Docuslgn Envelope ID.. 68BC2349-60EF4041.81DF-333E573EC41B Charity Number: 1074983 Company Number: 03627370 LANCASHIRE ENVIRONMENTAL FUND LIMITED (BY GUARANTEE) Trustees. Report and Accounts For The Year Ended 31 December 2024
Docusign Envelope ID.. 68BC234940EF4041-81DF433E573EC41B LANCASHIRE ENVIRONMENTAL FUND LIMITED (BY GUARANTEE) CONTENTS Charlty D8tails Report of the Trustees Independent Audltorfs Report to the Members stst8ment of Flnancl81 Actlvitles 10 Balance Sheet 11 ststement of Cash Flo 12 Notes to the Accounts 13
Docuslgn Envelope ID.. 68BC2349-60EF4041-81DF-333E573EC418 LANCASHIRE ENVIRONMENTAL FUND LIMITED (BY GUARANTEE) CHARITY DETAILS Company Name Lancashir8 Environmental Fund Charity reglstration number 1074983 Company registratlon number 03527370 Trust88s J Drury F McGinty A J Hughes S Tumer (resigned 2 May 2025) D King (appointed 20 May 2025) Secretary Lancashlre County Council Fund Manager E Morgan Audltor MHA Richard House Winckley Square Preston PR13HP Legal advisor County Hall Lancashire County Council D8mocratic Servlces Department Preston Lancashire PR1 OLD Princlpall¢ontact address clo Lancashire Wildlife Trust The Bam Berkeley Drive Bamber Bridge PR5 6BY Reglster8d address County Hall Lancashlr8 County Council Democratic Services Department Preston Lancashire PR1 OLD Memb6rs Community Fulures Lanca5hire County Council Suez Recycling & Recovery UK Limited Lancashire Wildlife Trust
tknusign Envelope ID.. 688C234940EF4041-81 DF-333E573EC418 LANCASHIRE ENVIRONMENTAL FUND LIMITED (BY GUARANTEE) REPORT OF THE TRUSTEES YEAR ENDED 31 DECEMBER 2024 The Trustees. who are also directors of the charity for the purposes of the Companies Act, present their report and the audited financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of the Statement of Recommended Practi (SORP) "Accounting and Reporting by Charities. {FRS 102) in preparing the annual report and finanGial statements of th8 charity- The financial statements have been prepared in accordance With the accounting polici8s set out in the notes to the awounts and comply with the charity's governing document, the Charities Act 2011 and Accounting and Reportlng by Charities= Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financlal Reporting Standard applicable in the UK and Republic of Ireland published in October 2019. Structure, governance and management Lancashire Environmental Fund Limited (hereafter ref&rred to as.tha Charitable company") is a charitable company limited by guarantee, incorporated on 13 March 1998 and registered as a charity on 1 April 1999. The charitab18 company is governed by its memorandum and articles of association. The power of appointing and removing trustees is vesled in the members by way of an instrument in writing signed by each member, each member having the power to appoint one trustee. The criteria used by Lancashire Environm8ntal Fund Limited to determine the pay and remuneratlon of key management personnel are tha same as those used by Lancashire Wildlife Trust from whom staff are seconded. Lancashire Wildlife Trust use comparisons to external charitie5 for similar roles as a basis for determining the pay and remuneration of key management personnel. Trustees of the charlty The directors of the charitab18 company ar8 its trustees for the purposes of charity law. The trustees who hav8 served during th8 year and sinc& the year end are set out on page 1. Trustee5 are appointed by th8 Board. The Board's L8gal Officer will update the Trustees on changes to the law affecting the scheme. Th8 Fund Manager will provide induction for new members. The trustees dalegate the assessment of applications to an assessment group, which is chaired by the fund manager. The fund manager is assisted by a small team and co-ordinates the daily operation of the charity. Th8 trustees meet quarterly to approve or refus8 grants based ors the recommendations of the assessm8nt group. Risk review The board has conducted Its own revlew of the meJor rlsks to whlch the charity Is exposed and systems have been 8Stabllshed to miligate those risks. Significant extemal risks are mitigated by Profassional Indemnlty Insurance. Internal risks are minimised by segregalion of duties and checking procedur8S. The major risks to which the charity is exposed due lo its management and administration being provided by LWT have been reviewed by the trustees of LWT. Internal risks relevant to the charity are being minimised by the implementation of procedures for authorisation of all transactions. Risk management priorities of LWT, impacting on the management and administration of the charity, are quality systems, succ8ssion planning for key staff and the regular r8view of systems. Future legislatlV8 changes to the Landfill Communities Fund could result in Suez Recycling & Recovery UK Limited the landfill operator, deciding to withdraw from the scheme. If this happens, the Lancashire Environmental Fund Limitod will have to wind up after running down the oxisting general unrestricted fund balance. The Fund could also fac8 further challenges as a result of possible legislation to cap administration fees at 7.5 % of project expenditure. This represents an extremely challenging target for such a relatively small fund which does not enjoy the benefits of economies of scale which olher larger Landfill Communities Fund distributors have. However, the Trustees have made and will Continue to make significant efforts to reduce administration fees wherever possible.
Docusign Envelope10: 68BC2349-60EF4041-81DF433E573EC41 B LANCASHIRE ENVIRONMENTAL FUND LIMITED (BY GUARANTEE) REPORT OF THE TRUSTEES YEAR ENDED 31 DECEMBER 2024 The Lancashire Environmental Fund primarily distributes monies raised from the Landfill Tax paid by Lancashire County Council. The Current contract for waste management expires on 3181 March 2025 and the expectation is that the amount of Landfill Tax that Ihe fund Is likely to receive will reduce signlficantly thereafter. Depending on how much this reduction is and also upon the admlnlstration costs of running th8 Fund It may well b8 that the continued operation of th8 Fund becomes unviable. If this is indeed the case. alt8mative arrangements for the distribution of any future and existing funds will have to be made. The Fund relies on the continued support of Lancashire County Council who pay many ofthe third party contributions required to enable Ihe Landfill Tax income to be released. Connected Charltios and Organlsations Lancashlro Wlldllfe Trust Llmlted The trusle8s consider Lancashire Wildlife Trust Limited ("LWT") to be a connected charity as it is a member of the charitable company with the power to appoinl one trustee to the board. J Drury was a trustee of Lwf until October 2019 and remains a truslee of Lancashire Environmental Fund. In addition, Lwt provides management, organisational, adminislralive and supervision services lo the charitable company under an agreement and both parties operate from Cuerden Valley Park near Bamb8r Brldge. The Gharilable company has no employees of ils own, bul subcontracts onefull limeand parttim8 employees from Lancashire Wildlife Trust who work exclusively on the charitab18 company's affair5. During the year, a total of £63,247 (2023.. £63,975) was payable for these servlces and other management, organisational, administrallve and supervislon servlces. LWT is established to promote the conservallon of nature for the purpose of study and research 8nd to educate the public in Ihe understanding and appreciation of nature, the awareness of its value and the need for its conservation. During the year the charitable company awarded grants totalling £106,495 {2023: £99,510) to LWT in connection with those objectives. Lancashlrn County Council The trustees consider Lancashire Counly Council to be a connected organisation as it is a member ofthe ch8ritable company with the power to appoint one Irustee to the board. S Tufner is both a trustee of the charltable company (resigned 2 May 2025) and Deputy Leader of Lancashire County Council. One of the Current functions of Lancashire County Councll is to provide and maintain publlc open spaces Including country parks, greenway bridle paths, footpaths etc for the pleasure and enjoyment of the people of Lancashire. During the year the charilable company awarded grants totalling £0 (2023: £0) to Lancashire county Council in connection with thls objective.
Docuslgn Envelwe ID.. 68BC2349-60EF-4041-81DF-333E573EC41B LANCASHIRE ENVIRONMENTAL FUND LIMITED (BY GUARANTEE) REPORT OF THE TRUSTEES YEAR ENDED 31 DECEMBER 2024 Communlty Future5 The trustees consider Community Futures to be a connected charity as it is a member of the charilable company with the power to appolnt one trustee to the board. F McGinty is the Community Futures appointee and a Trustee of the charitabl8 company. The aim of Communty Futures is to promote and develop social and community activity in Lancashire, working through voluntary groups and in partn8rship with public authorlt18S. Suoz Recycling & Recovery UK Limlted The trust88s consider Su8z Recycling & Recovery UK Limited to b8 a connect8d organisation as it is a member of the charitab18 company with tha power lo appoint one trustee to th8 board. A J Hughe5 IS th8 Suaz Recycling & Recovery UK Limited appoint88 and a Trustee of the charitable company. Suez Recycling & Recovery UK Limited are the waste management company contracted by Lancashire County Council to dispose ofthe wast8 in the county which goes to landfill. Objectives. actlvltles and publlc beneflt The principal activity of the charitable company is the support for environmental projects via an Entrust registered environmental body which receives landfill tax credils and awards grants to environmental projects which meet the criteria speclfled by tha Landfill Tax Regulations 1996 (As Amended).. Providing and maintsining public amenitles and parks, withln 10 miles of a landflll site, when the work benefits the natural social or built environment; The provlsion, conservat5on, restoratlon or enhancement of a natural habitat, malntenance or recovery of a spec18S Wlthin 10 mlles of a landfill site; Restoring and repairlng bulldings which are for religious worship. or archit8Ctural or historical interest wlthin 10 milas of a landfill site. The trustees hav8 had due regard to guidanc8 published by the Charity Cofflmission on public ben8frt. Grant making policy The charity Invitès applicatlons for funding of environmantal projects across th8 Lancashir8 area. Institutional applicants are invit8d to submit a summary of their proposals in a specified format. The applications are reviewed against specific criteria by the fund manager. Projects may be funded over varylng perioés of tlme, therefore cost and progress Is monitored on a continuous basis. The trustees confirm that they have referred to the guidance contained in the Charity CommSsslon's general guidance on public benefit when reviewing the Trust's aims and obj8Ctlves and in plannlng future activlties and setting the grant making policy for the year. Achievements and performance During the year, the charitab18 company awarded a total of£1,338,82912023'. £1,620,531) to 60 projects (2023.. 75 projects) while maintaining sufficient resources to enable charitable activities going forward. The Fund distributes grants on a quarterly cycle on a demand led basis. This makes it difficult to setspecifictargets for the number and type of proJect applications received and supported. To ensure the number of applications is maximised, the Fund Manager regularly attends funding events in Lancashire to promote access to the fund. Financlal revlew All of the £1,324,361 (2023: £1,258,513) landfill tax income was reiVed from Suez Recycling & Recovery UK Limited in the year. The trustees anticipate the charitable company will continue to be dependent on this income source.
Docusign Envelope ID.. 688C2349-60EF4041-61 DF433E573EC418 LANCASHIRE ENVIRONMENTAL FUND LIMITED (BY GUARANTEE) REPORT OF THE TRUSTEES YEAR ENDED 31 DECEMBER 2024 The expectation going forward is that the amount of waste going to landfill and therefore the landfill tax income paid to the Fund will continue to reduce as alternatlve contracts for disposal of waste are entered into by LCC. In addition to the grants awarded of £1,338,829 {2023.. £1.620,531), previously awarded balances totalling £54,261 (2023.. £137,672) were written off and this resulted in a net grant cost for the year of £1.284,568 (2023: £1,482.859). At the year end, grant balances totalling £1,173,884 (2023- £1,845,449) remained unpaid. Further to th8 costs of grant awards, governance and support costs of £114,431 (2023.. £116,156) were incurred and the excess of income over expenditure for the yaar was £20 (2023.. £273,778 exc8ss of Sxpenditure over income). Al the year end, Lancashire Environmental Fund was also holding a sum of£220,59412023: £140,000) as an agent for Lancashire County Council, these funds to be used to provide third party contribution payments to draw monies to cover grants awarded for all the grant schem8S Other tkian the Green Grant sch8m8. At the year end, Lancashire Environmenlal Fund was holding a balance of £248,560 (2023: £166,081) as an agent for Lancashire County Council. This amount is being used to cover the third party contribution payments required to draw down funds to enable payments of grants awarded under all the Grant schemes including the Green Grant scheme. During the year an amount of £3,186 (2023: £2.1591 interest on these monies held was received. Amounts totalling £71612023: £565) were disbursed to Suez Recycling & Recovery UK Limited to facilitate the drawdown of funds for the Green Grant scheme totalling £6,418 (2023- £5,139). £0 (2023-. £60,000) was paid to secure funding und8r th6 other grant schem8s durlng the year. Investment policy Surplus funds are h81d on deposit with Nationwide Building Society and The Royal Bank of Scolland, to 8nsure a compel((ive interest rate as well as security and fund ac¢(Jssibility. Interest earned Is reviewed regularfy by the Finance Officer. The trustees consider the retums achieved to be satisfactory in the current investment climate. Reserves pollcy The general unrestricted fund balance of £794,082 (2023.. £794,062) which remains unallocated will be applled to future awards. Th8 level of general unrestricted funds is revlewed before grant commltments are made to ensure that the balance of these funds is always sufficient to cover current and proposed grant commitments and ongoing administration Costs. The trustees are concemed to maximise the benefit to the community of their grant making policy. The trustees, however, have to work within the ststutory framework set out in the Landfill Tax regulations and the Compl1an control of Entrust, the regulator of the Landfill Tax Credit Scheme. £150,000 of unrestricted funds have prevlously been s&t aside in a designated reseNe lo provide for transitional costs in the event of landfill operations ceasing as a result of statutory changes to the Scheme or a decision of the landfill operator. The reserve was calculaled on the basis of an 18 month wind-up at an annual cost of£100,000 to provide support for existing granl-funded projects. The trustees have reviewed the level of the designated reserv8 and have decided to keep it as this level. subject to continuous review in the future. The total fund balances at 31 December 2024 were £944,082 (2023: £944,062). The required level of free reserves is CUrrenY £nil as the designated fund has sufficient resources to provide for foreseeable Iransitional costs. The actual level of free reserves at 31 December 2024 amounted lo £794,082 {2023: £794,062). ReseNes were built up in the earfy years due lo uncertainty over the continued funding from Landfill operations. At that time it was the Trustees intention to hold sufficient funds to provlde for five years of grant and administrative expenses following cessation of funding. This is no longer the case and the Trustees are actively looking to reduce the amount of free reserves held.
Oocusign Envelope ID.. 688C23494OEF4041-81DF-333E573EC41B LANCASHIRE ENVIRONMENTAL FUND LIMITED (BY GUARANTEE) REPORT OF THE TRUSTEES YEAR ENDED 31 DECEMBER 2024 It is the intention of the Trust to continue to reduce reserves through the issuing of grants. The rate at which reserves are distributed is limited by the number arKI value of appllcations received, and by the number of those applicallons that meet the requirements as sel out in the Objectives and in the Landfill Tax Regulations. The Trust actlvely encourages applications through advertlsing and promotion of the scheme. Future plans The Trust will continue to offer grants in line with the objects subject to the potential impact of the factors highlighted in the risk review. Auditor Following the m8rg8r of MHA Moor8 & Smalley with MHA, the company's ind8P8ndent auditor has now become MHA. MHA are deemed to b8 re-appointed under s8Ction 487{21 of the Compani8s Act 2006. Tru8tee$' responslbllltle8 The trustees (who are also directors of Lancashlre Environmental Fund Limited for th8 purposes of company law) are responsib58 for preparing th8 Trustees, R8POrt and the financial statem8nts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requirgs the trustees to prepare financial st8tements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and exp8ndllure. of the charitable company for the year. In preparing these financlal stat&ments, the trustees are required to.. select suilable accounting policies and then apply tham conslstently., observ8 the methods and principles in the Charities SORP 2019 {FRS1021,' make judgements and estimates that are reasonable and prudent., state whether appllcable UK Accounting Standards have baen followed, subject to any material departures disclosed and explained in the financial staternents., prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charitable company will continue in operation. Th& trustees are responsible for k88ping adequat& accounting records that disclose with reasonable accuracy at any tim& the financial position of the charitab18 company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable step5 for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware.. thero Is no relevant audlt information of which the charitable company's auditor is unaware; and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to 8sl8blish that the auditor is aware of that information. In preparing this report the Trustees have tak8n advantage of the small companies exemption provided by the Companies Act 2006. The POrt was approved by the board on 19th March 2025 and signed on its behalf by ÉtLLoisL ILLaLathtW D Klng Trustee H MacAndrew Secretary
Docusign Envelope ID.. 688C2349-60EF4Q41-81DF-333E573EC418 LANCASHIRE ENVIRONMENTAL FUND LIMITED (BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS FOR YEAR ENDED 31 DECEMBER 2024 Oplnlon Wè have audited the financial stateménts of Lancashire Environmental Fund Limited (the 'charitable company.) for th8 year end8d 31 Decamber 2024 which comprise the Statement of Financial Activities, the Balance Sheet, Ihe Cash Flow Statement and notes to the financial statements, including signifi¢ant accounting policies. The financial reporting framewoth that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Raporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: glve a true and fair view of the slate of th8 charitable company's affalrs as at 31 December 2024, and of its incoming r8sources and application of resources, including Its income and expenditure, for the year then ended., have been property prepared In accordance with Unlted Kingdom Generally Accepted Accountlng Pr8Ctlce', and have been prepared In accordance with the requirements of the Companies Act 2006. Ba51$ for oplnlon We conducted our audit in accordance with International Standards on Auditlng (UK} {ISAs (UK)) and applicable law. Our responsibllities under those standards are further described in the Auditor responsibilities for the audit of the flnancial Statements section of our report. We are independent of the charltable company in accordanc8 Wlth the ethical requirements that are reSevant to our audit of the financial statements in the UK, including the FRC'5 Ethical Standard, and we have fulfilled our other ethical responsibilities in accordanc& with these requirements. We believe thal the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Material uncertainty related to going concern In audlting the financial statements, we have concluded that the trust8es' use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Our responsibilities and the responsibilities of the dir8Ctors with raspect to going concern are described in the relevant sections of this report. We draw attention to Note 1 in the financial statements, which indicates that the income received from Suez will be reducing signrficantly from 1 April 2025 and wlll cease wlth effect from 1 April 2026. The Trustees are currently reviewing options for the charity after this date. These events or conditions indicate thal a material uncertainty exists that may cast significant doubt on the charity's abillty to continue as a going concern. Our opinion is not modified In respect of this matter. Other Informatlon The other information comprises the information included in the trustees annual report, other than tho financial statements and our auditor's report thereon. The trustees are responsibl8 for the other information contained within the annual report. Our opinion on the financial statements does not Cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other Information and, in doing so, consider whether the other informatlon Is materially Inconsistent wlth the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial Statements themselves. If, based on the work we have performed. we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
DUsIgn Envelope ID.. 688C2349-60EF4041-81 DF-333E573EC41B LANCASHIRE ENVIRONMENTAL FUND LIMITED (BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS (CONTINUED) FOR YEAR ENDED 31 DECEMBER 2024 Oplnions on other matters prescrlbed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the trustees, report (incorporating the dir8Ctors' report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and the directors, report has been prepared in accordance with applicable legal requirements. In the light of our knowl8dge and understanding of th8 charitable company and its 8nvironment obtained in the course of the audit. we have not identified material misstatements in the directors. report. Matters on whlch wo arn raquirnd to r8port by exceptlon We have nothing lo port in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, In our opinion: adequate accounting records have not been kept, or retums adequate for our audlt have not been received from branches not vislted by us: or the financlal ststements are not In agreement with the accounting records and retums; or C8rtain disclosures of directors, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit; or the twstees were not entitled to prepare the financial statements in accordance with the small companies. regime and take advantage of the small companies, ex8mption in preparing the directors, report and from the requirement to prepare a strategic report. Rgsponsibllltles of Trustees As explained more fully in the trustees, rasponsibillties statement set out on page 6, the trustees (who are a150 the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for b8ing satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial stat8m8nt5 that are free from material misstatem8nl. whether du8 to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidat8 the charitable company or to cease operations, or have no realistic allemalive but to do so. Auditors responslbllities for the audit of the financial ¥latements Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole a free from matorial misstslement, whether due lo fraud or error, and io issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assuran, but is not a guarantee that an audit conducted in aGGordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or emr and are considered material if, individually or in the aggregate, Ihey could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, a instances of non-compliance with laws and regulations. Vve design procedures in line with our responsibilities, outlined abov8, to detect material misstat8ments in respect of irregularities, including fraud. The specific procedures for this engagem8nt and the extent to which thase are capable of detecting irregularities. including fraud is detailed below- Obtaining an understanding of the legal and regulatory frameworks that the Charity operates in, focusing on those laws and regulations that have had a direct effect on the financial Statements. The key laws and regulations we considered in this context include Charitl8s Act and Entrust regulations. In addition, we consider complianca with employee legislation, as fundamental to the Charity's operations;
Docusign Envelope10- 68BC2349.60EF4041-81 DF-333E573EC418 LANCASHIRE ENVIRONMENTAL FUND LIMITED (BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS (CONTINUED) FOR YEAR ENDED 31 DECEMBER 2024 Discussions with managem8nt, including consideration of known or suspected instanc8s of noncomplianc8 with laws and regulations and fraud., Enquiry of management and those charged with governan around actual and potential litigation and claims., Performing audit work over the risk of management override of controls, including testing of joumal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; Auditing the risk of fraud in revenue, including through the testing of income cut off at the period end and through income transaction testing to provide cijmfort that revenue is completely stated in the financial statements., Reviewing minutes of meetings of th08e charged with governance., and Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. Becaus8 of the inh8r8nt Ilmitations of an audit, there is a risk that we will not det8Ct all irregularitl8s, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as w8 will beless likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, 8s fraud involves intentional concealment, forgery, collusion, omission or misrepres8ntation. A further description of our responsibilities Is avallable on the Flnancial Reporting Council's website at: https.'Ilwww.frc.org.uklOur-WorklAudiVAudil-and-assurancelStandards-and-guidanc81Standards-and-guidance- for-audilorslAuditors-responsibililies-for-audiVDescription-of-auditors-responsibilities-for-audlt.aspx This description form5 part of our auditor's report. Use of our report This report is made solely lo the charitable company's members, as a body. in accordance with Chapler 3 of Part 16 of Ihe Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable Company's members those matters we are required to slate to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone otherthan the charitable company and the charitable company's m8mbers as a body, for our audit work, for Ihis report, or for the opinions we have formed. Nlcola Mason MA(Cantab) FCA DthA Senior Statutory Auditor For and on behalf of MHA, Statutory Auditor Preston, United Kingdom July 7, 2025 MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542).
Docusign Envelope ID.. 68BC2349.60EF4041-81DF-333E573EC418 LANCASHIRE ENVIRONMENTAL FUND LIMITED (BY GUARANTEE) STATEMENT OF FINANCIAL ACTMTIES YEAR ENDED 31 DECEMBER 2024 Designated funds 2024 General funds 2024 Total funds 2024 Total lunds 2023 Noto Income from.. Donations and legacies Investments 1,324,361 73,658 1,324,361 73.658 1,258,513 66, 724 Total Income 1.398,019 1.398,019 1,325.237 Expendlture on". Charitabla activities 1,397,999 1,397,999 1,599,015 Total 8xpendltura 1,397,999 1.397,999 1,599,015 Not movement In funds 20 20 (273, 778) Fund balanco blf at 1 January 2024 150,000 794.062 944,062 1,217.840 Fund balance CM at 31 December 2024 150,000 794,082 944,082 944,062 All income and expenditure derive from continuing activities. The statemant of financial activities includes all gains and losses recognised during the year. -1
Docuslgn Envelope ID: 688C2349-60EF4041-81DF-333E573EC41B LANCASHIRE ENVIRONMENTAL FUND LIMITED (BY GUARANTEE) BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Nots Current assets: Debtors Cash at bank and in hand 48,915 2,350,548 48,456 2,929,127 Total current assets 2,399,463 2,977,583 Llabillttè$: Creditors.. amount falling due within one year 10 (1,455,381) (2,033,521) Net curront assgts 944,082 944.062 Net as$ets1oss current Ilablllties 944,082 944,062 The funds of the charlty: 11 Unr8Stricted'. Gengral Designated 794.082 150,000 794,062 150,000 Totsl funds 944,082 944,062 These financial statements hav8 been prepared in accordance wlth the provislons appllcabl8 to companies subject to the small companies regime. The financial statements were approved and authorlsed for issue by the Board on 19th March 2025 and slgned on Its behalf by: C.. D Klng - Trustee Company Registration Number: 03527370 The notes on pages 13 to page 22 form part of these financial statements.
Docusign Envelope ID: 688C234WJEF4041-81 DF-333E573EC41B LANCASHIRE ENVIRONMENTAL FUND LIMITED (BY GUARANTEE) STATEMENT OF CASH FLOWS YEAR ENDED 31 DECEMBER 2024 2024 2023 Note Cash inflows from operating actlvlties: Net cash provided by/(used In) operatlng actlvltles 12 (652.237) (146,670) Cash flows from Investing activltie8: Int8r8St receivable 73.658 66, 724 Net cash pmvld•d by/(us•d In) Investlng actlvltles 73,658 66, 724 Change In cash and cash equlvalents In tho year Cash and cash equlvalents at 1 January 2024 (578,579) (79,946) 2,929,127 3,009,073 Cash and cash equivalents at 31 December 2024 2,350,548 2.929,127 -12-
Docuslgn Envelope ID: 68BC23494OEF4041-81DF-333E573EC41B LANCASHIRE ENVIRONMENTAL FUND LIMITED (BY GUARANTEE) NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2024 Accounting policies Goneral information and basis of preparation Lancashire Environmental Fund Llmited is a company Ilmited by guarantee and does not have a share capital. The liability of the members is limited and is not to ex¢88d £1 per member. The address of the r8gistered office is giv8n in the charity Information on page 1 of these financial statements. The nature of the charity's operations and principal activities are detailed in the Trusteas Report on pages 2 to 6. The charity conslilutes a public benefit entity as deflned by FRS 102. The financial statements have been prepared in accordance wilh Accounting and Reportlng by Charities: Statemenl of Recommended Practice applicable to charities preparing their accounls in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in Oclober 2019, tha Financial Reporting Standard applScable in the United Kingdom and Republi¢ of Ireland (FRS 1021, the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Pradice. The financial statements are prepared on a golng concem basls under the historical Cost convention, modified to inGlude certain iterns al fair value. The financial statements are presented in sterling which Is the functional currency of the charity and rounded to the nearest £. The significant accounting policies applled in the preparation of these financial statements are s8t out bglow. These policies have been consistently appli8d lo all years presented unless otherwise stat8d. Funds Unrestricted funds ar8 availabl8 for use at the discretion of the truste8s in furth8rance of the general objectives of the charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Income recognltlon Income arlsing from the Landfill Tax Credit Scheme is included In the Statement of Financial Activities (SOFA) en the charity is legally entitled to the Income after any performance condltions have been met, the amount can be measured reliably and It is probable that the incorne will be received. No amount is included in the financial statements forvolunteertirne in Ilne with the SORP (FRS 102). Further detail is given in the Trustees, Annual Report. Investment income is earned through holding assets for Investment purposes such as shares and property. It includes interest received from interest bearing deposil accounts. It is included when th8 amount can be measured reliably. Intergst incomg is recognised using the effective interest method. Expenditure rocognltion All expenditure 15 accounted for on an accruals basis and has b8en classified under headings that aggregate all cosls related to the category. Expenditure is recognised where ther8 15 a legal or constructive obligation to make payments to third parties. il is probab18 that the settlement will be required and the amount of lh8 obligation can be measured reliably. It is categorised under the following heading5.' Expenditure on charitable activities includes grants awarded. Iecoverable VAT is charged as an expense against the activity for Which expenditure arose. -13-
Docusign Envelope ID.. 688C2349-60EF4041-81 DF-333E573EC418 LANCASHIRE ENVIRONMENTAL FUND LIMITED (BY GUARANTEE) NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 DECEMBER 2024 Accounting policies (continuèd) Expenditure recognitlon (continued) Grants payable to third parties are wilhin the charitable objects'ves. Grants are due for payment when the grantee makes an approved claim. Previously grant liabilities were treated as falling due withln one year unless the terms of the grant offer anticipated payment after one year from the balance sheet date and by reviewing the Current status of the project at the year end and when it was anticipated to be completed. Grants ar8 leaSed to the income and expenditure account when: projscts are cancelled by the grant applicants: the original grant application exc8eds the final amount claimed on project completion. Support costs allocation Support costs are thos8 that assist the work of the charity but do not directly represent charitable activtties and include office Costs, governance costs, administrative payroll costs. They are incurred dir8clly in support of expenditure on the objects of the charity. The analysis of these costs is included in note 5. Debtors and crodltors recelvablelpayable wlthln one year Debtors and cr8ditors with no staled interest rate and receivable or payable within one year are recorded at transaction price. Any losses ansing from Impairment are recognised in expenditure. Employee ben8flts When employees have rendered service to the charity, short-t8rm employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that seNlce. Staff costs are recharged to the charity by Lancashire Wildlrfe Trust. Golng concern The financial statements have been prepared on a going concern basis. The Fund relies on monies received from the waste contract beeen Lancashire Counly Council and Suez Recycllng & Recovery (UK) Ltd and the income received from this contract will reduce signlficantly from 151 April 2025 and wlll ceas8 with effect from 1 April 2026. The trustees have considered thi5 when making a5sessm8nt of the18vel of funds held and the expect8d level of income and expenditure for 12 months from authorising these financial statements. Grant awards will reduce in-line with the funds available and the budgeted income and expenditure Is sufficienl with the level of reserves for the charity to be able lo continue as a going concem. The trustees are currently reviewing options for the fijture of the charity from 1st April 2026. There is uncertainty over whether the charity will have the ability to generate future revenue and reduce costs to enable the charity to be viable longer term when the current income stream ends and as such there is potential that the charity could be wound down from 1st April 2026. As a result, Ihe trustees consider there is a material uncertainty over the continued operations of the charity beyond 12 months from authorising these financial stalements. Judgements and key sources of estlmation uncertalnty There have been no significant judgements (apart from those involving estimates) made in the process of preparing the financial statements. There have been no key assumptions concerning the future and other key sources Df estlmation uncertainty at the reporting date that have a significant rlsk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. -14-
Docusign Envelope ID.. 688C2349-60EF4041-81DF-333ES73EC41B LANCASHIRE ENVIRONMENTAL FUND LIMITED (BY GUARANTEE) NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 DECEMBER 2024 Donations and legacies 2024 2023 Landfill tax income 1,324,361 1,258,513 1,324,361 1.258,513 All of the income from donalions and legacles In the current and previous year was unrestricted. Investments 2024 2032 Interest reGaivable from interest bearlng deposlt accounts 73,658 66, 724 All of the income from investments in the current and previous year wa5 unrestrlcted. Charltsble actlvltle8 2024 2023 Grants (note 8) Governance and support costs (note 5) 1,283,568 114,431 1,482,859 116,156 1,397,999 1,599,015 All of the expenditure on charftsble actlvities in the current and prevlous year was unrestricted.
Docusign Envelopè10'. 688C2349-60EF4041.81 DF-333E573EC41 B LANCASHIRE ENVIRONMENTAL FUND LIMITED (BY GUARANTEE) NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 DECEMBER 2024 Govamance and admlnistratlon of the charltable company 2024 Basls of apportlonment Support costs Governanco 2024 Entrust levy Staff costs Publicity Audit fee Stationery Senior mgt charge Office Expenditur8 Other Income Staff time Usage Usage Staff time staff time Staff time Staff lime 40.129 56,357 1,171 40,129 56,357 1,171 6,780 35 5,668 3.876 415 6,780 31 2,834 3,488 2,834 388 415 10,421 104,010 114,431 2023 8asls of apportlonment Support Costs Governanc8 2023 Entrust levy staff Gosts Publicity Audit f98 Stationery Senior mgl charge Office Expenditure Othar Income staff time Usage Usage Staff time Staff lime Staff time Staff time 43.052 57.020 76 43,052 57,020 76 6,042 41 5,668 3,831 426 6,042 37 2,834 3,448 2,834 383 426 9,689 106,467 116.158 The 2024 and 2023 costs were all charged to unrestrlcted g8neral funds. During the yearthe charitable company, which has no 8mployees of its own, subcontracted on812023: one) full-time and two12023'. 0) part-b'me employees from Lancashire Wildlife Trust to work exclusively on the charitable company's affairs. All these employees undertook work relating to the provision of grants. The aggregate payroll costs of three persons were as follows: 2024 2023 Gross salaries Social security costs Pension contributions 51,529 3,666 1,162 52,107 3,598 1.315 56,357 57,020 No employee received emoluments of more than £60.000. -16-
Docusign Envelope ID.. 68BC2349.60EF4041-81 DF-333E573EC41B LANCASHIRE ENVIRONMENTAL FUND LIMITED (BY GUARANTEE) NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 DECEMBER 2024 Audltor's r8muneration 2024. 2023 Auditor's remuneration (net of VAT): For audit services 5,651 5,035 Trustee and key management personnel rnmuneration and expenses The dir8Ctors, who are also trustees. of the charitable company are non-executive, are not remunerated and as such are not regarded as employees. None of the tnjstees r8ceived any reimbursement of any expenses. Indernnity insurance of £96012023: £9951 was purchased during the year, to protect the charity and its trustees from any loss arlsing from the actlons of the trustees. The key managem8nt personnel of the charity comprlse only the fund manager. The totsl cost of key management personnel of the charity lincludlng 8mployerfs pension and National Insuranco contributions) was therefore £32,13912023.' £34,915). Grant8 2024 2023 8alance payable brought forward 1,845,449 1,637,692 Previously awarded grants released New grants awarded In the year Net grant cost in year (note 4) {55,261) 1,338,829 (137,672) 1,620,531 1,283,568 1,482,859 3,129,017 3. 120,551 Grants paid in the year Grants repaid In the year (1,956,133) 1,000 (1,275, 102) Balanco payable carrled forward 1,173,884 1,845,449 Belng: Due within one year (note 10) 1,173,884 1,845,449 Ouring the y8ar the charitable company awarded 60 grants (2023.. 75 grantsl- All grants in the y8ar were awarded to institutions and all were amenity related. An analysis of new commitments (grants awarded) in the year is shown below. Previously awarded grants released relate to grants where the intended recipient no longer meets the criteria for grant award or does not require the full grant award any longer. -17-
Docuslgn Envelope ID.. 688C2349-60EF4041-81 DF-333E573EC41B LANCASHIRE ENVIRONMENTAL FUND LIMITED (BY GUARANTEE) NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 DECEMBER 2024 Grants (contlnued) Grant Awarded Community Facility Improvements Soundskills Heating System. Brookfield Stacksteads Methodist Church Activty Space St Matthews Church, Burnley Hydrogen Ready Boiler Whitewell Bottom Community Centre. Solar panels St Andr8ws Church, Longton Community Hall Refurbishment Billington & Langho Comm Assoc. Outdoor Play & Solar Battery Foulridge Village Hall Therm81 & Safety Improvement Garstang Sports Club facillties Upgrade H8ysh8m Jubilee Institut8, Energy Efficient Windows & Doors The Hub at Banks, Roof Replacement Bodies in Motion Gardèn Zone Community Café Colne citadel. Re Roof, Render & Windows Rufford Village Hall Environmental Upgrade More Music, m0carnbe Essential Repairs HAPPA Improved Pathways, Brierfiald Improved Accessibility for The Grand at Clitheroe Leyland Baptist Church Building Works 1Jl OswaldtWi5tle St Pauls Scout Hul Access Ha51ingden Community Link, Mitch811 Building Boiler Burnley, Pendle & Rossendale Council for Voluntary Service, New Boilers Ribblesdale Wanderers CC, Illuminating Community Pathway Total £11,600 £17,500 £18,000 £16.780 £40,000 £37.230 £18.500 £40,000 £38,800 £38,000 £37,510 £29,800 £20,238 £40,000 £15,422 £21,507 £30,000 £7,725 £5,161 £30,000 £3.650 £517,423 Habltst Creatlon and Management Lancashire Wildlife Trust, Red Rose Peatland Recovery Lancashlre Wlldlife Trust, Freemans Freedom to Graze RSPB Cockshotts Farm Lodge Pond Restoratlon £39,000 £15,813 £4.736 Total £59,549 Green Grants Planting of a Sensory Garden at Happy Mount Park, Morecambe Picnic Bench at Durham Road Play Park Wilpshire Basically Cheer, New Beginnings Bulb & Tree Planting at Hilldale Parish Church Padiham & Fennyfold Allotments, Raised Beds CVPT Access & Stepway Enhancements PCC Longton St Andrews Wil(fflower Garden Stanhill Village Brookside Wildflower Meadow £840 £800 £999 £895 £3,000 £3,000 £3,000 £3.000 £15,534 -18-
Docusign Envelop810-. 68BC2349-60EF4041-81 DF-333E573EC41B LANCASHIRE ENVIRONMENTAL FUND LIMITED (BY GUARANTEE) NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 DECEMBER 2024 Grants (continued) Grant Awarded Parks, Gardens and Open Spaces Claver Hill Community Project, Accessible Nature Trail Lancashire Wildlife Trust, Grow and Eat at The Chai Centre, Burnley Cuerden Valley Park Trust Walled Orchard Update Friends of Conway Park. Access For All Roots to Branches For8St School Weeton Barracks, Force of Nature Grimsargh Wetlands Trust Accass & Safety Improvements Pendle BC Lomeshaye Marsh Access Improvements, Hesketh Bank Marsh Lane Garden Access Improvements Withnell Fold Millenium Green Trust, Making Shed Area Safe Hyndburn Green Spaces Forum, Green Shoots at Gatty park, Accrlngton Penine Oaks Public Footpath Wanlass Waters Colne Cuerd8n Valley Park Trust, Andy Rowett Memorial Garden Pavlllion Community Hub & Café Gardens RSPB Dipping Into Nature, L8ighton Moss Lancashire Wildlife Trust Brews & Views. Mere Sands Wood Ulnes Walton Bridleway associalion, Upgrade Nixon Lane Woods Total £15,000 £21,682 £40,000 £29,920 £39,970 £11,000 £7,000 £9,930 £2,700 £30,000 £29.642 £40,000 £13,265 £24,614 £30.000 £28,000 £372,723 Play Areas and Recreational Facllities Hawthorn8 Park Trust Play area Improvement Friends of Victoria Park Haslingden, Wheeled Sports Improvements Nelson Independent Labour Party Land Society Ltd, Clarion House Playground Ribble Valley Borough Councll, Longridge Pump Track Friends of Winchester Field Wcrfjdland & Park Improvements Fri8nds of Clifton Park Refurb of William Pickles Park Friends of Roods Play Area Improvements Staining Parish Council Community Activity Play Area Friends of Whitaker Park Play Area Improvements WAVE Adventure Public Tralls & Pump Track, Moller Ring Crawshawbooth Friends of Rhyddings P8rk New Play Area Pilling Village Hall, Play Out in Pilling £40.000 £40.000 £20,000 £40,000 £38,000 £38.000 £38.000 £33,000 £30,000 £9,000 £30,000 £17.600 Total £373,600 Overall Total £1,338,829 -1
Docuslgn Envelopg ID.. 68BC234soEF4O4l-8lDF-333£573EC41B LANCASHIRE ENVIRONMENTAL FUND LIMITED (BY GUARANTEE) NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 DECEMBER 2024 Dobtors 2024 2023 Accrued income 48,915 48,456 All accrued income relat8d to unr85trict8d general funds. 10 Credltors: amounts falllng duo wlthin orte year 2024 2023 Grants awarded (note 8) Other credltors Accruals 1,173,884 265,030 16,467 1,845,449 182,024 6,048 1,455,381 2,033,521 During the year ended 31 December 2024 Lancashire County Council paid £nil (2023- £nil) to the fund to cover the cost of third party contributlons necessary to draw landfill tax income to flnance the Green Grant Scheme golng forward. In the event of the Green Grant Scheme ceasing to exist, the monies are to be used specifically to pay third party contributions to draw landfill tax income to be allocat8d to Lancashir8 Environmental Fund's other remaining grant schemes. At the year end an amount of £27,966 (2023: £26,080) was held within other creditors for this purpose, Ouring the year 8nded 31 December 2024 Lancashire County Council paid £80,000 (2023: £80'000) to the fund to cover the cost of third party contributlons necessary to draw landfill tax income to finance the Main Grant and Small Grant Schemes going fotward. At the year end an amount of £220,594 (2023- £140,001) Was held wlthln other creditors. -20-
Docu8ign Envelope ID.. 688C2349-60EF4041-B1 DF-333E573EC41B LANCASHIRE ENVIRONMENTAL FUND LIMITED (BY GUARANTEE) NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 DECEMBER 2024 11 Summary of funds Total unrestrict•d fund General Designated fund Fund Fund balancos at 31 Dacembèr 2024 Representad by.. Currant assets Current liabilities 2,249,463 (1,455,381) 150,000 2,399,463 (1,455.3811 794,082 150,000 944.082 Movements in funds Balance brought forward Net outgolng funds 794,062 20 150,000 944,062 20 Balance carried forward 794,082 150,000 944,082 Totsl General Deslgnated unrestricted fund Fund fund Fund balanc08 at 31 December 2023 Represented by.. Current assets Current Ilabilitles 2,827,583 (2,033, 521) 150,000 2,977,583 (2,033,521) 794,062 150,000 944,062 Movoments In fund8 Balance brought fotward Net incoming funds 1,067,840 (273, 778) 150.000 1,217,840 (273, 778) Balanco carrled forward 794,062 150,000 944.062 The gengral fund relates to surplus funds from landfill tax credit r8ceipt5 not yel paid out as grants. A designated fund of £150,000 has been set up by the Trustees to provide for future transilional expenses in the event that landfill operations cease. -21-
DUsign Envelope ID.. 688c2346OEF4041-8lDF-333Es73EC41B LANCASHIRE ENVIRONMENTAL FUND LIMITED (BY GUARANTEE) NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 DECEMBER 2024 12 ReGonciliation of not ineomel(expanditure) to net cash flow from operating activlti8S 2024 2023 Net incomel(expendtture) for the year Interest receivable (Increaseydecrease in debtors Increas81(decrease) in creditors 20 (273. 778) (73,658) {459) {578.140) (66, 724) (27,3T1) 221, 203 (652,237) (146.670) 13 Related party transaction8 SUEZ Recycljng & Recovery UK Limited {'SUEZ'I is a member of the charitable company with th8 power to appoint one trustee lo the board. A J Hughes is a Director of Suez and a trustee of the charitable company. During the year landfill tax monies payable to the charitable company from SUEZ amounted to £1.324.361 (2023.. £1.258,513). L8ncashire Wildlife Trust ('Lwf') is a member of the charitable company with the power to appolnt one trustee to the board. J Drury was a trustee of LWT until October 2019 and remains a trustee of LEF. During the year LWT provided management. org8nisalional, administrative and sup&Nision services to the charitabl6 company forwhlch £63,289 (2023.. £63,975) was charged in the income and expenditure account. A balance of£114,113 (2023.. £179,207) was due to Lwf at 31 December2024. This comprised outstanding grants of £107,538 (2023.. £172,965) and service charges of £6,575 (2023: £6,242). Grants lotalling £106,495 (2023.. £99,510) were awarded to during the year. Grants of £2,616 12023: £2,617) previously awarded to Lwf have been written back during the year. Lancashire County Council ('LCC') is a rnember of th8 charitable company with the power to appoint one truslee to the board. S Turner was the Chairman of the charitable company and a member of LCC. A balance of £0 {2023: £0} was due to LCC as at 31sl December 2024. Grants tolalling £0 (2023.. £0) were awarded to LCC during the year. Grants of £0 (2023: £285) previously awarded to LCC have been wrltten back during the year. It Is the company policy that trust8es must inform th@ board of their Interests in grant applications at the start of board meetings. The Interested trustee will not participate during Ihe consideration of these applications. In the case of the Chairman having an Interest in an application. the chair Is taken by the Vice- Chairman.
Docuslgn Envelope ID: 68BC2349-60EF4041-81DF-333E573EC41 B LAAJCASHllÉ EAJrflIOAJÉhjT1L FU The Bam. Berkeley Drive, Bamber Bridge, Preston PR5 68Y Tel: 01772 317247 Fax: 01772 628849 general@lancsenvfund.org.uk www.lan&senvfund.org.uk Contributing to a quality and sustainable environment for L8nc8shire MHA Richard House 9 WinCeY Square Preston PR13HP Dear Sirs Flnancial statements for tha year ended 31 December 2024 The following representations are made on the basis ofenquirie5 ofmanagement and staff wlth relevant knowledge and exp8rience such as we consider necessary in connection with your audit of Ihe charitable company's financial statements forthe year ended 31 December 2024. These enqulries have included inspectlon of supporting documentation where appropriate and a sufficient to satisfy ourselves that we can make each of th8 followlng representstions. All representations arg made to th8 best of our knowledge and belief. Genoral We hav8 fulfilled our responsibilitie5 as directors as set out in the terms of your 8ngagem8nt letter, under the Companies Act 2006 and Charities Act 2011 for preparing financial statem8nts in accordance with appliGab18 law and United Kingdom Accounting Standard5 (United Kingdom Generally Accepted Accounting Practice), for being satisfied that they give a true and fair view and for making accurat8 representations lo you. All the transactions undertaken by the charitable company have been properfy reflected and recorded in th8 accounting records. All the accountlng records have been made avallable to you for the purpose of your audit. We have provlded you with unr8Stricted access to all appropriate persons wlthin th8 charltsbl8 company, and with all other r8cords and related information raquested, including minutes of all manag8ment and trustee m88tings and correspondence with The Charity Commission. The financial statements are free of material mlssiatements, Includlng omi5slons. The effects of uncorrected misstatements (as set out in the Audit Findings Report) are immaterSal both indivldually and in total Internal control and fraud We acknowledge OLfjr responsibility for the design, implementation and malntenance of internal control systems to prevent and delecl fraud and error. We have disclosed to you the results of our risk assessment that the financlal stalements may be misststed as a result of fraud. We have disclosed lo you all instances of known or suspected fraud affecting the entity involving management, employees who have a significant role in internal control or others that could have a material effect on the financial statement5. We have also disclosed to you all infomiation in relation to allegations of fraud or suspected fraud affecting the entity's financial statements communicated by current or former employees, analysts, regulators or others. Lancasb.Ire Irity communifyfvlur LWS LOr¥h1reEnwmnrn Fbnd Lid 15 a Iirniithj by GuaTan*e IND 2?370) Re9¢ ¢frfnp8ny Seuetsry." PO BOX 78 County Ho11. Pre51on. PRI 8XJ EnrDlod wth EnLfliStas an EllVir•nrneTrt318ody111SQTII Chaiw Re@tron 1074983.
Oocuslgn Envelope ID.. 68BC2349-60EF4041-81DF-333E573EC41 B Assels and Ilabiliti08 The charitable company has satisfactory tit18 to all assets and there are no liens or encumbrances on the charitable company's assets, except for those thal are disclosed in the notes to th8 financial stataments. All actual liabilities. contingent liabilities and guarantees given to third parties have b88n recorded or disclosed as appropriate. We have no plans or intentions that may materially alter the carrying value and where relevant the fair value measurements or classification of assets and Ilabilities reflected in the financial statements. 10 A¢¢ounting estimates 12 The m8thods, data and significant assumptions used by us in making accounting estimates, and their related disclosures, a appropriate to achi8V8 recognition, measurement and disclosur8 that is reasonable in the context of the applicable financial PortIng framework. Loans and arrangements 13 The charitable cornpany has not granted any advances or credits to, or made guarantees on behalf of, directors other than those disclosed in the financial statements. Legal claims 14 We have disclosed to you all claims In connectlon with litigatlon that have been, or are expected to be, received and such matters, as approprlate, have been property accounted for, and disclosed in, the financial statements. Laws and regulatlons 15 W8 have disclosed to you all known instanc8s of non-compliance or susp8Cted non-compliance with laws and r8gulations whose effects should be considered when pr8paring the financial statem8nts. Related partles 16 Relatad party relatlonships and transactlons have been appropriately accounted for and disclosed in the flnancial statements. We have disclosed to you all relevant information concerning such relationships and transactions and are not aware of any other matters whlch requir8 disclosure in order to comply with legislative and accounting standards requirements. Subsequent •v•nt• 17 All events subs8quent to the date of the financial statements which r8quire adjustment or disclosure have been properly accounted for and disclosed. Going concern 18 We believe that the charitable company's financial statements should be prepared on a going concern basis on the grounds that current and future sources of funding or support will be more than adequate for the charitable company's needs. We also confirm our plans for futu actionlsl required to enable the charitable company to continue as a going concem are feasible. We have considered a period of e1ve months from the date of approval of the financial statements. We believ8 that no furth8r disclosures relating to the charitable company's ability to continue as a going concem need to be made in the financial statements. Grants and donatlons 19 All grants. donations and other income. the receipt of which is subject to specific terms or conditions, have been notified to you. There have been no breaches of terms or conditions in the application of such income. 20 We confirm the following specific representations made to you during the Course of your audit: a We are not awar8 of any reasons why any of the grants awarded but not paid at 31 December 2024 may not be payable.
Docusign Envelope ID.. 688C23494OEF4041-81DF433E573EC41B b There are no additional r81ated party transactions other than those included in note 13 of the accounts. W8 acknowledg8 our legal responsibiliti8s regarding disclosure of information to you as audltors and confirm that so far as we are aware. there is no relevant audit information needed by you in connection with preparing your audit report of which you are unaware. Each director has laken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establlsh that you are aware of that information. Yours faithfully Trust88 On behalf of the board of Trustees Date May 27, 2025