Charity registration number 1180654
MONTGOMERY YOUNG FARMERS CLUBS
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
MONTGOMERY YOUNG FARMERS CLUBS
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees C Morgan A Thomas M Wigley A Owen C Smith G Evans L Davies T Edwards S Davies E Isaac B Breeze E Williams E Roberts F Suckley-Jones H Jones J Richards L Morgan M Griffiths N Morgan N Owen T Horn D Jones (Appointed 11 July 2024) D Oliver (Appointed 11 July 2024) E Jarman (Appointed 11 July 2024) E Lewis (Appointed 11 July 2024) J Davies (Appointed 11 July 2024) K Connolly (Appointed 11 July 2024) K Owen (Appointed 11 July 2024) M Johnson (Appointed 11 July 2024) W Worthington (Appointed 11 July 2024) S Lloyd (Appointed 1 September 2024) P Griffiths (Appointed 1 September 2024) I Lewis (Appointed 1 September 2024) K Tudor-Thomas (Appointed 1 September 2024) S Lewis (Appointed 1 September 2024) R Owen (Appointed 1 September 2024) Charity number 1180654 Principal address First Floor WLS Ltd Buttington Cross Buttington Welshpool Powys United Kingdom SY21 8SR Independent examiner Azets Audit Services Westpoint Lynch Wood Peterborough Cambridgeshire United Kingdom PE2 6FZ
MONTGOMERY YOUNG FARMERS CLUBS
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 5 |
| Statement of trustees' responsibilities | 6 |
| Independent examiner's report | 7 |
| Statement of financial activities | 8 |
| Balance sheet | 9 |
| Notes to the financial statements | 10 - 19 |
MONTGOMERY YOUNG FARMERS CLUBS
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The trustees present their annual report and financial statements for the year ended 31 March 2025.
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 charity's governing document, the Charities Act 2011 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).
The charity also trades under the name Clybiau Ffermwyr Ieuainc Maldwyn.
Objectives, Activities and Public Benefit
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 670 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.
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.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
- 1 -
MONTGOMERY YOUNG FARMERS CLUBS
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Achievements and performance 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 March 2025. 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 Upper Bryn Farm, Abermule. 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 September at Caethro, Welshpool. 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 Llanidloes High School. The event ran smoothly and was a success thanks to the brilliant teamwork from the committee members.
The Public Speaking competitions were held in December 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 Pantomime Festival returned to The Hafren, Newtown, with 3 Welsh and 10 English performances and clubs collaborating to ensure members had the opportunity to perform on a professional stage. Junior and Senior Member of the Year interviews also 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 (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
| Administration - Membership Year 10-16 17-21 22-28 Associate Total |
Administration - Membership Year 10-16 17-21 22-28 Associate Total |
|---|---|
| 2024/2025 2023/2024 2022/2023 2021/2022 2020/2021 2019/2020 2018/2019 2017/2018 2016/2017 2015/2016 2014/2015 2013/2014 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 |
317 191 138 75 721 353 189 130 1 673 365 163 111 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 (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
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 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.
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 £165,000.
Free reserves at 31 March 2025 are £161,167 (2024: £248,020), 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 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.
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.
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.
- 4 -
MONTGOMERY YOUNG FARMERS CLUBS
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
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 2024 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.
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.
The trustees' report was approved by the Board of Trustees.
.............................. M Griffiths County Chairman
31/07/2025 Date: .............................................
- 5 -
MONTGOMERY YOUNG FARMERS CLUBS
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 31 MARCH 2025
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 year.
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 estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
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 sufficient accounting records that 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.
- 6 -
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 charity) for the year ended 31 March 2025.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of 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
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by 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 now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with 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 financial statements do not accord with those records; or
-
3 the financial statements 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 financial statements to be reached.
Mark Jackson FCA DChA
Westpoint Lynch Wood Peterborough Cambridgeshire PE2 6FZ United Kingdom
Dated: .........................
- 7 -
MONTGOMERY YOUNG FARMERS CLUBS
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
| Unrestricted Restricted funds funds 2025 2025 Notes £ £ Income from: Donations and legacies 3 45,474 7,344 Charitable activities 4 98,013 - Investments 5 8,203 - Total income 151,690 7,344 Expenditure on: Charitable activities 6 137,754 7,344 Net income for the year/ Net movement in funds 13,936 - Fund balances at 1 April 2024 257,405 - Fund balances at 31 March 2025 271,341 - |
Total Unrestricted Restricted funds funds 2025 2024 2024 £ £ £ 52,818 38,053 5,944 98,013 102,584 - 8,203 3,326 - 159,034 143,963 5,944 145,098 127,963 6,944 13,936 16,000 (1,000) 257,405 241,405 1,000 271,341 257,405 - |
Total 2024 £ 43,997 102,584 3,326 |
|---|---|---|
| 149,907 | ||
| 134,907 | ||
| 15,000 242,405 |
||
| 257,405 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
- 8 -
MONTGOMERY YOUNG FARMERS CLUBS
BALANCE SHEET
AS AT 31 MARCH 2025
| Notes Fixed assets Tangible assets 11 Current assets Stocks 12 Debtors 13 Cash at bank and in hand Creditors: amounts falling due within one year 14 Net current assets Total assets less current liabilities Income funds Unrestricted funds Designated funds 18 General unrestricted funds |
2025 £ 1,500 65,593 242,853 309,946 (41,490) 107,289 164,052 |
£ 2,885 268,456 271,341 271,341 271,341 |
2024 £ 3,950 26,159 237,432 267,541 (12,232) 7,289 250,116 |
£ 2,096 255,309 |
|---|---|---|---|---|
| 257,405 | ||||
| 257,405 | ||||
| 257,405 |
31/07/2025 The financial statements were approved by the Trustees on .........................
.............................. M Griffiths Trustee
- 9 -
MONTGOMERY YOUNG FARMERS CLUBS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
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 8 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 charity's [governing document], the Charities Act 2011, 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 charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements 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 Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the charity. 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 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 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.
- 10 -
MONTGOMERY YOUNG FARMERS CLUBS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
1 Accounting policies
(Continued)
1.4 Income
Income is recognised when the charity 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 charity 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 charity 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.
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.
1.5 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.
All expenditure is inclusive of irrecoverable VAT.
1.6 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 machinery 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.
1.7 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
- 11 -
MONTGOMERY YOUNG FARMERS CLUBS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
1 Accounting policies
(Continued)
1.8 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.
1.9 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.
1.10 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
- 12 -
MONTGOMERY YOUNG FARMERS CLUBS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
1 Accounting policies
(Continued)
1.11 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12 Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Donations and legacies
| Unrestricted Restricted funds funds 2025 2025 £ £ Donations and gifts 32,874 - Grants 12,600 7,344 45,474 7,344 Grants receivable for core activities Grants - 7,344 Government grants - Powys CC 12,600 - Other - - 12,600 7,344 |
Total Unrestricted Restricted funds funds 2025 2024 2024 £ £ £ 32,874 27,053 - 19,944 11,000 5,944 52,818 38,053 5,944 7,344 1,000 2,972 12,600 10,000 - - - 2,972 19,944 11,000 5,944 |
Total 2024 £ 27,053 16,944 |
|---|---|---|
| 43,997 | ||
| 3,972 10,000 2,972 |
||
| 16,944 |
- 13 -
MONTGOMERY YOUNG FARMERS CLUBS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
| 4 Charitable activities Charitable activities 5 Investments Interest receivable 6 Charitable activities Depreciation and impairment Costs of activities NF YFC Wales YFC Share of support costs (see note 7) Share of governance costs (see note 7) Analysis by fund Unrestricted funds Restricted funds |
2025 £ 98,013 2025 £ 8,203 2025 £ 961 59,254 15,933 10,186 86,334 53,763 5,001 145,098 137,754 7,344 145,098 |
2024 £ 102,584 |
|---|---|---|
| 2024 £ 3,326 |
||
| 2024 £ 493 55,278 13,690 9,880 |
||
| 79,341 50,511 5,055 |
||
| 134,907 | ||
| 127,963 6,944 |
||
| 134,907 |
- 14 -
MONTGOMERY YOUNG FARMERS CLUBS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
7 Support costs
| Support costs Governance costs £ £ Staff costs 38,452 - Trophies and engraving - - Sundry expenses - - Rent 5,000 - Office costs 7,595 - Honorarium 920 - Telephone 301 - Insurance 1,495 - Independent examination fees - 3,630 Legal and professional - 1,371 53,763 5,001 Analysed between Charitable activities 53,763 5,001 |
2025 Support costs Governance costs £ £ £ 38,452 32,464 - - 1,387 - - 630 - 5,000 4,330 - 7,595 7,268 - 920 840 - 301 432 - 1,495 3,160 - 3,630 - 3,480 1,371 - 1,575 58,764 50,511 5,055 58,764 50,511 5,055 |
2024 £ 32,464 1,387 630 4,330 7,268 840 432 3,160 3,480 1,575 |
|---|---|---|
| 55,566 | ||
| 55,566 |
8 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
9 Employees
The average monthly number of employees during the year was:
| 2025 | 2024 | |
|---|---|---|
| Number | Number | |
| 1 | 1 | |
| Employment costs | 2025 | 2024 |
| £ | £ | |
| Wages and salaries | 37,905 | 31,958 |
| Other pension costs | 547 | 506 |
| 38,452 | 32,464 |
There were no employees whose annual remuneration was more than £60,000.
- 15 -
MONTGOMERY YOUNG FARMERS CLUBS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
10 Taxation
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
11 Tangible fixed assets
| Cost At 1 April 2024 Additions At 31 March 2025 Depreciation and impairment At 1 April 2024 Depreciation charged in the year At 31 March 2025 Carrying amount At 31 March 2025 At 31 March 2024 12 Stocks Finished goods and goods for resale 13 Debtors Amounts falling due within one year: Trade debtors (sponsorship and membership invoices) Other debtors Prepayments and accrued income |
Plant and machinery £ 12,507 1,750 14,257 10,411 961 11,372 2,885 2,096 2025 2024 £ £ 1,500 3,950 2025 2024 £ £ 18,829 11,019 858 8,265 45,906 6,875 65,593 26,159 |
Plant and machinery £ 12,507 1,750 14,257 10,411 961 11,372 2,885 2,096 2025 2024 £ £ 1,500 3,950 2025 2024 £ £ 18,829 11,019 858 8,265 45,906 6,875 65,593 26,159 |
|---|---|---|
| 14,257 | ||
| 10,411 961 |
||
| 11,372 | ||
| 2,885 | ||
| 2,096 | ||
| 2024 £ 3,950 |
||
| 2024 £ 11,019 8,265 6,875 |
||
| 26,159 |
- 16 -
MONTGOMERY YOUNG FARMERS CLUBS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
14 Creditors: amounts falling due within one year
| Notes Other taxation and social security Deferred income 15 Trade creditors Other creditors Accruals |
2025 £ 347 33,700 1,473 472 5,498 41,490 |
2024 £ 2,314 711 1,895 572 6,740 |
|---|---|---|
| 12,232 |
15 Deferred income
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Other deferred income | 33,700 | 711 |
Deferred income relates to income received for events that will take place in the 2025/26 period.
| Deferred income is included within: Current liabilities Movements in the year: Deferred income at 1 April 2024 Released from previous periods Resources deferred in the year Deferred income at 31 March 2025 |
2025 £ 33,700 711 (711) 33,700 33,700 |
2024 £ 711 |
|---|---|---|
| 700 (700 711 |
||
| 711 |
16 Retirement benefit schemes
Defined contribution schemes
The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.
The charge to profit or loss in respect of defined contribution schemes was £547 (2024 - £506).
- 17 -
MONTGOMERY YOUNG FARMERS CLUBS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
17 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 in funds | Movement in funds | Movement in funds | Movement in funds | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Balance at | Incoming | Resources | Balance at | Incoming | Resources | Balance at | |||
| 1 April 2023 | resources | expended | 1 April 2024 | resources | expended | 31 | March 2025 | ||
| £ | £ | £ | £ | £ | £ | £ | |||
| Wales YFC | |||||||||
| Welsh | |||||||||
| Language | |||||||||
| Grant | - | 5,944 | (5,944) | - | 5,844 | (5,844) | - | ||
| PAVO (Youth | |||||||||
| Led Grant | |||||||||
| Scheme) | 1,000 | - | (1,000) | - | 1,500 | (1,500) | - | ||
| 1,000 | 5,944 | (6,944) | - | 7,344 | (7,344) | - |
The restricted funds received from the Wales YFC Welsh language grant contribute towards translation and salary costs.
The restricted funds from PAVO (Youth Led Grant Scheme) have contributed toward the cost of various activities in the year.
18 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 2023 Resources expended £ £ Development costs 34,289 (2,000) Events trailer - - Photographer for events - - Trust & Discovery fund - - Office rent and contingency fees - - 90th Celebrations - - Technology & website development - - 34,289 (2,000) |
Transfers Balance at 1 April 2024 £ £ (25,000) 7,289 - - - - - - - - - - - - (25,000) 7,289 |
Transfers Balance at 31 March 2025 £ £ - 7,289 3,000 3,000 4,000 4,000 26,000 26,000 27,000 27,000 25,000 25,000 15,000 15,000 100,000 107,289 |
Transfers Balance at 31 March 2025 £ £ - 7,289 3,000 3,000 4,000 4,000 26,000 26,000 27,000 27,000 25,000 25,000 15,000 15,000 100,000 107,289 |
|---|---|---|---|
| 107,289 |
- 18 -
MONTGOMERY YOUNG FARMERS CLUBS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
19 Related party transactions
Honoraria payments totaling £920 (2024: £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:
£350 (Alun Tudor-Thomas - County Chair) £250 (Marc Griffiths - County Vice Chair) £160 (Lowri Davies - County Marketing Officer)
£160 (Sioned Mills - County Communications Officer)
- 19 -