Charity Registration Number: 301661 GLOUCESTERSHIRE FEDERATION OF YOUNG FARMERS. CLUBS TRUSTEES. REPORT AND FINANCIAL STATEMEKTS 31 AUGUST 2024
GLOUCESTERSHIRE FEDERATION OF YOUNG FARMERS. CLUBS coKrENTS Page REPORT OF THE TRUSTEES 14 STATEMENTS OF TRUSTEES, RESPONSIBILITIES INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF GLOUCESTERSHIRE FEDERATION OF YOUNG FARMERS, CLUBS STATEMENT OF FINANCIAL ACTIVITIES BALANCE SHEEr NOTES TO THE FINANCIAL STATEMENTS 9-15
GLOUCESTERSHIRE FEDERATION OF YOUNG FARMERS. CLUBS REPORT OF THE TRUSTEES The Twstees present their report and the financial statements for the year ended 31 August 2024. CONSTITUTION AND PRINCIPAL AIMS AND OBJECTIVES The charity was established in April 1963 by trust de8J. The object of the County Federation shall be". (a) to advance the edLtcation of young member5 of the public at large in agriculture. home crafts. county life and related subjects.. and (b) in the inleresls of the sooal welfare of such members. to provide and promote the provision of faciltbes for recreation and other leiwre time occupab'ons. being facilities, which will improve their CondOn$ of lrfe and Mll assist in the development of their spiriknal and mental capacities, self-reliance and individual r8sponsibilty, so that they may grow to bJll maturity as individuals and members ofthe communty. ADMINISTRATIVE INFORMATION Charty registration number 301661 Registered address Agriculttjre House Tewkesbury Road Gloucestershire GL2 9AS ChairFerson to the Tnjst J HaNey Treasurer to the Tntst M M¢Dem)ott Bankers Natwest 21 Eastgate Street GIOUster Independent Examiner S Humphries Grrtfiths Marshall 4th Floor LLanthony Warehouse The Docks GIOUter GL12EH Investrnent Advisors CCLA Investment Management Limited Sl Aphage House 2 Fofe Street London EC2Y 5AQ
GLOUCESTERSHIRE FEDERATION OF YOUNG FARMERS. CLUBS REPORT OF THE TRUSTEES ORGANISATION STRUCTURE The trust is managed by Ihe Board of Trustees. which meets on a regular basis throughout Ihg year. A secretary and treasurer are appointed to manage the Trusys administrative functions on a day-t¢>day basis. TRUSTEES Trustees a apFointed by democraltc election. The Trustees serving duting the year weie as follows.. Chair of Executive Committee: J Harvey Irice Chair of EXtive Committee: G Smart Deputy Chair of ExeCNe Committee.. T Sellar C McDennott G Higginson C Jackson E Cupper EJ Austin E Westaway B Johnston B Elliot T Grey J Atkinson J Smith M Rice L Dickenson C Ra¢tliffe K Greenwood M Webb J Graham J Albutt J Bayliss H James L Giddings L Burrows INVESTMETrif POWERS In accordance wth the Declaration of Trust. the Trustees have fhe absolute discretion to appty or invest money as they think fft. REVIEW OF ACTIVITIES AND FLftURE DEVELOPMEKrs Review of the developments in the year A fvll report is presented at the Annual General Meeting. This year has been a busy and successfijl year a fvll programme of compeb'tions, actNtties and swal events. These actwities benefft the puUic through the organisation of m*'0n5 and events and the skills that membeis leam in taking part in those competitions and events. The Federation has increased its membership to the highest level in some years and we are looking forward to another successtrjl year ahead.
GLOUCESTERSHIRE FEDERATION OF YOUNG FARMERS, CLU8S REPORT OF THE TRUSTEES As a County Federation, we a indebled to all those support us as volunteers. by playing the Lottery or being a Friend and to these organisations which have sponsored. granted or donated valuable fund during the year.. A C Belting Agricullure and HotbCufre Development Board Carver KnoeS Cotteswold Dairy Clifford Freeman Foyle Food Group George Vderinary Group Gloucestetshire Agricultural House Foundation GIouster Root. FTUIt & Grain Society Hartpury Univefsity & HaT¢>ury College JJ Fami Services Jolly Nice Farm Shop Tyndale Fami Veterinary Praclice If not for their support, we would not have been able to delNer the programme that we have. Review of the financial slatements The financial stalanerrts show th* total income for the year amounted to £59.647 against Ithich expenditu of the Federation amounted lo £64,239, leading to the loss on the general fund arose1£4,592) as shown on page 7. We were fortunate to have the support of the indNiduals and organisations listed in the Review of the Ekvelopments. Desptte the hard work put in to the events by a large number of people this year, spend was down and costs were up as the high levels of infiation stretched everybody. Following the previou5, financially ex[lent year, the aim was lo break even, bjl costs have been higher than expected. leading to the ovefall loss for the year. Thanks are due to George Hance and the A&D team for making the events happen and running the bars and lo Sarah Dunn and the Rally team for their hard worL Overall, the Truslees are satisfied the ffnancial position at the end ofthe year. The Federation still has significant reserves available.
GLOUCESTERSHIRE FEDERATION OF YOUNG FARMERS. CLUBS REPORT OF THE TRUSTEES RESERVES POLICY It has been the Trustees. policy. after meeting all approved expenditure, to invest surplus income in accordance th the trust deed. RISK MANAGEMETr The Tmstees have assessed the major risks to which the charity is exposed. in particular those related to the operations and finan$ of the Trust and are satisfied that systems are in place lo mthgale exposure to the major risks. Approved by the Ifustees on .... J Harvey Chair of ExecutNe Ccwnmrttee
GLOUCESTERSHIRE FEDERATION OF YOUNG FARMERS. CLUBS STATEMEKf OF TRUSTEES, RESPONS181LFfES The trustees are responsible for prepartng the Tnjstees. Report and Ihe financial statements in accordance applicable law and United Kingdom Accounting Standards (United Kingdom Generally A¢cepted AccountFng Practice}. The law applicable to charities in England and Wath rulS the trustees to prepar8 financial statements for each financial year which gNe a true and fair view of the state of affai[5 of the charity and of the incoming resouros and applicab'on of resources of the ¢harity for that year. In pparing these finallal ststements, the trustees are required to". select suitable accounting policies and then appty them consistenUy', obseNe the methods and prineS in the Chartbes SORP: make judgements and estimates that are reasonable and Pen(. stale whether applicable accounting standards have been followed, subject to any malertal departures disclosed and explained in the ffnancÉal statements-. and prepare the financial Statements on the going concem basis unless it is inappropriate to presume that the charity will o)ntinue in operation. The trustees are responsible for keeping suffiL?ent accounting records that disclose vith reasonable accuracy at any time the financial pos0 of the charity and enable them to ensure that the finanaal ststements comply v4ith the ChatieS Act 2011. the Charity (Accounts and Reports) Regulation$ 2008 and the provisions of the trust deed. They are also responsible for safeguarding the asset5 of the chafjty and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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 Ihe year ended 31 August 2024. which are set out on pages 7 to 15. This report is made soiely to the chartys Trustees. as a body. in accordan with Section 14511> of the Charities Act 2011. My work has been undertaken so that I might stste to the TrUstS those matters l am required lo stste to them in an indeFendent examiners report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibiltty to anyone other than the charity and the Trustees, as a body, for my work, lor this report. or for the opinions I have fomjed. Respective responsibilitles of the Tntstees and the examlnor The charitls Trustees are responsSble for the preparation of the accounts. The charitys Trustees consider that an audit is not required this year under Section 144(2} of the Charitses Act 2011 (Ihe 2011 Act) bul an independent examination is needed. It is my responsibilty to-. examine the accounts under SectÈon 145 of the 2011 Ac( follow the procedures laid down in the general directions gNen by the Charrty Commission under selOn 14515llbl of the 2011 Act. and state whether particular mattets have come to my attention. Basls of independent examinerfs report My examination was carrfed out in accordance the general directions given by the Chartty Commission. An examination includes a review ofthe accounting records kept by the eharty 2nd a comparison of the accounts presenled wtth those records. It also indudes consideration of any unusual items or disclosures in the accounts and seeking explanations from the charity's Tiustees conMIng any such matters. The procedures undertaken do not provide all the evidence that would be required in an audi( and eonsequenuy no opinion is given 25 to whether the accounts present a Inse and fair vievl, as this report is limited to those matters set out in the statement below. Independent examinefs ststement In connection wtth my examination, no matter has come to my attention". 11 whi¢h gives me reasonable cause to believe that in any matertal respect the requirements- to keep accounting records in accordan wth Section 130 of the 2011 A¢(. and to prepare accounts which accord wth the accounti records and comply with the accounting requirements of the 2011 Act: have not been met.. or 21 to which, in my opinion, attenb.on should be drawn in order to enable a proper understsnding ol the accounts to be reached. Steve Humphries Griffiths Marshall. Gloucester Chartered Accountants Date..
GLOUCESTERSHIRE FEDERATION OF YOUNG FARMERS. CLUBS STATEMENT OF FINANCIAL ACTIVMES for the year ended 31 August 2024 Note Unrest- Deslg- ricted nated fund5 funds 2024 Total funds 2023 Total funds Incomlng resour3 Grants receivable Donations Levies from iThJividual young farmers. dub Dances and other fundraising events Sundry income Bank intsresl re1vable 3,136 10,415 11,307 34,705 83 3.136 1.800 10,415 10,733 11,307 11,307 34.705 44.741 83 1,480 2,730 Totsl incoming resources £59.646 £59,646 £72,791 Other expenditure Raising fvnds Aclivities in fUther2n of chartty's objectives 5 Management and administration 24.795 580 38,863 24,795 19.987 580 1,050 39.403 33,850 Total resources expended £64.238 £540 £64,778 £54.887 Net incomellexpend•ture) (4.592) (540) (5.132) 17.904 Transfer betsveen funds 10 Net movement In funds (4.592) {540) (5.1321 17.904 Fund balances brought forward at 1 September 2023 114.555 10.090 124,645 106,741 Fund balan¢es carrled fovKdrd at 31 August 2024 10 £109.963 £9.550 £119,513 £124,645 All the charty's activities are continuing activitres.
GLOUCESTERSHIRE FEDERATION OF YOUNG FARMERS, CLUBS BALANCE SHEEr 31 August 2024 Note 2024 FIXED ASSETS Tangible assets 2023 341 557 CURRENT ASSErs Stocks of club supplies and stationery Debtors Cash at bank and in hand 897 3,266 123,387 1,120 4,252 126.428 127,550 131.800 LIABILITIES Amount falling due witlNn one year (8,378) (7.712} NEf CURRENT AssErs 119.171 124,088 TOTAL NEf ASSErs £119.513 £124.645 FUNDS Designated funds ProkErty and equiprnent fund Vice Presidents, fund Princess Royal training fvnd 4.871 4.871 4,195 4,735 Non4lesignated funds General funds 109,963 114.555 10 £119.513 £124,645 The financial statements were approv&1 by the TrtL%tees on ..... ............. (Chair of Execthive Commtttee) (Chair of Finance & General Purposes Comrnrttee)
GLOUCESTERSHIRE FEDERATION OF YOUNG FARMERS. CLUBS NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2024 ACCOUNTING POLICIES Basis of preparatlon The financial statements have been prepared in accordance the charity's goveming document, the Chartties Act 2011 and 'Accounting and Reporting by Charitses: Stalemer¢l of Recommended Prath"ce appltcable to charities preparing their accounts in accordance wrth the Financial Reporting Standard applica8 in the UK and Republic of Ireland IFRS 102) (effective l January 2019}" (the SORP). The charity is a Public Benefft Entity as defined by FRS 102. The charity has taken advantsge of the provisrons in the SORP for charthes not to prepare a Ststement of Cash The accounts are prepared in sterfing. vthich 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 befow. Incomlng resources Donatlolls, gifts and legacies rekyesent amounts received during Ihe year together with any associated tax refvnd. Grfts 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 re1vable for speufic purposes are credited to the statement of financial activities in the year to which they relate as soon as condib'ons for receipt have been met. Unspent balances are carried foFward to subsequent years thin restricted funds. Grants for immediate financial support or receNed against costs previously incuffed are recognised imrnediately in the Statement of Financial Activities. Voluntary income is shown gross before deduction of fvnd-raising expenditure. Grants payable Grant expendtlure 15 recognised only when the grants become payable. Grants approve(S for payment in fvture years are disclosed as commitments. but nol re¢ordwJ as expendf(ure until they become due for payment. Resources expended All expenditure is accounted for under the accNals concept. The Irrecoverable element of Value Added Tax is included wthin the item expense to which it relates. The only resources expended by the Charty are grants and goveman* costs and Ihereftire no requirement for any apportFonment of reSoUrS expended.
GLOUCESTERSHIRE FEDERATION OF YOUNG FARMERS, CLUBS NOTES TO THE FINANCIAL STATE1rs contlnued for the year ended 31 August 2024 ACCOUhlTING POLICIES ¢ontinued Cash Collections receivable Funds collected to which the charity is entttted but has not received before the end of the financtal year are included in incoming resources and in debtor5. Tanglble fixed assets Depreciation is calculated to wrtte off the cost of valuation less the estFmaled residual value of tangible assets over their estimated useful Irves at the followng 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 sdling pri 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 Twstee5 in furtherance of the Charity's objectives. Restricled fvnds are funds subject to the speufic conditions imposed by the donor{sl. GRANTS RECEIVABLE 2024 2023 Grants were received from the following.. Rural Youth Trust Solrth West Area YFC 136 3.000 300 1,500 £3,136 £1.8CfvJ 10
GLOUCESTERSHIRE FEDERATION OF YOUNG FARMERS. CLUBS NOTES TO THE FINANCIAL STATEMENTS ¢ontinu8d for the year ended 31 August 2024 DONATIONS 2024 2023 Compeblon and event sponsorship Donations 2.854 4,544 - GFMTIGAHF -NFU - other 6.020 3,409 2,000 921 Lottery Friends of Gloucestsrshire YFC 220 400 400 375 £10.415 £10,733 DANCES AND OTHER FUNDRAISING EVENTS 2024 2023 Chaiman's Bash Quiz Spring Fling Pre-Rally Rally Other fundraising events 5.539 313 7,194 7,294 11,047 3.318 701 14,776 9,015 13,597 6,652 £34.705 £44,741 RESOURCES EXPENDED 2024 2023 Raising funds Chaimian's Bash Qur Spring Fling Pr&Rally Ralty Other fundraising events 4,851 175 4,851 5.581 8,271 1,066 353 5,443 4,251 6,841 3,099 £24,795 £19,987
GLOUCESTERSHIRE FEDERATION OF YOUNG FARMERS, CLUBS NOTES TO THE FINANCIAL STATEMEKfs conllnued for the year endod 31 August 2024 Cost of actlvltles in furtherance of charity's objectives 2024 2023 Competition expenses 580 1.050 £580 £1,050 Management and adminl$tration of the ¢harity Staff costs Travelling expenses Telephone Postage Stationery and office supplies IT application costs Offi¢e expenses and room hire Photocopying Accountancy Insurance Subscriptions Sundry expenses Training Depreciation Repairs 2024 2023 24.444 1.108 728 17.772 337 672 67 270 204 864 6,642 1.096 912 387 6.863 1,577 804 108 807 1.478 216 1,642 755 1,206 216 777 £39,403 £33,850 Subsidy to clubs for levies £39.983 £33,850 12
GLOUCESTERSHIRE FEDERATION OF YOUNG FARMERS, CWBS NOTES TO THE FINANCIAL STATEMENTS continued for the year ended 31 August 2024 Staff ¢osts and numbers 2023 2022 Salarie5 and wages Pension coiitributions Coronavinjs Job Retention Scheme 24.000 17,442 330 £24.444 £17,772 The average number of employees vrns Part-time No. No employee eamed more than £60.CMJO in the current or preceding year. No Trustees retsived any remuneration or expenses durirKJ the year. TANGIBLE ASSErs Offl¢e equlpfflent Cost At 1 September 2023 Additions 28,093 At 31 August 2024 28,093 Depreciatlon At I September 2023 Charge for year 27,536 216 At 31 August 2024 27.752 Net book value At 31 August 2024 341 At 31 August 2023 557 13
GLOUCESTERSHIRE FEDERATION OF YOUNG FARMERS, CLUBS NOTES TO THE FINANCIAL STATEMENTS continued for the year ended 31 August 2024 DEBTORS 2024 2023 Trade debtors Other debtors Prepayments 2.356 892 2.400 960 910 £3.266 £4,252 CASH AT BANK AND IN HAND 2024 2023 Cash float Bank - Natwest account - AGM account Pleo account COIF Charitses Deposit account 112 32,050 570 579 34,617 570 90.655 90,655 £123,387 £126,428 LIABILlES- due within one year 2024 2023 Trade creditofs Funds from domiant dubs Deferred income Other creditors PAYEINIC Accruals 585 5.269 500 390 533 1.101 152 5,269 650 100 243 1,298 £8.378 £7,712 14
GLOUCESTERSHIRE FEDERATION OF YOUNG FARMERS. CLUBS NOTES TO THE FINANCIAL STATEMENTS continued foi the year ended 31 August 2024 10 FUNDS The income funds of the chattty include the follo%Mng designated funds. which have been sel aside out of unrestricted funds by the Trustees for speafic purposes.. Balances Balances Net at 1 Sept Incomel 2022 (expense5) 4.871 Transfers between funds Balances at 31 Aug 2023 Designated funds Prorety and equipment fund VI Presidents fvnd Pfin¢ess Royal training fvnd 4.871 4,735 4,735 Nondeslgnated funds General funds 10,090 10,090 96,651 17.904 114.555 £106,741 £17.904 £124,645 Balances Balances Net at 1 Sept Ineomel 2023 (expenses) 4,871 Transfers between funds Balances at 31 Aug 2024 Designated funds Property and equipment fund Vice Presidents fvnd Princess Royal training fund 4.871 4,735 (540) 4.195 Non4eslgnated funds General funds 10.090 9,550 114,555 {4,5921 109,963 £124.645 (£5.132) £119,513 The purpose and nature of the desFgnated fvnds a.. Propety and equipment fund- to purchase tteffls of equipment required, and to create a reseNe to rent or, in luture, buy premises. WI Pr&sidents' fiJnd- to purchase an award for the most effiaent non-officer each year. Princess Royal training fund- to encourage members to participate in training courses by assisting with expenses 15