Docusign Envelope ID: 06EE5A88-82A7-4C49-AE27-02D5E5BBD735
Charity number: 1170695
RICHARD MACKAY CHARITABLE TRUST
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Docusign Envelope ID: 06EE5A88-82A7-4C49-AE27-02D5E5BBD735
RICHARD MACKAY CHARITABLE TRUST
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the charity, its trustees and advisers | 1 |
| Trustees' Report | 2 - 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8 - 14 |
Docusign Envelope ID: 06EE5A88-82A7-4C49-AE27-02D5E5BBD735
RICHARD MACKAY CHARITABLE TRUST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024
Trustees
R Mackay A Mackay A Cook
Charity registered number
1170695
Principal office
6 Beaumanor Drive Woodhouse Loughborough LE12 8TX
Accountants
Grant Thornton UK LLP Chartered Accountants Victoria House 199 Avebury Boulevard Milton Keynes MK9 1AU
Bankers and investment managers
Barclays Bank Plc 1 Churchill Place Canary Wharf London E14 5HP
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Docusign Envelope ID: 06EE5A88-82A7-4C49-AE27-02D5E5BBD735
RICHARD MACKAY CHARITABLE TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
The trustees present their report together with the financial statements of the charity for the year 1 January 2024 to 31 December 2024. 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 year and the financial position of the trust at the year end.
During the year the charity made grants of £618,970 (2023: £355,655) in accordance with the objectives of the charity. Grants have been provided to a wide variety of charitable causes in line with the Trust Deed.
There was net expenditure before movements on investments for the year amounting to £613,852 (2023: £363,297).
Net gains on investments amounted to £256,084 (2023: £374,077) and at 31 December 2024 funds amounted to £2,701,459 (2023: £3,059,227).
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.
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RICHARD MACKAY CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
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. 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 year and as at 31 December 2024 were as follows:
R Mackay A Mackay A Cook
See page 1 for the charity's registered number and principal office address.
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.
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Docusign Envelope ID: 06EE5A88-82A7-4C49-AE27-02D5E5BBD735
RICHARD MACKAY CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
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' Annual 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, including the income and expenditure, 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;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
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: 15/8/2025
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RICHARD MACKAY CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
Independent Examiner's Report to the Trustees of Richard Mackay Charitable Trust for the year ended 31 December 2024
I report to the trustees on my examination of the accounts of Richard Mackay Charitable Trust for the year ended 31 December 2024.
Responsibilities and basis of report
As the charity trustees of the Charity, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the charity's accounts as carried out under section 145 of the 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 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matter has come to my attention in connection with the examination which gives me reasonable cause to believe that in any material respect:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the accounts do not accord with these records.
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 accounts to be reached.
Our report is made solely to the Charity’s trustees, as a body, in accordance with section 154 of the Charities Act 2011. Our 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 independent examiner's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity’s Trustees as a body, for our work or for the independent examiner’s report, or for the opinions we have formed.
Christopher Bagnall FCA The Institute of Chartered Accountants in England and Wales Grant Thornton UK LLP Chartered Accountants Milton Keynes Date: 15/8/2025
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RICHARD MACKAY CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024
| Note Income from: Investments 2 Total income Expenditure on: Raising funds 3 Charitable activities: Grants 4 Support costs - governance 5 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 2024 £ 36,401 36,401 25,283 618,970 6,000 650,253 256,084 (357,768) 3,059,227 (357,768) 2,701,459 |
Total funds 2024 £ 36,401 36,401 25,283 618,970 6,000 650,253 256,084 (357,768) 3,059,227 (357,768) 2,701,459 |
Total funds 2023 £ 30,474 |
|---|---|---|---|
| 30,474 | |||
| 31,516 355,655 6,600 |
|||
| 393,771 | |||
| 374,077 | |||
| 10,780 | |||
| 3,048,447 10,780 |
|||
| 3,059,227 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
All amounts relate to continuing activities.
The notes on pages 8 to 14 form part of these financial statements.
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Docusign Envelope ID: 06EE5A88-82A7-4C49-AE27-02D5E5BBD735
RICHARD MACKAY CHARITABLE TRUST
BALANCE SHEET AS AT 31 DECEMBER 2024
| Unrestricted | Unrestricted | Unrestricted | |||
|---|---|---|---|---|---|
| funds | funds | ||||
| 2024 | 2023 | ||||
| Note | £ | £ | |||
| Fixed assets | |||||
| Investments | 8 | 2,612,896 | 2,735,831 | ||
| Current assets | |||||
| Debtors: amounts falling due within one year | 9 | 6,021 | 2,820 | ||
| Cash at bank and in hand | 97,157 | 332,747 | |||
| 103,178 | 335,567 | ||||
| Creditors: amounts falling due within one | |||||
| year | 10 | (14,615) | (12,171) | ||
| Net current assets | 88,563 | 323,396 | |||
| Total net assets | 2,701,459 | 3,059,227 | |||
| Charity funds | |||||
| Unrestricted funds | 11 | 2,701,459 | 3,059,227 | ||
| Total funds | 2,701,459 | 3,059,227 |
The financial statements were approved and authorised for issue by the trustees and signed on their behalf by:
R Mackay
Trustee Date: 15/8/2025
The notes on pages 8 to 14 form part of these financial statements.
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Docusign Envelope ID: 06EE5A88-82A7-4C49-AE27-02D5E5BBD735
RICHARD MACKAY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
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) 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.
See page 1 for the charity's registered number and principal office address.
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. 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.
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Docusign Envelope ID: 06EE5A88-82A7-4C49-AE27-02D5E5BBD735
RICHARD MACKAY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
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 Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the reporting date.
Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.
Exchange gains and losses are recognised in the Statement of Financial Activities.
1.7 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 ‘Net gains on investments’ in the Statement of financial activities.
1.8 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.
1.9 Debtors
Debtors are recognised at the settlement amount after any discount offered.
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Docusign Envelope ID: 06EE5A88-82A7-4C49-AE27-02D5E5BBD735
RICHARD MACKAY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. Accounting policies (continued)
1.10 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.
1.11 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.
1.12 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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
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. Investment income
| Unrestricted funds 2024 £ Dividends from listed investments 25,670 Interest receivable 11,175 Foreign exchange (444) 36,401 |
Total funds 2024 £ 25,670 11,175 (444) 36,401 |
Total funds 2023 £ 25,137 5,716 (379) |
|---|---|---|
| 30,474 |
3. Raising funds
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2024 | 2024 | 2023 | |
| £ | £ | £ | |
| Investment management costs | 25,283 | 25,283 | 31,516 |
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Docusign Envelope ID: 06EE5A88-82A7-4C49-AE27-02D5E5BBD735
RICHARD MACKAY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
4. Analysis of grants
| Grants to | Total | Total | |
|---|---|---|---|
| Institutions | funds | funds | |
| 2024 | 2024 | 2023 | |
| £ | £ | £ | |
| Grants | 618,970 | 618,970 | 355,655 |
There were no grants to individuals in 2024 or 2023. No support costs have been allocated to grant making activities.
The charity has made the following material grants to institutions during the year:
| Name of institution Leicester Hospitals Charity The Centre for Social Justice Innovation UK Cope Children's Trust (Rainbows Children's Hospice) Support Dogs Limited Teenage Cancer Trust MNDA - Motor Neurone Disease Association Love4Life Loughborough Wellbeing Centre Melton And District Money Advice Centre (MDMAC) LIFE MULTI ACADEMY TRUST Clean Slate Solutions Myeloma UK Boathouse Youth Ltd New Beginnings Foundation One Eighty Charity Macular Society The Aspire Program BJ Trust Bamboozle Theatre Co. Kilworth House |
2024 £ 213,465 100,000 60,000 37,600 36,380 25,525 25,000 25,000 25,000 20,000 10,000 10,000 10,000 10,000 10,000 1,000 - - - - 618,970 |
2023 £ - 100,000 60,000 25,000 36,380 31,000 25,000 25,000 20,000 - - - - - - 1,000 15,000 7,789 7,500 1,986 |
|---|---|---|
| 355,655 |
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Docusign Envelope ID: 06EE5A88-82A7-4C49-AE27-02D5E5BBD735
RICHARD MACKAY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
5. Support costs - governance
| Independent examiner's fees Accountancy |
2024 £ 2,205 3,795 6,000 |
2023 £ 2,100 4,500 6,600 |
|---|---|---|
6. Staff costs
There were no employees of the charity during the year (2023: None). No employees received emoluments exceeding £60,000 per annum (2023: None).
7. Trustees' remuneration and expenses
During the year, no trustees received any remuneration or other benefits (2023 - £NIL) .
During the year ended 31 December 2024, no trustee expenses have been incurred (2023 - £NIL) .
8. Fixed asset investments
| Cost or valuation At 1 January 2024 Additions Disposals Revaluations At 31 December 2024 |
Listed investments £ 2,735,831 482,721 (822,227) 216,571 |
|---|---|
| 2,612,896 |
The historical cost of the investments amounts to £2,167,083 (2023 - £2,473,566).
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Docusign Envelope ID: 06EE5A88-82A7-4C49-AE27-02D5E5BBD735
RICHARD MACKAY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
9. Debtors: amounts falling due within one year
| Other debtors Prepayments and accrued income |
2024 £ 172 5,849 6,021 |
2023 £ 295 2,525 |
|---|---|---|
| 2,820 |
10. Creditors: amounts falling due within one year
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Accruals | 14,615 | 12,171 |
11. Statement of funds
| Balance at | |||||
|---|---|---|---|---|---|
| Balance at 1 | 31 | ||||
| January | Gains/ | December | |||
| 2024 | Income | Expenditure | (Losses) | 2024 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| Reserves | 3,059,227 | 36,401 | (650,253) | 256,084 | 2,701,459 |
| Statement of funds - prior year | |||||
| Balance at | |||||
| Balance at | 31 | ||||
| 1 January | Gains/ | December | |||
| 2023 | Income | Expenditure | (Losses) | 2023 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| Reserves | 3,048,447 | 30,474 | (393,771) | 374,077 | 3,059,227 |
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Docusign Envelope ID: 06EE5A88-82A7-4C49-AE27-02D5E5BBD735
RICHARD MACKAY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
12. Related party transactions
During the year the Trust made grants to The Centre for Social Justice of £100,000 (2023 - £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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