**Charity registration number 1180654**
**Company registration number 1180654 (England and Wales)**
## **MONTGOMERY YOUNG FARMERS CLUBS**
# **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **MONTGOMERY YOUNG FARMERS CLUBS**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
## **Trustees**
Mrs C Morgan Mrs A Orrells Mr A Jones Miss L Jones Mr A T Thomas Mr A Rees Miss G Owen Miss E Lewis Miss E H Williams Miss K Jones Miss S Mills Miss J Banks Miss J Banks Miss E Harding Miss A Wainwright Miss E Woodall Mr H Gardner Mr H Jones Miss M Wigley Mr D Dart Miss T P Jones Miss E Clark Miss S Jerman Mr G Robinson Miss J Andrews Miss G Jones Mrs M Wigley (Appointed 9 September 2022) Mrs A Owen (Appointed 9 September 2022) Miss G Lewis (Appointed 9 September 2022) Miss C Smith (Appointed 9 September 2022) Miss A Brown (Appointed 9 September 2022) Miss E Evans (Appointed 9 September 2022) Miss R Grigg (Appointed 9 September 2022) Miss C Roberts (Appointed 9 September 2022) Miss G Evans (Appointed 9 September 2022) Mr D P Jones (Appointed 9 September 2022) Miss L Davies (Appointed 9 September 2022) Mr T Edwards (Appointed 9 September 2022) Mr D Breeze (Appointed 9 September 2022) Mr S Davies (Appointed 9 September 2022) Miss A Davies (Appointed 9 September 2022) Mr K Owen (Appointed 9 September 2022) Miss J Gethin (Appointed 9 September 2022) Miss N Owen (Appointed 9 September 2022) Miss L Whitticase (Appointed 9 September 2022) Mr F Lewis (Appointed 9 September 2022) Miss E Isaac (Appointed 9 September 2022) Miss M Johnson (Appointed 9 September 2022) Miss F Andrew (Appointed 9 September 2022) Miss L Andrew (Appointed 9 September 2022)
**Charity number**
1180654
## **MONTGOMERY YOUNG FARMERS CLUBS**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
## **Principal address**
## **Registered office**
## **Independent examiner**
Buttington Cross Welshpool Powys United Kingdom SY21 8SR Buttington Cross Welshpool Powys United Kingdom SY21 8SR Azets Audit Services Column House London Road Shrewsbury Shropshire United Kingdom SY2 6NN
## **MONTGOMERY YOUNG FARMERS CLUBS**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees report|1 - 7|
|Independent examiner's report|8|
|Statement of financial activities|9 - 10|
|Balance sheet|11|
|Notes to the financial statements|12 - 21|
## **MONTGOMERY YOUNG FARMERS CLUBS**
## **TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 31 MARCH 2023**_
The Trustees present their annual report together with the financial statements of the charity for the period from 1 April 2022 to 31 March 2023. 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 2015).
The charity also trades under the name Clybiau Ffermwyr Ieuainc Maldwyn.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the 's [governing document], the Companies Act 2006 and "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).
## **Objectives and activities**
## **a. Objectives and Aims**
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 650 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:
- To advance the education and personal developments of the public at large in agriculture, home crafts, rural life, the environment and related subjects;
- In the interest of the social welfare of such members, to provide and promote the provision of facilities for recreation and other leisure time occupations, being facilities, which will improve their spiritual and mental capacities, self-reliance and individual responsibility so that they may develop as individuals into full citizens; and
- To promote its activities through the medium of Welsh and English and to ensure those activities enhance the member’s understanding and knowledge of Welsh Rural Life, Welsh Culture and the Welsh Language.
## b. **Public Benefit**
- An enhanced quality of life and sense of well-being through engagement with and participation in activities and events that bring people together, leading to improvements in emotional well-being and greater social cohesion;
- Enhanced active citizenship and involvement in community life; and
- Raised awareness of environmental issues.
- 1 -
## **MONTGOMERY YOUNG FARMERS CLUBS**
## **TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_
## **Achievements and performance**
## a. **Review of Activities**
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 31[st] March 2023. 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 first major event of the financial year was the County Rally held at New Hall, Llandrinio. The Rally Committee worked very hard to provide a successful day of competitions, with tenders and sponsors greatly supporting the positive financial outcome of the event.
Many turned out to enjoy the Field Day at the start of the new YFC year in October at Llwynmadoc, Abermule. 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.
The County Eisteddfod was held at the end of October at Ysgol Llanfyllin. The event ran smoothly and was a success thanks to the brilliant teamwork from the committee members.
The Public Speaking competitions were held in January at Ysgol Calon y Dderwen, Newtown 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 Entertainments returned to The Hafren, Newtown, with members returning to the stage following the pandemic. It was a week for all to be proud of. Junior and Senior Member of the Year interviews took place during the week 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.
- 2 -
## **MONTGOMERY YOUNG FARMERS CLUBS**
## **TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_
## **Administration**
|**Administration**||
|---|---|
|Membership
Year|10-16
17-21
22-28
Associate
Total|
|**2022/2023**
2021/2022
2020/2021
2019/2020
2018/2019
2017/2018
2016/2017
2015/2016
2014/2015
2013/2014
(31stApril 2014)
2012/2013
2011/2012
2010/2011
2009/2010
2008/2009
2007/2008
2006/2007
2005/2006
2004/2005
2003/2004
2002/2003
2001/2000
2001
2000
1999
1998|**365**
**163**
**111**
**7**
**646**
345
151
107
0
603
91
72
60
1
224
354
156
116
3
629
363
168
126
12
669
10-14
15-19
20-26
Associate
Total|
||318
234
156
-
708
305
233
164
53
755
400
197
133
13
743
345
243
147
43
778
232
273
210
17
732
210
269
201
21
701
260
322
230
40
852
420
226
240
28
914
294
311
277
26
908
367
337
291
24
947
335
318
194
23
870
332
353
202
17
904
332
315
194
16
857
280
286
197
15
779
247
275
164
22
708
257
293
134
25
709
263
287
141
16
707
272
269
141
682
209
258
147
614
214
254
169
637
242
280
180
702|
- 3 -
## **MONTGOMERY YOUNG FARMERS CLUBS**
## **TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_
## **Federation’s Priorities**
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.
## **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 £100,000.
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 four years this figure is reduced to £34,289 (includes £28,000 for long term leases).
Free reserves at 31 March 2023 are £203,010 (2022: £192,585), calculated as the unrestricted funds, less designated funds and tangible fixed assets. Our financial policy is to at least break even by the financial year end.
## **Structure, governance and management**
## **b. Constitution**
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. **Method 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.
Mrs C Morgan Mrs A Orrells Mr A Jones Miss L Jones Mr A T Thomas Mr A Rees Miss G Owen
- 4 -
## **MONTGOMERY YOUNG FARMERS CLUBS**
## **TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_
Miss E Lewis Miss E H Williams Miss K Jones Miss S Mills Miss J Banks Miss J Banks Miss E Harding Miss A Wainwright Miss E Woodall Mr H Gardner Mr H Jones Miss M Wigley Mr D Dart Miss T P Jones Miss E Clark Miss S Jerman Mr G Robinson Miss J Andrews Miss G Jones Mrs M Wigley (Appointed 9 September 2022) Mrs A Owen (Appointed 9 September 2022) Miss G Lewis (Appointed 9 September 2022) Miss C Smith (Appointed 9 September 2022) Miss A Brown (Appointed 9 September 2022) Miss E Evans (Appointed 9 September 2022) Miss R Grigg (Appointed 9 September 2022) Miss C Roberts (Appointed 9 September 2022) Miss G Evans (Appointed 9 September 2022) Mr D P Jones (Appointed 9 September 2022) Miss L Davies (Appointed 9 September 2022) Mr T Edwards (Appointed 9 September 2022) Mr D Breeze (Appointed 9 September 2022) Mr S Davies (Appointed 9 September 2022) Miss A Davies (Appointed 9 September 2022) Mr K Owen (Appointed 9 September 2022) Miss J Gethin (Appointed 9 September 2022) Miss N Owen (Appointed 9 September 2022) Miss L Whitticase (Appointed 9 September 2022) Mr F Lewis (Appointed 9 September 2022) Miss E Isaac (Appointed 9 September 2022) Miss M Johnson (Appointed 9 September 2022) Miss F Andrew (Appointed 9 September 2022) Miss L Andrew (Appointed 9 September 2022) Mrs S Lewis (Resigned 9 September 2022) Mr M Jones (Resigned 9 September 2022) Miss B Wilson (Resigned 9 September 2022) Miss H Page (Resigned 9 September 2022) Mr T Lewis (Resigned 9 September 2022) Miss L Morgan (Resigned 9 September 2022) Mr S Lloyd-Evans (Resigned 9 September 2022) Miss E Orrells (Resigned 9 September 2022) Miss E A Lewis (Resigned 9 September 2022) Miss M Edwards (Resigned 9 September 2022)
- 5 -
## **MONTGOMERY YOUNG FARMERS CLUBS**
## **TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_
Miss S Lewis (Resigned 9 September 2022) Mr H George (Resigned 9 September 2022) Miss N Jones (Resigned 9 September 2022) Mr S Watkin (Resigned 9 September 2022) Miss L Evans (Resigned 9 September 2022) Miss L Jones (Resigned 9 September 2022) Mr J Huffer (Resigned 9 September 2022) Miss S Roberts (Resigned 9 September 2022) Miss T Horn (Resigned 9 September 2022) Miss M Lewis (Resigned 9 September 2022) Mr B Jones (Resigned 9 September 2022) Miss J Evans (Resigned 9 September 2022) Mr R Morgan (Resigned 9 September 2022) Mr B Davies (Resigned 9 September 2022)
## c. **Induction and Training of New 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 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:
- Activities
- Finance and Development
- Youth Forum
- Agri
- International
A County Development Officer is appointed by the Montgomery YFC Executive to manage the day to day operations of the charity.
- 6 -
## **MONTGOMERY YOUNG FARMERS CLUBS**
## **TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_
## 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.
## **Trustees’ Responsibilities Statement**
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 and 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 the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:
- Select suitable accounting policies and then apply them consistently;
- Observe the methods and principles in the Charities SORP;
- Make judgements and accounting estimates that are reasonable and prudent;
- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charity’s transactions and disclose 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.
.............................. L Jones **County Chairman**
Date: .............................................
- 7 -
## **MONTGOMERY YOUNG FARMERS CLUBS**
## **INDEPENDENT EXAMINER'S REPORT**
## **TO THE TRUSTEES OF MONTGOMERY YOUNG FARMERS CLUBS**
I report to the trustees on my examination of the financial statements of Montgomery Young Farmers Clubs (the ) for the year ended 31 March 2023.
## **Responsibilities and basis of report**
As the trustees of the (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the ’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
- 1 accounting records were not kept in respect of the as required by section 386 of the 2006 Act; or
- 2 the financial statements do not accord with those records; or
- 3 the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
- 4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
## **Helen Tinsley FCCA**
Column House London Road Shrewsbury Shropshire SY2 6NN United Kingdom
Dated: .........................
- 8 -
## **MONTGOMERY YOUNG FARMERS CLUBS**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 31 MARCH 2023**_
|**Current financial year**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2023**
**2023**
**Notes**
**£**
**£**
**Income from:**
Donations and legacies
**2**
30,033
6,664
Charitable activities
**3**
44,839
-
Other trading activities
**4**
30,182
-
Investments
**5**
1,390
-
**Total income**
106,444
6,664
**Expenditure on:**
Raising funds
**6**
60,128
7,164
Charitable activities
Eisteddfod
**7**
3,501
-
Rally
**7**
14,138
-
Field day
**7**
4,022
-
County dinner
**7**
2,655
-
Wales YFC
**7**
8,439
-
200 club
**7**
600
-
Youth Forum
**7**
-
-
**Total charitable expenditure**
33,355
-
**Total expenditure**
93,483
7,164
**Net income/(expenditure) for the year/**
**Net movement in funds**
12,961
(500)
Fund balances at 1 April 2022
231,502
1,500
**Fund balances at 31 March 2023**
244,463
1,000|**Total**
**2023**
**£**
36,697
44,839
30,182
1,390
113,108
67,292
3,501
14,138
4,022
2,655
8,439
600
-
33,355
100,647
12,461
233,002
245,463|**Total**
**2022**
**£**
44,576
7,583
631
1,247
54,037
56,446
813
418
1,782
2,772
1,670
-
358
7,813
64,259
(10,222)
243,224
233,002|
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
- 9 -
## **MONTGOMERY YOUNG FARMERS CLUBS**
## **STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 31 MARCH 2023**_
|**Prior financial year**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2022**
**2022**
**Notes**
**£**
**£**
**Income from:**
Donations and legacies
**2**
35,752
8,824
Charitable activities
**3**
7,583
-
Other trading activities
**4**
631
-
Investments
**5**
1,247
-
**Total income**
45,213
8,824
**Expenditure on:**
Raising funds
**6**
44,750
11,696
Charitable activities
Eisteddfod
**7**
813
-
Rally
**7**
418
-
Field day
**7**
1,782
-
County dinner
**7**
2,772
-
Wales YFC
**7**
1,670
-
Youth Forum
**7**
358
-
**Total charitable expenditure**
7,813
-
**Total expenditure**
52,563
11,696
**Net income/(expenditure) for the year/**
**Net movement in funds**
(7,350)
(2,872)
Fund balances at 1 April 2021
238,852
4,372
**Fund balances at 31 March 2022**
231,502
1,500|**Total**
**2022**
**£**
44,576
7,583
631
1,247
54,037
56,446
813
418
1,782
2,772
1,670
358
7,813
64,259
(10,222)
243,224
233,002|
|---|---|
- 10 -
## **MONTGOMERY YOUNG FARMERS CLUBS**
## **BALANCE SHEET**
## _**AS AT 31 MARCH 2023**_
|**Notes**
**Fixed assets**
Tangible assets
**10**
**Current assets**
Stocks
**11**
Debtors
**12**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**13**
Net current assets
**Total assets less current liabilities**
**Income funds**
Restricted funds
**15**
Unrestricted funds
Designated funds
**16**
General unrestricted funds|**2023**
**£**
450
11,302
234,995
246,747
(2,025)
34,289
210,174|**£**
741
244,722
245,463
1,000
244,463
245,463|**2022**
**£**
-
551
233,959
234,510
(2,496)
38,917
192,585|**£**
988
232,014|
|---|---|---|---|---|
|||||233,002|
|||||1,500
231,502|
|||||233,002|
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2023.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on .........................
..............................
L Jones **County Chairman**
## **Company registration number 1180654**
- 11 -
**MONTGOMERY YOUNG FARMERS CLUBS**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 MARCH 2023**_
## **1 Accounting policies**
## **Charity 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.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the 's [governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the . Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
## **1.2 Charitable funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
## **1.3 Income**
Income is recognised when the is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
- 12 -
## **MONTGOMERY YOUNG FARMERS CLUBS**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_
## **1 Accounting policies**
**(Continued)**
## **1.4 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 are allocated on the portion of the asset’s use.
## **1.5 Tangible fixed assets**
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
## **1.6 Stocks**
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
## **1.7 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## **1.8 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.
- 13 -
## **MONTGOMERY YOUNG FARMERS CLUBS**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_
## **2 Donations and legacies**
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2023**
**2023**
**£**
**£**
Donations and gifts
700
-
Grants
7,525
6,664
Membership fees
21,808
-
30,033
6,664
**Donations and gifts**
Donations
700
-
700
-
**Grants receivable for**
**core activities**
Grants
25
6,664
Government grants -
Powys CC
7,500
-
7,525
6,664|**Total**
Unrestricted
Restricted
funds
funds
**2023**
2022
2022
**£**
£
£
700
-
-
14,189
22,784
8,824
21,808
12,968
-
36,697
35,752
8,824
700
-
-
700
-
-
6,689
284
8,824
7,500
22,500
-
14,189
22,784
8,824|Total
2022
£
-
31,608
12,968|
|---|---|---|
|||44,576|
|||-|
|||-|
|||9,108
22,500|
|||31,608|
- 14 -
## **MONTGOMERY YOUNG FARMERS CLUBS**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_
## **3 Charitable activities**
||**Eisteddfod**|**Rally**|**Field day County dinner**|**Field day County dinner**|**Wales YFC**|**200 club**|**Total**|**Total**|
|---|---|---|---|---|---|---|---|---|
||||||||**2023**|**2022**|
||**2023**|**2023**|**2023**|**2023**|**2023**|**2023**|||
||**£**|**£**|**£**|**£**|**£**|**£**|**£**|**£**|
|Sales within charitable activities|5,730|29,601|5,062|3,682|202|562|44,839|7,583|
- 15 -
## **MONTGOMERY YOUNG FARMERS CLUBS**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2023**_
## **3 Charitable activities**
**(Continued)**
## **For the year ended 31 March 2022**
|**County dinner**
**Wales YFC**
**200 club**
**Youth Forum**
**£**
**£**
**£**
**£**
Sales within charitable activities
5,454
1,057
352
720
Analysis by fund
Unrestricted funds
5,454
1,057
352
720|**Total**
**2022**
**£**
7,583|
|---|---|
||7,583|
## **4 Other trading activities**
||**Unrestricted**|Unrestricted|
|---|---|---|
||**funds**|funds|
||**2023**|2022|
||**£**|£|
|Fundraising events|28,029|619|
|Shop income|2,153|12|
|Other trading activities|30,182|631|
|**Investments**|||
||**Unrestricted**|Unrestricted|
||**funds**|funds|
||**2023**|2022|
||**£**|£|
|Interest receivable|1,390|1,247|
## **5 Investments**
- 16 -
## **MONTGOMERY YOUNG FARMERS CLUBS**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_
## **6 Raising funds**
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2023**
**2023**
**£**
**£**
Fundraising and publicity
Seeking donations,
grants and legacies
1,948
-
Other fundraising costs
18,426
-
Depreciation and
impairment
247
-
Support costs
14,732
1,220
Fundraising and publicity
35,353
1,220
Trading costs
Other trading activities
4,628
-
Staff costs
20,147
5,652
Support costs
-
292
Trading costs
24,775
5,944
60,128
7,164|**Total**
Unrestricted
Restricted
funds
funds
**2023**
2022
2022
**£**
£
£
1,948
7,584
-
18,426
4,431
-
247
329
-
17,900
5,709
-
36,573
18,053
-
4,628
8,520
-
25,799
18,177
11,696
292
-
-
30,719
26,697
11,696
67,292
44,750
11,696|Total
2022
£
7,584
4,431
329
8,316|
|---|---|---|
|||18,053|
|||8,520
29,873
-|
|||38,393|
|||56,446|
- 17 -
## **MONTGOMERY YOUNG FARMERS CLUBS**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_
## **7 Charitable activities**
|**Eisteddfod**
**Rally**
**Field day**
**County**
**dinner**
**Wales YFC**
**200 club**
**2023**
**2023**
**2023**
**2023**
**2023**
**2023**
**£**
**£**
**£**
**£**
**£**
**£**
Costs of activities
3,501
14,138
4,022
2,655
8,439
600
**For the year ended 31 March 2022**
**Eisteddfod**
**Rally**
**Field day**
**County**
**dinner**
**Wales YFC**
**£**
**£**
**£**
**£**
**£**
Costs of activities
813
418
1,782
2,772
1,670
**Analysis by fund**
Unrestricted funds
813
418
1,782
2,772
1,670|**Total**
**2023**
**£**
33,355
**Youth**
**Forum**
**£**
358
358|**Total**
**2022**
**£**
7,813|
|---|---|---|
|||**Total**
**2022**
**£**
7,813|
|||7,813|
- 18 -
## **MONTGOMERY YOUNG FARMERS CLUBS**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_
## **8 Trustees**
During the year, no Trustees received any remuneration or other benefits _(2022 - £NIL)_ .
During the year ended 31 March 2023, no Trustee expenses have been incurred _(2022 - £NIL)_ .
## **9 Employees**
The average monthly number of employees during the year was:
|The average monthly number of employees during the year was:|||
|---|---|---|
||**2023**|**2022**|
||**Number**|**Number**|
||1|1|
|**Employment costs**|**2023**|**2022**|
||**£**|**£**|
|Wages and salaries|25,799|29,873|
|There were no employees whose annual remuneration was more than £60,000.|||
|**Tangible fixed assets**|||
||**Plant and equipment**||
|||**£**|
|**Cost**|||
|At 1 April 2022||10,659|
|At 31 March 2023||10,659|
|**Depreciation and impairment**|||
|At 1 April 2022||9,671|
|Depreciation charged in the year||247|
|At 31 March 2023||9,918|
|**Carrying amount**|||
|At 31 March 2023||741|
|At 31 March 2022||988|
## **10 Tangible fixed assets**
- 19 -
## **MONTGOMERY YOUNG FARMERS CLUBS**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_
|**11**
**Stocks**
Finished goods and goods for resale
**12**
**Debtors**
**Amounts falling due within one year:**
Trade debtors
Other debtors
Prepayments and accrued income
**13**
**Creditors: amounts falling due within one year**
Payments received on account
Trade creditors
Accruals and deferred income|**2023**
**£**
450
**2023**
**£**
5,248
492
5,562
11,302
**2023**
**£**
700
531
794
2,025|**2022**
**£**
-|
|---|---|---|
|||**2022**
**£**
-
-
551|
|||551|
|||**2022**
**£**
-
576
1,920|
|||2,496|
## **14 Retirement benefit schemes**
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 £936 (2022: £570).
Contributions totaling £Nil (2021: £563) were payable to the fund at the balance sheet date.
## **15 Restricted funds**
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
||**Movement**||**Movement in funds**|**Movement in funds**||
|---|---|---|---|---|---|
||**in funds**|||||
||**Incoming**|**Balance at**|**Incoming**|**Resources**|**Balance at**|
||**resources**|**1 April 2022**|**resources**|**expended**
**31**|**March 2023**|
||**£**|**£**|**£**|**£**|**£**|
|Wales YFC Welsh Language Grant|-|-|5,944|(5,944)|-|
|PAVO (Youth Led Grant Scheme)|-|1,500|720|(1,220)|1,000|
||-|1,500|6,664|(7,164)|1,000|
- 20 -
## **MONTGOMERY YOUNG FARMERS CLUBS**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_
## **16 Designated funds**
The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:
|**Balance at**
**1 April 2021**
**£**
Development costs
47,437
47,437
**17**
**Analysis of net assets between funds**
**Unrestricted**
**funds**
**Restricted**
**funds**
**2023**
**2023**
**£**
**£**
Fund balances at 31
March 2023 are
represented by:
Tangible assets
741
-
Current assets/(liabilities)
215,232
(4,799)
215,973
(4,799)|**Resources**
**expended**
**Balance at**
**1 April 2022**
**Resources**
**expended**
**Balance at**
**31 March 2023**
**£**
**£**
**£**
**£**
(8,520)
38,917
(4,628)
34,289
(8,520)
38,917
(4,628)
34,289
**Total**
Unrestricted
funds
Restricted
funds
Total
**2023**
2022
2022
2022
**£**
£
£
£
741
988
-
988
244,722
232,014
-
232,014
245,463
233,002
-
233,002|**Resources**
**expended**
**Balance at**
**1 April 2022**
**Resources**
**expended**
**Balance at**
**31 March 2023**
**£**
**£**
**£**
**£**
(8,520)
38,917
(4,628)
34,289
(8,520)
38,917
(4,628)
34,289
**Total**
Unrestricted
funds
Restricted
funds
Total
**2023**
2022
2022
2022
**£**
£
£
£
741
988
-
988
244,722
232,014
-
232,014
245,463
233,002
-
233,002|
|---|---|---|
|||34,289|
|||Total
2022
£
988
232,014|
|||233,002|
## **18 Related party transactions**
Honararia payments totalling £840 (2022: £840) 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 (Aled Rees – County Chairman) £220 (Lynfa Jones – County Vice Chairman)
- £160 (Elin Lewis – County Markerting Officer)
- £160 (Lliwen Jones – County Communications Officer)
- 21 -