Docusign Env8lop8 ID.. A68CAD22-ADEC40E7-B231-782F85BC2AE9 Charity registration number 1152749 Company reglstratlon numb&r 08574708 IEngland and Wales) THE MCGINLEY FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
Docusign Env8lop8 ID.. A68CAD22-ADEC40E7-B231-782F85BC2AE9 THE MCGINLEY FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Trustees P McGinley D Ross E Walsh Se¢rgtsry E Walsh Charlty number 1152749 Company number 08574708 Registered office Fifth Floor Clareville House 26-27 Oxendon Street Sl James's London SW1Y 4EL Independent examiner Kapil Davda Haines Watts High Wcombe Limited Oakingham House, Frederick Place High Wcombe Buckinghamshire HP11 1JU
Docusign Env8lop8 ID.. A68CAD22-ADEC40E7-B231-782F85BC2AE9 THE MCGINLEY FOUNDATION CONTENTS Page Trustees, report Stslemenl of trustees. responsibilities Independent examinerfs report Statement of financial activities Balance sheet Notes lo the financial statements 7-12
Docusign Env8lop8 ID.. A68CAD22-ADEC40E7-B231-782F85BC2AE9 THE MCGINLEY FOUNDATION TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 30 JUNE 2023 The trustees present their annual report and financial statements for the year ended 30 June 2023. The financial slalements have been prepared in accordance with the accounting policies sel out in note 1 to the financial statements and comply with the charity's memorandum and articles of association, the Companies Act 2006 and Accounting and Reporting by Charities". Statement ol Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable In the UK and Republie of Ireland IFRS 1021 leffective 1 January 20191. Objectives and activities The charity's objects are to ftjrther such charitable purpose or purposes as the trustees in their absolute discretion think fit. The trustees have paid due regard lo guidance issued by the Charity Commission in deciding what activities the charity should undertake. A¢hlevfymgnts and pgrfomian¢e In planning the activities for the year, the Iruslees ensured that the guidance as issued by the Charity Commission was adhered to. The charty received donations which were derived from charitable events held throughout the year. Financial review Trustee of the charity. Paul McGinley, hosted the Irish Legends in August 2022, a professional golf toumamenl on the European Tour held in Ireland. which raised funds for The McGinley Foundation. The Irish Legends Open look place at Rosapenna in Ireland from the 16th to 20th of August 2022 and monies were raised from donations in return for pro-am and hospitality lickels from donors amounting to £82,812. Other donations recorded during the year in the Slalement of Financi81 Activities amounts to £83,608 12022". £3,500). The ac¢umulaled surplus generated from all events and donations were to be used lo fund registered Charities such as The Hummingbird Initiative, a not-for-profit initiative diredy helping to advan the standard of living for rural communities in developing countries and donations to support those affected by Creeslough explosion. in the village of Creeslough in Co Donegal. At 30 June 2023, there is a balance of £39,557 12022.. £97,633) of unrestricted funds held by the charty to enable the Iruslees to assess the merits of a variety of worthy causes lo be selected for consideration. There were no deficit funds on the balance sheet al 30 June 2023. 11 is the policy of the charity that unrestricted funds which have not been designated for 8 specific use, and reserves, should be maintsined al a level equivalent to between al least three and six months, expenditure. The trustees consider that reserves al this level will ensure that, in the event of a significant drop in funding, they will be able lo continue the charty's current activities while consideration is given to ways in which additional ftjnds may be raised. This level of reserves has been maintained throughout the year. This leave of reserves has been maintained throughout the year, with the end-end balance of the reserves being £39,55712022.' £97,633). Rlsks 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 any major risks. As a small charity, they do not consider that the charity is exposed to any significant risks.
Docusign Env8lop8 ID.. A68CAD22-ADEC40E7-B231-782F85BC2AE9 THE MCGINLEY FOUNDATION TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023 structure. governance and management The Charity is a company limited by guarantee. The governing documents of the charity are the memorandum and articles of association. The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were.. P McGinley D Ross E Walsh No external bodies are entitled to appoint Iruslees in the ¢harily. Given the relatively small structure, the ¢urrenl trustees rrUit and appoint new Iruslees as they consider il necessary. None of the Iruslees has any beneficial interest in the company. All of the Iruslees are members of the company and guarantee lo contribute £1 in the event of a winding up. In the preparation of the year-end financial slalements, the trustees have considered whether the charity is a going concern for the foreseeable future, and, hence, whether it is appropriate to prepare the financial statements on a going concern basis. The period they have considered is at least twelve months from the date of approval of the financial statements. On the basis of their review, the trustees consider the charity a going concern. The trustees are the only key management personnel, none of whom receive remunerab'on for services provided. As a ¢harily, The M¢Ginley Foundation musl be able lo demonslrale that ils objects and activities are for the public benefit as required by the Charities Act 2011. The trustees have all reviewed the guidance issued by the Charity Commission on public benefit and have ensured that the charity's objects and activities comply with this statutory requirement. The trustees confimi they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission in detemiining the activities undertaken by the charty. The Iruslees, report was approved by the Board of Trustees. Du$nedtsy'. ss D Ross Trustee Dated.. 26 March 2024
Docusign Env8lop8 ID.. A68CAD22-ADEC40E7-B231-782F85BC2AE9 THE MCGINLEY FOUNDATION STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 30 JUNE 2023 The trustees, who are also the directors of The McGinley Foundation for the purpose of company law, are responsible for preparing the Trustees, Report and the financial slalements In accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. Company law requires the trustees lo prepare financial statements for each financial year which give a true and fair view of the stsle of affairs of the Charity and of the in¢oming resources and application of resour$, induding the income and expenditure, of the charitable ¢ompany for that year. 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 eslimales that are reasonable and prudent., state whether applicable UK Accounting Standards have been followed, subject to any material departures disdosed and explained in the financial statements,. and prepare the financial slalements on the going concern basis unless il is inappropriate lo presume that the charity will continue in operation. The trustees are responsible for keeping adequate accounting records that disdose with reasonable accuracy al any lime the financial position of the charity and enable them lo ensure that the fi'nancial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Docusign Env8lop8 ID.. A68CAD22-ADEC40E7-B231-782F85BC2AE9 THE MCGINLEY FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE MCGINLEY FOUNDATION I report on the financial statements of the charity for the year ended 30 June 2023, which are set out on pages 5 to 12. Respective responsibilities of trustees and examiner The trustees Iwho are also the directors of the company for the purposes of company lawl are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 1.the 2006 Act.). The trustees are satisfied that an audit is not required for this year under section 144121 of the Charilies Act 2011 (the 2011 Act) and have chosen instead to have an independent examination. Having satisfied myself that the a¢¢ounl$ of the charitable company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination. I report in respect of my examination of the charitable company's accounts as carried out under section 145 of the 2011 Act. In carrying out my examination I have followed the requirements of the applicable Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent examinerfs statement I havè completed my examination. I confimi that no matters have come lo my attention giving me cause to believe that in any material respect.. aOUntIng records were not kept in respect of the Company as required by section 386 of the 2006 Act., or the accounts do not accord with those records., or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view which is not a matter considered as part of an independent examination", or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable lo charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order lo enable a proper understanding of the accounts to be reached. Signed". Dated. 2610312024 apil Davda Haines Watts High Wcombe Limited Oakingham House, Frederick Place High Wcombe Buckinghamshire HP111JU
Docusign Env8lop8 ID.. A68CAD22-ADEC40E7-B231-782F85BC2AE9 THE MCGINLEY FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 JUNE 2023 Unrestricted Unrestricted fund$ funds 2023 2022 Notes Income from: Donations and legacies Other trading activities 63,608 82.812 3,500 98,232 Total income 146,420 101,732 Ex enditure on: Raising funds 162.697 87,608 Charitable activities 40,586 32,082 Total expendlture 203.283 119,690 Net expenditure for the yearl Net outgoing resources 156,863} 117,9581 other recognised gains and losses Other gains or losses 10 11.213} 11,7341 Net movement in funds 158,076} 119,6921 Fund balances al 1 July 2022 97,633 117,325 Fund balances at 30 June 2023 39,557 97,633 The statement of financial activities indudes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
Docusign Env8lop8 ID.. A68CAD22-ADEC40E7-B231-782F85BC2AE9 THE MCGINLEY FOUNDATION BALANCE SHEET ASAT30JUNE 2023 2023 2022 Notes Current assets Debtors Cash at bank and in hand 11 7,883 40,574 119,428 64,620 48,457 184,048 Creditors- amounts falling due within one year 13 18,9001 186,4151 Net current assets 39,557 97,633 Income funds Unrestricted funds 39,557 97,633 39.557 97,833 The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 June 2023. Trustees, responsibilities.. The Members have not required the charty to obtain an audit of ils financial statements for the period in question in accordance with section 476., The Trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respèct lo accounting records and the preparation of financial stalemenls. These financial slalements have been prepared in accordance with the provisions applicable lo companies subject to the Small Companies regimè. 26 March 2024 The finanaal statements were approved by the Trustees on ......................... Do¢uSl9rn4 by.. 5S D Ross Trustee Company Registration No. 08574708
Docusign Env8lop8 ID.. A68CAD22-ADEC40E7-B231-782F85BC2AE9 THE MCGINLEY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 Accounting policies Charity inforniation The M¢Ginley Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office is Fifth Floor, Clareville House, 26-27 Oxendon Street, Sl James's, London, SW1 Y 4EL. 1.1 Accounting convention The financial ststements have been prepared in accordan with the Charity's memorandum and articles of association. the Companies Act 2006 and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191 The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not lo prepare a Slalement of Cash Flows. The financial statements are prepared in slerfing, which is the functional currency of the charity. Monetary amounts in these financial stslemenls are rounded lo the nearest £. The accounts have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Going ¢on¢em Al the lime of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate reSoUrS to continue in operational existen for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted ftjnds are available for use al the discretion of the trustees in furtherance of their charitable objectives unless the ftjnds have been designated for other purposes. There were no restricted funds in the current or prior year. 1.4 Income Income is recognised when the charity is legally entitled lo il after any performance conditions have been met, the amounts can be measured reliably. and il is probable that income will be received. Cash donations are recognised on receipt. Other donations are Tecognised On the charity has been notified of the donation, unless performance conditions require deferral of the amount. Legacies are recognised on receipt or otherwise rf the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
Docusign Env8lop8 ID.. A68CAD22-ADEC40E7-B231-782F85BC2AE9 THE MCGINLEY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 30 JUNE 2023 Accountlng pollcles Icontlnuedl 1.5 Expendltu Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty, il is probable that a transfer of economic benefits will be required in selllemenl, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The c051s of each activity are made up of the lolal of direct cost5 and shared costs, including support costs involved in undertaking each activity. Direct costs attributable lo a single activity are allocated dire¢lly lo that activity. Shared costs which contribute to more than one activity and support costs which are not attributable lo a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use. Expenditure is recognised when payable and comprises those costs incUrd by the charity in the delivery of its activities and services for its beneficiaries. The charity's main resources expended relates to donations lo other charities as decided upon by the trustees and are recognised when payable. 1.8 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held al call wlh banks, other short-lerm liquid investments with original malurilies of three months or less and bank overdrafts. Bank overdrafts are shown wthin borrowings in current liabilities. 1.7 Flnanclal Instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'other Financial Instruments Issues, of FRS 102 to all of ils finanaal instruments. Financial instruments are recognised in the charity's balance sheet when the charity becornes party lo the conlraclual provisions of the Inslrumenl. Financial assets and liabilities are offset, with the net amounts presented in the financial slatemenls, when there is a legally enforable right lo sel off the re¢ognised amounts and there is an intention to sellle on a nel basis or lo realise the asset and see the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price, including transaction costs, and are subsequenuy carried al amortised cost using the effective interest method, unless the arrangement conslilules a finanng transaction, where the transaction is measured at the present value of the future receipts discounted al a market rale of interest. Financial a55ets classified as receivable within one year are not amortised. BasiTC financial IITabilities Basic financial liabilities, including ¢reditors and bank loans are initially recognised al transaction pri¢e unless the arrangement constitutes a financing transaction. where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequendy carried al amortised cost, using the effective interest rale method. Trade creditors are obligations lo pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as Current liabilities if payment is due within one year or less. If not. they are presented as non-current liabilities. Trade creditors are recognised initially al transaction price and subsequenuy measured at amortised wst using the effedive interest method.
Docusign Env8lop8 ID.. A68CAD22-ADEC40E7-B231-782F85BC2AE9 THE MCGINLEY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 30 JUNE 2023 Accountlng pollcles Icontlnuedl Derecognition of financial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. Crltlcal accountlng g$tlmat9$ and Judggm9nts In the application of the ¢harily's ac¢ounling policies, the Iruslees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other SoUrs. The estimates and associated assumptions are based on historical experien and other factors that are considered lo be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revi510nS to accounting eslimales arè recognised in the period in which the estimate is revisèd where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Donatlons and legacles Unrestricted Unrestricted funds funds 2023 2022 Donations and grfts 63,608 3,500 Other trading activities Unrestricted Unreslricled funds funds 2023 2022 Irish Legends Event 82,812 98,232 The foundation hosted the Irish Legends in August 2022 and received income from various inilialives around the event.
Docusign Env8lop8 ID.. A68CAD22-ADEC40E7-B231-782F85BC2AE9 THE MCGINLEY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 30 JUNE 2023 Raising funds Unrestricted Unrestricted funds funds 2023 2022 Fundraisin and ublici Event hosting costs- Irish Legends Support costs 162,697 85,108 2,500 Fundraising and publicity 162,697 87,608 162,697 87,608 Charitable activitie5 2023 2022 Donations lo other charities and charitsble expènditure 30,569 26,249 Support costs (examiner's fee £3,30012022.. £3,300) 10,017 5,833 40,586 32,082 Trustees None of the Iruslees lor any persons connected with them), ¥Nho are considered the only key personnel of the charity, received any remuneration during the year. In the prior year Febe Promotions Limited was reimbursed for E Walsh remuneration of £2,500 relating lo the Irish Legends event. Employees There were no employees during either the current or prior year. Taxation The company has been granted exemption from corporation taxes under sections 486 and 487 of the Corporation Taxes Act 2010. 10-
Docusign Env8lop8 ID.. A68CAD22-ADEC40E7-B231-782F85BC2AE9 THE MCGINLEY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 30 JUNE 2023 10 Other gains or losses Unrestrlcted Unrestrlcted funds funds 2023 2022 Foreign exchange gains 1,213 1,734 11 Debtors 2023 2022 Amounts falling due within one year: Trade debtors Other debtors Prepayments 6,587 7,883 112,841 7,883 119,428 12 Loans and overdrafts 2023 2022 Bank overdrafts 20 12 Payable within one year 20 12 13 Creditors: amounts falling due within one year 2023 2022 Notes Bank overdrafts Deferred income Trade credilois Accruals 12 14 20 12 80,822 3,300 5,580 5,581 8,900 86,415 14 Defgrr*d Income 2023 2022 Other deferred income 80,822
Docusign Env8lop8 ID.. A68CAD22-ADEC40E7-B231-782F85BC2AE9 THE MCGINLEY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 30 JUNE 2023 14 Deferred Income Icontlnuedl 2023 2022 Deferred income is included within.. Current liabilrties 80,822 Movements in the year". Deferred income at 1 July 2022 Released from previous periods Resour$ deferred in the year 80,822 180,8221 80,822 Deferred income a130 June 2023 80,822 15 Related party transactions During the year the charity advanced £7,883 to a company with a diredor in common. This advance had been made in error. The sum has been repaid to the charity in February 2024 when the error was noted by the Trustees. During the prior year, a company wth common directors recharged £2,500 for additional salary paid relating lo the Irish Legends event. 12-