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← Herefordshire County Federation Of Young Farmers Clubs

2024-08-31-accounts

HEREFORDSHIRE FEDERATION OF YOUNG FARMERS' CLUBS

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

Charity Registration Number: 520998

Herefordshire Federation of Young Farmers' Clubs Reference and Administrative Information

Name Herefordshire County Federation of Young Farmers' Clubs Other names Herefordshire Federation of Young Farmers' Clubs HFYFC Registered number 520998 Registered address YFC Centre Beech Business Park Tillington Road Hereford HR4 9QJ President Mr Max Jenman Chair of Executive Committee Miss Annabel Beaumont Vice - Chair of Executive Committee Mrs Chloe Watkins Chair of Management Committee Mr Robin Knott (to 12 February 2024) Mrs Wendy Davies (from 12 February 2024) Treasurer Mrs Heather Hadley Trustees To 5 February 2024 From 5 February 2024 Miss A Beaumont Miss A Beaumont Mrs W Davies Mrs F Bevan Mrs H Farndon Mrs W Davies Miss L Legge Mrs H Farndon Miss I Manning Mrs R Wall Mrs R Wall Mrs C Watkins Mr A Baker Mr A Baker Mr R Knott Mr R Knott Mr T Richards Mr T Richards Mr S Rogers Mr S Rogers Custodian Trustees Mr N Evans Mr R Knott Mr C Mayson Bankers Lloyds Bank plc CAF Bank Ltd Scottish Widows Bank 8 High Town 25 Kings Hill Avenue PO Box 883 Hereford Kings Hills Leeds HR1 2AE West Malling LS1 9TY Kent ME19 4JQ

Independent examiner M. A. Williams Accountancy Ltd 7 Cottons Meadow Kingstone Hereford HR2 9EW

1

Herefordshire Federation of Young Farmers' Clubs Report of the Trustees for the year ended 31 August 2024

The trustees present their report and financial statements for the Federation for the year ending 31 August 2024. These have been prepared in accordance with the governing document, the Charities Act 2011 and 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 issued in October 2019

Structure, governance and management

The charity was established by a constitution adopted in 1960 and adopted a new constitution on 3 September 2007, which was amended on 16 April 2012

The Management Committee, who are the trustees of the Federation, are appointed as follows:

The Management Committee appoints Holding Trustees to act as custodian trustees, who hold that office at the pleasure of the Management Committee.

The Executive Committee is appointed as follows:

All of the above serve on the Executive Committee for one year and are eligible for re-election, except custodian trustees who hold office for such time as the Management Committee determines

The trustees have considered the major risks to which the Federation is exposed and are satisfied that adequate steps have been taken to minimise exposure to such risks

Objectives and activities

The objects of the Federation are

Achievements and performance

The Annual Report details the activities undertaken by the Federation during the year. These activities benefit the public through the organisation of competitions and events and the skills that members learn in taking part in those competitions and events.

Financial review and policies

The financial statements detail the financial performance of the Federation during the year

The trustees:

2

Independent Examiner's Report on the Financial Statements

Report to the trustees of

HEREFORDSHIRE COUNTY FEDERATION OF YOUNG FARMERS' CLUBS

Registered charity number

On accounts for the year ended

Set out on pages

520998

31 AUGUST 2024

4 TO 11

Respective responsibilities of trustees and examiner

The charity's trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for It is my responsibility to:

Basis of independent examiner's report

Independent examiner's statement

My examination was carried out in accordance with General Directions given by the Charity Commission. An examination includes a review of

In connection with my examination, no matter has come to my attention:

Name

Relevant professional qualification

Address

M. A. Williams Accountancy Ltd

MAAT

3

Independent Examiner's Report on the Financial Statements

Report to the trustees of

HEREFORDSHIRE COUNTY FEDERATION OF YOUNG FARMERS' CLUBS

Registered charity number 520998 On accounts for the year ended 31 AUGUST 2024 4 TO 11

Set out on pages

Respective responsibilities of trustees and examiner

The charity's trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.

It is my responsibility to:

Basis of independent examiner's report

Independent examiner's statement

My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.

In connection with my examination, no matter has come to my attention:

Name

M. A. Williams Accountancy Ltd

Relevant professional qualification

MAAT

Address

7 Cottons Meadow, Kingstone, Hereford, HR2 9EW

3

Herefordshire Federation of Young Farmers' Clubs Statement of Financial Activities for the year ended 31 August 2024

Unrestricted
funds
2024
Note
£
INCOME FROM:
2
Voluntary income
9,527
YFC activities and events
77,409
Other incoming resources
4,448
Membership
6,870
Investments
2,535
100,789
EXPENDITURE ON:
3
Staff and volunteers
25,088
YFC activities and events
50,376
Cost of the YFC programme
6,134
Equipping and running the YFC Centre
18,991
Governance costs
2,300
Other costs
660
103,549
NET INCOME / (EXPENDITURE) AND
NET MOVEMENT IN FUNDS
4
(2,760)
RECONCILIATION OF FUNDS
TOTAL FUNDS BROUGHT FORWARD
155,559
TOTAL FUNDS CARRIED FORWARD
152,799		 Unrestricted
funds
2024
Note
£
INCOME FROM:
2
Voluntary income
9,527
YFC activities and events
77,409
Other incoming resources
4,448
Membership
6,870
Investments
2,535
100,789
EXPENDITURE ON:
3
Staff and volunteers
25,088
YFC activities and events
50,376
Cost of the YFC programme
6,134
Equipping and running the YFC Centre
18,991
Governance costs
2,300
Other costs
660
103,549
NET INCOME / (EXPENDITURE) AND
NET MOVEMENT IN FUNDS
4
(2,760)
RECONCILIATION OF FUNDS
TOTAL FUNDS BROUGHT FORWARD
155,559
TOTAL FUNDS CARRIED FORWARD
152,799		 Designated
funds
2024
£
-
-
-
-
-		 Restricted
funds
2024
£
-
-
-
-
-		 Total
funds
2024
£
9,527
77,409
4,448
6,870
2,535		 Total
funds
2023
£
6,285
67,111
17,019
4,258
831
100,789 - - 100,789 95,504
25,088
50,376
6,134
18,991
2,300
660		 -
-
-
406
-
-		 -
-
-
-
-
-		 25,088
50,376
6,134
19,397
2,300
660		 14,494
31,605
7,781
26,768
1,904
1,169
103,549 406 - 103,955 83,721
(2,760)
155,559		 (406)
9,263		 -
83,116		 (3,166)
247,938		 11,783
236,155
152,799 8,857 83,116 244,772 247,938

4

Herefordshire Federation of Young Farmers' Clubs Balance Sheet as at 31 August 2024

Note
FIXED ASSETS
Tangible assets
8
Intangible assets
9
Investments
10
CURRENT ASSETS
Stock
11
Debtors
12
Cash at bank and in hand
13
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE
YEAR
14
NET CURRENT ASSETS
NET ASSETS
FUNDS OF THE CHARITY
15
Unrestricted income funds
General funds
Designated funds
Restricted income funds
TOTAL CHARITY FUNDS		 £
£
£
£
89,382
91,101
420
599
86,800
85,220
176,602
176,920
3,223
3,053
755
17,294
74,313
65,154
78,291
85,501
(10,121)
(14,483)
68,170
71,018
244,772
247,938
152,799
155,559
8,857
9,263
83,116
83,116
244,772
247,938
2024
2023		 £
£
£
£
89,382
91,101
420
599
86,800
85,220
176,602
176,920
3,223
3,053
755
17,294
74,313
65,154
78,291
85,501
(10,121)
(14,483)
68,170
71,018
244,772
247,938
152,799
155,559
8,857
9,263
83,116
83,116
244,772
247,938
2024
2023
176,920
71,018
78,291
(10,121)
247,938
155,559
9,263
83,116
247,938

5

Herefordshire Federation of Young Farmers' Clubs Notes to the Financial Statements for the year ended 31 August 2024

1 ACCOUNTING POLICIES

Accounting convention

The financial statements are prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to the financial statements.

The financial statements are prepared in accordance with the 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 issued in October 2019 (the SORP), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and with the Charities Act 2011.

The charity is a public benefit entity as defined by the SORP.

Income

Income is recognised in the period in which they become receivable, which is when the trustees deem that they have become entitled to the resource with reasonable certainty and they are reliably measurable.

Income received for the general purposes of the charity are recognised as unrestricted funds. Income received under restrictions placed under the terms of the receipt of the resource are recognised as restricted funds.

Donated services and facilities are included in income (with an equivalent amount in expenditure) when the benefit to the charity is reasonably quantifiable, measurable and material, and valued at the estimated value to the charity of the service or facility received.

Income is grouped using a natural classification without apportionment.

The value of voluntary help received is not included in the financial statements but is described in the Annual Report

Expenditure

Expenditure is recognised in the period in which a legal or constructive obligation arises which commits the charity to pay out resources.

Expenditure which relates to the preparation and examination of statutory accounts, meetings of trustees or legal advice relating to governance or constitutional matters are recognised as governance costs.

All other expenditure has been grouped using a natural classification, without apportionment.

Fixed assets

Fixed assets are recognised at their purchase cost less accumulated depreciation. It is the policy of the trustees to capitalise tangible fixed assets when their purchase cost exceeds £100.

Depreciation and amortisation are calculated to write off the cost of fixed assets less their estimated residual value over their useful lives. Depreciation is provided on equipment using the following rates: Equipment 5 years straight line Fixtures 10 years straight line

No depreciation is provided on freehold land. The trustees consider that freehold buildings are maintained to a standard such that their residual value is greater that their cost. For these reasons the trustees believe that freehold buildings should not be depreciated as any depreciation charged would not be material.

Amortisation of intangible assets is provided on the straight line basis over 5 years.

Investments are recognised at their market value.

Stocks

Stocks are stated at the lower of cost and net realisable amount.

6

Herefordshire Federation of Young Farmers' Clubs Notes to the Financial Statements for the year ended 31 August 2024

1 ACCOUNTING POLICIES (continued)

Financial instruments

The charity holds basic financial instruments only. Basic financial instruments are recognised and subsequently measured as set out in Module 11 of the SORP.

Funds

Unrestricted funds are those which can be applied for the charitable objects of the charity.

Designated funds are those which can be applied for the charitable objects of the charity, but have been set aside for a specific purpose or purposes.

Restricted funds are those which can be applied for particular restricted charitable objects of the charity. Restrictions may be placed by the donor or grantor when funds are raised, donated or granted for specific purposes.

2 INCOME

Unrestricted general funds
Grants
Donations
Sponsorship
Membership
Events
Other activities
Hire of facilities
Other income
Investment income
Designated funds
Donations
Restricted funds
Grants
Total		 Voluntary
income
£
-
172
9,355
-
-
-
-
-
-
9,527
-
-
9,527		 YFC
activities
and events
£
-
-
-
-
67,919
9,490
-
-
-
77,409
-
-
77,409		 Other
income
£
-
-
-
-
-
578
3,860
10
-
4,448
-
-
4,448		 Income from
members
and
investments
-
-
-
6,870
-
-
-
-
2,535
9,405
-
-
9,405		 2024
£
-
172
9,355
6,870
67,919
10,068
3,860
10
2,535
100,789
-
-
100,789		 2023
£
-
100
6,185
4,258
57,122
10,450
4,423
12,135
831
95,504
-
-
95,504

7

Herefordshire Federation of Young Farmers' Clubs Notes to the Financial Statements for the year ended 31 August 2024

3 EXPENDITURE

Staff
costs
Events and
activities
Other costs
Depreciation
and
amortisation
£
£
£
£
Unrestricted general funds
Staff and volunteers
20,080
-
5,008
-
YFC activities and events
-
50,376
-
-
Cost of the YFC programme
-
5,227
728
179
-
-
17,468
1,523
Governance costs
-
-
2,300
-
Other costs
-
-
660
-
20,080
55,603
26,164
1,702
Designated funds
Competitor expenses
-
-
-
-
-
-
-
406
-
-
-
406
Restricted funds
Staff costs
-
-
-
-
Other costs
-
-
-
-
-
-
-
-
Total
20,080
55,603
26,164
2,108
4
NET MOVEMENT IN FUNDS
The net movement in funds is stated after charging:
Staff costs
Amounts payable to independent examiner
Depreciation of owned tangible fixed assets
Amortisation of owned intangible fixed assets
5
TRUSTEE EXPENSES AND TRANSACTIONS WITH RELATED PARTIES
Number of trustees to whom expenses were payable
Total trustee expenses
Equipping and running the
YFC Centre
Equipping and running the
YFC Centre		 2024
£
25,088
50,376
6,134
18,991
2,300
660
103,549
-
406
406
-
-
-
103,955
2024
£
20,080
475
1,929
179
2024
No.
7
2024
£
1,998		 2023
£
14,494
31,605
6,995
26,421
1,904
1,169
82,588
-
347
347
-
786
786
83,721
2023
£
10,354
450
2,469
180
2023
No.
2
2023
£
1,750

The expenses are in respect of travelling and out of pocket expenses. Trustees received no remuneration in the current or preceding year.

Trustees, members of committees and volunteers were reimbursed costs of events and activities undertaken in the normal course of activities of the Federation.

8

6 STAFF COSTS

Herefordshire Federation of Young Farmers' Clubs Notes to the Financial Statements for the year ended 31 August 2024

6
STAFF COSTS
Wages and salaries
Social security costs (net of employment allowance)
Other pension costs		 2024
£
20,080
-
-
20,080		 2023
£
10,181
-
173
10,354

The average numbers of persons employed by the charity during the year was 1 (2023 - 1). All employees are primarily engaged in charitable activities.

No employee earned more than £60,000 in the current or preceding year.

The charity contributed to the money purchase pension scheme of its employee in the prior year. There were no contributions outstanding at the end of the year (2023 £Nil).

7 GOVERNANCE COSTS

Expenditure relating to meetings of trustees
Trustee liability insurance
Independent examination of the accounts
8
TANGIBLE FIXED ASSETS
Net book value
At 1 September 2023
Additions
Depreciation
At 31 August 2024		 Land &
Buildings
£
82,636
-
-
82,636		 Equipment
£
3,664
210
(1,204)
2,670		 2024
£
1,514
311
475
2,300
Fixtures
£
4,801
-
(725)
4,076		 2023
£
1,151
303
450
1,904
Total
£
91,101
210
(1,929)
89,382

All tangible fixed assets are primarily used for charitable purposes.

9 INTANGIBLE FIXED ASSETS

Net book value
At 1 September 2023
Additions
Amortisation
At 31 August 2024		 Website
£
599
-
(179)
420

All intangible fixed assets are primarily used for charitable purposes.

9

10 FIXED ASSET INVESTMENTS AND INVESTMENT INCOME

Herefordshire Federation of Young Farmers' Clubs Notes to the Financial Statements for the year ended 31 August 2024

Cash equivalents on deposit

2024
£
86,800		 2023
£
85,220

The investment is unquoted and in the form of deposits with financial institutions in the United Kingdom which cannot be converted to cash without notice. The charity's investment income arises entirely from interest on cash in these deposits and on deposits disclosed in cash at bank and in hand.

11
STOCKS
2024
£
Branded goods
1,652
Consumables
1,571
3,223
Consumables include postage and stationery, heating oil and items used for competitions and events.
12
DEBTORS
2024
£
Trade debtors
261
Prepayments and accrued income
494
Other debtors
-
755
13
CASH AT BANK AND IN HAND
2024
£
Cash in hand
303
Cash at bank
74,010
74,313
Cash at bank is held with banks and building societies in the United Kingdom.
14
CREDITORS: AMOUNTS FALLING DUE WITHIN DUE YEAR
2024
£
Trade creditors
1,227
Accruals and deferred income
8,437
Taxation and social security
448
Other creditors
9
10,121
No amounts relate to restricted funds in the current or prior year.		 2023
£
2,022
1,031
3,053
2023
£
313
4,796
12,185
17,294
2023
£
296
64,858
65,154
2023
£
6,221
8,173
-
89
14,483

No amounts relate to restricted funds in the current or prior year.

10

Herefordshire Federation of Young Farmers' Clubs Notes to the Financial Statements for the year ended 31 August 2024

15 FUNDS OF THE CHARITY

Current year
General - unrestricted
Designated - unrestricted
Competitors Expenses Fund
Total designated funds
Restricted
Headquarters Fund
Total restricted funds
TOTAL FUNDS
Prior year
General - unrestricted
Designated - unrestricted
Competitors Expenses Fund
Total designated funds
Restricted
Headquarters Fund
Total restricted funds
TOTAL FUNDS
Chairman's Ball Fund
The Prince's Countryside Fund
The Prince's Countryside Fund
Chairman's Ball Fund		 At 1
September
2023
£
155,557
535
8,728
9,263
81,193
1,923
83,116
247,936
At 1
September
2022
£
142,641
535
9,075
9,610
81,193
2,709
83,902
236,153		 Income
£
100,789
-
-
-
-
-
-
100,789
Income
£
95,504
-
-
-
-
-
-
95,504		 Expenditure
£
(103,549)
-
(406)
(406)
-
-
-
(103,955)
Expenditure
£
(82,588)
-
(347)
(347)
-
(786)
(786)
(83,721)		 Transfers
between
funds
-
-
-
-
-
-
-
-
Transfers
between
funds
-
-
-
-
-
-
-
-		 At 31
August
2024
£
152,797
535
8,322
8,857
81,193
1,923
83,116
244,770
At 31
August
2023
£
155,557
535
8,728
9,263
81,193
1,923
83,116
247,936

The Competitors Expenses Fund was designated from monies received as penalties from members, and is used for funding expenses incurred by competitors in competition finals.

The Headquarters Fund is to be applied to the provision of a permanent headquarters building for the charity.

The Chairman's Ball Fund was designated from monies received from fundraising events held by Chairs of the Executive Committee over a number of years and is used to purchase fixed assets.

The Prince's Countryside Fund was granted to fund a training programme for members and former members in agricultural and rural skills through a joint project between the charity and The Herefordshire Rural Hub. This project is administered by The Herefordshire Rural Hub.

16 ANALYSIS OF NET ASSETS BY FUND

Funds at 31 August 2024 are represented by

Tangible and intangible fixed assets
Investments
Net current assets / (liabilities)		 General -
unrestricted
£
7,138
86,800
58,859
152,797		 Designated -
unrestricted
£
1,471
-
7,386
8,857		 Restricted
£
81,193
-
1,923
83,116		 Total funds
£
89,802
86,800
68,168
244,770

11

HEREFORDSHIRE FEDERATION OF YOUNG FARMERS' CLUBS

ADDITIONAL INFORMATION FOR THE YEAR ENDING 31 AUGUST 2024

Herefordshire Federation of Young Farmers' Clubs Income and Expenditure Account for the year ending 31 August 2024 Unrestricted Fund

Note
INCOME
Levies
Grants and Donations
1
Rally and Dance
2
Drama
2
Dances and Events
2
Chairman's Balls
2
Sponsorship
Net Surplus on Hire of Facilities
Net (Deficit) / Surplus on Publications
Net Surplus on Catering
Net Surplus on Branded Goods
Sundry Income
3
Insurance Claim for Property Repairs
Investment Income
EXPENDITURE
Salaries and Employment Costs
Administrative Support
Officers Expenses
Travelling Expenses
Events and Activities
Website
Light and Heat
Rates and Water
Insurances
Property and Equipment Costs
Printing and Stationery
Computer Software and Applications
Telephone and Internet
Postages
Professional Fees
Governance Costs
Sundries and Cleaning
Training
Trophies and Engraving
Trailer Costs
Bank Charges and Interest
Depreciation
NET SURPLUS		 £
£
6,870
172
12,061
4,583
7,240
43
9,355
3,860
(51)
3,157
285
10
-
2,535
50,120
20,080
-
4,823
185
4,197
823
3,314
955
691
4,906
1,097
1,365
694
30
475
1,825
2,255
1,030
84
2,289
60
1,702
52,880
(2,760)
2024		 £
£
4,258
100
10,726
3,630
10,805
5,424
6,185
4,423
323
4,598
34
50
12,085
831
63,472
10,354
1,770
4,050
90
3,216
677
2,133
676
659
15,736
1,072
1,022
714
17
450
1,454
2,399
1,320
12
257
176
2,302
50,556
12,916
2023		 £
£
4,258
100
10,726
3,630
10,805
5,424
6,185
4,423
323
4,598
34
50
12,085
831
63,472
10,354
1,770
4,050
90
3,216
677
2,133
676
659
15,736
1,072
1,022
714
17
450
1,454
2,399
1,320
12
257
176
2,302
50,556
12,916
2023
63,472
50,556
12,916

3

Herefordshire Federation of Young Farmers' Clubs Notes to the Income and Expenditure Account for the year ending 31 August 2024 Unrestricted Fund

1 Grants and Donations

2

Grants and Donations
Other
Fund Raising Events
Income Expenditure
£
£
Rally and Dance
24,607
12,546
Drama
9,473
4,890
Chairman's Balls
14,662
14,619
Dances
16,990
11,082
Other Events
2,187
855
67,919
43,992
2024		 Net
£
12,061
4,583
43
5,908
1,332
23,927		 2024
£
172
Income Expenditure
£
£
23,866
13,140
8,053
4,423
11,051
5,627
10,203
3,142
3,949
205
57,122
26,537
2023		 2023
£
100
Net
£
10,726
3,630
5,424
7,061
3,744
30,585

Sundry Income

Fines, Penalties and Entry Fees

2024 2023
£ £
10 50

Herefordshire Federation of Young Farmers' Clubs Income and Expenditure Account for the year ending 31 August 2024 Designated and Restricted Funds

INCOME
Grants and Donations
Fines and Penalties
EXPENDITURE
Training
Depreciation
Administration and Co-ordination
Promotional Costs
NET (DEFICIT) / SURPLUS		 2024 Total
£
-
-
-
-
406
-
-
406
(406)		 2023
Total
£
-
-
Competitors
Expenses
Fund
£
-
-
-
-
-
-
-
-
-		 Chairman's
Ball Fund
£
-
-
-
-
406
-
-
406
(406)		 Princes
Countryside
Fund (2)
£
-
-
-
-
-
-
-
-
-
-
544
347
242
-
1,133
(1,133)