**Charity number: 1170695**
## **RICHARD MACKAY CHARITABLE TRUST**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 DECEMBER 2020**
## **RICHARD MACKAY CHARITABLE TRUST**
## **CONTENTS**
||Page|
|---|---|
|**Reference and administrative details of the charity, its trustees and advisers**|1|
|**Trustees' report**|2 - 4|
|**Independent auditor's report on the financial statements**|5 - 8|
|**Statement of financial activities**|9|
|**Balance sheet**|10|
|**Statement of cash flows**|11|
|**Notes to the financial statements**|12 - 19|
**RICHARD MACKAY CHARITABLE TRUST**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2020**
## **Trustees**
R Mackay A Mackay A Cook
## **Charity registered number**
1170695
## **Principal office**
6 Beaumanor Drive Woodhouse Loughborough LE12 8TX
## **Independent auditor**
The Rowleys Partnership Ltd Chartered Accountants Statutory Auditor Charnwood House Harcourt Way Meridian Business Park Leicester LE19 1WP
## **Bankers and investment managers**
Barclays Bank Plc 1 Churchill Place Canary Wharf London E14 5HP
Page 1
**RICHARD MACKAY CHARITABLE TRUST**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2020**
The trustees present their report together with the audited financial statements of the charity for the year 1 January 2020 to 31 December 2020. The trustees confirm that the trustees' report and financial statements of the charity comply with the current statutory requirements, the requirements of the charity's governing document and the provisions of the Statement of Recommended Practice (SORP), 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**
## **a. Policies and objectives**
The objectives of the charity are to hold the trust fund and the income thereof upon trust to apply the same at such time or times and in such manner as the trustees in their absolute discretion think fit and for the benefit of such Registered Charities located in the United Kingdom as they the trustees again in their absolute discretion shall decide.
In setting objectives and planning for activities, the trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
## **b. Grant-making policies**
The charity's grant making policy is to support a limited number of causes known to the trustees. Unsolicited applications are not normally considered.
The trustees have sought to benefit the public through a range of grants to charitable causes within the conditions of the trust deed.
## **Achievements and performance**
## **a. Review of activities and financial review**
The attached financial statements give details of the financial transactions in the period and the financial position of the trust at the period end.
During the year the charity made donations of £402,600 (2019 - £363,100) in accordance with the objectives of the charity.
There was net income before movements on investments for the year amounting to £127,350 (2019 - £200,547).
Net gains on investments amounted to £419,020 (2019 - £447,568) and at 31 December 2020 funds amounted to £3,808,393 (2019 - £3,262,023).
There were no fund raising activities in the year, and it is the trustees' general policy not to engage in fund raising activities.
## **b. Investment policy**
The trustees' investment policy is to look for capital growth and also to generate sufficient income each year to enable the trustees to make donations such as they see fit.
Page 2
**RICHARD MACKAY CHARITABLE TRUST**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020**
## **Other policies**
## **a. Going concern**
The trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Other than the potential effect on investment valuations, the impact of Covid-19 on the Trust is relatively minimal. The Trust has confirmed that it has adequate cash and investment resources for at least the next 12 months from the date of signing these accounts and for this reason it continues to adopt the going concern basis in preparing the financial statements.
## **b. Reserves policy**
It is not the policy of the charity to hold reserves committed or designated for specific purposes. The trustees intend that all funds generated from investments should be paid out in furtherance of the charity's objectives as soon as appropriate causes can be evaluated.
## **c. Principal funding**
The trustees are satisfied that the charity's funds are available and adequate to fulfil its obligations.
## **Structure, governance and management**
## **a. Constitution**
The trust is an unincorporated charity established under a Trust Deed dated 14 September 2016. The charity was registered with the Charity Commission with effect from 12 December 2016.
The trustees throughout the period and as at 31 December 2020 were as follows:
R Mackay A Mackay A Cook
## **b. Methods of appointment or election of trustees**
The power to appoint and remove trustees is vested with the trustees.
## **c. Organisational structure and decision-making policies**
The trustees have the same full and unrestricted powers of investing and transferring investments as if they are beneficially entitled to the trust fund.
## **d. Policies adopted for the induction and training of trustees**
The trustees are mindful of their duties in connection with the recruitment and training for trustees.
Page 3
**RICHARD MACKAY CHARITABLE TRUST**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020**
## **Structure, governance and management (continued)**
## **e. Risk management**
The trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
## **Statement of trustees' responsibilities**
The trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and regulations.
The Charities Act 2011 requires the trustees to prepare financial statements for each financial year. The trustees have to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. 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 of the charity for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP (FRS 102);
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and 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 order of the members of the board of trustees and signed on their behalf by:
R Mackay Trustee Date: 27 September 2021
Page 4
**RICHARD MACKAY CHARITABLE TRUST**
## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF RICHARD MACKAY CHARITABLE TRUST**
## **Opinion**
We have audited the financial statements of Richard Mackay Charitable Trust (the 'charity') for the year ended 31 December 2020 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows, and the related notes, including a summary of 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:
- give a true and fair view of the state of the charity's affairs as at 31 December 2020 and of its incoming resources and application of resources for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. 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.
Page 5
**RICHARD MACKAY CHARITABLE TRUST**
## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF RICHARD MACKAY CHARITABLE TRUST (CONTINUED)**
## **Other information**
The trustees are responsible for the other information. The other information comprises the information included in the Trustees' Report set out on pages 2 to 4, 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
## **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 Act 2011 requires us to report to you if, in our opinion:
- the information given in the Trustees' Report is inconsistent in any material respect with the financial statements; or
- sufficient accounting records have not been kept; 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 page 4, 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.
Page 6
**RICHARD MACKAY CHARITABLE TRUST**
## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF RICHARD MACKAY CHARITABLE TRUST (CONTINUED)**
## **Auditor's responsibilities for the audit of the financial statements**
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 instances 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 is detailed below:
- We obtained an understanding of the legal and regulatory frameworks that are applicable to the charity and determined that the most significant which are directly relevant to specific assertions in the financial statements are those related to the financial reporting frameworks (Statement of Recommended Practice (SORP), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), Charities Act 2011) in the jurisdiction in which the charity operates.
- We enquired of management, whether they were aware of any instances of non-compliance with laws and regulations or whether they had any knowledge of actual, suspected or alleged fraud;
- We assessed the susceptibility of the entity’s financial statements to material misstatement, including how fraud might occur;
- Our testing considered unusual or unexpected journal entries on a sample basis;
- We evaluated the assumptions and judgements used by management within significant accounting estimates and assessing if these indicate evidence of management bias;
- We tested significant transactions, in particular the evaluation of the rationale for any which appear unusual or outside the charity’s normal operations;
- We assessed the appropriateness of the collective competence and capabilities of the engagement team by understanding the practical experience with audit engagements of a similar nature and complexity, plus ensuring the team had appropriate and relevant training of the financial reporting framework specific to the entity.
- We reviewed the financial statements and tested the disclosures against supporting documentation.
- We communicated relevant matters to all members of the audit team to ensure they understood the risks specific to the entity and the audit procedures planned to mitigate these.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.
Page 7
**RICHARD MACKAY CHARITABLE TRUST**
## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF RICHARD MACKAY CHARITABLE TRUST (CONTINUED)**
## **Use of our report**
This report is made solely to the charity's Trustees, as a body, in accordance with Section 154 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the charity's 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 its trustees as a body, for our audit work, for this report, or for the opinions we have formed.
The Rowleys Partnership Ltd Statutory Auditor Chartered Accountants Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 Charnwood House Harcourt Way Meridian Business Park Leicester LE19 1WP
27 September 2021
Page 8
**RICHARD MACKAY CHARITABLE TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020**
|**Note**
**Income from:**
Donations
2
Investments
3
**Total income**
**Expenditure on:**
Raising funds
4
Charitable activities:
Grants
5
Support costs - governance
6
**Total expenditure**
Net gains on investments
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2020**
**£**
**512,500**
**31,174**
**543,674**
**5,264**
**402,600**
**8,460**
**416,324**
**419,020**
**546,370**
**3,262,023**
**546,370**
**3,808,393**|**Total**
**funds**
**2020**
**£**
**512,500**
**31,174**
**543,674**
**5,264**
**402,600**
**8,460**
**416,324**
**419,020**
**546,370**
**3,262,023**
**546,370**
**3,808,393**|_Total_
_funds_
_2019_
_£_
_577,973_
_30,593_|
|---|---|---|---|
||||_608,566_|
||||_35,399_
_363,100_
_9,520_|
||||_408,019_|
||||_447,568_|
||||_648,115_|
||||_2,613,908_
_648,115_|
||||_3,262,023_|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 12 to 19 form part of these financial statements.
Page 9
## **RICHARD MACKAY CHARITABLE TRUST**
## **BALANCE SHEET AS AT 31 DECEMBER 2020**
|**Note**
**Fixed assets**
Investments
9
**Current assets**
Debtors
10
Cash at bank and in hand
Creditors: amounts falling due within one
year
11
**Net current assets**
**Total net assets**
**Charity funds**
Unrestricted funds
13
**Total funds**|**103,112**
**156,745**
**259,857**
**(15,212)**|**2020**
**£**
**3,563,748**
**244,645**
**3,808,393**
**3,808,393**
**3,808,393**|_1,669_
_280,201_
_281,870_
_(14,976)_|_2019_
_£_
_2,995,129_
_266,894_|
|---|---|---|---|---|
||||||
|||||_3,262,023_|
|||||_3,262,023_|
||||||
|||||_3,262,023_|
The financial statements were approved and authorised for issue by the trustees on 27 September 2021 and signed on their behalf by:
## **R Mackay**
## Trustee
The notes on pages 12 to 19 form part of these financial statements.
Page 10
## **RICHARD MACKAY CHARITABLE TRUST**
## **STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2020**
|**Cash flows from operating activities**
Net cash (used in)/provided by operating activities (note 14)
**Cash flows from investing activities**
Dividends and interest from investments
Proceeds from sale of investments
Purchase of investments
**Net cash used in investing activities**
**Change in cash and cash equivalents in the year**
Cash and cash equivalents at the beginning of the year
**Cash and cash equivalents at the end of the year (note 15)**
The notes on pages 12 to 19 form part of these financial statements|**2020**
**£**
**(5,031)**
**31,174**
**1,219,298**
**(1,368,897)**
**(118,425)**
**(123,456)**
**280,201**
**156,745**|_2019_
_£_
_322,129_
_30,593_
_1,104,288_
_(1,232,238)_
**(97,357)**
**224,772**
_55,429_
_280,201_|
|---|---|---|
Page 11
**RICHARD MACKAY CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020**
## **1. Accounting policies**
## **1.1 Basis of preparation of financial statements**
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following the 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 issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Richard Mackay Charitable Trust meets the definition of a public benefit entity under FRS 102.
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The financial statements are presented in Sterling (£).
## **1.2 Going concern**
The trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Other than the potential effect on investment valuations, the impact of Covid-19 on the Trust is relatively minimal. The Trust has confirmed that it has adequate cash and investment resources for at least the next 12 months from the date of signing these accounts and for this reason it continues to adopt the going concern basis in preparing the financial statements.
## **1.3 Fund accounting**
General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
## **1.4 Income**
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
Page 12
**RICHARD MACKAY CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020**
## **1. Accounting policies (continued)**
## **1.5 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
Expenditure on raising funds includes all expenditure incurred by the charity to raise funds for its charitable purposes.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.
Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
## **1.6 Investments**
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
## **1.7 Interest receivable**
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.
## **1.8 Debtors**
Debtors are recognised at the settlement amount after any discount offered.
## **1.9 Cash at bank and in hand**
Cash at bank and 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.
## **1.10 Liabilities and provisions**
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt.
Page 13
**RICHARD MACKAY CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020**
## **1. Accounting policies (continued)**
## **1.11 Financial instruments**
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
Public benefit entity concessionary loans are initially measured at the amount transferred. In subsequent years the carrying amount of concessionary loans are adjusted to reflect any repayments or accrued interest receivable.
## **2. Income from donations**
||**Unrestricted**|**Total**|_Total_|
|---|---|---|---|
||**funds**|**funds**|_funds_|
||**2020**|**2020**|_2019_|
||**£**|**£**|_£_|
|Donations|512,500|**512,500**|_577,973_|
## **3. Investment income**
|**Unrestricted**
**funds**
**2020**
**£**
Llisted investments
26,187
Bank interest receivable
186
Investment income compensation
4,801
31,174|**Total**
**funds**
**2020**
**£**
**26,187**
**186**
**4,801**
**31,174**|_Total_
_funds_
_2019_
_£_
_30,184_
_409_
_-_|
|---|---|---|
|||_30,593_|
## **4. Investment management costs**
||**Unrestricted**|**Total**|_Total_|
|---|---|---|---|
||**funds**|**funds**|_funds_|
||**2020**|**2020**|_2019_|
||**£**|**£**|_£_|
|Investment management costs|5,264|**5,264**|_35,399_|
Page 14
**RICHARD MACKAY CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020**
## **4. Investment management costs (continued)**
Investment management charges in the year amount to £27,269. Deducted from this is a refund of £22,005 relating to the period January 2018 to September 2019.
## **5. Analysis of grants**
|**Grants to**
**Institutions**
**2020**
**£**
Grants
402,600
There were no grants to individuals in 2020 or 2019.
The charity has made the following grants to institutions during the year:
**Name of institution**
Dallaglio Rugby Works
The Centre for Social Justice (2 grants)
The Exaireo Trust Ltd
The BACA Charity
Teenage Cancer Trust
Samaritans
LOROS
Plan International
Twenty Twenty
Rainbows Hospice
Liberdade Community Development Trust (Youth Theatre)
Joshua Ribera Foundation CIC|**Total**
**funds**
**2020**
**£**
**402,600**
**2020**
**£**
**250,000**
**100,000**
**20,000**
**20,000**
**10,000**
**1,000**
**1,000**
**600**
**-**
**-**
**-**
**-**
**402,600**|_Total_
_funds_
_2019_
_£_
_363,100_|
|---|---|---|
|||_2019_
_£_
_40,000_
_100,000_
_20,000_
_20,000_
_-_
_-_
_-_
_600_
_150,000_
_25,000_
_5,000_
_2,500_|
||||
|||_363,100_|
Page 15
**RICHARD MACKAY CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020**
## **6. Support costs - governance**
|Audit fee
Accountancy and taxation fees|**2020**
**£**
**4,800**
**3,660**
**8,460**|_2019_
_£_
_4,800_
_4,720_|
|---|---|---|
|||_9,520_|
## **7. Staff costs**
There were no employees of the charity during the period (2019 - none).
## **8. Trustees' remuneration and expenses**
No trustees, who are the key management personnel, or persons with a family or business connection with a trustee, received remuneration in the period, directly or indirectly, from the charity (2019 - none).
No expenses were reimbursed to the trustees during the period (2019 - none).
Page 16
**RICHARD MACKAY CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020**
## **9. Fixed asset investments**
|**Cost or valuation**
At 1 January 2020
Additions
Disposals
Revaluations
**At 31 December 2020**|**Listed**
**investments**
**£**
**2,995,129**
**1,368,897**
**(1,204,154)**
**403,876**|
|---|---|
||**3,563,748**|
The historical cost of the investments amounts to £2,936,612 (2019 - £2,672,638).
Investments which comprise over 5% of the value of the portfolio are:
||**Market Value**||
|---|---|---|
||**£**|%|
|Polar Capital Funds PLC Global Technology Class|**288,330**|8.09|
|Natixis Int. Fds (Lux) I - Loomis Sayles US Growth Equity Fund|**272,219**|7.64|
|Findlay Park Funds PLC American Fund|**255,494**|7.17|
|Vulcan Value Equity Fund|**254,375**|7.14|
|Fidelity Investment Funds Asia Fund|**251,581**|7.06|
|Vanguard S&P 500 Ucits ETF|**226,961**|6.37|
|CIBC Indexed Redeemable Pref shares linked to UKX|**206,109**|5.78|
|CA Stepdown Autocall Note on Broadwalk Investments Pref share|**202,920**|5,69|
|First State Investments ICVC - Asia Pacific Leaders Fund|**189,570**|5.32|
## **10. Debtors**
||**2020**|_2019_|
|---|---|---|
||**£**|_£_|
|**Due within one year**|||
|Other debtors|**103,112**|_1,669_|
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## **RICHARD MACKAY CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020**
## **11. Creditors: Amounts falling due within one year**
|Other creditors
Accruals|**2020**
**£**
**100**
**15,112**
**15,212**|_2019_
_£_
_-_
_14,976_|
|---|---|---|
||||
|||_14,976_|
## **12. Financial instruments**
|**Financial assets**
Listed investments
Financial assets measured at amortised cost|**2020**
**£**
**3,563,748**
**156,745**
**3,720,493**|_2019_
_£_
_2,995,129_
_280,201_|
|---|---|---|
||||
|||_3,275,330_|
Financial assets measured at amortised cost comprise cash at bank.
## **13. Statement of funds**
|**Unrestricted funds**
General funds|**Balance at 1**
**January**
**2020**
**£**
**3,262,023**|**Income**
**£**
**543,674**|**Expenditure**
**£**
**(416,324)**|**Gains/**
**(Losses)**
**£**
**419,020**|**Balance at**
**31**
**December**
**2020**
**£**
**3,808,393**|
|---|---|---|---|---|---|
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**RICHARD MACKAY CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020**
## **14. Reconciliation of net movement in funds to net cash flow from operating activities**
|Net income for the period (as per Statement of Financial Activities)
**Adjustments for:**
Gains on investments
Dividends and interest
(Increase)/decrease in debtors
Increase in creditors
**Net cash (used in)/provided by operating activities**
**15.**
**Analysis of cash and cash equivalents**
Cash in hand
**Total cash and cash equivalents**
**16.**
**Analysis of changes in net debt**
**At 1**
**January**
**2020**
**£**
Cash at bank and in hand
**280,201**
**280,201**|**2020**
**£**
**546,370**
**(419,020)**
**(31,174)**
**(101,443)**
**236**
**(5,031)**
**2020**
**£**
**156,745**
**156,745**
**Cash flows**
**£**
**(123,456)**
**(123,456)**|_2019_
_£_
_648,115_
_(447,568)_
_(30,593)_
_151,085_
_1,090_
_322,129_
_2019_
_£_
_280,201_
_280,201_
**At 31**
**December**
**2020**
**£**
**156,745**
**156,745**|
|---|---|---|
## **17. Related party transactions**
During the year a donation of £410,000 (2019 - £462,378) was received from Richard Mackay, a trustee of the Trust.
During the year the Trust made donations to The Centre for Social Justice of £100,000 (2019 - £100,000). A Cook, a trustee of Richard Mackay Charitable Trust, is a director and the Chief Executive of The Centre for Social Justice.
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