Charity numbor.. 304029 NORFOLK FEDERATION OF YOUNG FARMERS CLUBS UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022
NORFOLK FEDERATION OF YOUNG FARMERS CLUBS CONTENTS Page Reference and administrative details of the Charity, its Trustees and advisers Tru$t99s' report Ind¢pendent oxaminerfs report Statement of financlal a¢tivities Balance $hgOt Notes to the financial statements 9-22
NORFOLK FEDERATION OF YOUNG FARMERS CLUBS REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHAREfY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2022 Truste¢s T Pawrth. Presdent F Roberson. Chair lapwinted 11 November 2021} F Brwm (appointed 11 November 2021} T Webster lapwinted 11 November 2021) W De Feyter Ireggned 11 Novemt*r 20211 E Baker Iresgned 11 November 20211 K Pioctor I[gned 11 November 20211 Charity regist•rgd number 304029 Principal offico YFC Offi Norfotk Showground Dereham Road Normch Norfolk NR5 orr Accountants Larking Gon LLP Chartered Accountants Faiers House Gilray Road Diss Norfolk IW22 4WR Bankars Barclays Bank Pk NatNbE5t PIC Page 1
NORFOLK FEDERATION OF YOUNG FARMERS CLUBS TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2022 The Trustees present their annual report together vAth the financial statements of the Norfolk Federation of Young Farmers Clubs for the 1 September 2021 to 31 August 2022. The trustees wnfirni that the Annual Report and financial statements of the charity comply with the current *atutory requimenls, the requirements of the charity's goveming document and the provisions of the Statement of Recommended Practice ISORPI, applicable to charities preparing their ac£ounts in accordance with the Fin8ncial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 leffeclNe 1 January 2019). Objgctives and activities Polici¢$ and obje¢tives The object of the charity is to advance the education of young meMrS of the public at large in agriculture, home crafts. country life and related subJ"ects', and in the interests of the social Wea of such members lo provide and promote the provision of faGilities whiGh will improve their conditions of life and will assist in the development of their spiritual and mental capacities, self-re1lan aThJ individual resp(bility so that they may grow lo full maturity as individuals and members of the community. In setting objectives and planning for activities. the Trustees have given Oue consideration to general guidan published by the Charity Commission relating lo public benefit, including the gUidan'pub1iC benefit.. running a charity {PB21'. b. Main activities undertaken to furth8r the Charity's purposes for the public benefrt The Federation has maintained a competitions and activity calendar that offers opwrtuni14es to 811 young people and provided a gjpport netsw)d( befven members and ¢lubs The Federation has supported 26 Young Famier Clubs across Norfolk to meet the obj'ecls of the charity. This has provided a service to over 400 young people. through 0)mtItiOns, training, recreational pursuits and regular meetings. Achlevements and perforrnance a. Review of activities The organisation has been signifJ(3ntly impacted by the wder COMD pandemic and its associated restrictions on meetings of groups. The organisalion made further staffing adjustments during the yeai reflecting Lx)th reduced income during the year from all SoUrS and activity in the dubs and county. Plans have been put in place for the relaunch of the Federab"on's ath"vities induding a revised slaff structure as soon as permitted by Govemment guidance. The county conb.nues to SUprt the 10 clubs that y have and all clubs have been working hard this past year. The membership for this year was at 401 is 263 higher than last year. The skills initiative fund has started being used a little more this past few months and we have re-slruclured the forms to show that all members can use the fund for any training not just for agricultural. The criteria still stsnds that you have to have been a member for at least a year and the training is lo be used for a members CPD. Page 2
NORFOLK FEDERATION OF YOUNG FARMERS CLUBS TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2022 Achievements and performance (continued) We have had a steaty start to the year wth meetings. The Executive team have been working very hard to raise funds to help keep the organisation going. We hope this will continue wth the new Committee and with new plans going forward. We need to encourage members to attend more events and to work 109elher to promote and bring together members to increase the organi5ation in these b"me5. Financial rovi a. Going concem After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate sources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concem basis in preparing the financial stalemenl& Further details regarding the adoption of the going contsm baS can be found in the accounting policies. b. ReseNes poll¢y The charity is abware of its responsbilities and has set a reseNe pdicy of £70.000. made up as follows.. Redundancy- £8,000 Contingencies- £40.000 (average 4 months tumover) Premises Fund - £22,000 Icurrenlly we a provided wlh free ae¢ommodation within the RNAA offices and although we hope this wll be a long standing arrangement provision needs to be maintained) Skills Initiative.. The fund was launched in jur 2015 wlh £70.0Th). The total available for training for the members now stands al £59,66812021 - £62,143) after payments and commitrnent5 to training are accounted for. Currently the charities free reserves sland at £269,19612021'. £138.603}. c. Principal funding Norfolk YFC is indebted to the follcwng for their continued finanaal supy¥t= Chadacre Trust Clan Trust RNAA We are also grateful for the legaGy from the eslate of Ms La Levine (dec'dl received in the year. Structure. governance and management a. Constitution Norfolk Federation of Young Famers Clubs is a registered charity, number 304029, and is cx)nstituled under 8 Trust da which vras adopted on 27 November 1987. Page 3
NORFOLK FEDERATION OF YOUNG FARMERS CLUBS TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2022 Structure* governance and management (¢ontinuedl b. Methods of appointment or election of Trust¢es The managernenl of the Charity is the rewn&bility of the Trustees vtho are elected and c¥wted under the terms of the Trust deed. c. Organlsatlonal structure and decislon-maklng pollcl¢s The Federation is run by the members for the members through the followng committees.. Competitions and training ICAT) Sooal and markelirsg (SAMI Executive Steering d. Policies adopted The following F)olicies have been 8dopted'. Health and safety safUardin9 children and young twsle Equal opportunities Drugs and alcohol e. Financial risk management The Trustees have assessed the major risks to which the Charity is exposed, in particulaT those related to the operalions and finan$ of the Charity, and are satisfied that systems and prcredures are in place to mitigate exposu lo the majoT risks. Page 4
NORFOLK FEDERATION OF YOUNG FARMERS CLUBS TRUSTEES, REPORT {CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2022 Statement of Tru5tees' responsibilities The Tnjstees are respOnble for preparing the Trustees. report and the financial slalemenls in accordance with applicable law and United lQngdom A¢(unting Standards (United lQ"ngdom Generally Accepted ACUtIng Practscel. 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 stale of affairs of the Charity and of its incoming resourees and application of resour. induding its inC£e arKI expenditure. for that period. In preparing these linancial stalemenls, the Trustees are reqUid lo_" select suitable accounting policies antj then appty them eon&stently, observe the methcKls and principles of the Charrties SORP IFRS 1021.. make judgments and accounting estirnales that are reas)nable and PTudenL state whether applicable UK Actx)unling Standards {FRS 102} have been followed. subject to any material departUS disclosed and explained in the financial slalements.. prepare the financial ststements on the gn9 concem basis unless tt is inappropriate to presume that the Charity will continue in business_ The Trustees are respDn&ble for keeping adequ*e Unting records that are sufficient to show and explain the Charity's transactions and disdose wlh reasonable accuracy al any time the financial po&tion of the Charity and enable them to ensure that the financial statements comply wth the Charities Act 2011, the Charity (Accounts and Reports} Regulations 2008 and the provisrons of the Trust deed. They a also responsible for sgfeguarding the assets of the Charity and hence for takiro reasonabSe steps fcx the prevention and detection of fraud and Oth irTegularilies. Approved by er e members of the board of Trustees and sFg on their behalf by.. T Papwo Presdent F Roberson Chair Dale". 3111 Page 5
NORFOLK FEDERATION OF YOUNG FARMERS CLUBS INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 AUGUST 2022 Independent examinerfs report to the T10¢$ of Norfolk Federation of Young Famigrs Clubs I'the Charity.) I report to Ihe charity Trustees on my examination of the accounts of the Charity for the year ended 31 August 2022. Respon8lbllitie8 and basis of rèport As the Tiuslees of the Charity you are restM)nsible for the preparation of the accounts in accordance wlh the requirements of the Charities Act 2011 I'lhe 2011 Act). I report in respect of my examination of the Charity's Unts carried out under section 145 of the 2011 Act and in carrying out my examination I have follovBJ the applicable Directions given by the Charity Commission under section 14515}Ibl of the 2011 Act. Independent examinerfs statement I have completed my examinalion. I confimi thal no matter5 have come lo my attention in ¢onne¢tion with the examination giving me cause lo believe that in any matellal resFCt" accounting records were nol kept in reSpt of the Charity as required by section 130 of the 2011 Act,. or thè a¢¢ounts do not accord wth those reoxds.. or the a¢¢ounls do not comply wth the applicable requirements wnceming the fom and content of accounts sel out in the Charities (Accounts and Reports) Regulation5 2008 other than any requirement that the accounts give a 'true and fairf view which is not a matter considered as part of an independent examination. I have no Conm$ and have come au0&* no other matters in eonneclion wth the examination lo which allenlion should be drawn in this report in order to enable a prOr understanding of the accounts to be reached. This report is made solely to the Charity's Trustees, as a body. in accordan wlh Part 4 of the Charities IAw)unls and Reports} Regulations 2008. My work has teen undertaken so that I might slate to the Charity's Trustees those matters l am reqLJired lo state to them in an Independent examinerfs report and for no other purpose. To the fullest extent permitted by law. I do not accept or assurne reswnsibility to anyone other than the Charity and the Chaftty's Trustees as a body, for my woJk or for this report. Signed.. G Kerkham FCA DChA Dated.. 8 Novernber 2022 Larklng Gowèn LLP Chartered Accountants Faiers House Gilray Road Diss Norfolk IP22 4WR Page 6
NORFOLK FEDERATION OF YOUNG FARMERS CLUBS STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2022 RestrICt Unrestricted funds lunds 2022 2022 Total funds 2022 Total funds 2021 Note Income from: Donations and grants Charitable ac*ivilies Fundraising inLX)me Investments 147,977 13.064 22,241 2.528 147,977 13,064 22.241 2,572 39,672 1, 778 7,488 2,241 Total Income 185.810 185,854 51,17g Expendtture on: Raisng funds Charitsble activities 3.129 48,227 3.129 48,227 45 51,021 Total expenditure 51,356 51.356 51.066 Net income fOre net {lossesllgains on investmgnts Net Ilossesllgains on investmenls 134.454 14.031) 134,498 14.0311 113 9,580 Ngt movemont in funds 130,423 130,487 9, 693 Reconciliation of funds- Total funds brought forward Nel movement in funds 13.856 221,955 130,423 235.811 130,467 226,118 9,693 Total funds carried forward 13,900 352,378 366,278 235,811 The Stslemenl of finanual activities includes all gains and losses recognised in the year. The notes on pages 9 to 22 form part of these financial statements. Page 7
NORFOLK FEDERATION OF YOUNG FARMERS CLUBS BALANCE SHEET AS AT 31 AUGUST 2022 2022 2021 Note Fixed assets Tangible assets Investrnents 4,935 78,247 1,074 82,278 12 83.182 83.352 Current assgts Stocks Debtors Cash at bank and in hand 13 14 48,552 227.699 3,340 160,036 283,096 167,459 CTeditors.' amounts falling due Ythhin one year 15 (15.000) Net current assets 283.096 152,459 Totsl assets less currènt liabilities 366.278 235.811 Net assets excluding pension asset 366.278 235,811 Total net assets 366,278 235,811 Charity funds Restricted funds Unrestricted funds 17 13.900 352,378 13,856 221,955 17 Total funds 366,278 235,811 The financial slalemenls were approved and authorised for isgje by the Trustees and signed on their behalf by.. F Roberson Chair Presiolent Dale: 31ii/LL 1/11/2LZ The notes on pages 9 to 22 fomi part of these financial statemen Page 8
NORFOLK FEDERATION OF YOUNG FARMERS CLUBS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 General infonnation The financial statemenis are presenls in slerting which is the functional currenGy of the Charity a1 rounded lo the nearest £. Accounting policies 2.1 Basis of preparation of financial statements The financial statements have tten prepared in ardan wth the Charities SORP IFRS 102) - Accounting and Reporting by Charrties." Slalemenl of Recommended Practice applicable to charities prepsring their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 {effective 1 January 20191. the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. Norfolk Federation of Young Famiers Clubs meets the definition of a public benefit entity under FRS 102 Assets and liabilities are initially renised 8t historical cost or transaction value unless othewse ststed in the relevant accounting w>licy. 2.2 Going concem The Trustees have conside1 the Charity's posttion at the lime of signing the finanaal statements and have concluded that they have a reasonable expectatioTr that the Charity wll have adequate resources lo continue in operational existence for the foreseeable future, being at least fv4elve months from the dale of sgning these financial statements. They therefore continue to adopt the going concem basis of a¢xounb"ng in preparing these financial statements. 2.3 Income l income is iecognised On the Charity has entsuemenl to the income. it is probable Ihal the income wll be receiv and the amount of ineome rewvable be measured reliably. The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability lo estimate with sufficient accuracy the amount re1Vable. Evidence of entitlement lo a legacy exists when the Charity has suffiaent evidence that a gill has been left to them Ithrough knowledge of the existence ol a valid wll and the death of the benefactor) and the exec¥Jlor is satisfied that the propety in question will not be required to satisfy claims in the estate. Receipt of a legacy must recc4nised when it is probable that il wll be received and the fair value of the amount weivable. which bwll generally be the expected cash amount to be distributed lo the Charity, Gan be reliably measured. Grants are included in the Statement of financkql athVits on a receivable baws. The balance of income received for specific purposes but not expended dunno the Deriod is shown in the relevant funds on the Balance sheet. Where income is received in advan(E of entitlement of receipt, ils recognition is deferred and induded in creditors as deferred income. Where entitlement ¢xcut5 before Income is received. the income is accnAed. Income tax coVerable in relab.on to investrnenl income is recognised at the time the investment income is reIv3b1e. Page 9
NORFOLK FEDERATION OF YOUNG FARMERS CLUBS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Accounting policies (continued) 2.4 Expenditurn Expendtture is recognised once there is a legal or constructive obligation to transfer economic benefit lo a third paty. it is probable that a transfer of erx)nomic benefits wll be rsquired in selllement and the amount of the obligation can be meagjred lIablY. Expenditure is classified by activity. The Costs of each activity are made up of the lolal of direct costs and shared costs, including support ¢051s involved in undertaking each activity. Direcl costs attributable to a single activity are allocated directly lo that activity. Shar1 costs which contribute lo more than one activity and support costs which are not attributable to a single activity are apKK)rtÈoned between those activities on a basts consistent with the use of iesources. Centrdl staff costs a allocated on the basis of lime spent. and depreciation charges allated on the pO.on of the asset's use. Expenditu on raisng funds includes all expenditure incurred by Ihe Charity lo raise funds for ils charitable purpose5 and includes costs of all futxlraising actwib.es events and non-eharitable trading. Expenditure on chariiable activities is incurred on directly undertaking the actNities which further the Charity's objectives, as well as any a&%Kiated sjpport cosb. All expenditure is inclusive of irrecoverabte VAT. 2.5 Tangible fixed assets and depreciation Tangible fixed as8els costing £NIL or more are (3pilalised and recognised when future economic benefits are probable and the cosi or value of the asset can be measured reliably. Tangible fixed assets are initially recognised * cost After recconilion. under the cost model. tangible fixed awls are meawred al cost le&% ac¢iJmulaled depre¢ialion and any accumulated impaiment losses. AJI costs incurred to bring a tangible fixed asset into ils intended working condition shoukl be Induded in the measurement of cost. Depreciation is ¢hafged as to allocale the cost of tsngible fixed assets less their re%dual value over their estimated useful lives. Depreciation is provided on the foll¢Mng b"S.. Office equipment Other fixed assets 25% reducing balan 25% redtjcing balan 2.6 Investments Fixed asset investments are a form of financial instrument and are initially rec(yJnised al their tranÈtsction c03t and 3Ltbsequently measu1 at fair value at thB Dalance sheel ddte, uiilgss the value cannot be measured reliably in which case it is measured 81 c¥)sl less impaim)ent. Investment gains and losses, whether realised or unrealised. are combined and presented as'GainsllLossesl on investments. in the Slatement of finan081 &b"vrties. 2.7 Stocks Stocks a valued al the lowEr of cost and net realisable value after making due all¢)wance for obsolete and slow-moving stocks. Cost indudes all direct costs and an appropriate proportion of fixcd and variable overhead$. Page 10
NORFOLK FEDERATION OF YOUNG FARMERS CLUBS NOTES TO THE FINANCiAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Accounting policies (continued) 2.8 Debtors Trade and other debtors are recognised at the settlement amount after any trade dixount offered. Prepayments are valued at the amount prepaKI net of any trade discounts due. 2.9 Cash at bank and in hand Cash at bank and in hand indudes cash and short-temi highly liquid investments with a short maturity of three months or less ffom the date of acquisition or opening of the dewsit or similar account. 2.10 knabilities and provisions Liabilities are rec(yJnised when there is an obligation at the Balan sheet date as a result of a past event, il is probable that a transfer of e(x)nomic benefit wll be required in settlement, and the amount of the setuemenl can be estimated feliably. 2.11 Financial instruments Other than the Investments for which further detail is given in note 2.7. the Chanty only has financial assets and financial liabilities of a kind that qualrfy as basc financi81 instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured al their settlement value wlh the excepbon of bank loans which are subg8]uenlly measur&J at amortised cost using the effective interest method. 2.12 Pensions The Ch3rity operates a defined (x>ntribution pension scheme and the pengon charge repsents the amounts payable by the Charity to the fund in SpeCt of the year. 2.13 Redundancy Costs Costs of lemiination of employment are recognised a5 a liability and an expense when the charity has a detailed fomal plan for the lem)inalion and there is no all$¢ possibility of wlhdrawal from the plan. 2.14 Fund a¢¢ounting General funds are unrestricted furKls are available lor use al the discretion of the Trustees in furtherance of the general 0."¥e5 of the Charity ar which have not txen designated for other purposes. Restricted funds ayè funds which arè to bè used in accofdance wth $cIfiC restrictions imposed by donors or which have been raised by the Charity for particular purpose5. The costs of raising and administering such funds are chaiged against the spxcrfic fund. The aim and use of each restricted fund is sei otjt in the notes lo Ihe financial statements. Investrnent inecthe, gains and losses a all(tated lo the appropriate fund. Page 11
NORFOLK FEDERATION OF YOUNG FARMERS CLUBS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Income from donations. grants and l¢ga¢i•s Restricted Unrestricted funds funds 2022 2022 Total funds 2022 Total funds 2021 Donations (including Gift d) Legaaes Grants G0vemmt granls 5.127 107,000 35.850 5,127 107.000 35,850 4.032 29,150 6,490 147.977 147,97T 39,672 Totsl 2021 6.490 33.182 39,672 Legacies income is rectsJnised at the execuiorfs ests'male of the chaTtty's re&dual share of the estate of M$ Leona Levine Idec'd). An interim payment of 70,000 was received in the year. GovemmeTrt grants amounting to £nil (2021-£6,4901 were received in the pericxj as part of the charity's participation in the govemment's Job Retention Scheme to supp)rt organisations during the coronavirus pandemic. Incomg from charitsble activities Unrestrlcted funds 2022 Total funds 2022 To181 funds 2021 Social events (including bar inccffie} Norfolk show Rally. competitions and training Counlrysiders support Club support 7.066 450 S.S18 27 1.560 450 5,518 27 218 13.( 13.064 1, 778 Tot812021 1. 778 1, 778 Page 12
NORFOLK FEDERATION OF YOUNG FARMERS CLUBS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Fundraising income Unrnstricted funds 2022 Tt)tal funds 2022 Total funds 2021 Club levies Advertising Shop sales County AGM 19,488 500 2.097 156 19,488 500 7,450 2.097 156 38 22,241 22,241 7.488 Total 2021 7,488 7,488 Investment Incomè Restrict Unrestricted funds funds 2022 2022 Total funds 2022 Tot81 funds 2021 Interest received 2.528 2,572 2,241 Total 2021 2.239 2,241 Page 13
NORFOLK FEDERATION OF YOUNG FARMERS CLUBS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Cost of raising funds Unrestrictgd funds 2022 Total funds 2022 Total funds 2021 100 Club Shop purchases 345 20 25 2.784 2,784 3.129 3.129 45 Total 2021 45 45 Page 14
NORFOLK FEDERATION OF YOUNG FARMERS CLUBS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Analy¥i¥ of expenditure by activities Aetivitl•s undertakèn directly 2022 Support Total funds 2022 Total funds 2021 2022 Direct costs Support costs 19.431 19.431 28,796 6,683 44.338 28,796 19,431 28,796 48,227 51.021 Total 2021 6.683 44,338 51.021 Analysis of direct ¢osts Total funds 2022 Total funds 2021 Bar expenditure Social event5 441 4,fA2 30 869 200 2,953 214 Counlrysider 5UPPOrt Norfolk Show expenses Rally, competitions and training Webslte and advertising 11,749 1,700 3.316 19,431 6,683 Page 15
NORFOLK FEDERATION OF YOUNG FARMERS CLUBS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Analysis of expanditu by activities Iconlinued} Analy818 of support costs Total funds 2022 Total funds 2021 2022 Stsff costs Redundancy costs Depreciation National and County AGM Chairnian and VI exp*nses Insuran Printing. postage and ststionary Bank charges MIlIaneOuS expenses National levies and membership cards Recruitment and training expenses Soknre expenses Staff expenses Payroll processtng IndepEndent Examineis, f Loss on sale of fixed assets 16,543 16.543 17.804 7,627 364 1,648 203 205 4.205 518 1,648 203 205 4.205 518 3,5T9 550 320 110 1,138 1.567 213 110 1,138 1,567 213 216 72,585 216 790 440 180 790 325 1.000 1,000 28.796 28,796 44,338 Total 2021 44,338 44,338 The Independent Examinerfs fee is a notional charge and is induded within donations in the Statement of Financial Activities. Staff costs 2022 2021 Wages and salaries Contribution to defined contribution penon erneS 16,521 22 17,566 238 16.543 17,804 Page 16
NORFOLK FEDERATION OF YOUNG FARMERS CLUBS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Stsff Costs (continued) The average numL*r of persons employed by the Charity during the year was as follows.. 2022 2021 No employee received remuneration amounting to more than £60,000 in erther year. 10. Trust8•s' rnmuneration and exp¢n$ss During the year, no Twslees reived any remuneration or other benefits (2021- £NIL). During the year ended 31 August 2022, travel expenses totalltng £NIL were reimbursed OT paid direclly to Trustee (2021- £NIL lo Twstee). Page 17
NORFOLK FEDERATION OF YOUNG FARMERS CLUBS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Tangible fixed a$sets Office Other fixed equipmgnt assets Totsl Cost or valuation At 1 September 2021 Additions 7.834 1.398 9,199 4.111 17.033 S.509 Al 31 August 2022 9.232 13.310 22,542 Deprociation At 1 September 2021 Charge for the year 7.097 536 8,862 1,112 IS.959 At 31 August 2022 7.633 9,974 17,607 Net book value At 31 August 2022 1,599 3.336 4,935 At 31 August 2021 737 337 1,074 12. Flxed asset investments Listed Investments Cost or valuation Al 1 September 2021 Loss on Tevaluats"on 82.278 14,0311 At 31 August 2022 78,247 Investrnenls are Includ at their mi¢*market value and an histori¢al cost of £30,000. Page18
NORFOLK FEDERATION OF YOUNG FARMERS CLUBS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 13. Sto¢ks 2022 2021 Go¢xls for resale 6,845 4,083 14. Debtors 2022 2021 Due wlthln one year Trade debtors Legacy Prepayments and accrued inca)me 7,630 37,000 3.922 3,340 48,552 3,340 15. Creditots: Amounts falling due within one year 2022 2021 Accruals and deferred income 15,000 2022 2021 Deferred income at 1 September 2021 Resources deferred during the year Amounts released from previous peri¢)ds 15.000 15,(100 15, 000 (15,000) I15,C(l 15,000 Deferred income represents grant irtcome received in relation to staffing wsls incurred in the followng year Page 19
NORFOLK FEDERATION OF YOUNG FARMERS CLUBS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 16. Financial instruments 2022 2021 Financlal assets Financial assets Measur at fair value throLuh inc(e and expenditure 77.598 82,278 Financial assets measured al fair value through income and expenditure comprise listed inve5trnenls. 17. Statement of funds Statement of funds- eurrent year Balance at 1 September 2021 BalanGe at Gainsl 31 August {Lossos) 2022 Income Exponditurè Unrestricted funds General Reserye 221,9S5 185,810 {51,3561 14,031) 352,378 Restricted funds CILJb Support Gaze & "drter 10,517 3.339 36 10,553 3,347 13.856 13,900 Total of funds 235,811 185.854 (51.3561 14.0311 366,278 Page 20
NORFOLK FEOEIiATION OF YOUNG FARMERS CLUBS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 17. Statement of funds leontinuad) Statement of funds - prior year Balare at I September 2020 Balance at 31 August 2021 TnSfe Iout Gainsl (LOeS) Income Expenditure Unrestricted funds General Reserve 212.264 44.687 (51.066) 6,490 9,580 221,955 Restricted nds Club Support Gaze & 'dner Furtough Fund 10.5t5 3,339 10.517 3,339 6,490 (6,490) 13,854 6.492 (6,490J 13,856 Total of funds 226.118 51.IT9 (51.066) 9.580 235,811 The unrestricted funds represent the free funds of the charity vthich are not designated for particular purposes. The Gaze and lQdner Fund presents restn.cted funds which are to used to fund specific training progiamffles. The Club Suppv)rt Fund represents monies from dosed dubs %thich can only be used for restarting or supporting new dubs. The Furtough Fund represents monies received from the government to fund payroll costs during the coronavirus pandemic. Amounts received into this fund are tBnsferr&Y lo general fijnds as the payroll costs are incurred. Page 21
NORFOLK FEDERATION OF YOUNG FARMERS CLUBS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 18. Analysis of net assets between funds Analys18 of net assets tWeen funds - current year Restrlcted Unrestricted funds funds 2022 2022 Total funds 2022 Tangible fixed assets Fixed asset investments Current assets 4,935 78,247 269,196 4,935 78,247 283.096 13,900 Total 13.900 352,378 366,278 Analy$i$ of net assets botwgen funds - prior y••r Resbicted Unreslrict&d funds funds 2021 2021 Totel funds 2021 Tangible fixed assets Fixed asset invesknenls Current assets Creditors due within one year 1,074 82,278 153, 603 (75, 000) 1,074 82,278 t67,459 (15,000) 13,856 Total 13,856 221,955 235,811 19. Pension ¢ommitments The charity operates a defined contribution Ftnsion scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge presents contributions payable by the group to the fund and Sfflounted to £22 12021 £238}. There were no outstanding contributions at the balare sheet dale. Page 22