THE JOHN MACLEOD CHARITABLE TRUST CHARITY COMMISSION REGISTERED NO. 1192113
STATEMENT OF ACCOUNTS
for the year ended 31 January 2024
THE JOHN MACLEOD CHARITABLE TRUST CHARITY INFORMATION
Registered Address c/o Gina Parker 30-32 Lombard Street London EC3V 9BQ Telephone: 02080422485 Trustees J.J. MacLeod Chair M.J.A. MacLeod Resigned 1 July 2023. H.G.F. MacLeod 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
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THE JOHN MACLEOD CHARITABLE TRUST TRUSTEES REPORT
for the year ended 31 January 2024
The Trustees present their report and accounts for the year ended 31 January 2024.
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.
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THE JOHN MACLEOD CHARITABLE TRUST TRUSTEES REPORT (continued)
for the year ended 31 January 2024
Summary of Main Achievements and Events
The objects of Médecins Sans Frontière (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.
Médecins Sans Frontière (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 £160,000 to this charity during the period.
Action Against Hunger UK is a global humanitarian organisation that aims to stop world hunger. They work with children under 5 and their parents and communities in 55 countries including the UK. Their aim is to prevent and treat malnutrition in children under 5. Shockingly, 45% of all child associated deaths world-wide are still related to hunger! Every day 2,000 children die from hunger related causes. Complex issues like poverty, gender inequality, climate change, conflict, global economic crisis, pandemics and poor education contribute to food insecurity around the world.
Action Against Hunger is registered with the Charity Commission of England and Wales, registration number 1047501. The charity objects are to provide increased resources to support projects that address acute malnutrition and respond to humanitarian crises. They also aim to increase the impact and quality of responses to acute malnutrition and food crises by improving accountability, coverage and sustainability and influence donors' and practitioners' policies and programmes on the responses to , and prevention of, food crises and malnutrition.
The charity granted 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 £198 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.
Financial Review
The Charitable Trust was funded by an Endowment and subsequent distributions out of capital amounting. The remaining balance on Endowment funds being £2,952,715.
Unrestricted Funds currently amount to £1,513,340, which is available for distribution to worthwhile causes when suitable applications are received and funds are available.
The level of Free Reserves is £820,823 but only £994 are available Free Reserves at 31 January 2024 and therefore distributions will be made when funds become available. This is due to delays at HMRC with agreeing what we consider to be valid Gift Aid claims
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THE JOHN MACLEOD CHARITABLE TRUST TRUSTEES REPORT (continued)
for the year ended 31 January 2024
Financial Review (continued)
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: 4 November 2024
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE
THE JOHN MACLEOD CHARITABLE TRUST
I report to the trustees on my examination of the accounts of the Charity for the year ended 31 January 2024, which are set out on pages 6 to 11.
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:
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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 those records; or
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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.
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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: 5 November 2024
K.J. Maggs B.A., F.C.A. Chartered Accountant Spalding
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THE JOHN MACLEOD CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES
for the year ended 31 January 2024
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Unrestricted Endowment 2024 2023
Funds Funds Total Total
Note £ £ £ £
INCOME
Gift Aid claimed 115 - 115 138
Grants and donations 450 - 450 550
Income from investments 2 319,804 - 319,804 300,111
TOTAL INCOME 320,369 - 320,369 300,799
EXPENDITURE
Charitable activities
Grants payable 3 160,698 - 160,698 101,150
Support costs
IT and software costs 196 - 196 173
Legal and professional fees 125 - 125 -
Independent examiner's fees 1,100 - 1,100 1,100
TOTAL EXPENDITURE 162,119 - 162,119 102,423
NET MOVEMENT IN FUNDS 158,250 - 158,250 198,376
Fund balances as at:
1 February 2023 1,355,090 2,952,715 4,307,805 4,109,429
31 January 2024 1,513,340 2,952,715 4,466,055 4,307,805
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The notes on pages 8 to 11 form part of these accounts
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THE JOHN MACLEOD CHARITABLE TRUST BALANCE SHEET
At 31 January 2024
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2024 2023
Note £ £ £ £
FIXED ASSETS
Investments 4 3,645,232 3,488,427
3,645,232 3,488,427
CURRENT ASSETS
Cash at bank 2,094 762
Gift Aid claims 815,487 815,374
Other taxes and social security 4,342 4,342
821,923 820,478
CREDITORS: Amounts falling due
within one year
Accruals and deferred income 5 1,100 1,100
NET CURRENT ASSETS 820,823 819,378
4,466,055 4,307,805
CAPITAL FUNDS
Endowment 6 2,952,715 2,952,715
INCOME FUNDS
Unrestricted 1,513,340 1,355,090
4,466,055 4,307,805
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The financial statements on pages 6 to 11 were approved by the Trustees on 4 November 2024 and signed on their behalf by:
J.J. MacLeod Chair
H.G.F. MacLeod
Trustee
The notes on pages 8 to 11 form part of these accounts
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THE JOHN MACLEOD CHARITABLE TRUST NOTES TO THE ACCOUNTS
for the year ended 31 January 2024
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.
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.
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THE JOHN MACLEOD CHARITABLE TRUST
NOTES TO THE ACCOUNTS (continued)
for the year ended 31 January 2024
1. Accounting Policies (continued)
(d) Expenditure recognition (continued)
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
2. Investment Income
| Loan interest 3. Grants Payable in furtherance of the Charity's Objects Médecins Sans Frontière (UK) / Doctors Without Borders Refugee Council Action Against Hunger UK Alice's Arc The Robin MacLeod Charitable Trust Other small donations |
2024 £ 319,804 2024 £ 160,000 - 500 - 198 - 160,698 |
2023 £ 300,111 2023 £ 50,000 50,000 - 1,000 - 150 101,150 |
|---|---|---|
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THE JOHN MACLEOD CHARITABLE TRUST
NOTES TO THE ACCOUNTS (continued) for the year ended 31 January 2024
4. Investments
| Loans Year ended 31 January 2023 5. Accruals and Deferred Income Accrued expenses 6. Endowment Fund Fixed assets Investments Cash at bank LiveStrata Ltd - 48 months, 9% fixed rate rolling interest. 2 August 2024 Loan to Private Individual - 48 months, 10% fixed rate rolling interest. 2 August 2024 |
01/02/23 £ 2,537,294 951,133 3,488,427 3,288,316 Market value at |
Additions £ 224,837 94,968 319,805 300,111 |
£ (153,000) (10,000) (163,000) (100,000) 2024 £ 1,100 2024 £ 2,846,700 106,015 2,952,715 Disposal proceeds |
£ - - - - Movement in value |
31/01/24 £ 2,609,131 1,036,101 3,645,232 3,488,427 2023 £ 1,100 2023 £ 2,846,700 106,015 2,952,715 Market value at |
|---|---|---|---|---|---|
7. Trustees Remuneration, Expenses and Control
During the year, 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.
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THE JOHN MACLEOD CHARITABLE TRUST
NOTES TO THE ACCOUNTS (continued)
for the year ended 31 January 2024
10. Fund comparatives
| INCOME Endowment donation Gift Aid claimed Grants and donations Income from investments TOTAL INCOME EXPENDITURE Charitable Activities Grants payable Support Costs IT and software costs Legal and professional fees Independent examiner's fees Bank charges NET INCOME Transfers between funds NET MOVEMENT IN FUNDS Fund balances as at: 1 February 2022 31 January 2023 |
Funds £ - 138 550 300,111 300,799 101,150 173 - 1,100 - 102,423 198,376 - 198,376 1,156,852 1,355,228 Unrestricted |
Funds £ - - - - - - - - - - - - 2,952,577 2,952,577 Endowment |
2023 Total £ - 138 550 300,111 300,799 101,150 173 - 1,100 - 102,423 198,376 - 198,376 4,109,429 4,307,805 |
|---|---|---|---|
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