Charfty number: 304029 NORFOLK FEDERATION OF YOUNG FARMERS CLUBS UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
NORFOLK FEDERATION OF YOUNG FARMERS CLUBS CONTENTS Page RonCe and admlnl8tratlve detalls of the Charity, Its Trustaas and adviser8 Tru8tee8' report Indepondent examlnerf8 report Statement of flnanclal actlvltles Balance sheet Notss to th• flnanclal statsments 9-23
NORFOLK FEDERATION OF YOUNG FARMERS CLUBS REFERENCE AND ADMINISTRATNE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2024 Trustees F Broom, President 8 Johnson. Chair T Papworth (resigned 9 November 20231 H Stanford A Saunders, Vice-chair and Honorary Treasurer (appointed 9 November 2023) P Buntinq. Vice-chair and Honorary Treasurer (appointed 9 November 2023) R Hirst, Vice President (appointed 9 Novernber 2023) J Cantrill (appointed 9 November 2023) C Nlx (appointed 9 November 2023) Charlty reglstered number 304029 Prlnclpal offlco YFC Office Norfolk Showground Dereham Road NonNich Norfolk NR5 orr Accountants Larking Gowen LLP Chartered Accountants Faiers House Gilray Road Diss IP22 4WR Bankers Barclays Bank PIC Natwest PIC CCLA Page 1
NORFOLK FEDERATION OF YOUNG FARMERS CLUBS TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The Trustees present their annual report together with the financial statements of the Norfolk Federation of Young Farmers Clubs for the 1 September 2023 to 31 August 2024. The trustees confirm that the Annual Report and financial statements of the charity comply wth 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 wtth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). ObJoctlve8 and actlvltlos Pollcles and obJ•ctlve8 The object of the charity is to advance the education of young members of the public at large In agriculture, hom6 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 indivldual responsibility SO that they may grow to full maturlty as individuals and members of the community. In settlng objectives and planning for actlvitles, the Trustees have glven due consideration to general guldance published by the Charity Commission relating to public benefit, including the guidance'Public benefit: runnlng a charlty (PB2)'. b. Maln actlvltl•8 undertaken to furthor th• Charlty'8 purposes for tha publlc bonefit The Federation has malntalned a competitions and actlvity calendar that offers opportunitles to all young people and provided a support network betW8en members and clubs. The Federation has supported 14 Young Farmer Clubs (Including 4 Countrysiders Clubs) across Norfolk to meet the objects of the charity. This has provided a service to over 490 young people, through competitlons, tralning, recreational pursults and regular meetings. Achlevemonts and p•rfornianco Revlew of actlvltles The county continues to support 14 clubs that we have and all clubs have been working hard this past year. The membership for this year was at 491 which is 16 lower than last year but still a great figure. We hope to grow this number in the coming year. Our clubs have raised in excess of £45,000 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 wth 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 THEYEAR ENDED 31 AUGUST 2024 Achlevemonts and porformance (contlnued) The Oak Ball vras held in the year to mark our 80th anniversary. It was attended by more than 1,500 YFC members, both past and present, along with sponsors and supporters.lt defied expectations by raising a total of £54,317, all of which has been invested in the Skills Initiative Fund. Competition attendance levels have been slightly increased this year vthich Is a good thing and V have incorporated a few more senior and countrysiders competitions to increas8 continuity. Weather was good for most competitions but this did not deter anyone. Rally was another successful day at the Norfolk Showground, with many members new and old taking part. We must continue to encourage members to attend all events as thls is what the Norfolk YFC organisation is all about. Flnally well done to all the members who Yn certificates, trophies and even represented Norfolk YFC at Eastern Area and National Events. Flnanclal revlew a. Golng concarn After making appropriate enquiri8S, the Trustees have a reasonable aXPgCtatlon that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concem basis in preparing the flnancial statements. Further details regarding the adoption of the going concem basis can be found in the accounting policles. b. Ro8erve8 pollcy The charity is aware of its responsibilltles and has set a reserve policy of £81,620, made up as follows: Redundancy - £9.328 Contingencies - £46,640 (average 4 months tumover) Premises Fund - £25,652 Skllls Inltiative.. The fund was launched in June 2015 wth £70,000. A further £54.317 was added to the fund In the year ended 31 August 2024, being the surplus generated by the Anniversary Ball held in the year. The total available for training for the membets now stands at £109,940 12023 £58,038) after payments and commltments to training are accounted for. Currently the charity's free reseDies (excluding flxed assets and Skills Initiative Fund) stand at £270,956 (2023.. £258,075). c. Prln¢lpal fundlng Norfolk YFC is indebted to the following for their continued financial support.. Chadacre Trust Clan Trust RNAA Norfolk Farmers Trust Greens Charitable Trust Page 3
NORFOLK FEDERATION OF YOUNG FARMERS CLUBS TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Structure, governance and management Constltutlon Norfolk Federatlon of Young Famiers Clubs is a registered charlty, number 304029. and was originally constituted under a Trust deed adopted on 27 November 1987. A new Trust deed was adopted at its AGM on 9 November 2023. b. Method8 of appolntment or eloctlon of Tru8ts•8 The management of the Charity is the responsibility of the Trustees vtho are elected and co-opted under the temis of the Trust deed. ¢. Organl8atlonal structuro and declslon-maklng pollc108 The Federation is run by the members for the members through the followng committees.. Steering Executive Competitions and training (CAT) Social and marketing (SAM) Countryside Leaders d. Pollcle8 adopted The following policies have been adopted: Health and safety Safeguarding children and young people Equal opportunities Drugs and alcohol Standards of personal behaviour Sexual health Anti-bullying e. Flnanclal rlsk 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 2024 statement of Trustaes. respon8lbllltles 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 Actspted Accounting Practice). The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial vthich 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 financi81 statem&nts, the Trustees are required to.. select suitable accounting policies and then apply them consistently; obseNe the methods and principles of the Charities SORP (FRS 102); make judgments and accounting estimates that are reasonable and prudent. state whether applicable UK Accounting Standards (FRS 102) have been followed, Subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose wth reasonable accuracy at any time the financial position 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 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 irregularilies. Approved by order of the members of the board of Trustees and signed on their behalf by,. J£c F Broom President B Johnson Chair Date: U Zc)L4 Page 5
NORFOLK FEDERATION OF YOUNG FARMERS CLUBS INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 AUGUST 2024 Indopandent examlnerfs report to the Trustees of Norfolk Federatlon of Young Famier8 Clubs ('the Charity.) I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 August 2024. Rosponslbllltles and basls of report As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requlrements of the Charities Act 2011 ('the 2011 Act,). I report in respect of my examination of the Charity's accounts carrled out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commlssion under section 145(5)(b) of the 2011 Act. Indopendont examln•r'$ Statament Since the Charitvs gross income exceeded £250.000 your examiner must be a member of a body listed In sectlon 145 of th8 2011 Act. I confimi that l am qualified to undertake the examination because l am a member of The Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connectlon with the examlnatlon giving me cause to believe that in any material respect.. accounting records were not kept in respect of the Charlty as required by section 130 of the 2011 Act; or the accounts do not accord with those records., or the accounts do not comply wth 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 fairf view which is not a matter considered as part of an independent examlnation. I have no concems and have come across no other matters in connectlon with the examination to which attentlon 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 Charitls 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 l am required to 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 assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report. Signed.. G Kerkham FCA DChA Dated: 9 N0Verrer 2024 Larklng Gowen LLP Chartered Accountants Diss Page 6
NORFOLK FEDERATION OF YOUNG FARMERS CLUBS STATEMEKf OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024 Restrlcted Unrestrictod funds funds 2024 2024 Total funds 2024 Total funds 2023 Income from: Donations and legacies Charitable actlvities Other trading activities Investments 27,000 31,024 197.770 29.989 11,780 58.024 197,770 29,989 12,411 23, 052 28, 620 30,523 7,791 631 Total Income 27,631 270.563 298,194 89,986 Expondlture on: Raising funds Charitable activities 1,844 208,069 1,844 235,069 2, 786 109, 520 27,000 Total oxpondlture 27,000 209,913 236,913 112,306 Net Incom•l(•xpondlture) before net galnsl{108888) on Inv•8tments Net gainsl(losses) on investments 631 60,650 5,790 61,281 5,790 (22, 320) (2, 166) Net Incomel(expondlture) Transfers between funds 631 (3,488) 66.440 3.488 67,071 (24,486) 17 Net mov•mont In funds (2,857) 69,928 67,071 (24,486) R•conclllatlon of funds: Total funds brought forward Net movement in funds 14,326 (2,857) 327,466 69,928 341,792 67,071 366,278 (24,486) Total funds carrled forward 11,469 397,394 408,863 341, 792 The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 9 to 23 fom part of these financial statements. Page 7
NORFOLK FEDERATION OF YOUNG FARMERS CLUBS BALANCE SHEET AS AT 31 AUGUST 2024 2024 2023 Not• Flxed assets Tangible assets Investments 11 12 16,498 81,871 11,353 76,081 98.369 87,434 Currnnt as80ts Stocks Debtors Cash at bank and in hand 13 14 5,668 22,841 288,460 5,247 53,747 212,540 316,969 271,534 Creditors.. amounts falling due within one year 15 (6,475) (17.176) Net current assets 310,494 254,358 Total as8èt8 le88 Gurront Ilabllltles 408,863 341, 792 Total net a8set8 408,863 341, 792 Charlty funds Restricted fund8 Unrestricted fund8 17 11,469 397,394 14,326 327,466 17 Total funds 408.863 341, 792 The financlal statements were approved and authorised for issue by the Trustees and signed on their behalf by: F Broom President Date: B Johnson Chair The notes on pages 9 to 23 form part of these financi81 statements. Page 8
NORFOLK FEDERATION OF YOUNG FARMERS CLUBS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 General Informatlon The financial statements are presents in sterling which is the functional currency of the Charity and rounded to the nearest £. Accountlng pollcles 2.1 Ba8ls of preparatlon of flnanclal statements The financial statements have been prepared in accordanc8 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 appllcAble in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. Norfolk Federatlon of Young Farmers Clubs meets the deflnltlon of a public benefit entity under FRS 102. Assets and liabilities are initially recognised 8t historical cost or transaction value unless othenvise stated in the relevant accounting policy. 2.2 Incom• All income is recognised once the Charity has entitlement to the income, it is probable that the income wlll be received and the amount of income receivable can be measured reliably. The recognition of income from legacies 18 dependent on establishlng 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 wll and the death of the benefactor) and the executor is satlsfled that the property In question will not be required to satisfy claims in th8 estate. Receipt of a legacy must be recognised then 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 2024 Accounting policies (contlnued) 2.3 Expendlturn Expenditure is recognised once there is a legal or constructive obligation to transfer economlc 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 8 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 basls conslstent wth 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 charit8ble activities is Incurred on directly undert8king the activities which further the Charity's objectives, as well as any associated support costs. All expenditure is inclusive of irr8coverable VAT. 2.4 Tanglble flx¢d a88•t8 and dapreclatlon Tangible flxed assets costing £NIL or more are capitalised and recognised vthen future economlc 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 impaiment losses. All costs incurred to bring 8 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 tangib18 fixed a8set818&8 their resldual value over their estimated useful lives, Depreciation is provlded on the following bases: Office equlpment Other fixed assets 25°A reducing balance 250/0 reducing balance 2.5 Inv•stm•nts 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 'Gainsl(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 2024 Accountlng pollclos (contlnued) 2.7 Dobtors 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-temi 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 Llabllltl•s and provlslons 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 Flnan¢lal Instrument8 The Charity only has financial assets and financial liabilities of a kind that qualify as baslc financial instruments. Basic financial instruments are inltially recognised at transaction value and subsequently measured at their settlement value wilh the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.11 P•nslon8 The Charity operates a defined contrlbution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year. 2,12 Fund accountlng G8neral funds are unrestricted funds which are available for us8 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 2024 Income from donatlons and legacles Restrlcted Unrnstrlctad funds funds 2024 2024 Total funds 2024 Total funds 2023 Donations (including Gift Aid) Legacies Grants 12,104 3,000 15,920 12,104 3,000 42,920 12,002 27.000 11.050 27,000 31,024 58,024 23,052 Total 2023 4,000 19,052 23.052 InGomo from charltable actlvltle8 Unr081rlct8d funds 2024 Total fund8 2024 Total funds 2023 Anniversary Ball income Social events (Including bar income) Norfolk Show Rally, competitions and training Countrysiders support Club support 162.991 25,864 908 7.665 91 251 162,991 25,864 908 7,665 91 251 24, 060 228 4, 532 (200) 197,770 197.770 28, 620 Total 2023 28,620 28, 620 Page 12
NORFOLK FEDERATION OF YOUNG FARMERS CLUBS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Fundralslng Income Unrgstrfcted funds 2024 Total funds 2024 Total funds 2023 Club levies Advertising Shop sales County AGM Other income 28,948 28,948 27,422 735 2, 124 152 90 591 465 (15) 591 465 {15) 29.989 29,989 30, 523 Total 2023 30, 523 30,523 Investment Income RoStrlct8d Unre81rlctsd funds funds 2024 2024 Total funds 2024 Tot81 funds 2023 Interest received 631 11.780 12,411 7,791 Tot812023 426 7,365 7,791 Page 13
NORFOLK FEDERATION OF YOUNG FARMERS CLUBS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Cost of ralslng funds Unrestrlctsd funds 2024 Total funds 2024 Total funds 2023 100 Club Shop purchases 384 1,460 430 2, 356 1,460 2, 786 Total 2023 2, 786 2, 786 Page 14
NORFOLK FEDERATION OF YOUNG FARMERS CLUBS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Analysls of expendlture by actlvltles Actlvitles undertaken directly 2024 Support costs 2024 Total funds 2024 Total funds 2023 Direct costs Support costs 152.954 152,954 82.115 34,976 74, 544 82,115 152,954 82,115 235,069 109.520 Tot812023 34,976 74,544 109, 520 Analy818 of dlr•ct Costs Total fund8 2024 Tot81 funds 2023 Bar 2024 Anniversary Ball costs Social events Countrysider support Norfolk Show expenses Rally, competitions and training Website and advertising 108,907 23,977 1,147 1,036 15,176 2,711 108,907 23,977 1,147 1,036 15,176 2,711 18,202 1,027 1, 109 10,438 4, 200 152,954 152,954 34,976 Tot812023 34,976 34,976 Page 15
NORFOLK FEDERATION OF YOUNG FARMERS CLUBS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Analysls of expèndlture by actlvltles (contlnued) Analysls of support costs Support cost8 2024 Total funds 2024 Total funds 2023 staff costs Depreciation National and County AGM Chaimian and Vice expenses Insurance 46,641 5,510 183 563 5,017 1,635 491 3,335 12,874 1,144 437 2,330 455 1,500 46,641 5,510 183 563 5,017 1,635 491 3,335 12,874 1,144 437 2,330 455 1,500 43, 748 3, 792 443 650 5, 796 912 161 3, 880 10,068 1,698 216 1, 745 435 1,000 Printing. postage and stationery Bank charges Miscellaneous expenses National levies and membership cards Recruitment and training expenses Software expenses Staff expenses Payroll processing Independent Examinerfs fees 82,115 82,115 74,544 Total 2023 74,544 74, 544 The Independ8nt Examinerfs fee is a notional charge and is induded within donations in the Statement of Financial Activities. Staff costs 2024 2023 Wages and salaries Contribution to defined contribution pension schemes 45,828 813 43,001 747 46.641 43, 748 Page 16
NORFOLK FEDERATION OF YOUNG FARMERS CLUBS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Staff costs (contlnued) The average number of persons employed by the Charity during the year vrds as follows: 2024 No. 2023 No. No employee received remuneration amounting to more than £60,000 in either year. 10. Tru8ts08' romuneratlon and expan808 Durlng the year ended 31 August 2024. expenses totalllng £503 were reimbursed or paid directly to 3 Trustees (2023 - £373 to 2 Tnistees). The expenses were for trustees to attend conferences in order to represent the charity. There were no further related paty transactlons requiring disclosure. 11. Tanglble flxed assot8 Offlca Other flxed aqulpment assets Total Cost or valuatlon At 1 September 2023 Additions 13,548 511 19,204 10,144 32,752 10,655 At 31 August 2024 14,059 29,348 43,407 Depréelatlon At 1 September 2023 Charge for the year 9,115 1,242 12,284 4,268 21,399 5,510 At 31 August 2024 10,357 16,552 26,909 Net book value At 31 August 2024 3,702 12,796 16,498 At 31 August 2023 4,433 6.920 11,353 Page 17
NORFOLK FEDERATION OF YOUNG FARMERS CLUBS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 12. Flxed as8et Investmants Listed Invastments Cost or valuatlon At 1 September 2023 Revaluations 76,081 5,790 At 31 August 2024 81,871 Investments are included at thalr mid-market value and have an historical cost of £30,000. 13. Stock8 2024 2023 Goods for resale 5,668 5,247 14. Debtors 2024 2023 Duo wlthln one year Trade debtors Legacy Prepayments and accrued income 22,032 10,370 37,000 6,377 809 22,841 53, 747 Page 18
NORFOLK FEDERATION OF YOUNG FARMERS CLUBS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 15. Credltors: Amounts falllng due within ono year 2024 2023 Trade creditors other creditors Accruals and deferred income 6,218 257 316 16,860 6,475 17,176 2024 2023 Deferred income at 1 September 2023 Resources deferred during the year Amounts released from previous periods 16,860 16,860 (16,860) 16.860 Deferred income In the year ended 31 August 2023 represents income recelved in advance for events that took place after the year end.. 16. Flnan¢lal Instruments 2024 2023 Flnanclal a880ts Financial assets measured at fair value through income and expendlture 81,871 76,081 Financial assets measured at fair value through income and expenditure comprise Ilsted investments. Page 19
NORFOLK FEDERATION OF YOUNG FARMERS CLUBS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 17. Statement of fund8 Statement of fund8 - current year Balanc• at 1 September 2023 Balance at Galnsl 31 August {Lo8888) 2024 Transfers Inlout Income Expendlture Unrostrlctéd funds General Reserve Skills Initiative 269,428 58,038 270,563 (207,498) (2,415) (50,8291 54.317 5,790 287,454 109,940 327.466 270,563 (209,913) 3,488 5,790 397,394 Restrlcted fund8 Club Support Gaze & Kidner Chadacre Agricultural Trust Clan Trust 10,899 3.427 570 61 11,469 (3,488) 7,000 20,000 {7,000) (20,000) 14,326 27,631 (27,000) (3,488) 11,469 Total of fund8 341,792 298,194 (236,913) 5,790 408.863 Page 20
NORFOLK FEDERATION OF YOUNG FARMERS CLUBS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 17. Statement of funds (contlnuod) Statement of fund8 - prlor year B818iice at I September 2022 Balance at 31 August 2023 Transfers in/out Gainsl (Losses) Income Expenditure Unrestrlcted funds General Reserve Skllls Initiative 292,710 59, 668 85,560 (110,676) (1.630) 4,000 (2, 166) 269,428 58.038 352, 378 85.560 (112, 306) 4,000 (2, 166) 327,466 Restrfcted fund8 Club Support Gaze & Kidner Norfolk Farmers Trust 10,553 3,347 348 80 10,899 3,427 4,000 (4.000) 13,900 4,426 (4,000) 14,326 Total of funds 366,278 89,986 (112, 306) (2, 166) 341, 792 Page 21
NORFOLK FEDERATION OF YOUNG FARMERS CLUBS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 17. Statement of funds (contlnued) The General Reserve represents the free funds of the charity which are not designated for particular purposes. The Skills Initiative Fund is to support the training of members to increase skills and further their careers. A transfer of £54,317 was added to the Skills Iniative Fund in the year, being the surplus generated by the Annivensary Ball held in May 2024. The Gaze and Kidner Fund represents restricted funds which are to be used to fund specific training programmes. After consultation with the living relatives of the origianl donors, the Gaze and Kidner Fund was closed in the year and the funds transferred to the General Reserve The Club Support Fund represents monies from closed clubs lch can only be used for restsrting or supporting new dubs. The funds in the Chadacre Fund were donated for the purpose of funding expenditure on competltions and training. The funds in the Clan Tnjst Fund Vre donated for the purpose of supporting the Countrysiders Clubs. The funds received from the Norfolk Famers Trust In 2023 were to assist th the purchase of a new marquee in the year. A corresponding amount was transferred to the General Resenle to reflect the purchase. 18. Analy818 of not a880ts between funds Analysls of not assets betweon fund8 - curront perlod Restrlctod Unrtcted funds funds 2024 2024 Total fund$ 2024 Tangible fixed a&sets Fixed asset investments Current a&sets Creditors due vAthin one year 16,498 81.871 305.500 (6,475) 16,498 81,871 316.969 {6,475) 11,469 Total 11,469 397,394 408,863 Page 22
NORFOLK FEDERATION OF YOUNG FARMERS CLUBS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 18. Analys18 of net assets between fund8 (continuad) Analysls of nat assets between funds - prlor porlod Restricted Unrestricted funds funds 2023 2023 Total funds 2023 Tangible fixed assets Fixed asset investments Current assets Creditors due wthin one year 11,353 76,081 257,208 (17.176) 11,353 76,081 271,534 (17.176) 14,326 Total 14.326 327.466 341. 792 19. Penslon commltment• The charity operates a defined contribution pension scheme. The asseis 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 £813 (2023 - £747). There were no outstanding contributions at the balance sheet date. Page 23