Charity Number SC043185
Company Number SC416401
GREENSHOOTS FOUNDATION TRUST LIMITED
Directors Report and Financial Statements
For the Year Ended 31 December 2021
GREENSHOOTS FOUNDATION TRUST LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
_________________________________________________________________________
Contents
Page
Report of the Trustees
1 – 12
Independent Auditor's Report
13 – 15
Statement of Financial Activities
16
Balance Sheet
17
Notes Forming Part of the Accounts
18 – 22
GREENSHOOTS FOUNDATION TRUST LIMITED
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2021
___________________________________________________________________________
The trustees present their annual report and financial statements for the year ended 31 December 2021.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)”.
Objectives and Activities
Greenshoots was established by FMC Technologies (now TechnipFMC) to collect funds from flights taken through internal budgets and to distribute the money to projects that can demonstrate carbon and community benefits. Initially this was done as an internal project but in 2012 Greenshoots was established as an independent charity to enable greater transparency and multiple donors, in particular TechnipFMC customers who wish to donate money to mitigate the carbon footprint of the products they buy. The charity was registered on 7th June 2012.
The company has committed to funding the charity during 2021 and funding will be reviewed on an annual basis.
2. Structure, Governance and Management
2.1 Structure
Greenshoots was established as a company limited by Guarantee, which in turn was registered as a charity in 2012.
The structure of the Company consists of:-
The Members - who have the right to attend the annual general meeting (and any extraordinary general meeting) and have important powers under the articles of association and the Act; in particular, the members elect people to serve as directors and take decisions in relation to changes to the Articles themselves.
The Directors - who hold regular meetings during the period between annual general meetings, and generally control and supervise the activities of the Company; in particular, the directors are responsible for monitoring the financial position of the Company.
The Funding Committee – who hold meetings to assess applications for funding from charities and social enterprises and submit recommendations to the Directors.
It should be noted that the relatively small size of the charity at present means that the Board of Directors cover all three functions but as the charity grows with more members and more projects, the governance structure described above will be implemented.
1
GREENSHOOTS FOUNDATION TRUST LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
_____________________________________________________________________________
2.2 Governance
The fund is governed by a Board of Directors in accordance with the Articles of Association. The board of directors comprising four people, a maximum of two of which are TechnipFMC employees. Organisations who donate to the Fund are able to nominate Members, who will elect Directors at each annual general meeting. Directors are all volunteers and receive no remuneration.
The Board of Directors is responsible for:
The governance of the fund in accordance with relevant legislation.
Approving the business plan and annual updates.
Approving the accounts.
Selection of projects for funding through donations.
When appropriate, proposing changes to the price of carbon and embodied energy assumptions related to the fund to TechnipFMC.
2.3 Management
The resource for day to day management of the fund is provided as a contribution in kind by FMC Technologies. The Board of Trustees aided by the Charity Secretary are responsible for:
Collecting revenue
Evaluation of potential projects
Distribution of funds
Performance management of projects
Management accounting (with support from TechnipFMC Finance department)
2.4 Recruitment and Appointment of Directors
The maximum number of directors shall be 4.
A person shall not be eligible for appointment as a director unless he/she is a member of the Company.
The process of election and re-election of Directors is detailed below:
At each annual general meeting, the members may nominate any member (providing he/she is willing to act) to be a director.
The directors may at any time appoint any member (providing he/she is willing to act) to be a director.
At each annual general meeting, all of the directors shall retire from office - but shall then be eligible for re-election.
This is described in more detail within the Articles of Association.
Nigel Holmes
(Appointed 07/02/2012/ Re-appointed 20/09/2021)
Michael Waterston
(Appointed 24/04/2017 / Re-appointed 20/09/2021)
Shaun McCarthy
Lisa Smith
(Appointed 07/02/2012/ Re-appointed 20/09/2021)
(Appointed 20/09/2021)
2
GREENSHOOTS FOUNDATION TRUST LIMITED
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2021
___________________________________________________________________________
2.5 Trustee Induction and Training
Trustees (Directors) have been given advice by the fund's accountants and have been provided with a copy of the Trustee's Handbook. Trustee training was carried out in 2014 and refreshed in 2018.
3. Risk Management
Each project that is funded by Greenshoots will undergo a risk evaluation. This is based on a standard template and considered by the Board of Directors prior to funding any project.
Greenshoots has an overall risk register, which is detailed below. This is reviewed quarterly at boards meetings as a standard agenda item.
Risk Register
3
GREENSHOOTS FOUNDATION TRUST LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
_____________________________________________________________________________
4. Objectives and Activities
The charitable objectives of Greenshoots are as follows:
Primary objective
The advancement of environmental protection and improvement by donating funds to charities or registered social enterprises with well managed community carbon reduction projects to deliver demonstrable carbon savings.
Secondary objectives
To contribute to the prevention and relief of poverty for local communities by targeting projects that help to reduce fuel poverty.
To advance community development and to encourage local social cohesion by funding projects that have a high element of community participation.
Funds are donated to suitable charities and social enterprises who can demonstrate compliance with the criteria set out in appendix 2. Potential projects will use the application form detailed in the Business Plan to apply for funding. Before funding is confirmed a due diligence exercise is carried out using a standard checklist.
Decisions related to use of funds are the sole responsibility of the Board of Directors. The funds are used solely for charitable purposes, none of the donations will expect to deliver a financial return but there are conditions attached to carbon savings. It is not possible to claw back donations if carbon savings are not achieved but incremental donations can be cancelled in the event that projects do not deliver the expected results. In the event of gross negligence or fraud by the Recipient, Greenshoots reserves the right to reclaim the Donation in full or in part from the Recipient.
4
GREENSHOOTS FOUNDATION TRUST LIMITED
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2021
___________________________________________________________________________
5. Achievements and Performance
The achievements and performance on projects and the price and mitigation of carbon are detailed below.
Carbon Update
5
GREENSHOOTS FOUNDATION TRUST LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
_____________________________________________________________________________
Project update
North Howe Transition Toun (NHTT)
Total Agreed Project Funding: £20,939
Payment Date
Payment Amount
Funding Outstanding
Nov 2010
£8,561
£12,378
Jan 2011
£7,400
£4,978
Feb 2011
£4,978
£0
In 2010 Greenshoots funded its first project in partnership with North Howe Transition Toun (NHTT) a community interest company focused on climate change issues at a local level.
The Greenshoots Fund made £20,939 available to NHTT which was used to support 57 different energy-saving measures to households e.g. insulation and draught proofing. The measures resulted in 43.35 tonnes of annual CO2 saved – with an estimated lifetime saving of 1563 tonnes over 40 years. In addition to CO2 savings, the reduction in energy usage by householders will result in a combined reduction in fuel bills of around £12,687 per year and a lifetime total of £180,984.
Kingussie CDC
Total Agreed Project Funding: £20,000
Payment Date
Payment Amount
Funding Outstanding
Jan 2014
£6,900
£13,100
Jul 2014
£5,000
£8,100
Sep 2014
£8,100
£0
Confirmation was received in January 2014 that Kingussie CDC would commence with their Hydro project in spring 2014. Completion was scheduled for autumn 2014 however was delayed due to severe flooding in the area and installation works were completed by December 2014 and full commissiong achieved in February 2015. As of May 2015 the turbine has generated over 11,000 KWhrs of electricity, part of which is supplied to the local Golf Clubhouse and any excess sent to the grid.
6
GREENSHOOTS FOUNDATION TRUST LIMITED
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2021
___________________________________________________________________________
Greener Kirkcaldy
Total Agreed Project Funding: £28,778
Payment Date
Payment Amount
Funding Outstanding
May 2012
£8,030
£20,748
Dec 2012
£7,237
£13,511
Jun 2013
£3,377.75
£10,133.25
Aug 2013
£3,377.75
£6755.50
Dec 2013
£3,377.75
£3,377.75
Mar 2014
£3,377.75
£0
The funding agreement came to an end on the 31st March 2014 and a summary of the full work completed over the lifetime of the project is provided below:
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GREENSHOOTS FOUNDATION TRUST LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
_____________________________________________________________________________
Project Financial Overview:
Green Business Fife/ManageE
Total Agreed Project Funding: £27,388
Payment Date
Payment Amount
Funding Outstanding
Mar 2014
£8,416
£18,972
Apr 2014
£8,416
£10,556
May 2014
£6,847
£3,709
Jun 2014
£3,709
£0
Funding of £27,388 was provided to Green Business Fife for implementation of ManageE energy monitoring equipment in St Agatha's Primary School in Leven, Fife. The project was due for completion by September 2014 however was delayed until March 2015. This was due to issues regarding internet connection for the equipment and gaining approval for connection through Fife Council network. This was resolved following conversations by GBF and Greenshoots with members of Fife Council.
The equipment is now fully commissioned and is actively used by the school pupils, who monitor energy use of individual classrooms and hold a weekly competition to see which classed has reduced their energy consumption the most. A visit to the school was carried out on 26/05/15 and the engagement and interest shown the school children was very evident.
Care & Repair, Edinburgh
Total Agreed Project Funding: £33,000
Payment Date
Payment Amount
Funding Outstanding
Mar 2020
£5,500
£27,500
TBC (progress dependent)
£5,500
£22,000
TBC (progress dependent)
£5,500
£16,500
TBC (progress dependent)
£5,500
£11,000
TBC (progress dependent)
£5,500
£5,500
TBC (progress dependent)
£5,500
£0
8
GREENSHOOTS FOUNDATION TRUST LIMITED
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2021
___________________________________________________________________________
Funding of £33,000 was approved for Care & Repair Edinburgh to support the Work to reduce carbon emissions in local communities and to provide additional environmental and local economic benefits. This funding will be used for procuring materials for installing insulation materials in domestic homes. Installation activities will be performed by the Recipients volunteers, and the Recipient will report regularly to the Charity on progress with the agreed activities and any associated publicity. Following our due diligence activities we agreed to staged funding approach with an overall donation of £33,000 planned over 3 years drawn down in £5,500 payments. This funding commenced in 2020, however no further payments have been made due to restricted activities imposed by the Covid-19 pandemic.
In April 2021 work was able to recommence and in partnership with Home Energy Scotland (HES), Care and Repair Edinburgh have received 168 requests for draughtproofing in the homes of older and disabled people in Edinburgh. To date they have installed draughtproofing measures in 104 homes. These measures include the installation of brush strips, flex and seals for windows and letterbox seals. Unfortunately they have not been able to assist with 59 of the requests receive because the windows and doors were made of UPVC and draughtproofing was not able to be fixed to this material.
The breakdown of these referrals are as follows:
1.
66% of requests were from Home Energy Scotland (previously 74%)
2.
22.2% of requests were from individuals (previously 22%)
3.
1% of requests were from ATEC 24, who we collaborate with to provide Keysafes (previously 1.5%)
4.
1% of requests were from friends and families (previously 1.5%)
5.
0.5% of requests were as a result of seeing a leaflet about the project (previously 1%)
6.
0.5% of requests were from social workers (previously 0%)
7.
0.5% of requests were from Changeworks Heat Heroes (previously 0%)
Out of the 168 referrals we have received, 63% of the requests for draughtproofing are from females with the breakdown of age ranges seen in the table below:
50-59
60-69
70-79
80-89
90-99
Under 50 disabled
Unknown age
Grand Total
Female
1
2
9
10
2
5
70
99
Male
1
1
2
8
4
43
59
Grand Total
2
3
11
18
2
9
123
168
There has been no subsequent requests to draw down further funds.
Applications received throughout the year
No applications were received throughout 2021.
6. Plans for Future Periods
Plans for the future of Greenshoots include the following:
Maintain partnership with TechnipFMC
Care and Repair update and forecast to draw down funds
Expected further donation from TFMC for 2022.
9
GREENSHOOTS FOUNDATION TRUST LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
_____________________________________________________________________________
7. Financial Review
The financial summary for 2021 is provided below:
Summary – 2021
2021
Year End
Donations carried forward (2020)
£90,479
Donations received
£1,260
Value in kind received*
£20,073
Expenditure committed
£0
Expenditure spent
£21,537
Balance of funds
£90,275
Funds Available
£90,275
* Value in kind includes: Director/Secretary Time (£17,000), Audit Fee (£3,060).
8. Principal Funding Sources
During 2021 the fund was exclusively supported by TechnipFMC. There is future potential for TechnipFMC customers to participate in the fund. Future contributions from customers would enable the fund to grow.
Donation from TechnipFMC to Greenshoots is a related party transaction but controls are in place for independent approval through a regional compliance council.
9. Reserves Policy
The fund plans to hold reserves of approximately £100,000 to enable larger projects to be funded when the opportunity arises and to ensure that smaller projects requiring short term support are able to receive donations quickly.
10
GREENSHOOTS FOUNDATION TRUST LIMITED
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2021
____________________________________________________________________________
Reference and Administrative Information
The Directors, who are also Trustees who served during the year were as follows: -
Nigel Holmes
Shaun McCarthy
Michael Waterston
Lisa Smith
Principal & Registered Office
C/O TechnipFMC
Pitreavie Business Park
Dunfermline
Fife
KY11 8UD
Website
http://www.greenshootsfund.com
Auditors
Alan Mitchell, CA
Thomson Cooper
3 Castle Court
Carnegie Campus
Dunfermline
Fife
KY11 8PB
Bankers
Bank of Scotland
Teviot House
41 South Gyle Crescent
Edinburgh Park
EH12 9DR
Charity Registration Number
SC043185
Company Number
SC416401
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GREENSHOOTS FOUNDATION TRUST LIMITED
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2021
_________________________________________________________________________________
Statement of Trustees' Responsibilities
The trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of the affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company 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;
make judgements and estimates that are reasonable and prudent;
state whether applicable UK 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 charitable company will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure to the Auditor
In so far as the trustees are aware:
there is no relevant audit information of which the charitable company's auditors is unaware; and
the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.
Auditors
Thomson Cooper Accountants are eligible for re-appointment as auditor to the company.
Approved by the Trustees on 27 September 2022 and signed on their behalf by:
Michael Waterston
Trustee
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GREENSHOOTS FOUNDATION TRUST LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF GREENSHOOTS FOUNDATION TRUST LIMITED
________________________________________________________________________________
Opinion
We have audited the financial statements of Greenshoots Foundation Trust Limited (the ‘company') for the year ended 31 December 2021 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom 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 company's affairs as at 31 December 2021 and of its 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 Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended).
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the 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 charity'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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and 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 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.
13
GREENSHOOTS FOUNDATION TRUST LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF GREENSHOOTS FOUNDATION TRUST LIMITED
________________________________________________________________________________
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 (Scotland) Regulations 2006 (as amended) require us to report to you if, in our opinion:
-
the information given in the financial statements is inconsistent in any material respect with the trustees' report; or
-
proper accounting records have not been kept; or
-
the financial statements are not in agreement with the accounting records; 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, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Extent to which the audit was capable of detecting irregularities, including fraud
We considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: existence and timing of recognition of income, posting of unusual journals along with complex transactions and non-compliance with laws and regulations. We discussed these risks with management, designed audit procedures to test the timing and existence of revenue, tested a sample of journals to confirm they were appropriate and inspected minutes from meetings held by management and trustees for any reference to breaches of laws and regulations. In addition, we reviewed areas of judgement for indicators of management bias to address these risks.
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the officers and other management (as required by the auditing standards).
14
GREENSHOOTS FOUNDATION TRUST LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF GREENSHOOTS FOUNDATION TRUST LIMITED
____________________________________________________________________________
We reviewed the laws and regulations in areas that directly affect the financial statements including applicable charity and company law and considered the extent of compliance with those laws and regulations as part of our procedures on the related financial statement items.
With the exception of any known or possible non-compliance with relevant and significant laws and regulations, and as required by the auditing standards, our work in respect of these was limited to enquiry of the officers and management of the charity.
We communicated identified laws and regulations and potential fraud risks throughout our team and remained alert to any indications of non-compliance or fraud throughout the audit. However the primary responsibility for the prevention and detection of fraud rests with the trustees.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.
A further description of our responsibilities is available on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the 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 charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Alan Mitchell (Senior Statutory Auditor)
For and on behalf of Thomson Cooper, Statutory Auditors
Dunfermline
27 September 2022
Thomson Cooper is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
15
GREENSHOOTS FOUNDATION TRUST LIMITED
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2021
________________________________________________________________________________
Notes
Unrestricted Funds
Unrestricted Funds
2021
2020
£
£
Incoming and endowments from:
Donations and legacies
2
21,333
23,288
Total Income
21,333
23,288
Expenditure on:
Charitable activities
4
21,537
26,723
Total expenditure
21,537
26,723
Net Movement of Funds
(204)
(3,435)
Reconciliation of Funds
Fund balance brought forward
90,479
93,914
Net movements of funds
(204)
(3,435)
Fund balance carried forward
90,275
90,479
The Statement of Financial Activities includes all gains and losses recognised in the year.
All incoming resources and resources expended derive from continuing operations and relate solely to unrestricted funds.
The notes on page 18 to 22 form part of these financial statements.
16
GREENSHOOTS FOUNDATION TRUST LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
________________________________________________________________________________
Notes
2021
2020
£
£
Current Assets:
Cash at bank and in hand
92,309
90,492
Debtor – Carbon Footprint Donations
7
1,260
3,275
Total Current Assets
93,569
93,767
Creditors:
Amounts Falling Due Within One Year
9
(3,294)
(3,288)
Net Current Assets
90,275
90,479
Total Net Assets
90,275
90,479
The Funds of the Charity
Unrestricted funds
10
90,275
90,479
90,275
90,479
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the Trustees on 27 September 2022 and signed on their behalf by:
Michael Waterston
Trustee
The notes on pages 18 to 22 form part of these financial statements.
Company Registration Number SC416401
17
GREENSHOOTS FOUNDATION TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
________________________________________________________________________________
1.
Accounting Policies
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
a)
Basis of Preparation
The financial statements have been prepared in accordance with the charity's governing document, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amount in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historic cost convention.
b)
Going Concern
At the time of approving the financial statements the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
The Trustees are aware of the potential impact on the Charity of the Coronavirus pandemic and are actively taking steps to mitigate any impact the current situation may have.
c)
Fund Structure
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of charity and which have not been designated for other purposes.
d)
Income Recognition
All income is recognised once the charity has entitlement to the funds, any performance conditions have been met, it is probable that the income will be received, and the amount can be measured reliably.
For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained, then income is deferred until those conditions are fully met of the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.
No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102).
Donated services are included at the value to the charity where this can be quantified.
18
GREENSHOOTS FOUNDATION TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
________________________________________________________________________________
e)
Expenditure Recognition
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required, and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:
Cost of raising funds comprises the costs of the general fundraising activities of the charity, and their associated support costs.
Expenditure on charitable activities comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries.
Other expenditure (where relevant) comprises costs not falling into any other heading.
f)
Allocation of Support and Governance Costs
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include office costs, payroll and governance costs and are incurred directly in support of expenditure on the objects of the charity. These costs have been allocated between cost of raising funds and expenditure on charitable activities. The bases on which support costs have been allocated are on a direct basis or as a proportion of time spent.
g)
Debtors
Trade and other debtors are recognised at the settlement amount due after any discount offered.
h)
Cash at Bank and in Hand
Cash at bank and cash in hand include cash and all amounts held within bank current and deposit accounts.
i)
Creditors and Provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any discounts due.
j)
VAT
The charity is not registered for VAT and accordingly, all income and expenditure is stated gross of tax.
19
GREENSHOOTS FOUNDATION TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
________________________________________________________________________________
2.
Donations Received
2021
2020
£
£
Donations - Carbon Footprint
1,260
3,275
Donated Services – Director and secretary time
17,000
17,000
Donated Services – Audit Fee paid by FMC Technologies
3,060
3,000
Donated Services – Companies House Confirmation Statement Fee paid by FMC Technologies
13
13
21,333
23,288
3.
Net Income/(Expenditure) for the year
2021
2020
£
£
Net incoming resources for the year is stated after charging:
Auditor's remuneration
2,800
2,970
Split into –
Audit Fees
2,800
2,970
Other services
-
-
2,800
2,970
4.
Analysis of expenditure on charitable activities
Basis of
Allocation
Carbon
Reduction
Total 2021
Carbon
Reduction
Total 2020
£
£
£
£
Insurance
Direct
-
-
352
352
Support Costs (Note 5)
Direct
17,000
17,000
17,000
17,000
Governance costs (Note 5)
Direct
3,210
3,210
3,360
3,360
Communications & web hosting
Direct
1,314
1,314
498
498
Donations
Direct
-
-
5,500
5,500
Sundry Expenses
Direct
13
13
13
13
21,537
21,537
26,723
26,723
20
GREENSHOOTS FOUNDATION TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
________________________________________________________________________________
5.
Allocation of support and governance costs
The charity initially identifies the costs of its support functions. It then identifies those costs which relate to the governance function. Having identified its governance costs, the remaining support costs together with the governance costs are apportioned between its key charitable activities undertaken in the year. Refer to the table below for the basis for apportionment and the analysis of support and governance costs.
Basis of Apportionment
Support Costs
Governance Costs
Total
2021
Total
2020
£
£
£
£
Director and Secretary Time
Direct
17,000
-
17,000
17,000
Legal and Professional Fees
Direct
-
410
410
390
Audit Fee
Direct
-
2,800
2,800
2,970
17,000
3,210
20,210
20,360
6.
Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel
The charity has no employees.
No remuneration was paid to any trustees or key management personnel during the year.
7.
Debtors:
2021
2020
£
£
FMC – Carbon Footprint Donations
1,260
3,275
8.
Taxation
As a registered charity, there is no liability for corporation tax.
9.
Creditors: falling due within one year
2021
2020
£
£
Accruals
3,294
3,288
21
GREENSHOOTS FOUNDATION TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
________________________________________________________________________________
10.
Analysis of Charitable Funds
At 1
January 2021
Incoming Resources
Transfers
Outgoing Resources
At 31 December 2021
£
£
£
£
£
Unrestricted Funds
90,479
21,333
-
21,537
90,275
At 1
January 2020
Incoming Resources
Transfers
Outgoing Resources
At 31 December 2020
£
£
£
£
£
Unrestricted Funds
93,914
23,288
-
26,723
90,479
Unrestricted funds relate to free resources.
11.
Related Party Transactions
The following amounts are relevant regarding FMC Technologies, a company in which Michael Waterston and Lisa Smith are employees:
2021
2020
£
£
Income
Donations received
1,260
3,275
Donated services
20,073
20,013
22
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