**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
1
## **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.
2
## **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
3
## **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
4
**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|
|||_____________|___________|
5
**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**|
6
## **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
7
## **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
____________|
8
**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.
9
|**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|
10