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2024-12-31-accounts

SCOTTISH ASSOCIATION OF YOUNG FARMERS CLUBS

REPORT AND FINANCIAL STATEMENTS

Year ended 31 December 2024 Scottish Charity No: SC009235

WHITELAW WELLS

Chartered Accountants & Statutory Auditors 9 Ainslie Place Edinburgh EH3 6AT

SCOTTISH ASSOCIATION OF YOUNG FARMERS CLUBS

FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2024

CONTENTS PAGES
Trustees Report 1 to 8
Independent Auditor's Report to the Members 9 to 11
Statement of Financial Activities 12
Balance Sheet 13
Statement of Cash Flows 14
Notes to the Financial Statements 15 to 28
Detailed Statement of Financial Activities 29 to 30

SCOTTISH ASSOCIATION OF YOUNG FARMERS CLUBS

TRUSTEES REPORT

YEAR ENDED 31 DECEMBER 2024

The Board of Trustees (who are trustees under charity law) present their annual report and financial statements for the year ended 31 December 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s constitution, the Charities and Trustees Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

SAYFC’s Vision

SAYFC has a positive influence to young people in rural Scotland by understanding and representing them; helping them realise their potential and navigate their way in a changing world through trusted and safe social and development activities.

The Purpose and Vision will be realised by:

Building on strengths

Our four-year strategy is to:

  1. Ensure YF activities meet the needs of members

  2. Enhance operational protocol and processes to better support the membership

  3. Increase SAYFC membership through recruitment and retention

  4. Improve financial stability

By the end of four years, we will have:

Broadened our income streams to increase the financial stability of the Association

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SCOTllsH ASSOCIATION OF YOUNG FARMERS CLUBS TRUSTEES REPORT YEAR ENDED 31 DECEMBER 2024 ACHIEVEMENTS AND PERFORMANCES During the 2024 SAYFC Board of Trustees and the Sen￿r Leadership team worked tirelessly to develop the A550ciation. the key achievements included. Implementation of the new Board of Trustee strurture Launch of a new partnership with the National Farmers Union Scotland INFUSI which give5 SAYFC members the opportunity to en8age in new ways with the NFUS The launch of a "Respect Campaign" encouraging positive behaviour to fellow members and introducing"Respect Ambassadors" into each Club Launch of-Big 8uil(r Campaign, aiming to raise £l,{J)),￿X} to construct a new Young Farmers Centre Completion of a new strateglc plan wlth acwmpanying workplan to ensure ivs Implementatlon With the support of SAYFC delNer Mental Health First Aid and Suicide prevention courses to Clubs Over 60 membefs travelled international via the Association in 2024 Membership continued to grow. risin8 2% since Feb 2024. Recrultment Feb 2025 1.755 Feb 2021 i.zii Feb 2017 1.736 Feb 2014 1.500 Feb 2013 1.386 2024 2023 1.682 1.689 2020 1.551 2019 1.610 2018 2016 1.610 2015 1.572 WEST REGION EAST REGION NORTH REGION TOTAL 1.379 761 773 733 626 558 711 826 791 770 724 1,185 1,179 952 773 916 987 1,069 1,109 1,125 1,153 1,003 925 3,701 1954 3,148 3,713 3.670 3,526 3,495 3,227 2,999 FINANCIALREVIEW The charity generated a surplus for the year of £4,39112023= loss of £3,771). The total income amounted to £593,40412023= £650.9501. of which £176,35812023.. £252,775) was related to restricted projects and £417,04612023: £398,175) to unrestricted funds. The net deficit on unrestricted funds. which are the operational reserves of the charity, was £8,79312023.. surplus of £1,091). SAYFC investments have also increased in value during the year. At the balance sheet date the unrestricted reserves were E241,29112023.. É250,0841 with £25,41712023.. £12,233) in restricted fvnds. Principle funding sources during the financial year include.. Sponsorship Membership Fees

SCOTTISH ASSOCIATION OF YOUNG FARMERS CLUBS

TRUSTEES REPORT

YEAR ENDED 31 DECEMBER 2024

Investment Policy

In accordance with the constitution, the Board of Trustees have the power to invest in such stocks, shares and investments in the United Kingdom or abroad as they in their sole discretion think fit. The Board of Trustees engaged Charles Stanley as investment managers and monitors the performance of its holdings with a policy of low to medium risk across the portfolio.

Risk management

The Board of Trustees have assessed the major risks to which the charity is exposed and consider fraud, reputation and the ongoing capital project to be the greatest risks. The following are in place to manage risk.

Reputation

Fraud

The charity is looking to undertake a large capital building project to build a new Young Farmers Centre that will be the basis of operations in future years. This is expected to commence in late Autumn once planning and funding is in place.

Additionally, external risks to funding have led to the development of methods of diversification of funding and activities whilst internal control risks are minimised by the procedures which are in place to ensure compliance with health and safety of staff, volunteers and visitors.

Reserves Policy

The Board of Trustees has examined the charity’s requirements for reserves in light of the main risks to the organisation. It has established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets held by the charity should be between 3 and 6 months of the expenditure. Based on the 2024 figures this represents a fund of 150k and £300K. Unrestricted free reserves are within the acceptable range at £241,291 although this reduces to £238,039 if tangible fixed assets are excluded. The reserves are needed to meet the working capital requirements of the organisation in the event of a significant drop in funding or a critical situation where activities are suspended. The Board of Management is confident that at the current level the organisation is maintaining an appropriate level of reserves.

The Association also holds some Restricted Funds where the donor has stipulated the use for which the funds may be used. The movements on the restricted funds are shown in note 16.

PLANS FOR FUTURE PERIODS

The Board of Trustees is dedicated to advancing the Association's mission by enhancing services for members and providing robust support to leaders within the Clubs. This commitment is a strategic effort to foster growth, engagement, and satisfaction among all stakeholders.

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SCOTTISH ASSOCIATION OF YOUNG FARMERS CLUBS

TRUSTEES REPORT

YEAR ENDED 31 DECEMBER 2024

Improving Services to Members

To better serve the members of the Association, the Board is implementing several key initiatives:

Supporting Club Leaders

The Board recognizes the vital role that Club leaders play in the success of the Association. To support these leaders effectively, the following strategies are being pursued:

Through these initiatives, the Board of Trustees aims to solidify the Association's foundation, empowering its members and leaders to thrive and contribute positively to the broader community.

The New Young Farmers Centre: A Vision for the Future

The unveiling of plans for the new Young Farmers Centre marks a pivotal moment for the Association, setting a course for growth and innovation. This facility is designed to support and nurture the next generation of young farmer members, ensuring the continued success and sustainability of the orgnisation.

The Young Farmers Centre will serve as a hub for learning, meeting and collaboration. Designed to foster community and teamwork, these spaces will host workshops, seminars, and networking events, encouraging collaboration and the exchange of ideas.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The Organisation was converted to a Scottish Charitable Incorporated Organisation (SCIO) on 1 April 2015. Although, the Charitable Association was originally established on 1[st] April 1938 as the National Body to represent affiliated Young Farmers Clubs throughout Scotland. The Association is governed by a constitution which states, inter alia, that its aims are to further the cultural education and training of young people, to promote their knowledge of country life, to create a fuller realisation of the duties and responsibilities of citizenship and to make rural life more attractive to young members of the community. Copies of the constitution are available from the headquarters at Ingliston.

The Association acts as an “umbrella organisation” for 69 local Young Farmers Clubs, which are spread throughout Scotland, these clubs are all affiliated but independent of the SCIO. In order to achieve its objectives, the Association co-operates, assists and works in collaboration with its affiliated Clubs and District Associations or Federations of the Scottish Association. The Association co-operates with local authorities and other bodies having the same or similar objectives. The Association also seeks to receive contributions to its funds in order to further its objectives.

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SCOTTISH ASSOCIATION OF YOUNG FARMERS CLUBS

TRUSTEES REPORT

YEAR ENDED 31 DECEMBER 2024

Recruitment and Appointment of Trustees

A Board of 12 members manages the Association, of which can be broken down into the following categories. Chair of Board

National Chair National Vice Chair Finance Committee Chair 4 x SAYFC members 2 x non members (alumni) 2 x non members

The present Board of Trustees are as detailed later in the report (page 7).

Trustee Induction and Training

During 2023 SAYFC with funding received from the Scottish Government developed and delivered an induction and training programme for members of both the Board of Trustees and the Senior Leadership Team. This includes one to one coaching to ensure trustees feel equipped to challenge and contribute to discussions during meetings. This training was put in to practice in 2024 with a strategy day held at the start of the year and will be used t support new Trustees as they come into post.

Organisational Structure

As previously stated the Board of Trustees is made up of 12 voting members and meet four times a year. They are responsible for the strategic direction and the policy of the organisation. Delegated committees appointed by the Board of Trustees have responsibility for various activities within the organisation. The Chief Executive acts as Secretary to the Board of Trustees but has no voting rights. The Chief Executive is responsible for ensuring that the charity delivers the services specified and that key performance indicators are met. The Chief Executive also has day-to-day responsibility for the operational management of the organisation, staff and ensuring that the organisation, volunteers and staff continue to develop skills and working practices in line with good practice.

The National Chair and Chief Executive lead the Senior Leadership Team who are tasked with delivery of the SAYFC Strategy as set out by the Board of Trustees. The Senior Leadership Team consists of Chairs & Vice Chairs of National and Regional Committees, as previously listed.

Pay policy for senior staff

The Board of Trustees consider the trustees and the Chief Executive are to be the key management personnel of the charity. The pay of the senior staff is reviewed annually and normally increased in accordance with average earnings.

Related Parties

The charity is guided by both local and national policy and works within the network of voluntary organisations and voluntary youth organisations within Scotland. The organisation also keeps close links with other rural youth organisations within the UK and Europe as well as kindred organisations in the rural sector.

The affiliated Young Farmers Clubs, Junior Agricultural Clubs and Agricultural Debating Societies are the foundation stone on which the Association is built and during the year the Association received affiliation fees from the clubs amounting to £226,104 (2023: £195,441). These Clubs can be contacted through the Association’s Head Office at the Young Farmers’ Centre, Ingliston, Edinburgh, EH28 8NE.

The Association also has links with four separate Trust Funds.

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SCOTTISH ASSOCIATION OF YOUNG FARMERS CLUBS

TRUSTEES REPORT

YEAR ENDED 31 DECEMBER 2024

The Ingliston Trust: Six members of the senior leadership also serve as trustees of the Ingliston Trust which is based at Old Highham House, Newburgh, Cupar, KY14 6JF and to which the Association pays an annual rent for the occupancy and use of the Young Farmers Centre, Ingliston of £19,000 (2023: £19,000). The Trust has supported the activities of the Association during the past year by awarding funds totalling £64,822 (2023: £29,608) of which £11,824 (2023: £11,814) was still outstanding at the year-end.

International Trust: No trustees served in the year as trustees on the International Trust based at Young Farmers’ Centre, Ingliston, Edinburgh, EH28 8NE, but this is a trust that was set up to support the activities of charity and to support young farmers. During the year the Trust has made awards of £16,371 (2023: £35,437) to assist with the International Exchange Programme and in support other international activities of which £Nil (2023: £Nil) was still outstanding at the year-end.

Ellen Kerr Award Fund: The Ellen Kerr Award Scheme is managed by trustees appointed by the West Regional Committee of the Association and during the year made awards direct to Clubs. During the year, Ellen Kerr has made awards of £600 (2023: £1,480) to support the activities of the Association.

The Willie Davidson 75[th] Anniversary Fund: The Willie Davidson 75[th] Anniversary was set up as a separate legal entity during 2014 and the balance of the fund was transferred across then. During the year, W Davidson has made awards of £Nil (2023: £Nil) to support the activities of the Association.

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SCOTTISH ASSOCIATION OF YOUNG FARMERS CLUBS

TRUSTEES REPORT

YEAR ENDED 31 DECEMBER 2024

REFERENCE AND ADMINISTRATIVE INFORMATION

Charity name: Scottish Association of Young Farmers Clubs Charity registration number: SC009235

Trustees

Key Management Personnel Chief Executive Headquarters Young Farmers' Centre Ingliston Edinburgh EH28 8NE Statutory Auditors: Whitelaw Wells Statutory Auditors 9 Ainslie Place Edinburgh, EH3 6AT Bankers The Royal Bank of Scotland plc 142-144 Princes Street, Edinburgh EH2 4EG Solicitors Dales Solicitors LLP 18 Wallace St, Galston, Ayrshire KA4 8HP Stockbrokers 2 Multrees Walk, Edinburgh EH1 3DQ

Key Management Personnel

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SCOTllsH ASSOCIATION OF YOUNG FARMERS CLUBS TRUSTEES REPORT YEAR ENDED 31 DECEMBER 2024 STATEMENT OF TRusfEE RESPONSIBIUTIES The Trustees are responsible for preparing a trustees, annual report and financial statements in accordance with the applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Prarticel. The law applleable to ¢h3ritles in scotland requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Association at the end of the year and of the profit or loss for the year then ended. In preparing those financial statements, the Trustees Is required to: 5elett suitable accounting policles and then apply them consistently,. obseNe the methods and principles in the Charities SORP- make judgements and estimates that are reasonable and prudent; state whether applicable accountin8 standards have been followed, subject to any materlal departures disclosed and explained in the financial statements. prepare the financlal stalement5 on the goin8 concem basis unless it Is Inapproprlate to presume that the Association will continue in business. The Trustees are responsible for keeping proper accountin8 records which disclose with reasonable accuracy at any time the financial position of the Association and to enèble them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotlandl Act 2C(J5 and Charities Account5 Iscotlandl Regulations 2C()6 las amended) and the provisions of the Associations constitution. 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 irre8ularities. The Trustees are ￿SPOnsible for the maintenance and Integrity of the Associatlon an(J financial information included on the Association's website. Legislation in the United KinBdom governing the preparation and dissemination of financial statements may differ from legislation in otherjuri5dictions. roved b the Trustees on 26" A ril 2025 and si ned b order of the Council..

SCOTTISH ASSOCIATION OF YOUNG FARMERS CLUBS INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS & TRUSTEES YEAR ENDED 31 DECEMBER 2024

Opinion

We have audited the financial statements of The Scottish Association of Young Farmers Clubs SCIO for the year ended 31 December 2024, which comprise the Statement of Financial Activities (incorporating the Income and Expenditure Account), the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, Including FRS102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs UK) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company 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 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 relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If,

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SCOTTISH ASSOCIATION OF YOUNG FARMERS CLUBS INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS & TRUSTEES YEAR ENDED 31 DECEMBER 2024

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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities and Trustees Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended) requires us to report to you if, in our opinion:

Other matter

The comparative financial statements are unaudited.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 8, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees 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 trustees are responsible for assessing the charity’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 trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with regulations made under that Act.

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 expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities that result from fraud are inherently more difficult to detect than irregularities that result from error.

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SCOTTISH ASSOCIATION OF YOUNG FARMERS CLUBS INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS & TRUSTEES YEAR ENDED 31 DECEMBER 2024

From enquiries of those charged with governance, it was determined that the risk of material misstatement from fraud was low with little scope for fraud to occur. Our audit testing is designed to detect material misstatements from fraud where there is not high level collusion.

Our audit testing was designed to detect material misstatements from other irregularities that result from error where there is not high level concealment of the error. In this regard the following audit work was undertaken: applicable laws and regulations, including child protection regulations, were reviewed and discussed with management; senior management meeting minutes were reviewed; internal controls were reviewed; and journals were reviewed. From this audit testing it was determined that the risk of material misstatement in this regard was low.

We performed income and expenditure testing which was designed to identify any irregularities as a result of mistakes or human error. From this audit testing it was determined that the risk of material misstatement in this regard was low.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with section 44 (1) (c) of the Charities and Trustee Investment (Scotland) Act 2005 and regulation 10 of the Charities Accounts (Scotland) Regulations 2006 (as amended). Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.

bS/hctelaw Jas

Whitelaw Wells Statutory Auditor 9 Ainslie Place Edinburgh Midlothian EH3 6AT

26[th] April 2025

Whitelaw Wells is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

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SCOTTISH ASSOCIATION OF YOUNG FARMERS CLUBS

STATEMENT OF FINANCIAL ACTIVITIES

YEAR ENDED 31 DECEMBER 2024

Unrestricted Restricted
Funds
Funds
Note
£
£
Income and endowments from:
Donations:
Membership Fees 2
226,104
-
Grants Receivable
2
-
130,047
Donations
2
33,565
46,311
Other trading activitiess
Event income
3
151,623
-
Investment income
4
5,754
-
TOTAL INCOME
417,046
176,358
Expenditure on:
Raising Funds

60,006
-
Charitable activities:
Members’ services
256,864
163,174
Events and activities
120,011
-
TOTAL EXPENDITURE
7
436,881
163,174
(19,835)
13,184
Realised gain / (loss) on investments
1,315
-
Unrealised gain / (loss) on investments
9,727
-
NET (EXPENDITURE)/INCOME
(8,793)
13,184
Transfers
-
-
NET MOVEMENT IN FUNDS
(8,793)
13,184
RECONCILIATION OF FUNDS
Total funds brought forward
250,084
12,233
Total funds carried forward
16
241,291
25,417		 Total
Funds
2024
£
226,104
130,047
79,876
151,623
5,754
593,404
60,006
420,038
120,011
600,055
(6,651)
1,315
9,727
4,391
-
4,391
262,317
266,708		 Total
Funds
2023
£
195,441
162,905
113,850
173,021
5,733
650,950
66,328
464,309
132,662
663,299
(12,349)
(513)
9,091
(3,771)
-
(3,771)
266,088
262,317

The charity has no other recognised gains or losses other than the results for the year, as set out above.

All activities of the charity are classified as continuing.

The notes on pages 15 to 28 form part of these financial statements.

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SCOTTISH ASSOCIATION OF YOUNG FARMERS CLUBS

BALANCE SHEET

31 DECEMBER 2024

Note
£
FIXED ASSETS
Tangible assets
9
Investments
10
CURRENT ASSETS
Stock
11
2,346
Debtors
12
108,112
Cash at bank
30,030
140,488
CREDITORS: Amounts falling
due within one year
13
(106,791)
NET CURRENT ASSETS
TOTAL ASSETS LESS LIABILITIES
FUNDS
Unrestricted - General funds
16
Restricted
16		 2024
£
3,252
229,759
233,011
33,697
266,708
241,291
241,291
25,417
266,708		 2023
£
11,258
220,388
231,646
6,167
88,609
17,491
112,267
(81,596)
30,671
262,317
250,084
250,084
12,233
262,317

th

by:

The notes on pages 15 to 28 form part of these financial statements.

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SCOTTISH ASSOCIATION OF YOUNG FARMERS CLUBS

STATEMENT OF CASH FLOWS

31 DECEMBER 2024

Cash flows from operating activities:
Net cash provided by operating activities (see below)
Cash flows from investing activities
Dividends and interest from investments
Purchase of property, plant and equipment
Proceeds from sale of investments
Purchase of investments
Net cash provided by / (used by) investing activities
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents at the beginning of the reporting period
Cash and cash equivalents at the end of the reporting period
RECONCILIATION OF NET EXPENSES TO NET CASH FLOW FROM OPERATING ACTIVITIES
Net income / (expenditure) for the year
Adjusted for:
Depreciation
(Gains) on investments
Dividends and interest from investments
Decrease in stocks
(Increase)/decrease in debtors
Increase in creditors
Net cash provided by operating activities
5,114
ANALYSIS OF CASH AND CASH EQUIVALENTS
Cash in hand
Cash held within investment portfolio
Total cash and cash equivalents		 2024
£
5,114
5,754
-
41,971
(40,225)
12,614
12,614
23,825
36,439
4,391
8,006
(11,042)
(5,754)
3,821
(19,503)
25,195
1,009
30,030
6,409
36,439		 2023
£
1,009
5,733
(9,755)
21,579
(25,655)
(8,098)
(7,089)
30,914
23,825
(3,771)
8,987
(8,578)
(5,733)
3,696
3,264
3,144
17,491
6,334
23,825

The notes on pages 15 to 28 form part of these financial statements.

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SCOTTISH ASSOCIATION OF YOUNG FARMERS CLUBS NOTES TO THE FINANCIAL STATEMENTS

31 DECEMBER 2024

1. ACCOUNTING POLICIES

The principal accounting policies are summarised below.

(a) Basis of Preparation

The SCIO constitutes a public benefit entity as defined by FRS102.

The trustees consider there are no material uncertainties about the SCIO’s ability to continue as a going concern. The trustees going concern assessment includes the a period of at least 12 months from the date of signing of these financial statements. Accordingly the financial statements have been prepared on a going concern basis.

(b)

Funding Accounting

Income recognition

All income is included in the statement of financial activities when the Association is entitled to the income, it is probable that the income will be received and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:

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SCOTTISH ASSOCIATION OF YOUNG FARMERS CLUBS NOTES TO THE FINANCIAL STATEMENTS

31 DECEMBER 2024

(d) Expenses recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Expenditure is recognised on an accruals basis. All expenses including support costs and governance cost are allocated or apportioned to the applicable expenditure headings. For more information on this attribution refer to note 7 below. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of expenditure to which it relates:

(e) Allocation of Support costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include governance costs which support the SCIO’s activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities. The bases on which support costs have been allocated are set out in note 7.

(f) Fixed Assets

Fixed assets are initially recorded at cost. Depreciation has been provided at the undernoted rates in order to write off the cost of the assets in equal instalments over their useful economic lives.

Computers and office equipment 3 years straight line. Tenant’s improvements 5 years straight line.

The charity has the policy not to capitalise items under £500.

(g) Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequentially measured at their fair value as at the balance sheet date using the market value at the balance sheet date. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

The SCIO does not acquire put options, derivatives or other complex financial instruments.

The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of the investors to investment risk, and changes in sentiment concerning equities and within particular sectors and sub sectors.

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SCOTTISH ASSOCIATION OF YOUNG FARMERS CLUBS NOTES TO THE FINANCIAL STATEMENTS

31 DECEMBER 2024

(h) Stock

(i) Contributions to pension funds

A number of employees have private pension plans to which the Association contributes. Such contributions are linked to salary and are charged to the income and expenditure account in the year in which they are paid.

(j) Operating lease agreements Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the SOFA on a straight-line basis over the period of the lease.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

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SCOTTISH ASSOCIATION OF YOUNG FARMERS CLUBS NOTES TO THE FINANCIAL STATEMENTS

31 DECEMBER 2024

2. DONATIONS (including grants and membership fees)

Unrestricted Restricted
£
£
Membership fees
226,104
-
Ingliston Trust
-
64,822
International Trust
-
16,371
Cameron Trust
-
-
The Henry Plumb Foundation
-
5,000
Mains of Lauriston Charitable Trust
-
-
Ellen Kerr awards scheme
-
600
RHASS Cultivating
-
945
Scottish Government
-
26,250
MacRobert Trust
-
-
NFU Mutual Charitable Trust
-
15,000
Scottish Enterprise Donation
-
-
Roy Watherston Memorial Trust
-
-
Donations for international trips
-
42,186
Other grants and donations (below £2,000)
33,565
5,184

259,669
176,358		 2024
£
226,104

64,822
16,371
-
5,000
-
600
945
26,250
-
15,000
-
-
42,186
38,749
436,027
 2023
£
195,441
29,608
35,437
20,000
-
2,500
1,480
1,730
58,750
10,000
-
2,250
3,400
87,620
23,980
472,196

Income from donations was £436,027 (2023: £472,196) of which £259,669 (2023: £219,421) was unrestricted and £176,358 (2023: £252,775) was restricted.

3. OTHER TRADING ACTIVITIES

Unrestricted Restricted
£
£
Event income
151,623
-

151,623
-		 2024
2023
£
£
151,623
173,021
151,623
173,021

Income from other trading activities was £151,623 (2023: £173,021) of which £151,623 (2023: £173,021) was unrestricted and £Nil (2023: £Nil) was restricted.

4. INVESTMENT INCOME

Unrestricted Restricted
£
£
Dividend and bank interest
5,754
-

5,754
-		 2024
£
5,754
5,754		 2023
£
5,733
5,733

Income from investment activities was £5,754 (2023: £5,733) of which £5,754 (2023: £5,733) was unrestricted and £Nil (2023: £Nil) was restricted.

- 18 -

SCOTTISH ASSOCIATION OF YOUNG FARMERS CLUBS NOTES TO THE FINANCIAL STATEMENTS

31 DECEMBER 2024

5.
NET INCOME/(EXPENDITURE) FOR THE YEAR
This is stated after charging:
Auditor’s:
– Audit fee
– Non-audit
Depreciation
Operating lease rental – land & buildings
Operating lease rental – other
6. STAFF NUMBERS AND COSTS
Salaries
Social security costs
Other pension costs		 2024
£
9,300
840
8,006
32,271
251
2024
£
212,989
16,286
12,379
241,654		 2023
£
8,000
700
8,987
26,069
753
2023
£
180,437
11,869
8,887
201,193

The average monthly number of employees, calculated on a head count basis, during the year is 7 (2023: 6).

The Association considers its key management personnel comprise the Trustees and the Chief Executive. The total employment benefits including employer pension contributions of the key management personnel were £69,523 (2023: £62,479). No employee had emoluments of more than £60,000.

- 19 -

SCOTTISH ASSOCIATION OF YOUNG FARMERS CLUBS

NOTES TO THE FINANCIAL STATEMENTS

31 DECEMBER 2024

7. EXPENDITURE

EXPENDITURE
Staff salaries (note 6)
Other staff costs
Premises costs
Postage and telephone
Members’ training
Other costs
Depreciation
Auditor’s fee
Hire of venues, equipment
Other event costs		 Raising
Members’
funds
Services
£
£
24,165
169,158
2,898
20,288
5,237
36,653
471
3,296
3,882
27,175
4,598
32,186
801
5,604
930
6,510
10,597
74,178
6,427
44,990
60,006
420,038		 Events
£
48,331
5,797
10,472
942
7,764
9,196
1,601
1,860
21,194
12,854
120,011		 Total
2024
£
241,654
28,983
52,362
4,709
38,821
45,980
8,006
9,300
105,969
64,271
600,055		 Total
2023
£
201,193
33,463
50,238
4,652
53,948
39,199
8,987
8,000
139,956
123,663
663,299

Expenditure was £600,055 (2023: £663,299) of which £438,881 (2023: £405,982) was unrestricted and £163,174 (2023: £257,317) was restricted. The split of support & governance costs is shown below.

Allocation of governance and support costs:

Cost type Total Governance Other Basis of
Allocated related Support costs allocation
£ £ £
Staff costs 241,654 - 241,654 Staff time
Other staff costs 28,983 - 28,983 Staff time
Premise costs 50,244 - 50,244 Staff time
Postage & telephone 4,709 - 4,709 Staff time
Other costs 44,309 2,250 42,059 Staff time and direct
Depreciation 8,006 - 8,006 Staff time
Audit fee 9,300 9,300 - Governance
387,205
 11,550
 375,655

- 20 -

SCOTTISH ASSOCIATION OF YOUNG FARMERS CLUBS NOTES TO THE FINANCIAL STATEMENTS

31 DECEMBER 2024

8. SUMMARY ANALYSIS OF EXPENDITURE AND RELATED INCOME FOR ACTIVITIES

This table shows the cost of the main activities and the sources of income that support those activities.

Raising Members’ Total Total
funds Services Events 2024 2023
£ £ £ £ £
Costs (60,006) (420,038) (120,011) (600,055) (663,299)
Membership fees - 226,104 - 226,104 195,441
Grants receivable 12,760 104,323 12,964 130,047 162,905
Donations 11,859 68,017 - 79,876 113,850
Other trading activities - - 151,623 151,623 173,021
Investment income 5,754 - - 5,754 5,733
(29,633) (21,594) 44,576 (6,651) (12,349)

9. TANGIBLE FIXED ASSETS

Computers and
Tenants
Equipment
Improvements
£
£
COST
At 1 January 2024
44,128
49,256
Additions
-
-
Disposals
-
-
At 31 December 2024
44,128
49,256
DEPRECIATION
At 1 January 2024
32,870
49,256
Charge for the year
8,006
-
Released on disposals
-
-
At 31 December 2024
40,876
49,256
NET BOOK VALUE
At 31 December 2024
3,252
-
At 31 December 2023
11,258
-		 Total
£
93,384
-
-
93,384
82,126
8,006
-
90,132
3,252
11,258

- 21 -

SCOTTISH ASSOCIATION OF YOUNG FARMERS CLUBS NOTES TO THE FINANCIAL STATEMENTS

31 DECEMBER 2024

10.
INVESTMENTS
Market value at 1 January 2024
Add: Acquisitions at cost
Disposal proceeds
Realised gains/(losses)
Unrealised gains
Market value at 31 December 2024
Cash at bank awaiting investment
Capital held for investment
Historical cost at 31 December 2024
Equity
Fixed interest securities
Cash held within the investment portfolio
Capital held for investment		 2024
2023
£
£
214,054
201,400
40,225
25,655
(41,971)
(21,579)
1,315
(513)
9,727
9,091
223,350
214,054
1,096
1,094
5,313
5,240
229,759
220,388
229,759
164,856
The portfolio consists of:
£
167,250
56,100
1,096
5,313
229,759

All investments are carried at their fair value. Investments are all in traded in quoted public markets, primarily the London Stock Exchange. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value).

The significance of the financial instruments to the ongoing financial sustainability of the charity is considered in the financial review and investment policy and the Trustees Annual Report.

The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of the investors to investment risk, and changes in sentiment concerning equities and within particular sectors and sub sectors, particularly as the charity uses the dividend yield in part to finance its work.

The charity has managed the investment risks by retaining expert advisors and operating an investment policy that provides a high degree of diversification of holdings within investment asset classes that are quoted on recognised stock exchange. The charity does not make use of derivatives and other similar complex financial instruments.

- 22 -

SCOTTISH ASSOCIATION OF YOUNG FARMERS CLUBS NOTES TO THE FINANCIAL STATEMENTS

31 DECEMBER 2024

11. STOCK
Stock
12. DEBTORS
Other debtors
Prepayments
VAT
Grants receivable
13. CREDITORS: Amounts falling due within one year
Other creditors
PAYE/NIC
Deferred income (note 14)
Accruals
14.
DEFERRED INCOME
Total deferred income at 1 January 2024
Amounts released during the year
Amounts deferred during the year
Total deferred income at 31 December 2024		 2024
£
2,346
2024
£
39,305
44,327
7,654
16,826
108,112
2024
£
39,806
4,871
46,956
15,158
106,791
2024
£
35,377
(35,377)
46,956
46,956		 2023
£
6,167
2023
£
41,006
27,260
2,279
18,064
88,609
2023
£
18,203
5,829
35,377
22,187
81,596
2023
£
38,665
(38,665)
35,377
35,377

Deferred income represents sponsorship and event income of £8,369 (2023: £9), Membership subscriptions of £36,087 (2023: £32,868) and grants of £2,500 (2023: £2,500) received for which income entitlement conditions have not been met.

- 23 -

SCOTTISH ASSOCIATION OF YOUNG FARMERS CLUBS NOTES TO THE FINANCIAL STATEMENTS

31 DECEMBER 2024

15. Pension and Other Post-Retirement Benefit Commitments

The charity operates a defined contribution scheme for all employees. The pension cost charge has been charged to the income and expenditure account and represents the contributions payable by the company to the scheme of £12,379 (2023: £8,887). Contributions outstanding at the year-end amounted to £1,760 (2023: £23). The assets of the scheme are held separately from those of the company in an independently administered fund.

FUNDS
Balance at
1 January 2024
£
Unrestricted funds
General Fund
250,084
Total unrestricted funds
250,084
Restricted funds
Ingliston Trust
-
International Trust
-
Deveron & Speyside
1,816
NFU Mutual Charitable Trust
-
Are ewe okay
4,167
International Travel
-
Ellen Kerr Awards
-
RHASS Cultivating Leaders
-
Scottish Government:
Board training
-
Agriculture and rural affairs 6,250
Henry Plumb Foundation
-
New Young Farmers Centre
-
Total restricted funds
12,233
Total funds
262,317		 Balance at
Investment
31 December
Income Expenditure Gains Transfers
2024
£
£
£
£
£
417,046
(436,881) 11,042
-
241,291

417,046
(436,881) 11,042
-
241,291

64,822
(64,822)
-
-
-
16,371
(16,371)
-
-
-
-
-
-
-
1,816
15,000
-
-
-
15,000
-
(750)
-
-
3,417
42,186
(42,186)
-
-
-
600
(600)
-
-
-
945
(945)
-
-
-
20,000
(20,000)
-
-
-
6,250
(12,500)
-
-
-
5,000
(5,000)
-
-
-
5,184
-
-
-
5,184

176,358
(163,174)
-
-
25,417

593,404
(600,055) 11,042
-
266,708

16. FUNDS

- 24 -

SCOTTISH ASSOCIATION OF YOUNG FARMERS CLUBS

NOTES TO THE FINANCIAL STATEMENTS

31 DECEMBER 2024

16. FUNDS (Cont.)

The Ingliston Trust provided funds specifically for the Highland Show, office and building maintenance and travel. The Trust has also provided grants towards the refurbishment of the hall in 2011 and 2013.

The International Trust provided funds specifically for the International Exchange programme and the European Rally.

Funds donated from the Devoron & Speyside club were provided when the club closed for member travelling costs. The transfer represents a contribution to the recent study trips from this fund.

NFU Mutual Charitable Trust provided funding for the development and welfare committee which was not spent in the year.

Are ewe okay fund represents funding raised for the mental health campaign.

International travel fund represents international trips that members and funds contribute to and the costs incurred.

provided additional funding for various oversea trips.

Cultivating Leaders Programme was funded by grants from the Henry Plumb Foundation. In 2023, the Royal Highland & Agricultural Society of Scotland and Scottish Enterprise has provided funding for the programme.

The Scottish Government provided funding for board training and an agriculture and rural affairs support grant.

New Young Farmers Centre are donations received towards the funding of the new centre from various sources.

- 25 -

SCOTTISH ASSOCIATION OF YOUNG FARMERS CLUBS

NOTES TO THE FINANCIAL STATEMENTS

31 DECEMBER 2024

16. FUNDS (Cont.)

Balance at
1 January 2023
£
Unrestricted funds
General Fund
248,993
Total unrestricted funds
248,993
Restricted funds
Ingliston Trust
-
International Trust
-
Deveron & Speyside
Travel fund
2,136
Mains of Loirston
Charitable Trust
-
Cameron Trust
-
NFU Mutual Charitable Trust 10,792
Are ewe okay
4,167
International Travel
-
Ellen Kerr Awards
-
RHASS Cultivating Leaders
-
MacRobert Trust
-
Scottish Government
Board training
-
Agriculture and rural affairs -
Roy Watherson Memorial Trust -
Total restricted funds
17,095
Total funds
266,088		 Balance at
Investment
31 December
Income Expenditure Gains Transfers
2023
£
£
£
£
£
398,175
(405,982)
8,578
320
250,084

398,175
(405,982)
8,578
320
250,084

29,608
(29,608)
-
-
-
35,437
(35,437)
-
-
-
-
-
-
(320)
1,816
2,500
(2,500)
-
-
-
20,000
(20,000)
-
-
-
-
(10,792)
-
-
-
-
-
-
-
4,167
87,620
(87,620)
-
-
-
1,480
(1,480)
-
-
-
3,980
(3,980)
-
-
-
10,000
(10,000)
-
-
-
40,000
(40,000)
-
-
-
18,750
(12,500)
-
-
6,250
3,400
(3,400)
-
-
-

252,775
(257,317)
-
(320)
12,233

650,950
(663,299)
8,578
-
262,317

Mains of Loirston provided funds for the leader cultivation programme.

The Roy Watherson Memorial Trust provided funding to support the study trip to Canada.

The MacRoberts Trust provided funding for the hiring of a development and wellbeing manager.

- 26 -

SCOTTISH ASSOCIATION OF YOUNG FARMERS CLUBS NOTES TO THE FINANCIAL STATEMENTS

31 DECEMBER 2024

17. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unrestricted Restricted Total
Funds Funds Funds
£ £ £
Fixed assets 233,011 - 233,011
Current assets 115,071 25,417 140,488
Current liabilities (106,791) - (106,791)
Net assets at 31 December 2024 241,291 25,417 266,708
Unrestricted Restricted Total
Funds Funds Funds
£ £ £
Fixed assets 231,646 - 231,646
Current assets 100,034 12,233 112,267
Current liabilities (81,596) - (81,596)
Net assets at 31 December 2023 250,084 12,233 262,317

18. POST BALANCE SHEET EVENTS

The demolition of the old Young Farmers Centre will commence on the 28[th] April 2025. The plans for the new Young Farmers Centre have been unveiled and are currently being finalised for a planning application, with the plan to commence work towards the end of the year. there were commitments in place at the end of December 2024 for the new building or the demolition.

- 27 -

SCOTTISH ASSOCIATION OF YOUNG FARMERS CLUBS NOTES TO THE FINANCIAL STATEMENTS

31 DECEMBER 2024

19. RELATED PARTIES AND TRUSTEES’ EXPENSES AND REMUNERATION

Trustees received the following payments during the year:

Honoraria:
Reimbursement of travel and accommodation,
and other expenses		 2024
£
-
-
-
-
500
250
250
250
1,000
-
2,250		 2023
£
1,000
500
250
250
-
-
-
-
-
603
2,603

During the year the Association paid rent to the Ingliston Trust, for the occupancy and use of the Young Farmers Centre, Ingliston of £19,000 (2023: £19,000). The Trust has supported the activities of the Association during the past year by awarding funds totalling £64,822 (2023: £29,608) of which £11,824 (2023: £11,814) was still outstanding at the year-end. The trust is related as 6 of the senior leadership team are also trustees.

During the year the International Trust, a trust that was set up to support the activities of charity and to support young farmers, made awards of £16,371 (2023: £35,437) to assist with the International Exchange Programme and in support of other international activities.

During the year the Ellen Kerr Award Fund made an award of £600 (2023: £1,480) to the association of which £Nil (2023: £Nil) was still outstanding at the year-end. The Award Fund is managed by trustees appointed by the West Regional Committee of the Association.

During the year the Roy Watherston Memorial Trust provided a donation of £Nil (2023: £3,400). The organisation is related as the Chief Executive is the chair.

20. OPERATING LEASE COMMITMENTS

At 31 December 2024 the charity had total commitments for premises under non-cancellable operating leases, payable as follows:-

2024 2023
Land & 2024 Land & 2023
buildings Other buildings Other
£ £ £ £
Expiring:
Within one year 30,900 - 30,900 188
Within two to five years - - - -

- 28 -

SCOTTISH ASSOCIATION OF YOUNG FARMERS CLUBS

DETAILED STATEMENT OF FINANCIAL ACTIVITIES

YEAR ENDED 31 DECEMBER 2024

INCOME
Core Income
Affiliation Fees (Club Targets)
Grants
Scottish Government grants
Other Grants
Donations
Investment income
Charitable Trading Income
Tickets, programmes and entry fees
Sponsorship and trust income
Sales of trading stock
TOTAL INCOME
EXPENDITURE
Core Expenditure
Salaries, Staff Travelling, Staff Training and Trustees Costs
Rent, rates and insurance
Light and heat
Premises expenses
Postage and telephone
Depreciation of fixed assets
Office and administration costs
Other professional fees
Travelling and Activity Expenditure
International Travel Opportunity Costs
Cost of Young Farmer Competitions & Events
Cost of sales
Member related costs
Members’ training
Depreciation of fixed assets		 2024
£
226,104
26,250
103,797
79,876
5,754
94,530
52,150
4,943
593,404

270,637
47,111
1,381
3,870
4,709
7,205
28,262
14,628
64,271
97,965
8,004
-
38,821
801
587,665		 2023
£
195,441
58,750
104,155
113,850
5,733
127,931
39,607
5,483
650,950
234,656
40,231
4,304
5,703
4,652
8,088
19,361
17,068
123,663
135,785
4,171
-
53,948
899
652,529

- 29 -

SCOTTISH ASSOCIATION OF YOUNG FARMERS' CLUBS

DETAILED STATEMENT OF FINANCIAL ACTIVITIES

YEAR ENDED 31 DECEMBER 2024

Expenditure brought forward
GOVERNANCE COSTS
Auditors fee for audit work
Auditors fee for non-audit work
Office bearers honoraria
TOTAL EXPENDITURE
NET (EXPENDITURE) BEFORE OTHER RECOGNISED
GAINS
Realised (loss) on investments
Unrealised gain / (loss) on investments
NET SURPLUS/(DEFICIT)		 2024
£
587,665
9,300
840
2,250
12,390
600,055
(6,651)
1,315
9,727
4,391		 2023
£
652,529
8,000
700
2,000
10,700
663,229
(12,349)
(513)
9,091
(3,771)

- 30 -