Registered number: N1070062 Inland Rev¢nue Charity number: XT5406 Charlty Commi$slon (Northern Ir¢land) number: NIC105839 COMPANIFq Hni Ic Z 9 JUN 2023 W)c643m1* BFLFAST JM
119
COMPANIES HOUSE The Mcclay Foundation (a company limited by guarantee) Annual report and financial statements for the year ended 30 September 2022
The Mcclay Foundation (a company limited by guarantee) Annual report and financial statements for the year ended 30 September 2022 Page(s) Reference and administrative details of the Charity Chairnian's report Trustees, report 3- 11 Independent auditors, report to the members of The M¢Clay Foundation 12- 14 Statement of financial activities (incorporating income and expenditure account) 15 Balance sheet 16 Cash flow siatement 17 Notes to the financial statements 18-28
The Mcclay Foundation (a company limited by guarantee) Reference and administrative details of the Charity TrusteeslDireetors Company secretary A D Annstrong T Scott The Mcclay Foundation Corporate Trustee Limited (DiTeclors li51ed below) A D AThstrong S Campbell J Irvine C Hayburn Huddleston P Diamond D Clements Stevenson E McAllisier N Harkin K Stephens C Hayburn Registered officelPrincipal office Bankers Almac House 20 Scagoe Indusirial Esiatc Craigavon BT63 5QD DÈnske Bank Doncgall Square Wesi Beifosi BTI 6JS Independent audilors HMRC Charity number Pricewaterhousccoopers LLP Chartered Aetounlants and Statulory Audiiors Merehant Square 20-22 Wellington Place Belfast BTI 6GE XT5406 Charity commission (Thorthcrn Ircland) number NIC105839 Solicitors BDB Pitmans Solicitors One Bartholomew Close London ECIA 7BL Registcred number N1070062
The Mcclay Foundation (a company limited by guarantee) Chairman's report for the year ended 30 September 2022 The Foundalion is currently in the process of setting a new five-year strntegic plan io follow the previous plan agreed by the Trustees in 2016. The Truslees have identified four Strategic areas of focus: Research and development of new medicines. Oncology Tesearch - lar8els and biomarker5. Research led care for Ihose in end of life, or life limited circumstances. Activities to prornote healih and wellbeing in disenfranchised communities and geographical areas in the developed and the developing world. This report illuslrales ihe work we have done this year to demonstrate our long-terrn comrniimeni to the principal objectives of Ihe Mcclay Foundaiion and our desire 10 uphold Sir Allen Mcclay's wishes by continuing his le8a¢y and vision io make a meaningfvl coniribution lo human healih and wellbeing, worldwide. The work of ihe Foundalion in ihe year ended 301h SeplembeT 2022, working wilh many and varied partners to achieve ils aims and objectives, has r¢sulied in significani and measurable benefit 10 the healih and wellbeing of many in society. At4)¥ Alan Annstrong Chaiman
The Mcclay Foundation (a company limited by guarantee) Trustees, report for the year ended 30 September 2022 The Trustees, who are also directors of the charitable company for the purpose of the Companies Act 2006, preseni their Annual report and the audited financial statements for the year ended 30 September 2022. This report conslitures the TSlee$, Report re9uired under the Companies Act 2006 and the Charilies Act (Northern Ireland) 2008. The Ttvslees have adopied the provisions of the Companies Act 2006 and Accounting and Reporting by Charities: Siatement of Recommended Practice applicable to charities preparin8 their financial statements in accordanee with the Financial Reporting Siandard applicable in the UK Ènd Republic of Ireland (FRS 102) effeciive l January 2015 (Charities SORP (FRS 102)), in preparkng ihe AnnuAI report and financial staiements of the charity. Reference and administrative details of the charity, the Trustees, and advisors The Trusiees and secretary of the charity are listed on page l. The principal and registered ofrice of the charity is also listed on pa8e l ¢ogeiher with details of Ihe professional advisers and bankers, Structurei governance and management The Mcclay Foundaiion ("the chariry") was incorporated as a company limited by guarnntee on 31 July 2008, The company is eiempi under Ihis legislation from using "limited, as pan of lis name. It does not have a share capilal and the liability of each membei lo contribute 10 the assets of the company is limiled lo £ l. The charity re8iStereJ with the Charity Commission in Northern Ireland on 22 June 2019, rcgistration number NIC105839. The chariry is registered wilh the Companies Registrar registration number N1070062. It is also recognised as a char¢ty by HM Revenue and Customs, XT5406. Governance The role of the Trustees is to ensure ihat the charity is effectively governed. to ensure that the charity complies with all relevani legislalion, ils own Memorandum and Articles of Association and the requirements of good practice; and io ensure thai the charity works lo agreed Strategic and operational plans. The ¢hariry's goveming do¢umenis are ihe Memorandum and Arti¢les of Association which assis¢ the Trustees in the management of the charity. The Memorandum and Articles of Association require Ihat a Trustee shall hold office until the end of ihe Annual General Meeting held nearest in lime to the third anniversary of his elecrion. One third or (he nearest ro one third, of Truslees must retire al each Annual General Meeting, those longest in office Teliring first. A Tru51ee retiring by rolalion shall be eligible for re-election. This is approved by a majority vote by the Trustees al the Annual General Meeling (in their capa¢ity as ¢ompany members}. Th¢ Foundation ensures all its Truslees are trained under the various regulations. Risk management The Trustees have actively reviewed the major risks, busine and operational, that the charity may face and confirni thal sy51ems have been established io mitiga¢e si1fICant risks. Appointment of new Tru$iee$ New Trustees are recruited by open recruitment by existing Trustees to fulfil specific roles on the Board. The poiential trustee is then interviewed by the secretary of the board regardin8 their willingness to become a trustee and their poteniial contribution io ihe Foundation is ¢onsidered. Policy for the awarding of grants The FoundalioD'5 granl prograrnmes are approved by Trustees. All programme5 involve an application process. Applications are assessed by the Truslee5, includin8 robust assessment of governance. Final approval 15 sought at board meetings before decisions are shared wilh applicants. The applicanls mu51 sign up to Ternis & Conditions before fundin% 15 released via bacs payment. All grantees musl complete an evaluation report, outlining expenditure, perfonnance, and impaci on at leasi an annual basis.
The Mcclay Foundation (a company limRted by guarantee) Trustees, report for the year ended 30 September 2022 (continued) Objectives and activities Our Vision- To make meaningful improvement and advancement in human health Our Mission- To suppon those involved in advancin8 btomedical research, human heal(h, and wellbeing around the world The objective of the charity as laid out in the charity'5 8overnin8 docurnenlS are: the relief of poverty, unemployment and financial hardship by ihe generaiion and promotion of employment opportunities for the people of Northern Ireland; the advancement of healih and healihcare by the suppon and encouragement of research and innovation in the field of healthcare and bllied te¢hnologies the advancement of Ihe healih and wellbeing of all people and specifically those in poor communities to enable them lo ac¢e55 and benefil from the latest advance5 in healihcare. the prevention, control, and cure of disease by advancing the use of diaoStIC tools and drugs. and to support and promote such educational purposes as the Trustees shall select. provided always ihat such purposes shall be exclusively charilable in law. idin Princi The Trusiees of the Foundation hBve agreed (o ihe following 8uiding principles io enable the Foundation lo achieve ils charitable purpose5. The Foundation will pursu¢ straieBic activities which demonstrate: Meaningful 511PPOrt that will enable the or8ani5ation andlor project to advance its objectives significantly and. simultaneou51y, advance the charitable purposes of the Foundation, A benefil Ihal would nol oiherwise have been realised by the organisalion, bui for the support provided. Support for Nl based organisations andl or projects, where possible. The main activities undertaken in relation 10 these obje¢iives are ouilined within the a¢hievemenrs and p¢rfonnance seciion. Achievemenls and Performance Strate ic Focus Areas The Trusiees have agr¢¢d 10 apply Ihese guiding principles to ihe following strategi¢ areas.. l. Research and developmeni of new medicines. 2. Oncology research - tar8ets and biomarkers. 3. Research led care for ihose in end of life, or life lirniled circumstances. 4. Aciiviiies lo promDl¢ h¢al¢h and wellbeing in disenfranchised communiries and geographical areas in the developed and the developing world. J. Research and Developmenr ofNew Medicines Th¢ M¢Clay Foundation owns Ihe Almac Group and moniiors the activities of the Group ensuring it adheres lo, and delivers on, the charitable objectives of ihe M¢Clay Foundation. The overriding objectives of Almac are to.. adhere lo and deliver on the charitable objeclives of the Mcclay Foundation uliimaiely benefjl the ivellbeing of patients ihrough ihe research and development of new medicines. develop and expand a world class Group of companies operating in the Phamiaceuiical and Biotech se¢iors.
The Mcclay Foundation (a Company limited by guarantee) Trustees, report for the year ended 30 September 2022 (continued) J. Research and Developmenl ofNew Medicines (conlinued) Thereby advancing Sir Allen M¢Clay's legacy and his vision for the Mcclay Foundaiion and its charitable purposes, Almac's Srrategic Goals include= remaining privately owned by the Mcclay Foundation; Conlinuing Group wide innovation; chieving best-in-class business offerings; culiivaling a desirable place to work; enabling the latcst healthcare advances to b¢ available fo all. coniinuing the generation of employment opportunities and providing skills training for the people of Northem Ireland. and mainl8ining and improving profit margins io increase the amount available for reinvtstmeni into the work of the Almac Group Limiied and, by exiension, the charitable objectives of the Mcclay Foundalion. A¢tlvlti¢s and ImpAet Almac Group The Almac Group has continued to grow ils employee base lo over 6,500 and has contributed 10 over 70/0 of fDA approved NME'S in the lasl 3-year period as the cr>mpany conlinues io work wilh all the top 25 BioPharnia companies 8lobally in ihe developmeni of rjew medicines. From a research and development perspective, cornpanies within the Group have be¢n ¢nKagcd in the following aciiviiies.. Discovery's potent Wce l inhibiior inio Clinical Phase Discovery's AKT inhibitor also now in Clinical Phase Discovcry's work on DUB largels and Protein Drug Conjugates In the last 12 months Almac Group filed 99 palenls wilh a fvrther 143 pending approval; ¢ Di5covery- DUB inhibitors (including USP19}, PTOtein DThg Cortjugates (including RORI) e Diagnostics - DDRD assay (prostate cancer). MEK (cancer signalling) Almac conlinues to collaborate with academia and other global insliluiions in order lo deepen its existing knowledge and skills in specific areas, Ulili5in8 the additional resource, dala, and insighi available ihrough these partnerships enables A Imac io continue 10 deliver Group wide innovation and progress its R&D aciivity effectively.. o Helmholiz Research Centre Munich (DUB inhibiiors) Elasmo8enlAberdeen University (ROR- I cell surface receptor) S-CORT (Oxford University & others - DDRD Assay/Colorectal can¢er) Transport (EU Horizon 2021- Pr05tale cancer) 2. Oncologv Research - Targels and Biomarkers Strategic Aims l. To create and susiain a world class research infrastrncture and culture in Northern Ireland to advance current research pr&clice and proccdurcs in oncology globally. 2. To choose and appoinl leaders wilh academic/industrial experienc¢ to inspire and drive relevanl and meaningful research. 3. To develop novcl and strategic approaches to personalised cancer treatrnent WlEh greater poiential benefits overall.
The Mcclay Foundation (a company limited by guarantee) Trustees, report for the year ended 30 September 2022 (continued) 2. Oncolo&v Research - Targels and Biomarkers (conlinued) Actbyities and Impatt QUB- £147,255 Professors Richard Kennedy and Tim HaThison continued their research in their capacities a5 Mcclay Chair in Medical Oncology and Medicinal Cherni5try respectively ai Queen's Universiry Belfast. Professor Tim Harrison - McCI¥ Chair in Medieinal Chemistr R¢s¢grch Working as Co-l with Prof. Dan Longley on a Wellcorne Trust funded drug discovery project al QUB (Small molecule inhibitors of the anti-ap)ptOlic protein FLIP). There is the potential for ihL FLIP inhibilors ihal are being developed lo become, standard-of-care agents in several cunccrs wilh implicnlions for the clinical management of ihese cancers. This will m05t likely bL based on a combinalion regirnen, although Ihere is Ihe polenlial for single ligenl adminislralion in molccularly defined subgroups of palients. Fl.IP inhibilors a150 havc Ihc polcntial to rc-sensilise mours Ihal hav¢ become resistant to standard of care thLrdPiLS. Thcrc is Ihc polcnlial for these First in Class inhibilors lo provide new and irnproved ITeiilmenl oplions for ¢8ncer paticnts, which aligns with the Meclay Foundation objcciives. Ba4Ld on Ihe biology of FLIP. following clinical proof of concept in cancer paiicnts, Ihc compounds may also have further Uiiliry in indications beyond cancer. In November2021, Ihis projLLI was partnered wilh Ipsen Pharnia ioenable fvrther pr¢¢lin1] and clini¢al d¢v¢lopmcni. Publications RALB GTPa crilical re Éiior of DR5 cx rcssi nd"I'RAI en itivi in KIiAS mul colorecial cancer Khaivaja,14ajrah.. Campbell. Andrew. Roberts, Jainie Z.; Javadi, Annan; O'Reilly, Paul; McArt, Darragh. Allen. Wendy L., Majkui. Joanna; Rehm, MaTkus' Bardelli, Albeno. et al. Cell Death & Discasc (2021), 1 I(10), 930. Pa8e, N., Wappett, M., O'Dowd, C.R. ei ol. Identification and development of a subtype- selective allosteric AKT inhibitor suitable for clinical developmenl. Sci Rep 12, 15715 (2022). hllps:Ildoi.orpJl O.10381s41598-022-20208-5 Talks and Teachlng SCI Online lec(ure series: Invited lecture: Venlures in New Target Space.. Oru&oing the DUBS- Oct 2021 Translational Research: Crom Contept to Commercialis2¢ion {MRF.S) Teaching, QUB. Ociober 2022- Lecture.. Thc Drug Discovcry and Development Process SSC Module in Translational Medlcine"Frorn Bench to Bedside and Back" Teaching for 2Ad year medical sludents. Ociober 2021- Lecthre: Drng Discovery Careers Talk, QUB Posigraduate Students, 'caT5 in the Pharrnaceutical Industry" May 2022 Grants: Small molecul¢ inhibiiors of ihe anti-apoptotic protein FLIP for the treaiTn¢ni of cancer, Wellcome Trusi Seeding Drug Discovery Award. 2015. £5.61)0.000 - 4-year programme independent of Almac (co-Pl)
The Mcclay Foundation (a company limited by guarantee) June 2019 - Centr¢ of Excellence for Ubiquitin Drug Discovery, £5.1 M Invest Northern Ireland granl (Pl). BREATH, (Border and Regions Ainvays Training Hub) Post-Doctornie Researcher I Research Fellow has funded under Ihe European Union's tNTERREG VA Programme (ca. £IOOK. PI) Innovation S¢holar- IUK fvnded: working with Prof. Dan Longley Innovation Scholar- IUK funded.. working with Dr James Reihill P8nel membership: Panel member- Medical Research Couneil (MRQ Developmental P•thway Fundlng Scheme (DPFS).. Jan2021 P2n¢l m¢mber- Brilish H¢art Foundallon (BHF), Translailonal Award$ Committ¢¢.' Nov 2022- Pgnel member.. QUB Research Innovation and Translarion Committee Chair- QUB MRC Funder Liason Group (Sept 2021-) Ad-hoc member of MATRIX panel- reviewed Nl City Deal and Strength in Places bids Steering group member, Strncrural Genomics Consortium Wellcome TTUSI funded Targei Enabling Packages programme (University of Oxford) PhD Supervisor for 4 PhD Studtnts TACT Marie Curie ETN - Joint PhD suwvisor for Thomas Favraud, 3-year programme (with G Cotton) Joinl PhD Supervisor (with Simon McDade) for Mark Wappett., Mark is undertaking a PhD by publi¢ation in bioinfomati¢s. This 1$ a first of I kind at QUB and will provide blueprint for olhers who want lo follow ihis roule. PhD Supervisor for Lauren Proctor.. Lauren is undertaking a part lim¢ PhD in medicinal chemisty al QUB whilsl working at Almac Discovery PhD Supervisor for Emily Wallace Ooini with K Savage)- DIE funded 3-year sdenishIp 'Undersianding th¢ role of ubiquilinaiion on STING-mediat¢d immune re8ulalion following DNA darnage" Charitable Contribution$ Board member: W5, Odyssey Trusl: W5 is an award-winning inieractive science and discovery centre based ai the Odyssey, Belfasi. As a charilable organisalion. ils mission is 10 promote science and technology to children and iheir parents. Elecied lo the board followin8 a competition in early 2013, W5 is one of S science centres who in Augusl 2017 were awarded share of £13M from Wellcome TrusVBEIS Inspiring Science Fund followsng a su¢¢essful Competition bid.
The Mcclay Foundation (a company limited by guarantee) Trustees, report for the year ended 30 September 2022 (continued) 2. Oncologv Research - Targels and Biomarkers (conlinued) A¢livi¢i¢s and Impact QUB- £147,255 Professor Richard Kenncd - Mccla Chair in Medical Oncolo Researc Seh larshi 21-2022 Co-principal investigator for the Stratified Medicine Group ai Queen's University Belfasl, focussing on Biomarker discovery and developmenl to guide precision medicine 6 published peer reviewed papcrs (in Clinical Cancer Research. Cel l Death Disease, Cancers, Science Reports. NPJ Breasi Cancer. Compulalional Strucra7 Bioiechnology) Granis: Co-applicant on Belfasi l-Rcach bid £5.OM 2. Co-applicant on Northern Ireland Strength in Place5 Seedcorn £50K (Awarded) 3. Co-applicant on Wellcome Trus1 C-FLIP Siudy £50K (Awarded) Co-applicant to MRC Programme (Contralaleral breasi cancer risk profiling): £581.128. (Pcnding) 5. Co-applicant Nl CR-UK Cenire: £2.5M (Pending) Teachin 21-2022 Tutor 2iid Year SSC Medicine"From Bench lo Bedside" MED2016 Masiers course lecturer M RES SCM7075 Masters course Ictturcr PhD prsmary svperyisor 3 sludcnts, secondary 2 studenis Supervision l Bsc and l Msc Srudeni Faculty Mentor For lecturers: Dr 13ob Ladner, Dr Yaser Atlasi, Dr Aiden Cole, Dr Sandra Van Shaebroeck and Dr Fmma Kerr Membcr CR-UK Ncw Agents Comminee Member of Nl MATRIX panel Mcmber of Nl Cortsorlium for COVID-19 Testing Member of ihe Faculty of Pham)aceutical Medicine Oncology Advisory Board Member of NCRI Conference Organising Committee for Nov 2022 Member of Pallick G Johnslon Cancer Centre Senior Man#gement Team 3. Research Led Carefor Those in End of Life or Life Limiied Circumsiances Strategie Aims l. To ensure everyone has access io good quality end of life care, regardless of their circumsiances, age, disease. or Culture and wherever their place of care. 2, To provide quality of life, positive ouicomes, and expcrienees 10 those in cnd-of-life care. 3. To provide Care and support for life limited children, Currently identified as bein8 severely lacking in Nonhem Ireland. 4. To support those organisations who provide holistic care, meeiing people's physical, emotional, social, psychological, and spiriwal needs. in end of life and life limited circumstances.
The Mcclay Foundation (a company limited by guarantee) Trustees, report for the year ended 30 September 2022 (continued) 3. Research Led Carefor Those in End ofLife or Life Limiled Circumslances (conlinued) Aelivities and Im pact Buddy ilear Trust £100.000 Partnering wilh Ihe Buddy Bear Trusl School in Dungannon which providc5 conductive education and support for children sutTering from cerebral palsy and oiher moior disorders in support of its Lifeiimc of Differencc (phase 2) project. NI Hospice £50,000 Supporring Nonhem Ireland Hospice's Home from Home bedlcoi service which provides a bed and care foT children suffering from cancer, and specifically aims io address the difficulties families face when rr8velling long di51an¢es with a sick child for specialist care. NICFC- £50,000 Funding Daisy Lodge, a respite facility in Co Down for children wilh Lancer, and iheir families. Go Kids Go £2,000 Supporting Go Kids Go in ils provision of wheelchair skills workshops in Northern Ircland for lo¢al children who are physiully disabled and who are wheelchair users. Friends of Parkview Special School £2,530 Assisied Friends of Parkview Special Needs School in Lisburn, Northem Ireland wilh its recent summer activity scheme. Friends of ihe Canccr Centre £70,000 Supporting Friends of Ihc Cancer Centrc to fund an addilional Clinical nurse specialist and also in support of its financial grant programme which seeks 10 miligaie some of thc polential financial impacts on patients receiving cancer tream)ent. 4. To Promole Heulih & Wellbeing in Disenfranchised Communilies & Geographical Areas Strategic Aims l. To provide holislic community-based healthcare, empowemient, wellbeingi and education to disenfranchised communitics, wheiher in ihe developed or developing world. 2. To foster cfTeeiive partncrships and eoll8bor8ie wilh NGOS who arc providing individuals with healthcare serviccs and educalion in disenfranchiscd communilics on a 'better logcthcr, basis. 3. To provide innovative and responsive solutions to specific health and wellbeing issues in the dLveloping world. 4. To provide assistance and support lo achitv¢ long lasling and significanl improv¢meni in the health and wellbeing of those living in poverty. Aetivities and Im pact Fields of Life £25,(IKI Vocational Scholarship Fund - funding of 20 studenls enrolled in th¢ Vocational Trnining Insti¢ute in Northern Uganda. Fields of Life £49,930 Supporting Fields of Life's l AM GIRL inilialive, which aims to empower girls io complete Iheir education and 10 grow inio strong, healihy young women. Childrcn's Hospital of Philadelphia £82,884 Supporring Children's Hospital of Philadelphia in ils 'Home Plal¢' projecl which seeks to meet short-terni food needs of low-income, food insecure families and also lo provbde ihese beneficiaries wilh ihe help and skills to remain food secure in ihe long-tenn. Quest Malawi £40,478 Funded a 'Feasibility Study for Group B Streptococcus Prevention, in Malawi. GBS is a leading cause of neonatal sepsis and meningilis worldwide, and a significant cause of under-five mortality in low-income countries. The projecl evaluates the usc of LAMP technology as a rapid diagnostic test io delect GBS in labour. Reach Mentoring £16,(K)O Contribution to Rcach MentOTing's project working wilh I I schools in ihe Porladown arca to provide weekly one-10-one menioring for children and young people io SUPPOrt their emoiional needs and wellbein in order to su ort them to en e more full in ihcir cducation.
The Mcclay Foundation (a company limited by guarantee) io Philadelphia Educaiion Fund £15 879 Duke University S62 100 UNICEF £ioo,000 Scholarship to assist sele¢ted student over the terni of their studies. The student will be chosen from underrepresented communiiies in the Philadelphia Area. Scholarship to a5S15t selected student over the tenn of their Studies. The siudenl will be Chosen from underre resenled communities in the North Carolina area. Support towards their work for humanitarian relief effons as a result of the Ukraine emergency appeal. Train To Be Smart £37,720 Supporting Train 2B Smart in Northern Ireland which seeks to promote the improvement of mental health and wellbeing through sport. The Foundation has provided particular 5UPPOrt for Train 2B Smart's project co-ordinator role and ils "#itssmarrtolalk' campai8n. Cancer Focus Provided funding for Cancer Focus's 'Well Man Van,. Marie Keatin8 Foundation Provided funding for Marie Keating's health check service. Public Benefit Assessment For each Srrategic Focus Are&. we will identify and monitor on an ongoing basis. The beneficiaries and the effect of our engagement. The purpose of our engagemeni. The dire¢¢ benefits which flow from our chosen purpose. How Ihe benefils are (or will be) demonstraied. How the engagemtni I benefits fulfil the Foundaiion's chariiable purposes. Monitoring To record Ihe basis of support for any l¥ojecl. To make clear, as PP4rt of Ihat support, Ihe expectaiions of the Foundation. To Sei goal$ as 10 reporting against oun)uis. To receive Project updaies and carry oul inspections. To learn from experience and maximise fvlure support in achieving public benefit and the Foundaiion's goals. Public Benefit Statement The public benefil re9uirement is defined in the Charities Act (Northern Ireland) 2008 and states thai purposes must be for the publi¢ b¢n¢fit lo b¢ charitable. The TNslees confinn that they have complied wilh Ihe duty ¢0 have regard to che guidance l5sued by Ihe Charity Commission for Northem Ireland under se¢iion 4(b} of the Chariiies Aci {Ihe public benefit requirernenl Slalutory guidance). The Trustees are confident thai the aciivities have helped lo achieve the Charity's purposes and provide a benefii io ihe beneficiaries. Financiaj revieiv Durin8 the year direct charilable expendirure of £833,128 (2021,. £708,755) was incurred by the chèrity, as disclosed in note 5. Nei outgoing resources for Ihe year amounted to £819,818 (2021.. net out80ing resources of £723,733). The charitable company's net asseis are £91,167,127 (2021 as restated: £91,986.945). The Trusiees are satisfied that the outcome is in line with the chariry's planned expenditure on projects which they have decided to fund over a period of a number of years to enable the aims of each project ivithin each Straiegic focu5 area to be achieved. Reserves policy The Trust¢¢s have eslablished a policy whereby the free reserves held by the charity should match its needs, boih at the ¢uffenl lime and in the foreseeable fi)re. After making allowance5 for restricted fimds, designated funds, and Ihe carrying amount of funciional assets, the charity had free reserves of £657,127, Th¢ Board of Trustees will continue to monitor the reserv¢s position and moi•emenl in reserves in line with the policy io ensure there is no immediale risk,
The Mcclay Foundation (a company limited by guarantee) li Trustees, report for the year ended 30 September 2022 (continued) Inveslment policy The Truslees have the power10 invesl in such assets as they see fil. Taxation status The M¢Clay Foundation is a registered charity, and as such is entitled io cenain tsx exemptions on income and profiis from investments, and surpluses on any trading activities Carried on in furthernnce of the charity's primary objeclives, if these profits and surpluses are applied solely for charitsble purposes. The charity is not registered for VAT and accordingly. all its expenditure is recorded inclusive of any VA T incurred. Plans for future periods The TTUStces' plans for Ihc fulure arc focused on delivering the charilablc obligations which are detailed in the Foundation's choscn Straicgic Focus arcas. The Truslccs hav¢ dccidcd lo fund choscn projccts for an appropriale niimber of years io allow thc maximum degrec of planning and implemenlalion for such projects to enable them to achieve ilie most beneficial impaci. Covid 19 The Covid 19 pandemic has broughi disruption to the operations of many businesses including ilie charity. li has also led lo an unprecedented level of market volatility and economic uncertainty. 11)ese evcrtis and conditions have been considered in the preparation of ihese finaiicial statements. where the Trustees have exercised their judgeinenl in the process of applying the company's accounting policies. There are no ar&qs involving a higher degree of judgement or complexity, or areas ivhere assumptions and estimates are significanl lo the financial statements. The canying amounts of the charity's non-financial and financial assels have been assessed to d¢termin¢ whether there is any objective evidence or indicalion ihat these assets may be impaired, taking into con5idera¢ion the conditions eximing at the balancc sheei dale including ihe impaci of ihe Covid 19 pandemic, There 15 no material adverse financial impaci arising from the a55essmen15 caled out by the Tste¢s. CoiDg concern The charity's forecas15 and projeclions, lak ing accounl of reasonable possible changes in perfonnanLC, show Ihal Ihc usc of the going concem basi5 Ot. accounting was considered appropriate because there are no material unLcrtainlics relaied 10 evcnts or ondilion5 that rnay ca51 significant doulA about ihe ability ot the charity to continue as d going concern. Funds held as custodian trustee on behalf of others There are no funds held as custodian irustee on behalf of olhers. Statement of Trustees, responsibilities The Trustees (who are also directors of The Mcclay Foundation for the purposes of company law) are responsible for preparing the Tnjslees. Annual Repon and the financial statements in actordance with applicable law and regulalion. Company law requires the Trustee5 to prepare financial 5tatemen15 for each financial year. Under ihat law ihe Trusttts have prepared ihe financial statements in accordance with United Kingdom Accounting Standards, comprising FRS 102 "The Financial Reportin8 Standard applicable in the UK and Rcpublic of Irclan¢*'. and applicable law (United Kingdom Generally Accepted Aecouniing Prdeiiet}- Under company law the Trusiees must not approve the financial sialements unless they are saiisfied that they give a true and fair view of the state of the affdirs of iht charitsble company and of Ihe incorning resources and ¥pplica¢ion of resources, including the income and expenditure, of the chariiable company for (hal period. In preparing these financial staiemenls, the Trusiees are required to.. select suitable accounling policies and ihen apply them consistently; observe the methods and principles in the Siaiement of Recommended Prdctice: Accounting and Reponing by Charities (2019); make judgmenis and estimaies thai are reasonable and prudent;
The Mcclay Foundation (a company limited by guarantee) 12 Trustees, report for the year ended 30 September 2022 (continued) Stalement of Trustees. responsibilities in respect of the financial statements (Continued) state whether applicable UK Accounting Standards, comprising FRS 102, have been followed. subject to any material deparr¢S diKlosed and explained in ihe financial slalemen(s' and prepare Ihe financial 51at¢men15 Qn Ihe going ron¢¢rn basi5 un1¢55 it is inappropria¢e to presume Ihat the charilable company will con(inue in bu5incs5. The Trustees are responsible for kccplng adcquate accounting records thai ar¢ sulTicicnt to show and explain the charitable company's transaclions and disclose with rcasonable accuracy ai any lime Ihe financial position of the Chariiable conipany and eDabl¢ Ihem lo cnsur¢ ihai the financial s(a¢¢m¢nlS ¢omply wilh Ihc Companies A¢1 2006. They are also responsible for safcguarding ihe ass¢is of the ¢hariiable company and hcn¢e for taking reasonable steps for ihe prevention and deleciion of fraud and oth¢r irregulariiies. Stalcmenl of disclosure of information to auditors So far as each of the Trustees in office at the dale of approval of these financial staiements is aware.. there is no relevant audil infornialion of which the charitable company's audiiors is unaware. and they have iaken all the sl¢ps that they ought to have taken a5 Tru51ees in order lo make Ihem5elves aware of any relevanl audit i5)fomiation and io establish thal the charitable company's audilors are aware of thal inforniation. Small ¢ompanies' exemption This report has been prepared in accordance with the special provisions relating io small companies wiihin Part 15 of the Compani¢s Aci 2006. Indcpendcnt auditors The auditors, Pricewaterhousecoopers LLP, have indicated their willingness io continue in office, and a resolution concerning their reappointment will be proposed al the Annval General Meeting. This report was approved by ihe board of Trusiees and signed on its behalf. A D Amstrong Truslee
The Mcclay Foundation (a company limited by guarantee) 13 Independent auditors, report to the members.of The Meclay Foundation Report on the audit of the financial statements Opinion In our opinion, The Mcclay Foundtstion's financial statements (the'finaneial st4tements"): slit a true and fair rfeiy of the state of ihe charitable company's affairs at 30 September 202? and of it5 >nrDrnins resourceB and application of re8ourcu, includin6 its income ond ¢Ypendilure. for the year then ended; hair becn properl), prepared in yccordance iiith United Kinsdom Cencrall}' Accepted Accountin8 PrdL11 (United Kingdom Accounting Standards. comprisins FRS I02-The Yinon¢ial Reportin8 Standard applicable ID the UK #nd Republic of Ireland". and applicable18I1')' and hbve been prepawed in accord8nce iyith the requirements of the Companies Act 2006. We haiy audiied the finttnciol statements, included i%ithin ilie Annual Report and financi8181otements (the "Annulll Report"), i%,hieh comprise.. the balance sheet as at 30 September 2022; the stalement of financial actiiitiLs (ineorporatin8 income and expenditure account),and the&ish floi%' statement for the)ar then ended. and the notes io ihe financial statements. Mthich indude description of sisnificanl aLrountin8 policies. Basis for opinlon We Conducted our audit in ycL'ordance iliih Internation81 Standard¥ vn Auditin8 (UKI I'ISAS (UK).) #nd #pplieable lalv. Our rrspornsibilitles under TSAS (UK) are further described in the Avdilur8' rt8ponsibilities foi. the audil of ihe fin8ntial statements section of our report. We beliei'e th81 the audit cirydonce hai'e obtained is sofficient and appropriute to proi'ide 8 basis for our opinion, Independeiice We remained independent o( the charitable comp8n)' in accordance iiith the ethical reqiiiremenLS that Jre relei'ant to our yudit of the fin8n¢i41 A8tements in ihe UK. ii'hich includes the FRC'S Ethical Standird ¥nd i%.¢ hAI'e fulfilled our other ethic¥l rL8ponsibilitles In aetordance i%iih th&8e requireinents. Conclusions relating to going concern Based on Ihe knork 14'e hai'e pcrformcd, 11% hai'e not identified 4n>' material uncertainties relalins to events or conditions that, indiiTrduoll)' or colleclii'el),, mas, eart Si8nificonl doLibt on the eharitthble eompan) s abilitji to continue hs n soln8 ncern for perityj of al least tii'eli months from the dale on i%hich the financial stotements are auihorised for issue. In auditing ili¢ finaneial statements. li'e h81¢ eorteluded thai the trn5t, use of the g0Sng eontern basis of accounlin8 in the preparation of the financi¥l sistements is appropriate. H041tiier, because not all future w'ents or condilions can be predieted, this conclusion is not 3 8uaraniec as to the charitoble compans's abilitii to Continue as a goins concern. Our r¢sportslbiliiies and the respontsibililies of the trlet$ i¥lth respect to soing coneern are described in the relthYDI sttlioi)s of thi5 report. Reporting on other information The her Information eompri$48 &ll ofthe information in the Annu¥l Report oiher than the financial stslemenls irtd our auditors, reporl Ihereon. The trusleeb are responsible for the other information. Our opinion on the financial statemen15 do¢s noi cth'er the other information und. aceordingl)p do nol express on audii opinion or, except to the £¥tent oiheniise explicitl). st•ted in this report, an). form of ¥&surAnee thereon. In connection our audit ofthe financial statements, our responsibilit) i8 to read the other information And. in doing so, corLsider i%'hether the other information is materiall}p incorLsislent iilth the financial statements or our knoiYled8e obtsined in ihe audii or oiheniise appears to be materiall>' misstatd. If i%e identif)i an apparent material inconsistene), or matcrial misstatement, li'e are required io rfOrM procedures to conclude i%.hether there is a material misst81ement of the financial staitments or a material mi&#aiein¢nt of the otllcr infornialion. If, based nn the ¥%Drk ¥%e hai'e performed, iiE eonclude (hal there is a materiol missityiemeiii ofthis other information. i¥e Are required to report that facl. We hdit iioihins to report based on ihese responsibilities. Based on our i%ork underyaken in the eourse of the audiL the C¢*rnpani&£ Aet 2006 requires us alsoto report certain opinions and matters as described beloi¥.
The Mcclay Foundation (a company limited by guarantee) 14 Independent auditors, report to the members of The Mcclay Foundation (continued) Trustees, Reporl In wr opinion, based on the.i¥ork undertaken in the course of the alt the information giiEn in the Tnjsiees, Rew)rt for the financial )'edr for i%hich the financial statemenLg Are prepared Is Cons1eftt i%ryth the financial statements; and ihe Trustees, RetM)rt has been prepared in accordance iiiih appltcable kgal requirements. In addition, in light of the kn01%4edse and understanding of the charitsble companj, and its eniryronment Oained in ihe course of the audit, IIE are required to report i(i%e haiE identified any rnaleri81 mismiements the Tru5tees' Report. We nothin8 to rep)rt in this respect. Responslblllties for the fiThaTh¢ia] statements and the audit Responsibilities of the tnisleeslor thefinancial statenients As explained more fully in the Statement of Ttees. responsibilitiu in respect of the financial ststements, the tnstees (%h0 are also the dhreetors of the eharitable compan}, for the purpose5 of cornpan}' lai%) are responsible for the preparatlon of the financi81 ateMents in accordance iilth the applicable frtbrn¢ii'ork aThJ for kin8 satisfied thai the). 8iire A true and (alr The trsteeS are also responsible for su¢h internal control as thej, delermine is necess•r)' to enable the prep9rotlon of finonci•l stolements thot are free frorn maierial misststement, ii'hether due to fraud or error. In preparin8 the financial stalements. the tntstees are responsible for asssing the charltablecompan) s abilit}, to Continue as a 80in8concern, disclosing as applicable, matters related togoing coneern And usins the 80ins concern b&si8.of ac¢oundn8 unless the trustees elther inlend lo liquid&it the thfiritAble compan)i or lo ttas¢ op¢ration& or have no realistic Jlt¢rnatii'e but to do so. Auditors. responsibilities Jor the audit oJthefjnonciolstotemenls Our obieclii'es t00b)n reasonable assurance al>)ul ivhether ihe finantial statements as a ivhole 8re fvee frorn material misslatement, iillether due lo frdud or error. and to issue an audltors, report that irKludes our opinion. Reasonable assurance is 4 hish level of assurance, but is not a suarantee that an audit tondueted in aetordance i%ryth ISLS (UK) i%ill ali%'a>s detect a material rnItatement ii,hen it exists. Missiatements can arlse from orerror and are considered material if, indiwdu8lly or in the 88gre8ate, they could reasonably be expected io influence the economic decisioAs of users taken on the basis of these financial statements. Irre8ulariti&s, Includlns fraud, are instanLYs of non-compliance ivith lai%E and resulations. We design procedures in line i%ith our respOlbIlities. ouilined aboi'e, io deittt material misstalements in respect of irr¢su]arities, Includin8 fraud. The exteni to ,hi¢h our procedures are capable of detectins irresul8rities, including fraud. is detailed below. Based on our understanding of the eharitsble company. Ive identified that the principal risks of non-COTnpliance laiis and regulations related to Charities Act (Northem Ireland) 2008 9nd i)'e considered the extent to !%.hich'non-comp1i8e misht hai a rnaterial effect on th¢ financial statements. We also considered thi)se laii's and resulati0r ihal h81'e a direct Impact on the finan¢i¥l st8tements sueh As Lhe CompAnies Act 2006. W¢ thinluated m3na8emenl's incentives #nd opportunlties for fraudulenl manipulation of the financi81 slatements (including the rlsk of ffi'erride of eontroL8), and determined thai the prln¢lpal risks i%Ere related to the WSDn8 of in#ppropriateJournal eThtri6s. Audii proc4dures performed included.. Enquirj. of m8nagemenl and the board of tntslees, includin8 coThsider8tlon of knohTr or suspected inst8nees of non- complignce iyith lam's and re8u)ations and fraud. Under8ndin8 and ei•luat(n8 ihe charitable companj s conlrol enilronment: Identlfyins and testinsiourn81 entries. indudins journal entries pc6ted Trth unusual account combinalion5 to iTwme or exnditU accounts: and A$s1n8 financial ststements disclosure5, and testing to supportln8dcKumentslion, for Compliar it4ryth applicable laii's and regulations. There are inhereni limitations in the audii kwoeedures described ab,e. We are Iw likely to become aiyare of instances of non- compliance %%ith and ulatIonS thai are not closel), related to and transactiorLS reflected in financial siatemenLS. Also, the risk of noi detecting a material mi&staiement due to fraud is hiÉher th8n the risk of not detectin8 one resultins frorn error, as fraud ma>. in%li,e deliberdie toncealment by, for example, forgeri'or inlentional misrepresentations or thrOh ollusion. A fvrther dttcription of our resPolbIlItieS for the audit of the financial st¥tements Is located on the FRC'S i%ebsiie 8l". i%TrIM.fre.or8.uk/auditorsresponslbS1ities. This description forms part of our 8uditors' report. Use of this report This reTr, in¢ludin8 Ihe opinions, h&$ been prepared for and onl J. for the ehariry's mernbers os a bod}, in accordance Mith Ch3Pter 3 of Part 16 ofthe CompaniesA¢t 2006 and for no oihei purp. We do not. in gi%'in8 these opinions. accept or assum¢ r¢8ponsibilits1 for any other purwseor to any other person to ilthom this report is shoiyn or into ivhose hands it ma), come sal'e ithere expressly agreed by our Pri consent irt knrltins.
The Mcclay Foundation (a company limited by guarantee) 15 Independent auditors, report to the members of The Mcclay Foundation (continued) Other required reporting Companies Act 2006 exLeption reporting Under the Companies Acl 2006 IAE are requtred io report to you if, in our opinion: we hai'e nol obiainc4 all the inforniation ¥nd explanations we require for our audit- or adequ&ie occountin8 records ho%Y noi been kepl or returns lldequaie for our audil have been reeeii'ed from branches not isited b), i1¥: or rtain disclosures of irustee5' remun¢raiion specified b).- laiv are not mad¢'. or Ihe financial statements gre not in a8reement i%ryih the accountin8 rttord8 and returns. We hal no oyceptions to report #rising from this respoTs5ibility. Enlitjement to exernptlons Under the Companies Acl 2006 ive are required to report io j'ou if, in our opinion. the trustees i¥ere not entitled io: prep¥rn financial slatemenls in accordance %4ith the small companies, re8ime,' take ad¥•ntsge of the small companies, exemption in preparins Ihe.Trusleeb' Annual Report,. and take adi'anlase ofthe small companies exemption (rom preparins a Sirate6iC Report. We hai no exceptions to report arising from ihis responsibility. Brenda Heenan (Senior Staiulor), Auditor) for and on behbl( of Priceii'aierhou5eCoopers LLP Chartered AecourtiAnts and statLilory Auditor¥ Belfsi 29 Mgrth 2023
The Mcclay Foundation (a company limited by guarantee) Stalement of financial activities (incorporating Income and expenditure actount) fur the year ended JD September 2022 2011 2022 Unrulrfcied 2022 Funds r1&.} 2021 l$ r¢'sit¢dl I.mIng resiiur¢tt ¥entr¥ied funds Iny1MLrt1 in¢iJm¢ io, io,n JOJ02 10201 20.110 30,202 Volunillry inconic .I'ol¥l lfftcrmlng {833,12# 126,JYZI 1860.DII) 1708.755) 127.296 17J6.0511 1708.7551 127.1961 Otsvcrnanco C1% TotHI rwUrL'ls xnded Pl¢t ins invrsinieni &lL.(5 1¥60,D201 10 .(¥iyJiii 1723.7lJ) 92.510.678 2(Xl.th)o TIllI fund% bMts¢hi forw4rd ui l October pttw1rY Mwrted) PAthrYi'r4diuslmt 'rothl InIS htiiu¥ht fthwiird 1 l O¢iiher rslJlqdl 'roi41 IndS 1'#rri¢d ¥l'lDSL'piirtbher 92.510.678 10 21XI.QiKI .91,Y8&945 91,946,945 91.167,127 92.71Q.078 92.71(1.678 91.911I,945 91.11¥6.945
The Mcclay Foundation (a company limited by guarantee) J7 Balance sheet as at 30 September 2022 2021 (as reslaled) 2022 Note Fixed assets Investments 90J(NI,000 210,000 90,510,000 90,300,(M)o 200,IM)O 90,500,IM)O Investtnenl property 10 Current ¥ssetS Oebtors: amounts falling due aficr rnore than one year Cash ai bank and in hand 817 714.059 714,059 (56,932) 6S7,127 91,167,127 1,537,378 ,538,195 {51,250) 1,486,945 91,986.945 Creditors; amounts falling due within one year Net currenl Assets 12 The funds of ihe Charity: Unrestricted funds 91,167,127 91,167,127 91,986,945 91,986,945 To¢al chlrily (Und5 *Please see noie 10 for details of restaiement. The financial 5ta¢emenls on pages 16 to 28 were approved by ihe board of Trnsiees on Iq (Iloth and were signed on ils behalf by: /Lg¥ A D Armstrong Trustee Iq IOLS The noies on page.8 19 to 28 are an iniegral part of the finaneial stalemenls. Huddleston stee The Mcclay Foundatio Registered number: N1070062
The Mcclay Foundation (a company limited by guarantee) 18 Cash flow statement for the year ended 30 September 2022 2022 2021 Note Cash flows from operating aetbvities Cash used in operaiions Nei Cash used in operating activities Cash floivs (rom flThancing &¢¢iviti¢s Repayments from relaied parties Net cash generated from financing attivilies Nel decrease in cash and ¢osh equivalents Cash and tash equivalents at beginning of the year C8sh and cgsh tqulvalenls at end of the year 14 (823J19) (823J19) (715,110) (715,116) 178,590 178,590 (536,526) 2,073,904 1,537,378 (823,319> ,537,378 714,059 The notes on pages 16 to 28 are an integral pan of the financial statements,
The Mcclay Foundation . (a company limited by guarantee) 19 Notes to the financial statements for the year ended 30 September 2022 Aceounting policies General information The nature of The Mcclay Foundation is thai of a charity. The foundations objeciive5 are: Support and encourage research and innovolion Advance the use of diagnostic tools and drugs in the prevenlion, control and cure of disease Ensure laiest advances in healthcare available lo all, including developing ¢ountries Generate and promote employrnenl opportunilies Support and promote such educational purp05es as ihe Irusiees shall select, provided that sueh purposes shall be exclusively charitable in law The charity is incorporated in Ihe Uniled Kingdom and is registered in Northern Ireland. The address of its regisl¢r¢d offi¢e is Almac House, 20 Seagoe Indus(rial Estate, Craigavon, B T63 5QD. Statement ofcomplianee The individual financial statemenis of The Mcclay Foundation have been prepared in compliance wilh A¢countin8 and Reporting by Chariiies.. Statemeni of Recommended Practice (SORP}, United Kingdom Accounting Srandards including Financial Reponing Standard 102, the Companies Aci 2006 and the Charities Act (Northern Ireland) 2008. Bas15 of preparatlon The financial statements have been prepared on a going ¢on¢em basis. under the hisioric cosi convention, and in accordance wilh Accounting and Reporting by Chariiies: Slaiemeni of Recommended Practice (SORP) applicable to charities preparing their financial statements in accordance WiEh the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effeclive l January 2015), (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), Ihe Charilies Act (Northern Ireland) 2008 and the Companies Acl 2006. The preparation of Ihe financial staiements requires the use of certain critical ac¢ountin8 estirnaies. It also requires management to exer¢is¢ ils jud8¢meni in Ihe process of applying Ihe group and ¢harity a¢¢ounting policies. Managemenl has Concluded Ihat there are no critical assumptions, estimates or judgements involving a high degree of judgement or ¢omplexity which require further disclosure a5 Outlined in note 2. The principal accounling policies, which have been applied consistenlly throughoul the year. are sei out below. Consolldatlon The Mcclay Foundation owns 9V/o of the Ordinary A share capital and IOOVO of the Ordinary B shar¢ ¢apilal of Alma¢ Group Limiied. The share capiial Strucre of Almac Group Limited also includes a £ I founder share which has veto rights in a number of areas. Under charity law, the Foundalion is regarded as the conrroller of Almac Group Limited which, as a subsidiary of the Foundaiion, delivers ihe Foundation's charitable purposes. Although the Foundalion is the beneficial owner of Almac Group Limiied, the Trustees do not exercise control for the purpose of Section 401 of the Cornpanies Acl 2006. The financial statements Iheiefore present infonnation about the company as an individual undenaking. I nvestments Investments in associates are held as non currenl assets and are held at cost less accumulaied impainnent losses. An impaimienl loss is recognised for the arnounl by which the asset'5 carrying amounl exceeds its recoverdble amount. Debtors Debtors are initially stated ai cosl and subsequently slaled after all known bad debts have been written off and specific provision has been mad¢ againsl all debts considered doubtful of collection. Incoming re50urc¢s All incoming Tesources consisi of voluntary income and invesmienl income and are included in the slalement of financial activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
The Mcclay Foundation (a Company limited by guarantee) 20 Notes to the financial statements for the year ended 30 September 2022 (continued) Ac¢ountlDg policies (continued) Voluntary ineome Voluntary income is income which 1$ received by way of donations and gifts to the chariry and is in¢luded in fvll in ihe statement of financial 8¢tivitie5 when received. IDv¢s¢m¢nl in¢om¢ Bank interest and loan interest receivable is included in full in the siatement of financial aclivities on an accruals basis. Policy for the aw2rding ofgrants The Foundation's grant pro8ramrnes are approved by TNstee$. The Foundaiion will only accept appli¢alions from re8i51¢red charilies. All programmes involve an application process. Applications are assessed by Ihe TNstee5, including robusi assessment of governance. Final approval is sought al l)oard meetings, before decisions are shar¢d with applicanls. The applicanl's must sign up lo Term$ & Condilions before funding is released via baes payment. A118rantees musi compleie an evaluation report, outlining expenditure. performance, Jnd impacl on at leasi an annual basis. Resource5 expended Expenditure is accounted for on an accruals basis and has i*en classified under headings that aggregaie all Costs ielated io the Category. Expenditure relalts to Charitable Activities and Governance costs which are ouilsned below. Charitable aetlvltles Charilable expendilure comprises th05C Costs incurred by the charity in Ihe delivery of ils aclivilies and services for its b¢n¢fi¢iaries, Th¢5¢ in¢ludv oncology research, research led care for Ihose in end of life or life limiting aclivilies and activities io promote health and wellbeing in disenfranchised communities and geo8raphical areas in Ihe developed and the developing wodd. Chariiable activities are both costs that can be allocaied directly ¢0 su¢h aclivilies and ihose costs of an indirect nalure necessary to supply ihem. Governanee costs Governance costs are costs associated with general charity advice and governart¢¢ matters and include Ihose cosis incurred in the governance of its asseis which are associated iviih constilutional and statutory requirements. Unrestricled funds Unreslricled fund5 are donations and other inroming resources received or generaled which are expendable at the discretion of the Charity in furtherance of its obj¢clives. Cash and cash equivalents Cash and cash equivalents includes cash in hand, deposiis held al call wilh banks, other 5hort-ierni highly liquid investments with original MattltIeS of three months or less and bank oveTdraft5. Bank overdrafts, when applicable, are shown wiihin borrowings in current liabiliiies. Deposits with ori8inal maturilies of 8rea¢er thin 3 months are shown as current assei or fixed et investments depending on the date of maturity. Financigl instruments A financial inslTumenl is any conlTact ihal gives rise to a financial asset of one party and a financial liability or equity instrumenl of another paty. The charity has chosen to adopt Section5 1 l and 12 of FRS 102 in respect of financial instrumenis which sets oui the requirements for Ihe recogniiion, derecognilion, measuremeDI and disclosure of financial assets arjd financial liabililies.
The Mcclay Foundation (a coTnpany limited by guarantee) 21 Notes to the financial statements for the year ended 30 September 2022 (continued) Accounting policies (continued) Financial assets Financial assets. including trade and other debtors and cash and bank balances, are inilially recognised at tran5aclion price, unless the arrnngcmeni constitutes a financing transaction. where the transaclion is measured at ¢h¢ pr¢senl value of ihe future receipis discounicd al a market rale of interest. Such assets are subsequenily ¢arried at amortised cost using the effective interest meihod. Ai the end of each reporting period financial assels measured al amortised eosi are asses5cd for objeciive evidence of impairmenl. If an asset is impaired the impairment105S is the difterence beCen the carying amouni and the present valu¢ of Ihe esrimaied cash flows discounied at the asset'5 original effective inieresl rate. The ifflpairnient loss is recognised in lh¢ Statement of financial activitie5. If there is a decrease in Ihe impainnent loss arising from an event occurring after ihe impairment was re¢ognised the irnpainnent is reversed. The Tevcrsal is such thal the current carrying amount does not exceed what the carrying amouni would have been had Ihe impairn)ent n(A previously been recognised. The impaimienl reversal is recognised in the Stalement of rinancial aclivilies. Oiher finan¢ial asseis, including investn)ents in equiry insrrumenrs ivhich are not subsidiaries. associtttes, or joinl vcniures, are iniiially measured at fair value. The quoted market value is used lo delemiine fair value. Such assets are subsequently carried at fair value and the change5 in fair valu¢ are Tecogniscd in profil or Ios5, except thal investments in equity instruments that are nol publicly traded and whose fair valucs cannoi be measured reliably are measured al cos¢ less impairnienl, Finanrial assets are der¢cognised when (i) Ihc conlractual rights to Ihc cash flows from the asset expire or are settled, or (li) substantially all ihe risks and rewards of Ihe owncrship of ihc asset are transferred lo anoiher party, or (iii) control of the asset has been transfCed to another party who has ihc praclical ability 10 unilaierally sell the asset to an unrelaied third party withoul imposing addilional r¢siiiclions. Financial 118billtits Financial liabilitics. including Iradc and other crediiors, bank overdraft5 and other loan5, are inilially r¢¢ognis¢d ai transaclion price. unless Ihe arrangcmeni constiniles a financing tran5aclion. where the debi instrum¢nl 15 m¢asured at the presenl value of the future receipts discounted al a markel rate of inlerest. Trade creditors are obligations lo pay for goods or services that have been acquired in the ordinary course of business from suppliers. Tradc credilors are classified as current liabililies if payment is due within one year or less. If not, they are presented as non-currcnt liabilities. Tradc crcdilors are recognised initially al trnnsaction price and subsequently measured at amortised cosl using the effeciive inieresl mcthod. Financial liabililies are derecognised when Ihe liability is cxtinguished, Ihai is when lh¢ coniractual obligaiion is discharged, ncelled, or expires.
The Mcclay Foundation (a company limited by guarantee) 22 Notes to the financial statements for the year ended 30 September 2022 (continued) Critical accounting judgements and estimation uncertainty Esiimates and jud8ements are continually evaluaied artd are based on historical exp¢rien¢t and other factors.. including expectations on future events thai are believed lo be Teasonable under the circumsiances. (o) Criliealjudgemenls i4Y opplying the conipany's accounling polieies There are no critical judgements in applying the company's accounting policies (b) Criiical accthiniing esiimores and assumpiions There are no crilical accounting estimates and assumplions. Legal slatus of tbe charity The chariry 1$ a company limited by guarante¢ and has no share capital. The liability of each member in Ihe evenl of winding- up is limited to £1,
The Mcclay Foundation (a company limited by guarantee) 23 Notes to the finan¢ial statem¢nls for the year ended 30 September 2022 Investment income Unr¢slrl¢led funds 2022 Unresrrieted nds Toifil 2021 Total 2021 2021 Investffjcnl incoThE Lo&n initT¢$i Bank ini¢r¢51 Rcntsi intom¢ Voluniary in¢ome 737 3,781 7.800 737 3,781 7,800 2,402 7,800 20,000 30,202 2,402 7.800 20,000 30,202 Ch4ril¥bl¢ y¢tiviti Unr¢8¢ri¢i¢d funds 2022 Tol41 2022 fDndJ 2021 Tothl 2021 Quetn'$ UAiversity Beira Nonhem Irellnd Hospice Nl C&ncer Fund for Children Friends of the CAn¢er C¢nr¢ 147,255 so,000 50,000 70,000 40,478 67,930 37,720 147,255 50,IN)O 50,iN)O 70,000 40,478 67,930 37,720 152,69¥ 100,000 50,000 152,691 100,000 50,0th) Quest Malawi Fitlds of Life 68,478 30,000 4,720 68.478 30.OTrJ 4,720 Train io be Sm4rt ADHD Reftch 16,000 479J83 16,0110 479J8J ToiJl broughi forward 405.896 405.896
The Mcclay Foundation (a company limited by guarantee) 24 Not¢$ to the financial statements for the year ended 30 September 2022 S Charltable a¢tlvltle5 (conllnued) iJnr¢s¢ri¢t¢d funds 2022 UTrrcstyicied funds 2021 Tot81 2022 Toiil 2021 Totsl ¢Jrried forWd Philadelphia Educ&iion Fund Trian8le COMMlty Found81iofi, C$roliAa 479,383 10,838 479,383 16,838 405.896 6,443 58,843 36,054 100,(K)O 25,WO 25,Crf)O 403,896 6,443 S8,845 36,054 100,000 2S,000 25,000 UNICEF ASHA 100,(M 100,Mo Children Northern Ir¢land Buddy Bear Trust Go Kids Go 100,( 100,Mo 2,000 1,600 21892 82,884 41382 2,330 Cancer Focus 1,600 26,892 82M84 46.582 2,530 Professional fe¢$ Children'i Hosp11 ofphiladelphi4 Duke University, North Carolina Friends of Parkview Spcti41 Schotsl Maric Keaiing Foun¢Jaiion 27,296 27,296 46,517 5,CKJo 46,517 5,000 860,020 860,020 736,051 736,051 Governanr¢ r05ts in the ye&r included above were £26.892 (2021.. £27.2961. Chfrriiable aciii'iiies wmprises ¢h05e costs incurred by th¢ rh$rity in Ihe delivery of its atiivilie$ 8nd services for its beneficiaries. Includes oneolow research, regeareh led care fof thos¢ in ¢nd of lif¢ or life limiiing aciiviiies and aciiviiies 10 promoie hedlih and wtllbcing in di$¢nfrththised ¢ommunilies And 8¢w•phi¢•l ams in the develop ottd Ihe d¢v¢lopin8 world.
The Mcclay Foundation (a company limited by guarantee) 25 Notes to the financial statements for the year ended 30 September 2022 Movement in funds 2022 2021 The net movemenl In funds gre stated After charging.. Fees payable to the charirable company's auditors for (he audit of the financial staternent5 6,000 5,000 Employee inforrnation To date ihere have been no staff employed by the charitable company and ihere is no key manageffteni to disclose. (2021: Nil) The Trusiees received no remuneration or reimbursemeni of expenses in respec¢ of Iheir services. Indemnity insurance is in place for all Trustees and the charge for the year ended 30 Sepiember 2022 was £6,000 (2021.. £6,000). Taxation The company is a re8lStered charity and. as such, is entitled to certain tax exemptions on income and profiis from invesm)ents and surpluses on any trading activities carried on in furtherance of the chariiable company's primary objectives, if these profi and surpluses are applied solely for charitable purposes, Investments Investment in associal¢ At l October 2021 and 30 September 2022 90,300,000 During the year ended 30 September 2009, Dr Sir Allen Mcclay gifted 961,538 '8, ordinary shares in Alrnac Group Limited to The M¢Clay Foundation. During ihe yearendin8 30 September 2012 the Executors of the estate of Dr Sir Allen M¢Clay gifted 657,327'B' ordinary shares in Almac Group Limiled ¢0 The Mcclay Foundation. During ihe year ending 30 September 2014 the trusiees of Ihe Allen J. M¢Clay (Almac) Discretionary Settlement sifted 13,286,028 'A' ordinary shares in Almac Group Limited 10 The Mcclay Foundation, During the year ending 30 September 2014, the trustees of The Allen J, Mcclay Settlem¢nl gifted 142,718 'B' ordinary shares in Almac Group Limiled ¢0 The Mcclay Foundation. During the year endin8 30 S¢piember 2017, Ihe tru51¢es of The Allen J. Mcclay Settlement gifted 78,207 'A' ordinary shares in Almac Group Limited to The Mcclay Foundation. During ihe year ending 30 September 2018, the trustees of The Allen J. Mcclay Settlemeni gifted 8,523 'A' ordinary shares in Almac Group Limited to The Mcclay Foundarion. During ihe year ending 30 September 2019, Ihe trustees of The Allen J. Mcclay Settlement gifted 5,750 'A' ordinary 5hare5 in Almoc Group Limited 10 The Mcclay Foundation. The total number of ISA" ordinary shares now owned is 13,378,508 and the to1 number of"B" ordinary shares now owned is ,761,583.
The Mcclay Foundation (a company limited by guarantee) 26 Notes to the financial statements for the year ended 30 September 2022 Investments (continued) The charitable company's associated undertaking is: Ownershlp Share Class Name Country of incorporation Associated undertaking Almac Group Limited Northern Ireland 990/0 I OOO/è 'A' Ordinary shares of £1 each 'B' Ordinary shares of £1 each The principal aclivilles of A Imac Group Limited exlend from drug discovery ihrough all areas of clinical irials lo the commercialisaiion of pham)aceutical products. The group provides world-class integrated research and developmeni support and an unparalleled range of services to customers, including (he markel leaders, wiihin the pham)aceulioal and biotechnology seciors. The aggre8aie capital and reserves and resulis of the company's associated undertaking for the year were: 2022 2021 Capital and reserves Almac Group Limited Profit for the year Alm Group Limited 652,596,962 549,028,952 77,S70,937 64,205,719 The trustees are satisfied Ihal the carrying value of investmenls is SUPPOrted by iheir underlying net assets. 10 Investment property Inveslmenl property As at l October 2021 200,000 10,0 210,01)O Gain on revaluation A5 al 30 Seplember 2022 Investment property shown above had been excluded in eiTor from ihe balance sheet in previous years, This initially should have been recorded in 2014 ai £165.IY)O which would have seen a cotTesponding £165,000 increase in the statement of finan¢ial activities at the time. This has been corrected in both the prior year and the current year in the financial slalemenls along with a fair value uplift of £35,000 during the intervenin8 period lo make the iotsl adjustment in respe¢1 of the prior year £200,000. Subsequently, the property hès been revalued on a fair value basis as at 30 September 2022 in accordance with Ihe charities accounting policy by independent extemal valuers at a value of £21 O,CM)O resulting in an increw in fair value of £10,000.
The Mcclay Foundation (a company limited by guarantee) 27 Notes to the financial statements for the year ended 30 September 2022 11 Debtors 2022 2021 Prepaymenls and accrued income 817 12 Creditors: amounts falling due within one year 2022 2021 Accruals 56,932 51.250 13 Financial instrumeDIs 2022 2021 Financial liabilities held 8t amortlsed cost Accruals 56,932 56,932 51250 51,250 14 NotCS to the cash flow statcmcnt Casli geiieraledfroin nperalioiis 2022 2021 Nei movement in funds Gain on investment property Movemeni in debtors (819,818) ( i 0,000) 817 (723,733) 5.984 2.613 (715,116) Movement in crcditors 5,682 (823J19) Net cash used in operating activi¢ies Please ref¢r to note l O for details on restatement. Nei debi ds af 30 Sepleniber 2021 Relgted partlts Sub¢ot21 Cash Tot#1 Nel debt as al l October 2020 178,590 (178,590) 178,590 (178.590) 2,073,904 (536,526) 1,537J78 (823,319) 714,U5Y 2.252,494 (715,116) .537J78 (823,319) 714,U5Y Cash flows Net debl as at 30 September 2021 Cash flows Ne¢ debl as at JO September 2022
The Mcclay Foundation (a company limited by guarantee) 28 Notes to the financial statements for the year ended 30 September 2022 15 Unrestricted income funds Unrestricted (unds Total Al l October 2020 (as previously slaled) Prior year restatement (note l O) At l October 2020 (as restated) Net movement in funds 92.510.678 200,000 92,710,678 (723,733) 91.986.945 92.510,678 200.000 92,710,678 (723,733) 91,986,945 AI 30 Sepiember 2021 Unrestricttd funds Total Al l October 2021 91,986,945 (819,818) .91,167,127 91,986.945 (819,818) 91,167,127 Net movement ID funds At 30 Seplember 2022 16 Analysis of net assets between funds Unrestricted runds Tot#1 2022 Fixed assets 90,510.000 657.127 91,167,127 90,510,000 657,127 91,167.127 Nel currei)t assets At JO Scplomber 2022 Unresiricied funds Toial 2021 Fixed asseis (as previously reported) Prior year reslalemenl (note l O) Fixed assets (as resiaied) Net currcni assets 90,300,000 200.000 90.500.000 1,486,945 91.986.945 90,300,000 200.OOCI 90.500,000 1,486,945 91,986,945 At 30 September 2021 (as restated) Please refer to nore 10 for details of resiaiement. 17 Ultimate controlling party The Board of Trustees are the ultimate controlling party.