**REGISTERED CHARITY NUMBER: 1156236**
## **REPORT OF THE TRUSTEES AND**
## **UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022**
## **FOR**
## **THE FARRIERS FOUNDATION**
Deans Chartered Accountants Gibson House Hurricane Court Hurricane Close Stafford ST16 1GZ
**THE FARRIERS FOUNDATION**
**CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022**
||**Page**|
|---|---|
|**Reference and Administrative Details**|1|
|**Report of the Trustees**|2 to 4|
|**Chartered Accountants’ Report**|5|
|**Statement of Financial Activities**|6|
|**Balance Sheet**|7|
|**Notes to the Financial Statements**|8 to 13|
|**Detailed Statement of Financial Activities**|14|
**THE FARRIERS FOUNDATION**
## **REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2022**
|**TRUSTEES**|Mr J Nunn|
|---|---|
||Mrs S L Nunn|
||Mr G D Moon|
||Mr M J Handley|
||Mr C Watton|
||Mr S Arnold|
||M Randles|
|**PRINCIPAL ADDRESS**|53 Greenfields|
||Gnosall|
||Stafford|
||Staffordshire|
||ST20 0HP|
|**REGISTERED CHARITY NUMBER**|1156236|
|**SOLICITORS**|Knights Solicitors,|
||Brampton Road,|
||Newcastle-Under-Lyme,|
||ST5 0QW|
Page 1
**THE FARRIERS FOUNDATION**
**REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022**
The trustees present their report with the financial statements of the charity for the year ended 31 March 2022. The trustees have adopted the provisions of 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) (effective 1 January 2019).
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and aims**
Our charity's purposes and aims are as set out in our constitution:
"Providing relief of financial hardship amongst farriers or retired farriers and their dependants who, by virtue of illness or premature retirement or any other reason, have need of such assistance.
The Farriers Foundation aims to support, rehabilitate, educate and thus prevent."
The trustees meet regularly, to review our aims and to ensure that our objectives have been achieved. These reviews enable us to confirm that we have focused upon our aims and that those farriers, their families, and their dependants in need of assistance have been helped in the most beneficial way, appropriate to their individual situation. The trustees look at how successful each activity or resource has been in promoting the purposes of The Farriers Foundation when planning future activities to continue to deliver our aims.
## **Delivering our aims**
Six of the eight trustees hold farriery qualifications, and their primary occupation is the shoeing of horses. Amongst the farrier trustees are lecturers, examiners, clinicians, and competitors ensuring that the work of The Farriers Foundation is visible and accessible across all regions of the United Kingdom. They understand the relevance of contemporary difficulties faced by the industry and have first-hand experience of safety issues and the impact that injury or illness can have on the families and businesses of farriers. The two non-farrier trustees bring significant experience and expertise to the role. All trustees are equally active and dedicated.
Our main objectives have continued to be the relief of financial hardship and to support and assist the return to work and rehabilitation of farriers and their dependants who have been affected by illness or injury and to instigate activities intended to prevent injury to those working around horses, especially within the farriery industry. The strategies we used to meet these objectives included:
- The provision of grants.
- Provision of tools, equipment, or voluntary physical assistance.
- Promoting unity and empathy amongst the farriery industry to assist with identifying potential beneficiaries.
- Supporting access to other relevant agencies and services to ensure that the best solution or course of action is pursued and achieved for each beneficiary.
- Hosting educational events, with the emphasis on safe working practice and instigation of preventative measures.
Page 2
**THE FARRIERS FOUNDATION**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022**
## **OBJECTIVES AND ACTIVITIES**
## **Public benefit**
Our main activities and who we try to help are described below. All our charitable activities focus upon the relief of financial hardship for farriers, retired farriers and their dependants and are undertaken to further our charitable purposes for the public benefit.
The Farriers Foundation is inclusive and shows no prejudice. It provides a service to all farriers and their dependants, whether currently registered or not, retired or undertaking an apprenticeship within England and Wales. Beneficiaries are identified and referred to the foundation via the professional farriery network and via organisations such as the British Farrier & Blacksmiths Association and the Worshipful Company of Farriers. There continues to be more than 3000 registered farriers in England and Wales, plus retired and apprentice farriers.
The work of The Farriers Foundation has been promoted on various professional websites including 'forgemagazine.co.uk', 'forgeandfarrier.co.uk', forfarriersbyfarriers.co.uk, as well as our own website 'thefarriersfoundation.co.uk'. Facebook has proved instrumental in identifying beneficiaries and encouraging many farriers to become involved with the foundation and its aims. The charity has used various social media platforms for social events, 'fun' auctions of donated items, online quizzes, and competitions. These have also encouraged farriers and their families to socialise and provide support for each other.
During the twelve months to 31 March 2022, five beneficiaries have received assistance from The Farriers Foundation. One retired farrier, who along with his partner, suffers from serious health issues, has continued to receive monthly assistance from the foundation.
In the later stages of March 2021, we received a new application from a 31-year-old farrier who was injured whilst shoeing a horse and has suffered loss of sight in one eye. The Foundation has made monthly payments to him whilst he convalesces and adjusts to his situation. The Farriers Foundation contributed to the funeral expenses of two farriers who sadly passed away in June 2021 and January 2022, respectfully. The families and loved ones of these colleagues were also directed to relevant agencies able to assist further. In November 2021, The Farriers Foundation contributed to a fund set up by a farrier to support his baby son, who tragically suffers from a life limiting genetic disorder.
## **ACHIEVEMENT AND PERFORMANCE**
## **Fundraising activities**
Following the coronavirus pandemic, attendance at competitions, events and agricultural shows has slowly increased alongside the lifting of social distancing restrictions.
The Foundation has been supported generously by public donations and bequests, but by far the best supporters have been individual farriers, who have promoted the charity and advertised our merchandise on social media.
Following the deaths of a further two farriers during 2021, the trustees were humbled by the generosity of their families and loved ones, who donated funds to The Farriers Foundation in their memory. A hardy group organized a very successful angling weekend during September 2021.
Page 3
**THE FARRIERS FOUNDATION**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The charity is controlled by its constitution, as a charitable incorporated organisation.
## **Recruitment and appointment of new trustees**
All new trustees are appointed via nomination and a majority vote amongst current trustees. The Chairperson holds the deciding vote should it be necessary. The role of trustee is voluntary.
## **Risk management**
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ Mrs S L Nunn - Trustee
Page 4
**CHARTERED ACCOUNTANS REPORT TO THE FARRIERS FOUNDATION**
## **CHARTERED ACCOUNTANTS’ REPORT TO**
## **THE FARRIERS FOUNDATION**
In accordance with our terms of engagement we have prepared for your approval the financial statements of the Farriers Foundation for the year ended 31 March 2022 on pages six to fourteen from the accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.
This report is made solely to you, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of the Farriers Foundation and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release TECH08/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than you for our work or for this report.
You have approved the financial statements for the year ended 31 March 2022 and have acknowledged your responsibility for them, for the appropriateness of the financial reporting framework adopted and for providing all information and explanations necessary for their compilation.
We have not verified the accuracy or completeness of the accounting records or information and explanations you have given us and we do not, therefore, express any opinion on the financial statements.
Deans Chartered Accountants Gibson House Hurricane Court Hurricane Close Stafford ST16 1GZ
Date: .............................................
Page 5
**THE FARRIERS FOUNDATION**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022**
|Unrestricted
Restricted
fund
fund
Notes
£
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
6,901
-
Other trading activities
3
13,702
-
Investment income
4
19
-
**Total**
20,622
-
**EXPENDITURE ON**
Raising funds
2,230
-
**Charitable activities**
Grants to beneficiaries
11,700
-
Other
4,084
-
**Total**
18,014
-
**NET INCOME/(EXPENDITURE)**
2,608
-
**RECONCILIATION OF FUNDS**
Total funds brought forward
30,939
-
**TOTAL FUNDS CARRIED FORWARD**
33,547
-|2022
Total
funds
£
6,901
13,702
19
20,622
2,230
11,700
4,084
18,014
2,608
30,939
33,547|2021
Total
funds
£
3,693
4,332
17
8,042
537
6,797
1,463
8,797
(755)
31,694
30,939|
|---|---|---|
The notes form part of these financial statements
Page 6
## **THE FARRIERS FOUNDATION**
## **BALANCE SHEET 31 MARCH 2022**
|Unrestricted
Restricted
fund
fund
Notes
£
£
**CURRENT ASSETS**
Stocks
9
4,250
-
Debtors
10
8,535
-
Cash at bank and in hand
21,568
-
34,353
-
**CREDITORS**
Amounts falling due within one year
11
(806)
-
**NET CURRENT ASSETS**
33,547
-
**TOTAL ASSETS LESS CURRENT LIABILITIES**
33,547
-
**NET ASSETS**
33,547
-
**FUNDS**
12
Unrestricted funds
**TOTAL FUNDS**|2022
Total
funds
£
4,250
8,535
21,568
34,353
(806)
33,547
33,547
33,547
33,547
33,547|2021
Total
funds
£
4,000
8,622
19,085
31,707
(768)
30,939
30,939
30,939
30,939
30,939|
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. Mrs S L Nunn - Trustee
The notes form part of these financial statements
Page 7
**THE FARRIERS FOUNDATION**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022**
## **1. ACCOUNTING POLICIES**
## **General information and basis of preparing the financial statements**
The Farriers Foundation is a charitable organisation in the United Kingdom. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity information on page 3 of these financial statements. The nature of the charity's operations and principal activities are detailed in the Trustees Report.
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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) effective from 1 January 2015, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), and the Charities Act 2011.
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
The financial statements are prepared under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest £1.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
## **Financial reporting standard 102 - reduced disclosure exemptions**
The charity has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':
- the requirements of Section 7 Statement of Cash Flows.
## **Income recognition**
All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.
No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102).
Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred.
Investment income is earned through holding assets for investment purposes and it includes interest only. Interest income is recognised using the effective interest method.
continued...
Page 8
**THE FARRIERS FOUNDATION**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022**
## **1. ACCOUNTING POLICIES - continued**
## **Expenditure recognition**
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:
- Costs of raising funds includes merchandise costs and the Winter Ball costs;
- Expenditure on charitable activities includes grants to beneficiaries and donations to individuals; and
- Other expenditure represents those items not falling into the categories above.
Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.
## **Other support costs**
Support costs are those that assist the work of the charity but do not directly represent charitable activities and include governance costs, postage costs and advertising costs. They are incurred directly in support of expenditure on the objects of the charity.
Fund-raising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities.
## **Stocks**
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.
## **Taxation**
The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.
## **Fund accounting**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
## **Debtors and creditors receivable / payable within one year**
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
continued...
Page 9
**THE FARRIERS FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022**
|**2.**
**DONATIONS AND LEGACIES**
Donations
**3.**
**OTHER TRADING ACTIVITIES**
Fundraising events
**4.**
**INVESTMENT INCOME**
Deposit account interest|2022
£
6,901
2022
£
13,702
2022
£
19|2021
£
3,693
2021
£
4,332
2021
£
17|
|---|---|---|
## **5. TRUSTEES’ REMUNERATION AND BENEFITS**
There were no trustees’ remuneration or other benefits for the year ended 31 March 2022 nor for the year ended 31 March 2021
## **Trustee’s expenses**
There were no trustees' expenses paid for the year ended 31 March 2022 nor for the year ended 31 March 2021.
## **6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
|Unrestricted
Restricted
fund
fund
£
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
3,693
-
Other trading activities
4,332
-
Investment income
17
-
**Total**
8,042
-
**EXPENDITURE ON**
Raising funds
537
-
**Charitable activities**
Grants to beneficiaries
6,797
-
Other
1,463
-
**Total**
8,797
-
**NET INCOME/(EXPENDITURE)**
(755)
-|Total
funds
£
3,693
4,332
17
8,042
537
6,797
1,463
8,797
(755)|
|---|---|
continued...
Page 10
**THE FARRIERS FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022**
|**6.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**
Unrestricted
Restricted
fund
fund
£
£
**RECONCILIATION OF FUNDS**
Total funds brought forward
31,694
-
**TOTAL FUNDS CARRIED FORWARD**
30,939
-|Total
funds
£
31,694
30,939|
|---|---|
## **7. EXPENDITURE**
All expenditure is incurred in the course of the company's main activity in relieving the financial hardship amongst farriers who are in need of such assistance.
## **8. INDEPENDENT EXAMINERS REMUNERATION**
The independent examiners remuneration amounts to an independent examination fee of £806 (2021 - £768). No other services were provided.
|**9.**
**STOCKS**
Stocks
**10.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Amount due from trustee|2022
£
4,250
2022
£
8,535|2021
£
4,000
2021
£
8,622|
|---|---|---|
continued...
Page 11
**THE FARRIERS FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022**
|**11.**|**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**||||
|---|---|---|---|---|
||||2022|2021|
||||£|£|
||Other creditors||806|768|
|**12.**|**MOVEMENT IN FUNDS**||||
||||Net||
||||movement|At|
|||At 1.4.21|in funds|31.3.22|
|||£|£|£|
||**Unrestricted funds**||||
||General fund|30,939|2,608|33,547|
||**TOTAL FUNDS**|30,939|2,608|33,547|
||Net movement in funds, included in the above are as follows:||||
|||Incoming|Resources|Movement|
|||resources|expended|in funds|
|||£|£|£|
||**Unrestricted funds**||||
||General fund|20,622|(18,014)|2,608|
||**TOTAL FUNDS**|20,622|(18,014)|2,608|
||**Comparatives for movement in funds**||||
||||Net||
||||movement|At|
|||At 1.4.20|in funds|31.3.21|
|||£|£|£|
||**Unrestricted funds**||||
||General fund|31,694|(755)|30,939|
||**TOTAL FUNDS**|31,694|(755)|30,939|
continued...
Page 12
**THE FARRIERS FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022**
## **12. MOVEMENT IN FUNDS - continued**
Comparative net movement in funds, included in the above are as follows:
||Incoming|Resources|Movement|
|---|---|---|---|
||resources|expended|in funds|
||£|£|£|
|**Unrestricted funds**||||
|General fund|8,042|(8,797)|(755)|
|**TOTAL FUNDS**|8,042|(8,797)|(755)|
## **13. RELATED PARTY DISCLOSURES**
During the year a number of transfers were made from the charity building society account to a private account, these amounted to £4,500 in aggregate, Income amounting to £9,442 was also paid into the account. Sara Nunn a trustee explained that the charity was unable to open a current account and the charity was required to make online payments. During the year ending 31 March 2022 the trustee had reported £17,429.50 of online expenditure. This expenditure comprised:
|1. Fundraising|£220.75|(2021 : £2,987.00)|
|---|---|---|
|2. Merchandised clothing for resale|£2,434.80|(2021 : £0.00)|
|3. Website costs|£156.00|(2021 : £156.00)|
|4. Postage and bank charges|£135.85|(2021 : £143.10)|
|5. Grants to individuals|£11,700.00|(2021 : £6,150.00)|
|6. Accountancy|£750.00|(2021 : £714.00)|
|7. Transfer to savings|£0.00|(2021 : £0.00)|
|8. Sundry|£1,932.96|(2021 : £665.48)|
|9. Sara personal|£0.00|(2021 : £312.19)|
|10. Merchandise storage|£99.14|(2021 : £0.00)|
The balance of £8,534.64 (2021 : £8,622.02) is included in debtors (note 10)
Page 13
**THE FARRIERS FOUNDATION**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022**
||2022|2021|
|---|---|---|
||£|£|
|**INCOME AND ENDOWMENTS**|||
|**Donations and legacies**|||
|Donations|6,901|3,693|
|**Other trading activities**|||
|Fundraising events|13,702|4,332|
|**Investment income**|||
|Deposit account interest|19|17|
|**Total incoming resources**|20,622|8,042|
|**EXPENDITURE**|||
|**Other trading activities**|||
|Opening stock|4,000|1,250|
|Purchases|3,537|2,988|
|Closing stock|(4,250)|(4,000)|
||3,287|238|
|**Charitable activities**|||
|Grants to individuals|11,700|6,150|
|**Support costs**|||
|**Management**|||
|Postage and stationery|146|143|
|Advertising|156|687|
|Sundries|1,167|784|
|Safety Presentation|750|-|
||2,219|1,614|
|**Finance**|||
|Bank charges|2|27|
|**Governance costs**|||
|Accountancy|806|768|
|Total resources expended|18,014|8,797|
|**Net income/(expenditure)**|2,608|(755)|
This page does not form part of the statutory financial statements
Page 14