REGISTERED CHARITY NUMBER: 1137862
The Lower Green Foundation
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 30 April 2024
The Lower Green Foundation
Contents of the Financial Statements for the year ended 30 April 2024
| 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 2024
| 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 2024
The trustees present their report with the financial statements of the charity for the year ended 30 April 2024. 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 £38,462 (2023: £17,367) 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 £251,107 (2023: £218,934) and expenditure was £230,012 (2023: £212,338), producing net incoming resources of £21,095 (2023 incoming: £6,596). The charity made grants totalling £228,692 (2023: £211,048) 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 2024
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 29 January 2025 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 2024.
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 member of the 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:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
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
McMillan & Co LLP Chartered Accountants
29 January 2025
Page 4
The Lower Green Foundation
Statement of Financial Activities
for the year ended 30 April 2024
| 2024 | 2023 | ||
|---|---|---|---|
| Unrestricted | |||
| fund | Total funds | ||
| Notes | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||
| Donations and legacies | 250,000 | 218,750 | |
| Investment income | 3 | 1,107 | 184 |
| Total | 251,107 | 218,934 | |
| EXPENDITURE ON | |||
| Charitable activities | |||
| Grants | 228,692 | 211,048 | |
| Other | 1,320 | 1,290 | |
| Total | 230,012 | 212,338 | |
| NET INCOME | 21,095 | 6,596 | |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 17,367 | 10,771 | |
| TOTAL FUNDS CARRIED FORWARD | 38,462 | 17,367 | |
The notes form part of these financial statements
Page 5
The Lower Green Foundation
Balance Sheet
30 April 2024
| 2024 | 2023 | ||
|---|---|---|---|
| Unrestricted | |||
| fund | Total funds | ||
| Notes | £ | £ | |
| CURRENT ASSETS | |||
| Cash at bank | 39,686 | 18,597 | |
| CREDITORS | |||
| Amounts falling due within one year | 6 | (1,224) | (1,230) |
| NET CURRENT ASSETS | 38,462 | 17,367 | |
| TOTAL ASSETS LESS CURRENT | |||
| LIABILITIES | 38,462 | 17,367 | |
| NET ASSETS | 38,462 | 17,367 | |
| FUNDS | 7 | ||
| Unrestricted funds | 38,462 | 17,367 | |
| TOTAL FUNDS | 38,462 | 17,367 | |
The financial statements were approved by the Board of Trustees and authorised for issue on 29 January 2025 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 2024
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.
Page 7
continued...
The Lower Green Foundation
Notes to the Financial Statements - continued for the year ended 30 April 2024
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 The Lullaby Trust The Pelican Trust The Princes Trust ACET UK WE Charity Greggs Foundation Plaster House Dream Childrens Home ALMC Aldridge Foundation Tim Henman Foundation Royal Marsden Lumos Foundation My Name's Doddie Veteran Support Centre Afrinspire Elephant Havens Banaba Letsatsi Trust Liss Youth Centre Tea Leaf Trust Food Bank |
2024 £ 1,107 2024 £ 228,692 2024 £ 64,270 20,000 2,000 10,000 25,000 20,000 - 3,360 11,500 14,000 20 - 2,000 20,000 - - - 10,000 2,018 8,024 15,000 1,000 500 228,692 |
2023 £ 184 2023 £ 211,048 2023 £ 50,000 - - 10,000 25,000 10,000 20,000 9,000 - 6,524 6,524 50,000 - 20,000 2,000 1,000 1,000 - - - - - - 211,048 |
|---|---|---|
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 April 2024 nor for the year ended 30 April 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 April 2024 nor for the year ended 30 April 2023.
Page 8
continued...
The Lower Green Foundation
Notes to the Financial Statements - continued
for the year ended 30 April 2024
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN | ONE YEAR | |||
|---|---|---|---|---|---|
| 2024 | 2023 | ||||
| £ | £ | ||||
| Other creditors | 1,224 | 1,230 | |||
| 7. | MOVEMENT IN FUNDS | ||||
| Unrestricted funds | At 1/5/23 £ |
Net movement in funds £ |
At 30/4/24 £ |
||
| General fund | 17,367 | 21,095 | 38,462 | ||
| TOTAL FUNDS | 17,367 | 21,095 | 38,462 | ||
| Net movement in funds, included in the above are as follows: | |||||
| Unrestricted funds | Incoming resources £ |
Resources expended £ |
Movement in funds £ |
||
| General fund | 251,107 | (230,012) | 21,095 | ||
| TOTAL FUNDS | 251,107 | (230,012) | 21,095 | ||
| Comparatives for movement in funds | |||||
| Unrestricted funds | At 1/5/22 £ |
Net movement in funds £ |
At 30/4/23 £ |
||
| General fund | 10,771 | 6,596 | 17,367 | ||
| TOTAL FUNDS | 10,771 | 6,596 | 17,367 | ||
| Comparative net movement in funds, included in the above are as follows: | |||||
| Unrestricted funds | Incoming resources £ |
Resources expended £ |
Movement in funds £ |
||
| General fund | 218,934 | (212,338) | 6,596 | ||
| TOTAL FUNDS | 218,934 | (212,338) | 6,596 |
Page 9
continued...
The Lower Green Foundation
Notes to the Financial Statements - continued
for the year ended 30 April 2024
8. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 30 April 2023 or 30 April 2022.
Page 10