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
R￿o￿nCe 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 Y￿n 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 N0Verr￿er 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 V￿re 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 Unr￿t￿cted
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