Charty Numb9r: 1185999 EG FOUNDATION TRUSTEES. REPORT AND FINANCIAL STATEMENTS 31 DECEMBER 2020
EG FOUNDATION CONTENTS Pago Trustees and professional advisers Trustees, Annual Report Accountant's report Statement of Financial Activities Balance sheet Notes lo the financial statemen18
EG FOUNDATION MEMBERS OF THE BOARD AND PROFESSIONAL ADVISERS Trustees M Issa Z Issa I Patel l Munshi Charity So¢retary M Valli Reglstered offlce Euro Garages Limited Waterside Head Office Haslingden Road Blackburn 881 2FA Accountants MHA Moore and Smalley Richard House 9 Winckley Square Preston PR13HP Charity rog18tratlon numbor 1185999
EG FOUNDATION TRUSTEES, ANNUAL REPORT FOR THE PERIOD ENDED 31 DECEMBER 2020 The Tfustees have pleasure in presenting their report and the unaudited financial slalements of the charity for the period ended 31 December 2020. The financial statements have been prepared in accordance with the accounting policies sel out on page 7 which comply with governing document and applicable law. The charity is a registered charty, number 1185999. The financial statements have been prepared in accordance with the accounting policies set out in the notes lo the accounts and comply with the charity's governing document. the Charities Act 2011 and Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicab in the UK and Republ of Ireland {FRS 1021 (effective October 20191. Thè Trustees The Trustees who served the company during the period are as noted on page 1. Structure* gov8mance and management EG Foundation is a CIO Foundation, registered 2Sih October 2019 as a charity in England and Wales Charity no. 1185999. The charity's day to day operational running is managed by the Foundation Manager who plays a vit81 role in advising the TrLtstees. The Trustees and the Foundation Manager meet regularfy. The accounts cover the period from registration to 31 December 2020. Trustees of thè charity and kèy managemènt pèrsonnèl The responsible persons for CIO are its Trustees for the purposes of charity law. The Trustee8 who have seNed during the year and sints the year end are set out on page 1. The charity cons¢ders its key management personnel which comprise of four Trustees. who make decisions regarding the awarding and payment of grant$ lo projects with the assistsnce of the Foundation Manager. Trusteos are appointed by the current Trustees. Rlsk revlew We are working with established charitable organisations based here in the UK and we have produreS in place to eliminate these financial risks as highlighted below. Velling of all charitable and voluntary and grassroots organisations. Organisalions to which grants are awarded musl be a registered charity, registered with r8spoCtive government bodies in England, Wales and Scotland. Nonregistered, voluntary and grassrool organisations will need lo have a conslilulion and board members as a minimum. Face lo f8¢e or virtual meetings held with all reeipienls who are to be awarded grants. Field visits by EG Foundation Manager or Trustees. Objg¢tivos, activitiBs and publi¢ bengfit EG Foundation has a vision to operate and enter into a partnership with other likeminded org8nisalions who can deliver on ourvision to improve on education, children and young people, health and wellbeing and the environment, which will enable EG Foundation lo create'our footprint for a brighter tomorrow" Achievement8 and performance As this is the first period of activity thore has been minimal activity. Donatn$ have been received for specrfic charities and distributed accordingly. A don81ion of £10,000 has also been received to cover set up costs.
EG FOUNDATION TRUSTEES, ANNUAL REPORT FOR THE PERIOD ENDED 31 DECEMBER 2020 Grant making polloy The Foundation supports proposals from charitable organisalions, volunteer and grassrool organisalions undertaking projects to improve on education. children and young people. health and wellbeing and the environment in particularly disadvantsged communities. Requests received are reviewed by the EG Foundation Manager, who then advises the Trustees of the melits of each project. The Trustees confitm that they have referred lo the guidance contsined in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities and setting the grant making policy for the year. Flnanclal rovlow and resorvos Total income for the year was £18,783 and expenditure was £10,006. At the end of the year the charty had restricted funds carried forward of £10,283 and negalivo unrestricted funds of £1,506. Unreslricled funds are in deficit due lo the start up of the charity. The Trustees are reviewing the reserves policy and will ensure funds are received lo offset the deficit on unrestricted funds. Plans for futur• periods The principal objective of EG Foundation is to improve on education, children and young people, health and wellbeing and the environment, in partlcular disadvantaged communitios and individuals, by supporting projects that address these issues. The charity will continually identfy projects from lime lo time as detemined by our Iruslees. Foundation Manager and volunteers. EG Foundation will be supporting local organisalions here in the United Kingdom to SUFlPOrt the most vulnerable in our communities. This repo approved y the trusteey on and signed on their behalf by.. Zubor Issa Trustee
EG FOUNDATION CHARTERED ACCOUNTANTS. REPORT TO THE TRUSTEES FOR THE PERIOD ENDED 31 DECEMBER 2020 In order lo assist you to fulfil your duties under the Charities Act, we have prepared for your approval the accounts ofThe EG Foundation for the period ended 31 December2020. set out on pages 5 10 8 from the charity's accounting records and from infomialion and explanations you have gThien us. As a praclising member firm of the Inslilule of Chartered Accounlanls in England and Wales, we are subj'ect lo its ethical and other professional requirements which are detailed at icaew.¢omlmembershandbook. This report is made lo the charity's trustee, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely lo prepare for your approval the accounts of the EG Foundation and slate those matters that we have agreed to stsle to the charity's Iruslee, as a body, in this report in accordance with ICAEW Technical Release 07116 AAF. To the fullest exlenl permilled by law, we do not accept or assume responsibility to anyone other than the EG Foundation and the charity's Iruslees as a body, for our work or for this report. 11 is your duty lo ensure that the charity has kept adequate accounting records and lo prepare accounts under tho Charities Act 2011. You consider that the Charity is exempl from the sL*utory audit requirement for the year and is not reqijired lo obtain an independent examiner's report. We have not been instructed to carry out an audit or a review of the accounts. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the accounts. 7fL¥I(L 7ra MHA Moore and Smalley Chartered Accounlanl8 Richard House 9 Winckley Square Preston PR1 3HP 1111012021 Date:.......................................
EG FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD ENDED 31 DECEMBER 2020 2020 Total funds Unre8tricted funds RtrIcted funds Income Nots Donations and legacies Investment income 18.783 18,783 Total incoming resources 18,783 18,783 Expenditure Charitable activities 1,506 8,500 10,006 Total rosourceB expended 1.506 8,500 10.006 Net movemenl In funds {1,506} 10,283 8,777 R•concillation of funds Totsl funds ¢arrigd fopHard 11,5061 10.283 8.777
EG FOUNDATION BALANCE SHEET 31 DECEMBER 2020 2020 Total fund8 Unrestricted funds Restricted funds Nots Current assets Cash at bank and in hand Creditors: amount8 falllng due wlthln one year Ngt curront as$8ts 11,5061 10.283 8.777 Total assots less ¢urrgnt liabilities (1,5061 10.283 8,777 Funds Unrestricted funds Total funds {1,5061 10,283 8,777 These financial statements w behaw by. approved by the Trustees on and are signed on their Zuber188a Tru$to9
EG FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020 Accounting policies Basis ot accounting The fi'nancial slalemenls have been prepared in accordan with Accounting and Reporting by Charities.. statement of Recommended Practice applicable to charities preparing their accounts in accordance wf(h the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive October 20191 (Charities SORP IFRS 10211 and the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102). The accounts are presented in £ rounded lo the nearest £. The EG Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless otherwise ststed in the relevant aOUntIng policy notes. Going concem The Trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related lo events or conditions that may cast Significant doubl on the ability of the charity lo continue as a going COnrn. The Trustees make this assessment in respect of a period of at least one year from the dale of authorisation for issue of the financial statements and have concluded that the charity has adequate resources lo continue in operational existence for the foreseeable future and there are no material uncertainties about the charity's ability lo continue as a going concern, thus they continue lo adopt the going Concern basis of accounting in preparing the fi'nancial slalements. Donatlons and legac1•8 Voluntary income received by way of donations and grfts is included in full in the Slatemenl of Financial Activities ISOFAI when receivable. Resou06 expendod All expenditure Is accounted for on an accruals basis as a liability is incurred. Expendrture includes any VAT which cannot be fully recovered and has been classified under headings that aggregate all costs related lo the category. Resources expended ore allocated to the particular activity where the cost relates directly lo that activity- Fund accounting Unrestricted funds can be used in accordance with the chafity's charf(able objectives al the discretion of the trustees. Cash flow statement The trustees have taken advantage of the exemption in Update Bulletin 1 from including a cash flow slalemenl in the financial stslements on the grounds that the charity is small. Judgomènt8 and Kèy a8sumptlon8 There are no judgements or assumptions required as part of the preparation of the acwunls.
EG FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2020 Donatlon8 and lega¢io8 2020 Unrnstriotod Restricted Total funds Donations 18,783 18.783 Charftabl• a¢tivitlg8 2020 Unrn8trlctsd Restrlctsd Total funds Donations to charities Administration expenses 8.500 8,500 1,506 8,500 10,006 Al donations paid have been made to organisatsons related to the charitsble objects. Crgditors 2020 Accruals 1,500 Restricted Fund8 2020 Carried fopNard In¢omo Expgnditurg Start up costs Other collections 10.000 10.000 283 18,783 8.500 10.283 Related party transactlons A donation of £10,000 has been received from a company of which two of the Trustees are director8. No Trustee has reiVed remuneration from the charity during the year. No twstee expenses have been claimed during the period.