Charity tsglstration numb•r1200298 {England and Wolegl THE SEEDKEEP FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
THE SEEDKEEP FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mrs K M Harpin Mr T H Harpln Miss J K Harpin Mrw O Harpln (Appoinlod 28 July 20231 Charlty number 1200298 Reglstered offlce Elon House 89 Slalion Parade Harrogala North Yorkshire HG11HF Auditor Haigh & Co Grange Cottage )mersley Doncaster DN6 9BW Bankers National Westminster Bank plc 250 Bishopsgale Lond¢)n EC2M 4A4 Sollcitors R8WOrth8 Solicitors Eton House 89 Station Parade HarTogate North Yorkshire HG1 1HF Inve8tment advlsor8 LGT Wealth Management 14 Comhill London EC3V 3NR Website vNM.seedkeepfoundation.co.uk
THE SEEDKEEP FOUNDATION CONTENTS Page Trustees, report Statement of Iru$tees' r•sponbIlit•8 Independent awjitofs port Statement of financial ar11be$ Balance sheet 10 Slatemerrt of cash flows 11 Notès to the finandal ststements 12-19
THE SEEDKEEP FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The trustees pr8s8nl their report along wtth the audited financial statements of The S88dk8ep Foundation fthe Foundation I for the year ended 31 Marth 2024. The trustees confimi that the trustees, report and finandal statements ol the Foundation comply wtth the rInI stalulory requirements. The financaal stslamants have been prepared in atxordan¢e with the Stslemenl of Recornmended praCte.. Accounting and Report by Chartties preparing their accounts in acoordance with the Financial Reporting Stsndard applicable in the UK and Republic ol Ireland IFRS 1021 issued on 16 July 2014 and the Charrttes Act 2011 and UK Generally A(xepled PractKe as11 applies from 1 January 2021. Objeetlvu and activities for the publ1¢ benefft Tha Foundation was established by trust deed dated l June 2022 by Katharine Margaret Harpin. The Foundati was registed with the Charrty Commission on 7 September 2022. The Foundation was 8Stablished lo a(fvancÈ such charitable purposes for the public benefit laccording lo the law of England and Walesl as the trustees shall see fit from time to Ilme. The trustees. current focus is lo support charities and organisations whose aims are around education for disadvantsyed childrèn and ycNJng people and care and support lor pre-school families in the Yorkshire region. The Iruslees do this by maklng grants. The truslees will nsider applicAtions for grants whith are in accordance with Ihe above obje¢Xs and focus and are made from charttable organisaliorls based in England and Wales. Requests from nallonal organisalions will also be eonsidered If they are relevant to the Foundation's oblednies and benefit the Yorkshire'regior). The trustees nsler that this gec¥JNphi¢81 restrIctn is reasonable. The Intslees. short term aim is to provide flnanclal support to other charitable org8nisations, whose airns are in lin& th the Foundation's obl9rt1vgs. lo enabSe those other Charitable organisations lo achieve their own objectives. The Ifusle8s' long term aim is lo maintain total funds in line wth Inflation or obove which will gen8rate investment income to fvnd future grant making. In thi5 current financaal year, the trustees have continued lo focus on investTng th8 trust fvnd so il effe¢hvely produces income to allow the Foundation to rnake gr8nls18ter in 2024. The trustees have also ensured thèir poll(a98 and procedures are established to allow the Foundation to be run effeotively and efficiently. Thè trnstags confimi that in accordance with section 17 of the Charlties Act 2011, they have referred lo the Charity Comrnission's general guvj2n on public banèffil when reviewing thé Foundation's aims and objeclives 8nd in anning their ftjlure grant maknng activities. Achievoments and pgrformance On 28 July 2023 William Harpin was appointed as a lyuslee, alongsido the exisltng trustees. Thi5 financial year, no grants ware made. A5 Mentior atrve thls ss because the trusl88s have LxJntinu8d to focus on establishing the Foundation. Thus involvèd continuing Its invest the trust fund proceeds and Sung sufficient polioes and procedurès ore in place lo run the Foundation eftctively and efficiently. The trustees have considered all grant applications received which are in line wlth their obiectives during this rinanclal year and have made fijrther enquiries regardlng a couplg of these applications. This conllnued establishrnent of investments, policies and prdreS is inten(led lo Sn the FOundatn in good stead for the future, Tho Irusleg$ plan lo start making grants from 2024125.
THE SEEDKEEP FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Financial review The trustees, main priortty this financial year was to invest tho trust fund in an investment portfolio. Al the end ofthe finanal year £11,026.138.51 was held by LGT Weafth ManagemenL The trust80s have cOndered the risks assoualed with the investrnent portlolio and aim lo'mainiain an appropriate mix of inveslrnenls in order lo aliSe 1he loNJ temi aim. The key risks identified are adverse market conditions whic c4Juld cause the inve51rnenl portfolio to fall whi( would drease Ihe amount of income availab lor distribution. These risks are cAJnsidered al investment rewews and each trustee meeting. By January 2024 the tTUSt ffijnd was entirdy invested folfving tranthe investments over the previous year. Wrthin the finanoal year 2024125. the twslees will be able lo assess and revlew the Inv8stsnenl perfcKmarTh. R•soms policy All of the ftjnds held by the Foundation are unreslrlcted. These funds are intended lo pwde an annual income lo support activitias ond administraiion costs. Undèr the trust deed the trustees have th8 power lo e8tabllsh ftjnds for particular purposes or lo maintain reserves. As explained, the Iruslee$ a in the process of building out the Foundation's grant progr8mme and are targeting a fulure annual grant expenditur8 of up lo £300,(XJO per annum. To meat arising grant commitments and op8raling fxpenditure. the trustees will ensure there is ahvays £25,000 of cash availablo within th8ir inveslmenl portfolto to rneet short-notice expènditures. Plans for future perfods For the year 2024125 the trustees inlgnd to start maknng grants to carilie5 and organisatr>ns whose aims are around education for disadvantaged ¢hIldTr and young people and care and support for pr&5chool families in Ihe Yorkshire region. During 2023124 the trustees have stsrted lo cnSIder which charities and organisauons thfy Foundation wuld b8nefrt going forward5. The trustees are also looking lo Strengthen their poli$ and procedures during 2024r25, by formalisiThJ additional polioes latIng lo risk m8nagam•nt and serious incident reporting. The trustees are satisfied that through Ihe ongolng Investment of the trust fund, they will receive suffiuent income to enable the Foundation to meet its objectives. Structure, governance and manag•m•nt The Foundation is a charitable trust. The power of appointing tru$lees is set out in dau5e 8 of the trust deed and vests with tha trustees. The trustees are urKlenaking appropriate Iraining aThJ advice from Raworths LLP in relation to being tharilable trustees. I trustee5 give their time freely and no trustee remuneration was paJ in th8 curr8nl period, to any Iruslee or anyone connected with them. Decisions are made by th8 trust88S Wth r8gard5 to grant making other aroas. the consent of all tru$lee8 81 meètings. The trus*ee5 meet at least twice a y¥ar to agree Ihe aclivities for the FoLtndatOon. Includiw grant making and irwestment. Investmènt powers are govemed ty the Irust deed which permits funds to be invèsted in any manner. Given the value of the fund and being mindful of costs, the Irusl99s fgel that one investment admsor is suffiaent to manage a diversffied portfolio on 8 dis¢reb"onary basis. The brief to the adwsor slates that they should select balanced investment retum from incomè and capltal. The trustees monitor and review thèir invesknent poll on an annual basis.
THE SEEDKEEP FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The tfustees who served during Ihe year and up lo the date ofsignalure of th8 finanual slalements were.. Mrs K M Harpin Mr T H Harpin Miss J K Harpin Mr WD Harsin IApp)inled 28 Juty 20231 The Iruslees. report was approved by the 8oard of TnJste8s. Mrs K M Harpin Trusts• Date..
THE SEEDKEEP FOUNDATION STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The tN$lees ale respwsiwe for preparing the Trustees. Rewt and the flnandal statements in accordance with applicable law and United Kingdom Accounting Stsndards Iuniled lQngdom Gerneral Actspted AUting Practs"cel. The law applicable to charibes in EnglarKI and Wal89 requlr&s the trustees lo preparo financial slalemenls for each finanaal year which gwe a true and fair view of the stale of affairs of the charity and of thè incoming resources and applicatKJn of resourrES of the charity for thai year. In preparir•J these finanual slatemenls, the tnjstees are required lo.. select suitable accountlng policies and then appty Ihern consistendy., - observe the methods and principles in the Chaiities SORP." make judgements and estimates Ihat are reasonable and prudent.. slate whether ap1¢ab accounting standards have been followed, subied lo any malwid dgpartures disclosed and explained in the finanaal statements". and - prepare the financial statements on the going COnM basis unless it is inappyopriate lo presume that the charity will continue in operation. The trustees are responsible for keewng sufflclenl accounting Tecords that disdose witt? reasonable accuraw at any lime the finanaal p0sOn of the ¢harily and enable Ihern lo ensure that the financial slalements compty with th8 Charities Act 2011, the Charity IA¢counls and R8POrtsl Regulations 2C(J8 and the provistons of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the pVentIon and d81gcbon of Iraud and other irregularities.
THE SEEDKEEP FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE SEEDKEEP FOUNDATION Opinit)n We have audited the finanoal statements ctf The Seedkeep Foundation Ilhe 'charity'l for the year ended 31 March 2024 whi¢h comprTrse the slalemenl of financial activities, thè balance sheet. thè slatemènl of cash flows and notes lo the ffinancial ststemenls, including swJnificanl auntIng pollcles. The financial reporting framework that has been applied in Ihgir preparation is applicable law and United Kingdom AccDunling Standards, including Financial Reporting Standard 102 The Finan81 Reporting Standenl applicable in Ihe UK and Republic of Iland (United Kingdom GenerallyAccepled Accounting Piacticel. In our opinion, the financial statements.. gwe 8 true and fair view of the slate of the chartty's affairs a$ al 31 March 2024 and of ils incoming resources and applieation of resources, for the year then ended., hav8 beèn properfy pr8parad in accordancé with United ngdorn Gener81ty Attepled Accounting Pracbt2', and have been pPared in aCrdanCe with the Charities Act 2011. Basls lor oplnlon We conducted our audit in accordance wlh Intemational Stsndards on Auditing {UKI IISAS IUKI) and applicable law. Our responsibilities under those standards are further described in the Audilorfs sponsibl11[Aes br the audit ol rh8 finan81 stalem8nts section of our report. W@ are independent of the charrty in acLY)rdan¢e with the ethical fequiremenls that S relevant lo our audit of the finandal slalements in the UK, induding the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accorilance with these requirements. We believe that the audit evidence we have obtained is suffiaenl and appropriate lo provide a basis for our opinion. Conclu¥ioM relating tts going concern In 3LJditing tt)è financial statèmènts, we have conduded that the trvslee$' use of the going cotKern basis of aLwuntsng in the prepaialion of the finan(ial slalements is appropriate. Based on the work we have perforrned, we have ntsl idenlrfjed any material uncertainties ralaling lo events or cndOn$ that. indmdually or collectively. may cast significant doubt on the chaTity'5 abilty lo Continue as a going ¢C£M for a period of at le8st e1ve months from when the financaal stalemenls are authorised for issue. Our responsibililies and the reswnsibiliiios of the Irustees respect to going concem are described in the rel&vanl 88Ctions of thi8 report. Othèr infoThation The other information cornprises the informalron induded in the annual port other than the financlal ststements and our audito¢s report thereon. The trustees aTe iesponsible for the other Information contained within the annual report. Our oplnlon on the finandal slalern9nts does not Gover the other information and wo do not expr8ss any form of assurance conclusion tt)ereon. Our SponbIlIty is to read the other inforn)alion and. Sn doing so, consider hèther the other infomalion is materially ino)nsislent wh the financial stslèments or our knowledge oblaingd in the o)urse of the audil, or otheise appears lo be materially misstated. If wè idantify such material inconsislen¢ies or apparent material misstatements, we are required lo determlne whether this gives rise lo a material misstalemenl in the financial statements themselves. If, based on the work we have performed, we condudo Ihat there is rnaterial misstatgmant of this other information, we are required to report that fad_ We have nolhing to roport in this regard. Matters on whlch we gr roqulrgd to report by excopdon We hav8 nothing lo report in respect of the following matters in rèlation lo whic the Charitles IAco)unts and Reports) Rg9uL4lions 2008 requires us lo rgport lo you rf. In our opinion.. the infomiation given in the finan81 statements is inconsi51enl in any material respect with Ihe trustees, report., or sufficient accouniing records have not been kepl-, or the financial statements are not in agreement with the a¢runtIng records., or we have not receiv8d all the infomiation and explanations we require fw our audrt.
THE SEEDKEEP FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE SEEDKEEP FOUNDATION Rgsponslblllllgs of tru$tges A5 explained more fully in the slalemenl of truste, responsibilities, the Iruslees 8re responsible fgr the preparation of th8 financial slalemenls and lor being satisfied that they give a true and fail view, and for such intemal control as the Iruslees delermlne Is neTrssary lo enable the preparation of finanaal statements that are free from rnalerial misstatement, whether due to fraud oi efror. In preparing the financial staternenls. the Iwsleès are T&sponsible for assèssing the ¢hariVs ability lo ¢onlinue as a gtiing ¢on¢eTn, discjosing. as applieable. matters related ID going concEm and using the going Conrn basis of ac(xiurrting unless the trustees either intend to cease operations, or have no allS¢ altemalive but lo do so. Auditorfs r•$pon$ibiliti•s forthe audit of the financial $tatemtnts We have been appointed as auditor under sectlon 144 of the Chaiitbes Act 2011 and rap)rt in accordanoe th the Act and relevant regulations made or having effect Ihereunder. Our objectives aTe to obtain reasonable assurance about whether the financial statements as a whole are free frorn material misslalement, whether due to fraud or error, and to issue an auditorfs report that indudes our opinitin. Reasonable assurance is a hlgh level of assurance bul Ss not a guarantee that an audit conducled in accordance with ISAS IUKI will afways delecl a material misst8lemenl when il exists. Misstslements can arise from fraud or error and a consldered matsrial rf, indivbdually or in the aggregate, thèy could reasonably be expected lo influence the naMiC dea6ions of users taken on Ihe basis ofthese financial statements. Irwul8rities. induding fraud. are instances of n0n-compf1an wllh laws and re9ulatlons. We design procedures in line with our re6pon5ibilitses. ouuined above, to dele¢l malerial misstatements in re$pgGt of irregulartlies including fraud. The risk of nol deleth'ng a malerid mlsslatement due lo fraud is higher than the risk of not delecthng one resulting from error. a5 fraud may involve deliberate cOnalment by, for example, forgery or interrtional misrepresentations or through collusion. By fowsing on material amounts and disdosures and using a risk-based approach, we have a reasonable chance of dele¢ting material rnisststemenls due lo irregularitie5 induding fraud. However, due lo the sampling m$lhod of t6sling. as allowed by audtbng standards, we cannot guaranteè that, if such irregularities, indudlng fraud are present wsthin the tharity'5 financial system, our audit will delect all olthem. Robust internal controls operated by the charty can incTease the detection of suth irregularities, but this is not ah¥ays present in small to medium siz8d charrb8s.
THE SEEDKEEP FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE SEEDKEEP FOUNDATION Our approach was as follows= We obtained an undèrstanding of the legal and regulatory framewortfs that are applicable to the charity and determined 1hat the most signrfi¢ant are those that relate lo the reporting frarnework {FRS 102 and Ihe Charities Act 2011}. We comrnunated the Klenlified law$ and regula1?nS thIghOul our team and remained alert to any indications of non-compliance throughout the audit. Audit procedures perfornied by the gagement team lo detect iffegularittes. induding fraud from instanees of non- compliance with laws and reguk8llons included.. Di$$s1on5 wth managernenl, induding consideration of known or suspected instances of non-CA)mlanCe with laws and regulations. Challenging assumptions and judgements rnade by m8nagemonl in its significant a¢wunting estimates that involved making assumptk)ns. Testing any transa¢tions entered Ihat are outside of the normal course of Ihe charty's aflairs. Reviewing recent cx)riespondencè with tha charity's legal advisfX$ lo ensur8 that it aligns wlh any ¢onclusions drawn in respect of any outstanding or uncertain legal matters. However, the primary responsibility for the prevention and deleiAion of fraud still rests with both those charged wth governance of the entity and the managem&nt team. A lurther dgsGriplion of our responsrbililies is available on the Financial Replxting Counal's website 81: hty)¥.11 w*.frc.orY.UkI8uditOrsr6sponslb1lI1les. This depb-on fomis part of our auditors report. Oth•r mattg Your attention is drawn to the fact thaf the charity has prèpared financi9151atemenl$ in accordan wlh"Ac¢ountiTh3 and Fleporting by Charities.. Statement of Remmended Pradice applicable to ch8nb"e$ preparing their acLounts in accordance woth the Finanaal Reporhng Standard applicable In the UK and Republic of Ireland IFRS 102>" las amended) in preference lo theAc¢ounling and Reporting by Charities: Statamont of Recommended Practice issued on 1 April 2005 which is referred lo in the èxtant ¥egulalions bul has now beèn withdrawn. Thls has bggn done.in otder for the finantial $talem8nts to provide a true and tsir view in a(£ordance with ¢uffent GeI811Y Ac¢ept8dAcc¢)untin9 Practice. Lkn ofour rnport Thi5 report is made sdgly lo the Charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounls and Reports) Regulations 2(Q8. Our audii work has been undertaken so that we might slate to the charity's trus18es those matters we are required lo slate to 1hem in an auditor's report and for no othe¥ purpose. To the fullest extent rrntited by law, we o not accept or assume responsibility to anyme other Ihan the tharity and the charity's tnjslees as a b1y, I audit work, for this rep)rt, or for the opinions wè have fomied. W M Halyh Iswlor tatutory Audito¥> For 8nd on behalf of Haigh & Co, SlaluloryAuditor Chartered Certified ACntants Grange Cottage Womersley Doncaster DN6 9B Dale.,
THE SEEDKEEP FOUNDATION INDEPENDENT AUOITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE SEEDKEEP FOUNDATION Halgh & Co Is eligibk for apwinlment as auditor of the charty by virtue of ils eligitrj'lty for apw4ntment as audllor of a company under se¢Xion 1212 of the Companies Act 20C6.
THE SEEDKEEP FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 hlARCH 2024 UnTestri¢ted Unr•8tiict8d funds funds 2024 2023 N¢)tes In¢omè from: Donations and18gacios Inveslmenls 9.899.9 81,356 3W.277 Total incomg 360,277 9,981.352 Expgndlturo on: Raising funds Charitale activities 31,294 18,850 1,489 19,115 Total •xp•nditur• 50,144 20,804 Nel gainslllosses) on investments 10 715,084 29.224 Net income and movement In funds 1,025,217 9.989,972 R•eonclllalon of nds. Fund balancès at 1 April 2023 9.989.972 Fund balanc•s •t 31 March 2024 11,015.189 9,989.972 The statement of finanaal adivibes includes all gairts losses recognised in Ihe year. All InMe and expenditure derive from continving actilIes.
THE SEEDKEEP FOUNDATION BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Notss Fixed assets Inve51rnents 12 11,026.139 9,972,310 Current assets Debtois Cosh at bank and in hand 13 40.250 4,255 4,255 40,250 Creditord: amounts falling du• within one year 14 115,2051 {22.5881 N•1 Gurrent lllablllt11l•wjfjts (10,950 17,862 T¢)tal a88ets lesB current Ilabllltles 11,015,189 9,989,972 Th• funds of th• char Unreslrided funds 16 11,015,189 9.989.972 11,015,189 9.989.972 The finanaal statemen15 were approved by the Iruslees on. l?,.01..U).I Mrs K M Han Trustee -10-
THE SEEDKEEP FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AIARCH 2024 2024 2023 Not•s C flows from opfrrating •¢livlUgs Cash labsortjed byllgenerated from OP8rations 18 11727n 9,861.730 InvgsIFng activities Purchase of investments Proceeds from disposal ol inv8slrnonts Investment inrL)me rece 111.197.657) 10,858.912 360,277 122,443.082) 12.499.9 81.356 Ngt cash generated fromflused Inl In¥tIng tlvml 21.532 19,861.7301 Net u$h goneratsd fmm flnanclng actfviti•s Net Incrnase in cash and cash oquSvalents 4.255 Cash and cash equivalents at begSnnSng of year Cash and ¢ash Ul¥alerts at énd of year 4.255 11
THE SEEDKEEP FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Charity informatlon Tha S8adkeep Foundation is a charitable trust registered in England and Wates. The Gharity gISter2d with the Charity Commission LN) the 7th of September 2022. 1.1 A¢¢ountlng convwrfion The financial slalements have beèn prepared in accordan with Ihe charty's goveming dwment. the Charitre5 Act 2011, FRS 102 The Fanal Rèporung Standard applicable In the UK and Rapublic of Ireland" I°FRS 102) and the Charities SORP 'Accounting and Reporting by Ch3rities'. Statement of R¢o)rnmènded Practice applicable lo charaS preparing their aountS in accordance wr(h the Financ4al Reporting Standard appli¢able in the UK and Republic of Ireland IFRS 1021" {effective 1 January 20191. The tharty is 8 Public Benefft Entity as deffin$d by FRS 102. The financial slalements have departed from the Chaiities IAcoJunts and ReFOrtsl Regulati$ 2008 only to the exlenl required lo provide a true and fair view. Thi8 departure has involved fdlowing the Statement of Recommended Practi¢x for Gharities appfying FRS 102 rather Ihan the ver5ign of the Statement of Recommandèd Practice which is referred lo in the Regulations which has since been vMhdra4w). The finanal statements are prepared in sletling, which is the functional cJJrrency of the chanty- Monetary amounts in Ihese financAal ststements are rourhjed lo th8 nearest £. The finawal stslernents have bew) pr8par8d under the historical cost convention, modified to indude fixed a$sg1 investments held attsir value. The principal accounllng p)licies ad¢¥)ted are set oui below. 1.2 Golthg concern At the time of approwng the financ4al slatemants, the balance sheet shows net ¢urrenl liabilrties 01 £10,950 {2023.' Net current assets of £17,662). Investments at the year-end Induded cash balances of £246,073 {Note 121 whth a liquhl and avai18ble on demand and prowdo adequate liquidty lo settle Iha current liabilities. Following the year end. the Irusiees drew on this cash lo s•W8 the outstanding credllors. The trustees 8re Iherefore confident that th& tharity has adequate resouilxs to continue In operational &xistence for the 1oreseeae fijlure and they continuè lo adopt the going concern basis of accounting Thi preparing the financial statenwnts. 1.3 Charitsble fund8 Unre51ricted fund$ are avallable for use at the di9e4etion ol Ihe trustees In fvrtherance of their charitable obpctives. Reslricled fvnds are subject lo specific conditions by donors or grantors as lo how they may be useil. The purposes and uses of the restricted furKls are set out in the notes to the finanual staternenls. Endowment fu1$ are subject lo specffic condrbons by donors that the capital must be maintained by the charity. 1A Income Inix>m8 is racognised when the chanty Is legally enlitted to it after any perfom)ance condrfions have beèn mel. the anY)unis can be measured reliabty. and it is probable that inrne will be received. Cash don*'ons are recognised on receipt. Olher donations are rewnised once the Charty h88 béèn notified of the donation, unle55 performance ctsndilions require deferr81 of the amount. Income tax recoverable in relation to donaiions ree4lvgd urnler Gfft Aid or deeds ol covenant is recognised al the time of the th)nalion. Legacies are recognised on receipt or otherwise if the charity has been nolrfied of an impending distribution, thè amount is kn¢)wn, and recEipt is expected. If the arrK)unt is not known. the aCY is Irealed as o cOntgent asset. 12-
THE SEEDKEEP FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Ac¢ounllng poll¢i•s (Continued) 1.5 Expendlture Expkndilure is recc4Jnised onrE there is 8 legal or COrtruct9 obligalion to transfer economic benefit to a third party, it is wobable that a transfer of gn0 b8nefils will be required in sdU8ment, and the amount of the obligation can b8 measured reliably. Expenditure is classified by actlvity. The costs of eath activity are made up of th8 tolal of direct costs and shared costs, induding support costs involved in undartakn'ng eath acbvlty. Dlrect )sts attributae lo a single adivlty are allocated direcuy lo that ath'vity. Sharèd costs whKh contribule lo mre than one actNily and supporl cosis which are not attrfbutsble to a single actiwty are apporboned b8fv488n those activits'es on a basis nsistent with the use of resources. Centr81 stsff costs are allocated on the basis of time spen( and depreciatF)n tharges a allocAled on the portion of the assefs use. All support and govemance costs 8re allocated lo charitablè actmlles. 1.6 Flxed a8set Inveslm9nts Fixed assel inveslments are inilialty measured al IransactKJn price excluding tranSalon oxjsts, and ar8 subsequenly measured at lair value at each reporting datè. Changes in tsir value are recognlsed in net inc<¥nellexpenditurel f the year. Transaction costs are expensed BS iUrred. 1.7 Cash and cash •quivalents Cash and Cash equivalents indude cash in hand, deposlls held at call with banks, othar short-lerrn liquid inveslmenls th original Maturit of three months or S$. and bank overdrafts. Bank overdrafts are shown wiihin borrowings in current liabilities. 1.8 FIDandal In¥trimwnts The charity has elected to apply the prowsions of Settion 11 'Basic Financial Instrurnents, and Sedlon 12 'olr Finanaal Instruments Issues, of FRS 102 10 all of ils financial instruments. Financial instruments are IognIsed in the tharitys baLgnce 8heel whon thg charity becomes party lo the t>JntracbJal provisions of the instnjment. Financk?l assets and liabilities are offseL with Ihg ngt amounts presented in th8 financial statements, when there is a18galty enforceable right lo sel off the recognised amounts and the is an intentKJn to settle on a nel basis or to realise Ihe asset and settle the liabillty sbmuttaneousty. Basic fina11 •ssets Basic fJnan¢ial assats. which include debtor5 and Cash and bank balances. are Inalty measured at transadion induding transaction costs and are 8ubsequentty carried al amorttsed cost using the effedive inlerèsl method unlass th¢ arrangernent con5tilules a ffinancing transaction, where the transaction is measured al the present value of the ffijture receiplg discounted 81 a market rate of intera81. Fln8nTh81 assets dassified as recesvable wllhin one year are not affrtiSed. Basic financial liabilitles Basic finana81 liabilities. including ereditors and bank loans are inNlalty reo)gnised at transaction price unl8ss the arrangement nstitUteS a fin8n¢ing Ir8nsaction, where the debt instrument is measured al the present value of th8 luture payments discounted al a market rat• of interest. Financial lialylrb$$ dassffied as payable thin one year are not amortlsed. D8bt instruments are subsequenuy carried at amortised Cost, using Ihe effe¢*ve inte1 r8te method. Trade creditors are obligations to pay fof goods or serMC8S that have been acquired in the wdinary CUrse ol OFerations from suppliers. Arnounts payable are cla85thed as currènt liabilities if YMent Is due within on8 year or $$. If not. are presented as non-currenl liatsltbes. Trade Creditors are recognised inrtially at tr8nsactk)n pri¢& and subs8qu•ntty measured al amortised cost using the effectNe interest method. 13-
THE SEEDKEEP FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting polici Icontinuedl Derecognltlon olllnan¢ial Ilabllities Financ*al liabilities are derecognised whan the tharty's ntraCtual obligalions eypire arfj discharged or canlled. 1.9 Employee bgnefits The cost of any unused holiday enullemenl is recognised in the period in vthich the emOyee'S sgmces are received. Termination benefits are recognised immedi8lely as arb expense when tha charity is demonstrably o)mrnitted to lenninale the @mOYm$nl of an employee or lo prowde temiination benefrts. 1.10 Fornlgn ex¢hango Transa¢tions in ojrreneies other than pounds slerfing are recorded at the rates of exchange prevailing at the dales ot tt)e transactions. Al each reporting end datè, monotsry assets and liabilities Ihal are denominated in foreign oJThenrye5 are retranslated at th8 rates prevailing on Ihe reporting end date. Gatns and losses arislng on translath)n in the pèrfod a induded in profil or1058. In¢om& from donalions and 1ogaci•s Unrestricted fvnds 2024 Unrestrictsd fund$ 2023 Donations and grfts 9,899,996 lnVtmènts Unrestricted UTrrestrict•d rund¥ funds 2024 2023 from listed investments Compensation Interest receivable 351,874 42.680 38,250 426 8.403 3eo,277 81,356 14-
THE SEEDKEEP FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Expendi1 on raising funds Unr¢stricted Unrnstrict•d funds funds 2024 2023 Investment management 31,294 1,489 Exp•ndityre on charitsble aclivitiol Charhable activiti0¥ 2024 Charflablg actlvlti•$ 2023 DI¢t ¢osts Share of support and govemance ¢ots not• 61 Support Goveman¢e 2,110 16,740 19,050 18,89J 19,115 Anatysis tyfund Unrestr5Cted funds 18,850 19,115 Support costs alloGat•d ts o¢tlvltle• Charltable a¢tlvlti¢$ 2024 Total 2023 Bank Charges other Fees Website costs Governance 15 2,110 16.740 19,050 18,850 19.115 2024 2023 Govemanco Costs comprlso: Audit fees Accountsn Lègal and professional Consultancy 1,500 2.100 10,200 2.940 1,400 1,000 16,650 16,740 19,050 15-
THE SEEDKEEP FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Net movement Sn funds 2024 2023 The net movement in funds is stated after Chaw1n{credilngl.' Fees payable for the audit of Ihe charmy's finandal slalemgnls 1,500 1.400 Trustegs None of the trustees lor ony petsons cknnnecled them) received any remuneratv)n or benefits from the charity durltvJ the year. Employees The average monthly number ol employe0$ during thè yèarwas.. 2024 Number 2023 Numb•r Total There were no employees whose annual femuneralk)n was MO than £60.000. 10 Gain• and108se8 on inve8bn8nts Unrnstricted Unre8trictsd fundy fund8 2024 2023 GaIn(lo$S$S) aflslng on.. Revaluatton of Investments Sale of investments 752,879 {37.795) (70,7761 100,000 715,084 29,224 11 Taxallon The tharity is exempt from taxaln its 8¢Xivrties bUSe all ts irnme is op[led for th8rilabb purp08es.
THE SEEDKEEP FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 12 Fixed a$$8t inveslments Llstod invatmènts Cash in portfolk Totsl Cost or valuation At 1 April 2023 Additions Valualfon changes Cash held for inveslment Disposals 9.844,475 11.197.657 752,879 127,835 9,972,310 11,197,657 752.879 118,238 111,014,945) 118,238 111.014,9451 At 31 March 2024 10.780.C66 246,073 11.026,139 Carrying amount Al 31 Mah 2024 10,780.066 246.073 11,026,139 At 31 March 2023 9.844,475 127,835 9,972,310 13 Debtorn 2024 2023 Amounts falllng du• wlthln one year: Other debtcKs 40,250 14 Credltorn: amounts falling due within year 2024 2023 Tradè credf(or8 Other creditors ruals and dèferred income 1.740 2,OC 14.1Y) 6.438 13,46S 15,205 22.588 15 Unrvstri¢tsd funds The unreslriled funds of the charity comprise the unexpended balane£s ol donations and grants which are not subject to speofi¢ ¢onditions by donoTS and granlors as lo how they rnay be used. These include dgswned funds which h8ve been set aside out of unr8stricted funds by the trustees f¢y speafic purposes. Gains and At 31 Mar¢h los$ 2024 At 1 April 2023 In¢omlng 198our Resources expgnd•d General funds 9.989,972 360.277 150.144) 715.084 11,015,189 17-
THE SEEDKEEP FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 16 Unrg¥tri¢tsd fvnds (Continu8d) Prevlous Perfod". At 1 April 2022 Incoming Resoue9 retsou •xpen(tod Galn$ and At 31 March losses 2023 G8neral funds 9.981.352 120,6041 29,224 9,989,972 16 Analy818 of n•t amets b•tw•èn fund• Unr•8trictod funds 2024 At 31 March 2024.. Investments Curr8nt asse1511liabilities) 11.026,139 (10,950) 11.015.189 Unr•Btrictsd funds 2023 At 31 March 2023: Investments Current a66e161{liablliti8$) 9,972,310 17.662 9,989.972 17 R•latsd paity tran8action¥ During the prior perlod Mrs K M Harpin, a Trustee, made a donation 019.899.9% to Ihè chariiy. Mrs K M Harpin also made a198n lo the tharity of £5.WO and paid expenses lolalling £9,150 on behalf ofthe charily. At the end oflhe pgriod the Charity owed Mrs K M Harpin £NIL12023-. £14,150). 18-
THE SEEDKEEP FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARGH 2024 18 Cash (absorbed byllgeneratsd from operation8 2024 2023 Surplus for th& year 1.025.217 9,989,972 Adjuslments for: Investment Encome rècognised in statement of financial activrtoes Lossllgain} on disposal of investments Falr value gains and bsses on investments (360,27n 37,795 {752,879} 181,3561 (loo,xI) 70.776 Movemgnt8 In working capltal: Decreasellincreasel in debtors IDeGreaseifincrease in creditors 40,250 17,3831 (40,2501 22,588 Cash labsort)ed byygener4ted from op•rations 117,277) 9,861,730 19 Analysls of Changes In net fund8lld•b¥ Th9 Chanty had no debt during the period. 19-