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2020-08-31-accounts

Charity number: 304029

NORFOLK FEDERATION OF YOUNG FARMERS CLUBS

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2020

NORFOLK FEDERATION OF YOUNG FARMERS CLUBS

CONTENTS
Page
Reference and administrative details of the Charity, its Trustees and advisers 1
Trustees' report 2 - 5
Independent examiner's report 6 - 7
Statement of financial activities 8
Balance sheet 9
Notes to the financial statements 10 - 23

NORFOLK FEDERATION OF YOUNG FARMERS CLUBS

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2020

W De Feyter, Chair E Barker (appointed 1 September 2020) T Papworth (appointed 14 November 2019) K Proctor, President

Charity registered number 304029 Principal office Easton Tennis Centre Easton College Easton Norwich Norfolk NR9 5DX Accountants MHA Larking Gowen Chartered Accountants Faiers House Gilray Road Diss Norfolk IP22 4WR Bankers Barclays Bank Plc Natwest Plc

Page 1

NORFOLK FEDERATION OF YOUNG FARMERS CLUBS

TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2020

The Trustees present their annual report together with the financial statements of the Norfolk Federation of Young Farmers Clubs for the year 1 September 2019 to 31 August 2020. The trustees confirm that the Annual Report and financial statements of the charity comply with the current statutory requirments, the requirements of the charity's governing document and 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 2015) as amended by Update Bulletin 1 (effective 1 January 2015).

Objectives and activities

a. Policies and objectives

The object of the charity is to advance the education of young members of the public at large in agriculture, home crafts, country life and related subjects; and in the interests of the social welfare of such members to provide and promote the provision of 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.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

b. Main activities undertaken to further the Charity's purposes for the public benefit

The Federation has maintained a competitions and activity calendar that offers opportunities to all young people and provided a support network between members and clubs.

The Federation has supported 26 Young Farmer Clubs across Norfolk to meet the objects of the charity. This has provided a service to over 500 young people, through competitions, training, recreational pursuits and regular meetings.

Achievements and performance

a. Review of activities

The organisation has undergone more staff changes this year and hope this will be seen as a positive by the members. The county continues to support the 26 clubs that we have and all clubs have been working hard this past year. The membership for this year was at 507 which is 101 lower than last year but still a great figure. We hope to improve on this this coming year with new challenges and changes potentially occurring to encourage new members.

The skills initiative fund has started being used a little more this past few months and we have re-structured the forms to show that all members can use the fund for any training not just for agricultural. The criteria still stands that you have to have been a member for at least a year and the training is to be used for a members CPD.

We have had a very busy start to the year with both competitions and social events. The team of both have been working very hard to raise funds to help to keep the organisation going. We believe having the use of more central venues helps with attendance levels and hope this will continue with the new committee and with new plans going forward. We need to encourage members to attend more events and to work together to promote and bring together members to increase the organisation in these times.

Page 2

NORFOLK FEDERATION OF YOUNG FARMERS CLUBS

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020

Achievements and performance (continued)

Competition attendance levels have been slightly increased this year which is a good thing and we have incorporated a few more senior and Countrysider competitions to increase continuity. Weather was good for most competitions. Rally was held virtually due to the restrictions, several clubs entered the wide range of competitions. We must continue to encourage members to attend all events as this is what the Norfolk YFC organisation is all about.

Finally well done to all the members who won certificates, trophies and even represented Norfolk YFC at Eastern Area and National Events.

Financial review

a. 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. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

b. Reserves policy

The charity is aware of its responsibilities and has set a reserve policy of £52,500, made up as follows:

Redundancy - £11,500 Contingencies - £30,000 (average 4 months turnover) Premises Fund - £18,000 (currently we are provided with free accommodation at Easton & Otley College and although we hope this will be a long standing arrangement provision needs to be maintained)

Skills Initiative: The fund was launched in June 2015 with £70,000. The total available for training for the members now stands at £65,451 (2019 - £65,451) after payments and commitments to training are accounted for.

Currently the charities free reserves stand at £138,124 (2019: £132,006).

c. Principal funding

Norfolk YFC is indebted to the following for their continued financial support:

Chadacre Trust Clan Trust Easton & Otley College

Structure, governance and management

a. Constitution

Norfolk Federation of Young Farmers Clubs is a registered charity, number 304029, and is constituted under a Trust deed which was adopted on 27 November 1987.

Page 3

NORFOLK FEDERATION OF YOUNG FARMERS CLUBS

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020

Structure, governance and management (continued)

b. Methods 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.

c. Organisational structure and decision-making policies

The Federation is run by the members for the members through the following committees: Competitions and training (CAT) Social and marketing (SAM) Executive Steering

d. Policies adopted

The following policies have been adopted: Health and safety Safeguarding children and young people Equal opportunities Drugs and alcohol

e. Financial 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 Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.

Page 4

NORFOLK FEDERATION OF YOUNG FARMERS CLUBS

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020

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 & 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 its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and 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.

Approved by order of the members of the board of Trustees and signed on their behalf by:

................................................ K Proctor President Date:

................................................ W De Feyter Chair

Page 5

NORFOLK FEDERATION OF YOUNG FARMERS CLUBS

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 AUGUST 2020

Independent examiner's report to the Trustees of Norfolk Federation of Young Farmers Clubs ('the Charity')

I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 August 2020.

Responsibilities and basis of report

As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').

I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed 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 the accounts 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 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 been withdrawn.

I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the 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 accounts do not accord with those records; or

  3. the accounts 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 accounts to be reached.

Page 6

NORFOLK FEDERATION OF YOUNG FARMERS CLUBS

INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020

This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's 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 Charity's Trustees as a body, for my work or for this report.

Signed:

Dated:

G S Pilcher FCA

MHA Larking Gowen Chartered Accountants Faiers House Gilray Road Diss Norfolk IP22 4WR

Page 7

NORFOLK FEDERATION OF YOUNG FARMERS CLUBS

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2020

Note
Income from:
Donations and grants
3
Charitable activities
4
Fundraising income
5
Investments
6
Other income
7
Total income
Expenditure on:
Raising funds
8
Charitable activities
9
Total expenditure
Net gains on investments
Net income
Transfers between funds
19
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Restricted
funds
2020
£
5,299
-
-
57
-
5,356
-
-
-
-
5,356
(5,299)
57
13,797
57
13,854		 Unrestricted
funds
2020
£
24,861
118,634
42,006
2,739
545
188,785
493
187,946
188,439
1,145
1,491
5,299
6,790
205,474
6,790
212,264		 Total
funds
2020
£
30,160
118,634
42,006
2,796
545
194,141
493
187,946
188,439
1,145
6,847
-
6,847
219,271
6,847
226,118		 Total
funds
2019
£
48,698
38,904
31,721
3,081
350
122,754
6,812
122,447
129,259
4,229
(2,276)
-
(2,276)
221,547
(2,276)
219,271

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 10 to 23 form part of these financial statements.

Page 8

NORFOLK FEDERATION OF YOUNG FARMERS CLUBS

BALANCE SHEET AS AT 31 AUGUST 2020

Note
Fixed assets
Tangible assets
13
Investments
14
Current assets
Stocks
15
Debtors
16
Cash at bank and in hand
Creditors: amounts falling due within one
year
17
Net current assets
Total assets less current liabilities
Net assets excluding pension asset
Total net assets
Charity funds
Restricted funds
19
Unrestricted funds
19
Total funds		 4,315
14,258
148,405
166,978
(15,000)		 2020
£
1,442
72,698
74,140
151,978
226,118
226,118
226,118
13,854
212,264
226,118		 3,769
10,717
195,212
209,698
(63,895)		 2019
£
1,915
71,553
73,468
145,803
219,271
219,271
219,271
13,797
205,474
219,271

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

K Proctor President

W De Feyter Chair

Date:

The notes on pages 10 to 23 form part of these financial statements.

Page 9

NORFOLK FEDERATION OF YOUNG FARMERS CLUBS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

1. General information

The financial statements are presents in sterling which is the functional currency of the Charity and rounded to the nearest £.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and 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 Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Norfolk Federation of Young Farmers Clubs meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Going concern

The Trustees have considered the Charity's position at the time of signing the financial statements, and in particular the current issues caused by Covid-19 and its potential impact on the Charity and the wider economy. As such under the current circumstances, it is difficult to produce meaningful forecasts for the remainder of the financial year and medium term. Nevertheless, the Trustees have considered the current financial strength of the Charity, together with the range of measures the Trustees can take to mitigate ongoing costs should they need to, and ultimately should it be required, the support now being offered by the UK government for which the Charity is eligible to apply.

Based on this, the Trustees have concluded that they have a reasonable expectation that the Charity will have adequate resources to continue in operational existence for the foreseeable future, and, based on the economic environment recovering within the timeframe currently being widely anticipated, at least twelve months from the date of signing these financial statements, they therefore continue to adopt the going concern basis of accounting in preparing these financial statements.

Page 10

NORFOLK FEDERATION OF YOUNG FARMERS CLUBS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

2. Accounting policies (continued)

2.3 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

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.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

2.4 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 allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.5 Government grants

Government grants relating to tangible fixed assets are treated as deferred income and released to the Statement of financial activities over the expected useful lives of the assets concerned. Other grants are credited to the Statement of financial activities as the related expenditure is incurred.

2.6 Tangible fixed assets and depreciation

Tangible fixed assets costing £NIL or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Page 11

NORFOLK FEDERATION OF YOUNG FARMERS CLUBS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

2. Accounting policies (continued)

2.6 Tangible fixed assets and depreciation (continued)

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, .

Depreciation is provided on the following bases:

Office equipment - 25% reducing balance
Other fixed assets - 25% reducing balance

2.7 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.

2.8 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

2.9 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.10 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.11 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

Page 12

NORFOLK FEDERATION OF YOUNG FARMERS CLUBS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

2. Accounting policies (continued)

2.12 Financial instruments

Other than the investments for which further detail is given in note 2.7, the Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.13 Pensions

2.14 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

3. Income from donations and grants

Donations (including Gift Aid)
Grants
Government grants
Total 2019		 Restricted
funds
2020
Unrestricted
funds
2020
£
£
-
4,361
-
20,500
5,299
-
5,299
24,861
-
48,698		 Total
funds
2020
£
4,361
20,500
5,299
30,160
48,698		 Total
funds
2019
£
7,998
40,700
-
48,698

Government grants amounting to £5,299 were received in the period as part of the charity's participation in the government's Job Retention Scheme to support organisations during the coronavirus pandemic..

Page 13

NORFOLK FEDERATION OF YOUNG FARMERS CLUBS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

4. Income from charitable activities

Unrestricted
funds
2020
£
Social events (including bar income)
112,539
Norfolk show
-
Rally, competitions and training
935
Countrysiders support
5,160
118,634
Total 2019
38,904		 Total
funds
2020
£
112,539
-
935
5,160
118,634
38,904		 Total
funds
2019
£
21,142
2,508
8,504
6,750
38,904

5. Fundraising income

Unrestricted
funds
2020
£
Club levies
40,773
Advertising
-
Shop sales
1,233
42,006
Total 2019
31,721		 Total
funds
2020
£
40,773
-
1,233
42,006
31,721		 Total
funds
2019
£
28,271
1,550
1,900
31,721

Page 14

NORFOLK FEDERATION OF YOUNG FARMERS CLUBS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

6. Investment income

Interest received
Total 2019		 Restricted
funds
2020
Unrestricted
funds
2020
£
£
57
2,739
88
2,993		 Total
funds
2020
£
2,796
3,081		 Total
funds
2019
£
3,081

7. Other income

Unrestricted
funds
2020
£
County AGM
145
Marquee hire
400
545
Total 2019
350		 Total
funds
2020
£
145
400
545
350		 Total
funds
2019
£
-
350
350

8. Cost of raising funds

Unrestricted
funds
2020
£
100 Club
65
Raffle costs
-
Shop purchases
428
493
Total 2019
6,812		 Total
funds
2020
£
65
-
428
493
6,812		 Total
funds
2019
£
300
100
6,412
6,812

Page 15

NORFOLK FEDERATION OF YOUNG FARMERS CLUBS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

8. Cost of raising funds (continued)

9. Analysis of expenditure by activities

Direct costs
Support costs
Total 2019
Analysis of direct costs
Bar expenditure
Social events
Countrysider support
Norfolk Show expenses
Rally, competitions and training
Website and advertising
Total 2019		 Activities
undertaken
directly
2020
£
117,431
-
117,431
41,687		 Support
costs
2020
£
-
70,515
70,515
80,760
Bar
2020
£
803
106,313
4,535
565
3,945
1,270
117,431
41,687		 Total
funds
2020
£
117,431
70,515
187,946
122,447
Total
funds
2020
£
803
106,313
4,535
565
3,945
1,270
117,431
41,687		 Total
funds
2019
£
41,687
80,760
122,447
Total
funds
2019
£
1,497
14,737
7,038
2,655
12,158
3,602
41,687

Page 16

NORFOLK FEDERATION OF YOUNG FARMERS CLUBS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

9. Analysis of expenditure by activities (continued)

Analysis of support costs

Staff costs
Depreciation
National and County AGM
Chairman and Vice expenses
Insurance
Printing, postage and stationery
Bank charges
Miscellaneous expenses
National levies and membership cards
Recruitment and training expenses
Software expenses
Staff expenses
Payroll processing
Independent Examiners' fees
Profit on sale of fixed assets
Total 2019		 Bar
2020
£
42,894
488
682
70
3,920
2,818
869
833
14,345
127
324
1,820
325
1,000
-
70,515
80,760		 Total
funds
2020
£
42,894
488
682
70
3,920
2,818
869
833
14,345
127
324
1,820
325
1,000
-
70,515
80,760		 Total
funds
2019
£
55,402
642
80
30
3,788
4,488
460
852
11,347
1,357
-
1,036
323
1,000
(45)
80,760

The Independent Examiner's fee is a notional charge and is included within donations in the Statement of Financial Activities.

10. Independent examiner's remuneration

The independent examiner's remuneration amounts to an independent examiner fee of £1,000 ( 2019 - £1,000 ).

Page 17

NORFOLK FEDERATION OF YOUNG FARMERS CLUBS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

11. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2020
£
40,441
1,872
581
42,894		 2019
£
53,818
938
646
55,402

The average number of persons employed by the Charity during the year was as follows:

2020 2019
No. No.
3 4

No employee received remuneration amounting to more than £60,000 in either year.

The total remuneration of key management personnel in the year, including employer's pension and National Insurance amounted to £11,575 (2019: £25,811).

12. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2019 - £NIL) .

During the year ended 31 August 2020, travel expenses totalling £ 70 were reimbursed or paid directly to 1 Trustee (2019 - £30 to 1 Trustee) .

13. Tangible fixed assets

Cost or valuation
At 1 September 2019
Additions
At 31 August 2020		 Office
equipment
£
7,838
-
7,838		 Other fixed
assets
£
9,184
15
9,199		 Total
£
17,022
15
17,037

Page 18

NORFOLK FEDERATION OF YOUNG FARMERS CLUBS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

13. Tangible fixed assets (continued)

Depreciation
At 1 September 2019
Charge for the year
At 31 August 2020
Net book value
At 31 August 2020
At 31 August 2019
14.
Fixed asset investments
Market value
At 1 September 2019
Net gain on revaluation
At 31 August 2020		 Office
equipment
£
6,510
336
6,846
992
1,328		 Other fixed
assets
£
8,597
152
8,749
450
587		 Total
£
15,107
488
15,595
1,442
1,915
Listed
investments
£
71,553
1,145
72,698

Investments are included at their mid-market value and have an historical cost of £30,000.

15. Stocks
2020 2019
£ £
Goods for resale 4,315 3,769

Page 19

NORFOLK FEDERATION OF YOUNG FARMERS CLUBS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

16. Debtors

Due within one year
Trade debtors
Prepayments and accrued income		 2020
£
14,258
-
14,258		 2019
£
1,103
9,614
10,717

17. Creditors: Amounts falling due within one year

Trade creditors
Accruals and deferred income
Deferred income at 1 September 2019
Resources deferred during the year
Amounts released from previous periods		 2020
£
-
15,000
15,000
2020
£
63,895
15,000
(63,895)
15,000		 2019
£
720
63,175
63,895
2019
£
14,000
63,895
(14,000)
63,895

Deferred income represents grant income received in relation to staffing costs incurred in the following year. As at 31 August 2020, an additional £nil (2019: £49,175) of income was deferred relating to the anniversary ball which took place in the year ended 31 August 2019.

18. Financial instruments

2020 2019
£ £
Financial assets
Financial assets measured at fair value through income and expenditure 72,698 71,553

Financial assets measured at fair value through income and expenditure comprise listed investments..

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NORFOLK FEDERATION OF YOUNG FARMERS CLUBS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

19. Statement of funds

Statement of funds - current year

Balance at 1
September
2019
£
Unrestricted
funds
General
Reserve
205,474
Restricted
funds
Club Support
10,470
Gaze & Kidner
3,327
Furlough Fund
-
13,797
Total of funds
219,271		 Income
£
Expenditure
£
188,785
(188,439)
45
-
12
-
5,299
-
5,356
-
194,141
(188,439)		 Transfers
in/out
£
5,299
-
-
(5,299)
(5,299)
-		 Gains/
(Losses)
£
1,145
-
-
-
-
1,145		 Balance at
31 August
2020
£
212,264
10,515
3,339
-
13,854
226,118

Page 21

NORFOLK FEDERATION OF YOUNG FARMERS CLUBS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

19. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
General Reserve
Restricted funds
Club Support
Gaze & Kidner
Total of funds		 Balance at
1 September
2018
£
207,838
10,403
3,306
13,709
221,547		 Income
£
122,666
67
21
88
122,754		 Expenditure
£
(129,259)
-
-
-
(129,259)		 Gains/
(Losses)
£
4,229
-
-
-
4,229		 Balance at
31 August
2019
£
205,474
10,470
3,327
13,797
219,271

The unrestricted funds represent the free funds of the charity which are not designated for particular purposes.

The Gaze and Kidner Fund represents restricted funds which are to be used to fund specific training progrmmes.

The Club Support Fund represents monies from closed clubs which can only be used for restarting or supporting new clubs.

The Furlough Fund represents monies received from the government to fund payroll costs during the coronavirus pandemic. Amounts received into this fund are transferred to general funds as the payroll costs are incurred.

Page 22

NORFOLK FEDERATION OF YOUNG FARMERS CLUBS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

20. Analysis of net assets between funds

Analysis of net assets between funds - current period

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Total		 Restricted
funds
2020
Unrestricted
funds
2020
£
£
-
1,442
-
72,698
13,854
153,124
-
(15,000)
13,854
212,264		 Total
funds
2020
£
1,442
72,698
166,978
(15,000)
226,118

Analysis of net assets between funds - prior period

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Total		 Restricted
funds
2019
£
-
-
13,797
-
13,797		 Unrestricted
funds
2019
£
1,915
71,553
195,901
(63,895)
205,474		 Total
funds
2019
£
1,915
71,553
209,698
(63,895)
219,271

21. Pension commitments

The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £581 (2019 - £646). There were no outstanding contributions at the balance sheet date.

Page 23