Docusign Envelope ID: 6CECEFB9-A27C-4C41-B821-31F074090264Docusign Envelope ID: F8609340-07A9-45F8-9564-0853157A5D9F **Charity registration number 1170225** ## **THE MCLAY DEMENTIA TRUST** # **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024** Docusign Envelope ID: 6CECEFB9-A27C-4C41-B821-31F074090264Docusign Envelope ID: F8609340-07A9-45F8-9564-0853157A5D9F ## **THE MCLAY DEMENTIA TRUST** ## **CONTENTS** ||**Page**| |---|---| |Legal and administrative information|1| |Trustees' report|2 - 5| |Independent examiner's report|6| |Statement of financial activities|7| |Statement of financial position|8| |Statement of cash flows|9| |Notes to the accounts|10 - 16| |Schedule of investments|17 - 19| Docusign Envelope ID: 6CECEFB9-A27C-4C41-B821-31F074090264Docusign Envelope ID: F8609340-07A9-45F8-9564-0853157A5D9F ## **THE MCLAY DEMENTIA TRUST** ## **LEGAL AND ADMINISTRATIVE INFORMATION** **Trustees** Mrs Elizabeth Sandra Duggan Mr Roger Duggan Rathbones Trust Company Limited **Charity number** 1170225 **Registered office** 30 Gresham Street London EC2V 7QN **Independent Examiner** Perrys Audit Limited Churchdown Chambers Bordyke Tonbridge Kent TN9 1NR **Investment advisors** Rathbones Investment Management Limited 30 Gresham Street London EC2V 7QN **Financial advisors** Flowers McEwan Limited Stonyroyd House 8 Cumberland Road Leeds LS6 2EF - 1 - Docusign Envelope ID: 6CECEFB9-A27C-4C41-B821-31F074090264Docusign Envelope ID: F8609340-07A9-45F8-9564-0853157A5D9F ## **THE MCLAY DEMENTIA TRUST** ## **TRUSTEES' REPORT** _**FOR THE YEAR ENDED 5 APRIL 2024**_ The Trustees present their report and accounts for the year ended 5 April 2024. The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Trust's deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). ## **Objectives and activities** The McLay Dementia Trust was created by Deed dated 23rd February 2016. The objectives of the Trust is to improve the quality of life of people with dementia in care homes, in their own homes or in the community, in the United Kingdom; including the provision of support to those who care for people with dementia. The Trust supports provision of meaningful activities for people with dementia and their carers. ## **Public benefit** The Trustees have complied with the duty in section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charities Commission. ## **Grant making policy** The Trustees meet half-yearly to consider grant application requests in addition to its existing grants. They then decide upon the appropriate distribution bearing in mind the Trust's net income and capital availability as they see fit for the year ahead. ## **Grants** Thirty-six grants were made by the Trustees during the year, the recipients of the grants are listed in note 20 of these financial statements. - 2 - Docusign Envelope ID: 6CECEFB9-A27C-4C41-B821-31F074090264Docusign Envelope ID: F8609340-07A9-45F8-9564-0853157A5D9F ## **THE MCLAY DEMENTIA TRUST** ## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2024**_ ## **Investment performance** The Trust’s portfolio was £299,714 as at April 2024, in comparison to £333,503 at 5th April 2023. Over this time period there has been stock injections totalling £408,845 and cash withdrawals of £357,745. The portfolio returned 4.02% over the past 12 months ending 5th April 2024, broadly in line with the risk level 2 ARC Cautious Total Return Benchmark but did not meet the fund’s objective of beating cash rates by 2% over the long term. At the beginning of the time period, April 2023, central bank decisions were still at the forefront of investors’ minds as many economies were battling high inflation which had reached 10.1% in the UK and 4.9% in the US. The Fed’s interest rate sat at 5-5.25% whilst the UK had recently made the decision to hike rates by 50bps leaving them at 5% (which in hindsight would not be the final hike). Uncertainty surrounding future rate hikes and the potential of recessions was still a prevalent theme leading to volatility throughout both equity and bond markets. Bond yields had a turbulent year due to their high sensitivity to successive rate hikes. To provide context, interest rates and bond prices have an inverse relationship. When interest rates rise, bond prices fall, raising the yield. Whilst bonds provided a mixture of positive and negative gains over the period for the fund, the volatility allowed managers to capture attractive entry points whilst extending duration in hope to benefit when rates did eventually decline. New additions to the fund included the supernational bond issued by the International Bank for Reconstruction and Development which is a low-risk asset, offering an attractive yield and US dollar exposure which is considered a safe haven in uncertain times. The uncertainty surrounding interest rates has played a large part in relative underperformance. The ethical focus of the portfolios means there is a natural bias towards companies that are smaller in size compared to unscreened benchmarks. This is because these companies tend to be more innovative and consequentially are more sensitive to interest rates movements due to the impact on debt and interest payments. Equity markets bounced over the 12 months recouping many of the losses experienced over 2022. The market was driven by 7 US mega-techs coined the magnificent 7: Microsoft, Apple, Amazon, Nvidia, Tesla, Meta (Facebook) and Alphabet (Google). Collectively, these names returned 31% over the period in comparison to the whole S&P 500 which returned 18%. However, the fund did not experience the same level of gains from these names as it is only able to hold 2 out of the 7 names due to ethical screens, further propelling relative underperformance. Positively, exposure to Nvidia and Microsoft proved beneficial with the former finishing the final quarter of the period (Jan-March 2024) up 80% and other chip-related stocks, such as ASML and Cadence Design Systems, also benefitting from the artificial intelligence hype. Microsoft ended the time period at a near all-time high with a healthy outlook perceived as a leader in the AI development. As investors grew more confident about the chances of a ‘softer’ landing names recovery was seen in the industrial sector, as names such as Advanced Drainage Systems and Linde rallied sharply. Although performance did not keep up with its objective of beating cash by 2% it is important to note that this is a short-time period and cash rates have been unusually high. The positive absolute performance provided encouragement that although volatility continued throughout the year markets ended in a more positive direction than the previous 12 months. ## **Financial review** Total incoming resources were £413,791 (£159,435 in 2023), with £356,416 (£140,278 in 2023) being committed to charitable activities and £1,798 (£2,788 in 2023) relating to costs of raising funds, resulting in net incoming resources of £60,662 (incoming £25,627 in 2023). The total movement of resources in the year also include the realised gain in the year £3,571 (gain £12,992 in 2023) and an unrealised gain based upon the market value of the investments at the year end of £1,514 (loss £3,734 in 2023). - 3 - Docusign Envelope ID: 6CECEFB9-A27C-4C41-B821-31F074090264Docusign Envelope ID: F8609340-07A9-45F8-9564-0853157A5D9F ## **THE MCLAY DEMENTIA TRUST** ## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2024**_ ## **Reserves policy** At present, the Trustees have a balanced investment policy and distribute both income generated and reserves brought forward for their grant making program. The Trustees, based on funds committed and the anticipated strategy of offering significant levels of funding to several projects, are of the opinion that the current level of reserves will support the Trust for a further 2 to 3 years. The balance held as unrestricted reserves at 5 April 2024 was £327,780. ## **Investment policy** As there are no specific restrictions of investment powers under the governing deed, the Trustees have full discretion over the investments. The Trustees have delegated their investment powers to Rathbones Investment Management Ltd to have full discretionary day to day control of the investments. In accordance with the Trustee Act 2000, as this duty has been delegated, the Trustees have in place a policy statement that has been agreed with Rathbones Investment Management Ltd. The Trustees have reviewed current policies and do not feel any amendments are necessary. Assets have been acquired and disposed of in accordance with the powers available to the Trustees. ## **Risks** The Trustees have identified major risks and believe that appropriate action has been taken to mitigate these risks. The Trustees will continue to keep the adequacy of the systems in place under review. ## **Plans for the future** The Trustees do not envisage any significant changes to its aims and objectives and they intend to continue supporting the various causes to a similar level. ## **Structure, governance and management** The Trustees who served during the year were: Mrs Elizabeth Sandra Duggan Mr Roger Duggan Rathbones Trust Company Limited The Trust's other advisors are noted on page 1. The individuals who were directors of Rathbones Trust Company Limited were: Miss Linda Joyce Cousins (resigned 31.12.24) Mr Trevor Harris Mr James Stephen Hurrell Mr Bruce Robert Newbigging (resigned 31.12.24) Mr Alexander Richmond Mr Timothy Francis Smith (resigned 31.12.23) Mr Robert Paul Stockton Mrs Kerry Roberts ## **Decision-making structure** Grant applications and reports received from potential donees are considered three times at half-yearly meetings. A full review is undertaken at an annual meeting when the financial statements are available. Investment performance and income levels are monitored half yearly at meetings with the investment managers. - 4 - Docusign Envelope ID: 6CECEFB9-A27C-4C41-B821-31F074090264Docusign Envelope ID: F8609340-07A9-45F8-9564-0853157A5D9F ## **THE MCLAY DEMENTIA TRUST** ## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2024**_ ## **Appointment of new trustees** The power of appointing new and/or additional Trustees is vested in the Settlor during her lifetime and in her will if necessary. ## **Trustee training** The Trustees correspond and meet with their professional advisors regularly and the advisors are specifically instructed to appraise the Trustees of relevant technical issues as they arise. ## **Statement of Trustees' responsibilities** The trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations. The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing these financial statements, the trustees are required to: - a) select suitable accounting policies and apply them consistently; - b) observe the methods and principles in the Charities SORP; - c) make judgments and accounting estimates that are reasonable and prudent; - d) state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements. - e) prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue to operate. The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and 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 deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the board of trustees and signed on behalf by: Trevor tans SDese aya ............................................................. 45AECEAS6A134A8... ........................................ 52286538514D4D6... ..................................... Rog52286538514D4D5 Y **Mr Trevor Harris** ## **Rathbones Trust Company Limited** ## **Mrs Elizabeth Sandra Duggan** ## **Mr Roger Duggan** Trustee 04 March 2025 | 7:27 AM GMT Trustee 26 February 2025 | 12:28 PM G Trustee 03 arch 2025 | 8:31 PM GMT **M** T Dated: ......................... Dated: ......................... Dated:......................... - 5 - Docusign Envelope ID: 6CECEFB9-A27C-4C41-B821-31F074090264Docusign Envelope ID: F8609340-07A9-45F8-9564-0853157A5D9F ## **THE MCLAY DEMENTIA TRUST** ## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE MCLAY DEMENTIA TRUST** I report to the Trustees on my examination of the financial statements of The McLay Dementia Trust (the Trust) for the year ended 5 April 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and related notes. This report is made solely to the Charity’s Trustees, as a body, in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the Charity’s Trustees those matters I am required to state to them in this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for my work, for this report, or for the opinions I have formed. ## **Respective responsibilities of Trustees and examiner** As the Trustees of the Trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act). I report in respect of my examination of the Trust’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, I express no opinion as to whether the financial statements present a ‘true and fair’ view and my report is limited to those specific matters set out in the independent examiner’s statement. ## **Independent examiner's statement** I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: - (i) accounting records were not kept in respect of the charity as required by section 130 of the Act; or - (ii) the financial statements do not accord with those records; or - (iii) the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. **.........................................** 04 March 2025 | 11:32 AM GMT ## **Stephen Hale FCA FCCA For and on behalf of Perrys Audit Limited** Chartered Accountants Churchdown Chambers Bordyke Tonbridge Kent TN9 1NR - 6 - Docusign Envelope ID: 6CECEFB9-A27C-4C41-B821-31F074090264Docusign Envelope ID: F8609340-07A9-45F8-9564-0853157A5D9F ## **THE MCLAY DEMENTIA TRUST** ## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** _**FOR THE YEAR ENDED 5 APRIL 2024**_ |**Notes**
**Income**
Donations and legacies
**3**
Investments
**4**
Other income
**5**
**Total income**
**Expenditure**
Raising funds
**6**
Charitable activities
**7**
**Total resources expended**
**Net expenditure before investment profits**
Net profits on investments
**12**
**Net movement in funds**
Fund balances at 6 April 2023
**Fund balances at 5 April 2024**|**2024**
**£**
408,845
4,402
544
413,791
1,798
356,416
358,214
55,577
5,085
60,662
267,118
327,780|**2023**
**£**
153,546
6,089
(200)
159,435
2,788
140,278
143,066
16,369
9,258
25,627
241,491
267,118| |---|---|---| The statement of financial activities includes all gains and losses recognised in the year. The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. - 7 - Docusign Envelope ID: 6CECEFB9-A27C-4C41-B821-31F074090264Docusign Envelope ID: F8609340-07A9-45F8-9564-0853157A5D9F ## **THE MCLAY DEMENTIA TRUST** ## **STATEMENT OF FINANCIAL POSITION** ## _**AS AT 5 APRIL 2024**_ ||||**2024**|||**2023**|| |---|---|---|---|---|---|---|---| ||**Notes**|**£**||**£**|**£**||**£**| |**Fixed assets**|||||||| |Investments|**13**|||299,714|||333,503| |**Current assets**|||||||| |Debtors|**14**|208,770|||67,989||| |Cash at bank and in hand||-|||500||| |||208,770|||68,489||| |**Creditors: amounts falling due within**|**15**||||||| |**one year**||(180,704)|||(134,874)||| |Net current assets/(liabilities)||||28,066|||(66,385)| |**Total assets less current liabilities**||||327,780|||267,118| |**Income funds**|||||||| |Unrestricted funds||||327,780|||267,118| |||||327,780|||267,118| |The accounts were approved by the Trustees on .........................|||||||| |DocuSigned by:
ig
y.|Signed by:||||||| |..............................
45AECEAS6A134A8..:|...................................................
52286538514D4D5...||||..............................
(nl
52286538514D4D5...||| |**Mr Trevor Harris**|||||||| |**Rathbones Trust Company Limited**|**Mrs Elizabeth Duggan**||||**Mr Roger Duggan**||| |Trustee|Trustee||||Trustee||| - 8 - Docusign Envelope ID: 6CECEFB9-A27C-4C41-B821-31F074090264Docusign Envelope ID: F8609340-07A9-45F8-9564-0853157A5D9F ## **THE MCLAY DEMENTIA TRUST** ## **STATEMENT OF CASH FLOWS** _**FOR THE YEAR ENDED 5 APRIL 2024**_ |**2024**
**Notes**
**£**
**Cash flows from operating activities**
Cash (absorbed by)/generated from
operations
**18**
**Investing activities**
Purchase of investments
(761,535)
Proceeds on disposal of investments
743,520
Dividends and interest received
4,402
**Net cash used in investing activities**
**Net (decrease)/increase in cash and cash**
**equivalents**
Cash and cash equivalents at beginning of year
**Cash and cash equivalents at end of year**
**19**|**2023**
**£**
**£**
(43,776)
(517,444)
452,063
6,086
(13,613)
(57,389)
62,209
4,820|**£**
117,391
(59,295)
58,096
4,113
62,209| |---|---|---| - 9 - Docusign Envelope ID: 6CECEFB9-A27C-4C41-B821-31F074090264Docusign Envelope ID: F8609340-07A9-45F8-9564-0853157A5D9F ## **THE MCLAY DEMENTIA TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 5 APRIL 2024**_ ## **1 Accounting policies** ## **Charity information** The McLay Dementia Trust is an unicorporated charity. ## **1.1 Accounting convention** The accounts have been prepared in accordance with ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Second Edition)’ and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019. ## **1.2 Going concern** The trustees consider there are no material uncertainties about the Charity’s ability to continue as a going concern. The review of our financial position, reserves levels and future plans gives Trustees confidence the charity remains a going concern for the foreseeable future. ## **1.3 Charitable funds** Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives. ## **1.4 Incoming resources** Investment income is accounted for on an accruals basis in the period to which it relates. Cash donations are recognised on receipt. Other donations are recognised once the Trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Donations made in specie are accounted for at their open market value when received. ## **1.5 Debtors** Debtors are receivable at their expected settlement amount. ## **1.6 Cash and cash equivalents** Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. ## **1.7 Creditors** Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any discounts due. ## **1.8 Resources expended** Management and administration costs comprise those costs incurred in running the charity. They have been apportioned on the basis of time spent between charitable activities, cost of raising funds and governance costs. Governance costs consist of those costs associated with the overall running of the charity and meeting statutory and regulatory requirements. Grants are included in the financial statements when approved by the Trustees and notified to recipients. The value of committed grants unpaid at the year end is accrued. Grants offered that are subject to conditions that have not been met at the year end are noted as a commitment but not accrued as expenditure. - 10 - Docusign Envelope ID: 6CECEFB9-A27C-4C41-B821-31F074090264Docusign Envelope ID: F8609340-07A9-45F8-9564-0853157A5D9F ## **THE MCLAY DEMENTIA TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2024**_ ## **1 Accounting policies** ## **(Continued)** ## **1.9 Financial instruments** Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in net income/(expenditure), except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment. ## **1.10 Investments** Fixed assets investments represent listed investments which are stated at market valuation, where market value represents the mid market value on the last trading day before the year end. Any unrealised or realised gains arising from investments are accounted for in the Statement of Financial Activities. ## **2 Critical accounting estimates and judgements** In the application of the Trust’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. ## **3 Donations and legacies** |Investments donated
**4**
**Investments**
UK dividends
Foreign Interest
Unit trust interest
Foreign dividends
Fixed interest
Other income|**2024**
**£**
408,845|**2023**
**£**
153,546| |---|---|---| |||**2023**
**£**
2,437
434
2,170
451
454
143| |||| ||**2024**
**£**
4,241
-
161
-
-
-
4,402|| |||6,089| - 11 - Docusign Envelope ID: 6CECEFB9-A27C-4C41-B821-31F074090264Docusign Envelope ID: F8609340-07A9-45F8-9564-0853157A5D9F ## **THE MCLAY DEMENTIA TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2024**_ |**5**
**Other income**
Bank interest
Accrued interest
**6**
**Raising funds**
Investment management fees
**7**
**Grants payable**
Grants to institutions:
Education
Elderly
Medical & Hospices
Music & Theatre
General Charities
Other
**8**
**Support costs**
Trust management fee
Advisor fee
Independent examination fee||||**2024**
**£**
544
-
544| |---|---|---|---|---| |||||| |||**2024**
**£**
5,400
769
6,120
12,289||| |||||| ||**Support**
**costs**
**Governance**
**costs**
**£**
**£**
-
5,400
-
769
-
6,120
-
12,289|||| - 12 - Docusign Envelope ID: 6CECEFB9-A27C-4C41-B821-31F074090264Docusign Envelope ID: F8609340-07A9-45F8-9564-0853157A5D9F ## **THE MCLAY DEMENTIA TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2024**_ ## **9 Trustees** Rathbones Trust Company Limited received Trust management fees of £4,800 inclusive of VAT during the year. Other than the above, no Trustees received any remuneration, reimbursed expenses or benefits from the charity during the year. ## **10 Employees** There were no employees during the year, or previous year. ## **11 Taxation** The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. ## **12 Net gains on investments** |(Loss) / gain on revaluation of investments
Gain on sale of investments|**2024**
**£**
1,514
3,571
5,085|**2023**
**£**
(3,734)
12,992
9,258| |---|---|---| ## **13 Fixed asset investments** ||**Listed**|**Cash in**|**Total**| |---|---|---|---| ||**investments**|**portfolio**|| ||**£**|**£**|**£**| |**Cost or valuation**|||| |At 5 April 2023|271,794|61,709|333,503| |Additions|761,535|-|761,535| |Realised gain|3,571|-|3,571| |Unrealised gain|1,514|-|1,514| |Cash available to invest|-|(56,889)|(56,889)| |Disposals|(743,520)|-|(743,520)| |At 5 April 2024|294,894|4,820|299,714| |||**2024**|**2023**| |||**£**|**£**| |Listed investments||294,894|271,794| |Cash in investment portfolio||4,820|61,709| |||299,714|333,503| - 13 - Docusign Envelope ID: 6CECEFB9-A27C-4C41-B821-31F074090264Docusign Envelope ID: F8609340-07A9-45F8-9564-0853157A5D9F ## **THE MCLAY DEMENTIA TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2024**_ |**13**
**Fixed asset investments**
Historic cost of investments
**14**
**Debtors: amounts falling due within one year**
Investment proceeds receivable
**15**
**Creditors: amounts falling due within one year**
Trust management fee
Investment management fee
Advisor fee
Independent examiner fee
Other creditors|**(Continued)**
297,339
275,471
**2024**
**2023**
**£**
**£**
208,770
67,989
**2024**
**2023**
**£**
**£**
4,800
9,000
503
414
201
166
2,100
-
173,100
125,294
180,704
134,874|**(Continued)**
297,339
275,471
**2024**
**2023**
**£**
**£**
208,770
67,989
**2024**
**2023**
**£**
**£**
4,800
9,000
503
414
201
166
2,100
-
173,100
125,294
180,704
134,874| |---|---|---| |||**2023**
**£**
67,989| |||**2023**
**£**
9,000
414
166
-
125,294| |||134,874| ## **16 Unrestricted funds** The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. ||**At 6 April**|**Incoming**|**Resources**|**Gains and**|**At 5 April**| |---|---|---|---|---|---| ||**2023**|**resources**|**expended**|**losses**|**2024**| ||**£**|**£**|**£**|**£**|**£**| |General funds|267,118|413,791|(358,214)|5,085|327,780| |**Previous year:**|**At 6 April**|**Incoming**|**Resources**|**Gains and**|**At 5 April**| ||**2022**|**resources**|**expended**|**losses**|**2023**| ||**£**|**£**|**£**|**£**|**£**| |General funds|241,491|159,435|(143,066)|9,258|267,118| - 14 - Docusign Envelope ID: 6CECEFB9-A27C-4C41-B821-31F074090264Docusign Envelope ID: F8609340-07A9-45F8-9564-0853157A5D9F ## **THE MCLAY DEMENTIA TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2024**_ ## **17 Related party transactions** During the year the settlor donated investments with a value of £408,845. Rathbones Investment Management (RIM) and Rathbones Trust Company (RTC) are both wholly owned subsidiaries of Rathbones Group Plc. The investment management is undertaken by RIM at their standard terms as offered to other charities, RTC are not obliged to appoint or retain RIM as investment managers but do so on the basis that the terms and performance have been satisfactory when compared to alternative providers of investment management. The matter is monitored and kept under review to ensure that the charity receives appropriate and cost effective investment management services. The fees paid to Rathbones Investment Management Ltd totalled £1,798.19 for the year. ## **18 Cash generated from operations** |**2024**
**£**
Surplus for the year
60,662
Adjustments for:
Investment income recognised in statement of financial activities
(4,402)
Gain on disposal of investments
(3,571)
Fair value gains and losses on investments
(1,514)
Movements in working capital:
(Increase) in debtors
(140,781)
Increase in creditors
45,830
**Cash (absorbed by)/generated from operations**
(43,776)|**2023**
**£**
25,627
(6,089)
(12,992)
3,734
(18,462)
125,573| |---|---| ||117,391| **19 Cash and cash equivalents** |**Cash and cash equivalents**||| |---|---|---| |Cash at bank and in hand
Cash available to invest|**2024**
**£**
-
4,820
4,820|**2023**
**£**
500
61,709| |||62,209| - 15 - Docusign Envelope ID: 6CECEFB9-A27C-4C41-B821-31F074090264Docusign Envelope ID: F8609340-07A9-45F8-9564-0853157A5D9F ## **THE MCLAY DEMENTIA TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 5 APRIL 2024**_ ## **20 Donations made during the year** |Age UK Exeter
Age UK Brighton Hove
Age UK Westminster
Albion in the Community
Alzheimers Support
Arts 4 Dementia
Arts and Minds
ARU
BBO Wildlife
Brendoncare Foundation
CBSO
Conservation Volunteers
Daybreak
Dementia Adventure
Dementia Support
Downs Syndrome Association
Drawing Life
Edinburgh Leisure
Eric Liddell
ESO
Garden House Hospice Care
Guild Care
Halle Concerts Society
Kirrie Connections
Leeds Heritage Theatre
MEDIC Alert
Music in Hospitals & Care
Music Therapy Works
My Life Films
Newlyn Gallery
Playlist for Life
Rice
Ropetackle Arts Centre
Rowans Hospice
RSNO
Sensory Trust
Song Haven UK
Spadework Dementia
Spitz Charitable Trust
St Clare's Hospice
St George's Hospital
St Joseph's Hospice
St Johns Winchester
Time to Talk
Wakefield Hospice
University of Strathclyde
YODSP / St Georges|**2024**
**£**
9,000
10,000
10,000
6,000
10,000
15,000
-
10,000
2,000
7,176
9,000
9,000
-
-
5,000
9,000
-
25,000
20,000
8,000
-
6,000
-
10,000
5,000
15,000
10,000
9,000
9,000
5,000
9,000
9,000
-
-
-
9,000
14,000
-
-
10,000
8,000
5,000
9,000
2,950
15,000
10,000
10,000
344,126|**2023**
**£**
-
-
-
-
-
-
5,000
-
-
-
10,000
-
10,000
15,000
10,000
-
7,750
-
-
-
15,000
5,000
10,000
-
-
-
-
-
-
-
-
-
2,480
1,641
3,000
-
11,330
13,510
5,000
10,000
-
-
-
-
-
-
-| |---|---|---| |||134,711| - 16 - Docusign Envelope ID: 6CECEFB9-A27C-4C41-B821-31F074090264Docusign Envelope ID: F8609340-07A9-45F8-9564-0853157A5D9F ## ## |**Gross Income**||**£**|||||||23|||47||||6|||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |**Market Value**|**5 April 2024**|**£**||||||||||||||||||||52|||| |**Holding**|**5 April 2024**|**£**||||||||||||||||||||5,170|||| |**Unrealised**|**Profit/(loss)**|**£**||||||||||||||(6)||||||(1,915)|||| |**Realised**|**Profit/(loss)**|**£**|||932|4,928||||||(503)|||||||(449)||||||946| |**Disposals**|**Quantity**
**Proceeds**|**£**|||1,659
32,138|1,720
48,358||||||1,650
57,247|||||||5,075
16,796||||||1,075
22,468| ||**Cost**|**£**|||31,206|43,430||||||57,750||||6|||17,245||||||21,522| |**Additions**|**Quantity**||||1,659|1,720||||||1,650|||||||5,075||||||1,075| |**Market Value**|**6 April 2023**|**£**||||||||||||||||||||1,967|||| |**Holding**|**6 April 2023**||3i Group|Ordinary 73 19/22p|||Dechra Pharma|Ordinary GBP0.01||Diageo|Ordinary 28.935185p||Fund Partners Ltd|Im Wheb Sustainability B Acc Nav|||Haleon plc|£1.25 Ord shares||Home Reit Plc|Ordinary GBP0.01|5,170|Intermediate Capital Group Plc|Ordinary GBP0.2625|| Docusign Envelope ID: 6CECEFB9-A27C-4C41-B821-31F074090264Docusign Envelope ID: F8609340-07A9-45F8-9564-0853157A5D9F ## ## |**Gross Income**||**£**||||||||||161|||304|1,018|1,525|1,226|||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |**Market Value**|**5 April 2024**|**£**|||||||||||||||||||||||294,841||||| |**Holding**|**5 April 2024**|**£**|||||||||||||||||||||||310,000||||| |**Unrealised**|**Profit/(loss)**|**£**|||||||||||||||||||||||3,435||||| |**Realised**|**Profit/(loss)**|**£**|||(354)|||(4,801)|||||||16|(24)|5|(17)|313|80|163|38|673|212|2,523|||647|(1,774)| |**Disposals**|**Quantity**
**Proceeds**|**£**|||1,335
23,828|||24,145
50,974|||||||11,000
10,283|35,000
32,645|5,000
4,672|6,000
5,584|120,000
111,744|28,000
25,959|22,000
20,497|6,000
5,584|30,000
28,401|7,000
6,681|84,000
80,161|||2,800
69,639|2,624
86,970| ||**Cost**|**£**|||24,182|||55,775|||||||181,222|(319)|(1,320)|173,100||||||||||68,992|88,744| |**Additions**|**Quantity**||||1,335|||24,145|||||||196,000|||182,000||||||||||2,800|2,624| |**Market Value**|**6 April 2023**|**£**|||||||||||||266,952||||||||||||||| |**Holding**|**6 April 2023**||Ishares|Ishares FTSE 250 Fund||M&G plc|5p Ordinary Shares||Rathbone Unit Trust Management|Ethical Bond S GBP Dis|||Rathbone Unit Trust Management|Greenbank Total Return Ptf S GBP Dis|286,000|||||||||||Relx Plc|GBP0.1444||| Docusign Envelope ID: 6CECEFB9-A27C-4C41-B821-31F074090264Docusign Envelope ID: F8609340-07A9-45F8-9564-0853157A5D9F ## |||**Gross Income**||**£**||||||||92|**4,402**| |---|---|---|---|---|---|---|---|---|---|---|---|---|---| |||**Market Value**|**5 April 2024**|**£**|||||||||**294,893**| |||**Holding**|**5 April 2024**|**£**|||||||||| |||**Unrealised**|**Profit/(loss)**|**£**|||||||||**1,514**| |||**Realised**|**Profit/(loss)**|**£**|||17||||||**3,571**| |||**Disposals**|**Quantity**
**Proceeds**|**£**|||5,295
2,891||||||**743,520**| ||||**Cost**|**£**|||||||||**761,535**| |**INVESTMENT SCHEDULE**|**_FOR THE YEAR ENDED 5 APRIL 2024_**|**Holding**
**Market Value**
**Additions**|**6 April 2023**
**6 April 2023**
**Quantity**|**£**|Schroder Unit Trusts|Global Energy Transition Q1 GBP Dis|5,295
2,874|Smith & Nephew Plc||Ordinary USD0.20|Changed from Smith & Nephew Ordinary US$0.20 on 29/02/2024||**TOTAL:**
**271,793**| Docusign Envelope ID: F8609340-07A9-45F8-9564-0853157A5D9F ## **Certificate Of Completion** Envelope Id: 6CECEFB9-A27C-4C41-B821-31F074090264 Subject: The McLay Dementia Trust - Accounts 05.04.24 Source Envelope: Document Pages: 21 Signatures: 6 Certificate Pages: 3 Initials: 0 AutoNav: Enabled EnvelopeId Stamping: Enabled Time Zone: (UTC) Dublin, Edinburgh, Lisbon, London Status: Completed Envelope Originator: Yasmin Uddin 30 Gresham Street London, Europe EC2V 7QN Yasmin.Uddin@rathbones.com IP Address: 87.242.179.90 ## **Record Tracking** Status: Original 18 February 2025 | 12:07 Holder: Yasmin Uddin Yasmin.Uddin@rathbones.com Location: DocuSign ## **Signer Events** Elizabeth Sandra Duggan mclaydementiatrust@gmail.com Security Level: Email, Account Authentication (None), Authentication ## **Signature** ## **Timestamp** Sent: 18 February 2025 | 12:19 Viewed: 26 February 2025 | 12:25 Signed: 26 February 2025 | 12:28 Signature Adoption: Uploaded Signature Image Using IP Address: 77.104.172.183 ## **Authentication Details** SMS Auth: Transaction: 764c8bf9-91bf-4a41-899f-0904bcc476ea Result: passed Vendor ID: TeleSign Type: SMSAuth Performed: 26 February 2025 | 12:24 Phone: +44 7790 074223 ## **Electronic Record and Signature Disclosure:** Accepted: 26 February 2025 | 12:25 ID: 56c8acee-4558-4501-be4a-a31cd0a7c6b5 Roger Duggan Signed by: mclaydementiatrust@gmail.com Security Level: Email, Account Authentication [rope52286538514D4D5... Dusppn. (None), Authentication Signature Adoption: Pre-selected Style Using IP Address: 77.104.172.183 Sent: 26 February 2025 | 12:28 Viewed: 03 March 2025 | 12:12 Signed: 03 March 2025 | 20:31 ## **Electronic Record and Signature Disclosure:** Accepted: 03 March 2025 | 12:12 ID: f67a704c-14b9-4358-bb39-9f89346e790c Trevor Harris Trevor.HarrisRTC@rathbones.com Director [ troveASAECEAS6A134A8...DocuSigned tarvis by: Security Level: Email, Account Authentication (None) Signature Adoption: Pre-selected Style Using IP Address: 148.252.140.235 Signed using mobile Sent: 03 March 2025 | 20:31 Viewed: 04 March 2025 | 07:26 Signed: 04 March 2025 | 07:27 **Electronic Record and Signature Disclosure:** Not Offered via Docusign |**In Person Signer Events**|**Signature**|**Timestamp**| |---|---|---| |**Editor Delivery Events**|**Status**|**Timestamp**| Docusign Envelope ID: F8609340-07A9-45F8-9564-0853157A5D9F |**Agent Delivery Events**|**Status**|**Timestamp**| |---|---|---| |**Intermediary Delivery Events**|**Status**|**Timestamp**| |**Certified Delivery Events**|**Status**|**Timestamp**| |**Carbon Copy Events**|**Status**|**Timestamp**| |**Witness Events**|**Signature**|**Timestamp**| |**Notary Events**|**Signature**|**Timestamp**| |**Envelope Summary Events**|**Status**|**Timestamps**| |Envelope Sent|Hashed/Encrypted|18 February 2025 | 12:19| |Certified Delivered|Security Checked|04 March 2025 | 07:26| |Signing Complete|Security Checked|04 March 2025 | 07:27| |Completed|Security Checked|04 March 2025 | 07:27| |**Payment Events**|**Status**|**Timestamps**| |**Electronic Record and Signature**|**Disclosure**|| Docusign Envelope ID: F8609340-07A9-45F8-9564-0853157A5D9FElectronic Record and Signature Disclosure created on: 01 December 2021 | 15:25 Parties agreed to: Elizabeth Sandra Duggan, Roger Duggan ## **ELECTRONIC RECORD AND SIGNATURE DISCLOSURE (ERSD)** Please read the information below carefully and thoroughly, and if you can access this information electronically to your satisfaction and agree to this Electronic Record and Signature Disclosure (ERSD), please confirm your agreement by selecting the check-box next to **'I agree to use electronic records and signatures'** before clicking **'CONTINUE'** within the DocuSign system. Data you submit to Rathbones via DocuSign and completed documents will be held within Rathbones’ systems in line with UK and Jersey respective (applicable to Rathbone Investment Management International) Data Protection legislation and Rathbones corporate retention policy. Once signed, completed documents will be accessible for a limited period within DocuSign, these records will be deleted after 120 days – should you wish to retain your signed documents for reference, it is possible for you to download them to your preferred storage location, however as completed documents may contain Personally Identifiable Information (PII) you should exercise caution when doing so. The minimum system requirements for using the DocuSign system may change over time. The - - current system requirements are found here: https://support.docusign.com/guides/signer guide signing-system-requirements. **This communication is to be treated as confidential and the information in it may not be used or disclosed except for the purpose for which it has been issued. If you have received it by mistake please let us know, and delete it from your system.** Rathbone Investment Management Limited is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority. FCA Reference number: 116316. Rathbones Group Plc - Incorporated and registered in England and Wales. Registered Office: 8 Finsbury Circus, London EC2M 7AZ. Registered number: 01000403. Rathbone Investment Management International - Rathbone Investment Management International Limited is _**not**_ regulated by the Financial Conduct Authority or the Prudential Regulation Authority in the UK, nor subject to the provisions of the UK Financial Services and Markets Act 2000. The Financial Services Act 2012 and the protections afforded by those Acts. Rathbone Investment Management International Limited is regulated by the Jersey Financial Services Commission. **For further information on Rathbones Group Plc and its subsidiaries refer to www.rathbones.com.** ## **Certificate Of Completion** Envelope Id: F8609340-07A9-45F8-9564-0853157A5D9F Subject: The McLay Dementia Trust - Accounts 05.04.2024 Source Envelope: Document Pages: 24 Signatures: 1 Certificate Pages: 2 Initials: 0 AutoNav: Enabled EnvelopeId Stamping: Enabled Time Zone: (UTC) Dublin, Edinburgh, Lisbon, London Status: Completed Envelope Originator: Yasmin Uddin 30 Gresham Street London, Europe EC2V 7QN Yasmin.Uddin@rathbones.com IP Address: 31.14.250.247 ## **Record Tracking** Status: Original Holder: Yasmin Uddin 04 March 2025 | 10:57 Yasmin.Uddin@rathbones.com Location: DocuSign ## **Signer Events** Steve Hale hale@perry-company.co.uk Security Level: Email, Account Authentication (None) **Signature** [Sade Signature Adoption: Drawn on Device Using IP Address: 20.254.126.15 ## **Timestamp** Sent: 04 March 2025 | 11:06 Viewed: 04 March 2025 | 11:28 Signed: 04 March 2025 | 11:32 ## **Electronic Record and Signature Disclosure:** Accepted: 04 March 2025 | 11:28 ID: 8e306f0a-a322-4d22-b9a9-33090d2246c6 |**In Person Signer Events**|**Signature**|**Timestamp**| |---|---|---| |**Editor Delivery Events**|**Status**|**Timestamp**| |**Agent Delivery Events**|**Status**|**Timestamp**| |**Intermediary Delivery Events**|**Status**|**Timestamp**| |**Certified Delivery Events**|**Status**|**Timestamp**| |**Carbon Copy Events**|**Status**|**Timestamp**| |**Witness Events**|**Signature**|**Timestamp**| |**Notary Events**|**Signature**|**Timestamp**| |**Envelope Summary Events**|**Status**|**Timestamps**| |Envelope Sent|Hashed/Encrypted|04 March 2025 | 11:06| |Certified Delivered|Security Checked|04 March 2025 | 11:28| |Signing Complete|Security Checked|04 March 2025 | 11:32| |Completed|Security Checked|04 March 2025 | 11:32| |**Payment Events**|**Status**|**Timestamps**| |**Electronic Record and Signature Disclosure**|**Electronic Record and Signature Disclosure**|| Electronic Record and Signature Disclosure created on: 01 December 2021 | 15:25 Parties agreed to: Steve Hale ## **ELECTRONIC RECORD AND SIGNATURE DISCLOSURE (ERSD)** Please read the information below carefully and thoroughly, and if you can access this information electronically to your satisfaction and agree to this Electronic Record and Signature Disclosure (ERSD), please confirm your agreement by selecting the check-box next to **'I agree to use electronic records and signatures'** before clicking **'CONTINUE'** within the DocuSign system. Data you submit to Rathbones via DocuSign and completed documents will be held within Rathbones’ systems in line with UK and Jersey respective (applicable to Rathbone Investment Management International) Data Protection legislation and Rathbones corporate retention policy. Once signed, completed documents will be accessible for a limited period within DocuSign, these records will be deleted after 120 days – should you wish to retain your signed documents for reference, it is possible for you to download them to your preferred storage location, however as completed documents may contain Personally Identifiable Information (PII) you should exercise caution when doing so. The minimum system requirements for using the DocuSign system may change over time. The - - current system requirements are found here: https://support.docusign.com/guides/signer guide signing-system-requirements. **This communication is to be treated as confidential and the information in it may not be used or disclosed except for the purpose for which it has been issued. If you have received it by mistake please let us know, and delete it from your system.** Rathbone Investment Management Limited is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority. FCA Reference number: 116316. Rathbones Group Plc - Incorporated and registered in England and Wales. Registered Office: 8 Finsbury Circus, London EC2M 7AZ. Registered number: 01000403. Rathbone Investment Management International - Rathbone Investment Management International Limited is _**not**_ regulated by the Financial Conduct Authority or the Prudential Regulation Authority in the UK, nor subject to the provisions of the UK Financial Services and Markets Act 2000. The Financial Services Act 2012 and the protections afforded by those Acts. Rathbone Investment Management International Limited is regulated by the Jersey Financial Services Commission. **For further information on Rathbones Group Plc and its subsidiaries refer to www.rathbones.com.**