2021-09-30-accounts - The Macdaibhidh Charitable Trust

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Charity No: 1169069

THE MACDAIBHIDH CHARITABLE TRUST TRUSTEES' ANNUAL REPORT AND FINANCIAL STATEMENTS For the year ended 30 September 2021

Brodies LLP 110 Queen Street Glasgow G1 3BX T: 0141 248 4672 Ref: HCK.MAC 1660.2

THE MACDAIBHIDH CHARITABLE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS For the year ended 30 September 2021

|Contents||||Page|| |---|---|---|---|---| |Referenceandadministrativedetailsofthetrust,itstrusteesandadvisors|||2-3|| |Annual reportofthetrustees||||4-7|| |Independent Auditor's report||||8-10|| |Statementoffinancial activities||||11|| |Balancesheet||||12|| |Statementofcashflows||||13|| |Notes to the financial statements|| |||14-19|| |. 572954461|||1||Brodies|

THE MACDAIBHIDH CHARITABLE TRUST

REFERENCE AND ADMINISTRATIVE DETAILS OF THE TRUST, ITS TRUSTEES AND ADVISORS

For the year ended 30 September 2021

English Charity no: 1169069

Trustees: John Davidson Alison Davidson Brodies & Co. (Trustees) Limited (The directors of Brodies & Co. (Trustees) Limited are listed below)

Registered office, solicitors and secretaries: Brodies LLP 110 Queen Street Glasgow G1 3BX

Bankers: Cater Allen Limited Cater Allen Private Bank Santander House 9 Nelson Street Bradford BD1 5AN

Investment Advisers: VWM Wealth 95 Douglas Street Glasgow G2 4EU

Auditor: Saffery Champness LLP Edinburgh Quay 133 Fountainbridge Edinburgh EH3 9BA

The directors of Brodies & Co. (Trustees) Limited are:

Abrams, Helen Cecilia Marr, Lynne Anne Akintewe, Andrew Marshall, John Paul Arnott, David Scott Marshall, Nicholas Jonathan Asher, Robert Matheson, Alisdair Stuart Barr, Alan Roderic Mawby, Duncan Bayne, Juliet Miranda Lomax May, Greg Bearhop, Alix Joan McArthur, Sarah-Jane Batchelor, Susanne Nicola Murray, Johane Macmillan Boulton-Jones, Thomas Owen McCann, Lucy Jane Buchan, Alexander Dalrymple Stewart McCulloch, Angela Dale Burgess, Neil Ross McDaid, Christopher Cairns, Allan Steven McFarlane, Rhona Margaret

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THE MACDAIBHIDH CHARITABLE TRUST

REFERENCE AND ADMINISTRATIVE DETAILS OF THE TRUST, ITS TRUSTEES AND ADVISORS

For the year ended 30 September 2021

The directors of Brodies & Co. (Trustees) Limited continued : Calvert, Alan Donald ; McGuire, Jacqueline Margaret Campbell, Alistair Carnegie : Mcellroy, Elaine Christina Campbell, Grant Stewart ; Mcintosh, William Alexander Collar, Neil Andrew ; McLaughlin, Paul William Cotton, Roger Hamish : Mclean, Alistair Gordon Cradden, Joan Mary ; McLean, Niall Crawford, Douglas James ; McLeish, Kathryn Ann Cullen, Joyce i McMillan, Laura Ruth Davidson, Karen Jane ; McMonagle, Jane Claire Douglas, Laurence William i Meiklejohn, Mark James Duff, Christopher William i Menzies, Tracey Jayne Houston : Dun, Christopher Peter Millar, David Mitchell Ewan, Martin William : Moir, Jack Farquharson-Black, Elaine i Morrison, Colin James Farrell, Matthew Munro, Clare Fleming, William Alasdair Nolan, Andrew William Forrest, Carly Louise | O'Neill, Christine Mary Galbraith, Eric Roger i Oyston, Jared Robert Gallagher, David Ewart : Patterson, Keith Leslie George, Shaun Arthur Petterson, Elaine Claire Girdwood, Lisa Anne Irvine : Phillips, Clive Goldie, Stephen Malcolm ; Quigg, Manus Martin Gould, Leigh | Richardson, Neal Scoit Graham, Leslie Drysdale : Robertson, Hayley Alyson Hadden, Anthony Archibald : Roscoe, James lan Hale, Gareth Jonathan | Ross, Kenneth Alexander Hamilton, Karen Lesley : Rutherford, lain James Herrell, Fiona Jane : Scott, Brenda Catherine Hunter, Philip John | Scott, Nicholas Jones, Antony Gerald Morrell : Shiels, Louise Keenan,Kelly, PeterColinRobertChristopher . :| Sloan,Smith, MartinKarren Andrew Kelso, Louise Margaret Smith, Richard Bryan Kennedy, Norman a Smith, Richard lan Campbell Knowles, Alan Keith : Stephen, Michael David Peter Leith, Graeme William : Stephen, Bruce Lightbody, David James i Stewart, Mr Mark Edward Livingstone, Charles David ; Stirling, Shuna Margaret Elizabeth Love, Sonia : Stoneham, Michael Peter MacDonald, Kenneth John Stroud, Derek Andrew Maclnnes, Marion Ann a Thompson, Heather Mackay, Malcolm Peter Miller a Wait, Craig lan MacLean, Alexander Duncan Z| Whyte, Richard William Macleod, Tanya Jane iy Wilkie, Jennifer Macpherson, Kirsty Louise i Wilson, Bryan

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THE MACDAIBHIDH CHARITABLE TRUST

ANNUAL REPORT OF THE TRUSTEES

For the year ended 30 September 2021

The trustees present their report along with the financial statements for the year ended 30 September 2021.

Objectives and activities

The deed of trust provides for wide-reaching charitable objects, affording the trustees the power and flexibility to apply the income and capital of the trust fund, by awarding grants, for the benefit of charitable objects and purposes, in any part of the world. Grants are awarded to charitable organisations in accordance with the principles set out below.

Notwithstanding the wide reaching charitable objects, the trust's primary focus is on:The advancement of religion;
The prevention or relief of poverty;
The advancement of health or the saving of lives; and
- The advancement of education.

With a secondary focus on:-

The advancement of environmental protection or improvement;
~ The advancement of human rights, conflict resolution or reconciliation or the promotion of religious or racial harmony or equality and diversity; and
The relief of those in need, by reason of youth, age, ill-health, disability, financial hardship or other disadvantage.

The trust's main activity is the provision of financial support or grants to registered charities which further the trust's wide reaching charitable objective for the benefit of the general public throughout the United Kingdom, and also internationally where the trust is active in supporting charities.

The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the trust’s aims and objectives and in planning future activities. The trustees have also established a policy of grant-making with a view to best furthering the trust's purposes, and will actively invite applications from potential recipients of grants or donations whose purposes align with the charity's objectives.

The charity does not seek unsolicited applications for funding or grants, but the trustees. will consider every six months any unsolicited applications which may be received. The trustees will use their own knowledge of the applicants in question, in addition to considering each application itself on its own merits, as to whether the funding or grant sought will further and advance the trust's charitable purposes and in turn provide public benefit. ‘

lf necessary the trustees will seek additional information from an applicant, such as details of specific project funding or annual accounts and financial statements. The trustees do not envisage utilising a prescribed application form as unsolicited applications are not sought.

When considering which potential recipients to support, the charitable purpose being advanced will preferably be one of the primary charitable objectives, and, if not, it will be one of the secondary charitable objectives.

The trustees have adopted a grant making policy with the key strategy for the trust to apply available resources (irrespective of its income or capital source) from investments held by the trust to the potential recipients who will further the trust's purposes and in doing so provide benefit to communities throughout the United Kingdom and, importantly for the trust, further afield. The grant making policy also sets out the priorities for support, the principles for grant assessment and the expected monitoring and reporting obligations of successful applicants.

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THE MACDAIBHIDH CHARITABLE TRUST ANNUAL REPORT OF THE TRUSTEES For the year ended 30 September 2021

Objectives and activities (continued) | The trustees will seek appropriate updates from the grant or donation recipients about how their activities have progressed after having received financial support from the charity. As part of the continuing review of the impact of grants, the trustees will ‘require evidence of how the funds have been applied in furtherance of the trust's purposes, including details of how the funds have been spent by the recipients. The trustees have considered the impact of COVID-19 on the charity and have concluded, subject to the impact on investments during the year, that any adverse effect is relatively low. The trustees recognise that this is a new risk and have resolved ta keep under continuing review the impact of this risk on the charity and its beneficiaries. Details of investment values subsequent to the year-end are disclosed in note 15 to the accounts.

Achievements and and performance

Achievements and and performance | The trust’s main activity is the provision of grant funding. grant funding. funding. The trustees trustees are pleased to report that during the year donations donations totalling £512,629.19 (2020: £490,089.00) were were agreed. Of the the distributions of £512,629.19 £512,629.19 (2020: £490,089.00) (as detailed in note 5 to the financial statements), the trustees agreed to disburse £493,379.19 (2020: £461,329.00) in furtherance of the trust’s primary charitable objectives and £19,250.00 (2020: £28,760.00) in furtherance of the the trust’s secondary charitable objectives. The trustees consider that they achieved they achieved achieved the grant giving strategy envisaged for the the year. Financial review As at 30 September 2021 2021 the trust held investments at a market value of £6,498,299.66 £6,498,299.66 plus investment cash of £128,717.79, shown within cash at bank (note 7), totalling £6,627,017.45 (2020: £5,867,936.04 plus investment cash cash of £114,174.10 £114,174.10 totalling £5,982,110.14). Key management personnel : The trustees comprise the key management personnel of the entity. No trustees received any remuneration during the year. ; Risk management The trustees have assessed the risks to which the trust is exposed, in particular those related to the operations and finances of the trust and are satisfied that systems are in place to mitigate exposure to major risks. The trustees consider variability of Investment returns as one of the major risks, and therefore the trust uses the services of VWM Wealth as investment advisers. The trustees have adopted an investment policy under which the financial objective of the trust is to at least maintain the real value of the charity's assets while generating a stable and sustainable return to fund annual grant making. During the year the trustees also carried out a review of the trust's risk register. Reserves policy | It is the policy of the trust to maintain unrestricted reserves at a level sufficient to cover donations and general running costs. As at 30 September 2021 the trust had unrestricted reserves of £6,650,999.66 (2020: £6,014,161.47).

The trust’s main activity is the provision of grant funding. grant funding. funding. The trustees trustees are pleased to report that during the year donations donations totalling £512,629.19 (2020: £490,089.00) were were agreed.

Of the the distributions of £512,629.19 £512,629.19 (2020: £490,089.00) (as detailed in note 5 to the financial statements), the trustees agreed to disburse £493,379.19 (2020: £461,329.00) in furtherance of the trust’s primary charitable objectives and £19,250.00 (2020: £28,760.00) in furtherance of the the trust’s secondary charitable objectives. The trustees consider that they achieved they achieved achieved the grant giving strategy envisaged for the the year.

Financial review As at 30 September 2021 2021 the trust held investments at a market value of £6,498,299.66 £6,498,299.66 plus investment cash of £128,717.79, shown within cash at bank (note 7), totalling £6,627,017.45 (2020: £5,867,936.04 plus investment cash cash of £114,174.10 £114,174.10 totalling £5,982,110.14).

Investment policy and objectives The charity seeks to produce the best financial return within an acceptable level of risk and an ethical investment policy (designed to support and further the charity’s charitable objects), and has. adopted an investment objective to generate a returnof inflation plus 4% per annum over the long term, after expenses. The measure of inflation most relevant to the charity’s expenditure is the UK consumer prices index. This investment objective should allow the charity to at least maintain the real value of the assets, whilst funding the trustees’ desired level of annual expenditure. The charity adopts. a total return approach to investment, generating the desired investment return from income and capital gains. The trustees

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THE MACDAIBHIDH CHARITABLE TRUST

ANNUAL REPORT OF THE TRUSTEES

For the year ended 30 September 2021

investment policy and objectives (cont'd)

expect that, even if in any one year the total return is insufficient to meet the budgeted grant making expenditure, the real value of the charity's assets in the long term will be maintained in accordance with this investment objective. In setting the charity’s investment objectives the trustees and the charity's appointed investment manager, VWM Wealth, have had regard to the guidance for approved charitable investments published by Her Majesty's Revenue and Customs and to the guidance on investment policy published by the Charity Commission.

The trustees have determined that the charity's assets should be invested in line with its aims to support and further the charity’s charitable objects. The investment mandate agreed with the charity’s investment manager, VWM Wealth, therefore currently reflects an investment split of 40% into the VWM Ethical Adventurous Portfolio and 60% into the VWM Ethical Balanced Portfolio. The trustees consider that it is appropriate to adopt an ethical investment policy to support the charity's charitable objects without diminishing the financial return that can generated to meet the charity's investment objective. The trustees are satisfied with the invesiment performance during the year.

The trustees seek to produce the best financial return (irrespective of its income or capital source) within an acceptable level of risk and an ethical investment policy to distribute grants of between £300,000 and £500,000 per annum in furtherance of the trust's charitable purposes. In doing so the trustees will, at least, maintain the real value of the assets while generating a stable and sustainable return to fund the trust's grant making.

Structure, governance and management

The trust was established by deed of trust by John Davidson dated 11 July 2016. The trust was awarded charitable status by the Charity Commission on 7 September 2016, and it is also registered for tax relief with HM Revenue & Customs.

The deed of trust sets out that new trustees may be appointed by John Davidson, during his lifetime, and thereafter by the existing trustees at any time (either by way of replacement or addition). The total number of trustees shall at no time exceed five. There has been no need to recruit new trustees during this year. Should a trustee vacancy arise or the trustees identify the need for additional trustees, the trustees will assess the relevant skills required by the trust at that time ensuring that the new trustee(s) have the requisite experience, empathy and knowledge of the charity. New trustees may be sought through the trustees’ own due diligence exercise or otherwise.

Reference and administrative details

Details about the trustees, registered office, solicitors, secretary, treasurers, bankers, investment advisors . and auditor are set out on pages 2 and 3 of these financial statements. Statement of the Trustees’ Responsibilities The. trustees are responsible for preparing the trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the trust and of the incoming resources and application of resources of the trust for that year. In preparing these financial statements the trustees are required to:

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THE MACDAIBHIDH CHARITABLE TRUST

ANNUAL REPORT OF THE TRUSTEES

For the year ended 30 September 2021

Statement of the Trustees’ Responsibilities (cont'd)

« seélect.suitable accounting policies and then apply them consistently;
= observe the methods and principles in the FRS 102 Charities SORP; = make judgements and estimates that are reasonable and prudent; « state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
« prepare the. financial statements on the going concern basis unless it is inappropriate to presume that the trust will continue in business. :

The trustees. are responsible for keeping adequate accounting records that. are sufficient to show and explain the trust's transactions and disclose with reasonable accuracy at any time the financial position of the trust and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008, and the provisions of the trust's trust deed. They are also responsible for safeguarding the assets of the trust and hence for taking reasonable steps for the prevention and detection of fraud and other itregularities.

In so far as the trustees are aware: « There is no relevant audit information. of which the charitable trust's auditor is unaware; and " The trustees have taken all steps they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

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Approved by the trustees and signed on their behalf on \h, \ ecowke (2021
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ohn Davidson
| ustee
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THE MACDAIBHIDH CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES

For the year ended 30 September 2021

Opinion

We have audited the financial statements of The MacDaibhidh Charitable Trust for the year ended 30 September 2021 which comprise Statement of Financial Activities, Balance Sheet, Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

« give a true and fair view of the state of the charity's affairs as at 30 September 2021 and of its incoming resources and application of resources. for the year then ended;
« have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
» have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statemenis section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue,

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this. other information; we are required to report that fact. We have nothing to report in this regard.

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THE MACDAIBHIDH CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES For the year ended 30 September 2021

Matters on which we are required to report by exception We have nathing to report in respect of the following matters. in relation to which the Charities (Accounts. and Reports) Regulations 2008 require us to report to you if, in our opinion: = the information given in the Trustees’ Annual Report is inconsistent in any material respect with the financial statements; or : » the charity has not kept sufficient accounting records; or * the financial statements are not in agreement with the accounting records and returns; or " we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Trustees’ Responsibilities Statemeni set out on pages 6 and 7, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. : | Auditor’s responsibilities for the audit of the financial statements We have been appointed as auditors under the Charities Act 2011 and report in accordance with regulations made under that Act. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instance of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below. Identifying and assessing risks related to irregularities: We assessed the susceptibility of the charity's financial statements to material misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the charity by discussions with trustees and updating our understanding of the sector in which the charity operates. Laws and regulations of direct significance in the context of the charity include the Charities Act 2011. the Charities (Accounts and Reports ) Regulations 2008 and guidance issued by the Charity Commission for England and Wales. |

Audit response to risks identified: We consider the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items includinga review of financial statement disclosures. We reviewed the charity's records of breach of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the charity's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

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THE MACDAIBHIDH CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES

For the year ended 30 September 2021

Audit response to risks identified (cont'd):

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner's review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of if. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council's website at : www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the trustees as a body, for our audit work. for this report, or for the opinions we have formed.

Saffery Champness LLP

Chartered Accountants Statutory Auditors Edinburgh Quay 133 Fountainbridge Edinburgh EH3 9BA

Date: \A. \euevuteve. 202

Saffery Champness LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

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THE MACDAIBHIDH CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES

For the year ended 30 September 2021

	os	Note	2021		2020
			Total		Total
Income and endowments Donations
- Cash donations			14.42		5.42
Investment income
~Dividends and interestfrom investments				48,744.65
Total income			48,759.07		55,988.95
Expenditure
Cost of raising funds
Investment management cosis			54,726.79		51,465.37
Investmentmanagement costs	i.	5	54,726.79		51,465.37
Charitable activities
Grants		5	512,629.19		490,089.00
Supportcosts	:
Administration costs		5	7,396.74		7,093.35
Governance costs: audit	:	5	7,200.00		6,120.00
Cost ofgrant making			527 225.93		503,302.35
Total expenditure			581,952.72		554,767.72
Gains/(losses) on investments
- realised				969,320.52	(
- unrealised		6	200,711.32		206,179.42
Netincome/(expenditure) andnetmovement	movement infunds		636 838.19	(	337,201.16)
Reconciliation of Funds
Fund balances brought
forward at 30 September 2020	;		6,014,161.47		6,351,362.63
Fund balances carried forward
at30September2021		12	6,650,999.66		6,014,161.47

All activities of the trust relate to continuing operations.

The notes on pages 14 to 19 form part of these financial statements

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THE MACDAIBHIDH CHARITABLE TRUST
BALANCE SHEET
As at 30 September 2021
Note 2021 2020
£ £ £ £
Fixed assets
Investments 6 6,498,299.66 5,867 936.04
Current assets
Cash at bank 7 161,295.57 150,368.42
Debtors 8 2,204.43 5,577.01
163,500.00 155,945.43
Creditors: amounts falling due
within one year 9 10,800.00 9,720.00
Net current assets 152,700.00 146,225.43
Total assets less current liabilities 6,650,999.66 6,014,161.47
Creditors: amounts falling due
after more than one year 10 - =
Net assets 6,650,999.66 6,014,161.47
Funds of the Trust
Unrestricted funds 12 6,650,999.66 6,014,161.47
‘he financial statements were authorised for approval by the trustees on lL hoce wiker 2021 and are
ighed on their behalf by:
\
f| JphnusteeDavidson
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é notes on pages 14 to 19 form part of these financial statements

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THE MACDAIBHIDH CHARITABLE TRUST

STATEMENT OF CASH FLOWS

For the year ended 30 September 2021

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|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |Note|2021|2020| |Net|cash|provided|by|operating|activities|14|(|577|485.72)|(559,799.31)| |Cash|flows|from|investing|activities:| |Dividends|48,744.65|55,732.64| |Interest|-|250.89| |Purchase|of|investments|(|6,439,945.81)|(|5,979,995.01)| |Proceeds|from|sale|of|investments|6,979,614.03|6,473,825.30| |Net|cash|used|in|investing|activities|588,412.87|549,813.82| |Increase/(decrease)|in cash and|cash|equivalents|in|period|10,927.15|(|9,985.49)| |Cash and cash|equivalent|brought forward|||150,368.42|160,353.91| |Cash|and|cash|equivalents|carried forward|||161,295.57|150,368.42|

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The notes on pages 14 to 19 form part of these financial statements

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THE MACDAIBHIDH CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 30 September 2021

1 General information These financial statements are presented in pounds sterling (GBP) as that is the currency in which the trust's transactions are denominated.

The objective of the trust is to apply the income and capital of the trust fund for the benefit of charitable objectives and purposes, in any part of the world.

The MacDaibhich Charitable Trust is an unincorporated charity in the United Kingdom and is registered in England and Wales. The address of the trust's registered office is noted on page 2. It is recognised as a charity for tax purposes by HM Revenue and Customs and is registered with the Charity Commission for England and Wales under charity number 1169069.

2 Statement of compliance

The financial statements are prepared in accordance with United Kingdom Accounting Standards including Financial Reporting Standard 102, “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (FRS102), the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” and the Charities. Act 2011.

3 Principal accounting policies

The principal accounting policies adopted, judgements and key sources of estimated uncertainty applied in the preparation of these financial statements are noted below.

Basis of Accounting

The financial statements have been prepared under the historical cost convention, with the exception that investments are included at market value in accordance. with applicable Accounting Standards in the United Kingdom. The trust was established on 11 July 2016.

The trust meets the definition of a public benefit entity as defined by FRS 102. Assets and liabilities aré initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

Going Concern

The trustees consider that there are no material uncertainties about the trust's ability to continue as a going concern. With respect to the next two reporting periods, 2021-22 and 2022-23, the most significant areas of uncertainty that affect the carrying value of assets held by the trust are the level of investment return and the performance of investment markets (see ithe investment policy and performance risk management sections of the trustees’ annual report for more information). Currently the charity has a healthy financial reserves position.

Income recognition

Donations are included in full in the Statement of Financial Activities when the trust becomes entitled to the funds, it is probable that the income will be received, and the amaunt can be measured reliably.

Income from investmenis and deposits is credited to the Statement of Financial Activities in the period in which itis receivable.

Expenditure. recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis.

Cost of raising funds consists of investment management and custodian costs.

Charitable expenditure comprises those costs incurred by the trust in the delivery of its activities. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature, necessary to support them.

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the trust.

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THE MACDAIBHIDH CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 September 2021

Funds

Unrestricted funds are funds which the trustees are free to use for any purpose in furtherance of the charitable purposes. !

Investments

Investments are quoted on UK Stock Exchanges and stated at market value. Investments are reviewed at least yearly by investment: advisors and changes in the portfolio are made on their recommendation. Gains and losses are recognised in the period in which they arise. |

Financial Instruments

The trust only enters into basic financial instrument transactions that result in the recognition of financial. assets and liabilities like trade and other accounts receivable and payable.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the present value of the future cash flows and subsequently ai amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to. be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond norma! business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future. cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Financial assets are derecognised when contractual rights to the cash flows from the assets expire, or when the trust has transferred substantially all the risks and rewards of ownership. Financial liabilities are derecognised only once the liability has been extinguished through discharge, cancellation or expiry. i.

Cash and cash equivalents

Cash held includes cash and short term highly liquid deposits with a short maturity of twelve months or less from the date of opening of the deposit or similar account.

Creditors

Short term creditors are measured at transaction price.

VAT

The trust is not registered for VAT and accordingly expenditure includes VAT where appropriate.

Taxation

The trust is a charity and is recognised as such by H M Revenue & Customs for taxation purposes. As a result, there is no liability to taxation on any of its income.

4 Employee benefits

The trust does not have any employees; therefore there were no employees who received employee benefits over £60,000 in the year. No trustees were paid any remuneration or expenses from the trust.

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Brodies

THE MACDAIBHIDH CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 30 September 2021

Charitable expenditure				2021	2020
Grants:				£	£
The advancement of religion.				102,083.00	104,229.00
The prevention or reliefof poverty.				309,156.19	282,500.00
The advancement of health orthe saving of lives.				69,790.00	74,600.00
The advancement of education.				12,350.00	-
The advancement ofenvironmental protection orimprovement.				4,100.00	8,810.00
The advancement ofhuman rights, conflict resolution or reconciliation or the
promation of religious or racial harmony or equalityand diversity.				3,600.00	3,100.00
The reliefofthose in need, by reason ofyouth, age,		ill-health,
disability, financial hardship or other disadvantage.				11,550.00	16,850.00
				512,629.19	490,089.00
Support costs
Administration and investment management costs				62,123.53	58,558.72
Governance costs - auditfee and accounting advice				7,200.00	6,120.00
Total cost ofgrant making				581,952.72	554,767.72
				2021
Donations agreed to:	Monthly		One Off	Total
		£	£	£
All Saints PCC, Bakewell	11,241.00		-	11,241.00
Azalea		1,200.00		1,200.00
Brain and Spine Foundation		-	10,000.00	10,000.00
Campaign For BetterTransport		750.00	-	750.00
Camphill Village Trust		600.00	-	600.00
Care International	24,000.00		-	24,000.00
Centre forAlternative Technology Charity		1,500.00		1,500.00
Christians Against Poverty		1,500.00		1,500.00
Compassion In World Farming		600.00		600.00
Crisis ,		1,200.00		1,200.00
Cyclists Defence Fund		350.00		350.00
Friends afKiwoko Hospital		-	5,000.00	5,000.00
Garden Organic		§00.00		500.00
HelenAnd Douglas House	18,000.00			18,000.00
High Peak Food Bank		200.00		200.00
International Health Partners			9,550.00	9,550.00
International Service Fellowship Trust		1,250.00		1,250.00
Knysna Education Trust	12,000.00			12,000.00
McMillan Cancer Support			150.00	150.00
Mercy Ships - UK	12,000.00		10,000.00	22,000.00
Microloan Foundation	12,000.00			12,000.00
Mission Without Borders		1,500.00		1,500.00
Mosaic Middle East		2,400.00		2,400.00
Nuneaton United Reformed Church		6,000.00		6,000.00
Oasis Aquila Housing			§,000.00	5,000.00
Practical Action	24,000.00			24,000.00
Romania Care Shelter		1,250.00 500.00		1,250.00 500.00
St Alban’s and Hertsmere Women’s Refuge StAlbans and Harpenden Christian		1,500.00		1,500.00
Education Project		2,400.00		2,400.00
St James Ormside PCC, Great Ormside		900.00		900.00
StMary'sPCC,Peckham	35,292.00			35,292.00

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Brodies

THE MACDAIBHIDH CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS

For the year ended 30 September 2021

Charitable expenditure (cont'd)

	Charitable expenditure (cont'd)
		/	Monthly	One Off		Total
	Donations agreed to (cont'd):
	St Paul's PCC, St Albans		40,000.00	3,000.00		43,000.00
	St Peter's PCC, St Albans		500.00			500.00
	Sustrans Tearfund	; i	750.00 72,000.00	75,000.00		750.00 147,000.00
	Tearfund USA			51,456.19		51,456.19
	The Living Room	;	1,500.00			1,500.00
	Tiyeni Fund	:		5,000.00		5,000.00
	Tradecraft Exchange			10,000.00		10,000.00
	Village Water			5,090.00		5,090.00
	World Vision	i	24,000.00	10,000.00		34,000.00
				313,383.00	199,246.19		512,629.19
6	Listed investments					2021		2020
						£		£
	Opening market value					5,867 936.04		6,200,188.72
	Add: Acquisitions at cost					6,439,945.81		5,979,995.01
	Less: Disposals	:			(	6,010,293.51)	(	6,518,427.11)
	Net gains/ (losses) at 30 September 2021					200,711.32		206,179.42
	Closing market value at 30 September 2021					6,498,299.66		5,867,936.04
	Historic Cost					5,608 594.83		5,178,942.53
	The distribution ofinvesimenisas at30September2021 was :
	Equities			89.81%		5,836,000.14
	Fixed Interest			10.19%		662,299.52
	Property	7		0.00%		-
				100.00%		6,498,299.66
7	Cash atbank						2021
	CaterAllen Private Bank					32,253.78		36,194.32
	VWM Wealth					128,717.79		114,174.10
	Wise	i				324.00		-
						161,295.57		150,368.42

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Brodies

THE MACDAIBHIDH CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 30 September 2021

8	Debtors	2021	2020
		£	£
	VWM Wealth - cash dividends held	2,204.43	5,577.01
	,
		2,204.43	5,577.01
$	Creditors -amounts falling due within one year	2021	2020
		g	£
	Accruals - Brodies LLP, management fee and disbursements	3,600.00	3,600.00
	Accruals - auditfee	7,200.00	6,120.00
		10,800.00	9,720.00
10	Creditors -amounts falling due aftermore than one year	2021	2020
		£	£
	There are no creditors falling due after more than one year	-	-
11	Financial instruments	2021	2020
		£	£
	Financial assets measured at fairvalue through profit orloss	6,498,299.66	5,867,936.04
	Financial assets at amortised cost	163,500.00	155,945.43
	Financialliabilitiesmeasuredatamortisedcost	10,800.00	9,720.00

Financial assets measured at fair value through profit or loss consist of investments. Financial assets. at amortised cost consist of debtors and cash at bank. Financial liabilities measured at amortised cost consist of accruals.

12 Funds

Funds
		Income and		Net gains on		.
	At 30 Sept2020	endowments	Expenditure	Investments	Transfer	At30 Sept 2021
	£	£	£	£	£
Unrestricted
funds	6,014,161.47	48,759.07	( 581,952.72)	1,170,031.84	-	6,650,999.66
Total funds	6,014,161.47 48,759.07 ——eEeEeEeE~LHREE—E—EE———		( 581,952.72)	1,170,031.84	- 6,650,999.66 rs

The unrestricted funds are available to be spent for any of the purposes of the charity.

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Brodies

THE MACDAIBHIDH CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 September 2021

13 Related parties

Brodies & Co. (Trustees) Limited, a trustee,: is associated with the firm Brodies LLP. Brodies LLP are secretaries, solicitors, and treasurers to the trust. During the year Brodies LLP charged the trust £6,840.00 (2020: £6,720.00) for these services. At the balance sheet date, the trust owed Brodies LLP £nil (2020: Enil). John Davidson is a director and trustee of Tearfund, a charitable company registered in England and Wales. During the year The MacDaibhidh Charitable Trust paid charitable donations totalling £147,000 (2020: £137,000) to Tearfund. On 7 March 2020 John Davidson was appointed as a director of Tearfund USA, Inc., a US not-for profit 501(c)(3) corporation, to which the trust made donations totalling £51,456.19 in the year (2020: £nil). It should be noted that Tearfund USA is not a subsidiary of Tearfund, but is an independent US charity.

14 Reconciliation of net movements in funds to net cash fiow from operating activities

	;		2021		2020
Net movement in funds			636,838.19	(	337,201.16)
Dividends received		(	48 744.65)	(	§5,732.64)
Interest received			-	(	250.89)
(Gains) / losses on investments		(	1,170,031.84)	(	161,577.61)
(Increase)/decrease in debtors	:		3,372.58	(	5,577.01)
Increase/(decrease) in creditors	:		1,080.00		540.00
		(577,485.72)		(559,799.31)

15 Post balance sheet events At the date of approval of the. financial statements on 14 December 2021, the charity's investments were valued at £6,800,041.97, compared with £6,498,299.66 at the balance sheet date.

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Brodies

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