Charity registration number: 1167794
Owen McVeigh Foundation
Annual Report and Financial Statements for the Year Ended 1 April 2023
| Trustees' Report | 1 to 3 |
|---|---|
| Statement of Trustees' Responsibilities | 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8 to 14 |
The trustees present the annual report together with the financial statements of the charity for the year ended 1 April 2023.
Mrs Marjorie McEvoy (ceased 30 March 2023) Mrs Marie Fearnehough Mr Nicholas Jason Smith Ms Joanne McVeigh Mr Sean McCaldon
To relieve the needs of children with cancer and their families by the provision of trips, life experiences and other related services.
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
In the year end ended 1st April 2023 the charity had a net surplus of £133,807 (2022: £142,437). Total income increased in year to £326,472 (2022: £305,554). Net assets of the charity at the year-end are £718,267 (2022: £584,460). The charity is in a positive position with sufficient cash to be able to continue as a going concern for the foreseeable future.
The trustees have considered the level of reserves which they wish to retain. The want to ensure that the charity continues to help those in need for the foreseeable future.
The Owen McVeigh Foundation is a Charitable Incorporated Organisation registered on 22nd June 2016 and its registered charity number is 1167794. The charity was established to help relieve the needs of children with cancer and their families by the provision of trips, life experiences and other related services.
The Charity's principal office is situated in England and Wales.
If the CIO is wound up, the members of the CIO have no liability to contribute to its assets and no personal responsibility for settling its debts and liabilities.
Page 1
The Charity's Trustees were selected from friends and family of Owen McVeigh who had an empathy for helping other children and families who were suffering from cancer. However the selection of these trustees ensured that they had the necessary skills, knowledge and experience to ensure effective administration of the organisation.
The trustees who served during the year were as follows:
Mrs Marjorie McEvoy (ceased 30 March 2023) Mrs Marie Fearnehough Mr Nicholas Smith Ms Joanne McVeigh Mr Sean McCaldon
There must be at least three charity trustees. If the number falls below this minimum, the remaining trustee or trustees may act only to call a meeting of the charity trustees, or appoint a new charity trustee.
The charity’s activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. The use of financial derivatives is governed by the charity’s policies approved by the board of trustees, which provide written principles on the use of financial derivatives to manage these risks. The charity does not use derivative financial instruments for speculative purposes.
The charity’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. The charity uses foreign exchange forward contracts and interest rate swap contracts to hedge these exposures.
Interest bearing assets and liabilities are held at fixed rate to ensure certainty of cash flows.
The charity’s principal financial assets are bank balances and cash, trade and other receivables, and investments.
The charity’s credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows.
The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.
The charity has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the charity uses a mixture of long-term and short-term debt finance. Further details regarding liquidity risk can be found in the Statement of accounting policies in the financial statements.
Page 2
Owen Mcveigh Foundation Trustees, Report (continued) The annual report was approved by the trustees of the charity on 30 January 2024 and signed on its behalf by: Mrs Marie Fearnehough Trustee Page 3
Owen Mcveigh Foundation Statement of Trustees, Responsibilities The trustees are responsible for preparing the trustees, report and the financial statements in accordance with the United Kingdom Accounting standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations. The law applicable to chartties requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of reSoUrS of the charity for that period. In preparing these ftnancial 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 accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the constitution. The trustees 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. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Approved by the trustees of the charity on 30 January 2024 and signed on its behalf by: Mrs Marie Fearnehough Trustee Page 4
Owen Mcveigh Foundatlon Independent Examinets Rel to the trustees of Owen Mcveigh Foundation I report to the trustee5 on my examinatKJn of the accounts of Owen Mcveigh FouTrlat¥)n for the yEar ended l Apnl 2023. ReSnbIlitieS and basis of rgport As the charity Irustees of Mcveigh Foundation )U are resp)nsible for the preparation of the accounts in aecoTdance wrth th& requlrewnts of t Ch8rities kn 2011(.tt Act'l. I report In reS¢t of my examination of the ¢Jven M¢Veigh FoLtThYatK)n accounts carried out uThJer sèction 145 of the 2011 l£t and in Cann8 OLrt my examination I have folbwèd all the appli¢ab18 Directlons Oven by the Ch8rrty CommlssK)n under section 1451511bl of the ACL Independent ex8mine¢s statsment Slnce Ch¥en McVei8h Foundation¥ gross income exceg<bd £250.¢ your examinei must be a rnernr of 8 booy listed in sectton 145 of the 2011 Act. I confim that l am qualifi8d to urKlert8ke the exgminatlo t¢¢8U58 l am a member of ICAEW. which ¢9 one of the ltsted tw)dies. I have completed my examlnallon. I confimi thBt matertal matters have come to my attentlon In connectK)n wilh the examination gling me cause to belteve that In any matsrial peCt.. l. a¢countlng records were Th)t kept in resm of l)en McVei#h FourKlat*)n as quIred by s8¢tlgn 130 of the kL' or 2. the accounts do not accord wlth thoso Tecords: or 3. the 8ccounts do not Cp[Y with 8X)untIng urrMents concerning ihtr form and content of a¢¢ounts set out in the Charrties Iluounts and ReFottsl Regulallons 2008 other than any reouirement that the asxounts RNe a 8nd fair vw, whJ¢h is rol a matter nsled as part of an independent examination. I h8ve no C4)ncems and have ¢ome across no ollr m8iters in conne¢tv)n with the examination to whlch attenuon should be drawn in this rem in order io ¢n8ble 8 proFer understanding of the a¢¢ounts to be reached. John Hughes W FCA . ICAEW 42 Crosby Road North Cr05by Liver0] L22 4QQ 30 January 2024 Page 5
| Donations and legacies Other trading activities Total Income Raising funds Charitable activities Total Expenditure Net income/(expenditure) Other gains/losses Net movement in funds Total funds brought forward Total funds carried forward 11 |
326,239 233 326,472 (73,200) (150,890) (224,090) 102,382 34,000 136,382 580,610 716,992 |
- - - - (850) (850) (850) - (850) 3,850 3,000 |
326,239 233 326,472 (73,200) (151,740) (224,940) 101,532 34,000 135,532 584,460 719,992 |
303,645 909 |
|---|---|---|---|---|
| 304,554 | ||||
| (65,217) (96,900) |
||||
| (162,117) | ||||
| 142,437 - |
||||
| 142,437 442,023 |
||||
| 584,460 |
All of the charity's activities derive from continuing operations during the above two periods.
The notes on pages 8 to 14 form an integral part of these financial statements. Page 6
| Land and buildings 9 Furniture and equipment 9 9 Debtors Cash at bank and in hand 10 11 |
247,500 2,888 250,388 2,311 472,065 474,376 (4,772) 469,604 719,992 3,000 716,992 719,992 |
66,000 2,551 |
|---|---|---|
| 68,551 | ||
| 10,432 508,068 |
||
| 518,500 (2,591) |
||
| 515,909 | ||
| 584,460 | ||
| 3,850 580,610 |
||
| 584,460 | ||
The financial statements on pages 6 to 14 were approved by the trustees, and authorised for issue on 30 January 2024 and signed on their behalf by:
.........................................
Mrs Marie Fearnehough Trustee
The notes on pages 8 to 14 form an integral part of these financial statements. Page 7
The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
Owen McVeigh Foundation meets the definition of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.
Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured.
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
Page 8
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses.
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Caravan 10% Straight line Fixtures and Fittings 25% Reducing balance
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving stocks.
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.
Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
Page 9
| Donations and legacies; Donations Just Giving Fundraising Events |
209,493 74,444 42,302 326,239 303,645 |
209,493 74,444 42,302 |
|---|---|---|
| 326,239 | ||
| 303,645 | ||
| Trading income; Other trading income |
233 233 909 |
233 |
|---|---|---|
| 233 | ||
| 909 | ||
Page 10
| Cost of fundraising events Wages Advertising Travelling & subsistence |
17,960 49,692 1,559 3,989 73,200 |
17,960 49,692 1,559 3,989 73,200 |
12,453 46,138 - 2,453 |
|---|---|---|---|
| 61,044 |
| - 4,173 |
- |
|---|---|
| 4,173 |
Page 11
| Cost of experience Governance costs |
108,455 42,435 150,890 96,900 |
850 - 850 - |
109,305 42,435 |
|---|---|---|---|
| 151,740 | |||
| 96,900 | |||
During the year the charity made the following transactions with trustees:
During the year a salary of £48,826.65 (2022: £47,138) was paid to a close family member of the trustee as the main fundraiser.
No trustees have received any reimbursed expenses or any other benefits from the charity during the year.
Examination of the financial statements 1,780 1,872
Page 12
The charity is a registered charity and is therefore exempt from taxation.
| At 2 April 2022 Additions Disposals At 1 April 2023 At 2 April 2022 Charge for the year Eliminated on disposals At 1 April 2023 At 1 April 2023 At 1 April 2022 Cash at bank |
110,000 275,000 (110,000) 275,000 44,000 27,500 (44,000) 27,500 247,500 66,000 |
8,065 1,299 - |
118,065 276,299 (110,000) 284,364 49,514 28,462 (44,000) 33,976 250,388 68,551 508,068 |
|
|---|---|---|---|---|
| 9,364 | ||||
| 5,514 962 - |
||||
| 27,500 | 6,476 | |||
| 247,500 | 2,888 | |||
| 66,000 | 2,551 | |||
| 472,065 |
Page 13
| 580,610 326,472 (224,090) 3,850 - (850) 584,460 326,472 (224,940) 438,173 304,554 3,850 - 442,023 304,554 |
34,000 - |
716,992 3,000 |
|
|---|---|---|---|
| 34,000 | 719,992 | ||
| (162,117) - (162,117) |
580,610 3,850 |
||
| 584,460 |
| Tangible fixed assets Current assets Current liabilities Total net assets |
250,388 474,376 (4,772) 719,992 |
250,388 474,376 (4,772) |
|---|---|---|
| 719,992 |
Page 14