Charity Registration Number: 301661
GLOUCESTERSHIRE FEDERATION OF YOUNG FARMERS’ CLUBS
TRUSTEES’ REPORT AND
FINANCIAL STATEMENTS
31 AUGUST 2021
| GLOUCESTERSHIRE FEDERATION OF YOUNG FARMERS’ CLUBS | |
|---|---|
| CONTENTS | |
| Page | |
| REPORT OF THE TRUSTEES | 1-4 |
| STATEMENTS OF TRUSTEES’ RESPONSIBILITIES | 5 |
| INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF | |
| GLOUCESTERSHIRE FEDERATION OF YOUNG FARMERS’ CLUBS | 6 |
| STATEMENT OF FINANCIAL ACTIVITIES | 7 |
| BALANCE SHEET | 8 |
| NOTES TO THE FINANCIAL STATEMENTS | 9 - 15 |
GLOUCESTERSHIRE FEDERATION OF YOUNG FARMERS’ CLUBS
REPORT OF THE TRUSTEES
The Trustees present their report and the financial statements for the year ended 31 August 2021.
1 CONSTITUTION AND PRINCIPAL AIMS AND OBJECTIVES
The charity was established in April 1963 by trust deed.
The object of the County Federation shall be:
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(a) to advance the education of young members of the public at large in agriculture, home crafts, country life and related subjects; and
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(b) in the interests 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 conditions of 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 maturity as individuals and members of the community.
2 ADMINISTRATIVE INFORMATION
Charity registration number 301661 Registered address Agriculture House Tewkesbury Road Gloucestershire GL2 9AS Chairman to the Trust C Adams Treasurer to the Trust C Lloyd Bankers NatWest 21 Eastgate Street Gloucester Independent Examiner S Humphries Griffiths Marshall Beaumont House 172 Southgate Street Gloucester GL1 2EZ Investment Advisors CCLA Investment Management Limited St Alphage House 2 Fore Street London EC2Y 5AQ
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GLOUCESTERSHIRE FEDERATION OF YOUNG FARMERS’ CLUBS
REPORT OF THE TRUSTEES
3 ORGANISATION STRUCTURE
The trust is managed by its trustees, which meet on a regular basis throughout the year. A member of staff and treasurer are appointed to manage the Trust’s administrative functions on a day-to-day basis.
4 TRUSTEES
Trustees are appointed by democratic election.
The Trustees serving during the year and since the year end were as follows:
Chair of Executive Committee:
Vice Chair of Executive Committee:
Deputy Vice Chairs of Executive Committee:
C Adams C Dolman N Bennett and G Hope
| M Warner-King | M Robinson | H Watts |
|---|---|---|
| S Dunn | J Vizard | J Bowkett |
| H Edwards | H Wilkes | B Stephens |
| G Hance | W Parkes | A Vines |
| N Bennett | L Kirby-Smith | S Freeman |
| B Lyons | R Warner-King | B Sealey |
| E Greening | T Modget | R Russell-Hughes |
| S Watkins | R King | J Cupper |
| C Ford | C Bennett | K Edginton |
| R Lyons | L Ractliffe | S Reily |
5 INVESTMENT POWERS
In accordance with the Declaration of Trust, the Trustees have the absolute discretion to apply or invest money as they think fit.
6 REVIEW OF ACTIVITIES AND FUTURE DEVELOPMENTS
Review of the developments in the year
A full report is presented at the Annual General Meeting.
All our activities, at Club and County level, have been directly or indirectly affected by the continuing coronavirus pandemic which prevented in person meetings, competitions, and events until almost the end of the year when we were able to hold a highly successful and enjoyable Rally.
This year has demonstrated both the resilience and ingenuity of the Club and County Officers in coming up with new and different virtual activities, fund raising events and club nights to keep members engaged and in touch with other when they were not able to meet and this has allowed clubs to survive and come out the other side to start meeting face to face, competing and enjoying the many advantages that YFC has to offer.
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GLOUCESTERSHIRE FEDERATION OF YOUNG FARMERS’ CLUBS
REPORT OF THE TRUSTEES (continued)
The inability to carry out our normal program put a great strain on our finances, and we are grateful to the Friends, those who take part in our lottery, everyone who supported the Rally and the following organisations for grants, donations and sponsorship. Without their support, it would not have been possible to start this new YFC in the stable financial position that we are:
South West Area YFC Gloucestershire Farmers Members Trust NFU Trust N C Commercials Lanes Health Voyce Pullen ABC Pavilions The George Farm Vets Genus Agricultural Recruitment Specialists The Country Marquee Company Sarah Hope Interiors Fine & Country Cheltenham Cotteswold Dairy Gloucestershire Root Fruit and Grain D & J P Newland Rennie Adam Shayle Tree Services Oh My Goat Tynedale Vets Griffiths Marshall A C Belting Tallis Amos Group T H White Ford Fuel Oils Cotswold Trail Riding Mr H Adams Mr & Mrs C Adams Taylor Attachments
Review of the financial statements
The financial statements show that total income for the year amounted to £33,150 including income attributed to designated funds), against which expenditure of the Federation amounted to £32,935.
The Federation took full advantage of the Coronavirus Job Retention Scheme both to retain our member of staff and to reduce salary costs. Although our activities were considerably reduced, steps were taken to reduce expenditure where it was possible to do so, and we are grateful to those who organised and took part in the virtual fundraising events that were held.
To help our clubs, the Federation subsidised the county and NFYFC levy and insurance bills by a total of £11,605.
We were fortunate to have the support of the individuals and organisations listed in the Review of the activities and to be able to hold a Rally in July which was an important fundraiser thanks to the officer teams who organised it and everyone who attended and who helped - with particular thanks to Fran Smart and Nick Christopher for running the bar and making the event the financial success it was.
A profit on the general fund arose of £215 as shown on page 6.
Looking forward the Federation is in a good financial position to face the year ahead.
7 RESERVES POLICY
It has been the Trustees’ policy, after meeting all approved expenditure, to invest surplus income in accordance with the trust deed.
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GLOUCESTERSHIRE FEDERATION OF YOUNG FARMERS’ CLUBS
REPORT OF THE TRUSTEES (continued)
8 RISK MANAGEMENT
The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the Trust and are satisfied that systems are in place to mitigate exposure to the major risks.
Approved by the trustees on 12 November 2021
C Adams Chairman of Executive Committee
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GLOUCESTERSHIRE FEDERATION OF YOUNG FARMERS’ CLUBS
STATEMENT OF TRUSTEES’ RESPONSIBILITIES
The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England 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:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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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.
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GLOUCESTERSHIRE FEDERATION OF YOUNG FARMERS’ CLUBS
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF GLOUCESTERSHIRE FEDERATION OF YOUNG FARMERS’ CLUBS
I report on the accounts of the Charity for the year ended 31 August 2021, which are set out on pages 7 to 15.
This report is made solely to the charity’s Trustees, as a body, in accordance with Section 145 (1) of the Charities Act 2011. My work has been undertaken so that I might state to the Trustees those matters I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the Trustees, as a body, for my work, for this report, or for the opinions I have formed.
Respective responsibilities of the Trustees and the examiner
The charity’s Trustees are responsible for the preparation of the accounts. The charity’s Trustees consider that an audit is not required this year under Section 144(2) of the Charities Act 2011 (the 2011 Act) but an independent examination is needed.
It is my responsibility to:
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examine the accounts under Section 145 of the 2011 Act;
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follow the procedures laid down in the general directions given by the Charity Commission under Section 145(5)(b) of the 2011 Act; and
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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 review 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 charity’s 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”, as this report is limited to those matters set out in the statement below.
Independent examiner’s statement
In connection with my examination, no matter has come to my attention:
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1) which gives me reasonable cause to believe that in any material respect the requirements:
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to keep accounting records in accordance with Section 130 of the 2011 Act; and
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• to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act;
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have not been met; or
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2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Steve Humphries Griffiths Marshall, Gloucester Chartered Accountants
Date: 6 January 2022
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GLOUCESTERSHIRE FEDERATION OF YOUNG FARMERS’ CLUBS
STATEMENT OF FINANCIAL ACTIVITIES
for the year ended 31 August 2021
| Note Incoming resources Grants receivable 2 Donations 3 Levies from member clubs Dances and other fundraising events 4 Sundry income Bank interest receivable Total incoming resources Other expenditure Raising funds 5 Activities in furtherance of charity’s objectives5 Management and administration 5 Total resources expended Net income/(expenditure) Transfer between funds 10 Net movement in funds Fund balances brought forward at 1 September 2020 Fund balances carried forward 10 at 31 August 2021 |
Unrest- ricted funds 3,700 8,096 11,321 10,020 - 13 £33,150 6,549 129 26,257 32,935 215 - 215 92,775 £92,990 |
|
|---|---|---|
All the charity’s activities are continuing activities.
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GLOUCESTERSHIRE FEDERATION OF YOUNG FARMERS’ CLUBS
BALANCE SHEET
31 August 2021
| Note FIXED ASSETS Tangible assets 6 CURRENT ASSETS Stocks Debtors 7 Cash at bank and in hand 8 LIABILITIES Amount falling due within one year 9 NET CURRENT ASSETS TOTAL NET ASSETS FUNDS Designated funds Property and equipment fund Vice Presidents’ fund Princess Royal training fund Non-designated funds General funds 10 |
2021 - 1,389 3,468 109,538 114,395 (11,315) 103,080 £103,080 4,871 484 4,735 92,990 £103,080 |
2020 289 539 3,432 106,362 110,333 (7,757) 102,576 £102,865 4,871 484 4,735 92,775 £102,865 |
|---|---|---|
The financial statements were approved by the Trustees on 12 November 2021
C Adams (Chair of Executive Committee)
A Vines (Chair of Finance & General Purposes Committee)
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GLOUCESTERSHIRE FEDERATION OF YOUNG FARMERS’ CLUBS
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 August 2021
1 ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared in accordance 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 is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The accounts are prepared in sterling, which is the functional currency of the charity.
The financial statements have been prepared under the historical cost convention. The principal accounting policies are set out below.
Incoming resources
Donations, gifts and legacies represent amounts received during the year together with any associated tax refund. Gifts in kind for use by the charity are recognised as incoming resources when receivable at a reasonable estimate of their value. Assets given for distribution are only recognised when distributed.
Grants receivable for specific purposes are credited to the statement of financial activities in the year to which they relate as soon as conditions for receipt have been met. Unspent balances are carried forward to subsequent years within restricted funds.
Grants for immediate financial support or received against costs previously incurred are recognised immediately in the Statement of Financial Activities. Voluntary income is shown gross before deduction of fund-raising expenditure.
Grants payable
Grant expenditure is recognised only when the grants become payable. Grants approved for payment in future years are disclosed as commitments, but not recorded as expenditure until they become due for payment.
Resources expended
All expenditure is accounted for under the accruals concept. The irrecoverable element of Value Added Tax is included within the item expense to which it relates.
The only resources expended by the Charity are grants and governance costs and therefore no requirement for any apportionment of resources expended.
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GLOUCESTERSHIRE FEDERATION OF YOUNG FARMERS’ CLUBS
NOTES TO THE FINANCIAL STATEMENTS continued
for the year ended 31 August 2021
ACCOUNTING POLICIES continued
Cash collections receivable
Funds collected to which the charity is entitled but has not received before the end of the financial year are included in incoming resources and in debtors.
Tangible fixed assets
Depreciation is calculated to write off the cost of valuation less the estimated residual value of tangible assets over their estimated useful lives at the following rates:
- Office equipment
25% of cost per annum
Stock
Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.
Funds
General unrestricted funds comprise accumulated surpluses and deficits on general activities. They are available to use at the discretion of the Trustees in furtherance of the Charity’s objectives.
Restricted funds are funds subject to the specific conditions imposed by the donor(s).
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GLOUCESTERSHIRE FEDERATION OF YOUNG FARMERS’ CLUBS
NOTES TO THE FINANCIAL STATEMENTS continued
for the year ended 31 August 2021
| 2 GRANTS RECEIVABLE Grants were received from the following: South West Area YFC 3 DONATIONS Yearbook sponsorship Competition and event sponsorship Donations - GFMT - NFU - Other Lottery Friends of Gloucestershire YFC 4 DANCES AND OTHER FUNDRAISING EVENTS October Party Spring Fling Glitter Ball Rally Other fundraising events |
2021 3,700 £3,700 2021 - 1,475 2,500 2,000 1,166 540 415 £8,096 2021 - - - 9,635 385 £10,020 |
2020 - - 2020 330 - 2,500 2,000 283 900 480 £6,493 2020 7,180 11,051 5,105 114 1,146 £24,596 |
|---|---|---|
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GLOUCESTERSHIRE FEDERATION OF YOUNG FARMERS’ CLUBS
NOTES TO THE FINANCIAL STATEMENTS continued
for the year ended 31 August 2021
| 5 RESOURCES EXPENDED Raising funds October Party Spring Fling Glitter Ball Rally Cost of activities in furtherance of charity’s objectives Net competition expenses Charity donations Management and administration of the charity Staff costs Travelling expenses Telephone Postage Stationery and office supplies IT software expenses Advertising Office expenses and room hire Photocopying Accountancy Subscriptions Sundry expenses Training Depreciation Repairs Subsidy to clubs for levies |
2021 - - - 6,549 £6,549 129 - £129 4,583 - 973 196 30 606 - 5,618 1,330 720 216 91 - 289 - 14,652 11,605 £26,257 |
2020 3,682 3,939 4,869 4 £12,494 (113) 500 £387 9,994 555 819 195 211 693 348 6,413 1,398 600 221 30 1,162 555 328 23,522 - £23,522 |
|---|---|---|
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GLOUCESTERSHIRE FEDERATION OF YOUNG FARMERS’ CLUBS
NOTES TO THE FINANCIAL STATEMENTS continued
for the year ended 31 August 2021
Staff costs and numbers
| Salaries and wages Pension contributions Coronavirus Job Retention Scheme The average number of employees was Part-time |
7,345 - (2,762) £4,583 No. 1 |
11,890 90 (1,986) £9,994 No. 1 |
|---|---|---|
No employee earned more than £50,000 in the current or preceding year. No Trustees received any remuneration during the year.
6 TANGIBLE ASSETS
| Office equipment Cost At 1 September 2020 Additions At 31 August 2021 Depreciation At 1 September 2020 Charge for year At 31 August 2021 Net book value At 31 August 2021 At 31 August 2020 |
£ 27,230 - 27,230 26,941 289 27,230 - 289 |
|---|---|
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GLOUCESTERSHIRE FEDERATION OF YOUNG FARMERS’ CLUBS
NOTES TO THE FINANCIAL STATEMENTS continued
for the year ended 31 August 2021
| 7 DEBTORS Trade debtors Other debtors PAYE debtor Prepayments 8 CASH AT BANK AND IN HAND Cash float Bank - NatWest account - AGM account COIF Charities Deposit account 9 LIABILITIES – due within one year Trade creditors Funds from dormant clubs Accruals |
2021 1,740 616 252 860 £3,468 2021 187 21,296 570 87,485 £109,538 2021 2,588 7,386 1,341 £11,315 |
2020 2,397 - 252 783 £3,432 2020 26 10,296 570 91,013 £101,905 2020 1,540 4,457 1,760 £7,757 |
|---|---|---|
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GLOUCESTERSHIRE FEDERATION OF YOUNG FARMERS’ CLUBS
NOTES TO THE FINANCIAL STATEMENTS continued for the year ended 31 August 2021
10 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:
| Balances Designated funds Property and equipment fund Vice Presidents fund Princess Royal training fund Non-designated funds General funds Balances Designated funds Property and equipment fund Vice Presidents fund Princess Royal training fund Non-designated funds General funds |
Balances at 1 Sept 2019 4,871 484 5,545 10,900 84,934 £95,834 Balances at 1 Sept 2020 4,871 484 4,735 10,090 92,775 £102,865 |
Net income/ (expenses) - - (810) (810) 7,841 £7,031 Net income/ (expenses) - - - - 215 £215 |
Transfers between funds - - - - - £- Transfers between funds - - - - - £- |
Balances at 31 Aug 2020 4,871 484 4,735 10,090 92,775 £102,865 Balances at 31 Aug 2021 4,871 484 4,735 10,090 92,780 £103,080 |
|---|---|---|---|---|
The purpose and nature of the designated funds are:
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Property and equipment fund – to purchase items of equipment required, and to create a reserve to rent or, in future, buy premises.
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Vice Presidents’ fund – to purchase an award for the most efficient non-officer each year.
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Princess Royal training fund – to encourage members to participate in training courses by assisting with expenses
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