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2023-08-31-accounts

Charity number: 304029

NORFOLK FEDERATION OF YOUNG FARMERS CLUBS

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

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
Statement of financial activities 7
Balance sheet 8
Notes to the financial statements 9 - 22

NORFOLK FEDERATION OF YOUNG FARMERS CLUBS

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2023

Trustees T Papworth, President
H Stanford, Chair (appointed 10 November 2022)
F Broom
T Webster (resigned 10 November 2022)
F Roberson (resigned 10 November 2022)
B Johnson (appointed 10 November 2022)
Charity registered
number
304029
Principal office
YFC Office
Norfolk Showground
Dereham Road
Norwich
Norfolk
NR5 0TT
Accountants
Larking Gowen LLP
Chartered Accountants
Faiers House
Gilray Road
Diss
IP22 4WR
Bankers
Barclays Bank Plc
Natwest Plc

Page 1

NORFOLK FEDERATION OF YOUNG FARMERS CLUBS

TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2023

The Trustees present their annual report together with the financial statements of the Norfolk Federation of Young Farmers Clubs for the year 1 September 2022 to 31 August 2023. 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 2019).

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 13 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 county continues to support 13 clubs that we have and all clubs have been working hard this past year. The membership for this year was at 507 which is 106 higher than last year which is a great figure. We hope to continue this growth this coming year. Our clubs have raised in excess of £50,000 for numerous charities which is an amazing achievement.

The skills initiative fund has been used by a number of members 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 to be used for members continued professional development.

We have had a very busy 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 2023

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 countrysiders competitions to increase continuity. Weather was good for most competitions, albeit a little wet and cold at farm event, but this did not deter anyone. Rally was another successful day back at the Norfolk Showground for the first time since the COVID pandemic, with many members new and old taking part. 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 £77,000, made up as follows:

Redundancy - £8,800 Contingencies - £44,000 (average 4 months turnover) Premises Fund - £24,200

Skills Initiative: The fund was launched in June 2015 with £70,000. The total available for training for the members now stands at £58,038 (2022 - £59,668) after payments and commitments to training are accounted for.

Currently the charities free reserves stand at £221,815 (2022: £257,775).

c. Principal funding

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

Chadacre Trust Clan Trust RNAA

We are also grateful for the legacy from the estate of Ms Leona Levine (dec'd) received in the previous year.

Page 3

NORFOLK FEDERATION OF YOUNG FARMERS CLUBS

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

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.

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 2023

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:

T Papworth President Date:

H Stanford Chair

Page 5

NORFOLK FEDERATION OF YOUNG FARMERS CLUBS

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 AUGUST 2023

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 2023.

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

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.

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 Kerkham FCA DChA

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

Page 6

NORFOLK FEDERATION OF YOUNG FARMERS CLUBS

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023

Note
Income from:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investments
6
Other income
Total income
Expenditure on:
Raising funds
7
Charitable activities
8
Total expenditure
Net income/(expenditure) before net
losses on investments
Net losses on investments
Net income/(expenditure)
Transfers between funds
17
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Restricted
funds
2023
£
4,000
-
-
426
-
4,426
-
-
-
4,426
-
4,426
(4,000)
426
13,900
426
14,326		 Unrestricted
funds
2023
£
19,052
28,620
30,433
7,365
90
85,560
2,786
109,520
112,306
(26,746)
(2,166)
(28,912)
4,000
(24,912)
352,378
(24,912)
327,466		 Total
funds
2023
£
23,052
28,620
30,433
7,791
90
89,986
2,786
109,520
112,306
(22,320)
(2,166)
(24,486)
-
(24,486)
366,278
(24,486)
341,792		 Total
funds
2022
£
147,977
13,064
22,241
2,572
-
185,854
3,129
48,227
51,356
134,498
(4,031)
130,467
-
130,467
235,811
130,467
366,278

The Statement of financial 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 2023

Note
Fixed assets
Tangible assets
11
Investments
12
Current assets
Stocks
13
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within one
year
15
Net current assets
Total assets less current liabilities
Net assets excluding pension asset
Total net assets
Charity funds
Restricted funds
17
Unrestricted funds
17
Total funds		 5,247
53,747
212,540
271,534
(17,176)		 2023
£
11,353
76,081
87,434
254,358
341,792
341,792
341,792
14,326
327,466
341,792		 6,845
48,552
227,699
283,096
-		 2022
£
4,935
78,247
83,182
283,096
366,278
366,278
366,278
13,900
352,378
366,278

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

T Papworth President Date:

H Stanford Chair

The notes on pages 9 to 22 form part of these financial statements.

Page 8

NORFOLK FEDERATION OF YOUNG FARMERS CLUBS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

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.

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 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.

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charity, can be reliably measured.

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.

Page 9

NORFOLK FEDERATION OF YOUNG FARMERS CLUBS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

2. Accounting policies (continued)

2.3 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.

2.4 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.

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

2.5 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.

2.6 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.

Page 10

NORFOLK FEDERATION OF YOUNG FARMERS CLUBS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

2. Accounting policies (continued)

2.7 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.

2.8 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.

2.9 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.

2.10 Financial instruments

Other than the investment 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.

2.11 Pensions

The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.

2.12 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.

Page 11

NORFOLK FEDERATION OF YOUNG FARMERS CLUBS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

3. Income from donations and legacies

Donations (including Gift Aid)
Legacies
Grants
Total 2022		 Restricted
funds
2023
Unrestricted
funds
2023
£
£
4,000
8,002
-
-
-
11,050
4,000
19,052
-
147,977		 Total
funds
2023
£
12,002
-
11,050
23,052
147,977		 Total
funds
2022
£
5,127
107,000
35,850
147,977

Legacies income was recognised in 2022 at the executor's estimate of the charity's residual share of the estate of Ms Leona Levine (dec'd).

4. Income from charitable activities

Unrestricted
funds
2023
£
Social events (including bar income)
24,060
Norfolk Show
228
Rally, competitions and training
4,532
Countrysiders support
-
Club support
(200)
28,620
Total 2022
13,064		 Total
funds
2023
£
24,060
228
4,532
-
(200)
28,620
13,064		 Total
funds
2022
£
7,066
450
5,518
27
3
13,064

Page 12

NORFOLK FEDERATION OF YOUNG FARMERS CLUBS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

5. Fundraising income

Unrestricted
funds
2023
£
Club levies
27,422
Advertising
735
Shop sales
2,124
County AGM
152
30,433
Total 2022
22,241		 Total
funds
2023
£
27,422
735
2,124
152
30,433
22,241		 Total
funds
2022
£
19,488
500
2,097
156
22,241

6. Investment income

Interest received
Total 2022		 Restricted
funds
2023
Unrestricted
funds
2023
£
£
426
7,365
44
2,528		 Total
funds
2023
£
7,791
2,572		 Total
funds
2022
£
2,572

Page 13

NORFOLK FEDERATION OF YOUNG FARMERS CLUBS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

7. Cost of raising funds

Unrestricted
funds
2023
£
100 Club
430
Shop purchases
2,356
2,786
Total 2022
3,129		 Total
funds
2023
£
430
2,356
2,786
3,129		 Total
funds
2022
£
345
2,784
3,129

Page 14

NORFOLK FEDERATION OF YOUNG FARMERS CLUBS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

8. Analysis of expenditure by activities

Direct costs
Support costs
Total 2022		 Activities
undertaken
directly
2023
£
34,976
-
34,976
19,431		 Support
costs
2023
£
-
74,544
74,544
28,796		 Total
funds
2023
£
34,976
74,544
109,520
48,227		 Total
funds
2022
£
19,431
28,796
48,227

Analysis of direct costs

Bar expenditure
Social events
Countrysider support
Norfolk Show expenses
Rally, competitions and training
Website and advertising
Total 2022		 Bar
2023
£
-
18,202
1,027
1,109
10,438
4,200
34,976
19,431		 Total
funds
2023
£
-
18,202
1,027
1,109
10,438
4,200
34,976
19,431		 Total
funds
2022
£
441
4,642
30
869
11,749
1,700
19,431

Page 15

NORFOLK FEDERATION OF YOUNG FARMERS CLUBS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

8. 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 Examiner's fees
Total 2022		 Support
costs
2023
£
43,748
3,792
443
650
5,796
912
161
3,880
10,068
1,698
216
1,745
435
1,000
74,544
28,796		 Total
funds
2023
£
43,748
3,792
443
650
5,796
912
161
3,880
10,068
1,698
216
1,745
435
1,000
74,544
28,796		 Total
funds
2022
£
16,543
1,648
203
205
4,205
518
110
1,138
1,567
213
216
790
440
1,000
28,796

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

9. Staff costs

Wages and salaries
Contribution to defined contribution pension schemes		 2023
£
43,001
747
43,748		 2022
£
16,521
22
16,543

Page 16

NORFOLK FEDERATION OF YOUNG FARMERS CLUBS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

9. Staff costs (continued)

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

2023 2022
No. No.
3 1

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

10. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2022 - £NIL) .

During the year ended 31 August 2023, expenses totalling £ 373 were reimbursed or paid directly to 2 Trustees (2022 - £NIL to 2 Trustees) . The expenses were for two trustees to attend conferences and a charity ball in order to represent the charity.

There were no further related party transactions requiring disclosure.

11. Tangible fixed assets

Cost or valuation
At 1 September 2022
Additions
At 31 August 2023
Depreciation
At 1 September 2022
Charge for the year
At 31 August 2023
Net book value
At 31 August 2023
At 31 August 2022		 Office
equipment
£
9,232
4,316
13,548
7,633
1,482
9,115
4,433
1,599		 Other fixed
assets
£
13,310
5,894
19,204
9,974
2,310
12,284
6,920
3,336		 Total
£
22,542
10,210
32,752
17,607
3,792
21,399
11,353
4,935

Page 17

NORFOLK FEDERATION OF YOUNG FARMERS CLUBS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

11. Tangible fixed assets (continued)

12. Fixed asset investments

Listed
investments
£
Cost or valuation
At 1 September 2022 78,247
Loss on revaluation (2,166)
At 31 August 2023 76,081
Investments are included at their mid-market value and have an historical cost of £30,000.
13.
Stocks
Goods for resale
14.
Debtors
Due within one year
Trade debtors
Legacy
Prepayments and accrued income		 2023
£
5,247
2023
£
10,370
37,000
6,377
53,747		 2022
£
6,845
2022
£
7,630
37,000
3,922
48,552

Page 18

NORFOLK FEDERATION OF YOUNG FARMERS CLUBS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

15. Creditors: Amounts falling due within one year

Other creditors
Accruals and deferred income
Deferred income at 1 September 2022
Resources deferred during the year
Amounts released from previous periods		 2023
£
316
16,860
17,176
2023
£
-
16,860
-
16,860		 2022
£
-
-
-
2022
£
15,000
-
(15,000)
-

Deferred income in the year ended 31 August 2023 represents income received in advance for events that will take place after the year end. Deferred income in the year ended 31 August 2022 represents grant income received in relation to staffing costs incurred in the following year.

16. Financial instruments

2023 2022
£ £
Financial assets
Financial assets measured at fair value through income and expenditure 76,081 77,598

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

Page 19

NORFOLK FEDERATION OF YOUNG FARMERS CLUBS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

17. Statement of funds

Statement of funds - current year

Balance at 1
September
2022
£
Unrestricted
funds
General
Reserve
352,378
Restricted
funds
Club Support
10,553
Gaze & Kidner
3,347
Norfolk Farming
Trust
-
13,900
Total of funds
366,278		 Income
£
Expenditure
£
85,560
(112,306)
346
-
80
-
4,000
-
4,426
-
89,986
(112,306)		 Transfers
in/out
£
4,000
-
-
(4,000)
(4,000)
-		 Gains/
(Losses)
£
(2,166)
-
-
-
-
(2,166)		 Balance at
31 August
2023
£
327,466
10,899
3,427
-
14,326
341,792

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NORFOLK FEDERATION OF YOUNG FARMERS CLUBS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

17. 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
2021
£
221,955
10,517
3,339
13,856
235,811		 Income
£
185,810
36
8
44
185,854		 Expenditure
£
(51,356)
-
-
-
(51,356)		 Transfers
in/out
£
(4,031)
-
-
-
(4,031)		 Balance at
31 August
2022
£
352,378
10,553
3,347
13,900
366,278

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 programmes.

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

The funds received from the Norfolk Farming Trust were to assist with the purchase of a new marquee in the year. A corresponding amount has been transferred to general funds to reflect the purchase.

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NORFOLK FEDERATION OF YOUNG FARMERS CLUBS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

18. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Total		 Restricted
funds
2023
Unrestricted
funds
2023
£
£
-
11,353
-
76,081
14,326
257,208
-
(17,176)
14,326
327,466		 Total
funds
2023
£
11,353
76,081
271,534
(17,176)
341,792

Analysis of net assets between funds - prior year

Tangible fixed assets
Fixed asset investments
Current assets
Total		 Restricted
funds
2022
£
-
-
13,900
13,900		 Unrestricted
funds
2022
£
4,935
78,247
269,196
352,378		 Total
funds
2022
£
4,935
78,247
283,096
366,278

19. 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 £747 (2022 - £22). There were no outstanding contributions at the balance sheet date.

Page 22