## **SOMERSET FEDERATION OF YOUNG FARMERS CLUBS**
## **ACCOUNTS**
**FOR THE YEAR ENDED 31 AUGUST 2023 CHARITY REGISTRATION NUMBER: 273051**
## **SOMERSET FEDERATION OF YOUNG FARMER'S CLUBS**
## **CONTENTS**
|Legal and administrative information|1|
|---|---|
|Trustee's Report|2 - 4|
|Independent Examiner's Report|5|
|Statement of Financial Activities|6|
|Balance Sheet|7|
|Notes to the Financial Statements|8 - 10|
## **SOMERSET FEDERATION OF YOUNG FARMER'S CLUBS**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
|**President**|Alan Hector|Appointed 17 November 2022|
|---|---|---|
|**Chairman**|Sarah Howe|Appointed 17 November 2022|
|**Vice Chairman**|Victoria Winter|Appointed 17 November 2022|
|**Management Chairman**|Ben Goulding|Reappointed 17 November 2022|
|**Agricultural and Rural Affairs**|**(ARAC) Chairman**||
||William Ashman|Appointed 17 November 2022|
|**Treasurer**|Philippa Cusack|Reappointed 17 November 2022|
|**Trustees**|James Bardwell|Reappointed 17 November 2022|
||Philippa Cusack|Reappointed 17 November 2022|
||Ben Goulding|Reappointed 17 November 2022|
||Nicola Quick|Appointed 17 November 2022|
||Nick Matravers|Appointed 17 November 2022|
||William Hooper|Appointed 17 November 2022|
||Melissa Standen|Appointed 17 November 2022|
||Jack Williams|Appointed 17 November 2022|
||Jessica Watts|Appointed 17 November 2022|
||Lottie Hill|Appointed 17 November 2022|
||Alice Cherry|Appointed 17 November 2022|
||Georgie Seymour|Appointed 17 November 2022|
||Patrick Rich|Reappointed 17 November 2022|
||Lottie Durrant|Appointed 17 November 2022|
||Libby Davies|Appointed 17 November 2022|
||Lottie Hill|Appointed 17 November 2022|
||Eleanor Thatcher|Appointed 17 November 2022|
||Louise Seymour|Reappointed 17 November 2022|
||Zoe Stanbury|Reappointed 17 November 2022|
||John Wakley|Appointed 17 November 2022|
||Philip Hardwell|Resigned 17 November 2022|
||Oliver Hill|Resigned 17 November 2022|
||Sarah Howe|Resigned 17 November 2022|
||Katy Jamieson|Resigned 17 November 2022|
||Iona Leckie|Resigned 17 November 2022|
||Chloe Parris|Resigned 17 November 2022|
||Megan Blackmar|Resigned 17 November 2022|
||Michael Churches|Resigned 17 November 2022|
||Nick Matravers|Resigned 17 November 2022|
||Anna Dewick|Resigned 17 November 2022|
|**Governing document**|Constitution dated 11th November 2015||
|**Registered charity number**|273051||
|**Principal address**|The Old School||
||School Road||
||Westonzoyland||
||Bridgwater||
||Somerset||
||TA7 0LN||
1
## **REPORT OF THE TRUSTEES OF SOMERSET FEDERATION OF YOUNG FARMER'S CLUBS**
The Trustees present their report and the unaudited financial statements for the year ended 31 August 2023.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
The organisation is an unincorporated charitable organisation which was registered as a charity on 1 January 1961 under the number 273051. The Charity is governed by the constitution dated 11th November 2015.
The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) effective 1 January 2019.
The Trustees are elected at the Federation's Annual General Meeting. There are detailed guidelines set out in the constitution regarding the eligibility of Trustees.
The charity is managed by the Trustees.
## **OBJECTIVES AND ACTIVITIES**
The objects of the charity are:
• To advance the education of young members of the public at large in agriculture, home crafts, country life and related subjects; and
• In the interest of the social welfare of such members of the public to provide and promote the provision of facilities for recreation and other leisure time occupations, being facilities, which will improve their conditions of life and will assist in the development of their spiritual and mental capacities, self-reliance and individual responsibilities so that they may grow to full maturity as individuals and members of the community.
Somerset Federation of Young Farmers Clubs furthers these objects, by providing support to its network of clubs within Somerset, to provide young people in rural areas with opportunities for personal and social development through a programme of activities and contact, thus enabling them to become responsible adults equipped with the confidence and skills to make a contribution within their community.
Somerset Federation of Young Farmers Clubs seeks to achieve this by:-
• Offering opportunities for personal growth through which young people can develop life skills, confidence and self-esteem.
• Providing ways for young people to express their views and be heard.
• Offering a variety of informal education activities, programmes and experiences which are recreational, social and fun.
• Maintaining a strong countryside element in those programmes including relevant farming links.
• Enabling members to be fully involved in the decision making of the organisation and helping them recognise, reflect upon and value the learning processes involved.
• Being accessible to all young people regardless of their background, circumstances, appearance or beliefs.
2
## **REPORT OF THE TRUSTEES OF SOMERSET FEDERATION OF YOUNG FARMER'S CLUBS**
Somerset Federation of Young Farmers Clubs (Somerset YFC) owns the building in which the offices are based and meetings, competitions and events are held. A separate statement of financial activities and balance sheet are prepared as they prefer to report it separately for management purposes. These are enclosed with these accounts.
## **ACHIEVEMENTS AND PERFORMANCE**
At the end of the financial year, there were 838 members of Somerset YFC (2022: 707). Many other young people also benefit from YFC activities by attending events as guests.
It is very important to the Federation that young people from rural areas can engage in positive activities and be involved in their communities. As well as taking part in YFC events and activities, the members also do a lot to help other people and organisations with voluntary work in their local areas.
We are extremely grateful to all the volunteers of all ages, who so generously give up their time to support the membership in many different ways. Many of these volunteers are themselves former members of YFC, and they are so willing to help because they understand the importance of the work the organisation does and its value to the wider rural community.
Members achieve and recognise skills and confidence in public speaking, drama and entertainments, sports, Duke of Edinburgh, stock judging and stock presentation. They attend meetings and learn to fundraise for their club and the local community.
YFC members learn valuable leadership skills by serving as Club Chairman, Secretaries, Treasurers and leaders. Many of them go on to use these skills to serve their community as officers of local organisations.
## **FINANCIAL REVIEW**
The accounts show a deficit for the year ended 31 August 2023 of £10,940 (2022: surplus of £4,789).
Income from Affiliation Fees was £14,163 (2022: £6,850).
Donations have decreased by £700 to £4,500 for the year (2022: £5,200).
Income from Social Events and Marketing Activities totalled £25,523 (2022: £28,055). This represents the net income after expenditure has been taken into account from these events.
Expenditure for the year totalled £59,508 (2022: £41,730).
The Property Management accounts that accompany these accounts for the year ended 31 August 2023 show a loss of £718 (2022: surplus £7,174).
The Property Management accounts include rent received of £11,805 (2022: £9,513).
Property Management expenditure totalled £15,504 for the year (2022: £5,554).
3
## **REPORT OF THE TRUSTEES OF SOMERSET FEDERATION OF YOUNG FARMER'S CLUBS**
## **Reserves Policy**
The total funds held at 31 August 2023 amounted to £188,974 (2022: £199,914).
In addition to the amount held in the current account of £83,807 the Charity holds funds in a further account with HSBC, the balance at 31 August 2023 totalled £15,653 (2022: £2,191). In addition to the main charity funds, £267,942 (2022: £268,660) is held within the Property Management accounts.
The Trustees have reviewed the total general reserves held by the charity and feel that they are not excessive. The Trustees also feel that the general reserves should represent at least one year’s expected general expenditure. Members have to renew their membership on an annual basis and it is unknown how many members will join every year. Income from Affiliation Fees can therefore fluctuate year on year. Donations are received from businesses, general public and other charities and therefore cannot be guaranteed. Reserves are also held in case an event has to be cancelled, for which costs have already been incurred.
The reserves in the Property Management Accounts mainly comprise of the property used by the charity and cash has been retained for refurbishment of the property.
## **Risk Policy**
The Trustees regularly review the risks to which the Charity may be exposed and confirm that systems have been established to mitigate those risks.
All Trustees have to be formally elected at the Federation's Annual General Meeting.
## **Governance Code**
The Trustees have reviewed the Governance Code and understand their responsibilities as Trustees in respect of the Charity.
## **Trustee's responsibilities in relation to the financial statements**
Law applicable to charitable organisations in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the year and of its financial position at the end of the year. In preparing those financial statements, the trustees are required to:
- select suitable accounting policies and then apply consistently;
- make judgements and estimates that are reasonable and prudent;
- observe the methods and principles in the Charities SORP.
- state whether applicable accounting standards and statement of recommended practice have been followed subject to any 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 to operate.
The trustees are responsible for keeping accounting records which 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. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees report was approved by the trustees on 8 November 2023 and signed on their behalf by:
Trustee: **S Howe** Name: **Sarah Howe**
4
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SOMERSET FEDERATION OF YOUNG FARMER'S CLUBS**
I report on the accounts of the charity (charity registration number 273051) for the year ended 31 August 2023 which are set out on pages 6 to 10.
## **Respective responsibilities of trustees and examiner**
The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed. The Charity's gross income did not exceed £250,000 and I am qualified to undertake the examination, being a member of The Institute of Chartered Accountants in England and Wales. It is my responsibility to:
- examine the accounts under section 145 of the Charities Act
- to follow the procedures laid down in the general directions given by the Charity Commission (under section 145 (5)(b) of the Charities Act), and
- to state whether particular matters have come to my attention.
## **Basis of independent examiner's report**
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a comparison of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and, consequently, no opinion is given as to whether the accounts present a 'true and fair' view and the report is limited to those matters set out in the statement below.
## **Independent examiner's statement**
In connection with our examination, no matter has come to our attention.
1. Which gives us reasonable cause to believe that, in any material respect the requirements:
- a. to keep accounting records in accordance with Section 130 of the Charities Act; and
- b. to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the charities Act
- c The accounts have not been prepared in accordance with the Charites SORP (FRS102)
have not been met; or
2. To which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
D Nicholas FCA Moore Scarrott Limited Calyx House South Road Taunton Somerset TA1 3DU
Signed:
## **D Nicholas**
Date: 18 March 2024
5
## **SOMERSET FEDERATION OF YOUNG FARMER'S CLUBS**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023**
**----- Start of picture text -----**
Notes
Unrestricted Restricted Total 2023 Total 2022
£ £ £ £ £ £
INCOME
Affiliation Fees 14,163 - 14,163 6,850
Donations 4,500 4,500 5,200
Sponsorship 7,640 - 7,640 330
SOCIAL EVENTS AND
MARKETING ACTIVITIES
-
Rally 19,768 19,768 15,000.00
-
County Ball 10,338 10,338 18,063.00
-
Social/Publicity General (2) (3,072) (3,072) (3,786)
-
Competitions (1,511) (1,511) (1,222)
-
25,523 25,523 28,055
MISCELLANEOUS (3) (1,985) - (1,985) 6,090
Interest Received 766 - 766 29
-
50,607 50,607 46,554
SUPPLIES
Sales (4) 1,842 - 1,842 -
Less
Purchases 2,092 - 2,092 742
-
Opening Stock 2,780 2,780 2,076
-
4,872 4,872 2,818
Less Closing Stock (992) - (992) (2,783)
3,880 - 3,880 35
-
(Deficit) on sales (2,038) (2,038) (35)
48,569 46,519
EXPENDITURE
-
Administration Expenses (5) 51,294 51,294 28,597
Establishment Costs (6) 8,214 - 8,214 13,133
-
(59,508) (59,508) (41,730)
- -
-
Surplus / (Deficit) for the year (10,940) (10,940) 4,789
MOVEMENT IN FUNDS
Balance brought forward 198,414 1,500 199,914 195,125
Transfer of funds - - -
-
Surplus / (Deficit) for the year (10,940) (10,940) 4,789
187,474 1,500 188,974 199,914
**----- End of picture text -----**
6
## **SOMERSET FEDERATION OF YOUNG FARMER'S CLUBS**
## **BALANCE SHEET AS AT 31 AUGUST 2023**
**----- Start of picture text -----**
2023 2022
Notes £ £ £ £
FIXED ASSETS
Office Furniture and Equipment (7) 8,965 10,298
CURRENT ASSETS
Stock 991 2,782
Debtors (8) 87,121 53,142
Cash at Bank (9) 99,501 139,609
187,613 195,533
LESS CURRENT LIABILITIES
Creditors (10) 7,604 5,917
7,604 5,917
NET CURRENT ASSETS 180,009 189,616
TOTAL NET ASSETS 188,974 199,914
REPRESENTED BY
Unrestricted Funds (11) 187,474 198,414
Restricted Funds (11) 1,500 1,500
TOTAL CHARITY FUNDS 188,974 199,914
**----- End of picture text -----**
The Trustees are responsible for the preparation of the accounts for the year ended 31 August 2023, set out on pages 1 to 10 and consider that the Charity is exempt from an Audit under section 144 of the Charities Act 2011.
**Trustee: S Howe** Date: 8 November 2023 **Name: Sarah Howe**
7
## **SOMERSET FEDERATION OF YOUNG FARMER'S CLUBS**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
## **1. ACCOUNTING POLICIES**
## **a) Basis of Preparation**
The accounts have been prepared in accordance with:
- 1 The Statement of Recommended Practice: Accounting and reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland (FRS 102) issued on 16 July 2014.
- 2 The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102).
- 3 The Charities Act 2011.
The Trustees consider that there are no material uncertainties regarding the Charity's ability to continue as a going concern.
## **b) Reconciliation with previous Generally Accepted Accounting Practice**
In preparing the accounts the Trustees have considered whether in applying the accounting policies required by the Charities Statement of Recommended Practice FRS102 a restatement of comparative items was needed. No restatements were required.
## **c) Income**
Income from subscriptions is accounted for in the year in which the receipt relates. Income from donations is accounted for in the year as they become due. In certain circumstances, income and expenditure have been offset against each other and the net surplus or deficit reported. This is considered necessary to enable the readers of the accounts to gain a better understanding of the position.
## **d) Depreciation**
Depreciation is provided on all tangible fixed assets at rates calculated to write off the full cost or valuation less estimated residual value of each asset over its estimated useful life. The principal rates in use are:
Office furniture and equipment 25% reducing balance Computer equipment 25% on cost
## **e) Result for the Year**
The surplus/deficit for the year is computed after taking account of all known costs accruing in the year.
## **f) Stocks**
Stocks have been valued at the lower of cost and net realisable value. Cost has been determined on the first in, first out basis, on cost of acquisition. Net realisable value is based on actual or estimated selling prices.
## **g) Fund Accounting**
Funds held by the charity are either:
- a) Unrestricted general funds - These can be used in accordance with the charitable objective at the discretion of the trustees.
- b) Restricted funds - These are funds that can only be used for particular restricted purposes within the objects of the charity.
8
## **SOMERSET FEDERATION OF YOUNG FARMER'S CLUBS**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
**----- Start of picture text -----**
Unrestricted Restricted 2023 2022
£ £ £ £
2. SOCIAL/PUBLICITY GENERAL
Year Book 871 - 871 980
-
Harvest Supper (1,116) (1,116) (633)
-
Information Technology (1,861) (1,861) (4,133)
- -
Publicity and Display (966) (966)
-
(3,072) (3,072) (3,786)
3. MISCELLANEOUS
AGM & SWA (1,016) - (1,016) (405)
Bath & West (1,913) - (1,913) (586)
Sundry Income 420 - 420 2,496
Grants 1,000 - 1,000 4,885
-
Sundry Expenses (476) (476) (301)
(1,985) - (1,985) 6,090
4. SALES
Clothing 926 - 926 -
Merchandise 914 - 914 -
1,841 - 1,841 -
5. ADMINISTRATION EXPENSES
Salaries 41,868 - 41,868 21,124
Printing and Stationery 703 - 703 1,967
Postage - - - 723
Travel 2,989 - 2,989 232
Accountancy 820 - 820 654
Chairman's and Vice Chairman's Honoraria 1,750 - 1,750 2,000
Bank charges and interest 86 - 86 73
Training and Development 3,078 - 3,078 1,824
51,294 - 51,294 28,597
6. ESTABLISHMENT COSTS
Rent 2,000 - 2,000 2,000
Telephone 1,180 - 1,180 1,035
Donations and Subscriptions 966 - 966 5,891
Insurance 292 - 292 264
Repairs and Renewals 380 - 380 93
Depreciation 3,406 - 3,406 3,850
- -
(Profit)/loss on sale of asset (10) (10)
8,214 - 8,214 13,133
7. FIXED ASSETS 2022 2021
£ £
Office Furniture and Computer Equipment
Written Down Value at 1 September 2022 10,298 13,406
Additions at cost 2,073 742
12,371 14,148
Depreciation for the year (3,406) (3,850)
Written Down Value at 31 August 2023 8,965 10,298
**----- End of picture text -----**
9
## **SOMERSET FEDERATION OF YOUNG FARMER'S CLUBS**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023**
**----- Start of picture text -----**
2023 2022
£ £
8. DEBTORS
Trade debtors 41,894 1,542
Prepayments 500 -
Other debtors 29,727 31,727
Accrued income 15,000 15,000
SWA loan - 4,873
87,121 53,142
2023 2022
£ £
9. CASH AT BANK
Current Account 83,807 137,418
Community Account 15,653 2,132
Petty Cash Account 41 59
99,501 139,609
2023 2022
£ £
10. CREDITORS
Trade Creditors 4,428 33
Accruals 750 1,613
Deferred income 1,524 4,272
Payroll and pension 902 -
7,604 5,918
Surplus /
Balance at (Deficit)/ Balance at
11. CHARITY FUNDS 1 Sept 2022 (Repaid) 31 Aug 2023
£ £ £
Junior Member Fund (Restricted income fund) 1,500 0 1,500
Other General Funds (Unrestricted funds) 198,414 (10,940) 187,474
199,914 (10,940) 188,974
**----- End of picture text -----**
10