REGISTERED COMPANY NUMBER: 02763068 (England and Wales)
REGISTERED CHARITY NUMBER: 1015804
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
FOR
MUSTARD SEED TRUST (MARLBOROUGH)
MUSTARD SEED TRUST (MARLBOROUGH)
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
|
Page |
Report of the Trustees |
1 to 6 |
Independent Examiner's Report |
7 |
Statement of Financial Activities |
8 |
Balance Sheet |
9 to 10 |
Notes to the Financial Statements |
11 to 18 |
MUSTARD SEED TRUST (MARLBOROUGH) (REGISTERED NUMBER: 02763068)
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2021
ThetrusteeswhoarealsodirectorsofthecharityforthepurposesoftheCompaniesAct2006, present
theirreportwiththefinancialstatementsofthecharityfortheyearended31March2021.The trustees
haveadoptedtheprovisionsofAccountingandReportingbyCharities:Statementof Recommended
PracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththeFinancial Reporting
Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The principal objective of the Trust is the advancement of the Christian religion.
Public benefit
TheTrusteeshaveconsideredtheCharityCommission'sgeneralguidanceonpublicbenefitand its
supplementary guidance on the advancement of religion for the public benefit.
Thecharitycarriesoutawiderangeofactivitiesinpursuanceofitscharitableaimsthatdeliver public
benefit.TheTrusteesconsiderthattheseactivitiesprovidebenefittobothChristiansandthe wider
community. The Trust:
-
Operates a Christian Bookshop at The Old Boathouse, Hillier's Yard, Marlborough, Wiltshire
-
Organises outreach events with Christian authors
-
Arranges educational events
-
Advises churches, groups and individuals on resources available
-
Supplies Christian resources to churches and schools at a discount
-
Provides an environment where the vulnerable and disadvantaged are welcomed and listened to
-
Provides access to Christian books that would otherwise not be available in order that the public can look at them with no pressure to buy them.
TheTrusteeshavegivendueregardtoguidanceissuedbytheCharityCommissionindeciding what
activities the charity should undertake.
Volunteers
TheTrustreliesuponthecommitmentofsupportersandvoluntaryhelpfromthecommunity.The Trust
alsorelieson voluntaryhelp fromthe Managerwho is one of the co-foundersand remainsa key person in
the running of the Trust. The Trustees are also volunteers.
-1-
MUSTARD SEED TRUST (MARLBOROUGH) (REGISTERED NUMBER: 02763068)
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2021
ACHIEVEMENT AND PERFORMANCE
Charitable activities
InadditiontomakingChristianbooks,cardsandliteratureavailabletothepublicforpurchase and
providing information, in the year ended 31 March 2021, the Trust also:
-
Offered an order and collect service during Covid Lockdowns
-
Provided Bibles to Trinity School, Ogbourne St George Primary, Chilton Foliat, Ramsbury and Preshute
-
schools, and to St Mary's Church, Marlborough.
-
Provided a wide range of resources and church requisites to local churches
-
Provided Book Reviews to parish newsheets/magazines
-
Maintained an online presence to keep supporters and the public updated with our activities
-
Provided information on new books to a wide range of individuals and churches
-
Continued to work with a Coffee Shop as it provides a conducive environment for the exploration and fostering of the Christian faith
DuetotheCovidpandemicwehavenotbeenabletohosteventsinpersonandthereforewewere not
able to:
-
Host author evenings
-
Supply books for Open the Book Groups leading assemblies in primary schools
-
Host quarterly Christian Book Group evenings
-
Provide opportunities for young adults with learning disabilities to work with a team in a shop environment - instead they coloured bookmarks with Bible verses which were then given to customers
-
Provide a safe environment where the vulnerable and disadvantaged are welcomed and listened to.
-2-
MUSTARD SEED TRUST (MARLBOROUGH) (REGISTERED NUMBER: 02763068)
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2021
FINANCIAL REVIEW
Financial results 2021
TheTrustachievedanetincomeof£18,673fortheyearended31stMarch2021(2020:anetdeficit of
£3,808).This is after the inclusionof the donationunder Gift Aid of £1,189(2020:£nil) from the connected
Coffeeshop,MustardSeed (Marlborough)Ltd, the receiptof GovernmentCovidSupportGrantsof £19,431
(2020:£nil) and a reductionin operatingcosts of £8,371made possibleby the flexibilityand help from staff
and volunteers and by the understanding and support from the landlords.
Therefore,althoughthewholeoftheyearwasseverelyimpactedbytheeffectoftheCovid19 Pandemic,
theresultfortheyearwasmuchbetterthanwasexpectedat thestartoftheyear.TheTrusteesare very
thankful for all the support received.
ThesalesoftheconnectedCoffeeshopweresimilarlyaffectedbeingonly20%ofnormalduetothe social
distancingrulesandNationalLockdownscausedbytheCovidpandemic.Attheendofthefinancial year
the Coffeeshopwas in factclosedand had been closedsince1 Januarydue to a lockdown,it re-opened on
12April2021.Duetotheflexibilityandhelpfromstaffandvolunteers,theunderstandingand support
from the landlordsand the receiptof payrollsupportfrom the Governmentunder the. HMRC Job retention
Scheme,the Coffeeshopwas able to reduceits operatingcostsby £29,019,and therebycontinuedto trade
and made a small taxable profit which was donated to the Trust.
The combinedresultof the Bookshopand the Coffeeshopfor the yearwas a net incomeof £17,880 (2020:
net loss of £400).
Betweenthe end of the financialyear and the date these accountswere approvedtradinghas continued to
beverydifficultduetothesocialrestrictionscausedbyCovid19.Thisisexpectedtocontinuewell into
2022. The future remains uncertain.
The Trust continuesto receivevitalsupportfromthe landlords.The Trusteesare pleasedto reportthat the
landlordshaveconfirmedtheywillcontinuetoprovidesupportuntil31March2022,atwhichtime the
situation will be reviewed.
The Trustees are thankful for all the support, in all its many forms, that the Trust continues to receive.
The Trusteesand Managementwill continueto seek ways to maintainour Christianpresencenear the High
Street.
Investment policy
TheTrusteesbelievethatthepolicyofplacingsurplusfundsondepositwithlocalbanksandCCLA is
sufficient for the purpose of the Charity, given its size.
Reserves policy
TheTrusteesconsiderthataprudentleveloffreereservesfortheTrustiereservesoverandabove the
amountinvestedin net tangiblefixedassetsand stock,shouldequateto betweenthreeand six months of
theexpectedcombinedoperatingexpenditureofboththeTrustandtheCoffeeShop.Thereason for
reservingthe combinedoperatingcostsis that the majorpart of the sharedexpenseswould be incurred by
the Trust alone if the Coffeeshop, Mustard Seed (Marlborough) Ltd, were to cease to trade.
-3-
MUSTARD SEED TRUST (MARLBOROUGH) (REGISTERED NUMBER: 02763068)
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2021
At 31 March2021the freereservesof £52,997(approx12 months)areabovethe targetrangeof £13,000
to£26,000.TheTrusteesarecomfortablewiththislevelofreservesasthisenablestheTrusttoadjust its
cost structureshould this prove necessaryand allow the Trust to continueits activitiesin the event that the
Coffee Shop did, for some unforeseen reason such as the Covid Pandemic, cease to trade.
FUTURE PLANS
TheTrustplanstocontinueitsobjectiveofadvancingknowledgeandunderstandingoftheChristian faith,
andtogivingexpressiontoChristianhospitalitythroughtheoperationofitsChristianBookshop and
connectedCoffeeShop.It plansto continueto providelocalchurchesand Christiangroupswith resources
and information to help them in their Christian mission. To further this end:
The Trust will:
-
Continue to provide a range of Christian books and cards
-
Develop ways of encouraging the use of Christian literature
-
Explore ways of using the premises in the evenings for the extension of Christian understanding
-
Provide staff and volunteer training
-
Continue to offer support to volunteers with learning difficulties
-
Maintain an online presence to keep supporters and the public updated with our activities
-
Explore ways to work with local churches
-
Focus on what is unique about the Coffee Shop
-
Continue to arrange author events and explore different ways of doing such events such as Zoom.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
TheTrustisestablishedasacompanylimitedbyguaranteeandisregisteredasacharitywiththe Charity
Commission.TheaffairsoftheTrustaregovernedbyitsMemorandumandArticlesofAssociation. The
liability of the Members in the event of the Trust being wound up is limited to a sum not exceeding £1.
Recruitment and appointment of new trustees
TheTrusteesaredirectorsforthepurposesofcompanylawandTrusteesforthepurposesofcharity law.
New Trusteesare appointedby resolutionof the Boardof Trusteesand continuein officeuntil resignation.
There is no minimum or maximum term of appointment.
Potentialnew trusteesare chosenin orderto complementthe skillsof the existingTrusteesand to provide
somerepresentationofthevariousChristianChurchesintheMarlborougharea.Potentialtrustees are
invitedtoattendoneortwoTrusteeBoardMeetingstohelpdecideonbothsideswhether the
appointment would be appropriate.
Organisational structure
The Trust operatesa ChristianBookshopin Marlboroughand leasespremisesthat are sharedwith a Coffee
Shop, also owned by the Trustees.The CoffeeShop operatesin supportof the Bookshopand donatesall of
its taxableprofitsto the Bookshop.The CoffeeShop servescoffee,beverages,cakesand light lunches, and
provides an environment that fosters and supports the aims of the Trust.
TheTrustreliesverymuchonthehelpofvolunteersandadedicatedstaff.TheTrusteesexpress their
thankstothestaffandtothevolunteersforallthesupportthathasbeenprovided,andcontinuesto be
provided, in so many ways.
-4-
MUSTARD SEED TRUST (MARLBOROUGH) (REGISTERED NUMBER: 02763068)
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT
Induction and training of new trustees
TheCompanySecretaryis responsiblefortheinductionof anynewTrusteewhichinvolvesawarenessof a
Trustee'sresponsibilities,thegoverningdocument,administrativeprocedures,andthehistory and
philosophicalandreligiousapproachoftheTrust.AnewTrusteereceivescopiesoftheprevious year's
annualreportandaccountsandcopyoftheCharityCommissionleaflet"TheEssentialTrustee:What you
need to know, What you need to do".
Related parties
The CoffeeShop is a separatetradingcompanycalledMustardSeed (Marlborough)Ltd.It is ownedby the
Trustees and is therefore a connected trading company.
MustardSeedTrustoperatesinTheBoathouse,apropertywhichisownedbyMrsRMauriceandMr M
Reynolds,whoarethe landlords.MrsR Maurice,togetherwithMrsD Reynolds,werethe foundersof the
Charity.MrsR Mauricecontinuestobe a keyvolunteerandis theManageroftheCharity.The landlords
havecommittedtoprovidethepremisestotheTrustonastablebasisatalevelofrentthatisbelow the
marketrate;thisisdeterminedonathreeyearlycommercialrentreview.Underthetermsofthe lease,
thelandlordsareresponsibleforstructuralandexternalmaintenanceandanycapitalworksthat enhance
the value of the building. Please also refer to Note 14 of the financial statements.
TheTrustreliesonvoluntaryhelpfromMrsRMauriceastheManagerwhoremainsakeypersonin the
running of the Trust.
TheTrusteesandtheManagerarevolunteersanddidnotreceiveanyremunerationintheyearfor their
services to the Trust or in the previous year.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
02763068 (England and Wales)
Registered Charity number
1015804
Registered office
1 Farrar Drive
Marlborough
Wiltshire
SN8 1TP
Trustees
Mr R Wheeler
Mr N Larkey
Mr R Mann
Mrs C Piercy-Buehrer
Ms S M Wylie
Dr P Tulloch (appointed 29.1.21)
Company Secretary
Dr P Tulloch
-5-
MUSTARD SEED TRUSr
MARLBOROUGH
27
REGlSrERED_NUMB.ER:L
REPORT OF TH_E TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2021
REFERENCE AND ADMINISThATIVE DETAILS
Independent Examiner
Garry Pells
37 Vespasian Road
Marlborough
Wiltshire
SN8 2FB
Treasurer
Mrs R Maurice
Manager
Mrs R Maurice
Bankers
HSBC Bank Ltd
Unit 6The Lock
Canal Walk
Swindon
SNI ILD
Th15 repon has been prepared in attordante with the Special provisions of Part 15 of the Companies Act
2006 relating to small companie
Approved by order of the board of trustees on
and signed on its behalf by:
MrR
eler-
DEPENDENT EXAMINER'S REPORTTO THE
MUSTARD SEED TRUST
MARLBOROUGH .
OF
' Independent examinerfs report to the trustee5 of Mustard Seed Trust (Marlborough) I'the Company'l
I report to the charity trustees on my examination of the accounts of the Company for the year ended
31 March 2021.
Re5ponsibllitles and basls of report
A5 the charity's trLtstees of the Company land akn its directors for the purposes of company lawl you are
responsible for the preparation of the accounts in aCcor(lan with the requirements of the Companies Act
20061'the 2(ffi Act'l.
Having satisfied myself that the accounts of the C(Knpany are not required to be audited under Part 16 of
the 2(K Act and are eligible for independent examination. I report in respect of my examination of your
charity's accounts as cdrried out under sertion 145 of the Charities Act 2011 l*he 2011 Act'l. In carrying
out my examination I have followed the Direction5 gFven by the tharity Commission under Section 145151
Ibl of the 2011 Act.
Independent examiner's Statement
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:
accounting records were not kept in respect of the Company as required by section 386 of the 2006
Act,. or
the accounts do not accord with those records: or
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other
than any requirement that the accounts grve a true and fair view which is not a matter considered as
part of an independent examination- or
the accounts have not been prepared in accordarKe with the methods and principles of the
Statement of Recommended Practice for accounting and reporting by charities lapplic3ble to
charities preparing thelr accounts in accordan wrth the Financial Reporting Standard applicable in
the UK and Republic of Ireland IFR5 10211-
I have no concerns and have come across no other tnatteis ITr connection with the examination to which
attention should be drawn in this report in ordei to enable a proper understanding of the accounts to be
reached.
Garry Pells
37 Vespasian Road
Marlborough
Wiltshire
5N8 2FB
Date..
MUSTARD SEED TRUST (MARLBOROUGH)
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 MARCH 2021
|
|
31.3.21 |
31.3.20 |
|
|
Unrestricted |
Total |
|
|
funds |
funds |
|
Notes |
£ |
£ |
INCOME AND ENDOWMENTS FROM |
|
|
|
Donations and legacies |
2 |
1,366 |
232 |
Charitable activities |
|
|
|
Bookshop sales |
|
13,029 |
28,805 |
Investment income |
3 |
16 |
81 |
Other income |
4 |
19,431 |
- |
Total |
|
33,842 |
29,118 |
EXPENDITURE ON |
|
|
|
Charitable activities |
5 |
|
|
Cost bookshop sales items sold |
|
8,385 |
17,271 |
Bookshop operating expenses |
|
6,784 |
15,155 |
Total |
|
15,169 |
32,426 |
NET INCOME/(EXPENDITURE) |
|
18,673 |
(3,308) |
RECONCILIATION OF FUNDS |
|
|
|
Total funds brought forward |
|
43,389 |
46,697 |
TOTAL FUNDS CARRIED FORWARD |
|
62,062 |
43,389 |
The notes form part of these financial statements
-8-
MUSTARD SEED TRUST (MARLBOROUGH) (REGISTERED NUMBER: 02763068)
BALANCE SHEET
31 MARCH 2021
31.3.21
Unrestricted
funds
Notes
£
FIXED ASSETS
Tangible assets
9
2,736
CURRENT ASSETS
Stocks
10
10,002
Debtors
11
8,166
Cash at bank
44,146
62,314
CREDITORS
Amounts falling due within one year
12
(2,988)
NET CURRENT ASSETS
59,326
TOTAL ASSETS LESS CURRENT LIABILITIES
62,062
NET ASSETS
62,062
FUNDS
13
Unrestricted funds
62,062
TOTAL FUNDS
62,062 |
31.3.20
Total
funds
£
3,247
9,058
5,925
25,721
40,704
(562)
40,142
43,389
43,389
43,389
43,389 |
|
|
The charitablecompanyis entitledto exemptionfromauditunderSection477of the CompaniesAct 2006
for the year ended 31 March 2021.
Themembershavenotrequiredthecompanytoobtainanauditofitsfinancialstatementsforthe year
ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
continued...
-9-
MUSTARD SEE
MARLBO
GisfERED NUMBER: 027
HE. continued
These finartcial statements have been prepared in accordance with the provisions applicable to charitable
companies subjert to the small companie5 regime.
The financi
statements We approved by the Board of Trustees and authorised for issue on
. and were signed on Its behalf by:
t1
MrR
The notes form part of these financial statements
-iO-
MUSTARD SEED TRUST (MARLBOROUGH)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
Thefinancialstatementsofthecharitablecompany,whichisapublicbenefitentityunderFRS 102,
havebeenpreparedinaccordancewiththeCharitiesSORP(FRS102)'AccountingandReporting by
Charities:StatementofRecommendedPracticeapplicabletocharitiespreparingtheiraccounts in
accordancewiththeFinancialReportingStandardapplicableintheUKandRepublicofIreland (FRS
102)(effective1 January2019)',FinancialReportingStandard102'The FinancialReporting Standard
applicablein theUK andRepublicofIreland'andtheCompaniesAct2006.Thefinancial statements
have been prepared under the historical cost convention.
The accounts have been prepared on a going concern basis.
Income
Allincomeis recognisedin theStatementofFinancialActivitiesoncethecharityhasentitlement to
the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructive obligation
committingthe charityto that expenditure,it is probablethat a transferof economicbenefitswill be
requiredinsettlementandtheamountoftheobligationcanbemeasuredreliably.Expenditure is
accountedforonanaccrualsbasisandhasbeenclassifiedunderheadingsthataggregateall cost
relatedtothecategory.Wherecostscannotbedirectlyattributedtoparticularheadingsthey have
been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciationisprovidedonfixedassetssoastosoastowritethemoffovertheirexpected useful
lives at the following rates:
Fixtures & fittings20% straight line
Computer equipment20% straight line
Items costing less than £100 are expensed in the year of acquisition.
Stocks
Stocksarevaluedatthelowerofcostandnetrealisablevalue,aftermakingdueallowance for
obsolete and slow moving items.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestrictedfundscanbe usedin accordancewiththecharitableobjectivesat thediscretionof the
trustees.
Restrictedfunds can only be used for particularrestrictedpurposeswithin the objectsof the charity.
Restrictionsarisewhenspecifiedbythedonororwhenfundsareraisedforparticular restricted
purposes.
continued...
-11-
MUSTARD SEED TRUST (MARLBOROUGH)
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2021
1. ACCOUNTING POLICIES - continued
Fund accounting
Furtherexplanationofthenatureandpurposeofeachfundis includedin thenotestothe financial
statements.
2. DONATIONS AND LEGACIES
Donations
Donation from connected Coffeeshop
3.
INVESTMENT INCOME
Interest income
4.
OTHER INCOME
Government Grants re Covid19
5.
CHARITABLE ACTIVITIES COSTS
Cost bookshop sales items sold
Bookshop operating expenses |
31.3.21
31.3.20
£
£
177
232
1,189
-
1,366
232
31.3.21
31.3.20
£
£
16
81
31.3.21
31.3.20
£
£
19,431
-
Direct
Costs (see
note 6)
£
8,385
6,784
15,169 |
|
|
continued...
-12-
MUSTARD SEED TRUST (MARLBOROUGH)
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2021
6. DIRECT COSTS OF CHARITABLE ACTIVITIES
Staff costs
Cost of items sold
Rent
Light, heat, water, waste
Telephone
Stationery, postage, printing
Advertising & publicity
Council business rates
Insurance, licences, book assn
HMRC Job Retention Scheme
Equipment rental
Outreach costs
Repairs & maintenance
Capital expenditure < £100
Bank & credit card charges
Staff training & welfare
Sundry renewals, consumables
Depreciation |
31.3.21
£
3,309
8,385
500
1,497
753
49
30
25
529
(1,914)
656
-
154
75
160
70
-
891
15,169 |
31.3.20
£
6,091
17,271
1,000
2,662
661
182
117
745
538
(109)
638
224
275
-
222
647
127
1,135
32,426 |
|
|
|
7. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
|
31.3.21 |
31.3.20 |
|
£ |
£ |
Depreciation - owned assets |
891 |
1,135 |
8. TRUSTEES' REMUNERATION AND BENEFITS
Therewerenotrustees'remunerationorotherbenefitsfortheyearended31March2021nor for
the year ended 31 March 2020.
Trustees' expenses
Therewerenotrustees'expensespaidfortheyearended31March2021norfortheyear ended
31 March 2020.
continued...
-13-
MUSTARD SEED TRUST (MARLBOROUGH)
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2021
9. TANGIBLE FIXED ASSETS
COST
At 1 April 2020
Additions
Disposals
At 31 March 2021
DEPRECIATION
At 1 April 2020
Charge for year
Eliminated on disposal
At 31 March 2021
NET BOOK VALUE
At 31 March 2021
At 31 March 2020
10.
STOCKS
Finished goods
11.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Amounts owed by participating interests
Other debtors
VAT |
Fixtures,
fittings,
equipment
£
25,253
380
(1,069)
24,564
22,006
891
(1,069)
21,828
2,736
3,247
31.3.21
31.3.20
£
£
10,002
9,058
31.3.21
31.3.20
£
£
284
853
7,255
4,729
434
-
193
343
8,166
5,925 |
|
|
TheparticipatinginterestsistheconnectedtradingcompanyMustardSeedMarlboroughLtd, also
known as the Coffee Shop.
continued...
-14-
MUSTARD SEED TRUST (MARLBOROUGH)
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2021
12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
13.
MOVEMENT IN FUNDS
Unrestricted funds
General fund
TOTAL FUNDS
Net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
TOTAL FUNDS
Comparatives for movement in funds
Unrestricted funds
General fund
TOTAL FUNDS |
31.3.21
31.3.20
£
£
2,988
562
Net
movement
At
At 1.4.20
in funds
31.3.21
£
£
£
43,389
18,673
62,062
43,389
18,673
62,062
Incoming
Resources
Movement
resources
expended
in funds
£
£
£
33,842
(15,169)
18,673
33,842
(15,169)
18,673
Net
movement
At
At 1.4.19
in funds
31.3.20
£
£
£
46,697
(3,308)
43,389
46,697
(3,308)
43,389 |
|
|
continued...
-15-
MUSTARD SEED TRUST (MARLBOROUGH)
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
13. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
TOTAL FUNDS |
Incoming
Resources
Movement
resources
expended
in funds
£
£
£
29,118
(32,426)
(3,308)
29,118
(32,426)
(3,308) |
|
|
A current year 12 months and prior year 12 months combined position is as follows:
Unrestricted funds
General fund
TOTAL FUNDS |
Net
movement
At 1.4.19
in funds
£
£
46,697
15,365
46,697
15,365 |
At
31.3.21
£
62,062 |
|
|
62,062 |
Acurrentyear12monthsandprioryear12monthscombinednetmovementinfunds,included in
the above are as follows:
Unrestricted funds
General fund
TOTAL FUNDS |
Incoming
Resources
Movement
resources
expended
in funds
£
£
£
62,960
(47,595)
15,365
62,960
(47,595)
15,365 |
|
|
continued...
-16-
MUSTARD SEED TRUST (MARLBOROUGH)
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2021
14. OTHER FINANCIAL COMMITMENTS
At31March2021theCharity(togetherwithitsconnectedtradingcompany)hadasix month
commitment under a non-cancellable operating lease as follows:
commitment under a non-cancellable operating lease as follows: |
|
|
|
2021 |
2020 |
|
Land & |
Land & |
|
buildings |
buildings |
|
£ |
£ |
Expiry date: |
|
|
Within one year |
4,500 |
6,000 |
|
|
|
15. RELATED PARTY DISCLOSURES
ThepremisesinwhichMustardSeedoperatesareownedbyMrsRMaurice,thelandlord.Mrs R
MauricewasoneofthefoundersoftheCharityandcontinuestobeakeyvolunteerintherole of
the Managerof the Charity.The landlordhas reducedthe financialand propertyrisk on the Charity
by enablingtheCharitytorentpremisesnearMarlboroughHighStreetwithouttheCharity needing
tobuyitsownpropertyorenterintoaleasewitha3or5yearfinancialcommitmentwitha third
partylandlord.A third partyleasewouldhave the financialrisk of high rent increases,as well as the
operationalrisk that at the end of the term the landlordcould ask the Charityto leavethe premises,
whichwouldbeverydisruptivetotheaimsoftheCharityandcouldeventhreatenitslong term
viability.ThelandlordhasconfirmedthatthereisnointentiontoasktheCharitytoleave the
premisesand thattheyare contentto rent the premisesto the Charityon a yearby yearbasis, with
six monthnoticeof terminationon eitherside.The landlordhas committedto providethe premises
totheTrustona stablebasisat a levelofrentthatis belowthemarketrate.Thereis a rent review
every 3 years which is undertaken to ensure that the rent charged is below market value.
In responsetotheCovidpandemic,duringtheyearended31March2021,thelandlordgranteda 6
monthrent free periodfollowedby 6 monthsat half rent,paymentof whichcouldbe deferred. For
the yearending31 March2022the landlordhas reducedthe contractualrentby 25%forthe whole
year. This will be reviewed at the end of the year.
DuringtheyeartheCharity,togetherwithitsconnectedtradingcompanytheCoffeeShop,paid a
combinedrenttotheLandlordsof£3,000(2020:£11,000).Therewasanoutstandingbalances at
the end of the year of £2,500 (2020: £Nil).
continued...
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MUSTARD SEED TRUST (MARLBOROUGH)
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2021
16. ULTIMATE CONTROLLING PARTY
MustardSeedTrust(Marlborough)isconnectedtoMustardSeed(Marlborough)Ltd,the Coffee
Shop,a tradingcompany.Bothcompaniesareunderthe commoncontrolof the Trusteesshown in
the Report of the Trustees.
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