## **Trustees’ Annual Report** ## The Macdonald Trust (Charity No. 263489) For the year ended 31 December 2025 ## **Objectives and Activities** The Macdonald Trust is a grant-making charity established to support charitable causes in accordance with the trust deed dated 14 December 1971. The trustees apply the charity’s funds to a range of charitable purposes determined by the trustees from time to time. During the year the charity continued its policy of supporting charitable organisations and initiatives that benefit the public. The trustees confirm that they have had regard to the guidance on public benefit published by The Charity Commission for England and Wales when carrying out the charity’s activities. The charity primarily operates by making grants to other charities and organisations working in areas such as education, helping vulnerable children, assistance for the elderly, and other charitable activities. ## **Achievements and Performance** During the year the charity provided financial support to a number of charitable organisations and initiatives. These included organisations working with: - HIV-positive families in London - Support for elderly people in Wales - Community and education projects in Manchester - English language teaching initiatives in Norwich Through these grants the trustees aim to support organisations delivering direct charitable benefit to individuals and communities. ## **Financial Review** The charity’s income for the year ended 31 December 2025 was £35,915 with total expenditure of £21,580. Funds were applied primarily to charitable grants and the minimal administrative costs associated with operating the trust. The trustees seek to ensure that the charity’s funds are applied efficiently and in accordance with its charitable purposes. ## **Structure, Governance and Management** The Macdonald Trust is governed by a trust deed dated 14 December 1971. The charity is managed by a board of trustees who are responsible for the overall administration and strategic direction of the charity. Trustees meet monthly to review charity governance, review the charity’s finances, and ensure that funds are applied in furtherance of the charity’s objectives. No trustees receive remuneration or other benefits from the charity. ## **Plans for the Future** The trustees intend to continue supporting charitable organisations and projects that align with the trust’s objectives. The charity will continue its grant-making activities and review opportunities to provide support where there is clear charitable benefit. ## **Trustee Approval** This report was approved by the trustees on 7[th] April 2026and signed on their behalf by: Name: Simon JF Macdonald Position: Trustee Signature: MacDonald Trust Annual Trust Accounts Year ended 31st December 2025 red Cha No.2 Ma¢Donakl Trust Accounts Yoar End•d 31st December 2025 Detailed Income an endi ure ount Lastyear Total R8Strlcted Unl￿trIcted Totsl R•c•l Inter85t Dfvidends Grft Aid refvnd Donaton rer£ivÈd 822 6,822 16.793 2,5CK) 10,OCIO 1.184 21.013 16,793 10,C#X) 35,915 22,197 Trustee trainiffj Gfft Accountancy Donatyon8 330 330 21.250 21,250 20,600 Net Incom• from orrlinary ac*"vibes 14.335 1,693 Gan5 on Unrt Trust Sales 102.742 102,742 2,289 Rwves trfought f0Th￿r￿ S67010 $70 922 6n.820 10.267 684.087 567,010 MacDonal¢J Trust AGGounts Year Ended 31Bt December 2026 Statsmont of Assots and Llablllti A88ets held 31112r2025 3111212￿24 Bank Ar￿nts ReliaThx- CuTTent Rejian￿- C*posié Churth of ErrfJLqnd 43.969 11,iieiJ 16.415 45.245 60,384 56.305 Churth ol Eryland UnrtTnJsts £16.CrtJO London Mis5ional 2% Ratttbon8s Ethi￿1 Bonds EqutyFund Unèllc￿a￿j C¥sh Fund 343,101 462.705 16.OCK) 32,0(K) 32,0 11.oc 171.746 e84,087 567010 U•bllltlo8 Trustees Approval CerknfiGate On tehaff ofthg trustges. l approve Ihè fyur8s produc•J aTrJ confinn I have m•Je almlablo all books and r8cud5 rvlevant for th•r• k¥eparation. 7th￿112￿26 Dr SJF m￿DOnak1- Tfttstee Accountants R•port We have prepared the above in(yTh and ewditure aDXmt frDrn ts trust reco￿ and from the add￿onal infonDation and explan?b"ons provkled. Wtr havè not LY)nductecJ an audil ofthe figures, and have prepared the frJures at the request ofts trustee8 th8 sole purpose ol all￿7n9 them to fvffil th$ir stsluiDry res￿)￿￿"1rt￿s. Dand Actountsn(¥ Ltd S8CQn Floor 2 Wals￿rth Road HITCHIN Herts SG4 9SP Year Ended 31st December 2025 dun Value Last Year UK Eg￿lty In¢omè Brought Frn¥ard 85.5 85,5 119.071 119.071 CLOSED Carri￿1 FoThvard 170.986 UK Eqvlty AcC￿ulatIon Brwhl Forwar 23.886 CLOSED Camed FcTh?rd 98.015 Inw8trn•ntAc¢urnu*Uon ht Fowrd 48,773 Carried FO￿rd 2.294 46 773 142.321 144.LV2 Glo￿1 Equlty InBorn• In¢om• Brwghl Fo￿rd 85.6C 20 742 lL￿.350 125.328 65,5 190,828 Carri&J FoNrdttl 322,868 275.263 Proporty Brouybt Fownj 69.444 92,538 84,221 8rought Fowryl 2.123 2.812 4,935 40,000 65,500 105.500 109,558 49,082 Churth of EnglaTrJ Totsl 343,101 574.747 821,￿9 on Unlt TNst Ois r 2026 UK Equity Ineom• CLOSED Prvwds 205.696 119.071 86.625 UK Equlty ACC CLOSED 23.635 Propeity Fund SOLD 92.538 17,5181 1￿2,742 Ma¢Donald Tru¥t Accounts Year Ended 31¥t December 202 Unlt Trusts No. of sharB5 Cogt Valu• Rathbone EthlrAI Bond Fwnd In¢omo Bftwght Ald￿"0n 32.431 27,899 32.431 320 27.899 IIIS Epworth Cash PIUB Fund Cash introduced Intsresl r￿1ved Withdrawals 3.746 I99.(￿) saL8n￿ ￿￿78￿ foNA(d 171 746 01 tho £99,0(X) wthdrawn, by the yEar end £66.COJ had bought unit5 in th• WS E[Y￿1th UK Equity Fund for Chants"es, £11,IXX) remained in the Chanty cuThent aithunt. thè ￿lthdraWal11th Oecemberwas transfeTh•J to purchase more unit5 bLrt haj yetto t* ac*]￿re￿J. lh8 wlhdrwwal of24th Dgcwrtsrwa5 tr8nsfèrrgd to buy mor¢ units afterth6 >*arend. No. of Unlts WS Epworth UK Equity Fund for Charfties 17109r2025 28110n025 04111Q025 17111tt025 28111￿025 16112r2025 Purthas8 Purchase Purtha8e Purch Purchase Purthate EquJi8ati'rm S973.WO 5,716.3640 s.￿2.82[#? 5,871.050) S.836.7820 5,821.6460 11.C 11.0 11.C 11,LK(I 11.1JXJ 11,1)JO 144 35.071.5XI 67,355 15112r2025 una1￿￿￿￿ 11.CMXI MacD Id Tru Aceou Yoar Ended 31st December 2025 Charltabl6 Donatlons AoNJ8ide You 4,2C 3.￿0 6.OfXJ M&nchestsr City Mi58ion 6.CXJO 6.OCL) English + 6.2LK) 6,OC(J Jethro Kingsley 1,668 Faith in Families 3.850 4.2(XJ Chur¢h#8 tryJelher In Cumbria Wolvtrrhampton & Shr$w8￿ry Chaplaincy 2.tK)1 New Road Old Stones Trust 21.250 20.6(K) 18.701 16.71XJ 18.60D 19,668 acDonald Trust Accounts Year Ended 31st December 2025 Ind• nd•nt Exarniners R• Report to thg Tru¥ts l Trport to the Trustee¥ w rnyey¥rninati￿ ofth¢ a¢(￿n￿ oflh& kn cl￿.1￿bIe Tntst forthe year •nd8d 31st D8￿rnbel 2025. As the charitys tsustees. you aTe f86For6tle forthe wBp8raI1r￿ oftts K£ounts in ￿r￿an¢S thg rw4uir8rn8nts of th8 Chariti8s 2011 ftho acri. The charitie5 doe8 Th)t exceed £250,c￿l Fer annwn. you hyve thosen lo prep8re your a¢cg)unts on a receipts and paJi￿ts basis. I r8POrt in resFod ofmy examinat*)n ol th8 Trusys ac￿Unts carried out under section f45 of the 2011 *Lt and in rArrying out rnyexarnin8tion. I have folky4￿ 811 the applicable dirèth.ons 9Nèn bylh8 Charity Comrni3sion under se(*on 14515llbl of thè Ad I have completsd rny exwninatiort. I cnnfirm that no rnatenal mattw5 have Djme to my thnb.on in c0nnecl￿n %Mth the examinabon whith gives rne cause lo tr￿1￿ that in. any material 11 a￿unts.ng r8c¥)rds wefè not kept in accordance wth SectiC￿ 130 of the ChaiTbes Art or 21 Ihs aruunts did not acccKd the accounts.ng reo)rds', or 31 Ihe ar￿UNts did not comply wikn 1he appIl￿b￿ r￿Ul￿ernents concerning the fDrm aThJ wntsnt of accounts set out in the Charities {A￿OUnts and Rewrt51 Regulal"ons 2008 other Uian gny requ1￿ment1hat thè Accx>unts give a true and fair wew which is not a matter (r)nsidgrB(l a5 Part ol an independent examination. I have no c£Jn¢ems 8nd ho￿ cunè 8cmss no matters in connection the examination to attention should be drawn in thk8 repL*t in orderto gn*Jle a priwr undertsnding ofthe accounts to b8 reach&Y. Mts EM SomueLs MernLv ol th8 Chartw•J Institute of Management Ac(xM MacDonald Trust Annual Trust Accounts Year ended 31st December 2025 red Cha No.2 Ma¢Donakl Trust Accounts Yoar End•d 31st December 2025 Detailed Income an endi ure ount Lastyear Total R8Strlcted Unl￿trIcted Totsl R•c•l Inter85t Dfvidends Grft Aid refvnd Donaton rer£ivÈd 822 6,822 16.793 2,5CK) 10,OCIO 1.184 21.013 16,793 10,C#X) 35,915 22,197 Trustee trainiffj Gfft Accountancy Donatyon8 330 330 21.250 21,250 20,600 Net Incom• from orrlinary ac*"vibes 14.335 1,693 Gan5 on Unrt Trust Sales 102.742 102,742 2,289 Rwves trfought f0Th￿r￿ S67010 $70 922 6n.820 10.267 684.087 567,010 MacDonal¢J Trust AGGounts Year Ended 31Bt December 2026 Statsmont of Assots and Llablllti A88ets held 31112r2025 3111212￿24 Bank Ar￿nts ReliaThx- CuTTent Rejian￿- C*posié Churth of ErrfJLqnd 43.969 11,iieiJ 16.415 45.245 60,384 56.305 Churth ol Eryland UnrtTnJsts £16.CrtJO London Mis5ional 2% Ratttbon8s Ethi￿1 Bonds EqutyFund Unèllc￿a￿j C¥sh Fund 343,101 462.705 16.OCK) 32,0(K) 32,0 11.oc 171.746 e84,087 567010 U•bllltlo8 Trustees Approval CerknfiGate On tehaff ofthg trustges. l approve Ihè fyur8s produc•J aTrJ confinn I have m•Je almlablo all books and r8cud5 rvlevant for th•r• k¥eparation. 7th￿112￿26 Dr SJF m￿DOnak1- Tfttstee Accountants R•port We have prepared the above in(yTh and ewditure aDXmt frDrn ts trust reco￿ and from the add￿onal infonDation and explan?b"ons provkled. Wtr havè not LY)nductecJ an audil ofthe figures, and have prepared the frJures at the request ofts trustee8 th8 sole purpose ol all￿7n9 them to fvffil th$ir stsluiDry res￿)￿￿"1rt￿s. Dand Actountsn(¥ Ltd S8CQn Floor 2 Wals￿rth Road HITCHIN Herts SG4 9SP Year Ended 31st December 2025 dun Value Last Year UK Eg￿lty In¢omè Brought Frn¥ard 85.5 85,5 119.071 119.071 CLOSED Carri￿1 FoThvard 170.986 UK Eqvlty AcC￿ulatIon Brwhl Forwar 23.886 CLOSED Camed FcTh?rd 98.015 Inw8trn•ntAc¢urnu*Uon ht Fowrd 48,773 Carried FO￿rd 2.294 46 773 142.321 144.LV2 Glo￿1 Equlty InBorn• In¢om• Brwghl Fo￿rd 85.6C 20 742 lL￿.350 125.328 65,5 190,828 Carri&J FoNrdttl 322,868 275.263 Proporty Brouybt Fownj 69.444 92,538 84,221 8rought Fowryl 2.123 2.812 4,935 40,000 65,500 105.500 109,558 49,082 Churth of EnglaTrJ Totsl 343,101 574.747 821,￿9 on Unlt TNst Ois r 2026 UK Equity Ineom• CLOSED Prvwds 205.696 119.071 86.625 UK Equlty ACC CLOSED 23.635 Propeity Fund SOLD 92.538 17,5181 1￿2,742 Ma¢Donald Tru¥t Accounts Year Ended 31¥t December 202 Unlt Trusts No. of sharB5 Cogt Valu• Rathbone EthlrAI Bond Fwnd In¢omo Bftwght Ald￿"0n 32.431 27,899 32.431 320 27.899 IIIS Epworth Cash PIUB Fund Cash introduced Intsresl r￿1ved Withdrawals 3.746 I99.(￿) saL8n￿ ￿￿78￿ foNA(d 171 746 01 tho £99,0(X) wthdrawn, by the yEar end £66.COJ had bought unit5 in th• WS E[Y￿1th UK Equity Fund for Chants"es, £11,IXX) remained in the Chanty cuThent aithunt. thè ￿lthdraWal11th Oecemberwas transfeTh•J to purchase more unit5 bLrt haj yetto t* ac*]￿re￿J. lh8 wlhdrwwal of24th Dgcwrtsrwa5 tr8nsfèrrgd to buy mor¢ units afterth6 >*arend. No. of Unlts WS Epworth UK Equity Fund for Charfties 17109r2025 28110n025 04111Q025 17111tt025 28111￿025 16112r2025 Purthas8 Purchase Purtha8e Purch Purchase Purthate EquJi8ati'rm S973.WO 5,716.3640 s.￿2.82[#? 5,871.050) S.836.7820 5,821.6460 11.C 11.0 11.C 11,LK(I 11.1JXJ 11,1)JO 144 35.071.5XI 67,355 15112r2025 una1￿￿￿￿ 11.CMXI MacD Id Tru Aceou Yoar Ended 31st December 2025 Charltabl6 Donatlons AoNJ8ide You 4,2C 3.￿0 6.OfXJ M&nchestsr City Mi58ion 6.CXJO 6.OCL) English + 6.2LK) 6,OC(J Jethro Kingsley 1,668 Faith in Families 3.850 4.2(XJ Chur¢h#8 tryJelher In Cumbria Wolvtrrhampton & Shr$w8￿ry Chaplaincy 2.tK)1 New Road Old Stones Trust 21.250 20.6(K) 18.701 16.71XJ 18.60D 19,668 acDonald Trust Accounts Year Ended 31st December 2025 Ind• nd•nt Exarniners R• Report to thg Tru¥ts l Trport to the Trustee¥ w rnyey¥rninati￿ ofth¢ a¢(￿n￿ oflh& kn cl￿.1￿bIe Tntst forthe year •nd8d 31st D8￿rnbel 2025. As the charitys tsustees. you aTe f86For6tle forthe wBp8raI1r￿ oftts K£ounts in ￿r￿an¢S thg rw4uir8rn8nts of th8 Chariti8s 2011 ftho acri. The charitie5 doe8 Th)t exceed £250,c￿l Fer annwn. you hyve thosen lo prep8re your a¢cg)unts on a receipts and paJi￿ts basis. I r8POrt in resFod ofmy examinat*)n ol th8 Trusys ac￿Unts carried out under section f45 of the 2011 *Lt and in rArrying out rnyexarnin8tion. I have folky4￿ 811 the applicable dirèth.ons 9Nèn bylh8 Charity Comrni3sion under se(*on 14515llbl of thè Ad I have completsd rny exwninatiort. I cnnfirm that no rnatenal mattw5 have Djme to my thnb.on in c0nnecl￿n %Mth the examinabon whith gives rne cause lo tr￿1￿ that in. any material 11 a￿unts.ng r8c¥)rds wefè not kept in accordance wth SectiC￿ 130 of the ChaiTbes Art or 21 Ihs aruunts did not acccKd the accounts.ng reo)rds', or 31 Ihe ar￿UNts did not comply wikn 1he appIl￿b￿ r￿Ul￿ernents concerning the fDrm aThJ wntsnt of accounts set out in the Charities {A￿OUnts and Rewrt51 Regulal"ons 2008 other Uian gny requ1￿ment1hat thè Accx>unts give a true and fair wew which is not a matter (r)nsidgrB(l a5 Part ol an independent examination. I have no c£Jn¢ems 8nd ho￿ cunè 8cmss no matters in connection the examination to attention should be drawn in thk8 repL*t in orderto gn*Jle a priwr undertsnding ofthe accounts to b8 reach&Y. Mts EM SomueLs MernLv ol th8 Chartw•J Institute of Management Ac(xM