Docusign Envelope ID.. C35EOB13-B109476&8C5D-FF488B38937F Charity No: 1169069 THE MACDAIBHIDH CHARITABLE TRUST TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS For the year ended 30 September 2025 Brodies LLP 110 Queen Street Glasgow G13BX T: 0141248 4672 Ref.. KPI.MAC1660.2
Docusign Envelope ID.. C35EOB13-B109476&8C5D-FF488B38937F THE MACDAIBHIDH CHARITABLE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS For the year ended 30 September 2025 Contents Page Reference and administrative details of the trust, its 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 13-18 - Acc 2025 Mac 1660 30Sept2025(80169981_1).xlsx Brodies
Docusign Envelope ID.. C35EOB13-B109476&8C5D-FF488B38937F THE MACDAIBHIDH CHARITABLE TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE TRUST, ITS TRUSTEES AND ADVISORS For the year ended 30 September 2025 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 G13BX Bankers: Cater Allen Limited Cater Allen Private Bank Santander House 9 Nelson Street Bradford BD15AN Investment Advisers: VWM Wealth 95 Douglas Street Glasgow G2 4EU Auditor: Saffery LLP Statutory Auditors 9 Haymarket Square Edinburgh EH3 8RY - Acc 2025 Mac 1660 30Sept2025(80169981_1).xlsx Brodies
Docusign Envelope ID.. C35EOB13-B109476&8C5D-FF488B38937F THE MACDAIBHIDH CHARITABLE TRUST ANNUAL REPORT OF THE TRUSTEES For the year ended 30 September 2025 The trustees present their report along with the financial statements for the year ended 30 September 2025. 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 lo charitable organisalions in accordance wth the principles set out below. Notwithstanding the wide reaching charitable objects, the trusvs primary focus is on: The advancement of religion., The prevention or relief of poverty. The advancement of health or the sawng of lives; and The advancement of education. With a secondary focus on: The advancement of environmental protection or improvement. The advancement of human rights, conflict resolution or reconciliation or the promotion of religious or racial harmony or equality and diversity. and The relief of those in need, by reason of youth. age, ill-health, disability, financial hardship or other disadvantage. The trust's main activity is the provision of financial support or grants to registered charities which further the trust's wide reaching charitable objective for the benefit of the general public throughout the United Kingdom, and also intemationally where the trust is active in supporting charities. The trustees confim thal 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 charitys 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 infomiation 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 fomi 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 ihe expected monitoring and reporting obligations of successful applicants. Acc 2025 Mac 1660 30Sept2025(80169981.1).xlsx Brodies
Docusign Envelope ID.. C35EOB13-B109476&8C5D-FF488B38937F THE MACDAIBHIDH CHARITABLE TRUST ANNUAL REPORT OF THE TRUSTEES For the year ended 30 September 2025 Objectives and activities (Continued) The trustees will seek appropriate updates from the granl 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, perforniance 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 £515,207.08 (2024: £585,684.44) were agreed. Of the distributions of £515,207.08 (2024: £585.684.44) (as detailed in note 5 to the financial statements). the trustees agreed to disburse £466,007.08 (2024: £540.684.44) in furtherance of the trust's primary charitable objectives and £49.200.00 (2024= £45,000.00) 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 foard. Financial review As at 30 September 2025 the trust held investments at a market value of £5,496,986.76 plus investment cash of £72,921.07 shown within cash at bank (note 7), totalling £5,569.907.77 {2024'. £5,402,944.75 plus investment cash of £105,868.80 totalling £5.508,813.55). 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 investrnent retums as one of Ihe 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 2025 the trust had unrestricted reserves of £5,644,875.52 {2024. £5,543,359.93). Investment policy and objectives The charity seeks lo produce the best financial return wwthin an acceptable level of risk. designed to support and further the charity's charitable objects. The previous positive change investmenl 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 inveslment objective should allow the charity to at least maintain the real value of the assets. whilst funding the trustees, desired level of annual expenditure. Acc 2025 Mac 1660 30Sept2025(80169981.1).xlsx Brodies
Docusign Envelope ID.. C35EOB13-B109476&8C5D-FF488B38937F THE MACDAIBHIDH CHARITABLE TRUST ANNUAL REPORT OF THE TRUSTEES For the year ended 30 September 2025 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 charitls investment objectives the trustees and the charity's appointed investmenl 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 charitys 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 /0 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 retum (irrespective of its income or capital source) within an acceptable level of risk to distribute grants of beeen £300,000 and £600,000 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 trusvs 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 othenvise. Refence 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 statemenls for each year which give a true and fair view of the stste 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= Acc 2025 Mac 1660 30Sept2025(80169981.1).xlsx Brodies
Docusign Envelope ID.. C35EOB13-B109476&8C5D-FF488B38937F THE MACDAIBHIDH CHARITABLE TRUST ANNUAL REPORT OF THE TRUSTEES For the year ended 30 September 2025 Statement of the Trustees, Responsibilities (cont'd) select suitable accounting policies and then apply them consistently., obseNe the methods and principles in the FRS 102 Charities SORP; make judgements and estimates that are reasonable and prudent. stste whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements- and prepare the financial ststements on the going concern basis unless it is inappropriate to presume that the trust will continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the trust's transactions and disclose with reasonable accuracy at any time the financial position of the trust and to enable them to ensure thal the financial slatements comply with the Charilies 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 legularlties. In so far as the trustees are aware- There is no relevant audit information of which the charitable trust's auditor is unaware- and The trustees have taken all steps they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. Approved by the trustees and signed on their behalf on 07 January 2026 1 11: 27 AM G Signed by.. A813B4CDB3DO483 . John Davidson Trustee Acc 2025 Mac 1660 30Sept2025(80169981.1).xlsx Brodies
Docusign Envelope ID.. C35EOB13-B109476&8C5D-FF488B38937F THE MACDAIBHIDH CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES For the year ended 30 September 2025 Opinion We have audited the financial statements of The MacDaibhidh Charitable Trust for the year ended 30 September 2025 which comprise Statement of Financial Activities, Balance Sheet, Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporling framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102. the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements- give a true and fair view of the state of the chariws affairs as at 30 September 2025 and of its incoming resources and application of resources for the year then ended. have been properly prepared in accordance with Uniled Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial 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 obtsined 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 charitys ability to continue as a going concern for a period of at least e1ve 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 infomiation The trustees are responsible for the other infomiation. 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 malerial 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. Acc 2025 Mac 1660 30Sept2025(80169981.1).xl%x Brodies
Docusign Envelope ID.. C35EOB13-B109476&8C5D-FF488B38937F THE MACDAIBHIDH CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES For the year ended 30 September 2025 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 Ihe Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion- the information given in the Trustees, Annual Report is inconsistent in any material respect with the financial statements., or the charity has not kept sufficient accounting records., or the financial statements are not in agreement with the accounting records and returns- or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Trustees. Responsibilities 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 neSSary 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 altemative but to do so. Auditorfs 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 charitys 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 signwficance 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 Ihe 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 Complian wrth 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 charitls 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. Acc 2025 Mac 1660 30Sept2025(80169981.1).xl%x Brodies
Docusign Envelope ID.. C35EOB13-B109476&8C5D-FF488B38937F THE MACDAIBHIDH CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES For the year ended 30 September 2025 Audit response to risks identified (cont'd): During the planning meeting, the engagement team discussed 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 identify]'ng 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. reviews 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 detecling 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.uklauditorsresponsibilities. 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 Ihem in an auditor's report and for no other purpose. To Ihe fullest extent pertnitted by law, we do not accept or assume responsibility lo 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: 8 lanuary 2026 Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006. Acc 2025 Mac 1660 30Sept2025(80169981.1).xl%x Brodies
Docusign Envelope ID.. C35EOB13-B109476&8C5D-FF488B38937F THE MACDAIBHIDH CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES For the year ended 30 September 2025 Note 2025 Total 2024 Total Investment income Dividends and interest from investments Interest on cash deposits 72,164.59 5,500.01 88,754.51 4,990.21 Total income 77,664.60 93,744.72 Expenditure Cost of raising funds Investment management costs 39,640.56 41,456.54 Investment management costs 39,640.56 41,456.54 Charitable activities Grants Support costs Administration costs Governance costs- audit 515,207.08 585,684.44 10,051.55 10,320.00 8,602.05 9,840.00 Cost of grant making 535,578.63 604,126.49 Total expenditure 575,219.19 645,583.03 Gainsl(losses) on investments realised unrealised 74,041.45 525,028.73 618,084.90 58,981.81 Net income and net movement in funds 101,515.59 125,228.40 Reconciliation of Funds Fund balances brought forward at 30 September 2024 Fund balances carried fOard at 30 September 2025 5,543,359.93 5,418,131.53 5,644,875.52 5,543,359.93 All activities of the trust relate to continuing operations. The notes on pages 13 to 18 form part of these financial stalements . Acc 2025 Mac 1660 30Sept2025(80169981.1).xlsx 10 Brodies
Docusign Envelope ID.. C35EOB13-B109476&8C5D-FF488B38937F THE MACDAIBHIDH CHARITABLE TRUST BALANCE SHEET As at 30 September 2025 Note 2025 2024 Fixed assets Investments 5.496,986.76 5,402.944.75 Current assets Cash at bank Debtors 162,408.66 0.10 153,840.38 14.80 162,408.76 153,855.18 Creditors: amounts falling due within one year 14,520.00 13,440.00 Net current assets 147,888.76 140.415.18 Total assets less Gurrent liabilities 5.644,875.52 5,543,359.93 Net assets 5.644,875.52 5,543.359.93 Funds of the Trust Unrestricted funds 5,644,875.52 5,543,359.93 The financial statements were authorised for approval by the trustees on 07 January 2026 1 11: 27 AM GMT and are signed on their behalf by: Signed by.. A813B4CDB3DtM63.. John Davidson Trustee The notes on pages 13 to 18 fonn part of these financial statements . Acc 2025 Mac 1660 30Sept2025(80169981.1).xlsx Brodies
Docusign Envelope ID.. C35EOB13-B109476&8C5D-FF488B38937F THE MACDAIBHIDH CHARABLE TRUST STATEMENT OF CASH FLOWS For the year ended 30 September 2025 Note 2025 2024 Net cash {utilised)Iprovided by operating activities 13 574,124.49) 645,117.831 Cash flows from investing activities.. Dividends Interest Purchase of investments Proceeds from sale of investments Net cash used in investing activities 72,164.59 5,500.01 { 1.198,916.42) 1.703.944.59 582.692.77 88,754.51 4,990.21 11,127,530.981 11.682.030.43 648,244.17 Increasel{decrease} in cash and cash equivalents in period 8,568.28 3,126.34 Cash and cash equivalent brought forward 153,840.38 150,714.04 Cash and cash equlvalents carrled forward 162,408.66 153,840.38 Analysis of changes in net debt Other non<ash changes At 1 October 2024 Cash Flows 2025 Cash al bank and in hand Debt due within 1 year Debt due after 1 year 153.840.38 13.440.00 8.568.28 1.080.00 162,408.66 14,520.00 167.280.38 9,648.28 176,928.66 The notes on pages 13 to 18 fomi part of these financial statements . Acc 2025 Mac 1660 30Sept2025(80169981.11.xlsx 12 Brodies
Docusign Envelope ID.. C35EOB13-B109476&8C5D-FF488B38937F THE MACDAIBHIDH CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 September 2025 1 General infomiation These financial statements are presented in pounds sterling (GBP) as that is the cUencY 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 wodd. The MacDaibhidh Charitable Trust is an unincorporated charity in the United Kingdom and is registered in England and Wales. The address of the Irust'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 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" {FRS1021. the Slalement of Recommended Practice {SORPI "Accounting and Reporling by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102)" and the Charities Art 2011. 3 Prlnclpal accountlng pollcles The principal accour)ting 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, wth the exptIOn thal investments are included at market value in accordance wth applicable Accounting Standards in the United Kingdom. The trust was established on 11 July 2016. The trusl meets the definition of a public benefit entity as defined by FRS 102. Assets and liabililies are initially recognised at historical cost or transaction value unless OtheiSe ststed in the relevant accounting policy. Going Concem The trustees consider that there are no material uncerlainties about the trust's ability to continue as a going concem. With respect to the next two reporting peri¢)ds, 2025-26 and 2026-27, the most significant areas of uncertainty that affect Ihe arrying value of assets held by the trust are the level of investment return and the performance of investment maetS (see the investment policy and performance risk management sections of the trustees, annual report for more information). Currently the charity has a heallhy financial reserves position. Income recognition Donations are included in full in the Statement of Financial Activities vthen the trust becomes entitled to the funds. it is probable that the income will be Ceived. and the amount can be measured reliably. Income from investments and deposits is credited to the Statement of Financial Activities in the period in lch 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 expendilure comprises those costs incurred by the trust in the delivery of its activities. It includes both costs that can be allocated diredy to such activities and those costs of an indirect nature, necessary to support them. Govemance costs include those costs associated with meeting the constitLrtional and statutory requirements of the trust. . Acc 2025 Mac 1660 30Sept2025180169981.11.xlsx 13 Brodies
Docusign Envelope ID.. C35EOB13-B109476&8C5D-FF488B38937F THE MACDAIBHIDH CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 September 2025 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 accounis receivable and payable. Debt instruments (other than those wholly repayable or receivable wthin one yearl, including loans and other accounts re1vable and payable. are initially measured at the present value of Ihe fulure cash flows and subsequently at arnortised cost using the effective inleresl method. Debt inslruments 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 onsideration, expected to be paid or received. However. if the arrangements of a short-term instrument wnstitute a financing Iransaction. like the payment of a trade debt deferred beyond normal business terms or finar)ced at a rate of interest thal is not a market rale or in the case of an out-right short-term loan not at market rate, Ihe financial assel or liability is measured, initially, at the present value of the future cash flow discounted at a market rale of interest for a similar debt instnjment and subsequently at amortised cost. Financial assets are derecognised en contractual rights to the cash flows from the assets expire, or when the Irust has transferred substsntially all the risks and rewards of ownership. Financial liabilities are derecognised only once the liability has been exiinguished through discharge, cancellation or expiry. Cash and cash equivalents Cash held includes cash and short tenn highly liquid deposits a short maturity of hvelve months or less from the date of opening of the deposit or similar account. Creditors Short term creditors are measured at transaction price. VA T 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 reiVed employee benefits over £60,000 in the year. No trustees were paid any remuneration or expenses from the trust. . Acc 2025 Mac 1660 30Sept2025180169981.11.xlsx 14 Brodies
Docusign Envelope ID.. C35EOB13-B109476&8C5D-FF488B38937F THE MACDAIBHIDH CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 September 2025 5 Charitable expenditure Grants: The advancement of religion. The prevention or relief of poverty- The advancement of health or the saving of lives. The advanment of education. 2025 2024 73,507.08 314.200.00 77,700.00 600.00 67,284.44 396,700.00 76,100.00 600.00 466,007.08 The advancement of environrnental protection or improvement. The advancement of human rights, conflict resolution or reconciliation or the promotion of religious or racial hamiony or equality and diversity. The relief of those in need. by reason of yOLrth. age. ill-health. disability, financial hardship or olher disadvantage. 15.600.00 16,100.00 3,600.00 3,600.00 30.000.00 49,200.00 25,300.00 515,207.08 585,684.44 Support costs Adminislralion Investment management Governance costs - audit fee and accounting advice Total cost of grant making 10,051.55 39,640.56 49,692.11 10,320.00 575,219.19 50,058.59 9,840.00 645,583.03 2025 Totsl Donations agreed to: Monthly One Off All Sainls PCC, Bakewell Azalea Big Give Trust Brain and Spine Foundation Campaign For Better Transport Camphill Village Trust Care International Centre for Aternative Technology Charity Christians Against Povety Compassion In World Faming Crisis Cyclists Defence Fund Garden Organic Helen And Douglas House High Peak Food Bank International Health Partners UK Knysna Education Trust Mercy Ships- UK Microloan Foundation Mothers Union Mosaic Middle East Nuneaton United Refomied Church Practical Action St Alban's and Hertsmere Women's Refuge St Albans and Harpenden Christian Education St Mary's PCC. Peckham 14,307.08 1,200.00 14,307.08 1,200.00 25,000.00 4,000.00 3,000.00 600.00 26,000.00 6,000.00 1,500.00 600.00 1,200.00 600.00 3,000.00 19,200.00 1,200.00 39,250.00 12,000.00 14,250.00 14,000.00 1,000.00 2,400.00 6,000.00 26,250.00 1,500.00 2,800.00 38,400.00 25,000.00 4,000.00 3,000.00 600.00 26.000.00 6.000.00 1,500.00 600.00 1.200.00 600.00 3,000.00 19.200.00 1.200.00 14.250.00 12,000.00 14.250.00 14.000.00 25,000.00 1,000.00 2,400.00 6,000.00 26.250.00 1.500.00 2,800.00 38.400.00 . Acc 2025 Mac 1660 30Sept2025180169981.11.xlsx 15 Brodies
Docusign Envelope ID.. C35EOB13-B109476&8C5D-FF488B38937F THE MACDAIBHIDH CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 September 2025 Charltable expendlture (cont'd) Monthly One Off Total Donations agreed to {cont'd): Sustrans Tearfund The Living Room Throw A Starfish Tiyeni Fund World Vision 3.000.00 80.000.00 1,700.00 6,450.00 12.800.00 26.000.00 3,000.00 180,000.00 1,700.00 6,450.00 12,800.00 46,000.00 100,000.00 20.000.00 340.207.08 175,000.00 515,207.08 6 Listed investments 2025 2024 Opening market value Add.. Acquisitions at cost Less.. Disposals Net unrealised gains at 30 September 2025 Closing market value at 30 September 2025 5,402,944.75 5,280,377.49 1,198,916.42 11,127,530.98 ( 1,629,903.141 (11,063,945.531 525,028.73 58,981.81 5,496,986.76 5,402,944.75 Hisloric Cost 4,934,348.20 5,343,962.93 The distribution of investments as at 30 September 2025 was = Equities 100.00 /0 5,496,986.76 100.00 % 5,496,986.76 7 Cash at bank 2025 2024 Cater Allen Private Bank VWM Wealth Wise 89,186.78 72,921.01 300.87 47,605.86 105,868.80 365.72 162,408.66 153,840.38 . Acc 2025 Mac 1660 30Sept2025180169981.11.xlsx 16 Brodies
Docusign Envelope ID.. C35EOB13-B109476&8C5D-FF488B38937F THE MACDAIBHIDH CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 September 2025 8 Debtors 2025 2024 J Davidson- cash due 0.10 14.80 0.10 14.80 9 Creditors - amounts falling due within one year 2025 2024 Accrual - Brodies LLP. management fee Accrual - audit fee 4,200.00 10,320.00 3,600.00 9,840.00 14,520.00 13,440.00 10 Financial instruments 2025 2024 Financial assets measured at fair value through profit or loss 5,496,986.76 5,402,944.75 Financial assets at amortised cost 162,408.76 153,855.18 Financial liabilities measured at amortised rnst 14,520.00 13,440.00 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. 11 Funds At 30 Sept 2024 Income and endowments Expendlture Net gains on Investments At 30 Sept 2025 Unrestricted funds 5,543,359.93 77,664.60 { 575,219.191 599,070.18 5,644,875.52 Total funds 5.543,359.93 77.664.60 { 575,219.191 599,070.18 5,644,875.52 The unrestricted funds are available to be spent for any of the purposes of the charity. . Acc 2025 Mac 1660 30Sept2025180169981.11.xlsx 17 Brodies
Docusign Envelope ID.. C35EOB13-B109476&8C5D-FF488B38937F THE MACDAIBHIDH CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 September 2025 12 Related parties John Davidson was a director and trustee of Teartund, a charilable company registered in England and Wales during the year ended 30 September 2025, and retired by rotation as a director and trustee of Tearfund on 10 December 2025. During the year, the trust made charitable donations of £180,000.00 (2024.. £272,000.00) to Tearfund. Alison Davidson is a member and trustee of The Parochial Church Council of the Ecclesiastical Parish of All Saints, Bakewell with St Anne. Over Haddon {All Saints). During the year, the tnjst made charitable donations of £14,307.88 (2024= £13.884.44) to All Saints. Brodies & Co. (Trustees) Lirnited. a trustee. is associated [ti the firm Brodies LLP. BrLNJies LLP are secretaries and solicitors to the trust. During the year Brodies LLP charged the trust £9.360.00 (2024.. £8,580.00) for these services. At the balance sheet date, the trusl owed Brodies LLP £nil (2024: £nil). 13 Reconciliation of net movements in funds to net cash flow from operating activities 2025 2024 Net movement in funds Dividends & interest received Net Igainsl I losses on inveslments Ilncrease)Idecrease in debtors Increaselldecrease} in creditors 101,515.59 125,228.40 77,664.601 93,744.721 599,070.181 1 677,066.711 14.70 14.801 1,080.00 480.00 574,124.491 1 645,117.831 14 Post balance sheet events At the date of approval of the financial statements on 16 December 2025, the charity's investments were valued at £5,476,867.63, compared with £5.496.986.76 at the balan sheet date. . Acc 2025 Mac 1660 30Sept2025180169981.11.xlsx 18 Brodies