**Registered Charity No: 1188083**
## **The Freddie Green and Family Charitable Foundation**
**Consolidated Financial Statements for the year ended 31 May 2022**
**The Freddie Green and Family Charitable Foundation**
## **Contents**
||**Page**|
|---|---|
|Reference and administrative information|1|
|Trustees’ report|2|
|Independent auditors’ report|6|
|Group statement of financial activities|10|
|Group balance sheet|11|
|Charity balance sheet|12|
|Group cash flow statement|13|
|Notes to the financial statements|14|
**The Freddie Green and Family Charitable Foundation**
## **Reference and administrative information**
|**Founder**|Josephine Mary Green|
|---|---|
||25 December 1944 to 14 June 2021|
|**Trustees**|John Nicol|
||John Goodchild|
||William Edwards|
|**Charity registration number**|1188083|
|**Registered and principal office**|Wolfelands Place|
||High Street|
||Westerham|
||Kent|
||TN16 1RQ|
|**Auditors**|Saffery Champness LLP|
||71 Queen Victoria Street|
||London|
||EC4V 4BE|
|**Bankers**|Lloyds Bank PLC|
||137 N End|
||Croydon|
||CR0 1TN|
||MetroBank|
||Centrale Shopping Centre, Unit 1-2|
||Croydon|
||CR0 1TY|
Page 1
**The Freddie Green and Family Charitable Foundation**
## **Trustees’ report For the year ended 31 May 2022**
The Trustees present their report together with the audited financial statements for the parent charity and its subsidiary undertakings for the year ended 31 May 2022.
The Freddie Green and Family Charitable Foundation was registered as a Charity on 20 February 2020 with the Charity Commission in England and Wales under number 1188083.
## **Structure, governance and management**
## **Background**
The Charity is governed by a Declaration of Trust dated 17 February 2020. The Trustees are responsible for the overall governance of the Charity.
Josephine Green formed this charity following the death of her only son Toby in 2019. She partially completed the transfer of the shares of the Henry Streeter Group into the charity before she died of cancer in 2021. The Henry Streeter Group based on aggregates and commercial property in West and South London was started by her father Freddie Green who ran it from the mid 1950’s until his death in 2000.
## **Trustees**
Trustees are appointed by the existing Trustees for the specific skills and knowledge they can bring to the board. There is no formal training programme for trustees but they are encouraged to attend courses as and when appropriate.
The Trustees who served during the year and to the date of approval of these accounts were as follows:
John Goodchild John Nicol William Edwards (appointed 21 August 2021) Josephine Green (deceased 14 June 2021)
## **Objectives and activities**
## **Objects**
The objects of the Charity are to advance such exclusively charitable objects and purposes (according to the law of England and Wales) in any part of the world as the Trustees may in their discretion from time to time decide.
The Trustees achieve the objects by making grants to other charities either by identifying causes to provide to or in response to specific requests for assistance. Grant funding has been funded by donations from the trading subsidiaries.
## **Achievements and performance**
One of the Trustees’ greatest priorities during the year was to ensure that commercial issues within the Henry Streeter Limited group of companies were addressed. During the year substantial progress was made on this.
As mentioned in last year’s accounts the Trustees’ other major priority was to acquire the minority shareholdings, amount to 20.88% in aggregate, in Henry Streeter Limited so that, taking into Josephine Green’s personal shareholding, which she bequeathed to the Trustees under her will, the Trustees would own 100% of the Henry Streeter Limited group of companies. This was achieved during the year. The
Page 2
**The Freddie Green and Family Charitable Foundation**
## **Trustees’ report (continued) For the year ended 31 May 2022**
Trustees reasonably believe that they acquired those shares on terms favourable to the charity. Contracts were exchanged during the year and completion took place shortly after the year end (23 June 2022).
Given the concentration of effort and funds on the acquisition of the minority shareholdings in Henry Streeter Limited the Trustees continued during 2022 to make grants to other charities that they thought would reflect the priorities of the founder, Josephine Green, and did not implement a formal grant-giving policy during the year.
The Trustees made grants as detailed in note 4 of the accounts.
## **Fundraising**
The Trustees take their responsibility under the Charities (Protection and Social Investment) Act 2016 seriously and have considered the implications on their activities. The charity does not raise funds directly from the public and does not actively solicit donations. Therefore, the Trustees do not consider it necessary to have a formal fundraising policy in place.
The Trustees are not aware of any complaints made in respect of fundraising during the period.
## **Financial review**
## **Review of financial position**
During the year the Charity received £2,771,194 of donations. Of these, £1,569,044 was a one off donation from the trustees of the late Josephine Green’s pension scheme and £1,200,000 consisted of Gift Aid donations from companies in the Henry Streeter Limited group, which have been removed on consolidation of the group accounts with the Charity group accounts. These receipts were used by the Trustees to partly pay the £4,690,956 required to purchase the 20.88% shareholding in Henry Streeter Limited which completed shortly after the year end.
It is not meaningful to compare these donations with the receipts in the previous accounting period since although the accounts for the previous accounting period characterise the latter as income they were essentially receipts of capital assets.
For the Charity group, the net movement in funds amounted to a surplus of £8,632,126 (2021: surplus of £26,179,251. The income included the donation of shares in Henry Streeter Limited as well as donations received by the group from external donors. The Charity made grants totalling £95,000 in the year (2021: £190,000). These movements are detailed in the statement of financial activities on page 10.
## **Reserves**
At present, it is the policy of the Trustees to maintain sufficient income reserves to fund unforeseen expenditure of the Charity for a period not less than twelve months. As the Charity develops, the Trustees will develop a more specific reserves policy appropriate for the needs of the Charity.
## **Risk management**
The Trustees have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks.
The main risks to the Charity are that investments fail to generate sufficient return or that grants are made to unsuitable beneficiaries which are detrimental to the charity's reputation. The Trustees have described elsewhere in this report their role as major shareholder in Henry Streeter Limited and this active
Page 3
**The Freddie Green and Family Charitable Foundation**
## **Trustees’ report (continued) For the year ended 31 May 2022**
involvement mitigates the risk of the investment failing to perform. To date grants have only been made to registered charities and the charity intends to further develop its due diligence processes regarding future beneficiaries.
## **Grant-making policy**
The Charity is a new grant making foundation and given that the Trustees are in the process of developing a grants policy they have decided to adopt a proactive rather than a reactive approach to grant making by seeking out a limited number of causes that they are minded to support rather than inviting applications from charities or responding to unsolicited applications.
The Trustees are assisted by an eminent consultant with long-standing experience in advising grant-giving charities.
## **Public benefit**
In setting its objectives, and planning its activities, the Trustees have given careful consideration to the Charity Commission’s general guidance on public benefit. In so concluding, the Trustees have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to guidance on public benefit published by the Charity Commission.
## **Plans for the future**
The Trustees are still in the process of formulating a grant giving policy and considering the infrastructure that will be required to administer and monitor grants at a significant level. Meanwhile, in memory of the Charity’s founder, Josephine Green, who died during the year, they have been talking to the charity Pancreatic Cancer UK, to see how we might best support research into the early detection of pancreatic cancer.
Page 4
**The Freddie Green and Family Charitable Foundation**
## **Trustees’ report (continued) For the year ended 31 May 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 & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and the group and of the incoming resources and application of resources of the Charity and the group for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP (FRS 102);
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable the Trustees to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations and the provisions of the Declaration of Trust. The Trustees are also responsible for safeguarding the assets of the Charity and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
On behalf of the Trustees
………………………………….
John Nicol
## **Trustee**
…………………………………. Date
Page 5
**The Freddie Green and Family Charitable Foundation**
## **Independent auditors’ report For the year ended 31 May 2022**
## **Opinion**
We have audited the financial statements of The Freddie Green and Family Charitable Foundation (the ‘parent charity’) and its subsidiaries (the ‘group’) for the year ended 31 May 2022 which comprise the group statement of financial activities, the group and charity balance sheets, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, 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:
- give a true and fair view of the state of the affairs of the group and the parent charity as at 31 May 2022 and of the group’s and the parent charity’s incoming resources and application of resources for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **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 group and parent charitable company 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 trustees’ 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 group or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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 information is materially inconsistent with 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
Page 6
**The Freddie Green and Family Charitable Foundation**
## **Independent auditors’ report (continued) For the year ended 31 May 2022**
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**
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:
- the information given in the Trustee’s Annual Report is inconsistent in any material respect with the financial statements; or
- the parent charity has not kept sufficient accounting records; or
- the parent charity’s financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
As explained more fully in the Statement of Trustees’ Responsibilities set out on pages 4 and 5, 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 the 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 group and the parent 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 group or the parent 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 auditors under the Charities Act 2011 and report in accordance with regulations made under that Act.
Our objectives are to obtain reasonable assurance about whether the group and the parent charity 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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.
Identifying and assessing risks related to irregularities:
We assessed the susceptibility of the group and the parent charity’s financial statements to material misstatement and how fraud might occur, including through discussions the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the
Page 7
**The Freddie Green and Family Charitable Foundation**
## **Independent auditors’ report (continued) For the year ended 31 May 2022**
financial statements. We identified laws and regulations that are of significance in the context of the group and the parent charity by discussions with the trustees and updating our understanding of the sectors in which the group and the parent charity operates.
Laws and regulations of direct significance in the context of the group and the parent charity include the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and guidance issued by the Charity Commission for England and Wales.
## Audit response to risks identified:
We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the parent charity’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the parent charity’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.
During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.
There are inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Page 8
**The Freddie Green and Family Charitable Foundation**
## **Independent auditors’ report (continued) For the year ended 31 May 2022**
## **Use of our report**
This report is made solely to the Charity’s Trustee, 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 parent charity’s trustees those matters we are required to state to them in an auditors’ 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 parent charity and the parent charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
**Saffery Champness LLP** Chartered Accountants Statutory Auditors
71 Queen Victoria Street London EC4V 4BE
Saffery Champness LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
Page 9
**The Freddie Green and Family Charitable Foundation**
## **Group statement of financial activities For the year ended 31 May 2022**
|**Notes**
**Income**
Donations
**2**
Income of trading subsidiaries
**6**
**Total income**
**Expenditure**
Charitable activities
**3**
Operating expenditure of trading subsidiaries
**6**
Provision for expenditure within trading
subsidiaries
**6**
**Total expenditure**
Net gains on investments
**10**
**Net income in the year**
Net (loss)/gain on revaluation of property
**9**
Taxation
Gain on removal of non-controlling interest
**Net movements in funds**
**Reconciliation of funds**
Total funds brought forward
**14**
**Total funds carried forward**
**14**
**Allocation of net movement in funds between:**
Owners of the parent
Non-controlling interest|**Total and**
**unrestricted**
**funds**
**Year ended**
**31 May 2022**
**£**
4,177,215
2,379,981
6,557,196
215,050
1,190,291
-
1,405,341
39,068
5,190,923
-
22,051
3,463,254
8,632,126
26,179,251
34,811,377
8,631,748
6,378
8,638,126|**Total and**
**unrestricted**
**funds**
**Period ended**
**31 May 2021**
**£**
28,607,850
1,822,574|
|---|---|---|
|||30,430,424
198,958
1,905,638
1,854,840|
|||3,959,436
128,671|
|||26,599,659
(512,519)
92,111
-|
|||26,179,251
-|
|||26,179,251|
|||27,116,911
(937,660)|
|||26,179,251|
All funds are unrestricted and relate to continuing activities.
The notes on pages 14 to 29 form part of these financial statements.
Page 10
**The Freddie Green and Family Charitable Foundation**
## **Group balance sheet As at 31 May 2022**
|**Notes**
**£**
**Fixed assets**
Intangible fixed assets
Tangible fixed assets
**8**
Investment property
**9**
Investments
**10**
**Current assets**
Stocks
9,150,157
Debtors
**11**
1,083,239
Cash at bank
17,656,606
27,890,002
**Current liabilities**
**Creditors**: Amounts falling due
within one year
**12**
(6,208,684)
**Net current assets**
Provisions
**13**
**Net assets**
**Funds**
Unrestricted fund
Non-controlling interest
**Total funds**
Approved by the trustees and authorised for issue on
………………………………….
John Nicol
**Trustee**|**2022**
**£**
-
1,570,575
14,910,000
910,779
17,391,354
21,681,318
(4,261,295)
34,811,377
34,811,377
-
34,811,377
2023|**£**
9,150,157
3,694,339
12,154,844
24,499,340
(1,191,441)|**2021**
**£**
14,250
1,575,820
14,910,000
871,711|
|---|---|---|---|
||||17,371,781
23,807,899
(4,240,558)|
||||36,939,122|
||||27,116,911
9,822,211
36,939,122|
The notes on pages 14 to 29 form part of these financial statements.
Page 11
## **The Freddie Green and Family Charitable Foundation**
## **Charity balance sheet As at 31 May 2022**
|**Notes**
**£**
**Fixed assets**
Investments
**10**
**Current assets**
Cash at bank
2,709,976
**Current liabilities**
**Creditors**: Amounts falling due
within one year
**12**
(5,238,229)
(5,238,229)
**Net current (liabilities)/assets**
**Net assets**
**Funds**
Unrestricted funds
**Total funds**
Approved by the trustees and authorised for issue on|**2022**
**£**
**£**
**£**
37,339,630
37,339,630
111,452
111,452
(505,250)
(505,250)
(2,528,253)
34,811,377
34,811,377
34,811,377
2023|**2021**
**£**
27,510,709|
|---|---|---|
|||27,510,709
(393,798)|
|||27,116,911|
|||27,116,911
27,116,911|
…………………………………. J Nicol **Trustee**
The notes on pages 14 to 29 form part of these financial statements.
Page 12
## **The Freddie Green and Family Charitable Foundation**
## **Group cash flow statement For the year ended 31 May 2022**
|**Notes**
**Cash provided by / (used in) operating activities**
**15**
**Cash flows from investing activities**
Cash introduced into the group
**Cash provided by investing activities**
**Increase in cash and cash equivalents in the year**
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
**Increase in cash and cash equivalents in the year**
**At 31 May**
**2021**
**£**
Cash
12,154,844|**2022**
**Total**
**funds**
**£**
5,501,762
-
-
5,501,762
12,154,844
17,656,606
5,501,762
**Cash flows**
**£**
5,501,762|**2021**
**Total**
**funds**
**£**
(597,198)
12,752,042|
|---|---|---|
|||12,752,042|
|||12,154,844|
|||-
12,154,844|
|||12,154,844|
|||**At 31 May**
**2022**
**£**
17,656,606|
The notes on pages 14 to 29 form part of these financial statements.
Page 13
**The Freddie Green and Family Charitable Foundation**
## **Notes to the financial statements For the year ended 31 May 2022**
## **1. Accounting policies**
The principal accounting policies adopted, judgements and key sources of estimation in the preparation of the financial statements are as follows:
## **1.1 Basis of preparation**
The financial statements have been prepared in accordance with the second edition of the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Accounting Practice.
The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1[st] April 2005 which has since been withdrawn.
The Charity constitutes a public benefit entity as defined by FRS102.
The financial statements are prepared in sterling, which is the functional currency of the group. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements are drawn up on the historical cost basis of accounting, as modified by the revaluation of investment properties and other investments. The comparative figures are for a period of 15 months as the group had a long accounting period.
## **1.2 Going concern**
After reviewing the group’s forecasts and projections, the trustees have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. The group therefore continues to adopt the going concern basis in preparing the financial statements as outlined in the Statement of trustees’ responsibilities.
## **1.3 Basis of consolidation**
The financial statements present the financial statements by consolidating the results of all companies controlled by the charity on a line by line basis.
Where the charity does not own the entire equity of a subsidiary company a non-controlling interest is disclosed. A separate Statement of Financial Activities has not been presented for the Charity alone, which is consistent with the previous year. During the year the Charity had income of £5,377,215, expenditure of £215,050, and a gain on investment of £2,532,304. The net result for the Charity is a surplus of £7,694,469.
Income and expenditure of subsidiary companies are included in the statement of financial activities from the date at which the charity gains a controlling interest until control ceases. Any companies in which the charity has an interest that is not a controlling interest are accounted for as either associated companies or equity investments dependent on the influence the charity has over the running of the company.
Page 14
**The Freddie Green and Family Charitable Foundation**
## **Notes to the financial statements For the year ended 31 May 2022**
## **1.4 Income**
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be reliably measured.
Donations, legacies, and grants, are accounted for as and when entitlement arises, the amount can be reliably quantified and the economic benefit to the Charity is considered probable. Where the donor or an appeal has imposed trust law restrictions, voluntary income is credited to the relevant restricted fund and incoming endowments are accounted for as permanent trust capital or expendable trust capital, according to whether the donor intends retention is to be permanent or not. Gifts in kind are valued at estimated open market value at the date of gift, in the case of assets for retention or consumption, or at the value to the Charity in the case of donated services or facilities.
Donations of shares are included at the fair value of those shares at the date of gift. Where no open market value exists for shares acquired this value is calculated with reference to the net assets of the relevant company and adjusted for any control the charity obtains.
Investment income from dividends, bank balances and fixed interest securities is accounted for on an accruals basis. Income from investment properties is accounted for in the period to which the rental income relates. Dividend income is accounted for on the basis of when it is received.
## **1.5 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis.
The direct costs incurred in preserving the estate are shown as a charitable activity distinct from that of donation making. Irrecoverable VAT is included with the item of expenditure to which it relates.
Governance costs comprise the costs of complying with constitutional and statutory requirements.
Grants to other charitable entities are included at the point the intention to make the grant is communicated to the beneficiary and any conditions attached to the grant are outside of the control of the Trustees.
Intra-group sales and charges between the Charity and its subsidiaries, and between subsidiaries are excluded from income and expenditure.
Page 15
**The Freddie Green and Family Charitable Foundation**
## **Notes to the financial statements For the year ended 31 May 2022**
## **1.6 Tangible fixed assets**
Expenditure on the acquisition of individual fixed assets costing more than £1,000 is capitalised at cost. In certain circumstances, where the original costs of assets are not ascertainable, a reasonable estimate of the cost, if material, has been used. Other expenditure on items incurred in the normal day-to-day running of the Group and its subsidiary is charged to the SOFA as incurred.
Depreciation is provided to write off the cost of all relevant tangible fixed assets less estimated residual value based on current market prices, in equal instalments over their expected useful economic lives as follows:
Motor vehicles, plant & machinery 3-5 years on a straight-line basis Office equipment 3 years on a straight-line basis Freehold land is not depreciated.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the SOFA.
## **1.7 Investments**
Investment properties are valued as individual investments at their market values as at the balance sheet date. Purchases and sales of investment properties are recognised on exchange of contracts. Listed investments are valued at mid-market value as at the balance sheet date. Unrealised gains and losses arising on the revaluation of investments are credited or charged to the SOFA.
The investment in the subsidiary undertakings are shown at fair value on the charity balance sheet.
## **1.8 Stock**
Stock is included at the lower of cost or net realisable value.
## **1.9 Debtors**
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **1.10 Cash at bank and in hand**
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## **1.11 Creditors and provisions**
Creditors and provisions are recognised where the group 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 normally recognised at their settlement amount after allowing for any trade discounts due.
## **1.12 Financial instruments**
The group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
Page 16
**The Freddie Green and Family Charitable Foundation**
## **Notes to the financial statements For the year ended 31 May 2022**
## **1.13 Fund accounting**
The charitable trust funds of the Charity and its subsidiary are accounted for as unrestricted in accordance with the terms of charity.
## **1.13.1 Unrestricted funds**
Surplus income not distributed during the year is available for both the long term maintenance of the character and qualities of the landed estate and for future charitable distributions. This expenditure is done on the discretion of the trustees in furtherance of the general objectives of the charity.
## **1.14 Key estimates and judgements**
In application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experiences and other factors considered to be relevant. Actual results may differ from these estimates.
At 31 May any key accounting estimates relate to the value of investments and provisions within the subsidiary companies.
## **2. Donations**
|Donation of shares in subsidiaries
Donations|**2022**
**£**
2,606,021
1,571,194
4,177,215|**2021**
**£**
28,402,690
205,160
28,607,850|
|---|---|---|
During the year the Charity accounted for the receipt of a donations of 7.54% of the ordinary share capital of Henry Streeter Limited on 31 May 2022.
As at 31 May 2022, the Charity had contracted to purchase 100% of the ordinary share capital of Henry Streeter Limited and as a result there is no non-controlling interest on the balance sheet of the group at the year end.
## **3. Charitable activities**
|Grants given (note 4)
Support costs (note 5)|**2022**
**£**
95,000
120,050
215,050|**2021**
**£**
190,000
8,958
198,958|
|---|---|---|
Page 17
**The Freddie Green and Family Charitable Foundation**
## **Notes to the financial statements For the year ended 31 May 2022**
|**4.**
**Grants given**
Hospice in the Weald
Mental Health Matters
Samaritans
Mind
Kent Surrey & Sussex Air Ambulance
Young Epilepsy Lingfield
Orpheus
Homeless link
Salvation Army
United Kingdom Sepsis Trust
Mental Health UK
Great Ormond Street Hospital
Gurkha Welfare Trust
Tree of Hope
Village Hall Branscombe
Hope for the Village Child
Holy Trinity Church Crockham Hill
The ME Trust
Gilly’s Gift
Demelza Hospice Care for Children
A.P.P.L.E
Last Chance Animal Rescue
Kenward Trust
Crisis
Sarcoidosis UK
Chiddingstone Nursery
CASPA
Rescue Remedies Dog Rescue
Eikon Charity
Project Wingman
Home Start in Suffolk
Shooting Star Children’s Hospice
E.N.Y.P
BTEG
Cavendish Care Centre
Centre Point
Fareshre Finance, John Wilcock Roller Skater
Lucy's Donkey Foundation
The Cowden Church Fund
Worthing Cat Welfare Trust
Tibet Relief Fund
Project Harar
Bring Back the Smile to Nepal
_No grants were made to individuals._|**2022**
**£**
10,000
10,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
95,000|**2021**
**£**
10,000
5,000
15,000
10,000
10,000
10,000
10,000
10,000
10,000
10,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000|
|---|---|---|
|||190,000|
Page 18
**The Freddie Green and Family Charitable Foundation**
## **Notes to the financial statements For the year ended 31 May 2022**
## **5. Support costs**
|Legal and professional fees
Legal fees
Audit fees (Charity – current year)
Audit fees (Charity – prior year)
Other Professional fees
Bank Charges|**2022**
**£**
93,478
6,000
5,160
15,118
294
120,050|**2021**
**£**
9,180
-
-
-
(222)
8,958|
|---|---|---|
Page 19
**The Freddie Green and Family Charitable Foundation**
## **Notes to the financial statements For the year ended 31 May 2022**
## **6. Income and expenditure of trading subsidiaries**
Trading income represents the trading income of the Henry Streeter Limited group, Harlington Green Limited, Sipson Green Limited and Stanwell Green Limited for the year ended 31 May 2022. The comparative contain income from 23 September 2020 until 31 May 2021.
|Turnover
Cost of Sales
Gross Profit
Administration
Donations
Other income
Ordinary
operating (loss)/
profit
Net interest
Profit/(Loss)
before tax
Turnover
Cost of Sales
Gross Profit
Administration
Other income
Ordinary
operating (loss)/
profit
Provision*
Net interest
Profit/(Loss)
before tax|**Henry**
**Streeter**
**Limited**
**Group**
**Harlington**
**Green**
**Limited**
**Sipson**
**Green**
**Limited**
**Stanwell**
**Green**
**Limited**
**Consolidation**
**adjustments**
**2022**
**£**
**£**
**£**
**£**
**£**
**£**
2,300,898
5,000
4,200
5,000
-
2,315,098
(249,062)
-
-
-
-
(249,062)|
|---|---|
||2,051,836
5,000
4,200
5,000
-
2,066,036
(933,352)
(2,670)
(2,629)
(2,578)
(941,229)
(1,200,000)
1,200,000
-
22,344
-
-
-
-
22,344|
||(59,173)
2,330
1,571
2,422
1,200,000
1,147,150
42,540
-
-
-
-
42,540
(16,633)
2,330
1,571
2,422
1,200,000
1,189,690|
||**Henry**
**Streeter**
**Limited**
**Group**
**Harlington**
**Green**
**Limited**
**Sipson**
**Green**
**Limited**
**Stanwell**
**Green**
**Limited**
**Consolidation**
**adjustments**
**2021**
**£**
**£**
**£**
**£**
**£**
**£**
1,701,008
2,917
2,917
2,450
-
1,709,292
(396,824)
-
-
-
-
(396,824)|
||1,304,184
2,917
2,917
2,450
-
1,312,468
(1,602,046)
(2,248)
(2,248)
(2,272)
100,000
(1,508,814)
99,872
-
-
-
-
99,872|
||(197,990)
669
669
178
100,000
(96,474)
(1,845,840)
(1,854,840)
13,410
-
-
-
-
13,410
(2,039,420)
669
669
178
100,000
(1,937,904)|
*The provision made at 31 May 2021 was to reflect an obligation of one of the subsidiary companies as described in note 13. Whilst the conditions relating to the provision existed prior to the acquisition of the company by the charity it was only possible to quantify the amount with reasonable accuracy at 31 May 2021. The Trustees of the Charity do not therefore consider this to be part of the normal operating expenditure of the companies.
Page 20
**The Freddie Green and Family Charitable Foundation**
## **Notes to the financial statements For the year ended 31 May 2022**
## **7. Staff costs**
|Wages and salaries
Social Security
Pension|**2022**
**£**
258,500
81,413
8,428
347,341|**2021**
**£**
586,264
77,413
4,904
668,581|
|---|---|---|
The average monthly number of employees (based on head count) during the period was 4 (2021 – 5). All employees were employed by the subsidiary companies.
The numbers of employees whose emoluments for the year fell within the following bands were:
|||**2022**|**2021**|
|---|---|---|---|
|||**Number**|**Number**|
|£149,001|- £150,000|1|-|
|£490,001|- £500,000|-|1|
The Charity employed no staff for the period ended 31 May 2022. There are no key management personnel of the Charity. The Trustees undertook active management of the Charity’s affairs for the year ended 31 May 2022.
No remuneration was paid to trustees during the period in their role as Trustees. The trustees received reimbursement of expenses totalling £nil during the period.
Page 21
**The Freddie Green and Family Charitable Foundation**
## **Notes to the financial statements For the year ended 31 May 2022**
## **8. Tangible fixed assets (group only)**
|**Cost or valuation**
At 1 June 2021
Additions
Disposals
**31 May 2022**
**Depreciation**
At 1 June 2021
Charge for year
Disposals
**31 May 2022**
**Net book value**
**31 May 2022**
**31 May 2021**
**9.**
**Investment property (group only)**
At valuation
At 1 June 2021
Additions
Disposals
Revaluation in the year
**31 May 2022**|**Land and**
**buildings**
**£**
4,685,710
-
-
4,685,710
3,129,585
1,000
-
3,130,585
1,555,125
1,556,125|**Group**
**Plant and**
**machinery**
**£**
223,536
-
-|**Total**
**£**
4,909,246
-
-
4,909,246
3,333,426
5,245
-
3,338,671
1,570,575
1,575,820
**2021**
**Group**
**£**
15,422,519
-
-
(512,519)
14,910,000|
|---|---|---|---|
|||223,536
203,841
4,245
-||
|||208,086
15,450
19,695
**2022**
**Group**
**£**
14,910,000
-
-
-
14,910,000||
One investment property with a value of £850,000 is situated in Spain. The remainder of the investment properties are held in the UK.
UK Investment properties were valued on an open market basis on 31 May 2021 by Savills. The Spanish property was valued on an open market basis on by Elysium Properties, Cartegena, Spain at the same date. The directors of the subsidiary companies re-assessed the values of the investment properties as at 31 May 2022 and concluded no adjustments to the open market value were required for the year ended 31 May 2022.
Page 22
**The Freddie Green and Family Charitable Foundation**
## **Notes to the financial statements For the year ended 31 May 2022**
**10. Investments** a) Group Investments
|**Market value**
At 1 June 2021
Additions
Disposals
Net (loss)/gain on revaluation
**31 May 2022**
**Historical cost at end of year**
Investment in subsidiary company at fair value
UK Equities|**2022**
**Group**
**£**
871,711
-
-
39,068
910,779
500,000
910,779
910,779|**2021**
**Group**
**£**
3,331,343
-
(2,588,303)
128,671|
|---|---|---|
|||871,711|
|||500,000|
|||-
871,711|
|||871,711|
All investment assets are held in the UK.
The following investments each constituted over 5 per cent by value of the portfolio as at 31 May 2022:
|2022:|||
|---|---|---|
||**Market value**|**Percent of**|
|||**Portfolio**|
||**£**|**£**|
|**Holding**|||
|Scottish Widows UK All Share Tracker Shareclass|910,779|100%|
Page 23
**The Freddie Green and Family Charitable Foundation**
## **Notes to the financial statements For the year ended 31 May 2022**
**10. Investments (continued)** b) Charity Investments
|**Market value**
At 1 June 2021
Donation of shares
Additions
Disposals
Net (loss)/gain on revaluation
**31 May 2022**
**Historical cost at end of year**|**2022**
**Charity**
**£**
27,510,709
2,606,021
4,690,596
-
2,532,304
37,339,630
31,091,801|**2021**
**Charity**
**£**
-
23,795,184
-
-
3,715,525|
|---|---|---|
|||27,510,709|
|||23,795,184|
As at 31 May 2022 the Charity holds the following investments in its subsidiaries:
- 100% of the ordinary share capital of Henry Streeter Limited (Company Number 00915181 (England and Wales)). Henry Streeter Limited has 6 wholly owned subsidiary companies:
- Henry Streeter (Automotive) Limited – Company Number 00757177
- Henry Streeter (Sand and Ballast) Limited – Company Number 00543481
- Henry Streeter (Transport) Limited – Company Number 00519616
- Henry Streeter (Sunbury) Limited – Company Number 00619291
- Henry Streeter (Finance) Limited – Company Number 01028154
- Henry Streeter Securities International Limited – Company Number 01078352
- 99.95% of the ordinary share capital of Harlington Green Limited (Company Number 04303131), Sipson Green Limited (Company Number 04303155) and Stanwell Green Limited (Company Number 04303140). The remaining 0.05% of the ordinary shares in these three companies are owned by Henry Streeter Limited, meaning that the entirety of the Green companies are owned by the group.
The principal activity of all of the subsidiary companies relates to property development and investment. The aggregate amount of assets and liabilities of each of the companies at the year end is shown below. Companies not listed were dormant in the year.
|Assets
Liabilities
Net Assets|**Henry Streeter**
**Limited Group**
**Harlington**
**Green Limited**
**Sipson Green**
**Limited**
**Stanwell**
**Green Limited**
**£**
**£**
**£**
**£**
38,892,512
2,885,073
1,356,0529
1,004,772
(4,329,899)
(503,435)
(217,188)
(181,228)
34,562,613
2,381,638
1,138,841
823,544|
|---|---|
Page 24
**The Freddie Green and Family Charitable Foundation**
## **Notes to the financial statements For the year ended 31 May 2022**
|**11.**
**Debtors**
Amounts falling due within one year:
Trade debtors
Prepayments
Other debtors
Amounts falling due after one year:
Other debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Amounts falling due after one year:
Other debtors
**12.**
**Creditors: Amounts falling due within one year**
Trade creditors
Tax and social security
Accruals and deferred income
Other creditors
Trade creditors
Tax and social security
Other creditors|**2022**
**Group**
**£**
311,024
42,055
730,160
1,083,239
-
1,083,239
**2021**
**Group**
**£**
289,246
3,267,812
3,557,058
137,281
3,694,339
**2022**
**Group**
**£**
254,754
95,689
16,377
5,841,864
6,208,684
**2021**
**Group**
**£**
190,394
47,901
953,146
1,191,441|**2022**
**Charity**
**£**
-
-|
|---|---|---|
|||-|
|||-
-
**2021**
**Charity**
**£**
-
-|
|||-|
|||-
-
**2022**
**Charity**
**£**
41,632
-
6,000
5,190,597
5,238,229
**2021**
**Charity**
**£**
5,250
-
500,000
505,250|
Page 25
**The Freddie Green and Family Charitable Foundation**
## **Notes to the financial statements For the year ended 31 May 2022**
## **13. Provisions**
|Deferred tax
Reinstatement of land
Gravel land management
Deferred tax
Reinstatement of land
Gravel land management|**2022**
**Group**
**£**
1,406,455
1,000,000
1,854,840
4,261,295
**2021**
**Group**
**£**
1,385,718
1,000,000
1,854,840
4,240,558|**2022**
**Charity**
**£**
-
-
-
-
**2021**
**Charity**
**£**
-
-
-
-|
|---|---|---|
The provision for land re-instatement and land management relates to an obligation on behalf of Henry Streeter (Sand & Ballast) Limited to ensure that, once sand and gravel extraction has been completed, the land is returned to its original condition.
Page 26
**The Freddie Green and Family Charitable Foundation**
## **Notes to the financial statements For the year ended 31 May 2022**
## **14. Related party transactions**
During the year ended 31 May 2022, the Charity received donation of shares of group companies. The donation of shares in Henry Streeter Limited was received from the estate of Jo Green.
The Charity also purchased shares in Henry Streeter Limited from the following connected parties:
- The Trustees of the Grace Margaret Green 1987 Trust; and
- the Trustees of the Frederick John Holt Green 1987 Trust.
The Charity received £1,100,000 (2021: £50,000) from Henry Streeter (Automotive) Limited and £100,000 (2021: £50,000) from Henry Streeter (Sand & Ballast) Limited during year.
The Charity made payments totalling £65,094 (2021: £5,520) to Brecher LLP, Solicitors. John Goodchild, a Charity Trustee, is a partner in the firm. Services were provided on commercial armslength terms.
Henry Streeter (Automotive) Limited made payments totalling £149,027 to Josephine Green in the year ended 31 May 2022 in respect of employment remuneration in that company (2021: £499,331).
Henry Streeter (Automotive) Limited made payments of £171,248 to Sellahezra Limited (Company Number 00924197) (2021: £104,474). John Nicol, a Trustee of the Charity, is one of the directors of this company.
Henry Streeter (Automotive) Limited and Henry Streeter (Sand and Ballast) Limited made payments of £26,515 and £14,825 respectively to McKenzies ATS Limited (Company Number 11410605) (2021: £30,950 and £17,820 respectively). Colin McCoy, sole director of Henry Streeter Limited and its subsidiaries, is one of the two directors of the company. Henry Streeter (Automotive) Limited and Henry Streeter (Sand and Ballast) Limited owed £13,050 and £2,520 respectively to McKenzies Accountancy Limited as at 31 May 2022 (2021: £nil and £nil respectively).
Henry Streeter (Automotive) Limited and Henry Streeter (Sand and Ballast) made payments of £60,605 and £nil to McKenzies Accountancy Limited (Company Number 00906963) (2021: £101,300 and £100,000 respectively). Colin McCoy, sole director of Henry Streeter Limited and its subsidiaries, is one of the two directors of the company. Henry Streeter (Automotive) Limited owed £10,788 to McKenzies Accountancy Limited as at 31 May 2022 (2021: £96,252). In addition at 31 May 2022 McKenzies Accountancy owed £200,000 to Henry Streeter (Sand and Ballast) Limited, repayable within one year.
Colin McCoy, the director of Henry Streeter (Automotive) Limited, received total director remuneration of £20,570 in the year to 31 May 2022 (2021: £25,167).
Page 27
**The Freddie Green and Family Charitable Foundation**
## **Notes to the financial statements For the year ended 31 May 2022**
## **14. Related party transactions (continued)**
Transactions between group companies during the year ended 31 May 2022 are:
||||**Henry**|||
|---|---|---|---|---|---|
|||**Henry**|**Streeter**|||
||**Henry**|**Streeter**|**(Sunbury)**|**Harlington**|**Sipson**|
||**Streeter**|**(Automotive)**|**Limited**|**Green**|**Green**|
||**Limited**|**Limited**||**Limited**|**Limited**|
||**£**|**£**|**£**|**£**|**£**|
|Purchaser:||||||
|Henry Streeter|-|-|-|-|-|
|Henry Streeter||||||
|(Automotive)|5,000|-|224,512|-|-|
|Henry Streeter (Sand||||||
|and Ballast)|50,000|230,000|-|-|-|
|Henry Streeter||||||
|(Sunbury)|-|-|20,000|-|-|
Balances owed between group members as at 31 May 2022 are:
||||**Henry**|||
|---|---|---|---|---|---|
|||**Henry**|**Streeter**|||
||**Henry**|**Streeter**|**(Sand and**|**Harlington**|**Sipson**|
||**Streeter**|**(Automotive)**|**Ballast)**|**Green**|**Green**|
||**Limited**|**Limited**|**Limited**|**Limited**|**Limited**|
||**£**|**£**|**£**|**£**|**£**|
|Owed by:||||||
|Henry Streeter|-|425,033|502,043|-|-|
|Henry Streeter||||||
|(Automotive)|-|-|8,524,917|-|968,702|
|Henry Streeter||||||
|(Transport)|19,546|331,090|103,992|-|-|
|Henry Streeter||||||
|(Sunbury)|-|-|517,406|38,713|-|
|Henry Streeter||||||
|(Finance)|-|-|5,000|69.929|-|
Page 28
**The Freddie Green and Family Charitable Foundation**
## **Notes to the financial statements For the year ended 31 May 2022**
## **15. Reconciliation of net movement in funds to net cash flow from operating activities**
|Net movement in funds
Add depreciation
(Gains)/losses on investments
Loss on disposal of fixed assets
Impairment of fixed asset
Donation of non-cash assets
Non-cash movement on increase in ownership of subsidiary
Decrease in debtors
Increase in creditors
Increase in provisions
(Decrease) in deferred tax|**2022**
**£**
8,632,126
5,245
(39,068)
14,250
-
-
(10,759,871)
2,611,100
5,017,243
-
20,737
5,501,762|**2021**
**£**
26,179,251
9,684
444,780
-
310,031
(30,078,458)
-
26,000
749,076
1,854,840
(92,402)|
|---|---|---|
|||(597,198)|
Page 29