REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements for the Year Ended 31 March 2022 |
for |
The Seed Box Limited |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements for the Year Ended 31 March 2022 |
for |
The Seed Box Limited |
The Seed Box Limited |
Contents of the Financial Statements |
for the Year Ended 31 March 2022 |
Page |
Report of the Trustees | 1 | to | 4 |
Independent Examiner's Report | 5 |
Statement of Financial Activities | 6 |
Statement of Financial Position | 7 | to | 8 |
Notes to the Financial Statements | 9 | to | 16 |
The Seed Box Limited (Registered number: SC448879) |
Report of the Trustees |
for the Year Ended 31 March 2022 |
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2022. 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 |
The charitable company's objectives are, by the promotion of education in horticulture and gardening, including the sale of garden produce, to provide training and therapy for individuals with a learning disability, mental health problem or who require similar additional support. |
Significant activities |
- The Seed Box Ltd was able to remain open to all Co-Workers who could attend during the 2nd year of the Covid-19 Pandemic. Staff remained employed throughout in order to provide a service to both users and the local community. |
- Two Grants were gratefully received this year. One grant to help with staff wages was received from The Mulberry Trust and one was received from the King George 5th Charity to help buy a shredder. |
- The Seed Box Ltd were able to run The Aboyne Farmer's Market most months as well as attend some other local Markets. The Open Weekend was an appointment-based system this year due to restrictions imposed for the 2nd year of the pandemic. |
- We have 1 year, and 3 months left on our lease with The Ballogie Estate @31st March 2022 and have recently been offered a new 5-year lease beginning 1st June 2023. The current agreement with the Glen Tanar Estate walled garden continues. |
- Kate Redpath stepped down as Chairperson in 2021 and the Board of Trustees in 2022. Guy Haslam took over the role of Chairperson in 2021. |
ACHIEVEMENT AND PERFORMANCE |
Charitable activities |
- Other Service Income is to increase by approx. £24,000. Since April 2021 we have had two council rate uplifts and three additional service users, one of which was a 1:1 service. |
- Veg Deliveries decreased during the year as the additional Veg and Egg delivery service provided last year during the pandemic was no longer required. However, sales still remain higher than pre Covid-19 sales in 2019. |
- An appointment-based system was successfully introduced for the Open Weekend this year, following a 2nd year of restrictions. |
- The Aboyne Farmers Market was able to run from most months other than September. |
- Due to a demand for Furniture Restoration, this new service was introduced commencing in February 2022. |
- Following the pandemic restrictions there are now approx. 14 volunteers attending The Seed Box Ltd every week. The company is most grateful for all the time & effort the volunteers give to The Seed Box Ltd and thank them for their continued support. |
The Seed Box Limited (Registered number: SC448879) |
Report of the Trustees |
for the Year Ended 31 March 2022 |
FINANCIAL REVIEW |
Financial position |
At 31 March 2022, the charity held £53,646 in bank accounts. |
- Most of the charity's income is covered through Service Level Agreements with Aberdeenshire Council and Angus Council. Some income is also as a result of direct referrals. Additional income is made from Produce Sales from garden products etc and is part of the charity's training and wellbeing therapy for its users. |
- Wages have increased primarily due to two uplifts to staff wages. One was in line with the national minimum wage and one in line with the requirement to provide an Adult Social Care pay uplift. In addition, there was also an increase in the managers wage, the hours of a part time staff member were increased to full time and a further full time staff member was recruited. |
- Staff Welfare and Training has increased due to new waterproofs and uniforms bought for staff and volunteers. Training also re-started following the pandemic. |
- Motor Expenses and depreciation costs have increased. Additional vehicles were bought in 2020 to help with the demand for transportation in line with Covid guidance. Fuel costs have risen as a result of this and there is a full year depreciation for the vehicles. |
- Insurance has increased as it covers the full year cost for the two new additional vehicles purchased in 2020 and includes the Trustee Indemnity Insurance. |
- Repairs and Renewals have decreased due to the craft room renovations in 2021. No major repairs were carried out in the current year. |
- The Trustees are incredibly grateful for all donations received including: Baldarroch Chapel & Crematorium, Aberdeenshire Lieutenancy and Banchory Singers in addition to some smaller donations received from individuals. |
Reserves policy |
The Trustees consider that they should hold reserves sufficient to cover at least 2 months of staff wages. |
Going concern |
The Seed Box Ltd were able to remain viable as it stayed open and provide a service for the wellbeing of all Service Users and managed to retain staff. The service income increased by £24,172 in the year along with grants and donations received of £12,887. This helped The Seed Box Ltd remain a viable going concern. |
As a result of the tight financial controls in place, The Seed Box Ltd currently has significant cash reserves (£54,032) and therefore the Trustees do not have any current concerns over the viability of the enterprise. |
The Trustees are currently looking at the potential to establish a new site to allow the Seed Box Ltd to take on more co-workers. This will enable the Enterprise to increase its size and long-term resilience which would allow the Charity to work with more people with support needs. The Trustees have produced a robust business case to support this venture and are also applying for funds to help pay for the new site. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. |
The Seed Box Ltd is a Company Limited by Guarantee, as defined by the Companies Act 2006. It was Incorporated on 30 April 2013 and was registered as a Charity on 19 March 2020. The Company was established under a Memorandum of Association which established the objects and powers of the company and it is governed under its Articles of Association. |
The Seed Box Limited (Registered number: SC448879) |
Report of the Trustees |
for the Year Ended 31 March 2022 |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Organisational structure |
The Seed Box Ltd was awarded charity status on 19 March 2020 on which date all the existing directors were appointed as trustees. |
The structure of the charity consists of members who have the right to attend general meetings and appoint the director / trustees, and director / trustees who hold regular meeting and generally control and supervise the activities of the charitable company. |
Mrs B L Rowlands, who is a Trustee is employed on behalf of The Seed Box Ltd as The Manager to carry out the day to day management of the company. This is in accordance with The Seed Box Ltd Articles of Association. |
None of the trustees have any beneficial interest in the company. All trustees are members of the company and guarantee to contribute £1 in the event of a winding up. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
Trustees |
The appointment of existing Trustees will be ratified and any new Trustees will be appointed by the membership at the annual general meeting. |
Company Secretary |
Independent Examiner |
Louise A Considine |
Institute of Chartered Accountants of Scotland |
The Grant Considine Partnership |
Chartered Accountants |
46 High Street |
Banchory |
Aberdeenshire |
AB31 5SR |
The Seed Box Limited (Registered number: SC448879) |
Report of the Trustees |
for the Year Ended 31 March 2022 |
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. |
Approved by order of the board of trustees on |
Independent Examiner's Report to the Trustees of |
The Seed Box Limited |
I report on the accounts for the year ended 31 March 2022 set out on pages six to sixteen. |
Respective responsibilities of trustees and examiner |
The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity's trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under Section 44(1)(c) of the Act and to state whether particular matters have come to my attention. |
Basis of the independent examiner's report |
My examination was carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts. |
Independent examiner's statement |
In connection with my examination, no matter has come to my attention : |
(1) | which gives me reasonable cause to believe that, in any material respect, the requirements |
- | to keep accounting records in accordance with Section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and |
- | to prepare accounts which accord with the accounting records and to comply with Regulation 8 of the 2006 Accounts Regulations |
have not been met; or |
(2) | to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. |
Louise A Considine |
Institute of Chartered Accountants of Scotland |
The Grant Considine Partnership |
Chartered Accountants |
46 High Street |
Banchory |
Aberdeenshire |
AB31 5SR |
7 September 2022 |
The Seed Box Limited |
Statement of Financial Activities |
(Incorporating an Income and Expenditure Account) |
for the Year Ended 31 March 2022 |
2022 | 2021 |
Unrestricted | Restricted | Total | Total |
fund | funds | funds | funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies | 3 |
Charitable activities |
Other trading activities | 4 |
Investment income | 5 |
Total |
EXPENDITURE ON |
Raising funds |
Charitable activities |
Other |
Total |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 74,700 |
The Seed Box Limited (Registered number: SC448879) |
Statement of Financial Position |
31 March 2022 |
2022 | 2021 |
Unrestricted | Restricted | Total | Total |
fund | funds | funds | funds |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 11 |
CURRENT ASSETS |
Stocks | 12 |
Debtors | 13 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 14 | ( |
) | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 15 | ( |
) | ( |
) | ( |
) |
NET ASSETS |
FUNDS | 17 |
Unrestricted funds | 74,700 |
TOTAL FUNDS | 74,700 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance 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 |
(b) | 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 financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. |
The Seed Box Limited (Registered number: SC448879) |
Statement of Financial Position - continued |
31 March 2022 |
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
The financial statements were approved by the Board of Trustees and authorised for issue on |
The Seed Box Limited |
Notes to the Financial Statements |
for the Year Ended 31 March 2022 |
1. | STATUTORY INFORMATION |
The Seed Box Ltd is a private charitable company limited by guarantee and registered in Scotland. The charity's registered number, company number and and registered office can be found in the Reference and Administration Details section of the Report of the Trustees. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial 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 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 Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
The charitable company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland': |
• | the requirements of Section 7 Statement of Cash Flows; |
• | the requirement of paragraph 3.17(d); |
• | the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c). |
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. |
Income from Government and other grants is recognised when the charity is entitled to the funds, and any conditions attached to the grants have been met, it is probable that the income will be recieved, and the amounts can be measured reliably and is not deferred. |
Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions, then the income is deferred and not recognised until either the conditions are fully met or the fulfilment of the conditions are wholly within the control of the charity and it is probable that those conditions will be met within the reporting period. |
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. |
Charitable expenditure is incurred in direct pursuance of the charity's principal objectives and includes staff costs and support costs. |
Support costs are those that assist the work of the charity but do not directly represent charitable activities and include general overheads and governance costs. |
Tangible fixed assets |
Tangible fixed assets costing more than £250 are capitalised and carried at cost. Depreciation is calculated to write down the cost, less estimated residual value, of all tangible fixed assets over their expected useful lives. The rates applied are: |
The Seed Box Limited |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Plant & machinery | 25% on reducing balance |
Motor vehicles | 25% on reducing balance |
Computer equipment | 25% on reducing balance |
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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 fund is included in the notes to the financial statements. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the Statement of Financial Position. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is shorter. |
The interest element of these obligations is charged to the Statement of Financial Activities over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. |
3. | DONATIONS AND LEGACIES |
2022 | 2021 |
£ | £ |
Donations |
Grants |
The Seed Box Limited |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
3. | DONATIONS AND LEGACIES - continued |
Grants received, included in the above, are as follows: |
2022 | 2021 |
£ | £ |
Aberdeenshire Council - Marr Area | - | 1,500 |
Corra Foundation - Covid-19 Grant for Wages | - | 25,000 |
Foundation Scotland - Covid-19 Grant for Stock | - | 5,000 |
Adapt & Thrive Grant for IT costs | - | 7,500 |
KGV Community - Grant for Shredder | 1,000 | - |
Mulbery - Covid-19 Grant for Wages | 7,500 | - |
8,500 | 39,000 |
4. | OTHER TRADING ACTIVITIES |
2022 | 2021 |
£ | £ |
Fundraising events |
Stall income | 4,550 | 1,700 |
5. | INVESTMENT INCOME |
2022 | 2021 |
£ | £ |
Deposit account interest |
6. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
2022 | 2021 |
£ | £ |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts and finance leases |
Other operating leases | 3,000 | 3,000 |
7. | TRUSTEES' REMUNERATION AND BENEFITS |
2022 | 2021 |
£ | £ |
Trustees' salaries |
Trustees' pension contributions to money purchase schemes |
Mrs B Rowlands is employed to run the charity on a day to day basis. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 31 March 2022 nor for the year ended 31 March 2021. |
The Seed Box Limited |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
8. | STAFF COSTS |
2022 | 2021 |
£ | £ |
Wages and salaries |
Other pension costs |
134,649 | 101,302 |
The average monthly number of employees during the year was as follows: |
2022 | 2021 |
Manager | 1 | 1 |
Service providers | 5 | 4 |
Administration | 2 | 2 |
9. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted | Restricted | Total |
fund | funds | funds |
£ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Charitable activities |
Other trading activities |
Investment income |
Total |
EXPENDITURE ON |
Raising funds |
Charitable activities |
Other |
Total |
NET INCOME |
RECONCILIATION OF FUNDS |
Total funds brought forward | 31,456 | - |
TOTAL FUNDS CARRIED FORWARD | 74,700 | - | 74,700 |
The Seed Box Limited |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
10. | INDEPENDENT EXAMINER'S FEES |
2022 2021 |
£ £ |
Independent examiner's fees 785 750 |
11. | TANGIBLE FIXED ASSETS |
Plant and | Motor | Computer |
machinery | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2021 |
Additions |
At 31 March 2022 |
DEPRECIATION |
At 1 April 2021 |
Charge for year |
At 31 March 2022 |
NET BOOK VALUE |
At 31 March 2022 |
At 31 March 2021 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 April 2021 and 31 March 2022 | 29,077 |
DEPRECIATION |
At 1 April 2021 | 5,421 |
Charge for year | 5,914 |
At 31 March 2022 | 11,335 |
NET BOOK VALUE |
At 31 March 2022 | 17,742 |
At 31 March 2021 | 23,656 |
The Seed Box Limited |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
12. | STOCKS |
2022 | 2021 |
£ | £ |
Stocks |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
Prepayments and accrued income |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Hire purchase (see note 16) | 6,600 | 6,600 |
Trade creditors |
Social security and other taxes |
VAT | 4,095 | 2,730 |
Other creditors |
Accruals and deferred income |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Hire purchase (see note 16) | 4,644 | 11,244 |
16. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2022 | 2021 |
£ | £ |
Net obligations repayable: |
Within one year | 6,600 | 6,600 |
Between one and five years | 4,644 | 11,244 |
11,244 | 17,844 |
Non-cancellable operating | leases |
2022 | 2021 |
£ | £ |
Within one year |
The Seed Box Limited |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
17. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 1.4.21 | in funds | 31.3.22 |
£ | £ | £ |
Unrestricted funds |
General fund | 74,700 | (3,264 | ) | 71,436 |
TOTAL FUNDS | (3,264 | ) | 71,436 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 194,866 | (198,130 | ) | (3,264 | ) |
TOTAL FUNDS | ( |
) | (3,264 | ) |
Comparatives for movement in funds |
Net |
movement | At |
At 1.4.20 | in funds | 31.3.21 |
£ | £ | £ |
Unrestricted funds |
General fund | 31,456 | 43,244 | 74,700 |
TOTAL FUNDS | 31,456 | 43,244 | 74,700 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 205,807 | (162,563 | ) | 43,244 |
TOTAL FUNDS | 205,807 | (162,563 | ) | 43,244 |
Movement on the general fund represents the difference between incoming resources and expenditure incurred providing that charity's services and administering the charity. The main decrease in income of approx. £10,941 was as a result of the following: |
- Service & Transport Income have increased by approx. £24,171 due to an addition of 3 new service users, one of which is a 1:1 service and there have been 2 uplifts to the Council rate, |
- Veg & Egg income decreased by approx. £10,143. We did not provide an additional "Pandemic Lockdown Veg & Egg service" this year. |
The Seed Box Limited |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
17. | MOVEMENT IN FUNDS - continued |
- Plant Sales increased by approx. £1,578. We were able to attend farmers markets, and run the Aboyne Farmers Market most months, compared with reduced market attendance in the prior year. |
- Christmas Tree Sales increased by £1,483 as more stock was purchased. |
- Grant & Donation Income decreased by approx. £30,523 - Less grant and donation income was received this year - Last year we received 4 grants to help us remain operational during the pandemic compared with 2 grants which we receive this year. One grant was for £1,000 from the King George 5th Charity, and one was for £7,500 from The Mulberry Trust. We also received donations from Baldarroch Crematorium, Banchory Singers and Aberdeenshire Lieutenancy. |
- Other Income/ Trading Activities/Investment all increased by a total of approx. £2,493 - This increase is mainly due to the increase in Farmers Market Stall Income as we were able to run most Aboyne Farmer's Markets this year. |
18. | RELATED PARTY DISCLOSURES |