McTlmoney Tn￿t (Lirnited by Guarantee) {fornierly Mcfimoney College Trust) Company number. 02024986 Charity number: 294750 Unaudlted Accounts for the year ended 30th June 2023 *A(ZVC50R* 2W3r2024 COPAPANIES HfyJsE A16 Wenn Townsend Chartered Accountants Oxfo McTlmoney Trust Page Trustee5' Report Independent Examinerfs Report staterr￿nt of Financial Activilies Balance Sheel Notes to the Financial Ststements 7-13 Reference and adminlstratlve delalls for the year end¢d 30th June 2023 Trustees K S Grant (Chairl D Edwards (resigned 2￿￿ Avgust 20221 J Husband (resigned 22nd November 20221 C Rudd V Stone Company Number 02024986 Charlty Number 294750 Registered Office 30 St Giles Oxford OX13LE Independent Examiners Wenn Townsend Chartered Accountants 30 St Giles Oxford OX1 3LE Banke The Ctroperative B￿k pk Skeln*rsdale United Trust Bank Lrniied London Trustees, Report for the year ended 30th June 2023 The trustees present their repcKt and the financial Staterr￿nts for the year ended 30th June 2023. Principal activity The principal actNity of the charitable company, as stated in its Memorandum aThJ Arti¢les, is the advan¢ernent of education and training in the technique of McTirTh)ney Chiropractic and support of clin providing subs'dised c￿st treatrnent for Wb1￿ benefit Mission ststem¢nt The McTimoney Trust supports M¢Timney Chiropractic as a leading holistic chiropractic treatment. Our aim is to improve the access lo quality chiropractK education lo those who otherwise may not be able to afford it, and grow the access to quality chiropractic treatment to those (human and animal) most in need lo trea￿nt. TNstees The truslees, who are also directors. who served during the year and ￿nce the year erKJ We￿.. B J Husband (reS￿ned 22nd November 20221 K S Grant (Chair) D Edwards {resi9ned 22r￿ August 2022) C Rudd V Stone The Iruslees have had due regard to the Charity Commission's on publ￿ benefft in carrying out the charity's objectives. Revlew of charitable activltles and maln achievements durlng the year The Trust has maintsined its financial position during a fvrther period of unexpected expendrture. Whilst investments have been volatile, ￿ Trusfs F¥)Srtion has been carefulty managed and has remained financially Sta￿e. In Seplembef 2022, the Trust nN)ved into temporary office premises with the intention of finding premises that will provide offi￿S and a dinic providing health care to those who are not in a position to fund the cost of prNale McTimoney care. Outreach work commenced lo seek partnerships wrth other charib.es lo support the work of Ihe clinic. The Trusl plans lo mve inlo larger more suitable offices by the end of 2023. Some purchases made during this perKxI are specific lo the ant￿Ipated move. The Trust rekindled rts Oral History Project and ts ¢￿atrng a programme of recnrding the memories and experiences of those involved in the earty days of teaching the M¢TIn￿neY Methcml and their Memor￿ of its onginator. John mcTin￿ey. In j￿ne 2023. The Trust donaied £30,000 to Worr￿e Ch*OpraCt￿ educatN?n. The Trust operated a number of Continuing Professional OevebFMnenl events. including First Aid Training and Exercise for Wellbeing. The Trust has an ongoing proJramme to revw ils poliues and pl(￿eduleS and continues lo update all documents as required on an ongoing basis. The Art￿eS of Association were updated at the beginning of 2023. Truslees were grateful to Barbara HusbaThJ. who having stood down from her post as a Trustee. agreed to carry on as Honorary Treasurer, taking over from l￿b￿a Twne, to whom the Trust is grateful for her tireless support and invaluable contribution to the work of the Trust Bartiara atso accepled the post of Advisor to the Board Recruitment and appointrnent of new tru$tets During this pericwJ, Trustees left, Duncan Edwards and Barbara Husband. Two candidates were set to join the board towards the end of 2022, unfortunately due to changes in their personal urcumSta￿s, they we unabfe to join us. The Trust actively seeks new Trustees, and this wll contsnue. rimonoy Tn￿t Tn￿te¢s, Report l¢ontinuedl for the year ended 30th June 2023 The Treasurets Report During the financial year Irknse fees and gifts totalling £40.150 were received. t)onats'ons totalkd £nil. The M¢Timoney Tfusl provided a total of £30.0￿ to SUPFX)rt Chiropracts"c Education There was a h)ss of £46k for the year bthe 1nves1ff￿nt losses. The market value of nveslrnents having In¢￿ased by £75k during this ffinancHI year. The market value of the investments as at 30th June 2023 shows an increase of £539k on the original amounts invested. Expenditure during Ihe year amunted to £87k induding student bursaries. The Charity's funds amounted to £1.451 million at the year end. This comprises cash in interest bearing savings accounts and managed in¥estmenls. The Trusl has Ccx)p Bank xcounts. A Business Direct Current account and a Donations account. The Trust's investment portfolKs ￿ managed by Fidelity and the savings account is with the Unrted Trust Bank. Of the Charity's funds. £1.OCKI is de￿gnated as the Barbara Minter prize fvnd. Policy statem•nt on res¢rv¢s and identified rtsks The Twstees have reviewed the reseNes of the tharity. To safeguard the core activitses in periods of flucluatsng income the Trustees have detemined to estsblish unrestncted reserves lo cover six months operating costs (approximately £40kl. Unrestricted reserves at 30th June 2023 were £1.451 million. Designated Funds. £1.000 is designated as the Barbara Minter prize fvnd. Liability of members The liability of members is limited. In the event of the charitable Company being wound up during a memberfs FEriod of membership or within one year afterward5. an amunt not ex¢eeding the sum of £10 may be required from that member toward the payment of the debts and liabilities of the charitable company incurred tefore the membership ceased. At 30th June 2023 the charitable company had 3 members. Trustees. responsibilitles The trustees (who are also the directors of McTIn￿￿ Trust for the purposes of company lawl a responsible for preparing the TnJslees' Report and the ffinanaal stalements in accordance with applicable law and Unrted Kingdom Accounting Stsndards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare finanoal statements for each financial year which give a true and fair view of the state of the affairs of the charity and of the incomin9 resources and application of resources. including income and expendilure of the charty for that peri¢>J. In weparing these financial statements the trustees are required to: select suitable accounting Fdicies and appty them consistenty.. observe the methods and principles in Ihe Chartbes SORP.. make judgements and estimates that are reasonable and prudenL slate whether applicable UK accounting stsndards have been followed. subj.ect to any material departures disclosed and explained in the financial statements" prepare the financial Statements on the going concem basis unless it inappropriate to presume that the harity will continue in operation. cfimonry TnThl TrustOgs' rnwfjlblll•J•s {coDtinugd) trt￿tees are rEspOnSib￿ lor keepiTr3 p￿per ￿}1*1brIJ words fhthich disclcsse with reasonable accuracy at any tim8 the firW￿l￿ posrtton of ttE chty arxl to en*)le thèm to ensure tthit the financial 5tstPJn8nts comply with thè CAJmp8nies Act ￿. TW we aso responsibfeforsafeg￿rdlng the assets of the ch&ity and for takiTrJ reasonable steps for p￿entIOn an(J detection of fra￿￿ other iryLA8rilies. so far as Ihe Irustees are awa￿. there is rdevanl info1rr￿t1on of *l¥¢h ts chatitabfe company's aLKlitor ss tmawaTr.' and the truste8s have kiken all st8ps that they ovjht to have l*en to make tfthselvos aKara of any Televwl infoffttth.on •J to establtsh that awJÈtOf is of that irformatrjn. The tnjstees a￿ fesportsible for tt* m•ntwMrte ¥¥J inle9rity of corporate financial Trnformalion incI￿led on charitable company's **>site. L￿1$kitIon in the Lknst•J KiTrJdom govwrring pr¢p8r*i(Jn and dissemination of fift￿1￿ statemwtts differ fiom IwJislation in other jurisdictiorK. This report i% in wtth the special p￿ViS￿)nS of Pal 15 of the Comp8nles Act 2￿6 latiry to sm*1 cornp8r¥es. This ￿port was app￿Ved by ts Boanl on .' 2024 signwj on its behaf tly K S Grant Chalr M¢Tlmoney Trust Independent Examinerfs Report to the Trustees of the McTlffloney Trust I report to the charity trustees on my examinat￿￿ of the accounts of the company for the year ended 30th June 2023 which comprise the Statement of Financial Activitses. the BaL4nce Sheet and noles 1 to 16. Responsibilities and basis of veport As the ¢hanty trustees of the company land also its directors for the purposes of company law} you are responsible for the preparation of the accounts in accordance with the requirements of the Companie5 Act 20IA {'Ihe 2006 ACYI. Having satisfied myseff that the accounts of the company are not required to be audited under Part 16 of the 20C6 Act and a￿ eloible for independent examination. I report in respect of my examination of your Company's accounts as ¢arried oul under section 145 of the Charities Act 2011 {'Ihe 2011 Act'l. In carrying out my examination I have followed the Directions given by the Charity Commission under sectM)n 145151{bl of the 2011 Act Independent examinerfs ststem¢nt I have ¢ompleted ry examination. I conffinn thal no matters have coff￿ to my attention in connection with the examinatb)n giving cause to believe that MI any material resFect'. accounting records were not kept in resF*Ct of the company as required by section 386 of the 2006 Act., or the accounts do not accord wth those records.. or the accounts do not comply wlh the a￿oUntr.ng requIre￿nts of section 396 of the 2006 Act other than any requirement that the accounts gwe a 'true and fair view. which is not a matter considered as part of an independent examinab"on.' or the accounts have not been p￿pared in accordance wilh the methods and principles of Ihe Statement of Recommended Pracbce for accounting and reporting by charitses applicable to charitses preparing their aceounls in accordance with the Finanaal ReF 1100.8871 Net movemvTht in frjnds In y••t .535 1IDJ.6671 1100.8871 Towi tynd5 1.420.218 1.421.218 1,521.105 1,522.105 Totsl fund• uvri•dfon¥•rd 1.450.753 1.ODD 1.451.753 1.420.218 1.000 1,421.218 Mc71monoy T￿￿t 30th Jun• 2023 30th Junt 2022 Investments Tar¥Jibl8 F¢xed Assets 1(fl 100 139 239 Current Assets Debtors Investments Cash at bar* 8rn] in haThJ 10 11 29)3 1.4￿.903 47.gJ3 919 1,325,781 101.572 1.453.309 1.428.272 Crndltorn." ￿•Unts trlling dts• within ong yèar 12 (3.385) (7.2941 Net Current Assets 1.449.924 1.420.978 Net As¥ts 1,451.753 1.421.218 Reser¥•s Reslri¢ted fuTrJs Unrestricted dÈsignated Iknestrict￿ general f￿15 13 13 1.000 1.420.218 1.450.753 Members. FWKIS 1.451.753 1.421.218 The tnJsté8s are satisfied that the company ertitled to exemption urnjer 5e¢iion 477 of the COmpar￿•S Act 2006 and tI￿t Mernb￿ have reqli￿J w awjil in ￿CO[d￿t wth sectrjn 476. Th8 tsu$tees 8¢knD*led9e U*ir v8spor6ibil.ligs for en$L￿r￿j that the company kws xcowtiThJ recools ￿￿ch Comply wthh 3￿Trn 386; ar preparirq xcounts vhich give a true fair viww of state of aff￿￿ of company as at i &ThJ of the financial year of lis swplus or deficil for the fIn￿CK￿l year in ￿¢0[dance with the req￿rementS of section 393 and 7Atsch otheM"se compty With the wuirements of Ihis Act rdaling to accounls. so f¥ as ¥pliC￿le to fv compaw. The fInar￿lai statemerts a￿ P￿p￿ed in ￿cord￿8 ￿1th the special pro¥isions of Part 15 of Ihe Companie Act 20L% reL￿ng to srnatl compaThe5. The f1W¢i￿ s by emert$ app￿¥¢￿ by tr* Bo*d on . . 3)24 aThl sigw on its behalf K Grant Twstee Company number. 02024986 McTlmoney Trust Notes to the Frnan¢ial Ststements for the year end￿ 30th June 2023 Accountlng pollcle8 Basis of •¢¢ountlng The financial staterrents have been prepared in accordance with the Companies Act 2006, the Chanties Act 2011, Accounling and Reports"ng by CharitEs.' Statement of Recommended Practice applicable lo charities preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) {issued in October 20191 and the Financial Reporting Stsndard appl￿ble in the UK and Republic of IrelarHI IFRS 102). The M¢Timoney Trust meets the definrtion of a wbli¢ benefit entsty under FRS 102. Assets and liabilities are initialty recognised at historical cost or transa¢tion value unless otherwise slated in the relevant accounb.ng pOI￿leS. 12. Income All income is included in the Statement of Financial Activities when the charity is legalty entitled lo the income. the amunt can be quantified with reasonable accuracy and it Is probable that the in¢ome will be receNed. 1.3. Tangible fixed assets Tangible fixed assets are ststed at cost less a￿um￿L81ed depreciats'on. Depreciation is prOV￿ed on all tangible fixed assets arKI is based (m the anticipated usefvl life of the asset and the residual value as foUows'.- Fitknngs. fixtures and equipment- 25% straight line 1A. Investments Fixed asset invesknents are slated at cost less provision for diminution in value. Current asset investments are measured initsalty at cost and subsequently at fair value {their market value) at the reporting dale. 1.5. Group accounts Group accounts have not been prepared a5 the subsidiary ￿MpanY was domiant during the year and immaterial to the resuts of the trust The aceounts present infom*tson about the chanty as an individual undertaking and not al￿Ut ts group. Fund accountlng General funds are unrestricted funds whth are available for use al the discretion of the trustee5 in fvrtheran￿ of the general objeettves of the chanty and whth have not been designated for other purposes. Designated fijnds comprise unrestricted funds that have been sel asKle by the trustees for particular purposes. The aim and use of each desKJnated fund is set out in the notes to the financial stalemenls. Restricted fijnds are rnontes receNed where the donor specrfts a parttular purpose on which the monies must be spent. IAcTlmoney Trust Notes to the FTnanclal Statements for the year ended 30th June 2023 . continued 1.7. Expendlture All expenditure is accounted for on an accruals basis and has been classffied under headings that aggregate all costs related lo the category. Expendi￿re is recognised once there is a legal oi nstructive obluation to make a payment to a third party. f( is probable that settlement will be required and the arnount ofthe obl￿at￿n Can te n￿Sured reliatty. SupFX)rt costs are those costs incurred directty in support of expendiiure on the obj'ects of the charity. Governance costs are those inujrred in conneth.on wrth Compliance with L￿nstr(ut￿)nal and statutory requirements. 1A. Irre¢overable VAT The charitable company is not registered for VAT and. as such. irrecoverable VAT is included within the expense in wh￿h it was incurred. 1.9. Going Concem The twstees consider there io be no uncertainties wilh regard to the chanty continuing as a going concem. Inc(￿? from charitsble activiti In¢ome attributsble to geographical markets outside the Uniled lQngdom amounted to £nil for the year (2022.. £nil} Investment income 2023 2022 Investment incoryE comprises: Bank interest Oiv#Jend incorr 333 2.058 335 1.728 2,391 2,063 Actlvitles for gèneratbng funds 2023 2022 Trust income 40,150 40,000 Net expenditure 2023 2022 Net expenditure is stated after charging-. Independent examiner's fees 2.690 2,556 McTimoney Tn￿1 Notes to Ihe Finan¢ial Statements for the year ended 30th June 2023 . continued Total expenditure Charltable activities 2023 2022 Support costs Ibelowl Govemance costs {bebw) Bursaries awarded 11.505 45.565 30.000 7,711 37.289 7.800 87,070 52.800 Charitable a¢tivities 2023 2022 Support costs include'.- Community clinic Adminislralion cosls Postage, stationery. telephone and other admin costs Bank charges Insurance Advertising 85 1,103 7,688 138 738 1,753 29 6,815 46 821 11,505 7,711 Governance costs Include:. 2023 2022 Profess￿nal fees Accountancy Rent and Rates 33,507 3,785 8,273 34,143 3,146 45,565 37,289 Raising funds 2023 2022 Investment management ￿$ts 1,095 2.258 Trustees and employees 2023 2022 Trusiees. eff￿lUments Trustees received re1M￿rsernent for expenses totslling £1.73512022". £2.0881 for travel. subsistence. aC¢oMft￿dation and offtt exFense$. McTlfflongy Trnst Notes to the Flnaneial Statements lor the year ended 30th June 2023 . continued Fixed asset investments Shares I subsidiary companies Cost At 1st July 2022 and at 30th June 2023 100 Amounts wrltten off At 1st July 2022 and at 30th June 2023 Net book v•lue$ At 30th June 2023 100 AI 30th June 2022 100 Country of Incorporntion Shareholding Class % N•t assets at 30th June 2023 Result for the year Company Subsidiary undertaking.. McTimoney College SerV￿es Limrted England Ordinary 100 17,3101 The company did not operate during the y￿. Tangible fixed assets Fixtures, Fittings & Equlpment Cost Al 1st July 2022 Addikn'ons 1,90S 1.959 AI 301h June 2023 3,864 Oepre¢iation Al 1st July 2022 Charge 1.766 369 AI 30th June 2023 2.135 Net book value at 30th June 2023 1,729 Net book valu• at 30th June 2022 139 McTlmon&y Tntst Notes to the Flnanclal Stalements for the year ended 30th June 2023 . ¢ontinued 10. D•blors 2023 2022 Prepaymenls and accrued income 2,503 919 11. Investments 2023 2022 Quoted investments Market value al 1st July 2022 Additions at cost PrcKeeds from disposals Increase in market value in the year Gain on disposals 1,325,781 64,091 163,1281 75,431 728 1.414,203 1,728 12.2581 188.2561 364 Market value at 30th June 2023 1.402,903 1.325,781 The historical ¢osl of the quoted in¥estrnents was.. 864, 158 849,474 12. Credftors: amounts falling due withln one year 2023 2022 Oiher creditors AccTuals and deferred incoTh 45 3,340 4.448 2,846 3,385 7,294 13. Charity fvnds Curr•nt Year At 1st July 2022 Interest Transfers Expended in the year At 30th June 2023 account funds De$ign•ted funds Barbara Minter prize fund 1,000 1.000 Prior Y•ar &irbara Minter prtze fvnd 1.000 1.000 A donatjon of £1,000 was r￿Ne￿ as a bequest from the family of the late Barbara Minter, McTimney Chiropractor. The £1,000 1$ to be used at the discretion of the Trustees, who have agreed that the amount is lo be designaled to a fvjnd bearing the 'Barbara Minter prrie fund.. 11 M¢Timoney Trust Notes lo the Financial Ststements for the year ended 30th Jun• 2023 . continued 14. Analysls of net assets between funds Current year Unrestricted general funds Unrestricted designated funds Rostricted funds Tolal Fund balances al 30th June 2023 are represented ty.. Fixed asset investments Tangible fixed assets CUr￿n1 assets Current liabilrties 11x1 1.729 1.452.309 {3.385) 100 1.729 1.453.309 13,385) 1.000 Net assets 1,450.753 1,000 1.451.753 Prior Y￿1 Unrestrided general funds Unrestricted designated funds Restricted funds Total Fund balances at 30th June 2022 are represented by.. Fixed asset investrnents Tangible fixed assets Current assets Current liabilrties 1Q) 139 1.427.272 {7,294) 100 139 1,428.272 {7,2941 1,000 Nel assets 1.420.218 1,000 1,421.218 15. Caplt•l The chantable company Is limtted by guarantee and has no share capital. 16. R¢lal•d party tr¥Mactions Payments We￿ made to Mrs B Husband (a f￿Mer trustee of this charity) totslling £900 (2022.. £3771 for accounts'ng seThices. PayrrEnts were m•Je to Mrs l Twine la fmr trustee of this charity) totalling £664 {2022.' £763) for accounting servtes. -12- Mcfimoney Trust Detailed Income and Expenditure Account for the year ended 30th June 2023 2023 2022 Income Donations & gifts Tru$t income Bank interest received 40.150 2.391 40,000 2.063 42.541 42.063 Expenses Adminislralion costs Governance costs- professional fees Investment broker fees Bursaries awarded Bank charges Connect Community Clinic Insurance {induding trustee indemnity) Website production and marketing Telephone Accountsney Investment management fees Trustee expenses Storage ¢osts Meeting5 Depreciation Rent and rates Adverb"sing 29 34,143 2,258 7,800 46 33.507 1.095 30.000 138 1.196 85 738 1.613 243 3.785 821 1,610 73 3.146 1.592 1.660 2.118 369 8.273 1,753 1,271 1,623 139 {88.165) 155,0581 Net surplusl(dellcill for the year 145.6241 112,9951 This page does nol fomi part of the ststutory a¢counts -13-