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← The Macdaibhidh Charitable Trust

2024-09-30-accounts

Docusign Envelope ID: E783C2B1-F7C9-4988-A025-53D2237D3E7E

Charity No: 1169069

THE MACDAIBHIDH CHARITABLE TRUST

TRUSTEES' ANNUAL REPORT AND FINANCIAL STATEMENTS

For the year ended 30 September 2024

Brodies LLP 110 Queen Street Glasgow G1 3BX T: 0141 248 4672 Ref: KPI.MAC1660.2

Docusign Envelope ID: E783C2B1-F7C9-4988-A025-53D2237D3E7E

THE MACDAIBHIDH CHARITABLE TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS

For the year ended 30 September 2024

Contents Page
Reference and administrative details of the trust, its trustees and advisors 2
Annual report of the trustees 3-6
Independent Auditor's report 7-9
Statement of financial activities 10
Balance sheet 11
Statement of cash flows 12
Notes to the financial statements 13-18

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Brodies

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Docusign Envelope ID: E783C2B1-F7C9-4988-A025-53D2237D3E7E

THE MACDAIBHIDH CHARITABLE TRUST

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

For the year ended 30 September 2024

English Charity no: 1169069

Trustees:

John Davidson Alison Davidson Brodies & Co. (Trustees) Limited (A list of the names of the directors of Brodies & Co. (Trustees) Limited may be inspected at Capital Square, 58 Morrison Street, Edinburgh EH3 8BP)

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 LLP Statutory Auditors 9 Haymarket Square Edinburgh EH3 8RY

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Docusign Envelope ID: E783C2B1-F7C9-4988-A025-53D2237D3E7E

THE MACDAIBHIDH CHARITABLE TRUST

ANNUAL REPORT OF THE TRUSTEES

For the year ended 30 September 2024

The trustees present their report along with the financial statements for the year ended 30 September 2024.

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:-

With a secondary focus on:-

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.

If 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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Brodies

Docusign Envelope ID: E783C2B1-F7C9-4988-A025-53D2237D3E7E

THE MACDAIBHIDH CHARITABLE TRUST

ANNUAL REPORT OF THE TRUSTEES

For the year ended 30 September 2024

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.

Achievements, performance and future plans

The trust’s main activity is the provision of grant funding. The trustees are pleased to report that during the year donations totalling £585,684.44 (2023: £472,217.65) were agreed.

Of the distributions of £585,684.44 (2023: £472,217.65) (as detailed in note 5 to the financial statements), the trustees agreed to disburse £540,684.44 (2023: £438,067.65) in furtherance of the trust’s primary charitable objectives and £45,000.00 (2023: £34,150.00) in furtherance of the trust’s secondary charitable objectives. The trustees consider that they achieved the grant giving strategy envisaged for the year. Future plans remain similar going forward.

Financial review

As at 30 September 2024 the trust held investments at a market value of £5,402,944.75 plus investment cash of £105,868.80 shown within cash at bank (note 7), totalling £5,508,813.55 (2023: £5,280,377.49 plus investment cash of £73,089.22 totalling £5,353,466.71). 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 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 2024 the trust had unrestricted reserves of £5,543,359.93 (2023: £5,418,131.53).

Investment policy and objectives

The charity seeks to produce the best financial return within an acceptable level of risk, designed to support and further the charity’s charitable objects. The previous positive change investment mandate was withdrawn in August 2024. The charity has adopted an investment objective to generate a return of 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.

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Brodies

Docusign Envelope ID: E783C2B1-F7C9-4988-A025-53D2237D3E7E

THE MACDAIBHIDH CHARITABLE TRUST

ANNUAL REPORT OF THE TRUSTEES

For the year ended 30 September 2024

Investment policy and objectives (cont'd)

The charity adopts a total return approach to investment, generating the desired investment return from income and capital gains. The trustees 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 His 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 1% into the VWM Cash Portfolio, 39% into the VWM 90% Shares Portfolio and 60% into the VWM 80% Shares Portfolio. The trustees are satisfied with the investment 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 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 page 2 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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Brodies

Docusign Envelope ID: E783C2B1-F7C9-4988-A025-53D2237D3E7E

THE MACDAIBHIDH CHARITABLE TRUST

ANNUAL REPORT OF THE TRUSTEES

For the year ended 30 September 2024

Statement of the Trustees' Responsibilities (cont'd)

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 irregularities.

In so far as the trustees are aware:

10 April 2025 | 11:29 AM BST Approved by the trustees and signed on their behalf on 9 April 2025

John Davidson Trustee

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Brodies

Docusign Envelope ID: E783C2B1-F7C9-4988-A025-53D2237D3E7E

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

For the year ended 30 September 2024

Opinion

We have audited the financial statements of The MacDaibhidh Charitable Trust for the year ended 30 September 2024 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:

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 statements 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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Brodies

Docusign Envelope ID: E783C2B1-F7C9-4988-A025-53D2237D3E7E

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

For the year ended 30 September 2024

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 to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees’ Responsibilities Statement set out on pages 5 and 6, 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 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 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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Brodies

Docusign Envelope ID: E783C2B1-F7C9-4988-A025-53D2237D3E7E

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

For the year ended 30 September 2024

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 it. 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 LLP Statutory Auditors 9 Haymarket Square Edinburgh EH3 8RY

Date: 9 April 2025

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

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Brodies

Docusign Envelope ID: E783C2B1-F7C9-4988-A025-53D2237D3E7E

THE MACDAIBHIDH CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES

For the year ended 30 September 2024

Note
Income and endowments
Donations
- Cash donations
Investment income
- Dividends and interest from investments
- Interest on cash deposits
Total income
Expenditure
Cost of raising funds
Investment management costs
Investment management costs
5
Charitable activities
Grants
5
Support costs
Administration costs
5
Governance costs: audit
5
Cost of grant making
Total expenditure
Gains/(losses) on investments
- realised
- unrealised
6
Net income/(expenditure) and net movement in funds
Reconciliation of Funds
12
Fund balances carried forward
at 30 September 2024
Fund balances brought
forward at 30 September 2023		 2024
2023
Total
Total
£
£
-
102.80
88,754.51
91,665.60
4,990.21
1,760.89
93,744.72
93,529.29
41,456.54
41,721.80
41,456.54
41,721.80
585,684.44
472,217.65
8,602.05
8,204.50
9,840.00
9,360.00
604,126.49
489,782.15
645,583.03
531,503.95
618,084.90
99,739.75)
(
58,981.81
576,913.00
125,228.40
39,198.59
5,418,131.53
5,378,932.94
5,543,359.93
5,418,131.53

All activities of the trust relate to continuing operations.

The notes on pages 13 to 18 form part of these financial statements

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Brodies

Docusign Envelope ID: E783C2B1-F7C9-4988-A025-53D2237D3E7E

THE MACDAIBHIDH CHARITABLE TRUST

BALANCE SHEET

As at 30 September 2024 As at 30 September 2024
Note 2024 2023
£ £ £ £
Fixed assets
Investments 6 5,402,944.75 5,280,377.49
Current assets
Cash at bank 7 153,840.38 150,714.04
Debtors 8 14.80 -
Creditors: amounts falling due 153,855.18 150,714.04
within one year 9 13,440.00 12,960.00
Net current assets 140,415.18 137,754.04
Total assets less current liabilities 5,543,359.93 5,418,131.53
Net assets 5,543,359.93 5,418,131.53
Funds of the Trust
Unrestricted funds 12 5,543,359.93 5,418,131.53

10 April 2025 | 11:29 AM BST The financial statements were authorised for approval by the trustees on 9 April 2025 and are signed on their behalf by:

John Davidson Trustee

The notes on pages 13 to 18 form part of these financial statements

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Brodies

Docusign Envelope ID: E783C2B1-F7C9-4988-A025-53D2237D3E7E

THE MACDAIBHIDH CHARITABLE TRUST

STATEMENT OF CASH FLOWS

For the year ended 30 September 2024

Note 2024 2023
£ £
Net cash (utilised)/provided by operating activities
14
 645,117.83)
(
 535,561.15)
(
Cash flows from investing activities:
Dividends
Interest
Purchase of investments

Proceeds from sale of investments		 88,754.51
4,990.21
11,127,530.98)
(

11,682,030.43		 91,665.60
1,760.89
1,007,930.89)
(
1,473,824.68
Net cash used in investing activities 648,244.17 559,320.28
Increase/(decrease) in cash and cash equivalents in period
Cash and cash equivalent brought forward		 3,126.34
150,714.04		 23,759.13
126,954.91
Cash and cash equivalents carried forward 153,840.38 150,714.04

Analysis of changes in net debt


Cash at bank and in hand
Debt due within 1 year
Debt due after 1 year		 At 1 October 2023
Cash Flows
Other non-cash
changes
2024
£
£
£
£
150,714.04
3,126.34
-
153,840.38
12,960.00
480.00
-
13,440.00
-
-
-
-
163,674.04
3,606.34
-
167,280.38

The notes on pages 13 to 18 form part of these financial statements

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Brodies

Docusign Envelope ID: E783C2B1-F7C9-4988-A025-53D2237D3E7E

THE MACDAIBHIDH CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 30 September 2024

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 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 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 are 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, 2024-25 and 2025-26, 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 the 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 amount can be measured reliably.

Income from investments and deposits is credited to 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.

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

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Brodies

Docusign Envelope ID: E783C2B1-F7C9-4988-A025-53D2237D3E7E

THE MACDAIBHIDH CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 30 September 2024

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 at 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 normal 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.

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

Docusign Envelope ID: E783C2B1-F7C9-4988-A025-53D2237D3E7E

THE MACDAIBHIDH CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 30 September 2024

5
Charitable expenditure
Grants:
The advancement of religion.
The prevention or relief of poverty.
The advancement of health or the saving of lives.
The advancement of education.
The advancement of environmental protection or improvement.
Support costs
Administration
Investment management
Governance costs - audit fee and accounting advice
Total cost of grant making
Donations agreed to:
Monthly
£
All Saints PCC, Bakewell
13,884.44
Azalea
1,200.00
Big Give Trust
-
Campaign For Better Transport
3,000.00
Camphill Village Trust
600.00
Cancer Research UK
Care International
24,000.00
Caring for Life
Cathedral Archer Project
Centre for Alternative Technology Charity
6,000.00
Christians Against Poverty
1,500.00
Compassion In World Farming
600.00
Crisis
1,200.00
Cyclists Defence Fund
600.00
Garden Organic
3,000.00
Helen And Douglas House
18,000.00
High Peak Food Bank
1,200.00
International Health Partners UK
12,000.00
Mercy Ships - UK
12,000.00
Microloan Foundation
12,000.00
2,400.00
Nuneaton United Reformed Church
6,000.00
Practical Action
24,000.00
St Alban’s and Hertsmere Women’s Refuge
1,500.00
2,400.00
St Mary's PCC, Peckham
36,000.00
St Nicholas World Development
The relief of those in need, by reason of youth, age, ill-health,
disability, financial hardship or other disadvantage.
The
advancement
of
human
rights,
conflict
resolution
or
reconciliation or the promotion of religious or racial harmony or
equality and diversity.
Mosaic Middle East
St Albans and Harpenden Christian Education		 £
67,284.44
396,700.00
76,100.00
600.00
16,100.00
3,600.00
25,300.00
8,602.05
41,456.54
One Off
£
-
-
20,000.00
-
-
900.00
-
200.00
500.00
-
-
-
-
-
-
-
-
30,000.00
-
-
-
-
-
-
-
-
500.00

 2024
2023
£
£
69,546.40
294,770.00
61,330.00
540,684.44
12,421.25
15,350.00
4,000.00
45,000.00
14,800.00
585,684.44
472,217.65
50,058.59
49,926.30
9,840.00
9,360.00
645,583.03
531,503.95
2024
Total
£
13,884.44
1,200.00
20,000.00
3,000.00
600.00
900.00
24,000.00
200.00
500.00
6,000.00
1,500.00
600.00
1,200.00
600.00
3,000.00
18,000.00
1,200.00
42,000.00
12,000.00
12,000.00
2,400.00
6,000.00
24,000.00
1,500.00
2,400.00
36,000.00
500.00

15

. Acc 2024 Mac_1660 30Sept2024 Audited(76711993.1)

Brodies

Docusign Envelope ID: E783C2B1-F7C9-4988-A025-53D2237D3E7E

THE MACDAIBHIDH CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 30 September 2024

Charitable expenditure (cont'd)

Monthly
Donations agreed to (cont'd):
£
St Paul's PCC, St Albans
9,000.00
Sustrans
3,000.00
Tearfund
72,000.00
The Living Room
1,500.00
Throw A Starfish
6,000.00
Tiyeni Fund
12,000.00
Village Water
-
World Vision
24,000.00
310,584.44
6
Listed investments
Opening market value
Add: Acquisitions at cost
Less: Disposals
Net unrealised gains at 30 September 2024
Closing market value at 30 September 2024
Historic Cost
Equities
Fixed Interest
The distribution of investments as at 30 September 2024 was :		 One Off
£
-
-
200,000.00
-
-
-
3,000.00
20,000.00
275,100.00
%
84.88%
15.12%
100.00%		 Total
£
9,000.00
3,000.00
272,000.00
1,500.00
6,000.00
12,000.00
3,000.00
44,000.00
585,684.44
2024
2023
£
£
5,280,377.49
5,269,098.03
11,127,530.98
1,007,930.89
11,063,945.53)
(
(1,573,564.43)
58,981.81
576,913.00
5,402,944.75
5,280,377.49
5,343,962.93
5,187,338.59
£
4,586,184.96
816,759.79
5,402,944.75

7 Cash at bank

Cash at bank
Cater Allen Private Bank
VWM Wealth
Wise		 2024
2023
£
£
47,605.86
76,642.30
105,868.80
73,089.22
365.72
982.52
153,840.38
150,714.04

16

. Acc 2024 Mac_1660 30Sept2024 Audited(76711993.1)

Brodies

Docusign Envelope ID: E783C2B1-F7C9-4988-A025-53D2237D3E7E

THE MACDAIBHIDH CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 30 September 2024

8
Debtors
J Davidson - cash due
9
Creditors - amounts falling due within one year
Accrual - Brodies LLP, management fee
Accrual - audit fee
10 Creditors - amounts falling due after more than one year
There are no creditors falling due after more than one year
11 Financial instruments
Financial assets measured at fair value through profit or loss
Financial assets at amortised cost
Financial liabilities measured at amortised cost		 2024
2023
£
£
14.80
-
14.80
-
2024
2023
£
£
3,600.00
3,600.00
9,840.00
9,360.00
13,440.00
12,960.00
2024
2023
£
£
-
-
2024
2023
£
£
5,402,944.75
5,280,377.49
153,855.18
150,714.04
13,440.00
12,960.00

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

Total funds
Unrestricted funds		 At 30 Sept
2023
Income and
endowments
Expenditure
Net gains on
Investments
At 30 Sept 2024
£
£
£
£
5,418,131.53
93,744.72
645,583.03)
(
677,066.71
5,543,359.93
5,418,131.53
93,744.72
645,583.03)
(
677,066.71
5,543,359.93

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

17

. Acc 2024 Mac_1660 30Sept2024 Audited(76711993.1)

Brodies

Docusign Envelope ID: E783C2B1-F7C9-4988-A025-53D2237D3E7E

THE MACDAIBHIDH CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 30 September 2024

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 £8,580.00 (2023: £8,100.00) for these services. At the balance sheet date, the trust owed Brodies LLP £nil (2023: £nil).

John Davidson is a director and trustee of Tearfund, a charitable company registered in England and Wales. During the year The MacDaibhidh Charitable Trust made charitable donations totalling £272,000.00 (2023: £172,070.00) to Tearfund.

John Davidson is a director of Tearfund USA, Inc., a US not-for profit 501(c)(3) corporation, to which the trust made donations totalling £nil in the year (2023: £nil). Tearfund USA is not a subsidiary of Tearfund, but is an independent US charity.

Alison Davidson was appointed on 23 May 2022 as a member (and hence as a trustee) of The Parochial Church Council of the Ecclesiastical Parish of All Saints, Bakewell with St Anne, Over Haddon (registered charity No 1133846 in England and Wales) which received regular monthly donations as a beneficiary of the trust amounting to £13,884.44 during the year (2023: £13,146.40).

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

Net movement in funds
Dividends & interest received
Net (gains) / losses on investments
(Increase)/decrease in debtors
Increase/(decrease) in creditors		 2024
2023
£
£
125,228.40
39,198.59
93,744.72)
(
93,426.49)
(
677,066.71)
(
477,173.25)
(
14.80)
(
-
480.00
4,160.00)
(
645,117.83)
(
535,561.15)
(

15 Post balance sheet events

At the date of approval of the financial statements on 9 April 2025, the charity’s investments were valued at £4,764,514.45, compared with £5,402,944.75 at the balance sheet date.

18

. Acc 2024 Mac_1660 30Sept2024 Audited(76711993.1)

Brodies