THE GREEN HALL FOUNDATION FINANCIAL STATEMENTS YEAR ENDED 5 APRIL 2024 Charity registered number 270775 FCM LIMITED 2nd Floor, International House 41 The Parade St Heller Jersey, Channel Islands JE2 3QQ THE GREEN HALL FOUNDATION CONTENTS PAGE Legal and administrative information Report of the trustees Report of the independent auditors to the trustees Stalem6nl of financial activities 10 15 statement of financial posilion 16 Notes lo the financial statements 17 THE GREEN HALL FOUNDATION Legal and admlnistrative information Trustees Mrs S M Collinson Mrs M L Hall Mr N Hall Mr P Morgan Mrs C Foot8r Accountants. administrators and correspondence address FCM Limited 2 Floor, International House 41 The Parade Sl Heller Jersey, Channel Islands JE2 3QQ Statutory auditor streets Spenser Wilson {Yorkshire) Ltd Chartered Accountants Equitable House 55 Pellon Lane Halifax West Yorkshire HX15SP Bankers Bulterfield Bank Jersey IFC6. IFC Jersey Sl Heller Jersey, Channel Islands JE4 SPU Discretionary investment managers Odin Investment Management Limited Centenary HaLJse La Grande Route de St Pierre St Peter Jersey, Channel Islands JE3 7AY Investmont custodians. nominees and bankèr5 UBS Wealth Management AG IFC1 Sl Heller Jersey Chanr7el Islands JE2 3BX Charity number 270775 THE GREEN HALL FOUNDATION REPORT OF THE TRUSTEES 5 APRIL 2024 The Trustees present their Report and audited financial slalemenls for the year ended 5 April 2024. The financial statements have been prepared in accordance with the accounting policies as sel out on pages 17 10 19 to comply with the charity's trust deed and applicable law. Governing document The name of the charity is 'The Green Hall Foundation" ("the Foundation"), previously known as Ihe"Constar7ce Green Foundation,. Registered Charity Number 270775. The governing instrument is a Deed of Settlement dated the 8th day of JanLJary 19761"the Trust Deed'l as arnended by an order of the Charity Commissioners dated 14 November 1996. The Foundalion was formally re-named on 7 May 2013. The Foundation's objectives and prtncipal activities are slated in the Trust Deed as.. "The capital assets of th& Foundation are held in Irust at the Trustee's discretion to pay or apply the same or any part or parts thereof lo or for the benefit of such one or more bodies, trusts, associations, institutions or organisation5 recognised as charitable by the laws of England I'the Charities.) as the Trustees shall from time lo lime in their absolute discretion determine and subjecl Iherelo upon trust to pay or apply the income arising therefrom lo or for the benefit of any one or more of the charities as they may in their absolute discretion determine." Recruitmenl, appointment. induction and training of trustèes The Trustees who served throughout the period under review are Mr N Hall. Mr P Morgan, Mrs S M Collinson. Mrs M L Hall and Mrs C Footer. As no original trustees remain on the Board of Trustees the statutory power of appointing new trustees is vested in the conlinuing trustees or trustee for the lime being or the personal represenlalives of the last surviving or continuing Iruslee. New Trustees are given relevant informalion on the Foundation and also on the responsibilities and duties of Iruslees as set out in Charity Commission guidelines. Risk management The Trustees have comprehensively reviewed the risk management of the Foundation and they are satisfied that procedures are in place to minimise any risks posed to the charity. The Trustees consider the variability of investment returns as the charity's major financial risk and re￿nI extreme world markets has demonstrated this risk. This is mitigated by retaining expert investment managers, Odin Inveglmenl Management Limited. By taking into account the outlook for investment returns and co-relating the level of grants made, the Trustees consider this approach will facililale a long term future for the Foundation lo grant awards. The major operational risk is the extent and level of the grant awards. The current process of arefully vetting grant applicants helps the Foundation lo retain focus on the public benefit derived from ils grant funding. THE GREEN HALL FOUNDATION REPORT OF THE TRUSTEES (continued) 5 APRIL 2024 Organisational Structure The Truslees meet at such limes (generally bi-annually} and at such places as they themselves determine lo carry out the objects of the Foundalion as Set out in the Objectives and Activities paragraph of this report. and in accordan￿ with the provisions of the Trust Deed. In particular, they agree the broad strategy and areas of activity for the Foundation, including onsideralions of grant making, investment policy, reserves and risk management policies and performance. The day lo day adminislralion of grants and the processing and handling of applications prior to nd consideration by the trustees is delegated lo the Foundation administrators, FCM Limited, 2 Floor, International House, 41 The Parade. Sl Heller, Jersey, Channel Islands, JE2 3QQ. None of the Trustees re￿1ve any payment for their services. The Foundation's aéministrators, FCM Limited, re￿1ve remuneration for their ServI￿S on a commercial basis. The Trustees regularly review that the cost of these semces is acceptable and in line with comparable industry rates. Related partigs All related parties to the Foundation and transactions with such parties are fully disclosed in the notes to the accounts in accordance with the Statemènt of R8commended Practi￿ Accounting and Reporting by Charities" (Charities SORPI. The Trustees are required to disclose all relevant interests and register them with the Foundation and in accordance with Ihe Trusl's policy withdraw from decisions where a conflict arises. The Trust Deed contains a wide charging clause authorising those trustees being solicitors or other persons in any profession or business to charge in respect of services they provide to the Foundation even if those services could have been provided by a lay trustee. During the year in question none of the Trustees received remuneration and three of the Trustees received reimbursement of their travel, accommodation and subsistence expenses. FCM Limited, a company in which one of the Trustees has a controlling interest, provided adminislralion and accountancy services to the Foundation on a Commercial basis. FCM Limited is a fully regulated Trust Company registered with the Jersey Financial Services Commission under the Financial Services (Jersey) Law 1998. The appointment of FCM Limited is reviewed by the Trustees on a regular basis. Odin Investment Management Limited, a company in which one of the Trustees has a controlling interest, provided investment management services lo the Foundation on a commercial basis. No investments or other assets of the Foundation are held by Odin Investment Management Limited. Odin Investment Management Limited is a regulated investment business company registered with the Jersey Financial Services Commission under the Financial Services (Jersey) Law 1998. The appointment of Odin Investment Management Limited is reviewed by the Trustees on a regular basis. THE GREEN HALL FOUNDATION REPORT OF THE TRUSTEES (continued) 5 APRIL 2024 Objectives and activities The objective of the Green Hall Foundation is lo suslainably improve lives.. among the sick, the elderly, the homeless. the disabled and the disadvantaged particularly In the UK. The funds distributed by the Foundation are broadly equivalent to income generated, in order lo preserve the Foundation's capital and lo ensure a sustainable future. The Trustees seek to distribute approximately £175,000 al each meeting and have approved to meet any shortfall in income from the Foundation's capital, strategy for achieving objectives Funds are dispersed by the Foundation byagreemenl of the Trustees. The Trustees meet generally bi-annually to consider applications, distrtbute funds and lo review the management and performance of the underlying assets of the Foundation. The composition of Trustees is reviewed regularly in order lo secure the Foundation's objective to sustainably provide charitable support. Trustees are appointed for a 3 year term, at the end of which the Trustees are invited to continue as a Trustee for a further 3 year period. Preference is given to appeals that will make a tangible difference to the relevant charity (for example. where the Foundation can meet a significanl proportion of the funding required),. and lo funding that will make a lasting difference (for example, where permanent equipment is needed or building required) as OPPObed lo fundlng that meets the purpose of recurring running costs (for example salaries). No donation by the Trustees exceeds 10 /0 of the total given in a twelve month period. An experienced adminislralor is employed lo collate applications. and lo perfomi due diligence at a level appropriate to a charity of this scale. Criteria or measures to assess success in reporting perlod A systematic record is kept of all correspondence with recipient charities and these are reviewed by the Trustees before each meeting. A number of long term relationships are maintained by ihe Foundation with UK registered charities that have received regular support from the Foundation. Trustees visit these and other charities on an ad hoc basis and are briefed about the impact of the gifts made. The Trustees have the ambition to visit any charities that are recipients of major donations. The Foundation operates in a rnanner designed to preserve the capital value of the underlying assets. Grant making policy Charitable grants are advanced mainly, bul not exclusively, lo national organisations in the fields of social welfare and medicine with special emphasis on the support of young people in need and also both mentally and physically disabled persons. Preference is given to making grants lo assist in funding special projects being undertaken by charities rather than grants to supplement funds an(J salaries used for general purposes. In considering all appeals for major grants the trustees will lake into account, where appropriate, the financial reserves of the applicant charity. THE GREEN HALL FOUNDATION REPORT OF THE TRUSTEES (continued) 5 APRIL 2024 How the significant activilios (tho grant making activities) undertaken in a period contribute to the aims and objectives. All charitable appeals lo the Foundation are assessed in the Gonlext of the objectives agreed by the Trustees. Appeals are considered by the Trustees al their bi-annual meetings when a general consensus is reached as to the charities to support as well as the level of each grant. This ensures that all dislribulions are consistenl with these objectives. The Trustees distribute funds lo more than a hundred charities each year, thereby ensuring there is a suitably broad spectrum of people who benefit from the Foundation's grant making activities. The Trustees review the grant making policy annually lo ensure that it reflects the charity's objectives and that it continues to advance public benefit. The Foundation maintains a website to act as an information source for applicant charities and as a conduit for all applicant charities lo submit their grant requests. FCM Limited administer the grant applications and also provide guidance and assistance lo potential applicant charities. FSnancial review 11) The assets of the Foundation are shown al market value and are held in accordance with the provisions of the Trust Deed. The nel asset value of the Foundation at 5 April 2024 was £10,661,446 (2023 - £9,849,284). The lolal income received before charitable donations and 3UPPOrt costs and governan￿ Gosls for the year ended Jf April 2024 was £487.528 (2023 £391,367). {2) Commitments lo future projects are charged in the year when the offer is conveyed lo the recipient, except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attached are fulfilled. The Foundation's assets are available and adequate to fulfil all such commilmenls. (31 The Trustees confirm that the accounts comply with current stalulory requir8ments, the requirements of the charity's governing document and the requirements of the Statement of Recomrnended Practice 'AcGoLJnling and Reporting by Charities (Charities SORP}. Achievements and porformance {1) In support of its objectives lo sustainably improve the lives of the sick, elderly, homeless and the disadvantaged, particulady in the UK, over the past 25 year period, the Foundation has= Distributed over £10 Million Benefiting in eX￿sS of 1,500 Charities (21 The underlying capital has been protecled and enhanced in order to continue achieving the Foundation's aims. Historically ihe largest three recipients of capital grants have been.. GOSH - £515k lo support the Haemodialysis unit al the Children's Kidney Centre The Christie- £460k lo support the Young Oncology Unit Martin House Hospi￿ - £292k to support the Hospice for Children and Young People The Trustees continue to give an annual donation of between £10,000 and £25.000 to both the Salvation Army and The Connection at Sl Martins in the Field. THE GREEN HALL FOUNDATION REPORT OF THE TRUSTEES (continued) 5 APRIL 2024 (31 Consistent feedback from recipient charities.. by letter. phone, email and through direct meetings demonstrates tho success of the Foundation in meeting ils objectives. (4) At each Trustee meeting there is a discussion of ways in which the Foundation can operate more efficiently and cost effectively. This has, for example, included the development of an inleraclive website that reduces adrninistralion and overhead costs. {51 Regular review of the fund management of the underlying assets has ensured Ihe Foundation's sustainability whilst, over lime increasing the funds available for distribution. (6) During the year to 5 April 2024 the Trustees held Iwo Trustee meetings lo consider charitab16 granls. Grants are always collectively approved by the Trustees al their meetings. Charitable awards from income in the year under review lotalled £314.250 and there were no charitable awards from capital. (71 During the year to 5 April 2024, 263 eligible applications for grants were considered. There were 95 grants approved out of the income of the Foundation. lolalling £314,250, as detailed in the notes to the Financial Slatemenls, (8} Of the total grants figure from income of £314,250 referred lo in note (71 above. 92.4010 lin value) was given to charities operating within the UK and 7.6Q/o lo UK charities undertaking charitable activities outside the UK. (91 The categorisation of the SUC￿$sful applicant charities benefiting from the grants from income and capital was as follows.. Providing support for medical and social care (including terminal carel - 20 /0 The disabled and aged (including mentally and physically disabled) - 31 % The homeless- 9Q/o Children and young persons- 35/0 Church and community projects- 5 % (10) Of the total grants given over 90Q/o were mad8 to assist special projects undertaken by the charities rather than lo provide core funding. Principal funding sources The principal funding sources for the charity are from dividend income and interest received on fixed interest securities and funds from inveslrnenls. The Foundation's investment policy supports the sustainable growth of income generation and capital growth to be able lo continue lo meet the key objectives of the charity. THE GREEN HALL FOUNDATION REPORT OF THE TRUSTEES (continued) 5 APRIL 2024 Statement concerning Public Benefit Under the terms of the Charities Act 2011 the Trustees are required to consider how the Foundation achieves the required legal purpose of being for the benefit of the public. Pursuant to this legal requirement the Charity Commission has issued general guidan￿ on public benefit. The Trustees confirm that they have considered this requirement carefully and that they have referred to the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and obieclives and in planning future activities and setting the grant making policy. The Trustees are of the opinion that, as an exclusively grant making charity, and whose only permissible beneficiaries are 'inslilutions or organisalions recognised as charitable by the laws of England. Ihe Foundation an be assessed as meeting the public benefit requirement. Investment policy Tha Foundation's investment powers are included in the Trust Deed as follows.. 'The Trustees may invest any monies required to be invested herein under in or upon the security of such stocks, funds, shares, securities or other investments whatsoever and where so ever srtuate whether involving liability or not and whether or not authorised by law for the investment of trust monies as the Trustees shall in their absolute discretion think fit la the intent that the Trustees shall have the same powers in all respeols as if they were absolute owners beneficially enlitled. The investment policy of the Trustees is to remain long term investors in ordinary shares quoted on the FTSE 250 index, balanced with a proportion invested in fixed interest stocks. The overall investment strategy of the Trustees is lo seek above average performance through income generation and capital appreciation, whilst maintaining a low to medium risk approach. The short term balance of the portfolio, that is the balance between equities, fixed interest securities and cash, is dictated by prevailing market conditions. The Trustees seek lo distribute annually up lo 50/0 of the value of the Fund, including income, lo qualifying charitable causes. The Trustees have not stipulated specific social, environmenlal or ethical conditions. The overall value of the investments, including capital cash and adjusted for any capital addition and distributions as at 5 April 2024 was £10,456,421 (£10,420,577 + £35,844} compared with £9,718,257 al the end of the previous year. Al the balance sheet date the portfolio was invested in fixed interest stocks121.300/4} UK equities and funds (78.360/0) and cash (0.340kn1. Key matters of relevance are.. The total value of the fund increased in monetary terms by £738,164 in the year to 5 April 2024. Dividend and interest incom8 of the fund was £487,52812023- £391,367). In the review period the performance of the Foundation's portfolio was +5.040/0 as independently calculated by UBS. The ARC Charity Index benchmark for a 'Balan￿d. portfolio was +3.59°/. giving a portfolio variance lo benchmark of +1.45 /0. The Foundation has a larger than average exposure to fixed interest securities. THE GREEN HALL FOUNDATION REPORT OF THE TRUSTEES (continued) 5 APRIL 2024 Reserves policy The whole of the Foundation's capital and income is freely available for its general purposes and can therefore be described as reserves. (as defined by Ihe provisions of the Statement of Recommended Practice "Accounting and Reporting by Charities. (Charities SORPI once the Foundation has met its grant commitments and other planned annual expenditure. 11 is the policy of the Trustees lo seek to maintain and enhance the value of the Foundation's Capital Reserve year on year. By following thi5 policy the Trustees are seeking to protect and steadily increase the income revenues of the Foundation and by doing so protect the long term viability of the Foundation. However, if the Trustees identify a charitable project deserving of a significant grant, the Trustees will consider making a grant OLJI of the capital of the Foundation. Capital Reserves have increased by £709,774 in the year. With regard to the income reserves of the Foundation, it is the legal obligation of the trustees to donate all available income lafler expenses) lo qualifying charitable causes. The income reserves on the balance sheet as at 5 April 2024 so161y represent income awaiting appointment to qualifying charitable causes. There have been no material changes in the policies since the last report. Plans for future periods The Trustees review the objectives of the Foundation and progress made once every iwo years. Any Trustee is entitled to suggest changes lo the objeclives and any amendment will be made by agreement of the majority. Subject lo any changes arising from the aforementioned statement the Foundation will continue the programme of grant making in accordance with existing policies. The Trustees wish to maintain the current objectives for the foreseeable future. Golng Concern The global economy has continued to be beset with a number of challenges, inflation, interest rate rises, shortages in products and staffing. In addition, the conflicts in Ukraine and the Middle East continue lo conlribule lo political uncertainty and have an economic impact on the world economy. The Trustees have reviewed the impact of these factors on the assets of the Foundation and on the ongoing operations of the Charity. The Trustees are of the opinion that the Foundation will remain financially solvent and have the required resilience to weather these unprecedènted economically turnultuous limes. The Trustees conlinue to monitor the impact of the conflicts in Ukraine and IsraellPalesline and overall global economic uncertainly. Face to face Trustee meetings were undertaken for the June 2023 and November 2023 meetings. The Trustees are committed to being proactive in assessing the global economic uncertainly and to implementing any changes the Foundation may need lo make in response to matters of concern. THE GREEN HALL FOUNDATION REPORT OF THE TRUSTEES (continued) 5 APRIL 2024 Responsibilities of the Trustees Law applicable to charities in England and Wales requires the Iruslees lo prepare financial statements for each financial year which give a true and fair view of the charity's financial activities and of its financial position al the end of the year. In preparing those financial statements giving a true and fair view. the Tnjslees should follow best practice and.. select suitable accounting policies and then apply them consislenlly", observe the methods and principles in the Charities SORP- make judgements and estimates that are reasonable and prudent., slate whether applicable accounting standards and statements of recommended practice have been followed subjecl to any departures disclosed and explained in the financial statements., and prepare the financial statements on the going concem basis unless it is inappropriate to presume that the Gharily will continue in business. The Truste8s are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity and which enable them lo ensure that the financial slalements comply with the Charities Act 2011, the Slalement of Recommended Practice Accounting and reporting by Charities" (Charities SORPI and the provisions of the trust deed. The Trustees are responsible for safeguarding the assets of the charity and hen￿ for taking reasonable sl8ps for the prevention and detection of fraud and other irregularities. In so far as the Trustees are aware.. there is r70 relevant audil information of which the Gharily's auditor is unaware. and the Trustees have taken all steps that they ought lo have taken lo make themselves awar& of any relevant audit information and lo establish that the auditor is aware of that information. Auditors A resolution proposing Streets Spenser Wilson (Yorkshire} Ltd lo be re-appointed as auditors of the charity will be put to the Annual General Meeting of the Trustees. This rqport was approved by the Trustees on 29 November 2024 and signed on their behalf by.. Trustee THE GREEN HALL FOUNDATION INDEPENDENT AUDITORS REPORT TO THE TRUSTEES 5 APRIL 2024 Opinlon We have audited the financial statements of The Green Hall Foundation {Ihe 'charily') for the year ended 5 April 2024 which comprise the statement of financial activities. statement of financial position and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statemenls.. give a trLJe and fair view of the slate of the charity's affairs as al 5 April 2024 and of its Incoming resources and application of resources, including its income and expenditure, for the year then ended- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., have been prepared in accordance wilh the requirements of th8 Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) IISAS {UK)l and applicable law. Our responsibilities under those standards are further described in the auditor'5 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 lo our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordan￿ with these requirements. We believe that the audit eviden￿ we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relatlng to going concern In auditing the financial statements, we have concluded that the Trustees, use of the going con￿rn basis of accounting in the preparation of the financial staternenls is appropriate. Based on the work we have perfomied, we have not identified any malerial Un￿rtaInlieS relating to events or conditions that, individually or collectively, may cast significant doubt on the group and parent charity's ability lo continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are desciibed in the relevant sections of this report. 10 THE GREEN HALL FOUNDATION INDEPENDENT AUDITORS REPORT TO THE TRUSTEES (continued) 5 APRIL 2024 Other infomialion The other information comprises the information included in the annual report, other than the financial slalemenls and our auditor's report Ihereon. The trusteès are résponsible for the other information. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is lo read the other information and, in doing so. consider whether the other information is materially inconsistent with the financial slalements or our knowledge obtained in the audit or othe￿Ise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misstatemenls, we are required to determine whether there is a material misstatement in the financial staternenls or a material misstalemenl of the other information. If. based on the work we have performed, we conclude that there is a material misslatemenl of this other information, we are required lo report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception Wè have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Repartsl Regulations 2008 requires us lo report to you if, in our opinion: the information given in the Trustees, report is inconsistent in any material respect with the financial statements- or adequate accounting records have not been kept., or the financial statemen15 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 Trustees, responsibilities slalement (set out on page 91. 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 Truslees determine is necessary lo enable the preparation of financial statements that are free from malenal misstatement, whether due to fraud or error. In preparing the financial slalements, the Iruslees are responsible for assessing the charity's ability to continu8 as a going concern. disclosing, as applicable, mallers related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to ￿ase operations, or have no realistic alternative but to do so. THE GREEN HALL FOUNDATION INDEPENDENT AUDITORS REPORT TO THE TRUSTEES (conlinued) S APRIL 2024 Auditor's responsibilities for the audit of the financial statements We have been appointed as auditors 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 slalemenls as a whole are free from material misslatemenl, 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 delecl a matenal misslatemenl when il 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. The extent lo which our procedures are capable of detecting irregularities, including fraud is detailed below.. Our approach la identifying and assessing the risks of material misstatement in respect of irregularities. including fraud and non-compSiance with laws and regulations, was as follows-. the engagement partner ensured that the engagement team collectively had Ihe appropriate competence, capabilities and skills to identify or recognise non-oomplian with applicable laws and regulations. we identified the laws and regulations applicable to the charity through discussions with directors and other management., we focused on specific laws and regulations which we considered may have a direct material effect orTr the financial statements or the operations of the charitable company., we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting correspondence,. arTrd identified laws and regulations were communicated within the audit team regularly and the team remained alert to Instances of non-compliance throughout the audit. 12 THE GREEN HALL FOUNDATION INDEPENDENT AUDITORS REPORT TO THE TRUSTEES (continued) 5 APRIL 2024 We assessed the susGeptibilily of the chanly's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by.. making enquiries of management as lo where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud, and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we.. performed analytical procedures lo identify any unusual or unexpected relationships., tested journal entries to identify unusual transactions., assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias., and investigated the rationale behind significant or unusual Iransaclions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included. bul were not limited to.. agreeing financial slalem8nl disclosures to underlying supporting documenlalion,. reading the minutes of meetings of those charged with governance., inquiring of management as to actual and potential litigation and claims. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial Iransaclions, the less likely il is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements thal arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate cOn￿alment or collusion. A further description of our responsibilities for the audit of the financial slalemenls is located on the Financial Reporting Council's website al www.frc.org.uklauditorsresponsibililies. This description forms part of our auditor's report. 13- THE GREEN HALL FOUNDATION INDEPENDENT AUDITORS REPORT TO THE TRUSTEES (continued) 5 APRIL 2024 Use of our report This report Is made solely to the charills 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 slate lo the charity's members those matters we are required lo stale lo 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 and the charity's Trustees as a body, for our audit work, for this report. or for the opinions we have formed. Streets Spenser Wilson (Yorkshire) Limited Chartered Accounlanls & Slatulory Auditor Equitable House 55 Pellon Lane Halifax HX15SP 29 November 2024 14- THE GREEN HALL FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES 5 APRIL 2024 Unrestricted Unrestricted income capital 2024 Total 2023 Toial Iyotes INCOME AND ENDOWTrIENTS Ivv¢stJtKnt income 487,528 487.528 391.367 Total Incomt 487,528 487.528 391,367 EXPEYDITURE ON RL7i.1irtgfund5 Inve8tmcrtt management fees 26,540 26,541 53,081 50,596 Ch8ritsbl¢ actLVXtle5 4,5&6 336,765 22,515 359,280 508,338 O¢her Govemance costs 5&7 16,173 16,173 32J46 31.009 I'otal expenditure 379.478 65,229 444,707 589,943 Net in¢ome/lexpeNditllrel 108,050 (65,229) 42,821 (198,5761 Other reeognised gains and losses Rcalised {lossesllgains on investments Unrealised Ilossesl/gdins on investments 111,9621 792,626 {11,9621 {431.3381 792,626 {216.3501 Oihei. guirts / (IcistsLJ) Lxchange gains1{Iobses} (5,6621 {5,661) (11,323) 121,2921 Total recognised gaills 1055es 15,6621 775.003 769,341 (668,9801 L¥et rnovement funds 102,388 709,774 812,162 1867,556) Reconciliatlon of fuRd$ Total funds brought forward 06 April 2023 144.655 9.704,629 9,849,284 10,716,840 Total fund$ earried forTrvard OS April 2024 247,043 10,414,403 10,661.446 9,849,284 There were no oihei recognised gains or losses for 2024 and 2023 other than those Encluded in the Siatemcnt of inancial Activitics. The notes on pages 17 to 28 fomi part of these accounts 15 THE GREEN HALL FOUNDATION STATEMENT OF FINANCIAL POSITION 5 APRIL 2024 Notes 2024 2023 FIXED ASSLTS lrtvcstnjenls at market value 10,420,577 9,346,860 CURRENT ASSETS Cash al b4nklbroker 240,795 512,457 28.022 Debtor5 10 33,280 274,075 540,479 I,IABILI-I'JES Creditors fallirig du¥ witliiIi oue year 33.206 38,055 r*ET CURRF.NT ASSETS 240,869 502,424 TOTAL NET ASSETS 10,661.446 9,849,284 'rEIE li UNDS OF THE CHARITY Unrestricted income funds C.apiial account IU,414,403 9,704,629 Incnmc accouJ2t 247,043 144,655 UNR Tr.'SI'RICTED FUYDS 10,661,446 9,849.284 Appivv y the Board of Trustee5 on 29 November 2024 and sTgned or] 115 behalf by. EL HALI., Trustee 'l-he notes on pag¥s 17 10 28 fomi part ot these accounts 16 THE GREEN HALL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS 5 APRIL 2024 ACCOUN'fiNG POLICIES Basis of preparation The financial statements have becn prepared und¢r the historical cost convention as modified by th¢ inclusion of'invebtrnenls at mark¢t valu¢. The financial statemeiits have been prepared in accordance with the Stal¢m¢nt of Recommended Practicc.. Accounting and Rcporting by Charities preparing their accounts in accordance with the Financ'ial Reporting Standard applicable in the UK and Republic of Ircland (FRS 102) issued in Octob¢r 2019 and the Financial Reporting Stdndard applicable in thc United Kingdom and Rcpublic of Ireland (FRS 102) and the Charities Act 2011. The Foundation constitutes a public benefit entity a8 defined by FRS 102. The Trustees consider that there are no material uncertainties about the Foundation's abiltty to continue as d going concem. Thcre are no SI￿lfICant areas of judgcmcnt or key assumptions that affect it¢tns in the acL()unlb. With respect to the next reporting period. 2024-25, the most sigmificant areas of uncertainty that affect the carrying value of assets held by the Foundation are the level of inve8tment return and thc pcrfonnance of investment markets (see the investment policy seLtion of the Trustee's annu¢il report for more inforniation). Funds 5truclure Unrestricted inwme funds comprise th()se fund5 which the Trustees lire free ti) use for any purpose in furth¢rance of the charitablc aclivilie5. Income recognition All incoming resour¢¢s are recognised once thc Troundalion has cntitl¢ment to the rcsourG¢s, il is certain that the resources will be received and the monctary value of the incoming resoiirc¢s can be measured with sufficient reliability. Inter¢st on funds held on deposit is included when receivable and the amount ¢an be measured reliably by the Lhdrily. this is nonnally upon notitication of the interest paid or payable by the bank. Dividends ar¢ recognised onL¢ the dividend has been declared and nolifiLdti()n has been r¢ceived of thc dividcnd due. This is nornially upon notification by our inv¢stm¢nt advisor of th¢ divtdend yield of the investment portfolio. 17 THE GREEN HALL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS 5 APRIL 2024 ACCOUNTING POLICIES {con¢inued) Expenditure recognition Liabilities are recognis¢d as expenditure as soon as ther¢ is a legal or constructive Dbligalion committing the charity to that ¢xpendilure, it is probable that settl¢Tnenl will be require(l and the amount ot.the obligation can be measured reliably. All expenditure is accounted for on an accruals basis inclusive of VA'I. which cannot be recovered. All expcnscs including support tyosts and governance cost5 are allocated or apportioned lo the applicable expenditure headings. Grants payable are charged in Ibe year when the offer is conveyed to the recipient, except those cases whurc the offer is conditional. such grants bctng recognised as expenditure when the conditions attached arc fulfilled. Allocation of support and governance eosts Supp()rt coqts have been allocat¢d between co.sts of charitable activities and govern[￿Ce cost8. GoVern￿lle co815 comprise all ¢osts involvin8 the public accountability of the Charity and its complianc¢ with reguldti()n and good practice. These costs include 8latutory audit fees expenses r¢lating to trublees, meeting%. The Trustees consider that 800/0 of siipport costs relate to Lharilablc activities. The allocation ot- support and gOv¢m￿ce ¢()sts is analyscd in note 5. Cost of raising funds 'rhe cost of gcncraling funds con51Sts of investmcnt managcment charges. Charitable activities Costs of Lharitable activities include grants made and an apportionment of overhe¢id lind support cust5. Realised and unreali5ed gains and losses All gains and losses are taken to the Sialemenl of Financial Activitics as they arise. R¢alised gains and losses on inve%tments are ealeulated as the differenLe between sales procccds and their opcning carrying value ()r their purchase value if acquired subsequent to thc first day of the financial year. b'nrealised gains and losscs are calculated as the differenct bclwcLn th¥ Idtr value dt Ilie year ¢iid and their carrying value. 18 THE GREEN HALL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS 5 APRIL 2024 ACCOUNTING POLICIES (continued) Fixed asset investments Investm¢nt5 are a forni of b￿lL financial instrument and are initially recognised at their transaction value and subsequently m¢asured al their fair value as at the balan¢¢ sheet date using the closing quoted market price. The statcmcnt of financial activities includes the net gains and l()sses arising on revaluation and disposals throughout thc year. The Foundation does not acquire put options. derivatives or other complex financial instruments. Financial instruments The Foundation holds only basic financial instruments as dcfined in FRS 102. The financial assets and liabilitÉe5 of the Foundation and their measureTnent b