**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:
- advance the education of young members of the public at large, in agriculture, home crafts, country life and related subjects; and
- 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:
- offering opportunities for personal growth through which young people can develop life skills, confidence and self-esteem;
- providing ways for young people to express their views and be heard;
- offering a variety of informal education activities, programmes and experiences which are recreational, social and fun;
- maintaining a strong countryside element in those programmes including relevant farming links;
- 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;
- 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:
1. Reviewing membership levy and altering as needed to ensure a strong membership base.
2. Seeking sponsorship of not only the organisation but also specific activities throughout the year.
3. Ensuring the county office continues to achieve value for money when procuring supplies and services.
4. 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:
1. 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
3. 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
4. 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
- (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
- (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
continued...
## **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