Charity reglstration number 100972 Company gIStratiOn number N1003964 (Northern Ireland) YOUNG FARMERS. CLUBS OF ULSTER ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
YOUNG FARMERS. CLUBS OF ULSTER LEGAL AND ADMINISTRATIVE INFORMATION Executive Commlttee Mr PeterAlexander Mr Bob Esler Ms Gillian Henderson Mrs Kristina Fleming Miss Hannah Kirkpatrick Mr Stuart Mills Miss Linzi Stewart Mr Richard Beattie Mr Matthew Livingstonfr Ms Shannen Vance Ms Laura Patterson Ms RLrth Adams Miss Joyce Allen Miss Kaitlyn Martin Miss Rachel Smith Mr Timothy Keys Mrs Sarah Walker Mr Philip Donaldson Mr James Speers Mr lan Walker Ms Eirinn Braniff Ms Jill Balfour Ms Sophie Hawlhome Ms Zoe Maguire Mr Mitchell Park Mr Gareth Ritchie Ms Lauren Vance Ms Karen Vklker Mr Matthew Imlson (Appointed 16 April 2023) (Appointed 16 April 2023) (Appointed 16 April 2023) (Appointed 16 April 2023) (Appointed 16 April 2023) {Appointed 16 April 2023) (Appointed 16 April 2023) (Appointed 16April 2023) (Appointed 16 April 2023) Chlef Executlve Offlcer Gilllan McKeown
YOUNG FARMERS. CLUBS OF ULSTER LEGAL AND ADMINISTRATIVE INFORMATION Secretary Cleaver Fulton Rankin Charity number 100972 Company numbor N1003964 Registered offlce 50 Bedford Street Belfast BT2 7FW Audltor Harbinson Mulholland Centrepoint 24 Ormeau Avenue Belfast Co. Antrim Northern Ireland BT2 8HS Banker8 Danske Bank POBox183 Donegall Square West Belfast BT16JS Sollcltors Cleaver Fulton Rankin 50 Bedford Street Belfast BT2 7FW
YOUNG FARMERS, CLUBS OF ULSTER CONTENTS Page Executive Committee report statement of Executive Committee responsibllltles Independent auditor'8 report Statement of financial activities 10 Balance sheet Statement of cash flows 13 Notes to the financial statements 14-28
YOUNG FARMERS, CLUBS OF ULSTER EXECUTIVE COMMITTEE REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 AUGUST 2023 The Executive Committee present their annual report and financial statements for the year ended 31 August 2023. The financial statements have been prepared in accordance with the accounting policies set OLrt in note 1 to the financial statements and comply with the Association's Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (as amended for accounting periods commencing from 1 January 2016) Objectlves and actlvitles The work of the Association's is guided by the mission statement-. to encourage individual development, creativity. initiative and contribution for the benefit of members, the association, and the communily., And this is applied under the Strategic Aims and Operational Objectives set out in the Association's Strategic Plan. As the largest rural youth organisatlon In Northern Ireland, we inspire our active membership to flourish through the development of life skills and education, while serving the wider rural community as part of a vibrant, inclusive organisation, underpinned by strong governance. As a volunteer led organisation we nurture and develop young people by encouraging participation in a selection of innovative and often unique opportunities in education, training, personal development and fun. Our Values Engaging positively with our m8mbers and communicating the good Encouraging growth. development and participation through all opportunities Having a positive impact on our people, our community and our environment People & Partnershlps To have highly valued, enthusiastic and committed members and staff, who work together to make YFCU & e8ch other the best they can be, by communicating and engaging with local partners, sectoral groups and having a positlve impact on our local rural communities. Encourage & Equlp To deliver a portfolio of programmes, activities and resources that encourage members to engage and grow, whilst equipping them with the tools and skills needed to develop. Relevant & Reslllent To be relevant in our mission as Northern Ireland's leading rural youth organisation, using our position to encourage strong communities and build resilient farmers for the future. Our Commltment Our People To grow our membership as a youth shaped organisation where everyone is valued, encouraged and equipped to grow to their full potential To provide a rewarding portfolio of activities, events and opportunities, where people are encouraged, rewarded and recognised.
YOUNG FARMERS, CLUBS OF ULSTER EXECUTIVE COMMITTEE REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 Our Community As a member-led organisation, we seek to make a fvndamentsl differen to young people living in Nl, specifically rural and isolated areas, and their associated communities. To provide our services and programmes through our clubs which are geographically spread through rural Nl and in collaboration with local community groups and partners. Our Envlronm8nt As farmers of the future, YFCU seeks to educate their members to be able to make sustainable, efficient and profitable environmentally friendly choice. To encourage environmental sustainability and good farming practice within YFCU clubs, members and their families. Achlevements and performance The Association has key performance indicators, membership and participation. Membershlp increased by 600/0 back to pre-covid levels. Participation rates in the Association's programme of training and competitions once again increased, reaffirming Ihe relevance and value of these to the membership. Proficiency Award Scheme- Rewarding Members hen a member competes in the central competitions they are awarded a proficiency. Proficiencies are awarded as follows.. An award of Merit (400/0) Is worth 1 point An award of Distinction {750/01 is worth 2 points The competition year runs from 1 st September- 31stAugust. All members were issued with a certificate. Level 10 plus are presented with badges at theAGM & Conference. During 202212023 a total of 2,091 certificates were issued to recognise member's participation in YFCU activities. We also have the President's Award Scheme during the year to reward members participating outside competition. Chlld Protection Tralnlng Child protection training continues to be a Priority for the Associatlon. During 202212023 a total of 59 members took part In the Keeping Members Safe training. As part of our child protection strategy, the YFCU continues to ensure that staff, key elected officials and volunteersl train8rs are checked through Access Nl. All members. parents and office bearers are provided with access to the Association's child protection policies and procedures. External Scheme YFCU continues to be a centre for the Duke of Edinburgh Awards Scheme, thus giving our members the opportunity to take part in this challenging and highly rewarding youth development programme. This year, we had 16 members achieve their bronze awards, 12 members achieved their silver award and 6 gold award recipients. Investment Performance The YFCU continues to attempt to source the best rate for unrestricted and restricted funds in the fixed tem 'Corporate Account, although in this low investrnent rate environment, the rates achieved are poor. Investment in UK listed investments delivered interest income of £14,491 (2022.. £12,665) while Endowment Jnd showed a loss of £9,933 (2022.. loss £7,086) from a balance of £329,470 at 1 st September 2022.
YOUNG FARMERS, CLUBS OF ULSTER EXECUTIVE COMMITTEE REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 Flnancial review As in previous years the Association's core funding is from grants, provided by Education Aulhority (EA) and Department ofAgriculture, Environment and Rural Affairs {DAERAI. In addition to grants, monies are raised from donations, sponsorship, membership and competition fees. This year there was an increase in income of £121,557 (2022.. Increase of £992,562). Overall the Accounts show a surplus of £193,621 12022.. surplus £168,386}. A Headquarters deficit of £32,921 is recorded (includes endowment deficit). The principles of 'best value, and 'added value, continue to be applied to all expenditure and activities undertaken. It is the policy of the Association that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent lo beeen three- and six-month's expenditure. The Executive Committee considers that reserves at this18vel will ensure that, in the event of a significant drop in funding, they will be able to continue the Association's current activities while consideration is given to ways in which additional funds may be rais8d. This level of reserves has been maintained throughout the year. The Executive Committee has considered the level of reserves required and has agreed a policy where the unrestricted funds not committed or invested in tangible fixed assets held by the charity should be beeen 9-12 months of unrestrict8d annual expenditure. The unrestricted funds not committed or invested in tangible fixed assets at 31 August 2023 are £455,219 with the unrestricted annual expenditure range being £194,942 (9 months) to £259,922 {12 months). The reserves held are currently in excess of the agreed reserves policy. The Executive Committee has assessed the major risks to which the Assoaation is exposed, and are satisfied that systems are In place to mitigate exposure to the major risks. The Executive Committees, assessment of the major risks has identified that loss of government grants is the major financial risk for the charity. A key element in the management of financial risk includes active discussion wth the funders and regular review of funds and active management of trade d8btors and creditors balances to ensure sufficient working capital. Attention has also been focused on non-financial risks arlslng from fire, health and safety, child protection, litigation, etc. These risks are managed by ensuring robust policies and procedures are in place and regular awareness training for members in th8se areas. A child Protection Officer is employed to ensure Access Nl compliance and staff training 1$ available. Structure, governance and management The Young Farmer's Clubs of Ulster {YFCU> is a charitable company limited by guarantee, incorporated on 1st November 1957 and registered as a charty on 6th February 1967 with the Inland Revenue. On the 23rd February 2015 YFCU registered with the Charity Commission for Northern Ireland. The company was established under a Memorandum of Association which set up the objects and powers of the charitable company and is governed under its Articles of Association which were revised at the AGM in 2017. In the event of the company being wound up, members are required to contribute an amount not exceeding £1.
YOUNG FARMERS, CLUBS OF ULSTER EXECUTIVE COMMITTEE REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 The directors of the company are also charity trustees for the purposes of charity law and under the company's Articles are known as members of the Executive Committee. Under the requirements of the Articles ofAssociation, the members of the Executive Committee are elected to serve for a period of one year after which they must be nominated and elected at the next Annual General Meeting. The Executive Committee comprises of the.. 1. President 2. Immediate Past President 3. Deputy President 4. Vice-Presidents {4) 5. Honorary Treasurer of the Association 6. Two representatives nominated by each County Committee 7. Chairman and Wice Chairman of each SulFCommittee appointed by that Committee 8. One representative of the Ulster Farmers, Union 9. Two representatives of the persons co-opted to the County Commlttees 10. Chief Executive Officer of the Association (without vote) 11. Two persons co-opted by the Executive Committee 12. One Copted as a YFCU representative on Rural Youth Europe Board If appropriate, the Executive Committee may also include the standing Board member representing the Association on the Board of Rural Youth Europe. And if desired, one Life Member of the Association (ex officio). As a young person's organisation the focus of the Executive Committee is on ensuring that the developmental need of this group are appropriately reflected throughout its membership and activities. To embed this, members nominated for election to the Executive Committee by County Committees must directly represent the membership of senior clubs. The Charity indemnifies every relevant Trustee against any liability incurred In successfully defending legal proceedings in that capacity, or in connection with any application in which relief is granted by the Court from liability for negligence, default or breach of duty or breach of trust in relation to the Charlty. The company's current policy conc8rning the payment of trade credltors is to follow the CBI'S Prompt Payers Code {copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1 DU). The company's current policy concerning the payment of trade creditors Is to.. settle the terms of payment with suppliers when agreeing the terms of each transaction., ensure that supp15ers are made aware of the terms of payment by indusion of the relevant terms in contracts., and pay in accordance with the company's contractual and other legal obligations. Trade creditors of the company at the year end were equivalent to 14 day's purchases. based on the average daily amount invoiced by suppliers during the year.
YOUNG FARMERS. CLUBS OF ULSTER EXECUTIVE COMMIThEE REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 The governing body of the Association is the Council which meets annually at its AGM in April. The Council appoints an Executive Committee of up to 29 members with the power to manage and administer the business of the Association. The Executive Committee rneets a minimum of six times per year. At its first meeting the Executive Committee annually elects a Special Purposes Committee that reports lo it on delegated issues such as finan. personnel and strategy. In addition it appoints two sub committees which nomally meet 3-5 times per year and report lo the Executive Committee on aspects of the Association's activities. The ongoing role of Ihese committees is review by the Executiv8 from lime to tirne. These sub committees are Programming & D8velopm8nt and Agri & Rural Affairs. The Chief Executive Officer is appointed by the Executive Commlttèe to manag8 the day to day op8ralions of th8 Association and supervision of the staff team. While members elected to the Association's Executive Committee are already familiar with the practical work of the Association, they allend the Executive Board training weekend in April each year lo familiarise themselves with aims of the Association and their role, responsibilities and duties as directors. These events are jointly led by the Chair of the Executive Committee and the Chief Executive Officer. Over the last few years these residgritial events have covered areas such as govemance, CRED, directors, duties, policies. communication, finance, departmental priorities. strategic planning and have involved internal and external speakers. The content is reviewed 8ach year in line with stralegic need and skill sel shortages. All Salaries and Terms and Condiiions are considered by the Special Purposes Committee on an annual basis and rats'fied by the Executive (Board). The Executive Committee receives support from the Education Authority IEAI and the Dèpartment ofAgricullure, Environment and Rural Affairs IDAERA} who fund the work of the Association in providing training and social education opportunities for young people in our rural communities. Members and staff sil on organising commillees and working parti8s of a number of Groups including the EA Regional Advisory Group, the Rural Development Programme Monitoring Committee, The open Farrn Weekend Working Party, The Farm Saf6ly Partnership, the Regional Voluntary Youth OrganSsalions' Reference Group IRVYO Nelworkl and Committees overseeing the work of Grassroots Challenge and PeaGe IV programmes. Auditor In accordance with the company's articles. a resolution proposing that Harbinson Mulholland be reappolnted as auditor of the company will be put al a Gen8ral Meeting. Th8 ExecutlV8 Committee report was approved by the Board of Executive Cornmittge. FLJ £,(F, Mr Richard Beattie Chair, Executive Committee Mr Robert Esler Honora asu Dated.. er Dated. ....?.a/..8.IZ*..
YOUNG FARMERS, CLUBS OF ULSTER STATEMENT OF EXECUTIVE COMMirrEE RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2023 The Executive Committee. who are also the directors of Young Farmers, Clubs of Ulster for the purpose of company law, are responsible for preparing the Executive Committee Report and the financial statements in ac£ordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company Law requires the Executive Committee to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Association and of th8 incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these financial statements, the Executive Committee are required to.. se18Ct suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent; state whether applicable UK Accounting Standards have been followed, subject to any materlal departures disclosed and explained in the flnancial ststements; and prepare the financial statements on the going Concern basis unless it is inappropriate lo presume that the Association will continue in operatlon. The Executive Committee are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Association and enable them to ensure that the financial statements comply with the Companies Acl 2006. They are also responsible for safeguarding the assets of the Association and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
YOUNG FARMERS, CLUBS OF ULSTER INDEPENDENT AUDITOR'S REPORT TO THE EXECUTIVE COMMITTEE OF YOUNG FARMERS. CLUBS OF ULSTER Opinion We have audited the financial statements of Young Famers. Clubs of Ulster (the 'Assoaation') for the year ended 31 August 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applic8b18 in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements.. give a true and fair view of the state of the charitable company's affairs as at 31 August 2023 ar#J of its incoming resources and applicats'on of resources. for the year then ended; have been properly prepared in accordan with United Kingdom Generally Accepted Accounting Practi. and have been prepared In accordance with the requlrements of the Companles Act 2006. Basls for oplnlon We conducted our audlt In accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicablè law. Our responsibilities under those standards are further described in the Auditors Trsponsibilities for the audit ol the financial st8tgments section of our report. We are independent of the Association in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relatlng to golng concern In auditing the financial statements, we have concluded that the Executive Committee use of the gcing concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomied, we have not identified any material UnrtaIntieS relating to events or conditions that, individually or collectively. may cast significant doubt on the Association's abilty to continue as a going concern for a period of at least e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibillties of the Executive Committee with respect to going concern are described in the relevant sections of this report. Other Informatlon The other information comprises the information included In the annual r8POrt other than the financial ststements and our auditor's report thereon. The Executive Committee are responsible for the other information contained within the annual report. Our opinion on the financial statements does nol cover the other informatK)n and we do not express any fomi of assurance conclusion thereon. Our responsibility is to read the other infomiaticm and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otheiSe appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
YOUNG FARMERS. CLUBS OF ULSTER INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE EXECUTIVE COMMITTEE OF YOUNG FARMERS. CLUBS OF ULSTER Matters on whlch we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our oplnlon.. the infonnation given in the financial statements is inconsistent in any material respect with the Executive Committee report., or sufficient accounting records have not been kept., or the financial statements are not in agreement with the accounting records., or we have not received all the information and explanations we require for our audit. Responslbllltles of Executlve Commlttee As explained more fully in the statement of Executive Committee responsibilities, the Executive Committee, who are also the directors of the Association for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such intemal control as the Executive Committee determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Executive Committee are responsible for assessing the Association's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Executive Committee either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Audltofs responslbllltles for the audlt of the flnanclal statements We have been appointed as auditor under section 144 of the Charitles Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS (UK} will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expeded to influence the economic declslons of users taken on the basis of these financlal statements. Irregularftles, Including fraud, are Instances of non-compliance with law8 and regulations. We d8sign procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is delailed below. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows- the engagement partner ensured that the engagement team collectively had the appropriate cornpeten, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations., • we identified the law5 and regulalions applicable to the company through discussions with directors andlor senior management, and from our commercial knowledge and experience of the sector,. we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence., and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
YOUNG FARMERS, CLUBS OF ULSTER INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE EXECUTIVE COMMITTEE OF YOUNG FARMERS, CLUBS OF ULSTER We assessed the susceptibility of the company's financial statements to material misstatement, induding obtaining an understanding of how fraud might occur, by.. making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual. suspected and alleged fraud,. and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we.. performed analytical procedures to identify any unusual or unexpected relationships; tested journal entries to identify unusual transactions., assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 2 were indicative of potential bias,. and investigated the rationale behind signifi'cant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to- agreeing financial statement disclosures to underlylng supporting documentation., reading the minutes of meetings of those charged with governance; enquiring of management as to actual and potential litigation and claims. There are inherent limitations In our audit procedures described above. The more removed that laws and regulations are from financial transactions. the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal Gorrespondence, if any. Material misstatements that arise due to fraud can be harder lo detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities is available on the Financial Reporting Council's website at= https.'Il www.frc.org.uklaudilorsresponsibilities. This description forms part of our auditor's report. Angela Cralgan (Senlor Statutory Auditor) for and on behalf of Harbinson Mulholland . Ix.IA.(t Chartered Accountants Statutory Audltor Centrepoint 24 Ormeau Avenue Belfast Co. Antrim Northern Ireland BT2 8HS Harbinson Mulholland is eligible for apFX)intment as auditor of the Association by virtue of its ellgibilty for appointment as auditor of a company under section 1212 of the Companies Act 2006.
YOUNG FARMERS, CLUBS OF ULSTER STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023 Unrestricted Restrlcted Endowment funds funds funds 2023 2023 2023 Total Totsl 2023 2022 Notes Donations and legacies Charitable activities Investments Other income 96,515 68,566 8,867 4,718 525,291 973,210 5,624 33,465 621,806 1,041,776 14,491 38,183 647,325 853,579 12,665 81,130 Total Income 178,666 1,537,590 1,716,256 1,594,699 Charitable activits'85 259,922 1,254,761 1,514,683 1,389,747 Net gainsl(losses) on Investments 12 (1,167) 3,148 <9,933) (7,952) (36,566) Net loutgolng)Ilncomlng resources before transfers {82,423) 285,977 (9,933) 193,621 168,386 Gross transfer5 between funds 100,715 (100,715) Net movement In funds 18,292 185,262 (9,9331 193,621 168,386 Fund balances at 1 Septemb8r 2022 436,927 4,625,141 329,470 5,391,538 5,223,152 Fund balances at 31 August 2023 455,219 4,810,403 319,537 5,585,159 5,391,538 The statement of financial actlvlties includes all gains and losses recognised in the year. All income and expenditure derlve from continuing activities. The notes on pages 14 to 28 form part of these financial statements. 10-
YOUNG FARMERS, CLUBS OF ULSTER BALANCE SHEET ASAT31 AUGUST 2023 2023 2022 Notes Flxed assets Tangible assets Investments 14 15 2,818,216 838,644 2.871,732 846,596 3,656,860 3,718,328 Current assets stocks Debtors Cash at bank and in hand 18 17 3,897 63,664 1,990,857 4,031 55,377 1,782,280 2,058,418 1.821,688 Credltors: amounts falllng due wlthln on• year 18 (130,119) (148,478) Net current assets 1,928,299 1,673,210 Totsl ag80ts less current Ilabllltlas 5,585,159 5,391,538 Capltsl funds Endowment funds - general Income funds General restricted funds Revaluation reserve 21 319,537 329,470 3,985,274 825,129 3,838,444 786,697 22 4,810,403 455,219 4,825,141 436,927 Unrestrtcted funds 5,585,159 5,391,538 11
YOUNG FARMERS. CLUBS OF ULSTER BALANCE SHEET (CONTINUED) AS AT31 AUGUST 2023 The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 August 2023, although an audit has been carried out und8r section 65 of the Charities Act INI) 2008. The rn8mbers have not required the company lo obtain an audit of its financial statements under the requirements of the Companies Act 2006. for the year in question in accordance with section 476. The Executive Committee acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of thè slate of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, induding its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply wilh the requirements of the Companies Act 2006 relating to financial stat8ments, so far as applicable lo thè company. These financial statements have b8en prepared in 8ccordance with the provisions applicable lo companies subject to the small companies regime. The financi I slalements were approved by the Executive Cornmitlee on Cv Mr Richard Beattie Trustea Company Registration No. N1003964 12-
YOUNG FARMERS, CLUBS OF ULSTER STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2023 2023 2022 Note5 Cash flow5 from operatlng actlvltles Cash generated from operations 27 219,408 262,780 Investlng actlvlties Purchase of tangible fixed assets Purchase of investments Proceeds from disposal of investments Investment income received (5,322) (95,139) (240,000) 5,000 12,665 14,491 Net cash generated froml(usod In) Investlng actlvlties 9,169 (317,474) Net cash u88d In flnanclng actlvitles Net Increas8llde¢rnase) In cash and cash equlvalents 228,577 (54,694) Cash and cash equivalents at beginnlng of year 1,762,280 1,816,974 Cash and cash equlvalents at end of year 1,990,857 1,762,280 13-
YOUNG FARMERS. CLUBS OF ULSTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Accounting policle5 Charlty Inforniatlon Young Farmers, Clubs of Ulsler is a private company limited by guarantee incorporated in Northern Ireland. The regist&red office is 50 Bedford Street, Belfast, BT2 7FW 1.1 Accountlng convention The financial statements have been prepared in accordance with the Association's Igoverning document], the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland. {°FRS 102") and the Charities SORP "Accounts'ng and Reporting by Charities.. Statement ol 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). The Association is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared In sterling, which is the functional currency of the Association. Monetary amounts in these financial slatements are rounded to the nearest £. The financial statements have been prepared under the hlstorical cost convention, Imodified to include the revaluation of freehold properties and to include investment properties and certain financlal instruments at fair value]. The principal accounting policies adopted are set out below. 1.2 Golng concern At the time of approving the financial statements, the Executive Committee have a reasonable expectation that the Association has adequate resources to continue in operational existence for the foreseeable fLrture. Thus the Executive Committee continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charltabla funds Unrestricted funds are available for use at the discretion of the Executlve Committee in furtherance of thelr charitable objectives. Restricted funds are subject to specific conditions by donors as to how they may be used. The purp)ses and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Associats'on. 1.4 Incomlng resources Income is recognised when the Association is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the Association has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the Association has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. 14-
YOUNG FARMERS. CLUBS OF ULSTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 Accountlng policies (Contlnued) 1.5 Tanglble flxed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Freehold land and buildings Leasehold improvements Fixtures and fittings Over 50 years 20h straight line 12.50/0 33.30kn straight line The gain or loss arising on the disposal of an asset is determined as the difference bebNeen the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. 1.6 Flxod asset Investments Fixed asset investments are initially measured at transaction prfce excludlng transaction costs, and are subsequently measured at fair value 8t each reporting date. Changes In fair value ara recognised in net incomel(expenditure) for the year. Transaction costs are expensed as Incurred. 1.7 Impalrment of fixed assets At each reporting end date, the Association reviews the carrying amounts of its tangible assets to detemine whether there is any indication that those assets have suffered an impairment loss. If any such IndatiOn exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). 1.8 St•xks Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal conslderation are measured the lower of replacement cost and cost. Net realisable value is the èstimated selling price less all estimated costs of Completion and costs to be incurred in marketing, selling and distribution. 1.9 Cash and cash equlvalents Cash and cash equivalents include cash in hand, deposits held at call with banks. other short-temi liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabililies. 1.10 Flnancial Instruments The Association has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Association's balance sheet when the Association becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. 15-
YOUNG FARMERS, CLUBS OF ULSTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 Accounting policles (Contlnued) Baslc financial assots Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic Ilnancial liabillties Basic financial liabilities, includlng creditors and bank loans are initially recognlsed at transactlon price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the futur8 payments discounted at a market rate of interest. Financial liabilltles classified as payable within one y6ar are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognition of financlal Ilabllities Financial liabilities are derecognised when the Association's contractual obligations expire or are discharged or cancelled. 1.11 Employee beneflts The cost of any unused holiday entitlement is recognised in the period in which the employee's services ar8 received. Termination benefits are recognised immediately as an expense when the Association is demonstrably committed to terminate the employment of an employee or to provide termination benefits. 1.12 Retlrement beneflts Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. Critical accountlng ostimates and Judgements In the application of the Association's accounting policies, the Executive Committee are required to make judgements, estimates and assumptions about Ihe carying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on hislorical experience and other factor5 that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are r8cognised in the period in which the estimate is revised where the revision affects cnly that period, or in the period of the revision and future periods where the revision affects both current and future periods. Key sources of estlmation uncertalnty The annual depreciation charge depends primarily on the estimated lives of each type of asset and, in certain circumstances, estimates of residual values. Management regularly review these useful lives and chang8 them if necessary to reflect current conditions. Changes in the useful lives can have a significant impact on the depreciation charge for the financial year. The net book value of Tangible Fixed Assets subject to depreciation at the financial year end date was £2,818,218 (2022.. £2,871,732}. 16-
YOUNG FARMERS, CLUBS OF ULSTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 tk)natlons and legacles Unrestrlcted Restrlcted funds funds Total Total 2023 2023 2023 2022 Donats'ons and gifts Grants receivable Sponsorship 96,515 31,784 436,588 56,919 128,299 436,588 56,919 190,614 393,266 63,445 96,515 525,291 621,806 647,325 Donatlons and glfts Ulster Famigrs, Unlon NFU Mutual Insurance Society Ltd Danske Bank Ltd Ulster Pork & Bacon Forum Dale Farni Dunbia Power Nl United Feeds Northstone Ulster Wildlife Fane Valley Stores Fane Valley Seeds Gouldlng Nl Reta Lita Howard Foundation NIMEA Glanbia Cheese LMC Auriva Lakeland Dairies Co-operative Irish Farmers Journal Johnston Gilpin John Thompson ChesnuttAnimal Feed Fami Safety Foundation Massey Ferguson All Tech Other 8,250 30,000 7,500 750 1,500 8,000 5,584 550 2,300 8,250 30,000 7,500 750 1,500 8,000 5,584 550 2,300 7,750 30,000 7,200 750 2,000 8,000 6,000 550 1,250 1,000 1,000 500 11,000 4,000 1,500 1,500 1,500 1,500 500 1,240 1,200 2,100 3,000 1,500 1,000 93,074 2,790 2,790 500 9,667 4,000 1,500 1,500 1,500 1,500 500 620 1,200 600 3,000 1,750 500 9,687 4,000 1,500 1,500 1,500 1,500 500 620 1,200 800 3,000 1,750 1.454 31,784 33,238 96,515 31,784 128,299 190,614 17-
YOUNG FARMERS. CLUBS OF ULSTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 Donations and legacles (Contlnued) Grants receivable for core activities Department Agriculture, Environment and Rural Affairs Education Authority Peace IV Funding Other 131,042 150.000 131,042 150,000 118,542 141,597 (522) 133,649 155,546 155,546 436,588 436,588 393,266 Charltable actlvltles 2023 2022 Competits'on and other actlvltles 1,041,776 853,579 Analysis by fund Unrestricted funds Restricted funds 68.568 973,210 39,021 814,558 1,041,778 853,579 Investments Unrestrfcted Restrlctod funds funds Total Total 2023 2023 2023 2022 Income received from UK listed investments Interest receivable 4,629 4.238 4,629 9,862 6,002 6,663 5,624 8,867 5,624 14,491 12,665 Other Income Unrestricted Restrictsd funds funds Total Total 2023 2023 2023 2022 other income 4.718 33,465 38,183 81,130 18-
r L(> in (D a) O¢$C*r Or)00 Ln Thi r O) a> O) c c o)
YOUNG FARMERS, CLUBS OF ULSTER NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 Support costs Support Governance costs costs 2023 2022 Staff costs Depreciation Premises costs Office costs Bank charges Other costs Clubs Audit fees 83,446 58,838 8,900 52,780 2,103 17,436 154,209 83,446 58,838 8,900 52,780 2,103 17,436 154,209 8,280 74,255 59,214 5,967 40.802 1,929 7,197 201,475 7,200 8,280 377,712 8,280 385,992 398,039 Net movement In funds 2023 2022 Net movement in funds is stated after chargingl(crediting) Fees payable to the company's auditor for the audit of the company's financial statements Oepreciation of owned tangible fixed assets 8,280 58,838 7,200 59,214 10 Ex8cutlve Commlttee During the year members of the executive committee received a comblned honorarium payment of £995 (2022. £975). 11 Employees The average monthly number of employees during the year was: 2023 Number 2022 Numbor 11 12 Employment costs 2023 2022 vageS and salaries Social security costs Other pension costs 318,602 16,535 26,806 288.131 23,960 17,665 361.943 329,756 There were no employees whose annual remuneration was more than £60,000. -20-
YOUNG FARMERS. CLUBS OF ULSTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 13 Taxatlon The charty is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. 14 Tanglble flxed assets Freehold land Leasehold Flxtures and and buildings Improvements flttings Total Cost At 1 September 2022 Additions Transfer 2,882,250 120,636 213,656 5,322 4,917 3,216,542 5,322 (4,917) At 31 August 2023 2,877,333 120,636 223,895 3,221,864 Depreclatlon and Impalrment At 1 September 2022 Depreciation charged in the year 120,140 46,261 21,594 2.477 203,076 10,100 344,810 58,838 At 31 August 2023 166,401 24,071 213,176 403,648 Carrylng amount At 31 August 2023 2,710,932 96,565 10,719 2,818,216 At 31 August 2022 2,762,110 99,042 10,580 2,871,732 15 Flxed asset Investments Llsted Unllsted Investments Investments Total Cost or valuatlon At 1 September 2022 Valuation Changes 579,693 (11,100) 268,903 3,148 848,596 (7,952) At 31 August 2023 568,593 270,051 838,644 Carrylng amount At 31 August 2023 568,593 270,051 838,644 At 31 August 2022 579,693 266,903 846,596 Fixed asset Investments valued Investments are included at revalued amounts based on valuations carried out on the individual investments. -22-
YOUNG FARMERS. CLUBS OF ULSTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 16 Stocks 2023 2022 Finished goods and goods for resale 3,897 4,031 17 Debtors 2023 2022 Amounts falllng due wlthln one year: Trade debtors other debtors Prepayments and accrued income 2,624 2,000 19,040 2,000 13,377 23,664 15,377 2023 2022 Amounts falllng duo after more than ono year: Other debtors 40,000 40,000 Total debtors 63,664 55,377 18 Credltorn: amounts falllng due withln one year 2023 2022 Nots8 Other tsxation and social security Deferred income Trade creditors other creditors Accruals and deferred income 6,809 96,540 15,185 2,882 27,062 19 90,041 21,238 4,134 14,706 130,119 148,478 -23-
YOUNG FARMERS, CLUBS OF ULSTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 19 Deferred income 2023 2022 DAERA Education Authority Reta Lita Foundation Power Nl other deferred income 48,125 12,500 27,666 1.250 500 46,867 12,500 37,333 40 90,041 96,540 20 Retlrement beneflt schemes D•flned contrlbutlon schomes The Association operates a defined contrlbutlon pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Association in an independently administered fund. The charge to proflt or loss in respect of defined contribution schemes was £26,808 {2022 - £17,665). -24-
crj n o) a) fo a) o* Lr) ryj IL) C u>
o tr)¢0 a) Ln o a> (O C4-
YOUNG FARMERS. CLUBS OF ULSTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 23 Analysls of net assets between funds Unrestrlcted Restrlcted Endowment funds funds funds 2023 2023 2023 Total Total 2023 2022 Fund balances at 31 August 2023 are represented by.. Tangible assets Investments Current assetsl{liabilitiesl 4,485 2,813,731 249,056 270,051 201,678 1,726,621 2,818,216 838,644 1,928,299 2,871,732 848,596 1,673,210 319,537 455,219 4,810,403 319,537 5,586,159 5,391,538 -27-
YOUNG FARMERS, CLUBS OF ULSTER NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 24 Operatlng lease commitments At the reporting end date the Association had outstanding commltment5 for future minlmum lease payments under non-cancellable operaling leases, which fall due as follow5.. 2023 2022 Vthin one year 8,329 25 Events after the r8POrtlng date There have been no significant events after the reporting period. 26 Related party tran8actlon8 There were no disclosab18 related party transactions durlng the year {2022- none). 27 Cash gonerated from operatlons 2023 2022 Surplus for the year 193,821 188,386 Adjustments for.. Investment income recognised in statement of financial activities Fair value (gains) and losses on investments Deplation and Impairment of tangible fixed assets 114,491) 7,952 58,838 (12,665) 36,566 59,214 Movements in working capital: Decrease in stocks (Increase)Idecrease In debtors (Decrease)lincrease in creditors (Decrease) in deferred income 134 (8,287> (11,860) (6,499) 418 14,488 10,446 (14,073} Cash generated from operatlons 219,408 262,780 28 Analysls of changes in net funds TheAssociation had no debt during the year. -28-