Charity Registration No. 1116681 THE MCCANN CHARITY ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 MARCH 2024 THE MCCANN CHARITY FOR THE YEAR ENDED 31 MARCH 2024 CONTENTS Page General Information Trustees Report Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the FinanciaL Statements 7-10 THE MCCANN CHARITY GENERAL INFORMATION FOR THEYEAR ENDED 31 MARCH 2024 GENERAL INFORMATION Trustees: T P McC8nn J M Mccann Charity number: 1116681 Principal address: The Manor House South End Milton Bryan MK179HS Independent Examiner: Mr P Fenn Mercer& Hole LLP The Pinn8cle 170 Midsummer Boulevard MiLton Keynes MK91BP Bankers: Coutts & Co 440 Strand London WC2R OQS THE MCCANN CHARITY TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH2024 Thetrustees presenttheirannual report and financial statementsfortheyearended 31 March 2024. 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 Act 2011 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 IFRS 102)" {effective 1 January 2019). Objectives and activities The objects are for such exclusively charitable purposes as the trustees may from time to time in their absolute discretion determine and the trustees shall apply the income of the assets under their control and may apply the whole or any part or parts of the capital of such assets in furtherance of the objects. The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. The charity received donations and gave monies to various charities duringthe period. Achievements and performance The charity has supported a number of local projects during the period and is expected to continue to do so in the future. Financial review The charity has a net surplus at the end of the period which will be utilised for future projects 8nd 8Ctivities. It is the policy of the charitythat unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month's expenditure. The trustees consider that reserves at this level WILL ensure that, in the event of a significant drop in funding, theywill be abLe to continue the charity's current activities while consideration is given to ways in which additional funds may be raised. This leveL of reserves has been maintained throughout the year. The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. Structure, governance and management The charity was established by a charitable trust deed dated 13 September 2006 and registered with the Charity Commission on 8 November 2006. The trustees who served during the year and up to the date of signature of the financial statements were: T P Mccann J M Mccann T P Mccann is the foundingtrustee and is m8rried to Mrs J M Mccann. There is no intention to recruitor appoint 8nyfurther trustees in the foreseeable future. THE MCCANN CHARITY TRUSTEES, REPORT (continued) FOR THE YEAR ENDED 31 MARCH2024 The trustees, report was approved by the Board of Trustees. T P Mccann" Trustee 31 January2025 THE MCCANN CHARITY INDEPENDENTEXAMINER'S REPORT TO THE TRUSTEES OF THE MCCANN CHARITY FOR THE YEAR ENDED 31 MARCH2024 I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 March 2024which are set out on pages 5 to 10. Responsibilities and basis of report As the charity's trustees you are responsible for the prep8ration of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act'l. I report in respect of my examination of the ch8rity's accounts carried out under section 145 of the Act and in carrying out my examination I have foLlowed all the applicable Directions given by the Charity Commission under section 145{5llbl of the Act. Independent examiner's statement I h8ve completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect". accounting records were not kept in respect of the charity as required by section 130 of the Act; or the 8ccounts do not accord with those records; or the accounts do not comply with the 8ppLicable requirements concerning the form and content of accounts set out in the Charities {Accounts and Reports) ReguLations 2008 other than any requirement that the accounts give a 'true and fairview, which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in orderto enable a proper understanding of the accounts to be reached. 31 Philip Fenn ACA FCCA Mercer & Hole LLP The Pinnacle 170 Midsummer Boulevard Milton Keynes MK91BP THE MCCANN CHARITY STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOMEAND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Note Total Unrestricted Funds Total Restricted Funds Total Unrestricted Funds 2024 Total Unrestricted Funds 2023 Income from: Donations and Legacies Activities for generating funds: investment income 125,000 125,000 18,000 18,000 35.000 Total Income 143,000 143,000 35,000 Expenditure on: Charitable activities: donations 31,000 31,000 26,700 Governance cost5 750 750 891 Total Expenditure 31.750 31,750 27,591 Net gainslllosses} on investments 115,375) 115,375) 141,0791 Totalfunds brought forward at 1 April 2023 Net incomellexpenditure) 63,559 63,559 97,229 95,875 95,875 {33,670) Total funds carried forward at 31 March 2024 159,434 159,434 63,559 The notes on pages 7 to10 form part of these Financi8L Statements. The statement of financial activities includes 811 gains and losses recognised in the period. THE MCCANN CHARITY BALANCESHEET FOR THE YEAR ENDED 31 MARCH2024 Note 31 March 2024 31 March 2023 Fixed Assets Investments 41,565 56,940 Current Assets Debtors Cash at bankand in hand 25,000 93,769 7,219 Total Current Assets 118,769 7,219 Creditors (amounts faLling due within one year) {900) (600) Net Current Assets 115,169 6,619 Total Net Assets 159,734 63,559 Accumulated Funds Unrestricted funds 159,434 63,559 Total Funds of the Charity 159,434 63,559 Approved by the B08rd of Trustees on 31 January 2025 and signed on their behalf by". T P Mccann Trustee The notes on pages 7 to10 form part of these Financial Statements. THE MCCANN CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH2024 1. Accounting policies Legal Form The Charity is 8 registered charity (no. 1116681) in England & Wales. The registered office is The Manor House, South End, Milton Bryan, Milton Keynes, MK17 9HS. Basis of preparation The financial statements have been prepared in accord8nce with the charity's trust deed and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable inthe UK and RepubLic of Ireland {FRS 102}" effective 1 January2019 {CharitiesSORP IFRS 102} 2019). The Mccann Charity meets the definition of 8 public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the reLevant accounting poLicy notels). The Trustees have taken advantage of the exemption in FRS102 Charity SORP from including a cashflow statement in the fin8nciaL statements on the grounds that the organisation is small. 1.1 Fund accounting Unrestricted funds comprise accumulated surpluses and deficits on general funds. They are available for use atthe discretion of theTrustees of The Mccann Charity in furtherance of the general charitable objectives. Designated funds are unrestricted funds that the Trustees have designated or allocated for identifiable future expenditure. Restricted funds are amounts for specific purposes as defined bythe donor. 1.2 Going Concern At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequ8te resources to continue in operationaL existence for the foreseeabLe future and for at least the next 12 months. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Income Income is recognised at the point of receipt of monies. 1.4 Expenditure Those costs which are attributable to different functions of the charity are allocated as such. Where costs relate to more than one function of the charity, the Trustees do not consider it appropriate to allocate individual costs at the point where the cost is incurred. Alternatively, the Trustees apportion aggregated costs in proportions which they consider to be a f8ir estimate of theirfunctional split. 1.5 Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid after taking account of anytrade discounts. THE MCCANN CHARITY NOTES TO THE FINANCIAL STATEMENTS {continued) FOR THE YEAR ENDED 31 MARCH2024 1.6 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 attheir settlement amount after allowing for anytrade discounts due. 1.7 Financial Instruments Thecompanyonlyh8sfinancialassets andfinancialliabilitiesofa kindthatqualifyas basic financial instruments. Basic financial instruments are initially recognised at tr8ns8Ction value and subsequently measured at their settlement value. Investment income Investment income from listed investments Was £18,000 {2023: £35,000). Expenditure on charitable activities Total Unrestricted Funds Total Restricted Funds Total Funds 2024 Total Funds 2023 Expenditure Grants & donations 31,000 31,000 31,000 26,700 31,000 26,700 Salary costs There were no employees in the year. Other expenditure 2024 2023 Governance Costs Bank charges Independent examiner's fee 450 300 591 300 Total 750 891 THE MCCANN CHARITY NOTES TO THE FINANCIAL STATEMENTS {continued) FOR THE YEAR ENDED 31 MARCH2024 Fixed asset investments Listed Investments Total Cost or valuation At 1 April 2023 Valuation changes 56,940 {15,375} At 31 March 2024 41,565 Carrying amount 31 March 2024 41,565 31 March 2023 56,940 Financial Instruments 2024 2023 Carrying amount of financial assets Instruments measured atfairvalue through profit or Loss 41,565 56,940 Debtors 2024 2023 Other debtors 25,000 Creditors: Amounts falling due within one year 2024 2023 Accruals 900 600 10. Related Parties There were no disclosable reLated party transactions duringthe year (2023 -£ nill. None of the trustees {or any persons connected with them) received any remuneration duringthe year and none of them were reimbursed any expenses12023- £ nill. THE MCCANN CHARITY NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH2024 11. Funds AIL assets and liabilities are held as unrestricted funds. There are no restricted funds. 12. Charitable activities- Donations Donations were made to selected charities during the year to enable them to continue their activities: Macintyre Charity £27,000 {2023- £13,600) MiLton Keynes Hospital Charity £4,00012023- £3001 Willen Hospice £nil {2023- £8,800) WGCC Charity £nil (2023- £4,000) 13. Control The Charity is controlled by the trustees. 14. Net incomelexpenditure forthe period 2024 2023 This is stated after charging: Independent Examiner's fees 300 300 10