Chartty reglstratyon number 1200298 (Englartd and Wale81 THE SEEDKEEP FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
THE SEEDKEEP FOUNDATION LEGALAND ADMINISTRATIVE INFORMATION Trustees Mrs K M Harpin Mr T H Harpin Miss J K Harpin Mrw D Harn Ch•rity numbttr 12Q0298 Reglstered offlcg Elon House 89 Station Parade Harrogatè North Yorkshire HGI 1HF Audltor Haigh & Co Grange Cottage Wornersley Doncaster DN6 9BW Bankers National Westminster Bank pl¢ 250 Bishopsgate London EC2M 4AA Solicitors R¥wor(h$ Solialors Eton House 89 Station Parade Harrogate North Yorkshire HG1 1HF Investment advisors LGT Wealth Management 14 Cornhill London EC3V 3NR Website wvM.seedkeepfoundation.co.uk
THE SEEDKEEP FOUNDATION CONTENTS Page Tru$legs' repgrt statement of trustees, respon$ibilitie$ Indgpendent ouditorf8 report Statement of financial 8(#ivities Balance Sheet 10 Slalement of cash fiows 11 Note8 lo Ihe fin8noal stotements 12-19
THE SEEDKEEP FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 The trustees present their report along with the audited nan¢JaI statements of The Seedkeep Foundation Dhe Fwnd81ionl for the year ended 31 March 2025. The Injstees Confimi that the trustees. report and financAal statements of the Foundation comply with the current 8latulory requirements. The financaal statements have been prepared in accordance with the Statement of Recommended practi.. Accounting and Report by Charibes preparing their aGGounts in accordance with the Finanual Reporting Standard appllcablè In the UK and Republic of Ireland IFRS 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 actlvltlos for th¢ publlc bgnefit The Foundation was established by trust deed dated 1 June 2022 by Katherine Margaret Harpin. The Foundation was registered with the Charity Commission on 7 September 2022. Th8 Foundalon w88 e818blished lo advance such charit8blÈ purposès for the public banefft (accoiding to the law of England and Wales) as thè Iw$ts¢$ shall se& fil from time to tlme. The trustees, current focus is to support (are¥ 8nd QTgani8alion5 whose 81ffl5 8Te 8round eiluc8tion for dadvantaged children and young people and care End support for pre-sd)ool famili¢$ in Ihtr Yorkshire ragion. Tho trustoes do Ihls by making grants. The Irus1è8s wlll conslder appk'¢alon$ for grants which are in actordance with the above objects an¢J locus and are made from charitable organisations based in England 8nd Wales. Requests from national OTganisations will also b& considered if they are relevant to the Foundati¢n's objectives and benefrt Yorkshlre region. The truslees consider that this geo9raphical restriction is reasonable. The trustees, short temi aim is to provide finanaal support to other chaiitable crfganisations. whose aims are in line with the Foundation'$ objgctives. tg enable those other charitable organisations lo achieve their own objectives. The Iwslees. long temi aim is lo maintain total funds in line with inflation or above which will gengrate Investment income to fund fulure grant making. In thi5 rrent rinancial year, Ihe trustees have stsrted makirvJ grants as sel out below, The trustees have also contlnued to fo¢u$ On inve$ling the InJ$t ltsnd $0 il effectively produces income lo allow the Foundation to continue making 918nts. The Ituslees have contillved lo review and add lo Ihelr poll¢ie$ and procedures to allow the Foundab"on to ba run èffectivèly 8nd èfflciently. Tho Iruslee3 Gonfirm that in accordance wf(h section 17 of the Charities AGI 2011. th&y have referred to the Charity Commission's general guidanct on publlc benefit when reviewing the Foundation's aims and objectives and in planning their fvlure gnt mwking ocbviiies.
THE SEEDKEEP FOUNDATION TRUSTEES, REPORT (CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 A¢hiovements and perfonnance This financial year. the maln aclivity for thts trust•es was to start their grant making programme. The trustees have committed lo grant funding of £SO,QOO a year (from September 20241 to Flourishing Familie5 for the next 3 yea(8. The grant has been used by Flourishing F8rnilies lo support thelr Famlly C¢okery Club and Story T¢Hgr$ Family Literacy Group. A one off grant of £16,000 wa$ made t¢ yorkshi Dale$ Millennium Trust in October 2024 to support their Rural Apprenticeships Scheme. Th6 funds wèrè used to give more young people the Chan lo gel pr8di¢81 worf( experiences w¢th employers in and around the Yorkshire Dales, as well as investing in their edu¢alion and personal development. Iruslee¥ have also c¢)mrnitted to grant funding of £15,000 a yr Istsrting in October 20241 to the Richard Shephard Mu61c Foundatbn for the next 3 years. The lunds have been used by the Richard Sheph8rd Music Foundation towards the growth of their Schools Programme across Yorkshire and the North East. The ongginy grant funding has enabled them lo prowde weekly music lessons for 8,602 children In 32 schools. Th$ Irustetrs considered all grant applications received which S in kno with thelr o¥eetThies during this finanual year. In th18 ffinandal year. the trustee8 have r8v18wed their exlstlng poliaes of Grant Making. Confiicts of Interest 8nd GDPR and Privacy Policy. to 8nsure Ihay are up to date and relevant. The trustees have also fomialised a poly for Internal Financial Controls. The trustees hava atteThJed tr8ining on Ihir rde 8$ charity trustees by LGT Weath Management. Flnanolal r•vi•w At the end ofthe financial year £10.934,267 was held by LGT Wealth ManagemenL The trusteès havè ¢0n$ided th8 risks associated with the invostmènl portfolio and aim lo maintain an appropriate mix of investmen18 in order to reali8e the long term aim. The key risk8 identified are adverse Maet conditions whkh could Cause the invèstment porttolio lo fall whi¢h woukl deexeasÈ the amount of Income available for distbUon. The9e key rfsks 9 conSided 81 Investment reviews and eoch trustee meeting. ¥h1n this finanaal year, the trustees have assessed and review the inveslment perfomance. being consraous ih81 the investrnents have only been fully invested sinct January 2024. Rgservs poli¢y All ol the funds held by the Foundation are unreslricted. The88 fund3 are intended to provide an annu81 incom& to SUPPQrt actNitie5 and administration cosis. U1¢r the trust doed the trustees have the power lo establish funds for particular purtx)ses or lo maintain se8$. The trusl¥os aro still in the proc485 of building out the Foundation's grant pr¢gramm& 8nd are t8rgeling a future annual grant expendilure of up lo £300,000 per annurn. To meet arising giant corRmilmetrts and operating expenditure, going forwards the truslees w511 ensure th is Blways £5,(K)O of cash avBflable within the current bank a¢¢ount lo meet short-[liCe expendilurg.
THE SEEDKEEP FOUNDATION TRUSTEES. REPORT (CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Plans torfirtur• pèrlods For the year 2025r26 the trustees are committed to the ongoing gTant funding for Flourl$hing Families and the Richard Shephard Music Foundation. The trustees will also conlinue to review and consider appfications from ¢harities and organis81ions vthosè alms are around education for disadvantaged children and young people and care and support fDr pre+school families in the Yorkshire regn. The Iru$leg$ ¥r¥ al$0 looking lo $lrengthen their poIleS and Procedures during 2025r28, by revwln9 their policies 8nd formali$ing addibonal policies, such as safeguarding. The trustees a sat¢sffied th81 through the ongoing inve¥lrnent of the trust fund, they re¢efve suffjlient income to enabk the Foundation to meet its objective8. Structure. governance and manag¢mgnt The Founda11c is a charitable trust. The power ol appointing trustee5 Is Sel out in cl8us9 8 of th¢ trust deed and vests with the IrusteÈs. The trustees ore undertaking appropriate training and from Raworths LLP ln relation lo being charitable trustees. All trustees gwe their time freely and no trustee remuneralbn was paid in the cajrrent year. to any Irustse or anyone connecied with them. De$lOnS are made by the trustees with regards lo grnnt making and other area$, with th8 consent of all trustoes. The trustees meet at lea8t once a year lo agree the 800vitles for the Foundation. including tyant makiTrJ investment. Investment pvwers are govemed by the trust deed which pemihs fund$ to be invested in any lawful manner. Given the value of the fund and being mindful of eosts, the trustees feel that one investment advisor is suffident to manage a diversthed portfolio on a discretionary basis. The brief to the advisor stales that they should select a balanced Inveslment rnturn from income and capital. The trustees monitor and review their investment policy on an 8nnual b88iS. The trustees who seNed during the yeaT and up to the date of signature of the financi81 stslements were: Mts K M Harpin Mr T H Harpi Miss J K Harpin Mr W D Harpin The trustees, report was approved by the Board of Tnjstees. Mrs K M Harpin Trustso Date.. 2& 01.ZO7S
THE SEEDKEEP FOUNDATION STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2025 Thtr Iru3lees are reSnsIble for preparing the TrLFslees' Report and the finan¢tal $18temenls in acwrdonce with applicablè law and United Kingdom Accounting Sland8rd8 (United Kingdom Genèrally Accfrpted AoUntIng Practice). Th8 law applieablè to (8ritl8s in England and W8le¥ requirès thè trustèès to preparè fin8nclal statements for each financial year which give a true and falr vW of the state of affairs ol the charity and of the incoming resources and application of resources of the charity for that year. In Feparing ihese financial statements. the truslees are required lo.. select suitablo a¢cx)unling p1¢183 and then apply thern wnsi$lenlly', observtr Ihtr rnethod8 and principles in the Charities SORP.. make judgements 8nd Èstim8tes that 8rÈ rè8son8ble and prudènt; state whether applicable accounting standards have been followed, subject to any material departures disdosed and explained in the finanaal Statements.. and prop4 the ffin8nciat statements on the going concgm basls unless it Is inappropriate to presurne th81 the ¢h8rity 11 continue in operation. The trustees ar• responsible for keeping Sufficient accounting records that disdose wrth reasonable awurdcy 81 any time the financ481 WSTtion of the charity and enable them ID ensure that the financA81 sl8lemen18 ¢omply with the Chariti8s Act 2011. the Charity (Accounts 8nd RgpDrt81 Regulations 2008 and thè provisions of the trust deed. They are also responsible for safegu8r(Jing the ossel$ of the charity and hence for taking reasonable steps for Ihe prevenl%)n 8nd detedion of fraud and other irregularities.
THE SEEDKEEP FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE SEEDKEEP FOUNDATION Opin5on We have oudiled the fln8nd81 $18lemenls of The S¢edke9p Foundation (the 'charltl) for the year ended 31 Marc 2025 which comprise the statement ol finanei81 aetNlties, the balan sheet, the statement of cash flows and notes to the financAal statements, including significant accounting poliaes. The financial reporting framework that h88 been applied in their preparation is applicable law and United KIngdC Accounting Standards, including Finanaal Repo"n9 Standard 102 Thè Fingncigl Reportifig St8nd8rtY &pplAc&ble in Ihe UK gnd Republic of Ireland (United Kingdom GenerallyAccepted Aecounting PraetSce). In our opinion, th& financial statem8nts.' give a trt and fair view of th8 stattr of lh8 charity's aff•rs as at 31 March 2025 and of its incoming resource and applcation of resources. lor the year then ended.. h•vo been properly prepared in a¢cordancts with United lfjngdom Generally Accepted Accounting PractieÉ: and have been prepared In accordance wrfl) the Charlttes Act 2011. Ba¥1¥ for oplnlon È conducled our audR in Bccordence wllh Inlernallon81 Standards on Auditin9 (UK) IISAS (UK)) and applicable law. Our rgsponsibilitl8s under th0sg standards ar¢ fvrther describgd In the Audilorfs responsibilities for Ihe 8udil of the financial statements seclion of our report. We are independent of the chartty in accordance wtth the elhi¢al requirements that afe relevant to our audit of th& finanaol statements in the UK, induding the FRC'S Ethical Standard. and we have fulfilled our olher ethical responsibilities in accordance with these requiremtsnts. We believe that the audit evidence we have obtained is suffidenl and appropTiale to provide a b8518 for our opinion. concl10n# rolating to going concern In auditing the finanu81 statements. we have concluded that tt)e trustees. use of the going conrn basi8 of accounting in the preparalicsn of the ffinanctsl ststemenls 1$ appropriate. 588ed on the worf( we have performed. we have not identffied any material uncertainties relating lo events or conditions that, indidUallY or ¢olledively, may cast Significant doubl on thè tharity's 8bilty to continue as a going Lxncern for a peric¥J of at least fv48lve months from when the financial 8lalement8 are authorised for issue. Our responsibilititts and the responsibilities of the tru8tees with resp6d to golng Concern are des¢rfbed in the relevant Sections of this report. Othèr Infomiatlon The other information o)mprises the information Induded in the annual report other than the financial statements and OUT audrtor's report thereon. The trustees are responsible for the other information contained within tre annual report. Ow opinion on the finana81 statements does not cover the other infomiation and we do not express any form of assurance conclusion Ihereon. Our respcnsibility is lo read the other information and, in do)in9 so, considtrr wh6th8r the othèr Infomiation Is m81Èrially incon$istent wrth the finaneial statèmènts or our knowledgè obtained in the course of the ¥udit. or othèrwise appears to be m8leri3lly misstated. If we Identify such materlal inconsistencies OT apparent material mi$slalemenls. w& are requiied lo det$miine whether this V&S rise to a material misstatement in Ihe finanaal statements themselves. If, based on th8 work we have performed. we condude that there is a material misslatement of this olhtrr rnfw¥lion. we ar¥ rUired to report that fact. We have nothing to report in this regard. Mattgrs on wthlch wé arn requlrod to report by •xc•ptlon We h8ve Th)Ihing lo Teport in respect of the following rnatters in relatKJn to whh the ChaTitie3 (Accounts 8nd Reports) Regulations 2008 requires us to report to you if, in our opinion.. th8 information given in the finan¢ial statements is inconsistent in any maierial respect with the Irustee8' report.. or ¥uffici#nl 8ccounlng record8 have not been kept., c the finanaal statements are not in agreement with the accounting records,. or we hav& not re(xiv¢d all the information and eXplanatn$ we requ*• fLY our audit.
THE SEEDKEEP FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE SEEDKEEP FOUNDATION RgBponslblllt19$ of trusts As explabned more fully in the ststement of trustees. responsibllities, the trustees are responsible for the preparation of the financial $tslemen18 and for being Satisfied that they give a true and fair view, and for such internal ¢ofilrol 8S the tnjslees delerrnirie is necessary to enable the preparation of financAal statements that arg free from mal8rial misstatemènt, whélhor due to fraud or error. In preparing the fin8nci81 ststèment$, IhÈ trust8es ar8 responsible for assesslng the charity's ability to ¢onllnue as a yoing cortcem. (1Ssdosin9, os applicable, matters related to going concem and using the going wicem ba$1$ of aUntIng unless the Irustees efther intend lo cease operalK)ns, or have no realist altem&'ve but to do so. Auditor'$ re$pon¥ibilitie• for the audit of the finan¢i41 $tst¢ments È have been appointed as auditor und8r section t44 of the Charities Act 2011 and repcrt in accordance with tho Act and relevant regUlaor15 made or having effect thereunder. Our obje¢bvg$ lo obtain ioasonablo 458urance about whglhtr tho finanaal statements as a whole are free from material misstatement, whether due to fraud or errtsr, and to issue an auditors report that includes our opinion. Reasonable assurance is 8 high level of assurance bLFt is not a guarantee that an audil conducted in accordance with ISAS {UKI will always detect a material misstalement when it exists. Misstatements can arise frorn fraud or error and are considered material rf. individually or in the aggregate. they c4Juld reasonably be expected lo influence the econom decjsions of users tsken on the basis of these finanaal slatements. Irregularities. induding fraud, are instances of non-ccrnpliance with laws and regulations. Vve design piocedures in Ilne with our responsibilities, outlined above. to delect matorial misslalements in re$pe¢t ef irregularities including fraud. The rlsk of detsd(ng a mBleri81 mis8tatemenl due lo fraud 18 higher than th& risk of not detecting one resulting from error, as fraj may involve deliberate wncealrllenl by. fgr exampltr, forg or intentional MIsrepSentat1ns or through collusion. By foSIng on material amounts and disclosures Bnd using a risk-based apkyoach. we have a reasonable chancè ol deteciing material misstalements due to irregularities including fraud. However, due lo Ihe sampling method of testing, as allowed by auditing standards. we cannot guarantee that, if such irregularities. including fraud 8re present within the charity's finanryal system. our audit wll detect all of them. Rotrtjst internal eontrols operated by Ihe charty can inttea86 thè dètection of suth Irregu18rilie8, txjl this Is not always present in small lo medium svLed char5tses.
THE SEEDKEEP FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUEDI TO THE TRUSTEES OF THE SEEDKEEP FOUNDATION Ow approach was as follows.. obtained an understanding of the legal and regulatory frameworks that are applicable lo the chatlty and delemined that the most significant are those that relate to the reporting framework {FRS 102 and the Chartties Act 20111. We communicated the identified laws and regulations throughout gur aM and remalned alert tg any indications of non.compliance Ihroughoutthe audit. Audit proceduies performed by the engagement team to detect irregularities, including fraud from instances of non- ¢x)mplbance with laws and regulations Induded-. Dis¢ussi¢)ns with m8nagemenl, induding con8iderolion of known or $u¥Je¢ted instsnces of non-tr)mpliance wSth laws and regulation$. Challenglng g$SUmpOn$ and judgements made by management In its slgnlflcant accounfjng esllmates thal involved making 8SSLtmplions. Testing any transactions entered that are outside of the nornial rurse of the charity's affairs. R8viewing re¢enl corresFcnd?nce wrf(h the charity's legal 3dvi$ors lo ensure that il aligns with any concluskns drown In re8P8¢t of any cArt$landing or uncertain legal matters. Hcwever, the wimary responsibility for the prevanlion and detecti1 of fraud still $t8 with both those ehaigeE1 wrfh govemance of the enlly and the m8nagem&nt team. A further derIptIon of our responsibilrbe8 is available on the Finan&al Reporting Council's website al- https:11 v4Th.frGorg.uklaudilorsresponsilxlitse$. Thés des¢riplion foms part of our audilorfs report. Other matters Your attention is drawn to the fact that the tharily has prepared fin8nry81 stslements in accordance wilh'A¢xounting and Reporting by Charities." Statement of Rewmmendpd PraGbGe applirablo lo thar6tses preparing Ih¥ii aw)unts in arrxJTdance with the Fin8ncial ReportSng Standard appli¢able in the UK and Republi¢ of Ireland IFRS 1021" las amended) in prefence to Ihe AcUnting and Reporting by Charitie$= Ststemenl of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. Thts has been done in order for the financial statements to provide a true and fair view in accordance with current GeneratyAcc8pted AcUnting Practice. Use of our report This report is made solely to the charity's trusteas, as 8 body. in accordance wth Part 4 of the Ch8rities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that wè might state to the charrty's trustees those matters we afe required to state lo Ih¥m in an auditor's pOrt and lor no other purpose. To the fullest extent permitted by law, we do not accept or assume responslbility to anyone other than the charity and the charity's Injstees as a bo¥y, fo r audit work, for this fepori, or for the opinions we have formed. Mrs W M Halgh (Senlor Ststutory Audltorl For and on behall of Haigh & Co, StBtutoryAuditor Chartèred Certthed A¢wuntsnts Grange Cottage Womersley Doncaster DN6 98W
THE SEEDKEEP FOUNDATION INDEPENDENT AUDITOR'S REPORT (COfrTfiNUED) TO THE TRUSTEES OF THE SEEDKEEP FOUNDATION Haigh & Crj is eligible for appolnlment 88 auditor of the charity by wrtue of ils eligibility for appointment 8$ 8ut1¢tor of company undèr sèction 1212 of the Companies Act 20(.
THE SEEDKEEP FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Unrestrfcted funds 2025 Unrestricted funds 2024 N¢>to$ Incorno from: Inv8slmènts 325,368 360,277 Totsl income 325,368 360,277 Expgnditure on: Raising funds Charitable activitses 47,571 82,498 31.294 18.850 Totsl 0xp•IltUre 130,C69 50.144 Net gainsffjos8esl on inveslments 10 1272,163} 715,084 Net incomellexpenditurel and movement Sn funds 178.864) 1,025,217 Reconciliation of funds: Fund balance$ at 1 April 2024 11,015,189 9,989,972 Fund balances at 31 March 2025 10.938.325 11,015,189 The 8tstemenl of finana81 activities includes 011 gains ond losses recognised in the year. All income and expenditure derive from continuing a¢Xlvities.
THE SEEDKEEP FOUNDATION BALANCE SHEET AS AT31 MARCH 2025 2025 2024 Notès Flxed assets Investm&nl$ 12 10,934.267 11.026,139 Current a*s•ts Debtors Cash at bk and In hand 13 11,589 11.590 4,255 23.179 4,255 CredStors'. amounts falllng du¢ within on• year 14 (19.1211 (15,2051 Net currnnt a88etsllllablllllg81 4.058 (10,9501 Total assets 1$$$ ¢urr¢nt Ilabllltl 10,938,325 11,015,189 The fundg ofthe eharity Unrestricted funds 15 10.938,325 11,015,189 10,938.325 11.015,189 2& 01.ZCQts The financial Statements were approved by the Iruslees on ......................... Mrs K M Hary)in Trustee 10-
THE SEEDKEEP FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Notss Cash flows from oper•ting #ctlvStles Cash absorb&d by operation$ 18 1137.7421 117,2771 Investlng •cvItIeS Purchas& of irtvèstm•nts Pr¢ceèds from disposal of inveslments Investment inryjme received P,982.1221 2,801,831 325,368 111.197,657) 10,858,912 360,277 Net cash generated from InvestSng actlvities 145.077 21,532 Net cash generated from financing actlvltles Net increase In cash and cash •qulval•nts 4,255 Cash and cash equivalents al beginning tsf year 4.255 Cash and cash equtvaltsnts at •nd of y•ar 11.59) 4,255
THE SEEDKEEP FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 A¢countin9 polici Ch•rity Information The Seedkeep Foundauon 18 8 ch8rftabt8 trust reglster8d In Englan(J and Wdles. The chaiity regIsled with the Charity Commission on the 7th of September 2022. 1.1 Accountlng convtIon The financial slatemenls have been prepared in accordance wlh the charis governing document, Ihtr Charities Aet 2011, FRS 102 'Thtr Financial Reptsrting StAndard xpplieable in the UK and Republie of Ireland. rFRS 102.1 and the Charities SORP 'Awounting and Reporting ty Charities= Statement of Recommended PTaCtI applicable lo charities preparing their accounts in accordan with the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland (FRS 1021 (effective 1 January 2019). The charity is a Publi Bèn•fil Entity as defined by FRS 102, Thè fin8n¢ial stalemants h8v8 departed from the Charitigs (Accottnls and Reports) Regulations 2008 only to the extent requlred lo provlde 8 true 8nd fair view. Thls departure has involved following the Statement ol Recommended Pra¢ltg for chadUe$ applying FRS 102 rathei than tho version of the Statement of Re¢*mrrEnd&J Practi which is referred to in the Regulations but which has since been withdrawn. Thts fJn#Trcial statements are prepared in sterling, which is Ihe functional currency of the charity. Monetsry 8mounts in the8e finanGial 51atemen18 are rolmded lo the neare81 £. The fin8nryal statements have been prepared under the historical cost convention. modified lo indude fixed 858el investment8 held al fair value. The principal accounting poliaes adopted are set out below. 1.2 Golng ¢on¢em Al the time of approving the financial statements, the trustees have a reasonable expectation that the charty h85 adequate reSoUrS to continue in operational existence for the foreseeable fLrture. Thus the trustees continue to adopt the going concem basis of accounting in preparing the financial statements. 1.3 Charltabl• funds UnrÈ$tri¢ted funds are available for use al the dIsClon of the trustees in furtherance of their charitable objectives. Restricted fvnds are subject to Ste condrtions by donors or gr8ntDrs as to how thèy m8y be used. The pwpxjses and uses of the restricled funds a sel out In the notes lo the fin¥n¢i81 slalem&nts. Endowmènt funds 8re 8ubject to speufj¢ ¢ondition8 by ¢YonoTS that thè ¢apit81 musl bè m8in18ined by th Charity. 1.4 Income Income is recognised Wh the tharfty is legally entiyed to 6t 8fl8r any perform8nce nditIonS have beén mot, the amounts can be MeaSud r¢li8bly. and il is probable th81 income will be received. Cash donations ar8 recognised on leipl. Othei donalions are recognised once ihe charity has been notrfied of tho donats'on, unless performance condition5 require deferral of the amount. Income tax recoverable in fgL4tion lo donations e81vd vnder Gift Aid or deeds of covenant is rwnised at the tirne ofth8 donation. Legacies are recogt)ised on recèipt or othètwiss if tha IY)8rtty ha$ been notified of an irnpending 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 YEAR ENDED 31 MARCH 2025 A¢¢ounting policie Icontinutdl 1.5 Expendlture Expenditure is re¢ogThsed once thero is a legal or tonslru¢tNe obligation to Iransfer e¢onomlc beneffl to third party, il is probable that a transfer of economic benefits will be required in settlernenl. and the amgunl of the obligation can be me8sured reliably. Expenditur¢ is dasstfied by athty- Thg costs of each activity are made up of the total ol direct costs and Shared o)sts. including support costs involved in undertaking each activity. Direcl ca)sts aitribLrtable to a single activity a allocated directly to that activity. Shad costs which contribuÉe to more than one actiwly and support costs whth are not attributable to a single actwity a 8PPOrtiorted belween Ihose activities on a basis conslstenl with the gf resOUs. Contral 51aff costs are allocated on th¢ basis of time spent, and depreciation charges are allc¢ated on the portion of the a&8et'3 use. I support and govern8n¢e ¢osls 8re 8IIoc8led lo charitable 8diMlies. 1.6 Fixed asset Investments Fixed asset inv¢51menls are inth8lly measured at Iransacknon price excluding transaction costs, and are subsequently measured at fair valuè Bl each reporting date. Changes in fair value are recognised in nel irKomel{expenditurel for the year. Transaction costs are expensed as incurred. 1.7 Cash and cash equlvalents Cash and cash equivalents Include cash in hand. deposits held at call with banks, other short-lerm liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts ale shown within borrowngs in current liabilities. 1.8 Financial instruments The charity has elecled to apply the provisions of Section 11 'Basic Financial InStrUEntS. and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its finanaal instruments. Finanoal ir¢truments are recognised in the charitys balance sheet when the charity becomes party to the c¥)ntractual provisions of the instrument. Financial assets and liabilities are offset. with Ihe nèt amounts presonted in the finsnaal slalemenls, when Ihgr¢ is a legally enforceabk right to $81 off the recoglllsed arnounls and there is an inlenlK*n to setug on a net basis or to rèalise the 8sset 8nd sètlle the 118bility simultaneously. Basic finan¢ial assets Basic finanaal assets, which include debtors and cash and bank balances, are initially measured al transaction price including transaction costs and are subsequently carried at amortised cost using thè effectivè irtlerest method unless the arrangement constitutes a financAng transaction. where the transaction is mèasured al thè prèsent value of the future YeiptS discovnled at a market rale of interest. Fin8n¢i8188set8 dassified as wcaiv8ble within one year are not arnortised. Basle flnanclal Ilabllltlos Baslc finana81 liabilities, including creditors and bank loan8 are initially recogni8ed at tran8action pricè unles8 the arrangement constitutes a financAng transaction, where the debt instrurnent is rneasured al the piesenl valuè of the future payments discounted at a market rale ol interest. Financi81 liabilities classffied a$ paysble wllhin one y¢ar are not amortised. D8bt instnAments ore sub$equenVy c3ry18<18t 8morti8ed t))sl. using the effective interest rale method. Trade ueditors are obligations lo pay for goods or sèrvzces Ihal have bÈÈn 8cqiJired In the ¢rdinary course of operations from suppliers. Amount$ payabl¢ aro classified as current liabilities If payment is due within one year or less. If t, th¢y are presènt¢d as non-cvrwnt liabilities. Trade ¢reditors are cognised initially at transaction price aNI subsequently measured at amortised cost using Ihe effective interest method. 13-
THE SEEDKEEP FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting polici (Continued) DerQgnItIOn of flnanclal Ilabllltles Financial liabilit$ are dereco9nised when the charity's contractual obligations exre or are disc*arged or Canlled. 1,9 Employee benefits The cosl of any unused holiday entitlement is recognised in the period in which the employee'8 service8 are rec4ived. Termination benefits are recogn18ed Immediately as an expense when the charlty is d$monstrably committed to tèmiinat8 Ihè èmployment of an emplctryeè or to provide termln3tion b•nafits. 1.10 Forgign •x¢hango Tiansadion8 in currencyes other than [Y)U15 slprting 8ie reGor¢Jed at the rates of exchange pwailing at the dates of the transacliony. At each rèporting end d8le, monelary assets and li8bililies that are denomlnated in foreign (xJrren¢ies are relranslaled al the rates prevailing on the ioporting end date. Gains ond losses arisin9 on translallon In the period are Snduijed in profft or loss. Inv•stm•nts Unrestricted Unrestricted funds fund 2025 2024 Inoxne from listed investments Interest receNable 318.752 8.616 351.874 8.403 325.3S8 360.277 Expendire on fdising funds Unrestricted Unrestricted funds fund$ 2025 2024 Investment management 47,571 31,294 14-
THE SEEDKEEP FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Exp8ndilure on Charitsble activities Charftable aGtlvltle8 2025 Charitsble activities 2024 Dirg¢t ¢08ts Grant luling of activiti8s (see note 51 68,500 Shgro of $upport and go¥gmanco coBts (seg note 61 Support Govemanr 258 13,740 2.110 16,740 82.498 18,850 Analy918 by fund Unrestricted fund3 82.498 18,850 Grants payable Chadtsble activities 202S Granls to institLrtion$.' Flourishing Families Richard ShephaTd MUS Foundalion Yorkshfj Dales Millènnium Trust 37.51x1 15,000 16,000 68.500 Support ¢ts ollocatod to a¢tivltles Charitsble act5vltle$ 2025 Totsl 2024 Website costs Governan 258 13,740 2.110 16,740 13,998 18,850 15-
THE SEEDKEEP FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Support #ts •lloGated to a¢tiviti98 (Continued) 2025 2024 Gov•mane• costs ¢omprise: Audit fees Accountancy Legal and professional Cortsuttancy 1,750 1.$50 10.200 240 1.500 2.100 10,200 2,940 13,740 16,740 Net movement In funds 2025 2024 The nel mOVw&nI in lunds Is staled after ch8rgino/l¢redilingl'. Fees payablo for Ihe oudit gf Ihg charity's financaal $lalemgnts 1,750 1,500 Trustees None of the tw$lee8 lor any per80ns connected with them) I1Ved 8ny rMeratiOn or bentsffts from the charity during the year. Employe The average monthly number of employees durhig the yearwas.. 2025 Nurnr 2024 Number Total There wwe no employees whose annual remuneration wa8 more than £60,CQO. 10 Galns and 108s8s on Inv•stm•nts Unrèstrictèd Unrestrlcted funds funds 2025 2024 Gainslllosses) arising on: Revaluation of investrnents Sale of investments 1259,74n 112,4161 752.879 137,795} 1272,1e31 715.084 11 Taxation The charlty Ss exempt from tsxalion on ils activlfje8 becaus? all Ils Ino)me is applied for choritable purposes. 16.
THE SEEDKEEP FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 12 Flxèd 4$8tst investments Li¥ted Investments Cash in portfolio Totsl Co8tor valuatlon Al 1 April 2024 Additl¢ns Valuation thanges C83h held for investment Disposals lo,780.(6 2,982.122 1259.747) 246,073 11,026,139 2,982,122 (259,747) 70,290 12.884,5371 70,29) 12.884,537) Al 31 Marth 2025 10,617,904 318,363 10,934,267 Carrying amount At 31 Marth 2026 10,617,904 318,363 10.934.267 Al 31 Mar¢h 2024 10.780,066 246.073 11.026,139 13 DebtLYS 2025 2024 Amounts tslling due within one year: Prepaymants and aed Income 11.589 14 Credltor8: amounts falling du¢ within one ygar 2025 2024 TT3de credit Other¢reditors Accruels and deferred IrMe 1,740 295 18,826 13,465 19,121 15,205 IS Unrestrtct•d fund The unreslricteil funds of the charity comprise the unexpended balanTrs of donations and grants which are not subject10 Specific conditions by donors and grantors as to how they may be used. These indude designed fund5 which have been set aside out of unrestrided funds by the trustees for specific purposes. At 1 Aprll 2024 Incomlng resources R•sourc expended Galns and At 31 March 2025 General funds 11,015,189 325.368 {130,0691 1272,163) 10.938.325 17-
THE SEEDKEEP FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 15 Unrestricted funds Icontinuedl Prevlous year: At 1 Aprfl 2023 Incoffling re80urce8 Resource expended Gains and At 31 March losses 2024 General funds 9,989.972 380.277 {50,144) 715.084 11.015,189 16 Analysls of net assets betn funds UDr¢$triet•d funds 2025 At 31 March 2025: Investments Current assetsllli8bilities> 10.934,267 4.058 10,938,325 Unretstrictsd fund8 2024 At 31 Mar¢h 2024: Investments Current assetsllliabilitie5} 11,026,139 110,9501 11,015,189 17 Related paty tr•ngactlon8 Induded in other uedilors 18 a balance owed Mr8 K M Harpin by the charity, a twslee of £295 {2024', £NIL). 18 Cash absorbed by 0ratIOnS 2025 2024 IDeficil)15urplus for the year (76,8641 1,025,217 Adjuslments for: Investment income Tecognised in sLitement of finanaal activities Loss on disposal of investments Fair valu8 gains and knss8s on inv&stmenls 1325,3681 12,418 259,747 1360.27n 37.795 1752,879) Movements in working capitsl- (Inc8$e)/aeCreaS8 in debtors Increas81ldecseasel in creditors 111,5891 3,916 40,250 17,3831 Cash absorbod by oporntlons 1137,742) 117,277) 18-
THE SEEDKEEP FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 19 Analy¥iJ of changes Sn net funds Th¥ thaiity had rK) debt during the period.