TION TRUSTEESY ANNUAL REPORT & FINANCIaL STATEME FOR THE YEAR ENDED 31 DECEMBER 2023 Company Rog£8tered Number 08968381 Regtstered Clwlty Number: 1159000 THE FARM SAFETY ION co PAG ED 31 DECEMB PAGE Trusteei, Report Statement 0fTn￿tee5, Regpon8ibiJltle8 io Jndependent Auditor's Report Statement 0£ Flnancial activiti8s (including Income & Expenditurn account) 16 Balance Sheet 17 18 Notes to the Financial Siatements 19 a•551fi￿u￿= Intttnal FOR YL4R ENDED 31 D 2023 The Trustees, who are a]80 the directors ofthe Fowidation. submil and approve their annual report and the audited financial statement8 ofThe Fann SaletyFoundationfortheyear eLthd 31 December 2023. The Financial Statements have been prepared in accordance and compliance with current statuloryrequirements. the requiromenis ofthe Foundation'$ governing document, The Companies Act 2¢X16, The Statement of ReCornM￿ed Practice applicable to charities (the Ciwities SORP) in accordance with the FinancialReporting Standard applicable in the UK andRepub]ic of Ireland (Trs 102) and The Clwitieg Act 201 I. DETAIts The Foundation was incorporated in the United Kingdom and registered in ￿gland and Wales on 31 March 2014 to educate the public and raisg awareness on farm and ￿1C￿tural safety. Thè bjll name of the Foundation is The Farm Safety Foundation. and ils governing th>cument is its Articles ofAsso¢iation. The Foundation is a Company lirnited by guarantee and. as a registered charity, is exempt trom using the word "limited" in its Than￿. The Foundation'5 charity ragistratkon number is I I5901)O and its Company registration numbet 18 08968381. The regi8*ered office and operatÉon address is Tiddington Road. Stratford-upon-Avon. WaThviclrshire, England CV37 7B]. The Secretary to the Trustees is Mrs. S. E. Johns. The llan￿$ and add[&￿e8 ofihe Foundation'8 advi8eu are: Audito Addleshaw Goddard LLP. Deloitte LLP. 3 Soverexgn Swre. Four Brindley Pla￿. Sovereign Street. eds. ISI 4ER Barclays Bank pl¢, Market Cross. Straiford-upon-Avo CV37 6AP BI 2HZ The Trustee8 of the Foundation are al80 directors of the Foundation. All th08e that were in during the year and up to the date of sigming the financial statements, are li8ted below: Mr. JA.E. Chapman Ms. I. Lumani MT. JJL.D. Speer8 Mr. A.M. Naik- resigned 2B August 2023 Mr. E.W. Ford- Te8igned I l December 2023 Ms. G. Fusco- resigned 18 Decenther 2023 Dr. M.P. Graniley4mith- appoinled l D¢cember 2023 Mr. C. Davidson- appointed l DeeeThber 2023 Mr. J.W.W. Stevens- appointed 28 March 2024 The above Trustee8 were appointed by the Foundation foT thTee-year ternw which are individua]Ly rgviewed at the end of each p￿10d for a new terni of three yeaTh. When appointing new Trustee¥, the Txustees look for individuals within the agricultural and insurance industries and related elwities to ensure that the Trustees as a whole provide a mix of erperience and knowledge including business slalls, agxicultutal azLd insurance indu8ty experience. It is be]ieved that the miz of3kil]8 and experience is appropriate for the needs of the Foundation. The Trnstees will monitOT the require￿t9 of thè Foundation as it develops and expandg ts aclivities. Ifthe Tntstees identity a requirement for additional 8lu]b or expexienee the Tn￿tee8 oa55ffjc*￿jn'.lrt•Trl FOR YL4R ENDED 31 DECEMBER 2023 8eek ttsrecxuit suitable candidates withsuch slulls andezparien¢& to jointhe Trustees. TheTrustee# have thg power to appoint furtheI Tn￿lee￿. The day-to-day management of the Foundation 18 delegated to The National FaTrnez8 Union Muluai I￿Uratte Society Limited ("NFU Mutual"). with a Faun Safety Manag•r boing appointed. Ilwtees are provided with guidamce on the role and dutie8 of a Trustee." detsi18 of the Foundation's aims and objgdivg5' and guidance to assist with the decision-maknng process. Trustee8 are provided with regular updates and guidance ¢)n their role as a T￿￿tee of the Foundation. The Articles contain no speeific restrictions on the way in which the Foundation can operate. Thè inve8knent power8 derived from the Articles include power lo inve81 in any manner after taking approwiate advice and having regard to the suitability ot investments and the need for diversification. to delegate the n￿￿gement ofinve$tm9nts to an organisation authorised under the Financial SeNices Act,. and lo arrange for title to investments to be held by a suitable custodian. The National Farniets Unxon Mutual 1Th8urance Society Lirnited has pul in place deeds of indernLuty for the benefit of the Directors and Company Secretary of The National Famery Union Mutual Instsr￿e Society Limited and of its associated Companies includingThe Farni Safety Foundation. The deeds of indemnity qualifying third paty indemnity proYi3ion3 in accoidance with the Companies Act 2006. The8e deeds of inden￿lty were in place throughout the year and continue to be inp]ace al the date of this xeport. The Tru8tees are re8por3ible lor management of risk within the Foundation The Tn￿tee5 have made an assessment of the principal risks to which the Foundation 18 exposed. including operational aZLd financial risks and have pul in place a risk management framework, which document$ controls thal manage and reduce identified ri8k8. Thi8 tramework 18 regLdatly reviewed by the TruBteeB. The Ttu8lees axe satijfied that the Company's re9ervgs are sufficient to allow it to absorb any shoTt- terni falls in revenue caused by a ieduetion in inve8tmenl Yalue as seen in recent year8. The key risk to the Foundation 18 the absence of the Fam Safety Manager dug to illness or resignatsoL This risk has been miligated by the cuTrnt Farn Safety Manager Teporting the Foundation's athilies to NFUM'8 Head of Reputalion reducing any kgy person dependen¢ie8. FurtheTdetsils olpiincipal ri5kn can be found onpage 9 01 the Ilwtees repozt. The Tr￿lee3 have reviewed the Foundation's activities, financial position, piineipal tisks and fjnanaa] commentary as Set out in the Trustees Report on pages 2 to 9 and it8 liquidity and operational resilience and as a re8uli of this review the Tn￿te9S considgr that the Foundation has adeqll*e resources and cash tkow based upon its ava31able fimds. including xeceiving additional lunding ts1 £300.01)O, lo continue in operational existencg for at least 12 months from the date that the financi31 statements are approved. For this rea80n. Ihey continue to adopt the going concgrn ba8is inpreparing the financial statements. IDtErnèl I DECEMBER 202 The objectives, as 88t out in the Atiic]e8 ofA8sociation are: (a) to advance the education olthepublic in the subject of fam and agricultural 8afety. Ib) to adva3￿8 health and save live8 through Undert￿ll￿g and 8upporting research irto factors that contribute to farni and agricultural aeeident8 and the most appropTiate wa to redu￿ and znitigate these. (c) to advance health and save lives through worl?ng with Thanulaclurers and supplier8 of lann and agricultural equipment to improve the safety of such equipment and reduce farni and agiculturai accidents. (d) to PTe3erve and protect the mental and physical health of farni workers. dwellers. the n￿aL community and all others affected by farming and agricultural accidents by prOvidU￿ facilitieg a￿a 8UPPOrt services. (e) to promote such otherpurp08es that are ch&itable aeeording to the laws of England and Wales and for the benetil of the pubjic as ll￿Y trom lime to lin￿ be delennined by the Tru3tee8. The Foundation is ¢Jversgen by a B0￿d of six Trustees, which meet at least three times a year. The Trustees consider the Proposed activity of the Foujidation to ensure that it meats the objectives of the Foundation. Each proposed aCti￿ty 18 COm8idered on Ats merit8 and a majority deCis￿n 18 reached. The Foundation is supported by four full time menthers of staff. employed by a subsidiary of The National Farmers Union Mutual In5urall￿ Society Limited. who Ca￿ out work for the Foundation. No Trustee re￿IveS any remuneration or e￿enSeS from the Foundation. The Trnstees have taken into account the CILarity commi￿0Th ￿lldallce on Benefit. The Foundation improves awarene8s and understanding of fann 8afety by undertaking re8eaTth. delivering a UK-wide educational progranune and two ar￿lla1 aWareTh￿S campaigns. The Foundation does not produce it9 own goideline$. advice or wgestion8. F￿14￿CL4L Dwing the year tho Foundation gpenl a totsl of £427.338 on a variety of inktiatives and research 10 help raise awareness of farm gafety (2022.. £394,954). These ezpenses are paid by The National Farnwrs Union Mutual tngurance Society Limited in the fiTht instance. via a 3pecific cost centre bT thg Foundation. and then reimbursed by the Foundation month]y with the amount owed bI December #hown a8 a ¢reditox on the balance Sheet. In 2023 the Foundation Teceived fjlndiw of £300,000 from The National Fatmers UDion Mutual Ins￿8￿ce Society Limited (2022: £300.000). ftuidraising donations of £135,IS6 (2022: £134.819) and clwitable donation8 0£ £74.622 (2022.. £29.977). At the year end. the cash balan￿ of £558.678 was held in a separate designated tharity cur¢eni bank account in the name ol The Farni Safety Foundation (2022: £441,223). The Foundatign had total chaxity fundg of £496,185 at the end of the year (2022: £399,860). O*¥ficabtyl.. lrtern THE FARM SAFETY FO ATION R THE YEAR END 31 DECEMB 023 The Foundation's plans the next year envisage it 8pending the majority of its plamied income as the Trustee8 act to ensure thal a consistent and continuous mewge 13 delivered to tho¥e ]iving and worlung in the industry and to those making their journey into a￿lCUlture. CoThqequently. the htstees have deeided that at this Stage it is not appropriate to inve8t funds for the mèdium tenn. Therefore, to meet the ongoing opexational needs of the Foundation all fund8 will be maintained in the cullent account. Jn 2023, the Foundation has rointhutsed The National FannerJ Umlon Mutual tnsurance Society Limiiedfor the c08ts of four full time employees to December who were dedicated to the work of thé Foundation. The Tn￿tee$ have deeided to set a re$eTre policy 01 £160,000 {2022: £160,000) to en8ure that the Foundation n￿]ntai￿ re8erves to cover ong year's expenditure. Thi5 will allow the Foundation to continue to operate and find alten￿tive source8 of income should it lose its annual donation from The National Farmgrs Union Mutual Insurance Society Limited. As the Foundation contimUtt8 to grow, the re8erwepolieywill be kept under review andr&￿Sessed to ensureitremains The Trustee8 eonsider the Foundation's tlnancial position in relation to its future plans and commilttLenls as detailed in the Operational Review to be 8ati8factory. The Foundation h88 no coDmc¢ed clwities ￿ subsidiary companies. PERATEON Rising concern ¢)ver the contknuing lugh level of fatal and life.thanging injury accidents on farms promptèd rural insurer NFU Mutual to 3et up a ctwitable foundation in 2014 to help fanners work SO￿]y. The airo of the F8nn Safety Fotmdation i8 "To ch8Jlenge and diange the attitudes and behavioU￿ around farm safety and poor mental health &mongyoung farmets aged 16-40 4cross the UK- The obpctives were set at the foxrnation of the charity and are., loadvance the education of the public in the subject of fann and agr1¢￿t￿ra1 safety. 10 advance health and save lives thiough undertalung and supporting research into facto thal contribute to farni and agricultural accidents and the most appropriate to redu¢a alld mitigate the8e' lo advance IMIth and save jives through worlring with m8nllfrdCturer8 and supp]iers of farni alld agricultural equipment to impxove the sa£ety of Such equipment and reducg fanrL and agxicultural accidents; lo preserve and protect the menial and phydcai health of farni workers, dwe]leT5. the Tural omrnunity and all other8 affected by farniing and agriculturnl accidents by providing tacilities and support sgThices' to pronwte such other pury08eg that are Ch￿ilable aecording to the laws of England and Wales and for the benefit of the public as may from time to tim6 be detennined by iho Trnstee8. classlhÉa￿th.. IJ)twnal THEF ' REPO R TEIE Y&4R ENDED 31 DE OVÈT tho p￿t decade. the Farm Safety Foundation has continued to deliver results well above the objectives Set onils initiationandha8become ahighly re$pectedcharity inthe industry. The chaTty not omiy raises awareness of farm safety bul is thiving a real behavioural thange in the industry. The Farni Safety Foundation continues to focus on four key workstreams: . Education - Training young fanner8 at land-ba8ed eolleges/univer8ities and through the nettvork . Engagement - Building strong ie1ati0ushl￿ and strengthening its network through glwwg. events. public affairs, and collaboratiODS . Conununication . Using Carnpal￿￿ and PR to raise awareness, amplity farni safety messages and gain advocacy • Re8eatth- Building an evidence base. evaluating aetivities and exploiing behavioutal change The core funding provided by NFU Mutual so far ha8 allowed the Foundation (Yellow Wellie8 many in the industry know them) to deliver trainiLW to almost 2S,(J)O young farmers al 44 land. based co]lageB/univer8ities throughout the UK and through the Young FanrLer8' Clubs network Educatlon al￿n￿ Year-on.Y¢ar 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 30 810 1.182 1.753 i.zoi 1,80S 1,250 2,697 2,627 2,798 16,623 30 810 I,IS2 2.799 2,952 3,138 2,094 1,046 1.2SI 1,330 844 1.183 1.127 1,556 3,754 4.384 24.960 They manage. fund. and deliver two annual awarenes# campaiw- Fann Safety Week and Mi￿1 Your Head and eontinuè to develop key xesources. gain advocacy and conduct valuable reseaTeh, The Foundation continue to work cloaely with industsy parlners and stakehold￿8 nationally ard internationally to help make farnu safer places to work and to ]ive. The chayity has growninpToille andreputation andi3 one dthe Uf8 leadingvoices olfami 8afety. Clèsslllcatlon.. hiternal UNDATIO FOR THE ED31D CEMBFIi 20 of Farni Safe 40 / over 94°/, 27,1, 28, Dec-14 Jul-15 Dec-15 Jul-16 Dec-16 Jul-17 Jul-18 Jul-19 Jul-20 Jul-21 Jul-22 Jul-23 - Fam Safety week (under 40) - Fam Safety Week (over 40) - Safely Foundatsonlyellow Wellie# (under 40) - FaJm sa.iei j -.J.r.oatsoi-(i-l.'.ow Wefiies (over tn 2028,the charity achieved over I,577 pieces of media coverage including TV, Radio andpiint as well as over one million views of the 2023 Farrn Safety Week hero fi]m on sc¢iaJ media channel X (Fonn￿lY Twitter) alone. 2014 2015 2016 2017 2018 2019 2020 2021 2022 278 149 272 339 318 275 116 193 299 27 24 55 15 96 78 l26 570 788 665 1,105 1,31Z 1,541 1,57Z 83 388 298 351 428 318 468 730 698 457 371 294 160 Re8ults8uggestthe focus ofthe actionplan eontinuesto be succes8ful. In re8pon8e to feèdback trom the Young Fanners. Clubs, the team developed a new'minding Y¢)urHead' session for clubs which sils a]OAg8ide their popular Fazm Safety session. THE FARM &4FEfY FOUNDATIO IDE The 2023 Mind Your Head (MY14 and Farni Safety Week (FSW) canip8iw smashed all pTrvions records for coverage and social media engagement and awareness d the ciwrity in the target audience has more than qllad￿pled since 2014 {fr¢)m 270/0 10 94/0). Cam awareThe#* video attd W￿RE￿Ss VIDEO FSW EWS FSW NIA N/A NIA 240.000 344.000 476,000 71S.000 680.000 1,072.000 1.455.000 WARENESS 2014 2015 2016 2017 2018 2019 2020 2021 2022 76 163 189 418 26/0 N/A N/A N/A N/A 125 172 205 369 487 N/A N/A N/A N/A 228,1)00 246,000 397,000 613.000 400,000 954,000 N/A N/A N/A NIA 357 80Q/o 720/0 750/0 380/0 440/0 501 627 637 549 85/0 407 670h However. mo81 importantly. according to Health & Safety Execulive (HSE). the numbers of farmers under 44 losing their live8 on GB farm8 ha8 fallen trom a ten-year average of 6 death8 to 2 2022/23. HSE AIqNUAL STATISTICS 2013114 20I4115 ZOIS/16 2016117 2017118 2018/19 2019/20 2020/21 2021122 2022123 TOTA 31 36 29 30 33 39 21 41 25 27 281 27 27 27 29 32 20 34 22 21 212 47 04s5ifi0ti￿.. Interr41 THE FIRM ATLO R THE ENDED 31 ER 2023 NANCL4L DqSTR oswe to financial risk is limited due to the nature of the fjnancial instruments held by the Foundatton. The Foundation is eXP¢)sed to fjnancial risk through 118 financial ￿se19 and fjnanciai Ilabililies. tnparticular, thè key risk relate$ to ¢ash llow iisk -flow Risk The risk is that cvmnt asset8 are Ansufficignt to meet obbgations to third party creditors. This posiliom is m￿laged by enswing that cash ¢)n short-lerm deposits is sufficient to COV￿ the Foundation's obligalioDs a8 they fall due. PAR The Fowidation received a £300,000 donation (2022.. £300.000) from The Nati¢)nal Farniers Union Mutual knsurance Society Limited. Thig donation has been rec8Lved in full to the Foundaiioll's bank accouth duiing 2023. Six Trus* are currently appointed by NFLT Mutual Society Limited and had no related party The auditors. Deloitte LLP, have indicalgd their willingness to Continue An office and a resolution that they be reappointed will be proposed at theAnnuai General Meeting. ON tn preparing this xeport. the directors have taken advantage of the sma]I Companies exemptions prtivid￿ by Part IS of the Companies Act 2006 to not prepare a Strategic Report. On bebA]f of the Board J. A. E. Chapman 24]une2024 aa55ificatlan.. Mterrol FOR THE YEJUi ENDED 31 DECEMBER 2023 The trustees (WI￿ are al80 dir9¢t¢￿S of The Fann Sa£ety Foundation for the purpose8 of compamy law) are respon8ible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting P£actice) including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" Company law requirès the trustees to prepare financial statements for tsach fjnan¢ial year which give a true and faix view ot the state of affair3 of the clwitable company and of the ineomimg re80urce8 and application ol resources. including the I￿orne and expenditure. of the charitab coxnpany foT that period. In prep￿ing these financial statements, the trustees are required to: select 8Uitable accounling policies and then apply them consigtentiy. observe the rnethods andpIin¢iples in the Ckwities SOIIP. make judgments and estimates that are reasonable and Prudent. stale wheiher applicable UKAccounting Standards have been tollowed. and prepare the fjnancial statements on the going concern basis unless it is inappropriate lo presume that the ehaitable company will continue in busine88. The trustees are re8pon8ible for Iceeping adequate accounting records that di3elose with reasonable accuracy at any time the financial position of the Ch￿itable company and enable tham to ensure that the financial staletrLents comply with the Companies Act 2006. They are a]XJ responsible for safegllarding the agsets of the charitable company and henee for taking reasonable 8teps for the prevention and detection of fraud and other irregularities. ln so faT as the Irustees are aware: ihere is no relevant audit imfomation ofwhith the clwitable compaty8 auditor is unawaTe' and the tn￿tee¥ have taken all steps that they ought to have taken to make themselves aware of any T￿evant audit Azthnnation and lo e8tab]i3h that the auditor 18 aware ol that inforniatio The tn￿eets are responsible for the maintenance and intwity of the ￿)￿orate and financi infOn￿tIon included on the charitable companys we￿Ite. Iwlation in the United Kingdom governi￿ the preparation and di8$emination of finaneÉal 8tatements may differ trom legI￿all0￿ in other J￿isdIctiOns. On behalf of the Board l. A. E. Chapman 24 June 2024 io aa5sIfKat￿￿'. Interr ATtO R'S IIEPORT ERS OF ATIO FOR THEYEAR ENDED Repo￿ on the aud£t of the flnanclal stat•mants Oplnlo In our opinion the financial statements ofThe Farrn Safety Foundation (the 'chariiable eompany,)". givea true and fair view ofthe State ofthe Clwitable Company's affairs as of 31 Deeember 2023 and 0£ its income and resources and application of resources, thcluthng its income and erpenditure lor the year ttLen ended. have been pr$￿eTlY prepared in accordance with United Kingdorn Generally Accepted Ac￿￿ntIng PTaclice, including Financial Reporting &andard 102 "The Flnanciai Rep¢)rting Standard applicable in the UK and Republic 0£ Ireland" and have been prepared in aecordance with the requirements of the Companies Act 21M)6. We have audited the financkal statements which comprise: the Elatement of financial activities. the balance sheet. the ea81kn. the yelated notes I to I l. The fLnanci81 Teporting framework that has been applied in their pIeparation ig applicable law and UnitedKingdom Accounting StandoTd5. including Financial Reporting Standard 102 'Tr Financial RepotiiTrg Standard applicable in the UK and Repub]ic of Ireland" (United Kingdom Generally Accepted Accounting Tractice). Ba818 for oplnlon We conducted our audit in accordance with International Standards on Auditing (u￿ (ISAS (IJK)) and applicable law. Our iesponsibi]ities under those standards are de￿]bed in the auditoE'6 re8ponsibilities £or the audit ofthe fuwwial statements soction of our report. We aT83ndependent of the charitable Company in accordance with the ethical requirements that are relwrnnt to QUT audit of the financial statements in the UK, ineluding the Finaneiaj Repotting Council's (the 'FRC's') Ethical Standard. and we have bjlfilled our other ethical responsibilities in accordance these requirements. We believe thai the audit evidence we have obtained ' sufficig]Lt and 8ppropiiate to provide a basis for our ¢)pinio Conc]uolowi relallng to golng couw In auditsng the financial statements. we have concluded that the Irustegs. use ofihe going concern basis olaccountsng in the pr8paralion of the financial Statements is appropxiate. Based ¢)n the work we have perforn*d we have not identified any material uncertainties relating to events QI condiii0Th8 that, Indi￿dUallY or collectivety, may cast Si￿￿fiCant doubt on the Ch￿Itable Comp￿Y'S ability to continue as a going Concern foi a period of at least twelve month8 from when the finaneial statements are authoIi8ed for issue. Our re8pon#ibi]itie8 and the responsibi]itses of the ttu#tee8 With re8pect to going coneaxn are de8cxibed in the relevant 8octionts of this report. li ATEON FOUNDATION continued FOR THE YEAR ENDED 31 DE Other infornLation The othgr Intorn￿liOn comprx8e8 the infozmation included in the annual report. other than the financial statements and our auditotr8 report thereon. The trustees are Tespon8ible for the other inklnnalion contained within the annllal report. Our opinion on the fjnaneial statements does ￿t cover the other inforniation and, except to the e*ent otherwisè 8zpli¢itly Stated in our report. we do not express any form of assurance ei)nelusion thgreon. Our responsibility is to read the other infonnation and, In doing so, mnsxder whether the other iTthrniation is materially inconsistent with the financial statements. or out ktLowledge obtained in the course ofthe audit, or otherwise appears to be n￿t￿iallY mi98iated. Ifwe identify such mat￿la1 inconsistencie3 or apparent material misstatement8. we are required to determine whether this gives xiso to a material misstatement in the financi41 statements themselves. Jf. based on the WOTlr we have perfonned, we conclude that th￿0 18 a Mat￿la] misstatement of thi8 other inlornwti¢)n, we are Tequired to repwt that fact. We have notbing to repott in this req￿d. R•8ponslblUtles 0£tr￿te A# explaingd more fully in the trustees. iesponsibiJities statement. the trustees (who are a]so the directors 0£ the charitable company for the purpose of eompany law) are responsible for the preparation of the financial Statements and for being Satisfied that they give a true and fair view, and for Such internal control a8 the trustees delerniine is necessary lo enable the preparation of financial $latemonts that are free trorn matsriai migstalement, whether due to traud or ellor. In preparing the financial statemen18. the tru8tees responsible for aysessing the charitable company'$ ability lo continue as a going concern, disclo&ing. as applicable. matters related lo going concern and using the going concern ba818 of accounting unles8 the trustees either intendio liquidate the chaxAtable eompany or to cgase operation8. or have no realistic alternative bul lo do Audltor's responsll>ilides foT the alldlt otthe financial statements Our Objectiv￿ aTr to obtain reasonable assurance about whether the finan￿ statements aB a whole are free troni material misstalemenl. whether due to traud ox ouor. and to issue an auditotrs report that includes our opinion. Reasonable agsurance is a high level ol assurance but is not a guarantee that an audit conducted in a￿ordall¢e with ISAY (UP will always detect a material misstatement when it exigts. Misstatements can arise trom fraud or exxor and are con8idered material it. indi￿duallY or in the aggr¢gate, they could rea80nably be ezpected to imliuence the ec¢)nomic decisions ofw8rB taken on the basis of these fuwicial statements. Afithher desoiption of OUT responBibilities the audit otthe financial statements is loeated on the FRC'8 website at: wwwlrc.org.uk/auditorgrg8ponsibilitie8. Thi8 de5￿1ption fornts part of OUT auditor's report. l2 cla￿fI￿tiOn.' Intwnl TYFO ￿￿oN THE MEMBERS OF FARM cOntin￿d FO Y&4R ENDED 31 DECEMBER 20Z3 Exlentto whieh the audlt wats consldered capable of detectlng izre9ularlties, Including fralld [￿egu￿1tIes, including fraud, are instance8 of non Jn addition to Ihe abovg, our procedure8 to re8pond to the ri8k8 identified included the foll¢>wing.' reviewing finaneial statement discl08ures by tssling lo supporting documentation to assws compliance withprovision8 ofrelevamt law8 andZegUlatio￿ dgsciibed as having a direct effect on the fjnaneial statements. perfonning analytical procedures to identity any unusual or unexpected relationship8 that rnay indicate Ii8k8 of material misstatement due to traud. enquiring of management and in-houBe legal counsel concerniw actual and potential litigation and claims. and in8tances of non-compliance with laws and regulations. and reading minutes 0£ rn8etings of those ehaTged with governance. Report on other legal and regulatory requlrement8 Opatiions on other n￿￿&T$ Ple￿Ibed by the Companies Acl 2006 ]n our opinion. based on the work undertaken in the course of the audit: the information given in the tru5tees' report which indudes the strategie report and the directors. Ieport prepared for the puTpose3 of company law for the financial ye8r for whith the fllwwial statements are prepared i3 Consistent with the financial $tatement5', and the tn￿lees, ieport Iw been prepared in a￿¢)rdance with app]icable legal requirements, In the light ol the knowledge and understanding of the elwilable company and its enviionmerLI obtained in Ihe course o£the audit, we have rLoI identified allYn￿terial misstatementsin the tru8tee8' repott. Matters whl¢hive aze re￿I￿rea to report by exeeptlo Under the Companies Act 2008 we are required to rept)rt in respect of the following matters if, our QPimiOXL adequate accoimling record8 have not been kept, orTetLUW adequate tor our audit have nol been received trom branches not visited by us" or the charitable company 5ti8nci￿ Stalen￿nIS are nol in agTeemènt with the accountiiig reeords and returns: or certain disclosures of trustee8' remuneration Speci￿d by law are not made: 01 we have not received all the Infon￿On and ezplanations we require for our audit. We have nothing to report in respect of these matters. 14 al￿￿(abOn.. Interna iINDATION continued DE MBER 2023 lJ8e of our report Thi8 repott is made aolely to the chaxltable company'6 members, ag a bodyb in ￿￿OrdanCe Chapter 3 of Part 16 of the CompanÈe8 Act 2006. Our audii work has been undertaken so that we might thte lo the clwitable eompany'8 members those matters we are required to State to them in an auditor's repoh and for no other p￿￿ose. To the fi￿eSt gXt8nt perniitted by law. we do not accept gr assume responsibi]ity to anyone other than the charitable company and the th￿itable eompatty'8 mernbers as a body, for our audit work, for thi8 ieport. or tor the opinions wg have Andy Fern (Senior Statutory auditor) For andon behalf of Deloitle LLP Statutory Auditor Birmirykn. United Kingdom 24 JuneZ024 16 aassIfic•ti￿.' Intern THEF OF FINANCIAL OME OR NDED31 D 2023 Total Unrestricted To141 Unrestricted Note tne¢)mÈ froln donatiom8 Income from fundraising and charitable activities e¢)me from investments 300.000 222.228 1.442 198.165 Il9 Total ineome 623.870 495.284 Expenditure on charitable activities (427,33B) (394.954> Net income and movement in funds for the year 96,335 100,330 FI￿d balance brought k*rward at l January 399,8BO 299.820 Fund balances canied foThazd at 31 Decenib 496,185 399,850 All th8 above transactions relate to continuing operations. All gains and losses recognised in th& year are induded in the StateT(Lenl of Financial Activxties The notes on pag￿ 19 to 23 forni an integral part of these finaneko18talements. Cl8ssmc¥ikn.. Interr CE FO THE YEAR ENDED 3 23 Not 022 Cashat bank DebtQTS 658.678 441.223 763 (62.493) {42.136) Net current as8ets 496.188 399.860 496,18S 399,850 THE FUNDS OF CHpll￿y 496,188 399.850 496,185 399.850 The financial Statements have been prepargd in accordance with the 8pecial provisions relating to Companies subject to the small Companies regime within Part IS of the Companies Act 2006. The financial staternents on pages l6 to 23were approved bythe Board ofTrustee8 on 24Sune 2024 and Signed on its behaltby: J. A. E. Chapman The Fallll Safety Foundation 241une 2024 Company Nuraber: 08968381 Rw'8tered CharAty Number 1159000 17 THE FARM OR THE YEAR ENDED 31 DECEMBER 2023 Totsl Unrestricted Total Unrestricted Note 2022 NET CASH FROM OPERATING Ac￿￿TrES I I 118.013 8S,323 Interest fzom investments 1.442 119 L.442 119 NEf WCREASE N a4SH & CASH 117,4SS 85.472 Cash & cash equivalents at the begin of the year 441,223 3SS,751 CASH & CASH EQ￿VALE￿8 AT THE END 858,678 441,223 Cash & cash 8qu1va￿nts com8ist of: Cash at bank and in hand 558.678 441.223 B88,678 441,223 18 Clas￿fical0n. Inten￿1 ATIO FJNANC FOR THE ED 31 DEC 2023 l ACCO poLtCIB8 Thefjnancial statements have been prepared on a going concern basis under the historical cost convention. The financi￿ ytatements have been prepared in accordance with the Statement of Recommended Practice appJi¢able to clwities preparing their accounts in compliance with the updated Financial Reporting Standard applicable in the UK and Repub]i¢ of Ireland (FRS 102) effective l January 20I9. the Charities Act 201 l. the Foundation's goveznance document and the con￿anIeS Act 2006. The accounting pojxcies which have been con3i3tenily appjied in the finallci￿ statements. unle88 difference8 state& are oudined below: donations tncome received by way of donations, fund raising activitAe# and gifts 18 included in full in the Slatentent of Financial Activities when receivable. Donations in Icind compiise goods. serrices and faci]ities donated to the Foundation, which would othenKi8e have had lo be p￿chaSed. They are valued at the amount that The Foundation would have paid in order to obtain them and are included both in incomirg resources and resources ezpended. b) enditure on Charitable Activiti Expenditure is recognLged in the period in which 11 is inanTed. E4)enditure in¢ludes attributable VAT which cannot be recovered. &￿pOrt costs include expenditure on the admlnistration of the Foundation to comply wkth constitutional and statutory requiremÈnt8. Marketing costs included in Clwitable Activities costs incuTrd in undert￿ll￿g the educational Pro￿aM$ and engagernant campaiw ofthe Foundation. ted Servic In accordance with the Chazilies SOIIP (TrRS 102) eosts are attributed to Services donated by the Group Company baged on time spent. These are sI￿n within both income trom donations and lewie8 and expgnditure on chaTitabie activities. The Foundation is a registered cknity. and ag such 13 erttitled to certain tax exemptio￿ on mcome and profits trom investments, and surpluseg on any trading acttYitie8 cazxied on in hthrance of the dwity's primary objectives, if these profit8 and 8urpIu9e8 are app]ied solely for charitable puTp08e8. The Tru81 18 not rogistered for VAT and accordingly, a]1 the ezpenditure is recorded inclusive of any VAT incurred. The clwity only has fjnanclal assets and financial liabilities of a kind that qualrty as basie financial in8tnllnents. Basic financial in8truxrLents are initially reco￿lSed at transactit)n value and sub8equenily measured at their settlement value. Debtors are amounts dlle trom relaled partie8 and other receivables arisitig from trading and setvices perfonned in ihe ordinary course of bu8ine8s. If collection is expected in one year or le88, they are classified as cutyent asset8. tf not, they are presented a8 non-current assets. Debtors are recogni8ed milially at fair value and Subsequently meaffiwed at amortised cogt less provision foy impairment. 19 aa￿￿?110rt.. Internal FOUNDATION NOTES C￿L ST lled 31 DECEMBER 2028 g) Creditors Creditors are ob]igations to pay for goods or seThices that have been acquired in the ordinary course 0£ b￿lnesS frorn suppliers. Trade creditors are classilied a8 current liabilitie3 ir payment is due within one year or leys. If not, they are presented as noTh￿ll￿eTht liabilities. Creditoro are recognised inltially at fair value and tsubsequently measured at amorti8ed cosl. h) Ca8h at Bank Cash at baEth and cash in hand indudes cash and slwrt tenn highly bquid investment8 viiih a short maturity of three months orle88 frotn the date ofacqui8it1on or openiTV ol the depo8it or similar account. x) Useof. ements estin￿t tions The preparation of the financiaj Statements doe8 not require the Tn￿lee.8 to make any judgementy. estimates OT assumptions in the prO￿S of applying tho Company's accounting po]icies due to the simplistic nalure of its operations. Concern The Foundation's activities. together with the factors likety to affect its future d￿elOpmen*. performance andposition are Sel out in the Trustee8' Report on Pages 2 to 9. As a result ofthis review the Trustees considerthal the Foundationhas adequate resources and cash flowbased upon its available funds. including receiving additional fi￿dIng in early 2024, to continue in operational existence for at least 12 months from the date that the fmancial statements are approved. The Tr￿Stee$ believe that given the simple nature of the Foundation li is appTopriate to continue to adopt the going concern basis in preparing the fina￿la1 statements. COME 2023 2022 Donations frorn NFUMutual Value of admIri￿tIOn seTrice8 provided by Tr4FU Mutual 800,000 3(h).000 12.4SO 10.369 135,IS8 LS4.819 74,622 29,977 522.228 49S,16S ch￿Itable donation8 COME FR 2022 Ittvestmenl income repre8ents interest earned on money held on depo811 in inleresl bearing bank accounts: Bank intor8st receivable 1,442 119 20 Cla￿1￿￿rAn.. InterrAI FARM TES ENDED 31 20 EMPLOYEES During 2023 theiewere no Staff directly employedbyThe FarmSafetyFoundation (2022: nil). However, throughout the year there wete four employees trom The National Farnier8 Union Mutual Insurance Soeiety Lirniled who performed services on behalf of The Farni Safety Foundation. tncluded within the total expenditure is £167.88l (2022: £152,888) which was charged in respect of their xalaries and other employee related ci>st8. No Lnember of staff received an emolument of OV￿ £60,000 in either the curreni or preceding year. No Trustees received remuneration or expen8e8 during the CUTtenl or preeeding year in pect of theii services to the Foundation. ON The amounts incu￿￿ in the yeax comprise: 2023 2022 Bnga￿rnent and shows Education 161.833 2,820 54.459 l4,520 187,881 7,520 5,852 12,480 427.335 82.784 7,671 60.600 83.963 152.585 11.130 5,882 10.389 394,934 Communieation Per307hnel Operational Audit AdmI￿ation services provided by NFU Mutual Expenditure relates to CO8t8 incurred in line with The Foundation's objectkyes. Ezpenditure relating to lunthaising and ¢harilable donations 18 not roateiial and not sopaTately di8ck>ged as per the Charities SORP. 20 Trade debtor8-Risk Management Servkce8 Ltd 763 21 CL%sificat¥on'. Intem FOUNDATIO IDE EMBER 202 2023 2022 Trade Creditor- The National Farrners Union Mutual Insurance Society Limited Risk Management Services Ltd 29.777 18.369 I,526 21,399 8,882 42.136 26.884 8.852 62.493 Audit Fee¥ (Gross of VAT) Audii fee8 for the fjnancial year net of VATwere £4,877 {2022: £4,877) enditure on itabl Clos balance 31 December balaTh￿ I anu co cti Unre8tricted fund 399.850 523,670 427.335 496.18S The unrestrA¢t¢d fund reserve representg the treg funds of the Foundation, which are not designated for any particular purp08e5. REL4TED PARfY DtSCLOSUIIES The Foundation received a £300,000 donatic*n (2022: £3￿.((￿)) trom Thg National Farnwr8 Union Mutual Insurance Society Limited. This donation has bggn roceived in full to the Foundation'8 bal￿ account durAng 2023. Dujing the year, The National Fanne￿ Union Mutll￿ Insurance Society Limited paid Suppert C03ts of £414.885 (2022: £384.585) on behalf of the Foundation. At the yeaJ end. £29,777 (2022: £13,3S9) was outstandjng and included within creditors. These were settled January 2024. A180 included was an accruals tye of £26,864 (2022: £21,399). and a Ri Management Services btd crgditor 0£ £nil (2022: £1,526)- Six Trustees are curntly appointed by NFU Mutual Society Limited and had no related party transactions. The day-ttrday Managen￿nI of the Foundation is delegated to The National Farner8 Union Mutual Insurance Society Limited ("NFU MU￿al"), with a Farm Safety Specialist being appointed. 22 3551fSTrtton'.In*Thd NOTESTO THE CIAL STA Continue IDEC ER 2023 CAP￿AL Yhe cEwity is a Gompany limited by guarantee. Each memberlw8 undertaken to contiibute £1 lo the assets ofthe loundation to meet it8 liabilities ifcalled on to do so. The total amounl guarantegd by members at 31 December 2023 18 £8 (2022: £8). li PECONC N OFf4Ef MOVEMEY￿ ￿ FUNDS T Unrestricted UZW￿trlCled 2023 96,338 100,3Crf) Adjustedfor: Interest from inYe81m8nts (1.442) {119) OPERATLVG FUFIDS FOR THE YL4R 94,893 100,21 I ]n¢rea#e]{decrease) in ￿edItorS & accruals De￿￿aSe1(1nCrease) in debto 20.3B7 763 (14.095) (783) NET CASH (oirrFLOW)/ INFLOW FROM OPEK4TJNG AcThfES 116.013 88,353 28