AXMINSTER YOUNG FARMERS, CLUB CHARITY NUMBER: 271101 ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 AXMINSTER YOUNG FARMERS. CLUB CHARITY NUMBER: 271101 ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 INDEX PAGE Trustees, Report Independent Examiner's Report Statement of Financial Activities Statement of Financial Position Notes 7-10 Charity Account (this page does not form part of the statutory accounts) 11 TRUSTEES. REPORT OF AXMINSTER YOUNG FARMERS. CLUB CHARITY NUMBER: 271101 FOR THE YEAR ENDED 31 AUGUST 2024 The Trustees present their report and the financial statements for the Year Ended 31st August 2024. REFERENCE AND ADMINISTRATIVE DETAILS:_ Charlty Number: 271101 Correspondence Address: Devon Federation of Young Farmers Clubs The Devon Rural Hub Amory Building Cheriton Bishop Exeter, Devon EX6 6JH admin@devonyfc.co.uk Trustees: Chairman: Daniel Johnson Secretary: Alice Underdown Treasurer= Phillip Johnson Chairman: Nicola Johnson Secretary: Lydia Steele Retired 0211012023 Retired 0211012023 Retired 0211012023 Appointed 0211012023 Appointed 0211012023 Resigned 1410312024 Appointed OJQ 1 OIQ023 Treasurer: Emily Dare Charity Number: 271101 Accountants: Westcotts (SW) LLP Chartered Accountants Timberly South Street Axminster, Devon EX13 SAD Bankers: Lloyds Bank PLC Trinity Square Axminster Devon EX13 5BY TRUSTEES. REPORT OF AXMINSTER YOUNG FARMERS. CLUB CHARITY NUMBER: 271101 Continued STRUCTURE GOVERNANCE AND MANAGEMENT Axminster Young Farmers, Club is a registered charity with the Charity Commission for England and Wales. It fulfils its charitable aims by carrying out activities {as stated below) within the agricultural community of the market town of Axminster and the surrounding district, located in East Devon. Axminsier Young Farmers, Club, originally founded in 1933, is governed by the Standard Constitution of the National Federation of Young Farmers, Clubs, adopted 2nd October 1972. The Club is an association of not less than six young persons formed in accordance with the form and constilution laid down for Young Farmers, Clubs by the Council of the National Federalion to which Clubs shall be aff iliated, as well as belonging to and conforming to the directions of the Devon County Federation of Young Farmers, Clubs. Axminster Young Farmers. Club has been registered with the Chartty Commission since 21 st April 1976. Trustees of the charity are appointed from its members annually at the Annual General Meeting {normally held in October). OBJECTIVES AND ACTIVITIES The objects of the club are to- (a) advaiic'e LIIE education of young members of the public at large in agriculture, home crafts, country lile and related subjects and (b) in the interest of the social welfare of such members to provide, and promote the provision ol facilities for recreation and other leisure time occupations, being facilities which will improve their condilions ol life and will assist in the development of their spiritual and mental capacities, self-reliance and individual responsibility so that they may grow to full malurily as individuals and members of the community. Axminster Young Farmers, Club is an vibrant and friendly club, that has a fully inclusive policy - allowing full membership to any individual be￿een the ages of 10 and 28 (and affiliaie membership available for older individuals). Through the educational and social activities carried out each year for the benefit of members and the wider community. the Trustees consider that the Charity has complied fully with its duty in section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission. TRUSTEES, REPORTOF AXMINSTER YOUNG FARAIERS. CLUB CHARITY NUMBER: 271101 Continued ACHIEVEMENTS AND PERFORMANCE Activities carried out during the year include members, participation in: agricultural shows, arnateur dramalics. public speaking, various inter-club competitions. sport. stock rearing and judging. The Club also organises many social events throughout the year, as well as holding fundraising events for other charities and local good causes. The Trustees would like lo thank all of the Club's supporters for their dedication to the club this year and look forward to another successful year. FINANCIAL REVIEW The principal funding source of the Charity is that of the activities participated in by its members. Income for the year totalled £46,48812023.' £39,266) and expenditure totalled £44,295 (2023: £40,428}, all of which was unrestricted. As at 31 August 2024 the Charity had unrestricted reserves of £32.286. Full details are disclosed within the Statement of Financial Activities and the Statement of Financial Position. The Trustees endeavour to maintain reserves at a level that they consider appropriate considering the levels of risk that the Charity faces throughout the year. Considering the annual cost of livestock and educational activities, the Trustees do not consider the reserves to be excessive, but allow the Club to fulfil its charitable objectives over the next 12 months. The Charity does noi currently hold any restricted lunds. STATEMENT OF COMPUANCE The Trustees are responsible for preparing the annual report and the financial statements in accordance with the accounting policies set out in the notes to the accounts 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 iheir account is accordance with the Financial Reporting Slandard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2015) (the 'SORP'I. DECLARATION The Trustees declare that they have approved the Trustees, Report above. Signed on behalf of the Charity's Trustees-_ Signature: Nlcola Johnson Dale: ............................... INDEPENDENT EXAMINER'S REPORTTO THE TRUSTEES OF AXMINSTER YOUNG FARMERS, CLUB CHARITY NUMBER: 271101 I report to the trustees on my examination of the accounts of Axminster Young Farmers, Club for the year ended 31st August 2024, which comprise ot the Statement of Financial Activities, Statement of Financial Position and related notes. RESPONSIBILITIES AND BASIS OF REPORT As the charity trustees of the Trust you are responsible for the preparalion of the accounts in accordance with the requirements of the Charities Act 2011 (Yhe Act,). I report in respect ol my examination of the Trust's accounts carried out under section 145 of Ihe 2011 Act and in carrying out rny examination I have followed all the applirAble Directions given by the Charity Commission under section 14515)Ib) of the Act. INDEPENDENT EXAMINER'S STATEMENT Your attention is drawn to the fact that the charity has prepared the accounts (financial statements) 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 ol Ireland IFRS1021 (effective 1 January 20151 in preference to the Accounting and Reporting by Charilies= Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has since been wthdrawn. We understand that this has been done in order for the account to provide a Irue and fair view in accordance wilh Generally Accepted Accounting Pra¢li¢e effective for reporting period beginning on or after 1 January 2015. I have completed my examination. I confirm thal no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respecl.. accounting records were not kept in respect of the Trust as required by seclion 130 of the Act- or the accounts do not accord with Ihose records- or the accounts do not comply ￿th the applicable requirements concerning the form and content of accounts sel out in the Charilies {Accounts and Reports) Regulations 2008 other than any requirement thal the accounts give a 'true and fair Mew which is not a matter considered as part of an independent examination. I have no concems 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 lo be reached. Signature: Stuart Carrington FCA Independent Examiner Westcotts (SW) LLP Chartered Accountants Timberly, South Street, Axminster. Devon EX13 SAD Date:...................... AXMINSTER YOUNG FARMERS. CLUB CHARITY NUMBER: 271101 STATEMENT OF FINAN IALA IvFnES oratin the Income and ex enditure account FOR THE YEAR ENDED 31 AUGUST 2024 inco Tho r￿ullS for th8 year tjerlve from contlnulng aetlvltlé$ and ther8 are no galn8 or lo$se$ other than those shown. l income and expènditure $hown below represents unrestrfcted funds. The Charlty had no restrlcted funds or endowment lunds In th• current or prfor yeor. 2024 2023 INCOME AND ENDOWMENTS FROM: Donatlons and legacles Voluntary Income - Membership Voluntary Income- Other Donations 2,440 1.000 1,800 346 2,146 Charitable activlties Social Stock (including insurance) Show and Sale Sponsorship 25,408 16,464 1,140 43,012 26,943 9,547 615 37.105 Investments Bank Deposit Interest Received 36 15 Total incomlng reSoU￿e9 46,488 39,266 EXPENDITURE Costs ot generating lunds Costs of generating voluntary income Attiliation Costs 3,793 3,402 Charliable activbtles Social Stock lincluding insurance) Show and Sale Prize Money & Related Costs Skills for Lilelshow Expenses/Sport Governance costs Printing, Postage & Stationery Miscellaneous Expenses Depreciation Tolal resources expended 20,802 16,582 1,296 1,347 24,062 9,781 739 1,911 96 172 207 251 276 44,295 40,428 Nel movement in fund during the year 2,193 (1,1621 Total funds brought lorward 30.093 31,255 Total lunds c8rrled fornard 32,286 30,093 AXMINSTER YOUNG FARMERS. CLUB CHARITY NUMBER: 271101 STATEMENT OF FINANCIAL POSITION AS AT 31 AUGU T 2024 The Charity had no reslricted funds or endowment funds In the current or prlor year. 2024 2023 FIXED ASSETS Equipment and Sportswear 620 827 CURRENT ASSETS Stock Debtors Current Account Livestock Account Insurance Account Generator Account Cash in Hand 474 7,868 10,194 10,280 1,154 1,616 80 31,666 7.055 8.105 11.174 1,256 1,596 80 29,266 CURRENT LIABILITIES Creditors CURRENT ASSETS 31,666 29,266 TOTAL NET ASSETS 32,286 30,093 TOTAL FUNDS OF THE CHARITY Unrestricted funds balance brought forwards Movernent in unrestricted funds during the year Unreslricted funds balance ai year end 30,093 2.193 32,286 31.255 1,162 30,093 Signed on behalf of the Charity's Truslees by:_ Emily Dare (freasurer) Signature- Date: AXMINSTER YOUNG FARMERS. CLUB CHARITY NUMBER: 271101 ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 NOTES.. 1. BASIS OF PREPARATION Basis of accounling The accounts have been prepared to give a 'true and fair view,, using the historic cost convention Mth the exception Ihal investments are valued at market value where applicable. The financial statements are in accordance with the charity's governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Slatement of Recommended Practice applicable to Charities preparing their account is accordance with the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland (FRS102) {effective 1 January 2015) (the 'SORP'I. The charity constitutes a public benefit entity. as delined by FRS102. 2. ACCOUNTING POLICIES The principal accounting policies, set out below, have been applied consistently throughout the year and the preceding year. There are no material uncertainties about Ihe charity's ability lo continue as a going concern. The charity has taken advantage of the exemption stated in FRS102 paragraph 1.12, and as such has not prepared a cash flow statement or made disclosures in respect of financial instruments. Judgements and key sources ol estlmatlon uncertalnty The preparation of the accounts requires the management to make judgements, estimates and assumptions that affect Ihe amount reported. These eslirnales and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable in the circumStan￿s. Incoming resources All incoming resources are included in the statement of financial activities when the Charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income.. Voluntary income is received by way of membership, donations and gifts and is included in full in the statement of financial activities when receivable. Donated services and facilities are included at the value to the Charity where this can be quantified. The value of seNi¢es provided by volunteers has not been included. Income from investments is included in the year in which it is receivable. Unreslricled funds are donations and other incoming resources receivable or generated for the objects of the Charity wtthout further specific purpose and which the Charity may use in the pursuance of its objects at its discretion. Where applicable, designated funds are unrestricted funds earmarked by the Trustees for particular PLTrposes. Where restricted funds have been received, they are subject to restrictions on their expendilure imposed by the donor or Ihrough the terms of an appeal. AXMINSTER YOUNG FARMERS. CLUB CHARITY NUMBER: 271101 ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 Continued Expendlture and liabilities Expenditure is recognised on an accrual basis as a liability is incurred. Charitable expenditure comprises those costs incurred by the Charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Governance costs include costs relating to the general administration of the Club. Liabililies are recognised as soon as there is a legal or constructive obligation committing the Charity to pay out resources. Tangible flxed assets and depreclatlon Tangible fixed assets are stated at cost less accumulated depreciation. Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life. Within the accounts Equipment and Sportswear is recognised as a fixed assel and is depreciated on a 25 /0 Reducing Balance basis. 3. TANGIBLE FIXED ASSETS ment & ortswear Cost At 1 September 2023 Additions At 31 August 2024 3,837 3,837 Depreciatlon At 1 September 2023 Depreciation Charge for Year At 31 August 2024 3,010 207 3,217 Net book values Al 31 August 2023 At 31 August 2024 827 620 AXMINSTER YOUNG FARMERS, CLUB CHARITY NUMBER." 271101 ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 4. DEBTORS Social Club livestock 148 7,720 7,868 225 6,830 7,055 Club livestock debtors represent the original cost of livestock or the contribution made towards livestock that has been paid by the Club and is currently in the possession of members (less any amounts already paid by the members). 2024 2023 5. CREDITORS AND ACCRUALS Amounts falllng due withln one year Livestock 6. TRUSTEES. REMUNERATION AND EXPENSES Truslees, remuneration No remuneration or other benefits from employment with the charity or a related entity were received by the trustees. Trusiees. expenses Three Trustees were reimbursed expenses totalling £4,097 during the year (2023: £1,647). These reimbursements for out-of-pocket expenses related to costs of charitable activities including organising club events and general club administration costs. 7. ACCOUNTANT FEES No fee has been charged this year or in the previous year for the work carried out by Westcotts Chartered Accountants. AXMINSTER YOUNG FARMERS, CLUB CHARITY NUMBER: 271101 ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 8. GOING CONCERN The charity maintained healthy reserves as at 31 August 2024 and the trustees have no doubts that the charity is a going concern. 10- AXMINSTER YOUNG FARMERS, CLUB CHARITY NUMBER: 271101 ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 CHARITY ACCOUNT The funds retained within the Club's charity account are collected on behalf of the Club's selected charities and as such does not fomi part of the chartty's financial statements. The figures detailed below are only stated to provide the user of the financial statements with additional detail in respect of the Club's charitable fundraising work carried out during the year. 2024 2023 Fundraisln on behalf of olher charlties Force Cancer Charity Axminster & Lyme Cancer Support Axminster Hospital League of Friends Cancer Research UK Devon Air Ambulance Pippins Community Centre, Axminsier FCN - Farming Community Network Flamingo Swimming Pool, Axminsler 4,011.57 4,011.56 1.262.59 535.00 250.00 982.92 250.00 982.92 370.00 875.00 875.00 Tolal 12,286.56 2.120.00