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2022-12-31-accounts

Charity registration number 209994

THE MACDONALD-BUCHANAN CHARITABLE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

THE MACDONALD-BUCHANAN CHARITABLE TRUST

CONTENTS

Page
Legal and administrative information 1
Trustees' report 2 - 6
Statement of trustees' responsibilities 7
Independent examiner's report 8
Statement of financial activities 9
Statement of financial position 10
Statement of cash flows 11
Notes to the accounts 12 - 18
Investment schedule 19 - 28

THE MACDONALD-BUCHANAN CHARITABLE TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr A R Macdonald-Buchanan (Chairman)
Mr H J Macdonald-Buchanan
Mrs J C Lascelles
Miss C M Lascelles
Charity number 209994
Principal office / address for appeals Rathbones Trust Company Limited
8 Finsbury Circus
London
UK
EC2M 7AZ
Independent examiner Kerry Clayton TEP FMAAT MCSI
Rathbones Trust Company Limted
Port of Liverpool Building
Pier Head
Liverpool
L3 1NW
Solicitors Currey & Co
33 Queen Anne Street
London
W1G 9HY
Investment advisors / bankers Rathbones Investment Management Limited
8 Finsbury Circus
London
EC2M 7AZ
UK

THE MACDONALD-BUCHANAN CHARITABLE TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2022

The trustees present their report and accounts for the year ended 31 December 2022.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's deed, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)”.

Objectives and activities

The trustees hold unrestricted funds from which they make donations for such charitable bodies or institutions at such times and in such manner as the trustees may, in their absolute discretion, think fit.

Other than the operation of the investment portfolio no other fund raising activity is undertaken to support the work of the charity.

The charity is essentially investment based and the trustees consider the funds held as defined as capital and income and hold those funds with a view to distributing the income generated from the investment portfolio and, as far as may be necessary, the capital for or towards the grants the trustees have decided to make.

Public benefit

The trustees have complied with the duty in section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission.

The trustees support a number of charitable organisations, as shown within note 20 to the financial statements. The trustees believe all the donations made are for the public benefit.

Charitable activities

The trust is solely involved in grant making, and as such, the activities it undertakes pertain to raising and maintaining funds for the application of its chosen grants. The trustees consider that they can continue to fulfil the terms of the trust by making grants of £25,000 to the Carriejo Charitable Trust and £25,000 to the Orrin Charitable Trust.

The trustees have committed to cover additional donations totalling £25,000 for the year to 31 December 2021 and a further £25,000 for the year to 31 December 2022 that should have been made in those respective years but could not be made because the organisation concerned could not accept the funds paid.

In addition, the trustees decided to make payments of £20,000 to The Polybio Research Foundation, £10,000 to The Red Cross Ukraine Appeal, £20,000 to Bipolar UK and £5,000 to Mary Hare Foundation.

THE MACDONALD-BUCHANAN CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Grant making policies

The trustees meet annually to review applications for funding. Only successful applicants are notified of the trustees' decision.

The trustees donated a total of £50,000 to the charitable trusts of the family so that the individual trustees can take over the responsibility for allocating the more modest donations to the national and local charities with which they or their respective family members have a close personal affinity. In this way, it is hoped that this will reduce the administration burden on the charity and reduce costs incurred in administration and accounts production.

Further to the above, the trustees also choose to make additional grants to a variety of charities. The trustees review this annually.

The remaining annual income of the charity is to be allocated by the trustees to more substantial projects. The trustees will individually research projects and bring proposals to their annual meeting for discussion and debate. It is acknowledged that some projects are likely to require significant funding and, therefore, there will be occasions when the income allocated to these projects will either need to be accumulated or committed for a number of years in order that a substantial donation can be granted. It is acknowledged that it is likely that this new regime will take a number of years in which to "bed in" but the hope is that the trustees will be able to identify two or three projects to support in order to make a contribution which would be meaningful and acknowledged as such. The trustees have committed to cover additional donations totalling £25,000 for the year to 31 December 2021 and a further £25,000 for the year to 31 December 2022 that should have been made in those respective years but could not be made because the organisation concerned could not accept the funds paid.

All appeals are reviewed by the trustees, although they favour those charities which have been introduced by family and friends, who have personal knowledge of the charity's aims. By defining the grant making policy, the trustees hope to provide a more significant benefit to successful applications.

During the year under review, the trustees resolved to make donations, as detailed in note 20 of these accounts.

Achievements and performance

During the year the trust generated sufficient income from the investments held to enable the trustees to fulfil their aim of making donations. The trustees made charitable donations during the year of £105,000 (£102,500 in 2021).

THE MACDONALD-BUCHANAN CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Investment performance

The investment objective for the Charity is for a balance between capital growth and income generation over the long-term, in line with the agreed bespoke benchmark of 50% FTSE 100, 40% FTSE All World ex UK and 10% cash, as determined by Rathbones' terms of business, in line with risk strategy 5.

As of 31 December 2022, the portfolio was valued at £3,684,488 with an estimated gross annual income of £102,676 or a yield of 2.79%. Dividends have now almost recovered fully from the impacts of Covid. As agreed, we are now aiming to produce yield of nearer 2% over the long term in favour for more growth orientated investments.

Over the year to 31st December 2022, the portfolio declined by 11.91% on a total return basis. The Benchmark Index declined by 0.64%. For information the FTSE 100, on a total return basis, rose 4.70%, the UK gilt market fell -23.83% and ARC Sterling Equity Risk, which is a peer comparator index, also fell by 11.40%.

Overall, 2022 was the worst year for financial assets since the 2008/09 era. Bond markets saw sharp falls as interest rates rose globally. Growth stocks, around the world, and medium and smaller sized companies saw sharp falls and Asian markets have also been weak due to the continued concerns over Covid in China. Most of those declines occurred in the first half of the year. While we have seen better returns from the FTSE 100 index in the second half, the partial recovery in global equities since June has been largely offset by the strength of sterling post the UK’s economic crisis induced by our mini budget.

Whilst the fund did benefit from exposure to the UK market having seen strong returns from the oil, mining and healthcare sectors, this was offset by exposure to growth assets, as well as medium sized companies across the globe, as well as exposure to Asian markets. Over the period given the uncertain macro-economic environment we reduced the equity exposure and increased exposure to diversifiers. Cash and Fixed Income represent 6%, whilst equities represent 86%; of which 41% is in the UK, 19% in the US and the remaining balance of 26% is in international equities. Diversifiers now represent 8% being renewable infrastructure funds and gold.

Of the individual stocks and funds held, the SPDR S&P 500 ETF is the only holding to exceed more that 5% of the portfolio. The holdings across the portfolio continue to be well diversified across different sectors both within the UK and overseas, generating income and capital growth, in-line with the risk profile and investment objectives of the Fund.

Financial review

Total incoming resources were £121,996 (£144,012 in 2021), with £118,896 (£119,218 in 2021) being committed to charitable activities of which £13,896 (£16,718 in 2021) relates to support and governance costs. Costs of fundraising amounted to £11,732 (£12,716 in 2021), There was an unrealised (loss) of £437,570 (gain of £242,913 in 2021) on investments and in addition an realised (loss) of £203,325 (gain of £61 in 2021) resulting in net outflow of funds of £649,527 (inflow of £255,052 in 2021).

The trustees aim to retain the capital of the charity in order to generate future income so that it may be distributed in accordance with the aims and objectives of the charity in each financial year.

Policy on Reserves

The trustees do not maintain a set amount of income as free reserves. The trustees ensure that income levels are regularly reviewed to ensure they hold sufficient funds to meet with their future objectives.

As at 31 December 2022 the balance held on unrestricted reserves was £3,975,120.

Investment policy

As there are no specific restrictions of investment powers under the governing deed, the trustees have full discretion over the investments held. The trustees have delegated their investment powers to Rathbones Investment Management Limited to have full discretionary day to day control of the investments. The trustees have in place a policy statement that has been agreed with Rathbones Investment Management Ltd. Assets have been acquired and disposed of in accordance with the powers available to the trustees.

THE MACDONALD-BUCHANAN CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Risks

The trustees are responsible for the management of the risks faced by the charity. Risks are identified, assessed and controls established throughout the year.

A formal review of the charity's risk management process is undertaken on an annual basis and the key risks identified are as follows:

Ineffective financial controls

* Investments

These risks are mitigated by engaging an independent investment manager who is regulated and in high standing in the market place.

* Cash

These risks are mitigated by having income mandated direct to the trust's bank accounts and payments are only made to registered charities.

Through the risks management processes established, the trustees are satisfied that the major risks identified have been adequately managed where necessary. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed. The major risks to which the charity is exposed as identified by the trustees have been reviewed and systems have been established to manage those risks.

Plans for future periods

The trustees do not envisage any further significant changes to their aims and objectives, they intend to continue supporting a fewer number of charities at an increased level.

Structure, governance and management

The Macdonald-Buchanan Charitable Trust was established by a charitable trust deed dated 9 December 1952.

The trustees are to hold the capital and income of the trust fund upon trust to apply the income, and as far as may be necessary, the capital for and towards such chartiable objects and purposes and to make donations to such charitable bodies or institutions in the United Kingdom or any other part of the world at such times and in such manner as the trustees may in their absolute discretion think fit.

The trustees who served during the year and were also in office at the date of signing the financial statements were:

Mr A R Macdonald-Buchanan (Chairman) Mr H J Macdonald-Buchanan Mrs J C Lascelles Miss C M Lascelles

Recruitment and appointment of new trustees

The statutory power of appointing new trustees applies to the charity and is vested in the continuing trustees.

The charity's other advisors are noted on page 1.

Organisation and decision-making structure

The trustees meet on an ad hoc basis to consider applications for funding and a full presentation is made at an annual meeting when the financial statements are also reviewed. Investment performance and income levels are monitored half yearly at meetings with the investment managers. The trustees do not consider there will be material changes to the level of grant making in future years based upon the maintenance of the level of income resources not being materially reduced.

THE MACDONALD-BUCHANAN CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

Induction & trustees' training

The trustees have been made aware of the need for training, particularly with regard to understanding risks inherent to the management of a larger trust fund.

Accounts

The trustees are satisfied with the financial position of the charity and confirm that they have adequate assets available to fulfil their obligations and the accounts comply with current statutory requirements.

The trustees' report was approved by the Board of Trustees.

Mr A R Macdonald-Buchanan (Chairman)

Trustee

23 October 2023

THE MACDONALD-BUCHANAN CHARITABLE TRUST

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2022

The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which 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 year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

THE MACDONALD-BUCHANAN CHARITABLE TRUST

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF THE MACDONALD-BUCHANAN CHARITABLE TRUST

I report on my examination of the financial statements of The Macdonald-Buchanan Charitable Trust (charity registration number 209994) for the year ended 31 December 2022 which are set out on pages 9 to 28.

This report is made solely to the charity's trustees, as a body, in accordance with section 145 of the Charities Act 2011. My examination has been undertaken so that I might state to the charity's trustees those matters I am required to state to them in an Independent Examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's trustees, as a body, for my work, for this report, or for the opinions I have formed.

Responsibilities and basis of report

As the charity's trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the charity’s financial statements carried out under section 145. 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 am a member of an approved accounting body and give due consideration to the provisions of the Revised Ethical Standard 2019 issued by the Financial Reporting Council (FRC) at all times. Rathbones Trust Company has provided accountancy services in accordance with the terms of engagement agreed by the trustees. I do not report to the bookkeeper or accounts preparer in any respect.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Kerry Clayton TEP FMAAT MCSI

Rathbones Trust Company Limited Port of Liverpool Building Pier Head Liverpool L3 1NW

Dated: 25 October 2023

THE MACDONALD-BUCHANAN CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2022

Unrestricted Unrestricted Unrestricted Unrestricted
funds funds
2022 2021
Notes £ £
Income and endowments from:
Investment income 3 116,743 143,143
Other income 4 5,253 869
Total income 121,996 144,012
Expenditure on:
Raising funds 5 11,732 12,716
Charitable activities 6 118,896 119,218
Total resources expended 130,628 131,934
Net expenditure before investment (losses) / gains (8,632) 12,078
Net (losses) / gains on investments 11 (640,895) 242,974
Net movement in funds (649,527) 255,052
Fund balances at 1 January 2022 4,624,647 4,369,595
Fund balances at 31 December 2022 3,975,120 4,624,647

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

THE MACDONALD-BUCHANAN CHARITABLE TRUST

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2022

Notes
Fixed assets
Investments
13
Current assets
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within
one year
15
Net current assets
Total assets less current liabilities
Income funds
Unrestricted funds		 2022
£
£
3,684,488
-
328,648
328,648
(38,016)
290,632
3,975,120
3,975,120
3,975,120		 2021
£
£
4,213,186
136,719
315,882
452,601
(41,140)
411,461
4,624,647
4,624,647
4,624,647		 2021
£
£
4,213,186
136,719
315,882
452,601
(41,140)
411,461
4,624,647
4,624,647
4,624,647
4,624,647
4,624,647
4,624,647

The notes on pages 12 to 18 form part of these financial statements.

The accounts were approved by the Trustees on 23 October 2023

Mr A R Macdonald-Buchanan (Chairman)

Trustee

THE MACDONALD-BUCHANAN CHARITABLE TRUST

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2022

2022 2021
Notes £ £ £ £
Cash flows from operating activities
Cash generated from/(absorbed by) 18
operations 8,220 (239,476)
Investing activities
Purchase of investments (1,391,425) (1,130,140)
Proceeds on disposal of investments 1,125,004 1,364,744
Investment income received 116,743 139,075
Net cash (used in)/generated from
investing activities (149,678) 373,679
Net cash used in financing activities - -
Net (decrease)/increase in cash and cash
equivalents (141,458) 134,203
Cash and cash equivalents at beginning of year 475,774 341,571
Cash and cash equivalents at end of year 334,316 475,774
Relating to: 19
Cash at bank and in hand 328,648 315,882
Short term deposits included in current
asset investments 5,668 159,892

THE MACDONALD-BUCHANAN CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

Charity information

The Macdonald-Buchanan Charitable Trust is an unincorporated charity registered charity number 209994.

1.1 Accounting convention

The financial statements have been prepared in accordance ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Second Edition)’ and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019.

1.2 Going concern

The trustees consider there are no material uncertainties about the charity’s ability to continue as a going concern. The review of our financial position, reserves levels and future plans gives trustees confidence the charity remains a going concern for the foreseeable future.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.

1.4 Incoming resources

Investment income is accounted for on an accruals basis in the period to which it relates.

Donations received by the charity include the related gift aid credit where applicable. Donations are accounted for when any conditions for receipt have been met and there is reasonable assurance of receipt.

1.5 Debtors

Debtors are recognised at their expected settlement amount.

1.6 Cash and cash equivalents

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.7 Creditors

Creditors are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any discounts due.

1.8 Resources expended

Management and administration costs comprise those costs incurred in running the Charity. They have been apportioned on the basis of time spent between charitable activities, cost of raising funds and governance costs.

Governance costs consist of those costs associated with the overall running of the Charity and meeting statutory and regulatory requirements.

Grants are included in the financial statements when approved by the Trustees and notified to recipients. The value of committed grants unpaid at the year end is accrued. Grants offered that are subject to conditions that have not been met at the year end are noted as a commitment but not accrued as expenditure. All funds are unrestricted.

THE MACDONALD-BUCHANAN CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

(Continued)

1.9 Financial instruments

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in net income/(expenditure), except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

The trustees do not invest in any complex financial instruments.

1.10 Investments

Fixed assets investments represent listed investments which are stated at market valuation, where market value represents the mid market value on the last trading day before the year end. Any unrealised or realised gains arising from investments are accounted for in the Statement of Financial Activities.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Investment income

Income from listed investments
Unit trust interest
REIT
Overseas dividend income
Overseas interest
Less: Overseas tax deducted		 2022
£
94,225
2,005
3,925
13,618
2,970
116,743
-
116,743		 2021
£
120,282
1,930
4,325
14,385
3,089
144,011
(868)
143,143

THE MACDONALD-BUCHANAN CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

4
Other income
Bank interest
Accrued interest (charge)
5
Raising funds
Investment management
6
Charitable activities
Grants payable (see note 7)
Governance costs (see note 8)
7
Grants payable
General
All of the above were payable to institutions.		 2022
£
5,253
-
5,253
2022
£
11,732
11,732
2022
£
105,000
13,896
118,896
2022
£
105,000		 2021
£
-
869
869
2021
£
12,716
12,716
2021
£
102,500
16,718
119,218
2021
£
102,500

THE MACDONALD-BUCHANAN CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

8 Governance costs

Legal fees
Trust administration fee
Independent examiners' fee
Bank charges		 Support
costs
Governance
costs
£
£
-
-
-
12,000
-
1,876
-
20
-
13,896		 2022
£
-
12,000
1,876
20
13,896		 2021 Basis of
allocation
£
3,000 Governance
12,000 Governance
1,718 Governance
- Governance
16,718

9 Trustees remuneration and benefits

None of the trustees (or any persons connected with them) received any remuneration, benefits or reimbursed expenses from the charity during the year.

10 Employees

There were no employees during the year, or the previous year.

11 Net (losses) / gains on investments

2022
£
Revaluation of investments
(437,570)
(Loss) / gain on sale of investments
(203,325)
(640,895)		 2021
£
242,913
61
242,974

12 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

THE MACDONALD-BUCHANAN CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

13 Fixed asset investments

Listed Cash in Total Total
investments portfolio
£ £
Cost or valuation
At 1 January 2022 4,053,294 159,892 4,213,186
Additions 1,472,671 - 1,472,671
Valuation changes (437,570) - (437,570)
(Losses) on sale of investments (203,325) - (203,325)
Cash available to invest - (154,224) (154,224)
Disposals (1,206,250) - (1,206,250)
At 31 December 2022 3,678,820 5,668 3,684,488
Carrying amount
At 31 December 2021 4,053,294 159,892 4,213,186
Investments representing more than 5% of the portfolios total market value:
Investment Units Market Value % of Total
£ Market Value
SSGA SPDR ETFS Europe I 1,200 384,453 10.45%
2022 2021
The geographical split of investments at the year end was as follows: £ £
United Kingdom 3,506,809 3,661,033
Non-United Kingdom 177,679 552,153
3,684,488 4,213,186
2022 2021
£ £
Listed investments 3,678,820 4,053,294
Cash in investment portfolio 5,668 159,892
3,684,488 4,213,186

THE MACDONALD-BUCHANAN CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

14 Debtors falling due within one year

Sale proceeds due
Dividends due
Creditors falling due within one year
Trust administration fee
Independent examiner's fee
Donations		 2022
£
-
-
-
2022
£
12,000
3,516
22,500
38,016		 2021
£
135,440
1,279
136,719
2021
£
12,000
1,640
27,500
41,140

15 Creditors falling due within one year

16 Financial commitments, guarantees and contingent liabilities

The trustees have committed to cover additional donations totalling £25,000 for the year to 31 December 2021 and a further £25,000 for the year to 31 December 2022 that should have been made in those respective years but could not be made because the organisation concerned could not accept the funds paid.

17 Related party transactions

The following payments were made to charities of which the undermentioned respective trustees were also a trustee.

A grant of £25,000 (£25,000 in 2021) was made to the Orrin Charitable Trust of which Mr H J MacdonaldBuchanan is a trustee.

A grant of £25,000 (£10,000 in 2021) was made to the Carriejo Charitable Trust of which Mrs J C Lascelles are both trustees.

THE MACDONALD-BUCHANAN CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

18 Cash generated from operations 2022 2021
£ £
(Deficit)/surpus for the year (649,527) 255,052
Adjustments for:
Investment income recognised in statement of financial activities (116,743) (142,731)
Loss/(gain) on disposal of investments 203,325 (61)
Fair value gains and losses on investments 437,570 (242,913)
Movements in working capital:
Decrease/(increase) in debtors 136,719 (136,403)
(Decrease)/increase in creditors (3,124) 27,580
Cash generated from/(absorbed by) operations 8,220 (239,476)
19 Cash and cash equivalents
2022 2021
£ £
Cash at bank and in hand 328,648 315,882
Cash available to invest 5,668 159,892
334,316 475,774
20 Donations made during the year
2022 2021
£ £
Carriejo Charitable Trust 25,000 10,000
Orrin Charitable Trust 25,000 25,000
Red Cross Ukraine Appeal 10,000 -
Bipolar UK 20,000 -
Mary Hare Foundation 5,000 -
Polybio Research Foundation 20,000 -
GOED Life - 5,000
Oracle Cancer Trust - 10,000
Cure Parkinsons - 30,000
Country Food Trust - 7,500
National Horse Racing Museum - 5,000
Stowe School - 10,000
105,000 102,500
Gross Income £ 2,910 1,446 1,380 726 990 2,000 1,125
Market Value 31 December 2022 £ 84,608 84,000 106,571 83,710 79,260
Holding 31 December 2022 £ 6,400 40,000 950 11,000 50,000
Unrealised Profit/(loss) £ (9,088) (57,000) 24,130 (24,420) (14,240)
Realised Profit/(loss) £ (17,223) (14,753) (37,731)
Disposals Quantity
Proceeds		 £ 5,600
64,761		 1,900
45,230		 66,000
168,519
Cost £
INVESTMENT SCHEDULE FOR THE YEAR ENDED 31 DECEMBER 2022 Holding
Market Value
Additions		 1 January 2022 1 January 2022
Quantity		 £ Aberforth Smaller Companies Trust Ordinary 1p 12,000
175,680		 Admiral Group Ordinary GBP0.001 1,900
59,983		 Allianz Technology Trust Plc Ordinary GBP0.025 40,000
141,000		 AstraZeneca Ordinary US $0.25 Stock 950
82,441		 Baillie Gifford Japan Trust Ordinary GBP0.05 11,000
108,130		 Baillie Gifford US Growth Trust Plc Ordinary GBP0.01 66,000
206,250		 Barclays Ordinary 25p 50,000
93,500
Gross Income £ 1,688 1,812 2,700 550 550 550 998 1,045 1,240 1,186 1,562
Market Value 31 December 2022 £ 85,792 69,700 113,976 105,495 110,165
Holding 31 December 2022 £ 56,000 10,000 24,000 10,000 550
Unrealised Profit/(loss) £ (26,768) 10,800 32,415 (8,545) (11,249)
Realised Profit/(loss) £
Disposals Quantity
Proceeds		 £
INVESTMENT SCHEDULE FOR THE YEAR ENDED 31 DECEMBER 2022 Holding
Market Value
Additions		 1 January 2022 1 January 2022
Quantity
Cost		 £
£		 Bellevue Healthcare Trust Plc Redeemable Ordinary GBP0.01 Changed from Bb Healthcare Trust Plc Redeemable Ordinary GBP0.01 on 08/03/2022 56,000
112,560		 Blackrock World Mining Trust Ordinary GBP0.05 10,000
58,900		 BP Ordinary US$0.25 20,000
66,100
4,000
15,461		 Brown Advisory Funds US Equity Growth Si USD Dis 10,000
114,040		 CG Portfolio Fund Real Return 'A' 550
121,414
Gross Income £ 822 1,311 175 446
Market Value 31 December 2022 £ 70,473 102,200 142,860 42,195
Holding 31 December 2022 £ 12,000 2,800 600 1,500
Unrealised Profit/(loss) £ (4,061) (10,808) (72,740) (12,285)
Realised Profit/(loss) £ (20,858) (1,645) (6,175) (28,325)
Disposals Quantity
Proceeds		 £ 13,160
92,520		 840
5,592		 9,000
20,150		 30,000
59,425
Cost £ 42,124 32,410
INVESTMENT SCHEDULE FOR THE YEAR ENDED 31 DECEMBER 2022 Holding
Market Value
Additions		 1 January 2022 1 January 2022
Quantity		 £ Coupland Cardiff Funds Japan Alpha T Jpy Acc 14,000
120,615		 Coupland Cardiff Funds Japan Alpha T Jpy Dis 7,000 5,000 Diageo Ordinary 28.935185p 2,800
113,008		 Edgewood L Select US Select Growth I Z USd Acc 600
215,600		 Edinburgh Worldwide Investment Tst Ordinary GBP0.01 39,000
114,075		 Experian plc Ordinary USD0.10 shares 1,500
54,480
Gross Income £ 1,350 2,011 1,370 1,370 490 2,049 2,015 2,382 1,491 1,491 745 1,491 656
Market Value 31 December 2022 £ 76,510 37,111 110,480 82,739 51,680
Holding 31 December 2022 £ 35,000 3,000 20,000 74,540 34,000
Unrealised Profit/(loss) £ (2,100) 504 35,490 (5,218) (4,575)
Realised Profit/(loss) £ (7,700) (1,043) 85
Disposals Quantity
Proceeds		 £ 48,000
100,108		 17,000
37,139		 2,000
24,490
Cost £ 60,523 489 56,255
INVESTMENT SCHEDULE FOR THE YEAR ENDED 31 DECEMBER 2022 Holding
Market Value
Additions		 1 January 2022 1 January 2022
Quantity		 £ Fil Investment Services(Uk)limited Global Dividend W Inc Nav 100,000
224,600		 First Sentier Invrs (Uk) Fds Ltd Fssa Greater China Growth B GBP Acc 5,000 Glencore Plc Ordinary USD0.01 20,000
74,990		 Gore Street Energy Storage Fund Plc Ordinary GBP0.01 74,540
87,957		 Greencoat UK Wind PLC Ordinary 1p shares 34,000
Gross Income £ 1,777 3,667 375 468 426 432 498 649 1,463 880
Market Value 31 December 2022 £ 73,472 69,550
Holding 31 December 2022 £ 6,400 130,000
Unrealised Profit/(loss) £ (66,944) (9,349)
Realised Profit/(loss) £ (10,625) (7,431) (12,303) (21,947) (12,352)
Disposals Quantity
Proceeds		 £ 3,100
57,389		 14,000
57,949		 15,000
57,747		 90,000
93,253		 110,000
47,864
Cost £ 29,518 (172) 60,216
Additions Quantity 55,011 110,000
Holding
Market Value		 1 January 2022 1 January 2022 £ Intermediate Capital Group Plc Ordinary GBP0.2625 9,500
208,430		 JP Morgan US Smaller Cos Inv Tst 2.5p Ord Shs 29,000
135,430		 JP Morgan Emerging Mkts Invt Trust Ordinary 2 1/2p shares 90,000
115,200		 Jupiter Unit Trust Managers Strategic Bond Z Inc 74,989
49,553		 Lloyds Banking Group Ordinary 10p
Gross Income £ 1,100 1,100 750 575 1,150 551 279 230 810 1,710 810 810 748 660
Market Value 31 December 2022 £ 86,150 78,564 37,526 115,200 48,752
Holding 31 December 2022 £ 50,000 60,000 27,900 60,000 550
Unrealised Profit/(loss) £ (55,550) (934) (7,086) (45,900) (6,276)
Realised Profit/(loss) £
Disposals Quantity
Proceeds		 £
Cost £ 79,751 (253)
Additions Quantity 60,000
Holding
Market Value		 1 January 2022 1 January 2022 £ Londonmetric Property Plc Ordinary GBP0.10 50,000
141,700		 M&g Securities Limited North American Dividend Pp GBP Dis Melrose Industries Plc Ordinary GBP0.076190476 27,900
44,612		 Mercantile Investment Tst Plc(The) Ordinary GBP0.025 60,000
161,100		 Muzinich Funds Global Tactical Cred Inc Fdr Hgd Inc Nav 550
55,028
Gross Income £ 330 3,125 2,750 3,455 3,455 632 334 1,065 471
Market Value 31 December 2022 £ 64,350 30,425 84,796 75,543 31,980 68,640
Holding 31 December 2022 £ 11,000 2,500 13,933 6,700 12,000 3,000
Unrealised Profit/(loss) £ (31,460) (40,975) (6,214) (9,849) (3,060) (3,420)
Realised Profit/(loss) £ (5,149)
Disposals Quantity
Proceeds		 £ 3,300
36,909
Cost £
Additions Quantity
Holding
Market Value		 1 January 2022 1 January 2022 £ Pacific Horizon Investment Trust Ordinary GBP0.10 11,000
95,810		 Persimmon Ordinary 10p 2,500
71,400		 Phoenix Group Holdings Plc Ordinary GBP0.10 13,933
91,010		 Prudential Ordinary 5p 10,000
127,450		 Puretech Health Plc Ordinary GBP0.01 12,000
35,040		 Relx Plc GBP0.1444 3,000
72,060
Gross Income £ 1,368 9,202 6,649 608 608 640 1,792 160 1,313 1,438 1,550 1,481
Market Value 31 December 2022 £ 86,970 82,400 72,280 146,538
Holding 31 December 2022 £ 1,500 32,000 10,000 6,300
Unrealised Profit/(loss) £ 13,590 (35,308) (3,520) (9,752) 75,290
Realised Profit/(loss) £ (4,727) 10,533
Disposals Quantity
Proceeds		 £ 1,500
68,653		 7,184
81,245		 884
20,530
Cost £ 82,032 81,245
INVESTMENT SCHEDULE FOR THE YEAR ENDED 31 DECEMBER 2022 Holding
Market Value
Additions		 1 January 2022 1 January 2022
Quantity		 £ Rio Tinto Ordinary 10p(Registered) 3,000
146,760		 Royal Dutch Shell 'B' Shares EUR0.07 7,184
116,553		 Schroder Oriental Income Fund Ord GBP0.01 32,000
85,920		 Scottish Mortgage Inv Trust Ord 5p 10,000 Shell Plc Ordinary EUR0.07 Changed from Shell plc EUR0.07 Ord Shs on 25/01/2022 7,184
Gross Income £ 589 413 808 973 1,005 431 404 458 458 738
Market Value 31 December 2022 £ 35,504 383,453 77,201 84,387 49,115
Holding 31 December 2022 £ 3,200 1,200 2,000 61,000 11,000
Unrealised Profit/(loss) £ (5,888) (19,879) 423 (7,375) (6,514)
Realised Profit/(loss) £ (3,832)
Disposals Quantity
Proceeds		 £ 19,736
53,383
Cost £ 122,364 166,829 114,139 76,778 55,629
INVESTMENT SCHEDULE FOR THE YEAR ENDED 31 DECEMBER 2022 Holding
Market Value
Additions		 1 January 2022 1 January 2022
Quantity		 £ Smith & Nephew Ordinary US$0.20 3,200
41,392		 SSGA SPDR ETFS Europe I plc S&P 500 EFT (USD) 360 500 340 SSGA SPDR ETFS Europe II SPDR MSCI WLD ENGY UCITS 2,000 T Bailey Fund Services Ltd Evenlode Global Income F GBP Dis 61,000
91,762		 Tesco plc 6.333333p Ordinary Shares 19,736
57,215		 Vinacapital Vietnam Opportunity Fd Ordinary USD0.01 11,000
Gross Income £ 116,744
Market Value 31 December 2022 £ 156,500 3,678,821
Holding 31 December 2022 £ 1,100
Unrealised Profit/(loss) £ 8,139 (437,569)
Realised Profit/(loss) £ (122) (203,323)
Disposals Quantity
Proceeds		 £ 100
13,394		 1,206,250
Cost £ 162,199 (322) 1,472,669
Additions Quantity 1,200
Holding
Market Value		 1 January 2022 1 January 2022 £ Wisdomtree Metal Securities Ltd Physical Gold TOTAL:
4,053,294