Charlty numbor. 524412 SHROPSHIRE FEDERATION OF YOUNG FARMERS CLUBS UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 AUGUST 2024 SHROPSHIRE FEDERATION OF YOUNG FARMERS CLUBS CONTENTS Page Referonc• and admlnl8trntlv• d•tall8 of th• Charfty. It8 Tru8ts•8 and a(fvl••rn Trustee8' report Ind•pond•nt •xamin•rf• r•port 8tat•m•nt of flnanGial a¢tiYltl Balan¢9 8h•g1 Nol•s to the fin•nclal statemonts 8-19 8HROPSHIRE FEDERATION OF YOUNG FARMERS CLUBS REFERENCE AND ADMINISTRATIVE DEfAILS OF THE CHARrrY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2024 Trust• Mr8 K Morris. County PresKlent Mr M Porter, Chair Ifrom 21 Odober 20231 Mr R Brc*)ker. Chair (to 21 October 20231 Ms R Ccoper (resigned 21 O¢tober 2023) Mr D Robert8 MS C Evans Mrs R Jones lappoinled 21 Octobér 20231 Mr A Joynl (resigned 21 October 20231 MTS C Prgece (appointed 21 October 2023) Mr W Warner (appointed 21 October 2023} Charlty regl8tergd numbor 524412 Principal offlc• YFC County OffKe Shrewsbury Livestock Market Shrew8bury SY4 3DR Accountants WR Partners Chartered Accountants Belmont House Shrewsbury Busin￿ Park Shrewsbury Shropshire SY2 6LG Page 1 8HROPSHIRE FEDERATION OF YOUNG FARMERS CLUBS TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2024 Thg Trustees pras8nt their annual report iDJether wrth the financ￿1 statements of the Charity for the 1 September 2023 to 31 August 2024. The trust689 have &Jopted the provisions of Accounting and Rewrting by Charits'es: Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard app4icable in the UK and Republic of Ireland IFRS 102) {effective 1 January 2019}. ObJe¢tlvu and actlvltla8 a. Pollcl•s and objgctiv Tha charity's obj8ctiv8s are.. To advance the education of young members of the public allgrge in agricultura, homo crafts, country lrfe and related $ufy'ects. The provision of faalilios for r¢¢reation and olh6r18isure time occupation. b. Slgnlflc•nt actfvitle• In setting objectwes and planning for activities, the Trustees have given due Consideration to general guidanc published by the Charity Commission relating lo public benefit. including th8 guidanc8 'Public b8nefit.' running a charity {PB21'. Throughout the year the charty has hosted a whd8 range of activities al over Shropshire targeted at those aged betrfften 10 and 26. These athities help our mgmbers lo build selFwconfidènce through public speaking. performing and outd¢)or events to name bul a few. This wide range of actNitw means that all Qui members can find something to excel at and opportunf(ies a￿ayS exist for our members to 8id with the OTgani8ation of events. further improving transferable skills and Se￿ confidence. Achlw•monts and performanco a. Maln ochi•vwn•nts of the Charity Some of the many activitvas carried out by Shropshire Federation of Young Fanners were a8 follows.. Many events took place throughout the year. It was great to see so many club8 and memberson stage performing. whether in the entertainments compelltion or in the One Plus compelili)n. The Trustees were also pleased lo see inereased participation and activities at both the County Show and County Rally. The final event of the year was Ihg Chaimwn's Ball Shr8k theme wth just under 800 peoF4e enjoying a great evening and an amazing atmosphere. A big thank you to all the helpers, without them il wouldnl have been a suceess. Further details of th? ¢haritEs actNities for the year are included on the charity's website www.8fylc.crg.uk Page 2 SHROPSHIRE FEDERATION OF YOUNG FARMERS CLUBS TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 Financial rnview . Flnanclal rovlow of tho y••r Th& trustees have a duly lo Identlfy and revle•V th8 risks to which the chaTity is 8xposed and lo engJro appropriate controls are in pla￿ to provide rea80nable assurance against fraud and error. They have assessed this during the year and are s*i$fied that systéms are in place to mitpJa19 exposure to the malor rlsks. We are 8Pways conscious of the risks of having to cancel fund raising events al very short notice due lo circumstances completely out of our control, for example a rural disease outbreak. weather conditions or as we have Seen in the past few years, a global pandemic. Vve olso normally hold our largést fund raising ￿en( Shropshire Chairnan's Ball, onty a few (kny8 before the end of the yeai. If this 8venl was to bè can¢elled, then il woukl have a Catastroph￿ effect on the years finances. These past ￿ years have increasgd our reservas. with Membership n¥Jmbers al80 still hvJh and reaching 646 halping th081 the federation. As 8 result of the ever inueasing co$18 of putting on events, the trustses have continued lo bg mindful that the organisalions reserves are not unlimited and has responded lo this by taking action in quarterty m88tings throughout the year to assess the major risks and continue to assess controls lo stop any Unn￿SSary spending, induding authorisation of committees, purchases, This careful monitoring, and continued $upport from member5 has again proved ilsdf as the County Federatlon are In a position where incom8 has exceeded expenditure in the year. b. R68•N•$ poliey 11 is the policy of Shrop8hire Federatlon of Young Farmers to maintain unrestricted reserves at a level whi equates to 12 months operating expendrture. This pnvides bad( up funds for situations such as CanCel￿d social arrangements and thg r8plac8Thnt of 8ssontial assets. Al the year end free reserves stood al £146.C61 12023.. £144,363). c. Golng concern After making appropriate enquiries. the Trustees have a Yeasonable expectation th8t the Charlty has adequate res￿reeS to continue in op8r8liong1 exislonce for the fore5ee8ble future. For this reason. thoy continue to ad¢)pl the going concam basis in preparing the finan￿81 6tatèments. Furlher details regardirvJ the adopt￿n of the going ¢oncam basis can be found in the accounting policies. 8tructurn. gov•rnonce •nd managom•nt *. Constltutlon Shmpshire Federation of Young Famiers Clubs was registsred 8 charfty on 8 January 1973. numbèr 524412. and is constrtuled under a Trust deed which wa5 adopted on 11 November 2017. b. Mothods of appolntrnont or 01oCtion of Tru8tO01 The management of the Charity is the responsibilty of the Trustees are elected and CL￿pted under the temis of the Trust deed. Page 3 SHROPSHIRE FEDERATION OF YOUNG FARMERS CLU8S TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Slructurep gov•rnanc• and managoment IGontlnuodl ¢. OrganS•atlonal slructur• and docl8lonrymaklng pollcles The business of the Club is conducted and managed by the Management Committee which is made up of the Chalr of the Management County President, Past County Chair, Current County Chair, Vice County Chair, County Treasurer. Chair of Staff Management. C¢x¥pled County Organiser and the Chair5 of Social. Rally, Competitions and County Show Committees. Deusions regarding Charitable expondrture are discussed and aFprovgd by tw$tees in the Management Committee and then are offickqlly voted on by the members in the ExeculNe Committee. Day to day decisions for operallng the club and organising fund r8ising events are made by Ihe County Chair and County Organk8er assisted by the Country Administrator and anyone on the Management Committee. Thg Managomgnt Committfje and th8 Ex8CUtiva Committ89 maet every 4 months arKI dgcisions require majorty vote of those present. Stat•mont of Tru8ts9•' rupoMlbllttlo9 The Trustees are resFonsibl8 for preparing thg Trustees, report and the finanaal statements in accordance with applicable law and United lfjngdom Accounting Standards (United Kingdom Generalty Accepted Accourrting PraCt￿e). The law applicable to Charit￿8 In England & Wates requires the Trustees lo prepare financial Stateménts for each financial which give a true and fair view of Ihg stale of affairs of the Charity orKI of its incoming Tesources and application of r8sourc8s, including ris incom8 and 8xp8ndilur8, for that pericd. In preparing thase financial stalomenls, the Trustoes aro required to.. select suitable aceounkn.ng policies and then apply them Consistent￿., observe the methods and principles of the Charitie$ SORP IFRS 102)- make judgments and aeeounting estimates that are reasonable and prudent State whelhgr appIl￿b￿ UK Accounting Stsndard$ IFRS 1021 have bgen followed, SU￿.9¢1 to any material departures disclosed and explained in the financial stalemonls., prepar8 the financial statements on the going concern basis unless it18 inappropriate to pre8uma that tha Charity will continue in bu8ines8. The Trustegs are responsible for keeping adequate acuunting records that are $uffiGient lo show and explain the Charity's transactions and discbse with reasonab￿ accurw at any timg the financial po&lion of the Charity and enab￿ them to ensure that the financial statements comply with the Charities Act 2011, tho Charity (Accoun15 and Reports) Regulatior15 2008 and the provision5 of the Trust deed. They are also responsib19 for safeguarding the assets of Ihe Charity and herKe for taking r&8sonable steps for the prevention and detection of fraud and other irregularitie5. Approved by ord8r of th8 m8mb8rs of th& board of Trust888 and sign8d on their b8haif by.. Mrs K Morrts County President Page 4 SHROPSHIRE FEDERATION OF YOUNG FARMERS CLUBS INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 AUGUST 2024 Independont gxamlngrf8 r•port to th• Tru8tg•9 of Shropwhiro Faderatlon of Young Farmorn Clubs {Yho Charity'l I report to the ¢harity Trustees on my examin*ion of the 8Ctounts of the Charity for the year ended 31 August 2024. Ro¥pon8ibilltl•* and bas1$ of r•port A8 th8 Tru818es of the Charty you are responsible for the preparation of the ac¢ounts in accorllance wllh the requirements of the Charilig$ Act 2011 {'Ih8 2011 Arf>. I report in respoct of my eXaminatK￿ of th8 Charivs accounts ¢arr*d out under seth.on 145 of th& 2011 Ad and in carying out my examination I have followed the appI[tab￿ Dlreclion6 given by the Charity Commission under seGlion 145(5)(bl of the 2011 Act. Indopgnd•nt oxamin•¢8 8tatsm•nl I have completgy my gxaminalion. I confirm that no matters have come to my attention in cOnn￿li0n lh8 examination giving me cause to beI￿ve that in any materral re$Frft'. countin9 rKords were not kept in respect of the Charity as required by sedion 130 of the 2011 Act,. or the accounts do not accord with thos8 records,. or the ar£ounts do not Comp￿ with the applicable requirement5 conceming Ihe form and contsnl of accounts sel out in the Charities {Accounts and Roports) Rogulations 2008 other than any requirement that the accounts give a 'true and fair, view which is not 8 matter considered as part of an independent examinab'on. I have no concems and have come across no other matters in conngdion th& examination to which attention should b8 drawn in thi5 report in order to enable a prokxr Unde￿1andIng of the Kcounts to bè reached. Bookkeeping services from a seperale IMI Partners team have been provided to the Chartly during the yaar The tsookkegping Service is irKlep8ndent of the independent examintsrfs woth. I can confirm that th8 FRC'S Revised Ethical Standard has teen appropriatety applied. This rep)rt is made solety lo the Charity's Truste8& a8 a body. in accordance with Part 4 of the Cheritie8 IAccounts and R9POrts) RegulatKsns 2008. My work has beén undertaken so that I might state to the Charity's Trustees those matters l am required lo state to Ihem in an I1￿ependent examine¢s report and for no other purpjse. To the fullest extent permitted by law, I do not accept or assume re5pon¥ibility to anyone other than the Charty and the Charity's Trustees as a boty, for my work or for this report. SKJned: S J Tweedi8 Jw [aLL Dated. IkJw IJL) BSG FCA DChA WR PartnorB Chartered Accountants Belmont House Shrewsbury Busingss Park Shrewsbury Shropshirg SY2 6LG Page 5 SHROPSHIRE FEDERATION OF YOUNG FARMERS CLUBS STATEMEKf OF FINANCIAL ACTivrriES FOR TrIE YEAR ENDED 31 AUGUST 2024 R¢¥tri¢ted Unrestrlcted funds fund$ 2024 2024 Total funds 2024 Total funds 2023 Note In¢om• from: Oonalions and legaci8s Charitable activities Othgr trading actiwties Invgstrn8nts 16,971 97,584 5.658 8.274 16,971 97,564 5.658 8.274 26,748 153,506 3,554 3.872 Total InGom• 128.467 128A67 187,680 ExpendiluT• on: Raising fund$ Choritable activits'gs 699 126J)16 672 177,946 126.016 Total oxpondlturo 126.715 126.716 178,618 Net mov•m•nt in fund* 1,752 1.752 9,062 R•¢on¢ili•tion of funds: Total fund5 brought forward Ng1 movgm8nt in funds 882 294N56 1.752 295R38 1,7S2 286,276 9,062 Total funds G•rriod forlvard 862 296.208 297.090 295.338 The Statement of financial actiwties includes all gains and k)ss8s racognised in the year. The Th)tes on pages 8 to 19 fomi part of thesg financial statements. Page 6 SHROPSHIRE FEDERATION OF YOUNG FARMERS CLUBS BALANCE SHEEr AS AT 31 AUGUST 2024 2024 2023 Note Flxed 888ots Tangiblè assets 12 147 93 147 93 Currnnt ags•t• 13 14 339 4,534 316.248 Debtors Cash at bank and in haTr 6,254 304,834 311,088 321. 127 Credrtors: amounts falling due within one year 15 114.146} (25.876) Net ¢urr8n* ass¢ts 296,943 295.245 Tolal ass•ts1¢8s ¢urrent Il•bllltle8 297.090 29&338 Total n•t as80t• 297,090 295,338 Charity fund* Restricted funds Unrestricted funds 882 296,208 882 294,456 16 Totsl fund• 297,090 295,338 The financial stalgments were approv8d and aulh0ri5ed i5su8 by the Trustsos and sign8d on their behall by.. Mrs K Morris County Prgsidgnl Date. 3 | ,-12Q-L¥ The notes on paps 8 to 19 form part of thase financial statements. Page 7 SHROPSHIRE FEDERATION OF YOUNG FARMERS CLUBS NOTES TO THE FINANCIAL STATEMEpirs FOR THE YEAR ENDED 31 AUGUST 2024 G•n•r•l informatlon Shropshire Federation of Young Farmers Clubs is a Charity registered number 524412. It is govern￿1 by 6 constitution adcptsd November 2017 Accountlng pollcles 2.1 Ba818 of proparatlon ot Ilnanclal ¥tatgrnont8 The financial statements have been prepared in a¢￿Idance with the Charitie$ SORP {FRS 1021- Accounting and Reporbng by Charities.. Statement of Recommended practi￿ applicable to charities preparing Iheif aecounts in accordanee V￿th the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 {effeelive 1 January 20191, the Finan￿al Reporting Standard applKable in the UK and Reput4ic of Ireland IFRS 1021 and Charit*s Act 2011. The financial statements have been prepared to givg a Irue and faie viaw and hav8 depart8d from the Charities (Accounts and Reports) Regulations 2008 onty to the extent required to piovide a Irue and fairf view. This departure has involved following the Charities SORP IFRS 102) published in October 2019 rather than the A￿OUntIng and Rèporb"ng by Chanties: Ststemenl of Recommended Practice effective ftom 1 April 2005 whKh has since begn wrthdrawn. Shropshi￿ Federation of Young Famiers Clubs meets th& dèfinition of a public ben8fit 8ntity und8r FRS 102. Assets and liabilities are initially rectsanised at historul cost or transaction value unless Othe￿IS9 Staled in th8 relevant accounting poliw. 2.2 Going conc•m At the time of approving the financial statements, the Truste88 have a reasonable expectation that the charty has adequate resources to continue in oFerational existence for the foreseeable future. Thus, the Trustees wntinue to adopt the going conom basi$ of a¢￿Un11n9 in preparing the financial stalem&nts. 2.3 Incomè All In￿rne is recognts&l once the Charity has entitlement lo the income, it is probable that the income will be r￿e1Ved and the amount of income receivable can be measured reliably. Page 8 SHROPSHIRE FEDERATION OF YOUNG FARMERS CLUBS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounllng pollci•s {¢ontinu•dl 2A Expendlture Expenditure 1$ rn¢ognised once there 15 a legal or constructive obligation lo transfer econcjrnic b8nefit to a third paty, rt 1$ probable* that a transfer of econom￿ benefits will be wuired in settlement and the amount of the obligation can measured reliabty. Exwndrture is dassified ty activty. The costs of each aclwity are made up of the total of diTeca costs and shared c08ts, including support costs involved in undertaking 98ch activity. Direct costs attributab￿ lo a Single activity ar8 allocated dir8clly lo that actwity. Shared costs which contribute to more than one aGtivty and support costs vthich are not attributable to a single activity are apportioned betsyeen those activities on a tsa$￿ conwstent wf(h the use of resources. Central staff costs are allocatgd on th8 ba818 of time spent, and deprecration charges allo¢aled on the portion ot the use. Expandrture on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and indudes costs of all fundraising actNities events and nonme. gains and losses are allocated to the aFproprialg fund. Page 10 SHROPSHIRE FEDERATION OF YOUNG FARMERS CLUBS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Incom• from donatlon$ and 1¢ga¢l Unr￿triGt0d fund$ 2024 Total fund8 2024 Total funds 2023 Subscription8 Sp)nsor8hlp Other donations 14,950 1,500 521 14960 21,241 621 607 16.971 16.971 26, T48 Total 2023 26,748 26, 748 Income from Gharitablg a¢tiviti¢• UnreBtrlctod fund• 2024 Total funds 2024 Tot funds 2023 Handtmk Dances & Social Events Shropshire County Show Chainnan'8 Ball Chaim)an's Events Presidents Lunch Competitions YFC Rally & Dance YFC Trips Charity Carol Servlce and falr 4,735 19,607 5.332 36,465 6,275 4.73S 19,607 6J32 36,46S 6,276 4.540 37.308 &494 67.883 1,294 10.022 12,201 20,169 (177) 772 10,847 13.343 10,847 13,343 97,564 97.564 153,506 Totsl 2023 153,506 153,506 Page 11 SHROPSHIRE FEDERATION OF YOUNG FARMERS CLU88 NOTES TO THE FINANCIAL STATEME1￿s FOR THE YEAR ENDED 31 AUGUST 2024 Incom• from othgr trading activili Inoomo from fundrni*ing events Unr•strictod funds 2024 Total funds 2024 Tolal fvnds 2023 Training Merchandise 5,177 481 6.17f 2,968 586 5.658 5,658 Tot812023 3,554 Inv•8tm•nt in¢¢m• Unr•strictod funds 2024 Total funds 2024 rot funds 2023 Investrnent income 8,274 8.274 3.872 Totsl 2023 3,872 3.872 Anaty8is of exp•ndltur• on ¢haritJbh •¢tivitl•8 Summary by fvnd ty Unrn8trlcl•d fund$ 2024 Totsl 2024 Total 2023 Charitable activty 126,016 126.016 177,946 Total 2023 177.946 17T.946 Page 12 SHROPSHIRE FEDERATION OF YOUNG FARMERS CLUBS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Anaty$ii ot oxp•ndltur• by a¢tlvlll88 Actlvltle• und•rtakon dlrKtIy 2024 Support c￿ts 2024 Total fund8 2024 Tot funds 2023 Charitable activity 57,977 68,039 126.016 177.946 Total 2023 106,662 71,284 117,946 Analy8ls of dlr•ct costs Charitabl• actlvlty 2024 Total funds 2024 Total funds 2023 Miscellaneous Handbook Dances & Social events Shropshire County Sh¢)w Chaimians Ball Competitions Presidents Lunch Rally 200 200 381 2.664 20,580 3,555 53.268 8.286 3,793 14,135 6,243 4,129 29,097 6,243 4,129 29.097 7.482 8,182 8,182 57,977 57,977 106.662 Tot812023 106.662 106,662 Pagè 13 SHROPSHIRE FEDERATION OF YOUNG FARMERS CLUBS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Analysis of •xpendtture by actlvltles {contlnuedl Analysis of support ¢o*ts Charftable *ctivity 2024 Total fvnd$ 2024 Tolal funds 2023 Staff costs Depreck*ion Training Courses Insurance Ligh( hoat & rent Telephone Postsge & stationery Mileage Officer 8xpenses Offica cost Accountsn Repairs & ronewals Honorarium Bank charges Miscellaneous Provision for bad debts 33.061 33,061 37.485 93 4,507 5,587 3,180 1. 153 924 814 2,551 4,067 6, 703 211 2.750 1.183 76 6,317 6,317 3,197 1.348 1,054 2,381 7,753 3,185 7,368 3.197 2.381 7,753 3,185 7,368 1,000 765 766 68,039 68,039 71,284 Total 2023 71,284 71,284 Indepgndent •xamln•*$ romuneratlon 2024 2023 Foes payable to the Charity's independent examiner for lh8 independent examinatr'on of the Charity's annual ac£ounts Fees payable to the Charity's independent 8xamin8r in respeLt ot. All other service6 not induded above 936 6.431 4.668 P￿9 14 SHROPSHIRE FEDERATION OF YOUNG FARMERS CLUBS NOTES TO THE FINANCIAL STATEMETrrrs FOR THE YEAR ENDED 31 AUGUST 2024 10. 8tsff ¢o•t• 2L723 Wages and 8alarles Contribution to defirEd contributKJn pension ￿eMeS 32,605 $56 36,67T 33,061 37,485 The average number of person$ employed by the Charity during the year was as follo￿.. 2024 No. 2Q23 Employees No gmpioyee r8c£ived remuneration amounting lo morg than £60,000 in gilher year. 11. Trusteos, rgmun•rntlon and •xpon$68 During Ihg yg8r, no Tru8ta8s r8c8ivod any remuneration or other benefits (2023- £NIL). During the year ended 31 August 2024. an honorarium to reGognise th6 time, costs and energy taken in visiting dubs, meetings an¢J events during Ihg year. wa$ paid to the County Chair, M Porter, amounting to £1,000 12023 - £2,750 to R Brookerl No other expenses were claimed in the year by M Porter for traval, amounting to £1,750 {2023- £Nill. Page 15 SHROPSHIRE FEDERATION OF YOUNG FARMERS CLUBS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 12. Tanglbl• fix•d •880ts •qulpmenl Cost or valuation At 1 September 2023 Addltions 15,518 200 Al 31 August 2024 15.718 D•pr8clatlon Al 1 September 2023 Charge for the year 15A25 146 At 31 August 2024 16,671 N•t book v•lu• At 31 August 2024 147 At 31 August 2023 93 13. Stocks 2024 2023 Finished gc*￿S and goods for resale 339 14. Dobtorn 2024 2023 Du• wlthln on• y•ar Trade debtors Prepayments and accrued incomo 4,134 2,120 3.445 1.089 6.254 Pag• 16 SHROPSHIRE FEDERATION OF YOUNG FARMERS CLUBS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 1& Crodftor•: Amounts falling du• within on•yoar 2024 2023 Trade crellitors Other tsxation and soa81 security Pgnsion accrual Other creditors Accruals and deferred inccAr If.f77 925 121 ln 12.710 13,653 14.145 25.876 16. Statom•nt of fund8 statsm•nt of funds- currollt y•ar Balancg at 1 Sopt•mb•r 2023 Balanco at 31 August 2024 Income Exp•ndhu UnroBtrictod fund• OaBlgnatod fund8 FLrture Investment Fund 160,000 160.000 Gonoral funds General Funds 144,456 128.467 1126,7151 146.208 Total Unr•8lri¢t•d funds 128.467 1126.71S) 296,208 R•8trici•d fund8 Training Grants 882 Total of fund8 296.338 128.467 {126.71S) 297,090 The designated 'Future Invesbnenl Fund is set aside towards future investment in the organsiation. The r8$lricted fund Training Grants, 1$ monios availab￿ for members of the charity who Msh to r•¢eiv• a grant tchvards training costs. Pago 17 8HROP8HIRE FEDERATION OF YOUNG FARMERS CLUB8 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 16. Statement of fund8 {contlnued) Slatement of fund•- prfor y•ar Balance 8t I September 2022 B818nce at 31 August 2023 Income Expenditu Unre•lrfctod fund8 D•Bignatsd fund¥ Future Investment Fund I￿,000 150.000 G•n•ral funds General Funds 135,394 187,680 (178.618) 144,456 Totsl Unre•trlctod funds 285,394 187,680 (778,618) 294,456 Re8trlded funds Training Grants 882 882 Total of funds 286.276 187,680 f178,6181 295,338 17. Analy•l• of not a•sots botw••n funds Analy8h ol n•t ass•ts b•tw••n fund• - ¢urrnnt ￿rIOd R•8tricted Unrn8trict•d fundo fund8 2024 2024 Total funds 2024 Tangible fixed assets Current assets Creditors due within one year 147 310,206 114,1451 147 311,088 (14,145) 882 Total 882 296,208 297,090 Pag• 18 SHROPSHIRE FEDERATION OF YOUNG FARMERS CLUBS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 17. An•tysl8 of net a•sets between fund8 Icontinu•dl Anatysls of n•t ass•ts b•iwoen funds- prior perlod Reslrictsd Unfftstncted fvnds funds 2023 2023 Total funds 2023 Tanglbl8 fixed assets Current assets Creditors due within one year 93 320,239 (25,876) 93 321, 121 (25,876) Total 294.456 295.338 18. P8n8lon commltmont8 The chanty operates a defined Contribut￿ pension scheme. The assets of the schem 8re held s8parately from Ih08e of the group in an indopend8nlly gdmini$lered fijnd. The pension cost chargg represents contributions payable by the charty to Ihe fund and amounted lo £556 (2023 - £808}. A balance of £173 (2023 £1211 was paya>le to the fund at the balance sheet date arKI is induded in creditors. 19. Ralatsd party Iransacllor As disc108ed withln Note 11, an Honorarium of is pres8nted to the County Chairperson each ye8r to cover the expenses incurred during the year. The Honorarium during the year amounted to £1.000 (2023 - £2,750). Travel eosls were 8190 reclaimed to the value of £1,750 {2023.' £NIL}. The amount of £2,750 was Qutstanding al the year end and is induded in creditors. Apart from tha abov8, the Charty has not entered Into any related paty transaction during the year, nor sre there any other outstanding balance$ owing between related parties and the Chority at 31 March 2024. Page 19