**Charity registration number 209994 (England and Wales)**
# **THE MACDONALD-BUCHANAN CHARITABLE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025**
**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|
|Notes to the accounts|11 - 17|
## **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 30 Gresham Street London EC2V 7QN **Independent examiner** Kerry Roberts TEP FMAAT MCSI C/o 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 30 Gresham Street London EC2V 7QN
- 1 -
## **THE MACDONALD-BUCHANAN CHARITABLE TRUST**
## **TRUSTEES' REPORT** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_
The trustees present their report and accounts for the year ended 31 December 2025.
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 to such charitable bodies and 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 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 are satisfied that all grants made during the year further the Trust’s charitable purposes for the public benefit.
## **Charitable activities**
The Trust operates solely as a grant making charity and, as such, its activities pertain to the raising and investment of its funds and the application of those funds by way of grants to chosen charitable organisations whose purposes are consistent with the objects of the Trust.
The trustees keep the Trust’s financial position under review and determine annually the level of funds to be applied in furtherance of the Trust’s charitable purposes. The trustees continue to fulfil the terms of the Trust by making regular grants to support the work of the Carriejo Charitable Trust, the Orrin Charitable Trust and The Master Trust. In addition, the trustees resolved to make grants of £20,000 each to Cure Parkinsons, Borne and Racing Welfare during the year under review, as detailed in note 19 to the financial statements.
A donation was repaid to the trustees during the year. In 2016 the trustees made a donation of £20,000 to Uppingham School. This was returned to the Trust, as the trustees’ intention was for the donation to be used to fund a new school building which was never built.
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## **THE MACDONALD-BUCHANAN CHARITABLE TRUST**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_
## **Grant making policies**
The trustees meet annually to review applications for funding. Only successful applicants are notified of the trustees’ decision.
- As part of the Trust’s grant making approach, the trustees aim to award grants totalling £75,000 to other charitable trusts in order to support the distribution of funding to a wider range of charitable causes at a more modest level. This approach enables the trustees to focus the Trust’s resources cost efficiently while ensuring that grants are applied for charitable purposes both locally and nationally.
In addition, the trustees may from time to time make grants to a variety of charities, subject to annual review of the financial position. Presently, the trustees give preference to those charitable organisations and projects presented to them which enable a clear understanding of a charity’s activities, its effective governance and intended use of funds.
Support may also be awarded to charitable organisations undertaking more substantial projects which the trustees consider capable of delivering significant charitable impact. Proposals for such grants are researched and brought to the trustees’ meeting for consideration and decision. The trustees recognise that some charitable projects require funding over more than one year. Where appropriate, the trustees may resolve to accumulate income or make multi-year commitments in order to support such projects.
## **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 £115,000 (£280,000 in 2024).
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## **THE MACDONALD-BUCHANAN CHARITABLE TRUST**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_
## **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 benchmark of CPI+4%, as determined by Rathbones' terms of business and in line with risk strategy 5. Following a meeting with the trustees, the benchmark was changed in April 2024 to CPI+4%, the previous benchmark was 50% FTSE 100, 40% FTSE All World ex UK and 10% cash.
As of 31 December 2025, the portfolio was valued at £4,544,500 with an estimated gross annual income of £102,340, hence a yield of 2.25%.
Over the year to 31 December 2025, the portfolio generated 11.6% on a total return basis (net of fees). The Rathbones Benchmark 5 rose 16.5%, whilst CP+4% index rose 7.5%. For reference the UK Gilt market, on a total return basis, rose 5.0% whilst the ARC Steady Growth and Equity Risk, which are peer comparator indices, returned 9.8% and 10.1% respectively.
Despite a backdrop of heightened geopolitical tensions and significant shifts in global trade policy, markets proved remarkably resilient in 2025, delivering positive total returns alongside a healthy broadening of market leadership. While the return of the Trump administration initially triggered volatility through the introduction of sweeping trade tariffs, the subsequent extension of US tax cuts - coupled with a pivot by the Federal Reserve, which cut interest rates by 75 basis points over the year helped to bolster corporate earnings and investor sentiment. Notably, the extreme market dominance of the 'Magnificent 7' began to unwind as leadership rotated towards undervalued sectors and international markets, with UK, European and Asian indices outperforming the US market in sterling terms. Meanwhile, as the labour market softened and inflation continued to normalise, both the Bank of England and the Federal Reserve were able to ease monetary policy, providing a tailwind for fixed income markets. At the same time, rising government debt levels and ongoing instability in the Middle East prompted investors to seek safe haven assets, driving a significant increase in the prices of precious metals such as gold and silver.
Over the year, we increased equity to 86% whilst cash and fixed income reduced to 10%. Within equity, we increased the UK exposure to 34% whilst international markets represent 52%. Within Diversifiers, gold represents 4%.
Of the individual stocks and funds held, the SPDR S&P 500 ETF is the only holding to exceed more than 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.
Looking ahead, there is no doubt we are going to have another year of unconventional and potentially disruptive geopolitical events, given President Trump’s fondness for using trade threats as a policy weapon, yet his nature also suggests that he will not tolerate much collateral damage to wealth and consumer confidence. Many remain fearful that some sort of market crisis is just around the corner given concerns over high equity valuations, policy uncertainty, and concentrated sector leadership. There is a risk that growth is too optimistic and inflation too sticky however, economic conditions globally are generally favourable. Consumer and corporate finances are in reasonable shape, interest rates are falling in most countries against a background of lower inflation, while governments remain reluctant to consider cutting expenditure. Also, a year of tariff-related uncertainty has left a potential backlog of (non-AI) capital investment that needs to be made. We retain our long-term belief that genAI will deliver positive outcomes for both companies and consumers however, we seem to have reached an inflection point where investors are demanding higher revenues and profits before further rewarding companies with higher share prices. We anticipate the broadening of market returns will continue and as ever, we see diversification as the key to sustainable returns in uncertain times.
## **Financial review**
Total incoming resources were £107,656 (£116,006 in 2024), with £128,800 (£292,124 in 2024) being committed to charitable activities of which £13,800 (£12,124 in 2024) relates to support and governance costs. Costs of fundraising amounted to £12,441 (£12,142 in 2024). There was an unrealised gain of £379,200 (gain of £390,341 in 2024) on investments and in addition a realised gain of £2,515 (loss of £78,281 in 2024) resulting in net inflow of funds of £348,130 (inflow of £123,800 in 2024).
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.
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## **THE MACDONALD-BUCHANAN CHARITABLE TRUST**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_
## **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 2025 the balance held on unrestricted reserves was £4,644,488.
## **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. This policy statement is in the process of being updated and once amended, will be reviewed biennially in future.
## **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:
## * 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 currently 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.
## **Plans for future periods**
The trustees (as discussed at their last meeting) feel that they would like to focus the giving of the charity on three or four sectors of the charity spectrum. The trustees further agreed that they were now more concerned with helping to alleviate issues within the wider community, and they identified these areas as young mental health, cancer and other slow releasing diseases. In addition as the trustees recognise that the charity's reserves have accumulated over the years, they will consider increasing the monetary level of donations being made.
## **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
- 5 -
## **THE MACDONALD-BUCHANAN CHARITABLE TRUST**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_
## **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 annual basis. At this meeting, the investment managers present to the trustees on the performance of the investment portfolio, the trustees review the annual financial statements, and they also consider applications for funding. Investment performance and income levels are monitored on a half yearly basis when a report is sent to the trustees.
## **Induction & trustees' training**
The trustees keep their induction training arrangements under review to ensure they remain appropriate to the trust's activities, such as ensuring an understanding of the risks inherent to the investment and management of funds.
## **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**
30 April 2026
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## **THE MACDONALD-BUCHANAN CHARITABLE TRUST**
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
## _**FOR THE YEAR ENDED 31 DECEMBER 2025**_
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.
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## **THE MACDONALD-BUCHANAN CHARITABLE TRUST**
## **INDEPENDENT EXAMINER'S REPORT**
## **TO THE TRUSTEES OF THE MACDONALD-BUCHANAN CHARITABLE TRUST**
## **Independent Examiner's report to the Trustees of the Macdonald Buchanan Charitable Trust (209994)**
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 2025 which are set out on pages 9 to 29.
## **Responsibilities of the Trustees and Independent Examiner**
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"). You consider that an audit is not required under s144 of the Act and that an independent examination is needed.
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. It is my responsibility to state whether particular matters have come to my attention.
## **Basis of Independent Examiner's Report**
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair' view. The report is limited to those matters set out in the statement below.
## **Independent examiner's statement**
I am a member of an approved body subject to the provisions of the Revised Ethical Standard 2024 issued by the Financial Reporting Council (FRC). Rathbones Trust Company has provided bookkeeping services in accordance with the terms of engagement signed by the Trustees and I do not report to the bookkeeper in any respect. I give due consideration to the FRC's Revised Ethical Standard 2024 at all times.
I have completed my examination and confirm that no matters have come to my attention which give 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 Charities Act 2011. 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 financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements 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 Port of Liverpool Building Pier Head Liverpool L3 1NW
Dated: 8 May 2026
- 8 -
## **THE MACDONALD-BUCHANAN CHARITABLE TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 31 DECEMBER 2025**_
|||**Unrestricted Unrestricted**|**Unrestricted Unrestricted**|
|---|---|---|---|
|||**funds**|**funds**|
|||**2025**|**2024**|
||**Notes**|**£**|**£**|
|**Income from:**||||
|Donation|**3**|127|-|
|Investment income|**4**|105,302|107,951|
|Other income|**5**|2,227|8,055|
|**Total income**||107,656|116,006|
|**Expenditure on:**||||
|Raising funds|**6**|12,441|12,142|
|Charitable activities|**7**|128,800|292,124|
|**Total resources expended**||141,241|304,266|
|**Net (expenditure) before investment gains**||(33,585)|(188,260)|
|Net gains on investments|**12**|381,715|312,060|
|**Net movement in funds**||348,130|123,800|
|Fund balances at 1 January 2025||4,296,358|4,172,558|
|**Fund balances at 31 December 2025**||4,644,488|4,296,358|
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 2025**_
|**Notes**
**Fixed assets**
Investments
**14**
**Current assets**
Debtors and prepayments
**15**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**16**
Net current assets
**Total assets less current liabilities**
**Income funds**
Unrestricted funds|**2025**
**£**
**£**
4,544,500
4,727
109,061
113,788
(13,800)
99,988
4,644,488
4,644,488
4,644,488|**2024**
**£**
**£**
4,170,510
20,234
121,214
141,448
(15,600)
125,848
4,296,358
4,296,358
4,296,358|**2024**
**£**
**£**
4,170,510
20,234
121,214
141,448
(15,600)
125,848
4,296,358
4,296,358
4,296,358|
|---|---|---|---|
||||4,296,358|
||||4,296,358|
||||4,296,358|
The notes on pages 11 to 17 form part of these financial statements.
The accounts were approved by the Trustees on 30 April 2026
## **Mr A R Macdonald-Buchanan (Chairman)**
Trustee
- 10 -
## **THE MACDONALD-BUCHANAN CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_
## **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.
- 11 -
## **THE MACDONALD-BUCHANAN CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_
## **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 Donation**
||**2025**|**2024**|
|---|---|---|
||**£**|**£**|
|Donation|127|-|
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## **THE MACDONALD-BUCHANAN CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_
|**4**
**Investment income**
UK dividends
Unit trust interest
UK fixed interest
UK property dividends
Overseas dividends
Overseas interest
Less: Overseas tax deducted
Accrued income
**5**
**Other income**
Bank interest
**6**
**Raising funds**
Investment management fees
**7**
**Charitable activities**
Grants payable (see note 8)
Support costs (see note 9)
Governance costs (see note 9)
|||**2024**
**£**
68,811
3,922
17,657
2,745
13,180
2,281
108,596
(233)
(412)
107,951
**2024**
**£**
8,055
8,055
**2024**
£
12,142
12,142
**2024**
**£**
280,000
12,040
84
292,124|
|---|---|---|---|
||**2025**
**£**
67,149
-
15,397
3,120
17,517
2,155
105,338
(509)
472
105,302
**2025**
**£**
2,227
2,227|||
|||||
|||||
|||||
|||||
||**2025**
**£**
12,441
12,441
**2025**
**£**
115,000
12,000
1,800
128,800|||
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**THE MACDONALD-BUCHANAN CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_
## **8 Grants payable**
||**2025**|**2024**|
|---|---|---|
||**£**|**£**|
|General|115,000|280,000|
All of the above were payable to institutions as detailed in note 19 of these accounts.
## **9 Governance costs**
|Trust administration fee
Independent examiners' fee
Independent examiners' fee over
provision from previous year
Bank charges|**Support**
**costs**
**Governance**
**costs**
**£**
**£**
12,000
-
-
1,800
-
-
-
-
12,000
1,800|**2025**
**£**
12,000
1,800
-
-
13,800|**2024 Basis of**
**allocation**
**£**
12,000 Support
1,800 Governance
(1,716)
Governance
40 Support
12,124|
|---|---|---|---|
## **10 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.
## **11 Employees**
There were no employees during the year, or the previous year.
## **12 Net gains on investments**
|Revaluation of investments
Profit / (loss) on sale of investments|**2025**
**£**
379,200
2,515
381,715|**2024**
**£**
390,341
(78,281)|
|---|---|---|
|||312,060|
## **13 Taxation**
The charity is exempt from taxation on its activities because all of its income and gains are applied for charitable objects.
- 14 -
## **THE MACDONALD-BUCHANAN CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_
## **14 Fixed asset investments**
|**Listed**
**investments**
**£**
**Cost or valuation**
At 1 January 2025
4,161,679
Additions
1,389,363
Valuation changes
379,200
Gain on sale of investments
2,515
Cash available to invest
-
Disposals
(1,400,181)
At 31 December 2025
4,532,576
At 31 December 2024
4,161,679
Listed investments
Cash in investment portfolio
**15**
**Debtors falling due within one year**
Prepayments and accrued income
**16**
**Creditors falling due within one year**
Accruals and deferred income||**Cash in**
**portfolio**
**Total**
**£**
8,831
4,170,510
-
1,389,363
-
379,200
-
2,515
3,093
3,093
-
(1,400,181)
11,924
4,544,500
8,831
4,170,510
**2025**
**2024**
**£**
**£**
4,532,576
4,161,679
11,924
8,831
4,544,500
4,170,510
**2025**
**2024**
**£**
**£**
4,727
20,234
**2025**
**2024**
**£**
**£**
13,800
15,600
13,800
15,600|
|---|---|---|
||||
||||
||||
||||
||||
- 15 -
**THE MACDONALD-BUCHANAN CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_
## **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 was made to The Master Trust (£45,000 in 2024 and £75,000 prior years paid in 2024). The Master Trust Trustees act in accordance with Mr A R Macdonald-Buchanan's instructions, within the parameters of the trust deed.
A grant of £25,000 (£45,000 in 2024) was made to the Orrin Charitable Trust of which Mr H J MacdonaldBuchanan is a trustee.
A grant of £25,000 (£45,000 in 2024) was made to the Carriejo Charitable Trust of which Mrs J C Lascelles is a trustee.
The following donation was received of which the undermentioned trustee was also a beneficiary.
In the year a donation of £127 was received from the Macdonald-Buchanan 1973 Grandchildren's Settlement. This was a final distribution from the settlement which ceased on 13 March 2019. A R Macdonald Bucanan was a beneficiary of this Settlement. This is detailed in note 3 of the accounts.
## **18 Cash and cash equivalents**
|Cash at bank and in hand
Cash available to invest|**2025**
**£**
109,061
11,924
120,985|**2024**
**£**
121,214
8,831|
|---|---|---|
|||130,045|
## **19 Donations made during the year**
|Carriejo Charitable Trust
Master Charitable Trust
Orrin Charitable Trust
Bowel Cancer UK
Cure for Parkinsons
Race Against Dementia
Racing Welfare
Commonwealth War Graves
Hospital John Langham
Borne
Uppingham School - donation returned|**2025**
**£**
25,000
25,000
25,000
-
20,000
-
20,000
-
-
20,000
(20,000)
115,000|**2024**
**£**
45,000
120,000
45,000
20,000
20,000
20,000
-
5,000
5,000
-|
|---|---|---|
|||280,000|
- 16 -
## **THE MACDONALD-BUCHANAN CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_
## **20 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**
**2025**
**Incoming**
**resources**
**Resources**
**expended**
**Gains and**
**losses**
**At 31**
**December**
**2025**
**£**
**£**
**£**
**£**
**£**
4,296,358
107,656
(141,241)
381,715
4,644,488
**1 January**
**2024**
**Incoming**
**resources**
**Resources**
**expended**
**Gains and**
**losses**
**At 31**
**December**
**2024**
**£**
**£**
**£**
**£**
**£**
4,172,558
116,006
(304,266)
312,060
4,296,358|
|---|---|
- 17 -