CHARITY REGISTRATION NUMBER: 504310
Yorkshire Federation of Young Farmers Clubs Unaudited Financial Statements 28 February 2021
HOLLINGS CROWE STORR LLP
Accountants 14 Beech Hill Otley West Yorkshire LS21 3AX
Yorkshire Federation of Young Farmers Clubs
Financial Statements
Year ended 28 February 2021
| Page | |
|---|---|
| Trustees' annual report | 1 |
| Independent examiner's report to the trustees | 3 |
| Statement of financial activities | 4 |
| Statement of financial position | 5 |
| Notes to the financial statements | 6 |
| The following pages do not form part of the financial statements | |
| Detailed statement of financial activities | 15 |
Yorkshire Federation of Young Farmers Clubs
Trustees' Annual Report
Year ended 28 February 2021
The trustees present their report and the unaudited financial statements of the charity for the year ended 28 February 2021.
Reference and administrative details
Registered charity name Yorkshire Federation of Young Farmers Clubs Charity registration number 504310 Principal office Regional Agricultural Centre Great Yorkshire Showground Railway Road Harrogate HG2 8NZ
The trustees
Mr D Coates Mr JP Gill Mr A Wood Independent examiner Anthony Bradbury 14 Beech Hill Otley West Yorkshire LS21 3AX
Structure, governance and management
Governing Document
Yorkshire Federation of Young Farmers Clubs has a constitution adopted on 18 April 1974.
Objectives and activities
a) to advance the education of young members of the public at large in agriculture, homecrafts, 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.
Achievements and performance
The trustees believe that the outcome for the year was reasonable and in line with the objectives of Yorkshire Federation of Young Farmers Clubs.
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Yorkshire Federation of Young Farmers Clubs
Trustees' Annual Report (continued)
Year ended 28 February 2021
Financial review
The attached accounts show the current state of the finances which the trustees consider to be healthy and in line with the core objectives. The accounts comply with current statutory requirements and with the Charities Act.
The trustees believe that Yorkshire Federation of Young Farmers clubs is well organised under the terms of its constitution and is fulfilling its objectives under the constitution.
The trustees invest any surplus income to ensure that the Federation has sufficient reserves to meet its financial commitments in the year ahead.
13th May 2021 The trustees' annual report was approved on .............................. and signed on behalf of the board of trustees by:
Edward Bentley Chairperson
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Yorkshire Federation of Young Farmers Clubs
Independent Examiner's Report to the Trustees of Yorkshire Federation of Young Farmers Clubs
Year ended 28 February 2021
I report to the trustees on my examination of the financial statements of Yorkshire Federation of Young Farmers Clubs ('the charity') for the year ended 28 February 2021.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the 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:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the financial statements do not accord with those records; or
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the financial statements 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.
Anthony Bradbury Independent Examiner
14 Beech Hill Otley West Yorkshire LS21 3AX
3
Yorkshire Federation of Young Farmers Clubs
Statement of Financial Activities
Year ended 28 February 2021
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | ||||
| funds | funds | Total funds | Total funds | ||
| Note | £ | £ | £ | £ | |
| Income and endowments | |||||
| Donations and legacies | 4 | 29,546 | – | 29,546 | 3,378 |
| Charitable activities | 5 | 54,996 | – | 54,996 | 90,204 |
| Investment income | 6 | 1,468 | 16 | 1,484 | 1,655 |
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| Total income | 86,010 | 16 | 86,026 | 95,237 | |
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| Expenditure | |||||
| Expenditure on charitable activities | 7,8 | 42,162 | – | 42,162 | 103,536 |
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| Total expenditure | 42,162 | – | 42,162 | 103,536 | |
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| Net income/(expenditure) and net | |||||
| movement in funds | 43,848 | 16 | 43,864 | (8,299) | |
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| Reconciliation of funds | |||||
| Total funds brought forward | 120,166 | 27,165 | 147,331 | 155,629 | |
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| Total funds carried forward | 164,014 | 27,181 | 191,195 | 147,331 | |
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The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 6 to 13 form part of these financial statements.
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Yorkshire Federation of Young Farmers Clubs
Statement of Financial Position
28 February 2021
| 2021 | 2020 | ||
|---|---|---|---|
| Note | £ | £ | |
| Fixed assets | |||
| Tangible fixed assets | 13 | 2,576 | 3,494 |
| Current assets | |||
| Stocks | 14 | 6,393 | 6,409 |
| Debtors | 15 | 59,746 | 39,203 |
| Cash at bank and in hand | 244,209 | 209,770 | |
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| 310,348 | 255,382 | ||
| Creditors: amounts falling due within one year | 16 | 121,729 | 111,545 |
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| Net current assets | 188,619 | 143,837 | |
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| Total assets less current liabilities | 191,195 | 147,331 | |
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| Net assets | 191,195 | 147,331 | |
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| Funds of the charity | |||
| Restricted funds | 27,181 | 27,165 | |
| Unrestricted funds | 164,014 | 120,166 | |
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| Total charity funds | 17 | 191,195 |
147,331 |
These financial statements were approved by the board of trustees and authorised for issue on ........................, and are signed on behalf of the board by:13th May 2021
Edward Bentley Chairperson
The notes on pages 6 to 13 form part of these financial statements.
5
Yorkshire Federation of Young Farmers Clubs
Notes to the Financial Statements
Year ended 28 February 2021
1. General information
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is Regional Agricultural centre, Great Yorkshire Showground, Railway Road, Harrogate, HG2 8NZ.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
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Yorkshire Federation of Young Farmers Clubs
Notes to the Financial Statements (continued)
Year ended 28 February 2021
3. Accounting policies (continued)
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
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income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
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legacy income is recognised when receipt is probable and entitlement is established.
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income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
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income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
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expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.
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expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
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other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
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Yorkshire Federation of Young Farmers Clubs
Notes to the Financial Statements (continued)
Year ended 28 February 2021
3. Accounting policies (continued)
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment - 20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cashgenerating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.
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Yorkshire Federation of Young Farmers Clubs
Notes to the Financial Statements (continued)
Year ended 28 February 2021
3. Accounting policies (continued)
Financial instruments (continued)
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Donations and legacies
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2021 | Funds | 2020 | |
| £ | £ | £ | £ | |
| Donations | ||||
| Donations/Sponsorship | 729 | 729 | 3,378 | 3,378 |
| Grants | ||||
| Grants receivable | 28,817 | 28,817 | – | – |
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| 29,546 | 29,546 | 3,378 | 3,378 | |
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Yorkshire Federation of Young Farmers Clubs
Notes to the Financial Statements (continued)
Year ended 28 February 2021
5. Charitable activities
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2021 | Funds | 2020 | |
| £ | £ | £ | £ | |
| Affiliation fees (including arrears) | 53,353 | 53,353 | 71,460 | 71,460 |
| EF&GP Committee | 248 | 248 | 13,640 | 13,640 |
| Competitions Committee | 565 | 565 | 2,473 | 2,473 |
| Development & Marketing Committee | 830 | 830 | 2,631 | 2,631 |
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| 54,996 | 54,996 | 90,204 | 90,204 | |
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| 6. | Investment income | |||
|---|---|---|---|---|
| Unrestricted | Restricted | Total Funds | ||
| Funds | Funds | 2021 | ||
| £ | £ | £ | ||
| Interest receivable | 1,468 | 16 | 1,484 | |
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| Unrestricted | Restricted | Total Funds | ||
| Funds | Funds | 2020 | ||
| £ | £ | £ | ||
| Interest receivable | 1,621 | 34 | 1,655 | |
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| 7. | Expenditure on charitable activities by fund type | |||
| Unrestricted | Restricted | Total Funds | ||
| Funds | Funds | 2021 | ||
| £ | £ | £ | ||
| Support costs | 42,162 | – | 42,162 | |
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| Unrestricted | Restricted | Total Funds | ||
| Funds | Funds | 2020 | ||
| £ | £ | £ | ||
| Support costs | 100,535 | 3,000 | 103,536 | |
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| 8. | Expenditure on charitable activities by activity type | |||
| Total funds | Total fund | |||
| Support costs | 2021 | 2020 | ||
| £ | £ | £ | ||
| Governance costs | 42,162 | 42,162 | 103,536 | |
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| 9. | Net income/(expenditure) | |||
| Net income/(expenditure) is stated after charging/(crediting): | ||||
| 2021 | 2020 | |||
| £ | £ | |||
| Depreciation of tangible fixed assets | 918 | 827 | ||
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Yorkshire Federation of Young Farmers Clubs
Notes to the Financial Statements (continued)
Year ended 28 February 2021
10. Independent examination fees
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Fees payable to the independent examiner for: | ||
| Independent examination of the financial statements | 852 | 852 |
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11. Staff costs
| The total staff costs and employee benefits for the reporting period are | analysed as | follows: |
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Wages and salaries | 25,919 | 56,223 |
| Other employee benefits | – | 3,000 |
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| 25,919 | 59,223 | |
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| The average head count of employees during the year was 1 (2020: 3). |
No employee received employee benefits of more than £60,000 during the year (2020: Nil).
12. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees;
13. Tangible fixed assets
| Equipment | ||
|---|---|---|
| £ | ||
| Cost | ||
| At 1 March 2020 and 28 February 2021 | 9,789 | |
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| Depreciation | ||
| At 1 March 2020 | 6,295 | |
| Charge for the year | 918 | |
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| At 28 February 2021 | 7,213 | |
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| Carrying amount | ||
| At 28 February 2021 | 2,576 | |
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| At 29 February 2020 | 3,494 | |
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| Stocks | ||
| 2021 | 2020 | |
| £ | £ | |
| Raw materials and consumables | 1,393 | 1,409 |
| Bar Stock Float | 5,000 | 5,000 |
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| 6,393 | 6,409 | |
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14. Stocks
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Yorkshire Federation of Young Farmers Clubs
Notes to the Financial Statements (continued)
Year ended 28 February 2021
15. Debtors
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Trade debtors | 37,201 | 14,541 |
| Prepayments and accrued income | 1,612 | 3,009 |
| Other debtors | 20,933 | 21,653 |
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| 59,746 | 39,203 | |
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16. Creditors: amounts falling due within one year
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Trade creditors | 1,388 | 3,725 |
| Accruals and deferred income | 120,102 | 107,297 |
| Social security and other taxes | 133 | 420 |
| Other creditors | 106 | 103 |
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| 121,729 | 111,545 | |
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17. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | |||||
|---|---|---|---|---|---|
| At | |||||
| At | 28 February | ||||
| 1 | March 2020 | Income | Expenditure | 2021 | |
| £ | £ | £ | £ | ||
| General funds | 120,166 | 86,010 | (42,162) | 164,014 | |
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| At | |||||
| At | 29 February 2 | ||||
| 1 | March 2019 | Income | Expenditure | 020 | |
| £ | £ | £ | £ | ||
| General funds | 125,498 |
95,203 |
(100,535) |
120,166 |
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Yorkshire Federation of Young Farmers Clubs
Notes to the Financial Statements (continued)
Year ended 28 February 2021
17. Analysis of charitable funds (continued)
Restricted funds
| Restricted funds | ||||
|---|---|---|---|---|
| At | ||||
| At | 28 February | |||
| 1 | March 2020 | Income | Expenditure | 2021 |
| £ | £ | £ | £ | |
| Money Held for Clubs | 5,952 | 16 | – | 5,968 |
| Life Awards Fund | 732 | – | – | 732 |
| Development Fund | 20,481 | – | – | 20,481 |
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| 27,165 | 16 | – | 27,181 | |
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| At | ||||
| At | 29 February 2 | |||
| 1 | March 2019 | Income | Expenditure | 020 |
| £ | £ | £ | £ | |
| Money Held for Clubs | 5,918 | 34 | – | 5,952 |
| Life Awards Fund | 662 | 70 | – | 732 |
| Development Fund | 23,551 | – | (3,000) | 20,481 |
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| 30,131 | 104 | (3,000) | 27,165 | |
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| Analysis of net assets between funds | ||||
| Unrestricted | Restricted | Total Funds | ||
| Funds | Funds | 2021 | ||
| £ | £ | £ | ||
| Tangible fixed assets | 2,576 | – | 2,576 | |
| Current assets | 283,167 | 27,181 | 310,348 | |
| Creditors less than 1 year | (121,729) | – | (121,729) | |
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| Net assets | 164,014 | 27,181 | 191,195 | |
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| Unrestricted | Restricted | Total Funds | ||
| Funds | Funds | 2020 | ||
| £ | £ | £ | ||
| Tangible fixed assets | 3,494 | – | 3,494 | |
| Current assets | 228,216 | 27,165 | 255,382 | |
| Creditors less than 1 year | (111,545) | – | (111,545) | |
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| Net assets | 120,165 | 27,165 | 147,331 | |
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18. Analysis of net assets between funds
13
Yorkshire Federation of Young Farmers Clubs
Management Information
Year ended 28 February 2021
The following pages do not form part of the financial statements.
14
Yorkshire Federation of Young Farmers Clubs
Detailed Statement of Financial Activities
Year ended 28 February 2021
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Income and endowments | ||
| Donations and legacies | ||
| Donations/Sponsorship | 729 | 3,378 |
| Grants receivable | 28,817 | – |
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| 29,546 | 3,378 | |
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| Charitable activities | ||
| Affiliation fees (including arrears) | 53,353 | 71,460 |
| EF&GP Committee | 248 | 13,640 |
| Competitions Committee | 565 | 2,473 |
| Development & Marketing Committee | 830 | 2,631 |
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| 54,996 | 90,204 | |
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| Investment income | ||
| Interest receivable | 1,484 | 1,655 |
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| Total income | 86,026 | 95,237 |
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| Expenditure | ||
| Expenditure on charitable activities | ||
| Wages and salaries | 25,919 | 56,223 |
| Other post-retirement benefits | – | 3,000 |
| Rent | 7,029 | 6,613 |
| Repairs and maintenance | 329 | 1,284 |
| Legal and professional fees | 4,311 | 6,390 |
| Telephone | 155 | 1,539 |
| Other office costs | 83 | 3,813 |
| Depreciation | 918 | 827 |
| Other interest payable and similar charges | 21 | 566 |
| Activities Committee | 1,388 | 11,464 |
| Club Supplies and Members Pool | 189 | (18) |
| Development & Marketing Committee | 956 | 10,204 |
| Sundries | 864 | 1,631 |
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| 42,162 | 103,536 | |
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| Total expenditure | 42,162 | 103,536 |
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| Net income/(expenditure) | 43,864 | (8,299) |
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15