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 2024
FOR
MUSTARD SEED TRUST (MARLBOROUGH)
MUSTARD SEED TRUST (MARLBOROUGH)
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
|
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 2024
ThetrusteeswhoarealsodirectorsofthecharityforthepurposesoftheCompaniesAct2006, present
theirreportwiththefinancialstatementsofthecharityfortheyearended31March2024.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 2024
ACHIEVEMENT AND PERFORMANCE
Charitable activities
InadditiontomakingChristianbooks,cardsandliteratureavailabletothepublicforpurchase and
providing information, in the year ended 31 March 2024, 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
-
Arranged and hosted author event with Kirsty Wilmot
-
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 2024
FINANCIAL REVIEW
Financial results 2024
Intheyearended31stMarch2024theTrustincurredanetexpenditureof£694(2023:Net expenditure
£936).in 2024orin 2023therewasno donationunderGiftAid fromtheconnectedCoffeeshop, Mustard
Seed (Marlborough)Ltd,asthe Coffeeshopdid not make a taxableprofitin either year.The bookshop sales
in 2024 were 7% higher than 2023 and the operating costs were 8% higher.
Whilethelocaleconomyhasstillnotreturnedtothepre-Covid19levelsitis improvingaswealladjust to
the increasein costscausedby the Russianinvasionof Ukraine.With this economicbackcloththe Trustees
consider the results for 2024 as being good.
TheTrusteesareverythankfulforallthesupportreceivedfromthestaffofboththeBookshopand the
Coffeeshopandfromthelandlord,aswellastheGovernmentgrantsreceivedin2021andin2022as a
result of the Covid19 disruptions. Without all this support the future was very uncertain.
ThecombinedresultoftheBookshopandtheCoffeeshopforthe2024wasanetexpenditureof £2,785
(2023:Netexpenditure£2,816).Theexpectationfor2025isbreakevenorasmallcombined net
expenditureas we adjust to the effectsof the significantincreasein the minimumwage and its effecton all
levels of pay.
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 March2024the freereservesof £61,422(approx16 months)areabovethe targetrangeof £12,000
to£24,000.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 2024
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 2024
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 R Mann
Ms S M Wylie
Dr P Tulloch
Mr G K Pells
Company Secretary
Dr P Tulloch
Independent Examiner
Mrs L Blunden, Member of ICAEW
8 South View Place
Marlborough
SN8 1DD
-5-
ARD
RUST
MARLBOROUGH
REGISTERED NUMBER.. 02763068
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2024
REFERENCE AND ADMINISTRATIVE DETAILS
Treasurer
Mrs R Maurice
Manager
Mrs R Maurice
Bankers
HSBC Bank Ltd
Unit 6 The Lock
Canal Walk
Swindon
SNI ILD
STATEMEKf OF TRUSTEES, RESPONSIBILITIES
The trustees (who are also the dirertors of Mustard Seed Trust (Marlboroughl for the purposes of company
Saw} are responsible for preparing the Report of the Trustees and the financial statements in accordance
with applicable law and United Kingdom Accountin8 Standards (United Kingdom Generally Accepted
Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year which give a true
and fair vlew of the state of affairs of the charitable company and of the Incomlng resources and
application of resources, including the Income and expenditure, of the charitable company for that period.
In preparing those flnancial statements, the trustees are required to
select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charity SORP,.
make judgements and estimates that are reasonable and prudent,.
prepare the financial statements on the going concern basis unless it is inappropriate to presume that
the charltable company will continue in business.
The trustees are responslble for keeplng proper accounting records which disclose with reasonable
accuracy at any time the financial posltlon of the charltable company and to enable them to ensure that
the financlal statements comply with the Companies Act 2006. They are also responsible for safeguarding
the assets of the charitable company and hence for takin8 reasonable steps for the prevention and
detertion of fraud and other irregularities.
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act
2006 relatingto small companie5.
Approved by order of the board of trustees on 27 November 2024 and signed on its behalf by:
Mr R Wheeler- Tr
INDEPENDENf EXAMINER'S REPORT TO THE TRU
STARD SEED TRU
MARLBOROUGH
ESOF
Independent examlnevs report to the trustees of Mustard Seed Trust (Marlborough) ('the Compary.)
I report to the charity trustees on my examination of the accounts of the Company for the year ended
31 March 2024.
Responslbilitles and basis of report
As the charty's trustees of the Company {and also its directors for the purposes of company law) you are
responsible for the preparation of the accounts in accordance with the requirements of the Companies Att
2006 l*he 2006 Act,).
Having satisfied myself that the accounts of the Compary are not required to be audited under Part 16 of
the 2006 Art and are eligible for independent examination, I report In respect of my examination of your
charity's accounts as carried out under section 145 of the Charities Act 2011 {Ihe 2011 ACV). In carrying
out my examination I have followed the Directions Ven by the Charty Commlssion under section 145(5)
(b) of the 2011 Act.
Independent examlner's 5tatsment
I have completed my &xamination. I confirm that no matters have come to my attention in connection with
the examination wing me cause to belleve:
accounting records were not kept In respect of the Company as required by section 386 of the 2006
the accounts do not accord with those records; or
the accounts do not compty with the accounting requirements of se¢(ion 396 of the 2(X)6 Act other
than ary requirement that the accounts give a true and fair view whlch is not a matter considered as
part of an independent examination; or
the accounts have not been prepared In accordance wlth the methods and principles of the
Statement of Recommended Practice for accounting and reporting by charitles lapplicable to
charitles preparing thelr accounts in accordan with the Financial Reportlng Standard applicable In
the UK and Republit of Ireland IFRS 102)).
I have no concems 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 accounts to be
reached.
Mrs L Blunden, Member of ICAEW
8 South Wiew Pla
Marll)orough
SN8 IDD
Ii(12-Lp
MUSTARD SEED TRUST (MARLBOROUGH)
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 MARCH 2024
|
|
31.3.24 |
31.3.23 |
|
|
Unrestricted |
Total |
|
|
funds |
funds |
|
Notes |
£ |
£ |
INCOME AND ENDOWMENTS FROM |
|
|
|
Donations and legacies |
2 |
107 |
61 |
Charitable activities |
|
|
|
Bookshop sales |
|
26,244 |
24,373 |
Other trading activities |
3 |
631 |
752 |
Investment income |
4 |
909 |
250 |
Total |
|
27,891 |
25,436 |
EXPENDITURE ON |
|
|
|
Charitable activities |
5 |
|
|
Cost bookshop sales items sold |
|
15,439 |
14,893 |
Bookshop operating expenses |
|
13,146 |
11,479 |
Total |
|
28,585 |
26,372 |
NET INCOME/(EXPENDITURE) |
|
(694) |
(936) |
RECONCILIATION OF FUNDS |
|
|
|
Total funds brought forward |
|
71,120 |
72,056 |
TOTAL FUNDS CARRIED FORWARD |
|
70,426 |
71,120 |
The notes form part of these financial statements
-8-
MUSTARD SEED TRUST (MARLBOROUGH) (REGISTERED NUMBER: 02763068)
BALANCE SHEET
31 MARCH 2024
31.3.24
Unrestricted
funds
Notes
£
FIXED ASSETS
Tangible assets
10
966
CURRENT ASSETS
Stocks
11
8,011
Debtors
12
5,358
Cash at bank
58,155
71,524
CREDITORS
Amounts falling due within one year
13
(2,064)
NET CURRENT ASSETS
69,460
TOTAL ASSETS LESS CURRENT LIABILITIES
70,426
NET ASSETS
70,426
FUNDS
14
Unrestricted funds
70,426
TOTAL FUNDS
70,426 |
31.3.23
Total
funds
£
1,329
8,587
4,708
57,795
71,090
(1,299)
69,791
71,120
71,120
71,120
71,120 |
|
|
The charitablecompanyis entitledto exemptionfromauditunderSection477of the CompaniesAct 2006
for the year ended 31 March 2024.
Themembershavenotrequiredthecompanytoobtainanauditofitsfinancialstatementsforthe year
ended 31 March 2024 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-
TARD SEED TRUST
MARLBOROUGH
REGISTERED NUMBER: 02763068
BALANCE SHEET- contlnued
31 MAR
24
These financial statements have been prepared in accordance with the provisions applicable to charitable
companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on
27 November 2024 and were signed on its behalf by..
Mr R Wheeler- Truste
The notes form part of these financial statements
-io-
MUSTARD SEED TRUST (MARLBOROUGH)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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 2024
1. ACCOUNTING POLICIES - continued
Fund accounting
Furtherexplanationofthenatureandpurposeofeachfundis includedin thenotestothe financial
statements.
2. DONATIONS AND LEGACIES
2. |
DONATIONS AND LEGACIES |
|
|
|
|
31.3.24 |
31.3.23 |
|
|
£ |
£ |
|
Donations |
107 |
61 |
3. |
OTHER TRADING ACTIVITIES |
|
|
|
|
31.3.24 |
31.3.23 |
|
|
£ |
£ |
|
Book commission income |
631 |
752 |
4. |
INVESTMENT INCOME |
|
|
|
|
31.3.24 |
31.3.23 |
|
|
£ |
£ |
|
Interest income |
909 |
250 |
5. |
CHARITABLE ACTIVITIES COSTS |
|
|
|
|
|
Direct |
|
|
|
Costs (see |
|
|
|
note 6) |
|
|
|
£ |
|
Cost bookshop sales items sold |
|
15,439 |
|
Bookshop operating expenses |
|
13,146 |
|
|
|
28,585 |
continued...
-12-
MUSTARD SEED TRUST (MARLBOROUGH)
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024
6. DIRECT COSTS OF CHARITABLE ACTIVITIES
7.
Staff costs
Cost of items sold
Rent
Light, heat, water, waste
Telephone
Stationery, postage, printing
Advertising & publicity
Council business rates
Insurance, licences, book assn
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 |
31.3.24
£
4,314
15,439
1,500
3,678
506
173
48
287
408
672
93
320
540
244
363
28,585
31.3.24
£
363 |
31.3.23
£
2,162
14,893
1,500
3,095
477
96
52
602
522
544
135
676
391
592
635 |
|
|
26,372 |
|
|
31.3.23
£
635 |
8. TRUSTEES' REMUNERATION AND BENEFITS
Therewerenotrustees'remunerationorotherbenefitsfortheyearended31March2024nor for
the year ended 31 March 2023.
Trustees' expenses
Therewerenotrustees'expensespaidfortheyearended31March2024norfortheyear ended
31 March 2023.
continued...
-13-
MUSTARD SEED TRUST (MARLBOROUGH)
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024
9. 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. |
31.3.24
1 |
31.3.23
1 |
|
2024 |
2023 |
|
£ |
£ |
Salaries & wages |
4,314 |
2,162 |
Social security costs |
- |
- |
|
|
|
|
4,314 |
2,162 |
|
|
|
|
|
|
Thetotalnumberofpart-timeemployeesduringtheyearwas1.Therewerenofull time
employees.
Theaveragenumberofemployeesduringtheyear,calculatedonthebasisoffull-time equivalents,
was:
|
2024 |
2023
£
0.6
-
0.6 |
|
£ |
|
Bookshop |
0.6 |
|
Management |
- |
|
|
|
|
|
0.6 |
|
|
|
|
|
|
|
Managementreceivedno remunerationand were volunteersfor the year ended 31 March 2024 and
for the year ended 31 March 2023.
continued...
-14-
MUSTARD SEED TRUST (MARLBOROUGH)
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024
10. TANGIBLE FIXED ASSETS
10. |
TANGIBLE FIXED ASSETS |
|
|
|
|
|
Fixtures, |
|
|
|
fittings, |
|
|
|
equipment |
|
|
|
£ |
|
COST |
|
|
|
At 1 April 2023 and 31 March 2024 |
|
24,564 |
|
DEPRECIATION |
|
|
|
At 1 April 2023 |
|
23,235 |
|
Charge for year |
|
363 |
|
At 31 March 2024 |
|
23,598 |
|
NET BOOK VALUE |
|
|
|
At 31 March 2024 |
|
966 |
|
At 31 March 2023 |
|
1,329 |
11. |
STOCKS |
|
|
|
|
31.3.24 |
31.3.23 |
|
|
£ |
£ |
|
Finished goods |
8,011 |
8,587 |
12. |
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
|
|
|
|
31.3.24 |
31.3.23 |
|
|
£ |
£ |
|
Trade debtors |
937 |
311 |
|
Amounts owed by participating interests |
3,931 |
4,397 |
|
Other debtors |
439 |
- |
|
VAT |
51 |
- |
|
|
5,358 |
4,708 |
TheparticipatinginterestsistheconnectedtradingcompanyMustardSeedMarlboroughLtd, also
known as the Coffeeshop.
continued...
-15-
MUSTARD SEED TRUST (MARLBOROUGH)
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024
13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|
31.3.24 |
31.3.23 |
|
£ |
£ |
Trade creditors |
2,010 |
1,031 |
Social security and other taxes |
54 |
261 |
VAT |
- |
7 |
|
2,064 |
1,299 |
14. 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 1.4.23
in funds
31.3.24
£
£
£
71,120
(694)
70,426
71,120
(694)
70,426
Incoming
Resources
Movement
resources
expended
in funds
£
£
£
27,891
(28,585)
(694)
27,891
(28,585)
(694)
Net
movement
At
At 1.4.22
in funds
31.3.23
£
£
£
72,056
(936)
71,120
72,056
(936)
71,120 |
|
|
continued...
-16-
MUSTARD SEED TRUST (MARLBOROUGH)
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024
14. 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
£
£
£
25,436
(26,372)
(936)
25,436
(26,372)
(936) |
|
|
A current year 12 months and prior year 12 months combined position is as follows:
Unrestricted funds
General fund
TOTAL FUNDS |
Net
movement
At 1.4.22
in funds
£
£
72,056
(1,630)
72,056
(1,630) |
At
31.3.24
£
70,426 |
|
|
70,426 |
Acurrentyear12monthsandprioryear12monthscombinednetmovementinfunds,included in
the above are as follows:
Unrestricted funds
General fund
TOTAL FUNDS |
Incoming
Resources
Movement
resources
expended
in funds
£
£
£
53,327
(54,957)
(1,630)
53,327
(54,957)
(1,630) |
|
|
continued...
-17-
MUSTARD SEED TRUST (MARLBOROUGH)
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024
15. OTHER FINANCIAL COMMITMENTS
At31March2024theCharity(togetherwithitsconnectedtradingcompany)hadasix month
commitment under a non-cancellable operating lease as follows:
commitment under a non-cancellable operating lease as follows: |
|
|
|
2024 |
2023 |
|
Land & |
Land & |
|
buildings |
buildings |
|
£ |
£ |
Expiry date: |
|
|
Within one year |
4,500 |
4,500 |
|
|
|
16. 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.
DuringtheyeartheCharity,togetherwithitsconnectedtradingcompanytheCoffeeShop,paid a
combinedrenttotheLandlordof£9,000(2023:£9,000).Theoutstandingbalancesattheend of
the year was £750 (2023: £nil).
17. ULTIMATE CONTROLLING PARTY
MustardSeedTrust(Marlborough)isconnectedtoMustardSeed(Marlborough)Ltd,the Coffee
Shop,a tradingcompany.Bothcompaniesareunderthe commoncontrolof the Trusteesshown in
the Report of the Trustees.
-18-