Charity Reglstratlon No. 304397 OXFORDSHIRE COUNTY FEDERATION OF YOUNG FARMERS. CLUBS ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
OXFORDSHIRE COUNTY FEDERATION OF YOUNG FARMERS. CLUBS LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mrs R M Wgham - County President Miss R L Ludlow- County Chairman (Appointed 11 December 2023) Miss M L Angus (Appointed 11 December 2023) Mrs L Dalby Miss L L Gascoyne (Resigned 11 December 2023) Mr DA Hedg8S Mis6 F R Hook MrPMHook Mr M J M Homer (Appointed 8 April 2024) Mr E J Mearns Mr R J Newman Mr D T Pearce (Resigned 10 June 2024) Mrs K L Pieronl (Appointed 8 April 2024) Miss A L Snelling Mr L Taylor Mr S J Warby Mr K Franklin Charlty numbor 304397 Prlnclpal addr••8 PO Box 251 V¥antage OX12 2EU Independant examlner Martin and Company Two Brewers House 50 North Street Thame Oxfordshire OX9 3BH
OXFORDSHIRE COUNTY FEDERATION OF YOUNG FARMERS. CLUBS CONTENTS Paga Trustees, report Independent examinerfs report Statement of flnanclal actlvlties Balance 8heet 10 Note8 to the financlal statement8 11- 18
OXFORDSHIRE COUNTY FEDERATION OF YOUNG FARMERS. CLUBS TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The trustees present their report and finanaal statements for the year ended 31 August 2024. The h'nancial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statemènts and comply with the charity's governing document, the Charities Act 2011 and 'Accounling and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordan with thè Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)° (effedivè 1 January 20191. ObJectlvo9 The charity's objectives are: l) to advance the education of young members of the public at large in agriculture, homecrafts, untry Ilfe and related subjects,. and 11) In the Interests of the social welfare of such members lo provide and promote the provisions of facillties for recreation and other leisure time occupations, being facilities which will improv8 their conditions of life and will assist in the developmenl of their spintual and mental capacitie5, self-reliance and individual responsibilily so that they may grow to full maturity as individuals and members of the community. Powers and functlons In furtherance of its objects but not furthor or othcrwisc thc County Federation.. i) shall Vrk in collaboration with the National Federation of Young Farmers, Clubs., li) shall co-operate with, and asslst, Young Farmers, Clubs In lh8 County by co-ordlnailon with activlties end otherwise: lil) may COThoperate with local authorities and other bodie8 having the same or similar objects" Iv) may solicit and receive contributions lo its fund8, whether in the form of grants, donations, legacies, subscriptions, loans or oiherwise providing that the Counly Federation shall not undertake any permanent trading actsvities in raising funds for the above mentioned charitable objects., v) may invest any monies not immediately required for ils purposes in such securities as are for the time belng authorised by law for the investment of trust funds and may transpose as such investments. and vi) may do all such other lavhul acts and things as are necessary for the attainment of its objects.
OXFORDSHIRE COUNTY FEDERATION OF YOUNG FARMERS. CLUBS TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Achievements and performance County Chalrman's report Flnanclal revlew The County Federation had a very successful year financially as a result of the excellent income from the Annual County Rally and other Fund Raising initiatives. The balance sheet increased with a total movement in funds of £20,416 {In 2023 there was an increase of £5,074), increasing the total value ofthe Club in 202410 £166,667 (2023.. £146,251). The substantial total value of the Club is as a result of financially successful County Rallies in previous years, a proportion of which is kept in reserve to cover less buoyant years. The total reserves are made up of unrestricted reserves £117,367, (2023: £97,768) and restricted reserves of the charity £49,300 {2023= £48.483). Donations were valuable sources of income lo the County Federation for which we are very grateful. £1,500 was donated by the OFYFC 200 Club also a grant of£60 was reiVed for Training Resources. The NFU continued funding the Federation's Meeting Room hire to the value of £533. Traditionally a principal fundlng source Is Levies charged to Local Young Farmers, Clubs included both National Levy and Memb8r Insurance, County Levies were reinstated this year resulting in an income of £4.041 12023.. £nll) the shortfall in 2023 being covered by reserves. This Flnancial initiative has resulted in the Total M8mb8rshlp of the County's Clubs being approximately the same as pre-covid years. The Annu81 County Rally, which is a major source of income yielding £30,348, (In 2023.. £25,312). One event traditionally organised by the County Officers and the County Sooal Committee is the annual quiz night for the Mike Jefferies Development Fund which raised £1,399 in 2019, this evenl was reinstated this year and raised a modest sum of £296, this logelher with improved rates of interest resulted in an increase in the value of the fund by £645. Owing to the improved Financlal sltuatlon wlthin the Federallon nothlng was taken from the Mike Jefferies Development Fund to help pay the salary of the County Co-ordinalor. The Fund is a restricted fund to pay for the development of the County therefore funding this aspect of her role in 2023 The balance in this fund as at 31 August 2024 was therefore Increased to £26,255, (2023: £25,610). Investment income is received from Ihe deposits of the Marlborough Travel & Advancement Fund and County Federation funds in the COIF investment accounts. The Marlborough Travel & Advanment Fund only rec8ived an amount of income in the fom of interest. The Awards Panel made awards of£950 during 202312024 paid directly to Members to fund Training and Educational Travel. The balance in this fund as at 31 August 2024 was £23,044, (2023.. £22,873). This is also a restricted fund. This year was the 80th Anniversary of the formation of the Federation. As a celebration an 80th Anniversary Lunch was arranged inviting past members from over the 80 years, as a result a surplus of £1,195 was generated. Prlnclpal fundlng sources The Chairman's Charities Fund, which is a designated fund within the unrestricted funds, raised income from a Raffle held at the 80th Anniversary Lunch. No Awards were made during the year, at the year end and the Fund stood at £1,601 (2023= £277) The County Management Committee is committed to promote Fund Raising Initiatives to supplement the income from the Annual County Rally. to this end a meeting has been arranged to explore options and the County Social Committee is being reinsialed to organise Fund Raising Events.
OXFORDSHIRE COUNTY FEDERATION OF YOUNG FARMERS. CLUBS TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 County chairnian's report (Continued) Reserves poIIcy The frea reserves of the charity are those funds that are available to spend on any aspect of the charity's affairs. These reseNes exclude re61ricted funds, the element of unrestricled funds held as tangible fixed assets and the Chairman's Charities fund. The free reserves of the charity at the year-end were £115,766, (2023.. £97,491) which represents approximately four yea8 general office administraiion costs. The management committee have established a policy that an element of unrestricled reserves is designated to a Special reserve that should be of a level sufficiènt lo covér at least years net charitable and general expenses, before any fundraising or rally receipts are laken into account. Tho purpose of this designated fund is to allocate funds to cover extraordinary Ios808 incurred by the charity and salaries in the year of ex¢epiional108S8s. The designated funds for the Special reserve has been sel at £50.000 (2023: £49,000). The Iru81ees have assessed the major risks to which the chadty Is expos8d and are satlsfied that systems are in place to mitigate exposure to the major risks. Structuro, governanc• and manag•ment Constltutlon A Country Federation is an association of the Young Farmers, clubs in a Counly or such other areas as shall be approved by the National Federation formed in accordance with the form of constitution and rules for County Federations approved by the Council of the National Federation. The County Federation shall be affiliated to the National Federation.
OXFORDSHIRE COUNTY FEDERATION OF YOUNG FARMERS. CLUBS TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Organlsatlonal structurn The constitution was revised and approved on 26 Novemb8r 2021. The County is organised into.. Mana ement Committee Chaired by the Presidènt, this wmmittee fulfils the County's obligations as an employer and shall comply with their obligations under the Charities Act 2011. In attendance with the President are the county officers, the previous two county chaiman, the county treasurer, staff r8presentatives, and the county honorary trustees. The management group may co-opt a maximum of three individu81s interested in the Young Farmer movement in the county. The manag&m8nt Group shall cause the title to.. 8) all land held by the Trusl for the charity which 18 not vested in the Offiaal Custodian for Charities- and b) all investments held by or on behalf of the Charlty to be vested in either a corporation entitled to act as a custodian trustee or not less than three individuals appointed by them as holding Trustees. Holding Trustees may be removed by the ManBgement Commitlee at their pleasure and shall act in accordance with the lawful directions of the Management Committee. Provided they act only in accordance with the lawful direGlions of the Management Committee. the holding Trustees shall not be liable for the acts and defaults of its m8mbers. Actlon Grou Chaired by the County Chairman, the committee consists of elected repr8sèntalives for each club in the County Federation together with the Pr8sidenl and co-opted members. The majority of represenlalives are over 18 years of age. Each club may elect up lo three representatives annually. The Action Group Commitlee may co- opl, for such a period as they think fit 8 maximum of 12 individuals or organisations interested in the Young Famers movement. The Action Group Committee shall elect 8nnually from its members Its Chairman. The members of the Action Group Committee are also 8pIII Into two further sub-commltt88s belng: l) Competltions Committee - this 18 chaired by the Competitions Secretary and conslst8 of one of the above Action Group Commitlee members from each of the County clubs. This commiltee is focused on maintaining and organising competitions for the County Federation. li) Social Committee - this is chaired by the County Social Secretary or member of Action Group Commiltee as elecled by the members of the Action Group Committee. This committee again will consist of one member representing each club from the County Federation from the Action Group Commitlee members of that year. This committee is responsible for organising social evenls for the County Federation such as the County Ball. Both Committees report back to the Action Group Committee.
OXFORDSHIRE COUNTY FEDERATION OF YOUNG FARMERS. CLUBS TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 The trustees who served during the year and up to the date of signature of the financial statements were: Mrs R M Wgham - County President Miss R L Ludlow- County Chairman (Appointed 11 December 2023) Miss M L Angus (Appointed 11 December 2023) Mrs L Dalby Miss L L Gascoyne (Resigned 11 December 2023) Mr D A Hedges Miss F R Hook MrPMHook Mr M J M Homer (Appolnted 8 Aprll 2024) Mr E J Mearns Mr R J Newman Mr D T Pea (Resigned 10 June 2024) Mrs K L Pieroni {Appointed 8 April 2024) Miss A L Snelling Mr L Taylor Mr S J Warby Mr K Franklln Rl8k management The management committee realis8 the need for the County administration to be in place to ensure that members are kept up-to-date and annual contract for the County Co-ordinator has continued with six monthly reviews. The launch of the Mike Jeffenes Development Fund and the success in previous years of its fundraising has meant that the management committee can continue to employ the County Co-ordinator. The management committee are very aware of the relian that is placed on the funds generated by the Annual Rally and in an attempt to reduce this reliance, future fundralsing events are planned. The trustees have a88essed the major risks to which the charity is exp08ed and are satisfied that systems are in pla to mitigale exposure to the major risks. Publlc bonoflt The Federation has contlnu8d to generate public benefit through pursult of Its charltable objective. The charity continued to educate Its members and the public at large through organlslng the annual county rally. This event provided members the opportunity to participate In praclical and exhibition competition classes which in tum educated the members of the public that attended. Of particular interèst was a vintage vehicle display provided by the wider farming community and others which afforded a comparison with the modem machines exhibited by the machinery dealers. The Federation enhanced the social ylfare of members, many of Nvhom were particulady isolated in rural communities, by supporting local clubs to restart by holding engaging regular meetings with a variety of talks and activities. These meetings fulfilled both objedives of the charity, being enhancing the education and social Ylfare of members and the public at large. The trustees wnfim that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the trust's aims and objectives and in planning fvture activities.
OXFORDSHIRE COUNTY FEDERATION OF YOUNG FARMERS. CLUBS TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 The trustees, report was approved by the Board of Trustees. MISS R L Ludlow County Chalrman - Trustee Dated.. 1111112024
OXFORDSHIRE COUNTY FEDERATION OF YOUNG FARMERS. CLUBS INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF OXFORDSHIRE COUNTY FEDERATION OF YOUNG FARMERS, CLUBS Independent examiner's rnport to the trustees of Oxfordshlre County Federation of Young Farn)ers' Clubs I report to the charity trustees on my examination of the accounts of The Oxfordshire County Federation of Young Famiers, Clubs for the year ended 31° August 2024. Responslbllitles and ba818 of report As the charity's trustees you are responsiblè for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 {'the Act'l. I report In respect of my examinallon of the charity's accounts carried oul under section 145 of the Act and in Carrying out my examination I have followed all the applicable Directions glven by the Charity Commission under section 145(5Xb) of lh8 Act. Independ•nt exarnlner's slat•ment Your attention is drawn lo the fact thal the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their account8 in accordance with the Financial Reporting Slandard applicable in the UK and Republic of Ireland {FRS 102) in preferen to the Accounting and Reporting by Charities.. Statemenl of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. l understand that this ha5 been done in order for financial stalem8nts lo provide a true and fair view in accordance with Generally Accepted Accounting Practic8 effective for reporting period5 beginning on orafter 1 January 2015 I have completed my examination. I confimi that no material matters have come to my atlention in connection with the examination giving me cause lo believe that in any malerial respecl.. accounting records were not kept in respecl of the charity as required by section 130 of the Act; or 2. the accounts do not accord with those records., or 3. the accounts do not comply with the applicable requirements conceming the fomi and content of accounts set out in the Charitie8 (Accounls 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 concems and have come acro88 no other matters in connection with the examination lo whSch altention should be drawn in thi8.report in order to enable a proper undersianding of the accounts to be reached. W Nixey FCA Martln and Company Two Brewers House 50 North Street Thame Oxfordshire OX9 3BH Dated..
OXFORDSHIRE COUNTY FEDERATION OF YOUNG FARMERS. CLUBS STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2024 nros ès otal fund8 funds 2024 2024 2024 2023 Income from: Donations and legacies Charitable activities Fundraising and other activities Investments 2,353 14,477 68,469 3,533 2.353 14,477 69,929 5.004 1,930 7,070 43,193 2,780 1,460 1,471 Total Income 88.832 2,931 91,763 54,973 endl ure Fundraising and other actlvltle8 35,879 2,114 37,993 17.310 haritable a Charitabl8 activities, governance costs and resources expended Total charitable expenditure 33,354 33,354 32,588 33,354 33,354 32,588 Total resources expended 69,233 2.114 71,347 49,898 Transfer between funds Net incomellexpenditur8) for the yearlNet movement in funds 19,599 817 20.416 5,075 Funds balance at 1 Sept8mber 2023 Funds balance at 31 August 2024 97,768 48,483 146,251 141,176 117,367 49,300 166,667 146.251 The statement of financial aclivities indudes all gains and losses recognised in the year. All income and expenditure derive from continuing activitie5.
OXFORDSHIRE COUNTY FEDERATION OF YOUNG FARMERS. CLUBS STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2024 Notes Unrestrlctad funds Restrlcted funds Totsl Total 2023 2023 2023 2022 Income from: Donations and legacies Charitable activities Fundraising and other activiti88 Investments 1,930 7,070 43,193 1,989 1,930 7.070 43,193 2.780 1.885 2,010 36,522 281 791 Totsl income 54,182 791 54,973 40,698 Iture on: aisin fu Fundraising and other activltie8 18,630 680 17,310 22,256 Chari le activilies Charitable activities. govemanc8 C08t5 and resources expended Total charitable expendilure 32,588 ?3,307 32.588 32,588 23,307 Total resources expended 49,218 680 49.898 45,563 Transfer btheen funds Nat incomel(expenditure) for the yearlNet movement in funds 3.442 (3,442) 8,406 (3,331) 5.075 (4,865) Funds balance at 1 September 2022 89,362 51,814 141.176 146.041 Funds balance at 31 August 2023 97.768 48,483 146,251 141,176 The Statement of financial 8Ctlvltles Includes all gains and1088es recognised In the year. All income and expenditure derive from continuing activities.
OXFORDSHIRE COUNTY FEDERATION OF YOUNG FARMERS, CLUBS BALANCE SHEET AS AT 31 AUGUST 2024 2024 2023 Notes Flxed assets 12 Investrnents 65,032 82.718 Current assets Debtors 13 3.081 11 Cash at bank and In hand 80,698 67,733 83,779 67,744 Credltors.. 8mount8 falling due within one year 14 2,144 4,211 Net current assets 81,635 63,533 Total aaoei•1088 current Ilabllltlo8 166,667 146.251 Incom• fvnd8 Rostrlcted fund8 16 49,300 48,483 Unrestricted funds 117,367 97,768 166,667 146,251 The financial statements were approved and signed by th8 member of Ihe Action Group on .....1V.1.Ir2Q24...... Miss R L Ludlow County Chaimian - Trusteo io-
OXFORDSHIRE COUNTY FEDERATION OF YOUNG FARMERS, CLUBS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accountlng policies 1.1 Accounting convention The financial statements have been prepared in accordance with the chanty's goveming document, the Charities Act 2011 and "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)° The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletsn 1 not to prepare a Stetement of Cash Flows. The financial statements are prepared in slerling, wthich is the functlonal currency of the charity. Monetary amounts in these financlal slalements are rounded to the nearest £. The flnancial stalemenis have been prepared under the historical cost convention, modified to Include the revaluation of freehold properties and to indude investment properties and certain financial instruments at fair value. The principal accounting policies adopted are sel out below. 1.2 Golng concern At the time of approving the financial statements. the trustees have a reasonable expectation that thè charity h8s 8dp.qiJHIp mAniirrp.% In rnnliniie. in npftrational existence for the foreseeable future. Thus. the trust8es continue to adopt the going concern basis of accounts'ng in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discrelion of the trustees in furtherance of their charitable objectives unless the funds have been designaled for other purposes. Designated funds are unrestricted funds that have been designated for Specific purposes by the Trustees. Reslrlcted funds are subject to speclfic condltlons by donors as to how they may be used. The purposes and uses of ihe restricted funds are set out in the notes to the financial statements. 1.4 Incomlng resource¥ Revenue grants are credlted as Incoming resou5 when they are recelvable provlded conditions for receipt have been complied with, unless they relate to a specific future period, in vthich case they are deferred. All monetary donatlons and gifts are included in full in the statemenl of financial activlties vthen re¢eivable, provided Ihat there are no donor-imposed reslriclions as to the timing of the relaled expenditur8, in which case recognition is deferred until Ihe pre-condition has been met. Invesiment income, including associated income tax COVeries, is recognised when receivable. Gifts in kind are accounted for at the Trustees, ests'mate of value lo the charity or sale value. Gifts of fixed assets for charity use or funds for acquiring fixed assets for charity use are acwunted for (as restricled funds) immediately on receipt. All donations collected to which the charity is legally entitled but which has not been received at the year end is included as income. li
OXFORDSHIRE COUNTY FEDERATION OF YOUNG FARMERS. CLUBS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies (Continued) Each year the rally is operatad by a local Young Famiers. Club on béhalf of the county federation. All income and expenditure from this event is disclosed in these financial statements. 20 % of the net surplus or deficit from the event is retained by the organising dub. This profit share 18 included within rally expenses in the accounts of the County Federation. 1.5 Rosources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure Indudes VAT which cannot be recovered. and is reported as part of the expenditure to which it relates 1.6 Tanglbla flxed assets Tangible fixed assets are Initially measured at cost and subsequently measured at Cost or valuation, net of depreciation and any impairment losses. Depreciallon Is recognlsed so as to write off the cost or valuatlon of assets less their residual values over their useful lives on the following bases.. Trophies and equipment Trophies 10 year straight linelRally equipment 4 year straight Ilne Equipment 25% reduang balancelcomputer and copier equipment 33% reducing balance Office equipment The gain or loss arising on the disposal of an gsset is determined as the difference between the sale proceeds and the carrying value of ihe asset, and is recognised in net incom81{expenditurel for the year. Depreaation on trophies is by the straight line method and writes off their valuation based on an insurance valuation. 1.7 Cash and cash equlvalents Cash and cash equivalents include cash in hand, deposlts hèld at cell with banks, other short-term liquid investments with onginal maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.8 Inve8tments Investments are Induded at the Deposit Funds total valuatlon at the year end date. Interest recelved during the year on investments is included within note 8. Criti¢al accountlng 08tlmato8 and Judgements In the applicalion of the charity's accounting policies, the trustees are required lo make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are nol readily apparent from other sources. The estimates and associeted assumptions are based on historical experience and other factors that are consid8r8d to be relevant. Actual results may diff8r from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates ar8 recognised in the period in which the estimate is revised where the revision affects only that period, or in the pèriod of the revision and future periods where the revision affects both current and future periods. 12
OXFORDSHIRE COUNTY FEDERATION OF YOUNG FARMERS. CLUBS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Donatlons and gifts Unra8trfctsd funds 2024 Restricted funds 2024 Total 2024 Donatlong and glft Donations and glfts OFYFC 200 Club Natlonal Farmers Unlon Varlou8 donatlons 1,500 533 320 1,500 533 320 Unrestricted funds 2023 Rgstrlctad funds 2023 Totsl 2023 Donatlons and glft Donations and 91ft8 OFYFC 200 Club Natlonal Farmorg Unlon Tralnlng grant 1,500 230 200 1,500 230 200 Charltable actlvltle• 2024 2023 Natlonal and county lovles Insuranc• Yearbook 14,477 7,070 Fundraislng and other a¢tlvltie8 Unrestrlctod funds 2024 R•strlctsd funds 2024 Total Total 2024 2023 Fundraislng avents 68,469 69.929 For the year endod 31 August 2023 43,193 43,193 13
OXFORDSHIRE COUNTY FEDERATION OF YOUNG FARMERS, CLUBS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Inve8tmont5 UnrestrScted funds 2024 Restrlcted funds 2024 Total Total 2024 2023 Inlarest recelvablo 3,533 1,471 5,004 2,780 For the year endod 31 August 2023 1,989 791 2,780 All investments held by the charity are deposit accounts. Ralsing fundg Unre8trlcted funds 2024 Rostrlcted fund• 2024 Total 2024 raisin and bli Rally expenses Quiz Competits'on expenses Funding costs- Bingo Marlborough Fund donation Shearing donation refund 801h Lunch expense SEA Levy 28,900 28.900 1,164 1.042 1,164 1,042 950 950 640 5,097 200 640 5,097 200 Fundralslng and publicity 35,879 2,114 37,993 Unr•strlcted fundg 2023 Restrlctod fund8 2023 Total 2023 Fundraisin an Rally expenses Funding costs- Bingo Marlborough Fund donation ublicit 16.461 169 16,461 169 680 680 Fundraising and publicity 16,630 680 17,310 14
OXFORDSHIRE COUNTY FEDERATION OF YOUNG FARMERS. CLUBS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Charltablo actlvltles 2024 2023 Insurance Levies Staff costs and amolumont8 (see note 11) Management and admlnlstration oxpendlture Yearbook 3.114 7.435 16,520 5,285 2,749 7,292 11,700 3,805 32,354 1.000 25,546 3,600 29,146 Share of governance costs (800 note g Rostrlcted Staff costs and emoluments (seo note 11) 3,442 3,442 Governance costs Indude payments to the accountants of £1,000 {2023: £3,600) for Independent examination fees. Support and governance costs Support ¢08t8 Governanca costs 2024 2023 Basls of •llocatlon Independent examiners fees 1,000 1,000 3,600 Gov•rnanc• 1,000 1,000 3,600 10 Trustee• On8 of the trustees received remuneratson for their services to the charity as County Co-ordinator and Financial Administrator from the charity during the prior year. In the current y8ar Gross Salary of £16,230 12023.. £8,113). and pension contributions of £290 (2023: £145) were paid by iho charity- During the year £1,151 12023: £26) was paid to trustees for reimbursement for milage and for out-of-pocket expenses for charity events. 15
OXFORDSHIRE COUNTY FEDERATION OF YOUNG FARMERS. CLUBS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 11 Employee8 Number of •mploy•e8 2024 Number 2023 Number The average monthly number of employees during the year was Employment costs 2024 2023 Wages and 8alarl88 P•nslon- Deflned contrlbutlon 16,230 290 14,876 266 Therè were no employees whose annual remuneration was more Ihan £60,000, 12 Tanglbl• flxed a88Ot8 Trophles and equlpment Offlce equlpmont Total Cost At 1 September 2023 18,147 493 18,640 At 31 August 2024 18,147 493 18,640 Depreclatlon and Impalrrnont At 1 September 2023 18,147 493 18,640 At 31 August 2024 18,147 493 18,840 Carrylng amount As at 31 August 2024 A8 at 31 August 2023 16
OXFORDSHIRE COUNTY FEDERATION OF YOUNG FARMERS. CLUBS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 13 Debtors 2024 2023 Amounts falllng due within one year: Trade debtors Prepayments 506 2,575 3,081 11 11 14 Crndltor8: amounts falllng duo Within one year 2024 2023 other taxation and social security Other creditors D8ferr8d Income 156 1,438 550 2,144 178 4,033 15 Rotlrement benoflt schem•8 The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund. 16 R08trlcted fund• The income funds of the charity Include restricted funds comprising the following unexp8nded balanc88 of donations and grants held on trust for specific purposes.. Movament In fund• Incomlng Resource8 regourc88 expended Balance at 1 Soptember 2023 Balance at 31 August 2024 Marlborough Travel & Advancement Fund Mike J8fferies Development Fund 22,873 1,122 (950) 23,044 26.255 49,300 48,483 2,931 (2,114) Marlbor h Travel & AdVanrne t Fund The Marlborough Travel & Advancement Fund provides grants to Young Farmer members wishing to undertake training or a trip with an educative purpose. During the current year the following awards were made.. £500 Wtney Juniors Camping Trip and £450 towards Zoe Hornerfs trip to South Africa. (2023 total awards £680)- Mike Jefferies Dev lo menl Fun The purpose of the fund is to strengthen the YFC clubs in Oxfordshire by providing financial assistan for club oflicer training, skills support, dub support. marketing and recruitment and counly events and actsvities. The fund was launched on 25 November 2008. Since the funds inception to the Covid pandemic in 2020 fundraising events occurred every year. During the ¢urrenl year a quiz was held ihat raised £1,460 for the fund. Expenditure in latIon to the quiz was £1,164 resulting in net surplus of £296 for Ihe fund. In the prior year £3.442 of the Mike Jefferies fund was used to fund 50Wo of the county administratorfs salary. None of the fund was used for this purpose in the current ear. 17
OXFORDSHIRE COUNTY FEDERATION OF YOUNG FARMERS. CLUBS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 17 Designated funds The income funds of the charily include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.. ecial reseNe The purpose of this designated fund is to allocate funds to cover extraordinary losses incurred by the charity and salaries in the yèar of exceptional losses. The reserve at £50.000 (2023.. £49,000> is at a level which the management committee budget is sufficient to cover approximately two years net charitable and general expenses before any fundraising or rally receipts are laken into aGcount. re The purpos8 of Ihls designated fund is to provlde a fund should clubs organlsing the rally require an Initial loan for exp8nses incurred prior to the receipt of sponsorship or donations. The County holds fixed assels that can be Used at the rally which indude bar furniture, ring ropes, clip boards and signs. There 18 no money held under this fund at present {2023'. £nill. I sed clubs The purpose of this designated fund is to record monies held from Young Farmer5 clubs in the County that have closed and to be held for a period of 7 years before being transferred lo the general funds of the County. The fund can be used to help set up new dubs. There is no money held under this fund at present {2023.' £nill. Ch irm 's Chariti At the request of the County Chairman, a Chairman's Charities Fund was set up as a designated fund, within th8 unrestricted funds, to raise money for the Chairman's specific charities. The money raised is to be awarded at the County AGM. As at 31 August 2024 the Chairman Charity fund contained £1,601 (2023: £277). 18 R•l•ted party transactlons The only disclosable related party transactions during both years presented were trustee remuneration and reimbursed expens88 as disclosed in note 10 and not8 11. The key management personnel of the Charfty comprise of Mrs R Wigham - County President, MIS8 R Ludlow- County Chairman, Mr E J Mearn$ County Treasurer, Mi$8 M L Angus County Coordinator and Flnance Administrator. 18