2024-07-31-accounts - Gwent Young Farmers Clubs

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Charity Registration No. 1178227

GWENT YOUNG FARMERS CLUBS CIO

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR FROM 1 AUGUST 2023 TO 31 JULY 2024

GWENT YOUNG FARMERS CLUBS CIO

REPORT AND FINANCIAL STATEMENTS 2024

CONTENTS
	Page
Officers and professional advisers	1
Trustees’ report	2
Independent examiner’s report	4
Statement of financial activities Balance sheet Notes to the financial statements	DRAFT 5-6 7 8-9

GWENT YOUNG FARMERS CLUBS CIO

OFFICERS AND PROFESSIONAL ADVISERS

TRUSTEES

Glyn Davies (President) Alun Morgan Chris Lewis Laura Baker Helen Hinton Trevor Bowen Sophie Madsen Sophia Vassallo Katie Matthews Andrew Watkins Kelly Whistance Thomas Berry Elizabeth Berry Alyssia Thomas Emma Davies Rhys Whittingham Gareth Price Abbie Williams Laura Bowyer Laura Morgan Rhiannon Williams

Lowri Lougher Angharad Gwillim Lucy Phillips Amy Phillips (Chair) Dan Maggs Hayley Bull

REGISTERED OFFICE

YFC Office Coleg Gwent Usk Campus Usk Monmouthshire NP15 1XJ

BANKERS

Barlcays Bank Plc 57 Frogmore Street Abergavenny Monmouthshire NP7 5AT

SOLICITORS

The Robert Davies Partnership Wentwood House Langstone Business Village Langstone Newport South Wales NP18 2HJ

ACCOUNTANTS

Green & Co Chartered Certified Accountants and Registered Auditors Pembroke House Llantarnam Park Way Cwmbran NP44 3AU

GWENT YOUNG FARMERS CLUBS CIO

TRUSTEES’ REPORT

LEGAL STATUS AND ADMINISTRATION

Gwent Young Farmers Clubs is constituted by trust deed and is a registered charity, No 1178227. The address is The YFC Office, Coleg Gwent, Usk, Monmouthshire, NP15 1XJ. The Charity Trustees, all of whom make up the Executive Committee, during the year were:

Glyn Davies (President) Huw Beavan (Vice-President) Amy Phillips (Chair) Dan Jones (Vice-Chair) Mark Taylor (Treasurer) Laura Morgan (Comps. Chair) Laura Bowyer (Ex. Chair) Alastair Morgan Rhiannon Williams

Four members of Usk, Bedwas, Wentwood, Crucorney, Abergavenny

The Trustees are appointed by the affiliated clubs on an annual basis with the change over taking place at the Executive Committee AGM held around October of each year.

CHARITABLE OBJECTS

The objective of the charity is to provide educational and social benefit to young people aged between 10 and 26 years who predominantly live in the countryside, in the old county boundary of Gwent. Activities are biased towards agricultural and countryside subjects but also include many activities that are of general appeal to young people.

GWENT YOUNG FARMERS CLUBS CIO

TRUSTEES’ REPORT (continued)

Fundraising for the Federation is dependent on the members of the affiliated clubs to arrange activities and events, with the majority of the money raised coming from the members and their families.

This year has seen a surplus whereby income exceeded expenditure by a total of £490.

Donations and sponsorship have once again been gratefully received and our thanks go to all who have donated to the Federation over the past year.

The hard work and effort of the Members, County Officers and County Organiser have kept the Federation in a safe financial position this year during difficult times. I am sure this will remain the case for next year and wish the new officers every success.

The Charity will remain affiliated to The National Federation of Young Farmers’ Clubs, which oversees and coordinates activities nationwide.

ACCOUNTANTS

Green & Co have expressed their willingness to continue as the Trust’s accountants for the forthcoming year.

Approved by the Trustees and signed on their behalf by:

....................................................................... Amy Phillips Trustee

....................................................................... Dated

INDEPENDENT EXAMINERS’ REPORT TO THE TRUSTEES OF

GWENT YOUNG FARMERS CLUBS CIO

We report on the financial statements for the year ended 31 July 2024 set out on pages 5 to 9.

Respective responsibilities of trustees and Independent Examiners

The charity's trustees are responsible for the preparation of the accounts. The charity's trustees must consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.

It is our responsibility to:

examine the accounts under section 145 of the 2011 Act;
to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
to state whether particular matters have come to our attention.

Basis of Independent Examiners Report

Our examination was carried out in accordance with the general directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below.

Independent Examiners Statement

In connection with our examination, no matter has come to our attention:

(1) which gives us reasonable cause to believe that in any material respect the requirements:

to keep accounting records in accordance with section 130 of the 2011 Act; and
to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act

have not been met; or

(2) to which, in our opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

GREEN & CO

Chartered Certified Accountants and Registered Auditors Pembroke House Llantarnam Park Way Cwmbran NP44 3AU

GWENT YOUNG FARMERS CLUBS CIO

STATEMENT OF FINANCIAL ACTIVITIES Year ended 31 July 2024

STATEMENT OF FINANCIAL ACTIVITIES Year ended 31 July 2024
		Unrestricted funds
	Note	2024	2023
		£	£
INCOMING RESOURCES
Fundraising	2	25,066	37,124
County levy		2,523	3,055
National levy		3,846	4,657
Insurance		1,323	1,602
Donations and sponsorship		4,036	9,399
Sundry income		415	127
Grants	3	13,327	6,935
Yearbook		14,670	8,220
		_______	_____
Total incoming resources		65,206	71,119
		_______	_____
RESOURCES EXPENDED
Direct Charitable expenditure
Salaries and national insurance	4	23,850	22,858
Membership costs (National)		1,736	2,920
Membership costs (Wales)		1,736	2,920
Courses, training and competition expenses		1,735	1,164
Insurance		2,093	1,803
Charitable activities	6	5,352	3,605
Donations		645	200
		_______	_____
		37,146	35,470
Other expenditure
Fundraising	5	16,510	19,951
Promotional merchandise		761	695
Telephone		257	323
Office		6,082	5,516
Insurance		30	29
Office repairs and decorations		982	1,634
Advertising		1,096	4,098
Sundry expenses		577	112
Depreciation		1,275	1,206
		______	_____
		27,570	33,564
		______	_____
Total resources expended		64,716	69,034
		_______	_____

GWENT YOUNG FARMERS CLUBS CIO

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) Year ended 31 July 2024

INCOMING RESOURCES Fundraising, grants, etc RESOURCES EXPENDED Charitable activities and other expenditure NET INCOMING/(OUTGOING) RESOURCES RECONCILIATION OF FUNDS Total funds brought forward Transfer of funds Surplus/(deficit) for the year TOTAL FUNDS CARRIED FORWARD		2024 2023 Unrestricted fund Designated fund Total funds Total Funds £ £ £ £ 65,206 - 65,206 71,119 64,716 - 64,716 69,034 490 - 490 2,085 25,000 (490) 77,878 490 102,878 100,793 490 490 2,085

		25,000 78,368 103,368 102,878

GWENT YOUNG FARMERS CLUBS CIO

BALANCE SHEET At 31 July 2024

Note FIXED ASSETS Tangible fixed assets 8 CURRENT ASSETS Barclays building/training fund – 2280 Barclays current account - 2348 Barclays premium account – 9989 Sundry debtors CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Sundry creditors NET CURRENT ASSETS TOTAL NET ASSETS Represented by: Unrestricted Funds Designated Funds TOTAL FUNDS _____		2024 £ 18,330 _ 4,159 49,337 30,692 850 __ 85,038 _ - __ 85,038 __ 103,368 __ 25,000 78,368 __ 103,368 _	2023 £ 18,985 __ 5,660 45,415 30,277 2,541 _ 83,893 __ - _ 83,893 __ 102,878 _ 25,000 77,878 __ 102,878 _
	__

These financial statements were approved by the Trustees on

....................................................................... Amy Phillips Trustee

....................................................................... Dated

The notes on pages 8, 9 and 10 form part of these accounts

GWENT YOUNG FARMERS CLUBS CIO

NOTES TO THE FINANCIAL STATEMENTS Year ended 31 July 2024

1. ACCOUNTING POLICIES

Accounting convention

The financial statements are prepared under the historical cost convention.

The financial statements are prepared in accordance with applicable accounting standards and with the Charities SORP (FRS102) - Accounting and Reporting by Charities and comply with the Charities (Accounts and Reports) Regulations 2005 issued under the Charities Act 2011.

The particular accounting policies adopted by the Trustees are described below.

Tangible fixed assets

Depreciation if provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery – 15% on cost

Funds

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Designated funds whilst expendable at the discretion of the trustees are earmarked to be used towards the training and development of members.

Incoming resources

Income is accounted for as soon as the conditions for receipt have been met and there is reasonable assurance of receipt. Investment income is accounted for when receivable.

2.

3.

FUNDRAISING EVENTS Field Day Entertainment County ball Stock Judging Harvest Supper Online Shop County Rally Calendars Misc GRANTS Monmouthshire County Council grant Wales YFC grants Welsh Language Grant Welsh Lamb Scheme GAVO Summer of Fun Grant Usk Town Council grant CF in Wales	2024 £ 1,455 4,323 2,511 - 749 912 14,462 - 655 ___ 25,066 __ 2024 £ 3,858 - 1,444 - 1,750 275 6,000 _ 13,327 ____	2023 £ 1,518 8,007 - 2,169 - 5,176 15,209 4,532 513 ______ 37,124
		__ 2023 £ 4,061 1,000 1,144 730 - - - _ 6,935 ___

GWENT FEDERATION OF YOUNG FARMERS’ CLUBS

NOTES TO THE FINANCIAL STATEMENTS Year ended 31 July 2024

4. WAGES AND SALARIES County Organiser salary Other staff 5. FUNDRAISING EXPENDITURE County rally County ball Sports Day Public Speaking Stock Judging Field Day Miscellaneous 6. EXPENDITURE ON CHARITABLE ACTIVITIES Competition Expenses New Members Event Welly Walk Dolman Theatre Wales Charity event	___	2024 £ 14,214 9,636 _ 23,850 _ 2024 £ 8,493 3,130 889 700 385 700 2,213 ___ 16,510 _ 2024 £ - 2,362 - 2,990 - _ 5,352		_	2023 £ 13,059 9,799 ____ 22,858
					_ 2023 £ 10,528 4,253 - 450 1,536 799 2,385 __ 19,951
					__ 2023 £ 3,477 - 68 - 60 __ 3,605

7. EMOLUMENTS OF TRUSTEES

No trustee received any remuneration or expenses during the period.

8. TANGIBLE FIXED ASSETS Cost At 1 August 2023 Additions At 31 July 2024 Depreciation At 1 August 2023 Charge for year At 31 July 2024 Net Book Value At 31 July 2024 At 31 July 2023	2024 £ 31,009 621 ____ 31,630
	_ 12,024 1,275 _ 13,299
	____ 18,330
	____ 18,985