MAAIKE MCINNES CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 6 APRIL 2024
MAAIKE MCINNES CHARITABLE TRUST INDEX TO THE FINANCIAL STATEMENTS for tha ended 6 Aprfl 2024 Pag• Admlnlstralyo Detslls Truste, Annual Roport 2to3 Ind•pend•rrt Audltor•' Report to the TN•te•8 of Maalk• MclnneB Ch•rlt•ble Trust 4t08 PJtatem•nt of Flnandil AcOvtU•• Bal¢8 Shaat 8t•tsmrnt of C••h Flow• Not08 to tho flnin¢hl Stabffl&nt8 10t013
MAAIKE MCINNES CHARITABLE TRUST ADMINISTRATIVE DETAILS TRiISTEES:. Mr. B. G. Mclnne8 Mr. C. G. MdMOS Mrs. M. K M¢lnnes Mr. L. W. Durham CHARITY NUMBEI. 1117778 REGISTERED OFFICE,, at31 The Watsr GarderA Wwr•n Road KIntOn On Th•m88 Surrey Kf27LF BANKER3: C. Howe & Co 37 Fl•et Stréet London EC4P 4DQ AUDrroR8: Daff?ms LLP Chart•r•d Accountants statutory Auditorn One Eastsvood Harry We•ton Road Binlw 8u8lnes8 Pwk Cov8nty CV3 2UB Page 1
MAAIKE MCINNES CHARITABLE TRUST TrUSTEES' ANNUAL REPORT FOR THE YEAR ENDED S APRIL 2024 The Trustees present their annual report along with the financial ststsments of the charity for the year ended 5 Aprll 2024. The Trusle&s have adopted th8 provisions of the Statement of Recommended Pr8ctiGe ISORP) 'Accounting and reporting by Ch3rities' IFFIS 102) in preparing the annual report and finanGlal statements of the Chaiity. The ff nan¢i81 statements have b?en prepared in a¢¢ordance with the ¥¢ounting policies set out in notes to the accounts and wmpSy with the charity's deed ofsettlement, the Charities Act20118nd Accounting and Reportlng by Charities.. Statement of Recommended Pfxtice appli¢able to charities preparing their accounts in a¢cordance wilh the Financial Reporttng Stsndard 8pplicable in the UK and Republic of Ireland published in October 2019. OBJEC S AND ACTIVlnES To promote In arts and sGlences (but prlmarlly In musSc and the performing arts} In England and elsewhere by the provisions of gr8nts. Thé rèllaf of cknesS and preservatlon Of healthy prlmarfly persons under the age of 21 in En9land and elsewhere by provison of funds to hospices and sinllar organisation8. Th8 trust do?s not undertake any chgrltabla act4vStl&8 dirfKlly but does meet its charltable objeGtiv•s by awardlng grants to individuals. Grants are math at tho dscrellon of tha trustees as to best achieve the oble¢ts of lh• ¢harSty. Investm•nts and ¢a8h deposlts are held to genèrate sufficlent fvnd8 to ¢nAble the trust•e8 to make donatlons. NDRAISIN RD The trust does not contract wlth any thlrd-party to undertake ary ftJndral8ing Dn it8 behalf 8nd hance haB rvGelved no fun¢*alsing cOmaln In the y88r, Thè tru81ee8 confirm that they have referred to the guidance contslnod In the Ch8rty CoMmian,8 gonoral guidanc? cffl public bènefit whèn revlewing the ¢harity 8 alms and objèctives and in plannlng firturg tivI.8$ and Sog the rnan9 polley for the yogr. ACHIEVE ENTS NDPE ORMANCE ring the year, the Charity received • donalon of £8,000,000 from Klts Packaglng Group Holdings Llmitsd. Subsequently a£7,500,000 donation was made to the Royal Ballet School to help wlth the bullding prolectwork. FINANCIAL REVIEW The trust received income of £8,011.231 and Sncurred expenditure of £7,503,810 dudng the year. The principel Source offvnding Is trom donatlons. RESERVES POLICY The operth'ng Costs of the charty are low and ¢ons8quently the trustees consider there Is no requirement to maintain a speclfic Itvel of fvnds to meet these in fulur6 periods. All retalnad funts are blerefort avallable for distribution. Page 2
MAAIKE MCINNES CHARITABLE TRUST TRUSTEES, ANNUAL REPORT FOR THE YEAR EMDED 5 APRIL 2024 NSFO UR PERIODS The charity continues to review vOUS projects th8t requlrè fvnds and will make dlstrJutions if deemed 8pprowlats by the trustees. STRUCTURE GOVE NANCE AND MANAG ME The Trust was ¢reat8d by a deed of $8ttlèm8nt datsd 11 December 2006 with speafied charitsble objects as stètsd below. The trustees havè absolute discrelon as to the application (for chIlable purposes) of capital Incame of the trust fund. A board of trustees, who meet l¢e y8arly. administer the trust. wlth day to day to management delegated to spècific individugls as noted on p8ge 1. Th6 power to appoint new trustee8 vests in the trustees by resolution at a special rneeimg of the trustees called under ¢lausè 15 of the deed. Trustses may be di8¢harg8d by a resoluticfi passed by all the other trustses. Due to the th8rity being a grant makin9 trust only, wth no employees, there arè no ftrm81 training and Inductlon procodures in place, continuing truste8s w511 assist new trustees 85 nec•ssary. Th8 truBtses havo wide investment powers conferred by clau8• 6 of the trust d¢•d, ANAGEMENT The tru8tse8 athely review the major rlsk6 whlch tho ch8rity faces on a regular baS and b•lieve that they mointain sufficient resourGgs to meettheir obligations in the evenl of adverse condiUons. The trustees have also &xamlned other operational and buslnos6 risks and confirm that they hove estlished $ystems to mibgate the slgnlflcant Tlsk5. The truBt•es endeovour to manage tha 886ets In such a way 46 to expow them to 4 faidy low level ol rl¥k bul also have regard to the neèd to obtsin an acceptsble level of rern. There are ftyjr trustees and deci8ion8 gre made 8ttruBtee8' meetlnga or In beeen Meen08 by a m8Jarlty oftrustees. The Trustees ar? r•sponsiblè for preparing the Truste•8' Report 8nd the financlal 8tstsmtnts in accordance wlth appllcablé law and Unlted Klngdom Accounting Stsndards Iunltsd Kingdom Generally Accepted Accounting Practice). The law appllGablv to charlties in England and Wales réquir68 the Trustees to prepare flnanci81 statements for each financlal year whlch give a tru• and fair view of the state of affairs of the Ch8rlty and of the incorring resources and application of re8our¢e$ of the Charlty lor that period. In pr•parlng th•$e fin•n¢ig1 $tatsm¢nts, Ihe Truste68 ¥e required to.. select suitle accountlng pollcles and then apply them Conslstonlly: observe the methods and princlpl?s in thè Charit'es SORP.. make judgments and estirnales that ar• raasonable and prudeNt', stste whether applicable accounting standards h8ve been followed, subJe¢tto matsri81 depathres dl$d05ed and explèlned in the financial statements., prepare the financial statements on the going conc¢rn basis unless it is inappropriate to pr•$ume that the Charity will continue in operation. The Tfustees are responsible for kgeping ?Ountng r&cords tha di1¢)58 wilh reasonable 8ccuracy at any lime the ffinanciaS positson of the Charity and on8ble them to 2nsvre that the finanGial Statements Comply with the Charities kt 2011, the Charity (Accounts and Reports) Regulations 2008 and Trust Deed. They are also r88ponsible for safewarding the asseis of the Charity and henGe for toking rèasonable steps for the prevention and detection of fmud and other irregularitses. Appr y the Trustees on 4 Feèrt4 2025 end signed on their beh811 by.. nnes- Trustee Page 3
MAAIKE MCINNES CHARITABLE TRUST INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF MAAIKE MCINNES CHARITABLE TRUST Oplnion We have audited the financial statements of Maaike Mclnnes Ch8ritsble Tntst (the'charty'l for the yeaT ended 5 April 2024 which comprise the Statement Df Financial Active5, the Balance Shèèt the Statement of Cash Flows and notes to the ffinancial statements, including a summary of significant acGounting polides. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Stand8rds, including Financial Reporting Standard 102, The Financial Reporting Standard applicable in the UK and Republic ol Ireland Iunited Kingdom Generally Accepted AGcounting PractiGel- In our opinion the financial statements., give a true and lair vlew of the state of the Gharty's aff8irs as at 5 April 2024, and of its irKoming resourG¢s and appllcation of resources, for the year thèn ended., have been properly prepared In accordance with United Kingdom Generalty Accepted Ar¢ounting Practice. and have been Prepared In accordan¢e wlth the requiremènts of the Charities Ad 2D11. Basls for oplnlon We conductod our audit In accordance with Internatianal Stsndards on Audilng (UK} {ISAs IUK}) 8nd applicable law. Our raspongbilities under those standards are further dGrIbed in the Auditorfs responslbilltles for the aud of the financi316tatements sects.on of our report. Wo are independent of the ch8rfty in wordance wlth the e1hlcal requirements that sre relevant to our audit of the financial statements in the UK, includlng the FRC'S Ethlcal Standard, we hav8 fiJlffill6d our other ethkal re5pon8ibllilJ85 in a¢cordance wlth these requlrements. We beli•ve that Ihe audit evidence we have obt•'ned is sufficient and appropriate to provld8 8 basls for our oplnlon. Conclu•lon¥ rolatlng to golng con¢•m In auditing the financial 8tatements, we have con¢lud&d that the trustees, use of the going concern bas18 of accounting in the prep8ralion of Ihe financlal statements is appropriats. Based on the work we have perform8d, w• have not identifiod any matsrial uncertants'•$ r8lab.ng to event8 or condltlons that, Indivldually or colléctlvèly, may ca8t significant doLl>t on th• chgrity's ability to conts'nue as going ¢oncem for a period of at le88t81ve months fram when th• financial 8tstom•nts are authorised for l$$ue. Our re$ponsibSlltie$ and the responslbllltles of the trustee$ with respect to going Concem are des¢rlb¢d In th• rèlevant sections of thbs report Othor Informatlon The other IOrMatOn comprlses the information inGlud¢d in the tru8tees' annual report, other than the financlal statements 8nd our audltor's report thereon. The trustee¥ are responsible for the othèr information contained within the nal report Our opinion on the flnancial Statements does not ¢over the oO)er information and, exceptto the extent otheThvlse expllcitly stated in our report, we do not express any fom) of assurance conclusion thereon. Our resp¢nsibllty Ss to read the other information and, in doing so, consider whether the other information is m8terl8lly inconsistent wlth the financial stslements, or our knowlodge obtsined in th8 course of the audit or othe188 appears to be materlally misstat&d. If we identify such material inconsiste08S or apparent matèrial misstatements, we are requlred to determine whether this glves rise to a matsrial mlsstat8ment in the financial statements themselves. If, based on the work we have performed. we conclude that there is a material mlsstatement of this other information, we are required to rèport thatfact. We h*• nothingto report in this regard. Page 4
MAAIKE MCINNES CHARITABLE TRUST INDEPENDENT AuorroRS' REPORT TO THE TRUSTEES OF MAAIKE MCINNES CHARITABLE TRUST Matters on wthlch we are requlred to report by exceptlon We have nothing to report in respect of the fallowing matters in relation to which the Charthes (Accounts and Reports) Regulations 2008 requirè LSS to report to y(w If, In our opinion.. the informalion glven in th8 finencial ststernents is Inconstent in any material resp8Ct wilh th• trustses, repo¢ or sufficient a¢¢ounting records have not been kept.. or the finanoal stalements are not in agreement with the accounting records", or we have not reGeived all the information and explanatsons we require for our audit. R•sponslbllltles of trust•os As •xplained more fully in the trustaes, respansibilities stOt¢mont setout on page 3, thg trustees ale responslble for1h8 preparatlon of the finalcial statements whith give a true and fair view. and for Such intèrnal oontrol as tha trustees determine 18 necessary to en3ble tha proparalion of financial statements that are free trom material mlsststement, whether (lje to fraud or error. In preperlng the Inanclal stgtsments, the trustses are responsible for assessing the charity's abllity to ¢ontinue as a going ¢on¢em, dlseloslng, as applicable, matters related to going concern and using the golng Goncern ba81¥ of aG¢ounting unless the trusts88 8lther Intend to Ilquidate the Gharity gr lo cease operations, or have no realistic altemative bLrt to do so. Audltovs re$pon$lbllltl•s for the audlt of the ilnan¢lal statements We havg been appointed a8 auditor under s8etion 144 of the Charities Act 2011 and repart in a¢¢ord8nc8 wlth regulatlons made under section 154 of that Act. Our objectlves are tc obtaln r•asonoble agwranGe about whoth•r the financial Gtatsm•ntB aj a whole are free from mateTlal mi561atemenl, whether due to fraud or error, and to issue an Audltor's report that Indudes our opinion. Rgssonsblo assurance is a high level of assurance, but Is not a gUarlee that an audit conducted In aGcordance with ISAS IUKI wlll alway8 detè¢t a material misstatèment when it exists. Mi88tatem?nts can arlse from fraud or error and are considered material if, indlvidualy or in the aggregate, they could roasonably be expected to influence the ecr>nomic déc18ions of users laken on the basis of thesè financial ststements. Irregular88, Includlng fraud. ar8 in8tance8 of non<omplianc8 Wlth laws and regulations. WE design procedures in line wlth our Tespon*billties, outlined above, to detect malorial misststsments in respect of irregularities, Ineludlng fr8ud. Th8 specif1¢ procedures far this engagement the 8xt6nt to whlch these ar• capable of detectlng Srregul8rlti¢s, in¢ludlng tr8ud Is datall8d balow.. Enquiry of twstees around actual and potsntial lth"gation and claiffE; Enquiry of trustees to Id8ntify any instances of non-compliance wlth laws and r8gulation8.' Revi8wing financial statement disclosures and testing to sUppOn4 documentalon to a$$e$s compllan¢é with applicable laws and Tegulations., Performing audit work ovér the risk of management ovarride of controls, Sncluding testing oljournal entri8s and other adlustrnents for appropriatene55, evaluaOng the rationale of signific8nt tr•ns•Gfjons outslde th• normal course of activities and lovi1n9 accountsng esb'mates for bia$. Because of the inherent limitations Df an audit, th8r• 15 a risk Ihat Wg wlll not detect all irregularities. inGluding those leadlng to a m8terial rr45Statemenl In the financial statements or non-Gompllance with regulation. This risk irbcreases the more that complianGe with 8 law or regulation is romoved from the events and trans'0n5 refiected in the finanGial $tstements, as we wlll be less likety to beGom? aware of instanG?¥ of non-compliance. The risk Is a150 greater regardlng irregularities CCCUTring due to fraud rather than error, as fraud involves intsntional concealment, forgery, collusion, omission or mlsrepresentation. A further derIPtIOn of our responsibilities for the audlt of the fingncial statements is located on the FinanGlal Reporting CounGiI's website at.. www.frc.org.uklauditorsresponslbilities. This descrip0 forms part of our auditor's report. Page 5
MAAIKE MCINNES CHARITABLE TRUST INDEPENDENT AUDrroRS' REPORT TO THE TRUSTEES OF MAAIKE MCINNES CHARITABLE TRUST Usè of our report Thls report 18 mado solely b thè charity's trustees, as a body, in 8ccordance with regulations made undèr Part 4 of the Charttles (Accourrts and Reports) Regulations 2008. Our audtt work has been undertaken so that we mlght state to the charitys trustees those matters we are required to state to them in an audltorfs report and for no other purpose. To the full¢st extent p&rmitted by law, we do not accept or assume rwionsiblllty to anyone other than th8 charity and the charity's trustees as a body, for our audrt work, for this report, or for the OplOn$ we have formed. Other matters The ¢Dmparthe flgures have not béen audited. Daffem$ LLP Chartered Accountants stalutory Auditors, Eligible to act as an audltor in terms of Se¢ti¢n 1212 of th? Compani•s Act 2006 On8 Eathood. Hgrry VVe5ton Road, nl6y 8u8in88s Park, Coventy, CV3 2UB Dated: 4 February 2025 Page 8
MAAIKE MCINNES CHARITABLE TRUST STATEMENT OF FINANCIAL ACnVITIES for the year ended S April 2024 Unrestl¢tsd Funts 2024 Unrestrl¢tsd Funds 2023 ot Income and endowments from: Donations and legacles Investment Incomè 8,000,000 11,231 Total Incorn• and andowm•ntg 8,011.231 Exp•ndltur• on: Raising fvnds Investment manag•mant cests Charrtable Suppcrtcosts 218 7,500,000 3,594 33 30,000 1,020 Totsl ExpndltUlO 7S03810 Net Incomellexpendlture) 507,421 130,7271 N•¢ movoment In fvnds 507,421 130,7271 Reconclllatlon of fundi,. Totd fijnds brought forward Total fvnds cwried forward The statement of ffinanclal a¢vItIe8 Include8 811 gains qnd10886s recognls8d durfng the pérlod. The note8 on pages 1010 13 fomi pwt of these finan¢ial ststements Page 7
MAAIKE MCINNES CHARITABLE TRUST BALANCE SHEET 5 Aprll 2024 20 CURRENT ASSETS Dèbtors Cash atbank in hand 5,291 575,550 69,828 580,841 89,828 CREDITORS Amourrt falllng due withln one y8ar'. NET CURRENT ASSETS I ILIABILmE8) 568,871 81,450 NET ASSET8 568 871 Charlty Fund$: Unr•strkted funds 568,871 81,450 TOTAL FUNDS 568 871 The fin8ncl818tatsments hava qpproved authorls•d for luue by thè 8oard of Tru8ts•8 on 4 F•bruary 2025 and slgned on th?Ir behalf by.. C.G. M nnè$ TRUSTEE The notes on pages 10 to 13 forrn part of these flnanclal statemer Page 8
MAAIKE MCINNES CHARITABLE TRUST STATEMENT OF CASH FLOWS for the year ended 6 April 2024 Notes Cash flow Trom operating actlvltles Net incomell8xpendibJrel for period 507,421 (30,727) Interest recefved Decrèaso1{inGreasal in d•btors (Decreaseifincrease In Greditors (11,231} 15,2911 (326> Net Cosh from operatlng actlvltles 494 493 Cash flow from Investlng actlvltles Intsrost receivgd 11,231 Net ¢a$h flow from Invesdng 4Ctlvltl 32e N¢¢ Increasel(d•Grnase> In eash and cash equlval•nts 505,724 {29,7071 Ca•h and ca¥h oqulvalents at 6 Aprll 2023 Cash and ush equlvAl•nts at 6 Aprll 2024 Analysls of chang•$ In net d•bt Cashflow Cash cash •qualents 69,828 505,724 575,550 Total net debt 505 724 575 550 The notes on pages 10 to 13 fomi part of these financial statements Page 9
MAAIKE MCINNES CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS for the year ènded 5 Aprll 2024 ACCOUNTING POUCIES The principal accounting policies adopted. judgements and key 8ources of estimabon unGertainty in the preparation of the finla1 statsments are 88 follows.. al Basls of prèparalfjon Maaike Mclnnès Charitable Trust is an unincorporated Charity In Englandlvvalès. The address of the registered office is given in the charity informatton on p&ae 1 of these financSal staternents. The nare of tht char$ oporations and prlncipal activlb'e$ are to maka grants to organisation¥. Th8 finanGial ststements have beèn prèpared in acGordanc¢ with applicable accounting standards, the Charities Act 2011 and the Statement of Recommended Prath'ce 'Accounting and Reporting by Charities issued in OctDber 2019 ISQRP IFRS102)l. The tharity meets tho definitson of a publi¢ benellt entity under FRS102. The financial statements have been prep8red to glve a True and fairf, vièw and hav• depart•d from the chare$ (Accounts and Reports) Regulalions 2008 only to the extent r¥qulred to provide ?'true and faSr view" Th1$ d8parture has Involved followlng the Accounting and ReportJng by Charibe5: Statement of Re¢ommended Practice 8pplic8ble to charities preparing thelr in acGordanGe with the Flnanci81 Reportlng Standards applicable in the UK and Republic of Irel8nd i88ued In October 2019 rather than th? A¢¢ountlng and Reporting by Chadtles: Statement of Recommended PraCte eff8Gtlv8 from 1 April 2005 whlch has siTrGe b8en withdrawn. The fin8nclal stslements 8re preparod on JJ going conGern basls under the hlstorical cost convenljon, modlll•d to include cortgin item8 at fair value. The 1tnanGlal Statements are presented in 5tedlng, which 1$ th6 fijnctional currency of th• chqrty, tran8actlons are rounded to the nearest £. The signifi¢ant accountlng pollcies appllèd in the preparations of these financi81 statsments ar8 Set out below. These pollde$ have been consistenY applied lo all years presented unles5 DtheI$ stated. bl Cash flow ststsment The ch8dty's Gajh )Iow 8tat•ment rèflects the pr•sentatlon roquir•ments of FRS102 c) In¢ome rec¢gnltlon All Incoming resources are Included In the Statement of Finandal AcOV1•S when tho charlty Is legally entltled lo Ihe income, the amount C8n be measured rellably, and it is probable that itwlll be rèceived. Investment Income is bank intere8t èam&d on ffxèd term bank deposits. Interest in¢ome WJ Tocogni$ed using the effectivè interest rnetho dl Expendltur• r•cognltlon All expenditijre Is accountsd for on an accruals basis and has been classified under hoading¥ that agegate all costs related to the category. Expenditurg 1$ recognis?d where there is a legal or ¢onstrucb've obligats'Dn to make payments to third parties, it 1$ probable that the settlement will be required and the amount of the obllgatlon can be measured reliably. It is cegoris•d under the following headings.. Costs of ro15ing funds compllses of investment management costs. Expenditure on charrtable acb'vities cludeS grants made in accordgnce with the tsnns Df the trust deed", and Other expenditure being predoMlnanY govemanrt costs rgpresents those iteffts not f811ing into the categories 8bove. Irrecoverable VAT 18 ch8rged as an expense againstthe activity fpr which expgnditure arose. Page 10
MAAIKE MCINNE8 CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS for the year ended 6 Aprll 2024 ACCOUNTING POLICIES (CONTINUED) e) Governaneo costs GovernanGe Gosts comprise all costs involving the public accountability of the Charfty and Its compliance with regulation and good practice. These costs comprise of costs relaled to statutory audit and accountancy fees. n Flnanclal Instruments DebtQfS and credltors with no sted intsrest rate and receivable or payable within one perlod are recorded at transaction price. Any10?$ aiising from impairment are recognised In expenditure. gl Unrestrlcted Funds Unrestricted funds are 8vailable for uso at th• di6crèOon tsf the trustses In fiJtheran¢e of the general objectives of th• eharfty and which havo not been desionated for othw Pu09•$. i) Golng ¢oncem The ilnonGial statements have been prepared on a going concern as the trustees believe that no materlal uncertalnles exlst. The trugt?es h8ve considered the level of funds held and the expected level of income and expen(titure for 12 months from authorlsing these finan¢l81 statements. The budgetsd ITOme and expendltur• is $uffiGl¢nt thth the level of resorves for tha ch8rlty to bo able to continue as a going concern. DONAmON8 AND LEGACIES Donations recelY•d 8,000,000 30,000 8 000 000 INVESTMENT INCOME Interest on cosh depasN8 11,231 328 326 EXPENDITURE ON CHARITABLE ACTIVITIES 20 Charitsble donation made to Royal Ballet School 7,500,000 30,ooa 7 500 000 SUPPORT COSTS. GOVERNANCE COSTS A¢¢ountsncy and audltors, remunèratton 3,594 1,020 The auithtor's remunerats'on is £2,400 lincluding VAT) for 2024. DEBTORS AGcru?d irtsrest receNable 5,291 Page 11
MAAIKE MCINNES CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS for the year ended S Aprfl 2024 CASH AT BANK AND IN HAND 2024 02 Current accounts Fixed term deposSt accounts 70,509 505,041 69,828 CREDITORS: Amounts falllng due wlthln one year Accruals Other ¢redlt)rs 3,534 8,436 2,040 6,336 UNRE8TRICTED FUNDS Analysls of movements In unrestrlcled fvnds Balan com nd losses Unrestiicted incom• 81,450 8,011,231 17,503.8101 568,871 8011231 7503 810 10. ANALYSIS OF NET AsseTS BETMEEN FUNDS Analysls of net assets betwn fvnds Cur To Unrestrlcted fvnd8: Unrethcted incom• 588,871 5e8,871 568,871 588,871 11. EMPLOYEE AND TRUSTEE REMUNERATION AND EXPENSES Th8 Charlty had no grrployees durlng the year (2023.. nill. No trustge or person8 ¢onne¢ted wlth trusts•$ ro¢•lved any r•mUnoraOn from th• durfng th• year. In 2024, no trustees re1V¢d rèimbur8ement of •xp•rtseg from th• ¢harlty12023'. nil). However, the charity owe¥ £8,436, in rospectsd to govemance Gosts personally bome by C.G. MGlnnes12023'. £6,336). Page 12
MAAIKE MCINNES CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS for Ihe year ended 5 Aprll 2024 11 RELATED PARTY TRANSACTIONS On 11 Juty 2023, the Ch récelvbd a cash donation of £8m from Kttt PackaLlng Group Holdings Llmlted. B.G. Mclnngs. C.G. Mclnn&8 and L.W. Durham are also dlrectors of Kite Packaging Group Holdln Umltsd, whllst M.K. Mclnnes has Glose famillal tles wlth of thesé dlrectrjrs. 13. ULTIMATE CONTROLLING PARTY Thè Cha Is undor the cuntrol of truBtee$. Page 13