THE FARM SAFETY F UNDATIO TRUSTEESY ANNUAL REPORT & FINANCIAL STATEMENTS R THEYEAR E DED IDE EIVIBER 2 Company Registered Number: 08968381 Registered Charity Number: 1159000 IP¥%k¥ FOR THE YEAR ENDED 31 DECEMBER 2024 PAGE Trustees, Report Statement of Trustees, Responsibilities 14 Independent Auditor's Report 15 Statement of Financial activities (including Income & Expenditure account) 20 Balance Sheet 21 Cashllow Staternent 22 Notes to the Financial Statements 23 FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees, who are also the directors of the FoundatioTh submit and approve their annual report and the audited financial statements ofThe Fann Safety Foundation for the year ended 31 December 2024. The Financial Statements have been prepared in accordance and compliance with current statutory requirements, the requirements of the Foundation's governing docurnent, The Companies Act 2006, The Statement of Recommended Practice applicable to charities (the Charities SORP) in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and The Charities Act 2011. ¥¥; Jllkl The Foundation was incorporated in the United Kingdom and registered in England and Wales on 31 March 2014 to educate the public and raise awareness on farni and agricultural safety. The full name of the Foundation is The Farm Safety FoundatioTh and its governing document is its Articles of A%sociation. The Foundation is a Company limited by guarantee and. as a registered charity, is exempt from using the word "limited" in Lts name. The Foundation's charity registration number is 1159000 and its Company registration number is 08968381. The registered office and operation address is Tiddington Road, Strarford-upon-Avon, Warwickshire, England CV37 7BJ. The Secretary to the Trustee8 is Mrs. S. E. Johns. The names and addresses of the Foundation's adTrisers are: licitors Addleshaw Goddard LLP, 3 Sovereign Square, Sovereign Street. Leeds, ISI 4ER Bankers Barclays Bank plc, Market Cross, Stratford•upon.Avon, CV37 6AP Deloitte LLP, Four Brindley Place, Birniingham, BI 2HZ The Trustees of the Foundation are also directors of the Foundation. All those that were in office during the year and up to the date of Si￿1ng the financial staternents, are ]isted below. Mr. J.A.E. Chaprnan Ms. J.P. Lumani Mr. J.A.D. Speers Dr. M.P. Grantley-smith Mr. C. Davidson Mr. J.W.W. Stevens- appointed 28 March 2024 The above Trustees were appointed by the Foundation for three-year tellns which are individually reviewed at the end of each period for a new tenn of three years. Vvhen appointing new Trustees, the Trustees look for individuals within the agricultural and insurance industriesand related charities to ensure that the Trustees as a whole provide a mix of experience and knowledge including business skills, agricultural and insurance industry experience. It is believed that the mix of skills and experience is appropriate for the needs of the Foundation. The Trustees will monitor the requirements of the Foundation as it develops and expands its activities. If the Tn￿teeS identity a requirement for additional skills or experience the Trustees will seek to recruit suitable candidates with such skil]s and experience to join the Trustees. The Trustees have the power to appoint further Trustees. FOR THE YEAR ENDED 31 DECEMBER 2024 The day-to-day rnanagernent of the Foundation is delegated to The National Farmers Union Mutual Insurance Society Limited ("NFU Mutual"), with a Farni Safety Manager being appointed. New Trustees are provided with guidance on the role and duties of a Trnstee: details of the Foundation's aims and objectives- and guidance to assist with the decision-making process. Trustees are provided with regular updates and guidance on their role as a Trustee of the Foundatio The Article3 contain no specific restrictions on the way in which the Foundation can operate. The investment powers derived frorn the Articles include power to invest in any manner after taking appropriate advice and having regard to the suitability of investments and the need for diversification; to delegate the management of investments to an organisation authorised under the Financial Services Act; and to arrange for title to investments to be held by a suitable custodian. The National Farmers Union Mutual Insurance Society Limited has put in place deeds of indemnity for the benefit of the Directors and Company Secretary of The National Farniers Union Mutual Insurance Sociery Limited and of its associated Companies including The Farni Safety Foundation. The deeds of indemnity are qualifying third paty indemnity provisions in accordance with the Companies Act 2006. These deeds of 1ndert￿lty were in place throughout the year and continue to be in place at the date of this report. The Trustees are responsible for managemeni of risk within the Foundation. The Trustees have made an assessment of the principal risks to which the Foundation is exposed, including operational and financial risks and have put in place a risk management framework, which documents controls that manage and reduce identified risks. This tramework is regularly rewiewed by the Trustees. The Trustees are satisfied that the Company's reserves are sufficient to allow it to absorb any short- term falls in revenue caused by a reduction in investment value as seen in recent years. The key risk to the Foundation is the absence of the Farm Safety Manager due to illness or reSi￿atiOn. This risk has been mitigated by the cll￿ent Farm Safety Manager reporting the Foundation's activities to NFUM'S Head of Reputation reducing any key person dependencies. Further details of pIincipal risks can be found on page 9 of the Trustees report. The Trustees have reviewed the Foundation's activities. financial position, principal risks and financial commentary as set out in the Trustees Report on pages 2 to 9 and its liquidity and operational resilience and as a result of this review the Trustees consider that the Foundation has adequate resources and cash tlow based upon its available funds, including receiving additional funding of £370,000 in January 2025, to continue in operational existence for at least 12 months from the date that the financial statements are approved. For this ieason. they continue to adopt the going concern basis in preparing the financial statements. FOR THE YEAR ENDED 31 DECEMBER 2024 OB CTIVES The objectives, as set out in the Articles of Association are= (a) to advance the education of the public in the subject of fann and agricultural safety. (b) to advance health and save lives through undertalang and supporting research into factors that contribute to fann and agricultural accidents and the most appropriate ways to reduce and mitigate these. (c) to advance health and save lives through working with manufacturers and supplier8 of farni and agricultural equipment to improve the safety of such equipment and reduce farni and agncultural accidents. (d) to preserve and protect the mental and physical health of farm workers, dwellers, the n￿al community and all others affected by fanning and agricultural accidents by providing facilities and support ￿rVices. (e) to promote such other purposes that are charitable according to the laws of England and Wales and for the benefit of the pub]ic as may from time to time be detennined by the Trustees. The Foundation is overseen by a Board of six Trustees, which meet at least three times a year. The Trustees consider the proposed activity of the Foundation to ensure that it meets the objectives of the Foundation. Each proposed activity is considered on its merits and a majority decision is reached. The Foundation is supported by five full time members of staff, employed by a subsidiary of The National Farmers Union Mutual Insurance Society Limited. who carry out work for the Foundation No Trustee receives any remuneration or expenses trom the Foundation. ¥¥¥ The Trustees have taken into account the Charity Commission guidance on Public Benefit. The Foundation irnproves awareness and understanding of farm safety by undertaking research, delivering a UK-wide educational prograJrLme and two annual awareness campaigns. The Foundation does not produce its own guidelines, advice or suggestions. FINANCL4L REVIEW During the year the Foundation spent a total of £531.507 on a variety of initiatives and research to help raise awareness of farm safety (2023: £427,335)- These expenses are paid by The National Farmers Union Mutual Insurance Society Limited in the first instance, via a specific cost centre for the Foundation, and then reinthursed by the Foundation monthly with the amount owed for December shown as a creditor on the balan￿ sheet. In 2024 the Foundation received funding of £&)O,000 from The Nationa] Fanners Union Mutual Insurance Society Lirnited (2023: £3(X),000), fundraising donations of £185,409 (2023: £135.156) and charitable donations of £235,465 (2023= £Z4.622). At the year end, the cash balance of £774.959 was held in a separate designated ch￿lty CUZTent bank account in the name of The Farm Safety Foundation (2023: £558,678)- The Foundation had total charity funds of £700,638 at the end of the year (2023: £496.185). FOR THE YEAR ENDED 31 DECEMBER 2024 The Foundation's plans for the next year envisage it spending the majority of its planned income as the Trustees act to ensure that a consistent and continuous Message is delivered to those living and working in the industry and to those making their journey into agriculture. Consequently, the Trustees have decided that at this stage it is not appropriate to invest funds for the medium term. Therefore, to meet the ongoing operational needs of the Foundation all funds will be maintained in the current account. In 2024, the Foundation has reimbursed The National Farniers Union Mutual Insurance Society Limited for the costs recharged of five full time employees to December who were dedicated to the work of the Foundation. The Trustees have decided to set a reserve policy of £185,000 (2023: £160,000) to ensure that the Foundation maintains reserves to cover one year's expenditure. This will allow the Foundation to continue to operate and find ￿ternative sources of income should it lose its annual donation from The National Fanners Union Mutual Insurance Society Limited. As the Foundation continues to grow, the reserve policy will be kept under review and reassessed to ensure it remains adequate. The Trustees consider the Foundation's financial position in relation to its future plans and commitrnents as detailed in the Operational Review to be satisfactory. The Foundation has no connected charities or subsidiary companies. Introduction The Fann Safety Foundation Cfellow Wellies) was set up over a decade ago by leading rural insurer NFU Mutual to preserve and protect the physical and mental we]]being of the next generation of farmers. Over the past decade, the charity has been de]iveiing an ambitious education prograrnrne, conducting important research, and mounting awareness campai￿8 - Farm Safety Week and Mind Your Head- all with the goaj of challenging and changing attitudes to risk-taking and poor rnental health and equipping the farniers of tomorrow with the skills and knowledge to ]ive well and farm well. Ten years have passed, and the team is proud of what has been achieved but there is more to be done to address the massive challenges in the industry. Attitudes and behaviours around farm safety and mental health may be changing but the pace of change is slow- too slow for the families of those who have lost their ]ives or limbs in the industry and too slow for the thousands of farmers suffering every day with long term ill-health, serious injuries, or poor mental health. Aims and Objectives The charity receives core funding trom NFU Mutual as part of their Charitable Giving activities in the ESG Strategy as well as generating additional income through fundraising, charitable donations, and generated incorne activities. The aim of the Farm Safety Foundation is: "To challenge and change the attitudes and behaviours around farni safety and poor mental health arnong young fanners aged 1640 across the Uf.. FOR THE YEAR ENDED 31 DECEMBER 2024 The objectives were set at the fonnation of the charity and are: to advance the education of the public in the subject of farni and agricultural safety. to advance health and save lives through undertaking and supporting research into factors that contribute to farni and agricultural accidents and the most appropriate ways to reduce and mitigate these. to advance health and save lives through working with manufacturers and suppliers of fann and a￿lcultUral equipment to improve the safety of such equipment and reduce farni and agricultural accidents. to preserve and protect the mental and physical health of farm workers, dwellers, the rural community, and all others affected by farming and agricultural accidents by providing facilities and support services. to promote guch other purposes that are charitable according to the laws of England and Wales and for the benefit of the public as may from time to time be detennined by the Trustees. The Fann Safety Foundation continues to focus on four key workstreams: Education . Engagement . Communication • Research The charity not only raises awareness of fann safety bul is driving real behavioural change in the industry through: • High quality training. learning and skills development. • Working in partnership with key sector stakeholders, settings, and groups to reduce risk- taking and poor safety behaviours and provide support. . CaMpai￿S to raise awareness, reduce stigma and increase help seelcing. . Sector-leading research into attl￿deS and behaviours to understand the risk factors around farm safety and poor mental health. . Using this ewidence to intluence policy, practi￿, and change. Education For over ten years, the charity has delivered farm safety and mental health training to young farmers at land-based colleges and univeisities throughout the UK and through the Young Farrners, Clubs network as well as to older farmers and key agricultural organisations. FOR THE YEAR ENDED 31 DECEMBER 2024 Young Farniers Education Programme Year•on-Year TOTIIL 30 810 1,152 2.799 2.952 3.135 2.094 3.880 3.754 4.354 3.829 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 TOTILL 30 810 1,152 1,753 1,701 1,805 1,250 2,697 2,627 2,798 2,740 1,046 1,251 1,330 844 1,183 1,127 1,556 1,089 Engagement Attending key agricultural shows and events throughout the UK is an integral part of the charity, workstreams, giving visibility and allo￿ng the team to meet the target audience and gather data and subscribers for quarterly newsletters. In May 2024, and to commemorate the lolh anniversary. the charity hosted its own event - a Fann Safety and Wellbeing conference in Warwickshire. The team welcomed over 120 key farniing figures including farrning unions, agricultural organisations. and govenunent to discuss and debate the challenges around looking after physical a￿d mental wel]being in the industy. The event, which took place on the eve of the announcement of the general election, was also supported by the then-DEFBA Minister Sir Mark Spencer and the now-DEFRA Minister Daniel Zeichner. The charity also has over SO falln safety ambassadors who can offer personal experience and support as advocates for farni safety messages and campaigns. Other ways the ch￿lty engages with the industry at large include: . Industry engagement - Enhancing cornrnunication and delivering the fann safety message under one voice has improved relationships between industry partners. . Farm Safety Partnerships - The Fann Safety Foundation is the only organization that attends the FSP meetings of England, Wales and Northern Ireland. • Fanning Support Groups - The Ch￿lty has built strong relationships with many of the UK, rural support groups and charities and offers visibility to smaller charitable organisations throughout the year. • Academia - Collaborating with leading universities including Nottingham Trent University, Cranfield University.. University of Reading and the University of Aberdeen, School of Psychology. FOR THE YEAR ENDED 31 DECEMBER 2024 The charity has grown in profile and reputation and is considered one of the UK'S leading voices of farm safety. UK￿]de awareness of Farni Safety Foundation farmezs undei 40 Young Farmers (1840) 8101(J 71% 52 14J Oldei Farniers (41 +) 26% Dec-14 JUI-IS Dec-15 Jul-16 Dec-16 Jul-17 Jul-18 Jul-19 Jul-20 Jul-21 Jul-22 Jul-23 Jul-24 - Farm Safety week (under 40) --. (over 40) - Farm Safety Foundation yellow We￿eS (under 40) -_ (over 40) Communication In 2024, the Farm Safety Foundation achieved over 1.639 pieces of media coverage including V¥T, Radio and print as well as over two million views of the 2024 Farni Safety Week hero film on social media channels. Press Coverage RADIO TOTAL 2014 2015 278 35 318 2016 149 116 275 2017 27 78 272 193 570 2018 24 126 339 299 788 2019 55 444 665 2020 15 186 388 516 1,105 1,31Z 1,540 2021 96 457 298 466 2022 371 351 730 2023 160 294 425 698 1,57Z 2024 154 489 233 763 1,639 FOR THE YEAR ENDED 31 DECEMBER 2024 According to our research. young farmers use social media- 93 % of under 30s use Facebook and Instagram, 19 % use X so maintaining a strong and engaging profile on these channels is key to the relationship with the target audience. To this end we are continuing to grow our social Media audiences and ensure they have interesting and relevant content throughout the year. FOLLOWERS 2021 2022 2023 2024 Facebook 15,979 17,641 18,643 20,124 Instagram 11,259 13,400 15.640 20,947 X (Twitter) LlnkedIn 8,971 9,481 9,844 10,011 1,641 Total 36,209 40,522 44,127 52,723 Research As well as evaluating all the charity's activities, the team continue to deliver a tracker survey every year to understand the attitudes and behaviours around farm safety and mental health. Thi8 research is used for education content, key campaign headlines and to infr)nn current and future activities. Students attending the 'kntroduction to Farm Safety, sessions at colleges and universities complete a prew and post-event evaluation and this feedback continues to encourage the tearn that their training does have irrLpact and is making young fanners think twice about risk taking. 2019 2020 2021 2022 2023 2024 is ha8 made rrLe think twice about takin risks in the future I have thought about the consequence of an injury/ fatality on a farm e trainer was knowledgeable on the sub.ect I would rate the training ood/excellent 91% 91% 92% 89% 96% 980/0 920/0 92% 95% 90% 94% 97% 93% 94/0 96% 92% 93% 98% 88% 92% 93% SAMPLE BASE APPROX 500 STUDENIS PER ATr4NUM The charity also benchmarks against industry research to see if the changes in attitudes and increase in training is having an impact on the number of people losing their lives on our farms. This matters as fanning accounts for l % of the working population in GB (462,100 according to DEFPA) but 17 % of ajl workplace deaths which meams farniing continues to have the poorest Safety record of any occupation in the UK. A death rate of 21 times the all-industry Iate. FOR THE YEAR ENDED 31 DECEMBER 2024 HSE Fatal Injuries in Agriculture, Forestry and Fishing HSE ANNUAL STATISTICS 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 TOTAL TOTAL KILLED 36 FARM WORI(ERS 33 27 27 29 32 20 34 22 21 23 268 39 21 41 27 27 308 The Health & Safety Executive (HSE) Fatal tnjuries in Agriculture. Forestry and Fishing in GB Report highlights that the numbers of farni workers losing their lives on GB fanns has been falling over the I l years of the existence of the Foundation. Fundraising Supportive fLmdraisers are the backbone of any charitable organisation, playing a pivotal role in helping us achieve our objectives. The dedication, passion, and commitment of these organisations, groups and individuals not only raise essential funds but also amplify awareness for our cause. Fundraising is a byproduct of our event organising, community engagernent and building our profile, and our fundraisers allow us to reach more people, deliver More action, and create lasting change. The success of the charity relies heavily on the funds received from these organisations, supporters, and individuals, and we have been gratef￿ to have received our core funding trom leading rural insurer NFU Mutual since 2014. As the charity has grown in profile, so too have the nunthers of young farmers clubs and supporters fundraising to support the activities we deliver lo colleges, clubs and rural cornmunities throughout the UK. In 2024, we would like to thank a few supporters, without whose support, the ability to fulfil our charitable goals wou]d be greatly limited, nialang their contributions tndy invaluable. They include. NFU Mutual, Lloyds Banking Group, I￿n'S Light, Kubota, National Association of Cattle Hoof Trimmers, The Royal Countryside Fund, Totnes YFC, and the Mad Hats Ball, whose charitable donations and fundraising efforts have provided the resources and momentum needed to turn 0￿ vision into reality. Due to the nature of the fundraising, the charity has not subscribed to any fundraising regulations and no complaints have been received during the year in relation to fundraising activities. 10 FOR THE YEAR ENDED 31 DECEMBER 2024 Social Impact 2014-2024 To mark the 10th anniversary, an independent social impact study was conunissioned by the charity. Rose Regeneration carried out this study using 'The Social Value Engine, _ an online tool developed to support the process of assessing social value by local groups and communities. It is accredited by Social Value International and uses a suite of approaching 400 nationally recognised peer reviewed or Govenunent acknowledged financial proxies to ascribe a value to an outcome. Rose Regeneration then tested the results and undertook detailed interviews with several of the charity's stakeholders and a sumnw of the discussions in relation to each identified outcome is set out below: ro5er•generation.co.uk Farm Safety Foundatlon Social Return on Investment £5.871£1 Impact Card Out¢•m•• Good Health and Well-Being Peace, Justice and Strong Institutions Quality Educatlon Increase in help seeking (mental health) - 4,000 individuals Advocacy Ishows and other Snfluencingl 480 direct Snlerventions during the life of the programme Collaborations- 440 paftnerships brokered Impact Areas (Sustalnable Development Goals) Personal Development Training- 22,716 individuals supported Wider thematic connections- 43,896 people a. Quality Education £15,230,914 16. Pe￿, ￿st1￿ and Strong Insiltutlons £11,215,830 Total £29,343,332 Regen8fallon Increase help seeking (mental health)- interviewees confirmed that the Farm Safety Foundation has a lead role in supporting the mental health challenges facing individuals. They identified that because it is not a "statutory player" it is able to act with a level of independence and engagement which has a stronger resonance with audiences. The trust the charity has built up over the time of its operation and through its positive and accessible approach enables it to work very effectively in partnership with third parties and act as a catalyst not just in tenrLS of campaigning but in relation to the deeper policy and personal support environments which are pertinent to the fann safety agenda. 11 FOR THE YEAR ENDED 31 DECEMBER 2024 Advocacy (Shows and other inlluencing) - Work around Farni Safety Week, Mind Your Head, wider exposure at shows and agricultural gatherings, the development of learning materials and networking have all moved on exponentially since the organisation was established. The level of industry intelligence around the issues concerning farni safety is deemed to have moved to a new level through the work of the organisation. Collaboration WAth others-the organisation is deemed to be worlang very extensively across the land-based sector and is perceived to be an important agent for change in relation to the impact it is able to achieve in inlluencing audiences. It has added value, not just to the campaign and public awareness agenda, but has driven innovation around training and awareness in the sector. From a regulatory point of view, it has helped keep the momentum around prevention relevant and "fun" and it has widened and deepened the engagement of key constituencies within the gector. The organisation is deemed to have achieved a very considerable amount working with very limited resources and is strongly driven by the character and "can do" ethos of those who work in it. Personal Development Training- the training offer developed by the Foundation and the scale of its adoption particularly amongst younger people engaged in the Farni Safety agenda is prodigious. It hag brought new and innovative materials to the training scene and modes of delivery which are cost effective and accessible. The scale of people engaged represents a step change to the previous arrangements and the nature of the provider network has been enhanced through the development of the training materials and approaches. The training often operates in a very intero)nnected way providing a pathway for wider support linked to the participants in terms of issues ranging trom mental health and well-being to business support and development. Participation/Engagement - this is seen io be at heart of the contribution of the Foundation. Participation is perceived to be not just a one-way process vrithin the organisation the engagement of those involved in the sector. The responses developed to the engagement and the refinement of the approach and offer of the organisation all reflect its potency as a listening body. The organisation successfully operates at the interface between the statutory agenda and the practical challenges of delivering sustainable farms. It is deemed to make a unique contribution to gaining the trust and inlluencing the behaviour of a challenging sector in a very practical way directly on the ground. 12 FOR THE YEAR ENDED 31 DECEMBER 2024 Exposure to financial risk is limited due lo the nature of the fthancial instruments held by the Foundation. The Foundation is exposed to financial risk through its financial assets and financial liabilities. In particular, the key risk relates to cash flow risL The risk is that current assets are insufficient to meet obligations to third party creditors. This position is managed by ensuring that cash on short-tenn deposits is sufficient to cover the Foundation's obligations as they fall due. RELATED PARTIES The Foundation received a £300,000 donation (202&. £31X),000) from The National Farmers Union Mutual Insurance Society Limited. This donation has been received in full to the Foundation's bank account during 2024. Six Trustees are currently appoinled by NFU Mulual Society Limited and had no related party trangactions. EPE Drr The auditors, Deloitte LLP, have indicated their willingness to continue in office and a resolution that they be reappointed will be proposed at the Annual General Meeting. 4¥ In preparing this report, the directors have taken advamtage of the smajl Companies exemptions provided by Part 15 of the Companies Act 2006 to noi prepare a Strategic Report. On behalf of the Board J. A. E. Chaprnan 24 March 2025 13 THE TATEM The trustees (who are also directors of The Farm Safety Foundation for the purposes of company law) are responsible 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 Practice) including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently. observe the methods and principles in the Charities SORP. make judgments and estimates that are reasonable and prudent. state whether applicable UK Accounting Standards have been followed; and prepare the financial statements on the going concern bag19 unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping adequate accounting records that digclose with reasonable accuracy at any time the financial position of the charitable company 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 charitable company and hence for taknig reasonable steps for the prevention and detection of traud and other irregulan'ties. In so far as the trustees are aware: there is no relevant audit inforniation of which the Charitable company's auditor 18 unaware. and the trustees have taken all steps that they ought to have iaken to make themselves aware of any relevant audit information and to establish that the auditoi is aware of that inforrnation. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. ￿gislatiOn in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other J￿IsdICtIOns. On beha]f of the Board J. A. E. Chaprnan 24 March 2025 14 THE ¥¥ Report on the audit of the financial statements Opinion In our opinion the financia] statements of The Farm Safety Foundation (the 'charitable company,): give a true and fair view of the state of the Charitable Company's affairs as of 31 Decenther 2024 and of its incorne and resources and application of resources, including its incorne and expenditure for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Repub]ic of Ireland"; and have been prepared in accordance with the requirements of the Companies Act 2006. We have audited the financial statements which comprise: the statement of fmancial activities. the balance sheet. the cashfiow. the related notes I to 10. The financial reporting framework thai has been applied in their preparation is applicable law and United Kingdorn Accounting Standards, including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (United Kingdom Genera]ly Accepted Accounting Practice). Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UIQ (1&48 (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 charitable Company in accordance with the ethical requirerrLents that are relevant to our audit of the financial statements in the UK, including the Financial Reporting Council's (the 'FRC's') Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance WAth these iequiIernents. We believe that the auth't evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial staternents, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfornied, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. 15 THE ¥¥* continued Other information The other information comprises the information included in the annual report, other than the financial statement8 and our auditor's report thereon. The trustees are responsible for the other inforniation contained within the annual report. Our opinion on the financial staternents doe3 not cover the other infonnation and, except to the extent otherwise explicitly stated in our report, we do not expre3s any form of assurance conclusion theTron. Our responsibility is to read the other infonnation and, in doing so, consider whether the other inforniation 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 detennine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have perfornied, we conclude that there is a material misstatement of this other infonnation, we are required to report that £act. We have nothing to report in this regard. Responsibilities of trnstees As explained more fully in the trnsiees, responsibilities siatement, the trustees (who are also the directors of the charitable cornpany for the purpose of company 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 as the trustees deterniine is ne￿sSary to enable the preparation of financial statements that are free tsom materiaj misstatement, whether due to traud or error. In preparing the financial staternents. the trustees are responsible for assessing the charitable cornpany's abi]ity to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accoumting unless the trustees either intend to liquidate the charitable company 01 to cease operations, or have no rea￿'StIC alternative but to do so. Auditor, s responsibilitie3 foz the audit of the financial statement3 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 e￿0[, 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 (UIQ will always detect a rnaterial rnisstatement when it exists. Misstaternents can arise frorn fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to inlluence the economic decisions of users taken on the basis of these financial statements. A further description of our responsibilities for the audit of the financial statements is located on the FRC'S website at: www.frC.org.￿￿auditorsresp0￿s1bil1ties. This description forms part of our auditor's report. 16 THE ¥¥* continued Extent to which the audit was considered capable of detecting irregularities, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in ]ine with our responsibilities. out]ined above, to detect rnaterial misstaternents in respect of irregularities. including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. We considered the nature of the charitable Company's industry and its control environment and reviewed the Charitable Company's documentation of their policies and procedures relating to traud and compliance with laws and regulations. We also enquired of management, internal audit and the trustees about their own identification and assessment of the risks of irregularities, including those that are specific to the Company's business sector. We obtained an understanding of the legal and regulatory frameworks that the charitable company operates in, and identified the key laws and regulations that: had a direct effect on the deterniination of material amounts and disclosures in the financial statements. These included UK Charities Act, UK Companies Act, and tax legislation; and do not have a direct effect on the financial statements but compliance with which may be fLmdamental to the charitable company's ability to operate or to avoid a material penalty. These included the Charity Commission for England and Wales regulations, Fundraising regulations, and environmental regulations. We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for traud and how and where fraud might occur in the financial statements. As a result ofperforniing the above, we identified the greatest potential for fraud or non￿ompliance with laws and regulations in the following area, and our specific procedures performed to address it are descrthed below: We presume a risk of material misstatement due to fraud in revenue recognition which is related to the completeness of donation income. To address this risk, we reviewed the Trustees, meeting minutes, all bank statements in the period, and post year end records up to the date of this report to test whethei the donation incorne had been appropriately included in the financial 8tatement8. In common with all audits under ISAS (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of traud through rnanagernent override of controls, we tesled the appropriateness of journal entries and other adjustments; assessed whether the judgements made in rnalang accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the nornial course of business. 17 THE ¥¥* continued Extent to which the audit was considered capable of detecting irregularities, including fraud (continued) In addition to the above, our procedures to respond to the risks identified included the following: reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements. performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud. enquiring of management and in-house legal counsel concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations; and reading minutes of meetings of those charged viith governance. Repozt on other legal and regulatory requirements Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit". the information given in the trustees, report which includes the strategic report and the directors, report prepared for the purposes of company law for the financial year for which the financial statements axe prepared is consistent with the financial statements. and the trustees, report has been prepared in accordance with applicable legal requirements. In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified any niaterial misstatements in the trustees, report. Matters on which we are required to report by exception Under the Companies Act 2006 we are required to report in respect of the following rnatters if, in our opinion: adequate accounting records have not been kept, or returns adequate for our audit have not been received frorn branches not visited by us; or the charitable company financial statements are not in agreement with the accounting records and returns; or certain disclosures of tnstees, remuneration specified by law are not made: or we have not received all the Inforn￿tiOn and explanations we require for our audit. We have nothing to report in respect of these matters. 18 THE ¥¥* continued Use of our report This report is made solely to the charitable company's mernbers, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we Might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the h￿Ie$t extent pennitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body. for our audit work, for this report, or for the opinions we have formed. Andy Fern (Senior statutory audilor) For and on behalf of Deloitte LLI) Statutory Auditor Birmingham, United Kingdom 24 March 2025 19 STATEMENT OF FINANCL4L AcfiviTIES INCLUDING INCOME & EXPENDITURE AccouTrir FOR THE YEAR ENDED 31 DECEMBER 2024 Total Unrestricted Funds Total Unrestricted Funds Note Income from donations Income from fundraising and charitable activities Income from investments 300,000 300,000 431,603 4.3S7 222,228 1,442 Total income 735,960 523,670 Expenditure on charitable activities (531,507) (427,335) Net income and movement in funds for the year 204,453 96,335 Fund balance brought forward at l January 496,185 399,850 Fund balances carried forward at 3 I December 700,638 496,185 All the above transactions relate to continuing operations. All gains and losses reco￿lsed in the year are included in the Statement of Financial Activities The notes on pages 23 to 27 form an integral part of these financial statements. THE FARM SAFETY FOUNDATION ## BALANCE SHEET ## FOR THE YEAR ENDED 31 DECEMBER 2024 ||Note|||2024|2024|||2023| |---|---|---|---|---|---|---|---|---| |||||£|£|||£| |CURRENT ASSETS||||||||| |Cash at bank||||774,959|774,959|||558,678| |CREDITORS AMOUNTS FALLING DUE WITHIN ONE||||||||| |YEAR|6|||(74,321)|(74,321)|||(62,493)| |Net current assets||||700,638|700,638|||496,185| |NET ASSETS||||700,638|638|||496,185| |THE FUNDS OF THE CHARITY||||||||| |Unrestricted Income Fund|7|||700,638|638|||496,185| |TOTAL CHARITY FUND|7|||700,638|638|||496,185| The financial statements on pages 20 to 27 were approved by the Board of Trustees on 24 March 2025 and signed on its behalf by: J. A. E. Chapman The Farm Safety Foundation 24 March 2025 Company Number: 08968381 Registered Charity Number 1159000 21 THE FARM SAFETY FOUNDATION ## CASHFLOW STATEMENT ## FOR THE YEAR ENDED 31 DECEMBER 2024 ||Note
Total Unrestricted
Funds|Note
Total Unrestricted
Funds|Total Unrestricted
Funds|Total Unrestricted
Funds| |---|---|---|---|---| |||2024||2023| |||£||£| ||10
211,924
4,357|||| |NET CASH FROM OPERATING ACTIVITIES|||116,013|| |||||| |CASHFLOW FROM INVESTING ACTIVITIES||||| |Interest from investments|||1,442|| |||||| |NET CASH USED IN INVESTING
ACTIVITIES|4,357||1,442|| ||216,281
558,678|||| |NET INCREASE IN CASH & CASH
EQUIVALENTS|||117,455|| |||||| |Cash & cash equivalents at the beginning
of the year|||441,223|| |||||| |CASH & CASH EQUIVALENTS AT THE END
OF THE YEAR|774,959||558,678|| ||774,959|||| |Cash & cash equivalents consist of:||||| |Cash at bank and in hand|||558,678|| |||||| |CASH & CASH EQUIVALENTS|774,959||558,678|| 22 FOR THE YEAR ENDED 31 DECEMBER 2024 AccouwfING POLICIES The financial statements have been prepared on a going concern basis under the historical cost convention. The financial statements have been prepared in accordance with the Statement of Recornrnended Practice applicable to charities preparing their accounts in compliance with the updated Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective l January 2019, the Charities Act 2011, the Foundation's governance document and the Companies Act 2006. The accounting policies which have been consistently applied in the financial statements, unless differences stated, are outlined below: Income received by way of donations, fund raising activities and gifts ig included in full in the Statement of Financial Activities when receivable. Donations in kind comprise goods, seThTices and lacilities donated to the Foundation, which would otherwise have had to be purchased. They are valued at the arnount that The Foundation would have paid in order to obtain them and are included both in incoming resources and res0￿CeS expended. b) Expenditure is recognised in the period in which it is incurred. Expenditure includes attributable VAT which cannot be recovered. Support costs include expenditure on the admIn￿tration of the Foundation to comply with constitutional and statutory requirements. Marketing costs included in Charitable Activities are costs incurred in underiaking the educational programs and engagement campaigns of the Foundation. In accordance with the Charities SORP ffRS 102) costs are attributed to servrices donated by the Group Cornpany based on tirne spent. These are shown within both incorne trom donations and legacies and expenditure on charitable activities. d) Iaxation The Foundation is a registered chaTity, and as such is entitled to certain tax exemptions on income and profits trorn investments, and suTrluses on any trading activities carried on in furtherance of the charity's primary objectives, if these profits and surpluses are applied solely for charitable purposes. The Trust is not registered for VAT and accordingly, all the expenditure is recorded inclusive of any VAT incurre(L The charity only has financial assets and financial liabilities of a kind that q￿alifY as basic financial instrL]ments. Basic financial instruments are initially recognised at transaction value and Subsequently measured at their settlement value. Debtors are amounts due from ielated parties and other receivables arising from trading and services perfonned in the ordinary course of business. If collection is expected in one year or less, they are classified as current assets. If not, they are presented as non4urrent assets. Debtors are recognised initially at fair value and subsequently measured at amortised cost less provision for impainnent. CL4L STATEMENTS Continued FOR THE YEAR ENDED 31 DECEMBER 2024 g) Creditors Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabi]ities if payment is due within one year or less. If not, they are presented as non-current liabilities. Creditors are recognised initially at fair value and subsequently measured at amortised c03t. h) Cash at Bank Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less trom the date of acquisition or opening of the deposit or similar account. ements estimates and assum tions The preparation of the financial statements does not require the Trnstee's to make any judgements, estimates or assumptions in the process of applying the Company's accounting policie8 due to the simplistic nature of its operations. Concern The Foundation's activities, together viith the factors likely to affect its future development, performance and position are set out in the Trustees, Report on Pages 2 to 13. As a result of this review the Trustees consider that the Foundation has adequaie resources and cash flow based upon its avallable funds, including receiving additional funding in early 202S, to continue in operational existence for at least 12 months trom the date that the financial statements are approved. The Trustees believe that given the simple nature of the Foundation it is appropriate to continue to adopt the going concern basis in preparing the financial statements. Donations from NFU Mutual Value of adrninistration services provided by fqFU MUtl￿1 Fundraising donations Charitable donations 3C￿,000 3C￿,000 10,729 12,450 1&5.409 135.156 235,465 74,622 731,603 522,228 COME FROM INVESThEr 2024 02 Investment income represents interest earned on money held on deposit in interest bearing bank accounts: Bank interest ieceivable 4.357 1,442 NOTES TO THE FINJINCIAL STATEMENIS Continued FOR THE YEAR ENDED 31 DECEMBER 2024 During 2024 there were no staff directly employed by The Farni Safety Foundation (2023: nil). However, throughout the year there were hve employees from The National Farmers Union Mutual Insurance Society Limited who perfonned services on behalf of The Fann Safety Foundation. Included within the total expenditure is £213,788 (2(rd3: £167.881) which was recharged in respect of their salaries and other employee related costs. One member of staff received an emolument of over £60,000 in 2024 (2023: nil) and four under £60,000 (2023: four). No Trustees received remuneration or expenses during the current or preceding year in respect of their services to the Foundation. The amounts incurred in the year comprise: 202 Engagement and shows Education Research Communication Personnel Operational Audit Administration seriices provided by NFU Mutual 118,119 30,372 58.814 70.657 213,788 23,028 6,000 10,729 531,507 161,833 2,820 54.459 14.520 167.881 7,520 5,852 12,450 427,335 Expenth'ture relates to costs incuued in line with The Foundation's objectives. It 18 not possible to distinguish expenditure relating to fundraising and charitable donations and therefore not separately th'sclosed as per the Charities SORP. NOTES TO THE FINJINCIAL STATEMENIS Continued FOR THE YEAR ENDED 31 DECEMBER 2024 REDIT Trade Creditor- The National Fanners Union Mutual Insurance Society Limited Accruals Audit Fees (Gross of VAT) 29,480 38,841 6,000 74,321 29,777 26,864 5,852 62,493 Audit fees for the financial year nel of VAT were £S,000 (2023: £4,87D RESERVES anu tiviti Unrestricted fund 496,185 735,960 S31,507 700,638 The unrestricted fund reserve represents the free funds of the Foundation, which are not designated for any particulat puTroses. The Foundation received a £300,000 donation (2023: £3(￿,000) trorn The National Farrners Union Mutual tnsurance Society Limited. This donation has been received in full to the Foundation's bank account during 2024. During the year, The National Farniers Union Mutual Insurance Society Lirnited paid support costs of £520,778 (2023: £414,885) on behalf of the Foundation. At the year end, £29,480 (2(Y23: £29,777) was outstanding and included within creditors. These were settled in January 2025. Also included was an accruals figure of £44,842 (2023: £26.864). Six Trustees are currently appointed by IqFU Mutual Society Limited and had no related party trarLsactions. The daY4(￿daY management of the Foundation is delegated to The National Fanners Union Mutual Insurance Society Limited ("NFU Mutual"), with a Fann Safety Specialist being appointed. 26 Classification: Internal Continued FOR THE YEAR ENDED 31 DECEMBER 2024 Ap￿AL The charity is a Cornpany ]irnited by guarantee. Each member has undertaken to contribute £1 to the assets of the foundation to meet its liabilities if called on to do so. The total an￿UTht guaranteed by members at 31 Decernber 2024 is £6 (2023: £6). 10 Unrestricted Funds 202 Unrestricted Funds 202 NET MOVEMEwf IN FUNDS FOR YEAR 204,453 96,335 Adjusted for: Interest from investments (4.357) (1,442) OPERATING FUIqDS FOR THE YEIIR 200,096 94,893 Increase in creditors & accruals Decrease in debtors 11,828 20,357 763 NET CASH INFLOW FROM OPERATING ACTtvrriES 211,924 116,013 27