THE WILTSHIRE COUNTY FEDERATION OF YOUNG FARMERS. CLUBS ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 Charlty Number." 305607
THE WILTSPIIRE COUNTY FEDERATION OF YOUNG FARMERS, CLUBS FINANCIAL INFORMATION FOR THE YEAR ENDED 30 JUNE 2021 LEGAL AND ADMINISTRATIVE INFORMATION Tiustees Paul Wiltshir8 Marian James Rob Burrough Charity Number 305607 Principal Addr8S5 YFC Ollice Laekham College Lacock Chippènham Willshlre SN15 2NY Independent Examiner Old Mill Accountancy Llrniled Unil 2 Greenways Business Pk Bellinger Close Chippenham Wiltshire SN15 1BN
THE WILTSHIRE COUNTY FEDERATION OF YOUNG FARMERS, CLUBS FINANCIAL INFORMATION FOR THE YEAR ENDED 30 JUNE 2021 CONTENTS Page Trustees Report Independent Examiner's Report Income and Expendilure Account Slalemenl of Assels and Liabilities Notes to the accounts 10-22
THE WILTSHIRE COUNTY FEDERATION OF YOUNG FARMERS. CLUBS THE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2021 Tlio Trii%lpes present tlieir report and Iin(1ni'.i,ql slaleiTienls for IIIL y?.fir cntjcd 3n Jijne 2021 Tlie 1111{IIICl411 staleinciil£ liavo. betrn prcp<irp.d iii ar.I'.aidanco with Ilio aocoDnlinq polirip% out in iiolcs lo Ilie Iii)aiicial slateiiioiils arid cortiply with Ilip C.harilic5 qovorniiiq dociirncr,l. Ihp C.harilios Act 2011 311d 'Accouiitii)g arid Floportiiig by Cliaiiticg.. SldlLlii)eni Recommendod Prac.lire applicablo 10 charities piepariiig Ilieil accouiiis iii accoidance willi Ilie Fiiiaiicial Aeporling Standard 2pplicable In the UK and Republic ol Iieland IFRS 1021 Iclleclive 1 Jai)uary 20191" Oblectlves and Activities Tlie Ivilishiic Courily Fodcralion L)1 Young Farmer's Clubs was constituted by conslilution and is a registered ClarItY IRcg No 3056071. Thc Cliarily was esldblished lo advance the edu¢at,on ot young members ol the public at large in agricdlture, howo cratls, country life and related subiects. It runs educational activities Including a Skills For Life Icurve Inodulesl programme and an Annual Rally is held where all members are encoiiraged to enter cornpetilions. Ttte Charity also holds evenls such as sports ma',ches, quizzes and annual dances. These e.vents are all run by Ihe mombers lor the m8mbers. In the interests ol the social wellare of such rmembers ot the public to provide, and promote the provision of facilities lor rccrealion and other leisure time occupations, being facilities which will Improvo Ihoir conditlolls of life and will assist in the devglopnienl ol their spiritual and mental capacities. sell-reliance and individual responsibility so that tliey may g,'ow 10 lull maturity as individuals and members ol the ¢ommLJnity. The address ol the charily is YFC Ollice. Lackham College, Lacock, Chippenham. Willshire. SN15 2NY. The Truslees have paid clue rogard lo guidance issued by the Charity Coniniission in deciding what aclivilies tlie Charity should Ljiidertake. Reserves Policy The Trustees conlinuc lo be ol the view, as re¢omm¢nded by the Charity Comrnission, that they should maintain an appropriate level ol Irec reserves li.e. uiiroslriclcd funds not tied up in thc charitable fixed asselsl. The Truslecs have decided that Ihe Iiee reserves should equaie lo ai 50°, ol ils annual expenditure, in order to ensure the continuity ol operations in case ol unforeseen events. As al 20 June 2021 the level ol free reseNes was £32,37512020." £37,003), equivalent lo 12 months 12020.. 13 months) ol recurring expenditure.
THE WILTSHIRE COUNTY FEDERATION OF YOUNG FARMERS. CLUBS THE ANNUAL FIEPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2021 ,ITe. <ir)proprialc 10 the charity s circJmsiaiiLes Lil pieseiil. Ttrio Irusleo- c.onlinLlQ lo rp.viow ('.*lC.h yQ<ll lovel ol Iree re%Èrves. The Irusiees Iiave assessed lh8 major risks lo wliich Ilie. charity Is 8xposed, and ar& 5alislied Ihat syslems are In place lo rniligaie oxposure lo Ilie niliiof Tisks. Achievemenls and Performance Duc 10 being In 'Covid' Lockdown tor thc rnajority ol the year. Plryid $1211 were on lurlouoh.'part ILJrloLigh. We used Ihc purchasod 'Zoorn account lo koo'p ',he County rneelipgs and plann",ng going on this. We also held a Zoom Ouiz.- Viitual Rally day with COlTipelilioris includliq Cake makinq, Flowor arranqing and stock judging. Vei'y little in the vJay ol fLJndraising was possible as covid re8iriclions didn't Iifl lull uniil after the end ol June lend ol our financial yearl. We wer? reliEinl on HMRG furlough payrnenis and some donations lo covei our finances lor the year. Structure and Govgrnanc8 Members aged belweon 10 & 26 years old make up the Clubs, guidod by Leadors and an Advisory Cornmillee_ All Clubs aré alliliaied to a CoLJnty. Each County is Ifilialod lo the National Federation ot Youno Farmers Clubs. The Charity is ooverned by the county constitution lirsl adopied in 1972 and last updated on 27 September 2021 and adopted at the Annual C)ener31 Meeting. Trustees are appointe(J by eleclion al the AnnLJal General Meeting. Trustees allend county meelings 8nd are lully informed ar)d aware of the counties aclivilies. They advise the members on their responsibililiès, so that the County is lun well and Is linaiicially solvent, with funds being b'sed lor the purpose for which they were given and In accordance with Charity regulations . Trustees sit on the stall management committee lo advise on employment and other legislation matters_ They also advise on safeguarding the bcsl intcrcsts ol the members and Ihe Charity. Our Trustees have control of the Charity savings and Invest them where they will be ol benefit to the Charity. They discLJSS and report on the investments at the finance and general purposes cornmittee meetings. The Trustees who served during the year were.. Paul Wiltshire Marian James Rob Burrough The Trustees are appointed al an annual general meeting ol the Charity.
THE WILTSHIRE COUNTY FEDERATION OF YOUNG FARMEFIS, CLUBS THE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2021 Plans for Future Periods Conlinue ILindraising 10 cover expected ILilure costs Eind delicils , lo pnsiire thal the Charity can Grant Making Policy To SL'PPOrt the mernbers of Willshire Federation of Yoijng Farrier% Cliibs. Investments Seleclion Policy Inveslinenls are Inade In a tixed interest term accouiii within Lloyds Banking Group. Revlew ol Major Risks A Trustee 511$ on the execLJlive cornmiltee and linance and general purposes commillee to advise and guidc Ihioughoul the year. Reimbursed Costs Paul Willshire is reimbursed lor the costs incurred lor running the payroll Financial Review During the period under review nei income ioialled £28.500 12020 £28,684). This consistèd of subscriptions £3.311 12020 . £t3,1571, granis and donaiions £17,910 12020 £8,665). dividends and inleiesl £92612020 £1,121) and lund raising £6,35312020 '. £5,741). The Trustees report the current financial position remains sound despite a delicil lor ihe pasl year. bul with weTnbership declining it is a cause ol conceri). The rais1ng ol lurids this year was not adequate to cover all expenses. Stalemenl ot Trustees, Responsibilities The Trus'kees are fesponsible lor pfpoaring Ihe Trustees. report and the financial statements i accordance with applicable law and Ufjilod Kingdom Accounting Standards (United Kingdom Generally Accepted Accounling Praclicol. The law applicable lo Charities In England and Wales requires the Iruslees lo prepare financial statements lor each financial year which oivo a true and lair view ol Ihe slal¢ ol affairs ol the Charity and ol the incoming resources and application of resources ol the Charily lor that year. In preparing these financial slaternents. the Iruslees are required lo.. -select suitable accounting policies and then apply them consistently., -observe the methods and principles in the Charities SORP.,
THE WILTSHIRE COUNTY FEDERATION OF YOUNG FARMERS, CLUBS THE ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2021 -make judqemenls avj eslimalos Ihal 018 reasnnablo and priJd8nl', -slate whelhev applicable accounling standards have been lolh)wed. qubiecl lo any materi¢l1 departures -prcpare the linancial stalemenls on the goiiig concorn basis unless il is inappropriat8 lo pYe$ume Ihal 1he Charity will continue in operation. The Trustees ale responsible lor keepino $Ill¢le1}I accounting records Ilial disclose with reasonabi@ accuracy al any lime the linaneial position ol the Charity and enable them lo ensure that Ihe linancial staternenls comply wilh the Charities Act 2011, Ihe Charity (Accounts and Reports) Regulalions 2008 and 11?e provisions of the trust deed. They are also responsible lor saleouarding the assels ol the Charity and hence lor taking reasonable steps lor Ihe prevenlion and deteclion ol fraud and other Irregularities. The Truslees, iaport was approved by the below Twslee Mr R Burrough Trustee For and on Dated: . .15 all ol the Trustees
THE WILTSHIRE COUNTY FEDERATION OF YOUNG FARMERS, CLUBS INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES FOA THE YEAR ENDED 30 JUNE 2021 I report lo the Iriislees on Illy exarninatiori ol the linarir.lfil slal?mer,Is of the Charity for the year L)i)ded JO Junp 2021 Responsibilities and Basis ol Repoit As Ilie Tiuslces ol Ilie Charity you ale responsiblo lor the i)reparalion ol Ihe Iinaneial slalefflenis in accordaiice wilh Ihe requiremeiils ol Ihe Ghii rilies Aci 2011 Ilhe 2011 Aci). I report Iii respect ol my examination ol the Charity's financial slalements carried out under seclion 145 01 the 2011 Act . In Cc2rrying out my examination I have followed all the applicable Directions given by the ChaFlty Commission nder sèction 14515llbl ol Ihe 20 11 Act. Independeni Examiner's Statement I have completed my examination. I confirm thai no mallers havc come lo my attention connection with the examination giving me ¢ause lo believe Ihat In any matcrial respect.. 111 accounting records were not kepl in respecl ol the ¢harily as required by sttclion 130 01 the 2011 Act., or 121 the financial statcrnenls do not accord with those records., or 131 Ihe financial staternenls do nol comply with the applicable requirements concerning the lorrv and content ol accounts sel out in the Charities (Accounts and Fleportsl Regulations 2008 oiher than any requirement that the accounts give a true and lair view which is not a matter considered as parl ol an independent examination.
THE WILTSHIRE COUNTY FEDERATION OF VOUNG FARMERS, CLUBS INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2021 I have no concems and hav8 come across no Olhef Inaiiers in connection wilh lh8 e*aminalion lo whlch aiieniion should be drawn li) this ropoil in order lo enablg a piopèr underslandino ol Ihe Ilnandai statements lo be reaclied. Tim Lerwill, fcA Old Mill Accountancy Llmiled Unil 2 GreenwayE Buslne$5 Park eellinger Close Chippenham SN1518N 0610712022
THE WILTSHIRE COUNTY FEDERATION OF YOUNG FAFIMERS, CLUBS STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAFI ENDED 30 JUNE 2021 Unrestricted Rcstricted Funds Funds 2021 2021 Total 2021 Total 2020 Notes INCOME Club Subscriptions Graiils and Donations Dividends arid Interest Fund Raising Activities 3,311 17,910 926 6,353 2,311 17.910 926 6,353 13,157 8,665 5.741 28,500 28.500 28.684 EXPENDITURE Gharilab1e Expenses 33,200 33,200 33,904 NET EXPENDITUREI NET MOVEMENT IN FUNDS 14,7001 {4,7001 15,2201 Transfer in ol funds 12.713 12,713 Funcl Balances al 30 June 2020 107,481 10.750 118,231 123,451 Fund 8alan¢es al 30 June 2021 102,781 23.463 126,244 118,231
THE WILTSHIRE COUNTY FEDERATION OF YOUNG FARMERS, CLUBS STATEMENT OF ASSETS AND LIABILITIES FOR THE YEAR ENDED 30 JUNE 2021 2021 2020 Notes FIXED ASSETS Tangible Assets Investments 406 70.000 478 70.000 70,406 70.478 CUFIRENT ASSETS siock Deblors and Prcpaymenis Bank Account No 1 Rally Accouril Pelly Cash Total Current Assèts 542 3,265 45.823 6,458 501 30.856 4,059 56,095 47,803 Gurrenl Liabilitl8s Due Within Ome Year 257 SLI NET CURRENT ASSETS 55,838 47.753 NET ASSETS 126,244 118,231 FUNDS OF THE CHARtrY Main Fund 102.781 107,481 Aeslricled Funds Club Reserve Fund G Twareham Bequest Fund 22,437 1,026 9.724 1,026 23.463 10,750 TOTAL FUNDS 126,244 118.231
THE WILTSHIRE COUNTY FEDERATION OF YOUNG FARMERS. CLUBS STATEMENT OF ASSETS AND LIABILITIES FOR THE YEAR ENDED 30 JUNE 2021 The financial statements were approved by Iho beSow Trusleo Mr R Burrough Trustee For and on Daled.. .11 all ol Ihe Trustees
THE WILTSHIRE COUNTY FEDERATION OF YOUNG FARMERS, CLUBS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 2021 2020 1. Club Subscriptions Club Subscriptions 3.311 13,157 3.311 13.157 2. Grants and Donations NFU SWA Training and Equipment Grant Gill Aid Tax Flelun Other donations Government Grant IFurlough Schornel Old Mill Accountancy 2,000 1,75 1,255 3,250 698 254 11,758 1,950 2,660 17.910 8.665 3. Divldends and Interest Inler&st 926 1,121 926 4. Fund Raising Activities 200 Car Club Area Weekend Rally Junior Activity Weekend Quiz Night Calendar Cards 3,000 2,500 1,485 1,050 12631 731 238 2,530 263 60 500 6.353 5,741 io
THE WILTSHIRE COUNTY FEDERATION OF YOUNG FARMERS, CLUBS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 2021 2020 5. Charitable Expènses Insuranccs Compelilic>n Costs Affiliaiioii to Naiional Federalioii Ollice Rent, Light & Heal and Meeting Room Hire Salaries and Organisers Fees Travèlling Expenses Telephone Payroll anci Admin ¢osl CRB Fees Training cards Rally Postage: Stationery and Sundry Expensos Accountancy lees Depreciation 1,929 1.980 278 6.227 238 23,028 559 365 648 84 6.062 20,668 230 938 80 50 100 748 373 1,000 72 312 85 32,250 33.904 Governance costs Indttpendenl examiners, lees 950 950 Total Costs 33,200 33.904 In addition to the independent examiner lees. included with in charitable expenses are lees payable to the independent examiner in respect ol accounlanl services ol £l,00012020 '. £nill li
THE WILTSHIRE COUNTY FEOERATION OF YOUNG FARMERS, CLUBS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 6 TANGIBLE ASSETS Furnilure and Equipment Photocopièr Computer Total Cost Al 1 July 2020 Additions Disposals 1,791 1,291 1.356 4,438 AI 30 June 2021 1,791 1,291 4,438 Depreciation At 1 July 2020 On disposals Charge lor year 1,390 1,285 1,285 3,960 60 72 At 30 June 2021 1,450 1.286 1,298 4,032 Net Book Value AI 30 June 2021 341 60 406 AI 30th June 2020 401 71 478 7 INVESTMENTS Transferred Balance at 1 to Main Bank Balance at July 2020 Account 30 June 2021 Investments 70,000 70,000 12
THE WILTSHIRE COUNTY FEDERATION OF YOUNG FARMERS, CLUBS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 2021 2020 8. Stock Cl.2yS Stock of Clijb Siipplios 450 92 450 51 542 501 9. Debtors and Prepaymenls Subscription Debtors 3.265 12,380 12.380 10. Current Liabililies Due Wlthln Onè Y8ar Creditors 257 50 257 50 13
THE WILTSHIRE COUNTY FEDERATION OF YOUNG FARMERS. CLUBS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 11. Restricted Funds .? cofTipfisirig ol the lollowing balances held lor specific puiposes.. Balance at Incoming l July 2020 resources Transfers Balance at 30 June 2021 Club Reserve Fund 2021- Trowbridge 2019- Salisbury 2019- Mclksham 12.713 12,713 1,842 7,882 1,842 7,882 9,724 12,713 C T Wareham Bequest Fund C T WarehaTM Bequest Fund 1,026 1,026 1.026 1,026 Total Restri¢t8d Funds 10,750 12,713 23,463 Balance at Incoming 1 July 2019 resources Transfers Balance at 30 June 2020 Club Reserve Fund 2019- Salisbury 2019- Melksham 1.842 7,882 1,842 7.882 9,724 24 C T Wareham Bequest Fund C T Wareham BeqLJe51 Fund 1,026 1,026 1,026 1,026 Total Restricted Funds 10,750 10,750 14
THE WILTSHIRE COUNTY FEOERATION OF YOUNG FARMERS. CLUBS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 The Club Roserve Fund conf l%t.% ol monieo fro di%bandpd elLJb Tho Club Fle5erve Fund Is only available lor tlic ro-openiiiq of disbandpd cliibs williin sovpn yQiirs of such disbaDdmcnl. The funds held for clubs disbanded moro Iliaii sovL'n yoarq ligo hf?s bLien tric nsforrod 10 tho frjain Fund. The C T Wareham Bequest Fund consisis ol monies bequesled lor travel scholarships. 12. Analysis of Net Assets Between Funds The liJnds ol the charity inclijde restricled funds comprising ol the lollowing balances held lor specifi¢ purposes". Unrestricted Reslrlcted Funds Funds Total Fund balances at 30 June 2021 are represented by: Tangible assets Inveslrnenls Currenl assets / Iliabilitiesl 406 70,000 32,375 406 70,000 55,838 23,463 102,781 23,463 126,244 Unrestrictèd Restricted Funds Funds Prlor year Total Fund balances al 30 June 2020 are represented by.. Tangible asseis Inveslments Current assets I Iliabililiesl 478 70,000 27,003 478 70,000 47,753 10,750 107,481 10.750 118,231 15
THE WILTSHIRE COUNTY FEDERATION OF YOUNG FARMERS. CLUBS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 13 Accountlng poll¢les Charity Information The Willshiro Coiinly Fedcratiori nf Young Pcirmor's Clijbs was consliluled b,/ the coijnties conslilulion aiid Is a rpgiJ lercd cliLirily (Flog No 3056071. The C,harily Wfig est1r blished to advafice Ilio oducalion ol youiig iiieiiibers ol tkTrc public al large 511 aqiie.LJltJrp. home crall- r.aunlry life and rclalod subjects. 11 iijiis Lbducational activiliLis Iiicludii)g a skills lor lilo Icurvo modi)less programme arid ali annLJal 1311y Is Field wlieie 211 nieinbers are encoJi ragcd lo entor conip041tions. The charity also holds eveiils sucli as %ports Imalches, qu4zzes and anfjual danccs. Thttso &vcnLS are all run by Ilie riiembcrs lor the members. The principal address ol the Charity is YFC Ollice, Lackham Collegc, Lcicock, Chippcnhain, Wilishire. SN15 2NY 13.1 Accounting Convention The financial stalemeiil% l)ave been prepared In arcordance with the Chariiies governing docLJment. tlie Charities Acl 2011 arid -Accounling and Reportino by Charities.. Staiemeni ol Recommonded Praclicp Applicab18 to cliarities preparing their arcounts in accordance witr, the Financ121 Reporting Siaidard applieablo in tho UK Republic ol Ireland IFRS 1021 leff eclive 1 JanLJary 2n,, 91- The charily is a Public Benefit Entity as defined by FTrS 102 Thé Charity has taken advantage of the provisions in the SORP lor Charities applying FRS 102 Update Bulletin 1 not lo prepare a Stalcment ot Cash Flows. Thg financial slalements are prepared in sterling . which is the luiiclional currency ol the Charity. Moiiètary amounts in these financial statements are rounded lo the nearest £. The financial statcmenls have been prepared under the historical cost convention. The piincipal acGounlino policies adopted are sel out below. 16
THE WILTSHIRE COUNTY FEDERATION OF YOUNG FARMERS. CLUBS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 13.2 Going Coricern In I,glil ol ihe cui-ienl coroii£iviriis paiidemic. the Iriislces have rcviewed Iikcly lulure developments aiid reniciin ol the opinion that Iheic is 170 re£loOn to believe that the Charity will have to cease oper?liiig as a rcsuli ol in,qdpqiiale tinancial rpsoiirces, or iny other foreseeable everil. within a period ol at le,Ist 12 monlh5 Iiom Ihtr dale ul the approval ol these financial 51alemer,ts. 13.3 Charitable Funds Unresli'iGtpd funds are availiqble lor uso al the discrolion ol the Truslecs In furtherance ol their cliarilablo objeclives uiiless the lunds have been designalod lor other purpos¢s. Reslricled funds are tnade up ol the CT Wareharn Bequest Fund and the Club Reserve Fund and can only be used inline with their purposgs Isel out in note 11 1 when approved by the Trustees 13.4 Incoming Resources Income Is recogn,sed when Ihe Charity is leoally entitled io il aller any performance conditions have been met, the amounts can be measured reliably, and It is probable that income wi11 be received. Cash donations are recognised on receipl. Other donations are recognised once the Charity has been nolilied ol the donation, unless perlorrnance conditions require delerral ol the amount. Income tax r6coverable in relation lo donation5 received under Gilt Aid or deeds ol covènant is rocognised at the time ol the donation. 13.5 Resources Expended Fxpendiluro is rccognised once there is a legal or conslruclive obligation lo make a payment lo a third party, il is piobably thai seitloment will be rèquired and the amount ol the obligation can be measured reliably. Expenditure is classified Ljndef the following activity headings.. Irrecoverable VAT is charged as a cost againsl Ihe activity lor which the expenditure was incurred. 17
THE WILTSHIRE COUNTY FEDERATION OF YOUNG FARMERS. CLUBS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 13.6 Tangible Fixed Assets Tangible fixed dssels Lirc iiiilicilly n)easured al cost and subsequcnily measured al cost or iialualion. riel ol deprecialioii aiid any Impairiiieiil losscs. Deprpciatioii is reco(Jiiised so as lo wrile oll tlie cost or valualion ol values ove¥ tlieii Iiselul lives 01) the following basLIs'. iissels less their residual FLJrnilure and Equipimenl Photocopier Con)pulcr 1 SQ/0 rèducing balanco 15.10 reducing balaiicc 1 J°/0 reduciiig balance The gain ar loss arising on Ihe dispasal ol an assel is determined as the dillcrence between Ihe sale proceeds arid the ¢arrying value ol the assot, and is rocognised In net income, lexpendilurel for the year. 13.7 Impairment of Fixed Assets Al each roporting pnd date, thc Charity reviews the carrying amounts ol ils tangible assets to determine wlielher therc is any indication tlial those assets have sullered impairment loss. 11 any such indication exi£ls, the rttcovefable amouni ol the asset is eslimaled in order lo deiormine Ilie exlenl ol the impairment loss lil any). Recoverable amounl is the higher ol lair value Icss costs io sell arid value in use. In assossing value In use, the estimated lulure cash flows are discounted lo iheir preseni value using a pre-tax discounl rale that rellecls current market assessments ol the lime value ol money and the risks spocilic to the asset lor which the oslimales ol lulure cash flows have not been adjusled. 11 tho recoverable amounl ol an asset is eslimaled lo be less Ihan its carrying amount, the carrying amount ol the asset is reducod lo ils recoverable amount. An impairment IDSS is recognised irnmedialely in incomelexpendilure lor the year, unless the relevant asset is carried al a revalued amount: in which case the impairment loss is Irealed as a revaluation docrease. 18
THE WILTSHIRE COUNTY FEDERATION OF YOUNG FARMERS. CLUBS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 Recoonised Impairment losses are rcverge.d Il, cind only il, tho reasons lo¥ Ihe impairment loss have ceasod lo apply. Wh?ro clli Impaiiirieiil QoLJbr)QqLILiiilly Inversps, the carryiri g amount ol Ihe asset Is Iiioreasod lo the rpviEe.d cstitTidle ol its recovorablo amount, bul so that the Increased carryii)g amounl does Iiot exceed Ilie carryinq ainouni that would have beLin determined had no impairiiient loss beeii rocognised lor Ihe assnl In prior years. A rcversal of an impairrnent loss IS recoonised Immedialcly, unless Ilie relevant asqet is carried '.n at a revalued amount, in which case the reversal ol the impairment loss is Irealed as A revalualion increase. 13.8 Investments Investments include money held in fixed term bonds. 13.9 Stock Slock Is held at the lower ol cost and ncl realisable value. 13.10 Cash and Cash Equivalents Cash and casli eqiiivalenls inclLide cash in haiid, deposits held with banks. 13.11 Financial Instruments The charity has elecied to apply thc piovisions of Section 11 '6asic Financial Instruments and Section 12 '01her Financial Instruments Issues. ol FRS 102 to all ol its linar)cial instruments. Fir)ancial instruments are recognised in the Charity's balance sheei when the Charity becomes party to the ¢orilrcl¢tual provisions ol Ihe instrumenl. Financial assets and liabilities are ollset, Ivith Ihe nel amounts presented in the financial stalemenls, when Iliere Is a legally enlorceable riglit lo sel oll thc rocognised amounts and there is an Intention io sottle on a nel basis or lo realise tho asset and sellle the liability simultaneously. B8sic Financial Assets Basic financial assets. which include debtors and cash and bank balances. are initially measured at transaction price including Iiansaclion costs and are subsequently carried ¢71 amortised cost using the effective intèrest method unless the arrangement constitutes a financing Iransaction, where the Iransaclion is rlleasured ai the present value ol Ihe lulure rèceipts discounted at a market raie ol inieiest. Financial asseis dassilied as receivable wilhin one year are not amorlised. 19
THE WILTSHIRE COUNTY FEDERATION OF YOUNG FARMERS. CLUBS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 Basic Financial Liabilities price unless Ihp 14 rrai", Debt instrumenls are subsequeriily carried ai Iimorlioed cost. Dsing Ihe effective inier8sI ra18 melhod. Trade creditors are oblioiEtions to pay lor goods OT 5crv!ces th<il h1E ve bcen acquircd in Ihe ordinary course ol operations from SUF)pliers. Amouiit5 payabl8 ar8 classified as current Iiabil,Iies Il payment is due within one year or les5. 11 not, tliey iL ie preseiiisd as non-current liabilities. Trade creditors are recognised initially al Iransactioii price and SbsequentIY measured al aEnortised cost using the effective interest method. Derecognilion of Flnancial Llabllities Financial liabilities arp deiocognised when the Charities contractual obligations expire or are discharged or cancelled. 13.12 Employee beneflts The cost ol any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised Immediately as an expen£e when the Charity Is demonstrably comtnitted lo lerminale the employment ol an employee or lo provide lerminalion benefits. 14 Critical Accounting Estimates and Judgements In the appliealion ol the Chr1rity's accounting poliaies, the Trustees are required lo make judgements, estimates and assumptions about tlie carrying amount ol assets and liabilities that are not readily apparent from other sources. Tlie estimates and associaled assumplions are based on historical experience and other laclors that are Considered to be relevant. Actual rèsults may difler from these eslimales. The eslimales and underlying assumptions are reviewed Dn an ongoing basis. Revisions lo accounting eslimales are recognised in the period in which the estimate is revised where the T&vision allects only that period, or in the period ol the revision and lulure periodg ivhere the revision allecls both curreni and future periods. 20
THE WILTSHIRE COUNTY FEDERATION OF YOUNG FARMERS. CLUBS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 Key Sources of Estimation and Uncerlainly The esiimales arid g.ssui?Iplioiis wliicp, havoi ¢ SiQl)IIIciiiil ri-.k ol CclLIS.'Fig a mli lerial Estimated Useful Lives of Tangible Fixed Assets In de:ermii)Inq the eslimaled useful life the Chtirily considers the expected plysicci1 wear and lear ol Ihc asset that could l?d lo obsolcscencé ol the assol. Each year the eharily revieivs the abovo lo eslabli8h il thero is any change Iii the expeclcd useful life of tangible assets. 15 Trustees None of the Tiuslees lor any por&ons connected with them) received any remulleralion or benofils Iroin the Charity dui'ing th6 year. Paul Wiiishire was rolbrsed lor payroll costs totalling £93812020 £3751. 16 Employees During the year there were trNo omployccs. In 2020 there were two employees. Thero wore no employees wliose annual r8mun8ration was £60,000 or more. The brcakdown ol employment costs are as follows.. 2021 2020 Net wages PAYE 8 NIC P8nsio 17,421 2.455 792 18,831 3,285 912 20,668 23.028 17 Helaied Party Tr8nsactSons There were no related party transactions during the year. 21
THE WILTSHIRE COUNTY FEDERATION OF YOUNG FARMERS, CLUBS NOTES TO THE FINANCIAL STATEMENTS FOFI THE YEAR ENDED 30 JUNE 2021 18 Government Grants Govcrnmcnl grants are recogriised al Ilie IIE IW Vdlue ol Ilie assei reccivecl or rec8ivable when Ihere Is reasoriable assurance tlicil Ilie giant condi1ions will be mel and the grarits will be received. A grant that specifies pcÈ4ormicnce ¢ondilions is rc¢ogni%ed in incomè whon the performance conditions are met . Whcro a grqnl does noi specily performance conditions it is recognised in Income when tlie pro-eeds are received or re¢eivable. A grant received before the rccognilion ciileria are satisfied Is recognised as a liability. 22