A kitchen utensil used to chastise Irish children with pre 1990s. Not quite as bad what the catholic church did to children, but an extension of the acceptable level of abuse inflicted on children in those days.
The Foundary was a factory in Waterford where everyone's grandfather used to work. It was located down by the kay river. They used to pronounce it in this way due to the peculiar gutteral r sound of the old Waterford accent.