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2021-03-31-accounts

Charity number: 1180654

MONTGOMERY YOUNG FARMERS CLUBS UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

MONTGOMERY YOUNG FARMERS CLUBS

CONTENTS

Page
Reference and administrative details of the Charity, its Trustees and advisers 12
Trustees' report3 2
Independent examiner's report 9
Statement of financial activities 10
Balance sheet 10
Notes to the financial statements 12 - 22

MONTGOMERY YOUNG FARMERS CLUBS

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2021

Trustees

Mrs S Lewis (appointed 1 April 2020) Mrs C Morgan (appointed 1 April 2020) Mrs A Orrells (appointed 24 September 2020) Mr A Jones (appointed 1 April 2020) Mr M Jones (appointed 1 April 2020) Miss B Wilson (appointed 1 April 2020) Mr A Rees (appointed 1 April 2020) Mr H Jones (appointed 1 April 2020) Mr J Hughes (appointed 19 November 2020) Mrs C Mountford (appointed 1 April 2020) Miss N Jones (appointed 19 November 2020) Mr S Lloyd-Evans (appointed 19 November 2020) Miss E Lewis (appointed 19 November 2020) Miss G Owen (appointed 1 April 2020) Miss L Jones (appointed 1 April 2020) Miss S Morris (appointed 24 September 2020) Miss B Tilsley (appointed 24 September 2020) Miss E Lewis (appointed 19 November 2020) Miss F Smith (appointed 19 November 2020) Miss S Mills (appointed 19 November 2020) Miss E Harding (appointed 19 November 2020) Miss J Wilson (appointed 1 April 2020)

Miss E Woodall (appointed 19 November 2020) Miss E A Evans (appointed 19 November 2020) Miss E H Williams (appointed 1 April 2020) Miss D Roberts (appointed 1 April 2020) Mr H Gardner (appointed 19 November 2020) Miss L Morgan (appointed 19 November 2020) Mr I Huws (appointed 19 November 2020) Mr S Edwards (appointed 19 November 2020) Miss M Edwards (appointed 19 November 2020) Mr T Horn (appointed 1 April 2020) Mr A Burgoyne (appointed 1 April 2020) Mr D Dart (appointed 1 April 2020) Mr R Wood (appointed 1 April 2020) Miss S Jerman (appointed 1 April 2020) Mrs H Jerman (appointed 19 November 2020) Miss C Lewis (appointed 1 April 2020) Miss K Watkin (appointed 1 April 2020) Miss S Lewis (appointed 19 November 2020) Miss J Andrews (appointed 19 November 2020) Miss M Morris (appointed 19 November 2020) Mr H George (appointed 19 November 2020) Miss J Gethin (appointed 19 November 2020) Miss C Owen (appointed 1 April 2020) Miss J Banks (appointed 1 April 2020) Miss H Page (appointed 1 April 2020) Miss E Evans (appointed 19 November 2020) Miss C Jenkins (appointed 1 April 2020)

Page 1

MONTGOMERY YOUNG FARMERS CLUBS

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Mr T Lewis (appointed 1 April 2020) Miss E Orrells (appointed 19 November 2020) Mr S Watkins (appointed 19 November 2020) Miss G Potter (appointed 19 November 2020)

Charity registered number 1180654 Principal office First Floor WLS Ltd Buttington Cross Welshpool Powys SY21 8SR Financial Administrator Mrs Sandra Bailey Accountants WR Partners Belmont House Shrewsbury Business Park Shrewsbury Shropshire SY2 6LG Bankers Barclays Bank Plc 3 Cross Street Newtown SY16 2AJ TRUSTEES' REPORT

The Trustees present their annual report together with the financial statements of the Charity for the year 1 April 2020 to 31 March 2021.

The Trustees confirm that the Annual Report and Financial Statements of the charity comply with the current statutory requirements, the requirements of the charity’s governing document and the provisions of the Statement of Recommended Practise (SORP), applicable to charities preparing their accounts in accordance with the second edition Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

The charity also trades under the name Mudiad Clybiau Ffermwyr Ieuainc Maldwyn.

Objectives and activities

a. Policies and objectives

Page 2

MONTGOMERY YOUNG FARMERS CLUBS

FOR THE YEAR ENDED 31 MARCH 2021

We have referred to the revised guidance contained in the Charity Commission’s general guidance on public

benefit when reviewing our objectives and aims and in planning our future activities. The Trustees consider how planned activities will contribute to the aims and objectives they have set.

Montgomery Young Farmers Clubs (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. Over 220 young people have been involved in the organisation during the past twelve months, all of whom are aged between 10 and 27 years.

The objectives of the charity are:

b. Public Benefit

Page 3

MONTGOMERY YOUNG FARMERS CLUBS

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

Objectives and activities (continued)

Achievements and performance

a. Main achievements of the Charity

Over the last twelve months the Federation has strived to further develop and enhance the programme of work offered, thus ensuring that our objectives are met through our democratic structure whilst providing members with a social environment in which to further their personal development.

The bilingual policy operated by the County gives every member the opportunity to express him or herself fully in the language of their choice, and a strong emphasis is placed wherever possible on providing an awareness of Welsh culture – rural and otherwise.

Looking forward over the next twelve months, Montgomery YFC will be responsible for implementing further decisions approved within the financial year ending 31st March 2021. This work will include:

The Trustees wish to highlight the financial support of the sponsors of Montgomery YFC through a number of partnerships and grant programmes.

Social Education

Social education is the essence of all YFC activities, enabling young people to improve existing skills, develop new skills and to blossom as individuals. The heart of the Young Farmers movement is to provide opportunities that are enjoyable. All events and activities are organised by committees that are made up of members aged 10 – 27. It is considered a strength that the movement is ran by members for the members.

The Covid-19 pandemic has had a huge impact on the programme of events and competitions and therefore the usual County activities in the calendar were postponed. Throughout the year as many opportunities as possible were offered in virtual form, including a Virtual Winter Fair, Eisteddfod and Rally, amongst other activities. An incredible 270 entries were received for the Virtual Eisteddfod.

In April, the Junior and Senior Members of the Year interviews took place where the standard was once again extremely high.

Following county competitions many individuals and teams went on to represent Montgomery YFC at all Wales YFC and National YFC competitions, where several more successes were brought to the county.

This period of uncertainty has demonstrated the importance of staying connected and keeping in contact with YFC friends. The Zoom accounts have enabled clubs to have access to a platform to communicate with members and continue with club operations online.

Achievements and performance (continued)

Page 4

MONTGOMERY YOUNG FARMERS CLUBS

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

Administration

Membership

Achievements and performance (continued)

b. Federation's Priorities

Page 5

MONTGOMERY YOUNG FARMERS CLUBS

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

Going forward, the federation will need to recover from the implications presented by Covid-19 and ensure that YFC remains at the forefront of activities for members, by implementing opportunities and competitions and with the hope of returning to the YFC programme as we know it in the near future.

The federation is always mindful of membership figures and aims to increase these each year. As the pandemic has had a huge impact on figures, membership recruitment and retention will be a priority for the Federation this year.

The federation is in the final stages of developing the new office accommodation at Welshpool Livestock Sales.

Powys County Council has agreed to continue to support the movement going forward in the form of a grant on an annual review basis.

The federation will continue to concentrate on sustainability and financial position and this is being achieved collectively through the Board of Management committee by making calculated, short-term investments of any surplus funds. Financial review

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

b. Reserves policy

The Trustees, together with the Board of Management, have approved a reserves policy whereby unrestricted funds not committed or invested in tangible or fixed assets (i.e. free reserves) held by the charity should be sufficient to maintain the operation of the charity in the foreseeable future and for a period of at least 12 months in respect of operating costs. These are estimated to be approximately £172k.

The committee designated £100,000 towards the development of the organisation to secure the future of the movement and to cover the costs of the transition of the charity towards a CIO and new office accommodation. Following expenditure outgoings in the past two years, this figure is reduced to £47,437 (includes £36,000 for long term leases).

Free reserves at 31 March 2021 are £170,098 (2020: £219,153), calculated as the unrestricted funds, less designated funds and the tangible fixed assets and taking into account an expected loss during 2021/22 of £20,000.

Financial review (continued)

Structure, governance and management

a. Constitution

Page 6

MONTGOMERY YOUNG FARMERS CLUBS

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

The charity is governed by rules and a constitution and is registered with the Charity Commission No 1180654

.

The principal object of the charity is the provision and promotion of facilities for young people to assist in their development through competitive and social activities, education and training. The organisation facilitates recreation and other leisure time occupation to improve the condition of the lives of young people and aiding sustainability in rural communities.

b. Methods of appointment or election of Trustees

The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.

c. Induction and Training of Trustees

The Trustees of the Montgomery Federation of YFC are nominated at meetings of the Montgomery YFC County Executive Committee. These nominations are then taken to the Annual General Meeting where new Trustees are nominated and voted into the office. All Montgomery YFC Trustees have an in depth knowledge of the organisation and have held other official positions for a number of years.

d. Organisational Structure

The administration of the charity is vested in the Executive Committee of Montgomery YFC and SubCommittees formed by the discretion of the Montgomery YFC Executive. For the financial year ended 31 March 2021 the following Sub-Committees operated and reported back to the Montgomery Executive:

A County Development Officer is appointed by the Montgomery YFC Executive to manage the day to day operations of the charity.

e. Financial risk management

The major risks to which the charity is exposed, as identified by the Trustees, have been reviewed and systems have been established to mitigate those risks. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.

Structure, governance and management (continued)

f. Covid 19

Like the Country, Montgomery YFC has been hugely impacted by the Covid-19 pandemic. The Trustees have assessed the potential impact on the future operations of the charity, taking into account its underlying financial

Page 7

MONTGOMERY YOUNG FARMERS CLUBS

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

resources and strength. They have taken proactive steps to manage the financial consequences to help ease the impact of the Coronavirus outbreak. The Trustees consider the charity to be well positioned to manage the current situation and secure operations into the future.

Statement of Trustees' responsibilities

The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the members of the board of Trustees and signed on their behalf by:

Bryony Wilson County Chairman Date: 13/08/2021

Page 8

MONTGOMERY YOUNG FARMERS CLUBS

INDEPENDENT EXAMINER'S REPORT

FOR THE YEAR ENDED 31 MARCH 2021

Independent Examiner's Report to the Trustees of Montgomery Young Farmers Clubs ('the Charity')

I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 March 2021.

Responsibilities and Basis of Report

As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').

I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent Examiner's Statement

Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

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 that in any material respect:

  1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.

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.

Signed: J Tweedie WR Partners Chartered Accountants Shrewsbury

Dated: BSc FCA DChA

Page 9

MONTGOMERY YOUNG FARMERS CLUBS

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 MARCH 2021

Income from:
Note
Donations and legacies
3
Charitable activities
4
Investments
5
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Restricted
funds
2021
£
5,704
5,944
-		 Unrestricted
funds 2021
£
14,857
11,878
2,401
-
71,193
280,909
(42,057)
29,136
238,852
71,193
(42,057)		 Unrestricted
funds 2021
£
14,857
11,878
2,401
-
71,193
280,909
(42,057)
29,136
238,852
71,193
(42,057)		 Total
funds
2021
£
20,561
17,822
2,401		 Total
funds
2020
£
36,340
105,368
1,847
705
172,073
310,132
(29,223)
143,555
280,909
172,778
(29,223)
11,648 29,136 40,784
1,332
5,944
-
4,372
7,276
4,372		 -
71,193
280,909
(42,057)
71,193
(42,057)		 1,332
77,137
280,909
(37,685)
78,469
(37,685)
4,372 238,852 243,224

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 12 to 22 form part of these financial statements.

BALANCE SHEET

AS AT 31 MARCH 2021

2021 2020
Note £ £
Fixed assets
Tangible assets 10 1,317 1,756

Page 10

MONTGOMERY YOUNG FARMERS CLUBS

Current assets
Debtors
11
Cash at bank and in hand
Creditors: amounts falling due within one
year
12
Net current assets
Total net assets
Charity funds
Restricted funds
13
Unrestricted funds
13
Total funds		 240
243,467
243,707
(1,800)		 1,317
4,372
238,852
243,224
241,907
243,224		 2,836
281,642
284,478
(5,325)		 1,756
-
280,909
280,909
279,153
280,909

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Bryony Wilson County Chairman Date: 13/08/2021

The notes on pages 12 to 22 form part of these financial statements.

Page 11

MONTGOMERY YOUNG FARMERS CLUBS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1. General information

Montgomershire Federation of Young Farmers' Clubs constitutes a public benefit entity as defined by FRS 102.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements 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 second edition Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

Montgomery Young Farmers Clubs meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

2.3 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

Page 12

MONTGOMERY YOUNG FARMERS CLUBS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

All expenditure is inclusive of irrecoverable VAT.

2. Accounting policies (continued)

2.4 Tangible fixed assets and depreciation

Tangible fixed assets of a capital nature are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, .

Depreciation is provided on the following basis:

Plant and machinery - 25% reducing balance

2.5 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.6 Cash at bank and in hand

Cash at bank and 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 similar account.

2.7 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

2.8 Pensions

2.

The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year. Accounting policies (continued)

2.9 Fund accounting

Page 13

MONTGOMERY YOUNG FARMERS CLUBS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

3. Income from donations and legacies

Restricted Unrestricted TotalTotalfunds funds Restricted Unrestricted TotalTotalfunds funds Restricted Unrestricted TotalTotalfunds funds Restricted Unrestricted TotalTotalfunds funds
fundsfunds2021 2021 20212020
£ £ £ £
Donations - 4,801 4,801 29,924
Grants 5,704 10,056 15,760 6,416
Total 2021 5,704 14,857 20,561 36,340
Total 2020 1,300 35,040 36,340

4. Income from charitable activities

Charitable activity
Total 2021
Total 2020
4.
Income
from
charitable
activities
(continued)		 Restricted Unrestricted TotalTotalfunds funds
fundsfunds2021 2021 20212020
£
£
£
£
5,944
11,878
17,822
105,368
11,878
17,822
105,368
100,910
105,368
5,944
4,458

Page 14

MONTGOMERY YOUNG FARMERS CLUBS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

5. Investment income

Unrestricted TotalTotalfunds Unrestricted TotalTotalfunds funds
funds2021 20212020
£ £ £
Investment income - - (160)
Account interest 2,401 2,401 2,007
Total 2021 2,401 2,401 1,847
Total 2020 1,847 1,847

6. Analysis of expenditure by activities

Activities

undertaken Support Total Total directly costs funds funds

Charitable activity
Total 2021
Total 2020
6.
Analysis of expenditure by activities
(continued)		 2021
£
22,002
22,002
79,818		 2021
£
55,135
55,135
92,255		 2021
£
77,137
77,137
172,073		 2020
£
172,073
172,073

Analysis of direct costs

Total Total
funds funds
2021 2020
£ £
Eisteddfod 55 2,808
Field day - 2,213
February festival - 5,608
County Rally - 17,516
County Sports - 163
200 Club Prizes 400 450

Page 15

MONTGOMERY YOUNG FARMERS CLUBS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

Discovery project
National AGM
Training
Public speaking
Membership Levy
Wales YFC
County Dinner
Yearbook
NF YFC
County Dance
Youth Forum Voice
Montyfest
Depreciation
Total 2021		 -
7
21
-
5,944
2,047
-
-
13,089
-
-
-
439
22,002		 312
-
275
95
8,314
209
3,231
648
8,652
1,136
1,635
25,967
586
79,818

6. Analysis of expenditure by activities (continued)

Analysis of support costs

TotalTotalfunds TotalTotalfunds
funds2021 2020
£ £
Office costs 10,047 8,951
Trophies and engravings - 16
Marketing 361 300
Sundry expenses 99 4,759
Telephone 1,438 496
Insurance 1,874 4,603
Rent 3,456 2,670
Honorariums 1,785 1,278
Memberships 760 -
Office Refurbishment 6,051 40,000
Wages and salaries 26,474_26,401_Governance costs 2,7902,781
Total 2021 55,135 92,255

7. Independent examiner's remuneration

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MONTGOMERY YOUNG FARMERS CLUBS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

The independent examiner's remuneration amounts to an independent examiner fee of £ 1,800 ( 2020 £1,074 ).

8. Staff costs

2021 2020 £ £ Wages and salaries 25,911 25,741 Other pension costs 563 660 26,474 26,401

The average number of persons employed by the Charity during the year was as follows:

2021 2020
No. No.
1 1

No employee received remuneration amounting to more than £60,000 in either year.

9. Trustees' remuneration and expenses

Honoraria payments totalling £1,060 were paid to county officials during the year (2020: £1,044).

During the year ended 31 March 2021, no Trustee expenses have been incurred (2020 - £NIL) 10. Tangible fixed assets

Plant and Plant and
machinery
£
Cost or valuation
At 1 April 2020 10,659
10,659
At 31 March 2021
Depreciation
At 1 April 2020 8,903
Charge for the year 439
9,342
At 31 March 2021

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MONTGOMERY YOUNG FARMERS CLUBS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

Net book value
At 31 March 2021
At 31 March 2020		 1,317
1,756

11. Debtors

2021 2020
£ £
Due within one year
Prepayments and accrued income 240 2,836
240 2,836

12. Creditors: Amounts falling due within one year

Trade creditors
Accruals and deferred income
13.
Statement of funds
Statement of funds - current year
Unrestricted funds
Designated funds
Balance at 1
April 2020
£
Development costs
60,000
General funds
General Funds
220,909
Total Unrestricted funds
280,909		 2021
£
-
1,800
Income Expenditure
£
£
-
(12,563)
29,136
(58,630)
29,136
(71,193)
1,800		 2020
£
3,501
1,824
Balance at
31 March
2021
£
47,437
191,415
238,852
5,325

Page 18

MONTGOMERY YOUNG FARMERS CLUBS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

Restricted funds

Wales YFC
PAVO ( Mental Health Grant)
PAVO (Youth Led Grant Scheme)
Groundworks Tesco Bags of Help Fund
Total of funds		 -
-
-
-
280,909
-		 5,944
4,372
832
500
40,784
11,648		 (5,944)
-
(832)
(500)
(78,469)
(7,276)		 -
4,372
-
-
243,224
4,372

Designated Funds

This has been designated to the development of the organisation and for the new office accommodation. It includes long term leases.

Restricted Funds

Wales YFC – Grant funding for Welsh lanhuage development and contributes to welsh language promotion, administration and translation costs.

13.
Statement of funds (continued)
Statement of funds - prior year
Unrestricted funds
Designated funds
Development costs
General funds
General Funds - all funds
Total Unrestricted funds
Restricted funds
Wales YFC
PAVO ( Mental Health Grant)		 Balance at
1 April 2019
100,000
210,132
310,132
-
-		 Income
-
137,797
137,797
4,458
1,300		 £
Expenditure
£
(40,000)
(127,020)
(167,020)
(4,458)
(1,300)		 £
Balance at
31 March
2020
£
60,000
220,909
280,909
-
-

Page 19

MONTGOMERY YOUNG FARMERS CLUBS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

Total of funds 310,132
-		 143,555
5,758		 (172,778)
(5,758)		 -
280,909

14. Analysis of net assets between funds

Analysis of net assets between funds - current year

Restricted Unrestricted Total funds Restricted Unrestricted Total funds Restricted Unrestricted Total funds Restricted Unrestricted Total funds
funds funds 2021 2021 2021
£ £ £
Tangible fixed assets - 1,3171,317Current assets 4,372 239,335 243,707
Creditors due within one year - (1,800) (1,800)
Total 4,372 238,852 243,224
Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior year
Unrestricted Total funds
funds 2020 2020
£ £
Tangible fixed assets 1,756_1,756_Current assets 284,478_284,478_
Creditors due within one year (5,325) (5,325)
Total 280,909 280,909

14. Analysis of net assets between funds (continued)

15. Pension commitments

The Charity operates a defined contributions pension scheme. The assets of the scheme are held seperately from those of the Charity in an independently administered fund. The pension cost charge represents contributions payable by the charity to the fund and amounted to £563 (2020: £660). Contributions totaling £Nil (2020: £Nil) were payable to the fund at the balance sheet date.

16. Related party transactions

Honararia payments totalling £1,060 were paid to country officials during the year (2020: £1,044).

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