**Charity Registraꢀon No. 1172488** **Company Registraꢀon No. 10626751 (England and Wales)** ## **MICHAEL CARRICK FOUNDATION** **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31 MARCH 2021** ## **MICHAEL CARRICK FOUNDATION** ## **LEGAL AND ADMINISTRATIVE INFORMATION** |**Trustees**|Graeme Carrick| |---|---| ||Kay Carrick| ||Lisa Carrick| ||Michael Carrick| ||David Giess| ||Ian Hopkins| ||Joanna Tongue| ||Nicholas White| ||Paul Rao| |**Charity number**|1172488| |**Company number**|10626751| |**Registered ofce**|10-12 Mulberry Green| ||Harlow| ||Essex| ||CM17 0ET| |**Independent examiner**|Mitchell Charlesworth LLP| ||3rd Floor| ||44 Peter Street| ||Manchester| ||M2 5GP| |**Bankers**|Arbuthnot Latham & Co Limited| ||Arbuthnot House| ||7 Wilson Street| ||London| ||EC2M 2SN| ## **MICHAEL CARRICK FOUNDATION** ## **CONTENTS** ||**Page**| |---|---| |Trustees' report|1 - 3| |Independent examiner's report|4| |Statement of fnancial acꢀviꢀes|5| |Balance sheet|6 - 7| |Statement of cash fows|8| |Notes to the fnancial statements|9 - 18| ## **MICHAEL CARRICK FOUNDATION** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)** ## _**FOR THE YEAR ENDED 31 MARCH 2021**_ The trustees present their report and financial statements for the year ended 31 March 2021. The financial statements have been prepared in accordance with the accounꢀng policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "Accounꢀng and Reporꢀng by Chariꢀes: Statement of Recommended Pracꢀce applicable to chariꢀes preparing their accounts in accordance with the Financial Reporꢀng Standard applicable in the UK and Republic of Ireland (FRS 102) (effecꢀve 1 January 2019)". ## **Objecꢀves and acꢀviꢀes** The charity's objecꢀves include: - the applicaꢀon of income for the benefit of such charitable purposes as the trustees may from ꢀme to ꢀme determine and for the benefit of children supporꢀng projects that enable them to fulfil their potenꢀal in an environment that they feel safe, valued and inspired to achieve; and - To promote all other purposes recognised as charitable under the law of England and Wales from ꢀme to ꢀme to the benefit of the general public as the trustees shall from ꢀme to ꢀme determine. The trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on Public Benefit when reviewing the charity’s aims and objecꢀves and in planning future acꢀviꢀes. The trustees have paid due regard to guidance issued by the Charity Commission in deciding what acꢀviꢀes the charity should undertake. ## **Achievements and performance** Our purpose and mission has been established with the aim of helping children reach their full potenꢀal by handing a safe environment to develop, feel valued and be inspired to achieve. The foundaꢀon is striving to create opportuniꢀes where youngsters from across Greater Manchester and Tyne and Wear feel safe, valued and inspired to achieve their full potenꢀal. The charity conꢀnues to run acꢀviꢀes that support and inspire young people living in poverty to fulfil their full potenꢀal. We work with experienced delivery partners who are embedded in the communiꢀes they serve to do this in a way that will be efficient and sustainable. Alongside the delivery of weekly sessions, highlights of the previous two years include delivering more than 1,000 food parcels to children in need during the Covid-19 pandemic, providing 550 Back-to-School Packs to support local youngsters transiꢀoning from primary to secondary school, and hand delivering 400 Carrick’s Kit Bags to parꢀcipants to help spread some fesꢀve cheer. ## **Financial review** During the year, incoming resources raised amounted to £57,029 (2020: £141,549). Resources expended on the acꢀviꢀes of the charitable company, including the cost of raising funds, amounted to £186,055 (2020: £229,826). The closing fund balance is £1,242,527 (2020: £1,190,674) and will be uꢀlised in the future for funding charitable events and making further donaꢀons. ## **Reserves policy** The charity has designated funds to cover commiꢁed future spend. Based on the charity's current and future operaꢀng costs, the present value of its investments and the challenging environment in terms of charitable fundraising as a result of the coronavirus pandemic, the Trustees consider it prudent to hold unrestricted reserves in the sum of £50,000. These reserves are intended to potenꢀally cover any shorꢂall in the medium term funding plans and also cover the charity's running costs for at least a six month period in the event that income streams were to cease completely. The trustees note that the medium and long term funding proposals can be reconfigured in the event of a substanꢀal shorꢂall but the trustees view is that reserves of £50,000 should enable the Charity to fulfil its plans and also funds its general operaꢀon should any shorꢂall occur. - 1 - ## **MICHAEL CARRICK FOUNDATION** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** ## _**FOR THE YEAR ENDED 31 MARCH 2021**_ The balance held as unrestricted funds at 31 March 2021 was £1,242,527 (2020: £1,190,674) of which £336,027 (2020: £248,174) is regarded as free reserves. Within unrestricted reserves is an amount of £906,500 (2020: £942,500) was has been designated for known future spend. The balance held as restricted funds at 31 March 2021 was £Nil (2020: £Nil). The charity’s policy in respect of restricted funds is to record separately any donaꢀons and other income received where restricꢀons are imposed that are narrower than the charity’s overall objecꢀves. As a result of the reserves policy adopted by the trustees, they have a reasonable expectaꢀon that the charity has adequate resources to conꢀnue in operaꢀonal existence for the foreseeable future. Accordingly, they conꢀnue to adopt the going concern basis in preparing the financial statements. ## **Risk** The principal risks faced by the charity lie in operaꢀonal risks from ineffecꢀve grant making and the capacity of the charity to make effecꢀve grants. The risk is miꢀgated by the trustees being involved in the grant making process and grants being awarded to established chariꢀes who are required to meet appropriate financial regulatory requirements. The charity will conꢀnue to make grants in line with the objecꢀves and distribute income received. ## **Structure, governance and management** The charity is a company limited by guarantee. The charitable company is governed by the Memorandum and Arꢀcles of Associaꢀon which were laid down at the incorporaꢀon of the charitable company on 17 February 2017. 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: Graeme Carrick Kay Carrick Lisa Carrick Michael Carrick David Giess Ian Hopkins Joanna Tongue Nicholas White Trustees are appointed by the Board of Trustees. None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up. The trustees consider the board of trustees as comprising the key management personnel of the charitable company in charge of direcꢀng and controlling the charitable company and running and operaꢀng the charitable company on a day to day basis. All trustees give their ꢀme freely and no trustee remuneraꢀon was paid in the period. Trustees are required to disclose all relevant interests and register them and in accordance with the charitable company’s policy withdraw from decisions where a conflict of interest arises. - 2 - ## **MICHAEL CARRICK FOUNDATION** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** ## _**FOR THE YEAR ENDED 31 MARCH 2021**_ ## **Trustees’ Responsibiliꢀes** The trustees acknowledge their responsibiliꢀes for ensuring that the charity keeps accounꢀng records which comply with secꢀon 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and applicaꢀon of resources, including its income and expenditure, for the financial year in accordance with the requirements of secꢀons 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relaꢀng to financial statements, so far as applicable to the company. ## **Covid-19** The results and financial posiꢀon reflect the impact of the Covid-19 pandemic on the charity. Fundraising acꢀvity post year-end has been somewhat reduced and a cost-cuꢁng exercise has been undertaken as a result. The charity expects to make a loss in the next financial year, but has sufficient reserves to cover this. The trustees constantly review the financial posiꢀon of the charity, and act accordingly. The trustees' report was approved by the Board of Trustees. ## **David Giess** Trustee 25/08/2021 Dated: - 3 - ## **MICHAEL CARRICK FOUNDATION** ## **INDEPENDENT EXAMINER'S REPORT** ## **TO THE TRUSTEES OF MICHAEL CARRICK FOUNDATION** I report to the trustees on my examinaꢀon of the financial statements of Michael Carrick Foundaꢀon (the charity) for the year ended 31 March 2021. ## **Responsibilites and basis of reporꢀ** As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparaꢀon of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act). Having saꢀsfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examinaꢀon, I report in respect of my examinaꢀon of the charity’s financial statements carried out under secꢀon 145 of the Chariꢀes Act 2011 (the 2011 Act). In carrying out my examinaꢀon I have followed all the applicable Direcꢀons given by the Charity Commission under secꢀon 145(5)(b) of the 2011 Act. ## **Independenꢀ examiner's sꢀaꢀemenꢀ** I have completed my examinaꢀon. I confirm that no maꢁers have come to my aꢁenꢀon in connecꢀon with the examinaꢀon giving me cause to believe that in any material respect: - 1 accounꢀng records were not kept in respect of the charity as required by secꢀon 386 of the 2006 Act; or - 2 the financial statements do not accord with those records; or - 3 the financial statements do not comply with the accounꢀng requirements of secꢀon 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a maꢁer considered as part of an independent examinaꢀon; or - 4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Pracꢀce for accounꢀng and reporꢀng by chariꢀes applicable to chariꢀes preparing their accounts in accordance with the Financial Reporꢀng Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no other maꢁers in connecꢀon with the examinaꢀon to which aꢁenꢀon should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. Jamielee Johnston CA For and behalf of Mitchell Charlesworth LLP 44 Peter Street Manchester M2 5GP Dated: 25/08/2021 - 4 - ## **MICHAEL CARRICK FOUNDATION** ## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** ## _**FOR THE YEAR ENDED 31 MARCH 2021**_ |||**Unrestricted**|Unrestricted| |---|---|---|---| |||**funds**|funds| |||**2021**|2020| ||**Notes**|**£**|£| |**Income from:**|||| |Donaꢀons and legacies|**2**|20,891|53,948| |Charitable acꢀꢁiꢀes|**3**|9,491|57,260| |Inꢁestments|**4**|26,647|30,341| |**Total income**||57,029|141,549| |**Expenditure on:**|||| |Raising funds|**5**|1,445|11,849| |Charitable acꢀꢁiꢀes|**6**|184,610|217,977| |**Total resources expended**||186,055|229,826| |Net gains/(losses) on inꢁestments|**11**|180,879|(125,867)| |**Net movement in funds**||51,853|(214,144)| |Fund balances at 1 April 2020||1,190,674|1,404,818| |**Fund balances at 31 March 2021**||1,242,527|1,190,674| The statement of financial acꢀꢁiꢀes includes all gains and losses recognised in the year. All income and expenditure deriꢁe from conꢀnuing acꢀꢁiꢀes. The statement of financial acꢀꢁiꢀes also complies with the requirements for an income and expenditure account under the Companies Act 2006. - 5 - ## **MICHAEL CARRICK FOUNDATION** ## **BALANCE SHEET** ## _**AS AT 31 MARCH 2021**_ |**Notes**
**Fixed assets**
Inꢁestments
**13**
**Current assets**
Debtors
**15**
Cash at bank and in hand
**Creditors: amounts falling due within one**
**year**
**16**
Net current assets
**Total assets less current liabiliꢀes**
**Income funds**
Unrestricted funds
Designated funds
**18**
General unrestricted funds|**2021**
**£**
-
221,790
221,790
(6,761)
906,500
336,027|**£**
1,027,498
215,029
1,242,527
1,242,527
1,242,527|2020
£
15,000
320,888
335,888
(6,285)
942,500
248,174|£
861,071
329,603| |---|---|---|---|---| |||||1,190,674| |||||1,190,674| |||||1,190,674| - 6 - ## **MICHAEL CARRICK FOUNDATION** ## **BALANCE SHEET (CONTINUED)** ## _**AS AT 31 MARCH 2021**_ The company is entꢀled ꢀo ꢀhe exempton from ꢀhe audiꢀ requiremenꢀ conꢀained in secton 477 of ꢀhe Companies Acꢀ 2006, for ꢀhe year ended 31 March 2021. The members have noꢀ required ꢀhe company ꢀo obꢀain an audiꢀ of iꢀs financial sꢀaꢀemenꢀs for ꢀhe year in queston in accordance wiꢀh secton 476. These financial sꢀaꢀemenꢀs have been prepared in accordance wiꢀh ꢀhe provisions applicable ꢀo companies subjecꢀ ꢀo ꢀhe small companies regime. The financial sꢀaꢀemenꢀs were approved by ꢀhe Trusꢀees on 25/08/2021 David Giess **Trustee** **Company Registraꢀon No. 10626751** - 7 - ## **MICHAEL CARRICK FOUNDATION** ## **STATEMENT OF CASH FLOWS** ## _**FOR THE YEAR ENDED 31 MARCH 2021**_ |**Notes**
**Cash fows from operaꢀng acꢀviꢀes**
Cash absorbed by operatons
**23**
**Invesꢀng acꢀviꢀes**
Purchase of invesꢀmenꢀs
Proceeds on disposal of invesꢀmenꢀs
Income from lisꢀed invesꢀmenꢀs and income received
**Net cash generated from invesꢀng acꢀviꢀes**
**Net decrease in cash and cash equivalents**
Cash and cash equivalenꢀs aꢀ beginning of year
**Cash and cash equivalents at end of year**|**2021**
**£**
(543,283)
557,736
26,647|**£**
(140,198)
41,100
(99,098)
320,888
221,790|2020
£
(530,917)
540,259
30,341|£
(182,505)
39,683
(142,822)
463,710
320,888| |---|---|---|---|---| - 8 - ## **MICHAEL CARRICK FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS** ## _**FOR THE YEAR ENDED 31 MARCH 2021**_ ## **1 Accounꢀng policies** ## **Charity informaꢀon** Michael Carrick Foundaton is a privaꢀe company limiꢀed by guaranꢀee incorporaꢀed in England and Wales. The regisꢀered office is 10-12 Mulberry Green, Harlow, Essex, CM17 0ET. ## **1.1 Accounꢀng convenꢀon** The financial sꢀaꢀemenꢀs have been prepared in accordance wiꢀh ꢀhe chariꢀy's governing documenꢀ, ꢀhe Companies Acꢀ 2006 and "Accountng and Reportng by Charites: Sꢀaꢀemenꢀ of Recommended Practce applicable ꢀo charites preparing ꢀheir accounꢀs in accordance wiꢀh ꢀhe Financial Reportng Sꢀandard applicable in ꢀhe UK and Republic of Ireland (FRS 102) (effectve 1 January 2019)". The chariꢀy is a Public Benefiꢀ Entꢀy as defined by FRS 102. The financial sꢀaꢀemenꢀs are prepared in sꢀerling, which is ꢀhe functonal currency of ꢀhe chariꢀy. Moneꢀary amounꢀs in The financial sꢀaꢀemenꢀs have been prepared under ꢀhe hisꢀorical cosꢀ conventon, modified ꢀo include cerꢀain financial insꢀrumenꢀs aꢀ fair value. The principal accountng policies adopꢀed are seꢀ ouꢀ below. ## **1.2 Going concern** Aꢀ ꢀhe tme of approving ꢀhe financial sꢀaꢀemenꢀs and having due regard ꢀo ꢀhe impacꢀ of Covid-19, ꢀhe ꢀrusꢀees have a reasonable expecꢀaton ꢀhaꢀ ꢀhe chariꢀy has adequaꢀe resources ꢀo contnue in operatonal exisꢀence for ꢀhe foreseeable fuꢀure. Thus ꢀhe ꢀrusꢀees contnue ꢀo adopꢀ ꢀhe going concern basis of accountng in preparing ꢀhe financial sꢀaꢀemenꢀs. ## **1.3 Charitable funds** Unresꢀricꢀed funds are available for use aꢀ ꢀhe discreton of ꢀhe ꢀrusꢀees in furꢀherance of ꢀheir chariꢀable objectves. ## **1.4 Income** Income is recognised when ꢀhe chariꢀy is legally entꢀled ꢀo iꢀ aꢁer any performance conditons have been meꢀ, ꢀhe amounꢀs can be measured reliably, and iꢀ is probable ꢀhaꢀ income will be received. Cash donatons are recognised on receipꢀ. Oꢀher donatons are recognised once ꢀhe chariꢀy has been notfied of ꢀhe donaton, unless performance conditons require deferral of ꢀhe amounꢀ. Income ꢀax recoverable in relaton ꢀo donatons received under Giꢁ Aid or deeds of covenanꢀ is recognised aꢀ ꢀhe tme of ꢀhe donaton. ## **1.5 Expenditure** Liabilites are recognised as soon as a legal or consꢀructve obligaton exisꢀs commiꢂng ꢀhe chariꢀable company ꢀo pay ouꢀ resources; iꢀ is probable ꢀhaꢀ ꢀhe seꢃlemenꢀ will be required, and ꢀhe amounꢀ of ꢀhe obligaton can be measured reliably. All expendiꢀure is accounꢀed for on an accruals basis. Irrecoverable VAT is charged as a cosꢀ againsꢀ ꢀhe actviꢀy for which ꢀhe expendiꢀure was incurred. Where ꢀhe chariꢀable company gives a granꢀ wiꢀh conditons for iꢀs paymenꢀ being a specific level of services or ouꢀpuꢀ ꢀo be provided, such granꢀs are only recognised in ꢀhe SoFA once ꢀhe recipienꢀ of ꢀhe granꢀ has provided ꢀhe specified service or ouꢀpuꢀ. These are only recognised in ꢀhe accounꢀs when a commiꢀmenꢀ has been made and ꢀhere are no conditons ꢀo be meꢀ relatng ꢀo ꢀhe granꢀ which remain in ꢀhe conꢀrol of ꢀhe chariꢀable company. The chariꢀable company considers ꢀhaꢀ commiꢀmenꢀs only arise when sufficienꢀ funds have been raised ꢀo fulfil pledges made. - 9 - ## **MICHAEL CARRICK FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 MARCH 2021**_ ## **1 Accounꢀng policies** All expenses involving supporꢀ cosꢀs and governance cosꢀs are allocaꢀed or apportoned ꢀo ꢀhe applicable expendiꢀure headings. ## **1.6 Fixed asset investments** Fixed asseꢀ invesꢀmenꢀs are initally measured aꢀ ꢀransacton price excluding ꢀransacton cosꢀs, and are subsequenꢀly measured aꢀ fair value aꢀ each reportng daꢀe. Changes in fair value are recognised in neꢀ income/(expendiꢀure) for ꢀhe year. Transacton cosꢀs are expensed as incurred. A subsidiary is an entꢀy conꢀrolled by ꢀhe chariꢀy. Conꢀrol is ꢀhe power ꢀo govern ꢀhe financial and operatng policies of ꢀhe entꢀy so as ꢀo obꢀain benefiꢀs from iꢀs actvites. ## **1.7 Cash and cash equivalents** Cash and cash equivalenꢀs include cash in hand, deposiꢀs held aꢀ call wiꢀh banks, oꢀher shorꢀ-ꢀerm liquid invesꢀmenꢀs wiꢀh original maꢀurites of ꢀhree monꢀhs or less, and bank overdraꢁs. Bank overdraꢁs are shown wiꢀhin borrowings in currenꢀ liabilites. ## **1.8 Financial instruments** The chariꢀy has elecꢀed ꢀo apply ꢀhe provisions of Secton 11 ‘Basic Financial Insꢀrumenꢀs’ and Secton 12 ‘Oꢀher Financial insꢀrumenꢀs are recognised in ꢀhe chariꢀy's balance sheeꢀ when ꢀhe chariꢀy becomes parꢀy ꢀo ꢀhe conꢀracꢀual provisions of ꢀhe insꢀrumenꢀ. Financial asseꢀs and liabilites are offseꢀ, wiꢀh ꢀhe neꢀ amounꢀs presenꢀed in ꢀhe financial sꢀaꢀemenꢀs, when ꢀhere is a legally enforceable righꢀ ꢀo seꢀ off ꢀhe recognised amounꢀs and ꢀhere is an inꢀenton ꢀo seꢃle on a neꢀ basis or ꢀo realise ꢀhe asseꢀ and seꢃle ꢀhe liabiliꢀy simulꢀaneously. ## _**Basic financial assets**_ Basic financial asseꢀs, which include debꢀors and cash and bank balances, are initally measured aꢀ ꢀransacton price including ꢀransacton cosꢀs and are subsequenꢀly carried aꢀ amortsed cosꢀ using ꢀhe effectve inꢀeresꢀ meꢀhod unless ꢀhe arrangemenꢀ constꢀuꢀes a financing ꢀransacton, where ꢀhe ꢀransacton is measured aꢀ ꢀhe presenꢀ value of ꢀhe fuꢀure receipꢀs discounꢀed aꢀ a markeꢀ raꢀe of inꢀeresꢀ. Financial asseꢀs classified as receivable wiꢀhin one year are noꢀ amortsed. ## _**Basic financial liabiliꢀes**_ Basic financial liabilites, including crediꢀors and bank loans are initally recognised aꢀ ꢀransacton price unless ꢀhe arrangemenꢀ constꢀuꢀes a financing ꢀransacton, where ꢀhe debꢀ insꢀrumenꢀ is measured aꢀ ꢀhe presenꢀ value of ꢀhe fuꢀure paymenꢀs discounꢀed aꢀ a markeꢀ raꢀe of inꢀeresꢀ. Financial liabilites classified as payable wiꢀhin one year are noꢀ amortsed. Debꢀ insꢀrumenꢀs are subsequenꢀly carried aꢀ amortsed cosꢀ, using ꢀhe effectve inꢀeresꢀ raꢀe meꢀhod. Trade crediꢀors are obligatons ꢀo pay for goods or services ꢀhaꢀ have been acquired in ꢀhe ordinary course of operatons from suppliers. Amounꢀs payable are classified as currenꢀ liabilites if paymenꢀ is due wiꢀhin one year or less. If noꢀ, ꢀhey are presenꢀed as non-currenꢀ liabilites. Trade crediꢀors are recognised initally aꢀ ꢀransacton price and subsequenꢀly measured aꢀ amortsed cosꢀ using ꢀhe effectve inꢀeresꢀ meꢀhod. ## _**Derecogniꢀon of financial liabiliꢀes**_ Financial liabilites are derecognised when ꢀhe chariꢀy’s conꢀracꢀual obligatons expire or are discharged or cancelled. - 10 - ## **MICHAEL CARRICK FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 MARCH 2021**_ ## **2 Donaꢀons and legacies** |**3**
**4**
**5**|**Unrestricted**
Unresꢀricꢀed
**funds**
funds
**2021**
2020
**£**
£
Donatons and giꢁs
20,891
53,948
**Charitable acꢀviꢀes**
**2021**
**2020**
**£**
**£**
Oꢀher fundraising actvites
9,491
57,260
**Investments**
**Unrestricted**
Unresꢀricꢀed
**funds**
funds
**2021**
2020
**£**
£
Income from lisꢀed invesꢀmenꢀs
26,464
29,775
Inꢀeresꢀ receivable
183
566
26,647
30,341
**Raising funds**
**Unrestricted**
Unresꢀricꢀed
**funds**
funds
**2021**
2020
**£**
£
Fundraising and publiciꢀy
Raising funds
1,445
11,849
1,445
11,849|**Unrestricted**
Unresꢀricꢀed
**funds**
funds
**2021**
2020
**£**
£
Donatons and giꢁs
20,891
53,948
**Charitable acꢀviꢀes**
**2021**
**2020**
**£**
**£**
Oꢀher fundraising actvites
9,491
57,260
**Investments**
**Unrestricted**
Unresꢀricꢀed
**funds**
funds
**2021**
2020
**£**
£
Income from lisꢀed invesꢀmenꢀs
26,464
29,775
Inꢀeresꢀ receivable
183
566
26,647
30,341
**Raising funds**
**Unrestricted**
Unresꢀricꢀed
**funds**
funds
**2021**
2020
**£**
£
Fundraising and publiciꢀy
Raising funds
1,445
11,849
1,445
11,849| |---|---|---| |||11,849| - 11 - ## **MICHAEL CARRICK FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 MARCH 2021**_ ## **6 Charitable acꢀviꢀes** |**Charitable acꢀviꢀes**||| |---|---|---| ||**Charitable**|Chariꢀable| ||**acꢀviꢀes**|actvites| ||**2021**|2020| ||**£**|£| |Granꢀ funding of actvites (see noꢀe 7)|93,578|84,202| |Share of supporꢀ cosꢀs (see noꢀe 8)|69,731|103,949| |Share of governance cosꢀs (see noꢀe 8)|21,301|29,826| ||184,610|217,977| - **7 Grants payable** |**Grants payable**||| |---|---|---| ||**Charitable**|Chariꢀable| ||**acꢀviꢀes**|actvites| ||**2021**|2020| ||**£**|£| |Granꢀs ꢀo instꢀutons:||| |Manchesꢀer Uniꢀed Foundaton|15,000|3,000| |Wallsend Boys Club|35,000|17,500| |Newcasꢀle Uniꢀed Foundaton|35,000|35,000| |Lancashire Crickeꢀ Foundaton|8,578|28,702| ||93,578|84,202| The granꢀs are for ꢀhe delivery of projecꢀs which aim ꢀo use ꢀhe power of fooꢀball ꢀo offer young people ꢀhe opporꢀuniꢀy ꢀo pursue ꢀheir inꢀeresꢀ in playing, leading and coaching. - 12 - ## **MICHAEL CARRICK FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 MARCH 2021**_ ## **8 Support costs** |**Support costs**
**Governance**
**costs**
**£**
**£**
Consulꢀancy fees
69,731
-
Oꢀher supporꢀ cosꢀs
-
-
Bank charges
-
-
Audiꢀ fees
-
-
Accounꢀancy
-
360
Legal and professional
-
2,104
Invesꢀmenꢀ managemenꢀ
fees
-
13,917
Independenꢀ examiners'
fee
-
4,920
69,731
21,301
Analysed beꢀween
Chariꢀable actvites
69,731
21,301|**2021** Supporꢀ cosꢀs
Governance
cosꢀs
**£**
£
£
69,731
103,949
-
-
-
-
-
-
-
360
-
5,490
2,104
-
4,119
13,917
-
14,277
4,920
-
5,940
91,032
103,949
29,826
91,032
103,949
29,826|2020
£
103,949
-
-
-
5,490
4,119
14,277
5,940| |---|---|---| |||133,775| |||133,775| ## **9 Trustees** None of ꢀhe ꢀrusꢀees (or any persons connecꢀed wiꢀh ꢀhem) received any remuneraton or benefiꢀs from ꢀhe chariꢀy during ꢀhe year. Trusꢀees were reimbursed expenses during ꢀhe year amountng ꢀo £Nil (2020: £35). ## **10 Employees** There were no employees during ꢀhe year. ## **11 Net gains/(Losses) on investments** |**Net gains/(Losses) on investments**||| |---|---|---| ||**Unrestricted**|Unresꢀricꢀed| ||**funds**|funds| ||**2021**|2020| ||**£**|£| |Revaluaton of invesꢀmenꢀs|187,534|(116,729)| |(Loss) on sale of invesꢀmenꢀs|(6,655)|(9,138)| ||180,879|(125,867)| - 13 - ## **MICHAEL CARRICK FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 MARCH 2021**_ ## **12 Taxaꢀon** No provision is required for ꢀaxaton as ꢀhe company is a regisꢀered chariꢀy and exempꢀ from corporaton ꢀax on iꢀs chariꢀable actvites. ## **13 Fixed asset investments** ||**Listed**|**Cash in**|**Other**|| |---|---|---|---|---| ||**investments**|**porꢁolio**|**investments**|**Total**| ||**£**|||**£**| |**Cost or valuaꢀon**||||| |Aꢀ 1 April 2020|837,152|23,918|1|861,071| |Additons|543,283|-|-|543,283| |Valuaton changes|187,535|-|-|187,535| |Movemenꢀ in cash|-|(9,587)|-|(9,587)| |Disposals|(554,804)||-|(554,804)| |Aꢀ 31 March 2021|1,013,166|14,331|1|1,027,498| |**Carrying amount**||||| |Aꢀ 31 March 2021|1,013,166|14,331|1|1,027,498| |Aꢀ 31 March 2020|837,152|23,918|1|861,071| The invesꢀmenꢀs are managed wiꢀhin a porꢄolio held wiꢀh Invesꢀec Wealꢀh & Invesꢀmenꢀ Limiꢀed in ꢀhe Uniꢀed Kingdom. The hisꢀoric cosꢀ of individual invesꢀmenꢀs is £926,150 (2020: £937,673). |**2021**
Oꢀher invesꢀmenꢀs comprise:
**Notes**
**£**
Invesꢀmenꢀs in subsidiaries
**21**
1
**14**
**Financial instruments**
**2021**
**£**
**Carrying amount of fnancial assets**
Debꢀ insꢀrumenꢀs measured aꢀ amortsed cosꢀ
221,790
Equiꢀy insꢀrumenꢀs measured aꢀ cosꢀ less impairmenꢀ
1,027,610
**Carrying amount of fnancial liabiliꢀes**
Measured aꢀ amortsed cosꢀ
6,761|2020
£
1| |---|---| ||2020
£
320,888
861,070| ||6,285| - 14 - ## **MICHAEL CARRICK FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 MARCH 2021**_ |**15**
**Debtors**
**Amounts falling due within one year:**
Prepaymenꢀs and accrued income
**16**
**Creditors: amounts falling due within one year**
Trade crediꢀors
Amounꢀs owed ꢀo subsidiary underꢀakings
Accruals and deferred income|**2021**
**£**
-
**2021**
**£**
600
1
6,160
6,761|2020
£
15,000| |---|---|---| |||2020
£
344
1
5,940| |||6,285| - 15 - ## **MICHAEL CARRICK FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 MARCH 2021**_ ## **17 Unrestricted funds** These are unresꢀricꢀed funds which are maꢀerial ꢀo ꢀhe chariꢀy's actvites made up as follows: |General
unresꢀricꢀed fund
Designaꢀed fund|Balance aꢀ
1 April 2019
£
1,404,818
-
1,404,818|Incoming
resources
£
141,549
-
141,549|Movemenꢀ in
Resources
expended
£
(229,826)
-
(229,826)|funds
Transfers
Revaluatons,
gains and losses
£
£
(942,500)
(125,867)
942,500
-
-
(125,867)|Balance aꢀ
1 April 2020
£
248,174
942,500
1,190,674|**Incoming**
**resources**
**£**
57,029
-
57,029|**Movement in**
**Resources**
**expended**
**£**
(186,055)
-
(186,055)|**funds**
**Transfers**
**Revaluaꢀons,**
**gains and losses**
**Balance at**
**31 March 2021**
**£**
**£**
**£**
36,000
180,879
336,027
(36,000)
-
906,500
-
180,879
1,242,527|**funds**
**Transfers**
**Revaluaꢀons,**
**gains and losses**
**Balance at**
**31 March 2021**
**£**
**£**
**£**
36,000
180,879
336,027
(36,000)
-
906,500
-
180,879
1,242,527| |---|---|---|---|---|---|---|---|---|---| ||||||||||1,242,527| - 16 - ## **MICHAEL CARRICK FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 MARCH 2021**_ ## **18 Designated funds** The income funds of ꢀhe chariꢀy include ꢀhe following designaꢀed funds which have been seꢀ aside ouꢀ of unresꢀricꢀed funds by ꢀhe ꢀrusꢀees for specific purposes: |Designaꢀed for fuꢀure known spend|Movemenꢀ in funds
Incoming
resources
Balance aꢀ
1 April 2020
£
£
942,500
942,500|**Movement in funds**
**Transfers**
**Balance at**
**31 March 2021**
**£**
**£**
(36,000)
906,500
(36,000)
906,500|**Movement in funds**
**Transfers**
**Balance at**
**31 March 2021**
**£**
**£**
(36,000)
906,500
(36,000)
906,500| |---|---|---|---| ||||906,500| Designaꢀed funds have been seꢀ aside by ꢀhe Chariꢀy ꢀo meeꢀ fuꢀure spending commiꢀmenꢀs. The ꢀrusꢀees have ꢀaken ꢀhe view ꢀhaꢀ ꢀhe funds associaꢀed wiꢀh ꢀhe shorꢀ, medium and long-ꢀerm should be classed as designaꢀed. Whilsꢀ ꢀhe Chariꢀy has righꢀs ꢀo wiꢀhhold paymenꢀs in partcular circumsꢀances ꢀhe Trusꢀees' positon is ꢀhaꢀ ꢀhese sums will be paid and as such are noꢀ "freely available". ## **19 Analysis of net assets between funds** |**Analysis of net assets between funds**||| |---|---|---| ||**Unrestricted**|Unresꢀricꢀed| ||**funds**|funds| ||**2021**|2020| ||**£**|£| |Fund balances aꢀ 31 March 2021 are represenꢀed by:||| |Invesꢀmenꢀs|1,027,498|861,071| |Currenꢀ asseꢀs/(liabilites)|(691,471)|(612,897)| ||336,027|248,174| ## **20 Related party transacꢀons** A donaton was made ꢀo ꢀhe chariꢀable company by Two Happy Feeꢀ Limiꢀed for £Nil (2020: £15,833), a company ꢀhaꢀ Michael Carrick and Lisa Carrick are direcꢀors of. During ꢀhe period, legal fees amountng ꢀo £1,200 (2020: £4,119) were payable by ꢀhe chariꢀable company ꢀo Brabners LLP. Nicholas Whiꢀe, a ꢀrusꢀee, is also a member of Brabners LLP. - 17 - ## **MICHAEL CARRICK FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 MARCH 2021**_ ## **21 Subsidiaries** These financial sꢀaꢀemenꢀs are separaꢀe chariꢀy financial sꢀaꢀemenꢀs for Michael Carrick Foundaton. Deꢀails of ꢀhe chariꢀy's subsidiaries aꢀ 31 March 2021 are as follows: |**Name of undertaking**|**Registered**|**Nature of business**|**Class of**|**% Held**|**% Held**| |---|---|---|---|---|---| ||**ofce**||**shares held**|**Direct**|**Indirect**| |MCF Trading 2017 Limiꢀed|England & Wales|Dormanꢀ|Ordinary|100.00|| ## **22 Commitments** As aꢀ 31 March 2021, ꢀhe chariꢀable company had agreed ꢀo exꢀend ꢀhe ꢀhree existng conꢀracꢀs for a furꢀher ꢀhree year period (Manchesꢀer Uniꢀed Foundaton, Wallsend Boys Club and Newcasꢀle Uniꢀed Fooꢀball Club). The amounꢀ commiꢃed buꢀ noꢀ reflecꢀed wiꢀhin ꢀhese financial sꢀaꢀemenꢀs amounꢀs ꢀo £361,000 (2020: £198,404). The chariꢀable company is able ꢀo ꢀerminaꢀe ꢀhe agreemenꢀs wiꢀh ꢀwo or ꢀhree monꢀhs’ notce required. |**23**
**Cash generated from operaꢀons**
Surplus/(Defciꢀ) for ꢀhe year
Adjusꢀmenꢀs for:
Invesꢀmenꢀ income recognised in sꢀaꢀemenꢀ of fnancial actvites
Loss on disposal of invesꢀmenꢀs
Fair value gains/(losses) on invesꢀmenꢀs
Movemenꢀs in working capiꢀal:
Decrease/(Increase) in debꢀors
Increase/(Decrease) in crediꢀors
**Cash absorbed by operaꢀons**|**2021**
**£**
51,853
(26,647)
6,555
(187,535)
15,000
476
(140,198)|2020
£
(214,144
(30,341
9,138
116,729
(15,000
(48,887| |---|---|---| |||(182,505| - **24 Analysis of changes in net funds** The chariꢀy had no debꢀ during ꢀhe year. - 18 -