Strictly confidential 

## **McDOUGALL TRUST** 

## _**Promoting public understanding of electoral democracy**_ 

**(Arthur McDougall Fund)** _Charity number: 212151_ 

**ANNUAL REPORT AND ACCOUNTS FOR YEAR ENDED 31 DECEMBER 2020** 

Pages     1 -   5 Annual Report of Trustee Board Page       6 Reference and Administrative Details Page       7 Report of the independent examiner Page       8 Statement of financial activities Page       9 Balance Sheet Pages   10 - 19 Notes 1 to 14 to the Accounts 

Mei Sim Lai OBE DL FCA FCCA LaiPeters & Co. Chartered Accountants Suite A 6 Honduras Street LONDON EC1Y 0TH 



**McDOUGALL TRUST** (Arthur McDougall Fund) _Charity number: 212151_ 

## **ANNUAL REPORT OF TRUSTEE BOARD FOR YEAR ENDED 31 DECEMBER 2020** 

## **TRUSTEE BOARD ANNUAL REPORT** 

## **FOR YEAR TO 31 DECEMBER 2020** 

- **A. INTRODUCTION:  PURPOSES AND MAIN ACTIVITIES** 

- **B. McDOUGALL TRUST COLLECTIONS** 

- **C . QUARTERLY JOURNAL** 

- **D OTHER SUPPORT FOR RESEARCH AND INFORMATION DISSEMINATION** 

- **E. STRUCTURE, GOVERNANCE AND MANAGEMENT** 

- **F. FINANCIAL REVIEW** 

- **G. TRUSTEES’ RESPONSIBILITIES IN RELATION TO ACCOUNTING AND REPORTING** 

## **A INTRODUCTION:  PURPOSES AND MAIN ACTIVITIES** 

- A.1 This is the Annual Report of the Trustees of McDougall Trust [McDougall] accompanying the independently examined accounts for the year ended on 31 December 2020. 

- A.2 McDougall’s Trustees are responsible under its constitution for using its resources for such charitable purposes as shall _… “advance knowledge of and encourage the study of and research:_ 

   - _a. in political or economic science and functions of government and the services provided to the community by public and voluntary organisations;_ 

   - _b. into methods of election of and the selection and government of representative organisations whether national, civic, commercial, industrial or social”_ . 

- A.3 In pursuing its purposes and strategies to advance knowledge and understanding of, and research into, the forms, functions and development of electoral democracy **,** McDougall has developed a longstanding focus on representative institutions, voting systems and elections. 

- A.4 The main activities through which McDougall’s purposes and strategies are carried out, either directly or through arrangements with others, are: 

   - maintaining its reference collections of historic archives, pamphlets, books and other materials on representative democracy (including the Lakeman electoral studies library collections) _;_ 

   - ensuring the publication and development of its quarterly peer-reviewed journal REPRESENTATION Journal of Representative Democracy; 

   - encouraging, supporting, or providing: 

      - research within the field of electoral democracy and the dissemination of its useful outcomes; 

      - relevant online resources; 

      - occasional research and information events such as workshops and seminars; 

      - occasional resourcing support such as grant funding towards projects in the fields of representative democracy and electoral studies. 

   - The above activities are analysed in the accounts as between Research and Information Dissemination. 

- A.5 In planning and implementing McDougall’s activities in pursuit of its charitable Purposes, the Trustees have regard to current Charity Commission guidance on public benefit. 

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**McDOUGALL TRUST** (Arthur McDougall Fund) _Charity number: 212151_ 

## **ANNUAL REPORT OF TRUSTEE BOARD FOR YEAR ENDED 31 DECEMBER 2020** 

## **B McDOUGALL TRUST COLLECTIONS** 

- B.1 McDougall's historic reference collections include important archives, books, pamphlets, press cuttings and other material from the mid-19th century onwards, relating to voting systems, elections, electoral reform, proportional representation, suffrage and related constitutional issues (including the Lakeman electoral studies library collections). 

- B.2 With the invaluable help of experienced volunteers, work had been underway on preparing for these collections to be re-located so that they can be maintained and developed with much improved public access.  Since early 2020, this work has been seriously interrupted by practical constraints including factors related to the Coronavirus pandemic.  It remains the Trustees’ intention to safeguard the longer-term public accessibility of the collections and to facilitate their wider use for the public benefit. 

## **C QUARTERLY JOURNAL** 

- C.1 McDougall Trust’s journal REPRESENTATION Journal of Representative Democracy [print ISSN 00344893 online 1749-4001] aims to assist the study and understanding of electoral systems and forms of government by publishing articles on topical and practical issues.  The editors of this widely respected quarterly academic journal aim: 

   - to publish cutting edge articles about elections and voting systems throughout the world; 

   - to encourage debate on democratic practices; 

   - to explore critically the interface between democratic practice and theory; 

   - to produce special issues devoted to questions of democracy; and 

   - to attract an audience of academics and students, journalists, election practitioners and informed lay readers. 

- C.2 The McDougall Trustees are responsible for appointing the editorial team, and membership of the editorial advisory board is subject to approval by McDougall.  The present lead Editors are Dr Stephen Elstub (Newcastle University, UK), and Dr Maarja Lühiste (Newcastle University, UK). 

- C.3 The content of the journal is the responsibility of the editors, and all articles are subject to peerreview ('double blind') by independent anonymous expert referees.  The journal is published through external publisher Taylor & Francis Group (Informa UK) under the Routledge imprint. See: Representation | Taylor & Francis Online (tandfonline.com) 

- C.4 The journal’s reach has been growing.  As well as the print and online versions, demand continues to grow for one-off downloads of individual articles, there having been again for 2020 substantial increases in article downloads over the previous year.  Considering downloads by region, Europe continued as the number one source of demand, followed by North America, Asia, Australasia, Africa, and Other Americas. 

- C.5 The issues of REPRESENTATION for 2020 were 1 to 4 of Volume 56.  Issue 4 was a special issue on _Beyond Direct Democracy: Popular Vote Processes in Democratic Systems_ . 

## **D OTHER SUPPORT FOR RESEARCH AND INFORMATION DISSEMINATION** 

- D.1 McDougall Trust has had a long history of providing grants for specific research or information dissemination projects in the field of electoral democracy.  Projects that have been supported by McDougall Trust grants are listed at www.mcdougall.org.uk/Research/Grants. 

- D.2 From April 2017, McDougall has provided grant aid of £66,465 to fund costs of the major research project on improving information and discourse in election and referendum campaigns carried out 

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**McDOUGALL TRUST** (Arthur McDougall Fund) _Charity number: 212151_ 

## **ANNUAL REPORT OF TRUSTEE BOARD FOR YEAR ENDED 31 DECEMBER 2020** 

by the Constitution Unit at University College London, under the direction of Dr Alan Renwick, with Michela Palese as Research Assistant and McDougall Fellow.  The grant and project periods have been extended beyond this reporting period. 

- D.3 Work of this McDougall-funded project fed into the work and Report of the Independent Commission on Referendums (serviced by the Constitution Unit) July 2018 [ISBN: 978-1-903903-83-4].  The report of the McDougall-funded project was published, first electronically on 7 March 2019 followed by hard copy from 26 April 2019, as _Doing Democracy Better: How can Information and Discourse in Election and Referendum Campaigns in the UK be Improved?_ March 2019 [ISBN:  978-1-903903-85-8]. 

- D.4 The authors of _Doing Democracy Better_ point out that quality political discourse is an essential part of democracy, but that recent developments - including the rise of digital campaigning, as well as in events such as the UK's 2016 EU referendum campaign and US presidential election campaign - led many people of all political persuasions to worry that the quality of discourse is currently too low. Particular concerns focus on the need for balanced and reliable information and on the dangers posed by the easy availability of seductive misinformation. 

- D.5 The project seeks to understand how the quality of information and public discussion during election and referendum campaigns can be improved.  By examining existing practice in the UK and around the world, the project developed proposals to improve the quality of campaign discourse. Information that should be available includes:  basic information on where, when, and how to vote and on who the candidates are in any given area;  'voting advice applications' that help voters compare their policy preferences to parties' positions or to referendum options;  policy analyses exploring, for example, how policy proposals would affect the state of the economy or the health of public services;  and evidence from deliberative exercises on what ordinary citizens think about the issues at stake when they have the chance to learn about, discuss, and consider those issues in depth. Follow up work continued through consultations, and in the media. 

- D.6 McDougall provided grant funding to the Political Studies Association (PSA) to sponsor the annual McDougall Trust post-graduate dissertation prize on the theme of elections, electoral systems or representation.  In 2020 the grant was paid to the PSA in respect of the prize won by ~~t~~ he 2019 winner, Jessica Smith (Birkbeck College, University of London) for a thesis on _Gendering Political Leadership: A Case Study of the UK, Examining Media and Voter Perceptions_ , whose prize was awarded in April 2020.  The winner in 2020 (prize awarded in April 2021) was Anna Sanders (University of Manchester) for a thesis on _What has been the Impact of Gendered Policies on Women’s Voting Behaviour? An Analysis of the 2015 British General Election_ . 

- D.7 McDougall's website, www.mcdougall.org.uk, provides a range of resources, including signposting and access to workshop and seminar films (including short excerpts) available on YouTube, and details of other publications and funded projects.  These resources include historic reprints and more recent papers on preferential voting systems in the _Voting matter_ s online resource, See: McDougall Trust - Voting matters - online resources on preferential voting systems. 

## **E STRUCTURE, GOVERNANCE AND MANAGEMENT** 

- E.1 McDougall Trust is an unincorporated association.  It was registered with the Charity Commission as 'Arthur McDougall Fund'  and uses 'McDougall Trust' as its registered working name (charity no. 212151). 

- E.2 The Arthur McDougall Fund began in 1938 as a bequest, named in memory of a family member, made in a will by the philanthropist Sir Robert McDougall who was associated with a wide range of environmental, scientific, technical and political causes.  It was set up under a Trust Deed as a charity 

3 



**McDOUGALL TRUST** (Arthur McDougall Fund) _Charity number: 212151_ 

## **ANNUAL REPORT OF TRUSTEE BOARD FOR YEAR ENDED 31 DECEMBER 2020** 

in 1948.  Its charitable status was confirmed in a precedent-setting High Court case in the late 1950s, as an outcome of which it has been governed by a High Court Scheme, issued in 1959 (with subsequent amendments).  McDougall’s trusts are set out in para A.2 above.  Further information about McDougall is available at www.mcdougall.org.uk 

- E.3 The Trust is governed by a Board of between twelve and five voluntary Trustees responsible for ensuring that the purposes of the Trust are carried out including developing its strategic vision and related development and operational plans.  The Trustees are appointed in their individual capacities, not as representatives of any other person or organisation.  They have a duty to act independently in the best interests of the Trust and to declare any conflicts of interest. 

- E.4 One third (or number nearest to one third) of the Trustees fall due in each odd-numbered year for retirement by rotation.  The Board keeps under review the number of Trustees and the roles required of them, in the light of the objectives, activities and current priorities of the Trust and the mix of skills and experience required.  When it is necessary to recruit new Trustees, vacancies are normally widely advertised, and due regard is paid to the principles of equal opportunity and diversity when making appointments. 

- E.5 The following served as Trustees during 2020, and were Trustees at the approval date: 

|owing served as Trustees during 2020,|and were Trustees at the approval dat|
|---|---|
|John Cartledge|Nigel Siederer|
|Elizabeth Collingridge|Tom Walsh|
|Derek McAuley||



## **F. FINANCIAL REVIEW** 

- F.1 McDougall Trust's existing reliable annual income is limited, mainly dividends and other proceeds from its investment portfolio and proceeds of publications sales and royalties.  Following Charity Commission concurrence, the Trustees have power under section 282 of the Charities Act 2011 to expend any or all the capital contained in the Arthur McDougall Fund endowment.  The Trustee Board greatly appreciates donations, whether financial, or in kind through the work of unpaid volunteers and others who have assisted with aspects of McDougall’s work. 

- F.2 Since early 2020, there have been very severe adverse pressures on McDougall’s practical operations, including from factors related to the Coronavirus pandemic, and about which the Charity Commission has been kept informed. 

- F.3 McDougall’s reserves policy is to maintain operating reserves sufficient to cover the Trust’s commitments (including any restricted funds held) and projected normal operating expenses for at least one year, in order to sustain McDougall’s activities in the event of unforeseen circumstances. Such operating reserves include sums transferable as appropriate from the expendable Endowment Fund.  Accumulated Income funds and expendable Endowment funds other than operating reserves are being held towards longer-term development plans.  The Trustees ensure that risks, including risks associated with the Coronavirus pandemic, are kept under review, and mitigated as far as possible. 

- F.4 At year end 31 December 2019, McDougall's accumulated income funds (all unrestricted) brought forward had stood at a deficit of £69,083 [ _2018: £27,918_ ], together with the expendable capital portfolio. Income for year ended 31 December 2020 from usual sources totalled £26,960 [ _2019: 31,986_ ].  Expenditure for the 2020 year totalled £40,803 [ _2019: £73,151_ ].  The outturn for the 2020 year of a deficit of £13,843 [ _2019: £41,165_ ] was funded from usual income funds including allocations of capital to income funds.  At the end of the 2020 year, funds held (all unrestricted) were 

4 



**McDOUGALL TRUST** (Arthur McDougall Fund) _Charity number: 212151_ 

## **ANNUAL REPORT OF TRUSTEE BOARD FOR YEAR ENDED 31 DECEMBER 2020** 

accumulated income funds of £487,763 [ _2019: £480,753_ ] together with the expendable capital portfolio. 

- F.5 The investment environment for McDougall’s capital portfolio has seen considerable volatility.  The market value of the Endowment investment portfolio at 31 December 2020 was £476,746 [ _2019: £ 467,960_ ], but has then reduced, with market volatility ongoing.  The Board is continuing its strategic review to inform the development of ongoing programme and plans, and uses of available funds. Meanwhile, bearing in mind global uncertainties, the Board considers the Trust’s financial position at the approval date to be satisfactory. 

- F.6 A summary of the financial results for the 2020 year is given on page 9 of the Accounts. 

## **G. TRUSTEES’ RESPONSIBILITIES IN RELATION TO ACCOUNTING AND REPORTING** 

- G.1 Charity law requires the Trustees to prepare accounts that give a true and fair view of the state of affairs of the Charity and of its income and expenditure for the financial year.  In doing so, the Trustees are required: 

   - to select suitable accounting policies and apply them consistently; 

   - to make judgements and estimates that are reasonable and prudent; 

   - to state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements; and 

   - to prepare the accounts on a going concern basis unless it is inappropriate to presume that the Charity will continue in operation. 

- G.2 The Trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the accounts comply with the Charities Act 2011.  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. 

Authorised for approval and signature on behalf of the Trustee Board. 


Derek McAuley (Trustee) 

5 



**McDOUGALL TRUST** (Arthur McDougall Fund) _Charity number: 212151_ 

## **ANNUAL REPORT OF TRUSTEE BOARD FOR YEAR ENDED 31 DECEMBER 2020** 

## **ANNEX TO TRUSTEE BOARD ANNUAL REPORT** 

## **McDOUGALL TRUST - CONTACT DETAILS, AGENTS AND PROFESSIONAL ADVISERS** 

|**_Contact_**:|**_Post_**:|
|---|---|
|**McDOUGALL TRUST (ARTHUR MCDOUGALL FUND)**<br>**McDougall Trust**<br>Web:   www.mcdougall.org.uk<br>Email:  contact@mcdougall.org.uk|Unit 14, 95 Wilton Road<br>Victoria<br>LONDON SW1V 1BZ|
|**AGENTS AND PROFESSIONAL ADVISORS**<br>_Representation – Journal of Representative Democracy_<br>Subscription agent for Institutions<br>**Taylor & Francis (Routledge)**publishers<br>Web:   www.tandf.co.uk/journals/<br>Solicitors<br>Charity and Social Business Team,<br>**Russell-Cooke LLP**<br>Investment managers<br>**Investec Wealth & Investment Ltd**<br>Independent examiner<br>**Mei Sim Lai  OBE DL FCA FCCA**<br>LaiPeters & Co.<br>Chartered Accountants<br>Bankers<br>**CAF Bank Limited**<br>**The Co-operative Bank**|2 Putney Hill<br>LONDON SW15 6AB<br>30 Gresham Street<br>LONDON EC2V 7QN<br>Suite A<br>6 Honduras Street<br>LONDON EC1Y 0TH<br>25 Kings Hill Avenue, Kings Hill,<br>West Malling, Kent ME19 4JQ<br>80 Cornhill<br>LONDON EC3V 3NJ|
|||



6 



**McDOUGALL TRUST** (Arthur McDougall Fund) _Charity number: 212151_ 

**ANNUAL REPORT OF TRUSTEE BOARD FOR YEAR ENDED 31 DECEMBER 2020** 

## **INDEPENDENT EXAMINER’S REPORT TO TRUSTEES OF McDOUGALL TRUST FOR YEAR ENDED 31 DECEMBER 2020** 

## **Independent Examiner's report to Trustees of McDougall Trust** 

I report to the Trustees on my examination of the accounts of McDougall Trust (registered as Arthur McDougall Fund) for the year ended 31[st] December 2020. 

## **Responsibilities and basis of report** 

As the charity Trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act'). 

I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. 

## **Independent examiner's statement** 

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 Trust as required by Section 130 of the Act; or 

2. the accounts do not accord with those records; or 

3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. 

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

MEI SIM LAI Suite A Mei Sim Lai OBE DL FCA FCCA 6 Honduras Street LaiPeters & Co. London EC1Y 0TH Chartered Accountants 

7 



**McDOUGALL TRUST** (Arthur McDougall Fund) _Charity number: 212151_ 

## **ANNUAL REPORT OF TRUSTEE BOARD FOR YEAR ENDED 31 DECEMBER 2020** 

## **STATEMENT OF FINANCIAL ACTIVITIES FOR YEAR ENDED 31 DECEMBER 2020** 

|Investment<br>gains (losses)<br>Realised<br>Unrealised<br>NET OUTGOING RESOURCES<br>FOR YEAR<br>Funds at 1 January 2020<br>Transfer of funds<br>Funds at 31 December 2020<br>INCOMING RESOURCES<br>Donations and grants<br>Investment income<br>Publications and other income<br>TOTAL INCOMING RESOURCES<br>RESOURCES EXPENDED<br>Charitable activities<br>Costs of generating funds<br>TOTAL RESOURCES EXPENDED<br>carried forward:|Investment<br>gains (losses)<br>Realised<br>Unrealised<br>NET OUTGOING RESOURCES<br>FOR YEAR<br>Funds at 1 January 2020<br>Transfer of funds<br>Funds at 31 December 2020<br>INCOMING RESOURCES<br>Donations and grants<br>Investment income<br>Publications and other income<br>TOTAL INCOMING RESOURCES<br>RESOURCES EXPENDED<br>Charitable activities<br>Costs of generating funds<br>TOTAL RESOURCES EXPENDED<br>carried forward:|Endowment<br>Unrestricted<br>funds<br>Year ended<br>30.12.20<br>Total<br>_Year ended_<br>_31.12.19_<br>_Total_<br>Note<br>£<br>£<br>£<br>_£_<br>(13,843)<br>(13,843)<br>_(41,165)_<br>10<br>21,284<br>21,284<br>_6,136_<br>(431)<br>__________________<br>_<br>_______________<br>(431)<br>____________<br>_54,718_<br>______________<br>7<br>20,853<br>(13,843)<br>7,010<br>_19,689_<br>549,836<br>____________<br>(69,083)<br>____________<br>480,753<br>**_________**<br>_461,064_<br>_0_<br>______________<br>£ 570,689<br>_____________<br>£ (82,926)<br>_____________<br>£ 487,763<br>____________<br>_£ 480,753_<br>______________<br>Unrestricted funds<br>Year ended<br>31.12.20<br>_Year ended_<br>_31.12.19_<br>Note<br>£<br>_£_<br>2<br>0<br>_0_<br>3<br>11,003<br>_15,919_<br>15,957<br>____________<br>_16,067_<br>______________<br>26,960<br>____________<br>_31,986_<br>______________<br>4<br>36,424<br>_68,785_<br>5<br>4,379<br>_______<br>_4,366_<br>_________<br>40,803<br>____________<br>_73,151_<br>______________<br>7<br>£ (13,843)<br>____________<br>_£ (41,165)_<br>______________|
|---|---|---|
||||
||||



The Charity had no recognised gains and losses other than those included above.  All the above results are derived from continuing activities. 

The notes on pages 10 - 16 form part of these financial statements. 

8 



**McDOUGALL TRUST** (Arthur McDougall Fund) _Charity number: 212151_ 

## **ANNUAL REPORT OF TRUSTEE BOARD FOR YEAR ENDED 31 DECEMBER 2020** 

## **BALANCE SHEET AS AT 31 DECEMBER 2020** 

|||31.12.2020||_31.12.2019_|
|---|---|---|---|---|
||Note|£<br>£|_£_|<br>_£_|
|FIXED ASSETS|||||
|Tangible assets|9|0||_0_|
|Investments|10|499,384||_482,910_|
|||_____________||_______________|
|||499,384||_482,910_|
|CURRENT ASSETS|||||
|Debtors|11|13,515|_12,749_||
|Cash at bank and in hand||13,542|_23,806_||
|||____________|______________||
|||27,057|_36,555_||
|Less:CREDITORS:|||||
|Amounts falling due within one year|12|(38,498)|_(38,712)_||
|||____________|______________||
|NET CURRENT ASSETS||(11,441)||_(2,157)_|
|||_____________,||______________,_|
|NET ASSETS||£ 487,943||_£ 480,753_|
|||_____________||_______________|
|CAPITAL FUNDS|||||
|_Arthur McDougall Fund_|||||
|Endowment|13/14|570,689||_549,836_|
|INCOME FUNDS|||||
|Unrestricted|14|(82,926)||_(69,083)_|
|||____________||______________|
|||£ 487,943||_£ 480,753_|
|||____________||______________|



The notes on pages 10 to 16 form part of these financial statements. 

Approved by, and for signature on behalf of, the Trustee Board. 


Derek McAuley (Trustee) 

9 



**McDOUGALL TRUST** (Arthur McDougall Fund) _Charity number: 212151_ 

## **ANNUAL REPORT OF TRUSTEE BOARD FOR YEAR ENDED 31 DECEMBER 2020** 

## **NOTES TO THE ACCOUNTS FOR YEAR ENDED 31 DECEMBER 2020** 

## 1 ACCOUNTING POLICIES 

- a _Basis of preparation of accounts_ The financial statements have been prepared under the historical cost convention as modified by the inclusion of investments at fair value and in sterling which is the functional currency of the charity. They have been prepared to comply with the Statement of Recommended Practice: “Accounting and Reporting by Charities preparing accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102)” and relevant charities legislation, including applying provisions applicable to a small charity as appropriate. 

- b _Tangible fixed assets and depreciation_ Tangible fixed assets for use by the Charity are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful life on the following bases: 

   - Computer Equipment - 3 years straight line basis;  Furniture and Fittings - 4 years straight line basis. 

- c _Income_ No permanent endowments were received in the year.  Transfers of funds from the capital endowment to Income Funds are dealt with through the Statement of Financial Activities when received.  Unless otherwise stated, voluntary income and donations are accounted for as received.  Grants, including grants for the purchase of fixed assets, are recognised in full in the Statement of Financial Activities in the year in which they are received.  Unless otherwise stated, journal subscriptions are accounted for as received. 

- d _Grants made_ Unless otherwise stated grants made for charitable activities which fall within the Charity’s objects are recognised in full in the periods  in which they are payable. 

- e _Endowments_ Permanent endowment are funds which the Trustees are required to retain intact as capital using them to generate income. _Arthur McDougall Fund_ , which had been given to the Charity as Permanent Endowment, remained so under the governing Scheme until 31 August 2014.  Following Charity Commission concurrence, the Trustees obtained the power available under section 282 of the Charities Act 2011 to enable the _Arthur McDougall Fund_ endowment to be freed from existing restrictions with regard to the expenditure of any or all the capital. 

- f _Unrestricted funds_ Unrestricted funds are donations and other income received or generated for the objects of the Charity without further specified purposes, and are available as general funds. 

- g _Designated funds_ Designated funds are unrestricted funds which the Trustees have earmarked for identifiable future expenditure. 

- h _Investments_ Investments held as fixed assets are stated at market value at the balance sheet date.  Realised and unrealised gains and losses are dealt with in the Statement of Financial Activities.  Investment income plus associated tax recoverable is credited to income on an accruals basis. Bank interest is included in the Statement of Financial Activities on a receivable basis. 

- i _Value Added Tax_ Value Added Tax is not recoverable by the Charity and as such is included in the relevant costs in the Statement of Financial Activities. 

- j _Stock of books/pamphlets/archives collections, and publications_ All costs incurred in the purchase of books, publications, reference material and other related expenditure are included in the Statement of Financial Activities in the year in which the costs are incurred.  All costs relating to special publications are included in the Statement of Financial Activities in the year in which the costs are incurred. 

- k _Governance costs_ Governance costs of the Charity include direct and related support costs of governance arrangements which relate to the general running of the Charity, including strategic planning processes contributing to the future development of the Charity.  Governance costs include preparing statutory accounts, financial examination / audit, legal advice not analysed elsewhere, and constitutional and statutory requirements including trustee meetings. 

- l _Support costs_ Support costs are those costs that, whilst necessary to deliver an activity, do not themselves produce or constitute the output of the charitable activity;  costs incurred in supporting income generation activities such as fundraising;  and costs incurred in supporting the governance of the Charity.  Unless otherwise stated, support costs are allocated by apportionment on the basis of time spent. 

- m _Going concern_ In keeping under review and considering ongoing risks including additional risks relating to COVID-19, Trustees believe that the Charity is able to continue operations for the next twelve months and foreseeable future. 

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**McDOUGALL TRUST** (Arthur McDougall Fund) _Charity number: 212151_ 

## **ANNUAL REPORT OF TRUSTEE BOARD FOR YEAR ENDED 31 DECEMBER 2020** 

## NOTES TO THE ACCOUNTS FOR YEAR ENDED 31 DECEMBER 2020 (continued) 

## 2 DONATIONS AND GRANTS 

||Year ended|_Year ended_|
|---|---|---|
||31.12.20|_31.12.19_|
||£|_£_|
|Individual|0|_0_|
||________|__________|
||£ 0<br>________|_£ 0_<br>__________|



## 3 INVESTMENT INCOME 

||Year ended|_Year ended_|
|---|---|---|
||31.12.20|_31.12.19_|
||£|_£_|
|Income from listed investments|10,859|_15,913_|
|Interest on cash deposits|144|_6_|
||__________|__________|
||£ 11,003<br>________|_£ 15,919_<br>________|



11 



(Arthur McDougall Fund) _Charity number: 212151_ 

## **McDOUGALL TRUST** 

## **ANNUAL REPORT OF TRUSTEE BOARD FOR YEAR ENDED 31 DECEMBER 2020** 

## NOTES TO THE ACCOUNTS FOR YEAR ENDED 31 DECEMBER 2020 (continued) 

## 4 CHARITABLE ACTIVITIES 

||CHARITABLE ACTIVITIES<br>Direct (non-staff) costs of activities<br>Governance costs<br>Other costs allocated<br>Support costs allocated<br>CHARITABLE ACTIVITIES BY OTHERS<br>SUPPORTED BY TRUST GRANT FUNDING<br>TOTAL COSTS OF<br>CHARITABLE ACTIVITIES|Support costs<br>allocated<br>£<br>4,900<br>2,649<br>________<br>7,549<br>________|INFORMATION<br>DISSEMINATION<br>(including archives and<br>other collections)<br>£<br>28,225<br>5,662<br>________<br>33,887<br>0<br>________<br>£ 33,887<br>________|RESEARCH<br>Year ended<br>31.12.20<br>_Year ended_<br>_31.12.19_<br>£<br>£<br>_£_<br>0<br>28,225<br>_57,250_<br>1,887<br>_______<br>7,549<br>________<br>_10,885_<br>__________<br>1,887<br>35,774<br>_68,135_<br>650<br>_______<br>650<br>________<br>_650_<br>__________<br>£ 2,537<br>_______<br>£ 36,424<br>________<br>_£ 68,785_<br>__________|
|---|---|---|---|---|
|||<br>allocated|||
||||<br>||



Allocated costs are determined by apportionment on basis of broad estimates of proportions of time spent during the period. 

12 



**McDOUGALL TRUST** (Arthur McDougall Fund) _Charity number: 212151_ 

## **ANNUAL REPORT OF TRUSTEE BOARD FOR YEAR ENDED 31 DECEMBER 2020** 

## NOTES TO THE ACCOUNTS FOR YEAR ENDED 31 DECEMBER 2020 (continued) 

## 5 COSTS OF GENERATING FUNDS 

|||Year ended|_Year ended_|
|---|---|---|---|
|||31.12.20|_31.12.19_|
|||£|_£_|
||Investment management fees|£ 4,379|_£ 4,366_|
|||_______|_______|
|6|GOVERNANCE COSTS|||



|Year ended<br>31.12.20<br>_Year ended_<br>_31.12.19_<br>£<br>_£_<br>Cost of trustees’ meetings<br>-<br>_(246)_<br>Trustees’ travel expenses<br>-<br>_211_<br>Accountancy including independent examination<br>2,400<br>_2,400_<br>Legal and other professional costs and other charges<br>2,500<br>_3,329_<br>________<br>__________<br>£ 4,900<br>________<br>_£ 5,694_<br>__________|Year ended<br>31.12.20<br>_Year ended_<br>_31.12.19_<br>£<br>_£_<br>Cost of trustees’ meetings<br>-<br>_(246)_<br>Trustees’ travel expenses<br>-<br>_211_<br>Accountancy including independent examination<br>2,400<br>_2,400_<br>Legal and other professional costs and other charges<br>2,500<br>_3,329_<br>________<br>__________<br>£ 4,900<br>________<br>_£ 5,694_<br>__________|Year ended<br>31.12.20<br>_Year ended_<br>_31.12.19_<br>£<br>_£_<br>Cost of trustees’ meetings<br>-<br>_(246)_<br>Trustees’ travel expenses<br>-<br>_211_<br>Accountancy including independent examination<br>2,400<br>_2,400_<br>Legal and other professional costs and other charges<br>2,500<br>_3,329_<br>________<br>__________<br>£ 4,900<br>________<br>_£ 5,694_<br>__________|
|---|---|---|
||||
|||_£ 5,694_<br>__________|



7 NET (OUTGOING) RESOURCES FOR PERIOD 

||Year ended|_Year ended_|
|---|---|---|
||31.12.20|_31.12.19_|
|Net (outgoing) resources for year is stated after charging:|£|_£_|
|Depreciation of tangible fixed assets (for use by the Charity)|0|_0_|
|Independent examiner’s fee|2,400|_2,400_|
||_______|_________|
||£ 2,400<br>_______|_£ 2,400_<br>_________|



## 8 TRUSTEES’ AND STAFF COSTS 

No remuneration was paid to Trustees in the year. 

No Travel expenses were reimbursable to Trustees (2019: three)  (2019: £ 211). Total staff costs paid during the year were £ nil (2019: £ nil). 

13 



**McDOUGALL TRUST** (Arthur McDougall Fund) _Charity number: 212151_ 

## **ANNUAL REPORT OF TRUSTEE BOARD FOR YEAR ENDED 31 DECEMBER 2020** 

## NOTES TO THE ACCOUNTS FOR YEAR ENDED 31 DECEMBER 2020 (continued) 

## 9.      TANGIBLE FIXED ASSETS 

||Cost<br>At  31 December 2019<br>Additions<br>At 31 December 2020<br>Depreciation<br>At  31 December 2019<br>Charge for the year<br>At 31 December 2020<br>Net book values<br>At 31 December 2020<br>_At 31 December 2019_|Computer<br>Equipment<br>Furniture and<br>Fittings<br>£<br>£<br>19,672<br>16,391<br>0<br>________<br>0<br>_______<br>£ 19,672<br>________<br>£ 16,391<br>_______<br>19,672<br>16,391<br>0<br>________<br>0<br>_______<br>£ 19,672<br>________<br>£ 16,391<br>_______<br>£ 0<br>________<br>£ 0<br>_______<br>_£ 0_<br>________<br>_£ 0_<br>_______|Total<br>£<br>36,063<br>0<br>________<br>£ 36,063<br>________<br>36,063<br>0<br>________<br>£ 36,063<br>________<br>£ 0<br>________<br>_£ 0_<br>________|
|---|---|---|---|



14 



**McDOUGALL TRUST** (Arthur McDougall Fund) _Charity number: 212151_ 

## **ANNUAL REPORT OF TRUSTEE BOARD FOR YEAR ENDED 31 DECEMBER 2020** 

## NOTES TO THE ACCOUNTS FOR YEAR ENDED 31 DECEMBER 2020 (continued) 

## 10 INVESTMENTS 

||Year ended|_Year ended_|
|---|---|---|
||31.12.20|_31.12.19_|
||£|_£_|
|Investments|476,746|_467,969_|
|Cash awaiting investment|22,638|_14,941_|
|Cash awaiting transfer|0|_0_|
||_______|_________|
||£ 499,384|_£ 482,910_|
||_______|_________|
|Market value at 1 January 2020|467,969|_411,151_|
|Additions at cost|52,247|_6,753_|
|Disposal proceeds|(64,323)|_(10,789)_|
|Realised gains|21,284|_6,136_|
|Unrealised (losses)/gains|(431)|_54,718_|
||_______|_________|
|Market value at 31 December 2020|£ 476,746|_£ 467,969_|
||_______|_________|
|Historical cost at 31 December 2020|£ 312,592<br>_______|_£ 280,152_<br>_________|



The investments held at 31 December 2019 and 31 December 2020 are where appropriate stated at middle market value. 

No investments relate to restricted funds. 

At 31 December 2020 no holding in any company exceeded 5% of portfolio value. 

15 



**McDOUGALL TRUST** (Arthur McDougall Fund) _Charity number: 212151_ 

## **ANNUAL REPORT OF TRUSTEE BOARD FOR YEAR ENDED 31 DECEMBER 2020** 

## NOTES TO THE ACCOUNTS FOR YEAR ENDED 31 DECEMBER 2020 (continued) 

- 11 DEBTORS: Amounts due within one year 

|EBTORS:Amounts due within one year|||
|---|---|---|
||Year ended|_Year ended_|
||31.12.20|_31.12.19_|
||£|_£_|
|Prepayments and other debtors|£ 13,515|_£ 12,749_|
||______|______|
|REDITORS:Amounts due within one year|||
||Year ended|_Year ended_|
||31.12.20|_31.12.19_|
||£|_£_|
|Accruals and other creditors|£ 38,498|_£ 38,712_|
||______|______|



12 CREDITORS: Amounts due within one year 

## 13 _ARTHUR McDOUGALL FUND_ ENDOWMENT 

The _Arthur McDougall Fund_ Endowment are funds which had been given to the Charity where under the governing Scheme until 31 August 2014 the Trustees were required to retain the fund intact as capital (although its constituent assets may change from time to time), using it to generate income.  Following Charity Commission concurrence, the Trustees obtained the power available under section 282 of the Charities Act 2011 to enable the endowment to be freed from existing restrictions with regard to the expenditure of any or all the capital. 

## 14 ANALYSIS OF FUND BALANCES BETWEEN THE NET ASSETS 

|_Arthur McDougall Fund_<br>Endowment<br>£<br>Investments<br>570,689<br>Transfer of funds<br>Net current assets<br>Net assets<br>£ 570,689<br>_______|Unrestricted<br>Year ended<br>31.12.20<br>Total<br>_Year ended_<br>_31.12.19_<br>_Total_<br>£<br>£<br>_£_<br>0<br>570,689<br>_549,836_<br>0<br>_0_<br>(82,926)<br>(82,926)<br>_(69,083)_<br>£ (82,926)<br>_______<br>£ 487,763<br>_______<br>_£ 480,753_<br>_________|
|---|---|



The Charity began the year with Total Funds brought forward of £ 480,753 ( _2019: £461,064_ ). Net Incoming resources for the year amounted to £ 7,010 ( _2019: (£ 19,689_ ), resulting in a Total Funds balance of £ 487,763 as at the end of the year. 

16