THE MACKAY AND BREWER CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022 Charity Number 1072666
THE MACKAY AND BREWER CHARITABLE TRUST CONTENTS PAGE Pages Reference and Administration Details Report of the Trustee Independent Examiner's Report Receipts and Payments Account Statement of Assets and Liabilities Appendix 1
THE MACKAY AND BREWER CHARITABLE TRUST REFERENCE AND ADMINISTRATION DETAILS Corporate Trustee HSBC Trust Company (UK) Limited Current Directors of Corporate Trustee J Coyle P M Spencer J Hewitson Trust Manager J Wiles Principal Office Forum 1 The Forum Parkway Whileley Fareham Hampshire P015 7PA Independent Examiner Frances Millar ACA RSM UK Tax and Accounting Limited Chartered Accountants Highfield Court Tollgate Chandlers Ford Eastleigh Hampshire S053 3TY Bankers HSBC Bank plc Forum 1 The Forum Parkway Whiteley Faieham Hampshire PO15 7PA Investment Managers HSBC UK Bank plc 1 Centenary Square Birmingham B1 1HQ
THE MACKAY AND BREWER CHARITABLE TRUST REPORT OF THE TRUSTEE FOR THE YEAR ENDED 5 APRIL 2022 The Trustee presents its report together with the financial statements of the eharily for the year ended 5 April 2022. which have been prepared on a receip15 and payments basis. The financial slalements have been prepared in accordance with the charity's constitution and applicable law. The purchase and sale of investments results from the day to day management of the investment portfolio by the investment managers. In accordance with the Charities Act, the financial statements have been prepared on the receipts and payments b2515 given that the definition of gross income excludes the receipt of any endowment, loans and proceeds from the sale of investments or fixed assets. Structure. government and management The Maekay and Brewer Charitable Trust is an unincorporated trust and is constituted under the wtll dated S May 1992 of the late Dr Gordon Cameron Mackay and Pfobate granted on 27 August 1998. The trust is a registered charity Ino. 10726661. The Corporate Trustee has appointed a designated Trust Manager lo look after the Charity. The Investment Managei reviews the performance and provides recommendations on the stru¢ture of the investment portfolios. The power lo appoint additional Trustees is vested in the current Trustee. and is exercisable in writing. Should new Trustees be appointed. the existing Trustee would lake responsibility for their induction. The Truste8 has examined the major strategic, business and operational risks which the charity faces and confirms that systems have been established lo enable regular reports lo be produced so that Ihe necess3ry steps can be taken lo lessen these risks. The main risk in the year was considered lo be the variability of investment returns. Objectives and activities The objectives of the charity are lo pay or to apply the income and capital Df the trust in perpetuity for each charitable objective or purpose as the Trustee thinks fit. in accordance with the governing document. The charity awards grants to charitable institutions. The Trustee reviews application5 for grants when received and awards grants al its discretion. Achievements and performance DLJring the year 8 grants 101211ing £30,574 12021.. 8 grants lotalling £68,748) were awarded lo charitable institutions under the terms of the will. No grants were awarded to individuals in either period. The beneficiaries are disclosed in Appendix 1 of the financial st31ements. Financial review The charity received fund5 under the terms of the will of the late Dr Mackay, to be held in perpetuity. These funds generated income, which is used for the purpos& of grant making. in accordance with the objectives sel out above. The fund generated income of £56.421 {2021". £58.4641 in the year to fund its charitable aclivilies. The expenditure on charitable activities was £60.98312021". £89.3741. of which £30.574 12021.. £68,748) was charitable expenditure in the form of grants to charitable institutions.
THE MACKAY AND BREWER CHARITABLE TRUST REPORT OF THE TRUSTEE cont. FOR THE YEAR ENDED 5 APRIL 2022 Investment policy In accordance with the governing documellt. the Trustee has the power lo invest in SLtch stocks. shares, investments and property as is seen fit. The Trustee engaged HSBC UK Bank plc as Investment Manager. The policy 15 to adopt a low to medium risk investment strategy to protect. in absolute terms, the capital value of the fund whilst producing a sustainable and growing level of income. and also providing the potential for longer terrn growth of capital in real terms. Reserves policy The unrestricted funds, which are the free reserves of the charity. and which are represented by the income arising are paid over to beneficiaries throughout the year. 11 is not the policy of the charity lo maintain specific reserves. The expendable endowment funds represent those assets which are held permanently by the charity and are principally investments. Income arising on the endowment hJr)d can be used in accordance with the objectives of the charity and is included as unrestricted income. Any capital gains or losse5 arising on the investments form part of the fund. The Truslee has the power to eonvert this fund into income. Public benefit The Trustee has referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing aims and objectives and in planning future activities. In particular, the Trustee considers how planned activities will conlnbute to the aims and objectives set. Plans for the f uture The Trustee intends to continue providing grants in a similar way to the rent past whilst relaining flexibilify as lo the timing and scale of grant making. Related parties The Corporate Trustee and the Investment Manager are both wholly owned subsidiaries of HSBC Holdings plc. In addition lo the fees shown on page 6, as a result of the acquisition and disposal of inveslmenls. the charity pays transaction charges lo HSBC Bank plc. The charges are calculated Dn a sliding scale at a percentage of the transactions value plus VAT and are added to or deducted from the cost of the investments or the disposal proceeds in accordance with UK standard accounting practice.
THE MACKAY AND BREWER CHARITABLE TRUST REPORT OF THE TRUSTEE cont. FOR THE YEAR ENDED 5 APRIL 2022 Statement of Trustee's responslblllties in relation to the financial statements The law applicable lo charities in England and Wales requires the Trustee lo prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the year and of rt's financial position at the end of the year. In preparing those financial statements, giving a true and fair view, the Trustee should follow best Practice and.. select suitable accounting policies and then apply them consistently., make judgements and estimates that are re2s0nable 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 slalemenls, and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity. This enables them to ascertain the financial position of the charity and enables them to ensure the financial statement5 comply with the Charities Act 2011, the Charity (Accounts and Reports) 2008 Regulations and the provisions of the trust deed. The Trustee is responsible for safeguarding the assets of the chanty and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the Tfuslee and signed on it5 behalf by.. HSB st Company IUKI Limited Date..
THE MACKAY AND BREWER CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEE OF THE MACKAY AND BREWER CHARITABLE TRUST l Teport to the Trustee on my examination of the financial 51atemenls of The Mackay and Brewer Charitable Trust for the year ended 5 April 2022. which are sel out on pages S to 7. Responsibilities and basis of report As the Trustee of the charity you are responsible for the preparation of the financial slalements in accordance with the requirements of the Charsties Act 2011 I'the 2011 Acl'l. I report in respect of my examination of the charity's financial statements 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 (51{b) of the 2011 Act. An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Gonsequenlly, l express no opinion as to whether the financial statements present a 'true 3nd fair view, and my report is limited to those specific matters set out in the independent exarniner's 51alemenl. Independent Examiner's statement I have completed my examination. I confirm that no material matters have come lo my attention in connection with the examination giving me reasonable cause to believe that in any material respect-. accounting records were not kept in respett of the charity as required by section 130 of the 2011 Act, or 2. the financial slalemenls do not accord with those records., or 3. the finaiicial slalemenls do not comply with the applicable requiiemenls concerning the form and content of financial slalemenls sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a 'lrue 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 undeislanding of the financial statements to be reached. France5 Millar ACA Chartered Accountant The Institute of Chartered Accountants in England and Wales On behalf of RSM UK Tax and Accounting Limited Chartered Accountants Highfield Court Tollgate Chandlers Ford Eastleigh Hampshire S053 3TY Dale.. 26-Jan-2023
THE MACKAY ANO 8REWER CHARITABLE TRUST RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 5 APRIL 2022 Unrestricted funds Endowment funds Totsl 2022 Total 2021 Receipts Investment incorr 56,421 56,421 58,464 56,421 56.421 58,464 Investment sale proceeds Proceeds from Sa ol investments 3,951.870 3,951,870 2.498,327 Total receipts 56,421 3.951,870 4,008,291 2,556,791 Payments Cost of generating funds Investment service charge 13,630 13,630 22.516 Charitable activities Grants paid Other allocated costs 30.574 30.409 30,574 30,409 68,748 20,626 Governance costs IrKlependent exaMir'S fee 2.760 2,760 2,682 63,743 13,630 77.373 114.572 Investment purchases Payments for purchase of investments 3.873,390 3,873,390 2.437,736 Total payments 63,743 3,887.020 3,950,763 2,552.308 Nel Ipaymenlsl I receipts 17.3221 64,850 57,528 4,483 Trartsfer of funds 18351 835 Cash invested al 6 April 2021 8,535 60,329 68,864 64,381 Cash invested al 5 Apnl 2022 378 126,014 126,392 68,864 These unaudited financial statements have been subjected lo independent examination. See report on page S.
THE MACKAY AND BREWER CHARITABLE TRUST STATEMENT OF ASSETS AND LIABILITIES AS AT 5 APRIL 2022 Unrestricted funds Endowment funds Total 2022 Total 2021 Investments UK fixed interest securities Overseas fixed interest securities UK equities Overseas equities Alternative investments Other trust assets Cash 103,793 2.501,917 49,925 687,589 968.320 442,783 1,625,962 400,072 968,320 442,783 1,625,962 400,072 378 126,014 126,392 68,864 Totsl assets 378 3.563.152 3,563,530 3,412,089 Liabiltties Professional fees payab 2.900 2,900 2,760 Approved by the Trustee and authorised for issue on L.2) and signed on rts behalf by.. HSBC Trust Company IUKI Limited These unaudited financial statements have been subjected to independent examination. See report on page 5.
THE MACKAY AND BREWER CHARITABLE TRUST APPENDIX 1 BREAKDOWN OF CHARITABLE GRANTS Number of Grants Amount Institutions Macmillan Caring Locally Marie Cwie Cancer Care Open Doors Open sight People's Dispersary for Sick Animals St Johns Ambulance for Waks The National Ttusl for Scotland The Salvation Army 3,822 3,822 3,822 3,822 3,822 3,822 3.821 3.821 30,574