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 P￿k 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 prcpn 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