REGJSTERED COMPANY NUMBER: N1621885 (Northern Ireland) REGISTERED CHARITY NUMBER: 100201 Report of the Trustees and Unaudited Financial Statements FOR THE YEAR ENDED 31 Deeember 2023 for TRUE HARVLST SEEDS M.B.McGrady & Co Chartered Accountants Rathmore House 52 St Patricks Avenue Downpatrick Co. Down BT30 6DS
TRUE HARVEST SEEDS Contents of the Financial Statements FOR THE YEAR ENDED 31 DECEMBER 2023 Page Report of the Trustees I to 10 Independent Examiner'5 Report Statement of Financial Activities 12 Balance Sheet 13 to 14 Notes to the Financial Statements 15 to 22
TRUE HARVEST SEEDS Statement of Financial Activities FOR THE YEAR ENDED 31 DECEMBER 2023 31112123 Total funds 31112n2 Total funds Unrestricted fund Restricted funds Notes INCOME AND ENDOWMENTS FROM DonatlODS and legacies 3,067 22,910 25,977 11,008 Other trading activities Investment income 48,705 191 48,705 191 21,519 39 Total 51,963 22,910 74,873 32,566 EXPENDITURE ON RaRsing fLU]ds 5,825 5,825 2,980 Charitable a¢tivities Charitable Activity 29,861 23,807 53,668 36,071 Total 35,686 23,807 59,493 39,051 NET COmE1(XPEDITURE} 16277 (897) 15J80 (6,485) RECONCtLIATION OF FUNDS Total funds brought forward 142,001 10,144 152,145 158,630 TOTAL FUNDS CARRIED FORWARI) 158278 9247 167,525 152,145 The notes forn) part of these fllmncial statements 12
TRUE HARVEST SEEDS Balance Sheet 31 DECEMBER 2023 31112n3 Total funds 31112122 Total funds Unrestricted fund Restrieted funds Notes FIXED ASSETS Tangible assets Heritage assets 8,408 138,788 3,884 SJ63 12,292 144,151 14,197 138,901 io 147,196 9,247 156,443 153,098 CURRENT ASSETS Cash at bank and in hand 33,017 33,017 42,393 CREDITORS Amounts falling due within one year (21,935) (21935) (43,346) NET CURRENT ASSETS 11,082 11,082 (953) TOTAL ASSETS LESS CURREiYr LIABILITIES 158378 9247 167525 152,145 NET ASSETS 158,278 9247 167,525 152,145 FUNDS Unrestricted fidS Restricted fijnds 12 158,278 9,247 142.001 10,144 TOTAL FUNDS 167,525 152,145 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023. The members have not Tequired the company to obtain an audit of its financial statements for the year ended 31 Decernber 2023 in accordan¢¢ with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each fanCIal year and of its surplus or deficit for each fmancial year in accordance with the requirements of Sections 394 and 395 and which othenvise comply with the requirements of the Companies Act 2006 relating to fmancial statements, so far as applicable to the charitable company. (b) The notes forni part of these f1claI statements 13 continued...
TRUE HARVEST SEEDS Balance Sheet- continued 31 DECEMBER 2023 These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The fanCIal statements were approved by the Board of Tntee$ and authorised for issue on 26 September 2024 and were signed on its behalf by: R V Knight- Trustee The notes forni part of these fllmncial statements 14
TRUE HARVEST SEEDS otes to the Financial Statements FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES Basis of preparing the financial statements The fmancial statements of the charitable company, 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 charÈties preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019),, Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of ITeland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets. Critieal aecovnting judgements and key sources of estimation uncertaillty Estimates and judgments made in the process of preparing the fmancial statements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Trustees do not consider that there are any critical judgments made in applying the Trust's accounting policies or Ihat there are any critical accounting estirnates or assumptions which may have a significant risk of causing a material adjusttnent to CayIng amounts of assets and liabilities within the next financial year. Income All income is recolSed in the Statement of Financial Activities once the charity has entitlement to the fimds, it is probable that the income will be received and the amount can be me&sured reliably. Expenditure Liabilities are recognised as expenditure as s(M)D as there is a legal or conslrnctive obligation cotnmitting 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 b&sis consistent with the use of resources. Tangible fixed assets Depreciation is provided at the following annual rates in order to vnite off each asset over its estimated use1 life. Herit2ge assets - seed collections Seed collections are collection of wild flowers from all over Ireland. The cost of the collections have not been capitalised up to 2020 as many of the collections has been donated to True Harvest Seeds. However the Board of Trustees have revalued the collections as at 31 December 2020. The basis of this revaluation is detailed in note Taxation The charity is exempt from corporation 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 fimd is included in the notes to the fllwcial statements. Hire purchase and leasing commitments Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease. 15 continued...
TRUE HARVEST SEEDS Notes to the Financial Slatements - colltinued FOR THE YEAR ENDED 31 DECEMBER 2023 OTHER TRADING AcfiviTIES 31J12ll3 31112122 Earned Income 48,705 21,519 INVESTMEiYf INCOME 31112n3 31112122 Deposit ac¢ount interest 191 39 RAISING FUNDS Raising donations gnd legacies 31112n3 31112122 Support costs 51 NET tNCOMEI(EXPENDITURE) Net income/(expenditure) is stated after chargingJ(crediting): 31112123 31112122 Depreciation - owned assets Other operating leases 2,594 2,682 200 TRUSTEES. REMUNERATION AND BENEFITS There were no tTUStees' remunerdtion or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022. Trustees, expenses There were no trustees, expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022. ST AFF COSTS The average monthly number of employees during the year was as follows". 31112123 31112122 Management Other No employees received emoluments in excess of £60,000. 16 continued...
TRUE HARVEST SEEDS Notes to the Financial Statements- Continued FOR THE YEAR ENDED 31 DECEMBER 2023 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund Restricted funds Total fund5 INCOME AI¥D ENDOWMENTS FROM Donations and legacies 583 10,425 11,008 Other trading activities tnvestment income 21,519 39 21,519 39 Total 22,141 10.425 32,566 EXPENDITURE ON Raising funds 2,980 2,980 Charitable activities CharRtable Activity 25,214 10,857 36,071 Total 28,194 10,857 39,051 NET tNCOMEI(EXPENDITURE) (6,053) (432) (6,485) RECONCILIATION OF FUNDS Total funds brought forward 148,054 10,576 158,630 TOTAL FUNDS CARRIED FORWARD 142.001 10,144 152,145 TANGIBLE FIXED ASSETS Fixlures and rittings Freehold property Plant and machinery COST At l January 2023 Additions 12,036 6,700 2,190 At 31 December 2023 12,036 6,700 2,190 DEPRECIATION At l January 2023 Charge for year 4,929 711 5268 358 lJ31 215 At 31 December 2023 5,640 5,626 1,546 NET BOOK VALUE At 31 December 2023 6?96 1,074 644 At 31 December 2022 7,107 1,432 859 17 continued...
TRUE HARVEST SEEDS Notes to the Financial Statem¢nts- continued FOR THE YEAR ENDED 31 DECEMBER 2023 TANGIBLE FIXED ASSETS- eontinued Motor vehicles Computer equipment Totals COST At l January 2023 Additions 1556 8,855 689 31 J37 689 At 31 December 2023 1,556 9,544 32,026 DEPRECIATION At l January 2023 Charge for year 1279 69 4a33 1241 17,140 2,594 At 31 December 2023 1,348 5J74 19,734 NET BOOK VALUE At 31 December 2023 208 3,970 12,292 At 31 December 2022 277 4,522 14,197 io. HERrtAGE ASSETS Total MARKET VALUE At l January 2023 Adaitions 138,901 5,250 At 31 December 2023 144,151 NET BOOK VALUE At 31 December 2023 144,151 At 31 December 2022 138,901 True Harvest Seeds is conserving Ireland's indigenous seed-bearing plants by securely storing their seeds. Through the generous donations of seeds from local public and private landowners we are populating a seed bank. The seeds and associated material are cared for at our Seed Centre, Kilclief, Co Do. This work will ensure the security of our natsjrdl capital into the futuie. Seed and access to material and data may be requested by bona fide individuals and organisations. True Harvest Seeds have approximately over 350 seed collections from various native species, some of which are Schedule 8 species meaning they are endangered and require a licence to collect and grow. The majority of True Harvest Seeds collections are beld indefmitely and cared for to maintain their quality and to make them available to the public. 18 continued...
TRUE HARVEST SEEDS Notes to the Financial Slatem¢nts - continued FOR THE YEAR ENDED 31 DECEMBER 2023 io. HERITAGE ASSETS- continued The cost of tbe seed collections have not been capilalised before 2020. All collections are, by their nature, donations from land owners. Costs to collect were by True Harvest Seeds via various funding streams including voluntary work. Prompted via discussions with our insurance company, the Board of Trustees have taken the decision to revalue the assets and recognise them in Ihe balance sheet as heritage assets (which are biological in nature) based on their fair value. To determine this value, for collections made in 2020 or earlier True Harvest Seeds have used the same calculation that is used by Kews Millennium Seed Bank which is based on the cost to replace collections. For the additions from 2021, we have used the actual cost of the seed collections as the heritage asset value. In the year ending 31 December 2023 we have additions of15 new seed collections. As a charity we do not charge for bona fide projects to witbdraw seeds from the seed bank and therefore no Cost to the users is associated. ii. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31112n3 31112122 Accrued expenses Defeed government grants 2,945 18,990 1,446 41,900 21,935 43,346 12. MOVEMENT IN FUNDS Net movement in lunds At 31112123 At 111123 Unrestrieted funds General fimd 142,001 16,277 158,278 Restricted funds Heritage Lottery Fund DAERAISLL Co Down Rural Community DAERA/SOS8 Awards For All Newry Mourne Down District Council Department for Communtiies Heritage Fund 368 564 202 486 6,011 1,187 (93) (141) (51) (122) (162) (297) 275 423 151 364 5,849 890 lJ26 (31) 1,295 10.144 (897) 9,247 TOTAL FUNDS 152,145 15?80 167,525 19 continued...
TRUE HARVEST SEEDS Notes to the Financi21 Statements- continued FOR THE YEAR ENDED 31 DECEMBER 2023 12. MOVEMENT IN FUNDS- eontinued Net movernent in funds, included in the above are as follows: Incoming resourc Resources expended Movement in funds Unrestricted funds General fimd 51,963 (35,686) 16277 Restricted funds Heritage Lottery Fund DAERsLL Co Down Rural Community DAERAISOS8 Awards For All Newry Mourne Down District Council Department for Communtiies Heritage Fund LKLH (93) (141) (51) (122) (162) (297) (93) (141) (51) (122) {162) (297) 22,638 272 (22,669) {272} (31) 22,910 (23,807) (897) TOTAL FUNDS 74,873 (59,493) 15?80 Comparatives for movement in funds Net movement in funds A* 31112122 At 111122 Unrestricted funds General fimd 148,054 (6,053) 142,001 Restrieted funds Heritage Lottery Fund DAERAISLL Co Down Rural Community DAERAISOS8 Awards For All Newry Mourne DO District Council Department for Communtiies Heritage Fund 492 752 270 (124) (188) (68) (162) (415) (801) 368 564 202 486 6.011 1,187 6,426 1,988 1,326 1,326 10.576 (432) 10,144 TOTAL FUNDS 158,630 (6,485) 152,145 20 continued...
TRUE HARVEST SEEDS Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2023 12. MOVEMEIYT IN FU14DS - continued Comparative net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds Generdl fund 22,141 (28,194) (6,053) Restricted funds Heritage Lottery Fund DAERAISLL Co Down Rural Community DAEIWSOS8 Awards For All Newry Mourne Down District Council Department for Communtiies Heritage Fund LHLH DBS (124) (188) (68) (162) (415) (801) {124) (188) (68) (162) (415) (801) 7,025 2,700 700 (5,699) (2.700) (700) 1,326 10,425 (10,857) (432) TOTAL FUNDS 32,566 (19,051) (6.485) A current year 12 months and prior year 12 months combined position is as follows: Net movement in fullds At 31112123 At ilin2 Unrestricted funds General fund 148,054 10224 158,278 Restricted funds Heritage Lottery Fund DAERAISLL Co Down Rural Conununity DAERAISOS8 Awards For All Newry Mourne Down District Council Department foi Communtiie5 Heritage Fund 492 752 270 648 6,426 1,988 (217) (329) (119) (284) (577) (1,098) 275 423 151 364 5,849 890 1,295 1,295 10.576 (1,329) 9,247 TOTAL FUNDS 158,630 8,895 167,525 21 continued...
TRUE HARVEST SEEDS Notes to the Financial Statements- eontinued FOR THE YEAR ENDED 31 DECEMBER 2023 12. MOVEMENT IN FUNDS - continued A CUellt year 12 months and prior year 12 months combined net movement in fimds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds General fund 74,104 (63,880) 10,224 Restricted funds Heritage Lottery Fund DAERA/SLL Co Down Rural Community DAERAISOS8 Awards For All Newry Mourne DO Distiict Council Department for Communtiies Heritage Fund LHLH DBS (217) (329) (I 19) (284) (577) (1,098) (217) (329) (119) (284) (577) (1,098) 29,663 2,972 700 (28,368) (2.972) (700) 1295 33,335 (34,664) (1,329) TOTAL FUNDS 107,439 (98,544) 8,895 13. RELATED PARTY DISCLOSURES There were no related party transactions foi the year ended 31 December 2023. 22