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2022-04-05-accounts

THE SOUTH STREET GREEN ROOM FOUNDATION

TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2022

REGISTERED CHARITY NO: 1120522

THE SOUTH STREET GREEN ROOM FOUNDATION TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

CONTENTS

Page
Reference and administration information 1
Trustees’ report 2 – 6
Independent auditors’ report 7–10
Statement of financial activities 11
Balance sheet 12
Statement of cash flows 13
Notes to the financial statements 14 – 18

THE SOUTH STREET GREEN ROOM FOUNDATION REGISTERED CHARITY NO. 1120522 REFERENCE AND ADMINISTRATION INFORMATION

Trustees

Trust contact and principal office

S L Singh D Fisher S J Cook

S J Cook Morley House 36 Acreman Street Sherborne Dorset DT9 3NX

PROFESSIONAL ADVISORS

Bankers

Auditor

Legal advisors

Barclays Bank Plc Barclays Private Bank One Stanhope Gate London W1K 1AF

Albert Goodman LLP Goodwood House Blackbrook Park Avenue Taunton Somerset TA1 2PX

Fisher Legal LLP Unit 4 Hill Farm Kirby Road Kirby Bedon Norwich Norfolk NR14 7DU

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THE SOUTH STREET GREEN ROOM FOUNDATION TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2022

The Trustees present their report and financial statements for the year ended 5 April 2022.

The reference and administration information set out on page 1 form part of this report.

Constitution

The South Street Green Room Foundation is constituted under a Trust Deed dated 25 July 2007 as amended 28 April 2015. It was registered with the Charity Commission on 9 August 2007, registered charity number 1120522.

Structure, governance and management

New trustees are appointed by Simon Singh during his lifetime and subject thereto the statutory power of appointing trustees shall be exercisable. The minimum number of trustees set out in the Trust Deed is two. The Trustees intend to keep the skill requirements of Trustees under review and to encourage Trustees to attend lectures or seminars with a view to ensuring that Charity Trustees maintain the necessary skills to carry out the valuable work of the Charity. Over the coming years, the Charity’s Trustees will seek to develop an appropriate policy for appointing new and replacement trustees.

The Charity receives grant applications, which are reviewed by the administrator and then forwarded, as appropriate, for consideration by the Trustees. In addition, the Trustees themselves make proposals for grants which are then considered by the other Trustees. The Trustees make the final decision on which grants to make. The Trustees are required to meet at least twice a year and regularly discuss proposals for grants and other administrative matters.

Risks

During the year the Trustees undertook a thorough assessment of the major risks to which the Charity is exposed. Procedures and strategies were implemented to minimise these risks where not already in place. The key risks identified are external and relate to how the financial climate affects charitable giving and the security of the Charity’s assets.

The Trustees continue to mitigate against these risks through regular meetings with external consultants to review the Charity’s activities and strategies. The Trustees also utilise the expertise from external investment and banking advisors in order to safeguard the Charity’s assets and consider alternative options. The Trustees have a policy of seeking external legal advice for matters of a legal nature.

Controls and procedures are regularly reviewed by the Trustees and updated as necessary. This includes protecting against fraud through approval procedures for all payments and receipts and ensuring rigorous controls on bank accounts through appropriate signatory mandates.

Public benefit

The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Charity’s aims and objectives and in planning future activities.

Objectives and activities

The objects of the Charity are to hold the Trust Fund and its income upon trust to apply them for such charitable purposes as the Trustees in their absolute discretion deem fit.

The Charity is a grant-making body and has the widest of charitable objects.

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THE SOUTH STREET GREEN ROOM FOUNDATION TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2022

Achievements and performance

Grants are awarded to individuals and institutions in furtherance of the Charity’s charitable objects and taking due consideration of the Charity Commission published guidance on the operation of Public Benefit requirements. Small and medium-sized grants have been made to UK and Indian based institutions, particularly in the field of health and education. Major beneficiaries were identified by a consultant appointed in 2013. In a number of cases final grant payments have been made to existing beneficiaries and new beneficiaries have been identified. Regular reports are received and discussions are conducted between the Trustees, consultant and recipients to monitor and assess the effectiveness of the grants.

Material Grants to Institutions:

Good Thinking
WIEGO
PAL Network
Give Directly
Last Mile Health
Samaritans
Refuge
Project Echo
Cancer Research
DG Murray Trust
Village Enterprise Grant
GAIN
Disasters Emergency Committee
International Rescue Committee UK
Doctors Without Borders
Innovations for Poverty Action
Numeric
Earthsight
Clean Air Task force
ACRES
Other Institutions
Total Grants to Institutions
Grants to Individuals
Total Grants		 2022
2021
£
£
123,000
160,000
100,000
175,000
-
75,000
100,000
100,000
100,000
151,200
-
20,000
-
20,000
-
100,000
-
20,000
-
100,000
100,000
100,000
40,000
40,000
100,000
75,000
-
25,000
50,000
25,000
50,000
-
50,000
-
50,000
-
100,000
-
100,000
-
1,063,000
1,186,200
-
-
1,063,000
1,186,200
-
-
1,063,000
1,186,200

Good Thinking received a grant to carry out campaigns to promote curious minds and rational thought.

WIEGO is a global network focused on securing livelihoods for the working poor, especially women, in the informal economy by expanding the knowledge base and influencing local, national and international policies.

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THE SOUTH STREET GREEN ROOM FOUNDATION TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2022

Give Directly were awarded a grant to contribute towards a study trialling cash transfers for refugees in a large camp in Uganda.

Last Mile Health were awarded a grant to assist their ongoing work bringing life-saving services to the doorsteps of people in Liberia living over an hour from a hospital or clinic. Additional support was granted to aid with training community health workers to deal with COVID-19.

A grant was awarded to Village Enterprise Grant to expand the ‘graduating from ultra-poverty’ programme in Northern Uganda. Village Enterprise equips people living in extreme poverty in rural Africa to start sustainable businesses and savings groups. Graduates from the programme generate income and savings from their small businesses that improves their standard of living and breaks the cycle of poverty for themselves and their families.

GAIN were awarded a grant to improve the nutrition of vulnerable tea estate workers in Assam through sustainable retail supply chains.

A grant was made to Ukraine Humanitarian Appeal ran by Disasters Emergency Committee in response to the outbreak of war in Ukraine. DEC have provided humanitarian response in Ukraine and neighbouring countries to those people affected by the conflict.

Doctors Without Borders were awarded a grant to provide support to the medical humanitarian response to COVID-19 in more than 70 countries around the world.

Innovations for Poverty Action were awarded a grant to support the NORMalizing Community MaskWearing campaign in India and wider South Asia.

Numeric were awarded a grant to help young South Africans excel in mathematics in low-income areas.

Earthsight were awarded a grant to help fund in-depth investigations to expose environmental and social crime, injustice and the links to global consumption.

Clean Air Task Force were awarded a grant to start work in sub-Saharan Africa, setting the course for abundant clean electricity.

The Centre for Rapid Evidence Synthesis at Makerere University (ACRES) was awarded a grant to complete Regulatory Impact Assessments for proposed government policy reforms.

Plans for the future

The Trustees, with the aid of consultants, have reviewed the Charity’s future grant-making strategy. Major beneficiaries have been identified. An appropriate system for monitoring grants has been put in place.

In May 2022 the Trustees agreed funding agreements with four organisations for £1,900,000, payable over grant periods of either 3 or 5 years. Additionally, two existing grant agreements were amended with a further £200,000 of funding committed over the remaining 2 years of the existing agreements. One off grants totalling £200,000 were also agreed.

Give Directly were awarded a further grant to support their work in Kenya.

Grants were awarded to Lok Swasthya SEWA Trust (LSST) and SEWA Bharat. SEWA, the SelfEmployed Women’s Association in India, helps build and strengthen the leadership of five hundred grassroot level female leaders to provide support and services to informal women workers.

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THE SOUTH STREET GREEN ROOM FOUNDATION TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2022

Muso were awarded a grant to improve the recruitment, training and management of community health workers in Cote d’Ivoire.

Project ECHO were awarded a grant to improve healthcare in Zambia and Karnataka.

Earthsight were awarded a further grant to help fund in-depth investigations to expose environmental and social crime, injustice and the links to global consumption.

IIifa Labantwana were awarded a grant to support their work to secure an equal start for all children living in South Africa, through universal access to quality early childhood development.

Associates for Research in Education and Development (ARED) were awarded a grant to contribute towards the running of a summer school in Senegal for children in early years who missed schooling due to COVID-19.

Financial review

Financial results

The total receipts for the Charity for the year were £1,180,186 (2021: £202,811). £1,083,851 was expended in charitable activities during the year (2021: £1,200,619).

Net incoming resources for the year amounted to £96,335 (2021: outgoing resources of £997,808). In addition, there were unrealised losses on investments of £1,072,906 (2021: unrealised gains £1,784,536).

The net movement in funds for the year amounted to a deficit of £976,571 (2021: surplus of £786,728).

Reserves

At 5 April 2022, the Charity’s reserves totalled £22,828,219 (2021: £23,804,790).

Sufficient cash reserves are maintained to cover all current liabilities and grant commitments for the following eighteen months. Additional reserves exist whilst other future donations are considered.

The existing funding commitments are detailed in the financial commitments note to the accounts. The Trustees recognise that the Charity currently has excess cash reserves and a plan for future donations has been agreed as explained previously in this report.

The Trustees agreed that a rolling three to five year plan will be prepared and maintained going forward in order to determine the funding requirements of the Charity.

Investment powers and policy

The Trustees have wide powers of investment vested in them by the Trust Deed. Investments are held for capital returns and to provide funds for the Charity to further its charitable objectives.

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THE SOUTH STREET GREEN ROOM FOUNDATION TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2022

Statement of Trustees’ responsibilities

The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008, and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

S J Cook Trustee

26[th] January 2023

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INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE SOUTH STREET GREEN ROOM FOUNDATION

Opinion

We have audited the financial statements of The South Street Green Room Foundation (the 'Charity') for the year ended 5 April 2022, which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustee’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity’s ability to continue as a going concern for a period of at least twelve months from the original financial statements were authorised for use.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of the report.

Other information

The other information comprises the information included in the annual report, including the Trustees’ report, other than the financial statements and our auditor’s report thereon. The Trustees are responsible 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.

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INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE SOUTH STREET GREEN ROOM FOUNDATION

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in 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.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Charity and their environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Report.

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees’ Responsibilities (set out on page 6), the Trustees are responsible for the preparation of the financial statements and for being 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 statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Charity'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 liquidate the Charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE SOUTH STREET GREEN ROOM FOUNDATION

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the Charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of noncompliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

Albert Goodman LLP is eligible for appointment as auditor of the Charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

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INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE SOUTH STREET GREEN ROOM FOUNDATION

Use of our report

This report is made solely to the Charity’s Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Trustees those matters we are required to state 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 other than the Charity’s Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Albert Goodman LLP, Statutory Auditor

Goodwood House Blackbrook Park Avenue Taunton TA1 2PX

27[th] January 2023

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THE SOUTH STREET GREEN ROOM FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2022

----- Start of picture text -----
Unrestricted Unrestricted
and Total and Total
Notes Funds 2022 Funds 2021
£ £
Income
Income from investments 180,186 202,811
Dividends receivable 1,000,000 -
Total income 1,180,186 202,811
Expenditure
Charitable activities 2 1,083,851 1,200,619
Total expenditure 1,083,851 1,200,619
Net income/(expenditure) and net movement in
funds before gains and losses on investments 96,335 (997,808)
Gains/(losses) on investment assets:
Unrealised 4 (1,072,906) 1,784,536
Net movement in funds for the year (976,571) 786,728
Reconciliation of funds:
Fund balances at 6 April 2021 23,804,790 23,018,062
Fund balances at 5 April 2022 22,828,219 23,804,790
----- End of picture text -----

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THE SOUTH STREET GREEN ROOM FOUNDATION BALANCE SHEET AS AT 5 APRIL 2022

----- Start of picture text -----
Unrestricted Unrestricted
and Total and Total
Notes Funds 2022 Funds 2021
£ £ £ £
Fixed assets:
Investments 4 13,068,915 14,141,821
Current assets
Debtors 5 9,028,736 9,033,077
Cash at bank and in hand 736,508 631,992
9,765,244 9,665,069
Liabilities
Creditors: Amounts falling due
within one year 6 5,940 2,100
Net current assets 9,759,304 9,662,969
Net assets 22,828,219 23,804,790
The funds of the Charity
Unrestricted funds 22,828,219 23,804,790
22,828,219 23,804,790
----- End of picture text -----

Approved by the board on 26[th] January 2023 and signed on its behalf by:

S J Cook Trustee

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THE SOUTH STREET GREEN ROOM FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2022

----- Start of picture text -----
2022 2021
£ £
Cash flows from operating activities:
Net movements in funds for the year (976,571) 786,728
Unrealised (gains)/losses on investments 1,072,906 (1,784,536)
96,335 (997,808)
Decrease in debtors 4,341 5,957
Increase in creditors 3,840 120
Net cash provided by operating activities: 104,516 (991,731)
Net increase/(decrease) in cash and cash equivalents 104,516 (991,731)
Cash and cash equivalents at the start of the reporting period 631,992 1,623,723
Cash and cash equivalents at the end of the reporting period 736,508 631,992
Cash and cash equivalents reconciliation
Cash at bank 736,508 631,992
Total cash and cash equivalents at the end of the reporting period 736,508 631,992
----- End of picture text -----

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THE SOUTH STREET GREEN ROOM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

1 Accounting policies

Basis of preparation

The financial statements have been prepared under the historical cost convention and in accordance with the Accounting and reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)).

The Charity meets the definition of public benefit under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. The financial statements have been prepared on a going concern basis as there are no material uncertainties about the Charity’s ability to continue operating.

Fund accounting policy

Unrestricted Funds – The funds are held so that they can be used in accordance with the Charity’s objects at the discretion of the Trustees.

Income

Income is recognised in the period in which the Charity is entitled to receipt and the amount can be measured with reasonable certainty.

Donations and any associated income tax reclaimable from H M Revenue & Customs are recognised on a receivable basis.

Expenditure

Resources expended are accounted for in the period in which they are incurred. The irrecoverable element of VAT is included within the item of expense to which it relates.

Where an item of expenditure falls directly within one cost category, it is attributed to that category only. Where expenditure involves more than one category it is apportioned on a reasonable and justifiable basis.

Governance costs comprise all costs involving the public accountability of the Charity and its compliance with regulation and good practice.

Grants payable are payments made to individuals and institutions in furtherance of the Charity’s charitable objectives. Grant awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has fulfilled the conditions.

Investment

Shares are shown in the financial statements at market value based on the latest audited accounts of the investment.

Realised and unrealised gains and losses are included in the statement of financial activities in the year in which they arise. Investment income is credited to income on an accruals basis.

Debtors

Debtors are amounts due to the Charity that are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Charity will not be able to collect all the amounts due.

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THE SOUTH STREET GREEN ROOM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

Cash and bank in hand

Cash at bank and in hand comprise of cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Creditors

Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are recognised at their settlement amount.

Financial instruments

The Charity only holds basic financial instruments as defined in FRS102. The financial assets and financial liabilities of the Charity and their measurement basis are as follows:

Financial assets – trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Cash at bank is classified as a basic financial instrument and is measured at face value. Loans advanced on market terms are basic financial instruments and are measured at the amount of principal advanced. Investments in ordinary shares are classified as basic financial instruments and are measured at fair value. Prepayments are not financial instruments.

Financial liabilities – trade creditors and accruals are financial instruments and are measured at amortised cost. Deferred income is not deemed to be a financial liability as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.

2 Charitable activities
Charitable Grants
Direct costs
Grants payable (Detailed in the Trustees' Annual Report)
Professional fees
Sundry expenses
Support costs
Governance costs (see below)
Governance costs
Independent examiners' remuneration - independent examination
Auditors' remuneration		 2022
£
1,063,000
14,700
211
5,940
1,083,851
-
5,940
5,940		 2021
£
1,186,200
12,100
219
2,100
1,200,619
2,100
-
2,100

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THE SOUTH STREET GREEN ROOM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

3 Staff costs and Trustees’ emoluments

There were no employees during the year (2021: None).

None of the Trustees received remuneration for their work as trustees or were reimbursed any expenses by the Charity (2021: None).

4 Investments

----- Start of picture text -----
2022 2021
£ £
Market value brought forward 14,141,821 12,357,285
Unrealised gains/(losses) (1,072,906) 1,784,536
Market value carried forward 13,068,915 14,141,821
Book cost carried forward 10,926,472 10,926,472
----- End of picture text -----

Investments are 53.5% holding in Lesing Four Limited (53,430/99,874 Ordinary shares) and 50% holding in Lesing Five Limited (3/6 Ordinary shares) detailed as follows.

.

Lesing Four Limited

2022
£		 2021
£
Market value brought forward 11,435,557 10,471,349
Unrealised gains/(losses)
Market value carried forward
Book cost carried forward		 (288,432)
11,147,125
10,424,272		 964,208
11,435,557
10,424,272
Lesing Five Limited
2022
£		 2021
£
Market value brought forward 2,706,264 1,885,936
Unrealised gains/(losses)
Market value carried forward
Book cost carried forward		 (784,474)
1,921,790
502,200		 820,328
2,706,264
502,200

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THE SOUTH STREET GREEN ROOM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

5 Debtors

----- Start of picture text -----
2022 2021
£ £
Loan 8,977,255 8,977,255
Prepayments 4,750 3,250
Accrued Income 46,731 52,572
9,028,736 9,033,077
----- End of picture text -----

The loan to Lesing Five Limited, a company in which the Trustees hold a 50% interest, was assigned to the Trustees on 20 June 2013. It is unsecured with no fixed term of repayment. Interest is charged at the official rate of Interest for the purposes of section 181 of the Income Tax (Earnings and Pensions) Act 2003 and is payable half-yearly in arrears. The loan will only be repaid with the agreement of S Singh 2001 (Offshore) Life Interest Settlement as joint owners of Lesing Five Limited.

6 Creditors – amounts due in less than one year

----- Start of picture text -----
2022 2021
£ £
Accruals 5,940 2,100
5,940 2,100
----- End of picture text -----

7 Financial commitments

During the year ended 5 April 2020 funding agreements were agreed with three organisations for £500,000 each, payable over five years. In the year ended 5 April 2021, an agreement for £500,000 payable over five years was agreed. A further agreement of £120,000 payable over three years was also agreed. In the year ended 5 April 2022 funding agreements were agreed with two organisations for £500,000 each, payable over five years. The total commitments at 5 April 2022 are set out below:

Agreements payable:
In one year
In two to five years		 2022
£
640,000
1,125,000
1,765,000		 2021
£
440,000
965,000
1,405,000

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THE SOUTH STREET GREEN ROOM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

8 Related party transactions

At the commencement of the financial period, the Trustees controlled Lesing Four Limited (company number 31026), holding 53.5% of the issued share capital. Details of the investment value are shown in note 4 to the accounts. Neither the Trustees nor the beneficiaries of the Trust are considered to be the ultimate controlling party of the company as neither party has the ability to direct the financial and operating policies of the company and the ability to benefit from their direction.

On 20 June 2013 the Charity received a one-off donation of 50% of the share capital of Lesing Five Limited (company number 32124), together with the benefit of a £10,000,000 loan to Lesing Five Limited. During the year Lesing Five Limited repaid £Nil (2021: £Nil) of this loan and the remaining balance owed to the Charity is £8,977,255. The loan is provided to Lesing Five Limited as long-term finance. It is unsecured and has no fixed date of repayment. Interest is charged at the official HMRC rate. Interest was charged at 2% for the year ended 5 April 2022 and at 2.25% for the year ended 5 April 2021. This resulted in interest income of £180,186 (2021: £201,988) during the year. Interest is being charged at 2% per annum from 6 April 2022 onwards. Neither the Trustees nor the beneficiaries of the Trust are considered to be the ultimate controlling party of the company as neither party has the ability to direct the financial and operating policies of the company and the ability to benefit from their direction.

The Charity has no controlling influence over either Lesing Four Limited or Lesing Five Limited; hence there is no requirement to consolidate these financial statements.

During the year, the Charity received dividends totalling £1,000,000 (2021: £Nil) from Lesing Five Limited.

During the year, the Charity made grants totalling £123,000 (2021: £160,000) to Good Thinking, a registered charity (number 1147404), which has common trustees.

9 Financial instruments

Categorisation of financial instruments
Financial assets that are debt instruments measured at amortised
cost
Financial assets measured at fair value through the statement of
financial activities
Financial liabilities that are at amortised cost		 2022
£
9,760,494
13,068,915
22,829,409
5,940
5,940		 2021
£
9,661,819
14,141,821
23,803,640
2,100
2,100

Total interest income for financial assets not measured at fair value through the statement of financial activities is £180,186 (2021: £202,811). Total dividend income for financial assets measured at fair value through the statement of financial activities is £1,000,000 (2021: £Nil).

The total losses on financial assets measured at fair value through the statement of financial activities were £1,072,906 (2021: Gain of £1,784,536). These values are also the total income, gains and losses from financial assets and liabilities during the year. There have been no expenses with financial instruments during the year (2021: £Nil).

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