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
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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 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
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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.
NO￿lthStandIng the wide reaching charitable objects, the Irusl's primary focus is on:_
The advan￿ment 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 ne￿SSary 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.
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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 St￿tegY 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 prI￿S
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
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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 be￿een £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..
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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
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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.
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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.
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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 r￿ulationS 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.
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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
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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
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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
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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.
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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 re￿1vable 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.
c￿d{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
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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 Hè3￿h
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$h at bank
2022
2021
Cater Allen Private Bank
VWM Wealth
Wise
44,773.75
81,490.74
690.42
32,253.78
128,717.79
324.(KJ
126,954.91
161,295.57
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THE MACDAIBHIDH CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 September 2022
8 Debtors
2022
2021
VWM Wealth- cash dividends held
2,204.43
2,204.43
9 Creditors- amounts falling due within one year
2022
2021
Accrual- Brodies LLP. management fee and disbur5emenls
Accrual audit lee
Creditor- Brodies LLP. legal fees
Donation pledged, payable after 6 December 2022- see nole 5
3,600.00
7,920.00
600.00
5,000.00
3,600.LKI
7,200.(KJ
17,120.00
10,800.
10 Creditor¥- amounts falling due after more than one year
2022
2021
There are no creditors falling due after rnore than one year
11 Financial instruments
2022
2021
Finanual assèts méasurÉd at fair valuè through profit or loss
5,269,098.03
6,498,299.66
Financial assets at amortised cost
126,954.91
163,500.00
Finanaal liabilities measured at amortised cost
17,120.00
10,800.00
Financial assets measured al fair value through profil or loss consist of inve51rnenls.
Finanaal assets at amortised cost consist of debtors and cash at bank.
Financial liabilities tneasured al 8mortised cost consist of accruals.
12 Funds
At 30 Sept
2021
Income and
endowments Exp•ndltu
Net lo$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
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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 De￿mber 2022, the charity's inveslrnenls were valued al
£5,456,823.00, compared with £5,269098.03 at the balan￿ Sheet date.
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