2023-03-31-accounts

Charity registration number 1200298

THE SEEDKEEP FOUNDATION

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2023

THE SEEDKEEP FOUNDATION

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mrs K M Harpin Mr T H Harpin Miss J K Harpin Mr W D Harpin Charity number 1200298 Principal address The Studio Office The Priory Estate Nun Monkton York North Yorkshire YO26 8ES

(Appointed 1 June 2022) (Appointed 1 June 2022) (Appointed 1 June 2022) (Appointed 28 July 2023)

Auditor Haigh & Co Grange Cottage Womersley Doncaster DN6 9BW

Solicitors

Raworths Solicitors Elton House 89 Station Parade Harrogate North Yorkshire HG1 1HF

THE SEEDKEEP FOUNDATION

CONTENTS

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|||||| |---|---|---|---|---| |Page| |Trustees’|report|1-3| |Statement of trustees’|responsibilities|4| |Independent|auditor's|report|5-8| |Statement|of financial|activities|9| |Balance|sheet|10| |Statement|of cash|flows|11| |Notes|to the|financial|statements|12-18|

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THE SEEDKEEP FOUNDATION

TRUSTEES’ REPORT FOR THE PERIOD ENDED 31 MARCH 2023

The trustees present their report along with the audited financial statements of The Seedkeep Foundation (“the Foundation”) for the period ended 31 March 2023.

The trustees confirm that the trustees’ report and financial statements of the Foundation comply with the current statutory requirements. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Report by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2021.

Objectives and activities for the public benefit

The Foundation was established by trust deed dated 1 June 2022 by Katharine Margaret Harpin. The Foundation was registered with the Charity Commission on 7 September 2022.

The Foundation was established to advance such charitable purposes for the public benefit (according to the law of England and Wales) as the trustees shall see fit from time to time. The trustees’ current focus is to support charities and organisations whose aims are around education for disadvantaged children and young people and care and support for pre-school families in the Yorkshire region.

The trustees do this by making grants. The trustees will consider applications for grants which are in accordance with the above objects and focus and are made from charitable organisations based in England and Vvales.

Requests from national organisations will also be considered if they are relevant to the Foundation’s objectives and benefit the Yorkshire region. The trustees consider that this geographical restriction is reasonable.

The trustees’ short term aim is to provide financial support to other charitable organisations, whose aims are in line with the Foundation’s objectives, to enable those other charitable organisations to achieve their own objectives.

The trustees’ long term aim is to maintain total funds at a level which will generate investment income to fund future grant making.

In this current financial period, the trustees have focused on fully investing the trust fund so it effectively produces income to allow the Foundation to make grants in future years. The trustees have also focused on establishing policies and procedures to allow the Foundation to be run effectively and efficiently.

The trustees confirm that in accordance with section 17 of the Charities Act 2011, they have referred to the Charity Commission’s general guidance on public benefit when reviewing the Foundation’s aims and objectives and in planning their future grant making activities.

Achievements and performance

This financial period, no grants were made. As mentioned above this is because the trustees were focused on fully establishing the Foundation. This involved investing the trust fund once funds had been donated. The funds were donated as shareholdings, which needed to be sold and invested. This has been the main activity of this financial period.

The trustees also set up appropriate policies and procedures for ongoing management of the Foundation. This initial set up will be continued over the next financial year, to stand the Foundation in good stead for the future. The trustees plan to start making grants from 2024/25, though during 2023/24 they will be considering all grant applications received which are in line with their objectives.

The charity does not carry out any significant fundraising activities.

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THE SEEDKEEP FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2023

Financial review

During the period, the charity received an unrestricted donation of shares valued at £9,899,996 from its trustee Mrs K M Harpin.

The trustees’ main priority this financial period was to invest the trust fund in an investment portfolio.

At the end of the financial period £9,972,310 was held by abrdn Capital Limited (now LGT Private Bank), and the charity had total unrestricted funds of £9,989,972, and no restricted funds.

The trustees have considered the risks associated with the investment portfolio and aim to maintain an appropriate mix of investments in order to realise the long term aim. The key risks identified are adverse market conditions which could cause the investment portfolio to fall which would decrease the amount of income available for distribution. These key risks are considered at each trustee meeting.

Once funds have been invested for a full financial year, the trustees will be able to assess the investment performance.

Reserves policy

All of the funds held by the Foundation are unrestricted. These funds are intended to provide an annual income to support activities and administration costs.

Under the trust deed the trustees have the power to establish funds for particular purposes or to maintain reserves.

The trustees are in the process of building out the Foundation’s grant programme and are targeting an annual grant expenditure of approximately £300,000 per annum. To meet arising grant commitments and operating expenditure, the trustees will ensure there is always £25,000 of cash available within their investment portfolio to meet shortnotice expenditures. Further, the trustees have instructed their investment manager to accrue income held for future grant payments in a separate cash account, where the current balances are sufficient to meet one year of target grant spending.

At the end of the period £127,835 of cash was available within the investment portfolio to meet short-notice expenditure which is higher than the stated reserve policy above. The surplus cash will be reinvested in order to generate more income to allow the foundation to make grants in future years.

Plans for future periods

The trustees intend to continue establishing the Foundation’s policies and procedures during 2023/24 and to consider grant applications received, which are in line with the Foundation’s aims and objectives.

For the year 2024/25 the trustees intend to start making grants.

The trustees are satisfied that through the ongoing investment of the trust fund, they will receive sufficient income to enable the Foundation to meet its objectives.

Zz

THE SEEDKEEP FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2023

Structure, governance and management

The Foundation is a charitable trust.

The power of appointing trustees is set out in clause 8 of the trust deed and vests with the trustees.

The trustees are undertaking appropriate training and advice from Raworths LLP in relation to being charitable trustees.

All trustees give their time freely and no trustee remuneration was paid in the current period, to any trustee or anyone connected with them.

Decisions are made by the trustees with regards to grant making and other areas, with the consent of all trustees at meetings.

The trustees meet at least twice a year to agree the activities for the Foundation, including grant making and investment.

Investment powers are governed by the trust deed which permits funds to be invested in any lawful manner. Given the value of the fund and being mindful of costs, the trustees feel that one investment advisor is sufficient to manage a diversified portfolio on a discretionary basis. The brief to the advisor states that they should select a balanced investment return from income and capital. The trustees monitor and review their investment policy on an annual basis.

The trustee's have delegated day-to-day management of the charity to Stephanie Cave.

The trustees who served during the Period and up to the date of signature of the financial statements were: Mrs K M Harpin (Appointed 1 June 2022) Mr T H Harpin (Appointed 1 June 2022) Miss J K Harpin (Appointed 1 June 2022) Mr W D Harpin (Appointed 28 July 2023)

The trustees’ report was approved by the Board of Trustees.

Mrs K M Harpin Trustee

Date: ..26/01/2024 on

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THE SEEDKEEP FOUNDATION

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE PERIOD ENDED 31 MARCH 2023

The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales 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 incoming resources and application of resources of the charity for that Period.

In preparing these financial statements, the trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP;

~ make judgements and estimates that are reasonable and prudent;

• State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The trustees are responsible for keeping sufficient 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 Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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.

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THE SEEDKEEP FOUNDATION

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE SEEDKEEP FOUNDATION

Opinion

We have audited the financial statements of The Seedkeep Foundation (the ‘charity’) for the Period ended 31 March 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

• give a true and fair view of the state of the charity's affairs as at 31 March 2023 and of its incoming resources and application of resources, for the Period then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

• the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or

• = sufficient accounting records have not been kept; or - the financial statements are not in agreement with the accounting records; or - we have not received all the information and explanations we require for our audit.

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THE SEEDKEEP FOUNDATION

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE SEEDKEEP FOUNDATION

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities including fraud.

The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations or through collusion.

By focusing on material amounts and disclosures and using a risk-based approach, we have a reasonable chance of detecting material misstatements due to irregularities including fraud. However, due to the sampling method of testing, as allowed by auditing standards, we cannot guarantee that, if such irregularities, including fraud are present within the charity's financial system, our audit will detect all of them.

Robust internal controls operated by the charity can increase the detection of such irregularities, but this is not always present in small to medium sized charities.

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THE SEEDKEEP FOUNDATION

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE SEEDKEEP FOUNDATION

Our approach was as follows:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the charity and determined that the most significant are those that relate to the reporting framework (FRS 102 and the Charities Act 2011). We communicated the identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

Audit procedures performed by the engagement team to detect irregularities, including fraud from instances of noncompliance with laws and regulations included:

• « Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations.

• Challenging assumptions and judgements made by management in its significant accounting estimates that involved making assumptions.

• « Testing any transactions entered that are outside of the normal course of the charity's affairs.

• « Reviewing recent correspondence with the charity's legal advisors to ensure that it aligns with any conclusions drawn in respect of any outstanding or uncertain legal matters.

However, the primary responsibility for the prevention and detection of fraud still rests with both those charged with governance of the entity and the management team.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters

Your attention is drawn to the fact that the charity has prepared financial statements 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 UK and Republic of Ireland (FRS 102)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

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THE SEEDKEEP FOUNDATION

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INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF THE SEEDKEEP FOUNDATION

Mrs W M Haigh (Senior Statutory Auditor) hh. ; De for and on behalf of Haigh & Co AMTAA +. Chartered Certified Accountants Statutory Auditor Grange Cottage Gees Doncaster CO. : a") Womersley te DN6 9BW

Haigh & Co is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

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THE SEEDKEEP FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE PERIOD ENDED 31 MARCH 2023

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|||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---| |Unrestricted| |funds| |2023| |Notes|£| |Income|from:| |Donations|and|legacies|2|9,899,996| |Investments|3|81,356| |Total|income|9,981,352| |Expenditure|on:| |Raising|funds|4|1,489| |Charitable|activities|§|19,115| |Total|expenditure|20,604| |Net|gains/(losses)|on|investments|9|29,224| |Net|movement|in|funds|9,989,972| |Fund|balances|at|1|June|2022|-| |Fund|balances|at|31|March|2023|9,989,972| |The|statement|of financial|activities|includes|all|gains|and|losses|recognised|in|the|Period.|

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All income and expenditure derive from continuing activities.

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THE SEEDKEEP FOUNDATION

BALANCE SHEET

AS AT 31 MARCH 2023

		2023
	Notes	£	£
Fixed assets
Investments	11		9,972,310
Current assets
Debtors	12	40,250
Creditors: amounts falling due within oneyear	13	(22,588)
Net current assets			17,662
Total assets less current liabilities			9,989,972
Incomefunds
Unrestricted funds			9,989,972
			9,989,972
The financial statements were approved bytheTrusteeson 26/01/2024
Mrs KM Harpin
Trustee

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THE SEEDKEEP FOUNDATION

STATEMENT OF CASH FLOWS

FOR THE PERIOD ENDED 31 MARCH 2023

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|||||||||| |---|---|---|---|---|---|---|---|---| |2023| |Notes|£|£| |Cash|flows|from|operating|activities| |Cash|generated|from/{absorbed|by)|operations|16|9,861,730| |Investing|activities| |Purchase|of|investments|(22,443,082)| |Proceeds|from|disposal|of|investments|12,499,996| |Investment|income|received|81,356| |Net cash|used|in|investing|activities|(9,861,730)| |Net cash|used|in|financing|activities|-| |Net|increase|in|cash|and|cash|equivalents|-| |Cash|and|cash|equivalents|at|beginning|of|Period|-| |Cash|and|cash|equivalents|at end|of|Period|-|

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THE SEEDKEEP FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2023

1 Accounting policies

Charity information

The Seedkeep Foundation is a charitable trust registered in England and Wales. The charity registered with the Charity Commission on the 7th of September 2022.

• 1.1 Reporting period This is the charity's first reporting period, which began on the 1st of June 2022.

1.2 Accounting convention The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102. The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include fixed asset investments held at fair value. The principal accounting policies adopted are set out below.

1.3. Going concern At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has’ adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.4 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity. 1.5 Income Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. 12

THE SEEDKEEP FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2023

4 Accounting policies

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(Continued)
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• 1.6 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use.

All support and governance costs are allocated to charitable activities.

• 1.7 Fixed asset investments Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at piportised cost using the effective interest method.

THE SEEDKEEP FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE PERIOD ENDED 31 MARCH 2023

• 1 Accounting policies

(Continued)

• Derecognition of financial liabilities Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.10 Employee benefits

• The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

• 1.11 Foreign exchange Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2 Donations and legacies

Unrestricted funds 2023 £

Donations and gifts

9,899,996

• 3 Investments

	Unrestricted
	funds
	2023
	£
Income from listed investments	42,680
Compensation	38,250
Interest receivable	426
	81,356

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THE SEEDKEEP FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2023

4 Raising funds

			Unrestricted
			funds
			2023
			£
	investment	management	1,489
			1,489
5	Charitable	activities

		2023
		£
Share	ofsupport costs (see note 6)	65
Share	ofgovernance costs (see note 6)	19,050
		19,115

6 Support costs

Support costs
	Support	Governance	2023
	costs	costs
	£	£	£
Bank Charges	15	-	15
Other Fees	50	-	50
Audit fees	-	1,400	1,400
Accountancy	-	1,000	1,000
Legal and professional	-	16,650	16,650
	65	19,050	19,115
Analysed between
Charitableactivities	65	19,050	19,115

7 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the Period.

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THE SEEDKEEP FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2023

8 Employees

	The average monthly numberofemployees during the Period was:
		2023
		Number
	Total	-
	Therewere no employeeswhose annual remuneration was more than £60,000.
9	Netgains/(losses) on investments
		Unrestricted
		funds
		2023
		£
	Revaluation ofinvestments	(70,776)
	Gain/(loss) on sale ofinvestments	100,000
		29,224

10 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

11 Fixed asset investments

	Listed
	investments.
	£
Cost orvaluation
At 1 June 2022	=
Additions	22,443,082
Valuation changes	(70,776)
Disposals	(12,399,996)
At 31 March 2023	9,972,310
Carrying amount
At31March2023	9,972,310

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THE SEEDKEEP FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2023

12 Debtors

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||||||||| |---|---|---|---|---|---|---|---| |2023| |Amounts|falling|due|within|one|year:|£| |Other debtors|40,250| |13|Creditors:|amounts|falling|due|within|one|year| |2023| |£| |Trade|creditors|2,000| |Other|creditors|14,150| |Accruals|and|deferred|income|6,438| |22,588|

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|||||||||| |---|---|---|---|---|---|---|---|---| |14|Analysis|of|net|assets|between|funds| |Unrestricted| |funds| |2023| |£| |Fund|balances|at|31|March|2023|are|represented|by:| |Investments|9,972,310| |Current|assets/(liabilities)|17,662| |9,989,972|

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15 Related party transactions

During the period Mrs K M Harpin, a Trustee, made a donation of 9,899,996 to the charity. Mrs K M Harpin also made a loan to the charity of £5,000 and paid expenses totalling £9,150 on behalf of the charity. At the end of the period the Charity owed Mrs K M Harpin £14,150.

16 Cash generated from operations

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||||||||| |---|---|---|---|---|---|---|---| |Cash|generated|from|operations|2023| |£| |Surplus|for|the|Period|9,989,972| |Adjustments|for:| |Investment|income|recognised|in|statement|of financial|activities|(81,356)| |Gain|on|disposal|of investments|(100,000)| |Fair value|gains|and|losses|on|investments|70,776| |Movements|in|working|capital:| |(Increase)|in|debtors|(40,250)| |Increase|in|creditors|22,588| |Cash generated|from/(absorbed|by) operations,|9,861,730|

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THE SEEDKEEP FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2023

17 Analysis of changes in net (debt)/funds The charity had no debt during the period.

18