The Executive Committee present their annual report and financial statements for the year ended 31 August 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Association's Articles of Association, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016)
The work of the Association's is guided by the mission statement: "... to encourage individual development, creativity, initiative and contribution for the benefit of members, the association, and the community."
As the largest rural youth organisation in Northern Ireland, we inspire our active membership to flourish through the development of life skills and education, while serving the wider rural community as part of a vibrant, inclusive organisation, underpinned by strong governance.
As a volunteer led organisation we nurture and develop young people by encouraging participation in a selection of innovative and often unique opportunities in education, training, personal development and fun.
Our Values
Engaging positively with our members and communicating the good work we do
Encouraging growth, development and participation through all opportunities
Having a positive impact on our people, our community and our environment
People & Partnerships
To have highly valued, enthusiastic and committed members and staff who work together to make YFCU and each other the best they can be, by communicating and engaging with local partners, sectoral groups and having a positive impact on our local rural communities.
Encourage & Equip
To deliver a portfolio of programmes, activities and resources that encourage members to engage and grow whilst equipping them with the tools and skills needed to develop.
Relevant & Resilient
To be relevant in our mission as Northern Ireland’s leading rural youth organisation, using our position to encourage strong communities and build resilient farmers for the future.
Our Commitment
Our People
To grow our membership as a youth-shaped organisation where everyone is valued, encouraged and equipped to grow to their full potential.
Our Community
As a member-led organisation, we seek to make a fundamental difference to young people living in NI, specifically rural and isolated areas, and their associated communities.
To provide our services and programmes through our clubs which are geographically spread through rural NI and in collaboration with local community groups and partners.
Our Environment
As farmers of the future, YFCU seeks to educate their members to be able to make sustainable, efficient and profitable environmentally friendly choices.
Achievements and performance
The Association has two key performance indicators, membership and participation. Membership increased reflecting a strong and engaged community. Participation rates in the Association's programme of training and competitions once again reaffirming the relevance and value of these to the membership.
Proficiency Award Scheme- Rewarding Members
When a member competes in the central competitions they are awarded a proficiency.
An award of Merit (40%) is worth 1 point
An award of Distinction (75%) is worth 2 points
The competition year runs from 1st September- 31st August. During 2024-2025 a total of 1,872 certificates were issued to recognise the members’ participation in the YFCU activities.
In 2024-2025 Young Farmers’ Clubs of Ulster (YFCU) introduced Cultivating Young Leaders programme, designed to empower and educate members aged between 18 and 30 of which 16 young people completed.
Child Protection Training
Child protection training continues to be a priority for the Association.
As part of our child protection strategy, the YFCU continues to ensure that staff, key elected officials and volunteers/ trainers are checked through Access NI. All members, parents and office bearers are provided with access to the Association's child protection policies and procedures.
External Scheme
YFCU continues to be a centre for the Duke of Edinburgh Awards Scheme, thus giving our members the opportunity to take part in this challenging and highly rewarding youth development programme. This year, we had 11 members achieve their bronze awards, 7 members achieved their silver award and 3 gold award recipients.
As in previous years the Association's core funding is from grants, provided by Education Authority (EA) and Department of Agriculture, Environment and Rural Affairs (DAERA). In addition to grants, monies are raised from donations, sponsorship, membership and competition fees.
This year there was an increase in income of £125,673 (2024: decrease of £67,565). Overall the Accounts show a surplus of £295,225 (2024: surplus £121,980). A Headquarters surplus of £111,751 is recorded (includes endowment surplus). The principles of 'best value' and 'added value' continue to be applied to all expenditure and activities undertaken.
It is the policy of the Association that unrestricted funds which have not been designated for a specific purpose should be maintained at a level equivalent to between three- and six-month’s expenditure. The Executive Committee considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Association’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. The Executive Committee has considered the level of reserves required and has agreed a policy where the unrestricted funds not committed or invested in tangible fixed assets held by the charity should be between 9-12 months of unrestricted annual expenditure. The unrestricted funds not committed or invested in tangible fixed assets at 31 August 2025 are £736,400 with the unrestricted annual expenditure range being £275,249 (9 months) to £366,999 (12 months). The reserves held are currently in excess of the agreed reserves policy.
The Executive Committee has assessed the major risks to which the Association is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
The Executive Committees' assessment of the major risks has identified that loss of government grants is the major financial risk for the charity. A key element in the management of financial risk includes active discussion with the funders and regular review of funds and active management of trade debtors and creditors balances to ensure sufficient working capital.
Attention has also been focused on non-financial risks arising from fire, health and safety, child protection, litigation, etc. These risks are managed by ensuring robust policies and procedures are in place and regular awareness training for members in these areas.
The Young Farmer's Clubs of Ulster (YFCU) is a charitable company limited by guarantee, incorporated on 1st November 1957 and registered as a charity on 6th February 1967 with the Inland Revenue. On the 23rd February 2015 YFCU registered with the Charity Commission for Northern Ireland. The company was established under a Memorandum of Association which set up the objects and powers of the charitable company and is governed under its Articles of Association which were revised at the AGM in 2017. In the event of the company being wound up, members are required to contribute an amount not exceeding £1.
The directors of the company are also charity trustees for the purposes of charity law and under the company's Articles are known as members of the Executive Committee.
Under the requirements of the Articles of Association, the members of the Executive Committee are elected to serve for a period of one year after which they must be nominated and elected at the next Annual General Meeting.
The Executive Committee comprises of the:
1. President
2. Immediate Past President
3. Deputy President
4. Vice-Presidents (4)
5. Honorary Treasurer
6. Two representatives nominated by each County Committee
7. Chairman and Vice Chairman of each Sub-Committee appointed by that Committee
8. One representative of the Ulster Farmers’ Union
9. Two representatives of the persons co-opted to the County Committees
10. Chief Executive Officer of the Association (without vote)
11. Two persons co-opted by the Executive Committee
12. One co-opted as a YFCU representative on Rural Youth Europe Board
If appropriate, the Executive Committee may also include the standing Board member representing the Association of the Board of Rural Youth Europe. And if desired, one Life Member of the Association (ex officio).
As a young person’s organisation the focus of the Executive Committee is on ensuring that the developmental need of this group are appropriately reflected throughout its membership and activities. To embed this, members nominated for election to the Executive Committee by County Committees must directly represent the membership of senior clubs.
The company's current policy concerning the payment of trade creditors is to:
settle the terms of payment with suppliers when agreeing the terms of each transaction;
ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and
pay in accordance with the company's contractual and other legal obligations.
Trade creditors of the company at the year end were equivalent to 14 day's purchases, based on the average daily amount invoiced by suppliers during the year.
The governing body of the Association is the Council which meets annually at its AGM in April. The Council appoints an Executive Committee of up to 29 members with the power to manage and administer the business of the Association. The Executive Committee meets a minimum of six times per year.
At its first meeting the Executive Committee annually elects a Special Purposes Committee (SPC) that reports to the Executive Committee on aspects of the Association’s activities. There are four.
Central Committees: Programmes and Development (P&D), Agriculture, Environment and Rural Affairs (AERA), Travel and Wellbeing and Development.
The Chief Executive Officer (CEO) is appointed by the Executive Committee to manage the day-to-day operations of the Association and supervision of the staff team.
Members elected to the Association’s Executive attend the Executive Board training weekend each year to familiarise themselves with aims of the Association and their role, their responsibilities and their duties as directors. These events are jointly led by the Chair of the Executive Committee and the CEO.
Over the last few years these residential events have covered areas such as governance, directors’ duties, policies, communication, finance, departmental priorities, strategic planning and have involved internal and external speakers. The content is reviewed annually inline with strategic need and skill set shortages.
All salaries and terms of conditions are considered by the Special Purposes Committee annually and ratified by the Executive.
The Executive Committee receives support from the Education Authority (EA) and the Department of Agriculture, Environment and Rural Affairs (DAERA) who fund the work of the Association in providing training and social education opportunities for young people in our rural communities. Members and staff sit on organising committees and working parties of a number of Groups including the EA Regional Advisory Group, The Farm Safety Partnership and Department of Education Policy Reference Group.
In accordance with the company’s articles, a resolution proposing that Harbinson Mulholland be reappointed as auditor of the company will be put at a General Meeting.
The Executive Committee report was approved by the Board of Executive Committee.
The Executive Committee, who are also the directors of Young Farmers' Clubs of Ulster, The for the purpose of company law, are responsible for preparing the Executive Committee Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Executive Committee to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Association and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the Executive Committee are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Association will continue in operation.
The Executive Committee are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Association and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Association and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Opinion
We have audited the financial statements of Young Farmers' Clubs of Ulster, The (the ‘Association’) for the year ended 31 August 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Association in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the Executive Committee 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 Association’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 Executive Committee with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Executive Committee are responsible for the other information contained within the annual report. Our opinion on the financial statements does 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 course of 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.
We have nothing to report in respect of the following matters in relation to which the Charities Accounts and Reports Regulations (Northern Ireland) 2015 requires us to report to you if, in our opinion:
the information given in the financial statements is inconsistent in any material respect with the Executive Committee report; or
sufficient accounting records have not been kept; or
the financial statements are not in agreement with the accounting records; or
we have not received all the information and explanations we require for our audit.
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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and/or senior management, and from our commercial knowledge and experience of the sector;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 2 were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
agreeing financial statement disclosures to underlying supporting documentation;
reading the minutes of meetings of those charged with governance;
enquiring of management as to actual and potential litigation and claims.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
HM Chartered Accountants is eligible for appointment as auditor of the Association by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
Investments
The statement of financial activities includes all gains and losses recognised in the year.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
Young Farmers' Clubs of Ulster is a private company limited by guarantee incorporated in Northern Ireland. The registered office is 50 Bedford Street, Belfast, BT2 7FW
The financial statements have been prepared in accordance with the Association's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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 (FRS 102)". The Association is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the Association. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
At the time of approving the financial statements, the Executive Committee have a reasonable expectation that the Association has adequate resources to continue in operational existence for the foreseeable future. Thus the Executive Committee continue to adopt the going concern basis of accounting in preparing the financial statements.
Unrestricted funds are available for use at the discretion of the Executive Committee in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Cash donations are recognised on receipt. Other donations are recognised once the Association has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
At each reporting end date, the Association reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
The Association has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Association's balance sheet when the Association becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the Association’s contractual obligations expire or are discharged or cancelled.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the Association is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
In the application of the Association’s accounting policies, the Executive Committee are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are 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.
The annual depreciation charge depends primarily on the estimated lives of each type of asset and, in certain circumstances, estimates of residual values. Management regularly review these useful lives and change them if necessary to reflect current conditions. Changes in the useful lives can have a significant impact on the depreciation charge for the financial year. The net book value of Tangible Fixed Assets subject to depreciation at the financial year end date was £1,195,783 (2024: £1,215,677).
Competition and other activities
Investments
Income received from UK listed investments
Other income
Charitable activities
Education Authority
DAERA
Competition costs
Travel & subsistence
Postage, stationary & publicity
Legal & professional fees
Clubs
Premises costs
Office costs
Bank charges
Other costs
Clubs
During the year two members of the executive committee received a combined honorarium payment of £995 (2024: £995).
The average monthly number of employees during the year was: 9
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
Investments are included at revalued amounts based on valuations carried out on the individual investments.
The Association operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Association in an independently administered fund.
Endowment funds represent assets which must be held permanently by the Association. Income arising on the endowment funds can be used in accordance with the objects of the Association and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.
The Young Farmers' Clubs of Ulster Trust which was managed by DAVY was wound up during the financial year to 31.08.2024 with the funds deposited into a Fixed Term Deposit account.
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
Fund transfers relate to the payment of membership subscriptions by clubs on behalf of their members to the organisation's head office and other transactions between the clubs and the head office.
Additional transfers cover any overspend in the DAERA and EA funds.
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
There have been no significant events after the reporting period.
There were no disclosable related party transactions during the year (2024- none).
The Association had no material debt during the year.