REGISTERED CHARITY NUMBER: 326157
PRECIOUS SEED
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
PRECIOUS SEED
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
| 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 |
PRECIOUS SEED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023
The trustees present their report with the financial statements of the charity for the year ended 31 August 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
Under its Trust Deed, the purposes of Precious Seed are the furtherance of Christianity by the publication of literature, books and electronic media of all kinds. Through the financial support it receives, Precious Seed seeks to further the Christian faith by the publication of literature, books and electronic media of various kinds.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
During the year to 31 August 2023, expenditure exceeded income by £847 (2022 - £30,443).
The full colour magazine continues to be published regularly each quarter and is distributed free throughout the world with spare copies being sent to Zambia. New devotional and doctrinal book titles continue to be published along with, E-books and other digital resources, including the development of a Spanish section on the website.
The trustees are aware of the guidance of the Charity Commission on Public Benefit and have acted accordingly.
We have supported requests for the translation and further use of our materials in Romania, Albania, Holland, and Cuba. Publications have been provided free of charge to support Christian Workers in Botswana, and India. Extra magazines are, as always, donated to Christians in Africa.
We have established an outlet for our books in Malaysia to enable distribution to subscribers in the far east. Books will be printed in Singapore.
The financial review at the end of last year was put into place with adjustments to the design of the magazine which achieved the desired effect of reducing costs while making as little impact upon the magazine as possible.
The many expressions of appreciation received are evident witness to the benefits, spiritual and otherwise, of the work and support of Precious Seed.
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, which was to develop the objectives of the trust rather than seek financial security. At the year-end reserves shown in the balance sheet as represented by net current assets cover approximately 18-24 months running costs which the trustees believe to 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
The ongoing work of publishing the magazine and new book titles along with the development of the Website, and other digital resources will continue in so far as finances allow.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
Precious Seed was established by Trust Deed in 1945 and is administered by a body of trustees whose names are set out below. The trustees meet quarterly to consider how the charity can 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
The trustees are aware of the need for new trustees and will arrange for others to join them as and when necessary. All new trustees are fully informed regarding the purpose of the charity, its finances and operations and all actively contribute to the work of the charity.
Page 1
PRECIOUS SEED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT Organisational structure
All the trustees are volunteers and there are various roles assigned ranging from specific responsibilities for parts of the magazine or publications to the 'executive committee' of Chairman, Secretary and Treasurer who 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 | - Chairman |
| M Buckeridge | - Treasurer |
| J Scarsbrook | - Secretary |
| A Jack | |
| K Totton | |
| S Sherwin | |
| S G Baker | |
| B R Clatworthy | |
| J Black | - resigned 1 October 2022 |
| F A Proudlock | |
| T O Merriman | |
| A Dutton | |
| S Scammell | |
| A Stevenson | - appointed 1 July 2023 |
| 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 11 June 2024 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 2023.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out 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
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
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 concerns and have come across no other matters in connection with the examination to which attention should 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 2024
Page 3
PRECIOUS SEED
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023
| 2023 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 68,678 Charitable activities Publication sales 6,026 Decapolis Press 2,807 Investment income 3 860 Total 78,371 EXPENDITURE ON Charitable activities Publication sales 9,132 Magazine printing and distribution costs 62,213 Decapolis Press 5,878 Other 1,995 Total 79,218 NET INCOME/(EXPENDITURE) (847) RECONCILIATION OF FUNDS Total funds brought forward 97,480 TOTAL FUNDS CARRIED FORWARD 96,633 |
2022 Total funds £ 42,381 7,090 4,999 206 54,676 9,693 69,990 3,534 1,902 85,119 (30,443) 127,923 97,480 |
|---|---|
The notes form part of these financial statements
Page 4
PRECIOUS SEED
STATEMENT OF FINANCIAL POSITION 31 AUGUST 2023
| 2023 Unrestricted fund Notes £ FIXED ASSETS Tangible assets 6 - CURRENT ASSETS Stocks 7 10,549 Debtors 8 4,143 Cash at bank and in hand 87,260 101,952 CREDITORS Amounts falling due within one year 9 (5,319) NET CURRENT ASSETS 96,633 TOTAL ASSETS LESS CURRENT LIABILITIES 96,633 NET ASSETS 96,633 FUNDS 10 Unrestricted funds 96,633 TOTAL FUNDS 96,633 |
2022 Total funds £ 1 9,393 2,517 90,326 102,236 (4,757) 97,479 97,480 97,480 97,480 97,480 |
|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on .11 June 2024. and were signed on its 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 2023
1. STATUTORY INFORMATION
Precious Seed is an unincorporated charity, registered in England and Wales. The charity's registered number and principal office address can be found on the Charity Commission website.
The significant accounting policies applied in the preparation of these financial statements are set out below. 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
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
The financial statements are prepared on a going concern basis.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to 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
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular 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.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. 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 2023
2. ACCOUNTING POLICIES - continued
Debtors and creditors
Debtors and creditors are stated at the cost of the transaction.
3. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Deposit account interest | 860 | 206 |
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 August 2023 nor for the year ended 31 August 2022.
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | |
|---|---|
| Unrestricted | |
| fund | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Donations and legacies | 42,381 |
| Charitable activities | |
| Publication sales | 7,090 |
| Decapolis Press | 4,999 |
| Investment income | 206 |
| 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 |
continued...
Page 7
PRECIOUS SEED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023
| 6. | TANGIBLE FIXED ASSETS | |||
|---|---|---|---|---|
| Computer | ||||
| equipment | ||||
| £ | ||||
| COST | ||||
| At 1 September 2022 and 31 August 2023 | 1,792 | |||
| DEPRECIATION | ||||
| At 1 September 2022 | 1,791 | |||
| Charge for year | 1 | |||
| At 31 August 2023 | 1,792 | |||
| NET BOOK VALUE | ||||
| At 31 August 2023 | - | |||
| At 31 August 2022 | 1 | |||
| 7. | STOCKS | |||
| 2023 | 2022 | |||
| £ | £ | |||
| Stocks | 10,549 | 9,393 | ||
| 8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||
| 2023 | 2022 | |||
| £ | £ | |||
| Other debtors | 2,932 | 1,749 | ||
| Prepayments | 1,211 | 768 | ||
| 4,143 | 2,517 | |||
| 9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||
| 2023 | 2022 | |||
| £ | £ | |||
| Other creditors | 5,319 | 4,757 | ||
| 10. | MOVEMENT IN FUNDS | |||
| Net | ||||
| movement | At | |||
| At 1.9.22 | in funds | 31.8.23 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 97,480 | (847) | 96,633 | |
| TOTAL FUNDS | 97,480 | (847) | 96,633 | |
| Net movement in funds, included in the above are as follows: | ||||
| Incoming | Resources | Movement | ||
| resources | expended | in funds | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 78,371 | (79,218) | (847) | |
| TOTAL FUNDS | 78,371 | (79,218) | (847) |
continued...
Page 8
PRECIOUS SEED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023
10. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund TOTAL FUNDS Comparative net movement in funds, included in the above are as follows: Unrestricted funds General fund TOTAL FUNDS A current year 12 months and prior year 12 months combined position is a Unrestricted funds General fund TOTAL FUNDS |
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) s follows: Net movement At At 1.9.21 in funds 31.8.23 £ £ £ 127,923 (31,290) 96,633 127,923 (31,290) 96,633 |
|---|---|
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 | 133,047 | (164,337) | (31,290) |
| TOTAL FUNDS | 133,047 | (164,337) | (31,290) |
continued...
Page 9
PRECIOUS SEED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023
11. RELATED PARTY DISCLOSURES
During the previous year a Trustee personally paid for computer security software at a cost of £7. This amount was included within donations.
12. INDEPENDENT EXAMINER
The independent examination fee included in the accounts inclusive of VAT is £2,055 (2022 - £1,980).
Page 10
PRECIOUS SEED
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023
| DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023 |
||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 68,678 | 42,381 |
| Investment income | ||
| Deposit account interest | 860 | 206 |
| Charitable activities | ||
| Publications | 6,026 | 7,090 |
| Publications - Decapolis Press | 2,807 | 4,999 |
| 8,833 | 12,089 | |
| Total incoming resources | 78,371 | 54,676 |
| EXPENDITURE | ||
| Charitable activities | ||
| Magazine expenditure | 62,126 | 69,309 |
| Publications expenditure | 8,939 | 9,189 |
| Publications expenditure - Decapolis Press | 5,878 | 3,534 |
| Computer equipment | 1 | 365 |
| 76,944 | 82,397 | |
| Other | ||
| Administration | 1,995 | 1,902 |
| Support costs | ||
| Finance | ||
| Bank charges | 279 | 820 |
| Total resources expended | 79,218 | 85,119 |
| Net expenditure | (847) | (30,443) |
This page does not form part of the statutory financial statements
Page 11