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 2023
FOR
MUSTARD SEED TRUST (MARLBOROUGH)
MUSTARD SEED TRUST (MARLBOROUGH)
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
|
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 19 |
MUSTARD SEED TRUST (MARLBOROUGH) (REGISTERED NUMBER: 02763068)
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2023
ThetrusteeswhoarealsodirectorsofthecharityforthepurposesoftheCompaniesAct2006, present
theirreportwiththefinancialstatementsofthecharityfortheyearended31March2023.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 educational and outreach events with Christian authors
-
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 2023
ACHIEVEMENT AND PERFORMANCE
Charitable activities
InadditiontomakingChristianbooks,cardsandliteratureavailabletothepublicforpurchase and
providing information, in the year ended 31 March 2023, the Trust also:
-
Provided Bibles and advice to Ogbourne St George Primary, Chilton Foliat, Preshute, Lydiard Millicent,
-
Pewsey, and Chirton schools
-
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 via a monthly newsletter to a wide range of individuals and churches
-
Continued to work with a Coffeeshop as it provides a conducive environment for the exploration and fostering of the Christian faith
-
Supported adults with learning difficulties who are part of the Team
-
Our special needs volunteers coloured bible verse bookmarks which are attached to all our paper bags:
-
this is a ministry/service that is greatly appreciated and we get written notes expressing their significance to the recipient
-
Facilitated a quarterly book group
-
Provided bookstalls at author event in Pewsey
-
Our volunteers provided added personal service and they feel Mustard Seed provides a setting for their
-
expression of Christian ministry
-
Hosted a weekly Speak Spanish group
-2-
MUSTARD SEED TRUST (MARLBOROUGH) (REGISTERED NUMBER: 02763068)
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2023
FINANCIAL REVIEW
Financial results 2023
Intheyearended31stMarch2023theTrustincurredanetexpenditureof£936(2022:Net income
£9,994).2022includeda donationunder Gift Aid of £3,524fromthe connectedCoffeeshop,Mustard Seed
(Marlborough)Ltd,butin2023therewasnodonationastheCoffeeshopdidnotmakeataxable profit.
2022alsoincludedaGovernmentCovidSupportGrantof£2.667buttherewasnograntin2023. The
bookshopsalesin2023werelowerthan2022andthecostsofstaffreturnedtoanormallevel. The
nationaleconomywas still comingout of the Covid19disruptionsand also having to adjust to the increased
costoflivingduetotheRussianinvasionofUkraine.WiththiseconomicbackcloththeTrustees consider
the results for 2023 as good.
TheTrusteesareverythankfulforallthesupportreceivedinthisandtheprevioustwoyearsfrom the
Government,thestaffofboththeBookshopandtheCoffeeshopandfromthelandlord.Without that
support the future was very uncertain.
ThecombinedresultoftheBookshopandtheCoffeeshopfortheyearwasanetexpenditureof £2,816
(2022:Net income£8,752).The expectationfor 2024is breakevenas we continueto rebuild and adjust to
the new market conditions.
The Trusteesand Managementwill continueto seek ways to maintainour Christianpresencenear the High
Street.
Investment policy
TheTrusteesbelievethatthepolicyofplacingsurplusfundsondepositwithabankandCCLAis 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.
At 31 March2023the freereservesof £63,303(approx19 months)areabovethe targetrangeof £10,000
to£20,000.TheTrusteesarecomfortablewiththislevelofreservesasthisenablestheTrusttoadjust its
cost structureshould this prove necessaryand allow the Trust to continueits activitiesin the event that the
Coffeeshop did, for some unforeseen reason such as another pandemic, cease to trade.
-3-
MUSTARD SEED TRUST (MARLBOROUGH) (REGISTERED NUMBER: 02763068)
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2023
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 Coffeeshop - providing a listening ear and developing a relationship
-
with many customers who come in for company
-
Continue to work with all our volunteers to further their service in Mustard Seed.
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.
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".
-4-
MUSTARD SEED TRUST (MARLBOROUGH) (REGISTERED NUMBER: 02763068)
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT
Related parties
The CoffeeShop is a separatetradingcompanycalledMustardSeed (Marlborough)Ltd.It is ownedby the
Trustees and is therefore a connected trading company.
MustardSeedTrustoperatesinTheBoathouse,apropertywhichisownedbyMrsRMauricewhois the
landlord.Mrs R Mauricewas one of the foundersof the Charityand continuesto be a key volunteerand is
theManageroftheCharity.ThelandlordhascommittedtoprovidethepremisestotheTrustona stable
basisat a levelof rentthatis belowthemarketrate;thisis determinedon a threeyearlycommercial rent
review.Underthetermsofthelease,thelandlordis responsibleforstructuralandexternal maintenance
andanycapitalworksthatenhancethevalueofthebuilding.PleasealsorefertoNote16ofthe 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 (resigned 20.5.22)
Mr R Mann
Mrs C Piercy-Buehrer (resigned 2.11.22)
Ms S M Wylie
Dr P Tulloch
Mr G K Pells (appointed 20.5.22)
Company Secretary
Dr P Tulloch
Independent Examiner
Mrs L Blunden, Member of ICAEW
8 South View Place
Marlborough
SN8 1DD
-5-
MUSTARD SEEDTRusr
RE(aSTERED NUMBER: 02763068
REPORT OFTHE TRusfEES
R THE YEAR ENDED
202a
REFERENCE AND ADMINisfRATIVE AlL$
Treasurer
Mrs R M3urice
Manager
Mrs R Maurice
Bankers
HSBC Bank Ltd
Unlt 6 The Lock
Canal Walk
Swindon
.SNI ILD
STATEMENTOF TrUSTEES' RESPONSIBILMES
The trustees Iwho are also the dirertors of Mustard Seed Trust {Marlborou£hl for the purposes of company
lawl are iesponsible for preparing the Report of the Tw5tees and the financial statements in accordance
with applicable law and United knngdorn Accounting Standar(k Iunited Kingdom Generally Accepted
Accounting Practtcel.
Company law requires the trLStees to prepare fiTrancial statements for each financial year whKh give 3 true
and fair view of the stste of affairs of the tharitable company and of the incoming resources and
application of resour, including the income and expenditure. of the tharitable company for that perlod.
In prepaiin8 those finanaal statements. the trust are requi1 to
select suitable accounting policies and then appthern con5iStentiy,-
observe the method5 and principle5 in the Charity SORP;
make jud8ements and estimates that are reasonable prudent
prepare the financial statements on the going concem basis unless it is inappropriate to presume that
the charitable tompafry will continue in b"ne$S
The trustees ere responsible for keeping proper accounting rec¢)rds whKh disclose with reasonable
accuracy at any time the flnarKial posttson of the charitable company and to enable them to ensure that
the finanaal ststements comply with the Companies Act 21)J6. They are a150 responsible for safegisarding
the assets of the charitsble company and herKe for tskirE reasonable steps for prevention and
etettion of fraud and other irregularitses.
This report has been prepared ITr accordan wth the speLyal provisions of Part 15 of the Companies Art
2006 relatingto small companies.
Approved by orderof the board of trustees on 30 November 2023 aNJ signed its behalf by:
Mr R Wheeler
I report to the drity trustees on eXaMNll0n of the accounts of the Company for the year ended
31 March 2023.
As the charW5 trustses of the Cornpry (and also its directors for the pUrSe5 of c(Nnpany law) you are
re5pofLSible for ts weparntl of the ac£<xMts 0Ndan with the requiremwts of th2 Companies Act
21))6 l*he 2006 Act%
Flamng satisfied myself that the accounts of the Company are not required to be audital under Part 16 of
the 2(X16 Act and are eligible for independent examination. I rewt sn respect of my examination of your
charivs accounts as carrted under sertion 145 of the Charities Art 2011 2011 ACVI. In carrylng
out my examination I hève foknved the Dkettl given by the awity Commission under settion 14515)
(b) of the 2011 ACL
I have comted my exarninati. I confinn that no mattets have come to my attenti In connectkni
untinB record5 were Th)t kept in respect of the COMry as required ty settion 386 the 2(K
Att; or
the aco)unts do comply with the accounti requirements of Sect of the 2( Att other
than any requirement that the accounts 8140 a true and fair view vthith IS rnt a matter considered a5
part ofan independentexamination: IX
the accounts he not been prepared in aCUKthn with the methods and principle5 of the
Statement of Recommended practi for acc4)unti and reporting by tharitjes (appIable to
charitles preparing their accounts rn accord with the Fmanrial Rep)rting Standard applxabie In
the UK and Republic of Ireland {FRS 1021).
I have no COnm$ and have come across no other mattws in connertion with the examination to which
attention should be drawn in this report in Order to enable a PrOr understsnding of the accounts to be
Mrs L Blunden. Memberof IC4EW
8 South View Place
M3rlborough
SN8 IDD
MUSTARD SEED TRUST (MARLBOROUGH)
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 MARCH 2023
|
|
31.3.23 |
31.3.22 |
|
|
Unrestricted |
Total |
|
|
funds |
funds |
|
Notes |
£ |
£ |
INCOME AND ENDOWMENTS FROM |
|
|
|
Donations and legacies |
2 |
61 |
3,585 |
Charitable activities |
|
|
|
Bookshop sales |
|
24,373 |
27,701 |
Other trading activities |
3 |
752 |
1,384 |
Investment income |
4 |
250 |
6 |
Other income |
5 |
- |
2,667 |
Total |
|
25,436 |
35,343 |
EXPENDITURE ON |
|
|
|
Charitable activities |
6 |
|
|
Cost bookshop sales items sold |
|
14,893 |
16,826 |
Bookshop operating expenses |
|
11,479 |
8,523 |
Total |
|
26,372 |
25,349 |
NET INCOME/(EXPENDITURE) |
|
(936) |
9,994 |
RECONCILIATION OF FUNDS |
|
|
|
Total funds brought forward |
|
72,056 |
62,062 |
TOTAL FUNDS CARRIED FORWARD |
|
71,120 |
72,056 |
The notes form part of these financial statements
-8-
MUSTARD SEED TRUST (MARLBOROUGH) (REGISTERED NUMBER: 02763068)
BALANCE SHEET
31 MARCH 2023
31.3.23
Unrestricted
funds
Notes
£
FIXED ASSETS
Tangible assets
11
1,329
CURRENT ASSETS
Stocks
12
8,587
Debtors
13
4,708
Cash at bank
57,795
71,090
CREDITORS
Amounts falling due within one year
14
(1,299)
NET CURRENT ASSETS
69,791
TOTAL ASSETS LESS CURRENT LIABILITIES
71,120
NET ASSETS
71,120
FUNDS
15
Unrestricted funds
71,120
TOTAL FUNDS
71,120 |
31.3.22
Total
funds
£
1,964
9,388
6,395
55,493
71,276
(1,184)
70,092
72,056
72,056
72,056
72,056 |
|
|
The charitablecompanyis entitledto exemptionfromauditunderSection477of the CompaniesAct 2006
for the year ended 31 March 2023.
Themembershavenotrequiredthecompanytoobtainanauditofitsfinancialstatementsforthe year
ended 31 March 2023 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 SEEDTRusr
NUMBEK" 0276168
31 MARCH 2023
These financial 5tatemeryts ha prepared in accordance with the provisk)ns applicable to charf(able
Companies subjert to the small companies rewme.
The financial statements were approved by the Board of TTU5tees and authorised for issue on
30 November 2023 and were signed on IES behalf by:
Mr R Wheeler
The notes fom part ofthese financial statements
-1
MUSTARD SEED TRUST (MARLBOROUGH)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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 2023
1. ACCOUNTING POLICIES - continued
Fund accounting
Furtherexplanationofthenatureandpurposeofeachfundis includedin thenotestothe financial
statements.
2. DONATIONS AND LEGACIES
2. |
DONATIONS AND LEGACIES |
|
|
|
|
31.3.23 |
31.3.22 |
|
|
£ |
£ |
|
Donations |
61 |
61 |
|
Donation from connected Coffeeshop |
- |
3,524 |
|
|
61 |
3,585 |
3. |
OTHER TRADING ACTIVITIES |
|
|
|
|
31.3.23 |
31.3.22 |
|
|
£ |
£ |
|
Book commission income |
752 |
1,384 |
4. |
INVESTMENT INCOME |
|
|
|
|
31.3.23 |
31.3.22 |
|
|
£ |
£ |
|
Interest income |
250 |
6 |
5. |
OTHER INCOME |
|
|
|
|
31.3.23 |
31.3.22 |
|
|
£ |
£ |
|
Government Grant re Covid19 |
- |
2,667 |
continued...
-12-
MUSTARD SEED TRUST (MARLBOROUGH)
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023
6. CHARITABLE ACTIVITIES COSTS
Cost bookshop sales items sold
Bookshop operating expenses
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
Consumables
Repairs & maintenance
Bank & credit card charges
Staff training & welfare
Depreciation
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
Depreciation - owned assets |
Direct
Costs (see
note 7)
£
14,893
11,479
26,372
31.3.23
31.3.22
£
£
2,162
732
14,893
16,826
1,500
1,500
3,095
2,158
477
509
96
179
52
109
602
327
522
644
-
(173)
544
623
135
152
676
505
391
279
592
207
635
772
26,372
25,349
31.3.23
31.3.22
£
£
635
772 |
|
|
7. DIRECT COSTS OF CHARITABLE ACTIVITIES
8. NET INCOME/(EXPENDITURE)
continued...
-13-
MUSTARD SEED TRUST (MARLBOROUGH)
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023
9. TRUSTEES' REMUNERATION AND BENEFITS
Therewerenotrustees'remunerationorotherbenefitsfortheyearended31March2023nor for
the year ended 31 March 2022.
Trustees' expenses
Therewerenotrustees'expensespaidfortheyearended31March2023norfortheyear ended
31 March 2022.
10. STAFF COSTS
The average monthly number of employees during the year was as follows:
Part time staff
No employees received emoluments in excess of £60,000. |
31.3.23
1 |
31.3.22
1 |
|
2023 |
2022 |
|
£ |
£ |
Salaries & wages |
2,162 |
732 |
Social security costs |
- |
- |
|
|
|
|
2,162 |
732 |
|
|
|
|
|
|
Thetotalnumberofpart-timeemployeesduringtheyearwas1.Therewerenofull time
employees.
Theaveragenumberofemployeesduringtheyear,calculatedonthebasisoffull-time equivalents,
was:
|
2023 |
2022
£
0.1
-
0.1 |
|
£ |
|
Bookshop |
0.6 |
|
Management |
- |
|
|
|
|
|
0.6 |
|
|
|
|
|
|
|
Managementreceivedno remunerationand were volunteersfor the year ended 31 March 2023 and
for the year ended 31 March 2022.
continued...
-14-
MUSTARD SEED TRUST (MARLBOROUGH)
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023
11. TANGIBLE FIXED ASSETS
11. |
TANGIBLE FIXED ASSETS |
|
|
|
|
|
Fixtures, |
|
|
|
fittings, |
|
|
|
equipment |
|
|
|
£ |
|
COST |
|
|
|
At 1 April 2022 and 31 March 2023 |
|
24,564 |
|
DEPRECIATION |
|
|
|
At 1 April 2022 |
|
22,600 |
|
Charge for year |
|
635 |
|
At 31 March 2023 |
|
23,235 |
|
NET BOOK VALUE |
|
|
|
At 31 March 2023 |
|
1,329 |
|
At 31 March 2022 |
|
1,964 |
12. |
STOCKS |
|
|
|
|
31.3.23 |
31.3.22 |
|
|
£ |
£ |
|
Finished goods |
8,587 |
9,388 |
13. |
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
|
|
|
|
31.3.23 |
31.3.22 |
|
|
£ |
£ |
|
Trade debtors |
311 |
807 |
|
Amounts owed by participating interests |
4,397 |
5,588 |
|
|
4,708 |
6,395 |
TheparticipatinginterestsistheconnectedtradingcompanyMustardSeedMarlboroughLtd, also
known as the Coffeeshop.
continued...
-15-
MUSTARD SEED TRUST (MARLBOROUGH)
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023
14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|
31.3.23 |
31.3.22 |
|
£ |
£ |
Trade creditors |
1,031 |
1,146 |
Social security and other taxes |
261 |
- |
VAT |
7 |
38 |
|
1,299 |
1,184 |
15. 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 |
Net
movement
At
At 1.4.22
in funds
31.3.23
£
£
£
72,056
(936)
71,120
72,056
(936)
71,120
Incoming
Resources
Movement
resources
expended
in funds
£
£
£
25,436
(26,372)
(936)
25,436
(26,372)
(936)
Net
movement
At
At 1.4.21
in funds
31.3.22
£
£
£
62,062
9,994
72,056
62,062
9,994
72,056 |
|
|
continued...
-16-
MUSTARD SEED TRUST (MARLBOROUGH)
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023
15. 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
£
£
£
35,343
(25,349)
9,994
35,343
(25,349)
9,994 |
|
|
A current year 12 months and prior year 12 months combined position is as follows:
Unrestricted funds
General fund
TOTAL FUNDS |
Net
movement
At 1.4.21
in funds
£
£
62,062
9,058
62,062
9,058 |
At
31.3.23
£
71,120 |
|
|
71,120 |
Acurrentyear12monthsandprioryear12monthscombinednetmovementinfunds,included in
the above are as follows:
Unrestricted funds
General fund
TOTAL FUNDS |
Incoming
Resources
Movement
resources
expended
in funds
£
£
£
60,779
(51,721)
9,058
60,779
(51,721)
9,058 |
|
|
continued...
-17-
MUSTARD SEED TRUST (MARLBOROUGH)
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023
16. OTHER FINANCIAL COMMITMENTS
At31March2023theCharity(togetherwithitsconnectedtradingcompany)hadasix month
commitment under a non-cancellable operating lease as follows:
commitment under a non-cancellable operating lease as follows: |
|
|
|
2023 |
2022 |
|
Land & |
Land & |
|
buildings |
buildings |
|
£ |
£ |
Expiry date: |
|
|
Within one year |
4,500 |
4,500 |
|
|
|
17. RELATED PARTY DISCLOSURES
ThepremisesinwhichMustardSeedoperatesareownedbyMrsRMaurice,thelandlord.Mrs R
MauricewasoneofthefoundersoftheCharityandcontinuestobeakeyvolunteerintherole of
the Managerof the Charity.The landlordsupportsthe charityby reducingthe financialand property
riskontheCharitybyenablingtheCharitytorentpremisesnearMarlboroughHighStreet without
theCharityneedingtobuyitsownpropertyorenterintoaleasewitha3or5year financial
commitmentwithathirdpartylandlord.Athirdpartyleasewouldhavethefinancialriskof high
rentincreases,as wellas theoperationalriskthatat theend of thetermthelandlordcouldask the
Charitytoleavethepremises,whichwouldbeverydisruptivetotheaimsoftheCharityand could
eventhreatenitslongtermviability.Thelandlordhasconfirmedthatthereisnointentionto ask
theCharitytoleavethepremisesandiscontenttorentthepremisestotheCharityonayear by
yearbasis,withsixmonthnoticeofterminationoneitherside.Thelandlordhascommitted to
providethepremisestotheTrustonastablebasisatalevelofrentthatisbelowthemarket rate.
Thereisarentreviewevery3yearswhichisundertakentoensurethattherentchargedis below
market value.
DuringtheCovid19pandemicin2020and2021,thelandlordgranteda6monthrentfree period
followedby6monthsathalfrent,paymentofwhichcouldbedeferred.Fortheyearending 31
March2022the landlordreducedthe contractualrent by 25% for the wholeyear and has confirmed
that this rent reduction will continue until 31 March 2024, with the possibility of a further extension.
DuringtheyeartheCharity,togetherwithitsconnectedtradingcompanytheCoffeeShop,paid a
combinedrent to the Landlordof £9,000(2022:£9,000).Therewas no outstandingbalancesat the
end of the year (2022: £nil).
continued...
-18-
MUSTARD SEED TRUST (MARLBOROUGH)
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023
18. ULTIMATE CONTROLLING PARTY
MustardSeedTrust(Marlborough)isconnectedtoMustardSeed(Marlborough)Ltd,the Coffee
Shop,a tradingcompany.Bothcompaniesareunderthe commoncontrolof the Trusteesshown in
the Report of the Trustees.
-19-