```
REGISTERED CHARITY NUMBER: 326157
```
## **`PRECIOUS SEED`**
```
REPORT OF THE TRUSTEES AND
```
```
UNAUDITED FINANCIAL STATEMENTS
```
```
FOR THE YEAR ENDED 31 AUGUST 2022
```
```
PRECIOUS SEED
```
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CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
```
**----- Start of picture text -----**
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
**----- End of picture text -----**
```
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
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```
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...
```
```
Page 6
```
```
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...
```
```
Page 7
```
```
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
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```
PRECIOUS SEED
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## **`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
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```
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
```