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2022-03-31-accounts

Charity number: 1180654

MONTGOMERY YOUNG FARMERS CLUBS

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

MONTGOMERY YOUNG FARMERS CLUBS

CONTENTS

Page
Reference and administrative details of the Charity, its Trustees and advisers 1 - 2
Trustees' report 3 - 8
Independent examiner's report 9 - 10
Statement of financial activities 11
Balance sheet 12
Notes to the financial statements 13 - 24

MONTGOMERY YOUNG FARMERS CLUBS

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2022

Trustees

Mr H Jones (resigned 23 September 2021) Mr J Hughes (resigned 23 September 2021) Mrs C Mountford (resigned 23 September 2021) Miss S Morris (resigned 23 September 2021) Miss B Tilsley (resigned 23 September 2021) Miss F Smith (resigned 23 September 2021) Miss J Wilson (resigned 23 September 2021) Miss E A Evans (resigned 23 September 2021) Miss D Roberts (resigned 23 September 2021) Mr I Huws (resigned 23 September 2021) Mr S Edwards (resigned 23 September 2021) Mr T Horn (resigned 23 September 2021) Mrs H Jerman (resigned 23 September 2021) Miss C Lewis (resigned 23 September 2021) Miss K Watkin (resigned 23 September 2021) Miss M Morris (resigned 23 September 2021) Miss J Gethin (resigned 23 September 2021) Miss C Owen (resigned 23 September 2021) Miss E Evans (resigned 23 September 2021) Miss C Jenkins (resigned 23 September 2021) Miss G Potter (resigned 23 September 2021) Mrs C Lewis Mrs S Morgan Mr A Jones Mr M Jones Mr A Rees Miss L Jones Miss B Wilson Miss G Owen Miss E H Williams Mr D Dart Miss S Jerman Miss J Banks Miss H Page Mr T Lewis Mrs A Orrels Miss L Morgan Mr S Lloyd-Evans Miss E Lewis Miss E Orrells Miss E A Lewis Miss S Mills Miss E Harding Miss E Woodall Mr H Gardner Miss M Edwards Miss S Lewis Miss J Andrews Mr H George

Page 1

MONTGOMERY YOUNG FARMERS CLUBS

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Miss N Jones Mr S Watkin

Mr A T Thomas (appointed 23 September 2021) Miss K Jones (appointed 23 September 2021) Miss L Evans (appointed 23 September 2021) Miss L Jones (appointed 23 September 2021) Miss A Wainwright (appointed 23 September 2021) Mr J Huffer (appointed 23 September 2021) Mr H Jones (appointed 23 September 2021) Miss S Roberts (appointed 23 September 2021) Miss M Wigley (appointed 23 September 2021) Miss T Horn (appointed 23 September 2021) Miss T P Jones (appointed 23 September 2021) Miss E Clark (appointed 23 September 2021) Mr G Robinson (appointed 23 September 2021) Miss M Lewis (appointed 23 September 2021) Mr B Jones (appointed 23 September 2021) Miss J Evans (appointed 23 September 2021) Miss G Jones (appointed 23 September 2021) Mr R Morgan (appointed 23 September 2021) Mr B Davies (appointed 23 September 2021)

Charity registered number 1180654 Principal office First Floor WLS Ltd Buttington Cross Welshpool Powys SY21 8SR

Page 2

MONTGOMERY YOUNG FARMERS CLUBS

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2022

The Trustees present their annual report together with the financial statements of the Charity for the year 1 April 2021 to 31 March 2022.

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 Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

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

Objectives and activities

a. Policies and objectives

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 590 young people have been involved in the organisation during the past twelve months, all of whom are aged between 10 and 28 years.

The objectives of the charity are:

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

b. Public Benefit

Page 3

MONTGOMERY YOUNG FARMERS CLUBS

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

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 2022. This work will include continuing to review the annual membership fee.

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 – 28. It is considered a strength that the movement is ran by members for the members.

The Covid-19 pandemic continued to have a huge impact on the 21-22 programme of events and competitions. Despite the challenges, as many opportunities as possible were offered in person throughout the year, with a number of activities held in virtual form, including a virtual Rally and Eisteddfod.

The first major event of the financial year held in person was the County Field Day held at Welshpool Livestock Sales in October. The Field Day remains an event for mainly agricultural based competitions. Montgomery is a county that takes pride in successes in numerous stock judging competitions and the Field Day provides members with the opportunity to gain much valued experience.

Public Speaking competitions were held over a number of evenings in January and February and members had the opportunity to compete in both English and Welsh medium competitions in a range of contexts, including reading, public speaking and brainstrust.

In February, the Junior and Senior Member 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.

Page 4

MONTGOMERY YOUNG FARMERS CLUBS

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Achievements and performance (continued)

Administration
Membership
Year 10-16 17-21 22-28 Associate Total
2021/2022 275 202 113 0 590
2020/2021 91 72 60 1 224
2019/2020 354 156 116 3 629
2018/2019 363 168 126 12 669
10-14 15-19 20-26 Associate Total
2017/2018 318 234 156 - 708
2016/2017 305 233 164 53 755
2015/2016 400 197 133 13 743
2014/2015 345 243 147 43 778
2013/2014
(31st April 2014) 232 273 210 17 732
2012/2013 210 269 201 21 701
2011/2012 260 322 230 40 852
2010/2011 420 226 240 28 914
2009/2010 294 311 277 26 908
2008/2009 367 337 291 24 947
2007/2008 335 318 194 23 870
2006/2007 332 353 202 17 904
2005/2006 332 315 194 16 857
2004/2005 280 286 197 15 779
2003/2004 247 275 164 22 708
2002/2003 257 293 134 25 709
2001/2000 263 287 141 16 707
2001 272 269 141 682
2000 209 258 147 614
1999 214 254 169 637
1998 242 280 180 702

b. Montgomery YFC Priorities

Going forward, the federation will need to continue 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 a full YFC programme as we know it in 2022-23.

The federation is always mindful of membership figures and aims to increase these each year. Membership recruitment and retention will continue to be a priority for the Federation this year.

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.

Page 5

MONTGOMERY YOUNG FARMERS CLUBS

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

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 agreed to continue 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. This decision was made having taken into consideration the way in which the Organisation dealt with the impact of the pandemic and the importance of the Organisation remaining at the forefront of activities for members and therefore feel we should have funds to be able to complete one cycle of the annual programme of events. Operating costs are estimated to be approximately £170,000.

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 three years this figure is reduced to £38,917

Free reserves at 31 March 2022 are £191,597 (2021: £170,098), calculated as the unrestricted funds, less designated funds and tangible fixed assets.

Structure, governance and management

a. Constitution

Montgomery Young farmers Clubs is a Charitable Incorporated Organisation, charity number 1180654, registered in England and Wales on 12 November 2018, and is constituted under a Trust deed.

The charity transitioned to a Charitable Incorporated Organisation on 08 October 2020. All the assets and Liabilities of Montgomery Federation of Young Farmers' Clubs (charity number 524425) were transferred to the Charitable Incorporated Organisation on that date.

The charity is governed by rules and a constitution. 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.

Page 6

MONTGOMERY YOUNG FARMERS CLUBS

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Structure, governance and management (continued)

d. Organisational Structure

The administration of the charity is vested in the Executive Committee of Montgomery YFC and Sub-Committees formed by the discretion of the Montgomery YFC Executive. For the financial year ended 31 March 2022 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.

f. Covid 19

Montgomery YFC has been hugely impacted by the Covid-19 pandemic over the past two years. The Trustees have assessed the potential impact on the future operations of the charity, taking into account its underlying financial resources and strength. They have taken proactive steps to manage the financial consequences to help ease the impact of Covid-19. The Trustees consider the charity to be well positioned to manage the current situation and secure operations into the future.

Page 7

MONTGOMERY YOUNG FARMERS CLUBS

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

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 year 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:

................................................ Mr A Rees County Chairman

Date:

Page 8

MONTGOMERY YOUNG FARMERS CLUBS

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2022

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 2022.

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.

Page 9

MONTGOMERY YOUNG FARMERS CLUBS

INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

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.

This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.

Signed: Dated: S.J Tweedie BSc FCA DChA

WR Partners Chartered Accountants Shrewsbury

Page 10

MONTGOMERY YOUNG FARMERS CLUBS

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022

Note
Income from:
Donations and legacies
3
Charitable activities
4
Investments
5
Total income
Expenditure on:
Raising funds
Charitable activities
7
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Restricted
funds
2022
£
8,824
-
-
8,824
-
11,696
11,696
(2,872)
4,372
(2,872)
1,500		 Unrestricted
funds
2022
£
35,752
8,214
1,247
45,213
-
52,563
52,563
(7,350)
238,852
(7,350)
231,502		 Total
funds
2022
£
44,576
8,214
1,247
54,037
-
64,259
64,259
(10,222)
243,224
(10,222)
233,002		 Total
funds
2021
£
20,561
17,782
2,401
40,744
1,332
77,097
78,429
(37,685)
280,909
(37,685)
243,224

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

The notes on pages 13 to 24 form part of these financial statements.

Page 11

MONTGOMERY YOUNG FARMERS CLUBS

BALANCE SHEET AS AT 31 MARCH 2022

Note
Fixed assets
Tangible assets
12
Current assets
Debtors
13
Cash at bank and in hand
Creditors: amounts falling due within one
year
14
Net current assets
Total assets less current liabilities
Total net assets
Charity funds
Restricted funds
15
Unrestricted funds
15
Total funds		 551
233,959
234,510
(2,496)		 2022
£
988
988
232,014
233,002
233,002
1,500
231,502
233,002		 240
243,467
243,707
(1,800)		 2021
£
1,317
1,317
241,907
243,224
243,224
4,372
238,852
243,224

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

................................................

Mr A Rees County Chairman

Date:

The notes on pages 13 to 24 form part of these financial statements.

Page 12

MONTGOMERY YOUNG FARMERS CLUBS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

1. General information

Montgomery Young Farmers' Clubs constitutes a public benefit entity as defined by FRS 102.

Montgomery Young farmers Clubs is a Charitable Incorporated Organisation, charity number 1180654, registered in England and Wales on 12 November 2018, and is constituted under a Trust deed.

The charity transitioned to a Charitable Incorporated Organisation on 08 October 2020. All the assets and liabilities of Montgomery Federation of Young Farmers' Clubs (charity number 524425) were transferred to the Charitable Incorporated Organisation on that date.

The charity is governed by rules and a constitution. 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.

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 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.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

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.

Page 13

MONTGOMERY YOUNG FARMERS CLUBS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

2. Accounting policies (continued)

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.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

2.4 Government grants

Government grants are accounted for in the Statement of Financial Activities on receipt and entitlement to the income.

This year the charity received grants from Powys County Council amounting to £22,500 as a contribution to operating costs and supporting members mental health and wellbeing.

2.5 Tangible fixed assets and depreciation

Tangible fixed assets 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

Page 14

MONTGOMERY YOUNG FARMERS CLUBS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

2. Accounting policies (continued)

2.6 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.

2.7 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.

2.8 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.

2.9 Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.10 Pensions

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.

2.11 Fund accounting

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.

Page 15

MONTGOMERY YOUNG FARMERS CLUBS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

3. Income from donations and legacies

Donations
Grants
Government grants - Powys CC
Total 2022
Total 2021		 Restricted
funds
2022
Unrestricted
funds
2022
£
£
-
12,968
8,824
284
-
22,500
8,824
35,752
5,704
14,857		 Total
funds
2022
£
12,968
9,108
22,500
44,576
20,561		 Total
funds
2021
£
4,801
5,760
10,000
20,561

4. Income from charitable activities

Charitable activity
Total 2022
Total 2021		 Restricted
funds
2022
Unrestricted
funds
2022
£
£
-
8,214
-
8,214
5,944
11,838		 Total
funds
2022
£
8,214
8,214
17,782		 Total
funds
2021
£
17,782
17,782

5. Investment income

Unrestricted
funds
2022
£
Account interest
1,247
Total 2022
1,247
Total 2021
2,401		 Total
funds
2022
£
1,247
1,247
2,401		 Total
funds
2021
£
2,401
2,401

Page 16

MONTGOMERY YOUNG FARMERS CLUBS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

6. Analysis of grants

Grants to Total Total
Institutions funds funds
2022 2022 2021
£ £ £
Grants 4,977 4,977 -

There were 24 grants paid out during the year to institutions, including £2,268 to Net World Sports and £500 to Mid and North Powys YFC. The remainder of the grant expenditure were smaller grants to other YFC groups with in Powys and other charities.

7. Analysis of expenditure on charitable activities

Summary by fund type

Charitable activity
Total 2022
Total 2021		 Restricted
funds
2022
Unrestricted
funds
2022
£
£
11,696
52,563
11,696
52,563
5,944
71,153		 Total
funds
2022
£
64,259
64,259
77,097		 Total
funds
2021
£
77,097
77,097

8. Analysis of expenditure by activities

Charitable activity
Total 2022
Total 2021		 Activities
undertaken
directly
2022
£
12,573
12,573
21,962		 Grant
funding of
activities
2022
£
4,977
4,977
-		 Support
costs
2022
£
46,709
46,709
55,135		 Total
funds
2022
£
64,259
64,259
77,097		 Total
funds
2021
£
77,097
77,097

Page 17

MONTGOMERY YOUNG FARMERS CLUBS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

8. Analysis of expenditure by activities (continued)

Analysis of direct costs

Depreciation
Eisteddfod
Rally cost
Public speaking
Field day
Sports
Membership Levy
NF YFC expenses
County dinner
200 club expenses
Wales YFC
Training
Youth Forum
Staff travel expenses
National AGM
Total 2022
Total 2021		 Activities
2022
£
329
813
418
4
1,782
27
-
4,337
2,771
34
1,670
-
358
30
-
12,573
21,962		 Total
funds
2022
£
329
813
418
4
1,782
27
-
4,337
2,771
34
1,670
-
358
30
-
12,573
21,962		 Total
funds
2021
£
439
55
-
-
(40)
-
5,944
13,089
-
400
2,047
21
-
-
7
21,962

Page 18

MONTGOMERY YOUNG FARMERS CLUBS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

8. Analysis of expenditure by activities (continued)

Analysis of support costs

Wages and Salaries - Staff & contracted services
Insurance
Marketing
Trophies & engraving
Sundry expenses
Rent
Office costs
Honorarium
Memberships
Office refurbishment
Telephone
Governance costs
Total 2022
Total 2021		 Activities
2022
£
29,873
-
19
45
179
510
2,786
840
-
8,520
1,330
2,607
46,709
55,135		 Total
funds
2022
£
29,873
-
19
45
179
510
2,786
840
-
8,520
1,330
2,607
46,709
55,135		 Total
funds
2021
£
26,474
1,874
361
-
99
3,456
10,047
1,785
760
6,051
1,438
2,790
55,135

9. Independent examiner's remuneration

The independent examiner's remuneration amounts to an independent examiner fee of £1,920 ( 2021 - £1,800 ).

10. Staff costs

Wages and salaries - Staff
Wages and Salaries - Contracted services
Contribution to defined contribution pension schemes		 2022
£
26,274
3,029
570
29,873		 2021
£
24,981
930
563
26,474

Page 19

MONTGOMERY YOUNG FARMERS CLUBS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

10. Staff costs (continued)

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

2022 2021
No. No.
1 1

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

11. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2021 - £NIL) . During the year ended 31 March 2022, no Trustee expenses have been incurred (2021 - £NIL) .

12. Tangible fixed assets

Cost or valuation
At 1 April 2021
At 31 March 2022
Depreciation
At 1 April 2021
Charge for the year
At 31 March 2022
Net book value
At 31 March 2022
At 31 March 2021		 Plant and
machinery
£
10,659
10,659
9,342
329
9,671
988
1,317

Page 20

MONTGOMERY YOUNG FARMERS CLUBS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

13. Debtors

Due within one year
Prepayments and accrued income		 2022
£
551
551		 2021
£
240
240

14. Creditors: Amounts falling due within one year

Trade creditors
Accruals and deferred income		 2022
£
576
1,920
2,496		 2021
£
-
1,800
1,800

Page 21

MONTGOMERY YOUNG FARMERS CLUBS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

15. Statement of funds

Statement of funds - current year

Unrestricted funds
Designated funds
Development costs
General funds
General Funds
Total Unrestricted funds
Restricted funds
Wales YFC Welsh Language Grant
PAVO (Mental Health Grant)
PAVO (Youth Led Grant Scheme)
NF YFC Grant
Total of funds		 Balance at 1
April 2021
£
47,437
191,415
238,852
-
4,372
-
-
4,372
243,224		 Income
£
-
45,213
45,213
5,944
-
2,130
750
8,824
54,037		 Expenditure
£
(8,520)
(44,043)
(52,563)
(5,944)
(4,372)
(630)
(750)
(11,696)
(64,259)		 Balance at
31 March
2022
£
38,917
192,585
231,502
-
-
1,500
-
1,500
233,002

Page 22

MONTGOMERY YOUNG FARMERS CLUBS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

15. Statement of funds (continued)

Statement of funds - prior year
Unrestricted funds
Designated funds
Development costs
General funds
General Funds
Total Unrestricted funds
Restricted funds
Wales YFC Welsh Language Grant
PAVO (Mental Health Grant)
PAVO (Youth Led Grant Scheme)
Groundworks Tesco Bags of Help Fund
Total of funds		 Balance at
1 April 2020
£
60,000
220,909
280,909
-
-
-
-
-
280,909		 Income
£
-
29,136
29,136
5,944
4,372
832
500
11,648
40,784		 Expenditure
£
(12,563)
(58,630)
(71,193)
(5,944)
-
(832)
(500)
(7,276)
(78,469)		 Balance at
31 March
2021
£
47,437
191,415
238,852
-
4,372
-
-
4,372
243,224

Page 23

MONTGOMERY YOUNG FARMERS CLUBS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

16. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets
Current assets
Creditors due within one year
Total		 Restricted
funds
2022
Unrestricted
funds
2022
£
£
-
988
1,500
233,010
-
(2,496)
1,500
231,502		 Total
funds
2022
£
988
234,510
(2,496)
233,002

Analysis of net assets between funds - prior year

Tangible fixed assets
Current assets
Creditors due within one year
Total		 Restricted
funds
2021
£
-
4,372
-
4,372		 Unrestricted
funds
2021
£
1,317
239,335
(1,800)
238,852		 Total
funds
2021
£
1,317
243,707
(1,800)
243,224

17. 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 £570 (2021: £563). Contributions totaling £Nil (2020: £Nil) were payable to the fund at the balance sheet date.

18. Related party transactions

Honararia payments totalling £840 (2021: £1,060) were paid to county officials during the year as a thank you for the voluntary work undertaken for their year as a County Official

£300 (Bryony Wilson – County Chairman) £220 (Aled Rees – County Vice Chairman) £160 (Gemma Owen – County Marketing Officer)

£160 (Lynfa Jones – County Communications Officer)

Page 24