Charity No: 1169069 THE MACDAIBHIDH CHARITABLE TRUST TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS Forthe year ended 30 September 2022 Brodies LLP 110 Queen Street Glasgow G1 3BX T 0141 248 4672 Ref.. KPI.RLE.MAC1660.2
THE MACDAIBHIDH CHARITABLE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS For tha year onded 30 Saptamber 2022 Contents Page Referen and administrative details of the trust, ils trustees and advisors Annual report of the trustees Independent Auditor's report Statement of financial activities 10 Balance sheet statement of cash flows 12 Notes to the financial statements 1>18 632177U3 Brodies
THE MACDAIBHIDH CHARITABLE TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE TRUST. ITS TRUSTEES AND ADVISORS For the year ended 30 September 2022 English Charity no: 1169069 Trustee$: John Davidson Alison Davidson Brodies & Co. (Trustees) Limrted IA list of the names of the directors of Brodies & Co. (Ttusleesl Limited may be inspected al Capital Square, 58 Morrison Street, Edinburgh EH3 8BPI Registered office, solicitors and secretaries.. Brodies LLP 110 Queen Street Glasgow G13BX Bankers: Cater Allen Limited Cater Allen Private Bank Sanlander House 9 Nelson Street Bradford BD1 SAN Investment Advisers- VWM Wealth 95 Douglas Street Glasgow G2 4EU Auditor.. Saffery Champness LLP Edinburgh Quay 133 Fountsinbridge Edinburgh EH3 9BA 632177U3 Brodies
THE MACDAIBHIDH CHARITABLE TRUST ANNUAL REPORT OF THE TRUSTEES For the year ended 30 September 2022 The trustees present their report along with the fi'nancial statements for the year ended 30 September 2022. Objectives and activities The deed of trust provides for wide-reaching charitable objects, affording the trustees the power and flexibility to apply the ineome 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 lo charitable organisations in accordance with the principles set out below. NOlthStandIng the wide reaching charitable objects, the Irusl's primary focus is on:_ The advanment 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 environmentsl 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 Irusl's main activity is the provision of financial support or grants to registered charities which further the Irusl'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 Iruslees confirm that they have referred to the guidance contained in the Charity Commission's general guidanee on public benefit when reviewing the trust's aims and objectives and in planning future activities. The trustees have also established a policy of granl-making with a view lo best furthering the Irusl'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 Iruslees will consider every six months any unsolicited applications which may be received. The Iruslees will use their own knowledge of the applicants in question, in addition lo 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 benefiL If neSSary 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 Iruslees have adopted a grant making policy wth the key strategy for the trust to apply available resources Iirrespeclive of Ils income or capital source) from investments held by the trust to the potential recipients who will further the trusfs 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. 63217703 1 Brodies
THE MACDAIBHIDH CHARITABLE TRUST ANNUAL REPORT OF THE TRUSTEES For the year ended 30 September 2022 Objectives and activities (continued) The Iruslees will seek appropriate updates from the grant or donation recipients about how their aclivib.es 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. Achievements and performance The trust's main activity is the provision of gonl funding. The trustees are pleased lo report that during the year donations tolalling £438,010.7912021'. £512,629.19) were agreed. Of the distributions of £438,010.79 {2021'. £512,629.19) las detailed in note 5 to the financial slatementsl, the Iruslees agreed lo disburse £403,010.79 12021". £493,379.19) in furtherance of the Irusl's primary charitable objectives and £35,000.00 12021.. £19,250.00) in furtherance of the Irusl's secondary charitable objectives. The trustees consider that they achieved the grant giving SttegY envisaged for the year. Financial review As al 30 September 2022 the trust held investments at a market value of £5,269,098.03 plus Investment cash of £81,490.74 shown within cash al bank (note 71, tolalling £5,350,588.77 12021.. £6,498,299.66 plus investment cash of £128,717.79 lotalling £6,627,017.45). Details of investment values subsequent to the year-end are disclosed in note 15 to the accounts. Key management personnel The trustees comprise the key management personnel of the entity. No Iruslees received any remuneration during the year. Risk management The Iruslees have assessed the risks lo 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 miligale 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 VVVM Wealth as investment advisers. The Iruslees have adopted an investment policy under which the financial objective of the trust is lo al 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 11 is the policy of the trust to maintain unreslricled reserves at a level sufficient to cover donations and general running costs. As al 30 September 2022 the trust had unrestricted reserves of £5,378,932.94 12021. £6,650,999.66). Investment policy and objectives The charity seeks to produTr the best financial return within an acceptable level of risk and an ethical investment policy Idesigned to support and further the charity's charitable objeclsl, and has adopted an Investment objective lo generate a return of inflation plus 4/0 per annum over the long temi, after expenses. The measure of inflation most relevant lo the charity's expenditure is the UK consumer prIS index. This investment objective should allow the charity to at least maintain the real value of the assets, whilst funding the Iruslees, desired level of annual expenditure. The charity adopts a lotsl return approach lo investment, generating the desired investment return from income and capital gains. The Iruslees 63217703 1 Brodies
THE MACDAIBHIDH CHARITABLE TRUST ANNUAL REPORT OF THE TRUSTEES For the year ended 30 September 2022 Investment policy and objectives {cont'dl expect that, even if in any one year the total return is insufficient lo 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 charitsble investments published by Her Majesty's Revenue and Customs and to the guidance on investment policy published by the Charity Commission. The Iruslees have determined that the charity's assets should be invested in line with ils aims to support and further the charity's charitable objects. The investment mandate agreed with the charity's Investment manager, IMM Weatth, therefore currently reflects an investment split of 400/0 into the VWM Ethical Adventurous Portfolio and 600/0 into the VWM Ethical Balanced Portfolio. The trustees consider that il is appropriate to adopt an ethical investment policy lo 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 investment performance during the year. The Iruslees seek to produce the best financial return lirrespective of ils income or capital source) within an acceptable level of risk and an ethical investment policy to distribute grants of beeen £300,000 and £500,000 per annum in furtherance of the Irusl's charitable purposes. In doing so the trustees will, al least, maintain the real value of the assets while generating a stable and sustainable return to fund the Irusl'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 slalus by the Charity Commission on 7 September 2016, and il is also registered for lax relief with HM Revenue & Customs. The deed of trust sets out that new Iruslees may be appointed by John Davidson, during his lifetime, and thereafter by the existing Iruslees at any time leilher by way of replacement or addition). The total number of Iruslees shall al no time exceed five. There has been no need lo recruit new trustees during this year. Should a trustee vaeancy 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 Irusleelsl have the requisite experience, empathy and knowledge of the charity. New trustees may be sought through the Iruslees, own due diligenTr exercise or otherwise. Reference and administrative details Details about the trustees, registered office, solicitors, secretary, treasurers, bankers, investment advisors and auditor are sel out on page 2 of these financial ststemenls. ststement of the Trustees. Responsibilities The Iruslees 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 lo.. 63217703 1 Brodies
THE MACDAIBHIDH CHARITABLE TRUST ANNUAL REPORT OF THE TRUSTEES For the year ended 30 September 2022 ststement of the Trustees. Responsibilities Icont'dl select suitable accounting policies and then apply them consistently., observe the methods and principles in the FRS 102 Charities SORP., make judgements and eslimales 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 lo presume that the trust will continue in business. The Iruslees 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 lo enable them lo ensure that the financial statements comply wrth 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 tsking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware.. There is no relevant audit information of which the charitable trusvs auditor is unaware., and The trustees have taken all steps they ought to have taken lo make themselves aware of any relevant audit Information and to establish that the auditor Is aware of that Information. Approved by the trustees and signed on their behalf on 13 December 2022 Kenneth Pinkerton as a director of Brodies & Co. {Trusteesl Limited Trustee 63217703 1 Brodies
THE MACDAIBHIDH CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES For the year ended 30 September 2022 Opinion We have audited the financial statements of The MacDaibhidh Charitable Trust for the year ended 30 September 2022 which comprise Stslement of Financial Activities, Balance Sheet, Stslement of Cash Flows and notes lo 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 Stsndard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Praclicel- In our opinion the financial statements". give a true and fair view of the state of the charity's affairs as at 30 September 2022 and of ils incoming resources and application of resources for the year then ended., have been properly prepared in accordan with United Kingdom Generally Accepted Accounting Practi,. and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordan with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial stslements 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 e1ve months from when the financial statements are aulhorised 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 infomiation The Iruslees 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 Ihereon. Our opinion on the financial statements does not cover the other information and, except to the exlenl otherwise explicitly stsled in our report, we do not express any form of assurance conclusion thereon. Our responsibility is lo 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 olhenmse appears to be materially misstated. If we identify such material Inconsistencies or apparent material misststemenls, we are required lo 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 misststemenl of this other information., we are required to report that fact. We have nothing to report in this regard. 63217703 1 Brodies
THE MACDAIBHIDH CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES For the year ended 30 September 2022 Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us lo report to you if, in our opinion.. the information given in the Trustees, Annual Report is inconsislenl in any material respect with the financial statements., or the charity has not kept sufficient accounting records., or the financial slalements 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 Statement sel out on pages 6 and 7, the Iruslees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such intemal control as the Iruslees determine is necessary lo enable the prepamtion 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 lo continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Iruslees either intend to liquidate the charity or lo cease operations, or have no realistic alternative bul 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 lo issue an audilorfs 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 IUKI will always detect a material misslatemenl when It exists. Misstslements 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, oudined above, to delecl material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent lo which these are capable of detecting irregularities, including fraud are detailed below. Identifying and assessing risks related lo Irregularities.. We assessed the susceptibility of the charity's financial statements to material misstatement and how fraud might occur, including through discussions with the Iruslees, 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 Iruslees 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 l Regulations 2008 and guidance issued by the Charity Commission for England and Wales. Audlt response to rlsks Identlfled: We consider the exlenl of compliance with these laws and regulations as part of our audit proTrdures on the related financial statement items including a 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 lo identify potential material misststemenls arising. We discussed the charity's policies and procedures for compliance with laws and regulabons with members of management responsible for compliance. 63217703 1 Brodies
THE MACDAIBHIDH CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES For the year ended 30 September 2022 Audit response to risks identified Icont'dl.. During the planning meeting with the audit team, the engagement partner drew attention lo 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 rulationS 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 partnerfs review included ensuring that the team had approached their work with appropriate professional sceplieism and thus the capacity to identify non-eompliance 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 it. Also, the risk of not delecling a material misslalement due lo 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.uklaudilorsresponsibililies. 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 slate lo the trusteès those matters we are required to stale lo them in an auditor's report and for no other purpose. To the fullest exlenl permilled by law, we do not accept or assume responsibility to anyone other than the charity and the Iruslees as a body, for our audit work. for this report, or for the opinions we have formed. Saffery Champness LLP Chartered Accountsnts statutory Auditors Edinburgh Quay 133 Founlainbridge Edinburgh EH3 9BA Date.. 13 December 2022 Saffery Champness LLP is eligible lo act as an auditor in terms of section 1212 of the Companies Act 2006. 63217703 1 Brodies
THE MACDAIBHIDH CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES For the year ended 30 September 2022 Note 2022 Total 2021 Total Income and endowments Donations Cash donations 25.26 14.42 Investment income Dividends and interest from investments Interest on cash deposits 61,063.14 48,744.65 Total income 61,088.40 48,759.07 Expenditure Cost of raising funds Investment management costs 47,486.13 54,726.79 Investment management costs 47,486.13 54,726.79 Charitable activities Grants Support Gosts Adminislralion costs Governance costs. audit 438,010.79 512,629.19 7,930.33 7,920.00 7,396.74 7,200.00 Cost of grant making 453,861.12 527,225.93 Total expendlture 501,347.25 581,952.72 Gainslllossesl on investments realised unrealised 541,771.06 { 1,373,578.931 969.320.52 200,711.32 Net in¢omellexpenditure} and net movement in funds { 1,272,066.721 636,838.19 Reconciliation of Funds Fund balances brought fonvard at 30 September 2021 Fund balances carried forward at 30 September 2022 6,650,999.66 6,014,161.47 12 5,378,932.94 6,650,999.66 All activities of the trust relate lo continuing operations. The notes on pages 13 to 18 fomi part of these financial statements 63217703 1 10 Brodies
THE MACDAIBHIDH CHARITABLE TRUST BALANCE SHEET As at 30 September 2022 Note 2022 2021 Fixed assets Investments 5,269,098.03 6,498,299.66 Current assets Cash al bank Debtors 126,954.91 161,295.57 2,204.43 163,500.00 126,954.91 Creditors: amounts falling due within one year 17,120.00 10,800.00 Net current assets 109,834.91 152,700.00 Total assets less current liabilities 5,378,932.94 6,650,999.66 Creditors- amounts falling due after more than one year 10 Net assets 5,378,932.94 6,650,999.66 Funds of the Trust Unrestricted funds 12 5,378,932.94 6,650,999.66 The financial statement5 were authorised for approval by the trustees on signed on their behalf by.. 13 December 2022 and are Kenneth Pinkerton as a director of Brodies & Co. (Trustees) Limited Trusteg The notes on pages 13 10 18 form part of these financial statements 63217703 1 11 Brodies
THE MACDAIBHIDH CHARITABLE TRUST STATEMENT OF CASH FLOWS For the year ended 30 September 2022 Note 2022 2021 Net cash provided by operating activities 14 492,797.56 577,485.72 Cash flows from investing activities.. Dividends Interest Purchase of investments Proceeds from sale of investments Net Cash used in Investing activities 61,063.14 48,744.65 { 6,936,214.141 7,333,607.90 458,456.90 1 6,439,945.811 6,979,614.03 588,412.87 Increaselldecreasel in cash and cash equivalents in period 34,340.661 10,927.15 Cash and cash equivalent brought forward 161,295.57 150,368.42 Cash and cash equivalents carried fonvard 126,954.91 161,295.57 The notes on pages 13 10 18 form part of these financial statements 63217703 1 12 Biodies
THE MACDAIBHIDH CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 September 2022 1 Gèneral Infom)atlon These financial statements are presented in pounds sterling IGBPI as that is the currency in which the trust's transactions are denominated. The objectivè of the trust is to apply the income and ¢apital of the trust fund for the benefit of charitable objectives and purposes, in any part of the worfd. The MacDaibhidh 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 Cuslorns and 15 registered with the Charity Commission foi ENgl8nd and Wales under charity number 1169069. 2 Statem•nt of compllanc• The finanaal statements are prepared in accordance with United Kingdom Accounting Standards induding Finanaal Reporting Standard 102, 'The Finanaal Reporting Standard applicable in the UK and Republic ol Ireland. IFRS1021, the Stalernent of Recommended Practice ISORPI Accounting and Reporting by Charitie5 preparing their accounts in aooordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" and the Charitiés Act 2011. 3 Principal accounting policiès The principal accoLJnting poliaes adopted, judgements and key sources of estimated uncertainty applied in the preparation of these financial statements are noted below. Basis of Accountlng The finanaal statements have been prepared under the historical cost convention, with the exception that investments are included al rnarkel 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 are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. Going Concem The Iruslees consider that there ale no m*eri81 uncertainties about the tiusl's ability lo continue 8$ 8 going concem. With respect to the next Iwo reporting periods, 2022-23 and 2023-24, the most significant areas of Ljncertainty that affect the carrying value of assets held by the trust are the level of investment return and the performance of investment markets Isee the investment policy and performance risk management sections of the trustees. annual report for more infomiationl. Currenlty the chaiity has a healthy financial reserves position. Income recogrFitiOfF Donations are included in lull in the Statement of Finanaal Activities when the trust becomes entided to the funds, it is probable that the income will be received, and the amount can be measured reliably. Income from investments and deposits is credited lo the Statement of Financial Activities in the period in which it is 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. Govemance costs include those c051s associated with meeting the conslilulional and slalulory requirements of the Irusl. 63217703 1 13 Brodi8S
THE MACDAIBHIDH CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 September 2022 Funds Unrestricted funds are funds which the Iruslees 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 valuè. Investmènts are rèviewed 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. FinarFcial Instmments The trust only enters into basic financial instrument transacbons that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable. Debt Instruments lother than those wholly rèpayable 01 receivable wrthin one yearl, including loans and othei aceounls receivable and payable, are initially measured at the present valLJe of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or re1vable within one year, typically trade payables or receivables. are measured, initially and subsequently, al the undiscounted amount of the cash or other consider81ion. expected lo be paid or received. However. if the ariangernenls of a short-lerm instrument conslilule a finanung transaelion. like the payment of 3 trade debt deferied beyond nom)al 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 finanaal 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 arnortised cost. Finanaal assets are derecognised when contraciual rights to the cash flows from the assets expire, or when the trust has transferred substantially all the risks and rewards of ownership. Finanual liabilitiès ara dèrècognisèd only oncè the liability has bèèn èxtinguishèd throLJgh dischargè, cancellation or expiry. Cash ènd cash equNvèlents Cash held include5 cash and short term highly liquid deposits wlh a short maturity of twelve rnonths or less from the dale of opening of the deposit or similar account. cd{lorS 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 incorne. 4 Employee benerrts The trust does not have any employees., therefore there were no employees who received employee benefits over £80,000 in the year. No trustees were paid any remuneration or expenses from the trust. 63217703 1 14 Brodi8S
THE MACDAIBHIDH CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 September 2022 S Charltablè èxp•ndltur8 Grants: The advancemenl of religion. The prevention or relief of poverty. The advancement of health or thè saving of livès. The advancement of education. The advancement of eNvironmeNlal protection or improvement. The advancement of human rights, conflict resolution or reconciliation or the promotion of religious or racial harmony 01 equality and diversity. The relief of those in nèèd. by reason of youth, age, ill-heatth, disability, financial hardship or other disadvantage. 2022 2021 84,644.04 218,992.91 82,002.00 17,371.84 16,600.00 102,083.(KJ 309,156.19 69,790. 12,350.(XJ 4,100.(KI 3,600.00 3,600.(Y) 14,800.00 438,010.79 11,550.00 512,629.19 Support costs Administration and investment management costs Govemance costs- audit fee and accounting advice Totsl cost of grant making 55,416.46 7,920.00 501,347.25 62,123.53 7,200. 581,952.72 2022 Total Donation$ agreed to.. Monthly One Off Air Ambulance All Saints PCC, Bakewell Azalea Big Give Trust Blain and Spine Foundation Campaign For Better Transport Camphill Village Trust Care International Centre for Altemative Technology Charity Christians Against Poverty Compassion In Wodd Farming Crisis Cyclists Defence Fund Gardèn Organic Helen And Douglas House High Peak Food Bank Innovista International International Health Partners UK Jenga CDO Knysna Education Trust Kusasa Project Mercy Ships- UK Microloan Foundation Mosaic Middle East Nuneaton United Reformed Church Praetieal Action Sl Alban's and Hertsrnere Women's Refuge St Albans and Harpenden Christian Education Project St Mary's PCC, Peckham 300.00 300.00 12,439.04 1,200.00 10,000.00 15,000 00 3,000.00 600.00 24,000.00 6,000.00 1,500.00 600 00 1,200.00 450.00 3,000.00 18,000.00 1,200.00 5,000.00 16,850.00 505.00 11,921.84 5,000.00 22,000.00 12,000.00 2,400.00 6,000.00 24,000.00 1,500.tHJ 12,439.04 1,200.00 10,000. 15,000.00 3.000.00 600.00 24,000.00 8,000.00 1.500.00 600.00 1.200.00 450.00 3.000.00 18.000.00 1.200.00 5,000.00 16,850.00 505.(M) 11.921.84 5,000.00 10.000.tKI 12.000.00 12.000 00 2,400.00 8,000.00 24.000.00 1.500.00 2,400.00 36,000.00 2,400.00 36,000.00 63217703 1 15 Brodi8S
THE MACDAIBHIDH CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 September 2022 Charitable expenditure Iconvdl Monthly One Off Total Donation$ agreed to l¢ont'dl= Sl Paul's PCC, Sl Albans Sustrans Tearfund Tèarfund USA The Living Room Throw A Starfish Tiyeni Fund Village Water Wildlife Trusts World Vision 22.000.00 3,000.00 72,000.00 22,000.00 3,000.00 122,000.00 3,792.91 1,500.00 4,500.00 10,000.00 5,152 00 1,000.00 16,000.00 50,000.(KJ 3,792.91 1.500.00 4.500.00 10,000.00 5,152.LKI 1,000.00 10,000.LKI 6.000.00 300,410.88 132,599.91 433,010.79 Amount pledged to Intemational Hè3h Partners UK to be paid during the year ending 30 September 2023 5,000.00 5,000.00 305,410.88 132,599.91 438,010.79 6 Llsted Invèstments 2022 2021 Opening market value Add. Acquisitions al cost Less.. Disposals Net Ilossesllgains at 30 September 2022 Closing market value at 30 September 2022 6,498,299.66 5,867,93e.04 6.936,214.14 6.439,945.81 1 6,791,836 841 1 6,010,293.511 1,373,578.93 200,711.32 5,269,098.03 6,498,299.66 Historic Cost 5,752,972.13 5,608,594.83 The distribution of investments as at 30 September 2022 was Equities Fixed Interest 84.70% 15.30° 4,462,873.30 806,224.73 100.00° 5,269,098.03 7 Ca$h at bank 2022 2021 Cater Allen Private Bank VWM Wealth Wise 44,773.75 81,490.74 690.42 32,253.78 128,717.79 324.(KJ 126,954.91 161,295.57 63217703 1 16 Brodi8S
THE MACDAIBHIDH CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 September 2022 8 Debtors 2022 2021 VWM Wealth- cash dividends held 2,204.43 2,204.43 9 Creditors- amounts falling due within one year 2022 2021 Accrual- Brodies LLP. management fee and disbur5emenls Accrual audit lee Creditor- Brodies LLP. legal fees Donation pledged, payable after 6 December 2022- see nole 5 3,600.00 7,920.00 600.00 5,000.00 3,600.LKI 7,200.(KJ 17,120.00 10,800. 10 Creditor¥- amounts falling due after more than one year 2022 2021 There are no creditors falling due after rnore than one year 11 Financial instruments 2022 2021 Finanual assèts méasurÉd at fair valuè through profit or loss 5,269,098.03 6,498,299.66 Financial assets at amortised cost 126,954.91 163,500.00 Finanaal liabilities measured at amortised cost 17,120.00 10,800.00 Financial assets measured al fair value through profil or loss consist of inve51rnenls. Finanaal assets at amortised cost consist of debtors and cash at bank. Financial liabilities tneasured al 8mortised cost consist of accruals. 12 Funds At 30 Sept 2021 Income and endowments Exp•ndltu Net lo$se$ on Investments Transf•r At 30 Sept 2022 Unrestricted funds 6.650,999.66 61,088.40 (501.347.251 (831,807.871 5,378,932.94 Total funds 6,650,999.66 61,088.40 (501,347.251 831,807.871 5,378,932.94 The unrestricted funds are available to be spent for any of the purposes of the charity. 63217703 1 17 Brodi8S
THE MACDAIBHIDH CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 September 2022 13 Related parties Brodies & Co. ITrusteesl Limited, a trustee, is associated wth the fim) Brodies LLP. Brodies LLP are secretaries, solicitors, and treasurers to the trust. During the year Brodies LLP charged the trust £7,200.0012021'. £6,840.00) for these services. Al the balance sheet dale, the trust owed Brodies LLP £600.0012021.' £nill. John Davidson is a director and trustee of Tearfund, a charitable company registered in England and Wales. During the year The M8cD8ibhidh Charitable Trust paid charitable donations totalling £122.00012021.. £147.0001 lo Tearfund. John Davidson is a dire¢tor of Tearfund USA. Inc.. a US nol-foi piofil 5011¢1131 ¢oiporalion. to whi¢h the Iiusl made donations totalling £3,792.91 in the year 12021.. £51,456.19). Tearfund USA is not a subsidiary of TearfLJnd, bLJt is an independent US charity. On 23 May 2022 Alison Davidson was appointed as a member land hence as a trustee) of The Parochial Church Council of the Ecclesiastical Parish of All Saints, Bakewell with Sl Anne, Over Haddon (registered charity No 1133846 in England and W8le51 which received regular rnonlhly donations 85 8 beneficiary of the trust arnounling lo £12,439.04 in the year 12021. £11,241.00). 14 Raconciliation of net movements in funds to nèt cash flow from operating activitias 2022 2021 Net movernent in funds Dividends received Interest received IGainsl I losses on investments Ilncreaselldecrease in deblois Increaselldecreasel in creditors 11,272,068.721 61,063.141 636,838.19 48,744.651 831,807.87 2,204.43 6,320.00 492,797.56 11,170,031.841 3,372.58 1,080.00 577,485.72 15 Post balance sheet events At the dale of approval of the financial statements on 12 Dember 2022, the charity's inveslrnenls were valued al £5,456,823.00, compared with £5,269098.03 at the balan Sheet date. 63217703 1 18 Brodi8S