COMPANY REGISTRATION NUMBER: 08798779 CHAIIITY REGISTRATION NUMBER: 1157101 THE MSG FOUNDATION LIMITED Company Llmlled by Guarantee UNAuorrEO FINANCIAL STATEMENTS 31 DECEMBER 2020 'A4E4CI(Q* 3010W2021 COMPANIES HOUSE A17
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THE MSG FOUNDAMON LIIAITED COIIPANY LIMITED BY GUARANTEE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2020 Pag• Trustees. annual rewt lincop)rating the directorfs rewtl Staternenl ol financi activities {including irKome arKI eyk*nditwe account) Stalement ol financi Fxjsition Notes to financial slalemenls
THE MSG FOUNDATION LIIITED COMPANY LIMITEO BY GUARAKfEE TRusfEES' ANNUAL REPORT {INCORPORATING THE DIRECTOR'S REPORT) YEAR ENDED 31 DECEMBER 2020 The trustees, who are $0 ihe direthrs for the wffposes ol CpanY law. presenl their report the unaudiied financial statements ol the charity fry the year ended 31 Deeonts 2020. The trustees have adopted the provisions ol the Stsiernent ol Recommended Pract ISORPI 'Accounling and Reporting by charits" (FRS 1021 preparir#J the annual report and financial staternents ol the charity. The Charity constitutes a Publ tenefft entty as defined by FRS 102. The financial statements have been prepared in accordance with the a¢U1j polic$ oul in notes lo the accounts and compty with the charlS goveming docufflent. the Clwities Act 2011 aTrJ Accounting and Reporting by Charities.. Statement ol Recommended Prae appltable to charities weparing their accounts in accordance with the Financil ReFQrting Standard apiCable in the UK and Republic ol Ireland IFRS 1021 published on 16 July 2014 las ameThJed by Upxlate Bulletin 1 putAished on 2 Fèbruary 20161. Relerence and admlnlstratl¥e detalls Reglstered charlty name The MSG Foundat*)n knmited" Charity reglsiratlon number 1157101 Company registratlon number 08798779 Princlpal office and regi$lered 12 North Bar office Banbury EnglaThY OX16 OTB The trustees MSGrew RDGeary Accountants EK & Co 2003 Ltd Chartefed Certrfied Accountants 2 Crossways Business Centre Bicesier Road Kirbgswood AeSL Bucks HP18 ORA
THE MSG FOUNDATION LIMITED COMPANY LIMITED B Y GUARANTEE TRUSTEES. ANNUAL REPORT IINCORPORATING THE DIRECTOR'S REPORT) (contlnuod) YEAR ENDED 31 DECEMBER 2020 Structure. governance and management The organisation a charitth company limited by guarants8. incoorated on 2 Decembèr 2013. Company registraiton numtr 08798779 arKI registered as a charity on 19 May 2014 with charty number 1157101. The Company was established under a Memorandum ol Association, whtch established the objects and powers ol the charitable company is govemad under rts ArtiCS of Associalion. Under those Anicl8s. the truslees may be apkx)inted at any lime by orthnary resolution. Objectlve$ and 8¢tivhle$ The MSG Fwndalion is a Registered Charity number 1157101. Our main aclivilies and who we try lo help are de$ibed bplow. All our ¢harrtable aclivilies are undertaken to hjrther our chariiale pur[e5 for the put4ic benelil. The oty'ectives of The MSG FouThlatson are as follows: al to relieve povety and hardship in the UK and overseas irtIling pwety hardship which has been caused by reason ol youlh. age. ill health. injury. disabilty, unernpbymeni. famine andlor natural disaster and to do so IhrcyJgh the wovision ol financi and material assistaw and through the provisron ol guidaru and a(fvice." bl to prevent kK)verty and hardship in the UK overseas through the provision ol guKJance and advice. financial and other Materi assistance and affve to those vtho are by reason ol youth. age, ill heath, injury, disability, unemployment andlor nab disaster e unable or stnffjgling to adequately support themselves and iheir family members" I to advar9 Ihe education of chikjren. young people and adults tlyough the wovision ol InCial support. lewning resources. teaching staff. equipment and lacililies io edational establishments and through the provision ol adv and gUKlance'. dl to support other charilable bodies who are registered wth the COMMs1on ar¥J w) are engaged in any ol the activit$ listed in lal lo Icl aiK)ve or any other tharilable purpose. Achlevemenl$ and perfomian During the year there were no donan$ or grants paKI out. Finonclal review The net incomirKJ resources lor the year amounled lo £nil with to1 reswves rried fOard of £3.390. Reserves pollcy It is the policy ol the charity to marntain unrestrled funds, whth ale the free reserves ol the charty. This provides suthcienl funds lo reskx)nd to efflergwKy apPIatiOnS lor grants, which arise from lime lo lirne and olh8r grant aWicatk)ns arisirg from the nomial running ol ts charity. Each grant appIallOn is ¢ons*lered on its merits a1 is welcomed Irom JI areas.
THE MSG FOUNDAnON LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES. ANNUAL REPORT {INCORPORAnNG THE DIAECTOR'S REPORTI f¢ontthu8d) YEAR ENDED 31 DECEMBER 2020 Srnall company provl$ions This report has been wepared in accordance with the Frfovisions applicable lo companies entitled to the small tompanies exemption. The trustees, annual report was approvfjd on .....-..... trustees by: RDGeary Trustee
ThE MSG FOUNDATION LIMITED COMPANY LIPAITED BY GUARANTEE STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) YEAR ENDED 31 DECEMBER 2020 2019 Uniestricted lunds TOL4 funds Total fund¥ Incomo and endawmenls DonalK)ns arKI legacies Total income 48.414 48.414 Expenditure EXnditUre on tharitable actr4ilies Total exp8ndllure (i) {1} {71,2701 {71.2701 Nel expenditure and net movement in lunds {1} {22.8561 Re¢on¢ilialion ol lunds Total lunds br9¢ fonvard Total funds carrled forward 3.391 3,391 26.247 3.390 3.390 3.391 The slalement of finan(#al actiwties irxlLxles all gains and losses rttognised in the year. All incorne and expendilure derive from continuiThJ activilies. The nrfes M poge$ 6 to 10 11Thi part of thwe flnaKlal Sl•lern.
THE MSG FOUNDATION LIIAITEO COMPANY LIMITED BY GUARANTEE STATEMEKf OF FINANCIAL POSITION 31 DECEMBER 2020 2020 2019 14ote Current assets Cash al bank and in hand 3.390 3.391 Net current assets 3.390 3.391 Total •$set$ less current 1Sabilltleg 3.390 3.391 Funds tsf the charity Unrestrted funds 3.390 3.391 Total charity funds 3.390 3,391 For the year ending 31 December 2020 the Charity was entitled to exemption Irom avdil under Section 477 01 the Cornpanies A¢1 2006 relatin9 to small companies. Diredors, responsiknlilies: The members have nol required the Company lo olAain an audil of its financial slalemenls lor the year in question in accordance wilh seclion 476., The directors acknowledge their responsitrilities lor comptying with the rèquirements ol the Act with respect to accounting records and the preparation of finan¢ial slalements. These financial statements have been prepared in aCCordare with the provisions apab1tr ro companies subj1 lo the Sm] companies. Tegime. Thes nancial slalemenls were approved by the board of trustees a1 aUth¢sed for issue on 1021.. and are signed on behajl ol the board by.- RDGeary Trustee Company registration number.. 08798779 The notes on pages 6 to 10 lomi wl of these Ilnanelal statements.
THE MSG FOUNDATION LIMITED COMPANY LIMtrED BY GUARAMfEE IIOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2020 Gener81 Informatlon The charity is a pubkc tenefrt ertty a1 a wivate company limited by guarantee. regisled in England and Wales and a registered charty in EnglarKI and Wales. The address ol the registered Otte is 12 North Bar. aanbury. Engnd. OX16 OTB. ststement ol compliance The charity constitLrtes a putAt benefit entity as defined by FRS 102. The financial slalements have been prepwed in accordance wilh Accouniing arKI Reporting by Chwities: Statement ol Recommended Practice 4)F4icable to charities prepanng thr accounts in accordance with the Financial Reporting StarKJard awicable in the UK and Republic of Ireland IFRS 1021 issued on 16 July 2014 las updated through Update Bulletin 1 putlished on 2 February 20161. Ihe Financial Reporting Standard applicable in the UK and RepLth ol Ireland IFRS 1021. the Charities Act 2011 and the Cornpanies Act 2006. The Charily has apled Update Bullelin 1 as wblis on 2 February 2016 and does noi inclLKle cash flow statement M the gr(yJThJs that it is apptying FRS 102 Section 1A. A¢¢ountlng policies Basis ol prep•r•tion The finala1 Statements have been prepared on the historul cosl basis. The linwKial statements are Fwepared in sterting. whh is the functional currency ol the enlity. The svJnrftsnt accounting FO1leS aFPed in the preparatx)n of these financial siatements are sel out below. These policies have been consistenlty aFplied to all years pSnIed unless Olherwise staled. Going concem There are no maierial urtntieS abtsjt the charivs ablty to continue. Fund accounllng Unrestricted funds are available lor use ai dIScretft ol ihe Inlee5 lo further any of the charity's purwjses. Designaled luThJs are unrestrrled lunds earmarked by the trustees lor partular fLrture project or commttmenl. Restricted lunds are subiected Io licn$ on Iheir expenditure dedared by the donor Ihrough the terms ol an appeal. aThJ t1 into of t¥ sthdasses: stricted income funds or endowment funds.
THE MSG FOUNDATION LIMED COMPANY UIIITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMEps (com{) YEAR ENDED 31 DECEMBER 2020 Accounllng pollcles (con Incomlng resources All incoming reUrceS are induded in the statement ol h'nancial &bvities when entitment has passed lo the Charity, it ts PrObae that ihe econofflK nefitS associated with Ihe transaction will flow to the Charity and the amount be reu.ably measured. The following specif poltcies are apled to particuLar categories ol income: vduntary income is re¢erved by way ol S)nations gifts and are recwised in full when Ihgy are Teceived. investrnent 1me is recognised when reeeNabbe. Ftesources expended Expenditure is recognised on an ac(xuals basis as a lith.lity is irturred. EXpeIle includes any VAT which cannot be lulty recovered. aTrJ is classtfie(l uTrlgr headros ol the slalemgnl of financial adivities lo which it refales= expendrture on eha¥rtable aetwities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit ol ils beneficiaries. including those support costs and costs relatiThJ lo the govemance ol the charity apportioned lo charitable aclivrties. other expen£tilure inclLkkn all expwtiiwe lh is neither related lo raising lunds lor the charity part ol ffs expendiiure on charilabje activilies. All costs are aJk¢at&J to expenditure categories relledg the use ol the resource. Direct costs attribulabie to a single aciNity are dlocated directly to Ihat actNity. Shar&J costs are apwrtioned tseeen the activities they contribute to on a reasonable. justifiable and consistent basis. Financial instruments A fiarla1 asset 01 a 1wwnci Irats"lity is recognised onty when the charty b8comes a party to the tothrala1 wovisKJns of the inslrument.. Basic finarlar assets. which includp trade and other receivables and cash bank baLances, are initsally Tecconised al transaction price. unless the arrangement constitutes a financing Iransaclion, whwe the Iransaetion is rneasured at wesenl value ol the future receipts discounted al a market iale ol inleresi. Such assets are subsequenty earried at amortised st using the effective inleresl method. At the end ol each reFQrting Ferj financial asseis measured at amortised cost are assessed lor objecb.ve evidence ol impairment. 11 an asset is impaifed Ihe impaim7enl Ioss is Ihe difference tetween the cwrwng amount and the wesenl value of estimated cash Ilows (jscounied at the assefs orvJinal ellere interest late. The irnparnienl loss is recognised in prolil or loss.
THE MSG FOUNDATION LIMITED COAIPANY LIMITED B Y GUARAiifEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2020 Accounting policies (Ctimd) Basic financial Ikqt¥lities. indude traje and other payables. are initially recognised at transaction pnce, unless the arrangement constitutes a financing transaction. Wre the debt instrument is measured at Ihe present value ol Ihe future receipts discounted al a market rate of interest. Dèbt instrLTherrts are subswnty carrd at amortIs eosi. Ing the effective interest rate method. Trade payable5 are oblKJations to pay lor goo(ts or services that have been acquired in the ordinary course ot txsiness Irom sUlerS. Accounts payable ale ¢lassili&J as current liats'lities if paymgnt is due within one year ol les5. 11 mt. then they are presented as non-curierf liabilities. Tra(le payables are iecognrsed initialty at t{ansaCTr and sthequently measuied at amortised cost usiThJ the effectNe interest fflethod. Financial liabilities are dgrecognised when the liability is extryuished. that is when the contractual ¢)biwJalK)n is discharged. car)celW or gxpires. Limlted by guarantee Members ol ihe charitable company guarantee to eontribuie an amouni 7t exceeding £1 to ih8 assets ol the chartlable company in the event ol wiTh*tNJ up. The lolal nurnber ol such guarantee as at 31 Oecember 2020 was 1. Donations and legacies Unrestricted T4Mal Funds Unrestricted Total Funds Funds 2020 Funds 2019 D¢natlons Oonalions 48.414 48.414 Expendlture on charitable a¢llvllies by fvnd typg Unrestricted Total Funds Unresiricled Tolal Funds 2020 Funds 2019 Grants paid SupKtJrt costs 71.265 71.265 71.270 71270 Expendlture on ¢h•ritabJe •ctlvllies by xtlvity type Sw)F(Jrt Total lunds Total lund costs 2020 2019 Grants patd GovemarrR costs 71.265 71.270
THE MSG FOUNDATION LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMEpifs YEAR ENDED 31 DECEIABER 2020 Analysis ol support Costs Total 220 Total 2019 Bank charges Analys1$ of grants 2020 2019 Grants to In$titutlons T8enage cancer Irusl Give us time Duke ol Edint*Jrgh award Breast cancer care and breast cancer nchv 30.785 20,000 20.000 71,265 Total giants 71,265 10. Truee remuneration and expenses No Temuneration or expenses have been paKI to Ihe trustees during the current and previous year. 11. Analysls ol charllable lunds Unrestrlcied funds At 31 December 2020 Al 1 January 2020 Income Expenthture General lunds 3.391 3,390 At 31 December 2019 At 1 January 2019 Income Expenditure General funds 26.247 48.414 (71.2701 3.391
THE IASG FOUNDATION LIMITED COMPANY LIIAITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2020 12. Related parties During Ihe year the charity received donaiions ol £nil12019.. £46.1931 from companies controlled by MS Grewal a irustee. During the year the charty received donaiions ol £nil (2019.. È53n from ts)mpanies controlled by HS Giewal. During the year the charity recerled donalions ol £nil (2019.. £659) trorn o)mpani8s controlsed by SS Grewal. MS Grewal, SS Grewal and HS Grewd are brothers. 10