Charity registration number: 1063469
The MacQuitty Charitable Foundation
known as
The MacQuitty Charitable Foundation
Annual Report and Financial Statements for the Year Ended 5 April 2025
Henry Williams FCA Williams & Co Epsom LLP 8/10 South Street Epsom Surrey KT18 7PF
The MacQuitty Charitable Foundation
Contents (continued)
| Reference and Administrative Details | 1 | |
|---|---|---|
| ) | ||
| Trustees’ Report | 2 to 5 | |
| IndependentExaminer's Report | 6 | |
| Statement ofFinancial Activities | 7 | |
| Balance Sheet | 8 | |
| NotestotheFinancialStatements | 9to14 |
The MacQuitty Charitable Foundation
Reference and Administrative Details
Charity Registration Number 1063469 Principal Office 34 Victoria Road Dartmouth Devon TQ6 9SA Independent Examiner Henry Williams FCA Williams & Co Epsom LLP 8/10 South Street Epsom Surrey KT18 7PF Bankers Coutts 440 The Strand London WC2R 0QS Rathbones George House 50 George Square Glasgow G2 1EH
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The MacQuitty Charitable Foundation
Trustees' Report
The trustees present the annual report together with the financial statements of the charity for the year ended 5 April 2025.
Objectives and activities
Objects and aims
To advance the education of young people in the fields of medicine and the environment and to advance the education of young people generally.
Public benefit
Activities that have been supported this year have been on the basis that the Trustees believe the activities will further public benefit.
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
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The MacQuitty Charitable Foundation Trustees’ Report (continued)
Achievements and performance
The Charity was set up by William and Betty MacQuitty both of whom are deceased.
The trustees help support postgraduate students enrolled at the Queen’s University Belfast through three scholarship programmes. The first of these scholarships is the William and Betty MacQuitty Travel Awards initiated in 1999, the second is the James MacQuitty Law Scholarship initiated in 2002 in honour of William’s brother James Lloyd MacQuitty QC OBE. Finally, the third scholarship is the MacQuitty Scholarship for a MSc in Experimental Medicine set up in 2020 initially instead of the William and Betty MacQuitty Travel Awards but now in addition to.
The trustees also fund the Betty MacQuitty Scholarship that supports a mature student (over the age of 21) through an undergraduate degree at the London School of Economics. The first of these three-year scholarships was awarded in 2006.
William and Betty MacQuitty Travel Awards — Queen’s University Belfast
The William and Betty MacQuitty Travel Awards are allocated according to the merit of the applicant’s overseas 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 is to demonstrate how ‘Travel broadens the mind.’ The trustees also require that the travellers are mindful of their carbon footprint. On completion of their travels, each student is required to submit a report to the trustees. There is a small financial prize for the best of the reports. A fund of £10,300 was paid in May 2024 to Queen’s University Belfast for this annual award.
James MacQuitty Law Scholarship — Queen’s University Belfast
The scholarship assists law graduates (those with LLB) from Northern Ireland who pursue a Masters’ degree in the School of Law at Queen’s University Belfast in any law or law related subject area including human rights law and criminal justice. Award of the scholarship is made by a selection committee at Queen’s University Belfast, subject to the trustees’ approval. A fund of £17,600 was paid in August 2024 to Queen’s University Belfast for this annual scholarship.
MacQuitty Scholarship MSc in Experimental Medicine — Queen’s University Belfast
The Scholarship is allocated according to merit with the selection process conducted by the University’s Scholarships and Awards Group. The first annual scholarship was awarded in October 2020 for £16,000. The Scholarship was set up initially to replace the William and Betty MacQuitty Travel Awards as these were not awarded due to the Covid-19 pandemic. A fund of £17,600 was paid in August 2024 to Queen’s University Belfast for this annual scholarship.
Betty MacQuitty Scholarship — London School of Economics
The trustees entered into an agreement with the London Schoo! of Economics in 2020 to support another mature undergraduate student for three years continuing the Betty MacQuitty Scholarship. The payment for the Betty MacQuitty Scholarship of £10,000 was paid to LSE in January 2025.
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The MacQuitty Charitable Foundation
Trustees' Report (continued)
Financial review
Policy on reserves
The planned level of grants for the foreseeable future should be met from investment income and so the Trustees do not consider it necessary to set aside any specific reserves at this time.
Trustees and officers
The trustees and officers serving during the year and since the year end were as follows:
Trustees: Miranda MacQuitty Jonathan MacQuitty Jane MacQuitty Neil Carter William Hedges
Structure, governance and management
Nature ofgoverning document
The trustees meet at least once a year. Miranda MacQuitty manages the day to day operations and co-ordinates the financial planning and charitable donations with her fellow trustees as weil as keeping them informed of achievements of the young people, whom the Charity assists.
New Trustees are appointed by the existing Trustees. The Trust Deed does not provide for any minimum or maximum number of Trustees or for any fixed term for which they may act.
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Docusign Envelope ID: ED03FC79-F2C8-4677-BF9F-FBSACB066D41
The MacQuitty Charitable Foundation
Trustees’ Report (continued)
Statement of Trustees’ Responsibilities
:
The trustees are responsible for preparing the trustees’ report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities 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 charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP:
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the fimancial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
The annual report was approved by the trustees of the charity on 27 August 2025 and signed on its behalf by:
Signed by:
SCSCREBISAAQAN2 nccseennecwes Miranda MacQuitty Trustee .
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Docusign Envelope ID: ED03FC79-F2C8-4677-BF9F-FB9ACB066D41
The MacQuitty Charitable Foundation
Independent Examiner's Report to the trustees of The MacQuitty Charitable Foundation
I report to the trustees on my examination of the accounts of The MacQuitty Charitable Foundation for the year ended 5 April 2025.
Responsibilities and basis of report
As the charity trustees of The MacQuitty Charitable Foundation you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the The MacQuitty Charitable Foundation's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
I have completed my examination. I 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:
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accounting records were not kept in respect of The MacQuitty Charitable Foundation as required by section 130 of the Act; or
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2, the accounts do not accord with those records; or
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the accounts do not comply with the accounting 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.
I 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.
DocuSigned by: 7 BBO8SAQAABCTEAS. eee eee Henry Williams FCA ICAEW
Williams & Co Epsom LLP 8/10 South Street Epsom Surrey KT18 7PF
27 August 2025
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Docusign Envelope ID: ED03FC79-F2C8-4677-BF9F-FB9ACB066D41
The MacQuitty Charitable Foundation
Statement of Financial Activities for the Year Ended 5 April 2025
| Unrestricted | Total | Total | ||
|---|---|---|---|---|
| funds | 2025 | 2024 | ||
| Note | £ | £ | £ | |
| Income and Endowments from: | ||||
| Investment income | 2 | 78,260 | 78,260 | 73,690 |
| Otherincome | 2,819 | 2,819 | 2,039 | |
| Total income | 81,079 | 81,079 | 75,729 | |
| Expenditure on: | ||||
| Raising funds | 3 | (13,524) | (13,524) | (13,142) |
| Charitable activities | 4 | (55,500) | (55,500) | (45,200) |
| Governance costs | 6 | (2,424) | (2,424) | (2,424) |
| Total expenditure | (71,448) | (71,448) | (60,766) | |
| Gains/losses on investment assets | (147,526) | (147,526) | 153,360 | |
| Net (expenditure)/income | (137,895) | (137,895) | 168,323 | |
| Netmovement in funds | (137,895) | (137,895) | 168,323 | |
| Reconciliation offunds | ||||
| Total funds brought forward | 2,962,628 | 2,962,628 | 2,794,305 | |
| Totalfundscarriedforward | 11 | 2,824,733 | 2,824,733 | 2,962,628 |
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2024 is shown in note 11.
The notes on pages 9 to 14 form an integral part of these financial statements. Page 7
Docusign Envelope ID: EDO3FC79-F2C8-4677-BF9F-FBSACB066D41
The MacQuitty Charitable Foundation
(Registration number: 1063469) Balance Sheet as at 5 April 2025
| 2025 | 2024 | ||
|---|---|---|---|
| Note | £ | £ | |
| Fixed assets | |||
| Investments | 7 | 2,675,673 | 2,821,090 |
| Current assets | |||
| Cash atbank and in hand | 8 | 154,554 | 147,208 |
| Creditors: Amounts falling due within oneyear | 9 | (5,494) | (5,670) |
| Net current assets | 149,060 | 141,538 | |
| Net assets | 2,824,733 | 2,962,628 | |
| Funds of the charity: | |||
| Unrestricted income funds | |||
| Unrestricted funds | 2,824,733 | 2,962,628 | |
| Totalfunds | 11 | 2,824,733 | 2,962,628 |
The financial statements on pages 7 to 14 were approved by the trustees, and authorised for issue on 27 August 2025 and signed on their behalf by:
Signed by: Signed by: NererrS63GFOSIBAAGAOQar serereseenes rrr S6QSSGEBZ0GGA0Dwie eseeees Miranda MacQuitty Jane MacQuitty Trustee Trustee
The notes on pages 9 to 14 form an integral part of these financial statements. Page 8
The MacQuitty Charitable Foundation
Notes to the Financial Statements for the Year Ended 5 April 2025
1 Accounting policies
Statement of compliance
The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
Basis of preparation
The MacQuitty Charitable Foundation meets the definition of a public benefit entity under FRS 102. The accounts (financial statements) 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.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
Income and endowments
Donations and legacies
Donations have been recognised at the fair value of the shares on the date on which ownership was transferred. All funds relating to the donations are treated as unrestricted.
Investment income
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category.
Raisingfunds
These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Grant provisions
Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.
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The MacQuitty Charitable Foundation
Notes to the Financial Statements for the Year Ended 5 April 2025 (continued)
Governance costs
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses.
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Fixed asset investments
Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal.
Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.
Trade debtors
Trade debtors are amounts due for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.
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The MacQuitty Charitable Foundation
Notes to the Financial Statements for the Year Ended 5 April 2025 (continued)
2 Investment income
| Unrestricted | |||
|---|---|---|---|
| funds | Total | Total | |
| General | 2025 | 2024 | |
| £ | £ | £ | |
| Income from dividends; | |||
| Dividends receivable from other listed investments | 62,969 | 62,969 | 59,652 |
| Interest receivable and similar income; | |||
| Interestreceivable on bank deposits | 2,873 | 2,873 | 2,486 |
| Other interest receivable | 12,418 | 12,418 | 11,552 |
| 78,260 | 78,260 | 73,690 |
3 Expenditure on raising funds
Investment management costs
| Unrestricted | ||||||
|---|---|---|---|---|---|---|
| funds | Total | Total | ||||
| General | 2025 | 2024 | ||||
| Note | £ | £ | £ | |||
| Other investment management costs; | ||||||
| Administration ofthe investments | 13,524 | 13,524 | 13,142 | |||
| 13,524 | 13,524 | 13,142 | ||||
| 4 | Expenditure on charitable activities | |||||
| Unrestricted | ||||||
| funds | Total | Total | ||||
| General | 2025 | 2024 | ||||
| Note | £ | £ | £ | |||
| Grant funding ofactivities | 5 | $5,500 | 55,500 | 45,200 | ||
| Governance costs | 6 | 2,424 | 2,424 | 2,424 | ||
| 57,924 | 57,924 | 47,624 |
,
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The MacQuitty Charitable Foundation
Notes to the Financial Statements for the Year Ended 5 April 2025 (continued)
5 Grant-making
Below are details of material grants made to institutions.
| Below are details of materialmaterial grants made to institutions. | ||
|---|---|---|
| 2025 | 2024 | |
| Name ofinstitution | £ | £ |
| Queen's University Belfast | 45,500 | 35,200 |
| The London School ofEconomics | 10,000 | 10,000 |
| 55,500 | 45,200 |
6 Analysis of governance and support costs
Governance costs
| Unrestricted | |||
|---|---|---|---|
| funds | Total | Total | |
| General | 2025 | 2024 | |
| £ | £ | £ | |
| Other governance costs | 1,350 | 1,350 | 1,350 |
| Independent Examiner’s remuneration | 1,074 | 1,074 | 1,074 |
| 2,424 | 2,424 | 2,424 |
- 7 Fixed asset investments
Other investments
| 2025 | 2024 |
|---|---|
| £ | £ |
| 2,675,673 | 2,821,090 |
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The MacQuitty Charitable Foundation
Notes to the Financial Statements for the Year Ended 5 April 2025 (continued)
Other investments
| Listed | ||
|---|---|---|
| investments | Total | |
| £ | £ | |
| Cost or Valuation | ||
| At6April2024 Revaluation Additions Disposals |
2,821,090 (124,819) 47,113 (67,711) |
2,821,090 (124,819) 47,113 (67,711) |
| At5 April 2025 | 2,675,673 | 2,675,673 |
| Net book value | ||
| At 5 April 2025 | 2,675,673 | 2,675,673 |
| At5April2024 | 2,821,090 | 2,821,090 |
In addition there are assets and royalties donated to the Trust which were previously acquired by William MacQuitty, the value of which can not be reliably measured. Income for such items is recognised when royalties are received and when items are sold.
8 Cash and cash equivalents
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Cash atbank | 154,554 | 147,208 | |
| 9 | Creditors: amounts falling due within one year | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Accruals | 5,494 | 5,670 |
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The MacQuitty Charitable Foundation
Notes to the Financial Statements for the Year Ended 5 April 2025 (continued)
10 Commitments
Other financial commitments
In May 2025 the Trustees agreed Two Year Grants of £17,600 per year for the James MacQuitty Law scholarship and £20,295 for the MacQuitty Experimental Medicine Scholarship at Queen's University, Belfast.
They also agreed to support the William and Betty MacQuitty Travel awards for two years from May 2025 for £7,300 in 2025/26, rising to £10,300 in 2026/27.
At LSE the Trustees agreed to support the seventh Betty MacQuitty Scholarship for £10,000 in January 2026 for the third and final year.
The total amount of other financial commitments not provided in the financial statements was £93,390 (2024 - £55,200).
11 Funds
| Other | |||||
|---|---|---|---|---|---|
| Balance at 6 | Incoming | Resources | recognised | Balance at 5 | |
| April2024 | resources | expended _— | gains/(losses) | April 2025 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General | |||||
| Unrestricted General Funds | 2,962,628 | 81,079 | (71,448) | (147,526) | 2,824,733 |
| Other | |||||
| Balance at 6 | Incoming | Resources | recognised | Balance at5 | |
| April2023 | resources | expended | _—gains/(losses) | April 2024 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General | |||||
| UnrestrictedGeneralFunds | 2,794,305 | 75,729 | (60,766) | 153,360 | 2,962,628 |
12 Related party transactions
During the year the charity made the following related party transactions:
Neil Carter
Neil Carter, a Trustee since August 2021, is also a Partner of Raymond Carter & Co. A fee of £1,350 was paid to Raymond Carter & Co for the preparation of charity accounts.
13 Taxation
The charity is a registered charity and is therefore exempt from taxation.
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