CIO Registration Number: CE011038 Charity Registration Number: 1173373
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 30 June 2021
for
Gemma And Chris McGough Charitable Foundation CIO
(A Charitable Incorporated Organisation)
Green Accountancy Limited Association of Chartered Certified Accountants Witney Business and Innovation Centre Windrush Park Road Witney Oxfordshire OX29 7DX
Gemma And Chris McGough Charitable Foundation CIO
Contents
| Charity information | 1 |
|---|---|
| Report of the trustees | 2-4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7-11 |
Gemma And Chris McGough Charitable Foundation CIO
Reference and administrative details
Registered Charity number
1173373
Registered office
The Laurels Shootacre Lane Princes Risborough HP27 9EH
Trustees
Gemma Tracy McGough Clare Louise Macbeth Jennifer Kerr
Accountant
David Wilsdon FCCA Association of Chartered Certified Accountants Green Accountancy Limited Witney Business and Innovation Centre Windrush Park Road Witney Oxfordshire OX29 7DX
Page 1
Gemma And Chris McGough Charitable Foundation CIO
Report of the trustees for the year ended 30 June 2021
Gemma And Chris McGough Charitable Foundation CIO is a Charitable Incorporated Organisation whose only Members are the Trustees. The objectives of the charity and the powers of the Trustees are set out in the Constitution as are the regulations concerning the appointment of new
The trustees present their report with the financial statements of the charity for the year ended 30 June 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
Gemma And Chris McGough Charitable Foundation CIO was registered with the Charity Commission as a Charitable Incorporated Organisation on 12 June 2017. The CIO was funded by initial gifts from Gemma McGough and Chris McGough in 2017 and 2018. The first gift was received (and the first financial transaction was) on 7th September 2017.The gifts were unrestricted, but with the general intent of the charity investing the monies as per its investment policy and making grants annually from its funds to meet the charity’s objects.
The CIO does not actively fundraise and seeks to continue charitable work through careful stewardship of its existing resources.
The charity is governed by trustees. The Constitution provides for a minimum of three trustees and a maximum of twelve trustees. New trustees are appointed by the existing trustees and serve for a three-year term after which they may put themselves forward for re-appointment.
Trustees meet twice per year to discuss the strategy and areas of activity for the foundation including grant making, investment and administration. Day to day processing and shortlisting of grant requests is currently handled by Gemma McGough with subsequent broader review and award of grants being decided via majority vote. Majority of grants are awarded to charities with whom the Foundation are already acquainted.
All trustees give of their time freely and no trustee renumeration was paid in the year. Trustees also cover IT and sundry costs such as printing, postage etc directly.
Page 2
Gemma And Chris McGough Charitable Foundation CIO
Report of the trustees for the year ended 30 June 2021
Objectives and activities
The objects of the charity are for the public benefit.
The Objects of the Gemma and Chris McGough Charitable Foundation is to further general charitable purposes, in particular, those benefitting children, families and the environment globally. Our specific objectives are:
The prevention or relief of child poverty
The advancement of education
The advancement of environmental protection or improvement The care, upbringing or establishment in life of children or young people To assist the victims of natural disasters or war
The promotion of human rights
The CIO fulfils its strategic aims by awarding grants to charities meeting these objectives selected by the trustees and in accordance with our grant making policy on a periodic basis.
The Trustees confirm that they have complied with their duty under section 4 of the Charities Act 2006 to have due regard to the Charity Commission’s general guidance on public benefit.
Grant Making Policy
The CIO has established a grant making policy to guide trustees in achieving its objects of benefitting children/young people, families and the environment globally.
Trustees have the power to spend or retain both capital and income.
Subject to the discretion of its Trustees, the Foundation will distribute grants of around £100,000 per annum to further charitable purposes.
Typically an average of 30% of our annual grants will go to charities benefitting children, young people or their families, 65% to charities concerned with environmental protection or improvement and 5% to disaster relief charities.
The priorities for funding will be reviewed every year and may be changed in accordance with the Trustees’ view of the most effective application of available funds at any point in time.
Requests for funding are considered on their own merit though majority of allocation is currently assigned to charities with whom the Foundation are already actively engaged.
Page 3
Gemma And Chris McGough Charitable Foundation CIO
Report of the trustees for the year ended 30 June 2021
Achievement and performance
The CIO has awarded grants totalling £100,815 to six charities. Full details are in note 4.1 of the accounts.
The trustees are satisfied that the award of these grants was in the public benefit and in accordance with the Charity Commission public benefit guidance.
All of the charities awarded grants have since provided regular updates on their work and trustees are satisfied that funds are being used to good effect. Due to the comparatively small size of the grants awarded this year and the unrestricted nature of the grants, monitoring of specific expenditure of grants awarded is considered unnecessary.
Financial position
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
Reserves policy
The Gemma and Chris McGough Charitable Foundation CIO has unrestricted funds. It has an income of £2,723 and total assets of £919,636.
Trustees' responsibilities
The Trustees are responsible for preparing the Trustees Annual Report and the Trustees Report and Accounts in accordance with applicable law and regulations.
Each of the persons who is a trustee at the date of approval of this report confirms that:
-
so far as each Trustee is aware , there is no relevant audit information of which the charity’s auditor is unaware; and
-
each Trustee has taken all steps that they ought to have taken as a Trustee to make themself aware of any relevant audit information and to establish that the charity’s auditor is aware of that information.
Report of the trustees, incorporating a strategic report, approved by order of the board of trustees on …26th May 2022...... and signed on the board's behalf by:
Gemma Tracy McGough Trustee
Page 4
Gemma And Chris McGough Charitable Foundation CIO
Statement of Financial Activities for the year ended 30 June 2021
| Unrestricted | Unrestricted | Restricted | Total | Total | |
|---|---|---|---|---|---|
| funds | funds | 2021 | 2020 | ||
| Note | £ | £ | £ | £ | |
| Incoming resources | |||||
| Income and endowments from: | |||||
| Investment income | 3.1 | 2,723 | - | 2,723 | 13,769 |
| Total Income | 2,723 | - | 2,723 | 13,769 | |
| Resources expended | |||||
| Expenditure on: | |||||
| Charitable activities - expenditure | 4.1 | 102,489 | - | 102,489 | 102,048 |
| Total expenditure | 102,489 | - | 102,489 | 102,048 | |
| Net income/(expenditure) before | |||||
| investment gains/(losses) | (99,766) | - | (99,766) | (88,279) | |
| Net gains/(losses) on investments | 64,348 | - | 64,348 | (752) | |
| Net movement in funds | (35,418) | - | (35,418) | (89,031) | |
| Reconciliation of funds: | |||||
| Total funds brought forward | 955,054 | - | 955,054 | 1,044,085 | |
| Total funds carried forward | 919,636 | - | 919,636 | 955,054 |
Continuing operations
All income and expenditure has arisen from continuing activities.
Page 5
Gemma And Chris McGough Charitable Foundation CIO
Charity Number 1173373
| Balance Sheet as at 30 June 2021 Unrestricted funds Note £ Fixed assets Investments 5 424,525 Total fixed assets 424,525 Current assets Cash at bank and in hand 6 496,662 Total current assets 496,662 Creditors: amounts falling due within one year 7 1,551 Net current assets/(liabilities) 495,111 Total net assets 919,636 Funds of the Charity Unrestricted funds 8 919,636 Total funds 919,636 |
Restricted funds £ - - - - - - - - |
CIO Number CE011038 Total Total 2021 2020 £ £ 424,525 360,177 424,525 360,177 496,662 596,197 496,662 596,197 1,551 1,320 495,111 594,877 919,636 955,054 919,636 955,054 919,636 955,054 |
CIO Number CE011038 Total Total 2021 2020 £ £ 424,525 360,177 424,525 360,177 496,662 596,197 496,662 596,197 1,551 1,320 495,111 594,877 919,636 955,054 919,636 955,054 919,636 955,054 |
|---|---|---|---|
| 360,177 | |||
| 596,197 | |||
| 596,197 1,320 |
|||
| 594,877 | |||
| 955,054 | |||
| 955,054 | |||
| 955,054 |
The financial statements were approved by the Board of Trustees and authorised for issue on and were signed on its behalf by:
............................................. Trustee
Page 6
Gemma And Chris McGough Charitable Foundation CIO
Notes to the Financial Statements for the year ended 30 June 2021
1 Basis of preparing the financial statements
These accounts 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 accounts have been prepared in accordance with:
• the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)',
-
Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'
-
and with the Charities Act 2011.
The charity is a Charitable Incorporated Organisation and constitutes a public benefit entity as defined by FRS 102.
2 Accounting Policies
Income
Income is included in the Statement of Financial Activities (SoFA) when:
-
the charity becomes entitled to the resources;
-
it is more likely than not that the trustees will receive the resources;
-
the monetary value can be measured with sufficient reliability.
Investment gains and losses
This includes any realised or unrealised gains or losses on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.
Expenditure
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Governance and support costs
Support costs have been allocated between governance costs and other support. Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice.
Page 7
Gemma And Chris McGough Charitable Foundation CIO
Notes to the Financial Statements for the year ended 30 June 2021
Investments
Fixed asset investments in quoted shares, traded bonds and similar investments are valued at initially at cost and subsequently at fair value (their market value) at the year end. The same treatment is applied to unlisted investments unless fair value cannot be measured reliably in which case it is measured at cost less impairment.
Investments held for resale or pending their sale and cash and cash equivalents with a maturity date of less than 1 year are treated as current asset investments
Taxation
The charity registered as a charity on 12 June 2017 and since that date has been exempt from corporation tax on its charitable trading activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Liability recognition
Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty.
Page 8
Gemma And Chris McGough Charitable Foundation CIO
Notes to the Financial Statements for the year ended 30 June 2021
3.1 Investment income
| Investment income | |||
|---|---|---|---|
| Unrestricted funds £ Interest received 469 Dividends received 2,320 Total investment income 2,789 Total income 2,789 |
Restricted funds £ - - - - |
Total 2021 £ 469 2,320 2,789 2,789 |
Total 2020 £ 5,864 7,905 |
| 13,769 | |||
| 13,769 |
4.1 Charitable activities - expenditure
Grant making in support of education and training; the prevention or relief of poverty; overseas aid and famine relief; environment, conservation and heritage; human rights; religious or racial harmony and equality and diversity.
| Unrestricted | Restricted | Total | Total | |
|---|---|---|---|---|
| funds | funds | 2021 | 2020 | |
| £ | £ | £ | £ | |
| Direct cost of charitable activity: | ||||
| BBOWT Donation | - | - | 2,000 | |
| Chora Chori Bhatighadi | 74,075 | - | 74,075 | 10,580 |
| Christian Aid Main Big Shift | 15,000 | 15,000 | ||
| Christian Aid Main Bolivia Projects | - | - | 9,000 | |
| Earth Trust Donation | - | - | 500 | |
| Families Outside Grant | - | - | 1,000 | |
| Family Holiday Ass Donation | - | - | 1,500 | |
| Farms for City Chi Donation | - | - | 1,200 | |
| Forest of Avon Trust Donation | - | - | 1,000 | |
| Greenpeace Env Tst Donation | - | - | 5,000 | |
| Kingswood Trust Donation | 1,490 | - | 1,490 | 1,000 |
| Microloan Foundation Donation | 1,500 | |||
| Nicodemus Donation | - | - | 500 | |
| Princes Risborough PCC CFC Grant | - | - | 2,000 | |
| Rainforest Trust Donation | 7,500 | - | 7,500 | 24,500 |
| RHS Main London Donation | - | - | 2,500 | |
| The Exodus Project Donation | 1,250 | - | 1,250 | 1,400 |
| Trees for Cities Donation | - | - | 5,000 | |
| UK UNICEF Donation | - | - | 10,000 | |
| World Land Trust Donation | - | - | 7,000 | |
| WWF UK Income Acc Donation | - | - | 1,000 |
Page 9
Gemma And Chris McGough Charitable Foundation CIO
Notes to the Financial Statements for the year ended 30 June 2021
| Support costs: Bank charges Governance Total expenditure on charitable activities |
123 1,551 102,489 |
- - - |
123 1,551 85,989 |
128 240 |
|---|---|---|---|---|
| 102,048 |
4.2 Support costs
All support costs are allocated to the single charitable activity of the charity and are included above.
| Governance costs included above Unrestricted funds £ Accountancy 1,551 Total governance costs 1,551 |
Restricted funds £ - - |
Total 2021 £ 1,551 1,551 |
Total 2020 £ 240 |
|---|---|---|---|
| 240 |
Trustee remuneration
None of the trustees were remunerated during the year or the previous year. No trustee expenses were paid during the year
4.3 Staff costs
There are no staff working for the charity.
There were no ex-gratia payments made and no redundancy payments made.
5 Investments
| Listed | |
|---|---|
| Investments | |
| £ | |
| Market value | |
| At 1 July 2020 | 360,177 |
| Accumulated income and dividends | - |
| Revaluations | 64,348 |
| At 30 June 2021 | 424,525 |
| Asset holdings | |
| Listed investments - Equities | 113,227 |
| Listed investments - Fixed income or equivalent | 311,297 |
| Total | 424,525 |
Page 10
Gemma And Chris McGough Charitable Foundation CIO
Notes to the Financial Statements for the year ended 30 June 2021
6 Cash at bank and in hand
| Unrestricted funds £ Current account 47,234 Savings account 188,013 Redwood 85,000 Investments (cash) 91,415 United Trust Bank Ltd 85,000 Total cash at bank and in hand 496,662 7 Creditors: amounts falling due within one year Unrestricted funds £ Accruals 1,551 Trade creditors - Total creditors due within one year 1,551 8 Charity funds - current year At 1 July 2020 £ Unrestricted funds 955,054 Total funds 975,054 9 Charity funds - previous year At 1 January 2020 £ Unrestricted funds 1,024,085 Total funds 1,044,085 |
Restricted funds £ - - - - - - Restricted funds £ - - - Incoming resources £ 67,071 67,071 Incoming resources £ 13,017 13,017 |
Total 2021 £ 47,234 188,013 85,000 91,415 85,000 496,662 Total 2021 £ 1,551 - 1,551 Resources expended £ 102,489 102,489 Resources expended £ 102,048 102,048 |
Total 2020 £ 231,146 187,678 - 89,281 88,092 |
|---|---|---|---|
| 596,197 | |||
| Total 2020 £ 240 1,080 |
|||
| 1,320 | |||
| At 30 June 2021 £ 919,636 |
|||
| 939,636 | |||
| At 31 December 2020 £ 935,054 |
|||
| 955,054 |
Page 11