REGISTERED COMPANY NUMBER: 07605068 (England and Wales) REGISTERED CHARITY NUMBER: 1145230 eratlon of Youn Farrners aubs ort of the rustees and fted Flnandal Statements for the Year Ended 31st March 2024 Ashmole & Co (Statutory Audltorl Chartered Certified Accountants & Registered Auditors 9 Broad Street Llandovery Carmarthenshire SA20 OAR Wales Federatlon of Youn Farmersclubs Contents ofth Hnanclal Statem forihe Y ar Ended 31st March 2024 Pa8e Report of the Trustees i to li Report of the Indepe1￿ent Audlto 12 to 15 Statement of Flnanclal Actl¥ltles 16 to 17 Balance Sheet 18 to 19 Cash Flow Statement 20 Noles to the Cash Flow Statement 21 Notes to the Flnanclal Statements 22 to 39 Detalled Statement ol Flnandal Artl¥ltles 40 to 42 Wales Federatlon of Youn Famiers Clubs number: 07605068 ort of the Trustees forth Year Ended Ylst Marih 2024 The trustees who are also directors of the thartty for the purpose5 of the Companies Act 2006, present thelr report wlth the financial statements of the charity for the year ended 315t March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charltles preparing thelr accounts in attordarbce wtth the Flnanclal Reportln8 Standard applicable in the UK and Republic of Ireland {FRS 102) {effective l January 20191. OBJEcfivES AND ACTIVITIES ObJectl¥es and alms The objectives of the company as described in the Memorandum andArticles of Assoclatlon are to advance the education and personal development of young members of the public. whilst providing and promoting the provlslon of facilitie5 for recreation and other lelsure time occupations, through both the mediums of Welsh and English. The objectives for 2023- 2024 were: l. To advance the education and personal development of young members of the public at large in agriculture, rural life and affairs, international Understand1￿ home crafts. the environment and related subjects,. and 2. In the interests of the soclal welfare of such members. to provide and promote the provision of facilities for recreatlon and other leisure time occupations, being facilities which will Improve their spiritual and mental capacities, health and well-bein& raise awareness. self-reliance and Individual responsibility so that they may develop as individuals into full cltlzens. 3. To promote Its activities through the mediums of Welsh and English and to ensure those activities enhance the member5. understanding and knowledge of Welsh Rural life. Welsh Culture and the We15h Language, along with providing an understsndin8 of other cultures. Publ1¢ benefit The trustees confirm that they have complied with their duty in sertion 17151 of the 2011 Charities Act with regard to the Charity Commission's general guidan￿ on public benefrt when reviewing the Charity's objectives and in planning of future activities. Page I Wales Federatlon of Youn Famiers Clubs stered number: 07605068 Re ort of the Trustees forthe Year Ended 315t March 2024 STRATEGIC REPORT Achlevement and performance Wales YFC delivered on Its oblectives for 2023- 2024. most notsbly by the followin& l. Dellvery of and support for three meetin8s of the Wales YFC Councll plus an Annual General Meetlng and additional meetinES to conduct the business of the organisation. 2. Delivery of and support for at least three meetings of each of the Federations sub committees, namely* . Flnance and Management. - Competltlons, .Youth Forum, Rural Affairs. Internatlonal. - Personnel and Remuneratlon. and - Events and Marketing. 3. Delivery and support of the Wales YFC Staff Association meetings and the support to regional staff via safeguarding training. 4. Development of the work of the organisations building group, fwised on the development of the YFC centre in Llanelwedd, with the remit of providin8 a centre that is fft for the future and capable of generating a sustainable income for the federatlon. 5. Consultation responses submitted in policy areas that have an inlluence on YFC members acros5 Wales to include the Sustainable Farming scheme. 6. Delivery of a bilingual competitions programme offerinB over 100 opportunities for young people to advance thelr education and personal development. On a face to face basis and virtual. 7. An increased social media presence in support of improved coMmuni￿tIOnS wlthln the membershlp and wider supporter network. 8. Supporting the development of the Welsh language within the or8anisation. by working closely with the We15h Governmenvs Welsh language division in their aim to reach a million Welsh speakers by 2050. 9. Representatlon at external meetln8s relevant to the development of the YFC in Wales. These have included: NFU Cymru. FUW. Welsh Government. Wales Farm Safety Partnership and CWVYS. 10. Dissemination of informatlon to County Federations and YFC clubs relevant to furthering the objects of the organisation. 11. Representatlon of the Federatlon at Rural Youth Europe meetings and events. 12. Contribution to the future development of the youth service In Wales through an artlve Involvement In the work of CWVYS. 13. Supporting the development of the Federation's staff team through a programme of training and supervision. 14. The continued development of the Wales YFC website to Includea shop element. Page 2 Wales Federètlon of Youn Farmers aubs stered number: 07605068 Re ort of the Tiuslees for the Year Ended 31st March 2024 15. The continued delivery of the Wales YFC lamb Inttiative. in conjunrtlon wlth Dunbia and Salnsburfs. 16. Collaborative work with the Federatlons Sponsors, enabling the delp￿ry of opportunitie5 to members of the or8anisation. 17. Delivery of an international travel programme that offers Indr¥idual and group travel opportunltles to YFC member5 across Wales. The charity Is grateful for the efforts of Its volunteers who help fulfil its service with fundraisin8 and giving their time to a55iSt in the charlty's activities. Flnanclal revlew Flnanclal posltlon Total closing funds as at 31 March 2024 were £516.17512023: 518,703). Restricted funds at the year end were £218.96712023: £254,429). Restricted funds comprise mainly of the balance remalnlng in respect of the T M Meredith Legacy which Is being reduced each year In line wlth amortisation of the head lease of the office. tO8ether with the balan￿ of any 8rants unspent as at the year end. Included withSn unrestricted reseryes Is designated balance of £99,637 relating to Buy a Brick campaign. This balance has been designated to cover the cost of refurbishing the Wales YFC Centre. Prlnclpal fundlng sources During this reporting period the Charlty has been funded from a number of sources,. Fundlng to promote and develop the use of the Welsh language is provlded by the Welsh Government. This grant is regarded as a restricted fund. Membership levy. 50% of the membership levy from the ten County Federations affiliated to NFYFC is pald to Wale5 YFC and 100% of the membership levy is paid by the two County Federatlons affiliated directly to Wales. -The Federation's sponsorship pro8ramme Funding provided by Welsh Government from the Strategic Voluntary Youth Work Grant. This grant Is regarded as a restrlcted fund. - Donations provided from the NFU Charitable Trust to be used to fvrther and develop our programmes of Wofks. Investment pollcy and objectlves The trustees. investment powers are Boverned by the Memorandum and Articles of Association. The trustees have decided upon a pollcy of investing money Sn low-rlsk bank accounts with the highest possible return of Interest. The trustee5 continue to monitor growth and performance of Investrnents c105ely with the Finance and Management committee. Page 3 Wales Federatlon of You Farniers Clubs Istered number: 07605068 Re rt of the Trustees for the Year Ended 31st March 2 24 STRATEGIC REPORT Flnanclal revlew Reserves pollcy The Wales YFC Council has established a pollcy whereby the unrestricted funds not committed or invested in tangible fixed assets, i.e. the free reseThes. held by the organisation should equate to the equivalent of between three and six months resources expended which directly relate5 to the running of the annual programme of activities. Based on the current years expenditure this equates to between £161.170 and £322.340. At thls level the Council feel that they would be able to continue the current actlvltles of the orgènlsatlon in the event of a significant drop in Income. The Council are mindful that the present level of free reserves falls some vny below the target. At presenl Ihe free reserves amount to £133.766 and the Council's aim Is to Increase the reserves through explorlng Investment and the Implementation of a new funding strategy. The policy is reviewed on an annual basis. Inltlally by the Finance and Management Committee, with approval from YFC Council. Restrlrted reserves Restricted reserves are funds. not yet expendedi provided for a specific purw)se stlpulated by the donor or funder, and cannot be used for the general purpose of Charity. Such fvnds do not imply that there has been an under spend but may result from a variety of urcumstances. including timing differences. In certain Circumstances the Charity may choose to wntribute funds which are otherwise unrestricted. towards prolects whlch are primarily financed from restricted funds. Pa8e 4 Wales Federatlon of You Farniers aubs R Istered number: 07605068 Re ort of the Trustees or the Year Ended 31st M rch 2024 STRATEGIC REPORT Future Developments l. Wales YFC will continue to ensure the objects of the or8anisation are met in line with the wishe5 of the membershlp, through consultation and debate through the Counal of members and Its network of sub committees. 2. The governance of the organlsation will be developed and a Board of Trustees will be appolnted by the Council to manage the buslness of the organisation. 3. Wales YFC will continue to develop Its partnership work in all areas of influence for the organisation. 4. The organisation wlll contlnue to review and develop innovative Competitions and opportut)Itles for rural young people who choose to be part of the YFC. 5. Work wlll be undertaken to strengthen the organlsatlons Ilnks vAth Welsh Government. ensuring that the voice of rural young people is heard at a natlonal level. wtth particular focus on the area of youth worl agriculture and Welsh language. With further consultation happening with regards to the sustalnable Farming scheme. 6. Development of the organisations support of the Welsh Lan8uage and the development of a strategy to support the Welsh Governments target of one million Welsh speakers by 2050. 7. New fundlng streams wlll be considered and developed, whilst mntinuing to ensure that the current stream5 are maintained. 8. The development of new links with other rural youth organisation across Europe and the world. 9. Pollcles wlll continue to be reviewed with operational plans put into place for each sectSon of work. 10. NFU Charitable Trust has committed to support the Rural Affairs Programme through the conference and study tour as well committing support for the International pio8ramme and the staff conference and officer training. STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng document The charity Is controlled by its 8overnin8 document. a deed of trusl and conrtitutes a limrted company limited by guarantee, as defined by the Companies Act 2006. The charlty Is controlled by its governing document. a Memorandum and Articles of association and Is tonstituted a5 a company limited by guarantee. as defined by the Companies Act 2￿6. Wales YFC Is a charltsble company Ilmlted by 8uarantee incorw)rated on 14 April 2011 and re8lstered 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 15 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 representallves to support them in their work. Page 5 Wale5 Federallon of Y Farn￿r$ Clubs R Istered number: 07605068 Re ort of the Trustees forthe Year Ended 1st March 20 STRucfuRE, GOVERNANCE AND MANAGEMENT Re¢fullment and appolntment of councll members The directors of the company are also charity trustee5 for the purpose of Charity Law and under the Compan￿5 Articles and are known as the Council. Under the requirements of the Memorandum and Articles of AsSOClatlon. the Council Is elected every year at the Annual General Meeting. The Executlve conslsts of up to 36 representatlves from County Federatlons (three per County). plus co-opted members. A Chalrman and Vice Chairman are drawn from County Federation representatives and are elected annually by the members. The period of ser¥lce Is for one year, with re-election possible. Co-options, which are reviewed annually. can be made by the Council during the year. Organlsatlonal structure The Council meets three tlmes a year and is resF)onslble for the strategic directlon 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 commlttees In the delivery ol the organisations objects. The chlef executive office for the year ended 31 March 2024 and 31 March 2023 was Mared Rand Jones. The Council Chair for the year ended 31 March 2024 was Rhys Rlchards. Trustee Indurtlon & Iralnlng All membeis of Council receive a pack of Infomiation at first appointrnenl that Includes all relevant company documents and guidance from the Charity Commission on the re5ponslbllities of tru5tee5 1 directors. A personal brlefing Is available. Most members are of the Council are in senior positions withln their County Federation5 arbd are already aware of their legal responsibilities as directors I trustees. Pay and remuneratlon The charity is committed to ensurlng that salaries are in line wtth the Llving Wage Foundation's recommended rate of pay. Annual pay reviews and increases are delegated to the Flnance and Management Committee Rlsk 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 beerb established to mitigate those risks. These procedures are Tevlewed perlodlcally to ensure they still meet the needs of the Charlty. REFERENCE AND ADMINISTRATIVE DETAILS ReBi5tered Company number 07605068 (England and Wales) Re8lstered ChaTIty number 1145230 Pa8e 6 Wales Federatlon of You Famiets aubs stered number: 07605068 Re ort of the Trustees for the Year End 31st Marth Registered offlce Wales YFC Centre Llanelwedd 8uilth Wells LD2 3NJ Page 7 Wales Federatlon of You Farmus Clubs stered number: 07605068 Re ort of the Trustees for the Year Ended 31s1 March 2 Trustees Laura Bowyer (resigned 08.05.20241 Haflna Cordiner lappointed 08.08.231 Dewi Davies Katie Davles Leanne Davles (resigned 20.01.241 Sloned Davies Ralff Devlin (appointed 08.08.231 Iresigned 20.01.241 Delun Evans Deryn Evans (appointed 08.08.231 Ireslgned 20.01.24) Hefln Evèns Rhodri Evans (resigned 20.01.241 Sion Evans Elliw Haf Griffith (resigned 20.01.241 Ella Harrles lappointed 08.08.231 Cerys Hart5 Ire5igned 20.01.241 Wlll Hughes (appointed 08.08.23) Elin Calan Jones lappolnted 08.08.23} John James (resigned 20.01.241 Caryl Haf Jones Dafydd Jones Dan lone5 (appointed 08.08.231 Hilary Jones Jayne Jones (appointed 08.08.231 Katie Jones (appointed 08.08.231 (resigned 20.01.241 Lyrbfa Jones (resigned 20.01.241 Megan lones (appointed 08.08.231 {resigned 20.01.241 Meinir Angharad Jones (resigned 20.01.241 Sioned lones (resigned 20.01.241 Wllllam Lewis lones (resigned 20.01.241 Nerys Lewi5 Iresi8ned 20.01.241 Tomos Lewis lappolnted 08.08.231 Geraint Hopkin Lloyd (resigned 20.01.241 Kate Eleri Miles Merian Morg3n (resigned 20.01.24) Catrin Medi Owen Amy Phillips {appointed 08.08.231 Carys Phillips (resigned 20.01.241 Fflur Powell Roberts (appointed 08.08.231 (resigned 20.01.241 Hedd Pugh lappointed 08.08.231 Ffion Rees lappointed 08.08.23) (resigned 20.01.24} Rhys Richards Huw Rowlands (appointed 08.08.231 (resigned 20.01.24} Ellzabeth Swancott lappointed 08.08.231 (resigned 20.01.241 Aled Thomas Aled Thomas Alun Thomas (appointed 08.08.231 Gwen Thomas Meinir Tomos Parry lappointed 08.08.231 Kate Thomas Page 8 Wales Federatlon of You Farmevs Clubs ered number: 07605068 Re ort of the Trustees for the Year Ended 31st Mar¢h 2024 Elen Willlams (resigned 20.01.241 Iwan Merlon Williams (resigned 20.01.241 Glesnl Jones Ireslgned 08.07.231 Xathryn Mary Jones Iresi8ned 08.08.23) Iwan Meirion (appointed 20.01.241 Caitlin Harley (appointed 20.01.241 Caryl Jones lappolnted 20.01.241 Angharad Thomas lappointed 20.01.24} Gethin Lewis (appointed 20.01.241 Ryan Watklns lappolnted 20.01.241 Niall Evans (appointed 20.01.24} Sian Healey lappointed 20.01.241 Sarah Lewis lappointed 20.01.241 Mared Evans (appointed 20.01.241 An8harad Davles lappolnted 20.01.241 Aled lones lappolnted 20.01.241 Iwan Parry (appointed 20.01.241 Sioned Wyn Jones lappointed 20.01.24} Iwan Harper (appointed 20.01.241 Emily Morgan (appointed 20.01.241 Andrew Joseph (appointed 20.01.24) Ifan Davies lappolnted 20.01.241 Tornos Griffiths (appointed 20.01.241 Marc Griffiths (appointed 20.01.241 Terrie Sava8e lappointeil 20.01.241 Bethan Jenkins lappointed 20.01.241 Sian Davie5 (appointed 20.01.241 sally Griffiths lappointed 20.01.241 Manon Rowlands (appointed 20.01.241 (resigned 08.05.20241 Caryl Hughes lappolnted 20.01.241 lan Rickman (appointed 20.01.241 Elin Lewis (appointed 20.01.241 Aled Rhys Jones lappointed 08.05.20241 Laura Morgan lappolnted 08.05.20241 Cornpany Secretary Mrs C Powell Audltors Ashmole & Co Iststutory Auditor} Chartered Certified Accountants & Registered Auditors 9 Broad Street Uandovery Carmarthenshlre SA20 OAR Page 9 Wales Federatlon of You Farme aubs stered nwnber: 07605068 Re ort of the Trustees he Year Ended 31st March 20 REFERENCE AND ADMINISTRATIVE DETAILS Bankers Natwest PIC West En Builth Po a? HI&H ST&£er E£COpJ Pow4S LD3 ILF 23NJ Sollcltors ICP Solicitors Suite 9 9th Floor Brunel House Fltzalan Road CardSff CF24 OE8 STATEMENT OF TRUSTEES, RESPON5181UTIES The trustees (who are also the dirertors 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 ccordance with applicable law and United Kingdom Accounting Standards Iunlted Kingdom Generally Accepted Accounting Practice). Company law requlres the trustees to prepare financial statements for each financial year which give a true aDd fair view of the State of affairs of the charitable company and of the incomin8 resources and application of resour￿5, including the income and expenditure, of the charitsble company for that period. In preparing those financial statements. the trustees are required to select Sultable accounting policies and then apply them conslstently. - obserye the methods and principles In the Charity SORP. - make Judgements and estimates that are reasonable and prudent; - prepare the financial statements on the going concem basis unless li is inappropriate to presume that the charitable company will continue in busines5. The trustee5 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 Ihe financial statements comply with the Companies Act 2(K16. They are also responsible for safeguarding Ihe assets of the charitable company and hence for takin8 reasonable steps for the prevention and detection of fraud and other I￿eB￿larItIes. In so far a5 the trustees are aware.. - there is no relevant audit information of which the charitable company's audltors are unaware; and . the trustees have taken all steps that they ought to have taken to make themselves aware of any ￿levant audlt Information and to establish that the audltors are aware of that inforrnation. AUDITORS The auditors. Ashmole & Co Istatutory Auditor). will be proposed lor re*appointment at the forthcomlnB Annual General Meeting. Page 10 Wales Federatlon of Youn Farn￿1$ aubs R Istered number: 07605068 Re ort of the Trustees for the Year Ended 31st March 2024 Report of the trustees. incorp company dirertors, on ... Z I rati a strategic report, approved by order of the board of trustees, as the - and slgned on the board's behalf by: Richards- Trustee Page 11 Re rt of the Inde dent Avdltors to theTrustees of Wales Federation of Youn Farmers Clubs Oplnlon We have audited the financial statements of Wales Federation of Young Farmers aubs (the 'charitable company'l for the year ended 31st March 2024 whlch comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements. including a svmmary of slgnlficant accountlng policies. The financial reporting framework that has been applied In thelr preparation 15 applicable law and United Kingdom Acwunting Standards (United Klngdom Generally Accepted Accounting Practice), including Flnancial Reporting Standard 102 Yhe Flnantlal Reportin8 Standard applicable in the UK and Republlc of Ireland,. In our oplnSon the flnancial statements: Blve a true and fair view of the state of the charltable company's affalrs as at 31st March 2024 and of Its Incoming resources and applicatlon of resource5. including its income and expendlture, for the year then ended- have been properly prepared in accordance with United Klngdom Generally Accepted Accountlng Practice, including Financial Reporting Standard 102 The Financial Reporting Standard appllcable In the UK and Republic of Ireland,. and have been prepared In accordance wlth the requlrements of the Companles Act 2006. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standard5 are further described in the Auditors, responsibilities for the audit of the financial ststements sectlon of our report. We are Independent of the charitable company in accordance wth the ethical requirements that are relevant to our audit of the linanclal statements in the UK. In¢ludlng the FRC'S Ethical Standard. 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 oplnion. Concluslons relallng to 8oln8 concern In auditing the financial statements. we have concluded that the trustees, use of the goin8 concern basis of accounting in the preparation of the financial Statements is appropriate. Based on the work we have perfomied. we have not identified any materfal uncertalntie5 relating to events or condltlons that. individually or collectively. may cast slgnlficant doubt on the charitable company's ability to continue a5 a going concern for a period of at least twelve months from when the financlal statements are authori5ed for issue. Our responslbilities and the responsibilities of the trustees With respect to going concern are described in the relevant sections of thi5 report. Page 12 Re rt of the Inde ndent Audftors to theTrustees of ale5 Federatlon of Youn Farmers lubs Other InformatSon The trustees are responslble for the other information. The other InformatTron compri5e5 the Information included in the Annual Report, other than the financial Statements and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other infofmatlon and, except to the extent otherwise explicitly stated In our report. we do not express any form of assurance conclusion thereon. In connectSon with our audit of the financlal statements, our responsibility is to read the other Informatlon and, In dolng 50. consider whether the other informatlon Is Material￿ inconsistent with the finantlal statements or our knowledge obtained in the audit or otherwise appears to be materlally misstated. If we identify such material inconsistencies or apparent material mi55tatements. we are required to determine whether thls glves 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 thls other Information, we are required to report that fact. We have nothing to report in thls regard. Matters on whlch we are requlred to report by eKepllon We have nothSn8 to report in respect of the followlng matters where the Charities (Accounts and Reports) Re8ulatlon5 2008 requires us to report to you If. in our opinion: the information given in the Report of the Trustees is inconsistent in any materlal respect with the financial statements- or the charitable company has not kept adequate accounting records- or the financlal 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. Responslbllltles of trustees As explained more fully in the Statement of Trustees, Responslbilitles, the trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfled that they give a true and fair view, and for such internal control as the trustees Iletermine Is necessary to enable the preparation of financial statements that are free from materlal mlsstatement. whether due to fraud or error. In preparlng the financial statements, the tWStees are responsible for a55e5sing the charltable companVs ability to continue as a going concern, disclosin& as applicable. matters related to goin8 Concern and u5in8 the going concern basis of accounting unless the trustees either intend to Ilquldate the charitable company or to cease operation5, or have no realistic alternative but to do so. Page 13 ort of the Inde ndent Audltors to theTrustees of Wales Federation of Youn Farmer5 Clubs Our responslbllltles for the audlt of the finamlal ststsments We have been appointed as audltors under Sertlon 144 of the Charit*s Act 2011 and report in accordance wlth the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements a5 a whole are free from malerlal mlsstatement, whether due to fraud or error. and to Issue a Report of the Independent Auditors that Sncludes our opinion. Reasonable assurance 15 a high level of assurance, but is not guarantee that an audit conducted In accordance wlth ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered rrTraterial if, individually or In Ihe agEreBate, they could reasonably be experted to influence the ecor￿MIC decisions of users taken on Ihe basls of these flnancial statements. In identifying ind assessing rlsks of material misstatement In respert of irregularities, including fraud and non-compliance with13ws and regulations. we consldere(i the followng: . nature of the charlty and the sector In whlch It operates. the legal and regulatory framework In whlch the charity operate5. and in partlcular those laws and re8ulations that directly affert the financial statements or have a fundamentsl effect on operations e8 Charitie5 Act 2011. health and safety legislation. . results of enquiries of management and those char8ed wlth governance . any matters Identified relating to the charity's policies and procedures for identifyin& evaluating and complying With laws and regulations, and whether there were any known instances of non compliance. - detecting and responding to the rlsks of fraud and whether there is anyknowled8e of actual, suspected or Ile8ed fraud. - the internal controls established to mitigate risks of fraud or non complrance with laws and regulations. A5 a result of performin8 the above. we did not identify any key audit Matters related to potential risk of Iraud or non compllance wlth laws and regulations. In addltlon to the above, our procedures included.. reviewing the financial statement disclosures and testing to supportlng documentation to assess compliance with relevant laws and regulations enquiies of mana8ement and those charged with governance concerning actual and potential litlBation and ¢laSms performing analytical procedu￿5 to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud - review of minutes of committee meetings - written representations A further descriptlon of our responsibilities for the audit of the financial statement5 is located on the Financial Reporting Council's website at w¥Yw.frc.org.uklaudltorsresponsibilities. Thls description form5 part of our Report of the Independent Audltors. Page 14 Re rt of the Inde Y￿ent Avdltors to theTvustets of Wales Federatlon of Youn Farmers Clubs Use of our report This report is made solely to the charitable company's trustees, as a body. In accordance wlth Part 4 of the Charities (Accounts and Reports) Regulatlons 2008. Our audit work has been undertaken 50 that we mlght state to the charltable company's trustees those matters we are requlred to state to them in an auditors, report and for no other purpose. To the fullest extent permltted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable companvs trustees as a body, for our aydit work, for thi5 report. or for the oplnions we have lormed. PknLJCo Ashmole & Co (Statutory Auditor} Chartered Certified Accountants & Registered Auditors Eligible to act as an auditor in terms of Sectlon 1212 of the Companies Act 2006 9 Broad Street Uandovery Carmarthenshlre SA20 OAR Date: .11th.]. 2a.2+.......... Page 15 Wale5 Federatlon ol You Farmer5 aub5 tatement of Flnanclal Actlvltles f the Year Ended 31st M 31.3.24 Total funds 31.3.23 Total funds Unrestrlcted Restricted funds funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 114,296 243.754 358.050 358.031 Charltable artlvltles General Events AGM International Youth Forum Sports Day Rural affair5 Young People5 Willage Royal Welsh Show Spring Festival Wlnter Falr Public speaking Field Day Entertainment Feast Eisteddfod Lamb Marketlng 32,556 2.060 116.166 4,625 25 34.289 32,556 2,060 116,166 4,625 25 34.289 7,357 72,695 30 10,280 126,796 1,951 2.969 673 330 20 1,982 11.706 12.694 3,907 2.969 673 330 20 1.982 11.706 12.694 3.907 270 iio 1,099 6,271 5,801 Other trading activities Investment income 56.366 3.734 56.366 3.734 35,142 1,795 Total 398.398 243,754 642,152 627,628 EXPENDITURE ON Ralsing funds 21.654 IS￿88 37,542 42,635 Charltable activltles General Events AGM International Youth Forum Sports Day Rural affairs Training Marketing Young People5 Village Royal Welsh Show Sprlng Festival Winter Fair Public speaking Fleld Day Entertainment Feast 94.584 3.556 119,853 7.642 1.553 31.344 742 7.764 145.879 2,436 6,483 4,204 2,719 33,656 2,195 25,994 240,463 5,992 126,336 11,846 4,272 65,000 2,937 33,758 249,403 2,647 94.865 5,124 5.676 48.549 726 31,540 257.993 37,380 2,281 9,715 5,951 12,770 11,535 38.811 824 2,851 1,667 3,959 8,672 19,806 2,SS5 3,061 1,280 4,501 1,626 58,617 3.379 5,912 2.947 8,460 10.298 The notes form part of these finanaal statements Page 16 Wales Federatlon of Youn Farnieys aubs ststement of Flnan¢lal Artivltie5 for the Y ed Ylst March 20 31.3.24 Totsl funds 31.3.23 Total funtls Unrestricted Restrfctsd funds funds Notes Eisteddfod Lamb Marketlng 18.559 1.430 6,932 25,491 1.430 23,675 1,650 Total 365.465 279.215 644.680 844.115 NET INCOMEIIEXPENDITUREI 32.933 (35.4611 12.5281 1216.4871 RECONCILIATION OF FUNDS Total funds brought forward 264,274 254,429 518,703 735,190 TOTAL FUNDS CARRIED FORWARD 297.207 218,968 516.175 518.703 The notes form part of these finan¢lal statements Page 17 Wales Federatlon of Youn Fami rs Clubs Istered number: 07605068 Balance Sheet 31st Marc 20 31.3.24 Total funds 31.3.23 Total funds Unrestricted Restricted funds funds Notes FIXED ASSETS Tangible assets 15 16.218 75,281 91.499 93,446 CURRENT ASSErs Stocks Debtors Cash at bank 16 17 2.464 103,964 221.357 2,464 103,964 406,351 2,464 41,398 419,534 184.994 327.785 184.994 512,779 463.396 CREDITORS Amounts falllng due wlthin one year 18 146,795) 141.3081 188,1031 138.1391 NET CURRENT ASSErs 280.990 143,686 424,676 425,257 TOTAL ASS￿$ LESS CURRENT IIABIIITIES 297,208 218,967 516.175 518,703 Nrr ASSErs 297.208 218.967 516,175 518,703 FUNDS Unrestrirted funds Restricted funds 19 297,208 218.967 264,274 254,429 TOTAL FUNDS 516.175 518,703 The charitable company is entitled to exemption from audlt under Sectlon 477 of the Companies Act 2006 for the year ended 31st March 2024. The members have not deposited notice. pursuant to Section 476 ofthe Companies Act 2006 requiring an audit of these financial statements. The trustees acknowledge their responsibllltles for ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and Ib) 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 tomply with the requirements of the Companles Act 2(K16 relating to financlal statements, so far as applicable to the charltable company. The notes form part of these financlèl statements Page 18 contlnued... Wales Federatlon of You Farnieffs Clubs R lstered number: 07605068 Balance Sheet- tontlnued 1st March 2024 These financial statements have been audlted under the requirement5 of Sectlon 145 of the Charltles Act 2011. The finan ial tatements were approved by the Board of TfU5tees and authori5ed for Issue on au..L*...... and were signed on its behalf by: Rkhards- Trustee Mr D Davles- Trustee The notes form part of these financial statements Page 19 Wales Federa￿0￿ of You Farniers aubs Cash Flow Statement for the Y ar Ended 31st March 20Z4 31.3.24 31.3.23 Notes Cash flows from operatlng artl¥ftles Cash generated from operatlons Interest paid 114.091) 1381 {242,7681 Net cash used in operating activitie5 114.129) {242,7681 Cash flow5 from Investlng artlvltles Purchase of tangible fixed assets Interest received 12.7881 3.734 11,9701 1.795 Net cash provlded byllused In) Investln8 activities 946 11751 Change In cash and ush equlyalents In the reportlng perlod Cash and cash equlvalents al the beglnning of the reporting perlod 113.1831 1242,9431 419,534 662,477 Cash and cash equlvalents at the end of the reportln8 perlod 406,351 419,534 The notes form part of these financial statements Page 20 Wales Federatlon of Yo Famwrsclubs Notes to the Cash Flow Statement for the Y ar Ended 31st March 2 RECONCILIATION OF fXPENDITVRE TO NET CASH FLOW FROM OPERATING ACTIVITIES 31.3.24 31.3.23 Net expenditure for the rel￿1￿8 perlod (as per the Statement of Yinanclal Actlvltles) Adlustment$ for: Depreclatlon charges Interest received Interest paid Increase in debtors Increase/{decreasel in creditors 12,5281 1216,4871 4.735 13,7341 38 162,5661 49,964 3,799 {1,7951 {7.9651 120.3201 Net tash used In operatlons 114,0911 1242,7681 ANALYSIS OF CHANGES IN NET FUNDS At 1.4.23 Cash flow At 31.3.24 Net cash Cash at bank 419.534 113,1831 406,351 419.534 113,1831 406,351 Total 419.534 113,1831 406,351 The notes form part of these financlal ststements Page 21 Wales Federatlon of You Farniers Clubs Notes to the Financlal Statements forthe Year End 31st March 2024 ACCOUNTING POLICIES Basls of preparlng the Ilnan¢lal statements The financial statement5 of the charitable company. which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 'A(counting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts In accordance with the Financlal Reporting Standard appllcable in the UK and Republic of Ireland IFRS 1021 leffective l January 20191,. Financial Reportlng Standard 102 'The Financlal Reporting Standard applicable in the UK and Republic of Ireland, and the COmpar￿e$ Act 2006. The financial statements have been prepared under the historlcal cost convention. Ineome All income is recognlsed in the Statement of Financlal Activities once the charity has entitlement to the funds. It Is probable that the income will be recefved and the amount can be measured reliably. Expendlture Liabilitie5 are recognised as expenditure as soon as there is a legal or constructlve obligation committing the charity to that expenditure, it is probable that a transfer of economic benefit5 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 classlfied under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basls conslstent with the use of resources. Allocatlon and apportlonment of costs Support cost5 have been allocated to each activity based on a percentage prOport￿n of direct staff time. Intan8lble assets Amortlsation is provided at 33% per annum in order to write off each asset over it5 estimated useful Ton8ible Ilxed assets Depreciatlon Is provided at the following annual rates in order to write off each asset over its estlmated useful life. Lon8 Leasehold Promotional & Field Equipment Fixtures & Fittings Offlce & Computer Equipment - 2% on cost and Over the perlod of the lease - 20% on cost 15% on cost - 33.3% on cost and 15%on cost The leasehold purchased durlng the year ended 31st March 2019 will be wrltten off evenly over the remaining 33 years of the original year lease tem. Generally the Trustees do no capitslise any r￿ed a￿et$ below £l(M). Stocks Stocks are valued at the lower of cost and net realisable ￿lUe, after makin8 due allowante for obsolete and slow movlng Items. Page 22 continued... Wales Federatlon of You Farmers Clubs Notes to the Flnan¢lal Statements- con Inu he Year Ended 31st March 2024 ACCOUNTING POLICIES- ￿ntInUed Taxatlon The charity is exempt from corporation tax on its charitable activities. Fund ac¢ountln8 Unrestricted funds can be used In accordance with the charitable objectives at the discretion of the trustees. Restrlcted funds can only be used for particular restrlrted purposes wlthln the objects of the tharlty. Restriction5 arise when specified by the donor or when fur¥Js are raised for particular restricted purposes. Further explanatlon of the nature and purpose of each fund is included in the notes to the flnanclal statements. Voluntary help The value of servi￿5 provided by volunteers has not been induded in the accounts. DONATIONS AND LEGACIES Unrestrkted Restrlcted funds funds 31.3.24 31.3.23 Donatlon5 13.612 13.612 8,963 Grants Welsh Government- Welsh Language Grant Wales CultLFral Recovery Fund Strategic Voluntary Youth Work Qrganisation Lottery Community Fund NFU Charitable Trust Summer of Fun Welsh Learners Grant Books Councll of Wales 124.719 124.719 132,259 33,774 102,824 3.710 102,824 3,710 30.000 30.LILM) 11,000 94,1100 2,500 io.coo 2,500 iO.OOD Levies Dlrect Affiliation S4C Income 59.911 5.774 59.911 5.774 s.￿0 59,439 13,596 5,CQO 114,297 243.753 358,050 358,031 Page 23 continued... Wales Federatlon of Youn Farmers Clubs Notes to the Flnancial Statements- contlnu for the Yea¥ Ended 31 20Z4 OTHER TRADING ACTIVITIES 31.3.24 31.3.23 Merchandise Sponsorships Meeting room 1.803 50.309 4.254 584 32,850 1.708 56,366 35,142 INVESTMENT INCOME 31.3.24 31.3.23 Deposit account interest 3.734 1.795 INCOME FROM CHARITABLE AcnviTIES Included within International income for the year ended 31 March 2024 are the followin8 amounts relating to trips taking place post year end= Canada £29.500 Cruise £27,635 RAISING FUNDS 31.3.24 31.3.23 Staff costs Purchases stock and merchandise Bad Debt Support Costs Inote 81 9.838 7.463 8.185 2,257 9,021 21.804 10.498 11.111 37.542 42,635 Page 24 continued... Wales Fedefathn of Youn Famie Clubs Notes to the Financlal Statements- contlnued for the Year En ed 31st Mar¢h 2 CHARITABLE ACTIVITIES COSTS Dlrert Costslsee te8) Support costs Isee note 91 Totals General Events AGM International Youth Forum Sports Day Rural affalrs Tralning Marketing Royal Welsh Show Spring Festival Wlnter Fair Publlc speakln Field Oay Entertainment Feast Eisteddfod Lamb Marketing 158,374 4.241 121,084 8.346 2.522 42,249 1.187 16.257 44.617 1.629 4.162 1,197 4.959 8.548 20.241 1,430 82,089 1,751 5.252 3.5(K) 1.750 22.751 1.750 17.501 14.(KKJ 1,750 1,750 1,750 3.501 1.750 5.250 240,463 5,992 126,336 11,846 4,272 65,000 2,937 33,758 58,617 3,379 5,912 2,947 8,460 10,298 25,491 1,430 441,043 166.095 607,138 DIRECT COSTS OF CHARITABLE ACTIVITIES 31.3.24 31.3.23 stsff costs Payments to county federatlons Insurance Travelling & accommodation Translation costs Charltable event costs 111.426 91,418 126.146 145,617 1,412 62.606 1.246 316,787 159,760 2.770 75,669 441.043 653.814 Included within International expenses for the year ended 31 March 2024 are the following amounts relating to trips taking place post year end-. Canada £25,080 Crulse £9.750 Page 25 continued... Wales Federatlon of You Farmeis Club$ Notes to the Flnanclal Statements- contlnued he Year Ended 1st March 2024 SUPPORT COSTS Governance costs Management Totals Aalslng donations and legacies General Events AGM International Youth Forum Sk>Orts Day Rural affair5 ,416 66.111 1.403 4.211 2.806 1.402 2,082 15,978 10,498 82,089 1.751 5.252 3.5(MJ 1,750 1,041 694 348 rlli 18.235 1.402 14.027 11.221 1,402 1.402 1.402 2.806 1.402 4.208 4,516 348 3.474 2.779 348 348 348 695 348 1.042 22.751 1.750 17,501 14,000 1,750 1,750 1,750 3,501 1,750 5,250 Training Marketln8 Royal Welsh Show Sprlng Festival Winter Fair Public speaking Field Day Entertainment Feast Elsteddfod 141.856 34.737 176.593 Artivity Management Governance costs Basis of allocation % proportion ofstaff time % proportlon of staff time Included in governance is £6.85012023: £4,360) for Auditoes remuneration. 10. NET INCOMEIIEXPENDITURED Net incomellexpenditurel is stated after chargingllcreditingl: Auditors, remuneratlon Depreciation - Owned a55ets 31.3.24 6.850 4.735 31.3.23 4,360 3.149 Page 26 continued... Wales Federallon of You Farmers Clubs Notes to the Flnanclal Statements- ￿ntInUed for the Year End 31st March 2024 11. TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 March 2024 nor for theyear ended 31 Marth 2023. Trustees, expenses The charity reimbursed £542.70 of expenses to one trustee in respect of travelling expenses during the year ended 31 March 202412023: £01. 12. STAFF COSTS 31.3.24 31.3.23 Wages and salaries 201,308 177,612 201,308 177,612 The average monthly number of employees during the year was as follow5: 31.3.24 31.3.23 Chlef Executive Adrninistration No employees recelved emoluments In excess of £60.LUI. Employment costs 31.3.24 31.3.23 Wages and salaries Social security costs Employer penslon costs 186,159 11,262 3.887 166,386 8.521 2.703 201,308 177,610 There were no employees whose annual emoluments were £60,000 or more. Page 27 contlnued... Wales Federatlon of You Farmersclubs Notes to the Financlal Statements- contlnued or the Year End 31st March 20 COMPARATIVES FOR THE STATEMENT OF FINANaALACTIVITIES Unrestrlcted Restricted fund5 funds Total funds IMCOME AND ENDOWMENTS FROM Donations and legacies 97.998 260.033 358,031 Charltable actlvltSe$ General Events Internatlonal Sports Day Rural affairs Young Peoples Village Royal Welsh Show Wlnter Falr Publlc speaklrbg Entertainment Feast Eisteddfod Lamb Marketin8 7.357 72.695 30 10,280 126,796 1,951 270 iio 1,099 6,271 5,801 7,357 72,695 30 10,280 126,796 1,951 270 iio 1,099 6.271 5.801 Other trading activities Investment income 35,142 1,795 35,142 1.795 Totsl 367,595 260.033 627,628 EXPENDITURE ON Rai5in8 funds 29A22 13,213 42.635 Charltable artivltles General Events AGM International Youth Forum Sports Dav Rural affairs Training Marketing Young Peoples Village Royal Welsh Show Sprin8 Festival Winter Fair Public speakln Fleld Day Entertainment Feast Eisteddfod Lamb Marketing 75162 767 89,758 2.196 2.662 24.905 437 8.432 256,624 I7￿37 857 3,793 2.450 4,755 8,070 13,858 1,650 173,541 1,880 5,107 2,928 3,014 23,644 289 23,108 1,369 19,543 1,424 5,922 3.501 8,015 3,465 9.817 249,403 2,647 94,865 5,124 5,676 48,549 726 31,540 257,993 37,380 2,281 9,715 5,951 12,770 11,535 23,675 1,650 Totsl 544335 299,780 844,115 Page 28 continued... Wales Federatlon of You Farmws Clubs Notes to the Flnan¢lal Statements- c lor the Y r Ended 31st March 2 tlnued 24 13. COMPARATIVES FOR THE StATEMENT OF FINANCIAL AcrivmES. contlnued Unrestrirted Restrlcted funds fund5 Total funds NET INCOME/{EXPENDITUREI (176,7401 139.7471 1216.4871 RECONCILIATION OF FUNDS Total funds brought for4vard 441,011 294.179 735.190 TOTAL FUND5 CARRIED FORWARD 264,271 254,432 518,703 14. INTANGIBLE FIXED ASSETS Website COST At 1st AprS12023 and 31st March 2024 19.690 AMORTISATION At 1st April 2023 and 31st March 2024 19,690 NET BOOK VALUE At 31st March 2024 At 31st March 2023 Page 29 contlnued... Wales Federatlon of You Farmers Uub5 Not s to the Flnanclal Statements- iontlnu the Year Ended 31st March 2024 15. TANGIBLE FIXED ASSETS Improvements Promotiona to & fleld equlpment Long leasehold property COST At 1st April 2023 Additions 97.987 10,955 10,038 At 31st March 2024 97.987 10.955 10,038 DEPRECIATION At 1st AprS12023 Charge for year 16,086 2.784 730 365 10,038 At 31st March 2024 18.870 1.095 10,038 NET BOOK VALUE At 31st March 2024 79,117 9,860 At 31st March 2023 81.901 10,225 F￿tureS and ffttlngs Computer equipment Totals COST At 1st April 2023 Additions 8.105 27.721 2.788 154,806 2,788 At 31st March 2024 8,105 30.509 157,594 DEPRECIATION At 1st April 2023 Charge for year 8.105 26,401 1.586 61,360 4,735 At 31st March 2024 .105 27,987 66,095 NET800KVALUE At 31st March 2024 2,522 91,499 At 31st March 2023 1.320 93,446 Page 30 continued... Wales Federatlon of You Farniersclubs Notes to the Flnanclal Statements- contlThued for the Year Ended 31st March 20 16. STOCKS 31.3.24 31.3.23 Stock5 2,464 2,464 17. DEBTORS: AMOUNTS FALUNG OUE wrrHIN ONE YEAR 31.3.24 31.3.23 Trade debtors Other debtors VAT Prepayments 69.339 28.043 3.223 3.359 27,892 204 5,870 7,432 103,964 41.398 CREDITORS: AMOUNTS FALUNG DUE WIThIN ONE YEAR 31.3.24 31.3.23 Trade creditors Soclal security and other taxes Sundry creditors Pension fund Accrued expenses 5,450 3,393 221 10,482 3,823 221 456 23.157 78,399 88.103 38,139 Page 31 continued... Wales Federatlon of You Fam)ers Clubs Notes to the Flnanclal Statements- tontlnued or the Year Ended 31st March 20 MOVEMENT IN FUNDS Net movement in funds At 31.3.24 At 1.4.23 Unrestrlrted funds General Fund Designated Building Modernlsation Fund Designated IT Fund Designated Membership Form Fund Duke of Edinburgh Awards Scheme Fund Recfuitment and Retentlon of Membershlp Fund Datsbase Fund Elwyn Jones Training Fund Buy a Brick Campai8n 117.050 32,934 149,984 25.838 396 2.147 25,838 396 2,147 1.500 1,500 1,500 3.037 13.168 3.037 13.168 99,637 99,637 264.274 32,934 297,208 Restrl¢ted funds Development & Welsh Promotion CT Evan5- Welsh Drama Fund Powys Association of Voluntary Organisation Garfield Weston Foundation T M Meredlth Legacy Lottery- Awards for All Wales Cultural Recovery Fund Lottery Community Fund Books Council of Wales Welsh Learner5 Grant 22.888 2.611 122.8881 2,611 127 io,c 67,884 7.889 131.202 11,828 11271 10,000 65,461 12.4231 17,8891 112,0001 340 7.175 2.350 119,202 12,168 7,175 2,350 254.429 135.4621 218,967 TOTAL FUNDS 518.703 12,5281 516.175 Pa8e 32 continued... Wales Federatlon of You Farmersclubs otes to the Flnantial Statements- contlnued e Year Ended 31st M r¢h Z4 19. MOVEMENT IN FUNDS- contlnued Net movement In funds. Induded in the above are as follows: Incoming resources Resources expended Movement in funds Unrestrftted fund5 General Fund 398.398 (365.4641 32,934 Reslrlrted funds Development & Welsh Promotion Powys Association of Voluntsry Organisation T M Meredith Legacy Lottery- Awards for All National Voluntsry Youth Organisations Wale5 Cultural Recovery Fund Lottery Community Fund Books Councll of Wales Welsh Learner5 Grant 124.720 1147,6081 122,8881 11271 12,4231 17,B891 11271 12,4231 17,8891 102,824 {102,8241 112.0001 13.3701 12,8251 11501 I12,¢￿0> 340 7.175 2,350 3.710 10.ODO 2.500 243.754 (279.2161 135,4621 TOTAL FUNDS 642,152 1644,6801 12,5281 Page 33 continued... Wales Federatlon of You F•rmers a bs Notes to the Flnanclal Statements- contlNed foT the Year Ended 31st March 19. MOVEMENT IN FUNDS- contlnued Comparatlves for m¢)vement In lunds Net movement In funds At 31.3.23 Atl.4.22 Unrestrlrted funds General Fund Designated Building Modemisation Fund Designated IT Fund Designated Membership Form Fund Duke of Edinburgh Awards Scheme Fund Recruitment and Retentlon of Membership Fund Database Fund Elwyn Jones Training Fund Buy a Brick Campalgn 293.787 1176,7371 117.050 25.838 396 2.147 25,838 396 2,147 1,500 1,51XI 3.037 13.168 3.037 13.168 99.637 99.637 441.011 1176,7371 264,274 Restrlcted 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 Wales Cultural Recovery Fund Moondance Foundatlon Lottery Community Fund 22.888 2.611 22,888 2,611 127 10.000 70.307 7.889 162,576 5,OtK) 12.781 127 10,000 67,884 7,889 131,202 12.4231 131.3741 15.0001 {9531 11,828 294.179 139,7501 254,429 TOTAL FUNDS 735.190 1216,4871 518.703 Page 34 continued... Wales Federatlon of You FarmetsClub$ Notes to the Flnan¢lal Statements- fontlnued for the Y r Ended 31st M 24 MOVEMENT IN FUNDS- contlnued Comparative net movement in funds. Included In the above are as follows: Incomlng resources Resources expended Movement in fund5 Unrestrlcted furbds General Fund 367.595 (544,3321 1176,7371 Restrl