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 be￿een 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 be￿een
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 C￿opted 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 Un￿rtaIntieS 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 othe￿iSe 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 Ind￿atiOn
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
v￿ageS 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
V￿thin 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
Dep￿lation 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-