Charlty regIratIon number 1172488 Company re8lstratlon number 10626751 IEn8land and Wales) MICHAEL CARRICK FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
MICHAEL CARRICK FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Trustees Graeme Carrick Kay Carrick Lisa Carrick Michael Carrick joanna Tongue Nicholas White Paul Rao Zllah Chaudhry (Appointed 25 March 20241 Char5ty number 1172488 Company numb•r 10626751 Reg15tered offlce 8rabners LLP, 9th Floor 100 Barbirolli Square Manchester M2 3A8 Independent examlner Mitchell Charlesworth (Auditl Limited 3rd Floor 44 Peter Street Manchester M2 5GP Bankers Arbuthnot Latham & Co Llmlted Arbuthnoi House 7 Wilson Street London EC2M 2SN
MICHAEL CARRICK FOUNDATION CONTENTS Pagt Trustees. report Independent examiner's report Statement ol financial activities 8alance sheet Statement ol cash flgws Note5 to the financial staternents 8-16
MICHAEL CARRICK FOUNDATION TRUSTEES. REPORT (INCLUDING DIREcfoRS' REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The trustees present their annual report and financial statements for the year ended 31 March 2024. The financial statement5 have been prepared in accordance with the accounting policies set out in note I to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting bv Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financlal Reportin8 standard applicable in the UK and Republic of Iland IFRS 1021 (effective l January 20191" Obltctlves and artlvltlts The charity's objectives include.. the appllcatlon ol Income for the benefit of such charitable purposes as the trustees may from tlme to time deterrnine and for the benefit of children supportin8 projects that enable them to fulfil their potential in an environment that they feel Safe, valued and inspired to achieve.. and To promote all other purposes reco8nlsed as charitable under the law of En8land and Wales to the beneflt of the general publlc as the trustees shall from time to tlme determlne. The trustees confirm that they have referred to the guidance contained in the Charity Commi55ion'5 general guidance on Publlc Benefit when reviewing the charity's alms and objectives and in planning future activitles. The trustees have pald due re8ard to 8uldance Issued by the Charity Comrnlssion In decldin8 what actlvities the charltv should undertake. Athlèvtrntnts and performan<è Our purpose and mission have been established wlth the alm of helplng chlldren reach thelr full potentSal by provldln8 safe envlronments in whlch they can thrlve. The Foundation is striving to treatè opportunities whère youngstèrs from across Greater Manchester and thè North East feel safe. valued and inspired tg achieve their lull potential. Now Its 7th year, the charity iontlnues to run actlvitles both on and off the pltch, with the alm to Inspire and support youn8 people. The focus contlnues to be on chlldren In dlsadvanta8ed areas of Greater Manchester and the North East. Workin8 Wlth experienced delivery partners, we strive to make the greatest impact whilst ensurin8 our work in the communities 15 Sustainable and efficient. Over the past year, we have run numerou5 extra activities alongside our usual fogtball session5 in Manchester, reaching over 1,000 children. We've assisted school holiday camps with Wallsend Sporting Club, delivered Back to School packs, and provided hundreds of football boots throu8h our Carrlck's Boot Room inlliaiive in Middlesbrou8h. Our participants have been able to enjoy extra-curricular activities, such as CV writing and Social action work5hop5, alongside Manchester United Foundation at their youth event5. They have a150 attended open water safety and paddle boarding workshops and taken part in a padel tournament. We have also helped open a new community hub in Wallsend, which will support In wldenlng our reach to positlvely impact young lives. FlnancSal revlew During the year, incoming resources raised amounted to £l(M),62912023.. £150,683). Resources expended on the activities of the charitable company, including the cost of raising funds, arnounted to £159,52612023.. £256,844). The closing fund balance is £1,002,08812023 .. £1,023,048) and wlll be utilised in the future for funding charitable events and making further donations.
MICHAEL CARRICK FOUNDATION TRUSTEES. REPORT (INCLUDING DIREcfoRS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Reserves poliry The charity has designated funds to cover committed future spend. Based on the charity's current and future operatin8 Costs, the present value ol its investments and the challen8in8 environment in terms ol charitable fundraisin8 as è result ol the cost of living crisis, the Trustees consider it prudent to hold unrestricted reserves in the 5urn of £50,000. These reserves are intended to potentially cover any shortfall in the medium term funding plans and a150 cover the charity'5 running costs lor at least a Six month period in the event that income streams were to ce35e completely. The trustees note that the medium and long term funding proposa15 can be reconfigured in the event of a substantial shortfall but the trustees. view is that reserves of £50,0(X) should enable the Charity to fulfill its plans and also funds it$ general operation should any shortfall occur. The balance held as unresirlcted funds at 31 March 2024 was £1,002,08812023.. £1,023,048) of which £789,08812023.. 172,0481 Is regarded as free reserves. Within unrestricted reserves is an amount of £213,00012023., £851,000] which has been designated for known future Spend. The b3lance held as restrlcted fund5 at 31 March 2024 was £Nil12023 £NIII. The charity's policy In respect of re5trlcted funds is to record separately any donations and other Income received where restrictions are imposed that are narrower than the Charlty's overall oblectlves. As a result of the reserves policy adopted by the trustees, they have a reasonable expectation that the Charity ha5 adequate resources to continue in operational existence for the fgreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. Rlsk The prlnclpal rlsks faced by the Charity Ile In operatlonal rlsks from Ineffectlve 8rant makln8 and the capaclty of the Charltv to make effecisve 8rants. The rlsk Is mltl8ated by the trtssiees beSn8 Involved In the 8rant makin8 process and 8rants beln8 awarded to established charities who are required to meet appropriate financial regulatory requirements. The Charity will contlnue to make grants In Ilne with the objectlVe5 and distribute Intome retelved. Structure* governance and management The charlty is a company Ilmlted by guarantee. The ¢harStable company is governed by the Memorandum and Articles of Association which wère laid down at the incorporation of the charitable company on 17 Fèbruary 2017. The trustees, who are also the directors for the purpose ol company law. and who served during the year and up to the date o15ign3ture of the flnanclal statements were.. Graeme Carritk Kay Carrick Lisa Carrick Michael Carrick David Giess Joanna Tongue Nicholas White Paul Rao Zilah Chaudhry (Resigned 6 October 20231 (Appointed 25 March 20241
MICHAEL CARRICK FOUNDATION TRU5TEES' REPORT (INCLUDING DIREcfoRS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Tf115tee5 are appolnted by the Board of Trustees. None of the trustees has any beneficial interesi In the Charlty. of the trustees are member5 of ihe Charlty and 4varantee to contribute £1 in the eveni of a windlng up. The trustee5 considerthe board ol tru5tee5 as comprlslng the key management personnel ol the charllable company In charge ol dlfecring and conirollln8 the charitable company and running and oporatln8 the charitable company on a day to day basis. All trustees 8lve their lime freely and no irusiee remuneraiion was paid In ihe period. Trustees are iequired to disclose all relevant Interests and re8lster them and brt accordance wlth ihe charitable company, pollcy wlthdravrf Irom det1510ns where a confllct tsl Interest arlses. The trustee5' rep)rt wa5 approved by the Board of Trustee5. p.i L. Paul Aao Trustee 1711012024
MICHAEL CARRICK FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MICHAEL CARRICK FOUNDATION I report to the trustees on my examination of the financial statements of Michael Carrick Foundation Ithe charity) for the vear ended 31 March 2024. Re5ponsibilitie5 and basis of report As the trustees ol the charity land also Sts dSrectors for the purposes of company lawl you are responslble lor the preparation of the financial staternents in accordance with the requirernents of the Companies Act 2006 Ithe 2006 Act). Havlng satlsfied myself that the financial statements of the charlty are not requlred to be audlted under Part 16 01 the 2006 Act and are eligible for independent examinatlon, I report in respeci of my examinatlon of the charity's financial statement5 carried out under section 145 of the Charitie5 Act 2022 (the 2012 Act). In carrying Out rny exarnination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl ol the 2022 Act. Independent examlner's statement I have completed my examination. I confirm that no matters have come to my attention Sn connectlon wlth the examlnatlon 8iving me cause to belleve that in any materlal respect.. accounting record5 were not kept in respect ol the charity 35 required by section 386 of the 2006 Act.. or the financial statement5 do not accord with those records., or the flnanclal statements do not comply wlth the accountlng requlrements of sectlon 396 of the 2006 Act other than any requirement that the accounts 8lve a truè and fair view which is not a matter consldered as part of an independent examination.. or the financial statements have not been prepared in accordance with the methods and principles ol thè Statement of Recommended Practice for accounting and reporting by charities applicable to charitles preparing thelr accounts in accordance 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 examlnation to which èttentlon should be drawn in this report in order to enable a proper understanding of the financlal 5tatement5 to be reached. Jamielee Johnston CA For and behalf of Mitchell Charlesworth (Audltl Llmlted 44 Peter Street Manchester M2 5GP Dated.. 1711012024
MICHAEL CARRICK FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestrl¢ted funds Unrestrlrted funds 2023 2024 Notes Incofflt from.. Donations and legacles 8,056 61,949 30.624 10,475 116,613 23,595 Investments Total Income 100,629 150,683 Expendlture on., Raising fund5 Charitable activitie5 13.013 146.513 82,071 174,773 Totsl expendlture 159,526 256,844 Net gainslllossesl on Investments li 37.937 188,0391 Nel expendllure and mgvement In fund5 120.9601 1194,2CX)I Reconclllatlon of funds: Fund balances at l Aprll 2023 1,023,048 1,217,248 Fund balances at 31 March 2024 1.002.088 1.023,048 The staternent of financlal actlvitles Includes all 8alns and losses reco8nlsed In the year. All Income and expendlture derlve from contlnulnB aclivitles.
MICHAEL CARRICK FOUNDATION BALANCE 5HEEr AS AT31 MARCH 2024 2024 2023 Flxed as5ts Invesiments 13 969,599 973,681 Currtnt •$5els Debtor5 Cash at bank and In hand 1.202 43.105 4.900 157,845 44,307 111,8181 162,745 1113,3781 Credltovs: •rnounts hlllni du• thIn y•r 16 currtnt a$ts 32.489 49,367 Tot•1 459ets less 111 Il•bllltles I.2,088 1,023,048 Net 45Sts ¢xrludlni pth5k>n Ilablllty 1.fr32.088 1,023,048 The lunds gf the charlty Unrestricted funds I.2.088 1,023,048 I,IX72,088 1,023,048 The company Is entitled to the exemptlon from the audlt requlrement contalned In 477 01 the CompanSes Art 2(. for the year endtd 31 March 2024. The dlrectots acknowled8e thelr re5por15ibilitles for coMplnI with the requlrements of the Companles Act 2c6 with respect to a¢couniln8 records and the preparailon of flnanci415tatemenis. The MMr$ have not fequired Ihe MpaNY to obt8lA On au4lt ol its flnanti¥l statements the year In quesiion In a¢cordance with section 476. These flnancial statements have been prepared In accordance wlth the prO5On$ appllcable to companles subSert to the small companies re8lme. 1711012024 The financ¥al statements were approved by the trustees on.... . p.i L. Paul Rao TNstoe Company re8lStration number 10626751 IEn8land and Wale51
MICHAEL CARRICK FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Cash flgws from operatlng actl¥ltles Cash absorbed by operation5 24 1187.3831 1140,1981 Investln8 a¢tlvltles Purchase of investments Proceeds on disp0531 of inve5tment5 Investment income received 1219.3231 261,051 30.624 1403,9451 416.415 23,595 Net cash generated from Inve5tln8 actlvltles 72,352 36,065 Net cash usèd In flnanclng adlvltlts Net de¢rease In cash and ¢ash equlvalents 1115,0311 1104,1331 Cash and cash equlvalents at beginnlng of year 157.845 163,159 Cash and ¢ash egulvalents at end of year 43,105 157,845
MICHAEL CARRICK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles Charlty Inlormatlon Mlchael Carrick Foundation Is a prlvate company limited by 8uarantee incorporated In En8land and Wales. The re8lStered office Ss Brabners LLP. 9th Floor. 100 Bafbirolli Square, Manchester, M2 3AB. 1.1 Accountlng conventlon The financial statements have been prepared in accordance with the charity's governing document. the Companie5 Act 2006 and Accounting and Reporting by Charities,. Statement of Recornmended Practice applicable to charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective l January 20191 The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetsry amounts in these financial statements are rounded to the nearest £. The Ilnanclal statements have been prepared under the hlstorScal cost conventlon. The prlnclpal accountln8 pollcles adopted are set out below. 1.2 Golng concem At the tlme of approvlng the financial statements, rhe trustees have a reasonable expectatlon rhar the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees contlnue to adopt the going concern ba515 of accounting Sn preparlng the financial 5taternents. 1.3 Charlloble fvnds Unrestricted funds are avallable for use at the dlscretion of the trustees In furtherance ol thelr charitable objectlves. 1.4 In¢ome Income Is reco8nlsed when the charlty Is legally entitled to It after any performance conditlons have been met, the amounts can be measured rellably, and it is probable that Income wlll be recelved. Cash dgnations are recogni5ed on receipt. Other donation5 are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable In relatlon to donatlons received under Glft Ald or deeds ol covenant Is reco8nised at the tlme ol the donatlon. 1.5 Expendlture Liabilities are reco8nised as stson as a legal or constructive obligation exists ctsmmittin8 the charitable company to pay out re50urces,' it 15 probable that the settlement will be required. and the amount ol the obligation can be measured reliably. All expenditure is accounted lor on an accruals basis. Irrecoverable VAT is char8ed as a cost a8alnst the activlty for which the expendlture was incurred. Where the charitable company give5 a grant with conditions for its payment being a specific level of 5ervice5 or output to be provided, such grants are only recogni5ed in the SOFA once the recipient of the grant has provided the specified service or output. These are only reco8nised in the accounts when a comrnitment ha5 been made and there are no conditlOn5 to be met relating to the grant which remain in the control of the charitable company. The charitable cornpany consider5 that cornmitment5 only arise when sufficient fund5 have been raised to lulfil pledges made. All expenses involving SUPPOrt Costs and governance Costs are allocated or apportioned to the applicable expenditure headings.
MICHAEL CARRICK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting pollcles Icontlnuedl 1.6 Flxed asset Investments Fixed asset investments are inltially measured at transaction price excluding transaction costs. and are subsequently measured at fair value at each reporting date. Change5 in lair value are recogni5ed in net incomellexpenditurel for the year. Transaction costs are expensed as incurred. A subsidiary 15 an entity controlled by the charity. Contrgl 15 the power to govern the financlal and operating policie5 of the entity so as to obtain benefits from its activities. 1.7 Cash and cash equlvalents Cash and cash equivalents include cash in hand. deposits held at call with banks. other 5hort-term liquid investment5 with original maturlties ol three Months or less, and bank overdrafts, 8ank overdrafts are shown within borrowlngs In 1.8 Flnanclal Instrumènts The charity has elected to apply the provisions of Section 11 '8asic Financial In5trurnents' and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of Its financial instruments. FSnancSal instruments are recognlsed In the charlty's balance sheet when the charlty becomes party to the contractual provision5 of the instrument. Financial a55et5 and Ilabillties are offset, wlth the net amounts presented In the flnanclal statements, when there 15 a le8ally enforceable right to set off the reco8nlsed amounts and there Is an Intentlon to settle on a net basls or to reallse the asset and settle the Ilablllty slmultaneously.
slcAlnonclulossets
8a51c financial as5et5, which include debtor5 and cash and bank balances, are initially measured at transaction prlte including transaction costs and are 5ub5equently carried at amortised cost using the ellective interest method unle55 the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future recelpts dlscounted at a market rate ol interest. FlnancSal assets classllled as recelvable wlthln one year are not amortlsed, B(rslcAln#ncl(rlllubllltles 8a5ic financial liabilitie5. including creditors and bank loan5 are Initially recognised at transaction prlce 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 arnortised, Debt instruments are subsequently carried at amortised c05t, using the effective interest rate method. Trade creditors are oblig3tion5 to pay lor good5 or services that have been acquired in the ordinary course of operation5 from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not. thev are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effectlve interest method. Derecoqnltlon offlnanclulllubllltles Financial liabilitie5 are derecogni5ed when the charity's contractual obligation5 expire or are discharged or cancelled.
MICHAEL CARRICK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Intome from donatlons and legacles Unrtstrlctèd funds 2024 Unrestrltted lunds 2023 Donations and 8ift5 8.056 10,475 Income from charltable actlvltles Unrestrl¢ted funds 2024 Unrestrlrted fund5 Z023 Other fundraisin8 activities 61.949 116,613 Incoffle from Investments Unre$trSrt•d funds 2024 Unrestrlrted fund5 2023 Incorne from listed inve5tment5 Interest receivable 30.261 363 23,267 328 30,624 23,595 Expendlture on ralslng funds Unrestrlctsd funds 2024 Unresirlrted funds Z023 FundralsSn8 and publlcltv Raising fund5 13.013 82,071 10-
MICHAEL CARRICK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Expendlture on charltable actlvltles 2024 2023 Dlyecl Costs Grant funding of activities15ee note 71 88,363 103,483 Share of support and governance costs Isèe note 81 Support Governance 39,034 19.116 55,080 16,210 146.513 174,773 Analysls by fund Unrestrirted fund5 146.513 174,773 Grants payable Charltablt Charitable 2024 2023 Grant5 to institutions.. Manchester United Foundation Wallsend Sporting Club Newcastle Unlted Foundatlon 40,900 35,000 12,463 43,9CM) 37,916 21,667 88,363 103,483 The grant5 are for the delivery of projects which aim to Use the power of football to offer youn8 people the opportunltv to pursue thelr interest In playin8, leadln8 and coachln8. support corts allocatèd to artlvltles 2024 2023 Consultancy Fees Governance costs 39,034 19,116 55,080 16,210 58,150 71,290 Analysed between.. 58,150 71,290 11
MICHAEL CARRICK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Trustees None of the trustees lor any persons connected wlth them) recelved any remuneratlon or beneflts from the charlty durin8 the year. io Employee5 There were no employees during the year. or during the prior year. li Galn$ and losses on Investments Unrestrlcted funds 2024 Unrestrlcted funds 2023 Gains/llosse51 arlsing on.. Revaluatlon of Investments Sale of Investments 36,669 1,268 183,5331 14,5061 37.937 188,0391 12 Toxatlon No provlsion is requlred for taxatlon as the company Is a re8lStered charlty and exempt from corporation tax on Its 12-
MICHAEL CARRICK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 13 Flxed asset Investments Llsted Othèr Investments Cash in portlolio investment5 Total Cost or valuatlon At l April 2023 Additions Valuation changes Movement Sn cash Dlsposals 932,859 219,323 36.378 40.821 973,681 219,323 36,378 128,4661 1235,1841 128,4661 1235,1841 At 31 March 2024 953.376 12.355 965,732 Carryln6 amount At 31 March 2024 953,376 12.355 965,732 At 31 March 2023 932,859 40.821 973,681 2024 2023 Other investments comprlse.. Notes Investrnents In subsidlarSes 21 The investments are mana8ed within a portfol50 held wlth Investec Wealth & Investment Llmlted In the Unlted Kln8dom. The historic cost of the investments is £916,31512023- £931,774) 14 Flnanclal Instruments 2024 2023 Carryln8 amount of flnantlal assèts Debt instruments measured at amortlsed cost Cash within portfollo Instrument5 measured at fair value through profit or loss 16,222 953,376 40,821 932,859 Carryln8 amount of flnanelal Ilabllltles Measured at amortised cost 11,818 113,378 15 Debtors 2024 2023 Amounts falllng due wlthln one year: Prepayments and accrued income 1.202 4,9CKJ 13-
MICHAEL CARRICK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 16 Credltoys.. amounts falllng due wlthln one year 2024 2023 Trade creditors Amounts owed to subsidiary undertakings Accrua15 and deferred income 72,194 11.817 41,183 11,818 113,378 17 Unrestrlttèd funds These are unrestricted fund5 which are material to the charity's activities made up as follows.. At l Aprll 2023 Incomlng resour¢es Resources expended Tran5fersGalns and1055e5 At 31 March 2024 General unrestrlcted fund Desl8nated fund 172,048 851,0(X) 100,629 1159,5261 638,000 1638,(M)01 37,937 789,088 213,0(J) 1.023,048 100,629 1159,5261 37.937 1.002,088 Pre¥lous year: At l Aprll 2021 In¢omln8 resour¢es Resources expended TranSfeGaInS and10sses At 31 March 2023 General unrestricted fund Designated fund 366,248 851,OQX) 150.683 1256.8441 188,0391 172,048 851,000 1,217,248 150,683 1256,8441 188,0391 1,023,048 14-
MICHAEL CARRICK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 18 Deslgnated funds The Income funds of the charity Include the following deslgnated funds which have been set aside out of unrestrlcted funds by the trustees for specific purposes.. Movement In funds Incomln$ resouNes Balance at l Aprll ZOZZ Balance at l Aprll ZOZ3 Transfers Balance at 31 March ZO24 Desl8nated for future known spend 851,0 851,0 1638,OQXJI 213,0 851,OCM) 851,0Th) I638,0} 213,0 Designated funds have been set aside by the charity to meet future spending commitments, The trustees have taken the vlew that the funds associated with the short, medium and lon8 term should be classed as desi8nated, Whilst the charity has rl8hts to wlthhold payments partlcular clrcumstances the trustees, posltlon Is that these sums will be paid and as such are not 'lreely available" 19 Analys15 of net asset5 between funds Unrestrlrted funds 2024 At 31 Marth 2024.. Investments 969,599 32,489 1.002,088 Unrestrlrted fund5 2023 At 31 March 2023.. Inve5tment5 973,681 49,367 1.023,048 15-
MICHAEL CARRICK FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 20 Related party transactlons During the year to 31 March 2024, consultancy fees amounting to £38,892 12023.. £48,834) were payable by the charitable company to Tongue Tied Media Limited. Joanne Tongue, a trustee. is also a rnember tsf Ton8ue Tied MedSa Lirnited. 21 SubsldSarSes These flnanclal statements are separate charlty linanclal statements for Michael Carrlck Foundatlon. Detslls ol the charlty's subsldlaries at 31 March 2024 are as follows.. Nam• of undtrtakln8 Rè¥lstèrèd ofllce Naturè of busln•ss Class ol shares h•ld % Held Dlrect Indlrect MCF Trading 2017 Limited England & Wales Dormant Ordinary loo.00 22 Commltments A5 at 31 March 2024, the charitable company had entered Into three agreements to provide grant funding over a three year period to Manchester United Foundation, Wallsend Sporting Clijb. and Newcastle United Football Club. The a8reement with Newcastle Unlted Football Club has slnce ceased. The amount committed but not reflected withSn these financial statements amounts to £213,00012023., £361,000). 23 Analysls of chan8ts In net lunds The charlty had no materlal debt during the year. Cash generated from operatlons 2024 2023 Deflcit lor the year 120,9601 I194,2} Adju5tment5 for.. Investment income recognised in siaiement of flnanclal actlvliies IGalnl/loss on disposal of Investments Fair value gain5 and losses on investment5 130,6241 11,2681 136,6691 123,5951 4,506 1187,5351 Movement5 in working capital-. Decrease/lincreasel in debtors IDecreasel/increase in creditors 3,698 1101,5601 14,9(K)I 93,277 Cash absorbed by operations 1187,3831 1312,4471 16-