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2022-12-31-accounts

Charity registration number 1191461

WE ARE FARMING MINDS

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

WE ARE FARMING MINDS

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

S Jones D Harding E Stables S Stables C Brewer (Appointed 5 September 2022) M Rudge (Appointed 16 January 2023)

Charity number 1191461

Independent examiner Thorne & Co. 1 St Mary's Street Ross-on-Wye Herefordshire England HR9 5HT

WE ARE FARMING MINDS

CONTENTS

Page
Trustee's report 1
Independent examiner's report 2
Statement of financial activities 3 - 4
Balance sheet 5
Notes to the financial statements 6 - 13

WE ARE FARMING MINDS

TRUSTEE'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2022

The trustees present their annual report and financial statements for the year ended 31 December 2022.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Constitution, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Structure, governance and management

The charity is controlled by its governing document, it's Constitution.

The trustees who served during the year and up to the date of signature of the financial statements were: S Jones D Harding C Ibbs (Retired 31 August 2022) E Stables S Stables C Brewer (Appointed 5 September 2022) M Rudge (Appointed 16 January 2023)

Reserves policy

It is the decision of the Trustees to set aside a minimum of 3 months operating costs from the unrestricted funds of the Charity in the event the Charity has to cease operating due to financial constraints and/or the withdrawal of grant funding. The current figure for this is £26,745.00. The Trustees wish to add a contingency fund of £3500.00 and therefore the total figure kept in reserve is £30,245.00. These figures are to be reviewed on a 6 monthly basis.

The trustee's report was approved by the Board of Trustees.

S Jones

Trustee

26 July 2023

WE ARE FARMING MINDS

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WE ARE FARMING MINDS

I report to the trustees on my examination of the financial statements of We Are Farming Minds (the charity) for the year ended 31 December 2022.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no matters have come to my attention in connection with the

examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Thorne & Co.

1 St Mary's Street Ross-on-Wye Herefordshire HR9 5HT England

Dated: 31 July 2023

Total 2021 £ 58,266 23,917 82,183 5,862 13,603 19,465 62,718 62,718 - 62,718
Restricted funds 2021 £ 50,623 - 50,623 - 9,369 9,369 41,254 41,254 - 41,254
Unrestricted funds 2021 £ 7,643 23,917 31,560 5,862 4,234 10,096 21,464 21,464 - 21,464
Total 2022 £ 116,253 21,254 137,507 26,178 59,810 85,988 51,519 51,519 62,718 114,237
Restricted funds 2022 £ 68,646 - 68,646 12,933 53,725 66,658 1,988 1,988 41,254 43,242
Designated funds 2022 £ 1,000 - 1,000 - 1,000 1,000 - - - -
Unrestricted funds 2022 £ 46,607 21,254 67,861 13,245 5,085 18,330 49,531 49,531 21,464 70,995
Notes 3 4 5 6
Income from: Donations and legacies Other activities Total income Expenditure on: Raising funds Charitable activities Total expenditure Net income for the year/ Net movement in funds Net income for the year/ Net movement in funds Fund balances at 1 January 2022 Fund balances at 31 December 2022

WE ARE FARMING MINDS

BALANCE SHEET

AS AT 31 DECEMBER 2022

Notes
Fixed assets
Tangible assets
Current assets
Debtors
11
Cash at bank and in hand
Creditors: amounts falling due within
one year
12
Net current assets
Total assets less current liabilities
Income funds
Restricted funds
Unrestricted funds		 2022
£
-
114,240
114,240
(4,803)		 £
4,800
109,437
114,237
43,242
70,995
114,237		 2021
£
2,588
61,190
63,778
(1,060)		 £
-
62,718
62,718
41,254
21,464
62,718

The financial statements were approved by the Trustees on 26 July 2023

S Jones Trustee

WE ARE FARMING MINDS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

Charity information

We Are Farming Minds is a Charitable Incorporated Organisation.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's Constitution, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

WE ARE FARMING MINDS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Motor vehicles 20% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

WE ARE FARMING MINDS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

(Continued)

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Total 2021 £ 58,266
Restricted funds 2021 £ 50,623
Unrestricted funds 2021 £ 7,643
Total 2022 £ 116,253
Restricted funds 2022 £ 68,646
Designated funds 2022 £ 1,000
Unrestricted funds 2022 £ 46,607
Donations and legacies Donations and Grants
3

WE ARE FARMING MINDS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

4 Other activities

**Unrestricted ** Unrestricted
funds funds
2022 2021
£ £
Minibus sponsorship 2,250 -
Fundraising events 19,004 23,917
Other trading activities 21,254 23,917

5 Cost of Raising Funds

Unrestricted
Restricted
funds
funds
2022
2022
£
£
Fundraising and publicity
Fund raising events
13,245
12,933
13,245
12,933		 Total Unrestricted
funds
2022
2021
£
£
26,178
5,862
26,178
5,862		 Total Unrestricted
funds
2022
2021
£
£
26,178
5,862
26,178
5,862
5,862
Total 2021 £ - - 4,667 50 6,300 1,657 569 13,243 360 13,603 4,234 - 9,369 13,603
Restricted 2021 £ - - 2,500 - 6,300 - 569 9,369 - 9,369 - - 9,369 9,369
Unrestricted 2021 £ - - 2,167 50 - 1,657 - 3,874 360 4,234 4,234 - - 4,234
Total 2022 £ 1,200 11,552 12,664 5,493 - 20,727 5,140 56,776 3,034 59,810 5,085 1,000 53,725 59,810
Designated 2022 £ - - - 1,000 - - - 1,000 - 1,000 - 1,000 - 1,000
Restricted 2022 £ - 10,254 11,739 4,259 - 20,382 4,057 50,691 3,034 53,725 - - 53,725 53,725
Unrestricted 2022 £ 1,200 1,298 925 234 - 345 1,083 5,085 - 5,085 5,085 - - 5,085
Charitable activities Depreciation Staff Training, Admin & Promotion Other running costs Website Counselling Helpline Share of governance costs (see note 7) Analysis by fund Unrestricted funds Designated funds Restricted funds
6

WE ARE FARMING MINDS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

7 Support costs

Support costs
Support
costs
Governance
costs
£
£
Accountancy and software costs
-
3,034
-
3,034
Analysed between
Charitable activities
-
3,034		 2022
£
3,034
3,034
3,034		 2021
£
360
360
360

8 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

9 Employees

The average monthly number of employees during the year was:

2022 2021
Number Number
1 -

There were no employees whose annual remuneration was more than £60,000.

10 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

11 Debtors

11
Debtors
Amounts falling due within one year:
Trade debtors
12
Creditors: amounts falling due within one year
Trade creditors
Other creditors
Accruals and deferred income		 2022
£
-
2022
£
2,170
1,533
1,100
4,803		 2021
£
2,588
2021
£
360
700
-
1,060

WE ARE FARMING MINDS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

13 Related party transactions

There were no disclosable related party transactions during the year (2021 - none).