2023-12-31-accounts

Charity registration number 209994

THE MACDONALD-BUCHANAN CHARITABLE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

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 - 29

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 Roberts TEP FMAAT MCSI
	C/o 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

• 1 -

THE MACDONALD-BUCHANAN CHARITABLE TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

The trustees present their report and accounts for the year ended 31 December 2023.

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 21 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 £75,000 for the years to 31 December 2021, 2022 and 2023 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 £25,000 to Racing Welfare, £20,000 to James' Place, £10,000 to Chef's in School, £10,000 to Stowe School and £7,500 to Trussell Trust.

• 2 -

THE MACDONALD-BUCHANAN CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

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 £75,000 for the years 31 December 2021, 2022 and 2023 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 21 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 £122,500 (£105,000 in 2022).

• 3 -

THE MACDONALD-BUCHANAN CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

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 2023, the portfolio (including uninvested cash) was valued at £3,883,826 with an estimated gross annual income of £108,648 or a yield of 2.80%.

Over the year to 31 December 2023, the portfolio generated 9.6% on a total return basis. The Benchmark Index rose 10.79%. For information the FTSE 100, on a total return basis, rose 7.93%, the UK gilt market gained 3.69% and ARC Sterling Equity Risk, which is a peer comparator index, returned 8.3%.

Over the 12 month period to 31 December 2023, the markets saw a strong rally towards the end of the period, in anticipation of the interest rate cycle peaking. This was in contrast to the rise in geopolitical tensions seen through the year with the recent conflicts in the Middle East and market volatility earlier in the period following the mini banking crisis in the US. The rise in global equity markets was led by the US, which now represents 67% of the world market. However, the true health of the US economy was disguised by the polarisation of the S&P500, dominated by the ‘Magnificent 7’ stocks, which accounted for around 70% of the overall rise. The Chinese economy continued to struggle due to issues with their property market, impact global demand but we saw better returns from Japan and India as global economies reduced their reliance on Chinese supply chains.

Due to the uncertain macro-economic environment, we reduced equity to 81% in favour of cash and fixed income which represents 14%. Within equity, we reduced the UK exposure to 37% in favour of international markets which represents 44%. Diversifiers represents 5% of which 3% is infrastructure funds yielding 5% and 2% in 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 £119,330 (£121,996 in 2022), with £136,300 (£118,896 in 2022) being committed to charitable activities of which £13,800 (£13,896 in 2022) relates to support and governance costs. Costs of fundraising amounted to £11,027 (£11,732 in 2022), There was an unrealised gain of £235,434 (loss of £437,570 in 2022) on investments and in addition an realised (loss) of £9,999 (loss of £203,325 in 2022) resulting in net inflow of funds of £197,438 (outflow of £649,527 in 2022).

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

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.

• 4 -

THE MACDONALD-BUCHANAN CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

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.

• 5 -

THE MACDONALD-BUCHANAN CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

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

Date: .............................................

• 6 -

THE MACDONALD-BUCHANAN CHARITABLE TRUST

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2023

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:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP;

• make judgements and estimates that are reasonable and prudent;

• state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The trustees are responsible for keeping 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.

• 7 -

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 2023 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:

• 1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or

• 2 the financial statements do not accord with those records; or

• 3 the financial statements 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.

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 Roberts TEP FMAAT MCSI

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

Dated: .........................

• 8 -

THE MACDONALD-BUCHANAN CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2023

		Unrestricted Unrestricted	Unrestricted Unrestricted
		funds	funds
		2023	2022
	Notes	£	£
Income from:
Investment income	3	108,097	116,743
Other income	4	11,233	5,253
Total income		119,330	121,996
Expenditure on:
Raising funds	5	11,027	11,732
Charitable activities	6	136,300	118,896
Total resources expended		147,327	130,628
Net (expenditure) / income before investment gains / (losses)		(27,997)	(8,632)
Net gains / (losses) on investments	11	225,435	(640,895)
Net movement in funds		197,438	(649,527)
Fund balances at 1 January 2023		3,975,120	4,624,647
Fund balances at 31 December 2023		4,172,558	3,975,120

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

• 9 -

THE MACDONALD-BUCHANAN CHARITABLE TRUST

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2023

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	2023 £ £ 3,883,826 4,480 349,068 353,548 (64,816) 288,732 4,172,558 4,172,558 4,172,558	2022 £ £ 3,684,488 - 328,648 328,648 (38,016) 290,632 3,975,120 3,975,120 3,975,120	2022 £ £ 3,684,488 - 328,648 328,648 (38,016) 290,632 3,975,120 3,975,120 3,975,120
			3,975,120
			3,975,120
			3,975,120

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

The accounts were approved by the Trustees on .........................

Mr A R Macdonald-Buchanan (Chairman)

Trustee

• 10 -

THE MACDONALD-BUCHANAN CHARITABLE TRUST

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023

Notes Cash flows from operating activities Cash (absorbed by)/generated from operations 19 Investing activities Purchase of investments Proceeds on disposal of investments Investment income received Net cash generated from/(used in) investing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year Relating to: 20 Cash at bank and in hand Short term deposits included in current asset investments

2023 2022 £ £ £ £ (113,774) 8,220 (566,167) (1,391,425) 593,225 1,125,004 108,097 116,743 135,155 (149,678) 21,381 (141,458) 334,316 475,774 355,697 334,316 349,068 328,648 6,629 5,668

• 11 -

THE MACDONALD-BUCHANAN CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

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.

• 12 -

THE MACDONALD-BUCHANAN CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

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

UK dividends Unit trust interest UK fixed interest UK property dividends Overseas dividends Overseas interest Add: Accrued income	2023 £ 69,433 3,685 7,117 3,770 19,994 3,268 107,267 830 108,097	2022 £ 94,225 2,005 2,970 3,925 13,618 -
		116,743 -
		116,743

• 13 -

THE MACDONALD-BUCHANAN CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

4 Other income Bank interest 5 Raising funds Investment management fees 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. 8 Governance costs Trust administration fee Independent examiners' fee Bank charges				2023 £ 11,233	2022 £ 5,253
			2023 £ 11,027 11,027 2023 £ 122,500 13,800 136,300 2023 £ 122,500		2022 £ 11,732
					11,732
					2022 £ 105,000 13,896
					118,896
					2022 £ 105,000
	Support costs Governance costs £ £ - 12,000 - 1,800 - - - 13,800	2023 £ 12,000 1,800 - 13,800

• 14 -

THE MACDONALD-BUCHANAN CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

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 gains / (losses) on investments

Revaluation of investments (Loss) on sale of investments	2023 £ 235,434 (9,999) 225,435	2022 £ (437,570) (203,325) (640,895)

12 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 2007 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

13 Fixed asset investments

Listed investments £ Cost or valuation At 1 January 2023 3,678,820 Additions 757,893 Valuation changes 235,434 (Loss) on sale of investments (9,999) Cash available to invest - Disposals (784,951) At 31 December 2023 3,877,197 Carrying amount At 31 December 2022 3,678,820	Cash in portfolio 5,668 - - - 961 - 6,629 5,668	Total £ 3,684,488 757,893 235,434 (9,999) 961 (784,951) 3,883,826 3,684,488

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	449,654	23.19%

• 15 -

THE MACDONALD-BUCHANAN CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

13 Fixed asset investments

(Continued)

Listed investments Cash in investment portfolio	2023 £ 3,877,197 6,629 3,883,826	2022 £ 3,678,820 5,668
		3,684,488

14 Debtors falling due within one year

14 Debtors falling due within one year
Prepayments and accrued income 15 Creditors falling due within one year Accruals and deferred income Other creditors	2023 £ 4,480 2023 £ 17,316 47,500 64,816	2022 £ -
		2022 £ 15,516 22,500
		38,016

16 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At General funds Previous year: At General funds	1 January 2023 Incoming resources Resources expended Gains and losses At 31 December 2023 £ £ £ £ £ 3,975,120 119,330 (147,327) 225,435 4,172,558 1 January 2022 Incoming resources Resources expended Gains and losses At 31 December 2022 £ £ £ £ £ 4,624,647 121,996 (130,628) (640,895) 3,975,120

• 16 -

THE MACDONALD-BUCHANAN CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

17 Financial commitments, guarantees and contingent liabilities

The trustees have committed to cover additional donations totalling £75,000 for the years 31 December 2021, 2022 and 2023 that should have been made in those respective years but could not be made because the organisation concerned could not accept the funds paid.

18 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 2022) was made to the Orrin Charitable Trust of which Mr H J MacdonaldBuchanan is a trustee.

A grant of £25,000 (£25,000 in 2022) was made to the Carriejo Charitable Trust of which Mrs J C Lascelles is a trustee.

19	Cash generated from operations	2023	2022
		£	£
	Surplus/(deficit) for the year	197,438	(649,527)
	Adjustments for:
	Investment income recognised in statement of financial activities	(108,097)	(116,743)
	Loss on disposal of investments	9,999	203,325
	Fair value gains and losses on investments	(235,434)	437,570
	Movements in working capital:
	(Increase)/decrease in debtors	(4,480)	136,719
	Increase/(decrease) in creditors	26,800	(3,124)
	Cash (absorbed by)/generated from operations	(113,774)	8,220
20	Cash and cash equivalents
		2023	2022
		£	£
	Cash at bank and in hand	349,068	328,648
	Cash available to invest	6,629	5,668
		355,697	334,316

• 17 -

THE MACDONALD-BUCHANAN CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

21 Donations made during the year

Donations made during the year
Carriejo Charitable Trust Orrin Charitable Trust Red Cross Ukraine Appeal Bipolar UK Mary Hare Foundation Polybio Research Foundation Racing Welfare Trussell Trust James' Place Chef's in School Cure Parkinsons Country Food Trust National Horse Racing Museum Stowe School	2023 £ 25,000 25,000 - - - - 25,000 7,500 20,000 10,000 - - - 10,000 122,500	2022 £ 25,000 25,000 10,000 20,000 5,000 20,000 - - - - - - -
		105,000

• 18 -

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