Charity registration number.. 1063469 The MacQuity Charitable Foundation known a5 The MacQuitty Charitable Foundatiot) AtJllua] Report and Finaticiai Stat¢ments for the Year Ended 5 April 2023 Mark Williams FCA Williams & Co Epsom LLP 8110 South Street Epsom SuJTey KTIS 7PF
The MacQuitty Charitable Foundation Contents (colltinued) Reference and Adtninistrative Details Trustees, Report 2to5 Independent Examiner's Report Statement ofFinancial Activities Ba]anGe Sheet Notes to th¢ Financial Statemeiit5 9t014
The MacQuitty Charitable Foundation Reference 2nd Administrative Details Charity RegistrAtion Number 1063469 PriDeip&l Offite 34 VictOTia Road Darttnouth Devon TQ6 9SA Mark Williams FCA Wllltams & Co Epsom LLP &ll O South Street Epso Surrey KT18 7PF IDdependemt ErnIner Bankers Coutts 440 The Strand Londo WC2R OQS Rathbones George House SO George Square Glasgow G2 IEH Page I
The Ma¢Quitty Charitable Foundation Trustees, Report The tn]stees present the annual rEPOrt together with the financia] statements of the Glwity for the year ended 5 April 2023. Objectives and activities Objects ¢Tnd To advance the education of young people in the fields of medicine and the ¢nvironment and to advance the education of young peoplc genera]ly. Public benefit Activit1¢5 that have been supported this yehr have been on the basis that the TTustee5 belseve the activities will further public benefii. The trusiees confinn that they have COTnplied with the requirements of s¢¢tion 17 of the Charitie5 Act 201 I to have due Tegard to tlJe publi¢ benefit guidance publislied by the Charity Commission foT England and Wales. Page 2
The MacQuitty Charitable Foundation Trustees, Report {eontiDued) Achieven)ellt5 and perforJDaJJce The Chariry was set up by William and Bety Ma¢Quity both of whom are deceased. The trust¢E5 help support postgraduate Students enrolled at the Queen's UniveTsity Belft thtough three Schol51p progra]nAnes. The fjrst of these scholarships is the William and Betty MacQutty Travel Awards initiated in 1999. thE second is the James MacQuitty Law Scholatship initiated in 2002 in honour of Williatn's brother James Lloyd Ma¢Quitty QC OBE. Finally, the third scholarship is the MacQuity ScholaTship for a Msc in Experimenta] Medtcine set up in 2020 initially instead tsf the William and Betty MacQuitty Travel Awards but now in addition to. The trustees also fund the Bety MacQuity Scholarship that supports a mature student (Dver the age of 21) throush an undergraduate desree at th¢ London School of Economics. The first of these ihree-year scho13r3hips was awarded in 2006. William and Betty MacQuity Trnvel Awards- QueeTJ'5 Universtty Belfast The WilliaTn and Bety MacQuitty Trdvel Awards are allocated aGcording to the merit of the applicant's oveT5eas research requirements. The selection process is conducted by the University's Scholarships and Awards Group. Many of the students at Queen's are from Northern Ireland often having never travelled abroad. One of the tenets of the Travel Awards 15 to demonstrate how 'Trdvel broadens the mind.. The trustees also require that the trAVelle are mindfijl of their carbon footprint. On completion of their trave15, each Sdent 2$ required to submit a report to the trusiees. There is a smaIl fjnancial PTize for the best of the reports. A fund of £8.800 wa5 paid in Mar¢h 2023 to Queen's University Belfast for this annuaj award. James Ma¢Quitty Law Scholarship- Queen's University Belf&5t The scholarship assists law grnduates (those with LLBI from Northern Ireland who pursue a Masters. degree in the Schwl of Law at Queen's University Belfast in any law or law related subject area including human rights law and ¢riminal justice. Award of the scho1h1p is made by a selection comtntttee at Queen's University B¢lfast, subject to the trustees. approval. A fund of £17.600 was paid in August 2022 to Queen'5 univeIty Belfast for this annual scholarship with an in¢reas¢ of £1,600 for living costs. MacQuitty Scholarship Msc sn Experimental Medicine- Queen's University Belfast The Scholarship is allocated according to merit with the Selection proces5 conducted by the Universty's Scholarships and AWdS Group. Th¢ first annual scholarship awarded in October 2020 for £16,000. The Scholatship wa5 set up iniiially to Teplace the William and Bety MacQuitty Travel Awards a5 these were not awarded due to the Covid-19 pandemic. Linfortunately. our 2021 stlldertt was not able to complete dtse to £al]Y ¢ir¢umstances so the remaining fees £15,178.33 with an addition of £2.421.67 paid in August 2022 funded a total schL)larship of £17.600. Bety Ma¢Quitty Scholarship- London School of Economics The tDJstees ent¢red into an ttetment the London School of Economics in 2020 to support another mature undergrdduate student for three years continuing the Betty Ma¢Quity Scholarship. The third pajment for the 5iXth B¢tty MacQuitty Scho12tship of £20,050 paid to LSE in January 2023. Page 3
The MAcQuitty Charitable Foundation Trustees, Report (continlled) Fiuxntigl review TrLlSt incomt is taken entirely from fvnds donated by the Mi acQuitty fally. The income from the inve5tm¢nt fund is used to support its charitabl¢ activities without Tecourse to lis capital investments. An additional £1.654 in royalties been received from William MacQuitty'5 fjlm and photographi¢ work. Policy on rÉserve5 The planncd l£vel of grants for the foreseeabl¢ future should be met from investment income and so the Trustees do noi consider it necessary to set aside any specifi¢ reserves atthis lime. Trustees and officers llic tTUStees and officers Seng during the year and since the year End were as follows= TTUStees'. Miranda MacQuitty Jonptban MacQuitty Jane MacQuitty Ncil Carter William Hedges Structllrei goverDallce and monagemellt Naturé oJgoverning do¢umert¢ The trustees sneet at least once a year. Miranda MacQuitty manages the day lo day opeT&tiQDS and CD.ordinates the financial planning and charitable donations with her fellow tsu#ees as well a5 keeping them infortn¢d of achi¢vements of the young people. whom the Charity siSts. New Trustees are appointed by the existing TNstees. The TTUSt Deed does not provide for any minimum or m&KiinuTn number of Trustees or for any fixed terni for which they may act. Page 4
The MacQuitty Charitable Foundation TrusteÈs' Report (continued) Statement of Trustee5' Responsibilities The trusteeg aTe responsible for preparing the tNstees' report and the financial statements in accordance with the Utjited Kingdom Accounting Standards (United Kingdom Generally A¢cepied A¢coiTnting Prnctice} and applicable law and regulations. The law applicablE to charities requires the trugtee$ to prepare financial statements for each financial year which give a true and fair view of the state of affair5 of the charity and of the incoming r¢souT¢es and application of resources of the charity for that period. In preparing these fjnancial statements, th¢ trustees are required to.. select suitable accounting policies and then apply thcm consi5tentJy- observe the methods and principle5 in the Charities SORP; make judgements and estimates that are reasonable and prudent. state whether applicable accounting standards have been followed, subject to any material departure5 disclosed and explaitjed in the financial statements: and prepe the faItc1ai statements on the going concern bagis unless it is inappropriate to presume thai the charity will continue in business. The trustee$ are responsible for keeping pttsper accountirtg records disclose with re&sonable accurdcy at any time the financi8] position of the charity and enable them to ensure that the financial statements comply the Charities Act 2011. the Charities {Accounts and Reports) Regulations 2008, and the provisions of the ¢onstitution. Th¢ trustees are also responsible for safeguarding tile assets of the charity and henGe for taking Teasotjable steps for the prevention and detection of fraud and othEI Irregullti¢s. The bwstees are responsible for the maintenance and integrity of the corporate and financia] inforniation in¢lud¢d on the charitsble company's w'ebsite. Legislation governing the preparation and dissemination of finanGial ststements may differ from legislation in other jurisdictions. The aijnual report was approved by the trustees of the Charity on 5 October 2023 and signed on its behalf by.. Miranda MacQuity Trustee Page 5
The MacQuitty Charitable Foundation Independent Examiner's Report to the trustees of The MacQuitty Charitable Foundation l Teport to th¢ tnJ$tee5 on my examination of the accounts of The MacQuitty Charitable Foundation for the year ended 5 April 2023. Respoll5ibilities basis of report As the charity trustees of The MacQuity Charitable Foundation you are re5pon5ible foT the piep3r2tion of the accounts in accordance with the requirements of the Charities Act 2011 I'the Act'l. I report in respect of my examination of the The MacQuity Charilable Foundation's accounts carried out under section 145 of the 2011 Act and in carying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145151(bl of the Act. Independent eX*ier.$ statement I havt coinpleted Tny txaTnination. I confirm that llo Tnaterial mattets have come to my attention in connection with the examinatson giving ]ne cause to believe that in any tnatetial iespect.. accounting records were not kept in respect of The MacQuitty Charitable Foundation as required by section 130 of the Act; or 2. the accounts do not accord with those records: or 3. the a¢GOUnts do not comply with the accounting requirements conceTning the ftsrffl and content of accounts set out in thc Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts (live a 'true and fair vievl which is not a mattcr considered part of an independeni examination. I have no Concerns and have come a¢TOSS no other n)atters in ¢onne¢tion with the examination to which attentign should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Mark Williams FCA ICAEW Willia$ & Co Epsolll LLP 8110 South Street Epsom Surrey KT18 7PF 5 October 2023 Page 6
The IlqacQuitty Charitable Foundatio Statement of Financial Activities for the Year Ended S April 2023 Unr¢stricted funds Totsl 2023 Total 2022 Note Incomè and EJJdowrneDts from: Investment Iome Other income 74,359 1,654 74.359 1.654 4,899 Total income 76,01) 79.212 Expenditure on: Raising funds Charitable actiYiti¢s Governance costs (12.480) (48,871) 12,4241 112.4801 148.8711 12.424) (lJ.546) (52,050} 2,316} Total expenditure Gainsllosses on investtnent a5set$ 163,7751 (150,0451 (63,775) 1150,045} 167,9121 82.655 Net lexpenditurellincome (137.807) {137.8071 93.955 Net movement in funds 1137,8071 (137,8071 93.955 ReconcTliAtion of fullds Total fijnds broughr fonvard 2,932,112 2,932.112 2,838.157 Total funds carried fon¥ard 2,794,305 2,794.iOS 2.9i2,112 All of the charity's activities derive frorn wntinuing operations during the above two p¢riods. The funds breakdown fLir 2022 is shown in note i l. The notes on pages 9 to 14 fomi an integra] part of these fin8mcia] statements. Page 7
The MacQuitty Charitable Foundatio (Registration number: 1063469) Balance Sheet as at 5 April 2023 2023 2022 Note Fixed assets Investments 2.646.947 2,813,859 Current a55ets Cash at baTth and in hand 152,7J8 123,744 Creditors.. Amounts falling due within Dne year 15,3801 (5.491) Iyet current assets 147.358 118.253 P4et &S5ets 2.794,305 2.932.112 Fund5 of Iht tbarity: Unrestricted iticome funds Unrestricted fiinds 2.794,305 2,932.112 Total fllnds li 2,794,)05 2.932,112 The financial stateentS on pages 7 to 14 were approved by the trustee5, and authoTi5ed for issue on 5 October 2023 and signed on their behalf by.. Miranda MacQuitty Trustee Jane MacQiiitty Trustee The notes on pages 9 to 14 fonn an integral part of these financial statements. Page 8
The MacQuitty Charitable Foundation Notes to the Financial Statements for the Year Ended 5 April 2023 l ActountiDg policie5 ststetðt of complian¢e The financial stalcments hav¢ bcen prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019. the Financia] Reporting Standard applicable in the UThited Kingdojn alld Republic of Ireland (FRS 102) and the chltieS Act 2011. BASIS of preparatio The MacQuitty Charitsble Foundation meets the definItion of a public benefit entity under FRS 102. The accounts (financial stsiements) have been prepared under the historical cost convention with items recogDised at cost or transaction value unIess othetivis¢ stated in the relevant note(s) to these accounts. Going coneern Th¢ trustees Consider that there are no mate]ial uncertainties about the ¢harity'5 ability to ntinue a going concem. Income #nd endowments Donations ond legocies Donations have been recognised at the fair value ofthe shares on the date on which owiership was transferred. All fimds relating to the donations are treated as unrestr2Cted. Invulmentincome Interest on fund5 held on deposit IS ID¢luded when receivable and the amount can bc measured reliably by the charity,. this is nonnally up)n notification of the interest paid or payable by the banEDividends are recognised once the dividend h&% been detlared and notification has been receiv¢d of thc dividend due. Expenditure All expenditure is Jrcognised once there is a legal or ¢onsttvctive obligation to that expenditure. it is probable settlement is iequired and the amount Can be measured reliably. All costs are allocated to the applicable exptnditure headtn8 that a8gregate similar costs to tbat category. Raislngfxnds These are costs incurred in attra¢ting voluntary income. the management of investtnents and those incurred in trading activities that Tai5e fund5. Charitsble expendi comprises those ¢osts incurTed by the charity in the delivery of its activities and seTvi¢e5 for its beneficiaries. It includes both costs that can be 2]lo¢at¢d directly to such activities and those costs of an indirect nature necessary to support them. Grontprovisions Provisions for grants are made when the intention to make a grant ha5 been comrnunicated to the recipient but there is uncertainty about either the timing of the grant or th¢ atnount of grdnt payable. Page 9
The MacQuitty Charitable Foundation Notes to the Financial Statements for the Year Ended 5 April 2023 (continued) Governatlce eosts These incliide the costs attributsble io the ch'ity'S compliance with constittitiona] and ststutory requirements, including aiidit, strategic D]anagement and tTUStees meelitJ8s and ieitnbllrs¢d expenses. Taxation The charity is con5id¢rcd to pass the iesls set out in Paragraph I Schedule 6 of the Finance Act 2010 and th¢refore it ineets the definition of a charitable company for UK corporation PUTposes. Accordingly. the ¢hariry is poieniially exejiipt from taxatityn in respect of incorne or capital gains received within catcgorie5 covered by Chapter 3 Part 11 of the CoTporation Tax Act 2010 or Stction 256 of the Taxation of Chargeable Gains Act 1992, to the extent that siich incoTne or gains are applied exclusively to ¢haritsble purpose5. Fixed 4s$et investments Fixed asset investtnents, other than programme related investttjents, are included at market value at the balance sheet date. Realised gain5 and losses on ipvestmcnts are calculated as the difference between sales proceeds and tlieir n13rkEt value at the start of the year, or their subsequent cost, and aTe charged OT crediled to the Staiement of Financial A¢tivities in the period of disposal. Unrealised gains and losse5 represent ihe movement llwket values during the year aTe ¢redited or Charged io th¢ Siar¢m¢nt of Financial Activities based on the market value at the year end. Trade debtor5 Trade debtors are amounts due for services performed in the ordinary COUTse of business. Trade debtors are recogni5td initially ai the trdnsaction price. They are subsequently mea5ur¢d at amort15ed cost ing the effective interest method, les5 piovisitsn for impairnient. A prDvision for the impairment of trade debtors Is established wheij there i5 objective evidence that the charity will be able to wllect all amounts due accoTdiDg to the original ternis of the receivables. Cash gnd cash equivaIents Cash and cash equivalents comprise casli on hand and call deposit5, and other short-term highly liquid investtnent5 that al'E readily ¢onvertible to a known amount of cash and are subject to an insignificant risk of ¢hang¢ in value. Fund structure Unrestricted in¢ome fvnds are general funds that are available for use al the trustees discretion in furtherance of the objeGtives of the ¢harity. Pase 10
The MacQuitty Charitable Foundation Notey to the Financial Statements for the Year Ended 5 April 2023 (eontinued) 2 Investment income UllrestTitt¢d funds General Totsl 2023 Total 2022 Income from dividends. DIvidends receivable from oth¢r listed Investents Interest receivable 2nd similar income- Interest re¢eivable on bank deposits Other irttere5t receivable 64.166 64,166 65,501 536 9,657 536 9.657 8,812 74,359 74,313 3 Expenditure on raising [lld5 Investment mattagement cost5 Unrestr5eted fund5 Gener21 Totsl 2023 2022 Note Other investment management costs: Adrninistration of the investments 12.480 12,480 12,480 12.480 li,546 4 Expenditsre on charitsble activities Utyre$tricted funds Gelleral Total 2022 2023 Note Grant fi]nding of activities Governance costs 48.871 2.424 48.871 2,424 S2,050 51.295 51,295 Page 11
The MacQuitty Charitable Foundation Notes to the Financial Statements for the Year Ended S April 2023 (continued) 5 GraDt-mAking Below are details of material grants made to institutions. 2023 2022 Name of institution Queen's University Belfagt The London School of EconotrLiCS 28,822 20,050 48,872 32.000 20.050 52,050 6 Analysis of governance and support costs Governance c05t5 Unrestricted fund5 General Total 2023 Totil 2022 Other governance costs Independeni Examiner's remuner&tson 1,350 1.074 1.350 1.074 1,176 1.140 2,424 2.424 2,316 7 Fixed a55et investments 2023 2022 Other investtntnts 2,646.947 2.813.859 Page 12
The MacQuitty Charitable Foundation Notes to the Financial Statements for the Year Ended 5 April 2023 (¢ontinued) Other investments Listed itsvestEneots Totsl Cost or Valuation At 6 April 2022 Reva]uation Additions Disposals 2,813,859 2,81),859 1146,321} 1146,3211 42,045 42.045 (62,636) (62,636} At 5 April 2023 2,646.947 2,646,947 Net book value At 5 April 2023 2.646,947 2,646,947 At 5 April 2022 2.81J.859 2.813,859 In addition there are asgets donated to the Trust which were Previoiisly acquired by William MacQuitty, the value of which can not be reliably mEasured. Income for such items is recognised when items are sold. 8 Cash and cash equivalents 2023 2022 C&sh at bank 152.738 523,744 9 Creditors= amounts falIing due wxthin one year 2023 2022 A¢cruaIs 5.380 5,491 Page 13
The MacQuitty Charitable Foundation Notes to the Financial Statements for the Year Ended 5 April 2023 (Continued) 10 Commithents Other fancIal conynitrnents In 2020. the Tru5t¢¢s agreed to a three y¢3r gydnt of £20.050 in ea¢h year with The LoDdoD School of E¢onomic5 in respect of The Bety MacQuity Scholarship. In 2022, the Tru5tee5 agreed to a IOO/o increase in the Queen's Universtity grants 10 account for the rise in the cost of living. Tlic proposcd Queen's Universtity grants for )023124 are £17,600 eacli for the James MacQuitty Law scholarship and th¢ MacQuity Exp¢rimental Medicine SclJolarship. The total amount olother financial COTtllnitmetJts not provided in th¢ finanGial statEm¢nts was £37,65012022- £55.250). 11 Funds Other rerognised Bslante at 5 gains1(Ios5e51 April 2023 Balance at 6 April 2022 Incoming resources Resources exptnded Unrestritted funds General Unrestricted General Funds 2.932.112 76,Oli (63.775} (150.0451 2.794.305 Other re¢ognTs¢d Balxntt gt 5 Eaills/(105ses) April 2022 B#l#net #t 6 April 2021 Re$our¢ts eipellded resources Unrestrieted fullds Generul Unrestricted General Funds 2,838,156 79,212 67,9121 82,656 2,932.112 IZ Related party tr8n$a¢tions During the year the charity made the following relaied parry transa¢iions.' Neil Carter Neil Carter. a Trustee since August 2021, is a]so a Partner of Raymond Carter & Co. A fee of £l,J50 wa5 paid to Raymond Cartel & Co for the preparation of charity accounts. 13 T#xAtio Thc charity is a registered charity and is therefore exllpt froni taxation. Page 14