Charity registration number 1191461
WE ARE FARMING MINDS
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
WE ARE FARMING MINDS
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees S Jones D Harding E Stables S Stables C Brewer 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 - 15 |
WE ARE FARMING MINDS
TRUSTEE'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The trustees present their annual report and financial statements for the year ended 31 December 2023.
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 E Stables S Stables C Brewer 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. Therefore 3 months operating costs would be £36,000. A reasonable estimate of redundancy pay is currently £2,000. The Trustees wish to add a contingency fund of £3,500 and therefore the total amount to be put into reserves will be £41,500.
The trustee's report was approved by the Board of Trustees.
S Jones Trustee
14 October 2024
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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 2023.
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:
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1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
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: 15 October 2024
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| Total | 2022 | £ | 116,253 | 21,254 | - | 137,507 | 26,178 | 59,810 | 85,988 | 51,519 | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Restricted | funds | 2022 | £ | 68,646 | - | - | 68,646 | 12,933 | 53,725 | 66,658 | 1,988 | |||
| 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 | |||
| Total | 2023 | £ | 184,561 | 31,608 | 397 | 216,566 | 34,232 | 103,185 | 137,417 | 79,149 | ||||
| Restricted | funds | 2023 | £ | 54,323 | - | - | 54,323 | 18,679 | 88,480 | 107,159 | (52,836) | |||
| Designated | funds | 2023 | £ | 24,011 | - | - | 24,011 | - | 2,884 | 2,884 | 21,127 | |||
| Unrestricted | funds | 2023 | £ | 106,227 | 31,608 | 397 | 138,232 | 15,553 | 11,821 | 27,374 | 110,858 | |||
| Notes | Income from: | Donations and legacies 3 |
Other activities 4 |
Investments 5 |
Total income | Expenditure on: | Raising funds 6 |
Charitable activities 7 |
Total expenditure | Net incoming/(outgoing) resources before transfers |
| Total | 2022 | £ | 51,519 | - | 51,519 | 62,718 | 114,237 | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Restricted | funds | 2022 | £ | 1,988 | - | 1,988 | 41,254 | 43,242 | ||||
| Unrestricted Designated Restricted Total Unrestricted Designated |
funds funds funds funds funds |
2023 2023 2023 2023 2022 2022 |
Notes £ £ £ £ £ £ |
Net incoming/(outgoing) resources before transfers 110,858 21,127 (52,836) 79,149 49,531 - |
Gross transfers between funds (9,594) - 9,594 - - - |
Net income/(expenditure) for the year/ | Net movement in funds 101,264 21,127 (43,242) 79,149 49,531 - |
Fund balances at 1 January 2023 70,995 - 43,242 114,237 21,464 - |
Fund balances at 31 December 2023 172,259 21,127 - 193,386 70,995 - |
The statement of financial activities includes all gains and losses recognised in the year. | The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. |
WE ARE FARMING MINDS
BALANCE SHEET
AS AT 31 DECEMBER 2023
| Notes Fixed assets Tangible assets Current assets Stocks 12 Debtors 13 Cash at bank and in hand Creditors: amounts falling due within one year 14 Net current assets Total assets less current liabilities Income funds Restricted funds 15 Designated funds 16 Unrestricted funds |
2023 £ 775 6,180 188,728 195,683 (10,696) |
£ 8,399 184,987 193,386 - 21,127 172,259 193,386 |
2022 £ - - 114,240 114,240 (4,803) |
£ 4,800 109,437 |
|---|---|---|---|---|
| 114,237 | ||||
| 43,242 - 70,995 |
||||
| 114,237 |
The financial statements were approved by the Trustees on 14 October 2024
S Jones Trustee
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WE ARE FARMING MINDS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
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 or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
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.
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WE ARE FARMING MINDS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
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:
Plant and equipment 20% reducing balance 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 Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
1.9 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.
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WE ARE FARMING MINDS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
1 Accounting policies
(Continued)
1.10 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.
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.
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| Total | 2022 | £ | 116,253 | ||
|---|---|---|---|---|---|
| Restricted | funds | 2022 | £ | 68,646 | |
| Designated | funds | 2022 | £ | 1,000 | |
| Unrestricted | funds | 2022 | £ | 46,607 | |
| Total | 2023 | £ | 184,561 | ||
| Restricted | funds | 2023 | £ | 54,323 | |
| Designated | funds | 2023 | £ | 24,011 | |
| Unrestricted | funds | 2023 | £ | 106,227 | |
| Donations and legacies | Donations and Grants | ||||
| 3 |
WE ARE FARMING MINDS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
4 Other activities
| **Unrestricted ** | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2023 | 2022 | |
| £ | £ | |
| Minibus sponsorship | 2,810 | 2,250 |
| Fundraising events | 28,798 | 19,004 |
| Other trading activities | 31,608 | 21,254 |
5 Income from investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2023 | 2022 | |
| £ | £ | |
| Interest receivable | 397 | - |
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| Total | 2022 | £ | 26,178 | 26,178 | |
|---|---|---|---|---|---|
| Restricted | funds | 2022 | £ | 12,933 | 12,933 |
| Unrestricted | funds | 2022 | £ | 13,245 | 13,245 |
| Total | 2023 | £ | 34,232 | 34,232 | |
| Restricted | funds | 2023 | £ | 18,679 | 18,679 |
| Unrestricted | funds | 2023 | £ | 15,553 | 15,553 |
| Cost of Raising Funds | Fundraising and publicity | Fundraising and publicity | Fund raising events |
|---|---|---|---|
| 6 |
| 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 | ||||
| Total | 2023 | £ | 2,099 | 595 | 10,749 | 48,577 | 35,319 | 4,747 | 102,086 | 1,099 | 103,185 | 11,821 | 2,884 | 88,480 | 103,185 | ||||
| Restricted | 2023 | £ | - | 595 | 10,502 | 35,032 | 35,319 | 4,747 | 86,195 | 1,099 | 87,294 | 930 | 2,884 | 83,480 | 87,294 | ||||
| Unrestricted | 2023 | £ | 2,099 | - | 247 | 13,545 | - | - | 15,891 | - | 15,891 | 10,891 | - | 5,000 | 15,891 | ||||
| Depreciation | Staff | Training, Admin & Promotion | Other running costs | Counselling | Helpline | Share of governance costs (see note 8) | Analysis by fund | Unrestricted funds | Designated funds | Restricted funds |
WE ARE FARMING MINDS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
8 Support costs
| Support costs Governance costs £ £ Accountancy and software costs - 1,099 - 1,099 Analysed between Charitable activities - 1,099 |
2023 £ 1,099 1,099 1,099 |
2022 £ 3,034 |
|---|---|---|
| 3,034 | ||
| 3,034 |
9 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
10 Employees
The average monthly number of employees during the year was:
| 2023 | 2022 |
|---|---|
| Number | Number |
| 2 | 1 |
There were no employees whose annual remuneration was more than £60,000.
Remuneration of key management personnel
There was no remuneration paid to key management personnel (2022 - nil).
11 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
12 Stocks
| Stocks | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Finished goods and goods for resale | 775 | - |
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WE ARE FARMING MINDS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
13 Debtors
| Debtors | ||
|---|---|---|
| Amounts falling due within one year: Trade debtors Prepayments and accrued income |
2023 £ 3,670 2,510 6,180 |
2022 £ - - |
| - |
14 Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | ||
|---|---|---|
| Trade creditors Other creditors Accruals and deferred income |
2023 £ 9,447 - 1,249 10,696 |
2022 £ 2,170 1,533 1,100 |
| 4,803 |
15 Restricted funds
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
| At 1 Previous year: At 1 |
January 2023 Incoming resources Resources expended Transfers At 31 December 2023 £ £ £ £ £ 43,242 54,323 (107,159) 9,594 - January 2022 Incoming resources Resources expended Transfers At 31 December 2022 £ £ £ £ £ 41,254 68,646 (66,658) - 43,242 |
|---|---|
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WE ARE FARMING MINDS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
16 Designated funds
These are endowment funds funds which are material to the charity's activities.
| At 1 Previous year: At 1 |
January 2023 Incoming resources Resources expended At 31 December 2023 £ £ £ £ - 24,011 (2,884) 21,127 January 2022 Incoming resources Resources expended At 31 December 2022 £ £ £ £ - 1,000 (1,000) - |
|---|---|
17 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At 1 General funds Previous year: At 1 General funds |
January 2023 Incoming resources Resources expended Transfers At 31 December 2023 £ £ £ £ £ 70,995 138,232 (27,374) (9,594) 172,259 January 2022 Incoming resources Resources expended Transfers At 31 December 2022 £ £ £ £ £ 21,464 67,861 (18,330) - 70,995 |
|---|---|
18 Related party transactions
There were no disclosable related party transactions during the year (2022 - none).
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