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 E￿rnIner
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 Belf￿t thtough three
Schol￿5￿1p 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 S￿dent 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 scho1￿h1p 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 unive￿Ity
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 AW￿dS 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 £a￿l]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 tt￿etment 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 fa￿lly. 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 Se￿ng 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
prep￿e the f￿aItc1ai 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 Irregul￿lti¢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$tee5 on my examination of the accounts of The MacQuitty Charitable Foundation for the year
ended 5 April 2023.
Respoll5ibilities basis of report
As the charity trustees of The MacQuity Charitable Foundation you are re5pon5ible foT the piep3r2tion of the
accounts in accordance with the requirements of the Charities Act 2011 I'the Act'l.
I report in respect of my examination of the The MacQuity Charilable Foundation's accounts carried out under
section 145 of the 2011 Act and in carying out my examination I have followed all the applicable Directions
given by the Charity Commission under section 145151(bl of the Act.
Independent eX*￿i￿er.$ 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 I￿ome
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 state￿entS 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
ststet&etht 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 ch￿ltieS 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 Invest￿ents
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 [ll￿d5
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 f￿ancIal 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 ex￿llpt froni taxation.
Page 14