## Report to the Charity Commission for the Year ending 30th June 2023 ## Objectives and Activities Radnor YFC seeks to meet the needs of rural young people through a variety of educational, training and social programmes that encourage community involvement and concern for our environment. 520 young people between the ages of 10 – 26 years have been involved in the federation during the past twelve months. The objectives of the charity are: - To advance the education and personal development of young members of the public at large in agriculture, rural life and affairs, international understanding home crafts, the environment and related subjects and; - In the interests of the social welfare of such members, to provide and promote the provision of facilities for recreation and other leisure time occupations, being facilities, which will improve their spiritual and mental capacities, health and well-being, raise awareness, self- reliance and individual responsibility so that they may develop as individuals into full citizens; - To promote its activities through the medium of Welsh and English and to ensure those activities enhance the members’ understanding and knowledge of Welsh Rural Life, Welsh Culture and the Welsh Language, along with providing an understanding of other cultures. Radnor YFC was back to running its normal calendar of events with a full year of events, competitions, training and social development of its members supported by a loyal and hardworking team of volunteers. Reserves policy - The Radnor YFC Executive committee has an agreed a reserves policy. Achievements The achievements of the federation were outlined by our County Chairman, John James. I have been a proud YFCS member since the age of 11 when I first joined Howey YFC. 18 years later with dedication, passion and a little bit of dullness along the way it is my greatest honour to be your Chairman. And what a year it has been, finally back to our first full competing year with not a single restriction in place. So where do I start, well to follow on from last year’s Rally Day hosted by Penybont YFC, we saw Radnor Valley crowned as the overall winners of the day with Knighton YFC a close 2[nd] . After the 67[th] time of running up and down the hill at Cwmfeardy, I am glad to see that this year’s rally site is on the flat! With a short rest it was on to the Royal Welsh Show, Members battled the heatwave and stiff competition coming away with a fantastic 3[rd] place overall. With Rally season and RWS over that only meant one thing, it was Matt Price’s time to hand over the reins to myself and with the new County Officials elected (Liz Swancott- Competitions Chairman, Claire James- Social and Fundraising Chairman and Anwen Hardwick- Youth Forum Chairman) we were ready to hit the ground running. I didn’t have the start to the year I quite expected when we as a federation had to cancel Kington Show Dance due to the passing of her late HRH Queen Elizabeth II. Since 1957, The Queen had been a committed patron of the Young Farmers movement and the opportunities the organisation provides to rural young people. Nationally, we entered a period a mourning for our late Monarch. October however we were fully back in action with Stock Judging Day at Rhayader Smithfield Market and Field Day hosted by Cantal YFC held by kind permission of the Samuel Family, Ffoeslaprey. Penybont YFC this time were out on top taking home the top prize with Howey YFC in 2[nd] . This year’s Senior Stockman was Thomas Swancott of Teme Valley and Junior Stockman was Lewis Bevan of Knighton YFC. To finish what was already a busy month we ended it on a high with our S&F Committee hosting their first event of the year, a Beerkeller at the Showground. With some questionable fancy dress outfits, lots of dancing on tables and surprisingly only one suspected broken bone (glad you were ok Sian Davies) the event was a huge success. Many thanks to Ted Davies of Presteigne YFC for being our master of ceremony for the evening. In November Laura Bevan (Cantal) was awarded as Radnor’s Junior Member of the Year with James Griffiths (Penybont) Radnor’s Senior Member and they both went forward to represent Radnor at Wales in March up in Bangor. Congratulations to the both of you! In Public Speaking we had teams competing all weekend and this year a proud moment for me as Chair, as Howey YFC for the first time took home the overall shield for the weekend. But a huge Congratulations must go to everyone that competed, I was so impressed with the talent I saw all weekend and you should all be extremely proud of what our members can do! An extra congratulations must also go to our Junior Public Speaking team who went forward to Wales and came a fantastic 2nd place with Tori Davies (Howey) being awarded the best speaker. They will now go on to represent Radnor (and Wales) at Nationals. Good Luck all! It was then time for Clubs to warm up their vocal cords and polish up their dance moves for the return of the Entertainment Competition. After a long two years off, our members couldn’t wait to return to the bright lights of the Albert Hall stage where we saw 280 members competing throughout the week to a sold-out theatre every night. Rhosgoch YFC for the first time in nearly 20 years. Years were crowned the winners with their play titled “Our Only Hope!” written by Nigel Protheroe. Chloe Lewis (Knighton) won the Time to Shine competition with Penybont YFC winning the One Plus competition. Just a week later and we were up in Bangor cheering on Rhosgoch at Wales where they come a very respectable 5[th] place overall. In April, I managed to escape the lambing shed for Wales Field Day where we came 4[th] overall. The highlight of the day however goes to both our Senior and Junior Fencing teams who both won overall, so there is no excuse for any fence to be held together by bailer twine in Radnor. Farming remains one of the most isolated and loneliest careers in the world and the farming community is often rocked by the devastation of lost loved ones. It is at those times that you realise the support and connections the YFC movement provides to us all not only whilst at competing age but for the rest of your life. A big part of my year has been fighting for how our members want to shape their YFC future at both Wales and National meetings. Decisions made at those levels do have a big impact on how our county calendar is run and I am so proud to see our members standing up for what they believe in for the best of the movement. Whilst the National AGM is no longer held, a farming community has come together and organised a weekend giving rural young people the chance to socialise in a safe environment with like-minded people. I was proud to see so many Radnor YFC members make the journey to Blackpool this year whilst also raising money for charity. My time as Chairman is rapidly hurtling towards the finish line, and what a journey it has been. I wouldn’t however been able to do it all without the other County Officials support, Delyth and Lauren in the Office who are continuously trying to organise me to be on time and to the Board of Management Committee and their Chair Howard Nixon. I could not have wished for a better team around me. I look forward to seeing and welcoming you all to the Chairman’s Ball on the 18[th] August to be held near Llanyre, Llandrindod Wells. All that is left for me to do, is to wish all those competing in Competitions today the very best of luck. If I can leave my year with one piece of advice for you all, it is to make sure that you take full advantage of all opportunities, as time will soon past you by- trust me I know! **REGISTERED COMPANY NUMBER: CE003999 (England and Wales) REGISTERED CHARITY NUMBER: 1161446** ## **Report of the Trustees and** ## **Unaudited Financial Statements** **for the Year Ended 30 June 2023** **for** ## **RADNOR FEDERATION OF YOUNG FARMERS CLUB** N E Sears ATT NESTAX Limited 9 Church Street Builth Wells Powys LD2 3AP **RADNOR FEDERATION OF YOUNG FARMERS CLUBS** ## **Contents of the Financial Statements FOR THE YEAR ENDED 30 JUNE 2023** |||**Page**|| |---|---|---|---| |**Report of the Trustees**||1|| |**Independent Examiner's Report**||2|| |**Statement of Financial Activities**||3|| |**Balance Sheet**|4|to|5| |**Notes to the Financial Statements**|6|to|11| |**Detailed Statement of Financial Activities**|12|to|13| **RADNOR FEDERATION OF YOUNG FARMERS CLUBS** ## **Report of the Trustees FOR THE YEAR ENDED 30 JUNE 2023** 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 30 June 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. ## **REFERENCE AND ADMINISTRATIVE DETAILS** ## **Registered Company number** CE003999 (England and Wales) ## **Registered Charity number** 1161446 ## **Registered office** Unit 5 Ddole Road Industrial Estate Llandrindod Wells Powys LD1 6DF ## **Trustees** Mrs D Powell (resigned 22.8.22) M Price (resigned 22.8.22) Mrs R Duggan (resigned 22.8.22) Miss A Hardwick J James Miss E Harris (appointed 22.8.22) ## **Independent Examiner** N E Sears ATT NESTAX Limited 9 Church Street Builth Wells Powys LD2 3AP Approved by order of the board of trustees on 22 August 2023 and signed on its behalf by: J James - Trustee Page 1 **Independent Examiner's Report to the Trustees of Radnor Federation of Young Farmers Clubs** ## **Independent examiner's report to the trustees of Radnor Federation of Young Farmers Clubs ('the Company')** I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 June 2023. ## **Responsibilities and basis of report** As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act. ## **Independent examiner's statement** I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: 1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. N E Sears ATT N E Sears ATT NESTAX Limited 9 Church Street Builth Wells Powys LD2 3AP 22 August 2023 Page 2 **RADNOR FEDERATION OF YOUNG FARMERS CLUBS** ## **Statement of Financial Activities FOR THE YEAR ENDED 30 JUNE 2023** |Unrestricted
fund
Notes
£
**INCOME AND**
**ENDOWMENTS FROM**
Donations and legacies
42,748
Other trading activities
2
126,433
Investment income
3
3,644
**Total**
172,825
**EXPENDITURE ON**
Raising funds
4
180,169
**Charitable activities**
Sundry grants paid
2,065
Other
-
**Total**
182,234
**NET**
**INCOME/(EXPENDITURE)**
(9,409)
**RECONCILIATION OF**
**FUNDS**
Total funds brought forward
186,355
**TOTAL FUNDS CARRIED**
**FORWARD**
176,946|Restricted
Endowment
fund
fund
£
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
179,447
100,000
179,447
100,000|2023
Total
funds
£
42,748
126,433
3,644
172,825
180,169
2,065
-
182,234
(9,409)
465,802
456,393|2022
Total
funds
£
40,591
57,209
1,011| |---|---|---|---| ||||98,811| ||||91,604
2,114
2,414| ||||96,132| ||||2,679
463,123| ||||465,802| The notes form part of these financial statements Page 3 **RADNOR FEDERATION OF YOUNG FARMERS CLUBS** ## **Balance Sheet 30 JUNE 2023** |Unrestricted
fund
Notes
£
**FIXED ASSETS**
Tangible assets
8
79,737
**CURRENT ASSETS**
Debtors
9
-
Cash at bank and in hand
100,718
100,718
**CREDITORS**
Amounts falling due within one
year
10
(3,509)
**NET CURRENT ASSETS**
97,209
**TOTAL ASSETS LESS**
**CURRENT LIABILITIES**
176,946
**NET ASSETS**
176,946
**FUNDS**
11
Unrestricted funds
Restricted funds
Endowment funds
**TOTAL FUNDS**|Restricted
Endowment
fund
fund
£
£
3,852
-
-
-
175,595
100,000
175,595
100,000
-
-
175,595
100,000
179,447
100,000
179,447
100,000|2023
Total
funds
£
83,589
-
376,313
376,313
(3,509)
372,804
456,393
456,393
176,946
179,447
100,000
456,393|2022
Total
funds
£
86,827
1,500
386,215
387,715
(8,740)
378,975
465,802
465,802
186,355
179,447
100,000| |---|---|---|---| ||||465,802| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023. The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for - (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and - (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. The notes form part of these financial statements continued... Page 4 ## **RADNOR FEDERATION OF YOUNG FARMERS CLUBS** **Balance Sheet - continued 30 JUNE 2023** These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue on 22 August 2023 and were signed on its behalf by: J James - Trustee The notes form part of these financial statements Page 5 **RADNOR FEDERATION OF YOUNG FARMERS CLUBS** ## **Notes to the Financial Statements FOR THE YEAR ENDED 30 JUNE 2023** ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. ## **Income** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. ## **Expenditure** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. ## **Tangible fixed assets** Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. ## **Taxation** The charity is exempt from corporation tax on its charitable activities. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ## **Hire purchase and leasing commitments** Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease. Page 6 continued... **RADNOR FEDERATION OF YOUNG FARMERS CLUBS** ## **Notes to the Financial Statements - continued FOR THE YEAR ENDED 30 JUNE 2023** |**2.**
**OTHER TRADING ACTIVITIES**
Activities & fundraising
Youth Forum shop income
Wales YFC
200 Club
**3.**
**INVESTMENT INCOME**
Room hire
Bank interest received
**4.**
**RAISING FUNDS**
**Raising donations and legacies**
Staff costs
Equipment rental
Premises costs
Telephone
Office, IT and advert costs
Sundries
Depreciation
Levy
Support costs
**5.**
**NET INCOME/(EXPENDITURE)**
Net income/(expenditure) is stated after charging/(crediting):
Depreciation - owned assets
Equipment rental|2023
£
119,445
2,386
2,144
2,458
126,433
2023
£
1,099
2,545
3,644
2023
£
43,603
631
2,184
1,337
3,968
1,911
3,238
14,153
3,678
74,703
2023
£
3,238
631||2022
£
53,612
-
1,170
2,427| |---|---|---|---| ||||57,209| ||||2022
£
-
1,011
1,011
2022
£
37,413
858
1,726
1,200
655
869
3,740
3,307
-| ||||49,768| ||||2022
£
3,740
858| continued... Page 7 **RADNOR FEDERATION OF YOUNG FARMERS CLUBS** ## **Notes to the Financial Statements - continued FOR THE YEAR ENDED 30 JUNE 2023** ## **6. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 30 June 2023 nor for the year ended 30 June 2022. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 30 June 2023 nor for the year ended 30 June 2022. ## **7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** |Unrestricted
fund
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
40,591
Other trading activities
57,209
Investment income
822
**Total**
98,622
**EXPENDITURE ON**
Raising funds
91,604
**Charitable activities**
Sundry grants paid
2,114
Other
2,414
**Total**
96,132
**NET INCOME**
2,490
**Transfers between funds**
189
**Net movement in funds**
2,679
**RECONCILIATION OF FUNDS**
Total funds brought forward
183,676
**TOTAL FUNDS CARRIED FORWARD**
186,355|Restricted
Endowment
fund
fund
£
£
-
-
-
-
-
189
-
189
-
-
-
-
-
-
-
-
-
189
-
(189)
-
-
179,447
100,000
179,447
100,000|Total
funds
£
40,591
57,209
1,011| |---|---|---| |||98,811| |||91,604
2,114
2,414| |||96,132| |||2,679
-| |||2,679
463,123| |||465,802| continued... Page 8 **RADNOR FEDERATION OF YOUNG FARMERS CLUBS** ## **Notes to the Financial Statements - continued FOR THE YEAR ENDED 30 JUNE 2023** |**8.**
**TANGIBLE FIXED ASSETS**
Freehold
property
£
**COST**
At 1 July 2022 and 30 June 2023
83,187
**DEPRECIATION**
At 1 July 2022
3,990
Charge for year
1,330
At 30 June 2023
5,320
**NET BOOK VALUE**
At 30 June 2023
77,867
At 30 June 2022
79,197
**9.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other debtors
**10.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade creditors
**11.**
**MOVEMENT IN FUNDS**
At 1.7.22
£
**Unrestricted funds**
General fund
186,355
**Restricted funds**
Restricted fund
179,447
**Endowment funds**
Endowment fund
100,000
**TOTAL FUNDS**
465,802|Plant and
machinery
£
16,801
9,171
1,908
11,079
5,722
7,630
2023
£
-
2023
£
3,509
Net
movement
in funds
£
(9,409)
-
-
(9,409)|Totals
£
99,988
13,161
3,238
16,399
83,589
86,827
2022
£
1,500
2022
£
8,740
At
30.6.23
£
176,946
179,447
100,000|Totals
£
99,988|Totals
£
99,988| |---|---|---|---|---| ||||13,161
3,238|| ||||16,399|| ||||83,589|| ||||86,827|| |||||2022
£
1,500| |||||2022
£
8,740| |||456,393||| continued... Page 9 **RADNOR FEDERATION OF YOUNG FARMERS CLUBS** ## **Notes to the Financial Statements - continued FOR THE YEAR ENDED 30 JUNE 2023** ## **11. MOVEMENT IN FUNDS - continued** Net movement in funds, included in the above are as follows: |**Unrestricted funds**
General fund
**TOTAL FUNDS**|Incoming
resources
£
172,825
172,825|Resources
Movement
expended
in funds
£
£
(182,234)
(9,409)
(182,234)
(9,409)| |---|---|---| ## **Comparatives for movement in funds** |Net
movement
At 1.7.21
in funds
£
£
**Unrestricted funds**
General fund
183,676
2,490
**Restricted funds**
Restricted fund
179,447
-
**Endowment funds**
Endowment fund
100,000
189
**TOTAL FUNDS**
463,123
2,679
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
98,622
**Endowment funds**
Endowment fund
189
**TOTAL FUNDS**
98,811|Transfers
between
At
funds
30.6.22
£
£
189
186,355
-
179,447
(189)
100,000
-
465,802
Resources
Movement
expended
in funds
£
£
(96,132)
2,490
-
189
(96,132)
2,679| |---|---| continued... Page 10 **RADNOR FEDERATION OF YOUNG FARMERS CLUBS** ## **Notes to the Financial Statements - continued FOR THE YEAR ENDED 30 JUNE 2023** ## **11. MOVEMENT IN FUNDS - continued** A current year 12 months and prior year 12 months combined position is as follows: |**Unrestricted funds**
General fund
**Restricted funds**
Restricted fund
**Endowment funds**
Endowment fund
**TOTAL FUNDS**|At 1.7.21
£
183,676
179,447
100,000
463,123|Net
movement
in funds
£
(6,919)
-
189
(6,730)|Transfers
between
funds
£
189
-
(189)
-|At
30.6.23
£
176,946
179,447
100,000| |---|---|---|---|---| |||||456,393| A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |**Unrestricted funds**
General fund
**Endowment funds**
Endowment fund
**TOTAL FUNDS**|Incoming
resources
£
271,447
189
271,636|Resources
Movement
expended
in funds
£
£
(278,366)
(6,919)
-
189
(278,366)
(6,730)| |---|---|---| ## **12. RELATED PARTY DISCLOSURES** There were no related party transactions for the year ended 30 June 2023. Page 11 **RADNOR FEDERATION OF YOUNG FARMERS CLUBS** ## **Detailed Statement of Financial Activities FOR THE YEAR ENDED 30 JUNE 2023** |**INCOME AND ENDOWMENTS**
**Donations and legacies**
Donations
Levy income
Grants
**Other trading activities**
Activities & fundraising
Youth Forum shop income
Wales YFC
200 Club
**Investment income**
Room hire
Bank interest received
**Total incoming resources**
**EXPENDITURE**
**Raising donations and legacies**
Wages
Repairs & maintenance
Equipment rental
Premises costs
Telephone
Office, IT and advert costs
Sundries
Freehold property
Plant and machinery
Levy
**Other trading activities**
Fund raising costs
200 Club prizes
**Charitable activities**
Grants to institutions
Carried forward|2023
£
550
8,713
33,485
42,748
119,445
2,386
2,144
2,458
126,433
1,099
2,545
3,644
172,825
42,253
1,350
631
2,184
1,337
3,968
1,911
1,330
1,908
14,153
71,025
105,091
375
105,466
560
560|2022
£
-
3,205
37,386| |---|---|---| |||40,591
53,612
-
1,170
2,427| |||57,209
-
1,011| |||1,011| |||98,811
36,745
668
858
1,726
1,200
655
869
1,330
2,410
3,307| |||49,768
40,761
1,075| |||41,836
500
500| This page does not form part of the statutory financial statements Page 12 **RADNOR FEDERATION OF YOUNG FARMERS CLUBS** ## **Detailed Statement of Financial Activities FOR THE YEAR ENDED 30 JUNE 2023** |**Charitable activities**
Brought forward
Grants to individuals
**Support costs**
**Governance costs**
Bank charges
Honorarium
Accountancy
Total resources expended
**Net (expenditure)/income**|2023
£
560
500
1,060
1,005
560
3,118
4,683
182,234
(9,409)|2022
£
500
1,614| |---|---|---| |||2,114
534
560
1,320| |||2,414| |||96,132| |||2,679| This page does not form part of the statutory financial statements Page 13 **REGISTERED COMPANY NUMBER: CE003999 (England and Wales) REGISTERED CHARITY NUMBER: 1161446** ## **Report of the Trustees and** ## **Unaudited Financial Statements** **for the Year Ended 30 June 2023** **for** ## **RADNOR FEDERATION OF YOUNG FARMERS CLUB** N E Sears ATT NESTAX Limited 9 Church Street Builth Wells Powys LD2 3AP **RADNOR FEDERATION OF YOUNG FARMERS CLUBS** ## **Contents of the Financial Statements FOR THE YEAR ENDED 30 JUNE 2023** |||**Page**|| |---|---|---|---| |**Report of the Trustees**||1|| |**Independent Examiner's Report**||2|| |**Statement of Financial Activities**||3|| |**Balance Sheet**|4|to|5| |**Notes to the Financial Statements**|6|to|11| |**Detailed Statement of Financial Activities**|12|to|13| **RADNOR FEDERATION OF YOUNG FARMERS CLUBS** ## **Report of the Trustees FOR THE YEAR ENDED 30 JUNE 2023** 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 30 June 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. ## **REFERENCE AND ADMINISTRATIVE DETAILS** ## **Registered Company number** CE003999 (England and Wales) ## **Registered Charity number** 1161446 ## **Registered office** Unit 5 Ddole Road Industrial Estate Llandrindod Wells Powys LD1 6DF ## **Trustees** Mrs D Powell (resigned 22.8.22) M Price (resigned 22.8.22) Mrs R Duggan (resigned 22.8.22) Miss A Hardwick J James Miss E Harris (appointed 22.8.22) ## **Independent Examiner** N E Sears ATT NESTAX Limited 9 Church Street Builth Wells Powys LD2 3AP Approved by order of the board of trustees on 22 August 2023 and signed on its behalf by: J James - Trustee Page 1 **Independent Examiner's Report to the Trustees of Radnor Federation of Young Farmers Clubs** ## **Independent examiner's report to the trustees of Radnor Federation of Young Farmers Clubs ('the Company')** I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 June 2023. ## **Responsibilities and basis of report** As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act. ## **Independent examiner's statement** I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: 1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. N E Sears ATT N E Sears ATT NESTAX Limited 9 Church Street Builth Wells Powys LD2 3AP 22 August 2023 Page 2 **RADNOR FEDERATION OF YOUNG FARMERS CLUBS** ## **Statement of Financial Activities FOR THE YEAR ENDED 30 JUNE 2023** |Unrestricted
fund
Notes
£
**INCOME AND**
**ENDOWMENTS FROM**
Donations and legacies
42,748
Other trading activities
2
126,433
Investment income
3
3,644
**Total**
172,825
**EXPENDITURE ON**
Raising funds
4
180,169
**Charitable activities**
Sundry grants paid
2,065
Other
-
**Total**
182,234
**NET**
**INCOME/(EXPENDITURE)**
(9,409)
**RECONCILIATION OF**
**FUNDS**
Total funds brought forward
186,355
**TOTAL FUNDS CARRIED**
**FORWARD**
176,946|Restricted
Endowment
fund
fund
£
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
179,447
100,000
179,447
100,000|2023
Total
funds
£
42,748
126,433
3,644
172,825
180,169
2,065
-
182,234
(9,409)
465,802
456,393|2022
Total
funds
£
40,591
57,209
1,011| |---|---|---|---| ||||98,811| ||||91,604
2,114
2,414| ||||96,132| ||||2,679
463,123| ||||465,802| The notes form part of these financial statements Page 3 **RADNOR FEDERATION OF YOUNG FARMERS CLUBS** ## **Balance Sheet 30 JUNE 2023** |Unrestricted
fund
Notes
£
**FIXED ASSETS**
Tangible assets
8
79,737
**CURRENT ASSETS**
Debtors
9
-
Cash at bank and in hand
100,718
100,718
**CREDITORS**
Amounts falling due within one
year
10
(3,509)
**NET CURRENT ASSETS**
97,209
**TOTAL ASSETS LESS**
**CURRENT LIABILITIES**
176,946
**NET ASSETS**
176,946
**FUNDS**
11
Unrestricted funds
Restricted funds
Endowment funds
**TOTAL FUNDS**|Restricted
Endowment
fund
fund
£
£
3,852
-
-
-
175,595
100,000
175,595
100,000
-
-
175,595
100,000
179,447
100,000
179,447
100,000|2023
Total
funds
£
83,589
-
376,313
376,313
(3,509)
372,804
456,393
456,393
176,946
179,447
100,000
456,393|2022
Total
funds
£
86,827
1,500
386,215
387,715
(8,740)
378,975
465,802
465,802
186,355
179,447
100,000| |---|---|---|---| ||||465,802| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023. The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for - (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and - (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. The notes form part of these financial statements continued... Page 4 ## **RADNOR FEDERATION OF YOUNG FARMERS CLUBS** **Balance Sheet - continued 30 JUNE 2023** These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue on 22 August 2023 and were signed on its behalf by: J James - Trustee The notes form part of these financial statements Page 5 **RADNOR FEDERATION OF YOUNG FARMERS CLUBS** ## **Notes to the Financial Statements FOR THE YEAR ENDED 30 JUNE 2023** ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. ## **Income** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. ## **Expenditure** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. ## **Tangible fixed assets** Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. ## **Taxation** The charity is exempt from corporation tax on its charitable activities. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ## **Hire purchase and leasing commitments** Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease. Page 6 continued... **RADNOR FEDERATION OF YOUNG FARMERS CLUBS** ## **Notes to the Financial Statements - continued FOR THE YEAR ENDED 30 JUNE 2023** |**2.**
**OTHER TRADING ACTIVITIES**
Activities & fundraising
Youth Forum shop income
Wales YFC
200 Club
**3.**
**INVESTMENT INCOME**
Room hire
Bank interest received
**4.**
**RAISING FUNDS**
**Raising donations and legacies**
Staff costs
Equipment rental
Premises costs
Telephone
Office, IT and advert costs
Sundries
Depreciation
Levy
Support costs
**5.**
**NET INCOME/(EXPENDITURE)**
Net income/(expenditure) is stated after charging/(crediting):
Depreciation - owned assets
Equipment rental|2023
£
119,445
2,386
2,144
2,458
126,433
2023
£
1,099
2,545
3,644
2023
£
43,603
631
2,184
1,337
3,968
1,911
3,238
14,153
3,678
74,703
2023
£
3,238
631||2022
£
53,612
-
1,170
2,427| |---|---|---|---| ||||57,209| ||||2022
£
-
1,011
1,011
2022
£
37,413
858
1,726
1,200
655
869
3,740
3,307
-| ||||49,768| ||||2022
£
3,740
858| continued... Page 7 **RADNOR FEDERATION OF YOUNG FARMERS CLUBS** ## **Notes to the Financial Statements - continued FOR THE YEAR ENDED 30 JUNE 2023** ## **6. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 30 June 2023 nor for the year ended 30 June 2022. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 30 June 2023 nor for the year ended 30 June 2022. ## **7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** |Unrestricted
fund
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
40,591
Other trading activities
57,209
Investment income
822
**Total**
98,622
**EXPENDITURE ON**
Raising funds
91,604
**Charitable activities**
Sundry grants paid
2,114
Other
2,414
**Total**
96,132
**NET INCOME**
2,490
**Transfers between funds**
189
**Net movement in funds**
2,679
**RECONCILIATION OF FUNDS**
Total funds brought forward
183,676
**TOTAL FUNDS CARRIED FORWARD**
186,355|Restricted
Endowment
fund
fund
£
£
-
-
-
-
-
189
-
189
-
-
-
-
-
-
-
-
-
189
-
(189)
-
-
179,447
100,000
179,447
100,000|Total
funds
£
40,591
57,209
1,011| |---|---|---| |||98,811| |||91,604
2,114
2,414| |||96,132| |||2,679
-| |||2,679
463,123| |||465,802| continued... Page 8 **RADNOR FEDERATION OF YOUNG FARMERS CLUBS** ## **Notes to the Financial Statements - continued FOR THE YEAR ENDED 30 JUNE 2023** |**8.**
**TANGIBLE FIXED ASSETS**
Freehold
property
£
**COST**
At 1 July 2022 and 30 June 2023
83,187
**DEPRECIATION**
At 1 July 2022
3,990
Charge for year
1,330
At 30 June 2023
5,320
**NET BOOK VALUE**
At 30 June 2023
77,867
At 30 June 2022
79,197
**9.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other debtors
**10.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade creditors
**11.**
**MOVEMENT IN FUNDS**
At 1.7.22
£
**Unrestricted funds**
General fund
186,355
**Restricted funds**
Restricted fund
179,447
**Endowment funds**
Endowment fund
100,000
**TOTAL FUNDS**
465,802|Plant and
machinery
£
16,801
9,171
1,908
11,079
5,722
7,630
2023
£
-
2023
£
3,509
Net
movement
in funds
£
(9,409)
-
-
(9,409)|Totals
£
99,988
13,161
3,238
16,399
83,589
86,827
2022
£
1,500
2022
£
8,740
At
30.6.23
£
176,946
179,447
100,000|Totals
£
99,988|Totals
£
99,988| |---|---|---|---|---| ||||13,161
3,238|| ||||16,399|| ||||83,589|| ||||86,827|| |||||2022
£
1,500| |||||2022
£
8,740| |||456,393||| continued... Page 9 **RADNOR FEDERATION OF YOUNG FARMERS CLUBS** ## **Notes to the Financial Statements - continued FOR THE YEAR ENDED 30 JUNE 2023** ## **11. MOVEMENT IN FUNDS - continued** Net movement in funds, included in the above are as follows: |**Unrestricted funds**
General fund
**TOTAL FUNDS**|Incoming
resources
£
172,825
172,825|Resources
Movement
expended
in funds
£
£
(182,234)
(9,409)
(182,234)
(9,409)| |---|---|---| ## **Comparatives for movement in funds** |Net
movement
At 1.7.21
in funds
£
£
**Unrestricted funds**
General fund
183,676
2,490
**Restricted funds**
Restricted fund
179,447
-
**Endowment funds**
Endowment fund
100,000
189
**TOTAL FUNDS**
463,123
2,679
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
98,622
**Endowment funds**
Endowment fund
189
**TOTAL FUNDS**
98,811|Transfers
between
At
funds
30.6.22
£
£
189
186,355
-
179,447
(189)
100,000
-
465,802
Resources
Movement
expended
in funds
£
£
(96,132)
2,490
-
189
(96,132)
2,679| |---|---| continued... Page 10 **RADNOR FEDERATION OF YOUNG FARMERS CLUBS** ## **Notes to the Financial Statements - continued FOR THE YEAR ENDED 30 JUNE 2023** ## **11. MOVEMENT IN FUNDS - continued** A current year 12 months and prior year 12 months combined position is as follows: |**Unrestricted funds**
General fund
**Restricted funds**
Restricted fund
**Endowment funds**
Endowment fund
**TOTAL FUNDS**|At 1.7.21
£
183,676
179,447
100,000
463,123|Net
movement
in funds
£
(6,919)
-
189
(6,730)|Transfers
between
funds
£
189
-
(189)
-|At
30.6.23
£
176,946
179,447
100,000| |---|---|---|---|---| |||||456,393| A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |**Unrestricted funds**
General fund
**Endowment funds**
Endowment fund
**TOTAL FUNDS**|Incoming
resources
£
271,447
189
271,636|Resources
Movement
expended
in funds
£
£
(278,366)
(6,919)
-
189
(278,366)
(6,730)| |---|---|---| ## **12. RELATED PARTY DISCLOSURES** There were no related party transactions for the year ended 30 June 2023. Page 11 **RADNOR FEDERATION OF YOUNG FARMERS CLUBS** ## **Detailed Statement of Financial Activities FOR THE YEAR ENDED 30 JUNE 2023** |**INCOME AND ENDOWMENTS**
**Donations and legacies**
Donations
Levy income
Grants
**Other trading activities**
Activities & fundraising
Youth Forum shop income
Wales YFC
200 Club
**Investment income**
Room hire
Bank interest received
**Total incoming resources**
**EXPENDITURE**
**Raising donations and legacies**
Wages
Repairs & maintenance
Equipment rental
Premises costs
Telephone
Office, IT and advert costs
Sundries
Freehold property
Plant and machinery
Levy
**Other trading activities**
Fund raising costs
200 Club prizes
**Charitable activities**
Grants to institutions
Carried forward|2023
£
550
8,713
33,485
42,748
119,445
2,386
2,144
2,458
126,433
1,099
2,545
3,644
172,825
42,253
1,350
631
2,184
1,337
3,968
1,911
1,330
1,908
14,153
71,025
105,091
375
105,466
560
560|2022
£
-
3,205
37,386| |---|---|---| |||40,591
53,612
-
1,170
2,427| |||57,209
-
1,011| |||1,011| |||98,811
36,745
668
858
1,726
1,200
655
869
1,330
2,410
3,307| |||49,768
40,761
1,075| |||41,836
500
500| This page does not form part of the statutory financial statements Page 12 **RADNOR FEDERATION OF YOUNG FARMERS CLUBS** ## **Detailed Statement of Financial Activities FOR THE YEAR ENDED 30 JUNE 2023** |**Charitable activities**
Brought forward
Grants to individuals
**Support costs**
**Governance costs**
Bank charges
Honorarium
Accountancy
Total resources expended
**Net (expenditure)/income**|2023
£
560
500
1,060
1,005
560
3,118
4,683
182,234
(9,409)|2022
£
500
1,614| |---|---|---| |||2,114
534
560
1,320| |||2,414| |||96,132| |||2,679| This page does not form part of the statutory financial statements Page 13