2021-04-30-accounts

REGISTERED CHARITY NUMBER: 1137862

The Lower Green Foundation

Report of the Trustees and

Unaudited Financial Statements for the Year Ended 30 April 2021

The Lower Green Foundation

Contents of the Financial Statements for the year ended 30 April 2021

		Page
Reference and Administrative Details		1
Report of the Trustees	2	to	3
Independent Examiner's Report		4
Statement of Financial Activities		5
Balance Sheet		6
Notes to the Financial Statements	7	to	10

The Lower Green Foundation

Reference and Administrative Details for the year ended 30 April 2021

TRUSTEES SCS Beecham M Sajitz LK Billett PRINCIPAL ADDRESS 28 Eaton Avenue Matrix Office Park Buckshaw Village Chorley PR7 7NA REGISTERED CHARITY 1137862 NUMBER INDEPENDENT EXAMINER McMillan & Co LLP Chartered Accountants 28 Eaton Avenue Matrix Office Park Buckshaw Village Chorley Lancashire PR7 7NA

Page 1

The Lower Green Foundation

Report of the Trustees for the year ended 30 April 2021

The trustees present their report with the financial statements of the charity for the year ended 30 April 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives

The objectives of the Trust are set out in a trust deed dated 28 June 2010. The objectives of the charity is to further such objects or purposes which are exclusively charitable according to the law of England & Wales in any part of the world and in such a manner as the Trustees may in their absolute discretion see fit.

Grants Policy

Requests for grants are put in by organisations and individuals. All requests are considered at the Trustees' meeting where a decision is made on the merit of each application.

FINANCIAL REVIEW

Investments policy and performance

Investments are held in cash. The Trustees are considering ways to ensure maximum returns are earned in line with the level of risk they are willing to take.

Reserves policy

The charity had free reserves of £110,912 (2020: £253,272) at the year end. The level of reserves is held pending disbursement in future accounting years in accordance with the charity's objectives. The Trustees consider that only a small level of free reserves is required to cover the charity's support and governance costs.

Total income in the year amounted to £375,061 (2020: £988,457) and expenditure was £517,421 (2020: £1,237,513), producing net outgoing resources of £142,360 (2020: £249,056). The charity made grants totalling £516,241 (2020: £1,236,303) over the year.

FUTURE PLANS

Although longer-term grant making policy was expected to remain under consideration for some time, generally the Trustees wished to focus the Foundation's work on (i) education for young people, (ii) youth apprenticeship schemes and (iii) medical research.

With unemployment of young people in the United Kingdom at a high level, it is important that they believe they have a future and particularly need opportunities to train in roles which may become available to them. Grant requests from charities that focus on students, and particularly those that provide apprenticeship opportunities, continue to be prioritised.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The Trust was established in June 2010 following a gift of £500,000 from Mr SCS Beecham. The charity is unincorporated.

Recruitment and appointment of new trustees

The charity's Trustees are appointed at Trustee meetings based on recommendations by other Trustees. All new Trustees are provided with information on the responsibility of being a Trustee and appropriate training is made available to new and existing Trustees.

Organisation

The Trustees determine the general policy of the trust.

Public Benefit

The Trustees confirm that they have given due consideration to the Charity Commission's General Guidance on public benefit. These requirements are addressed in this report.

Page 2

The Lower Green Foundation

Report of the Trustees

for the year ended 30 April 2021

STRUCTURE, GOVERNANCE AND MANAGEMENT

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

Approved by order of the board of trustees on 11 February 2022 and signed on its behalf by:

SCS Beecham - Trustee

Page 3

Independent Examiner's Report to the Trustees of The Lower Green Foundation

Independent examiner's report to the trustees of The Lower Green Foundation

I report to the charity trustees on my examination of the accounts of The Lower Green Foundation (the Trust) for the year ended 30 April 2021.

Responsibilities and basis of report

As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').

I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of Institute of Chartered Accountants in England and Wales which is one of the listed bodies.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or

2. the accounts do not accord with those records; or

3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

JFD McMillan FCA Institute of Chartered Accountants in England and Wales McMillan & Co LLP Chartered Accountants

11 February 2022

Page 4

The Lower Green Foundation

Statement of Financial Activities

for the year ended 30 April 2021

2021 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 375,000 Investment income 3 61 Total 375,061 EXPENDITURE ON Charitable activities Grants 516,241 Other 1,180 Total 517,421 NET INCOME/(EXPENDITURE) (142,360) RECONCILIATION OF FUNDS Total funds brought forward 253,272 TOTAL FUNDS CARRIED FORWARD 110,912	2020 Total funds £ 987,500 957 988,457 1,236,303 1,210 1,237,513 (249,056) 502,328 253,272

The notes form part of these financial statements

Page 5

The Lower Green Foundation

Balance Sheet

30 April 2021

		2021	2020
		Unrestricted
		fund	Total funds
	Notes	£	£
CURRENT ASSETS
Cash at bank		111,962	354,322
CREDITORS
Amounts falling due within one year	7	(1,050)	(101,050)
NET CURRENT ASSETS		110,912	253,272
TOTAL ASSETS LESS CURRENT
LIABILITIES		110,912	253,272
NET ASSETS		110,912	253,272
FUNDS	9
Unrestricted funds		110,912	253,272
TOTAL FUNDS		110,912	253,272

The financial statements were approved by the Board of Trustees and authorised for issue on 11 February 2022 and were signed on its behalf by:

SCS Beecham - Trustee

The notes form part of these financial statements

Page 6

The Lower Green Foundation

Notes to the Financial Statements

for the year ended 30 April 2021

1. GENERAL INFORMATION

The charity is a registered charity in England and Wales and is unincorporated. The address of the principal office is c/o 28 Eaton Avenue, Matrix Office Park, Buckshaw Village, Chorley, PR7 7NA.

There are no material uncertanties about the charity's ability to continue.

The presentational currency of the financial statements is the Pound Sterling (£).

The amounts in the financial statements have been rounded to the nearest £1.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Financial instruments

Financial instruments are recognised when the charity becomes party to the contractual provisions of the instrument. Basic financial assets, which include debtors, prepayments and bank balances, are initially measured at transaction price and are subsequently carried at cost unless the arrangement indicates otherwise and then the asset is measured at the present value of the future receipts discounted at a market rate of interest. Basic financial liabilities, which include creditors, accruals, bank loans and group borrowings, are initially recognised at transaction price and are subsequently carried at cost unless the arrangement indicates otherwise and then the liability is measured at the present value of the future obligations discounted at a market rate of interest.

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continued...

The Lower Green Foundation

Notes to the Financial Statements - continued

for the year ended 30 April 2021

3. INVESTMENT INCOME Deposit account interest 4. GRANTS PAYABLE Grants The total grants paid to institutions during the year was as follows: First Give Motivation Pret Foundation The Lullaby Trust The Pelican Trust The Princes Trust ACET UK WE Charity Guy's & St Thomas' Charity Greggs Foundation Dream Childrens Home ALMC Aldridge Foundation Tim Henman Foundation Hawkley Parish Hall Royal Marsden Friends of Lancing Chapel Earthways Foundation	2021 £ 61 2021 £ 516,241 2021 £ - - 300,000 2,000 10,000 25,000 20,000 10,000 50,000 10,100 15,250 6,500 50,000 - - 10,000 - 7,391 516,241	2020 £ 957 2020 £ 1,236,303	2020 £ 957
		2020 £ 25,000 40,000 974,263 - 10,000 25,000 20,000 10,000 50,000 - 15,540 - 50,000 2,500 2,000 10,000 2,000 -
		1,236,303

5. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 30 April 2021 nor for the year ended 30 April 2020.

Trustees' expenses

There were no trustees' expenses paid for the year ended 30 April 2021 nor for the year ended 30 April 2020.

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continued...

The Lower Green Foundation

Notes to the Financial Statements - continued for the year ended 30 April 2021

6. COMMITMENTS

At 30 April 2021, the Trustees have approved the following grants to be paid in future years:

Institution £ Aldridge Foundation (£50,000 per annum over a 5 year period) 100,000 The Princes Trust (£25,000 per annum over a 4 year period) 25,000 125,000 7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2021 2020 £ £ Other creditors 1,050 101,050 8. LOANS An analysis of the maturity of loans is given below: 2021 2020 £ £ Amounts falling due within one year on demand: Other loans - 100,000 9. MOVEMENT IN FUNDS Net movement At 1/5/20 in funds At 30/4/21 £ £ £ Unrestricted funds General fund 253,272 (142,360) 110,912 TOTAL FUNDS 253,272 (142,360) 110,912 Net movement in funds, included in the above are as follows: Incoming Resources Movement resources expended in funds £ £ £ Unrestricted funds General fund 375,061 (517,421) (142,360) TOTAL FUNDS 375,061 (517,421) (142,360)			£
			100,000
			25,000
			125,000

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continued...

The Lower Green Foundation

Notes to the Financial Statements - continued for the year ended 30 April 2021

9. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds General fund TOTAL FUNDS Comparative net movement in funds, included in the above Unrestricted funds General fund TOTAL FUNDS	At 1/5/19 £ 502,328 502,328 are as follows: Incoming resources £ 988,457 988,457	Net movement in funds £ (249,056) (249,056) Resources expended £ (1,237,513) (1,237,513)	At 30/4/20 £ 253,272 253,272 Movement in funds £ (249,056) (249,056)

10. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 30 April 2021 or 30 April 2020.

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