REGISTERED COMPANY NUMBER= 07605068 (England and Wales) REGISTERED CHARITY NUMBER: 1145230 Wales Federation of Youn Farmers Clubs Re rt of the Trustees and Audited Financial Statements for the Year Ended 31st March 2025 Ashmole & Co (Statutory Auditor) Chartered Certified Accountants & Registered Auditors 9 Broad Street Llandovery Carmarthenshire SA20 OAR
Wales Federation of Youn Farmers Club5 Contents of the Financial Statements for the Year Ended 31st March 2025 Page Report of the Trustees I to 10 Report of the Independent Auditors 11 to 14 Statement of Financial Activities IS to 16 Balance Sheet 17 to 18 Cash Flow Statement 19 Notes to the Cash Flow Statement 20 Notes to the Financial Statements 21 to 40 Detailed Statement of Financial Activities 41 to 42
Wales Federation of Youn Farmers Club5 Re isteied nuniber: 07605068 Re ort of the Trustees for the Year Ended 31st March 2025 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st March 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective I13nu3ry 20191. OBJECTIVES AND ACTIVITIES Objectives and aims The objectives of the company as described in the Memorandijm 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 2024 - 2025 were: l. To advance the education and personal development of young members of the public at large in agriculture, rural life and affairs, international understandin& home crafts, the environment and related subjects.. and 2. 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 citizens. 3. To promote its activities through ihe mediums of Welsh and English and to ensure those activities enhance the members, understanding and knowledge of Welsh Rtjral Life. Welsh Culture and the Welsh Language, along with providing an understanding of other cultures. Public benefit The trustees confirm that they have complted with their duty in sertion 17151 of the 2011 Charities Act with regard to the Charity Commission's general guidance on publi¢ benefit when revièwirhg the Charity's objeciives and in planning of future activities. Page I
Wales Federation of Youn Farmers Clubs Re istered number= 07605068 Re rt of the Trustees for the Year Ended 31st March 2025 STRATEGIC REPORT Achievements and performance Wales YFC delivered on its objectives for 2024- 2025. most notably by the following. l. Delivery of and support for the various meetings of the Wales YFC Board of Trustees. 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. Council Competitions, - Youth Forum. Rural Affairs, International. Personnel and Rerrhuneration. and Event5 and Marketing. 3. Delivery and 5UPPOrt of the Wale5 YFC Staff Association meetings and the support to regional staff via the Wales YFC Staff Conference. 4. Delivery of a bilingual competitions programme offering over 100 opportunities for young people to advance their education and personal development. S. An increased social media presence in support of improved communications within the membership and wider supporter network. 6. Supporting the development of the Welsh language within the organisation. by working closely with the Welsh Government's Welsh language division irb their aim to reach a million Welsh speakers by 2050. 7. Representation at external meetings relevant to the development of the YFC in Wales. These have included: NFU Cymru, FUW, Welsh Government, W3le5 Farm Safely Partnership and CWVYS. 8. Di$5emination of information to County Federations and YFC clubs relevant to furthering the objects of the organisztion. 9. RepTesentstion of the Federation at Rural Youth Europe meetings and events. 10. Contribution to the future development of the youth Service in Wales through an active involvement in the work of CWVYS. 11. SupportinE the development of the organisation's staff team through a programme of training and supervision. 12. The continued development of the Wales YFC website. 13. The continued delivery of the Wales YFC lamb irhitiative. in conjunttion with Dunbia and Sainsbury's. 14. Collaborative work with the Federations sponsors. enabling the delivery of opportunities to members of the organi5ation. Page 2
Wales Federation of Youn Farmers Clubs Re istered number- 07605068 Re rt of the TfU5tees for the Year Ended 31st Marth 2025 15. Delivery of an international travel programme that offers individual and group travel opportunities to YFC members across Wales. 16. Partnership development with organisations such as DPJ FoundatK>n. FCN. Tir Dewi and the Samaritans. Financial review Financial position Total closing funds as at 31 March 2025 were £707.082 12024.. 516.1751. A surplus of £190,907 is mainlv attributable to income of £163,151 received during the financial year from the funds of T M Meredith Legacy. Restricted funds at the year end were £262,14912024= £218,967). Restricted funds comprise mainly of the balance remaining in respect of the T M Meredith Legacy which is being reduced each year in 15ne with amortization of the head lease of the office, together with the balance of any grants unspent as at the year end. Unrestricted funds at the year end were £444,93312024.. £297,208). Included within unrestricted reserves is a 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. A detailed breakdown can be found in note 19. Principal funding sources The charity did not undertake any fundraising artivities during the reporting period. DLtring this reporting period the Charity ha5 been funded from 3 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 iestricted 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 sponsorship programme Funding provided by Welsh Government from the Strategic Voluntary Youth Work Grant. This grant is regarded as a restricted fund. Donations provided from the NFU Charitable Trust to be used to further and develop our programmes of works. Investment policy and objectives The trustees, investment powers are governed by the Memorandum and Aittcle5 of Association. The trustees have decided upon a policy of investing money in low-risk bank accounts with the highest possible return of interest. The trustees continue to monitor growth and performance of the investments. Page 3
Wales Federation of Youn Farmers Clubs Re istered number: 07605068 Re ort of the Trustees for the Year Ended 31st March 2025 STRATEGIC REPORT Financial review Reserves policy The Board of Trustees has established a policy whereby the unrestricted funds not committed or invested in tangible fixed asset5, i.e. the free reserves, held by the orgarhisation Should equate to the equivalent of between three and six months resources expended which directly relates to the running of the annual programme of activities. Based on the current years expenditure this equates to between £144.976 and £289,952. At this level the trustees feel that they would be able to continue the cuirent activities of the organisation in the event of a significant drop in income. The Trustees are mindful that the present level of free reserves falls within the target. At present the free reserves amount to £283,421 and the trustees, aim is to increase the reserves through exploring investment and the implementation of a new fund4ng strategy. The policy is reviewed on an annual basis by the board of trustees. Restricted 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. Such fund5 do not imply that there has been an under spend but may result from a variety of circumstances, including timing differences. In certain circurnstances the Charity may choose to contribute funds which are otherwise unrestrrcted. tow3rd5 projects which are primarily financed from restricted funds. Page 4
Wales Federation of Youn Farmers Clubs Re istered number: 07605068 Re ort of the Trustees for the Year Ended 31st March 2025 STRATEGIC REPORT Future Developments l. Wales YFC will continue to ensure the objectives of the organisation are met in line with the wishes of the membership, through consultation and debate through the Council ol members and its network of sub committees. 2. The newly appointed board of trustees manages the organi5ation to indude the strategic direction of the Federation. 3. Wales YFC will continue to develop its partr)ership work in all areas of influence for the organisation. 4. The organisation will continue to review and develop innovative competitions and opportunities for rural young people who choose to be part of the YFC. 5. Work will be undertaken to strengthen the organi5ations links with Welsh Government, ensuring that the voice of rural young people is heard at 3 national level, with particular focus on the area of youth work, agriculture and Welsh language. With further consultation happening with regards to the sustainable Farming scheme. 6. Development of the organisations support of the Welsh Language and the development of a strategy to support the Welsh Governments target of one million Welsh speakers by 2050. 7. New funding streams will be considered and developed. whilst continuing to ensure that the current streams ale maintained. 8. The development of new links with other rural youth organisation 3cr05s Europe and the world. 9. Policies will continue to be reviewed with operational plans put into place for each section of work. 10. NFU Charitable Trust ha5 committed to support the Rural Affairs programme through the conference and study tour as well committing support for the international programme and other programmes of work. STRUCTURE. GOVERNANCE AND MANAGEMENT Governing do¢ument The charity is controlled by its governing document. a Memorandum and Articles of association and is constituted as a company limited by guarantee registered in England and Wales. as defined by the Companies Act 2006. Wales YFC is a charitable company limited by guarantee incorporated on 14 April 2011 and registered as 3 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. These Memorandum and Articles of association were adopted by special resolution on the 21 September 2024. In the event of the company being wound up. the members are required to Contribute an amount not exceeding £10. Page 5
Wales Federation of Youn Farmers Clubs Re istered number: 07605068 ort of the Trustees for the Year Ended 31st March 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT Recruitment and appointment of Trustees 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 Board of Trustees. Under the requirements of the Memorandum and Articles of Association. the Board is elected every year at the first Council meeting. The Board of Trustees consists of up to 11 representatives all elected by the Q>uncil annually. A chair, the Chair of Council and Vice chair of Council, the retiring chair of Council, 3 independent members of non YFC age, and four membe¥s of YFC age. Organisational structure The Board of Trustees meets at least three times a year and is responsible for the strategic dirertion and policy of the charitable company. The Board reports to the Council which is made up of 3 YFC Members per tounty and co-opted member5. There are five subcommittees responsible for their respective areas of work. A staff team supports the Board, Council and subcommittee5 Ill the delivery of the organisation's objects. The Chief Executive Officer for the year ended 31 March 2025 was Mared Rand lones. The Council Chair for the year ended 31 March 2025 was Dewi Davies. The Chair of the Soard of Trustees for the ye3r ended 31 March 2025 was Stephen Hughson. Trustee indu¢tion & training All members of the Board receive a pack of information at first appointment that includes all relevant company documents and guidance from the Charity Commission on the responsibilities of trustees I directors. Trustees were signposted to training opportunities and regular information related to charity and company changes of law and updates are shared. Pay and remuneration The charity Is committed to ensuring that salaries are in line with the Living Wage Foundation's recommended rate of pay. Annual pay reviews and increases are delegated to the board of trustees. Risk management The Tiustees have a duty to identify and review thè risks to which ihe charity is exposed and to ensLJre 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 procedures are reviewed periodically to ensure they still tneet the needs of the Charitv. In the event that future grants ère not forthcoming ther) there is a risk that the charity may cease operations. The Trustees will be taking further steps in the coming yea¥ to secure the future of the charitv. The Trustees. having reviewed the charily and its systems, have concluded that thi5 constitute5 the main risk to the charity. Page 6
Wales Federation of Youn Farmers Clubs Re istered number: 07605068 Re ort of the Trustees for the Year Ended 31st March 2025 REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 07605068 IEngland and Wales) Registered Charity number 1145230 Registered office Wales YFC Centre Llanelwedd Builth Wells LD2 3NJ Page 7
Wales Federation of Youn Farmers Clubs Re istered number= 07605068 Re ort of the Trustees for the Year Ended 31st Marth 2025 Trustees Dewi Davie5 Niall Evans Hilary lones Rhys Richards Aled Thomas Angharad Thomas Dominic Hampson-Smith13ppointed 30.10.2024 Stephen Hughson (appointed 30.10.20241 Alun Jones (appointed 30.10.20241 Kathryn Jones (appointed 30.10.20241 Huw Rowlands (appointed 30.10.20241 Laura Bowyer Iresigned 08.05.20241 Hafina Cordiner (resigned 30.10.20241 Katie Davies (resigned 30.10.20241 Sioned Davies Ire5igned 30.10.20241 Delun Evans (resigned 30.10.20241 Hefin Evans (resigned 30.10.20241 Sion Evans Iresigned 30.10.20241 Ella Harries Iresigned 30.10.20241 Will Hughes (resigned 30.10.20241 Elin Calan Jones Ire5igned 29.10.20241 Caryl Haf lones (resigned 30.10.20241 Dafydd Jones Iresigned 30.10.20241 Dan Jones (resigned 30.10.20241 Iw3fb Meirion Jones (resigned 30.10.20241 Jayne lones (resigned 30.10.20241 Tomos Lewis Iresigned 30.10.20241 Kate Eleri Miles (resigned 30.10.20241 Catrin Medi Owen Iresigned 30.10.20241 Amy Phillips (resigned 30.10.20241 Hedd Pugh Iresigned 30.10.20241 Aled Thoma5 (resigned 30.10.20241 Alun Thomas (resigned 30.10.20241 Gwen Thomas (resigned 30.10.20241 Meinir Tomos Parry Iresigned 30.10.20241 Kate Thoma5 (resigned 30.10.20241 Caitlin Harley (resigned 30.10.20241 Caryl lones Iresigrhed 30.10.20241 Gethin Lewis Ire5igned 30.10.20241 Ryan Watkins (resigned 30.10.20241 Sian Healey (resigned 30.10.2024} Sarah Lewis (resigned 30.10.20241 Mared Evans (resigned 30.10.20241 Angharad Davies (resigned 30.10.20241 Aled lones Iresigned 30.10.20241 Iw3rn Parry Iresigned 30.10.20241 Sioned Wyn lones (resigned 30.10.20241 Iw3n Harper (resigned 30.10.20241 Page 8
Wales Federation of Youn Farmeys Clubs Re istered number: 07605068 Re ort of the Trustees tor the Year Ended 31st March 2025 Emily Morgan Iresigned 30.10.20241 Andrew joseph Iresigned 30.10.20241 Ifan Davies (resigned 30.10.20241 Tomos Griff iths (resigned 30.10.20241 Marc Grilfiths Iresigned 30.10.20241 Terrie Savage (resigned 30.10.20241 Bethan Jenkins Iresigned 30.10.20241 Sian Davies Iresigned 30.10.20241 Sally Griffiths (resigned 30.10.20241 Manon Rowlands (resigned 08.05.20241 Caryl Hughes (resigned 30.10.20241 lan Rickman Iresigned 30.10.20241 Elin Lewis Iresigned 30.10.20241 Aled Rhy5 lones (resigned 30.10.20241 Laura Morgan (resigned 29.10.20241 Ian Thomas Rickman Iresigned 30.10.20241 Company Secretary Mrs C Powell Auditors Ashmole & Co1Statutory Auditorl Chartered Certified Accountants & Registered Auditors 9 Broad Street Llandovery Carmarthenshire SA20 OAR Bankers Natwest 27 High Street Brecon Powys L03 7LF Solicitors ICP Solicitors Suite 9 9th Floor Brunel House Fit2alan Rts3d Cardiff CF24 OEB P38e 9
Wales Federation of Youn Farmers Clubs Re istered number: 07605068 Re ort of the Trustees for the Year Ended 31st March 2025 STATEMENT OF TRUSTEES, RESPONSIBILITIES 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 Iunited Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each linancial 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 consistently." observe thè methods and principles in thè Charity SORP,. make judgements and estimates that are reasonable and prudent,. prepare the financial statements on the going concern basis unless it is inappropriate to psume that the charitable company will continue in business. The trustees are responsible for keeping proper a¢¢ounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and io enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 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 taken to rnake themselves aware of any relevant 3udit information and to establish that the auditor$ are aware of that information. AUDITORS The auditors, Ashmole & Co (Statutory Auditorl. will be proposed for re-appointment at the forthcoming Annual General Meeting. Report of the trustees, incorporatin company directors. on ... astr tegic r ort. approved by order of the board of trustees, as the and signed on the board's behalf by= Mr sIIughsoo(Chairl - rtjstee Page 10
Re rt of the Inde endent Auditors to the Trustees of Wale5 Federation of Youn Farmers Clubs Opinion We have audited the financial statements of Wales Federation of Young Farmers Clubs (the 'charitable company'l for the year ended 315t March 2025 which comprise the Statement of Financial Activities, the Balance Sheet. the Cash Flow Statement and 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 2025 and of its incoming resources and application of resources. including its income and expenditufe. for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accountin Practice, including Financi31 Reporting Standard 102 'The Financi31 Reporting Standard applicable in the UK and Republic of Ireland,. and have been prepared in accordance with the requirements of the Companies Art 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable 13w. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statement5 section of oui report. We are independent of the ¢h6ritable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in ihe UK. including the FRC'5 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 opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basi5 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 sigr)ificant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Page 11
Re ort of the Inde endenl Auditors to theTrustees of Wales Federation of Youn Farmers Clubs Other information The trustees are responsible for the other information. The other inlormation comprises 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 infoimation and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with OLJr audit of the financial statements. our responsibility is to read the other information and, in doing so. consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially mi5Stated. 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 thal there is a material misstatement of thi5 Other information, we are required lo report that fact. We have nothing to report in this regard. Matters on whi¢h 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 financial statements are not in agreement with the accounting record5 and returns- or we have not received all the information and explanations we require lor our audit. Responsibilities of trustees As explained more fully in the Statement of Trustee5' Responsibilities, the trustees Iwho 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 satisfied that they Eive a true and fair view. and for such internal control as the trustees determine is necessary to enable the preparation of financial statements th31 are free from materÉal mi$5tatement. 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 concein. disclosin& as applicable. matters related to going concern and Using the going concern basis of accounting unle55 the trustees either intend to liquidate the charitable companv or to cease operations, or have no realistic alternative but to do so. Page 12
Re ort of the Inde endent Auditors to the Trustees of Wale5 Federation of Youn Farmers Clubs Our rèsponslbillties for the audit of the finan¢ial statements We have been appointed as auditors under Section 144 of the Charities Act 20113nd report in accordance with the Act and relevant regulations made or having effect thereundei. Our objectives are to obtain reasonable assurance about 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 3 guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material wisstatement 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. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following= nature of the charity and the sector in which it operates. the legal and regulatory framework in which the charity operates. and in particular those laws and regulations that directly affect the fEnancial statements or have a fundamental effect on operations eg Charilies Act 2011. health and safety legislation. results ol enquiries of management and those charged with governance any matters identified relating to the charity's policies and procedures for identifying. evaluating and complying with laws and regulations, and whether there were any known instances of non cOpIlance. detecting and responding to the risks of fraud and whether there is any knowledge of actual, suspected or alleged fraud. the internal controls established to mitigate risks of fraud or non cornpllance with laws and regulations. A5 a result of these procedures. we consider the most significant laws and regulations that have a direct impact on the financial statements are SORP 102. and the Companies Act 2006. We performed audit procedures to detect non-compliance which may have a material impact on the financial statements which included reviewing financial statement disclosure5. The audit engagement team identified the risk of management override of controls as an area where the financial statements were m05t susceptible to material misstatement due to fraud. Audit procedures performed included bLSt were not limited to evaluating the business rationale in relation to any significant, unusual transactions and transactions entered into outside the normal course of business. In addition to the above, our procedures included= reviewing the financi31 slatement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations enquire5 of management and those charged with governance concerning actual and potential litigation and claims performing analytical procedures to identify any unusual or unexpected relationship5 that may indicate risks of material mi55tatement due to fraud review of minutes of committee meetings written representations A further description of our responsibililies for the audit of the financial statement5 is located on the Financial Reporting Council's website at www.frc.orE.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors. Page 13
Re ort of the Inde endent Auditors to the fru5tees of Wales Federation of Youn Farmers Clubs Use of our report This report is made solely to the charitable company's trustees. as a body. in accordance with Part 4 of the Charitie5 IAccounts and Reportsl Regulations 2008. Our audit work has been undertaken so that we might state to the charitable comparTry's trustees those matters we are required to state to them in an auditors, report and for no other puipose. To the fullest eytent 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. AshmolÈ & Co (Statutory Auditor) Chartered Certified Accouritants & Registered Auditors Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 9 Broad Street Llandovery Carmarthenshire SA20 OAR Date.. Page 14
Wales Federation of Youn Famers Clubs Statement of Finaftcial Artivtties for the Year Ended 31st March 2025 31.3.25 Total funds 31.3.24 Total funds Unrestricted Restricted funds funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 47,006 163.151 210,157 43,614 Charitable activities Grants and General Event5 AGM International Youth Forum Sports Day Rural Affairs Royal Welsh Show Spring Festival Winter Fair Public Speaking Field Dav Entertainment Feast Eisteddfod Larnb Marketing 94,529 3,890 90.011 859 85 21,630 647 258,230 352.759 3,890 90,011 859 85 21,630 647 346,992 2,060 116.166 4,625 25 34,289 2.969 673 330 20 1.982 11,706 12.694 3,907 725 30 2,550 26.047 9,524 4.199 725 30 2.550 26,047 9.524 4,199 Other trading activities Investment income 43.136 4,561 43,136 4,561 56,366 3,734 Total 349,429 421.381 770.810 642.152 EXPENDITURE ON Raising funds 8,913 10.086 18.999 37.542 Charitable activities Grants and General Events AGM International Youth Forum Sports Dav Rural Affair5 Training Marketing Royal Welsh Show Spring Festival Winter Fair Public Speaking Field Day Entertainment Feast Eisteddfod Lamb Marketing 84,824 4,293 114,804 800 1.397 42,177 278 7,565 17,681 114 3,233 983 4,584 16,647 11.563 1,050 177,610 1,508 3,154 397 1.370 22,347 331 19,031 9,221 211 3,622 262.434 5,801 117.958 1,197 2.767 64,524 609 26.596 26,902 325 6,855 983 6,678 18,526 17.699 1,050 240.463 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 2.094 1.879 6.136 The notes form part of these financial statements Page IS
Wales Federation of Youn Farmers Club5 Statement of Financial Activitie5 for the Year Ended 31st March 2025 31.3.25 Total funds 31.3.24 Total funds Unrestricted Restricted funds funds Notes Total 320,906 258,997 579,903 644.680 NET INCOMEIIEXPENDITUREI Transfers between funds 28.523 119,202 162.384 1119,2021 190,907 12,5281 19 Net movement in funds 147.725 43.182 190,907 12.5281 RECONCILIATION OF FUNDS Total funds brought forward 297,208 218.967 516,175 518,703 TOTAL FUNDS CARRIED FORWARD 444,933 262,149 707.082 516.175 The rhotes form part of these financial statements Page 16
Wales Federation of Youn Farmers Clubs Re istered number: 07605068 Balance Sheet 31st March 2025 31.3.25 Total funds 31.3.24 Total funds Unrestricted Restricted funds funds Notes FIXED ASSETS Tangible assets 15 14.288 72,493 86,781 91,499 CURRENT ASSETS Stocks Debtors Cash at bank 16 17 7.025 76.350 378.518 7,025 104,393 598,982 2.464 103,964 406,351 28.043 220,464 461.893 248,507 710,400 512,779 CREDifoRS Amounts falling due within one year 18 131,2481 158.8511 190,0991 188,1031 NET CURRENT ASSETS 430,645 189,656 620,301 424,676 TOTAL ASSETS LESS CURRENT LIABILITIES 444.933 262,149 707.082 516,175 NET ASSETS 444,933 262.149 707,082 516.175 FUNDS Unrestricted funds Restricted fund5 19 444.933 262.149 297,208 218.967 TOTAL FUNDS 707,082 516.175 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2025. The members have not deposited notice, pursu3nt to Section 476 of the Companies Act 2006 requiring an audit of these financial stalements. The trustees acknowledge their responsibilities for ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2(K)6 and preparing finarhcial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Acl 2006 relating to financial statements, so far as applicable to the charitable company. Ibl The notes form part of these financial statements Page 17 continued...
Wales Federation of Youn Farmers Clubs Re istered number: 07605068 Balance Sheet- continued 31st March 2025 These financial statements h3ve been audited under the requirements ol Section 145 of the Charities Act 2011. The financial statements were approved by the Board of Trustees and authorised for i55ue on and were signed on its behalf by= Mr D Davies- Trustee Mr-&Hu hson (Chairl Trustee The notes form part of these financial statements Page 18
Wales Federation of Youn Farmers Clubs Cash Flow Statement for the Year Ended 31st March 2025 31.3.25 31.3.24 Notes Cash flows from operating activities Cash generared from operations Interest paid 188,261 1191) 114,0911 1381 Net cash provided by/lused inl operatirhg activities 188.070 114,1291 Cash Itows from investing activities Purchase of tangible fixed assets Interest received 12,7881 3.734 4.561 Net cash provided by investing activities 4.561 946 Change In ¢a5h and cash equivalents in the reporting period Cash and ¢ash equivalents at the beginning of the reporting period 192,631 113,1831 406.351 419,534 Cash and cash equivalents at the end of the reporting period 598,982 406,351 The notes form part of these financial statements Page 19
Wales Federation of Youn Farmers Clubs Notes to the Cash Flow Statement lor the Year Ended 31st March 2025 RECONCILIATION OF NET INCOMEI{EXPENDITUREI TO NET CASH FLOW FROM OPERATING ACTIVITIES 31.3.25 31.3.24 Net incomel{expenditurel tor the reporting period las per the Statement of Financial Activities) Adjustments for: Depreciation charges Interest received Interest paid Increase in stocks Increase in debtors Increase in creditors 190,907 12,5281 4,718 14,5611 191 14.5611 14291 1.996 4,73S 13,7341 38 162,5661 49.963 Net cash provided byl{used in) operations 188.261 114.0911 ANALYSIS OF CHANGES IN NET FUNDS At 1.4.24 Cash flow At 31.3.2S Net cash Cash at bank 41%,351 192,631 598,982 406,351 192,631 598,982 Total 406,351 192,631 598,982 The notes lorm part of these financial statements Page 20
Wales Federation of Youn Farmers Clubs Note5 to the Financial Statements for the Year Ended 31st March 2025 ACCOUNTING POLICIES Basls of preparing the financial statement5 The financial statements of the charitable company. which is 3 public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 'Accounting 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 leffective 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. Grant and service level agreement income are only recogni5ed in the Statement of Financial Activities when the general income recognition criteria are met. In the ¢a5e of performance related grants, income is only recognised to the extend that the charity has provided the specified goods and services. Capital grants are recorded irh the Statement of Financial Activities in the yea¥ of receipt. Donations are accounted when received by the charity. For legacies, entitlement is taken at the earlier of the date on which either. the charity is aware that probate has been granted, the estate has been finalized and notifitation has been made by the executor that a distribution will be made, or when a distribution is received form the estate. Receipt of a legacy. in whole or in part. is only considered probable when the amount can be measured reliably and the chaTlty has been notified of the executor's intention to make a distribution. Where legacie5 have been notified of the charity. or the charity is aware of the granling of probate. and the criteria for income recognition has not been met, then the legacy is treated 35 a contingent asset and disclosed if material. Investment income is recognised ht the time the investment income is receivable. Turnover is recorded net of any applicable VAT. Expenditvre Liabilities are recognised as expenditure as soon as there is a leg31 or constrijctive obligation committing the charity to thal expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured ieliably. Expenditure is accounted for on an accrua15 basis and has been c135sified 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 basis consistent with the use of resources. Allocation and apportionment of Costs Support costs have been allocated to each activity based on a percentsge proportion of direct staff time. Page21 continued...
Wales Federation of Youn Farmers Clubs Note5 to the Financial Statements- continued for the Year Ended 31st March 2025 ACCOUNTING POLICIES- continued 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 èt the following annual rates in order to write off each asset over its estimated useful life. Long leasehold Improvements to Property Promotional & Field Equipment Fixtures & Fittings Office & Computer Equipment 2% on cost and Over the period of the lease Over 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 rernaining 33 years of the original 100 year lease term. Generally the trustees do no capitalise any fixed assets below £lOO. Sto¢ks stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Taxation The charity is exempt from corporation tax on its charitable activities. Fund accounting Unrestricted funds carh be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purp95e5 Wlthin the objects of the charity. Restrictions arise when specifie(J by the donor Of 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. Voluntary help The value of services provided by volunteers has not been incIled in the accounts. Cash at bank in hand Cash at bank in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or sirllilar account. Debtors Trbde and other debtors are recognised at the settlement amount due. Page 22 continued..
Wales Federation of Youn Farmers aubs Notes to the Financial Statements- continued for the Year Ended 31st March 2025 ACCOUNTING POLICIES- ¢ontinued Creditors and provisions Creditors and provision are recognised where the charity has a present obligation resulting from a Past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Cre(litors and provisions are normallv recogni5ed at their settlement amount after allowing for any trade discounts due. The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. B35ic finarhcial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised c05t using the effective interest method. Going concern The Trustee5 consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity. Pension costs and other p05t-retirement benefits The charity operates a defined contribution pension scheme. Contiibution5 payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which thev relate. Income recognition- Re analysis of income The analysi5 of income between 'Donations and legacies" and 'Charitable activities" have been reviewed and updated based on the trustees. current interpreiation of the Charilies SORP IFRS 1021. The trustees consider it appropriate to reanalyse the comparatives in line with the Current interpretation to ensure clarity for the readers of the financial statements. There has been no change to the total comparative income, therefore the trustees have not deemed it necess3ry to resubmit the prior year accounts. DONATIONS AND LEGACIES 31.3.25 31.3.24 Donaiions General donations NFU Charitable Trust Legacies T M Meredith Legacy 16,006 31.000 13.614 30,000 163,151 210,157 43,614 Page 23 continued...
Wales Federation of Youn Farmers Clubs Notes to the Financial Statements- continued for the Year Ended 31st March 2025 OTHER TRADING ACTIVITIES 31.3.25 31.3.24 Merchandise Sponsorships Meeting room 5,631 34.442 3,063 1,803 50.3L19 4,254 43,136 56,366 INVESTMENT INCOME 31.3.25 31.3.24 Deposit account interest 4,561 3,734 INCOME FROM CHARITABLE ACTIVITIES 31.3.25 31.3.24 Activity Grants and General Events Grants and General Events Grants and General Events Grants and Gerheral Events Grants and General Events AGM International Youth Forum Sports Day Rural Affairs Royal Welsh Show Spring Festival Winter Fair Public Speaking Field Day Entertainment Feast Eisteddfod Lamb Marketing Income from events Other in¢ome Levies Direct Affiliation Grants Income from events Income from events Income from events Income from events Income from events Income f¥om events Income from events Income from event5 Income from events Income from event5 Income from events Income from events Income from events 10,029 9,500 71,902 12,598 248,730 3.890 90,011 859 85 21.630 647 13,556 24,000 59,909 5.774 243,753 2,060 116,166 4,625 25 34,289 2,969 673 330 20 1,982 11,706 12,694 3,907 725 30 2.550 26,047 9.524 4,199 512,956 538,438 Grants received. included in the above, are as follows- 31.3.25 31.3.24 Strategic Voluntary Youth Work Organisation Welsh Government - Development and Welsh Promotion 112,171 124.719 102.824 124,719 Carried forward 236,890 227.543 Page 24 continued...
Wales Federation of Youn Farmers Clubs Notes to the Financial Statements- continued for the Year Ended 31st March 2025 INCOME FROM CHARITABLE ACTIVITIES- continued 31.3.25 31.3.24 Brought forward Lottery Awards for All Book5 Council of Wales Welsh Leacners Grant Moondance Foundation 236,890 6,840 227,543 3.710 10,000 2.500 248,730 243,753 Included within Internation31 income for the year ended 31 March 2025 are the following amounts relating to trips taking place post year end= Patagonia £36.000 Belfast £3.530 Holland £6.768 Barcelona £5.446 Mystery Trip £6.106 RAISING FUNDS 31.3.25 31.3.24 Staff costs Purchases stock and merchandise Bad Debt Support Costs Inote 91 13,114 5,617 9,838 8,185 9,021 10,498 268 18,999 37,542 Page 25 continued...
Wales Federation of Youn Farmers Clubs Notes to the Financial Statements- continued for the Year Ended 31st March 2025 CHARITABLE ACTIVITIES COSTS Direct C05t$1see note 81 Support costs (see note 91 Totals Grants and General Events AGM International Youth Forum Sports Day Rural Affairs 80.819 5.S39 117.770 1,152 2.722 62,714 181.615 262 188 45 45 1,810 262,434 5,801 117,958 1,197 2,767 64.524 [ lil Training Marketing Royal Welsh Show Spring Festival Winter Fair Public Speaking Field Day Entertainment Feast Eisteddfod Lamb Marketing 564 25,663 25.890 225 6.749 983 6.469 18,481 17.213 1,050 45 933 1.012 100 106 609 26,596 26,902 325 6,855 983 6,678 18,526 17,699 1,050 209 45 486 374,003 186,901 560,904 DIRECT COSTS OF CHARITABLE ACTIVITIES 31.3.25 31.3.24 Staff costs Payments to county federations Travelling & accommodation Translation costs Charitable event costs 93,600 62.817 139.637 3,896 74.053 111,426 91.418 159,760 2.770 75,669 374.003 441,043 Included within International expenses for the year ended 31 March 2025 are the following amounts relating to Irips taking place post year end: Patagonia £43,200 Belfast £1,600 Holland £5,897 Barcelona £1.2(10 Mystery Trip £6.425 Page 26 continued...
Wales Federation of Youn Farmers Clubs Notes to the Financial Statements- tontinued for the Year Ended 31st March 2025 SUPPORT COSTS Governance costs Management Totals Raising donations and legacies Grant5 and General Events AGM International Youth Forum Sports Day Rural Affairs Training Marketing Royal Welsh Show Spring Festival Winter Fair Field Day Entertainment Feast Eisteddfod 268 181,615 262 188 45 45 1.810 45 933 1,012 loo 106 209 45 486 157,325 262 24,290 45 45 1,810 45 933 1,012 l(M) 106 209 45 486 162.879 24.290 187,169 Activity Management Governance costs Basis of allocation % proportion of staff time Management Included in governance is £7,25012024.. £6.8501 for Auditor's remuneration. 10. INCOME/(EXPENDITUREI Net incomellexpenditurel is stated after chargingllcreditingl-. Auditors, remuneration Depreciation- Owned assets 31.3.25 7,250 4,718 31.3.24 6,850 4.735 Page 27 continued...
Wales Federation of Youn Farmers Clubs Notes to the Financial Statements - continued for the Year Ended 31st March 2025 ii. TRUSTEES. REMUNERATION AND BENEFITS There were no trustees. remurheration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024. Trustees. expenses The charity reimbursed E939.52 of expenses to two trustees in respect of travelling expenses and out of pocket expenses ijuring the year enijed 31 March 202512024..£542.701. 12. STAFF COSTS 31.3.25 31.3.24 Wages and salaries 223,865 201,308 223,86S 201,308 The average monthly number of employees during the year was as follows= 31.3.25 31.3.24 Chief Executive Administration No employees received emoluments in exce55 of £60,000. Employment costs 31.3.25 31.3.24 Wages and salarie5 Social security costs Employer pension costs 206.239 13,339 4.287 186,159 11,262 3.887 223.865 201,308 There were no employees whose annual emoluments were £60.OIX) or more. Page 28 continued...
Wales Federation of Youn Fam)ers Clubs Note5 to the Financial Statements- continued for the Year Ended 31st March 2025 13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted funds funds Total fund5 INCOME AND ENDOWMENTS FROM Donations and legacies 43.613 43,614 Charitable activities Grants and General Events AGM International Youth Forum Sports Dav Rural Affairs Royal Welsh Show Spring Festival Winter Fair Public Speaking Field Dav Entertainment Feast Eisteddfod Lamb Marketing 103,239 2.060 116,166 4.625 25 34.289 2,969 673 330 20 1.982 11.706 12,694 3.907 243,753 346,992 2,060 116,166 4,625 25 34,289 2,969 673 330 20 1,982 11,706 12.694 3,907 other trading activities Investment income 56.366 3,734 56,366 3,734 Total 398,398 243,754 642,152 EXPENDITURE ON R35sing fLJnds 21,654 15.888 37.542 Charitable activities Grants and General Events AGM International Youth Forum Sports Day Rural Affairs Training Marketing Royal Welsh Show Spring Festival Winter Fair Public speaking Field Dav Entertainment Feast Eisteddfod Lamb Marketing 94,584 3,556 119,853 7,642 1,553 31,344 742 7,764 38,811 824 2,851 1.667 3,959 8,672 18.559 1,430 14S,879 2.436 6,483 4,204 2,719 33,656 2,195 25.994 19,806 2.555 3,061 1,280 4,501 1,626 6.932 240,463 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 Page 29 continued...
Wales Federation of Youn Farmers Clubs Notes to the Financial 5tatements- continued for the Year Ended 31st March 2025 13. COMPARATIVES FOR THE STATEMENT OF FINANCIAI ACTIVITIES- continued Unrestricted Restricted funds funds Total funds Total 365,465 279.215 644.680 NET INCOMEIIEXPENDITUREI 32,933 135,4611 12,5281 RECONCILIATION OF FUNDS Total funds brought forward 264.274 254,429 518,703 TOTAL FUNDS CARRIED FORWARD 297,207 218.968 516.175 14. INTANGIBLE FIXED ASSETS Website COST At 1st April 2024 and 31st March 2025 19,690 AMORTISATION At 1st April 2024 and 31st March 2025 19,690 NET BOOK VALUE At 31st March 2025 At 31st March 2024 Page 30 continued...
Wales Federation of Youn Farmers Clubs Notes to the Financial Statements- continued for the Year Ended 31st March 2025 15. TANGIBLE FIXED ASSETS Improvements Promotiona to & field equipment Long leasehold property COST At 1st April 2024 Disposals 97,987 10.955 10.038 12,1751 At 31st March 2025 97,987 10.955 7,863 OEPRECIATION At 1st April 2024 Charge for year Eliminated on disposal 18,870 2.783 1,095 365 10,038 12,1751 At 3151 March 2025 21,653 1.460 7.863 BOOK VALUE At 31st March 2025 76.334 9,495 At 31st March 2024 79.117 9,860 Fixtures ar)d fittings Computer equipment Totals COST At 1st April 2024 Disposals 8, 105 {4281 30,509 14.7321 157,594 17.3351 At 31st March 2025 7.677 25,777 150,259 DEPRECIATION At 1st April 2024 Charge for year Eliminated orh dispos31 8,105 27,987 1,570 14.7321 66.095 4,718 17.3351 {4281 At 31st March 2025 7.677 24,825 63,478 NET BOOK VALUE At 31st March 2025 952 86.781 Al 31st March 2024 2.522 91,499 Page 31 continued...
Wales Federation of Youn Farmers Club5 Notes to the Finantial Statements- continued for the Year Ended 31st March 2025 16. STOCKS 31.3.25 31.3.24 Stocks 7,025 2,464 17. DEBTORS: AMOUNTS FALLING DUE WITHIN ONEYEAR 31.3.25 31.3.24 Trade debtors Other debtors VAT Prepayments 69,084 28,043 2,961 4.305 69,339 28.043 3,223 3.359 104.393 103.964 18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.25 31.3.24 Trade creditors Social security and other taxes Sundry creditors Pension fund Accrued expenses 44.360 5,165 221 916 39.437 5,450 3,393 221 640 78,399 90.099 88.103 Page 32 continued...
Wales Federation of Youn Farmers Clubs Notes to the Financial Statements- continued for the Year Ended 31st March 2025 19. MOVEMENT IN FUNDS Net movement in funds Transfers between fund5 At 31.3.25 At 1.4.24 Unrestricted funds General Fund Designated Building Modemisation Fund Designated IT Fund Designated Membership Form Fund Duke of Edinburgh Awards Scheme Fund Recruitment and Retention of Membership Fund Database Fund Elwyn lone5 Training Fund Buy a Brick Campaign 149.984 28,523 119,202 297.709 25.838 396 2,147 25.838 396 2.147 1.500 1.500 1.51)0 I,soo 3.037 13,168 3,037 13,168 99.637 99,637 297,208 28,523 119.202 444.933 Restricted funds C T Evan5 - Welsh Drama Fund Garfield Weston Foundation T M Meredith Legacy Wales Cultural Recovery Fund Moondance Foundation Lottery Community Fund Books Council of Wales Welsh Learners Grant 2,611 10.000 65,461 119.202 2,611 10,000 226,189 160,728 1119.2021 5,000 12,174 3.875 2,300 12.168 7,175 2.350 13,3(Ml) 150) 218,967 162,384 1119,2021 262,149 TOTAL FUNOS 516,175 I7,907 707,082 Page 33 continued...
Wales Federation of Youn Farmer5 Clubs Note5 to the Financial Statements - continued for the Year Ended 31st March 2025 19. MOVEMENT IN FUNDS- continued Net movement in funds. included in the above are as follows.. Incoming resource5 ResoLrrces expended Movement in funds Unrestricted funds General Fund 349,429 1320,9061 28,523 Restricted funds Development & Welsh Promotion T IV Meredith Legacv Strategic Voluntary Youth Work Organisation Moondance Foundation Lottery Community Fund Summer of Fun Books Council of Wales Welsh Learners Grant 124.719 163,151 1124,7191 12,4231 160,728 112,171 5,0(K) 6.840 9,$00 1112.1711 5,000 16.8341 19,5001 13.3001 1501 13.3001 Iso) 421,381 1258,9971 162.384 TOTAL FUNDS 770,810 1579,9031 190,907 Page 34 continued...
Wales Federation of Youn Farmers aubs Notes to the Financial Statements- continued for the Year Ended 31st March 2025 19. MOVEMENT IN FUNDS-continued Comparatives for movement in funds Net movement in fund5 At 31.3.24 At 1.4.23 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 lones Training Fund Bijy a Brick Campaign 117,050 32,934 149,984 25.838 396 2,147 25,838 396 2,147 1.5 I,soo 1.5 1,500 3.037 13,168 3,037 13.168 99.637 99,637 264.274 32.934 297,208 Restricted funds Development & Welsh Promotion C T Evans- Welsh Drama Fund Powys Association of Voluntary Organi5ation Garfield Weslon Foundation T M Meredith Legacy Lottery Awards for All Wales Cultural Recovery Fund Lottery Community Fund Books Council of Wales Welsh Learners Grant 22.888 2,611 122,8881 2,611 127 iO.OOD 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 Page 35 conlinued...
Wales Federation of Youn Farmers Clubs Notes to the Financial Statements- continued for the Year Ended 31st March 2025 19. MOVEMENT IN FUNDS- continued Comparative net movement in funds. included in the above are as lollow5- Incoming resources Resources expended Movement in funds Unrestricted funds General Fund 398.398 1365,4641 32,934 Restricted funds Development & Welsh Promotion Powys Association of Voluntary Organisation T M Meredith Legacv Lottery- Awards for All Strategic Voluntary Youth Work Organi$3tion Wales Cultural Recovery Fund Lottery Community Fund Books Council of Wales Welsh Learners Grant 124,720 1147.6081 122.8881 11271 12,4231 17.8891 1127} 12,423} 17.889} 102.824 1102,8241 112,0001 13.3701 12,8251 11501 112,0001 340 7,175 2,350 3.710 10,000 243.754 1279.2161 135,4621 TOTAL FUNDS 642,152 1644.6801 12.5281 Page 36 continued...
Wales Federation of Youn Farmers Clubs Notes to the Financial Statements - continued for the Year Ended 31st March 2025 19. MOVEMENT IN FUNDS- Continued A current year 12 months and prior year 12 months combined position is as follows= Net movernent ID funds Transfers between funds At 31.3.25 At 1.4.23 Unrestricted funds General Fund Designated Building Modernisation Fund Oesignated IT Fund Designated Membership Form Fund Duke of Edinburgh Awards Scheme Fund Recruitment and Retention of Membership Fund Database Fund Elwyn lones Training Fund Buy a Brick Campaign 117,050 61.457 119.202 297.709 25.838 396 2.147 25.838 396 2.147 1.51x1 1,500 1.500 1.500 3,037 13,168 3.037 13.168 99,637 99.637 264,274 61,457 119,202 444.933 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 Wales Cultural Recovery Fund Moondance Foundation Lottery Community Fund Books Council of Wales Welsh Learners Grant 22,888 2.611 122,888) 2,611 127 10,000 67,884 7.889 131,202 1127) 10,000 226.189 158,305 17,8891 12,0001 1119,2021 11,828 346 3.875 2.300 12.174 3,875 2,300 254.429 126.922 1119,2021 262,149 TOTAL FUNDS 518,703 188.379 707,082 Page 37 continued...
Wales Federation of Youn Farmers Club5 Notes to the Financial Statements - continued for the Year Ended 31st March 2025 19. MOVEMENT IN FUNDS- continued A Current year 12 months and prior year 12 months tombined net movement in funds. included in the above are 35 follows.. Incoming resources Resources expended Movement in funds Unrestrlcted fund5 General Fund 747,827 1686,3701 61,457 Restricted funds Development & Welsh Promotion Powys Association of Voluntary Organi53tion T M Meredith Legacy Lottery- Awards for All Strategic Voluntary Youth Work Organisation Wales Cultural Recovery Fund Moondance Foundation Lottery Community Fund Summer of Fun Books Council of Wales We15h Learners Grant 249.439 1272.3271 122.8881 11271 14,8461 17,8891 11271 158,305 17,8891 163,151 214.995 1214.9951 112,0001 112,0001 5,000 346 5.000 10,550 9.500 iO,IXKJ 2.51KI 110,2041 19.5001 16,1251 12LNJI 3,875 2.300 665.135 1538.2131 126.922 TOTAL FUNDS 1.412.962 11.224.583) 188.379 Transfer of lunds: MoveTnent in funds includes a transfer from restricted funds to unrestricted funds in respect of the Wales Cultural Recovery Fund. The trustees are satisfied that the necessary approval has been obtained to reallocate the funds to be used by the Charity for their general charitable activities. Fund descriptions: Designated Building Modernisation Fund This is an unrestricted destgnated fund to set aside unrestricted fund5 for the modernisation of the buil(ling ir) fulure 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 is an unrestricted designated fund to set aside unrestricted funds to design and prhnt membership forms for YFC County Federations. Duke of Edinburgh Awards Fund - This is an urbrestricted designated fund to set aside unrestricted funds to cover the subscription to (leliver Duke of Edinburgh throughout ihe YFC in Wale5. Page 38 continued...
Wales Federation of Youn Farmers Clubs Notes to the Financial Statements- continued for the Year Ended 315t March 2025 19. MOVEMENT IN FUNDS- continued Recruitment and Retention of Membership Fund This is an unrestricted designated fund to set aside unrestrirted funds to conduct initial research into the re£ruitment and retention of members, in a bid to halt declining membership numbers wiihin the movement. Designated Database Fund This fund has been set up to devefop 3 detailed membership database lor county federations directly affiliated to the foundation. Designated Training Fund this is an unrèstricted fund set aside to provide ongoing training to staff and members. Development & Welsh Promotion - This 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- This is restricted for the drama competition held every three years. The winner receives all interest paid on the capital account. Garfield Weston - Restricted funds received for the development of a Rural Hub for Enterprise and Learning in the Wales YFC centre. 8uy a Bfick Campaign Funds raised during the 'Buy a Brick. campaigTTr, together with voluntary donations are designated to cover the cost of refurbishing the Wales YFC Centre. T M Meredith Legacy This is a restricted fund left in the will of the late Mi T M Meredith of Radnor which ha5 been used to purchase the head lease of the Wales YFC Centre. The fund5 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. Wale5 Cultural Recovery Fund This Welsh Government funding is to support with financial assistance as a result of the Covid-19 outbreak. SVYWO The Slrategic Voluntary Youth Work Organisation ISVYWOI Grant Scheme lor the SVYWOI (formally National Voluntary Youth Organisation INVYOI Grant will provide Core funding to support voluntary youth organi5ations, to provide and develop quality youth work opportunities for young people in Wales aged 11 to 25_ This grant is restricted to waEe% of the Wales YFC staff. Lottery Community Fund - This National Lottery funding is to fund the YFC Rural Hub project. NFU Charitable Trust - donations received from The NFU Mutual Charitable Trust are to advance the education of young people within rural areas. Books Council of Wales- This grant supports the production of literary or cultural books. The funding received through this grant scheme is restricted to 3 writing project which 15 currently ongoing with the organisation. Page 39 continued...
Wales Federation of Youn Farmers Clubs Notes to the Financial Statements- continued for the Year Ended 315t March 2025 19. MOVEMENT IN FUNDS- continued Welsh Learners Grant - This grant scheme from Gwynedd Youth Service supports the development of We15h Learners. Moondance Foundation - The Moondance Foundation offers grant5 to organi53tions and causes that provide transformational changes in communities in Wales. Wales YFC will be using the money to complete media training and for Marketing materials and equipment. In preparation for the 90th year celebrations. 20. RELATED PARTY DISCIOSURES There were no related party transartions for the yeaf ended 31st March 2025. Page 40