2025-04-05-accounts - The Mackie Foundation

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THE MACKIE FOUNDATION

UNAUDITED STATEMENT OF ACCOUNTS FOR YEAR ENDED 5 APRIL 2025

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THE TRUSTEES OF THE MACKIE FOUNDATION ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2025

	PAGE
Legal and Administrative Information	1
Trustees’ Report	2-3
Independent Examiner's Report	4
Statement of Financial Activities	5
Balance Sheet	6
Notes to the accounts	7-13
Appendix1

THE TRUSTEES OF THE MACKIE FOUNDATION ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2025

Founder:

John Mackie as Settlor

Governing Document: Declaration of Trust Deed dated 19 September 1990, as amended by Scheme dated 29 October 2015 Trustees: Fiona Ann Smith James Cooper Mackie Riggs Nicholas Robert Lindsay Barton

Charity Address: Forsters LLP 22 Baker Street London W1U 3BW

Charity Registration No: 1000676

Solicitors: Forsters LLP Bankers: C Hoare & Co 37 Fleet Street London EC4P 4DQ

Forsters LLP as above

Investment Advisers: Ruffer LLP 80 Victoria Street London SW1E 5JL

Brooks MacDonald 21 Lombard Street London EC3V 9AH Independent Examiner: Emily Smith FCA of Humphrey & Co Accountants: Humphrey & Co Chartered Accountants 7-9 The Avenue Eastbourne East Sussex BN21 3YA

Page 1

THE TRUSTEES OF THE MACKIE FOUNDATION TRUSTEES' REPORT FOR THE YEAR ENDED5 APRIL 2025

The Trustees present their Report together with the Accounts of the Foundation for the year ended 5 April 2025. The Accounts have been prepared in accordance with the accounting policies set out on pages 7 to 9, the Trust Deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice (second edition) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard 102 (effective 1 January 2019).

Constitution, Organisation, Objectives and Activities for the Public Benefit

The Mackie Foundation was established by a Declaration of Trust dated 19 September 1990, as amended by Scheme dated 29 October 2015, and is a registered Charity, number 1000676. Original Trustees were John Mackie (died 20 November 2005), Thora Mary Mackie (died 23 December 2007) John Adrian Watney and Peter Duncan Instone (retired 18 April 2018). Mr Watney retired in favour of Fiona Ann Smith on 17 June 2002. Virginia Leask Riggs was appointed on 13 December 2005, she subsequently retired on 16 November 2015. James Cooper Mackie Riggs was appointed on 14 November 2011 and Nicholas Robert Lindsay Barton was appointed on 2 November 2016.

Under the terms of the Declaration of Trust, the power of appointing new Trustees is vested in the surviving or continuing Trustees. Trustees are selected having regard to both their general experience, and their knowledge and experience of the objects of the Foundation, and any personal knowledge of the existing Trustees. Professional advice is available to new Trustees from the existing Trustees for training purposes regarding the duties of a Trustee.

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The Mackie Foundation is a grant-making Charity which makes donations to other registered Charities. The Trustees of the Foundation have powers to pay or apply income and capital of the Trust Fund for such charities or for such charitable purposes as they think fit. For charitable reasons they may accumulate any part of income as permitted by law. The objects are primarily for the support of drug or alcohol rehabilitation and medical research charities. Although the Foundation does not provide services directly to these charities, the Trustees are confident that the charities provide a significant benefit to the individual beneficiaries concerned through their scrutiny of Projects prior to providing grant funding and through follow up discussions with those charities supported. The Trustees confirm that they have referred to the guidance contained within the Charity Commission general guidance on public benefit when reviewing the Foundation's aims and objectives and in planning future activities and setting the donations policy for the year.

Achievements and Performance

During the year the Trustees made grants to other charities at their discretion totalling £187,833 (2024: £218,953), as detailed in Note 4 to the accounts. These charities are primarily involved in supporting organisations that help individuals and their families recover from problems related to drug and alcohol addiction.

The Charity has various pledges for unrestricted donations as disclosed within Note 13. At 5 April 2025 the balance of funds pledged remaining payable totalled £55,000 (2024: £100,000).

Review for the year

At the year end the total Fund was valued at £6,276,384.73 against £6,385,019.00 in 2024. The market value of investments totalled £6,209,192.90 compared to £6,345,151.69 in 2024. Income generated from investments totalled £208,736.56 compared to £185,029.11 in the prior year.

The investment strategy is set by the Trustees and reviewed annually. in so doing they have regard to the income requirements, risk profile and their investment managers’ view of market prospects in the medium term. The Trustees additionally strive to ensure that investments are appropriate having regard for the Charity's objectives by avoiding investments connected with companies making more than 10% of their profits from tobacco and alcohol.

Page 2

THE TRUSTEES OF THE MACKIE FOUNDATION TRUSTEES’ REPORT FOR THE YEAR ENDED 5 APRIL 2025

Reserves

It is the aim of the Trustees to maintain a balance between investments for capital growth and income generation and to maintain cash funds sufficient to fund anticipated charitable donations over the coming year. Reserves available for distribution total £67,191.83 (2024: £39,867.31) encompassing funds not maintained in investments, the Trustees consider this reasonable to fund future donations.

Risk Management

The Trustees, with the aid of their investment managers, maintain a regular view over the major strategic, investment and operational risks that the Foundation faces in order that, wherever possible, such risks are identified and steps taken to lessen these risks.

Trustees Remuneration

The Trustees receive no remuneration for their services as Trustees.

Statement of Trustees' Responsibilities

The Trustees are responsible for preparing an Annual Report and Financial Statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The Law applicable to Charities in England and Wales 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 Foundation and of the incoming resources and application of resources of the Foundation for that period.

In preparing such financial statements, the Trustees are required to:

select suitable accounting policies and 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 and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Trust will continue its activity.

The Trustees are responsible for keeping sufficient accounting records which disclose with reasonable accuracy the financial position of the Foundation and enable them to ensure that the financial statements comply with the Charities Act 2011, The Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the Foundation and for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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a“|AariaSmith Co —....... Signed on behalf of the Trustees
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Page 3

THE TRUSTEES OF THE MACKIE FOUNDATION ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2025

Independent Examiner's Report to the Trustees of The Mackie Foundation

! report to the trustees on my examination of the accounts of The Mackie Foundation (the Trust) for the year ended 5 April 2025, which are set out on pages 5 to 13.

Responsibilities and basis of report

As the charity trustees of The Mackie Foundation you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act').

| report in respect of my examination of the Trustees’ accounts carried out under Section 145 of the 2011 Act and in carrying out my examination | have followed all the applicable Directions given by the Charity Commission under Section 145(5)(b) of the 2011 Act.

Independent Examiner's Statement

| have completed my examination. | confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in, any material respect:

1) accounting records were not kept in respect of the Trust as required by section 130 of the Charities Act; or
2) the accounts do not accord with those records; or
3) the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair’ view which is not a matter considered as part of an independent examination.

| have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

NAME:

secsancsrxseseveszeevqvsvsavesecasacncacssacceworsa D&LO sswssscvsvenvwsussuuvsusossesscteestes

E Smith FCA

Humphrey & Co

Chartered Accountants 7-9 The Avenue Eastbourne East Sussex BN21 3YA

Page 4

THE TRUSTEES OF THE MACKIE FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 5 APRIL 2025

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|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |Unrestricted| |Note|funds|2025|2024| |£|£|£| |INCOMING|RESOURCES| |Investment|Income|2|211,175.73|211,175.73|186,307.39| |Outstanding|tax|relief|1,520.51|1,520.51|1,782.12| |TOTAL|INCOMING|RESOURCES|212,696.24|212,696.24|188,089.51| |RESOURCES|EXPENDED| |Costs|of generating|funds| |Investment|management fees|28,327.15|28,327.15|21,651.11| |Charitable|activities| |Donations|4|187,833.00|187,833.00|218,953.00| |Support|costs| |Legal|fees|15|22,341.00|22,341.00|28,891.20| |Accountancy fees|6|3,900.00|3,900.00|3,840.00| |Bank charges|26.51|26.51|15.49| |Trustee|expenses|14|147.60|147.60|110.79| |TOTAL|RESOURCES|EXPENDED|242,575.26|242,575.26|273,461.59| |NET (OUTGOING)|RESOURCES|BEFORE| |OTHER|RECOGNISED|GAINS/(LOSSES)|(29,879.02)|(29,879.02)|(85,372.08)| |OTHER|RECOGNISED|GAINS/(LOSSES)| |Gains/(losses)|on|investments|held|for| |charitable|use|3|(78,755.25)|=|(78,755.25)|42,185.81| |NET MOVEMENT|IN|FUNDS|(108,634.27)|(108,634.27)|(43,186.27)| |TOTAL FUNDS|brought forward|at|6|April|2024|6,385,019.00|6,385,019.00|6,428,205.27| |TOTAL|FUNDS|carried|forward|at|5|April|2025|6,276,384.73|6,276,384.73|6,385,019.00| |The|notes|on|pages 7|to|13|form|part|of these|accounts.|

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Page 5

THE TRUSTEES OF THE MACKIE FOUNDATION BALANCE SHEET AS AT 5 APRIL 2025

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Unrestricted
Note funds 2025 2024
£ £ £
FIXED ASSETS
Investments 7 6,209, 192.90 6,209,192.90 6,345,151.69
6,209,192.90 6,209,192.90 6,345,151.69
CURRENT ASSETS
Cash at bank 8 130,145.31 130,145.31 152,920.06
Debtors 9 1,520.51 1,520.51 1,782.12
131,665.82 131,665.82 154,702.18
CURRENT LIABILITIES
Creditors: amounts falling due within
one year 10 (64,473.99) (64,473.99) (84,834.87)
NET CURRENT ASSETS 67,191.83 67,191.83 69,867.31
LONG TERM LIABILITIES
Creditors: amounts falling due after
one year 11 - . (30,000.00)
TOTAL ASSETS LESS CURRENT LIABILITIES 6,276,384.73 6,276,384.73 6,385,019.00
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FUNDS OF THE CHARITY
UNRESTRICTED FUNDS 6,276,384.73 6,276,384.73 6,385,019.00
———————S+| ———S= ———
The notes on pages 7 to 13 form part of these accounts.
Approved on behalf of the Trustees by:-
@ A Smith
Dated:- ©.... One eS e- WAN—
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Page 6

THE TRUSTEES OF THE MACKIE FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED5 APRIL 2025

1. ACCOUNTING POLICIES

1.1 Charity Information

The Mackie Foundation was established under the terms of the Declaration of Trust Deed dated 19 September 1990, as amended by Scheme dated 29 October 2015 and is a Charity registered in England and Wales (Charity number 1000676).

1.2 Accounting Convention

The Financial Statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (second edition) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard 102 (effective 1 January 2019), the Charities Act 2011 and applicable regulations. The Charity is a public benefit entity as defined by FRS 102.

The Accounts have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The Financial Statements are prepared in sterling, which is the functional currency of the Charity.

The Financial Statements have been prepared under the historical cost convention as modified by the inclusion of investments at market value.

1.3 Going Concern

At the time of approving the Accounts, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4 Incoming Resources

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Investment income is accounted for in the period in which the Charity is entitled to receipt, there is sufficient certainty of receipt and so it is probable that the income will be received, and the amount of income receivable can be measured reliably.

The Charity is a registered Charity and therefore is not liable for income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

Page 7

THE TRUSTEES OF THE MACKIE FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED5 APRIL 2025

1.5 Resources Expended

Expenditure is recognised on an accrual basis as a liability is incurred.

Costs of generating funds comprise the Investment Managers’ costs associated with the management of the investment portfolio in accordance with the strategy set by the Trustees.

Grants payable are payments made to third parties in the furtherance of the charitable objects of the Trust. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The Notification gives the recipient a reasonable expectation that they will receive the one year or multi-year grant. Grants awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled conditions attaching to that grant are outside of the control of the Trust.

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty as to the timing of the grant or the amount of grant payable.

A provision for a multi-year grant is recognised at its present value where settlement is due over more than one year from the date of the award, there are no unfulfilled performance conditions under the contro! of the Trust that would permit the Trust to avoid making the future payment(s), settlement is probable, and the effect of discounting is material. The discount rate used is the rate offered on government bonds (Gilts) for a commensurate or similar time period offered in the year in which the grant award is made.

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the Charity and include the accountancy fees and legal costs linked to strategic management of the Charity.

1.6 Fixed Asset Investments

Investments are initially recognised at their transaction value and subsequently measured by their market value as at the Balance Sheet date. Listed investments are stated at the mid price on the London Stock Exchange and the bid prices provided by the Fund Managers for unit trust holdings. Gains and losses on investment assets are credited, or debited, to the Statement of Financial Activities in the year in which they arise.

Page 8

THE TRUSTEES OF THE MACKIE FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED5 APRIL 2025

1.7 Fund Structure

The Charity holds unrestricted income funds. Unrestricted income funds comprise those funds which the Trustees are free to use for any purpose in furtherance of the charitable objects.

1.8 Financial Instruments

The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments' and Section 12 ‘Other Financial Instrument Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Charity's Balance Sheet when the Charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Financial Assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial Liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price 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 amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

1.9 Critical accounting estimates and judgements

In the application of the Charity's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

In the year ended 5 April 2025 the Trustees consider that there were no critical accounting estimates and judgements arising that require disclosure.

Page 9

THE TRUSTEES OF THE MACKIE FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED5 APRIL 2025

	Note	2025	2024
		£	£
2. INVESTMENT INCOME
Investment Income	Appendix 1	203,441.94	180,338.57
M &G Charibond Interest	Appendix 1	1,882.40	1,448.00
M &G Charifund Dividend	Appendix 1	3,412.22	3,242.54
Bank interest		2,439.17	1,278.28
		“£211,175.73.	_£186,307.39
3. NET GAINS/(LOSSES) ON INVESTMENTS
Revaluation of Investments		(298,414.55)	37,248.35
Gain/(Loss) on Sale of Investments	Appendix 1	219,659.30	4,937.46
		£(78,755.25)	£42,185.81
4. Donations
	Charity
	Number
Macmillan Cancer Support	261017	30,000.00	30,000.00
The Nehemiah Project	1058536	-	90,000.00
St Mungo Community Housing Association	1149085	12,000.00	-
The Nelson Trust	1056672	12,500.00	-
Bethany Christian Trust	1171176	62,500.00	12,500.00
Brynawel House Alcohol and Drug Rehabilitation Centre	1113952	30,000.00	19,503.00
RowanAlba	$8C036775	-	10,000.00
Hebron Trust	1020095	-	40,000.00
Spitalfields Crypt Trust	1075947	2,000.00	-
HopeUK	1044475	-	2,000.00
St Christophers Hospice	210667	3,833.00	-
TLC: Talk, Listen, Change	512710	-	14,950.00
Vineyard Community Centre	1143951	25,000.00	-
Community Drug and Alcohol Recovery Services	1028663	10,000.00	-
Theabovegrantswereprovidedtoinstitutions.	“£187,833.00		£ 218,953.00

Page 10

2025 2024 £ £

THE TRUSTEES OF THE MACKIE FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED5 APRIL 2025

§. EMPLOYEES

There were no employees during the year.

6. INDEPENDENT EXAMINER REMUNERATION

During the year fees in relation to services provided by the Independent Examiner were:

Examination of the accounts		1,500.00		1,500.00
Other financial services		2,400.00		2,340.00
	£	3,900.00	£	3,840.00
7. FIXED ASSET INVESTMENTS
Listed Investmenis	£	6,209,192.90	£	6,345,151.69
UK Equities and Unit Trusts	£	2,204,703.16	£	2,519,630.32
Fixed Interest Securities	£&	825,254.05	£	601,698.93
Overseas Equities	£	871,598.78	£	788,815.27
Global Funds	£	2,142,921.85	£	2,127,947.52
Otherinvestments	£	164,715.06	£	307,059.65

Fixed Asset Invesiments Revalued

Investments are included on the Balance Sheet at their market value at the end of the financial period. Listed investments are stated at the mid price on the London Stock Exchange and the bid prices provided by the Fund Managers for unit trust holdings.

The historical cost of the fixed asset investments is £5,672,631.23 (2024 : £5,498,025.07)

Movement in Fixed Asset Investments
Cost or valuation
At 5 April 2024		6,345,151.69		6,347,482.98
Additions Valuation changes		1,291,645.66 (78,755.25)		196,328.68 42,185.81
Disposals		(1,348,849.20)		(240,845.78)
At 5 April 2025	£	6,209,192.90	£	6,345,151.69
8. CASH AT BANK
C Hoare & Co		48,349.36		88,558.56
Brooks MacDonald Capital Account		49,848.21		38,844.45
Brooks MacDonald Income Account		31,947.74		25,517.05
	£	130,145.31	£	152,920.06

Page 11

THE TRUSTEES OF THE MACKIE FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2025

;

		2025			2024
		£			£
9, DEBTORS
Tax reclaim on net investments		1,520.51			1,782.12
	£	1,520.51		£	1,782.12
10. CREDITORS: amounts falling due within one year
Funding commitments due in underone year		55,000.00			70,000.00
Accruals
Investment Manager fees		5,573.99			5,623.67	:
Accountancy and examination services		3,900.00			3,840.00
Legal fees		-			5,371.20
		9,473.99			14,834.87
	£	64,473.99		£	84,834.87
11. CREDITORS: amounts falling due afteroneyear
Funding commitments due afterone year		-			30,000.00
	£ - —.eqe		_	£	30,000.00
12. FINANCIAL INSTRUMENTS
Carrying Amount of Financial Assets
Debt instruments measured at amortised cost	£	1,520.51		£	1,782.12
Measured at fair value through statement offinancial activities	£6,209,192.90	6,209,192.90		£	6,345.151.69
Carrying Amount of Financial Liabilities
Measuredatamortisedcost	£	64,473.99		£	114,834.87

Page 12

THE TRUSTEES OF THE MACKIE FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED5 APRIL 2025

13, FUNDING COMMITMENTS

Spitalfields Crypt Trust

In June 2022 the Charity entered into a funding commitment to provide a donation of £60,000 payable in equal quarterly payments of £5,000 to Spitalfields Crypt Trust commencing in June 2022. At 5 April 2025 the Charity had paid £60,000 to Spitalfields Crypt Trust and therefore the commitment has been fufilled.

Hebron Trust

In May 2023 the Charity entered into a funding commitment to provide a donation of £20,000 per annum for two years to Hebron Trust. At 5 April 2025 the Charity had paid £40,000 to Hebron Trust and therefore the commitment has been fufilled.

Bethany Christian Trust

The Charity entered into a funding commitment on 13 September 2024 to provide a donation of £25,000 to Bethany Christian Trust per annum for two years. At 5 April 2025 the Charity had paid £25,000 to Bethany Christian Trust with £25,000 payable over the remaining term of the agreement. A balance of £25,000 is recognised within current funding commitments.

The Nehemiah Project

In May 2023 the Charity entered into a funding commitment to provide a donation of £30,000 to The Nehemiah Project per annum for three years. At 5 April 2025 the Charity had paid £60,000 to The Nehemiah Project with £30,000 payable over the remaining term of the agreement. A balance of £30,000 is recognised within current funding commitments.

14. TRUSTEES REMUNERATION AND EXPENSES

The Trustees received no remuneration or benefits in the year (2024: nil). One Trustee had their expenses met by the Charity amounting to £147.60, these expenses related to travel and subsistence on Charity related matters in the year (2024: £110.79).

15. RELATED PARTY TRANSACTIONS

Ms Fiona A Smith, Trustee, is a Partner at Forsters LLP who have provided legal services, totalling £22,341.00 (2024: £28,891.20) to the Charity. At the year end there we no amounts owed to Forsters LLP (2024: £5,371.20).

Page 13

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