OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2021-05-31-accounts

Seed Community

Annual Report and Unaudited Financial Statements

31 May 2021

Company Limited by Guarantee Registration Number 07637672 (England and Wales)

Charity Registration Number 1142651

Contents

Reports
Reference and administrative
information 1
Trustees’ report 2
Financial statements
Statement of financial activities 7
Balance sheet 8
Principal accounting policies 9
Notes to the financial statements 11

Seed Community

Reference and administrative information

Trustees C Vestey
L Hadsbjerg
D M Euler
Company secretary C Vestey
Registered office c/o Alder Asset Management Limited
1 Kings Arms Yard
London
EC2R 7AF
Company registration number 07637672 (England and Wales)
Charity registration number 1142651
Bankers HSBC Bank PLC
94 Kensington High Street
Kensington
London
W8 4SH

Seed Community 1

Trustees’ report Year to 31 May 2021

The trustees present their statutory report together with the financial statements of Seed Community ('SEED') for year ended 31 May 2021.

This report has been prepared in accordance with Part 8 of the Charities Act 2011.

The financial statements have been prepared in accordance with the accounting policies set out on pages 9 and 10 of the attached financial statements and comply with the Memorandum and Articles of Association, applicable laws 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 United Kingdom and Republic of Ireland (FRS 102).

GOVERNANCE, STRUCTURE AND MANAGEMENT

Constitution

Seed Community is a company limited by guarantee (Company registration number 07637672) and a registered charity (Charity registration number 1142651). The company was incorporated on 17 May 2011.

Trustees

The names of the trustees who served throughout the year are set out as part of the reference and administrative information on page 1 of these Annual Report and Financial Statements. The Articles of Association require a minimum of two trustees. Subject to resignation or termination of office under the Articles, trustees shall hold office indefinitely.

The policies and procedures for the induction and training of trustees will be reviewed in the coming year. Decisions on loans and grants payable are taken by all trustees. Given the size of the charity, it is not intended to look to recruit new trustees at present. Should the trustees wish to do so, they will seek, as necessary, recommendations about this process from their advisers.

Statement of trustees’ responsibilities

The trustees (who are also directors of Seed Community for the purposes of company law) are responsible for preparing the trustees’ report and financial statements in accordance with applicable law and United Kingdom Accounting 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 view of the state of affairs of the charity and of the income and expenditure of the charity for that year. In preparing these financial statements, the trustees are required to:

Seed Community 2

Trustees’ report Year to 31 May 2021

GOVERNANCE, STRUCTURE AND MANAGEMENT (continued)

Statement of trustees’ responsibilities (continued)

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Structure and management reporting

The trustees are ultimately responsible for the policies, activities and assets of the charity. The trustees meet at least once a year to review the developments with regard to the charity, its grant giving activities and to make any important decisions. When necessary, the trustees seek advice and support from the charity’s professional advisers, including the bankers and accountants. In August 2013, Dorah Marema joined the charity’s team as the manager for Seed Community.

Risk management

The trustees believe that by monitoring reserve levels and ensuring that controls exist over key financial systems and, by examining from time to time the operational risks faced by the charity and its charitable giving, that they have established effective systems to mitigate the major risks to which the charity is exposed.

Seed Community 3

Trustees’ report Year to 31 May 2021

OBJECTIVES, ACTIVITIES AND RELEVANT POLICIES

Charitable objectives and activities

The objects of the charity are for the public benefit to promote the education of women in developing countries, largely by providing or assisting in the provision of loans, scholarships, maintenance allowances or grants to enable women to participate in further or higher education that they could not otherwise afford and providing incidental and ancillary support to enable them to make full use of such education.

The trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objectives and in planning future activities.

Grant making policy

The trustees pay grants to organisations in line with the charitable objectives set out above. The charity does not seek unsolicited grant applications.

ACHIEVEMENTS AND PERFORMANCE

Throughout 2020 the global landscape continued to be overwhelmed by the COVID 19 pandemic. Nevertheless, we embraced the challenges that continuously arose and navigated through many changes.

In March 2020, we established the Ubuntu Project in response to the enormous pressure food insecurity placed on families living in informal settlements. We continued to receive support from around the globe, with corporations such as Swiss Re to families in the USA and individuals residing in Johannesburg. The project received international media attention, including Le Monde and The Guardian. Due to the extraordinary support, we delivered thousands of organic food boxes into communities with seedlings and compost. Each recipient could start a small vegetable garden or add to their existing vegetable patches. In addition, through funding from Swiss Re, our Green Business College provided business training to champions we had identified in communities. This knowledge and business support paved the way for many to create an income from their produce and start producing seedlings for sale.

To expand our work, we began selling produce to paying customers and with each box sold, we were able to donate seedlings and compost to more communities. Generating an income made it possible to sustain the project without relying on donations. Instead, all profits go back into supporting communities to develop communal food gardens.

Due to COVID restrictions, the Green Business College could not offer courses from our training centre. So instead, we focussed on training in communities.

Seed Community 4

Trustees’ report Year to 31 May 2021

ACHIEVEMENTS AND PERFORMANCE (continued)

At the beginning of August 2020, Dorah Marema, manager of SEED Community in South Africa, handed in her resignation. As Dorah was responsible for overseeing all of our projects, this had a significant impact on the operational side of SEED to run our projects in South Africa effectively.

Being the tenth year of SEED Community, it was an opportune moment to rethink the future of SEED as an organisation and the projects it would continue to run. Accordingly, in October 2020, we sold the Green Business College, and it continues in the skilful hands of Matshepiso Mohakabane. Funded by a loan from Hilti Foundation, we could pay back our loan in full. Without the Green Business College, our partnership with Bookbridge in Switzerland would naturally end. Accordingly, we terminated our contract at the end of 2020, although we continued to provide the necessary support for their ongoing projects with Swiss Re.

Due to the pandemic, we did not take on new students for the loan programme in 2020. The Institute where students are studying had to move classes online for a large part of 2020. Despite the challenges this posed for many of our students, they all managed to continue their studies and complete the year successfully.

Our work with GirlZtalk as an online platform continued throughout 2020, and we were able to maintain our 120,0000 Facebook community. Unfortunately, due to COVID restrictions, we could not host any events or gatherings. This meant that we halted our plans to establish GirlZtalk Clothes Swaps as a project. Over the past six years, GirlZtalk has grown to be the biggest online platform in Southern Africa. We are so grateful to our community for sharing this extraordinary journey. As we are all growing up and evolving, we thought the time was ripe for a change. In October 2020, we rebranded Girlztalk to www.sheevolves.world.

FINANCIAL REVIEW

Results for the year

Total income for the year ended 31 May 2021 amounted to £34,725 (2020 - £20,084), comprising largely donations income and training fees. Total expenditure amounted to £33,471 (2020 - £26,918), all of which related to the charitable activities of the charity. The resultant net assets at 31 May 2021 were £128,022 (2020 - £126,768), represented in total by unrestricted funds.

Reserves policy

The trustees’ policy is to make loans and grants in accordance with the aims and objectives of the charity when funds become available for distribution and appropriate causes arise.

The trustees consider that the level of free reserves at 31 May 2021 of £128,022 (2020 - £126,768) is adequate for the charity’s current and future requirements.

Seed Community 5

Trustees’ report Year to 31 May 2021

FUTURE PLANS

The charity plans to continue its support of women in education through the provision of loans and grants.

Signed on behalf of the trustees:

Christina Vestey

Approved by the trustees on: 12 April 2022

Seed Community 6

Statement of financial activities Year to 31 May 2021

Notes Unrestricted
funds
Total
2021
£
Unrestricted
funds
Total
2020
£
Income and expenditure
Income from:
Donations
Charitable income – Training fees
Interest receivable
Other income
Foreign exchange gains
Total income
Expenditure on:
Charitable activities
. Promoting and enhancing charitable work
1
. Foreign exchange losses
Total expenditure
Net income (expenditure) for the year (net movement in
funds)
Fund balances carried forward at 1 June 2020
Fund balances carried forward at 31 May 2021		 17,112
4,216
416
12,981
-		 7,000
8,226
600
775
3,483
34,725 20,084
32,705
766		 26,918
-
33,471 26,918
1,254
126,768		 (6,834)
133,602
128,022 126,768

All of the charity’s activities derived from continuing operations during the above two financial periods.

The charity has no recognised gains and losses other than those shown above and therefore no separate statement of total recognised gains and losses has been presented.

Seed Community 7

Balance sheet as at 31 May 2021

Notes
2021
£		 2021
£		 2020
£		 2020
£
Fixed assets
Programme related investments
4
Current assets
Cash at bank and in hand
Creditors: amounts falling due
within one year
5
Net current assets (liabilities)
Total net assets
Represented by:
Income funds
Unrestricted funds – general fund
13,248

-		 114,774
13,248		 20,466
(22,549)		 128,851
(2,083)
128,022 126,768
128,022 126,768
128,022 126,768

For the year ended 31 May 2021 the company was entitled to exemption from audit under section 477 of the Companies Act (“the Act”) relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Act.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.

Approved by the trustees and signed on their behalf by:

Christina Vestey

Approved on: 12 April 2022

Company Limited by Guarantee Registration Number 07637672 (England and Wales)

Seed Community 8

Principal accounting policies 31 May 2021

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are laid out below.

Basis of preparation

These financial statements have been prepared for the year to 31 May 2021. The financial statements have been prepared in accordance with 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 United Kingdom and Republic of Ireland (FRS 102) (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.

The charity constitutes a public benefit entity as defined by FRS 102. All financial information is presented in British Pounds Sterling (£).

Assessment of going concern

The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The trustees have made this assessment in respect to a period of one year from the date of approval of these accounts.

The trustees of the charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due.

Income

Income is recognised in the period in which the charity is entitled to receipt and the amount can be measured with reasonable certainty.

Expenditure

Expenditure is included in the statement of financial activities when incurred and includes attributable VAT which cannot be recovered.

Expenditure comprises the costs of charitable activities comprise expenditure on the charity’s primary charitable purpose as described in the trustees’ report.

Programme related investments

Programme related investments are included on the balance sheet at cost, net of any impairment charge. Any gain (or loss) arising from the disposal or impairment of such investments is credited (or debited) to the statement of financial activities.

Fund accounting

The unrestricted funds represent funds available for the general charitable purposes of the charity at the discretion of the trustees.

Seed Community

9

Principal accounting policies 31 May 2021

Cash flow

The financial statements do not include a cash flow statement because the charity, as a small reporting entity, is exempt from the requirement to prepare such a statement under Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the United Kingdom and Republic of Ireland (FRS 102).

Foreign currencies

Transactions undertaken in foreign currency are translated into sterling at the rate of exchange on the day of the transaction.

Foreign exchange gains (or losses) arising from the translation of assets or liabilities at the year end date are credited (or debited) to the statement of financial activities.

Seed Community 10

Notes to the financial statements 31 May 2021

1 Promoting and enhancing charitable work

Promoting and enhancing charitable work
2021
£		 2020
£
Direct costs of charitable activities, loan administration and monitoring
costs
. Staffing costs
. Training and project costs
. Other charitable costs, including administrative costs		 18,380
13,656
669		 16,907
7,192
2,819
32,705 26,918

2 Staff costs and trustees’ remuneration

The charity employed three members of staff during the year (2020 – three). The total amount paid to these individuals during the year ended 31 May 2021 was £18,380 (2020 - £16,907).

Key management personnel of the charity comprise the trustees. None of the trustees received any remuneration in respect of their services as a trustee during the year (2020 – none).

3 Taxation

Seed Community is a registered charity and therefore is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

4 Programme related investments

At the year end, the charity held investments which were made directly in pursuit of the organisation’s charitable objectives, as follows:

2021
£		 2020
£
Loans to cover the cost of tuition and living fees for students at the
Maharishi Institute in Johannesburg,South Africa		 114,774 128,851

5 Creditors: Amounts falling due within one year

Seed Community had received loans from the Bookbridge Foundation and Hilti Foundation to assist in the setup and running of the Green Business College. The loans were repaid in the year.

Seed Community 11

Independent examiner's report Year to 31 May 2021

Independent examiner's report to the trustees of Seed Community

I report to the charity trustees on my examination of the financial statements of Seed Community for the year ended 31 May 2021, which are set out on pages 7 to 11.

Responsibilities and basis of report

As the trustees of the charitable company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the financial statements of the charitable company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s financial statements as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) 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 my examination giving me cause to believe:

Seed Community 12

Independent examiner's report Year to 31 May 2021

Independent examiner's statement (continued)

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 accounts to be reached.

Katharine Patel ACA Buzzacott LLP Chartered Accountants 130 Wood Street London EC2V 6DL

12 April 2022

Seed Community 13