, | fi have followed the Directions given by the Charity Commission (under section 145(5)(b)) of the 2011 Act.

Independent examiner’s statement

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Mn T DEVON FEDERATION OF YOUNG FARMERS’ CLUBS PAGE 10

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||||||||| |---|---|---|---|---|---|---|---| |STATEMENT OF|FINANCIAL ACTIVITIES|FOR THE YEAR|ENDED|31|AUGUST|2021| |(INCLUDING INCOME AND EXPENDITURE ACCOUNT)| |a| |Funds|Funds|2021|2020| |lil|Note|Unrestricted|Restricted|Total|Total| |Income|and|Endowments|from| |i||£|£|£|£| |ii]|CharitableDonations &activities Grant|43|84,29515,965|12,846-|28,81184,295|51,78071,047| |‘||OtherInvestment trading incomeincome|65|22,8586|-.|22,8586|30,41834| ||||Other income|7|2,250|-|2,250|3,705| |i]|Total income|125,374|12,846|138,220|156,984| |Expenditure|on| ||||Raising|funds|8|26,995|~|26,995|60,151| |“||OtherCharitable costs activities|109|20,84191,028|5,697-|20,84196,725|69,58018,578| |If|Total|Expenditure|138,864|5,697|144,561|148,309| |||(13,490)|7,149|(6,341)|8,675| |Unrealised|gain|due|to|revaluation| |i]|of the equity investment|12|44,876|2,953|47,829|11,785| |Transfer|of Funds|(6,506)|6,506|-|-| |[|Net income|24,880|16,608|41,488|20,460| |||"|Reconciliation|of funds:| |i|Total funds brought forward|16|808,612|18,545|827,157|806,697| |||Total funds carried forward|16|833,492|35,153|868,645|827,157|

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J There are no other recognised gains or losses in the year. The notes on pages 12 to 25 form part of these financial statements.

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DEVON FEDERATION OF YOUNG FARMERS’ CLUBS PAGE 11 i BALANCE SHEET AS AT 31 AUGUST 2021

Note 2021 2020
£ £ £ £
Fixed assets 11 564,835 579,773
Currentassets
Stocks 1,723 1,019
Investments
Debtors and prepayments		 12
3		 310,592
24 981		 277,757
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3
Balance atbank 5,473 3,924
342,769 289,453
Creditors:amountsfallingduewithinoneyear 14 38,959 303,810 42,069 247,384
Totalassetslesscurrentliabilities 868,645 827,157
Fundedby:
Restricted funds		 16(a) 35,153 18,545
Designated unrestricted funds 16(b) 646,291 642,556
Generalunrestricted funds 16(b) 187,201 166,056
868,645 827,157

For the financial year ended 31 August 2021 the company was entitled to exemption from audit under section 477 Companies Act 2006. No member of the company has deposited a notice, pursuant to section 476, requiring an audit of these financial statements under the requirements of the Companies Act 2006. The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of of affairs of the company as at the end of the financial year and of its surplus or deficit for the financial year in the Companies Act 2006 relating to accounts, so far as applicable to the company. Theseto the financialsmall compani stat e s’mentsregime have beenwithin preparedPart 15 of thein accC o mprd a ncenies withAct the2006. provisions applicable to companies subject

authorised for issue on their behalf by:The financial statements on pages 10 to 25 were approved by the trustees on 25'" November 2021 and were Matthew Darke Rosie Bennett Trustee Trustee

Company registration no: 04699221

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I 1. Accounting Policies Company information MH CharityDevon FederationCommissionof Young(1098759)Farmers’incorporated Clubs isin Englanda companyandlimitedWales.by guarantee,The registeredregisteredoffice iswithAmorythe Building, Cheriton Bishop, Exeter, Devon, EX6 6JH. J The principal accounting principal accounting accounting policies are summarised are summarised summarised below. The accounting accounting policies have been applied have been applied applied

|| The financial statements have been prepared on the basis of the historic cost convention at cost or transaction value, except property and investments which are shown at fair value in accordance with: \] e Statement of Recommended Practice: Accounting and Reporting by Charities (FRS 102); and Update Bulletin 1; ij e And(FRS with102); the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland il e And with the Charities Act 2011. e And with Accounting Standards (UK Generally Accepted Practice) as applied from 1 January 2015. Hil. The charity constitutes a public benefit entity as defined by FRS 102. | The trustees are of the view that, based on the level of its funds, the Charity remains a going concern. Company status | The charity is a company limited by guarantee. The members of the company include the trustees who are also ordinary members. In the event of the charity being wound up, member's liabilities in respect of | the guarantee are limited to £1 per member of the charity. At 31 August 2021, the number of members : was 37 as listed on page 2. J (b}) Fund accounting | il' (A) Restricted Funds (i) Memorial Funds il These funds were were set up up to assist members members in their education in agriculture, home crafts,

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iy DEVON FEDERATION OF YOUNG FARMERS’ CLUBS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

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The principal accounting principal accounting accounting policies are summarised are summarised summarised below. The accounting accounting policies have been applied have been applied applied consistently throughout the year and the preceding year.

(a) Basis of preparation

These funds were were set up up to assist members members in their education in agriculture, home crafts, country life and related subjects.

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L NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 i} DEVON FEDERATION OF YOUNG FARMERS’ CLUBS | (ii) Education Fund life and related subjects. It now provides financial support to encourage the development i This fund was set up to assist members fund was set up to assist members was set up to assist members set up to assist members up to assist members to assist members assist members members in their education their education education in agriculture, agriculture, home crafts, country crafts, country country Internationalism through International Youth Exchanges providing participants with an increased awareness of other other countries, their cultures cultures and people. il Designated and Unrestricted Funds (i) Defunct Clubs \ Funds received from clubs that have been dissolved in accordance with their standard constitution. Where new clubs open in an area previously served, funds can be available to support. j {ii) Lifeskills Project to the increasing regulatory requirements for young people working in agriculture and related i There is an increasing demand to expand the skill base of the membership. This is due partly rural businesses. Its funding is from the contributions of members and external sponsors. ‘] (iii) New Building The Fund has been used to receive funds from members and others towards the cost of the | Thenew Countynew Centre Centreis a withgreat sufficientasset to facilitiesDevon YFC to meetwith themuch needsimproved of the membershipfacilities. in the future. il {iv) TheAmoryTrustees Buildinghave Maintenanceagreed to set Fundup this fund to provide for an annual contribution towards

life and related subjects. It now provides financial support to encourage the development of This fund was set up to assist members fund was set up to assist members was set up to assist members set up to assist members up to assist members to assist members assist members members in their education their education education in agriculture, agriculture, home crafts, country crafts, country country Internationalism through International Youth Exchanges providing participants with an increased awareness of other other countries, their cultures cultures and people.

Funds received from clubs that have been dissolved in accordance with their standard constitution. Where new clubs open in an area previously served, funds can be available to support.

agreed to up this fund to provide for an annual contribution towards future costs of maintaining the fabric of the building at Cheriton Bishop.

(v) General Fund atTheits charity'sdiscretion. GeneralThe aim Fundof the consistsFederation of fundsis whichto keep thesufficient charity mayfunds usein forreserveits purposesto cover its running expenses for at least a year in the event of major disruption of the programme due to matters outside its control.

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(c) Assets and liabilities

These are included in the balance sheet at the following amounts:

Tangible fixed assets held for Management and Administration purposes at net book value, which is the original cost less depreciation - (see note 11b). Investments are included at fair value using the quoted market price.

Current assets at the lower of cost and net realisable value. Liabilities at their settlement value.

f DEVON FEDERATION OF YOUNG FARMERS’ CLUBS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

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(d) Depreciation of fixed assets

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Depreciation isis providedprovided onon the freehold propertyoffice equipment and usingplanta andstraight-limachi n eery systemso as ofto2%write per annum.off the cost of the assets over their estimated useful lives of between 2 and 10 years using a straight-line system per annum. (e) Income

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Donations & Sponsorship

Income from donations as detailed in note 3, and the affiliation levy. Such income is recognised in the certainty.period in whichThe affiliationthe charitylevy isis entitledincludedtoin receiptthe year andto whichthe amountthe levycanrelates.be measured with reasonable

I: ThisCharitable consistsactivities of income relating to the charitable projects/activities carried out by the organisation, including county activities, International Youth Exchange activities, Lifeskills project and other {{ project income. Such income is accounted for in the period to which it relates. Other trading activities j Other trading activities consists of sales and advertising in the annual Year Book and monthly : newsletters, income generated from YFC Centre facilities, fundraising and social events. Such income is accounted for in the period to which it relates. \ Investment income | j Interest receivable is accounted for on a received basis.

Income generated from YFC Centre facilities

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Income is accrued in accordance with the period to which it relates.

is included in these financial statements. The charity is not registered for Value Added Tax and The Federation has charitable status and uses its funds for charitable purposes. Therefore, no taxation expenditure includes VAT where appropriate.

(i) Expenditure

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 pS[|][|] | (j) Basic financial instruments | ] Theinstrumen chari t ys. onlyBasic hasfinancial financialin a s trumentssets and areliabilitiesinitially ofrecognised a kind that qualifyat trans a sction basicvalue financialand subsequently measured at their settlement value. | 2 County Activities | and other Competitions. These activities are primarily educational, providing training in life skills and ] Income derived from the County programme as agreed by the membership includes the County Show aimed at the personal and social development of the young people and any income generation is a secondary concern. ] 3 Donations and Government grants District Council, National Farmers Union (Devon Branch), South West Area Group of YFCs and a | Donations include financial support from the National Farmers Union Mutual Assurance Co, Mid Devon number of commercial organisations. l Government grants grants are recognized recognized at the the fair value value of the asset received the asset received asset received received or receivable when there receivable when there when there there is

Government grants grants are recognized recognized at the the fair value value of the asset received the asset received asset received received or receivable when there receivable when there when there there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies performance conditions is recognized in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognized in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

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|||||||||| |---|---|---|---|---|---|---|---|---| |Unrestricted|Restricted|Total|Total| |Funds|Funds|2021|2020| |£|£|£|£| |Donations|&|Sponsorship|(note|1e)|14,050|.|14,050|12,950| |Mid|Devon|District Council| |Covid|19|Grant|Funding|Scheme|18,636|-|18,636|10,000| |HMRC|Coronavirus|Job|Retention|Scheme|7,396|.|7,396|1,317| |Affiliation|Levy|43,257|-|43,257|45,680| |Income|from YFC|‘Supporters’|956|-|956|1,100| |84,295|-|84,295|71,047| |For the year ended|31|August 2020|71,047|-|71,047|

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i NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

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4 Charitable activities

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|||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |Unrestricted|Restricted|Total|Total| |Funds£|Funds£|2021£|2020£| |CountyInternationalactivitiesYouth(noteExchange 2)|(note|17)|1,830-|12,846-|12,8461,830|1,593-| |Lifeskills|project|(note|18)|10,587|-|10,587|1,843| |Fund|raising and charitable events|3,548|5|3,548|48,344| |15,965|12,846|28,811|51,780| |For the year ended 31 August 2020|51,780|-|51,780| |Restricted|income|of £|0|was|received|in|respect|of|the|International|Youth|Exchange|in|2020.| |5|Investment Income|Unrestricted|Restricted|Total|Total| |Funds|Funds|2021|2020| |£|£|£|£| |Deposit|Accounts|6|-|6|34| |For the|year ended|31|August|2020|34|-|34| |6|Other trading income|Unrestricted|Restricted|Total|Total| |Funds|Funds|2021|2020| |£|£|£|£| |Sales|and|advertising|in|Year|Book &| |Income|generated|from|YFC|Centre| |Newsletters|5,133|-|5,133|8,003| |facilities|16,540|.|16,540|22,415| |Jobs|Adverts|Board|1,185|-|1,185|-| |22,858|.|22,858|30,418| |For the year ended|31|August|2020|30,418|-|30,418|

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 _

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|||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |7|Other incoming|resources| |Unrestricted|Restricted|Total|Total| |.|Funds|Funds|2021|2020| |£|£|£|£| |Members’|contributions|to|training| |& Grants|received|2,250|-|2,250|3,705| |For the year ended 31 August 2020|3,705|-|3,705| |8|Raising|funds| |Unrestricted|Restricted|Total|Total| |Funds|Funds|2021|2020| |£|£|£|£| |Cost|of fundraising|and|social|activities|2,142|-|2,142|38,083| |Salaries|23,788|-|23,788|14,251| |Newsletters & Year Book costs|1,065|-|1,065|7,817| |26,995|-|26,995|60,151| |For|the|year ended|31|August|2020|60,151|-|60,151| |9|Charitable|activities| |Unrestricted|Restricted|Total|Total| |Funds|Funds|2021|2020| |£|£|£|£| |County competitions|4,285|-|4,285|2,550| |International|Youth|Exchange|(note|17)|-|5,697|5,697|6,506| |ClubLifeskillssupport project-|Salaries (note|18)|289|,|4019|7|-|289|,|4019|7|131|,|186010| |Club|support —|Officers'|Travel|(note|19)|2,622|-|2,622|2,525| |Club|support|—|Staff|travel,|Communication| |&|Training|Costs|9,163|-|9,163|12,543| |DBS|—|Vetting|checks|1,575|-|1,575|1,043| |YFC|Centre|running|expenses|18,377|-|18,377|10,506| |General|Office|expenses|604|-|604|1,949| |Recruitment|Costs|-|.|-|1,013| |Depreciation|of|building|10,112|-|10,112|10,412| |Depreciation|of furniture|&|equipment|6,686|-|6,686|6,637| |91,028|5,697|96,725|69,580| |For|the|year ended|31|August|2020|63,074|6,506|69,580|

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Expenditure on charitable activities in 2020 included £6,506 in respect of restricted expenditure on the International Youth Exchange.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

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|||||||| |---|---|---|---|---|---|---| |10|Other|costs| |Unrestricted|Restricted|Total|Total| |Funds|Funds|2021|2020| |£|£|£|£| |Salaries|16,858|-|16,858|15,241| |Independent|Examination|Fee|1,740|-|1,740|1,800| |Accountancy|2,243|-|2,243|1,537| |20,841|=|20,841|18,578| |For the|year ended|31|August 2020|18,578|-|18,578|

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DEVON FEDERATION OF YOUNG FARMERS’ CLUBS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

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11 Fixed Assets

(a) The Amory Building, Cheriton Bishop

This freehold property was acquired in May 2014. Planning permission was granted by the local authority to change the use to offices. The property was occupied by the Federation in December 2016.

Depreciation of 2% on the straight line basis has been provided against the building element of the total cost of the property.

(b) Tangible FixedAssets Freehold Office
Land&
Buildings		 Furniture
&Equipment
£ £
Cost
At1September2020
Additions during the year		 605,616
-		 53,749
1,860
At31 August2021 605,616 55,609
Depreciation
At1September 2020
Chargefortheyear		 53,161
10,112		 26,431
6,686
At31August2021 63,273 33,117
Netbookvalue
At31 August2021 542,343 22,492
At31August2020 552,455 27,318

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DEVON FEDERATION OF YOUNG FARMERS’ CLUBS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

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12 Investments
Shortterm cash deposits:
Affirmative Deposit Fund
CCLADepositFund
CAF Deposit Fund
Investment:
CCLA Investment Fund — accumulation units
£
Opening balanceas at 1 September2020 277,757
Interestreceivedondepositfunds 6
Increase in valuation of Investment Fund 47,829
325,592
Net withdrawnduring theYearfromdepositfunds 15,000
Closing balance at31 August2021 310,592
13 Debtors 2021
£		 2020
£
Prepayments
Otherdebtors		 1,312
23,669		 1,101
5,652
24,981 6,753
14 Creditors—amounts falling duewithinoneyear 2021
:		 2020
e
Othercreditors
Accruals		 37,279
1,680		 40,449
1,620
38,959 42,069

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DEVON FEDERATION OF YOUNG FARMERS’ CLUBS

BAGE 21

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

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15 Analysis of net assets between funds

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Unrestricted/
Designated
Funds		 Restricted
Funds		 Total
£ £ £
Tangiblefixedassets 564,835 - 564,835
Investments 272,653 37,939 310,592
Othercurrentassets 32,177
—=		 -
a		 32,177
——
Less: Total liabilities 869,665
36,173		 37,939
2,786		 907,604
38,959
833,492 35,153 868,645

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PAGE 23

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|||17|InternationalYouthExchange|£|£| |---|---|---|---|---| |]||Balance at
1 September 2020||4,798| |]||Income||| |||Scholarship Income received in year to 31 August2020|12,524|| |||Fundraising by Members —net income for the year|322|| |||Transfer~John SpearMemorial Fund|425|| |||||13,271| ||||Expenditure -2021||18,069| ||||Seniorstravel toShrewsbury, Shropshire|2,758|| ||||JuniorstraveltoBrecon,Powys|2,939|5,697| |||||12,372| ||||||| |||TransferofFunds fromThe General Fund to replace the||| |||Airfare deposits paid out in 2020 that, to date, have not||| |||been refunded as the receiving Company is in Liquidation||6,506| |||Balanceat31August2021||18,878|

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: DEVON FEDERATION OF YOUNG FARMERS’ CLUBS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

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18 Lifeskillsproject £ £
Balanceat 1 September2020 25,382
Income:
Sponsorships
Dartington Cattle Breeders Trust 375
Devon Agricultural
& Rural Training Trust		 100
Donation froma pastMember 100
575
Members fees
LANTRACourse Fees		 3,669
6,343
10,587
35,969
Expenditure:
Coursecostsand contributions towardsmembers attending
external courses
LANTRACourses
AGRI Expenses		 4,012
5,164
21
9,197
Balanceat31August2021 26,772

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, DEVON FEDERATION OF YOUNG FARMERS’ CLUBS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

PAGE 25

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| 19 Transactions with trustees and connected persons | Total expenses of £2,622 (2020: £2,525) were paid to the Chairman, Vice Chairman, Junior Vice Chairman and the Chairmen of Committees during the year, towards their travel expenses. This is | included in the amount shown in note 9 to the financial statements. No other remuneration was paid to the Trustees and Directors in the year ended 31 August 2021 or the preceding period. The Federation did not fund any insurance premiums for any benefit by the Trustees.

20 Staff emoluments and key management personnel

The average number of full time staff employed by the Federation during the year was 2.43 (2020: 1.8)

The emoluments for those employees were:

2021
£
Salaries 68,005
Employer's National Insurance contributions 0
Employer's Pensionscheme schemeauto-enrolment 1,048
: 69,053

There were no employees with emoluments of more than £60,000.

The key management personnel of the charity comprise the Trustees, the Directors, the Federation‘s County Organiser and the Treasurer.

21 Treasurer Remuneration

2021 2020
£ £
Accountancy services 1,000 1,000

There were no disclosable related party transactions during the year (2020: none).

22 Related party transactions