REGISTERED COMPANY NUMBER: 04699221 (England and Wales) REGISTERED CHARITY NUMBER: 1098759
Report of the Trustees and
Unaudited Financial Statements
for the Year Ended 31st August 2022
for The Devon Federation of Young Farmers Clubs (A Company Limited by Guarantee)
ATC Advisors Chartered Accountants Unit 2 Dunheved Court Pennygillam Way LAUNCESTON Cornwall PL15 7ED
The Devon Federation of Young Farmers Clubs
Contents of the Financial Statements for the Year Ended 31st August 2022
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 5 |
| Independent Examiner's Report | 6 | ||
| Statement of Financial Activities | 7 | ||
| Balance Sheet | 8 | to | 9 |
| Notes to the Financial Statements | 10 | to | 19 |
| Detailed Statement of Financial Activities | 20 | to | 21 |
The Devon Federation of Young Farmers Clubs
Report of the Trustees for the Year Ended 31st August 2022
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st August 2022. The trustees have adopted the provisions of 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 (FRS 102) (effective 1 January 2019).
The charity was created by way of a merger with the funds of Devon County Federation of Young Farmers' Clubs (charity number 301029) being transferred on incorporation on 24th August 2006. The funds of John Spear Memorial Fund (charity number 810146) were also transferred into the charity on 15th March 2012.
OBJECTIVES AND ACTIVITIES
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
DFYFC objects are to:
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advance the education of young members of the public at large, in agriculture, home crafts, country life and related subjects; and
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in the interests of the social welfare of such members to provide, and promote the provision of, facilities for recreation and other leisure time occupations which will improve their conditions of life and will assist in the development of their spiritual and mental capacities, self-reliance and individual responsibilities so that they 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 people in rural areas with opportunities for personal and social development through a programme of activities and contact, thus enabling them to become responsible adults equipped with the confidence and skills to make a contribution within their community. The Devon Federation seeks to achieve this by:
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offering opportunities for personal growth through which young people can develop life skills, confidence and self-esteem;
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providing ways for young people to express their views and be heard;
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offering a variety of informal education activities, programmes and experiences which are recreational, social and fun;
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maintaining a strong countryside element in those programmes including relevant farming links;
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enabling members to be fully involved in the decision making of the organisation and helping them recognise, reflect upon, and value the learning processes involved;
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being accessible to all young people regardless of their background, circumstances, appearance or beliefs.
Public benefit
The trustees have had regard to the Charity Commission's guidance on public benefit.
Page 1
The Devon Federation of Young Farmers Clubs
Report of the Trustees for the Year Ended 31st August 2022
ACHIEVEMENT AND PERFORMANCE
Achievements and Performance
At the end of the financial year 1,800 young people were members of the Devon Federation of Young Farmers' Clubs. A huge number of additional people also benefitted from the organisation by attending events as guests and as speakers, either in person or via Zoom.
There are 37 clubs in Devon, each of which belongs to one of the 6 area groups within the County Federation. It is very important to the Federation that young people, especially those from rural areas, can engage in positive activities and also to ensure that these young people are actively involved in their communities. YFC not only encompasses training and competitions but engages regularly with helping local communities via charity work and practical activities. Devon YFC continues to provide young people with opportunities, personal and social development and cultural awareness, through a programme of activities, enabling them to become responsible adults equipped with the confidence and skills to contribute to their own community. Devon YFC provides recreation opportunities to members of the public as it showcases the achievements of its members and of rural life - at rural and agricultural shows and events where the public may spectate or participate.
One of the outstanding areas of achievement that members of Devon Young Farmers continue to excel at is in the amount of fundraising that members do for a range of charities. Despite the extremely challenging 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.
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 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 two 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 them we would not be able to make such a positive difference to the lives of so many young people.
Investment performance
The trustees' intention during the period was to maintain flexibility in its investments and protect the capital value. They have had to accept another year of low interest given the rates currently available.
FINANCIAL REVIEW
Financial position
As shown in the statement of financial activities on page 7. incoming resources have increased this year by £131,964 to £270,184. Total resources expenses this year have increased this year by £145,706 to £290,267.
The market value of the equity investment has decreased by £4,671 during the year to 31st August 2022.
The total fund balances as at 31st August 2022 were £586,449 in restricted funds and £257,442 in unrestricted funds, giving a total balance of £843,891 (2021: £868,645).
Reserves policy
The trustees have reviewed the Federation's need for reserves and, in line with the guidance issued by the Charity Commission they have agreed that it is prudent to have reserves equivalent to one year's running costs (approximately £106,000), which comprise total expenditure less the costs related to charitable activities. Unrestricted free reserves at this level will enable the Federation to meet its liabilities to staff and fulfil the terms of its contractual arrangements.
As at 31st August 2022 the Charity's total reserves were £831,410 (2021: £868,645). Unrestricted free reserves available for spending as at 31st August 2022 were £226,652.
Page 2
The Devon Federation of Young Farmers Clubs
Report of the Trustees
for the Year Ended 31st August 2022
FUTURE PLANS
The main aim for Devon Federation of YFC is to provide opportunities for personal and social development alongside ensuring that all members are fully involved with the decision-making process of the organisation.
The current focus is to ensure that DFYFC is financially secure and not dependent on short term funding. We can achieve this through several measures including:
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Reviewing membership levy and altering as needed to ensure a strong membership base.
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Seeking sponsorship of not only the organisation but also specific activities throughout the year.
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Ensuring the county office continues to achieve value for money when procuring supplies and services.
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Applying for grants to fund specific aspects of the federation including training.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Organisational structure
The governing board of DFYFC, known as the Executive, is made up of elected representatives from each of our affiliated Clubs and Groups and up to 15 co-opted individuals. The Board of Management and General Council are sub committees of the Executive.
Key management remuneration
The key management personnel of the charity comprise the Trustees, the Federation's County Organiser and the Treasurer.
Risk management
The trustees have assessed the major risks to which the charity is exposed, in particular those related to the operation of its finances, and are satisfied that systems are in place to mitigate exposure to major risks.
Page 3
The Devon Federation of Young Farmers Clubs
Report of the Trustees for the Year Ended 31st August 2022
REFERENCE AND ADMINISTRATIVE DETAILS
| REGISTERED OFFICE Amory Building |
REGISTERED OFFICE Amory Building |
|---|---|
| Cheriton Bishop | |
| Exeter | |
| EX6 6JH | |
| REGISTERED COMPANY NUMBER 04699221 (England and Wales) |
|
| REGISTERED CHARITY NUMBER 1098759 (merged with 301029 and 810146) |
|
| The Constitution of the Federation, along with the Memorandum and Articles of GOVERNING INSTRUMENT Association |
|
| TRUSTEES | |
| Appointed by those Clubs affiliated to Devon Federation of Young Farmers Clubs. Appointed Autumn 2021 to retire 2022 AGM: |
|
| Claire Tythcott Daniel Nicholls Peter Shinner |
|
| Marcus Northcott Isaac Reed Amy Tope |
|
| David Leworthy Sophie Dunn Hannah Rice |
|
| Thomas Nancekivell Nicholas Kennard Amy Lethbridge |
|
| Simon Heywood Ryan Battershall Henry Dunn |
|
| Benjamin Rowe Christopher Watts Joshua Quant |
|
| Jasmine Trenaman Samuel Merchant Ben May |
|
| George Rice Michael Veysey Emily Gay |
|
| Imogen Northmore James Pearse Liam Osman |
|
| Joel Van Schalkwyk Laura Westcott Ellis Sage |
|
| Benjamin Roberts Jack Luscombe James Caunter |
|
| Alexander Rodd Oliver Rabjohns Edward Weeks |
|
| Jack Tomlinson | |
| Co-opted Trustees appointed by nomination with voting power: | |
| GROUP REPRESENTATIVES | Daniel Olive Dawn Radford |
| Alison Balsdon Francesca Ansdell |
|
| Amy Tope Stephanie Colwill |
|
| COUNTY OFFICERS | Rosie Bennett Victoria Gilbert |
| Alice Chapple Katie Grist |
|
| Katie Northmore-Land Rupert Shinner |
|
| Shelley Ford | |
| DIRECTORS | Matthew Darke Rosie Bennett |
| Victoria Gilbert Katie Grist |
|
| Francesca Ansdell Alison Balsdon (appointed 31.03.22) |
|
| Appointed 25.11.2021: | |
Katie Northmore-Land Rupert Shinner |
|
| Shelley Ford Alice Chapple |
|
| Stephanie Colwill Daniel Olive |
|
| Dawn Radford Amy Tope |
|
| Resigned 25.11.2021 | |
Camilla Crocker Meredith Hoskin |
|
| Rebecca Dennis | |
| CO-OPTED DIRECTORS | Mr P G Wolfgang Mrs A M Burden |
| Miss S Nicholls (retired 25.11.21) Mr C R Down |
|
| Mr L J Heywood Mrs K Stagg |
|
| Mr P Reed (appointed 25.11.21) |
Page 4
The Devon Federation of Young Farmers Clubs
Report of the Trustees for the Year Ended 31st August 2022
| INDEPENDENT ADVISORS | ATC Advisors |
|---|---|
| Chartered Accountants | |
| Unit 2 Dunheved Court | |
| Pennygillam Way | |
| Launceston | |
| Cornwall | |
| PL15 7ED | |
| SOLICITOR | P G Wolfgang |
| Michaelmores LLP | |
| Woodwater House | |
| Pynes Hill | |
| Exeter | |
| EX2 5WR | |
| BANKERS | CAF Bank Ltd |
| 25 Kings Hill Avenue | |
| Kings Hill | |
| West Malling | |
| Kent | |
| ME19 4JQ |
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ Ms V Gilbert - Trustee
Page 5
Independent Examiner's Report to the Trustees of The Devon Federation of Young Farmers Clubs
Independent examiner's report to the trustees of The Devon Federation of Young Farmers Clubs ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31st August 2022.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors 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 under Part 16 of the 2006 Act and are eligible for independent examination, I 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 I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of FCCA/ACA which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act 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; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
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.
Sarah Gay FCCA/ACA ATC Advisors Chartered Accountants Unit 2 Dunheved Court Pennygillam Way LAUNCESTON Cornwall PL15 7ED
Date: .............................................
Page 6
The Devon Federation of Young Farmers Clubs
Statement of Financial Activities for the Year Ended 31st August 2022
| 2022 Unrestricted Restricted Total funds funds funds Notes £ £ £ INCOME AND ENDOWMENTS FROM Donations and grants 2 54,986 20,805 75,791 Charitable activities Charitable Activities 143,646 21,850 165,496 Other trading activities 3 26,728 - 26,728 Investment income 4 19 - 19 Other income 2,150 - 2,150 Total 227,529 42,655 270,184 EXPENDITURE ON Raising funds 5 129,335 - 129,335 Charitable activities Charitable Activities 81,098 33,702 114,800 Other 46,132 - 46,132 Total 256,565 33,702 290,267 Net gains/(losses) on investments (4,671) - (4,671) NET INCOME/(EXPENDITURE) (33,707) 8,953 (24,754) Transfers between funds 15 (542,343) 542,343 - Net movement in funds (576,050) 551,296 (24,754) RECONCILIATION OF FUNDS Total funds brought forward 833,492 35,153 868,645 TOTAL FUNDS CARRIED FORWARD 257,442 586,449 843,891 |
2021 Total funds £ 84,295 31,061 22,858 6 - |
|---|---|
| 138,220 | |
| 26,995 96,725 20,841 |
|
| 144,561 | |
| 47,829 | |
| 41,488 - |
|
| 41,488 827,157 |
|
| 868,645 |
The notes form part of these financial statements
Page 7
The Devon Federation of Young Farmers Clubs (Registered number: 04699221)
Balance Sheet
31st August 2022
| Notes FIXED ASSETS Tangible assets 10 Investments 11 CURRENT ASSETS Stocks 12 Debtors 13 Cash at bank and in hand CREDITORS Amounts falling due within one year 14 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 15 Unrestricted funds Restricted funds TOTAL FUNDS |
Unrestricted funds £ 18,309 210,881 229,190 2,472 24,525 21,236 48,233 (19,981) 28,252 257,442 257,442 |
Restricted funds £ 537,511 38,300 575,811 - - 10,638 10,638 - 10,638 586,449 586,449 |
2022 Total funds £ 555,820 249,181 805,001 2,472 24,525 31,874 58,871 (19,981) 38,890 843,891 843,891 257,442 586,449 843,891 |
2021 Total funds £ 564,835 310,592 875,427 1,723 24,151 6,303 32,177 (38,959) (6,782) 868,645 868,645 833,492 35,153 868,645 |
|---|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st August 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 31st August 2022 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
Page 8
continued...
The Devon Federation of Young Farmers Clubs (Registered number: 04699221)
Balance Sheet - continued 31st August 2022
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. R Bennett - Trustee
............................................. V Gilbert - Trustee
The notes form part of these financial statements
Page 9
The Devon Federation of Young Farmers Clubs
Notes to the Financial Statements for the Year Ended 31st August 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
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.
Income
Donations & Sponsorship
Income from donations as detailed within notes to the financial statements, and the affiliation levy. Such income is recognised in the period in which the charity is entitled to receipt and the amount can be measured with reasonable certainty. The affiliation levy is included in the year to which the levy relates.
Charitable activities
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
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.
County activities
Income derived from the County programme as agreed by the membership includes the County Show and other Competitions. These activities are primarily educational, providing training in life skills and are aimed at the personal and social development of the young people and any income generation is a secondary concern.
Investment income
Interest receivable is accounted for on a received basis.
Income generated from YFC Centre facilities
Income is accrued in accordance with the period to which it relates.
Bank interest
Credit is taken for any interest when the interest falls due for payment. This is allocated to the type of fund in which the investments are held.
Expenditure
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with use of resources.
Costs of raising funds
Costs incurred in attracting income and those incurred in activities that raise funds.
Charitable activities
Costs involved in the provision of services.
Other costs
Include those incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements.
Page 10
continued...
The Devon Federation of Young Farmers Clubs
Notes to the Financial Statements - continued for the Year Ended 31st August 2022
1. ACCOUNTING POLICIES - continued
Basic financial instruments
The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
Donations and government grants
Donations include financial support from the National Farmers Union Mutual Assurance Co, Mid Devon District Council, National Farmers Union (Devon Branch), South West Area Group of YFCs and a number of commercial organisations.
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost and not provided for on Land Fixtures and fittings - Straight line over 5 years, Straight line over 10 years and Straight line over 7 years
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
(A) Restricted Funds
(i) Memorial Funds
These funds were set up to assist members in their education in agriculture, home crafts, country life and related subjects by providing scholarships. The Joy Retter Memorial Fund is used for a trophy for junket and butter making for presentation to the winner of the competition.
(ii) International Youth Exchange Fund
This fund provides financial support to encourage the development of Internationalism through International Youth Exchanges providing participants with an increased awareness of other countries, their culture and people.
(iii) Building Fund
This fund represents the grants and donations received in order to purchase the Amory building at Cheriton Bishop. This balance is reflected in fixed assets and is being released from the restricted fund through depreciation in line with the depreciation policy.
(iv) Lifeskills Project
The Lifeskills project fund includes the receipt of grants and donations to be used towards training, including work on mental health, officers training and vocational training through the funds provided by the Dartington Cattle Breeding Trust.
(v) CCTV Fund
These funds represent a donation from the Vice Patron account towards an alarm and CCTV system for the Federation. These funds were utilised in full during the year to August 2022 and are being released from the restricted fund through depreciation.
Page 11
continued...
The Devon Federation of Young Farmers Clubs
Notes to the Financial Statements - continued for the Year Ended 31st August 2022
1. ACCOUNTING POLICIES - continued
Fund accounting
(B) 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. This fund was utilised in full for the year ended 31st August 2021.
(ii) Lifeskills Project
There is an increasing demand to expand the skill base of the membership. This is due partly to the increasing regulatory requirements for young people working in agriculture and related rural businesses. Its funding is from the contributions of members.
(iii) Amory Building Maintenance Fund
The trustees have agreed to set up this fund to provide for an annual contribution towards future costs of maintaining the fabric of the building at Cheriton Bishop.
(iv) General Fund
The charity's General Fund consists of funds which the charity may use for its purposes at its discretion. The aim of the Federation is to keep sufficient funds in reserve to cover its running expenses for at least a year in the event of major disruption of the programme due to matters outside its control.
Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
2. DONATIONS AND GRANTS
| Donations & Sponsorship Grants Affiliation Levy Income from YFC Supporters |
2022 £ 30,451 2,500 41,700 1,140 75,791 |
2021 £ 14,050 26,032 43,257 956 |
|---|---|---|
| 84,295 |
Grants received, included in the above, are as follows:
3.
| Mid Devon District Council Covid 19 Grant Funding Scheme HMRC Coronavirus Job Retention Scheme Other grants OTHER TRADING ACTIVITIES Sales and advertising in Year Book & Newsletters Income generated from YFC Centre facilities Jobs Adverts Board Stock movement |
2022 £ 1,000 - 1,500 2,500 2022 £ 4,389 20,165 1,425 749 26,728 |
2021 £ 18,636 7,396 - |
|---|---|---|
| 26,032 | ||
| 2021 £ 5,133 16,540 1,185 - |
||
| 22,858 |
Page 12
continued...
The Devon Federation of Young Farmers Clubs
Notes to the Financial Statements - continued for the Year Ended 31st August 2022
4. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Deposit account interest | 19 | 6 |
| RAISING FUNDS | ||
| Raising funds | ||
| 2022 | 2021 | |
| £ | £ | |
| Staff costs | 10,633 | 23,788 |
| Cost of fundraising and social activities | 114,929 | 2,142 |
| Newsletter & Year Book costs | 3,773 | 1,065 |
| 129,335 | 26,995 | |
| NET INCOME/(EXPENDITURE) | ||
| Net income/(expenditure) is stated after charging/(crediting): | ||
| 2022 | 2021 | |
| £ | £ | |
| Depreciation - owned assets | 17,131 | 16,798 |
| Independent Examination | 1,200 | 1,740 |
5. RAISING FUNDS
6. NET INCOME/(EXPENDITURE)
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31st August 2022 nor for the year ended 31st August 2021.
The Federation did not fund any insurance premiums for any benefit by the Trustees.
Trustees' expenses
Total expenses of £5,951 (2021: £2,622) were paid to 12 trustees during the year (2021: 4) for reimbursement of out of pocket expenses.
8. STAFF COSTS
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Wages and salaries | 70,342 | 68,005 |
| Social security costs | 1,408 | - |
| Other pension costs | 1,001 | 1,048 |
| 72,751 | 69,053 | |
The key management personnel of the charity comprise the Trustees and Directors, the Federation's County Organiser and the Treasurer.
The average monthly number of employees during the year was as follows:
| 2022 | 2021 | |
|---|---|---|
| Average number of employees | 4 | 5 |
No employees received emoluments in excess of £60,000.
Page 13
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The Devon Federation of Young Farmers Clubs
Notes to the Financial Statements - continued for the Year Ended 31st August 2022
9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | Restricted | Restricted | Total | ||
|---|---|---|---|---|---|
| funds | funds | funds | |||
| £ | £ | £ | |||
| INCOME AND ENDOWMENTS FROM | |||||
| Donations and grants | 84,295 | - | 84,295 | ||
| Charitable activities | |||||
| Charitable Activities | 18,215 | 12,846 | 31,061 | ||
| Other trading activities | 22,858 | - | 22,858 | ||
| Investment income | 6 | - | 6 | ||
| Total | 125,374 | 12,846 | 138,220 | ||
| EXPENDITURE ON | |||||
| Raising funds | 26,995 | - | 26,995 | ||
| Charitable activities | |||||
| Charitable Activities | 91,028 | 5,697 | 96,725 | ||
| Other | 20,841 | - | 20,841 | ||
| Total | 138,864 | 5,697 | 144,561 | ||
| Net gains on investments | 44,876 | 2,953 | 47,829 | ||
| NET INCOME | 31,386 | 10,102 | 41,488 | ||
| Transfers between funds | (6,506) | 6,506 | - | ||
| Net movement in funds | 24,880 | 16,608 | 41,488 | ||
| RECONCILIATION OF FUNDS | |||||
| Total funds brought forward | 808,612 | 18,545 | 827,157 | ||
| TOTAL FUNDS CARRIED FORWARD | 833,492 | 35,153 | 868,645 | ||
| 10. | TANGIBLE FIXED ASSETS | ||||
| Fixtures | |||||
| Freehold | and | ||||
| property | fittings | Totals | |||
| £ | £ | £ | |||
| COST | |||||
| At 1st September 2021 | 605,616 | 55,609 | 661,225 | ||
| Additions | - | 8,116 | 8,116 | ||
| At 31st August 2022 | 605,616 | 63,725 | 669,341 | ||
| DEPRECIATION | |||||
| At 1st September 2021 | 63,273 | 33,117 | 96,390 | ||
| Charge for year | 10,112 | 7,019 | 17,131 | ||
| At 31st August 2022 | 73,385 | 40,136 | 113,521 | ||
| NET BOOK VALUE | |||||
| At 31st August 2022 | 532,231 | 23,589 | 555,820 | ||
| At 31st August 2021 | 542,343 | 22,492 | 564,835 |
Page 14
continued...
The Devon Federation of Young Farmers Clubs
Notes to the Financial Statements - continued for the Year Ended 31st August 2022
10. TANGIBLE FIXED ASSETS - continued
The Amory Building, Cheriton Bishop is a freehold property 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 at 2% on a straight line basis has been provided against the building element of the total cost of the property.
11. FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | |
|---|---|
| Listed | |
| investments | |
| £ | |
| MARKET VALUE | |
| At 1st September 2021 | 310,592 |
| Disposals | (7,968) |
| Revaluations | (16,703) |
| Reclassification/transfer | (36,740) |
| At 31st August 2022 | 249,181 |
| NET BOOK VALUE | |
| At 31st August 2022 | 249,181 |
| At 31st August 2021 | 310,592 |
There were no investment assets outside the UK.
Cost or valuation at 31st August 2022 is represented by:
| Listed | ||
|---|---|---|
| investments | ||
| £ | ||
| Valuation in | 2020 | 98,023 |
| Valuation in | 2021 | 47,829 |
| Valuation in | 2022 | (4,671) |
| Cost | 108,000 | |
| 249,181 |
£35,491 has been reclassified from investments to cash at bank or in hand as, in the previous year, this represented the balance of an easy access savings account rather than an investment. The balance of £1,249 represents the closure of accounts in the year which were previously classified as investments.
12. STOCKS
| STOCKS | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Stocks | 2,472 | 1,723 |
Page 15
continued...
The Devon Federation of Young Farmers Clubs
Notes to the Financial Statements - continued for the Year Ended 31st August 2022
13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Other debtors Prepayments 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors Accrued expenses 15. MOVEMENT IN FUNDS At 1.9.21 £ Unrestricted funds General fund 187,201 Life skills Project 26,772 New Building 604,519 Amory Building Maintenance 15,000 833,492 Restricted funds International Youth Exchange 18,878 John Spear Memorial Funds 3,101 George Hingston Memorial Funds 2,963 Joy Retter Memorial Funds 101 Todd Rigg Memorial Fund 10,110 Alarm & CCTV System - Amory Building - Life skills Project - 35,153 TOTAL FUNDS 868,645 |
Net movement in funds £ (30,905) (2,802) - - (33,707) 2,702 - - - 445 5,280 (10,112) 10,638 8,953 (24,754) |
2022 £ 20,056 4,469 24,525 2022 £ 16,932 3,049 19,981 Transfers between funds £ 59,176 - (604,519) 3,000 (542,343) 1,200 (600) - - (600) - 542,343 - 542,343 - |
2021 £ 22,839 1,312 24,151 2021 £ 37,279 1,680 38,959 At 31.8.22 £ 215,472 23,970 - 18,000 |
2021 £ 22,839 1,312 |
|---|---|---|---|---|
| 24,151 | ||||
| 2021 £ 37,279 1,680 |
||||
| 38,959 | ||||
| 257,442 22,780 2,501 2,963 101 9,955 5,280 532,231 10,638 |
||||
| 586,449 | ||||
| 843,891 |
Page 16
continued...
The Devon Federation of Young Farmers Clubs
Notes to the Financial Statements - continued for the Year Ended 31st August 2022
15. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Life skills Project Restricted funds International Youth Exchange Todd Rigg Memorial Fund Alarm & CCTV System Amory Building Life skills Project TOTAL FUNDS |
Incoming resources £ 225,679 1,850 227,529 21,850 - 5,941 - 14,864 42,655 270,184 |
Resources expended £ (251,913) (4,652) (256,565) (19,148) 445 (661) (10,112) (4,226) (33,702) (290,267) |
Gains and Movement losses in funds £ £ (4,671) (30,905) - (2,802) (4,671) (33,707) - 2,702 - 445 - 5,280 - (10,112) - 10,638 - 8,953 (4,671) (24,754) |
Gains and Movement losses in funds £ £ (4,671) (30,905) - (2,802) (4,671) (33,707) - 2,702 - 445 - 5,280 - (10,112) - 10,638 - 8,953 (4,671) (24,754) |
|---|---|---|---|---|
| (33,707) 2,702 445 5,280 (10,112) 10,638 |
||||
| 8,953 | ||||
| (24,754) |
Comparatives for movement in funds
| Unrestricted funds General fund Defunct Clubs Life skills Project New Building Amory Building Maintenance Restricted funds International Youth Exchange John Spear Memorial Funds George Hingston Memorial Funds Joy Retter Memorial Funds Todd Rigg Memorial Fund TOTAL FUNDS |
At 1.9.20 £ 166,056 655 25,382 604,519 12,000 808,612 4,798 2,903 2,439 83 8,322 18,545 827,157 |
Net movement in funds £ 26,996 - 1,390 - 3,000 31,386 7,149 623 524 18 1,788 10,102 41,488 |
Transfers between funds £ (5,851) (655) - - - (6,506) 6,931 (425) - - - 6,506 - |
At 31.8.21 £ 187,201 - 26,772 604,519 15,000 |
|---|---|---|---|---|
| 833,492 18,878 3,101 2,963 101 10,110 |
||||
| 35,153 | ||||
| 868,645 |
Page 17
continued...
The Devon Federation of Young Farmers Clubs
Notes to the Financial Statements - continued
for the Year Ended 31st August 2022
15. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Life skills Project Amory Building Maintenance Restricted funds International Youth Exchange John Spear Memorial Funds George Hingston Memorial Funds Joy Retter Memorial Funds Todd Rigg Memorial Fund TOTAL FUNDS |
Incoming resources £ 111,787 10,587 3,000 125,374 12,846 - - - - 12,846 138,220 |
Resources expended £ (129,667) (9,197) - (138,864) (5,697) - - - - (5,697) (144,561) |
Gains and Movement losses in funds £ £ 44,876 26,996 - 1,390 - 3,000 44,876 31,386 - 7,149 623 623 524 524 18 18 1,788 1,788 2,953 10,102 47,829 41,488 |
Gains and Movement losses in funds £ £ 44,876 26,996 - 1,390 - 3,000 44,876 31,386 - 7,149 623 623 524 524 18 18 1,788 1,788 2,953 10,102 47,829 41,488 |
|---|---|---|---|---|
| 31,386 7,149 623 524 18 1,788 |
||||
| 10,102 | ||||
| 41,488 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Defunct Clubs Life skills Project New Building Amory Building Maintenance Restricted funds International Youth Exchange John Spear Memorial Funds George Hingston Memorial Funds Joy Retter Memorial Funds Todd Rigg Memorial Fund Alarm & CCTV System Amory Building Life skills Project TOTAL FUNDS |
At 1.9.20 £ 166,056 655 25,382 604,519 12,000 808,612 4,798 2,903 2,439 83 8,322 - - - 18,545 827,157 |
Net movement in funds £ (3,909) - (1,412) - 3,000 (2,321) 9,851 623 524 18 2,233 5,280 (10,112) 10,638 19,055 16,734 |
Transfers between funds £ 53,325 (655) - (604,519) 3,000 (548,849) 8,131 (1,025) - - (600) - 542,343 - 548,849 - |
At 31.8.22 £ 215,472 - 23,970 - 18,000 |
|---|---|---|---|---|
| 257,442 22,780 2,501 2,963 101 9,955 5,280 532,231 10,638 |
||||
| 586,449 | ||||
| 843,891 |
Page 18
continued...
The Devon Federation of Young Farmers Clubs
Notes to the Financial Statements - continued for the Year Ended 31st August 2022
15. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Life skills Project Amory Building Maintenance Restricted funds International Youth Exchange John Spear Memorial Funds George Hingston Memorial Funds Joy Retter Memorial Funds Todd Rigg Memorial Fund Alarm & CCTV System Amory Building Life skills Project TOTAL FUNDS |
Incoming resources £ 337,466 12,437 3,000 352,903 34,696 - - - - 5,941 - 14,864 55,501 408,404 |
Resources expended £ (381,580) (13,849) - (395,429) (24,845) - - - 445 (661) (10,112) (4,226) (39,399) (434,828) |
Gains and Movement losses in funds £ £ 40,205 (3,909) - (1,412) - 3,000 40,205 (2,321) - 9,851 623 623 524 524 18 18 1,788 2,233 - 5,280 - (10,112) - 10,638 2,953 19,055 43,158 16,734 |
|---|---|---|---|
Transfers between funds
The John Spear Memorial Fund and the Todd Riggs Memorial Fund both fund travel scholarships. £600 was transferred from each of these to the International Youth Exchange Fund to represent the scholarships awarded to two individuals during the year.
£3,000 has been transferred from the Unrestricted fund to the Designated Amory fund as an annual contribution to cover major renovations to the Amory building, as and when the need may arise.
£604,519 has been transferred from the Designated fund to the Restricted fund as a correction as these funds represent donations and grants raised to purchase the Amory Building at Cheriton Bishop. In addition, £64,176 has been transferred to this fund from the unrestricted fund which represents the depreciation on this building which had been historically allocated against the unrestricted fund in error.
16. RELATED PARTY DISCLOSURES
During the year, aggregate donations were received from related parties without conditions totalling £500.
A contract of employment existed during the year between the charitable company and the brother of a director/trustee, Daniel Grist. This employment ceased in May 2022 and represents total expenditure totalling £8,257 on the Statement of Financial Activities. Following the cessation of employment, Daniel Grist was paid for Communications work totalling £2,160.
Payroll services were provided during the year by RSJ Farm Business Services, of which S Nicholls (director until 25th November 2021) is a Partner. Payments to the date of resignation in the year amount to £126.
At the balance sheet date, the charity owed £21 to Alison Balsdon (trustee/director) and £720 to Daniel Grist. The amounts are included on the balance sheet within current liabilities. A balance of £2.76 is owed to the charity at this date from Luscombe Maye LLP, of which Amanda Burden (trustee/director) is a Partner.
Page 19
The Devon Federation of Young Farmers Clubs
Detailed Statement of Financial Activities
for the Year Ended 31st August 2022
| INCOME AND ENDOWMENTS Donations and grants Donations & Sponsorship Grants Affiliation Levy Income from YFC Supporters Other trading activities Sales and advertising in Year Book & Newsletters Income generated from YFC Centre facilities Jobs Adverts Board Stock movement Investment income Deposit account interest Charitable activities County activities International Youth Exchange Lifeskills project Fundraising and charitable events Members' contribution to training Other income Solar panel income Total incoming resources EXPENDITURE Raising funds Salaries Cost of fundraising and social activities Newsletter & Year Book costs Charitable activities County competitions International Youth Exchange Lifeskills project Club support - Salaries Travel Communication & Training costs DBS - Vetting checks YFC Centre running expenses Carried forward |
2022 £ 30,451 2,500 41,700 1,140 75,791 4,389 20,165 1,425 749 26,728 19 132,366 21,850 1,850 - 9,430 165,496 2,150 270,184 10,633 114,929 3,773 129,335 10,170 18,703 7,878 20,217 5,909 3,996 1,153 11,777 79,803 |
2021 £ 14,050 26,032 43,257 956 |
|---|---|---|
| 84,295 5,133 16,540 1,185 - |
||
| 22,858 6 1,830 12,846 10,587 3,548 2,250 |
||
| 31,061 - |
||
| 138,220 23,788 2,142 1,065 |
||
| 26,995 4,285 5,697 9,197 28,407 2,622 9,163 1,575 18,377 79,323 |
This page does not form part of the statutory financial statements
Page 20
The Devon Federation of Young Farmers Clubs
Detailed Statement of Financial Activities
for the Year Ended 31st August 2022
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Charitable activities | ||
| Brought forward | 79,803 | 79,323 |
| General Office expenses | 4,816 | 604 |
| Depreciation of building | 10,112 | 10,112 |
| Depreciation of furniture & equipment | 7,019 | 6,686 |
| Membership costs | 13,050 | - |
| 114,800 | 96,725 | |
| Other | ||
| Salaries | 41,901 | 16,858 |
| Professional fees | 2,431 | 1,740 |
| Accountancy | 1,800 | 2,243 |
| 46,132 | 20,841 | |
| Total resources expended | 290,267 | 144,561 |
| Net expenditure before gains and losses | (20,083) | (6,341) |
| Realised recognised gains and losses | ||
| Realised gains/(losses) on fixed asset | ||
| investments | 12,032 | - |
| Net expenditure | (8,051) | (6,341) |
This page does not form part of the statutory financial statements
Page 21