REGISTERED CHARITY NUMBER: 504307
Trustees' Report and
Unaudited Financial Statements
for the Year Ended 31 March 2022
for
LINCOLNSHIRE FEDERATION OF YOUNG FARMERS
CLUBS
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 2022
|
|
Page |
|
Trustees' Report |
1 |
to |
2 |
Independent Examiner's Report |
|
3 |
|
Statement of Financial Activities |
|
4 |
|
Statement of Financial Position |
|
5 |
|
Notes to the Financial Statements |
6 |
to |
12 |
Detailed Statement of Financial Activities |
13 |
to |
14 |
LINCOLNSHIRE FEDERATION OF YOUNG FARMERS CLUBS
Trustees' Report for the year ended 31 March 2022
Thetrusteespresenttheirreportwiththefinancialstatementsofthecharityfortheyearended31March2022.Thetrustees have
adoptedtheprovisionsofAccountingandReportingbyCharities:StatementofRecommendedPracticeapplicabletocharities preparing
theiraccountsinaccordancewiththeFinancialReportingStandardapplicableintheUKandRepublicofIreland(FRS102)(effective 1
January 2019).
Objectives and activities
The objects of the club are as follows:
a) to advance the education of young members of the public at large in agriculture,home crafts, country life and related subjects, and
b)intheinterestsofthesocialwelfareofsuchmemberstoprovide,andpromotetheprovisionoffacilitiesforrecreationand other
leisure time occupations,being facilitieswhich will improvetheir conditionsof life and will assist in the developmentof their spiritual and
mentalcapacities,self-relianceandindividualresponsibilitysothattheymaygrowtofullmaturityasindividualsandmembersof the
community.
When planning our activitiesfor the year, the trustees have consideredthe Commissionsguidanceon public benefit and in particular, the
specific guidance on charities for the advancement of education.
Financial review
Strategic Report
ThetrusteesrecommendthatthereservesbemaintainedatalevelwhichensuresthattheLincolnshireFederationofYoung Farmers'
coreactivitiescouldcontinueduringaperiodofunforeseenfinancialdifficulty.Whilstthecurrentlevelofunrestrictedreserves may
provesufficientforthenextyear,itisthetrusteesviewthatitisprudenttoensurethattherearesufficientfreereservesto provide
financialflexibilityforthefutureshouldanyfundingbewithdrawn,suchasthekeyLCCYouthServicesSalaryGrantfunding.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
Thetrusteesarethememberswiththemainresponsibilityovertheclub.At eachAGM thetrustees'positionis reviewedwithany 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
Miss C Garbutt County Chair
Mr D Pepper Vice Chairman
Mr Z Woodcock Vice Chairman
Miss H Howell Treasurer (appointed 1/4/2021)
Mrs M Willoughby President (appointed 1/4/2021)
Miss S Allen Treasurer (appointed 1/4/2021)
Page 1
LINCOLNSHIRE FEDERATION OF YOUNG FARMERS CLUBS
Trustees' Report
for the year ended 31 March 2022
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 reportto the charitytrusteeson my examinationofthe accountsofLincolnshireFederationofYoungFarmersClubs(theTrust)for the
year ended 31 March 2022.
Responsibilities and basis of report
As thecharitytrusteesoftheTrustyouareresponsibleforthepreparationoftheaccountsinaccordancewiththerequirementsof the
Charities Act 2011 ('the Act').
I report in respect of my examinationof the Trust'saccountscarriedout under section145 of the Act and in carryingout 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.Iconfirmthatnomaterialmattershavecometomyattentioninconnectionwiththe 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
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 2022
Unrestricted
Restricted
fund
funds
Notes
£
£
Income and endowments from
Charitable activities
Subscriptions
8,756
-
Organisation
6,466
-
Other trading activities
2
46,146
-
Investment income
3
10
-
Total
61,378
-
Expenditure on
Raising funds
40,144
-
Charitable activities
Subscriptions
-
-
Organisation
38,759
1,667
Total
78,903
1,667
NET INCOME/(EXPENDITURE)
(17,525)
(1,667)
Reconciliation of funds
Total funds brought forward
153,924
21,571
Total funds carried forward
136,399
19,904 |
2022
Total
funds
£
8,756
6,466
46,146
10
61,378
40,144
-
40,426
80,570
(19,192)
175,495
156,303 |
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 |
The notes form part of these financial statements
Page 4
LINCOLNSHIRE FEDERATION OF YOUNG FARMERS CLUBS
Statement of Financial Position
31 March 2022
Unrestricted
Restricted
fund
funds
Notes
£
£
Fixed assets
Tangible assets
7
216
-
Investments
8
-
127
216
127
Current assets
Stocks
9
3,350
-
Debtors
10
15,440
-
Cash at bank
118,706
19,777
137,496
19,777
Creditors
Amounts falling due within one year
11
(1,313)
-
Net current assets
136,183
19,777
Total assets less current liabilities
136,399
19,904
NET ASSETS
136,399
19,904
Funds
12
Unrestricted funds
Restricted funds
Total funds |
2022
Total
funds
£
216
127
343
3,350
15,440
138,483
157,273
(1,313)
155,960
156,303
156,303
136,399
19,904
156,303 |
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 |
ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissueon.............................................and were
signed on its behalf by:
.............................................
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 2022
1. Accounting policies
Basis of preparing the financial statements
Thefinancialstatementsofthecharity,whichisapublicbenefitentityunderFRS102,havebeenpreparedinaccordance with
the CharitiesSORP (FRS 102) 'Accountingand Reportingby Charities:Statement of RecommendedPracticeapplicableto charities
preparingtheiraccountsinaccordancewiththeFinancialReportingStandardapplicableintheUKandRepublicofIreland (FRS
102)(effective1January2019)',FinancialReportingStandard102'TheFinancialReportingStandardapplicableintheUK and
RepublicofIreland'andtheCharitiesAct2011.Thefinancialstatementshavebeenpreparedunderthehistorical cost
convention, with the exception of investments which are included at market value.
Income
All incomeis 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.
Expenditure
Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructiveobligationcommittingthecharityto that
expenditure,it is probablethata transferofeconomicbenefitswillbe requiredin settlementandtheamountofthe obligation
canbemeasuredreliably.Expenditureisaccountedforonanaccrualsbasisandhasbeenclassifiedunderheadings that
aggregateallcostrelatedtothecategory.Wherecostscannotbedirectlyattributedtoparticularheadingstheyhave 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
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow 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.Restrictionsarise 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
Jingle Ball
Other social events
Charity Ball |
2022
£
1,676
1,139
25,886
14,043
2,902
500
46,146 |
2021
£
1,454
-
-
-
120
- |
|
|
1,574 |
Page 6
LINCOLNSHIRE FEDERATION OF YOUNG FARMERS CLUBS
Notes to the Financial Statements - continued
for the year ended 31 March 2022
3. Investment income
Bank deposit and investment account interest
4. Trustees' remuneration and benefits
Therewerenotrustees'remunerationorotherbenefitsfortheyearended31March2022norfortheyear ended
31 March 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2022 nor for the year ended 31 March 2021.
5. Staff costs
The average monthly number of employees during the year was as follows:
Administration
No employees received emoluments in excess of £60,000.
Duringtheyear,thecharityemployedonefulltimememberofstaff(2021:one),whoundertakeworktomeetit's charitable
objectives as well as performing administrative duties.
6.
Comparatives for the statement of financial activities
Comparatives for the statement of financial activities |
|
Unrestricted
Restricted
fund
funds
£
£
Income and endowments from
Charitable activities
Subscriptions
23,997
-
Organisation
10,672
-
Other trading activities
1,574
-
Investment income
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)
- |
Total
funds
£
23,997
10,672
1,574
381 |
|
36,624
2,554
245
39,440 |
|
42,239 |
|
(5,615) |
Page 7
LINCOLNSHIRE FEDERATION OF YOUNG FARMERS CLUBS
Notes to the Financial Statements - continued for the year ended 31 March 2022
6.Comparatives for the statement of financial activities - continued
|
|
Unrestricted |
Restricted |
Total |
|
|
fund |
funds |
funds |
|
|
£ |
£ |
£ |
|
Reconciliation of funds |
|
|
|
|
Total funds brought forward |
159,539 |
21,571 |
181,110 |
|
Total funds carried forward |
153,924 |
21,571 |
175,495 |
7. |
Tangible fixed assets |
|
|
|
|
|
|
|
Plant and |
|
|
|
|
machinery |
|
|
|
|
£ |
|
Cost |
|
|
|
|
At 1 April 2021 and 31 March 2022 |
|
|
15,868 |
|
Depreciation |
|
|
|
|
At 1 April 2021 |
|
|
14,788 |
|
Charge for year |
|
|
864 |
|
At 31 March 2022 |
|
|
15,652 |
|
Net book value |
|
|
|
|
At 31 March 2022 |
|
|
216 |
|
At 31 March 2021 |
|
|
1,080 |
8. |
Fixed asset investments |
|
|
|
|
|
|
|
Listed |
|
|
|
|
investments |
|
|
|
|
£ |
|
Market value |
|
|
|
|
At 1 April 2021 and 31 March 2022 |
|
|
127 |
|
Net book value |
|
|
|
|
At 31 March 2022 |
|
|
127 |
|
At 31 March 2021 |
|
|
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 2022
9. |
Stocks |
|
|
|
|
|
|
2022 |
2021 |
|
|
|
£ |
£ |
|
Stocks |
|
3,350 |
4,490 |
10. |
Debtors: amounts falling due within one year |
|
|
|
|
|
|
2022 |
2021 |
|
|
|
£ |
£ |
|
Trade debtors |
|
8,648 |
7,687 |
|
Other debtors |
|
4,386 |
- |
|
Prepayments |
|
2,406 |
15,611 |
|
|
|
15,440 |
23,298 |
11. |
Creditors: amounts falling due within one year |
|
|
|
|
|
|
2022 |
2021 |
|
|
|
£ |
£ |
|
Trade creditors |
|
500 |
500 |
|
Other creditors |
|
813 |
613 |
|
|
|
1,313 |
1,113 |
12. |
Movement in funds |
|
|
|
|
|
|
Net |
|
|
|
|
movement |
|
|
|
At 1/4/21 |
in funds |
At 31/3/22 |
|
|
£ |
£ |
£ |
|
Unrestricted funds |
|
|
|
|
General fund |
153,924 |
(17,525) |
136,399 |
|
Restricted funds |
|
|
|
|
Ald Herbert Jones bequest |
500 |
- |
500 |
|
NFYFC Jubilee Appeal |
127 |
- |
127 |
|
Stapleford Horse Society |
100 |
- |
100 |
|
Cash held for defunct clubs/regions |
6,884 |
(1,667) |
5,217 |
|
Equipment grant aid |
2,341 |
- |
2,341 |
|
County rally |
11,204 |
- |
11,204 |
|
Training grant |
320 |
- |
320 |
|
Youth forum |
95 |
- |
95 |
|
|
21,571 |
(1,667) |
19,904 |
|
TOTAL FUNDS |
175,495 |
(19,192) |
156,303 |
Page 9
LINCOLNSHIRE FEDERATION OF YOUNG FARMERS CLUBS
Notes to the Financial Statements - continued for the year ended 31 March 2022
12. Movement in funds - continued
Net movement in funds, included in the above are as follows:
|
Incoming |
Resources |
Movement |
|
resources |
expended |
in funds |
|
£ |
£ |
£ |
Unrestricted funds |
|
|
|
General fund |
61,378 |
(78,903) |
(17,525) |
Restricted funds |
|
|
|
Cash held for defunct clubs/regions |
- |
(1,667) |
(1,667) |
TOTAL FUNDS |
61,378 |
(80,570) |
(19,192) |
Comparatives for movement in funds |
|
|
|
|
|
Net |
|
|
|
movement |
|
|
At 1/4/20 |
in funds |
At 31/3/21 |
|
£ |
£ |
£ |
Unrestricted funds |
|
|
|
General fund |
159,539 |
(5,615) |
153,924 |
Restricted funds |
|
|
|
Ald Herbert Jones bequest |
500 |
- |
500 |
NFYFC Jubilee Appeal |
127 |
- |
127 |
Stapleford Horse Society |
100 |
- |
100 |
Cash held for defunct clubs/regions |
6,884 |
- |
6,884 |
Equipment grant aid |
2,341 |
- |
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 |
Comparative 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 10
LINCOLNSHIRE FEDERATION OF YOUNG FARMERS CLUBS
Notes to the Financial Statements - continued for the year ended 31 March 2022
12. Movement in funds - continued
A current year 12 months and prior year 12 months combined position is as follows:
|
|
Net |
|
|
|
movement |
|
|
At 1/4/20 |
in funds |
At 31/3/22 |
|
£ |
£ |
£ |
Unrestricted funds |
|
|
|
General fund |
159,539 |
(23,140) |
136,399 |
Restricted funds |
|
|
|
Ald Herbert Jones bequest |
500 |
- |
500 |
NFYFC Jubilee Appeal |
127 |
- |
127 |
Stapleford Horse Society |
100 |
- |
100 |
Cash held for defunct clubs/regions |
6,884 |
(1,667) |
5,217 |
Equipment grant aid |
2,341 |
- |
2,341 |
County rally |
11,204 |
- |
11,204 |
Training grant |
320 |
- |
320 |
Youth forum |
95 |
- |
95 |
|
21,571 |
(1,667) |
19,904 |
TOTAL FUNDS |
181,110 |
(24,807) |
156,303 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
|
Incoming |
Resources |
Movement |
|
resources |
expended |
in funds |
|
£ |
£ |
£ |
Unrestricted funds |
|
|
|
General fund |
98,002 |
(121,142) |
(23,140) |
Restricted funds |
|
|
|
Cash held for defunct clubs/regions |
- |
(1,667) |
(1,667) |
TOTAL FUNDS |
98,002 |
(122,809) |
(24,807) |
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.
Cash held for defunct clubs/regions,relates to monies received when clubs have folded. The charityreceivesany money left over
andholdsitincasethedefunctclubisreformed.Thecharitycanusethismoneyafter6years,howeverbasedonpast history
they choose to hold it for longer.
The YouthForumwasestablishedforthe youngermembersof the club.The aim wasto try to encouragethe younger members
to take a more involvedrole and alsoto increaseand maintainthis areaof the charitiesmembership.The Youthforumnot only
arranges meetings for the younger members but also operates activity days 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 2022
13. Related party disclosures
There were no related party transactions for the year ended 31 March 2022.
Page 12
LINCOLNSHIRE FEDERATION OF YOUNG FARMERS CLUBS
Detailed Statement of Financial Activities for the year ended 31 March 2022
Income and endowments
Other trading activities
Competitions and fundraising
County Rally
County Ball
Jingle Ball
Other social events
Charity 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
Jingle ball
Club supplies
Competitions
Other social events
Charity ball
Other trading activities
Opening alcohol stock
Opening County Merch stock
Closing alcohol stock
Closing County Merch stock |
2022
£
1,676
1,139
25,886
14,043
2,902
500
46,146
10
8,623
1,072
5,403
124
15,222
61,378
88
2,411
22,204
-
11,084
86
264
2,867
-
39,004
2,240
1,750
(1,450)
(1,400)
1,140 |
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
(2,240)
(1,750) |
|
|
515 |
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 2022
Other trading activities
Charitable activities
Organiser and other salaries
Travelling
Training
County AGM expenditure
Support costs
Governance costs
Rent
Insurance
Telephone
Postage and stationery
Accountancy
Membership cards
Repairs and renewals
Sundry expenses
NFYFC levies
Bank charges
Handbook
Defunct club funding
Plant and machinery depreciation
Total resources expended
Net expenditure |
2022
£
19,752
1,056
959
242
22,009
900
3,154
817
598
1,518
-
132
708
7,314
-
745
1,667
864
18,417
80,570
(19,192) |
2021
£
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) |
This page does not form part of the statutory financial statements
Page 14