2022-08-31-accounts

REGISTERED CHARITY NUMBER: 326157

PRECIOUS SEED

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2022

PRECIOUS SEED

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022

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Page
Report of the Trustees 1 to 2
Independent Examiner's Report 3
Statement of Financial Activities 4
Statement of Financial Position 5
Notes to the Financial Statements 6 to 10
Detailed Statement of Financial Activities 11
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PRECIOUS SEED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2022

The trustees present their report with the financialstatementsof the charityfor the year ended 31 August 2022. The trustees have
adoptedtheprovisionsofAccountingandReportingbyCharities:StatementofRecommendedPracticeapplicableto charities
preparing their accountsin accordancewith the FinancialReportingStandard applicablein the UK and Republic of Ireland (FRS 102)
(effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

Underits TrustDeed,the purposesofPreciousSeed arethe furtheranceofChristianityby the publicationofliterature,books and
electronicmediaofallkinds.Throughthefinancialsupportitreceives,PreciousSeedseekstofurthertheChristianfaithby the
publication of literature, books and electronic media of various kinds.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

During the year to 31 August 2022, expenditure exceeded income by £30,443 (2021 - £13,634).

Thefullcolourmagazinecontinuesto be publishedregularlyeachquarterandis distributedfreethroughoutthe worldwith spare
copiesbeingsenttoZambia.Newdevotionalanddoctrinalbooktitlescontinuetobepublishedalongwith,E-booksand other
digital resources, including the completion of the website refresh.

The trustees are aware of the guidance of the Charity Commission on Public Benefit and have acted accordingly.

WehavesupportedrequestsforthetranslationandfurtheruseofourmaterialsinRomania,Albania,India,Brazil,and Cuba.
PublicationshavebeenprovidedfreeofchargetosupportChristianWorkersinIndia.Extramagazinesare,asalways,donated to
Christians in Africa.

Publishing support has continued for a prison chaplain as he makes a copy of his book available to prisons in the UK and abroad.

Themanyexpressionsofappreciationreceivedareevidentwitnesstothebenefits,spiritualandotherwise,ofthework and
support of Precious Seed, especially in a year when usual church activities have been limited.

Investment performance

The Charity's only investments are in the form of cash held at bank which have earned the set rate of interest.

FINANCIAL REVIEW

Reserves policy

The trustees have formulated a reserves policy taking into account the need to cover fluctuations in income, current
liabilities and unplanned expenditure. The minimum reserves follow the principle adopted by the founding trustees,
whichwas to developthe objectivesof the trust ratherthan seek financialsecurity.At the year-endreservesshownin the  balance
sheetasrepresentedbynetcurrentassetscoverapproximately18-24monthsrunningcostswhichthetrusteesbelieveto be
necessary when planning for future publications.

The trustees are pleased again to place on record the faithfulness of the Lord in providing all funds received. All
income was from the Lord's people, Christian trusts and Charities.

FUTURE PLANS

TheongoingworkofpublishingthemagazineandnewbooktitlesalongwiththedevelopmentoftheWebsite,andother digital
resourceswillcontinueinsofarasfinancesallow.Withrisingprintinganddistributioncosts.areviewofcostswas completed
during the year to be implemented at the beginning of 2023.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

PreciousSeed was establishedby Trust Deed in 1945 and is administeredby a body of trustees whose names are set out below. The
trustees meet quarterlyto considerhow the charitycan fulfil its purpose.At other times the trustees are in regular communication
with each other regarding needs, development etc.

Recruitment and appointment of new trustees

Thetrusteesareawareoftheneedfornewtrusteesandwillarrangeforotherstojointhemasandwhennecessary.All new
trusteesare fullyinformedregardingthe purposeof the charity,its financesand operationsand all activelycontributeto the work
of the charity.

Page 1

PRECIOUS SEED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT

Organisational structure

All the trusteesare volunteersand there are variousrolesassignedrangingfromspecificresponsibilitiesforpartsof the magazine
or publicationsto the 'executivecommittee'of Chairman,Secretaryand Treasurerwho take a lead in the day to day running of the
charity.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 326157

Principal address

PO Box 10544
Grantham
NG31 0HW

Trustees

J W Bennett
M Buckeridge
J Scarsbrook
A Jack
K Totton
S Sherwin
S G Baker
B R Clatworthy
J Black
F A Proudlock
T O Merriman
A Dutton
S Scammell

Independent Examiner

C Newitt BA(Hons) FCCA
Duncan & Toplis Limited
5 Resolution Close
Endeavour Park
Boston
Lincolnshire
PE21 7TT

Approved by order of the board of trustees on 30 May 2023 and signed on its behalf by:

M Buckeridge - Trustee

Page 2

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF
PRECIOUS SEED

Independent examiner's report to the trustees of Precious Seed

I report to the charity trustees on my examination of the accounts of Precious Seed (the Trust) for the year ended 31 August 2022.

Responsibilities and basis of report

As the charitytrusteesof the Trust you are responsiblefor the preparationof the accountsin accordancewith the requirements of
the Charities Act 2011 ('the Act').

IreportinrespectofmyexaminationoftheTrust'saccountscarriedoutunderSection145oftheActandincarryingout my
examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.

Independent examiner's statement

Ihavecompletedmyexamination.Iconfirmthatnomaterialmattershavecometomyattentioninconnectionwith the
examination giving me cause to believe that in any material respect:

1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or

2. the accounts do not accord with those records; or

3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.

I have no concernsand have come across no other matters in connectionwith the examinationto which attentionshould be  drawn
in this report in order to enable a proper understanding of the accounts to be reached.

C Newitt BA(Hons) FCCA

Duncan & Toplis Limited
5 Resolution Close
Endeavour Park
Boston
Lincolnshire
PE21 7TT

Date: 20 June 2023

Page 3

PRECIOUS SEED

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2022

2022 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 42,381 Charitable activities Publication sales 7,090 Decapolis Press 4,999 Investment income 3 206 Other income - Total 54,676 EXPENDITURE ON Charitable activities Publication sales 9,693 Magazine printing and distribution costs 69,990 Decapolis Press 3,534 Other 1,902 Total 85,119 NET INCOME/(EXPENDITURE) (30,443) RECONCILIATION OF FUNDS Total funds brought forward 127,923 TOTAL FUNDS CARRIED FORWARD 97,480

2021 Total funds £ 60,471 7,436 3,379 1,056 32 72,374 10,542 68,741 4,859 1,866 86,008 (13,634) 141,557 127,923

The notes form part of these financial statements

Page 4

PRECIOUS SEED

STATEMENT OF FINANCIAL POSITION 31 AUGUST 2022

2022 Unrestricted fund Notes £ FIXED ASSETS Tangible assets 6 1 CURRENT ASSETS Stocks 7 9,393 Debtors 8 2,517 Cash at bank and in hand 90,326 102,236 CREDITORS Amounts falling due within one year 9 (4,757) NET CURRENT ASSETS 97,479 TOTAL ASSETS LESS CURRENT LIABILITIES 97,480 NET ASSETS 97,480 FUNDS 10 Unrestricted funds 97,480 TOTAL FUNDS 97,480	2021 Total funds £ 365 6,484 3,119 122,427 132,030 (4,472) 127,558 127,923 127,923 127,923 127,923

The financial statements were approved by the Board of Trustees and authorised for issue on 30 May 2023 a nd were signed on i ts behalf by:

J W Bennett - Trustee

M Buckeridge - Trustee

The notes form part of these financial statements

Page 5

PRECIOUS SEED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

1. STATUTORY INFORMATION

PreciousSeed is an unincorporatedcharity,registeredin England and Wales.The charity'sregisterednumber and  principal
office address can be found on the Charity Commission website.

Thesignificantaccountingpoliciesappliedinthepreparationofthesefinancialstatementsaresetoutbelow. These
policies have been consistently applied to all years presented unless otherwise stated.

The financial statements are presented in pound sterling (£) which is the functional currency of the charity.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements

Thefinancialstatementsofthecharity,whichis a publicbenefitentityunderFRS102,havebeenpreparedin accordance
with the CharitiesSORP(FRS 102) 'Accountingand Reportingby Charities:Statementof RecommendedPractice applicable
to charitiespreparingtheir accountsin accordancewith the FinancialReportingStandardapplicablein the UK and Republic
ofIreland(FRS102)(effective1January2019)',FinancialReportingStandard102'TheFinancialReporting Standard
applicableintheUKandRepublicofIreland'andtheCharitiesAct2011.Thefinancialstatementshavebeen prepared
under the historical cost convention.

The financial statements are prepared on a going concern basis.

The financialstatementshave been preparedto give a 'true and fair'view and have departedfrom the Charities (Accounts
andReports)Regulations2008onlytotheextentrequiredtoprovidea'trueandfairview'.Thisdeparturehas involved
followingthe Accountingand Reportingby Charities:Statement of RecommendedPracticeapplicableto charities preparing
theiraccountsin accordancewiththeFinancialReportingStandardapplicablein theUK andRepublicofIreland(FRS 102)
issuedon16July2014ratherthantheAccountingandReportingbyCharities:StatementofRecommended Practice
effective from 1 April 2005 which has since been withdrawn.

Income

All income is recognisedin the Statementof FinancialActivitiesonce the charityhas entitlementto the funds, it is  probable
that the income will be received and the amount can be measured reliably.

Donations in kind are included based on the cost of the service or product donated to the charity.

Expenditure

Liabilitiesare recognisedas expenditureas soon as there is a legal or constructiveobligationcommittingthe charityto that
expenditure,itisprobablethatatransferofeconomicbenefitswillberequiredinsettlementandtheamountof the
obligationcanbemeasuredreliably.Expenditureisaccountedforonanaccrualsbasisandhasbeenclassified under
headingsthataggregateallcostrelatedtothecategory.Wherecostscannotbedirectlyattributedtoparticular headings
they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment- at varying rates on cost

Assets are held at cost less depreciation.

Stocks

Stocks are valued at the lower of cost and estimated selling price, Provision is made for obsolete and slow moving stock.

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsofthecharity.Restrictions arise
when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

continued...

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PRECIOUS SEED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022

2. ACCOUNTING POLICIES - continued

Debtors and creditors

Debtors and creditors are stated at the cost of the transaction.

3. INVESTMENT INCOME

Deposit account interest

2022	2021
£	£
206	1,056

4. TRUSTEES' REMUNERATION AND BENEFITS

Therewerenotrustees'remunerationorotherbenefitsfortheyearended31August2022norfortheyear ended
31 August 2021.

5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
	Unrestricted
	fund
	£
INCOME AND ENDOWMENTS FROM
Donations and legacies	60,471
Charitable activities
Publication sales	7,436
Decapolis Press	3,379
Investment income	1,056
Other income	32
Total	72,374
EXPENDITURE ON
Charitable activities
Publication sales	10,542
Magazine printing and distribution costs	68,741
Decapolis Press	4,859
Other	1,866
Total	86,008
NET INCOME/(EXPENDITURE)	(13,634)
RECONCILIATION OF FUNDS
Total funds brought forward	141,557
TOTAL FUNDS CARRIED FORWARD	127,923

continued...

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PRECIOUS SEED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022

6. TANGIBLE FIXED ASSETS

COST At 1 September 2021 and 31 August 2022 DEPRECIATION At 1 September 2021 Charge for year At 31 August 2022 NET BOOK VALUE At 31 August 2022 At 31 August 2021 7. STOCKS Stocks 8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors Prepayments 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors 10. MOVEMENT IN FUNDS Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund TOTAL FUNDS

Computer equipment £ 1,792 1,427 364 1,791 1 365 2022 2021 £ £ 9,393 6,484 2022 2021 £ £ 1,749 2,452 768 667 2,517 3,119 2022 2021 £ £ 4,757 4,472 Net movement At At 1.9.21 in funds 31.8.22 £ £ £ 127,923 (30,443) 97,480 127,923 (30,443) 97,480 Incoming Resources Movement resources expended in funds £ £ £ 54,676 (85,119) (30,443) 54,676 (85,119) (30,443)

continued...

Page 8

PRECIOUS SEED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022

10. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

		Net
		movement	At
	At 1.9.20	in funds	31.8.21
	£	£	£
Unrestricted funds
General fund	141,557	(13,634)	127,923
TOTAL FUNDS	141,557	(13,634)	127,923
Comparative net movement in funds, included in the above are as follows:
	Incoming	Resources	Movement
	resources	expended	in funds
	£	£	£
Unrestricted funds
General fund	72,374	(86,008)	(13,634)
TOTAL FUNDS	72,374	(86,008)	(13,634)
A current year 12 months and prior year 12 months combined position is as	follows:
		Net
		movement	At
	At 1.9.20	in funds	31.8.22
	£	£	£
Unrestricted funds
General fund	141,557	(44,077)	97,480
TOTAL FUNDS	141,557	(44,077)	97,480

A current year 12 months and prior year 12 months combined net movement in funds,	A current year 12 months and prior year 12 months combined net movement in funds,	included in the above	are as follows:
	Incoming	Resources	Movement
	resources	expended	in funds
	£	£	£
Unrestricted funds
General fund	127,050	(171,127)	(44,077)
TOTAL FUNDS	127,050	(171,127)	(44,077)

continued...

Page 9

PRECIOUS SEED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022

11. RELATED PARTY DISCLOSURES

DuringtheyearaTrusteepersonallypaidforcomputersecuritysoftwareatacostof£7,inthepreviousyearMr. S
Sherwin,aTrusteeofthecharity,personallypaidforthecostsoftheAppatacostof£540.Theseamountshave been
included within donations.

12. INDEPENDENT EXAMINER

The independent examination fee included in the accounts inclusive of VAT is £1,980 (2021 - £1,878).

Page 10

PRECIOUS SEED

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2022

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2022
	2022	2021
	£	£
INCOME AND ENDOWMENTS
Donations and legacies
Donations	42,381	60,471
Investment income
Deposit account interest	206	1,056
Charitable activities
Publications	7,090	7,436
Publications - Decapolis Press	4,999	3,379
	12,089	10,815
Other income
Other	-	32
Total incoming resources	54,676	72,374
EXPENDITURE
Charitable activities
Magazine expenditure	69,309	67,930
Publications expenditure	9,189	9,866
Publications expenditure - Decapolis Press	3,534	4,859
Computer equipment	365	547
	82,397	83,202
Other
Administration	1,902	1,866
Support costs
Finance
Bank charges	820	940
Total resources expended	85,119	86,008
Net expenditure	(30,443)	(13,634)

This page does not form part of the statutory financial statements

Page 11