REGISTERED CHARITY NUMBER: 504307
Trustees' Report and Unaudited Financial Statements for the Year Ended 31 March 2025 for LINCOLNSHIRE FEDERATION OF YOUNG FARMERS CLUBS
Haines Watts 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 2025
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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
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LINCOLNSHIRE FEDERATION OF YOUNG FARMERS CLUBS
Trustees' Report for the year ended 31 March 2025
The trustees present their report with the financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the provisions of 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) (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) in the interests of the social welfare of such members to provide, and promote the provision of facilities for recreation and other leisure time occupations, being facilities which will improve their conditions of life and will assist in the development of their spiritual and mental capacities, self-reliance and individual responsibility so that they may grow to full maturity as individuals and members of the community.
When planning our activities for the year, the trustees have considered the Commissions guidance on public benefit and in particular, the specific guidance on charities for the advancement of education.
Financial review
Strategic Report
The trustees recommend that the reserves be maintained at a level which ensures that the Lincolnshire Federation of Young Farmers' core activities could continue during a period of unforeseen financial difficulty. Whilst the current level of unrestricted reserves may prove sufficient for the next year, it is the trustees view that it is prudent to ensure that there are sufficient free reserves to provide financial flexibility for the future should any funding be withdrawn, such as the key LCC Youth Services 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.
The club was set up under a constitution dated 10 April 1974. It's base of operations is at the University of Lincoln, Riseholme, Lincoln, LN2 2LG.
Recruitment and appointment of new trustees
The trustees are the members with the main responsibility over the club. At each AGM the trustees' position is reviewed with 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
Lincoln Young Farmers County Office Lincolnshire Showground Grange de Lings Lincoln Lincolnshire LN2 2NA
Trustees
Miss R Finney County Chair Mr R Butler County President Mr J Cullen County Vice Chair Mr T Barnett County Vice Chair (resigned 27/6/2024) L Garrill County Treasurer Ms R Wray Vice Chair (appointed 27/6/2024)
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LINCOLNSHIRE FEDERATION OF YOUNG FARMERS CLUBS
Trustees' Report for the year ended 31 March 2025
Reference and administrative details
Independent Examiner
Haines Watts 23 Algitha Road Skegness United Kingdom PE25 2AG
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
.............................................................................. Mr R Butler - Trustee
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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 charity trustees on my examination of the accounts of Lincolnshire Federation of Young Farmers Clubs (the Trust) for the year ended 31 March 2025.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out 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
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
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 concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Haines Watts 23 Algitha Road Skegness United Kingdom PE25 2AG
Date: .............................................
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LINCOLNSHIRE FEDERATION OF YOUNG FARMERS CLUBS
Statement of Financial Activities for the year ended 31 March 2025
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2025 2024
Unrestricted Restricted Total Total
fund funds funds funds
Notes £ £ £ £
Income and endowments from
Charitable activities
-
Subscriptions 41,825 41,825 39,290
-
Organisation 1,743 1,743 9,081
Other trading activities 2 95,427 - 95,427 94,144
Investment income 3 588 - 588 556
Total 139,583 - 139,583 143,071
Expenditure on
-
Raising funds 72,403 72,403 64,832
Charitable activities
-
Subscriptions 16,120 16,120 11,981
-
Organisation 43,077 43,077 45,291
Total 131,600 - 131,600 122,104
NET INCOME 7,983 - 7,983 20,967
Reconciliation of funds
Total funds brought forward 153,358 19,904 173,262 152,295
Total funds carried forward 161,341 19,904 181,245 173,262
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The notes form part of these financial statements
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LINCOLNSHIRE FEDERATION OF YOUNG FARMERS CLUBS
Statement of Financial Position 31 March 2025
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2025 2024
Unrestricted Restricted Total Total
fund funds funds funds
Notes £ £ £ £
Fixed assets
Tangible assets 7 330 - 330 457
Investments 8 127 - 127 127
457 - 457 584
Current assets
Stocks 9 3,991 - 3,991 4,758
Debtors 10 17,057 - 17,057 19,182
Cash at bank 141,975 19,904 161,879 153,182
163,023 19,904 182,927 177,122
Creditors
Amounts falling due within one year 11 (2,139) - (2,139) (4,444)
Net current assets 160,884 19,904 180,788 172,678
Total assets less current liabilities 161,341 19,904 181,245 173,262
NET ASSETS 161,341 19,904 181,245 173,262
Funds 12
Unrestricted funds:
General fund 161,341 153,358
Restricted funds:
Ald Herbert Jones bequest 500 500
NFYFC Jubilee Appeal 127 127
Stapleford Horse Society 100 100
Cash held for defunct clubs/regions 5,217 5,217
Equipment grant aid 2,341 2,341
County rally 11,204 11,204
Training grant 320 320
Youth forum 95 95
19,904 19,904
Total funds 181,245 173,262
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The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
.............................................
Miss S Allen - Trustee
The notes form part of these financial statements
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LINCOLNSHIRE FEDERATION OF YOUNG FARMERS CLUBS
Notes to the Financial Statements for the year ended 31 March 2025
1. Accounting policies
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular 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
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.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. 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 |
2025 £ 67 17,959 58,276 2,634 6,881 7,111 2,499 95,427 |
2024 £ 181 27,056 29,130 3,972 6,128 6,364 21,313 94,144 |
|---|---|---|
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LINCOLNSHIRE FEDERATION OF YOUNG FARMERS CLUBS
Notes to the Financial Statements - continued for the year ended 31 March 2025
3. Investment income
Bank deposit and investment account interest
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2025 2024
£ £
588 556
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4. Trustees' remuneration and benefits
There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024.
5. Staff costs
The average monthly number of employees during the year was as follows:
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2025 2024
Administration 1 1
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No employees received emoluments in excess of £60,000.
During the year, the charity employed one full time member of staff (2024: one), who undertake work to meet it's charitable objectives as well as performing administrative duties.
6. Comparatives for the statement of financial activities
| Unrestricted Restricted fund funds £ £ Income and endowments from Charitable activities Subscriptions 39,290 - Organisation 9,081 - Other trading activities 94,144 - Investment income 556 - Total 143,071 - Expenditure on Raising funds 64,832 - Charitable activities Subscriptions 11,981 - Organisation 45,291 - Total 122,104 - NET INCOME 20,967 - Reconciliation of funds Total funds brought forward 132,391 19,904 |
Total funds £ 39,290 9,081 94,144 556 143,071 64,832 11,981 45,291 122,104 20,967 152,295 |
|---|---|
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LINCOLNSHIRE FEDERATION OF YOUNG FARMERS CLUBS
Notes to the Financial Statements - continued for the year ended 31 March 2025
6. Comparatives for the statement of financial activities - continued
| Unrestricted Restricted fund funds £ £ |
Total funds £ |
|
|---|---|---|
| Total funds carried forward | 153,358 19,904 |
173,262 |
| 7. Tangible fixed assets Cost At 1 April 2024 and 31 March 2025 |
Plant and machinery £ 16,503 |
|
| Depreciation At 1 April 2024 Charge for year |
16,046 127 |
|
| At 31 March 2025 | 16,173 | |
| Net book value At 31 March 2025 |
330 | |
| At 31 March 2024 | 457 | |
| 8. Fixed asset investments Market value At 1 April 2024 and 31 March 2025 Net book value At 31 March 2025 At 31 March 2024 There were no investment assets outside the UK. 9. Stocks Stocks |
2025 £ 3,991 |
Listed investments £ 127 127 127 2024 £ 4,758 |
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LINCOLNSHIRE FEDERATION OF YOUNG FARMERS CLUBS
Notes to the Financial Statements - continued for the year ended 31 March 2025
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10. Debtors: amounts falling due within one year
2025 2024
£ £
Trade debtors 6,180 8,854
Prepayments 10,877 10,328
17,057 19,182
11. Creditors: amounts falling due within one year
2025 2024
£ £
Trade creditors 686 2,833
Taxation and social security 1,453 1,411
Other creditors - 200
2,139 4,444
12. Movement in funds
Net
movement
At 1/4/24 in funds At 31/3/25
£ £ £
Unrestricted funds
General fund 153,358 7,983 161,341
Restricted funds
Ald Herbert Jones bequest 500 - 500
NFYFC Jubilee Appeal 127 - 127
Stapleford Horse Society 100 - 100
-
Cash held for defunct clubs/regions 5,217 5,217
-
Equipment grant aid 2,341 2,341
-
County rally 11,204 11,204
Training grant 320 - 320
Youth forum 95 - 95
-
19,904 19,904
TOTAL FUNDS 173,262 7,983 181,245
Net movement in funds, included in the above are as follows:
Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 139,583 (131,600) 7,983
TOTAL FUNDS 139,583 (131,600) 7,983
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LINCOLNSHIRE FEDERATION OF YOUNG FARMERS
CLUBS
Notes to the Financial Statements - continued
for the year ended 31 March 2025
12. Movement in funds - continued
Comparatives for movement in funds
| Net movement At 1/4/23 in funds At 31/3/24 £ £ £ Unrestricted funds General fund 132,391 20,967 153,358 Restricted funds Ald Herbert Jones bequest 500 - 500 NFYFC Jubilee Appeal 127 - 127 Stapleford Horse Society 100 - 100 Cash held for defunct clubs/regions 5,217 - 5,217 Equipment grant aid 2,341 - 2,341 County rally 11,204 - 11,204 Training grant 320 - 320 Youth forum 95 - 95 |
Net movement At 1/4/23 in funds At 31/3/24 £ £ £ Unrestricted funds General fund 132,391 20,967 153,358 Restricted funds Ald Herbert Jones bequest 500 - 500 NFYFC Jubilee Appeal 127 - 127 Stapleford Horse Society 100 - 100 Cash held for defunct clubs/regions 5,217 - 5,217 Equipment grant aid 2,341 - 2,341 County rally 11,204 - 11,204 Training grant 320 - 320 Youth forum 95 - 95 |
|---|---|
| 19,904 - 19,904 |
|
| TOTAL FUNDS | 152,295 20,967 173,262 |
| Comparative net movement in funds, included in the above are as follows: Incoming Resources Movement resources expended in funds £ £ £ Unrestricted funds General fund 143,071 (122,104) 20,967 |
|
| TOTAL FUNDS | 143,071 (122,104) 20,967 |
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LINCOLNSHIRE FEDERATION OF YOUNG FARMERS CLUBS
Notes to the Financial Statements - continued for the year ended 31 March 2025
12. Movement in funds - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Restricted funds Ald Herbert Jones bequest NFYFC Jubilee Appeal Stapleford Horse Society Cash held for defunct clubs/regions Equipment grant aid County rally Training grant Youth forum |
Net movement At 1/4/23 in funds £ £ 132,391 28,950 500 - 127 - 100 - 5,217 - 2,341 - 11,204 - 320 - 95 - |
At 31/3/25 £ 161,341 500 127 100 5,217 2,341 11,204 320 95 |
|---|---|---|
| 19,904 - |
19,904 | |
| TOTAL FUNDS | 152,295 28,950 |
181,245 |
| A current year 12 months and prior year 12 months combined net movement in funds, included in the above Incoming Resources resources expended £ £ Unrestricted funds General fund 282,654 (253,704) |
are as follo Movement in funds £ 28,950 |
|
| TOTAL FUNDS | 282,654 (253,704) |
28,950 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
Details of each fund are as follows:
The Ald Herbert Jones Bequest, NFYFC Jubilee Appeal and Stapleford Horse Society all relate to money received in 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 charity receives any money left over and holds it in case the defunct club is reformed. The charity can use this money after 6 years, however based on past history they choose to hold it for longer.
The Youth Forum was established for the younger members of the club. The aim was to try to encourage the younger members to take a more involved role and also to increase and maintain this area of the charities membership. The Youth forum not 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
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LINCOLNSHIRE FEDERATION OF YOUNG FARMERS CLUBS
Notes to the Financial Statements - continued for the year ended 31 March 2025
13. Related party disclosures
There were no related party transactions for the year ended 31 March 2025 and there were no transactions beyond those expected with Trustees who are also members of the club.
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LINCOLNSHIRE FEDERATION OF YOUNG FARMERS CLUBS
Detailed Statement of Financial Activities for the year ended 31 March 2025
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2025 2024
£ £
Income and endowments
Other trading activities
Competitions and fundraising 67 181
County Rally 17,959 27,056
County Ball 58,276 29,130
Lincolnshire Show 2,634 3,972
Spring Ball 6,881 6,128
Jingle Ball 7,111 6,364
Other social events 2,499 21,313
95,427 94,144
Investment income
Bank deposit and investment account interest 588 556
Charitable activities
Subscriptions 42,066 41,744
Organisation - 240
Sundry 1,502 6,387
43,568 48,371
Total incoming resources 139,583 143,071
Expenditure
Raising donations and legacies
Competitions and fundraising 628 770
County rally 15,629 15,855
County ball 45,877 23,715
Lincolnshire show 1,290 3,562
Spring ball 3,089 3,961
Jingle ball 2,340 4,797
Club supplies 309 145
Other social events 2,474 13,214
71,636 66,019
Other trading activities
Opening alcohol stock 2,999 1,656
Opening County Merch stock 1,259 1,415
Closing alcohol stock (2,191) (2,999)
Closing County Merch stock (1,300) (1,259)
767 (1,187)
Charitable activities
Organiser and other salaries 28,265 26,020
Travelling 2,027 1,552
Carried forward 30,292 27,572
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This page does not form part of the statutory financial statements
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LINCOLNSHIRE FEDERATION OF YOUNG FARMERS CLUBS
Detailed Statement of Financial Activities for the year ended 31 March 2025
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2025 2024
£ £
Charitable activities
Brought forward 30,292 27,572
-
Training 1,253
County AGM expenditure 630 1,157
Committee expenditure - 600
Donations 700 445
32,875 29,774
Support costs
Governance costs
Rent - 1,200
Insurance 5,481 4,770
Telephone 304 550
Postage and stationery 119 306
Advertising 1,069 1,011
Accountancy 1,234 845
-
Repairs and renewals 1,799
Sundry expenses 2,055 4,515
NFYFC levies 15,638 11,981
Bank charges 295 394
Plant and machinery depreciation 127 127
26,322 27,498
Total resources expended 131,600 122,104
Net income 7,983 20,967
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This page does not form part of the statutory financial statements
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