REGISTERED COMPANY NUMBER: 07605068 (England and Wales) REGISTERED CHARITY NUMBER: 1145230 Wales Federation of Youn Farmers aubs Re ort of the Trustees and Audited Financial Statements for the Year Ended 31st March 2021 Ashmole & Co Chartered Certified Accountants & Registered Auditors 18 High Street Ilandovery Carmarthen5hire SA20 OPU
Wales Federation of Youn Farmers Clubs Contents of the Financial Statements for the Year Ended 31st March 2021 Page Report of the Trustees Report of the Independent Auditors 10 to 13 statement of Financial Activities 14 to 15 Balance Sheet 16 to 17 Notes to the Financial Statements 18 to 39 Detailed SLitement of Financial Artivities 40 to 41
Wales Federation of Youn Farmers Clubs Re Istered number: 07605068 Re ort of the Trustees for the Year Ended 31st March 2021 The trustees who are also directors of the charity for the purposes of the Companies Art 2006. present their report with the financial statements of the charity for the year ended 31st March 2021. The trustees have adopted the provisions of Accountirbg 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 IFRS 1021 {effectNe l January 20191. OBJECTIVES AND ACTIVITIES Objectives and aims The trustees confirm that they have complied with their duty in section 17151 of the Charities Act with regard to the Charity Commission's general guidance on public benefit when reviewing the Charity's objectives and in planning of future activities. The objectives of the company as described in the Memorandum and Articles of Association are to advance the education and personal development of young members of the public. whilst providing and promoting the provision of facilities for recreation and other leisure time occupations, through both the mediums of Welsh and English. The objectives for 2020-2021 were: to advance the education and personal development of young member5 of the public at large in agriculture, rural life and affairs, international understandin& home crafts, the environment 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, being facilities which will improve their spiritual and mental capacities, health and well-being. raise awareness, self-reliance and individual responsibility so that they may develop as individuals into full cit12ens. to promote it's activities through the mediums of Welsh and English and to ensure those activities enhance the members, understanding and knowledge of Welsh Rural Life. Welsh Culture and the Welsh Language, along with providing an understanding of other cultures. Page I
Wales Federation of Youn Farmers Clubs istered number: 07605068 Re ort of the Trustee5 for the Year Ended 31st March 2021 ACHIEVEMENT AND PERFORMANCE Wales YFC delivered on its objectives for 2020- 2021. most notably by the following,. l. Delivery of and support of bi-monthly meetings of the Wales YFC Council. plus an Annual General Meeting. The additional meetings held were due to the pandemic. 2. Delivery of and support for at least three meetings of each of the Federations sub committees. namely,. Finance and Management. Competitions. - Youth Forum, Rural Affairs. International. Personnel and Remuneration, and Events and Marketing. 3. Delivery and support of the Wales YFC Staff Association meetings and annual conference. 4. Development of the work of the organisations building group. focused on the development of the YFC centre in Llanelwedd, with the remit of providing a centre that is fit for the future and capable of generating a sustainable income for the federation. 5. Consultation responses submitted in policy areas that have an influence on YFC members across Wales. 6. Support for the Welsh Government's National Youth Strategy for Wales- including work towards the 'Trusted Charity Quality Mark,. 7. Delivery of a bilingual competition5 programme offering over 100 opportunities for young people to advance their education and personal development. 8. An increased social media presence in support of improved communication5 Wlthin the membership and wider supporter network. 9. Supporting the development of the Welsh language within the organisation, by working closely with the Welsh Government's Welsh language division in their aim to reach a million Welsh speakers by 2050. 10. Representation at external meetings relevant to the development of the YFC in Wale5. These have included to name a few: NFU Cymru. FUW. Welsh Government, Wales Farm Safety Partnership, Builth Wells Event Safety Group and CWVYS. 11. Dissemination of inforniation to County Federations and YFC clubs relevant to furthering the objects of the organisation. 12. Representation of the Federation at Rural Youth Eufope virtual meeting5. 13. Contribution to the future development of the youth seThice in Wales through an attive involvement in the work of CWVYS. 14. Supporting the development of the Federation's stsff team through a programme of training and supervision. Pa*e 2
Wales Federation of Youn Farmers Clubs istered number: 07605068 Re ort of the Trustees for the Year Ended 31st March 2021 15. The re-launch of a the podcast series'CFfl a fi l YFC and me.. 16. The continued work with the Major Events Unit of the Welsh Government in relation to Young People's Village discussions. 17. The continued delivery of the Wales YFC lamb initiative. in conjunction with Dunbia and Sainsbury's. 18. Continued development in partnership work with Poli and Crime Commissioners offices in Wales. 19. The delivery of a Rural Affairs Wirtual conferen. in addition to a number of workshops and meetings relevant to rural life and affairs. 20. Collaborative work with the Federations sponsors. enabling the delivery of opportunities to members of the organisation. 21. Delivery of an international travel programme that offers individual and group travel opportunities to YFC members across Wales. This has been put on hold due to the pandemic but we are in regular contact with the successful members. 22. Active in the support of the work of the Royal Welsh Agricultural Society in promoting the objects of Wales YFC. FINANCIAL REVIEW Principal funding Sources During this reporting period the Charity has been funded from a number of sources; Funding to promote and develop the use of the Welsh language is provided by the Welsh Government. This grant is regarded as a restrirted fund. Membership levy. 50% of the membership levy from the ten County Federations affiliated to NFYFC is paid to Wales YFC and 100% of the membership levy is paid by the two County Federations affiliated directly to Wales. The Federation's corporate sponsorship programme. along with other financial Sponsors of individual events throughout the year. Due to the pandemic, the organisation has also been successful in utilisinE the Coronavirus job retention scheme and has made a number of grant applications in order to mitigate the lack of event funding opportunities. Page 3
Wales Federation of Youn Farmers Clubs istered number: 07605068 Re rt of the Trustees for the Year Ended 31st March 2021 FINANCIAL REVIEW Reserves policy The Wales YFC Council has established a policy whereby the unrestrirted funds not committed or invested in tangible fixed assets, i.e. the free reserves. held by the organisation should equate to the equivalerbt of between three and six months resources expended which directly relates to the running of the annual programme of activities. At this level the Council feel that they would be able to continue the current activities of the organisation in the event of a significant drop in income. The policy is reviewed on an annual basis, initially by the Finance and Management Committee, with approval from YFC Council. At present the free reserves amount is £262.6(KI12020 - £141.0521 which falls within the desired range. This is primarily due to additional government funding received during the pandemic. The trustees fully acknowledge their responsibilities to ensure that funds are managed appropriately and in accordance with the primary charitable objectives. The specific plans for the future are noted below. Restrirted reserves Restricted reserves are funds, not yet expended, provided for a specific purpose stipulated by the donor or funder, and cannot be used for the general purpose of Charity. Balan$ on such funds do not imply that there has been an under spend but may result from a variety of circumstances, including timing differences. In certain circumstances the Charity may choose to contribute funds which are otherwise unrestricted, towards projects which are primarily financed from restricted funds. Paee 4
Wales Federation of Ytn Farmers Clubs istered number: 07605068 Re ort of the Truslees for the Year Ended 31st March 2021 FUTURE DEVELOPMENTS l. Wales YFC will continue to ensure the objects of the organisation are rnet in line with the wishes of the membeiship. through consultation and debate through the Council of members and its network of sub committees. 2. A plan to be agreed for the future of the YFC centre. ensuring that the future building is fit for purpose. 3. The development of a strategic plan for the organisation. involving input from officers, members and staff of the YFC to support the recovery and rebuild of the organisation post Covid. 4. Wales YFC will artively support Youth Work Week and the Youth Work Excellence Awards. 5. Working with the Welsh Government will deliver on a range of targets in line with the aspirations of the National Voluntary Youth Work Grant. 6. Wales YFC will continue to develop its partnership work in all areas of influence for the organisation. 7. The organisation will continue to review and develop innovative competitions and opportunities for rural young people who choose to be part ofthe YFC. 8. Work will be undertaken to strengthen the organisations links with Welsh Government. ensuring that the voice of rural young people is heard at a national level. with particular focus on the area of youth work, agriculture and Welsh language. 9. Development of the organisation5 SUPPOrt of the Welsh Language and the development of a strategy to support the Welsh Governments target of one million Welsh speakers by 2050. 10. Work to develop project work which will focus on the emotional well-being of young people who are members of the organisation as they deal with the world post Covid. 11. New funding streams will be considered and developed. whilst continuing to ensure that the current streams are maintained. 12. A review of the current governance structures will be undertaken to ensure that they continue to be relevant and fit for purpose. 13. The development of new links with other rural youth organisation across Europe and the world. 14. The support of county federations across Wales. Wlth particular ernphasis placed upon the development of digital technology to recruit and retain members. 15. Policies will continued to be reviewed with operational plans put into place for each section of work. STRucfuRE, 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. Pa*e 5
Wales Federation of Youn Farmers Clubs istered number: 07605068 Re rt of the Trustees for the Year Ended 31st March 2021 The charity is controlled by its governing document. a Memorandum and Articles of association and Is constitL¢ted as a company limited by guarantee. as defined by the Companies Act 21X)6. Wales YFC 15 a charitable company limited by guarantee incorporated on 14 April 2011 and registered as a Charity on 23 December 2011. The company was established under a Memorandum of association which established the objects and powers of the charitable company and is governed by the Articles of association. In the event of the company being wound up. the Trustees are required to contribute an amount not exceeding £1.00. Members are representatives of the twelve county federations of YFC, along with co-opted members elected by the county federation representatives to support them in their work. Recruitment and appointment of council member The directors of the company are also charity trustees for the purpose of Charity Law and under the Company's Articles and are known as the Council. Under the requirements of the Memorandum and Articles of Association, the Council is elected every year at the Annual General Meeting. The Executive consists of up to 36 representatives from County Federations (three per County), plLFS Co-opted members. A Chairman, Vice Chairman and Treasurer are drawn from County Federation representatives and are elected annually by the members. The period of service is for one year. with re-election possible. Co-options. which are reviewed annually. can be made by the Council during the year. Organlsational structure The Council meets three times a year and is responsible for the strategic direction and policy of the charitable company. There are seven sub committees responsible for their respective areas of work. staff team supports the Council and sub committees in the delivery of the organisation's objetts. Trustee induction & tralnlng All members of Countil receive a pack of information at first appointment that includes all relevant ompany documents and guidance from the Charity Commission on the respor)sibilities of trustees / directors. A personal briefing is available. Most members are of the Council are in senior posltions within their County Federations and are already aware of their legal responsibilities as directors I trustee5. Risk management The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The trustees have conducted their own review of the major risks to which the Charity is exposed, and systems have been established to mitigate those risks. These prOdureS are reviewed periodically to ensure they still meet the needs of the Charity. REFERENCE ANDADMINISTRATIVE DETAILS Registered Company number 07605068 (England and Walesl Registered Charity number 1145230 ReEiStered office Wales YFC Centre Llanelwedd 8uilth Wells LD2 3NJ PaRe 6
Wales Federation of Youn Farmer5 aubs istered number: 07605068 Re rt of the Trustees for the Year Ended 31st March 2021 Trustees Megan Jones Kate Eleri Miles Alyssia Thomas Iresigned 19.9.201 Dewi Parry Erica Swan Iresigned 19.9.201 Sioned Morris lappointed 19.9.20} Iwan Meirion Williams Tania Marie Hancock (appointed 19.9.201 Clare james lappointed 19.9.201 Anna Prysor Jones (appointed 19.9.201 Rhys Richards Katie Davies Owen Elliott Esyllt Elli5 Jones Rhodri Evan5 Caryl Hughes (resigned 19.9.201 Caryl Haf Jones Dai Jones Elen Medi Jones Iresigned 19.9.201 Huw Tudur Storer Jones (resigned 19.9.201 Geraint Hopkin Lloyd Aled Thomas Carys Lewis Thomas Mared Williams (resigned 19.9.201 Miriam Williams Iresigrbed 19.9.20) Non Williams Iresigned 19.9.201 Sioned Williams (resigned 19.9.201 Vicky Williams Kate Thomas James Allen Poulton (resigned 19.9.201 Mererid Jones (resigned 19.9.201 Lois Mererid Williams (resigned 19.9.201 Elen William5 Gwen Thomas Elain Fflur Roberts Iresigned 19.9.20} Rebecca Prothero (resigned 19.9.201 A J Powell (resigned 19.9.201 William Lewis Jones Elliw Haf Griffith Beca Glyn Iwan George Iresigned 19.9.201 Delun Evan5 Gwenno Davies Katie Court Hilary Jones lappointed 19.9.201 Katie Matthews lappointed 19.9.201 Elliw Dafydd (appointed 19.9.201 Emma Rees (appointed 19.9.201 Dafydd Jones Pale 8
Wales Federation of Youn Farmer5 aubs R Istered number: 07605068 Re rt of the Trustees for the Year Ended 31st March 2021 Bleddyn Davies Hefin Evans Niall Evans Sian Healey Aled Jones Iresigned 19.9.201 Elin Calan Jones {resigned 19.9.201 lestyn Owen Matt Price George Lewis (resigned 19.9.201 Abbie Williams Andrew Joseph (appointed 19.9.20) Samuel Deri Kurtz (appointed 19.9.201 Meinir Angharad Owen (appointed 19.9.201 Fflur Powell-Roberts lappointed 19.9.201 Carwyn Pugh lappointed 19.9.201 Aled Rees (appointed 19.9.201 David Stoner lappointed 19.9.201 Manon Fflur Williams (appointed 19.9.201 Bryony Wilson (appointed 19.9.201 Thomas Bevan (appointed 19.9.201 John james (appointed 19.9.201 Kathryn Mary lones lappointed 19.9.201 Alistair Morgan lappointed 19.9.201 James Nixon (appointed 19.9.201 Sioned Phillips lappointed 19.9.201 Hedd Pugh (appointed 19.9.201 Company Secretary Mared lones Auditors Ashmole & Co (Statutory Auditor) Chartered Certified Accountar)ts & Registered Auditors 18 High Street Llandovery Carmarthenshire SA20 OPU Bankers Natwest PIC West End Builth Wells Powys LD2 3NJ EVENTS SINCE THE END OFTHE YEAR Information relating to events since the end of the year is given in the notes to the financial statements. Page 8
Wales Federation of Youn Farmers Clubs Re istered number: 07605068 Re rt of the Trustees fortheyear Ended 31st March 2021 STATEMENT OF TRUSTEES. RESPONSIBIUTIES The trustees Iwho are also the directors of Wales Federation of Young Farmers Clubs for the purposes of company lawl are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure. of the charitable company for that period. In preparing those financial statements, the trustees are required to select suitable accounting policies and then apply them consistentty: observe the methods and principles in the Charity SORP- make judgements and estimates that are reasonable and prudent- prepare the financial Statements on the going concern basis unles5 it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2tXJ6. They are also responsible for safeguarding the assets of the charitable company and hence for tsking reasonable step5 for the prevention and ot er irregu arities. In so far as the trustees are aware: there is no relevant audit information of which the charitable company's auditors are unaware,. and the trustees have taken all steps that they ought to have tsken to make themsefves aware of any relevant audit information and to estsblish that the auditors are aware of that information. AUDITORS The auditors, Ashmole & Co, will be proposed for re-appointment at the forthcomlng Annual General Meeting. This report has been prepared in accordan with the Special provisions of Part 15 of the Companles Act 2OJ6 relating to small companies. Approved by order of the board of tru5tee5 on 18th September 2021 and signed on its behalf by: Katie Davie5 - Trustee Page 9
Re ort of the Inde endent Auditors to the Trustees of Wales Federation of Youn Farmers Clubs Opinion We have audited the financial statements of Wales Federation of Young Farmers Club5 (the 'charitable company'l for the year ended 31st March 2021 which comprise the Statement of Financial Attivities, the Balance Sheet arbd notes to the financial statements. including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,. In our opinion the financial statements.. give a true and fair view of the state of the charitable company's affairs as at 31st March 2021 and of its incoming resources and application of resources. including its intome and expenditure, for the year then ended,. have been properly prepared in accordance wtth United Kingdom Generally Accepted Accounting Practice. including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland,, and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and the provisions available for small entities, in the circumstances set out in note 22 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively. may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve fflonths from when the financial statements are authorised for iSSLFe. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. PaRe 10
Re ort of the Inde endent Audltors to the Trustees of Wales Federation of Youn Farmers Clubs Other informatlon The trustees are responsible for the other information. The other information comprises the information included in the Annual Report. other than the financial statement5 and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explititly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other infomation is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If. based on the work we have performed. we conclude that there is a material misstatement of this other infom)ation, we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if. in our opinion= the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements- or the charitable company has not kept adequate accounting records- or the financi31 statements are not in agreement with the accounting records and returns: or we have not received all the information and explanations we require for our audit. Responsibllltles of trustees As explained more fully in the Statement of Trustees, Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the finarbcial statements and for being Satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatemer)t. whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the charitable company's ability to continue as a going concern. disclosing. as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations. or have no realistic alternative but to do so. Page 11
Re ort of the Inde endent Auditors to the Trustees of Wales Federation of Youn Farmers aub5 Our responsibilities for the audit of the financial statements We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effert thereunder. Our objectives are to obtain reasonable assurance aboLrt whether the financial statements as a whole are free from material misstatement, whether due to fraud or error. and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perfomi audit procedures to help identify instances of non-compliance with other13ws and regulations that may have a material effect on the financial statements. and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit. In relation to fraud, the objectives of our audit are to identify and asse55 the risk of material misstatement of the financial statements due to fraud. to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through desiEning and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit. However, it is the primary responsibility of management. with the oversight of those charged with governance, to ensure that the entity's operations are condurted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team: obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the charity operates in and how it Is complying with the legal and regulatory framework- enquired of management, and those charged with governance. about their own identification and assessment of the risks of irregularities. including any known actual, suspected or alleged instances of fraud,. discussed matters about non-complian with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud. As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are Charities SORP. FRS 102. Companies Act 2(6 and the Charities Act 2011. We performed audit procedures to detect non-compliance which may have a material impact on the financial statements which included reviewing financial statement disclosures. The audit engagement team identified the risk of management override of controls as the area where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entrie5 and other adjustments and evaluating the business rationale in relation to any significant, unusual transactions and transactions entered into outside the normal course of busine55. Page 12
Re ort of the Inde endent Auditors to the Trustees of Wales Federation of Youn Farmers Clubs A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uvauditorsresponsibilitie5. This description forms part of our Report of the Independent Auditors. Use of our report This report is made solely to the charitable company's trustees, a5 a body. in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's trustees as a body, for our audit work. for this report, or for the opinions we have formed. Ashmole & Co1Statutory Auditor) Chartered Certified Accountants & Registered Auditors Eligible to act as an auditor in temis of Section 1212 of the Companies Act 2006 18 High Street Llar)dovery Carmarthenshire SA20 OPU 18th September 2021 Pae 13
Wales Federation of Youn Farmers Clubs Statement of Financial Activities for the Year Ended 31st March 2021 31.3.21 Total funds 31.3.20 Total funds Unrestricted funds Restricted fund5 Notes INCOME AND ENDOWMENTS FROM Donations and legacie5 122,305 366.543 488,848 274,084 Charitable artivities General Events AGM International Youth Forum Sports Day Rural affairs Young Peoples Village Royal Welsh Show Spring Festival Winter Fair Public speaking Field Day Entertainment Feast Eisteddfod Lamb Marketing 1.752 1,752 11,166 613 24,680 268 50 12,386 357,615 850 13 640 60 828 7,620 5,724 6,700 3.569 3.569 792 3.552 792 3,552 40 7.544 7,544 Other trading activities Investment income 3,048 597 135 135 Total 139.689 366.543 506,232 706,942 EXPENDITURE ON Raising funds 4,784 81.763 86,547 87,143 Charitoble artivitie5 General Events AGM International Youth Forum Sports Day Rural affairs Training Marketing 44.773 553 4,907 1,953 48,573 566 8,430 2,038 59,517 7,819 40,276 1,520 3,749 42,990 2,989 13 3.523 85 2.011 44.997 257 47.008 263 742 1,337 18,372 19,114 1,337 5.730 5,836 382,938 28,512 1,275 8,696 3,207 Young Peoples Village Royal Welsh Show Spring Festival Winter Fair Public speaking 5.522 217 io 4.729 428 4.946 438 The notes form part of these financial statements Page 14
Wales Federation of Youn Farmers Clubs Statement of Flnantial Activitie5 for the Year Ended 31st March 2021 31.3.21 Total funds 31.3.20 Total funds Unrestricted Restricted funds funds Notes Field Dav Entertainment Feast Eisteddfod Lamb Marketing Welsh Promotion 32 33 191 3,105 3,785 950 6.615 11,455 14,187 2,747 1,080 191 422 2.1x15 59 2,683 1,780 891 Total 19.414 213,640 233,054 712,551 NET INCOMEI{EXPENDITURE) 120.275 152,903 273,178 15.6091 RECONCILIATION OF FUNDS Total funds brought fonvard 304.517 11)4,129 408,646 414,255 TOTAL FUNDS CARRIED FORWARD 424,792 257.032 681,824 408,646 The notes form part of these financial statements Page 15
Wales Federation of Youn Farmers Clubs istered number: 07605068 Balance Sheet 31st March 2021 31.3.21 Total funds 31.3.20 Total funds Unrestricted Restricted funds funds Notes FIXED ASSETS Tangible assets 14 14.968 73.207 88,175 91,758 CURRENT ASSETS Stocks Debtors Cash at bank 15 16 2.464 20.403 397,650 2,464 20,403 624,783 2,464 43,768 333,941 227.133 420.517 227.133 647.650 380,173 CREDITORS Amounts falling due within one year 17 {10.6931 133.3081 144,0011 163,28SI NET CURRENT ASSETS 409.824 193,825 603,649 316,888 TOTAL ASSETS LESS CURRENT LIABIUTIES 424.792 267.032 691,824 408,646 CREDITORS Amounts falling due after more than one year 18 {io,(wi {io.0001 NET ASSETS 424.792 257,032 681,824 408,646 FUNDS Unrestricted funds Restricted funds 20 424,792 257,032 304,517 104,129 TOTAL FUNDS 681,824 408,646 The charitable tompany is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2021. The members have not deposited notice. pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financial statements. The notes fomi part of these financial statements Page 16 continued...
Wales Federation of Youn Farmers Clubs 1Stered number: 07605068 Balance Sheet- continued 31st March 2021 The trustee5 acknowledge their resF)onsibilities for lal ensuring that the charitable company keep5 accounting records that comply with Sections 386 and 387 ofthe CompaniesAct 2006 and preparing financial statements which give a true and fair view of the state of affairs of the tharitable company as at the end of each financial year and of its surplus or deficit for each financial ye3r in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2(KJ6 relating to financial statements, so far as applicable to the charitable company. Ibl These financial Statements have been audited under the requirements of Section 145 of the Charities Act 2011. 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 Trustee5 and authorised for issue on 18th September 2021 and were signed on its behalf by- Katie Davies - Trustee Caryl Haf Jone5 - Trustee The notes form part of these financial statements Pape 17
Wales Federation of Youn Farmers Clubs Notes to the Flnancial StaternentS for the Year Ended 31st March 2021 ACCOUNTING POUCIES 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 IFRS 1021 'Atcounting and Reporting bv 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 IFRS 1021 (effective l January 20191., 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. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as there 15 a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be dirertly attribuled to particular headings they have been allotated to activities on a basis consistent with the use of resources. Allocation and apportionment of costs Support costs have been allocated to each activity based on a perntage proportion of direct staff time. Intangible assets Amortisation is provided at 33% per annum in order to write off each asset over its estimated useful Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Long Leasehold Promotional & Field Equipment Fixtures & Fittings Office & Computer Equipment 2% on cost and er the period of the lease 20% on cost 15% on cost - 33.3% on cost and 15% on cost The leasehold purchased during the year ended 31st March 2019 will be written off evenly over the remaining 33 years of the original l(XJ year lease term. Generally the Trustees do no capitalise any fixed assets below £1. Stocks Stocks are valued at the lower of cost and net realisable value. after m3king due allowance for obsolete and slow moving items. Paoe 18 continued...
Wales Federation of Youn Farmers aubs Notes to the Financial Statements- continued for the Year Ended 31st March 2021 ACCOUNTING POLICIES - continued Taxation The charity is exempt from corporation tax on its charitable activities. Fund accountin Unrestricted funds can be used in accordance with the charitable objettives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes Within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Voluntsry help The value of services provided by volunteers has not been included in the accounts. PaRe 19 corTrtinued.
Wales Federation of Youn Farmers Clubs Notes to the Financial Statements- continued for the Year Ended 31st March 2021 DONATIONS AND LEGACIES Unrestricted funds Restricted funds 31.3.21 31.3.20 Welsh Government-welsh Language Grant Wales Cultural Recovery Fund Wales Council for Voluntary Action National Voluntary Youth Organisations NFU Charitable Trust Moondance Foundation Covid Job Retention Scheme Powys County Council Covid Grant Major Events Unit Police & Crime Commissioner Menter a Busnes Elwyn Jones 134.720 132.978 37,5LKI 30,0 134.720 132,978 37.5(K) 30,OC(J ii,oc S,[10 26.345 30,OC() 124,718 11,0 11,000 26.345 30.000 25,000 9,000 3,000 Levies Direct Affiliation S4C Income Royal Welsh Show Sponsorship YPV Sponsorship Rural Affairs Sponsorship Winter Fair Sponsorship Spring Festival Sponsorship Eisteddfod Sponsorship 52,117 20,888 52,117 20.888 100 52,751 11,315 7,800 8,000 3,000 3,000 1,000 500 Corporate Sponsorship Dwrcymru Wynnstay Calendars FUW 5,1JJO 2,500 5,000 2,500 700 3,000 122,305 366,543 488,848 274,084 Pae 20 contirbued.
Wales Federation of Youn Farmers Clubs Notes to the Financial Statements- continued for the Year Ended 31st March 2021 OTHER TRADING AcfiviTIES 31.3.21 31.3.20 Meeting room 3.048 INVESTMENT INCOME 31.3.21 31.3.20 Deposit account interest 135 597 RAISING FUNDS 31.3.21 31.3.20 Staff costs Insurance Grant payments to federations Purchases stock and merchandise Bad debt- Mid Wales Egg Packing Support Costs 10,596 3,889 61.617 13,814 3,466 61,617 1,179 3,600 3,467 10,445 86,547 87,143 PaRe 21 continued...
Wales Federation of Youn Farmers Uubs Notes to the Financial Statement5- continued for the Year Ended 31st March 2021 CHARITABLE ACTIVITIES COSTS Direct Costs (see note 71 Support costs (see note 81 Totals General Events AGM International Youth Forum Rural affairs Training Marketing 1,079 566 6.533 1,087 28,013 263 47.494 48,573 566 8,430 2,038 47,008 263 1,897 951 18,995 11.516 1,337 3,831 3,047 438 33 191 2,154 1,886 7,598 19,114 1,337 5,730 4,946 438 33 191 3,105 3,785 950 Young Peoples Village Royal Welsh Show Winter Fair Public speaking Field Day Entertainment Feast Eisteddfod Lamb Marketing Welsh Promotion 1,899 1,899 951 1,899 950 61,974 84,533 146,507 DIRECT COSTS OF CHARITABLE ACTIVITIES 31.3.21 31.3.20 Staff costs Travelling & accommodation Training Bilingual costs Charitable event costs 53,630 666 92,719 21,832 170 2,278 400,766 822 6,856 61,974 517,765 Page 22 continued..
Wales Federation of Youn Farmers Clubs Notes to the Financial Statements- continued for the Year Ended 31st March 2021 SUPPORT COSTS Governance costs Management Totals Raising donations and leEacie5 General Events International Youth Forum Rural affairs Marketing 8,462 38,490 1,538 772 15.396 1,982 9,004 359 179 3,599 10,444 47,494 1,897 951 18.995 6.159 1,540 1,540 772 1.540 771 1.439 359 359 179 359 179 7.598 1,899 1.899 951 1,899 950 Royal Welsh Show Winter Fair Eisteddfod Lamb Marketing Welsh Promotion 76,980 17,997 94,977 Activity Management Governance costs Basis of allocation % proportion of staff time % proportion ofstaff time Support costs, included in the above. are as follows- Management Raising donations and legacies General Events Youth Forum International Wages Rent, rates and water Insurance Light and heat Telephone Postage and stationery Advertising Sundries Repairs & renewals IT maintenance & support Depreciation of tangible and heritage assets 6.062 525 125 117 313 339 27,554 2,392 569 530 1,427 1,543 1,102 96 23 21 57 61 551 li li 29 31 18 82 512 2,326 93 47 358 1,646 65 34 Carried forward 8,371 38,076 1,521 764 Paoe 23 continued...
Wales Federation of Youn Farmers Clubs Notes to the Finantial Statements- continued for the Year Ended 31st March 2021 SUPPORT COSTS- continued Management- contlnued Raising donations and legacies General Event5 Youth Forum Intemational Brought forward Bank charges 8,371 91 38.076 414 1,521 17 764 8.462 38,49) 1,538 772 Royal Welsh Show Rural affairs Winter Fair Marketing Wages Rent, rates and water Insurance Light and heat Telephone Postage and stationery Advertising Sundries Repairs & renewals IT maintenance & support Oepreciation of tangible and heritage assets Bank charges 11,022 957 227 212 571 618 4.409 383 91 85 228 247 1,102 96 23 21 57 62 1,102 96 23 21 57 62 33 13 930 372 93 93 658 166 264 66 17 66 17 15,396 6,159 1,540 1,540 Page 24 continued...
Wales Federation of Youn Farmers Clubs Notes to the Financlal Statements- continued for the Year Ended 31st March 2021 SUPPORT COSTS- continued Management- continued 31.3.21 Total activities 31.3.20 Total activities Lamb Marketing Welsh Promotion Eisteddfod Wages Rent, rates and water Insurance Light and heat Telephone Postage and stationery Advertising Sundries Repairs & renewals IT maintenance & SUPPOrt Depreciation of tangible and heritage assets Bank charges 551 48 li li 29 31 1,102 96 23 21 57 62 551 55.108 4.785 1,137 1,061 2,854 3,087 34,203 4,623 1,042 3,157 3,621 6.631 1,500 5,808 9.540 li li 29 31 12 164 47 93 46 4.652 12,738 34 3.291 829 3,262 1,571 17 772 1,540 771 76,980 87,696 Governance costs Raising donations and legacies General Events Youth Forum International Wages Auditors, remuneration Rent, rate5 and water Light and heat Telephone Postage and stationery Sundries Accountancy fee5 Legal & professional fees Repairs & renewals IT maintenance & SUPPOrt Depreciation of tangible fixed assets 1,166 434 70 5,298 1,974 320 45 130 146 212 79 13 106 40 27 32 159 723 29 14 47 210 35 149 1,982 9,004 359 179 Pae 25 continued...
Wales Federation of Youn Farmers Club5 Notes to the Financial Statements- continued for the Year Ended 31st March 2021 SUPPORT COSTS- continued Governance costs- continued Royal Welsh Show Rural affairs Winter Fair Marketing Wages Auditors, remuneration Rent, rates and water Light and heat Telephone Postage and Stationery Sundries Accountancy fees Legal & professional fees Repairs & renewals IT maintenance & support Depreciation of tangible fixed assets 2.119 790 128 18 52 58 848 316 51 212 79 13 212 79 13 21 23 289 116 29 29 83 33 59 23 3,599 1,439 359 359 31.3.21 Total activitie5 31.3.20 Total activities Lamb Marketing Welsh Promotion Eisteddfod Wages Auditors, remuneration Rent, rates and water Light and heat Telephone Postage and stationery Sundries Accountancy fees Legal & professional fees Repairs & renewals IT maintenance & support Depreciation of tangible fixed assets 106 212 79 13 106 10,597 3,950 639 90 259 292 13,814 3,600 449 310 338 646 14 29 14 1,445 517 1,250 936 15 417 1,234 292 320 179 359 179 17,997 23,414 Page 26 continued...
Wales Federation of Youn Farmers aubs Notes to the Financial Statements- continued for the Year Ended 31st March 2021 NET INCOMEI{EXPENDITURE) Net income/lexpenditurel is stated after Chargin[CredItingl. 31.3.21 31.3.20 Auditors. remuneration Depreciation- owned assets 3.950 3.583 3,600 3,582 10. TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31st March 2021 nor for the year ended 31st March 2020. Trustees, expenses There was no reimbursement of expenses in the years ended 31st March 2020 nor 31st March 2021. 11. STAFF COSTS The average monthly number of employees during the year was a5 follows.. 31.3.21 31.3.20 Chief Executive Administration io No employees received emoluments in excess of £60.000. Employment costs 31.3.21 31.3.20 Wages and salaries Social security costs Employer pension costs 121.091 5,611 3,228 143,951 7,298 3,301 129,930 154.550 There were no employees whose annual emoluments were £60,WOor more. PaRe 27 continued...
W31e5 Federatlon of Youn Farmers Clubs Notes to the Financial Statements- continued fortheyear Ended 31st March 2021 12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted fund5 funds Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 124,366 149,718 274,084 Charitable attivities General Events AGM International Youth Forum Sports Day Rural affairs Young Peoples Village Royal Welsh Show Spring Festival Winter Fair Public speaking Field Day Entertainment Feast Eisteddfod Lamb Marketing 11.166 613 24.680 268 50 12,386 357.615 850 13 640 60 828 7.620 5.724 6.700 11,166 613 24,680 268 50 12,386 357,615 850 13 640 60 828 7,620 5,724 6,700 Other trading activities Investment income 3,048 597 3,048 597 Total 557,224 149.718 706,942 EXPENDITURE ON Raising funds 18,649 68,494 87.143 Charltable activities General Events AGM International Youth Forum Sports Day Rural affairs Training Marketing 49,469 5,541 37,122 972 2,753 31,157 2,173 10,048 2,278 3,154 548 996 11,833 816 59.517 7,819 40,276 1,520 3,749 42,990 2,989 3.734 349,255 21,710 833 5,707 2,011 4,948 2,102 33,683 6,802 442 2,989 1,196 1,667 5,836 382,938 28,512 1,275 8,696 3,207 6,615 Young Peoples Village Royal Welsh Show Spring Festival Winter Fair Public speaking Field Dav Page 28 continued...
Wales Federation of Youn Farmers Clubs Notes to the Financial Statements- continued for the Year Ended 31st March 2021 12. COMPAIiATIVES FOR THE STATEMENT OF FINANCIAL ACTivmES_ continued Unrestricted Restricted funds funds Total funds Entertainment Feast Eisteddfod Lamb MarketinE Welsh Promotion 8.861 11,651 2,506 839 2.594 2.536 241 241 11,455 14.187 2,747 1,080 Total 559.891 152.660 712,551 NET INCOMEIIEXPENDITURE) 12.667) 12,942 15,6091 RECONCILIATION OF FUNDS Totsl fund5 brought forward 307.186 107,069 414,255 TOTAL FUNDS CARRIED FORWARD 304,519 104,127 408,646 13. INTANGIBLE FIXED ASSETS Webslte COST At 1st April 2020 and 31st March 2021 19.690 AMORTISATION At 1st April 2020 and 31st March 2021 19,690 NET BOOKVALUE At 31st March 2021 At 31st March 2020 Page 29 continued...
Wales Federatlon of Youn Farmers Clubs Notes to the Financial Statements- continued for the Year Ended 31st March 2021 14. TANGIBLE FIXED ASSErs Promotional & field equipment Fixtures and fittings Long leasehold Computer equipment Totals COST At 1st April 2020 and 31st March 2021 97.987 10,038 8,105 25,751 141,881 DEPRECIATION At 1st April 2020 Charge for year 7,734 2,784 9,440 299 7,634 282 25,315 218 50,123 3.583 At 31st March 2021 10,518 9,739 7,916 25,533 53,706 BOOKVALUE At 31st March 2021 87,469 299 189 218 88,175 At 31st March 2020 90,253 598 471 436 91,758 15. STOCKS 31.3.21 31.3.20 Stocks 2,464 2,464 16. DEBTORS: AMOUNTS FALUNG DUE WITHIN ONE YEAR 31.3.21 31.3.20 Trade debtors Other debtors Prepayments 12,541 204 7,658 37,136 204 6.428 20,403 43,768 PaRe 30 continued...
Wales Federation of Youn Farmers Clubs Notes to the Financial Statemenls- continued for the Year Ended 31st March 2021 17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.21 31.3.20 Other loanslsee note 191 Trade creditors Social security and other taxes VAT Sundry creditors Pension fund Accrued expenses 2,500 1,280 2,596 598 221 539 36,267 6,617 1,779 1,340 221 539 52,789 44,001 63,285 18. CREDITORS: AMOUNTS FALLING DUE AEft MORE THAN ONE YEAR 31.3.21 31.3.20 Other loans (see note 19} 10,000 19. LOANS An analysis of the maturity of loans is given below. 31.3.21 31.3.20 Amounts falling due within one year on demand: WCVA loan 1-2 years 2,500 Amounts falling due between two and five years: Other loans - 2-5 years 7,500 Amounts falling due in more than five years: Repayable by instalments: WCVA loan 5+ years 2.500 Page 31 continued...
Wales Federation of Youn Farmers Clubs Notes to the Financial Statements- continued for the Year Ended 31st Maich 2021 20. MOVEMENT IN FUNDS Net movement in funds At 31.3.21 At 1.4.20 Unrestricted funds General Fund Designated Building Modernisation Fund Designated IT Fund Designated Membership Form Fund Duke of EdinburEh Awards Scheme Fund Recruitment and Retention of Membership Fund Database Fund Elwyn Jone5 Training Fund Buy a Brick Campaign 157,293 120.275 277,568 25.838 396 2,147 25,838 396 2,147 1,5Th) 1,500 1,5(M) 1,500 3,037 13,168 3,037 13,168 99,637 99,637 304.517 120,275 424.792 Restricted funds Development & Welsh Promotion C T Evans- Welsh Drama Fund Powys Association of Voluntary Organisation Garfield Weston Foundation T M Meredith Legacy Lottery- Awards for All WCVA- Third Sector Resilience Fund for Wales Wales Cultural Recovery Fund Moondance Foundation 7,912 2,611 18.275 26,187 2,611 127 iO.O(K) 75.153 8,326 127 10,000 72,730 8,108 12,4231 12181 26,065 106.204 5,000 26,065 106,204 5,000 104,129 IS2,903 257.032 TOTAL FUNDS 408,646 273,178 681,824 Paoe 32 continued...
Wales Federation of Youn Farmers Clubs Notes to the Financial Statements- contlnued for the Year Ended 31st March 2021 20. MOVEMENT IN FUNDS-continued Net movement in funds. included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds General Fund 139,689 119,4141 120.275 Restrlcted funds Development & Welsh Promotion T M Meredith Legacv Lottery- Awards for All National Voluntary Youth Organisations WCVA- Third Sector Resilience Fund for Wales Wales Cultural Retovery Fund Moondance Foundation Covid Job Retention Scheme 134,720 1116,4451 12,4231 12181 18,275 12.4231 12181 30,001 130.1XIII 37,501 132,975 {11.4361 {26.7711 26,065 106,204 5,000 26,346 {26,3461 366.543 1213,6401 152,903 TOTAL FUNDS 506,232 1233,0541 273.178 Page 33 continued...
Wales Federation of Youn Farmers aubs Notes to the Financial Statements- continued for the Year Ended 31st March 2021 20. MOVEMENT IN FUNDS- continued Comparatlves for movement in funds Net movement in fund5 At 31.3.20 At 1.4.19 Unrestricted funds General Fund Designated Building Modernisation Fund Designated IT Fund Designated Membership Form Fund Duke of Edinburgh Awards Scheme Fund Recruitment and Retention of Membership Fund Database Fund Elwyn Jones Training Fund Buy a Brick Campaign 160,962 13,6691 157,293 25,838 396 2,147 25.838 396 2.147 1.5LK) 1,500 1.5CM) 1.500 2,037 13.168 1,000 3.037 13.168 99.637 99,637 307.186 12,6691 304,517 Restricted funds Development & Welsh Promotion C T Evans- Welsh Drama Fund Awards for All Powys Association of Voluntary Organisation Garfield Weston Foundation T M Meredith Legacy Lottery- Awards forAII 8,210 2,611 12981 7.912 2.611 127 iO,OCM) 77,576 8.544 127 10,000 75,153 8,326 12,4231 12181 107.069 12.9401 104,129 TOTAL FUNDS 414,255 15,6091 408,646 Pa*e 34 continued..
Wales Federation of Youn Farmers aubs Notes to the Financial Statements - continued for the Year Ended 31st March 2021 20. MOVEMENT IN FUNDS- continued Comparative net movement in funds. included in the above are as follows- Incoming resources Resources expended Movement in funds Unrestrlcted funds General Fund Elwyn Jones 556,224 1,000 1559,8931 13,6691 1,000 557,224 1559,8931 {2,6691 Restricted funds Development & Welsh Promotion Awards for All T M Meredith Legacy Lottery- Awards forAII Welsh Gov Major Events Funding 124,718 1125,0161 iii 12,4231 12181 125.(M)01 12981 12,4231 12181 25,0(Xl 149,718 1152.6581 12,9401 TOTAL FUNDS 706,942 1712.5511 15,6091 Paee 35 continued...
Wales Federation of Youn Farmers Clubs Notes to the Financlal Statements- continued for the Year Ended 31st March 2021 20. MOVEMENT IN FUNDS-continued A current year 12 months and prior year 12 rnonths combined position is as follows.. Net rnovement in funds At 31.3.21 At 1.4.19 Unrestrirted funds General Fund Designated Building Modernisation Fijnd Desigriated IT Fund Designated Membership Form Fund Duke of Edinburgh Award5 Scheme Fund Recruitment and Retention of Membership Fund Database Fund Elwyn Jones Training Fund Buy a Brick Campaign 160.962 116.606 277,568 25.838 396 2.147 25,838 396 2.147 1.5(KJ 1.5CKI 1.5 1,5CM) 2.037 13.168 1,000 3,037 13,168 99,637 99,637 307,186 117.606 424,792 Restricted funds Development & Welsh Promotion CT Evans- Welsh Drama Fund Awards for All Powys Association of Voluntsry Organisation Garfield Weston Foundation T M Meredith Legacy Lottery - Awards for All WCVA- Third Sector Resilience Fund for Wales Wales Cultural Recovery Fund Moondance Foundation 8,210 2,611 17.977 26,187 2,611 iii 127 iO.OCK) 77,576 8,544 127 10,000 72,730 8,108 14,8461 14361 26,065 106,204 5,000 26,065 106,204 5,000 107.069 149.963 257,032 TOTAL FUNDS 414.255 267,569 681.824 Page 36 continued...
Wales Federation of Youn Farmers Club5 Note5 to the Financial Statements- continued for the Year Ended 31st March 2021 20. 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: Incoming resources Resources expended Movement in funds Unrestrirted funds General Fund Elwyn Jones 695,913 1,000 1579.3071 116,606 1,000 696,913 1579.3071 117.606 Restricted funds Development & Welsh Promotion Awards for All T M Meredith Legacy Lottery- Awards forAII Welsh Gov Major Events Funding National Voluntary Youth Organisations WCVA- Third Sector Resilience Fund for Wales Wales Cultural Recovery Fund Moondance Foundation Covid lob Retention Scheme 259.438 1241,4611 iii 14.8461 14361 125,0(M)I 17.977 iii 14,8461 14361 25.OCKJ 30,001 130,0011 37,501 132,975 5.ocj 26,346 111,4361 126,7711 26,065 106,204 5,000 126,3461 516.261 1366.2981 149,963 TOTAL FUNDS 1,213,174 1945.6051 267,569 Oesignated Building Modernisation Fund This is an unrestricted designated fund to set aside unrestricted funds for the modernisation of the building in future years. Designated IT Fund - This is an unrestricted designated fund established to upgrade the IT system of the Wales YFC Centre. Designated Membership Form Fund This 15 an unrestricted designated fund to set aside unrestricted funds to design and print membership forms for YFC County Federations. Duke of Edinburgh Awards Fund This is an unrestricted desiBnated fund to set aside unrestricted funds to cover the subscription to deliver Duke of Edinburgh throughout the YFC in Wales. Recruitment and Retention of Membership Fund This is an unrestricted designated fund to set aside unrestricted funds to conduct initial research into the recruitment and retention of members, in a bid to halt declining membership numbers within the movement. Designated Database Fund This fund has been set up to develop a detailed membership database for county federations directly affiliated to the foundation. PaEe 37 continued...
Wales Federation of Youn Farmers Clubs Notes to the Financial Statements- continued for the Year Ended 31st March 2021 20. MOVEMENT IN FUNDS- contlnued Designated Training Fund this is an unrestricted fund set aside to provide ongoing training to staff and members. Development & Welsh Promotion - Thi5 is a restricted fund which was set up in 2011 to amalgamate the development and bi-lingual funds received from the Welsh Government. C T Evans Welsh Entertainment Sponsorship- Thi5 is restricted for the drama competition held every three years. The winner receives all interest paid on the capitsl account. Powys Association of Voluntary Organisations - This re5trirted fund was set up in the year ended 31 March 2012. Funds received from PAVO are for the purpose of modemising the meeting room and facilities at Wales YFC Centre. Garfield Weston - Restricted funds received for the development of a Rural Hub for Enterprise and Learning in the Wales YFC Centre. work on this will sLIrt once the purchase of the Head Lease is completed. Buy a Brick Campaign - Funds raised during the 'Buy a Brick, campaign, together with voluntary donations are designated to cover the cost of refurbishing the Wales YFC Centre. T M Meredith Legacy- This is a restrirted fund left in the will of the late Mr T M Meredith of Radnor which has been used to purchase the head lease of the Wales YFC Centre. The funds raisedldonated from the Buy a Brick and T M Meredith fund above exceeded the amount that was due for the purchase of the head lease of the building. The purchase completed in January 2019 for £79,960. Management and Trustees have decided to use the remaining funds to cover the cost of refurbishment and maintenance of the Centre. Lottery Awards for All In 2019 the lottery awarded Wales YFC £10,000 for the 'Voice for Rural Wales, project in which Youth Forum members will produce a serie5 of podcasts interviewing people regarding issues important to them. Major Events Funding - The We15h Assembly Government had granted £60,000 over a period of three years to Wales YFC towards the c05t of marketing and staging the Young People's Village. The funding was due to be split over the three years as follows: £25,0(XJ in 2018-19, £25,000 in 2019-20 and £10,000 in 2020-21, as a result of the Covid-19 pandemic, the 2020 Young People's Village did not take place so the £IO.O(KJ funding for 2020-21 was not recewed. Wales Cultural Recovery Fund This Welsh Govemment funding is to support with financial aS515tance as a result of the Covid-19 outbreak. Wales Council for Voluntary Action This funding is made up of 75% grant and 25% 12 month interest free loan towards the cost of ongoing revenue expenditure during Covid-19. National Voluntary Youth Organisations - the purpose of this funding is to support provision and development of quality youth work opportunities for young people aged 11 to 25. Palle 38 continued.
Wales Federation of Youn Farmers Clubs Notes to the Financial Statements- continued for the Year Ended 31st Marth 2021 20. MOVEMENT IN FUNDS- continued Moondance Foundation - this funding is part of the MOOndan Covid-19 Relief Fund as is to pay for IT equipment to enable staff to work from home. Covid Job Retention Scheme Government funded scheme to pay a proportion of staff wages while on furloughlflexi furlough throughout lockdowns. 21. RELATED PARfi DISCLOSURES There were no related party transactions for the year ended 31st March 2021. 22. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. 23. POST BALANCE SHEET EVENTS The Covid-19 pandemic is continuing to have an effect with some charitable activitie5 not taking place, however, additional funding was received during 2020-21 from the government, council and various other grant providers to assist with the running costs of the charity for both financial years. Despite the unpredictable further development of the Covid-19 pandemic, the Trustees believe that this event should not impact the book value of the assets or liabilities as of 31st March 2021 and going concern is considered appropriate for the 12 months from the signing of these accounts. Paoe 39
Wales Federation of Youn Farmers Clubs Detailed Statement of Financial Activities for the Year Ended 31st March 2021 31.3.21 31.3.20 INCOME AND ENDOWMENTS Donations and legacies Grants 488,848 274,084 Other trading activities Meeting room 3,048 Investment Income Deposit account interest 135 597 Charitable activities Income from events 17,249 429,213 Total incoming resources 506,232 706,942 EXPENDITURE Raislng donatlons and legacles Wages Insurance Grant payments to federations 10.597 3,889 61.617 13,814 3,466 61,617 76,103 78,897 Other tradlng actfvities Purchases Bad debts 1,179 3,600 4,779 Charitable activities Wage5 Travelling & accommodation Training Bilingual costs Charitable event costs 53,630 666 92,719 21,832 170 2.278 400,766 822 6,856 61.974 517,765 Support costs This page does not form part of the statutory financial statements Page 40
Wales Federation of Youn Farmers Clubs Detailed Statement of Financial Activities for the Year Ended 31st March 2021 31.3.21 31.3.20 Support costs Management Wages Rent, rates and water Insurance Light and heat Telephone Postage and stationery Advertising Sundries Repairs & renewals IT maintenance & support Long leasehold Plant and machinery Fixtures and fittings Computer equipment Bank charges 55,108 4,785 1,137 1,061 2,854 3,087 34,203 4,623 1,042 3,157 3,621 6,631 1,500 5,808 9,540 12,738 2,535 271 257 199 1,571 12 164 4,652 2,557 275 259 829 76,980 87.696 Governance c05tS Wages Auditors, remuneration Rent, rates and water Light and heat Telephone Postage and stationery Sundries Accountancy fees Legal & professional fees Rep8irs & renewals IT maintenance & support Long leasehold Plant and mathinery FixtLJres and fittings Computer equipment 10,597 3,950 639 90 259 292 13,814 3,600 449 310 338 646 1.445 517 1,250 936 1,234 249 27 25 19 15 417 227 24 23 18 17,997 23,414 Total resources expended 233,054 712,551 Net incomellexpenditure) 273,178 15,6091 This paEe does not form part of the statutory financial statements Paoe41