Charity number: 304029
NORFOLK FEDERATION OF YOUNG FARMERS CLUBS
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
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 - 23 |
NORFOLK FEDERATION OF YOUNG FARMERS CLUBS
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2025
| Trustees | F Broom, President |
|---|---|
| A Saunders, Chair | |
| P Bunting, Chair | |
| R Hirst, Vice President | |
| H Stanford (resigned 14 November 2024) | |
| Thomas Fraser (appointed 14 November 2024) | |
| Edward Stimson, County Executive (appointed 16 January 2025, resigned 13 August 2025) |
|
| B Johnson, Honorary Treasurer | |
| J Cantrill | |
| C Nix | |
| 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 CCLA |
Page 1
NORFOLK FEDERATION OF YOUNG FARMERS CLUBS
TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2025
The Trustees present their annual report together with the financial statements of the Norfolk Federation of Young Farmers Clubs for the 1 September 2024 to 31 August 2025. 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 16 Young Farmer Clubs (including 6 Countrysiders Clubs) across Norfolk to meet the objects of the charity. This has provided a service to over 460 young people, through competitions, training, recreational pursuits and regular meetings.
Achievements and performance
a. Review of activities
The county continues to support 16 clubs that we have and all clubs have been working hard this past year. The membership for this year was at 469 which is 38 lower than last year but still remains a great figure. We hope to continue with growth this coming year. Our clubs have raised £37,850 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 2025
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 held away from the Norfolk Showground and trialling a new structure to the day which worked well, 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 £84,722, made up as follows:
Redundancy - £9,682 Contingencies - £48,412 (average 4 months turnover) Premises Fund - £26,627
Skills Initiative: The fund was launched in June 2015 with £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 members now stands at £109,849 (2024 - £109,940) after payments and commitments to training are accounted for.
Currently the charity's free reserves (excluding fixed assets and Skills Initiative Fund) stand at £266,806 (2024: £270,956).
c. Principal funding
Norfolk YFC is indebted to the following for their continued financial support:
Chadacre Trust Clan Trust RNAA The Greene's Charitable Trust
Page 3
NORFOLK FEDERATION OF YOUNG FARMERS CLUBS
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025
Structure, governance and management
a. Constitution
Norfolk Federation of Young Farmers Clubs is a registered charity, 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. 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: Steering Executive Competitions and training (CAT) Social and marketing (SAM) Countryside Leaders
d. Policies 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. 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 ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2025 Stat•m•nt of Trustea•' rnspon•lbllttles The Trustees are respx)n%ble for preparing the Trustees. report and the financial statements in acdance with applicable law and Urted ngdorn ACCInting Stsndard5 (Uruted lQngdom Generally Accepted Aceounting Practieel. The law arplic8Lla lo tharitie8 in EarnI & W818s wuires the Trustees lo prepare financial slalements for each financial which give a true and fair view of the stats of affairs of the Charity and of ils ineoming resources and application of resources, induding ils incMe and expdItUre. for that n(l. In prepa these financial stslements, Ihe Trustees are required lo.. SeCt suitsble a¢untIng rx4ici&s ar¥J then aFply them o)ngstentiy; observe tho methods and prinaples of the Charilias SORP {FRS 1021., make judgments and aCUnting estimates that ar8 reag)naUe and pnJJent'. state vknether apF1ib1e UK Accounting Stalards IFRS 102} have been fcllov*d. subject to any material departures disdosed and explained in the financial statements" prepare the financial stst6menls on the gQbThJ concem basis unless il is inapproprrate to presume that the Charily wll continue in business. The Trustees are resKMMble for keeping adequate accounling rec(ds Ihal are suffioent to show and exain the Charity's transacti¢)ns and disdose Nhith rea&)nat4e accwacy at any time th8 financial tIOn of the Charity and enable thom lo ensure that the financial ststements comply th the Charities Act 2011, the Charity IAccoun15 and Reports) Regulats"ons 2rJ)8 and the proviOn$ of the Trust deed. They are also reble for Safeguarding the assets of the Charity and hence for takn'ThJ reascKthle sleps fcK the pr9venlion and detection of fraud and other irrewlarib8& Apwived by order of the members of th8 Ix)wd of Trustees and si9d on their behalf by: ¥tL F Broom Presidgnt A S•undern Joint Chair P 8untlr¥g Joint Chair Dale.. IOIIi/zcLS Page S
NORFOLK FEDERATION OF YOUNG FARMERS CLUBS
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 AUGUST 2025
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 2025.
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:
-
accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
-
the accounts do not accord with those records; or
-
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 Diss
Page 6
NORFOLK FEDERATION OF YOUNG FARMERS CLUBS
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2025
| Note Income from: Donations and legacies 3 Charitable activities 4 Other trading activities 5 Investments 6 Total income Expenditure on: Raising funds 7 Charitable activities 8 Total expenditure Net income/(expenditure) before net (losses)/gains on investments Net (losses)/gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Restricted funds 2025 £ 27,000 - - 526 27,526 - 27,000 27,000 526 - 526 11,469 526 11,995 |
Unrestricted funds 2025 £ 20,330 30,336 29,484 12,828 92,978 2,705 94,375 97,080 (4,102) (2,087) (6,189) 397,394 (6,189) 391,205 |
Total funds 2025 £ 47,330 30,336 29,484 13,354 120,504 2,705 121,375 124,080 (3,576) (2,087) (5,663) 408,863 (5,663) 403,200 |
Total funds 2024 £ 58,024 197,770 29,989 12,411 |
|---|---|---|---|---|
| 298,194 | ||||
| 1,844 235,069 |
||||
| 236,913 | ||||
| 61,281 5,790 |
||||
| 67,071 | ||||
| 341,792 67,071 |
||||
| 408,863 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 9 to 23 form part of these financial statements.
Page 7
NORFOLK FEDERATION OF YOUNG FARMERS CLUBS
BALANCE SHEET AS AT 31 AUGUST 2025
| Note Fixed assets Tangible assets 11 Investments 12 Current assets Stocks 13 Debtors 14 Cash at bank and ir\ hand Current liabilities Creditors: amounts falling due within one year 15 Net current assets Total assets less current liabilities Total net assets Charity funds Restricted funds 17 Unrestricted funds Designated funds 17 General funds 17 Total unrestricted funds 17 Total funds |
7,04� 20,441 285,943 313,426 (4,56( 109,849 281,356 |
2025 £ 14,550 79,784 94,334 308,866 403,200 403,200 11,995 391,205 403,200 |
5,668 22,841 288,460 316,969 (6,475) 109,940 287,454 |
2024 £ 16,498 81,871 98,369 310,494 408,863 408,863 11,469 397,394 408,863 |
|
|---|---|---|---|---|---|
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: F Broom P A Saunders V, President Joint Chair 17. Li) f'S___
P Bunting Joint Chair Date: lO /I(/ ZoLS.
The notes on pages 9 to 23 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 2025
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 2025
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 2025
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
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.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
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 2025
3. Income from donations and legacies
| Donations (including Gift Aid) Legacies Grants Total 2024 |
Restricted funds 2025 Unrestricted funds 2025 £ £ - 8,530 - - 27,000 11,800 27,000 20,330 27,000 31,024 |
Total funds 2025 £ 8,530 - 38,800 47,330 58,024 |
Total funds 2024 £ 12,104 3,000 42,920 |
|---|---|---|---|
| 58,024 | |||
4. Income from charitable activities
| Unrestricted funds 2025 £ Anniversary Ball income - Social events (including bar income) 19,972 Norfolk Show - Rally, competitions and training 7,296 Countrysiders support 3,068 Club support - 30,336 Total 2024 197,770 |
Total funds 2025 £ - 19,972 - 7,296 3,068 - 30,336 197,770 |
Total funds 2024 £ 162,991 25,864 908 7,665 91 251 |
|---|---|---|
| 197,770 | ||
Page 12
NORFOLK FEDERATION OF YOUNG FARMERS CLUBS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
5. Fundraising income
| Unrestricted funds 2025 £ Club levies 27,185 Shop sales 1,030 100 Club 719 County AGM 550 Other income - 29,484 Total 2024 29,989 |
Total funds 2025 £ 27,185 1,030 719 550 - 29,484 29,989 |
Total funds 2024 £ 28,948 591 - 465 (15) |
|---|---|---|
| 29,989 | ||
6. Investment income
| Interest received Total 2024 |
Restricted funds 2025 Unrestricted funds 2025 £ £ 526 12,828 631 11,780 |
Total funds 2025 £ 13,354 12,411 |
Total funds 2024 £ 12,411 |
|---|---|---|---|
Page 13
NORFOLK FEDERATION OF YOUNG FARMERS CLUBS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
7. Cost of raising funds
| Unrestricted funds 2025 £ 100 Club 380 Shop purchases 2,325 2,705 Total 2024 1,844 |
Total funds 2025 £ 380 2,325 2,705 1,844 |
Total funds 2024 £ 384 1,460 |
|---|---|---|
| 1,844 | ||
Page 14
NORFOLK FEDERATION OF YOUNG FARMERS CLUBS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
8. Analysis of expenditure by activities
| Direct costs Support costs Total 2024 Analysis of direct costs |
Activities undertaken directly 2025 £ 26,003 - 26,003 152,954 |
Support costs 2025 £ - 95,372 95,372 82,115 |
Total funds 2025 £ 26,003 95,372 121,375 235,069 |
Total funds 2024 £ 152,954 82,115 |
|---|---|---|---|---|
| 235,069 | ||||
| Anniversary Ball costs Social events Countrysider and Club support Norfolk Show expenses Rally, competitions and training Website and advertising Total 2024 |
Activities undertaken directly 2025 £ - 11,769 3,067 886 9,586 695 26,003 152,954 |
Total funds 2025 £ - 11,769 3,067 886 9,586 695 26,003 152,954 |
Total funds 2024 £ 108,907 23,977 1,147 1,036 15,176 2,711 |
|---|---|---|---|
| 152,954 | |||
Page 15
NORFOLK FEDERATION OF YOUNG FARMERS CLUBS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
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 Legal and professional fees Loss on disposal of fixed asset Total 2024 |
Support costs 2025 £ 51,266 4,859 768 769 5,689 1,105 418 4,147 14,900 1,081 474 3,320 420 1,575 4,535 46 95,372 82,115 |
Total funds 2025 £ 51,266 4,859 768 769 5,689 1,105 418 4,147 14,900 1,081 474 3,320 420 1,575 4,535 46 95,372 82,115 |
Total funds 2024 £ 46,641 5,510 183 563 5,017 1,635 491 3,335 12,874 1,144 437 2,330 455 1,500 - - |
|---|---|---|---|
| 82,115 | |||
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 |
2025 £ 50,522 744 51,266 |
2024 £ 45,828 813 |
|---|---|---|
| 46,641 |
Page 16
NORFOLK FEDERATION OF YOUNG FARMERS CLUBS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
9. Staff costs (continued)
The average number of persons employed by the Charity during the year was as follows:
| 2025 | 2024 |
|---|---|
| No. | No. |
| 4 | 3 |
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 (2024 - £NIL) .
During the year ended 31 August 2025, expenses totalling £ 710 were reimbursed or paid directly to 2 Trustees (2024 - £503 to 3 Trustees) . The expenses were for trustees to attend conferences 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 2024 Additions Disposals At 31 August 2025 Depreciation At 1 September 2024 Charge for the year On disposals At 31 August 2025 |
Office equipment £ 14,058 2,842 - 16,900 10,357 1,643 - 12,000 |
Other fixed assets £ 29,348 116 (260) 29,204 16,552 3,216 (214) 19,554 |
Total £ 43,406 2,958 (260) |
|---|---|---|---|
| 46,104 | |||
| 26,909 4,859 (214) |
|||
| 31,554 |
Page 17
NORFOLK FEDERATION OF YOUNG FARMERS CLUBS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
11. Tangible fixed assets (continued)
| Net book value At 31 August 2025 At 31 August 2024 12. Fixed asset investments Cost or valuation At 1 September 2024 Revaluations At 31 August 2025 |
Office equipment £ 4,900 3,701 |
Other fixed assets £ 9,650 12,796 |
Total £ 14,550 |
|---|---|---|---|
| 16,497 | |||
| Listed investments £ 81,871 (2,087) |
|||
| 79,784 |
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 Prepayments and accrued income |
2025 £ 7,042 2025 £ 9,049 11,392 20,441 |
2024 £ 5,668 2024 £ 22,032 809 22,841 |
|---|---|---|
Page 18
NORFOLK FEDERATION OF YOUNG FARMERS CLUBS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
15. Creditors: Amounts falling due within one year
| Trade creditors Other creditors Accruals and deferred income Deferred income at 1 September 2024 Resources deferred during the year Amounts released from previous periods |
2025 £ 868 272 3,420 4,560 2025 £ - 3,420 - 3,420 |
2024 £ 6,218 257 - |
|---|---|---|
| 6,475 | ||
| 2024 £ 16,860 - (16,860) |
||
| - |
Deferred income in the year ended 31 August 2025 represents income received in advance for events that took place after the year end..
16. Financial instruments
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Financial assets | ||
| Financial assets measured at fair value through income and expenditure | 79,784 | 81,871 |
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 2025
17. Statement of funds
Statement of funds - current year
| Balance at 1 September 2024 £ Unrestricted funds Designated funds Skills Initiative 109,940 General funds General Reserve 287,454 Total Unrestricted funds 397,394 Restricted funds Club Support 11,469 Chadacre Agricultural Trust - Clan Trust - 11,469 Total of funds 408,863 |
Income £ Expenditure £ - (191) 92,978 (96,889) 92,978 (97,080) 526 - 7,000 (7,000) 20,000 (20,000) 27,526 (27,000) 120,504 (124,080) |
Transfers in/out £ 100 (100) - - - - - - |
Gains/ (Losses) £ - (2,087) (2,087) - - - - (2,087) |
Balance at 31 August 2025 £ 109,849 |
|---|---|---|---|---|
| 281,356 | ||||
| 391,205 | ||||
| 11,995 - - |
||||
| 11,995 | ||||
| 403,200 |
Page 20
NORFOLK FEDERATION OF YOUNG FARMERS CLUBS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
17. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds Designated funds Skills Initiative General funds General Reserve Total Unrestricted funds Restricted funds Club Support Gaze & Kidner Chadacre Agricultural Trust Clan Trust Total of funds |
Balance at 1 September 2023 £ 58,038 269,428 327,466 10,899 3,427 - - 14,326 341,792 |
Income £ - 270,563 270,563 570 61 7,000 20,000 27,631 298,194 |
Expenditure £ (2,415) (207,498) (209,913) - - (7,000) (20,000) (27,000) (236,913) |
Transfers in/out £ 54,317 (50,829) 3,488 - (3,488) - - (3,488) - |
Gains/ (Losses) £ - 5,790 5,790 - - - - - 5,790 |
Balance at 31 August 2024 £ 109,940 |
|---|---|---|---|---|---|---|
| 287,454 | ||||||
| 397,394 | ||||||
| 11,469 - - - |
||||||
| 11,469 | ||||||
| 408,863 |
Page 21
NORFOLK FEDERATION OF YOUNG FARMERS CLUBS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
17. Statement of funds (continued)
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 ended 31 March 2024, being the surplus generated by the Anniversary 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 ended 31 March 2024 and the funds transferred to the General Reserve
The Club Support Fund represents monies from closed clubs which can only be used for restarting or supporting new clubs.
The funds in the Chadacre Fund were donated for the purpose of funding expenditure on competitions and training.
The funds in the Clan Trust Fund were donated for the purpose of supporting the Countrysiders Clubs.
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 2025 Unrestricted funds 2025 £ £ - 14,550 - 79,784 11,995 301,431 - (4,560) 11,995 391,205 |
Total funds 2025 £ 14,550 79,784 313,426 (4,560) 403,200 |
|---|---|---|
Page 22
NORFOLK FEDERATION OF YOUNG FARMERS CLUBS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
18. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior year
| Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Total |
Restricted funds 2024 £ - - 11,469 - 11,469 |
Unrestricted funds 2024 £ 16,498 81,871 305,500 (6,475) 397,394 |
Total funds 2024 £ 16,498 81,871 316,969 (6,475) 408,863 |
|---|---|---|---|
19. Contingent assets
As at the year end, the charity had been notified of a residuary legacy where the final estate was uncertain due to difficulties obtaining Grant of Probate in Ireland. Therefore, no amount has been accrued in respect of the outstanding legacy which is estimated to be in the region of £2,200.
20. 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 £744 (2024 - £813). There were no outstanding contributions at the balance sheet date.
Page 23
Budget Ov Norfo
| Account | September 2024 October 2024 November 2024 December 2024 |
|---|---|
| Income CAT Income Competition income Inter-County Competitions Total for Competition income Rally income Total for CAT Income Money and Management 100 Club income Club affiliation levy income County AGM Inc C/S support Income Friends income General grant income Interest received Staffing grants Total for Money and Management SAM Income Bar income Christmas social County Dinner Dance Income (Even) Harvest Festival Norfolk Magazine Norfolk Show Income Rally Social Inc Valentines Social Total for SAM Income Total for Income Cost of Sales M&M - direct 100 Club County AGM expenses National levies annual payment Shop purchases Total for M&M - direct Total for Cost of Sales Gross Profit |
0.00 360.00 0.00 0.00 0.00 0.00 |
| 0.00 0.00 0.00 360.00 0.00 0.00 0.00 0.00 |
|
| 0.00 0.00 0.00 360.00 0.00 0.00 0.00 0.00 83.33 83.33 83.33 83.33 50.00 0.00 0.00 0.00 500.00 0.00 200.00 0.00 23.64 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 20,000.00 0.00 0.00 916.67 916.67 916.67 916.67 850.00 850.00 850.00 850.00 |
|
| 2,423.64 21,850.00 2,050.00 1,850.00 0.00 300.00 0.00 0.00 0.00 0.00 0.00 3,000.00 0.00 11,115.00 0.00 0.00 0.00 150.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 |
|
| 0.00 11,565.00 0.00 3,000.00 |
|
| 2,423.64 33,415.00 2,050.00 5,210.00 35.00 35.00 185.00 0.00 0.00 0.00 400.00 0.00 14,700.00 0.00 0.00 0.00 41.67 41.67 41.67 41.67 |
|
| 14,776.67 76.67 626.67 41.67 |
|
| 14,776.67 76.67 626.67 41.67 |
|
| -12,353.03 33,338.33 1,423.33 5,168.33 |
Expenses
| Card Management Fee CAT exp Competition expenses Inter-County Competitions Exp Total for Competition expenses Rally expenses Training expenses Skills initiative Total for Training expenses Total for CAT exp M&M - overheads Accountancy Bank charges C/S support expenses Drugs Dog Hire Insurance Meeting Room Hire Postage Printing and stationery Professional fees Staff and office training Staff expenses Staff salaries Subscriptions Total for M&M - overheads Office / Infrastructure SAM exp Christmas Social County Dinner Dance Expense (Even) Harvest Festival exp Norfolk Magazine exp Norfolk Show expenses Rally Social exp Valentines Social Website and advertising Total for SAM exp Total for Expenses Net Operating Income Other Income Other Expenses Net Other Income |
0.74 0.00 0.00 0.00 500.00 0.00 0.00 0.00 0.00 |
|---|---|
| 0.00 0.00 0.00 500.00 0.00 0.00 0.00 0.00 208.33 208.33 208.33 208.33 0.00 0.00 0.00 0.00 |
|
| 208.33 208.33 208.33 208.33 |
|
| 208.33 208.33 208.33 708.33 0.00 0.00 0.00 0.00 0.00 120.00 0.00 120.00 8.00 8.00 8.00 8.00 164.00 0.00 0.00 0.00 166.67 166.67 166.67 166.67 4,552.51 50.00 50.00 50.00 111.00 0.00 0.00 0.00 10.00 10.00 10.00 10.00 150.00 150.00 150.00 150.00 35.00 35.00 35.00 35.00 166.67 166.67 166.67 166.67 208.33 208.33 208.33 208.33 3,866.67 3,866.67 4,716.67 4,716.67 0.00 0.00 0.00 0.00 |
|
| 9,438.85 4,781.34 5,511.34 5,631.34 126.00 126.00 138.00 138.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,500.00 5,721.00 5,721.00 0.00 0.00 300.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 500.00 500.00 500.00 500.00 |
|
| 6,521.00 6,221.00 500.00 2,000.00 |
|
| 16,294.92 11,336.67 6,357.67 8,477.67 |
|
| -28,647.95 22,001.66 -4,934.34 -3,309.34 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 |
|
| 0.00 0.00 0.00 0.00 |
Net Income -28,647.95 22,001.66 -4,934.34 -3,309.34
A
verview_2024 Budget FY2024/2__Report
olk Federation of Young Farmers Clubs
September 1, 2024-August 31, 2025
| January 2025 | February 2025 | March 2025 | April 2025 | May 2025 | June 2025 | July 2025 |
|---|---|---|---|---|---|---|
| 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| 500.00 | 750.00 | 1,400.00 | ||||
| 0.00 | 0.00 | 200.00 | 0.00 | 0.00 | 200.00 | 0.00 |
| 0.00 | 500.00 | 950.00 | 0.00 | 1,400.00 | 200.00 | 0.00 |
| 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 2,000.00 |
| 0.00 | 500.00 | 950.00 | 0.00 | 1,400.00 | 200.00 | 2,000.00 |
| 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| 83.33 | 83.33 | 83.33 | 83.33 | 83.33 | 83.33 | 83.33 |
| 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| 600.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| 0.00 | 0.00 | 7,000.00 | 0.00 | 5,000.00 | 0.00 | 0.00 |
| 916.67 | 916.67 | 916.67 | 916.67 | 916.67 | 916.67 | 916.67 |
| 850.00 | 850.00 | 850.00 | 850.00 | 850.00 | 850.00 | 850.00 |
| 2,450.00 | 1,850.00 | 8,850.00 | 1,850.00 | 6,850.00 | 1,850.00 | 1,850.00 |
| 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| 0.00 | 0.00 | 0.00 | 500.00 | 0.00 | 0.00 | 0.00 |
| 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 900.00 | 0.00 |
| 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 4,000.00 |
| 0.00 | 3,000.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| 0.00 | 3,000.00 | 0.00 | 500.00 | 0.00 | 900.00 | 4,000.00 |
| 2,450.00 | 5,350.00 | 9,800.00 | 2,350.00 | 8,250.00 | 2,950.00 | 7,850.00 |
| 35.00 | 35.00 | 35.00 | 35.00 | 0.00 | 35.00 | 35.00 |
| 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| 41.67 | 41.67 | 41.67 | 41.67 | 41.67 | 41.67 | 41.67 |
| 76.67 | 76.67 | 76.67 | 76.67 | 41.67 | 76.67 | 76.67 |
| 76.67 | 76.67 | 76.67 | 76.67 | 41.67 | 76.67 | 76.67 |
| 2,373.33 | 5,273.33 | 9,723.33 | 2,273.33 | 8,208.33 | 2,873.33 | 7,773.33 |
| 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
|---|---|---|---|---|---|---|
| 750.00 | 820.00 | 1,470.00 | ||||
| 0.00 | 0.00 | 750.00 | 0.00 | 0.00 | 750.00 | 0.00 |
| 0.00 | 750.00 | 1,570.00 | 0.00 | 1,470.00 | 750.00 | 0.00 |
| 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 2,500.00 |
| 208.33 | 208.33 | 208.33 | 208.33 | 208.33 | 208.33 | 208.33 |
| 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| 208.33 | 208.33 | 208.33 | 208.33 | 208.33 | 208.33 | 208.33 |
| 208.33 | 958.33 | 1,778.33 | 208.33 | 1,678.33 | 958.33 | 2,708.33 |
| 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| 0.00 | 0.00 | 0.00 | 0.00 | 130.00 | 0.00 | 0.00 |
| 8.00 | 8.00 | 8.00 | 8.00 | 8.00 | 8.00 | 8.00 |
| 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| 166.67 | 166.67 | 166.67 | 166.67 | 166.67 | 166.67 | 166.67 |
| 50.00 | 50.00 | 50.00 | 50.00 | 50.00 | 50.00 | 50.00 |
| 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| 30.00 | 30.00 | 30.00 | 30.00 | 30.00 | 30.00 | 30.00 |
| 150.00 | 150.00 | 150.00 | 150.00 | 150.00 | 150.00 | 150.00 |
| 35.00 | 35.00 | 35.00 | 35.00 | 35.00 | 35.00 | 35.00 |
| 166.67 | 166.67 | 166.67 | 166.67 | 166.67 | 166.67 | 166.67 |
| 208.33 | 208.33 | 208.33 | 208.33 | 208.33 | 208.33 | 208.33 |
| 4,716.67 | 4,716.67 | 4,716.67 | 4,716.67 | 4,716.67 | 4,716.67 | 4,716.67 |
| 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 420.00 | 0.00 |
| 5,531.34 | 5,531.34 | 5,531.34 | 5,531.34 | 5,661.34 | 5,951.34 | 5,531.34 |
| 138.00 | 138.00 | 138.00 | 138.00 | 138.00 | 138.00 | 138.00 |
| 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| 0.00 | 0.00 | 0.00 | 500.00 | 0.00 | 0.00 | 0.00 |
| 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 500.00 | 0.00 |
| 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1,500.00 |
| 0.00 | 1,500.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| 500.00 | 500.00 | 500.00 | 500.00 | 500.00 | 500.00 | 500.00 |
| 500.00 | 2,000.00 | 500.00 | 1,000.00 | 500.00 | 1,000.00 | 2,000.00 |
| 6,377.67 | 8,627.67 | 7,947.67 | 6,877.67 | 7,977.67 | 8,047.67 | 10,377.67 |
| -4,004.34 | -3,354.34 | 1,775.66 | -4,604.34 | 230.66 | -5,174.34 | -2,604.34 |
| 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
-4,004.34 -3,354.34 1,775.66 -4,604.34 230.66 -5,174.34 -2,604.34
Accrual Basis Tuesday, August 26, 2025 06:36 PM GMTZ
| August | 2025 | Total |
|---|---|---|
| 0.00 | 0.00 | |
| 3,010.00 | ||
| 0.00 | 400.00 | |
| 0.00 | £3,410.00 | |
| 0.00 | 2,000.00 | |
| 0.00 | £5,410.00 | |
| 0.00 | 0.00 | |
| 83.37 | 1,000.00 | |
| 28,950.00 | 29,000.00 | |
| 0.00 | 700.00 | |
| 0.00 | 23.64 | |
| 0.00 | 600.00 | |
| 0.00 | 32,000.00 | |
| 916.63 | 11,000.00 | |
| 850.00 | 10,200.00 | |
| 30,800.00 | £84,523.64 | |
| 0.00 | ||
| 0.00 | 300.00 | |
| 0.00 | 3,000.00 | |
| 0.00 | 11,115.00 | |
| 0.00 | 150.00 | |
| 0.00 | 500.00 | |
| 0.00 | 900.00 | |
| 0.00 | 4,000.00 | |
| 0.00 | 3,000.00 | |
| 0.00 | £22,965.00 | |
| 30,800.00 | £112,898.64 | |
| 0.00 | ||
| 0.00 | 465.00 | |
| 0.00 | 400.00 | |
| 0.00 | 14,700.00 | |
| 41.63 | 500.00 | |
| 41.63 | £16,065.00 | |
| 41.63 | £16,065.00 | |
| 30,758.37 | £96,833.64 |
| 0.00 | 0.74 |
|---|---|
| 0.00 | |
| 3,540.00 | |
| 0.00 | 1,500.00 |
| 0.00 | £5,040.00 |
| 0.00 | 2,500.00 |
| 208.37 | 2,500.00 |
| 5,000.00 | 5,000.00 |
| 5,208.37 | £7,500.00 |
| 5,208.37 | £15,040.00 |
| 0.00 | 0.00 |
| 0.00 | 370.00 |
| 8.00 | 96.00 |
| 0.00 | 164.00 |
| 166.63 | 2,000.00 |
| 500.00 | 5,552.51 |
| 0.00 | 111.00 |
| 30.00 | 280.00 |
| 150.00 | 1,800.00 |
| 35.00 | 420.00 |
| 166.63 | 2,000.00 |
| 208.37 | 2,500.00 |
| 4,716.67 | 54,900.04 |
| 0.00 | 420.00 |
| 5,981.30 | £70,613.55 |
| 138.00 | 1,632.00 |
| 0.00 | 0.00 |
| 0.00 | 1,500.00 |
| 0.00 | 11,442.00 |
| 0.00 | 300.00 |
| 0.00 | 500.00 |
| 0.00 | 500.00 |
| 0.00 | 1,500.00 |
| 0.00 | 1,500.00 |
| 500.00 | 6,000.00 |
| 500.00 | £23,242.00 |
| 11,827.67 | £110,528.29 |
| 18,930.70 | -£13,694.65 |
| 0.00 | 0.00 |
| 0.00 | 0.00 |
| 0.00 | £0.00 |
18.930.70 13.694.65
Charity number: 304029
NORFOLK FEDERATION OF YOUNG FARMERS CLUBS
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
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 - 23 |
NORFOLK FEDERATION OF YOUNG FARMERS CLUBS
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2025
| Trustees | F Broom, President |
|---|---|
| A Saunders, Chair | |
| P Bunting, Chair | |
| R Hirst, Vice President | |
| H Stanford (resigned 14 November 2024) | |
| Thomas Fraser (appointed 14 November 2024) | |
| Edward Stimson, County Executive (appointed 16 January 2025, resigned 13 August 2025) |
|
| B Johnson, Honorary Treasurer | |
| J Cantrill | |
| C Nix | |
| 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 CCLA |
Page 1
NORFOLK FEDERATION OF YOUNG FARMERS CLUBS
TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2025
The Trustees present their annual report together with the financial statements of the Norfolk Federation of Young Farmers Clubs for the 1 September 2024 to 31 August 2025. 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 16 Young Farmer Clubs (including 6 Countrysiders Clubs) across Norfolk to meet the objects of the charity. This has provided a service to over 460 young people, through competitions, training, recreational pursuits and regular meetings.
Achievements and performance
a. Review of activities
The county continues to support 16 clubs that we have and all clubs have been working hard this past year. The membership for this year was at 469 which is 38 lower than last year but still remains a great figure. We hope to continue with growth this coming year. Our clubs have raised £37,850 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 2025
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 held away from the Norfolk Showground and trialling a new structure to the day which worked well, 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 £84,722, made up as follows:
Redundancy - £9,682 Contingencies - £48,412 (average 4 months turnover) Premises Fund - £26,627
Skills Initiative: The fund was launched in June 2015 with £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 members now stands at £109,849 (2024 - £109,940) after payments and commitments to training are accounted for.
Currently the charity's free reserves (excluding fixed assets and Skills Initiative Fund) stand at £266,806 (2024: £270,956).
c. Principal funding
Norfolk YFC is indebted to the following for their continued financial support:
Chadacre Trust Clan Trust RNAA The Greene's Charitable Trust
Page 3
NORFOLK FEDERATION OF YOUNG FARMERS CLUBS
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025
Structure, governance and management
a. Constitution
Norfolk Federation of Young Farmers Clubs is a registered charity, 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. 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: Steering Executive Competitions and training (CAT) Social and marketing (SAM) Countryside Leaders
d. Policies 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. 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 ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2025 Stat•m•nt of Trustea•' rnspon•lbllttles The Trustees are respx)n%ble for preparing the Trustees. report and the financial statements in acdance with applicable law and Urted ngdorn ACCInting Stsndard5 (Uruted lQngdom Generally Accepted Aceounting Practieel. The law arplic8Lla lo tharitie8 in EarnI & W818s wuires the Trustees lo prepare financial slalements for each financial which give a true and fair view of the stats of affairs of the Charity and of ils ineoming resources and application of resources, induding ils incMe and expdItUre. for that n(l. In prepa these financial stslements, Ihe Trustees are required lo.. SeCt suitsble a¢untIng rx4ici&s ar¥J then aFply them o)ngstentiy; observe tho methods and prinaples of the Charilias SORP {FRS 1021., make judgments and aCUnting estimates that ar8 reag)naUe and pnJJent'. state vknether apF1ib1e UK Accounting Stalards IFRS 102} have been fcllov*d. subject to any material departures disdosed and explained in the financial statements" prepare the financial stst6menls on the gQbThJ concem basis unless il is inapproprrate to presume that the Charily wll continue in business. The Trustees are resKMMble for keeping adequate accounling rec(ds Ihal are suffioent to show and exain the Charity's transacti¢)ns and disdose Nhith rea&)nat4e accwacy at any time th8 financial tIOn of the Charity and enable thom lo ensure that the financial ststements comply th the Charities Act 2011, the Charity IAccoun15 and Reports) Regulats"ons 2rJ)8 and the proviOn$ of the Trust deed. They are also reble for Safeguarding the assets of the Charity and hence for takn'ThJ reascKthle sleps fcK the pr9venlion and detection of fraud and other irrewlarib8& Apwived by order of the members of th8 Ix)wd of Trustees and si9d on their behalf by: ¥tL F Broom Presidgnt A S•undern Joint Chair P 8untlr¥g Joint Chair Dale.. IOIIi/zcLS Page S
NORFOLK FEDERATION OF YOUNG FARMERS CLUBS
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 AUGUST 2025
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 2025.
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:
-
accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
-
the accounts do not accord with those records; or
-
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 Diss
Page 6
NORFOLK FEDERATION OF YOUNG FARMERS CLUBS
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2025
| Note Income from: Donations and legacies 3 Charitable activities 4 Other trading activities 5 Investments 6 Total income Expenditure on: Raising funds 7 Charitable activities 8 Total expenditure Net income/(expenditure) before net (losses)/gains on investments Net (losses)/gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Restricted funds 2025 £ 27,000 - - 526 27,526 - 27,000 27,000 526 - 526 11,469 526 11,995 |
Unrestricted funds 2025 £ 20,330 30,336 29,484 12,828 92,978 2,705 94,375 97,080 (4,102) (2,087) (6,189) 397,394 (6,189) 391,205 |
Total funds 2025 £ 47,330 30,336 29,484 13,354 120,504 2,705 121,375 124,080 (3,576) (2,087) (5,663) 408,863 (5,663) 403,200 |
Total funds 2024 £ 58,024 197,770 29,989 12,411 |
|---|---|---|---|---|
| 298,194 | ||||
| 1,844 235,069 |
||||
| 236,913 | ||||
| 61,281 5,790 |
||||
| 67,071 | ||||
| 341,792 67,071 |
||||
| 408,863 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 9 to 23 form part of these financial statements.
Page 7
NORFOLK FEDERATION OF YOUNG FARMERS CLUBS
BALANCE SHEET AS AT 31 AUGUST 2025
| Note Fixed assets Tangible assets 11 Investments 12 Current assets Stocks 13 Debtors 14 Cash at bank and ir\ hand Current liabilities Creditors: amounts falling due within one year 15 Net current assets Total assets less current liabilities Total net assets Charity funds Restricted funds 17 Unrestricted funds Designated funds 17 General funds 17 Total unrestricted funds 17 Total funds |
7,04� 20,441 285,943 313,426 (4,56( 109,849 281,356 |
2025 £ 14,550 79,784 94,334 308,866 403,200 403,200 11,995 391,205 403,200 |
5,668 22,841 288,460 316,969 (6,475) 109,940 287,454 |
2024 £ 16,498 81,871 98,369 310,494 408,863 408,863 11,469 397,394 408,863 |
|
|---|---|---|---|---|---|
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: F Broom P A Saunders V, President Joint Chair 17. Li) f'S___
P Bunting Joint Chair Date: lO /I(/ ZoLS.
The notes on pages 9 to 23 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 2025
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 2025
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 2025
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
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.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
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 2025
3. Income from donations and legacies
| Donations (including Gift Aid) Legacies Grants Total 2024 |
Restricted funds 2025 Unrestricted funds 2025 £ £ - 8,530 - - 27,000 11,800 27,000 20,330 27,000 31,024 |
Total funds 2025 £ 8,530 - 38,800 47,330 58,024 |
Total funds 2024 £ 12,104 3,000 42,920 |
|---|---|---|---|
| 58,024 | |||
4. Income from charitable activities
| Unrestricted funds 2025 £ Anniversary Ball income - Social events (including bar income) 19,972 Norfolk Show - Rally, competitions and training 7,296 Countrysiders support 3,068 Club support - 30,336 Total 2024 197,770 |
Total funds 2025 £ - 19,972 - 7,296 3,068 - 30,336 197,770 |
Total funds 2024 £ 162,991 25,864 908 7,665 91 251 |
|---|---|---|
| 197,770 | ||
Page 12
NORFOLK FEDERATION OF YOUNG FARMERS CLUBS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
5. Fundraising income
| Unrestricted funds 2025 £ Club levies 27,185 Shop sales 1,030 100 Club 719 County AGM 550 Other income - 29,484 Total 2024 29,989 |
Total funds 2025 £ 27,185 1,030 719 550 - 29,484 29,989 |
Total funds 2024 £ 28,948 591 - 465 (15) |
|---|---|---|
| 29,989 | ||
6. Investment income
| Interest received Total 2024 |
Restricted funds 2025 Unrestricted funds 2025 £ £ 526 12,828 631 11,780 |
Total funds 2025 £ 13,354 12,411 |
Total funds 2024 £ 12,411 |
|---|---|---|---|
Page 13
NORFOLK FEDERATION OF YOUNG FARMERS CLUBS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
7. Cost of raising funds
| Unrestricted funds 2025 £ 100 Club 380 Shop purchases 2,325 2,705 Total 2024 1,844 |
Total funds 2025 £ 380 2,325 2,705 1,844 |
Total funds 2024 £ 384 1,460 |
|---|---|---|
| 1,844 | ||
Page 14
NORFOLK FEDERATION OF YOUNG FARMERS CLUBS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
8. Analysis of expenditure by activities
| Direct costs Support costs Total 2024 Analysis of direct costs |
Activities undertaken directly 2025 £ 26,003 - 26,003 152,954 |
Support costs 2025 £ - 95,372 95,372 82,115 |
Total funds 2025 £ 26,003 95,372 121,375 235,069 |
Total funds 2024 £ 152,954 82,115 |
|---|---|---|---|---|
| 235,069 | ||||
| Anniversary Ball costs Social events Countrysider and Club support Norfolk Show expenses Rally, competitions and training Website and advertising Total 2024 |
Activities undertaken directly 2025 £ - 11,769 3,067 886 9,586 695 26,003 152,954 |
Total funds 2025 £ - 11,769 3,067 886 9,586 695 26,003 152,954 |
Total funds 2024 £ 108,907 23,977 1,147 1,036 15,176 2,711 |
|---|---|---|---|
| 152,954 | |||
Page 15
NORFOLK FEDERATION OF YOUNG FARMERS CLUBS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
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 Legal and professional fees Loss on disposal of fixed asset Total 2024 |
Support costs 2025 £ 51,266 4,859 768 769 5,689 1,105 418 4,147 14,900 1,081 474 3,320 420 1,575 4,535 46 95,372 82,115 |
Total funds 2025 £ 51,266 4,859 768 769 5,689 1,105 418 4,147 14,900 1,081 474 3,320 420 1,575 4,535 46 95,372 82,115 |
Total funds 2024 £ 46,641 5,510 183 563 5,017 1,635 491 3,335 12,874 1,144 437 2,330 455 1,500 - - |
|---|---|---|---|
| 82,115 | |||
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 |
2025 £ 50,522 744 51,266 |
2024 £ 45,828 813 |
|---|---|---|
| 46,641 |
Page 16
NORFOLK FEDERATION OF YOUNG FARMERS CLUBS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
9. Staff costs (continued)
The average number of persons employed by the Charity during the year was as follows:
| 2025 | 2024 |
|---|---|
| No. | No. |
| 4 | 3 |
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 (2024 - £NIL) .
During the year ended 31 August 2025, expenses totalling £ 710 were reimbursed or paid directly to 2 Trustees (2024 - £503 to 3 Trustees) . The expenses were for trustees to attend conferences 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 2024 Additions Disposals At 31 August 2025 Depreciation At 1 September 2024 Charge for the year On disposals At 31 August 2025 |
Office equipment £ 14,058 2,842 - 16,900 10,357 1,643 - 12,000 |
Other fixed assets £ 29,348 116 (260) 29,204 16,552 3,216 (214) 19,554 |
Total £ 43,406 2,958 (260) |
|---|---|---|---|
| 46,104 | |||
| 26,909 4,859 (214) |
|||
| 31,554 |
Page 17
NORFOLK FEDERATION OF YOUNG FARMERS CLUBS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
11. Tangible fixed assets (continued)
| Net book value At 31 August 2025 At 31 August 2024 12. Fixed asset investments Cost or valuation At 1 September 2024 Revaluations At 31 August 2025 |
Office equipment £ 4,900 3,701 |
Other fixed assets £ 9,650 12,796 |
Total £ 14,550 |
|---|---|---|---|
| 16,497 | |||
| Listed investments £ 81,871 (2,087) |
|||
| 79,784 |
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 Prepayments and accrued income |
2025 £ 7,042 2025 £ 9,049 11,392 20,441 |
2024 £ 5,668 2024 £ 22,032 809 22,841 |
|---|---|---|
Page 18
NORFOLK FEDERATION OF YOUNG FARMERS CLUBS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
15. Creditors: Amounts falling due within one year
| Trade creditors Other creditors Accruals and deferred income Deferred income at 1 September 2024 Resources deferred during the year Amounts released from previous periods |
2025 £ 868 272 3,420 4,560 2025 £ - 3,420 - 3,420 |
2024 £ 6,218 257 - |
|---|---|---|
| 6,475 | ||
| 2024 £ 16,860 - (16,860) |
||
| - |
Deferred income in the year ended 31 August 2025 represents income received in advance for events that took place after the year end..
16. Financial instruments
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Financial assets | ||
| Financial assets measured at fair value through income and expenditure | 79,784 | 81,871 |
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 2025
17. Statement of funds
Statement of funds - current year
| Balance at 1 September 2024 £ Unrestricted funds Designated funds Skills Initiative 109,940 General funds General Reserve 287,454 Total Unrestricted funds 397,394 Restricted funds Club Support 11,469 Chadacre Agricultural Trust - Clan Trust - 11,469 Total of funds 408,863 |
Income £ Expenditure £ - (191) 92,978 (96,889) 92,978 (97,080) 526 - 7,000 (7,000) 20,000 (20,000) 27,526 (27,000) 120,504 (124,080) |
Transfers in/out £ 100 (100) - - - - - - |
Gains/ (Losses) £ - (2,087) (2,087) - - - - (2,087) |
Balance at 31 August 2025 £ 109,849 |
|---|---|---|---|---|
| 281,356 | ||||
| 391,205 | ||||
| 11,995 - - |
||||
| 11,995 | ||||
| 403,200 |
Page 20
NORFOLK FEDERATION OF YOUNG FARMERS CLUBS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
17. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds Designated funds Skills Initiative General funds General Reserve Total Unrestricted funds Restricted funds Club Support Gaze & Kidner Chadacre Agricultural Trust Clan Trust Total of funds |
Balance at 1 September 2023 £ 58,038 269,428 327,466 10,899 3,427 - - 14,326 341,792 |
Income £ - 270,563 270,563 570 61 7,000 20,000 27,631 298,194 |
Expenditure £ (2,415) (207,498) (209,913) - - (7,000) (20,000) (27,000) (236,913) |
Transfers in/out £ 54,317 (50,829) 3,488 - (3,488) - - (3,488) - |
Gains/ (Losses) £ - 5,790 5,790 - - - - - 5,790 |
Balance at 31 August 2024 £ 109,940 |
|---|---|---|---|---|---|---|
| 287,454 | ||||||
| 397,394 | ||||||
| 11,469 - - - |
||||||
| 11,469 | ||||||
| 408,863 |
Page 21
NORFOLK FEDERATION OF YOUNG FARMERS CLUBS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
17. Statement of funds (continued)
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 ended 31 March 2024, being the surplus generated by the Anniversary 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 ended 31 March 2024 and the funds transferred to the General Reserve
The Club Support Fund represents monies from closed clubs which can only be used for restarting or supporting new clubs.
The funds in the Chadacre Fund were donated for the purpose of funding expenditure on competitions and training.
The funds in the Clan Trust Fund were donated for the purpose of supporting the Countrysiders Clubs.
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 2025 Unrestricted funds 2025 £ £ - 14,550 - 79,784 11,995 301,431 - (4,560) 11,995 391,205 |
Total funds 2025 £ 14,550 79,784 313,426 (4,560) 403,200 |
|---|---|---|
Page 22
NORFOLK FEDERATION OF YOUNG FARMERS CLUBS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
18. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior year
| Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Total |
Restricted funds 2024 £ - - 11,469 - 11,469 |
Unrestricted funds 2024 £ 16,498 81,871 305,500 (6,475) 397,394 |
Total funds 2024 £ 16,498 81,871 316,969 (6,475) 408,863 |
|---|---|---|---|
19. Contingent assets
As at the year end, the charity had been notified of a residuary legacy where the final estate was uncertain due to difficulties obtaining Grant of Probate in Ireland. Therefore, no amount has been accrued in respect of the outstanding legacy which is estimated to be in the region of £2,200.
20. 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 £744 (2024 - £813). There were no outstanding contributions at the balance sheet date.
Page 23