REGISTERED CHARITY NUMBER: 504307
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Trustees' Report and
Unaudited Financial Statements
for the Year Ended 31 March 2021
for
LINCOLNSHIRE FEDERATION OF YOUNG FARMERS
CLUBS
DRAFT
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Haines Watts
Chartered Accountants
23 Algitha Road
Skegness
United Kingdom
PE25 2AG
LINCOLNSHIRE FEDERATION OF YOUNG FARMERS
CLUBS
Contents of the Financial Statements for the year ended 31 March 2021
Page
Trustees' Report 1to2
Independent Examiner's Report 3
Statement of Financial Activities 4
Statement of Financial Position 5
Notes to the Financial Statements 6to12
Detailed Statement of Financial Activities 13to14
LINCOLNSHIRE FEDERATION OF YOUNG FARMERS
CLUBS
Trustees' Report for the year ended 31 March 2021
The trusteespresenttheir reportwith the financialstatementsof the charityfor the year ended 31 March2021. The trustees have
adoptedtheprovisionsofAccountingandReportingbyCharities:StatementofRecommendedPracticeapplicableto charities
preparing their accountsin accordancewith the FinancialReportingStandard applicablein the UK and Republic of Ireland (FRS 102)
(effective 1 January 2019).
Objectives and activities
The objects of the club are as follows:
a)to advancethe educationof youngmembersof the publicat largein agriculture,homecrafts,countrylifeand related subjects,
and
b)intheinterestsofthesocialwelfareofsuchmemberstoprovide,andpromotetheprovisionoffacilitiesforrecreation and
other leisuretime occupations,being facilitieswhichwill improvetheir conditionsof life and will assistin the developmentof their
spiritualandmentalcapacities,self-relianceandindividualresponsibilitysothattheymaygrowtofullmaturityasindividuals and
members of the community.
thetrusteeshaveconsideredtheCommissions
bemaintainedatalevelwhichensuresthatthe
aperiodofunforeseenfinancialdifficulty.Whilstthe
year,itisthetrusteesviewthatitisprudenttoensure
thefutureshouldanyfundingbewithdrawn,suchasthe
dated10April1974.It'sbaseofoperationsisatthe
overthe club.At each AGM the trustees'
Whenplanningouractivitiesfortheyear,thetrusteeshaveconsideredtheCommissionsguidanceonpublicbenefitand in
particular, the specific guidance on charities for the advancement of education.
Financial review
Strategic Report
ThetrusteesrecommendthatthereservesbemaintainedatalevelwhichensuresthattheLincolnshireFederationof Young
Farmers'coreactivitiescouldcontinueduringaperiodofunforeseenfinancialdifficulty.Whilstthecurrentlevelof unrestricted
reservesmayprovesufficientforthenextyear,itisthetrusteesviewthatitisprudenttoensurethattherearesufficient free
reservestoprovidefinancialflexibilityforthefutureshouldanyfundingbewithdrawn,suchasthekeyLCCYouthServices Salary
Grant funding. At the current time, there are no known or actual financial concerns threatening the clubs future.
Structure, governance and management
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Theclubwassetupunderaconstitutiondated10April1974.It'sbaseofoperationsisattheUniversityofLincoln, Riseholme,
Lincoln, LN2 2LG.
Recruitment and appointment of new trustees
The trusteesare the memberswith the main responsibilityoverthe club.At each AGM the trustees'positionis reviewedwith any
new appointments being voted in. The usual rotation is two years for a trustee.
Reference and administrative details
Registered Charity number
504307
Principal address
Lincolnshire Federation of Young Farmers
YFC Office
Riseholme Park
Riseholme
Lincolnshire
LN2 2LG
Trustees
Mr M Stovin Chairman (resigned 24/6/2020)
Miss R Pringle Vice Chairman (resigned 24/6/2020)
Miss C Garbutt County Chair
Miss C Ulyatt Treasurer
Mr D Pepper Vice Chairman (appointed 24/6/2020)
Mr Z Woodcock Vice Chairman (appointed 24/6/2020)
Page 1
LINCOLNSHIRE FEDERATION OF YOUNG FARMERS
CLUBS
Trustees' Report for the year ended 31 March 2021
Reference and administrative details
Independent Examiner
Haines Watts
Chartered Accountants
23 Algitha Road
Skegness
United Kingdom
PE25 2AG
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
..............................................................................
Miss C Ulyatt - Trustee
Page 2
Independent Examiner's Report to the Trustees of Lincolnshire Federation of Young Farmers Clubs
Independent examiner's report to the trustees of Lincolnshire Federation of Young Farmers Clubs
I report to the charitytrustees on my examinationof the accountsof LincolnshireFederationof Young Farmers Clubs (the Trust) for
the year ended 31 March 2021.
Responsibilities and basis of report
As the charitytrusteesof the Trust you are responsiblefor the preparationof the accountsin accordancewith the requirements of
the Charities Act 2011 ('the Act').
IreportinrespectofmyexaminationoftheTrust'saccountscarriedoutundersection145oftheActandincarryingout my
examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
Ihavecompletedmyexamination.Iconfirmthatnomaterialmattershavecometomyattentioninconnectionwith the
examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
the applicable requirements concerning the form and Regulations 2008 other than any requirement with the examination
2. the accounts do not accord with those records; or
3. 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 concernsand have come across no other matters in connectionwith the examinationto which attentionshould be drawn
in this report in order to enable a proper understanding of the accounts to be reached.
Haines Watts
Chartered Accountants
23 Algitha Road
Skegness
United Kingdom
PE25 2AG
Date: .............................................
Page 3
LINCOLNSHIRE FEDERATION OF YOUNG FARMERS
CLUBS
Statement of Financial Activities for the year ended 31 March 2021
DRAFT
Unrestricted
Restricted
fund
funds
Notes
£
£
Income and endowments from
Charitable activities
Subscriptions
23,997
-
Organisation
10,672
-
Other trading activities
2
1,574
-
Investment income
3
381
-
Total
36,624
-
Expenditure on
Raising funds
2,554
-
Charitable activities
Subscriptions
245
-
Organisation
39,440
-
Total
42,239
-
NET INCOME/(EXPENDITURE)
(5,615)
-
Reconciliation of funds
Total funds brought forward
159,539
21,571
Total funds carried forward
153,924
21,571 |
2021
Total
funds
£
23,997
10,672
1,574
381
36,624
2,554
245
39,440
42,239
(5,615)
181,110
175,495 |
2020
Total
funds
£
34,313
1,637
102,009
430 |
|
|
138,389
67,426
-
54,647 |
|
|
122,073 |
|
|
16,316
164,794 |
|
|
181,110 |
|
|
|
The notes form part of these financial statements
Page 4
LINCOLNSHIRE FEDERATION OF YOUNG FARMERS CLUBS
Statement of Financial Position 31 March 2021
DRAFT
Unrestricted
Restricted
fund
funds
Notes
£
£
Fixed assets
Tangible assets
7
1,080
-
Investments
8
-
127
1,080
127
Current assets
Stocks
9
4,490
-
Debtors
10
23,298
-
Cash at bank
126,169
21,444
153,957
21,444
Creditors
Amounts falling due within one year
11
(1,113)
-
Net current assets
152,844
21,444
Total assets less current liabilities
153,924
21,571
NET ASSETS
153,924
21,571
Funds
12
Unrestricted funds
Restricted funds
Total funds
The financial statements were approved by the Board of Trustees and authorised for issue on .......
were signed on its behalf by: |
2021
Total
funds
£
1,080
127
1,207
4,490
23,298
147,613
175,401
(1,113)
174,288
175,495
175,495
153,924
21,571
175,495
.............................. |
2020
Total
funds
£
1,944
127
2,071
5,155
18,279
156,485
179,919
(880)
179,039
181,110
181,110
159,539
21,571
181,110
........
and |
|
|
|
.............................................
Miss C Ulyatt - Trustee
The notes form part of these financial statements
Page 5
LINCOLNSHIRE FEDERATION OF YOUNG FARMERS
CLUBS
Notes to the Financial Statements
for the year ended 31 March 2021
1. Accounting policies
Basis of preparing the financial statements
Thefinancialstatementsofthecharity,whichis a publicbenefitentityunderFRS102,havebeenpreparedin accordance
with the CharitiesSORP(FRS 102) 'Accountingand Reportingby Charities:Statementof RecommendedPractice applicable
to charitiespreparingtheir accountsin accordancewith the FinancialReportingStandardapplicablein the UK and Republic
ofIreland(FRS102)(effective1January2019)',FinancialReportingStandard102'TheFinancialReporting Standard
applicableintheUKandRepublicofIreland'andtheCharitiesAct2011.Thefinancialstatementshavebeen prepared
under the historical cost convention, with the exception of investments which are included at market value.
Income
All income is recognisedin the Statementof FinancialActivitiesonce the charityhas entitlementto the funds, it is probable
that the income will be received and the amount can be measured reliably.
as soon as there is a legal or constructiveobligation
transferofeconomicbenefitswillberequiredin
Expenditureisaccountedforonanaccrualsbasis
tothecategory.Wherecostscannotbedirectly
- 20% on cost and 15% on reducing balance
costandnet realisablevalue,aftermakingdue allowance
forparticularrestrictedpurposeswithintheobjectsof
Expenditure
Liabilitiesare recognisedas expenditureas soon as there is a legal or constructiveobligationcommittingthe charityto that
expenditure,itisprobablethatatransferofeconomicbenefitswillberequiredinsettlementandtheamountof the
obligationcanbemeasuredreliably.Expenditureisaccountedforonanaccrualsbasisandhasbeenclassified under
headingsthataggregateallcostrelatedtothecategory.Wherecostscannotbedirectlyattributedtoparticular headings
they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery- 20% on cost and 15% on reducing balance
Stocks
Stocksarevaluedat the lowerofcostandnet realisablevalue,aftermakingdue allowanceforobsoleteandslow moving
items.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsofthecharity.Restrictions arise
when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. Other trading activities
Competitions and fundraising
County Rally
County Ball
Lincolnshire Show
Spring Ball
Jingle Ball
Other social events
Brocklesby Hunt Ball |
2021
£
1,454
-
-
-
-
-
120
-
1,574 |
2020
£
14,160
24,817
30,625
3,898
11,091
11,982
984
4,452 |
|
|
102,009 |
Page 6
LINCOLNSHIRE FEDERATION OF YOUNG FARMERS
CLUBS
Notes to the Financial Statements - continued
for the year ended 31 March 2021
3. Investment income
Investment income |
|
|
|
2021 |
2020 |
|
£ |
£ |
Bank deposit and investment account interest |
381 |
430 |
4. Trustees' remuneration and benefits
Therewerenotrustees'remunerationorotherbenefitsfortheyearended31March2021norfortheyear ended
31 March 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2021 nor for the year ended 31 March 2020.
DRAFT
Staff costs
The average monthly number of employees during the year was as follows:
2021
Administration
1
1
No employees received emoluments in excess of £60,000.
During the year, the charity employed one full time member of staff (2020: one), and no part time members :
who undertake work to meet it's charitable objectives as well as performing administrative duties.
Comparatives for the statement of financial activities
Unrestricted
Restricted
fund
funds
£
£
Income and endowments from
Charitable activities
Subscriptions
34,313
-
Organisation
1,637
-
Other trading activities
102,009
-
Investment income
430
-
Total
138,389
-
Expenditure on
Raising funds
67,426
-
Charitable activities
Organisation
54,647
-
Total
122,073
-
NET INCOME
16,316
- |
2020
2
2
2020: on
Total
funds
£
34,313
1,637
102,009
430
138,389
67,426
54,647
122,073
16,316 |
|
|
5. Staff costs
Duringthe year,the charityemployedone fulltimememberof staff(2020:one),and no parttimemembers: 2020: one),
who undertake work to meet it's charitable objectives as well as performing administrative duties.
6.
Page 7
LINCOLNSHIRE FEDERATION OF YOUNG FARMERS CLUBS
Notes to the Financial Statements - continued for the year ended 31 March 2021
6. Comparatives for the statement of financial activities - continued
|
|
Unrestricted |
Restricted |
Total |
|
|
fund |
funds |
funds |
|
|
£ |
£ |
£ |
|
Reconciliation of funds |
|
|
|
|
Total funds brought forward |
143,223 |
21,571 |
164,794 |
|
Total funds carried forward |
159,539 |
21,571 |
181,110 |
7. |
Tangible fixed assets |
|
|
|
8. |
Cost
At 1 April 2020 and 31 March 2021
Depreciation
At 1 April 2020
Charge for year
At 31 March 2021
Net book value
At 31 March 2021
At 31 March 2020
Fixed asset investments
Market value
At 1 April 2020 and 31 March 2021 |
DRAFT
|
|
Plant and
machinery
£
15,868
13,924
864
14,788
1,080
1,944
Listed
investments
£
127 |
|
Net book value |
|
|
|
|
At 31 March 2021 |
|
|
127 |
|
At 31 March 2020 |
|
|
127 |
There were no investment assets outside the UK.
Page 8
LINCOLNSHIRE FEDERATION OF YOUNG FARMERS CLUBS
Notes to the Financial Statements - continued for the year ended 31 March 2021
9. |
Stocks |
|
|
|
|
|
|
|
|
|
|
2021 |
2020 |
|
|
|
|
|
£ |
£ |
|
Stocks |
|
|
|
4,490 |
5,155 |
10. |
Debtors: amounts falling due within one year |
|
|
|
|
|
|
|
|
|
|
2021 |
2020 |
|
|
|
|
|
£ |
£ |
|
Trade debtors |
|
|
|
7,687 |
4,075 |
|
Prepayments |
|
|
|
15,611 |
14,204 |
|
|
|
|
|
23,298 |
18,279 |
11.
12. |
DRAFT
Creditors: amounts falling due within one year
2021
£
Trade creditors
500
Other creditors
613
1,113
Movement in funds
Net
movement
At 1/4/20
in funds
£
£
Unrestricted funds
General fund
159,539
(5,615)
Restricted funds
Ald Herbert Jones bequest
500
-
NFYFC Jubilee Appeal
127
-
Stapleford Horse Society
100
-
Cash held for defunct clubs/regions
6,884
-
Equipment grant aid
2,341
- |
|
|
|
|
2020
£
500
380
880
At 31/3/21
£
153,924
500
127
100
6,884
2,341 |
|
County rally |
|
11,204 |
|
- |
11,204 |
|
Training grant |
|
320 |
|
- |
320 |
|
Youth forum |
|
95 |
|
- |
95 |
|
|
|
21,571 |
|
- |
21,571 |
|
TOTAL FUNDS |
|
181,110 |
|
(5,615) |
175,495 |
|
Net movement in funds, included in the above are as follows: |
|
|
|
|
|
|
|
|
Incoming |
Resources |
|
Movement |
|
|
|
resources |
expended |
|
in funds |
|
|
|
£ |
|
£ |
£ |
|
Unrestricted funds |
|
|
|
|
|
|
General fund |
|
36,624 |
|
(42,239) |
(5,615) |
|
TOTAL FUNDS |
|
36,624 |
|
(42,239) |
(5,615) |
Page 9
LINCOLNSHIRE FEDERATION OF YOUNG FARMERS
CLUBS
Notes to the Financial Statements - continued for the year ended 31 March 2021
12. Movement in funds - continued
Comparatives for movement in funds
|
|
|
Net |
|
|
|
|
movement |
|
|
|
At 1/4/19 |
in funds |
At 31/3/20 |
|
|
£ |
£ |
£ |
Unrestricted funds |
|
|
|
|
General fund |
|
143,223 |
16,316 |
159,539 |
Restricted funds |
|
|
|
|
Ald Herbert Jones bequest |
|
500 |
- |
500 |
DRAFT
NFYFC Jubilee Appeal
127
-
Stapleford Horse Society
100
-
Cash held for defunct clubs/regions
6,884
-
Equipment grant aid
2,341
-
County rally
11,204
-
Training grant
320
-
Youth forum
95
-
21,571
-
TOTAL FUNDS
164,794
16,316
Comparative net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
138,389
(122,073)
TOTAL FUNDS
138,389
(122,073) |
|
|
|
127
100
6,884
2,341
11,204
320
95
21,571
181,110
Movement
in funds
£
16,316
16,316 |
Page 10
LINCOLNSHIRE FEDERATION OF YOUNG FARMERS CLUBS
Notes to the Financial Statements - continued for the year ended 31 March 2021
12. Movement in funds - continued
A current year 12 months and prior year 12 months combined position is as follows:
|
|
Net |
|
|
|
movement |
|
|
At 1/4/19 |
in funds |
At 31/3/21 |
|
£ |
£ |
£ |
Unrestricted funds |
|
|
|
General fund |
143,223 |
10,701 |
153,924 |
Restricted funds |
|
|
|
Ald Herbert Jones bequest |
500 |
- |
500 |
NFYFC Jubilee Appeal |
127 |
- |
127 |
Stapleford Horse Society
Cash held for defunct clubs/regions
Equipment grant aid
County rally
Training grant
Youth forum
TOTAL FUNDS
A current year 12 months and prior
Unrestricted funds
General fund
TOTAL FUNDS |
DRAFT
100
-
6,884
-
2,341
-
11,204
-
320
-
95
-
21,571
-
164,794
10,701
year 12 months combined net movement in funds, included in the above
Incoming
Resources
resources
expended
£
£
175,013
(164,312)
175,013
(164,312) |
|
100
6,884
2,341
11,204
320
95
21,571
175,495
are as follows:
Movement
in funds
£
10,701
10,701 |
Details of each fund are as follows:
The Ald HerbertJones Bequest,NFYFC Jubilee Appeal and StaplefordHorse Societyall relate to money receivedin the past
to be held by the charity until a time when funds are needed in an emergency.
Cashheldfordefunctclubs/regions,relatestomoniesreceivedwhenclubshavefolded.Thecharityreceivesany money
left over and holds it in case the defunctclub is reformed.The charitycan use this moneyafter6 years,howeverbased on
past history they choose to hold it for longer.
TheYouthForumwasestablishedfortheyoungermembersoftheclub.Theaimwastotrytoencouragethe younger
membersto take a more involvedrole and alsoto increaseand maintainthis areaof the charitiesmembership.The Youth
forum not only arrangesmeetings for the youngermembers but also operatesactivitydays and weekends,which also help
develop their skills.
The County Rally has its own management team monitoring the income and expenditure
Page 11
LINCOLNSHIRE FEDERATION OF YOUNG FARMERS
CLUBS
Notes to the Financial Statements - continued for the year ended 31 March 2021
13. Related party disclosures
There were no related party transactions for the year ended 31 March 2021.
Page 12
LINCOLNSHIRE FEDERATION OF YOUNG FARMERS
CLUBS
Detailed Statement of Financial Activities for the year ended 31 March 2021
DRAFT
Income and endowments
Other trading activities
Competitions and fundraising
County Rally
County Ball
Lincolnshire Show
Spring Ball
Jingle Ball
Other social events
Brocklesby Hunt Ball
Investment income
Bank deposit and investment account interest
Charitable activities
Subscriptions
Organisation
Grants
Sundry
Total incoming resources
Expenditure
Raising donations and legacies
Competitions and fundraising
County rally
County ball
Lincolnshire show
Spring ball
Jingle ball
Club supplies
Entertainment, drama and pantomime
Competitions
Other social events
Charity ball
Brocklesby Hunt Ball
Other trading activities
Opening alcohol stock
Opening County Merch stock
Carried forward |
2021
£
1,454
-
-
-
-
-
120
-
1,574
381
30,187
-
4,402
80
34,669
36,624
1,454
-
-
142
-
-
61
-
-
32
350
-
2,039
2,755
1,750
4,505 |
2020
£
14,160
24,817
30,625
3,898
11,091
11,982
984
4,452 |
|
|
102,009
430
34,313
1,637
-
- |
|
|
35,950 |
|
|
138,389
11,889
13,743
20,275
2,974
4,994
4,215
2,718
187
701
1,365
540
2,585 |
|
|
66,186
5,745
-
5,745 |
This page does not form part of the statutory financial statements
Page 13
LINCOLNSHIRE FEDERATION OF YOUNG FARMERS CLUBS
Detailed Statement of Financial Activities for the year ended 31 March 2021
DRAFT
Other trading activities
Brought forward
Closing alcohol stock
Closing County Merch stock
Charitable activities
Organiser and other salaries
Travelling
Training
County AGM expenditure
Committee expenditure
Advertising
Support costs
Governance costs
Rent
Insurance
Telephone
Postage and stationery
Accountancy
Membership cards
Repairs and renewals
Sundry expenses
NFYFC levies
Bank charges
Plant and machinery depreciation
Total resources expended
Net (expenditure)/income |
2021
£
4,505
(2,240)
(1,750)
515
18,208
510
-
154
-
-
18,872
1,200
3,853
725
183
720
245
24
29
12,884
86
864
20,813
42,239
(5,615) |
2020
£
5,745
(2,755)
(1,750)
1,240
25,557
1,155
(1,275)
387
782
158
26,764
540
4,034
410
918
1,480
294
938
1,003
16,906
456
904
27,883
122,073
16,316 |
|
|
|
This page does not form part of the statutory financial statements
Page 14