## **McDOUGALL TRUST** _**Promoting public understanding of electoral democracy**_ **(Arthur McDougall Fund)** _Charity number: 212151_ ## **ANNUAL REPORT AND ACCOUNTS FOR YEAR ENDED 31 DECEMBER 2023** |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|-|16|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 2023** ## **TRUSTEE BOARD ANNUAL REPORT** ## **FOR YEAR TO 31 DECEMBER 2023** - **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 2023. - 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. 1 **McDOUGALL TRUST** (Arthur McDougall Fund) _Charity number: 212151_ ## **ANNUAL REPORT OF TRUSTEE BOARD FOR YEAR ENDED 31 DECEMBER 2023** ## **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 After a significant hiatus, initially precipitated by the covid-19 pandemic and exacerbated by a change of policy by a partner library, a major achievement during 2023 was securing the long-term effective housing and future of the archive collection. The trustees were pleased to be able to reach an agreement to deposit the whole of this extensive collection at the Modern Records Centre, University of Warwick (MRC). This included the earliest records of the Proportional Representation Society and the Electoral Reform Society, plus the personal papers of Enid Lakeman OBE, which had been donated to the Trust via her estate. The archives were received by the MRC in October 2023 and during 2024 an initial assessment will be undertaken regarding any conservation work needed and the Trust and MRC will together being to explore options for cataloguing the entire collection with a view to making it available to the public. - B.3 The remaining contents of the library, which totals over 4,000 items, have all also been consolidated in a single storage location and discussions are underway with like-minded bodies to whom all or part may be of interest. This will also significantly reduce the level of storage costs experienced during 2022 and 2023. ## **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 long-serving lead Editors Dr Stephen Elstub (Newcastle University, UK) and Dr Maarja Lühiste (Newcastle University, UK) had indicated their intention to step down from the end of 2023. As a result, the trustees undertook a recruitment process which attracted a number of extremely high-quality applications. In December 2023 they thus appointed Dr Simona Guerra (University of Surrey) and Dr Javier Sajuria (Queen Mary University of London) as new lead editors, who will take over in the early part of 2024. - C.3 The content of the Journal is the responsibility of the editors, and the appointment of Dr Guerra and Dr Sajuria will provide renewed opportunity for the trustees to engage with them on future priorities for content and style. All articles are subject to peer-review ('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) 2 **McDOUGALL TRUST** (Arthur McDougall Fund) _Charity number: 212151_ ## **ANNUAL REPORT OF TRUSTEE BOARD FOR YEAR ENDED 31 DECEMBER 2023** - 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 2023 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 2023 were 1 to 4 of Volume 59. Issue 3 was a special edition _Political Parties Abroad: A New Arena for Electoral Politics_ with articles examining situations in countries including Mexico, Ecuador, Romania and France. ## **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 McDougall has provided grant funding to the Political Studies Association (PSA) to sponsor the annual McDougall Trust postgraduate dissertation prize on the theme of elections, electoral systems or representation. In 2023 the grant was paid to PSA in respect of the prize awarded jointly to the 2022 winners, Dr Lotte Hargrave, University College London, for their thesis on _The Influence of Gender Stereotypes on Politicians’ Behaviour and Voter Attitudes_ and Dr Ceri Fowler, University of Manchester, for their thesis on _Gender and Voting Behaviour at the United Kingdom’s 2016 Referendum on EU Membership._ - D.3 The 2023 the prize was awarded to Dr Laura Serra, Royal Holloway University of London, for her dissertation _“The widening age gap at UK elections”._ - D.4 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 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 paragraph 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 five and twelve 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. 3 **McDOUGALL TRUST** (Arthur McDougall Fund) _Charity number: 212151_ ## **ANNUAL REPORT OF TRUSTEE BOARD FOR YEAR ENDED 31 DECEMBER 2023** - 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 2023, and were Trustees at the approval date: |owing served as Trustees during 2023,|and were Trustees at the approval dat| |---|---| |John Cartledge|Nigel Siederer| |Elizabeth Collingridge|Tom Walsh| |Derek McAuley|| - E.6 In response to a range of challenges that had emerged during and after the covid-19 pandemic, the trustees appointed in January 2023 an Interim Charity Manager on a freelance basis, initially for a 6- month term. Their brief included moving forward a number of outstanding tasks and issues, plus working with the Trustees to explore and implement a longer-term strategy for McDougall’s future. Nick Moore of 13C Consulting Ltd, an experienced freelance consultant who holds an MA in Charity Management, commenced in the role in early January 2023. - E.7 As a result of this appointment a significant amount of progress was made during the year. In addition to securing a long-term home for the archives, a new Publishing Agreement was signed with Informa UK Ltd to continue publishing REPRESENTATION under the Routledge imprint and several years of overdue statutory accounts were completed. Improvements were made to the charity’s systems and processes, including the move to online banking and online investment portfolio monitoring, plus the closure of two redundant bank accounts. - E.8 Part of the Interim Manager’s brief included supporting work to review the Trust’s longer-term strategy and the Board held several sessions dedicated to these as day-to-day issues were being resolved. ## **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 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 and its ongoing impact, are kept under review, and mitigated as far as possible. - F.3 At year end 31 December 2022, McDougall’s accumulated income funds (all unrestricted) brought forward had a deficit of £144,239 ( _2021: £121,379)_ together with the expendable capital portfolio. 4 **McDOUGALL TRUST** (Arthur McDougall Fund) _Charity number: 212151_ ## **ANNUAL REPORT OF TRUSTEE BOARD FOR YEAR ENDED 31 DECEMBER 2023** Income for the year ended 31 December 2023 from usual sources totalled £27,834 _(2022: £40,168_ ) Expenditure for the 2023 year totalled £105,691 _(2022: £63,028)._ The outturn for the 2023 year was a deficit totalling £68,404 _(2022: Deficit £102,084)_ after investment gains less unrealised losses. This was funded from usual income funds including allocations of capital to income funds. At the end of the 2023 year, funds held (all unrestricted) were accumulated income funds of £337,016 ( _2022: £405,420_ ) together with the expendable capital portfolio. - F.4 As can be seen above, the Trust experienced a considerable deficit during 2023. This reflected the cost of the engagement of the Interim Manager and a large number of issues to be resolved resulting in costs such as legal, storage and transport, that will not be replicated in future years. The trustees are therefore confident that despite this deficit during 2023 McDougall’s financial stability and sustainability for the foreseeable future has been greatly enhanced by the work undertaken to resolve numerous historical issues and improve financial systems and controls. - 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 2023 was £321,271 ( _2022: £409,3043_ ) but this continues to be affected by ongoing market volatility. The Board is continuing its strategic review to inform the development of ongoing programmes 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 The majority of expenditure on charitable activities during 2023 was with regard to maintaining the archive collection and publishing the Trust’s journal, _REPRESENTATION Journal of Representative Democracy_ . A summary of the financial results for the 2023 year is given on page 8 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 on 31 October 2024 Derek McAuley (Trustee) 5 **McDOUGALL TRUST** (Arthur McDougall Fund) _Charity number: 212151_ ## **ANNUAL REPORT OF TRUSTEE BOARD FOR YEAR ENDED 31 DECEMBER 2023** ## **ANNEX TO TRUSTEE BOARD ANNUAL REPORT** ## **McDOUGALL TRUST - CONTACT DETAILS, AGENTS AND PROFESSIONAL ADVISERS** |**_Contact_**:|**_Post_**:| |---|---| |**McDOUGALL TRUST (ARTHUR MCDOUGALL FUND)**
**McDougall Trust**
Web:www.mcdougall.org.uk
Email:contact@mcdougall.org.uk|Unit 14, 95 Wilton Road
Victoria
LONDON SW1V 1BZ| |**AGENTS AND PROFESSIONAL ADVISORS**
_Representation – Journal of Representative Democracy_
Subscription agent for Institutions
**Taylor & Francis (Routledge)**publishers
Web:www.tandf.co.uk/journals/
Solicitors
Charity and Social Business Team,
**Russell-Cooke LLP**
Investment managers
**Investec Wealth & Investment Ltd**
Independent examiner
**Mei Sim Lai OBE DL FCA FCCA**
LaiPeters & Co.
Chartered Accountants
Bankers
**CAF Bank Limited**
**The Co-operative Bank**|2 Putney Hill
LONDON SW15 6AB
30 Gresham Street
LONDON EC2V 7QN
Suite A
6 Honduras Street
LONDON EC1Y 0TH
25 Kings Hill Avenue, Kings Hill,
West Malling, Kent ME19 4JQ
80 Cornhill
LONDON EC3V 3NJ| ||| 6 **McDOUGALL TRUST** (Arthur McDougall Fund) _Charity number: 212151_ ## **ANNUAL REPORT OF TRUSTEE BOARD FOR YEAR ENDED 31 DECEMBER 2023** ## **INDEPENDENT EXAMINER’S REPORT TO TRUSTEES OF McDOUGALL TRUST FOR YEAR ENDED 31 DECEMBER 2023** ## **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 2023. ## **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 6 Honduras Street London EC1Y 0[TTH] 31 October 2024 Mei Sim Lai OBE DL FCA FCCA LaiPeters & Co. Chartered Accountants 7 **McDOUGALL TRUST** (Arthur McDougall Fund) _Charity number: 212151_ ## **ANNUAL REPORT OF TRUSTEE BOARD FOR YEAR ENDED 31 DECEMBER 2023** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR YEAR ENDED 31 DECEMBER 2023** |Investment
gains/ (losses)
Realised
Unrealised
NET (OUTGOING)/INCOMING
RESOURCES FOR YEAR
Funds at 1 January 2023
Funds at 31 December 2024
INCOMING RESOURCES
Donations, legacy and grants
Investment income
Publications and other income
TOTAL INCOMING RESOURCES
RESOURCES EXPENDED
Charitable activities
Costs of generating funds
TOTAL RESOURCES EXPENDED
carried forward:|Investment
gains/ (losses)
Realised
Unrealised
NET (OUTGOING)/INCOMING
RESOURCES FOR YEAR
Funds at 1 January 2023
Funds at 31 December 2024
INCOMING RESOURCES
Donations, legacy and grants
Investment income
Publications and other income
TOTAL INCOMING RESOURCES
RESOURCES EXPENDED
Charitable activities
Costs of generating funds
TOTAL RESOURCES EXPENDED
carried forward:|Endowment
Unrestricted
funds
Year ended
30.12.23
Total
_Year ended_
_31.12.22_
_Total_
Note
£
£
£
_£_
(77,857)
(77,857)
_(22,860)_
10
86,512
86,512
_(577)_
(77,059)
__________________
_
_______________
(77,059)
____________
_(78.647)_
______________
7
9,453
(77,857)
(68,404)
_(102,084)_
549,659
____________
(144,239)
____________
405,420
**_________**
_507,584_
______________
£559,112
_____________
£ (222,096)
_____________
£337,016
____________
_£ 405,420_
______________
Unrestricted funds
Year ended
31.12.23
_Year ended_
_31.12.22_
Note
£
_£_
2
0
_5,801_
3
11,239
_12,586_
16,595
_21,781_
27,834
_40,168_
4
102,204
_58,729_
5
3,487
_______
_4,729_
_________
105,691
_63,028_
7
**£(77,857)**
**____________**
**_£ (22,860)_**
**______________**| |---|---|---| |||| |||| 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 2023** ## **BALANCE SHEET AS AT 31 DECEMBER 2023** |Note
FIXED ASSETS
Tangible assets
9
Investments
10
CURRENT ASSETS
Debtors
11
Cash at bank
Less:CREDITORS:
Amounts falling due within one year
12
NET CURRENT ASSETS
NET ASSETS
CAPITAL FUNDS
_Arthur McDougall Fund_
Endowment
13/14
INCOME FUNDS
Unrestricted
14|_|31.12.2023
£
£
0
321,271
_____________
321,271
4,137
21,208
___________
25,345
(9,600)
___________
15,745
_______________
v
£ 337,016
_____________
559.112
(222,096)
____________
£337,016
____________|___| |---|---|---|---| ||
_||| ||||| The notes on pages 10 to 16 form part of these financial statements.44 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 2023** ## **NOTES TO THE ACCOUNTS FOR YEAR ENDED 31 DECEMBER 2023** ## 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. 10 **McDOUGALL TRUST** (Arthur McDougall Fund) _Charity number: 212151_ ## **ANNUAL REPORT OF TRUSTEE BOARD FOR YEAR ENDED 31 DECEMBER 2023** ## NOTES TO THE ACCOUNTS FOR YEAR ENDED 31 DECEMBER 2023 (continued) ## 2 DONATIONS, LEGACY AND GRANTS ||Year ended|_Year ended_| |---|---|---| ||31.12.23|_31.12.2022_| ||£|_£_| |Legacy|0|_5,801_| ||________|__________| ||0|_£ 5,801_| ||________|__________| |INVESTMENT INCOME||| ||Year ended|_Year ended_| ||31.12.23|_31.12.22_| ||£|_£_| |Income from listed investments|11,168|_12,573_| |Interest on cash deposits|71|_13_| ||__________|__________| ||£ 11,239
________|
_£ 12,586_
________| ## 3 INVESTMENT INCOME 11 (Arthur McDougall Fund) _Charity number: 212151_ ## **McDOUGALL TRUST** ## **ANNUAL REPORT OF TRUSTEE BOARD FOR YEAR ENDED 31 DECEMBER 2023** ## NOTES TO THE ACCOUNTS FOR YEAR ENDED 31 DECEMBER 2023 (continued) ## 4 CHARITABLE ACTIVITIES ||CHARITABLE ACTIVITIES
Direct (non-staff) costs of activities
Governance costs
Other costs allocated
Support costs allocated
CHARITABLE ACTIVITIES BY OTHERS
SUPPORTED BY TRUST GRANT FUNDING
TOTAL COSTS OF
CHARITABLE ACTIVITIES|Support costs
allocated
£
6,813
41,879
________
48,692|INFORMATION
DISSEMINATION
(including archives and
other collections)
£
52,862
36.519
________
89,381
0
________
£ 89,381|INFORMATION
DISSEMINATION
(including archives and
other collections)
£
52,862
36.519
________
89,381
0
________
£ 89,381|RESEARCH
£
0
12,173
_______
12,173
650
_______
£12,823|Year ended
31.12.23
_Year ended_
_31.12.22_
£
_£_
52,862
_47,116_
48.692
________
_10,963_
101,554
_58,079_
650
________
_650_
__________
102,204
_£ 58.729_|Year ended
31.12.23
_Year ended_
_31.12.22_
£
_£_
52,862
_47,116_
48.692
________
_10,963_
101,554
_58,079_
650
________
_650_
__________
102,204
_£ 58.729_|Year ended
31.12.23
_Year ended_
_31.12.22_
£
_£_
52,862
_47,116_
48.692
________
_10,963_
101,554
_58,079_
650
________
_650_
__________
102,204
_£ 58.729_|Year ended
31.12.23
_Year ended_
_31.12.22_
£
_£_
52,862
_47,116_
48.692
________
_10,963_
101,554
_58,079_
650
________
_650_
__________
102,204
_£ 58.729_| |---|---|---|---|---|---|---|---|---|---| |||
allocated|||||||| |||||||||_£_|| ||||||||||| ||||||||||| ||||||||||_,_
_58,079_
_650_
__________
_58.729_| ||||||||||| 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 2023** ## NOTES TO THE ACCOUNTS FOR YEAR ENDED 31 DECEMBER 2023continued) ## 5 COSTS OF GENERATING FUNDS |||Year ended|_Year ended_| |---|---|---|---| |||31.12.23|_31.12.22_| |||£|_£_| ||Investment management fees|£ 3,487|_£ 4,294_| |||_______|_______| |6|GOVERNANCE COSTS||| ||Year ended||_Year ended_| |---|---|---|---| ||31.12.23||_31.12.22_| ||£||_£_| |Trustees expenses|93||_( 2,850)_| |Independent Examiner’s fee|2,400||_2,400_| |Legal and other professional costs|4,320||_8,732_| ||£6,813|_|_£8,282_| ## 7 NET (OUTGOING) RESOURCES FOR ||Year ended|_Year ended_| |---|---|---| ||31.12.23|_31.12.22_| |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
_______|_£ 2,400_
_________| ## 8 TRUSTEES’ AND STAFF COSTS No remuneration was paid to Trustees in the year. Travel and other expenses were reimbursed to Trustees amounted to £93 (2022: £nil ). Total staff costs paid during the year were £ nil (2021: £ nil). 13 **McDOUGALL TRUST** (Arthur McDougall Fund) _Charity number: 212151_ ## **ANNUAL REPORT OF TRUSTEE BOARD FOR YEAR ENDED 31 DECEMBER 2023** ## NOTES TO THE ACCOUNTS FOR YEAR ENDED 31 DECEMBER 2023 (continued) ## 9. TANGIBLE FIXED ASSETS ||Cost
At 31 December 2022
Additions
At 31 December 2023
Depreciation
At 31 December 2022
Charge for the year
At 31 December 2023
Net book values
At 31 December 2023
_At 31 December 2022_|Computer
Equipment
Furniture and
Fittings
£
£
19,672
16,391
0
________
0
_______
£ 19,672
________
£ 16,391
_______
19,672
16,391
0
________
0
_______
£ 19,672
________
£ 16,391
_______
£ 0
________
£ 0
_______
_£ 0_
________
_£ 0_
_______|Total
£
36,063
0
________
£ 36,063
________
36,063
0
________
£ 36,063
________
£ 0
________
_£ 0_
________| |---|---|---|---| 14 **McDOUGALL TRUST** (Arthur McDougall Fund) _Charity number: 212151_ ## **ANNUAL REPORT OF TRUSTEE BOARD FOR YEAR ENDED 31 DECEMBER 2023** ## NOTES TO THE ACCOUNTS FOR YEAR ENDED 31 DECEMBER 2023 (continued) ## 10 INVESTMENTS ||Year ended|_Year ended_| |---|---|---| ||31.12.23|_31.12.22_| ||£|_£_| |Investments|317,870|_360,921_| |Cash awaiting investment|3,390|_48,373_| |Accrued interest|11|_11_| ||_______|_________| ||£321,271|_£ 409,304_| ||_______|_________| |Market value at 1 January 2023|360,921|_496,368_| |Additions at cost|116,062|_4,548_| |Disposal proceeds|(168,566)|_(60,771)_| |Realised (loss)/ gains|86,512|_(577)_| |Unrealised (loss)/gains|(77,059)|_(78,6447)_| ||_______|__________| |Market value at 31 December 2023|£ 317,870|_£ 360.921_| ||_______|_________| |Historical cost at 31 December 2023|£ 274,141
_______|_£ 285,050_
_________| The investments held at 31 December 2023 and 31 December 2022 are where appropriate stated at middle market value. No investments relate to restricted funds. At 31 December 2023 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 2023** ## NOTES TO THE ACCOUNTS FOR YEAR ENDED 31 DECEMBER 2023 (continued) 11 DEBTORS: Amounts due within one year |12|Year ended
31.12.23
_Year ended_
_31.12.22_
Prepayments and other debtors
£4,137
______
_£26,643_
______
CREDITORS:Amounts due within one year
Year ended
31.12.22
_Year ended_
_31.12.21_
£
_£_
Accruals and other creditors
£ 9,600
______
_£ 44,103_
______| |---|---| ## 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_
Endowment
£
Investments
559,112
Transfer of funds
Net current assets
_______
Net assets
£ 559,112
_______|Unrestricted
Year ended
31.12.23
Total
_Year ended_
_31.12.22_
_Total_
£
£
_£_
0
549,659
_549,659_
0
_0_
(222,096)
(222,096)
_(144,239)_
£ (222,096)
_______
£337,016
_______
_£405,420_
_________| |---|---| ||£| The Charity began the year with Total Funds brought forward of £ 405,420 ( _2022: £507,504,_ ). Net Outgoing resources for the year amounted to £ 68,404 ( _2022: (£ 102,184_ ), resulting in a Total Funds balance of £ 337,016 as at the end of the year. 16