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REGISTERED NUMBER: 10935716 (England and Wales)












UAC CYF. FUW LTD.

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD

31 MARCH 2023 TO 31 MARCH 2024






UAC CYF. FUW LTD. (REGISTERED NUMBER: 10935716)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD 31 MARCH 2023 TO 31 MARCH 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 18


UAC CYF. FUW LTD.

COMPANY INFORMATION
FOR THE PERIOD 31 MARCH 2023 TO 31 MARCH 2024







DIRECTORS: E G N Evans
S L Jones
S A Longworth FCA
D T Williams
I T Rickman - Chair
G A O Bebb
D T Miles
E W Williams
G I Lloyd





SECRETARY: S A Longworth FCA





REGISTERED OFFICE: Llys Amaeth
Plas Gogerddan
Ceredigion
SY23 3BT





REGISTERED NUMBER: 10935716 (England and Wales)





AUDITORS: Bevan Buckland LLP
Chartered Accountants
And Statutory Auditors
Ground Floor Cardigan House
Castle Court
Swansea Enterprise Park
Swansea
SA7 9LA

UAC CYF. FUW LTD. (REGISTERED NUMBER: 10935716)

GROUP STRATEGIC REPORT
FOR THE PERIOD 31 MARCH 2023 TO 31 MARCH 2024

The directors present their strategic report of the company and the group for the period 31 March 2023 to 31 March 2024.

The parent company of the FUW Group changed its name after the year end to UAC CYF. FUW LTD. to reflect the bilingual nomenclature of Undeb Amaethwyr Cymru / Farmers' Union of Wales.

The FUW Group continued to grow revenues and has begun to invest in improving the agility and services of the businesses of the Group to achieve the strategic plan despite potentially volatile markets over the next 2 years. Continued growth is budgeted over the next three years, although increased Corporation Tax is a significant new burden to the Group. The insurance broker FUW Insurance Services Ltd is proud of its strong partnerships with key providers in the insurance markets. Loyal customers of FUW Insurance Services Ltd and members of FUW continue to support a strong retention component of business.

The Balance Sheet continues to reflect what we do rather than what we own and this is vital to a sustainable delivery for the Members of the Farmers' Union of Wales.

REVIEW OF BUSINESS
The FUW Group has continued to build both performance and position despite inflation and other market volatility. Turnover for the Group increased 7.34% to £6.58m (2023: £6.13m), but inflation and investment increased the overheads significantly. As a result, the surplus before tax was equivalent to the prior year; £255,167 (2023: £257,828). After taxation, the Group surplus was £107,878 (2023: £145,115).

Total Net Assets of the Group are £791,398 at the year-end (2023: £683,520) and net current liabilities have reduced to £384,694 (2023: £534,278).

FUW Insurance Services Ltd, a 100% subsidiary, is the prime driver of performance with turnover increasing 8.3% to £5.63m (2023: £5.20m). Overheads increased through inflation and investment. Earnings before tax increased to £1.13m (2023: £1.08m). Total net assets of FUW Insurance Services Ltd at the year-end increased to £1.72m (2023: £1.46m) after £0.72m dividends made to the parent company, UAC CYF. FUW LTD.

FUW Properties continues to rent property to the rest of the Group

PRINCIPAL RISKS AND UNCERTAINTIES
Interest rates, inflation and tax added costs to the Group and ongoing cost base volatility is anticipated for the foreseeable future. The commercial and political future of Welsh agriculture is an area of major uncertainties and the Group carries out scenario assessments. The Board of the company and the Boards of the Group are actively looking to improve profitability in their strategic plans. There has been no recessional impact on the business and the Board believes it has sufficient resources and flexibilities to continue to develop and operate profitable, commercial activity serving the Group's members and customers across Wales and beyond for the foreseeable future.

FINANCIAL KEY PERFORMANCE INDICATORS ·
The directors consider that the key financial performance indicators are those that communicate the financial performance and strength of the group as a whole, these being turnover, gross profit, operating profit and profit before taxation as set out in the Consolidated Statement of Comprehensive Income.

ON BEHALF OF THE BOARD:





I T Rickman - Chair - Director


23 October 2024

UAC CYF. FUW LTD. (REGISTERED NUMBER: 10935716)

REPORT OF THE DIRECTORS
FOR THE PERIOD 31 MARCH 2023 TO 31 MARCH 2024

The directors present their report with the financial statements of the company and the group for the period 31 March 2023 to 31 March 2024.

PRINCIPAL ACTIVITY
The parent company of the FUW Group is UAC CYF. FUW LTD. (www.FUW.org.uk), a company limited by guarantee, reinvests all of its profits from the delivery of Group services to support farming and rural communities across Wales.

At the Farmers' Union of Wales (Undeb Amaethwyr Cymru), we know that family farms in particular are at the heart of our rural economy, caring for our landscape, and of course our culture; and they make innumerable other contributions to the well-being of Wales and the UK.

Each of the 13 historic counties of Wales have a dedicated team of staff to work with and support each County Committee of Members tailoring our support to the varying social, physical and economic 'landscapes' of our farming industry.

UAC CYF. FUW LTD. has 2 wholly-owned subsidiaries:

*FUW Insurance Services Ltd (www.fuwinsurance.co.uk) is the leading agricultural insurance broker in Wales. Their history and their close operational ties with FUW provide an unique insight and understanding of the risks faced within the agricultural sector. The ethos of "Live local, work local, insure local" means that we provide insurance services to all the communities of Wales whilst offering a particular level of affinity with the agricultural sector. The surplus profits of the business financially supports the parent company to better serve the Members of the Union and the wider rural communities across Wales.
*FUW Properties Ltd holds some property for group use and is the landlord for two small community charities and some small private businesses.

DIVIDENDS
No dividends will be distributed as the company is limited by guarantee and has no shares.

DIRECTORS
The directors shown below have held office during the whole of the period from 31 March 2023 to the date of this report.

E G N Evans
S L Jones
S A Longworth FCA
D T Williams
I T Rickman - Chair
G A O Bebb
D T Miles

Other changes in directors holding office are as follows:

W G Roberts - resigned 30 June 2023
E W Williams - appointed 27 October 2023

G I Lloyd was appointed as a director after 31 March 2024 but prior to the date of this report.

A F Gardner ceased to be a director after 31 March 2024 but prior to the date of this report.


UAC CYF. FUW LTD. (REGISTERED NUMBER: 10935716)

REPORT OF THE DIRECTORS
FOR THE PERIOD 31 MARCH 2023 TO 31 MARCH 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the surplus or deficit of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Bevan Buckland LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





I T Rickman - Chair - Director


23 October 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
UAC CYF. FUW LTD.

Opinion
We have audited the financial statements of UAC Cyf. FUW Ltd. (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 March 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 Financial Reporting Standard 102 'The Financial Reporting Standard applicable 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 group's and of the parent company affairs as at 31 March 2024 and of the group's surplus for the period then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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 group 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 relating to going concern
In auditing the financial statements, we have concluded that the directors' 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 group's and the parent company'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 directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, 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 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.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
UAC CYF. FUW LTD.


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine 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 directors are responsible for assessing the group's and the parent company'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 directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
UAC CYF. FUW LTD.


Auditors' responsibilities for the audit of the financial statements
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 a Report of the Auditors 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:

Extent to which the audit was considered capable of detecting irregularities, including fraud
We identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, and then, design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

We discussed our audit independence complying with the Revised Ethical Standard 2019 with the engagement team members whilst planning the audit and continually monitored our independence throughout the process.

Identifying and assessing potential risks related to irregularities.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

enquiring of management, including obtaining and reviewing supporting documentation, concerning the group and company's policies and procedures relating to:
- identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations;

discussing among the engagement team how and where fraud might occur in the Financial Statements and any potential indicators of fraud. As part of this discussion, we identified potential for fraud in the following areas;
- the recognition of insurance commission that the company is not entitled to.

obtaining an understanding of the legal and regulatory frameworks that the company operates in, focusing on those laws and regulations that had a direct effect on the Financial Statements or that had a fundamental effect on the operations of the company, The key laws and regulations we considered in this context included the UK Companies Act and relevant tax legislation.

In addition to the above, our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations;
- enquiring of management concerning actual and potential litigation and claims; performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC;
- In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments;
- assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
- evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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 Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
UAC CYF. FUW LTD.


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Henry Lloyd Davies (Senior Statutory Auditor)
for and on behalf of Bevan Buckland LLP
Chartered Accountants
And Statutory Auditors
Ground Floor Cardigan House
Castle Court
Swansea Enterprise Park
Swansea
SA7 9LA

23 October 2024

UAC CYF. FUW LTD. (REGISTERED NUMBER: 10935716)

CONSOLIDATED
INCOME STATEMENT
FOR THE PERIOD 31 MARCH 2023 TO 31 MARCH 2024

Period
31.3.23
to Year Ended
31.3.24 30.3.23
Notes £    £   

TURNOVER 6,584,249 6,128,965

Administrative expenses 6,343,782 5,853,120
240,467 275,845

Other operating income 4,227 6,744
OPERATING SURPLUS 4 244,694 282,589

Interest receivable and similar income 33,325 2,753
278,019 285,342
Gain/loss on revaluation of investment
property

-

(22,500

)
278,019 262,842

Interest payable and similar expenses 5 22,852 5,014
SURPLUS BEFORE TAXATION 255,167 257,828

Tax on surplus 6 147,289 112,713
SURPLUS FOR THE FINANCIAL PERIOD 107,878 145,115
Surplus attributable to:
Owners of the parent 107,878 145,115

UAC CYF. FUW LTD. (REGISTERED NUMBER: 10935716)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE PERIOD 31 MARCH 2023 TO 31 MARCH 2024

Period
31.3.23
to Year Ended
31.3.24 30.3.23
Notes £    £   

SURPLUS FOR THE PERIOD 107,878 145,115


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
PERIOD

107,878

145,115

Total comprehensive income attributable to:
Owners of the parent 107,878 145,115

UAC CYF. FUW LTD. (REGISTERED NUMBER: 10935716)

CONSOLIDATED BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 - -
Tangible assets 9 1,083,025 1,127,088
Investments 10 - -
Investment property 11 102,000 102,000
1,185,025 1,229,088

CURRENT ASSETS
Debtors 12 1,418,348 1,235,065
Cash at bank 13 3,440,379 3,279,131
4,858,727 4,514,196
CREDITORS
Amounts falling due within one year 14 5,243,421 5,048,474
NET CURRENT LIABILITIES (384,694 ) (534,278 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

800,331

694,810

PROVISIONS FOR LIABILITIES 18 8,933 11,290
NET ASSETS 791,398 683,520

RESERVES
Other reserves 19 364,294 364,294
Income and expenditure account 19 427,104 319,226
791,398 683,520

The financial statements were approved by the Board of Directors and authorised for issue on 23 October 2024 and were signed on its behalf by:





I T Rickman - Chair - Director


UAC CYF. FUW LTD. (REGISTERED NUMBER: 10935716)

COMPANY BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 - -
Tangible assets 9 707,866 725,552
Investments 10 - -
Investment property 11 - -
707,866 725,552

CURRENT ASSETS
Debtors 12 540,056 503,640

CREDITORS
Amounts falling due within one year 14 2,159,998 1,992,476
NET CURRENT LIABILITIES (1,619,942 ) (1,488,836 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(912,076

)

(763,284

)

PROVISIONS FOR LIABILITIES 18 2,308 1,729
NET LIABILITIES (914,384 ) (765,013 )

RESERVES
Other reserves 19 303,145 303,145
Income and expenditure account 19 (1,217,529 ) (1,068,158 )
(914,384 ) (765,013 )

Company's (loss)/profit for the financial year (149,371 ) 397,428

The financial statements were approved by the Board of Directors and authorised for issue on 23 October 2024 and were signed on its behalf by:





I T Rickman - Chair - Director


UAC CYF. FUW LTD. (REGISTERED NUMBER: 10935716)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD 31 MARCH 2023 TO 31 MARCH 2024

Retained Other Total
earnings reserves equity
£    £    £   
Balance at 31 March 2022 174,111 364,294 538,405

Changes in equity
Total comprehensive income 145,115 - 145,115
Balance at 30 March 2023 319,226 364,294 683,520

Changes in equity
Total comprehensive income 107,878 - 107,878
Balance at 31 March 2024 427,104 364,294 791,398

UAC CYF. FUW LTD. (REGISTERED NUMBER: 10935716)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD 31 MARCH 2023 TO 31 MARCH 2024

Retained Other Total
earnings reserves equity
£    £    £   
Balance at 31 March 2022 (1,465,586 ) 303,145 (1,162,441 )

Changes in equity
Total comprehensive income 397,428 - 397,428
Balance at 30 March 2023 (1,068,158 ) 303,145 (765,013 )

Changes in equity
Total comprehensive income (149,371 ) - (149,371 )
Balance at 31 March 2024 (1,217,529 ) 303,145 (914,384 )

UAC CYF. FUW LTD. (REGISTERED NUMBER: 10935716)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE PERIOD 31 MARCH 2023 TO 31 MARCH 2024

Period
31.3.23
to Year Ended
31.3.24 30.3.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 471,714 316,998
Interest paid (22,852 ) (5,014 )
Tax paid (417,611 ) (92,609 )
Net cash from operating activities 31,251 219,375

Cash flows from investing activities
Purchase of tangible fixed assets (16,583 ) (19,302 )
Interest received 33,325 2,753
Net cash from investing activities 16,742 (16,549 )

Cash flows from financing activities
Loan repayments in year (8,951 ) (10,216 )
Net cash from financing activities (8,951 ) (10,216 )

Increase in cash and cash equivalents 39,042 192,610
Cash and cash equivalents at beginning of
period

2

2,952,634

2,760,024

Cash and cash equivalents at end of period 2 2,991,676 2,952,634

UAC CYF. FUW LTD. (REGISTERED NUMBER: 10935716)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE PERIOD 31 MARCH 2023 TO 31 MARCH 2024

1. RECONCILIATION OF SURPLUS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

Period
31.3.23
to Year Ended
31.3.24 30.3.23
£    £   
Surplus before taxation 255,167 257,828
Depreciation charges 60,646 70,468
Loss on revaluation of fixed assets - 22,500
Loss on impairment of fixed assets - 20,000
Finance costs 22,852 5,014
Finance income (33,325 ) (2,753 )
305,340 373,057
Increase in trade and other debtors (183,283 ) (333,284 )
Increase in trade and other creditors 349,657 277,225
Cash generated from operations 471,714 316,998

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Period ended 31 March 2024
31.3.24 31.3.23
£    £   
Cash and cash equivalents 3,440,379 3,279,131
Bank overdrafts (448,703 ) (326,497 )
2,991,676 2,952,634
Year ended 30 March 2023
30.3.23 31.3.22
£    £   
Cash and cash equivalents 3,279,131 3,198,589
Bank overdrafts (326,497 ) (438,565 )
2,952,634 2,760,024


UAC CYF. FUW LTD. (REGISTERED NUMBER: 10935716)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE PERIOD 31 MARCH 2023 TO 31 MARCH 2024

3. ANALYSIS OF CHANGES IN NET FUNDS

At 31.3.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank and in hand 3,279,131 161,248 3,440,379
Bank overdrafts (326,497 ) (122,206 ) (448,703 )
2,952,634 39,042 2,991,676
Debt
Debts falling due within 1 year (39,784 ) 8,951 (30,833 )
(39,784 ) 8,951 (30,833 )
Total 2,912,850 47,993 2,960,843

UAC CYF. FUW LTD. (REGISTERED NUMBER: 10935716)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD 31 MARCH 2023 TO 31 MARCH 2024

1. STATUTORY INFORMATION

UAC Cyf. FUW Ltd. is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Functional and Presentation Currency
The group's functional and presentational currency is pounds sterling.

Basis of consolidation
The financial statements of the subsidiary used in the preparation of the consolidated financial statements are prepared for the same reporting period as the parent company and are based on consistent accounting policies. The results of subsidiaries acquired or disposed of during the period are included in the consolidated financial statements from the effective date of acquisition up to the effective date of disposal, as appropriate.

Intra-group balances and any unrealised gains and losses or income and expenses arising from intra-group transactions, are eliminated in preparing the consolidated financial statements.

Going concern
At the year end, the FUW Group had only £25k of historical Corporation Tax remaining to pay to HMRC following a lengthy tax project resulting in a Trade Protection Association agreement. The TPA brings predictability and confidence to tax planning in the Group for the foreseeable future. There are no scenarios considered by the Boards of the Group that cause Going Concern to be questioned in the 12 months following the approval of these financial statements. The Board is not aware of any existing conditions or imminent situations that would mean that preparing the accounts for the year ended 31 March 2024 on a going concern basis would be inappropriate

Intercompany indebtedness
FUW Insurance Services Ltd is a 100%-owned subsidiary of the parent company UAC CYF. FUW LTD. The insurance broking business of the Group provides cash-flows to the parent company for the benefit of the Members of the Farmers Union of Wales / Undeb Amaethwyr Cymru. This results in an intercompany debt from UAC CYF. FUW LTD. to FUW Insurance Services Ltd. FUW Insurance Services Ltd periodically votes dividends with which UAC CYF. FUW LTD. discharges liabilities to the subsidiary. Dividends of £0.72m were voted to the shareholder in financial year 2023-24 and a dividend of £180,000 was voted on 30 June 2024.

In the opinion of the directors of FUW Insurance Services Ltd, the debt owed to that company by UAC CYF. FUW LTD. is supported by the value of the shareholding held by UAC CYF. FUW LTD. and by the periodic dividend payments to UAC CYF. FUW LTD.. FUW Insurance Services Ltd does not rely on the recovery of the intercompany debt for its solvency or liquidity.

UAC CYF. FUW LTD. does not recognise the value of the Fixed Asset Investment of ownership of FUW Insurance Services Ltd on its balance sheet, but it is a multiple of the level of debt. The Board of UAC CYF. FUW LTD. believes that permitting FUW Insurance Services to retain significant profits is essential to empower the subsidiary to continue to grow its profitability, and therefore cash-flows to the parent company, for the benefit of the Members. Therefore, the Boards of UAC CYF. FUW LTD. and FUW Insurance Services Ltd are of the opinion that the level of intercompany debt at 31 March 2024 does not alter their assertion that both companies should prepare their accounts on a going concern basis.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

UAC CYF. FUW LTD. (REGISTERED NUMBER: 10935716)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 31 MARCH 2023 TO 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results in the future may differ from these estimates.

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 and in any future periods affected.

Significant management judgements
The following are management judgements in applying the accounting policies of the Group that have the most significant effect on the amounts recognised in the financial statements.

i) Properties - The annual impairment review considers the book value of the properties held by the Group.

ii) Provisions and accruals - Management bases its judgements on the circumstances relating to each specific event and upon currently available information.

Trade debtors
Short term trade debtors are measured at transaction price, less any impairment. A provision for impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due.

Creditors
Short term creditors are measured at the transaction price. Bank loans are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Provisions for liabilities
Provisions are recognised when the company has a present obligation (legal or constructive) from a past event that will probably result in a transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover, all of which arose from activities within the United Kingdom, represents the following activities:

i) General Insurance - Turnover represents business incepted during the year, together with any differences between the booked commission for prior years and those previously accrued, and include estimates of due commission but not yet receivable, less an allowance for cancellations. Reinsurance commission are accounted for when the contract is entered into. Related fees earned on insurance agreements when the service has been provided.

ii) Life Insurance - Turnover represents business incepted during the year, which includes the commission earned over the term of the policy.

iii) Membership Income - Membership fees are paid annually in advance, with the term of the membership commencing when payment is received. Turnover represents the proportion of fees in relation to the period up to the 31st March each year, fees received in relation to the following financial year are shown in creditors as membership fees in advance.

iv) Rental Income - Turnover is accounted for an accruals basis,

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of five years.

UAC CYF. FUW LTD. (REGISTERED NUMBER: 10935716)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 31 MARCH 2023 TO 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - 2% on cost
Long leasehold - 2% on cost
Fixtures and fittings - Straight line over 5 to 10 years
Computer equipment - 33% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in surplus or deficit.

Investment properties are measured initially at cost, including transaction costs. Subsequent to initial recognition, investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the statement of comprehensive income. Deferred tax is provided against these gains at the rate expected to apply when the property is sold. The treatment is in line with the fair value provisions of the Companies Act.

Investment properties are derecognised when either they have been disposed of or when the investment property is permanently withdrawn from use and no future economic benefit is expected from its disposal.

Investment properties are reclassified as 'held for sale' assets from commencement of marketing for disposal, provided that the directors have reasonable expectation that they will be sold within a period of 12 months.

UAC CYF. FUW LTD. (REGISTERED NUMBER: 10935716)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 31 MARCH 2023 TO 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The group enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other receivables and payables, amounts due to and from related parties.

Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Debt instruments like loans and other receivables and payables are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying value and the present value of estimated cash flows discounted at the assets original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the group would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount recognised in the balance sheet when there is an 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. At each reporting date non-financial assets not carried at fair value, such as property, plant and equipment are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less costs to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


UAC CYF. FUW LTD. (REGISTERED NUMBER: 10935716)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 31 MARCH 2023 TO 31 MARCH 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to surplus or deficit on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group contributes to a Group Personal Pension Plan. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Cash at bank
UAC CYF. FUW LTD. holds a bank account in relation to the Presidents Charity Appeal. This bank account has not been included within the financial statements as the money is not deemed to be the Groups money.

3. EMPLOYEES AND DIRECTORS
Period
31.3.23
to Year Ended
31.3.24 30.3.23
£    £   
Wages and salaries 3,979,697 3,624,193
Social security costs 369,086 350,574
Other pension costs 151,481 135,137
4,500,264 4,109,904

The average number of employees during the period was as follows:
Period
31.3.23
to Year Ended
31.3.24 30.3.23

Employees 123 125

Period
31.3.23
to Year Ended
31.3.24 30.3.23
£    £   
Directors' remuneration 273,125 278,044

Information regarding the highest paid director is as follows:
Period
31.3.23
to Year Ended
31.3.24 30.3.23
£    £   
Emoluments etc 113,642 110,485

UAC CYF. FUW LTD. (REGISTERED NUMBER: 10935716)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 31 MARCH 2023 TO 31 MARCH 2024

4. OPERATING SURPLUS

The operating surplus is stated after charging:

Period
31.3.23
to Year Ended
31.3.24 30.3.23
£    £   
Other operating leases 27,828 26,654
Depreciation - owned assets 60,646 70,468
Auditors' remuneration 29,916 22,000
Auditors' remuneration for non audit work 13,000 32,775

5. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
31.3.23
to Year Ended
31.3.24 30.3.23
£    £   
Bank interest 22,852 5,014

6. TAXATION

Analysis of the tax charge
The tax charge on the surplus for the period was as follows:
Period
31.3.23
to Year Ended
31.3.24 30.3.23
£    £   
Current tax:
UK corporation tax 149,646 140,337
Adjustment in respect of
previous periods - (18,955 )
Total current tax 149,646 121,382

Deferred tax (2,357 ) (8,669 )
Tax on surplus 147,289 112,713

UK corporation tax has been charged at 25 % .

UAC CYF. FUW LTD. (REGISTERED NUMBER: 10935716)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 31 MARCH 2023 TO 31 MARCH 2024

6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below:

Period
31.3.23
to Year Ended
31.3.24 30.3.23
£    £   
Surplus before tax 255,167 257,828
Surplus multiplied by the standard rate of corporation tax in the UK of 24.934
% (2023 - 19 %)

63,623

48,987

Effects of:
Expenses not deductible for tax purposes 80,196 85,724
Income not taxable for tax purposes - (1,100 )
Adjustments to tax charge in respect of previous periods - (18,955 )
Tax rate changes - (2,080 )
Other 3,470 137
Total tax charge 147,289 112,713

7. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


8. INTANGIBLE FIXED ASSETS

Group
Computer
software
£   
COST
At 31 March 2023
and 31 March 2024 29,024
AMORTISATION
At 31 March 2023
and 31 March 2024 29,024
NET BOOK VALUE
At 31 March 2024 -
At 30 March 2023 -

UAC CYF. FUW LTD. (REGISTERED NUMBER: 10935716)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 31 MARCH 2023 TO 31 MARCH 2024

9. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Long and Computer
property leasehold fittings equipment Totals
£    £    £    £    £   
COST
At 31 March 2023 588,466 855,667 188,591 44,455 1,677,179
Additions - - 12,458 4,125 16,583
Reclassification/transfer - - (27,766 ) 27,766 -
At 31 March 2024 588,466 855,667 173,283 76,346 1,693,762
DEPRECIATION
At 31 March 2023 209,898 170,570 131,485 38,138 550,091
Charge for period 14,987 10,326 17,363 17,970 60,646
At 31 March 2024 224,885 180,896 148,848 56,108 610,737
NET BOOK VALUE
At 31 March 2024 363,581 674,771 24,435 20,238 1,083,025
At 30 March 2023 378,568 685,097 57,106 6,317 1,127,088

Company
Fixtures
Freehold Long and
property leasehold fittings Totals
£    £    £    £   
COST
At 31 March 2023 379,000 494,576 104,647 978,223
Additions - - 8,901 8,901
At 31 March 2024 379,000 494,576 113,548 987,124
DEPRECIATION
At 31 March 2023 62,328 110,877 79,466 252,671
Charge for period 7,577 3,106 15,904 26,587
At 31 March 2024 69,905 113,983 95,370 279,258
NET BOOK VALUE
At 31 March 2024 309,095 380,593 18,178 707,866
At 30 March 2023 316,672 383,699 25,181 725,552

10. FIXED ASSET INVESTMENTS

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

FUW Insurance Services Limited
Registered office: United Kingdom
Nature of business: Insurance brokers
%
Class of shares: holding
Ordinary 100.00

UAC CYF. FUW LTD. (REGISTERED NUMBER: 10935716)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 31 MARCH 2023 TO 31 MARCH 2024

10. FIXED ASSET INVESTMENTS - continued

FUW Properties Limited
Registered office: United Kingdom
Nature of business: Letting of real estate
%
Class of shares: holding
Ordinary 100.00


11. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 31 March 2023
and 31 March 2024 102,000
NET BOOK VALUE
At 31 March 2024 102,000
At 30 March 2023 102,000

Investment property owned by the group was valued on 14th July 2023 by an external valuer M N Williams MRICS of Williams & Goodwin.

The valuation was prepared on the basis of market value as defined in the Royal Institution of Chartered Surveyors Valuation - Global Standards.

A fair value appraisal has been conducted by the Directors and they deem that there is no material difference between the date of the valuation and the year end.

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2023 (22,500 )
Cost 124,500
102,000

12. DEBTORS

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year:
Trade debtors 1,064,467 935,916 176 1,360
Amounts owed by group undertakings - - 470,894 472,744
Other debtors 9,260 - 9,260 -
Accrued income 81,915 58,926 - -
Prepayments 202,044 187,173 59,726 29,536
1,357,686 1,182,015 540,056 503,640

Amounts falling due after more than one year:
Trade debtors 60,662 53,050 - -

Aggregate amounts 1,418,348 1,235,065 540,056 503,640

UAC CYF. FUW LTD. (REGISTERED NUMBER: 10935716)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 31 MARCH 2023 TO 31 MARCH 2024

13. CASH AT BANK
Group
2024 2023
£    £   
Bank account 963,576 665,419
Bank account - Client money 2,476,803 2,613,712
3,440,379 3,279,131

The client money bank accounts is client money used to pay premiums to underwriters, to settle claims to policyholders and to defray commission and other income. Client money is not available for general corporate purposes.

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 15) 479,536 366,281 479,536 366,281
Trade creditors 170,744 188,813 56,889 62,572
Amounts owed to group undertakings - - 1,054,918 1,009,791
Tax 201,949 469,914 - -
Social security and other taxes 79,808 75,382 79,808 75,382
VAT 29,137 43,019 28,610 42,382
Other creditors 2,978,315 2,858,900 32,773 24,969
Deferred income 773,852 522,343 298,614 318,873
Accrued expenses 530,080 523,822 128,850 92,226
5,243,421 5,048,474 2,159,998 1,992,476

15. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts 448,703 326,497 448,703 326,497
Bank loans 30,833 39,784 30,833 39,784
479,536 366,281 479,536 366,281

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 85,263 61,550
Between one and five years 144,994 131,185
In more than five years 1,155,375 1,186,392
1,385,632 1,379,127

UAC CYF. FUW LTD. (REGISTERED NUMBER: 10935716)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 31 MARCH 2023 TO 31 MARCH 2024

16. LEASING AGREEMENTS - continued

Company
Non-cancellable operating leases
2024 2023
£    £   
Within one year 61,763 38,050
Between one and five years 93,994 71,185
In more than five years 622,500 639,017
778,257 748,252

17. SECURED DEBTS

The group's banker Barclays Bank Plc holds the following security: -

Cross Guarantee and Debenture dated 9/04/18 securing by way of a fixed charge, floating charge covering all the property or undertaking of the company.

A legal charge dated 22/06/18 securing by way of a legal charge on the freehold property known as 13A Barn Road, Carmarthen.SA31 1DD.

A legal charge dated 28/06/18 securing by way of a legal charge on the freehold property known as 2 Stryd y Castell, Caernarfon, LLSS 1SE.

A legal charge dated 20/08/18 securing by way of a legal charge on the leasehold property known as Ground Floor Ty Mawr, Queens Square, Dolgellau, LL40 1AF.

A legal charge dated 27/09/2013 securing by way of a legal charge on the freehold property/Investment property known as 2-3 Glanhwfa Road, Llangefni. LL77 7EN

The group's banker Barclays Security Trustee Limited holds the following security: -

A legal charge dated 22/06/18 securing by way of a legal charge on the freehold property/Investment property known as 2-3 Glanhwfa Road, Llangefni. LL77 7EN.

18. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax
Accelerated capital allowances 8,933 11,290 2,308 1,729

Group
Deferred
tax
£   
Balance at 31 March 2023 11,290
Credit to Income Statement during period (2,357 )
Balance at 31 March 2024 8,933

UAC CYF. FUW LTD. (REGISTERED NUMBER: 10935716)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 31 MARCH 2023 TO 31 MARCH 2024

18. PROVISIONS FOR LIABILITIES - continued

Company
Deferred
tax
£   
Balance at 31 March 2023 1,729
Charge to Income Statement during period 579
Balance at 31 March 2024 2,308

19. RESERVES

Group
Income
and
expenditure Other
account reserves Totals
£    £    £   

At 31 March 2023 319,226 364,294 683,520
Surplus for the period 107,878 107,878
At 31 March 2024 427,104 364,294 791,398

Company
Income
and
expenditure Other
account reserves Totals
£    £    £   

At 31 March 2023 (1,068,158 ) 303,145 (765,013 )
Deficit for the period (149,371 ) (149,371 )
At 31 March 2024 (1,217,529 ) 303,145 (914,384 )

Other reserves
Other reserves relates to a merger reserve following the group reconstruction that was effected on the 1 September 2017.

20. ULTIMATE CONTROLLING PARTY

The controlling party is The Grand Council of the Farmers'Union of Wales.

The Members control the company which is limited by guarantee.