**THE JOHN MACLEOD CHARITABLE TRUST CHARITY COMMISSION REGISTERED NO. 1192113** ## **STATEMENT OF ACCOUNTS** **for the period 2 November 2020 to** **31 January 2022** ## **THE JOHN MACLEOD CHARITABLE TRUST CHARITY INFORMATION** Registered Address c/o Gina Parker 30-32 Lombard Street London EC3V 9BQ Telephone: 01133888268 Email: mark.ashton@mills-reeve.com Trustees J.J. MacLeod Chair Appointed 1 November 2020 M.J.A. MacLeod Appointed 1 November 2020 H.G.F. MacLeod Appointed 1 November 2020 Bankers Weatherbys Private Bank 22 Sackville Street Mayfair London W1S 3DN Independent Examiner K.J. Maggs B.A., F.C.A. Chartered Accountant Spalding PE11 3HE Solicitors Mills Reeve 1 City Square Leeds LS1 2ES Page 1 **for the period 2 November 2020 to 31 January 2022** ## **THE JOHN MACLEOD CHARITABLE TRUST** ## **TRUSTEES REPORT** The Trustees present their report and accounts for the period 2 November 2020 to 31 January 2022. ## **Governance and Management** **The Scheme** - The John MacLeod Charitable Trust was established by a deed dated 18 January 2020. The charity was registered with the Charity Commission, registered number 229268 on 2 November 2020. **Trustees** - The Charity is administered by Trustees and their powers are determined by the declaration of trust dated 18 January 2020. The Trust Deed states that there must be at least two trustees and at least two or one-third of the trustees (whichever is the higher) must be present at any meeting to be quorate. The trustees must not be under the age of 18 years and not be disqualified form office under the provisions of the Deed. The trustees must meet at least twice a year at which they should look to appoint the income and at their discretion all or part of the capital of the charity in furtherance of the objects. In selecting individuals for appointment as trustees, the trustees must have regard to the skills, knowledge and experience needed for the effective administration of the charity. They will receive a copy of the Trust Deed and any amendments made to it along with a copy of the charity's latest report and statement of accounts. If a vacancy occurs the trustees must note the fact in the minutes of their next meeting. Any eligible trustee may be re-appointed. If the number of trustees falls below the quorum, none of the powers or discretions conferred by the deed or by law on the trustees shall be exercisable by the remaining trustees except the power to appoint new trustees. **Risk Management** – The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the management of its investments and finances, and are satisfied that the systems in place sufficiently manage its exposure to those risks. ## **Objectives and Activities** **Objects** – The general object of the Trustees is to apply the income of the Charity in order to advance such charitable purposes (according to the law of England and Wales) as the trustees see fit from time to time. The Deed does not allow the Trustees to apply the property of the charity for purposes which are not charitable in accordance with section 7 of the Charities and Trustee Investment (Scotland) Act 2005 and/or section 2 of the Charities Act (Northern Ireland) 2008. The Trustees consider that the objectives and activities of the Charity are in accordance with the Charity Commission's general guidance on public benefit. **Area of Benefit** – This is defined within the Trust Deed as being throughout England and Wales. Grants may be made to individuals and organisations which are either registered Charities or Voluntary Bodies. Page 2 **THE JOHN MACLEOD CHARITABLE TRUST** **for the period 2 November 2020 to 31 January 2022** ## **TRUSTEES REPORT (continued)** ## **Summary of Main Achievements and Events** Medecins Sans Frontieres (UK) is also known as Doctors Without Borders and is registered in England and Wales with the Charity Commission, number 1026588. The trustees have agreed to grant £207,000 to this charity during the period. The objects of Medecins Sans Frontieres (UK) are to relieve and promote the relief of sickness and to provide medical aid to the injured and to protect and preserve good health by the provision of medical supplies, personnel and procedures calculated to overcome disease, injury or malnutrition in any part of the world in accordance with the principles espoused by the International Council of Medecins Sans Frontieres in October 1990. The **Refugee Council** is a UK based charitbale organisation which works with refugees and asylum seekers. The organisation provides support and advice to refugees and asylum seekers, as well as support for other refugee and asylum seeker organisations. The charity is registered in England and Wales with Charity Commission, number 1014576. A grant amounted to £50,000 was made during the period to assist the vulnerable refugees in the UK. **Evolve Housing + Support** is a charity registered with the Charity Commission in England and Wales, registration number 1099051. The trustees have agreed to grant £13,000 to this charity during the period. Evolve Housing + Support provides housing and support for vulnerable homeless people across the London Boroughs of Bromley, Croydon and Lambeth and the Royal Borough of Kensington and Chelsea that enables customers to gain self confidence and realise their full potential. The charity grated a payment to **The Robin MacLeod Charitable Trust** which is a related charity with trustees who are related to close relatives of the trustees of this charity, or are trustees of both. The charity was registered with the Charity Commission of England and Wales, registration number 1192118. This charity made a grant of £29,825 to the charitable trust which has general charitable objectives. The trustees will consider awarding grants to registered charities and where appropriate individuals; that can demonstrate that support is required and will be used in the most effective way to benefit others.The trust focuses on advancement of health, poverty, refugees, homelessness and animal welfare. The grant was to assist with the initial administration in establishing the charitable foundation. **Sufra NW London i** s a Community Food Bank and Kitchen, based in the London Borough of Brent, which aims to support disadvantaged families suffering food poverty in the local area. Sufra NW London is a charity registered with the Charity Commission of England and Wales, registered number 1151911 and was impacted upon severely by the Covid-19 Pandemic. The funds amounting to £1,000 are hoped to assist the charity in the furtherance of its objects. **Nepal Youth Foundation Ku** is another charity registered with the Charity Commission in England and Wales, registered number 1182261. The charity offer hope and opportunity to Nepal's most disadvantaged children by providing them with what is every child's birth right - vital healthcare, education and a nurturing home. This is another charity who's beneficiaries have been impacted upon devastatingly by the Covid-19 Pandemic which resulted in badly neglected children in Nepal. The charity made a donation of £500 to a connection to the trustees who conducted a charity run to raised funds for NYF (UK). Page 3 ## **THE JOHN MACLEOD CHARITABLE TRUST** ## **TRUSTEES REPORT (continued)** ## **for the period 2 November 2020 to 31 January 2022** ## **Financial Review** The Charitable Trust was funded by an Endowment made by the founder amounting to £3,260,699 and subsequent distributions of capital amounting to £308,122. The remaining balance on Endowment funds being £2,952,577. Unrestricted Funds currently amount to £1,156,852, which is available for distribution to worthwhile causes when suitable applications are received. A **Grant Making** policy has been adopted by the charity which helps guide the Trustees to such applications which meet the charitable le requirements and offers the Trustees and Applicants guidance for both grant giving and applications therefor. **Reserves Policy** – The Trustees aim, in pursuing their objects, is to distribute by way of grants the whole of the Charity’s incoming resources available for the purpose within a reasonable time span after such resources are received. The Trustees see no need to have a reserves policy as such. Any balances available at a point in time are due to the cut off and awaiting confirmation of levels available. **Investments** – Investment of the Charity’s endowment funds is under the direct control of the Trustees. The current investments loans at a high commercial rate and are made to entities which are considered to be safe for both the return of funds and the relevant interest being charged. The returns available from this policy are currently over and above a 'spread' investment plan and therefore considered to be beneficial to the beneficiaries. ## **Public Benefit** The trustees have considered the Charity Commission's guidance on public benefit and believe that the objects of the trust and the activities undertaken support this public benefit. The trustees consider that the full details of the public benefit have been displayed within the review of activities and the future development planned. ## **Independent Examiner** A resolution to re-appoint Mr K J Maggs as independent examiner for the ensuing year will be proposed at the annual general meeting. BY ORDER OF THE TRUSTEES ## **J.J. MacLeod** Chair Dated: **30 November 2022** Page 4 **INDEPENDENT EXAMINER'S REPORT** **THE JOHN MACLEOD CHARITABLE TRUST** ## **TO THE TRUSTEES OF THE** I report to the trustees on my examination of the accounts of the Charity for the period 2 November 2020 to 31 January 2022, which are set out on pages 6 to 10. ## **Responsibilities and basis of report** As the charity’s trustees 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 carried out under section 145 of the Act and 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** Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the Act. I confirm that I am qualified to undertake the examination because I am a member of the ICAEW, which is one of the listed bodies. 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: 1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or 2. the accounts do not accord with those records; or 3. the accounts 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. 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). 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. Dated: **30 November 2022** **K.J. Maggs** B.A., F.C.A. MOORE THOMPSON Chartered Accountants Spalding Page 5 ## **THE JOHN MACLEOD CHARITABLE TRUST** ## **STATEMENT OF FINANCIAL ACTIVITIES** ## **for the period 2 November 2020 to 31 January 2022** **----- Start of picture text -----**
Unrestricted Endowment 2022
Note Funds Funds Total
£ £ £
INCOME
Endowment donation - 3,260,699 3,260,699
Gift Aid claimed 815,236 - 815,236
Grants and donations 245 - 245
Income from investments 2 341,616 - 341,616
TOTAL INCOME 1,157,097 3,260,699 4,417,796
EXPENDITURE
Charitable activities
Grants payable 3 301,951 - 301,951
Support costs
IT and software costs 135 - 135
Legal and professional fees 5,131 - 5,131
Independent examiner's fees 1,100 - 1,100
Bank charges 50 - 50
TOTAL EXPENDITURE 308,367 - 308,367
NET INCOME BEFORE TRANSFERS 848,730 3,260,699 4,109,429
Transfers between funds 9 308,122 (308,122) -
NET MOVEMENT IN FUNDS 1,156,852 2,952,577 4,109,429
Fund balances as at:
1 February 2021 - - -
31 January 2022 1,156,852 2,952,577 4,109,429
**----- End of picture text -----**
_The notes on pages 8 to 10 form part of these accounts_ Page 6 ## **THE JOHN MACLEOD CHARITABLE TRUST** ## **BALANCE SHEET** ## **At 31 January 2022** **----- Start of picture text -----**
2022
Note £ £
FIXED ASSETS
Investments 4 3,288,316
3,288,316
CURRENT ASSETS
Cash at bank 2,635
Other debtors 24
Gift Aid claims 815,212
Other taxes and social security 4,342
822,213
CREDITORS: Amounts falling due within one
year
Accruals and deferred income 5 1,100
1,100
NET CURRENT ASSETS 821,113
4,109,429
CAPITAL FUNDS
Endowment 6 2,952,577
INCOME FUNDS
Unrestricted 1,156,852
4,109,429
**----- End of picture text -----**
The financial statements on pages 6 to 10 were approved by the Trustees on **30 November 2022** and signed on their behalf by: **J.J. MacLeod** Chair **M.J.A. MacLeod** Trustee _The notes on pages 8 to 10 form part of these accounts_ Page 7 **THE JOHN MACLEOD CHARITABLE TRUST** **NOTES TO THE ACCOUNTS** **for the period 2 November 2020 to 31 January 2022** ## **1. Accounting Policies** The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. ## **(a) Basis of preparation of financial statements** The charity constitutes a public benefit entity as defined by FRS 102. The financial statements 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice. The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the Charity. ## **(b) Funds** Unrestricted funds 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. Endowment funds represent those assets which must be held permanently by the Charity, principally investments and freehold land. Income arising on the endowment funds can be used in furtherance of the general objectives of the Charity and is included as unrestricted income. Any capital gains or losses arising on the investments or freehold land form part of the endowment funds. ## **(c) Income recognition** All incoming resources are included in the Statement of Financial Activities (SoFA) when the Charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received. Investment income is recognised in the accounts when the amount can be measured reliably and the Charity's right to receive payment is established. Grants receivable are recognised in the SoFA at fair value when all conditions for receipt have been satisfied, it is probable that the income will be received and the amount can be measured reliably. Deferred grant income represents amounts received for future periods and is released to incoming resources in the period for which it has been received. No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102). ## **(d) Expenditure recognition** Expenditure is accounted for gross on an accruals basis and has been classified under headings that aggregate all costs related to the category. Charitable activities expenditure include all resources applied by the Charity in undertaking its charitable objectives as opposed to support costs. They are the resources expended in handling applications for relief and administering grants approved by the Trustees. Page 8 **THE JOHN MACLEOD CHARITABLE TRUST** ## **NOTES TO THE ACCOUNTS (continued)** ## **for the period 2 November 2020 to 31 January 2022** ## **1. Accounting Policies (continued)** ## **(d) Expenditure recognition (continued)** Support costs are those that assist the work of the Charity but do not directly represent charitable activities and include office costs and governance costs. Donations receivable are allocated on the basis of the donors' wishes. If a specific purpose is determined then a restricted fund is established for that purpose. Grants payable are recognised in the Statement of Financial Activities when they have been approved by the Trustees and all conditions for payment have been satisfied. ## **(e) Debtors and creditors receivable/payable within one year** Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure. ## **(f) Investments** Investments are shown at their fair value at the balance sheet date (see note 4). Any movement in their fair value is recognised in the SoFA. ## **(g) Going Concern** The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements, which is sufficient with the level of reserves of the Charity to be able to continue as a going concern. ## **2. Investment Income** |Loan interest
**3.**
**Grants Payable in furtherance of the Charity's Objects**
Medecins Sans Frontieres (UK) / Doctors Without Borders
Refugee Council
The Robin MacLeod Charitable Trust
Evolve Housing + Support
Sufra NW London
Nepal Youth Foundation (UK)
Other small donations|**2022**
2021
**£**
£
341,616
341,616
-
**2022**
2021
**£**
£
207,000
-
50,000
29,825
-
13,000
-
1,000
-
500
-
626
-
301,951
-| |---|---| Page 9 ## **THE JOHN MACLEOD CHARITABLE TRUST** ## **NOTES TO THE ACCOUNTS (continued)** ## **for the period 2 November 2020 to 31 January 2022** ## **4. Investments** |**Loans**
**5.**
**Accruals and Deferred Income**
Accrued expenses
**6.**
**Endowment Fund**
Fixed assets
Investments
Cash at bank
Loan to Private Individual - 48 months, 10%
fixed rate rolling interest. 2 August 2024
LiveStrata Ltd - 48 months, 9% fixed rate
rolling interest. 2 August 2024|Purchased
in year
£
2,423,613
864,703
3,288,316|Disposal
Movement
proceeds
in value
£
£
-
-
-
-
-
-
**2022**
**£**
1,100
1,100
**2022**
**£**
2,946,700
5,877
2,952,577|**Market**
**value at**
**31/01/22**
**£**
2,423,613
864,703
3,288,316
2021
£
1,122
4,829
2021
£
526,014
388
1,254,472| |---|---|---|---| ## **7. Trustees Remuneration, Expenses and Control** During the period, no remuneration or expenses were paid to any of the Trustees. The Charity is controlled by the Trustees as a body. No individual Trustee has control over the Charity. ## **8. Related Party Transactions** John MacLeod, Chair of the trustees set up the charitable foundation with an initial Endowment of £3,260,699 plus the related gift aid claim. This was part of the proceeds from a share sale and is intended to remain in the foundation to enable investment income to generate funds for future charitable activities. The trustees have made a loan to LiveStrata Ltd, a company in which Mr. John MacLeod is the sole director and shareholder. No beneficial terms have been offered and Mr MacLeod was excluded from any relevant meetings at which the loan was discussed and terms agreed. The Robin MacLeod Charitable Trust is a related charity with related, immediate family trustees to those of this charity. ## **9. Transfers** The provisions of the Trust Deed allow the trustees to make suitable distributions out of capital when circumstances require. Page 10