Reglstered number: N1070062 HMRC Charity number: XT5406 Charily Commission (Northern Ireland) number: NIC105839 The Mcclay Foundation (a company limited by guarantee) Annual report and financial statements for the year ended 30 September 2024
The Mcclay Foundation (a company limited by guarantee) Annual report and financial statements for the year ended 30 September 2024 Page(s) Reference and adminislralive details of the Charity Chairman's report Trustees, report (incorporating the direclor's report) 3- 15 Independent auditors, report to the members of The Mcclay Foundation 16- 19 Statemenl of financial activities (incorporating income and expendilure account) 20 Balance sheel 21 Cash flow stalement 22 Notes to Ihe financial statements 23-31
The Mcclay Foundation (a company limited by guarantee) Reference and adniinistrative details of the Charity TrusteeslDirectors A D Annstrong T Scott The Mcclay foundation Corporate Trustee Liinited (Directors listed below) A D Arinslrong S Campbell J Irvine Huddleston P DiaTnond D Clemenis (resigned 6 June 2024) H Sievenson E McAllister N Harkin K Stephens G McBurney Registered officelPrincipal offlee Bankers Alinac House 20 Seagoe Industrial Estate Craigavon BT63 5QD Dan5ke Bank Donegall Square West Belfast BTI 6JS Independent auditors HMRC Charity number Pri¢ewaterhouseCoopers (Northem Ireland) LLP Chartered Accountants and Statutory Auditors Merchant Square 20-22 Wellington Pla¢¢ B¢lfast BTI 6GE XT5406 Charity commission (Northern Ireland) number NIC105839 Solicitors BDB Pitinans Solicitors One Bartholoinew Close London ECIA7BL Registered number N1070062
The Mcclay Foundation (a company limited by guarantee) Chairman's report for the year ended 30 September 2024 The Mcclay Foundalion's activities are progj'essing in line with the latest five-year strategic plan (2022-2027). The Trustees have identified four slralegic areas of focus: Innovation - Research and development of new Ixedicine5. Oncology research targets and biomarkers. Dignity and Compassion - Research led care for ihose in end of life, or life limited circumslanc¢s. Healih and Wellbeing - Aclivities to proinote health and wellbeing in disenfranchised cominunities and geographical areas in the developed and the developing world. This report illustrates ihe work we have done this year to deinonstrate our long-lerm coinmitment to the principal objectives of The Mcclay Foundation and our desire lo uphold Sir Allen Mcclay's wishes by continuing his legacy and vision to make a Ineaningful contribulion to human health and wellbeing, worldwid¢, The work of the Mcclay Foundation in the year ended 30 Septeinber 2024. working with Inany and varied partners to achieve its aims and objectives, has Tesulied in significant and measurable benefit to the health and wellbeing of Inany in society. hLJ Alan Amstrong Chairman 27 Fc* 2££
The Mcclay Foundation (a company limited by guarantee) Trustees, report for the year ended 30 September 2024 (incorporating the Directors, report) The Trustees, who are also directors of ihe charitable company for the purpose ofthe Cojnpanies Act 2006, pi'esent their Annual report and the aiidiied financial siateinents for the year ended 30 Sepieinber 2024. This report conslitules the Truslees, Report required under ihe Coinpanies Aci 2006 and the Charilies Act (Northern Ireland) 2008. The Trustees have adopied the provisions of the Coinpanies Act 2006 and Accounting and Reporting by Charities: Stateinent of Recoinmended Practice applicable to charities preparing their financial 5tateinents in accordance wilh the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland (FRS 102) effective l January 2015 - (Charities SORP (FRS 102)), in preparing the Annual report and financial stateinents of the charity. Reference and administrative details of the charity, the Trustees, and advisors The Trustees of the charity al'e listed on page l. The principal and registered 01CC of the charity is also listed on page I together with details ofthe professional advisers and bankers, Structure* governance, and management The Mcclay Foundalion ("Ihe charity" or'the Foundalion") wa5 incorporated as a coinpany liinited by guarantee on 31 July 2008, The company is exeinpi under this Icgislaiion from using "liiniled" as part of its name. li does not have a share capital and the liability of each meinber lo contribute to the assets of Ihe company is liinited lo £ l. The charity registered wilh the Charity Commission in Northern Ireland on 22 June 2019, registration number NIC105839. The charity is registered with the Companies Registrar registration number N1070062. It is also recognised as a charity by HM Revenue and Custon)s ("HMRC"), XT5406. Governance The role of the Trustees is lo ensure that the charity is effectively governed. to ensure thal Ihe charity coinplies with all relevanl legislation, its own Articles of Association and the requirements of good practice; and io ensure that the charity works to agreed strategic and operational plans, The charity's gov¢ming d¢xuinents are the Articles of Association (as ainended in 2018) which assist Ihe Trustees in ihe management of the ¢harity. The Articles of Association reqiiire thai a Trusiee shall hold Olee until the end of the Annual General Meeting held nearest in tiine to the Ihird anniversary of his eleclion. One third, or the nearest to one third, of Trustees must retire at each Annual General Meetin& ih05e longest in office retiring first. A Trustee retiring by rotation shall be eligible for re-election. This is approved by a Inajority vole by the Trustees al the Annual General Meeting (in their capacity as company meinbers). The Foundation ¢nsure5 all ils Trustees are Irained under the various regulations. Risk management The Trustees have actively reviewed the major risk5, busines5 and operational, Ihal the charity may face and confinn that systeins have been established io Initigate significant risks. The charity has developed a risk register which is subject to regular review by the Trustees. Appointment of newTrustees New Trusiees are recruiled by open recruilinenl by existing Trustees to fulfil specific role5 on the Board, The polenlial trustee is Ihen inl¢rviewed by the Board regarding their willingness lo become a trustee and their potential conlribution lo the Foundation is considered. Policy for the awarding of grants The Foundation's grant prograiJ)mes are approved by Trustees. All prograinmes involve an application process. Application5 are assessed by the Trustees, including robust asse5smenl of govemance, Final approval is sought at board meetings before decisions are shared with applicants. The applicants must sign up to Terins & Conditions before funding is released via bac5 payinenl. All grantees musi coinplete an evaluation report, ouilining expenditure, perfonnance, and ilTJpact on at least an annual basis.
The Mcclay Foundation (a company limited by guarantee) Trustees, report for the year ended 30 September 2024 (incorporating the Directors, report) (continued) Objectives and activities Our Vislon -To Inake meaningful iinproveinent and advanceinenl in human healih. Our Mission - To support those involved in advancing bioinedical research, huiiian health, and wellbeing around the world, The objectives of the charity as laid out in the charity's governing documents are.. the relief of poverty, unemployinent and financial hardship by the generation and proinotion of employinent opportunities for the people of Northern Ireland: Ihe advancement of health and healthcare by the 5UPPOrt and encourageinent of research and innovation in Ihe field of healthcare and allied technologies. Ihc advancem¢nl of the hcalih and wellbeing of all people and specifically those in poor coinmunilies lo enable them lo access and benefit froin the latest advances in healthcare. Ihe prevention. eonlrol, and cure of disease by advancing the use of diagnostic tools and drLigs' and lo support and projnote such educational purposes as the Trustees shall sele¢t, provided always that such purposes shall be exclusively charitablc in law. uidin Princi The Trustees of the Foundation have agreed to the following guiding principles to enable the Foundation to achieve ils charitable purposes, The Foundalion will pursue Slraiegic activities which demonstrate: Meaningful support thai will enable the organisalion andlor project to advance its objectives significantly and, siinultaneously, advance the ¢harilable purposes of the Foundalion. A benefil ihat would not otherwise have been reali5ed by the organisalion, but for the SUprt provided. Support for Nl based organisations andl or projects, where possible. The Inain activities undertaken in relation to these objectives are outlined wiihin the achievement5 and perforinance section. The Foundation's activities do not include social investment or the engagement of volunteers to Ineel the Foundaiion's charitable objectives Achievements and Performance s Areas The Trustees have agreed to apply these guiding prCipleS lo the following strategic areas: l. Innovation - Research and developinent of new Inedieines. 2. Oncology re*arch Targets and bioinarkers. 3. Dignity and Compassion - Research led care for those in end of l ife, or l ife limited circumstances. 4. Health and Wellbeing- Arlivitks to promote health and wellbeing in disenfranchised coininunities and geogrdphical areas in the developed and the developing world. J. Innovali search and Develo menl New Medicines, The Foundation is ihe majority shareholder of the Almac Group ("Almac" or'the Group") and monilors ihe activities of the Group ensuring il adheres to. and delivers on, the chariiabje objectives of ihe Foundation. The overriding objeclives of A linac are lo.. adhere lo and deliver on the charitable objectives of The Mcclay Foundation ultimately benefit the wellbeing of paiienls through the research and developinenl of new medicines- and develop and expand a world class Group of Compan ies operating in the Phannaceutical and Biotech sectors.
The Mcclay Foundation (a company limited by guarantee) Trustees, report for the year ended 30 September 2024 (incorporating the Directors, report) (continued) l. Innovalion - Research and Develo menl o New Medicines conlinued Thereby advancing Sir Allen Mcclay's legacy and his vision for The Mcclay Foundation and ils charitable purposes, Almac's Sirdtegic Goals include: reinaining privately owned by The Mcclay Foundation. continuing Group wide innovation; achieving best-in-class business offerings; culiivaling a desirable place to work; enabling the latesi healiheare advances to be available to all; continuing ihe generation of einployment opportunities and providing skills training for the people of Northern Ireland. and mainlaining and iinproving profil Inargins to increase the ainount available for reinveslment into the work of the Alinac Group Limited and, by extension, the charitable objectives of The Mcclay Foundation, Activities and Impact Almae Group The Alma¢ Group is an established conlract development and manufacturing organisalion which provides an extensive range of integrated services across the drug developinent lifecycle to the pharmaceutical and biotech sectors globally. The Almac Group has continued to grow lis einployee base to approximalely 7,500 people and has contributed lo over 700/0 of US Food and Drug Adminislration (FDA) approved new molecular enlilies (NMES) in the last 3-year period as the Group conlinues to work with all ihe top 25 BioPhanna companies globally in the development of new Inedicines. The Almac Group is coinprised of a nuinber of business units, each of which contributes to the advancement of Almac's Stralegic Goa15 and lo the research and development of new medicines. Alm8c Discovery 15 an independent, research driven drug discovery company* dedicated to th¢ development of novel and innovative therapeutics. Almae Sciences provides integrated services froin development to coinmercial scale Inanufaclure of advanced intem)ediates and Active Pharinaceuiical Ingredients (API). Almac Scicnces provides a range of services for sinall Inolecules and peptides and applies innovalive biocaialysis and technology solutions which contribule 10 cost and time savings for ils clients. Alm2e Pharms Serviees provides expert pharmaceutical drug product developinent and Inanufaciuring solutions, supporting all phases of clinical trials, through product launch and ongoing supply. Almac Diagnostics Services is a global stratified Inedicine company specialising in biomarker driven clinical trials. Almac Diagnostics Services is focused on the diseovery, development and commercialisation of diagnostic and companion diagnostic tesis. Almac Clinical Services is recognised as an innovative, global solutions provider within the specialised and coinplex Inarket of clinical trial Supply. Alinac Clinical Services. inlegrated and adaptable solution5 offer the Inost flexible approach to support Ihe delivery of global clinical trials froin protocol right through to Patient delivery. Altnac Clinical Technologies 15 a global provider of Interactive Response Technology (IRT) and expert consultancy for the biophariT)aceutical induslry, einpowering clinical Irial sponsors to pro- actively Inanage site5, patien15, and clinical supplies through our induslry-leading technology 501ulions. Galen develops. Inarkets and gells a wide range of branded and generic pham)aceuiicals and medical nutrition products.
The Mcclay Foundation (a company limited by guarantee) Trustees, report for the year ended 30 September 2024 (incorporating the Directors, report) (continued) Almac Group (continued) Froin a research and develop]ent perspective, coinpanies within the Group have been engaged in the following activitie5 over the past 12 Inonths; The Wee l inhibitor Debio-O123 and Akt inhibitor VAD-044 which Alinac Discovery oul licensed for further developinent are LK)th progressing well in clinical developinent. Alinac Discovery continues to collaborate with boih acadeinia and other biolech coinpanie lo deepen its existing knowledge and skills in specific areas. o Alinac Discovery has noininated 3 Candidate Drugs, each ready to enter preclinical development, Alinac Sciences coinpleled the construction of a 28,000 sq ft facility to increase its peptide Inanufacluring operations by 30Y.. This facility expansion will enhance synihesis, purification and isolation capabilities and Ineet anticipated demand for clinical developinenl and coininer¢ial products. Almac Scienees. affiliate. Arran Chemical Coinpany, celebrated 40 years in operation. Arran is a named manufaciurer of key building blocks that go inlo over 30 different coininercial dru85 ranging from products Ihal are uscd io treat hypertension, cardi(Ivascular is5U¢s, renal probl¢Jns and epilepsy. ainong others. Alinac Pharina Services silPPOrted pharmaceiilical development activities for 70 projects and released over 400 batches of clinical irial material for use in clinical trials. Almac Phanna Services supported the launch of12 new pharinaceulical drugs and over 150 new ¢oinmercial SKUS. releasing over 6,000 batches of coininercial drug product for patient Use globally. These products address a wide range of previously unmet thcrapy ar¢a5 and indi¢ations including blood cancer, brain tuinours and epilepsy. o Almac Pharnia Services completed ils first commercial operation froin its Charnwood site, thereby broadening its existing cominercial capabiliiits and capaeity. In addition, Almac Pharnia Services coimpleted two major investment projects at its headquarter site in Craigavon bespoke 100,000 sq ft slale-of-the-art, multi.produet solid oral dose coininercial Inanufaciuring facility and a 32,000 sq ft cusloim-buili high-volume facility that significantly increases coinmercial Inanufacturing and packaging of sachet drug product presentations. o Alinac Diagnostic Services opened a new 40,000 sq ft diagnostics developinenl and manufacturing facility which allows il to expand all core service lines, including genoinic services, product developinent and clinical testing, This new facility also provides dedicated manufacturing capacity which increases Almac Diagnostic Services, ability to manufacture and distribute Companion Diagnostic {CDx) kits on a commercial scale to support growing client demand. o Alinac Diagn05tics launched a new diagnostic test product range focused on chronic di5ea5e. The first two producls to be developed and validated for use within clinical Irials include assays for PNPLA3 and HSD17BIJ, two genes iinplicaled in the developmeni of Ineiabolic dysfunclion-a5sociated 5tealohepalitis (MASH) and metabolic dysfunction-associaled falty livcr diseasL (MAFI.D). Alinac Clinical Services has seen growth in both revenue and the initiation of new clinical prograinines. In particular, li has seen 8 record 120/0 growth in active clinical studies, including several major programmes to treat obesity. Almac Clinical Services is ciirrently undertaking a major infrastructure expansion at its North Ainerican headquarters which will increase existing cold-chain capacity by 600/0 including additional refrigerated. ultrd-low storage, and Just-In-Tiine processing capabilities. Almac Clinical Technologies continues to be the preinier parther for the iinplementation of complex innovative trial designs. In FY24 Almac Clinical Technologies invested in its biostats departinenl and launched new biostati5tical services to support these trials. Alinac Clinical Technologies is now involved in partnering with Clinical Trial Protocol writers to help design their Irials when coinplex innovative designs will support their Study goals. In addition to thi5, a randomizalion Inonitoring service has been introduced to meet emer in regulatory guidelines in these trials.
The Mcclay Foundation (a company limited by guarantee) Trustees, report for the year ended 30 September 2024 (incorporating the Directors, report) (continued) Almac Grnup (continued) In ihe lasl 12 Inonihs Alinac has Inaintained 112 granted pateiils wilh a further 70 pending approval. These include the following: o Aljnac Discovery- DUB inhibitors (including USP19}, Protein Drug Conjugates (including RORI), PNU Payloads and Loop Library Variants. o Al)nac Diagnostics- DDRD assay (prosiale caneer) Alinac continues 10 collaborate with academia and other global institutions to deepen its existing knowledge and skills in specific areas. Utilising the additional resource, data, and insight available through these partnerships enables Alinac to continue io deliver Group wide innovation and progress lis R&D aclivity effeclively. Exainples include the following,. o Helmholtz Research Centre Munich (DUB inhibitors) o Elasinogen/Aberdeen University (ROR- I cell surface receptor) S-CORT (Oxford University & others - DDRD Assaylcoloreclal cancer) 2, OnLolo ReJ"earch -. Tar els and Biomarkers Slrateglc Alms l. To create and sustain a world class research infrastructure and culture in Northern Ireland to advance current research practice and procedures in oncology globally. 2. To choose and appoint leaders with academi¢lindustrial experience to inspire and drive relevant and meaningful research. 3. To develop novel and slralegic approaches to personalised cancer treatment with greater potential benefits overall. Actlvitles and Impact QUB- £154,736 Professors Richard Kennedy and Tim Harri50n conlinued their research in their capacities as Mcclay Chair in Medical Oncology and Medicinal Chemistry respectively at Queen's University Belfa51 ("QUB"). ProfessorTiffl H8rrison- Mccla Chair in MedicinAI Chemlstr Research Working with Prof. Dan Longley and Ipsen Pharrna on development of First in Class FLIP inhibitors following out-licensing of ihis QUB derived programiiie Éo Ipsen in Noveinber 2022. There is the potential for these first in class inhibitors to provide new and improved treatineni Options for cancer patients, which aligns with The Mcclay Foundation's objeciives. Based on the biology of fLIP, following clinical proof of concept in cancer Patients. the coinpounds Inay also have further utility in indications beyond cancer. Joint supervisor for a Post Doctoral Research Associate as part of a cross-border Higher Education Authority-funded North-south Research Project joint wilh Trinity College, Dublin evaluating new aclivity probes for deubiquitinase enzymes. One aim of this progrdmme is to provide a calalyst for All-lsland Collaboration in Research Excellence. A publication has been subinitted based on this work. Professor HaTfi50n was lead author of a publication in the journal Clinical and Translalional Medicine in April 2024 entitled 'USP7 inhibiiors siippress liimoiir neo angiogeptesis andproinol# synergv wilh iminiiiie checkpoinl inhibilofs by doivni'egulaling fibyoblasi VEGF" This publicalion demonstrated for the first tiine that USP7-Inediated reprograming of the tumour Inicroenvironinent represents a function of USP7 that is unique to fibroblas15, and which is not observed in cancer cells. Given the Poienlial for USP7 inhibitors to Iransfonn 'iinmune desert" tumors into'iininune responsive" tumors. this paves the way for a novel therapeutic strategy coinbining USP7 inhibitors with iminune checkpoint inhibitors Icls
The Mcclay Foundation (a company limited by guarantee) Trustees, report for the year ended 30 September 2024 (incorporating the Directors, re ort continued QUB- £154,736 (continued) Publieatlons Aulhor or inventor on >145 publieations, patents and patent applications. Most recently.. Juris1¢ A el fil. USP7 inhibitors su ress tumour neoan io cnesis and romote 5 n¢r with immune check oint inhibitors b downre ulatin fIbroblast VEGF Cliii. Trails. Med. 2024A r'14 .'e1648. dol.. Jil.1002/clni2.1048 Page, N.el al. Identification and development of a subtype- selective allosleric AKT inhibitor suitable for clinical development. Sci Rep 12, 15715 (2023). htt sjldoi.or 10.10381s415 022-20208-5 Hewitt, P. R. et al. Deubi ultinAses And their inhibitors: ehallen Medicinal Cheinislry Reviews (2022), 57, 363-387 es and recent advances Talks and Teaehing Exploiting Engineered Binding Domains in Next Generallon Antibody-Drug Conjugat Design Invited Leclure 261h International Charles Heidelberger Syinposiuin on Canee Research - Oct 2024 Translational R¢s¢grch: from Concept to Commerclallsatlon (MRES) Teaehlng, QUB, October 2024 - Lecture.. The Drug Discovery and Development Process CareersTalk,QUB Postgraduate Students, 'Careers in the Phamiaceutical Industry", May 2024 Grants; Sinall molecule inhibitors of the 8nti-apopioti¢ protein FLIP for the treaimeni of cancer, Wellcoine Trust Seeding Drug Discovery Award, 2015, £5,600,000 4-year prograinine independent of Alinac (co-Pl) June 2019- Centre of Excellence for Ubiquilin Drug Discovery, £S.IM Invest Northern Ireland grant (Pl). BREATH, (Border and Regions Airways Training Hub) Posi-Doctorate Researcher / Research Fellow has funded under the European Union's INTERREG VA Programine (ca. £IOOK, PI) Innovation Scholar- IUK funded.. working with Prof. Dan Longley InJ]ovation Scholar- IUK funded.. working with Dr James Rcihill Joint Supervisor (with Joanna McGouran, Trinity College, Dublin) for 2 year HEA Funded North South Project: 'Snapshot: Target engagement assays- a radical approach to capture a snapshot of probe-enzyine binding" _ QOOK Co-Applicant for Nl Strength in Places bid: 'Future Medicine5 Institule" (£34.5M programme, pending) CO-PI for BBSRC funded "Prosperity Partnership" grdnl.. 'Establishment of a Nl Centre of Excellence for Proteoinics" (£5.2M prograjnme)
The Mcclay Foundation (a company limited by guarantee) Trustees, report for the year ended 30 September 2024 (incorporating the Directors, report) (continued) QUB- £154,736 {eonlinued} Panel Inembership: Panel meinber Scheme (DPFS) Panel member- British Heart Foundalion (BHF), Translational Awards Cominittee Panel Ineinber: QUB Research Innovaiion and Translation Coininittee Chair- QUB MRC Funder Liaison Group Medical Research CrJun¢il (MRC) Developinental Paihway Funding PhD Supervisor for 4 PhD Students TACT Marie Curie ETN - Joint PhD supeThisor for Thomas Favrdud, 3-year programme (with G Cotton) Joint PhD Supervisor (with Siinon McDade) for Mark Wappett.. Mark is undertaking a PhD by publication in bioinfomiatics. This is a first of its kind at QUB and will provide a blueprint for other5 who want to follow this route. PhD Supervisor for Lauren Proctor: Laurcn is undcrtaking a part time PhD in rnedicinal chemistry at QUB whilst working at AIIT]ac Discovery PhD Supervisor for Patrick Preston Ooint with K Savage) DfE funded 3-ye8r studentship 'Understanding the role of ubiquitination on STING-Inediated imtnune regulation following DNA damage" Professor Rlehard Kenned Mccla Chair in Medical Oncolo Co-principal invesiigalor for the Precision Medicine Group at Queen's University Belfast, focussing on Biomarkers and drug targets to guide precision medicine. Our inain area of interest is to better understand the immune system and how it recognises cancer. This Inay allow us to develop new drug iherapies that allow a patient's iinmune system to identify and eradicate cancer. Publications I. USP7 inhibitors suppress tumour neoangiogenesis and promot¢ synergy with iinmune checkpoint inhibitors by downregulating fibroblast VEGF. Clin Tr&n81 Mcd. 2024 Apr'14(4) 2. Inlegral¢d iiiulliinodal analys¢s of DNA dainage response and iinmune markLrs as predictors of response in Inetastatic triple-negalive breasl cancer in the TNT trial (NCT00532727). Clinical Cancer Research, Vol. 29, No. 18, 15.09.2023 3, An invesligation of the clinical impact and therapeutic relevance of a DNA daiiiage iinmune response (DDIR} signature in patients with advanced gaslroesophageal adenocarcinoma. ESMO Open, Vol. 9, No. 5, 103450. 13.05.2024 4. Rutheniuin drug BOLD-100 regulates BRAFMT colorectal cancer cell apoptosis through AhRIROSIATR signaling axis modulation. Molecular Cancer Rescarch, 04.09.2024. 5. Dual prognostic Classification of tripl¢-n¢gativc brcast canccr by DNA damage iinmune response and homologous recombinalion deficiency. JCO Precision Oncology 2023. 7, e2300197 6. STAT31LKB I controls Inelastatic prostate cancer by regulating JnTORC I ICREB pathway. Molecular Cancer 2023. 22, 1, 133. 7. MCU Integrated Multioda1 Analyses of DNA Dainage Response and Immune Markers as Predictors of Response in Metasiatic Triple-Negalive Breast Cancer in the TNT Trial (NCT00532727). Clin Cancer Res. 2023 Sep 15.29(18):3691-3705. Presentations 'Bioinarker Discovery and Developinent" Cancer Re5earoh Horizons Bioinarke Coinmercialization SuinmiL Manchester University Nov 2023 .20 years of Clinical Bioinarker Development" 26th International Charles Heidelberge Symposium on Cancer Research Oct 2024
The Mcclay Foundation (a company limited by guarantee) Trustees, report for the year ended 30 September 2024 (incorporating the Directors, report)_(continued QUB- £154,736 (eontinued) Awarded Grants: Future Medicines Institute- Innovate UK- Co-Pl- £31 Million Oct 2024 Developinent of Glycoprotein largeled drugs- Aviceda Co-Pl- £546,000 Nov 2023 Characteriiation of DNA Dainaging Drug Iminune a¢civalion in Ovarian Cancer- Gran Lodge ofFreemasons Co-Pl- £70,318 Feb 2024 Teaching MED2016 Masters course lecturer MRES SCM7075 Masters course lecturer PhD supervisor 2 students Supervision l Msc Studeni QUB Supervision l Msc Siudenl Royal College of Surgeons Dublin Faculty Mentor for lecturers., Dr Bob Ladner, Dr Yaser Atlasi, Dr Aiden Cole, Dr Sandra Van Shaebroeck and Dr Einm8 Kerr Outreach Activitie51 Panel Membershlps Meinber of MATRIX roinmittee, Scientific advisory board to Nl Goveminent. Chair of Research Coinmittee coinmissioned by Dept of Eronomy to establish Nl Life an Health Sciences Ecosystem around City and Regional Growth Deals. Published May 202 and recoinmendations fomally adopted by Minister Murphy into Nl Fconomic Poliry. Meinber of the Health Innovation Rcsearch Alliance Northern Ireland Health Leader Committee Member of the Faculty of Pharmaceulical Medicine Oncology Advisory Board Director of OML {Odyssey Belfast): A charity that Inanages the SSE Arena, Belfast, W5 and the Odyssey siie to support wcllbeing and better life chances for the people of Noriheri Ireland 10
The Mcclay Foundation (a company limited by guarantee) Trustees, report for the year ended 30 September 2024 (incorporating the Directors, report) (continued) 3.Di il und Con7 ssion - Research Led Cal'e oi. Those in End o e Limiied Circumsiances Strateglc Alms l. To ensure everyone has access lo good quality end of life care, regardless of their circuirJstance5, age, disease, or culturc and wherever their place of Care. 2. To pmvide quality of life posilive oulcoines, and experiences lo those in end-of-life care. 3. To provide care and support for life liinited children, currently identified as being severely lacking in Northern Ireland. 4. To support those organisations who provide holistic care, Ineeting people's physical, einolional, 50cial psychological, and spirilual needs, in end of life and life liinited circuinstances. Activities and Impact Eluddy Elear-l rust £ioo,000 Partnering with the Buddy Bear Trust School in Dungannon which providc.s conduclivc educlltion and support for children suffering from cerebral palsy and other IT]otor disorders in support of ils Lifetime of Difference (phase 2) project. Cancer Fund for Children £50,000 The Foundation continues lo provide support towards the running costs of Cancer Fund for Children's residential centre, Daisy Lodge, in Newcastle. Nl 14ospice £50.000 supporting Northern Ireland Hospice as it employs nurses to provide palliative care lo patients in their own homes as part of the hospice's high-quality, holistic end-of-life care which enables palients to have the appropriate support to reinain at home as they approach the end of life. Action Cancer Northern Ireland £50,000 Contributed towards the costs of two machines used by Action Cancer for digital breast tomosynihesi5 screening as part of its breast cancer screening programme. One machine is located ai Action Cancer House and the other is located on Aclion Cancer's Big Bus. Friends of the Cancer Centre £70,000 Supporting Friends of the Cancer Centre lo fund an additional clinical nurse specialisl and also Supporting ils financial grant prograini)ie which seeks lo iniligaie some of (he Poienlial financial impdLls on patients receivinb) cancer treatinenl. Young Lives v Cancer £25,000 Coniributing funding towards Young Lives v Cancer's 'Hoine froin Home, project which otTers aecommodation for parents and siblings close to Belfasi City Hospital and the Royal Belfast Hospital for Sick Children, helping lo alleviate the additional financial burdens of travel, accommodation and food costs often experienced by families when a young person is receiving cancer treatinent.
The Mcclay Foundation (a cojnpany limited by guarantee) Trustees, report for the year ended 30 September 2024 (incorporating the Directors, report) (continued) 4. To Promolc Healih & Wellbein in Disen ranchised Communiiies & Geo ra hical Ai'ea Strategic Aims l. To provide holistic cominunity-based liealthcare, einpowennent, wellbeing. and education 10 disenfranehised coininunities, whether in the developed or developing world. 2. To foster effective partnerships and collaborate with NGOS who are providing individuals with healthcare services and education in disenfranchised coininunities on a 'better together, basis. 3. To provide innovative and responsive soluiions to specific health and wellbeing issues in the developing world. 4. To provide asslstance and support lo achieve long lasting and significant iinproveinent in the health and wellbeing of Ihose living in poverty. Actlvili¢s and I mpaet Fields of Life £125.000 Supporting Fields of Lifc's l AM GIRL initiative, which aiins to empower girls in East Africa to coinplele their education and to grow inlo strong, healihy young women. By ¢on5tructing hygienic washroom facilities at schools, supporting school feeding prograinme5 to encourage school retention, and providing training on child protection and gender equality, l AM GIRL seeks to reduce the barriers to adolescent girls, and other children's participation in education in schools and coininunities in East Africa. Supporting Fields of Life's vocational training instilule scholarships to enable vulnerable young people lo study courses such as building construction. carpentry J tailoring, fashion and design. and cosinetology, hair and beauty. The young pcople supported by these scholarships have Ihe opportunity to learn skills whicl) enable them to secure jobs. earn a living and have the prospect of a brighter future, Scholarship to a5SiSt selected student over the lenn of their studies. The student was chosen from underrepresented coinmunities in the Philadelphia Area. Philadelphia Fund £11,172 Train To Be Sinart £37,720 Education Supporting Train 2B Smart in Northern Ireland which seeks lo proinote the iiiiproveinent of mental health and wellbeing through sport. The Foundation has provided particular support for Train 2B Smart's ro ect co-ordinator role and ils "Ilitssmarttotalk, cain ai Thc Foundalion has providcd support for a self-help gyroup ruli by the Leprosy Mission in Bangladesh. Through screening, the provision of vital Inedical care and enhancing cominunity inclusion and mental health, the Leprosy Mission's project seeks to detect, treat and preveni leprosy. Reach Mentoring partners with local schools to provide one-to-one Inentoring support for children and young people. 'tThe l-oundation has provided support towards ihe cosis of Reach's Mentoring Coordinator. Supportlllg Children in Northem Ireland (CINI) in its 'Holiday Hunger. and 'Gei Active, Programmes which aim to engage children and young people. ordinarily in receipt of free school meals, during holiday periods. CINI'S prograinines seek to address issues faced by young people including food poverty, ediicalional underachievemenl and health and wellness through the ovision of nutritiou5 Ineals, sical aclivil sessions and learning-based activities. Assisted Friends of Parkview Special Needs School in Lisburn, Northern Ireland with lis recent summ¢r activity scheme. L¢prosy Mission Nl, £8,386 Reach Mentoring, £15,670 Children in Northern Ireland £55,000 rriends of Parkview Special School £2.750 Friends of Parkview Special School £4,650 Covered the costs of 6 mobility bicycles to be used by the children and young people at Friends of Parkview Special Need5 School. 12
The Mcclay Foundation (a company limited by guarantee) Trustees, report for the year ended 30 September 2024 (ineorporating the Directors, report) (continued) Public benefit assessment ror each Stralegir Focus Area, we will identify and Inonitor on an ongoing basis: The beneficiaries and the effect of our engageinent. The purpose of our engageinent. The direct benefits which flow froin our chosen purpose. How the benefits are (or will be) deinonslraled. How Ihe engageinent I benefi15 fulfil the Foundation's chariiable purposes. Monitoring To record the basis of support for any Projeci. To Inake clear, as part of ihat 5UPPOrt, the expeclalions of the Foundation. To sel goals as to reporting against outputs. To receive Project updates and carry out inspections. To learn from experience and Inaxiinise future siipport in achieving public benefit and the Foundalion's goals. Beneficiaries are required to report lo the Foundation on an interiin basis and at the end of their applicable funding period. Such reports typically suminarise the activities undertaken and include details of ihe end-users who have benefitled from thc activitieslprojects. In addiiion, ieslimonials from beneficiaries also indicate lh¢ difference which the Foundation's grant-lnaking activities have had on both individual beneficiaries and at 8 50cietal level, Public benefit slatemen¢ The public benefit requirement is defined in the Charities Act (Northern Ireland) 2008 and states that purposes must be for the public benefit to be charitable. The Trustees confinn that they have complied with the duty to have regard to the guidance issued by the Charity Cominission for Northern Ireland under section 4(b) of the Charities Act (the public benefit requirement slalulory guidance). The Trustees are confident that the activities have helped to achieve the Charity's purposes and provide a benefit io the beneficiaries. Financial review During the year donations of £750,000 (2023.. £500,000) were received froin subsidiaries of Almac Group. and direLt eharitablc expenditure of £760,084 {2023: £637,668) was inciirred by the chariry. as disclosed in nolc 5. Ncl Outgoing reUrCcs for the year ainounted to £780,825 (2023: £650,075). The charilable coinpany's nei asseis ore £91,042,082 (2023: £91,033,578). The Trustees are satisfied that the outcoine is in line with the charity's planned expenditure on projects which they have decided to fund over a period of several years to enable the aiins of each project within each strategic focus area to be achieved. The Trustees are considering future funding requirements on an ongoing basis. Reserves policy The Trustees have established a policy whereby the free reserves held by the charity should match its needs, boih ai Ihe tUent lime and in the foreseeable future. After making allowanccs for re51ricl¢d fLinds, designated funds, and the canying amount of fvnctional assets, the charity had free reserves of £532,082 {2023- £523,578) which represents 8 Inonlh5 of expcnditurc. The free rcscrves required will be SU1clent to In¢¢t the running costs for a period equivalenl to 6-9 months of expenditure. This policy is reviewed annually. The Board of Trusiees will continue to Jnonitor the reserves posilion and Inoveinenl in reserves in line wilh the policy to ensure there is no iminediate risk. 13
The Mcclay Foundation (a company limited by guarantee) Trustees, report for the year ended 30 September 2024 (incorporating the Directors, report) (continued) Investment policy The Trustees have the power to invest in such asse15 as tliey see fil, subject to th¢ charity's Articles of Association. Proposed investments iniist be tabled for review and approval at a Ine¢ting of the board of Trustees. Taxation status The Mcclay Foundation is a registered charity, and a5 such is entitled to certain lax exeinptions on incoine and profits from investinenls, and siirpluses on any trading activitie5 carried on in furtherance of the charity's priinary objectives, if these profits and surpluses are applied solely for charitable purpose5, The charity is not registered for VAT and accordin8ly* all its expenditure is recorded inclusive of any V AT incurred. Plans for future periods The Trustees, plans for th¢ future are focused on delivering the charitable obligations which are detsiled in the Foundation's chosen Strategic Forus area5. The Trustees have decided to fund chosen projects for on appropriate nuniber of years 10 allow the Inaximum degree of planning and implemenlalion for such projects to enable Ihein to achieve ihe most beneficial iinpact. Coing concern The trustees have received confimialion Ihal Alina¢ Group Liinited intends lo support ihe company for at least one year after these financial statements are signed. Consequently, the trnstees have prepared these financial statements on a going concern basis. Funds held as eustodian trustee on behalf of others There are no funds held as custodian trustee on behalf of others. Statement of Trustees, responsibilities The I'rustees (who are also directors of The Mcclay Foundation for the purp05e5 of coinpany law) are responsible for preparing the I'ruslees, Annual Report and the financial slateinents in accordance with applicable law and regulation. Company law requires the Trustees to prepare financial stateinents for ea¢h financial year. Under that law the Trustees have prepared the financial 51atementS ID accordance with Uniled Kingdom Accounting Standards, comprising FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and applicable law (United Kingdom Generally Accepted Accounling Practice). Under coinpany law the Trusiees must not approve the financial siateinenls unless they are 5atisfJed that they give a true and fair view of the slate ofthe affairs of the charitable coimpany and of the incoining resources and application of resources, including the income and expenditure, of the charitable coinpany for thai period. In preparing these financial statements, Ihe TNslees are required to: select suitable accounting policies and then apply them consistenilyl observe the Inethods and principles in the Staleinent of Recommended Practice: Accounting and Reporting by Charities (2019). Inake judgments and esiimates thai are reasonable and prudent. state whether applicable UK Aceounling Standards, comprising FRS 102, have been followed, subjeci to any material departures disclosed and explained in ihe financial stateinents. and prepare Ihe financial statements on the going concern basis unless it is inappropriate lo presuine that the charitable company will continue in business. The Trustee5 are responsible for keeping adequate accounting records ihat are 5uffi¢ienl to show and explain the charitable company's transactions and disclose wilh reasonable accuracy at any liine the financial posilion of the charitable company and enable thein to ensure that the financial slalemenls coimply with the Coinpanies Act 2006. They are a150 responsible for safeguarding the assels of Ihe charitable coinpany and hence for taking reasonable steps for ihe prevention and deteclion of fraud and other irregularities. 14
The Mcclay Foundation (a company limited by guarantee) Trustees, report for the year ended 30 September 2024 (incorporating the Directors, report) (eontinued) Statement of disclosure of information to auditors So far as each of the T]SleeS in office at the date of approval of these financial stateinents is aware: there is no relevant audit infonnalion of which the chftrilable coinpany's audilors is iinaware. and they have taken all the steps that they ought to have taken as Trustees in order to make themselves aware of any relevant audit infonnalion and to ¢stablish that the charitable company's auditors are aware of that inforn)aiion. Small companies, exemption This report has been prepared in accordance wilh the special provisions relating to small coinpanies within Part 15 of the Companies Act 2006. Independent auditors The auditors, Pricewaterhousecoopers (Northern Ireland) LLP, have indicated their willingncss lo continue in office, and a resolution concerning iheir reappointment will be proposcd al the Annual Gcneral Meeting, This report was approved by the board of Trustees and signed on its behalf. A D Arnistrong Trustee 27 2oZg 15
The Mcclay Foundation (a Company limited by guarantee) Independent auditors, report to the members of The Mcclay Foundation Report on the audit of the financial statements Opinion In our opinion. The Mcclay Foundation's financial statements (the"financial statements"): give & true and fair view of the 8tate of the charitable company's affairs as at 30 September 2024 and of its incoming resources and applicatlon of resourte4 ineludin8 its income and expenditure, And cash flowd, for the year then ended: have been properly prepared in accordance with Unlted Kingdom Generally Aeeepted Accountins Pro¢tiee (United Kingdom AccountingSt8ndardg, including FRS 102-The Financial Reporting Standard applicable in ihe UK and Republle of Ireland., and appllcable lèw), and have been prepared in acconlance V4ith the requirements of the Companies Act 2006. We have audiied the financial st8tements. included hithln the Annual Report and Flnartlal StAtement8(the"Annual Report.), which comprise: the balance sheet a5 at 30 Seplember 2024: the statement of financial &ctiirytie8 {incorporatin8 an Income and expenditure ae¢ount aNJ theeash flow'stalement for the year then ended,, and the notes to the financial statements, which include a description of 5isnificant aCCnting policies Basis for opinlon We conducied our audit in aeeonl8Ne with International Standards on Auditing (UK) (°ISA8 (UK)") and applicable laiv, Our responsibil1ti under ISAS (UK) ore further described in the Auditors, responsibilities for the audit of the financial stotements section of our report. We believe that the audit elidee we have obtained is sufficient and appropriate to Prryde a ba818 for our opinion. liidepeiidence We remained independent of the charitable company in accordance Mith the ethical Tequirements Ihot Bre relevant to our audit of the financial siatements in the UK whlch includes the FRC'S Ethical Stand&rd &nd ¥%e have fulfilled our other ethieal responsibllitles in accordance wryth these requirements. Conclusions relating to going Concern Based on the MDrk ME have performed, we have not idenlified any material uncertalnti6S Teltttir lo th'ents or conditions Ihal, indiiqdually oreollectiitly. may east significant doubt on the charitable company's ability• to conlinue as a 80in8 concern for a perird of at least twelve months from ihe date on which the financial statements are authorised for issue. In auditln8 the financial statements, w'e hai* concluded that the trustees, use of the goin8 concern basis of accountin8 In the preparation of the finan¢ial statements 18 appropriate. However. because not all future th'ents or conditions can be predicted, this conclusion 18 not a guarantee as to the charitable eompany's ability to continue as a 80in8 concern. Our re8pon8ibilities and the responsibilities of ihe trustees wilh respect to 8oin8 concern are descrild In the relthiont sections of this report. Reporting on other information The other information comprises All of the inform&tion in the Annual RekM)rt other than the financial statements and our auditors, report Ihereon. The tnee$ are reS4)ble for the other inform8lion. Our opinion on the financial Statements does not cover the other information and. accordin8]y, h'e do not express audit opinion or, except the extent heIse expliciilj, stated in this report. any form of assurance thereon,
The Mcclay Foundation (a company limited by guarantee) Independent auditors, report to the members of The Mcclay Foundation (continued) Reporting on other information (Continued) In connection with our oudit of the financial statements, our resp)nsibility is to read the other information and, in doin8 so. Consider whether the other information is materially inconsistent iyiih the financial statements or our knoh'ledge obtained in the audit, or rtherwise appears to be materiall>' rnisstated. If identify an apparent materiol inconsistency or rnalerial missiatement, we are required to rfOrM procedures to conclude whether there is a material MItateMent of thefinancial statements or a material misstatement of the other informotion. If, based on the work we hai'e performed. M'e conelude that there is a material mlsstgtement of this other information, we are required to report that fact. We hai'e nothing to report based on these resporssibilities. With respect to the TnLStees' report, li'e alw nSIdered i¥thether the disclosures required by the UK Compnies Act 2006 nd Charities Act (Northern Irel&nd) 2008 haip been included. Based on our i%'ork undertaken in the course of the audit, the Companies Act 2006 reqvlres us Also to report eertain opinions arKI matters as describod belom.. Tru5tees' report In our opinion. b&sed on ihe kn'ork undertaken in the course of the audit the information given in the Trustees. report for the period ended 30 September 2024 iScO$1stenI Mith the financial statements and has been prepAred in aecordance with applicable legal requirements. In lisht of the know,ledse ond understandins of the eharitable eompany arKI its enrOnrnent obtained in the course of the oudil, we did not identify any malerial mi&st8tements in the Tstee8, retrf)rt, Responslbillties for the financial statements and the audit Responsibilities of tlie triisleesfor thefinftiicinl stateiiieiit.s A8 explained more fully in the Statement of Trustees. Responslbllltie8, the trustees (who are also the directors of the charitable eompany for the purposes of company law) are responsible for the preporotion of ihe financial statements in aecordAnce with the applicable fraMemrk ond for being satisfied thbt they8iYe a true and fair iieh.. The Irustws are also responsible for such internal control 08 they determi is neCery to enable the preparation of financial statements that are free from material mlsstatement, whether due tofraud or error. In preparins the financial statements, the trust are responsible for 0s5e5sins the charitable company's ability to continue AS a going concern, disclosin& as Applicable, matters related to 80ins Concern and usins the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or hai'e no realistic alternative but lo do so, Auditors, respoiisibililiesfor the niidil of tliefjnoncial stoteiiients Our objectives are to obtain reasyjnable rnCe alx>ut w,hether the financial statements as a b'hole are free from materiAI MIaternent, whether due to fraud or error. and to issue An audilors, report that indudes our opinion. Reasonable assurance is a high level of assurarKe, but is not a guarantee that an audit ¢ondu¢ted in aeeordance i%ith ISAS IUK) will alM•ys deleci a material misstatemenl when it exists. Misstatements can arise from frgud orerror and are considered mBteriAI if, indiirydually or in the aggregate, they could reasonably beexpe¢ted 10 influence the etonomic deci5ion5 of users taken on the basisof these financial statements. Irregularities. includin8 fraud. are instances of non-compliance hith lail's and regulation5. We design procedures in line with our rtsponsibilities, outlined ab)ve, to detect material misstatements in respect of irre8ul8rilies, includins fraud. The extent lo whlch our proceduresare capable of detecting irre8ularitie5. including fraud, is detailed belom.. 17
The Mcclay Foundation (a company limited by guarantee) Independent auditors, report to the members of The Mcclay Foundation (continued) Responsibilities for the financial statements and the audlt (contknued) Auditorn, respoiisibilitiesfoi. the audit of thefiiioii¢ial stateiiients (eoiitiiiiied) Based on our understanding of the charitable company and its environrnent, we identified that the princlpal rlsks of non- compliance M'ith lams and regulations related to Charities Aet (Northern IreLind) 2008, and Me considered the extent to which non-eompliance might have a material efft on the financial statements. We a180 considered those lai%s and regulations that hai'e a direct impact on the financial statements such as the Companies Act 2006. We evaluated man8gement's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) And determined that the principal risks were related to the posting of inappropriate journal entries. Audit pmeedures performed by the engagement team ineluded,, Enquiry of management arn1 the board of truslees, ineludlng eonsideratlonof knoiin or suspeeted Instanees of non-eompliance Mlth laws and regulations And fraud; Reading minutoq of meetings of ihe board of trustees; Understandinsand evalualins the charitable compan) 8 control eronment. Identifying and testing journal entries., including journal entries posted Mith unusual account combinations to income or expenditure accounts., A&sIng financial staternent disclosures, and testin8 to supportin8 documentation, for compliance applicable lai¥ and regulation& There are inherent limitations in the Audit procedu8 described akn. We are less likely lo becoTne aiyare of instances of non-compli&n¢e with lahs and regulations thot are not cl¢Jsely related to events and transactions reflecied in financial statements. Also. the risk of not detecting a mBterial mi5Statement due to fraud is higher than the risk of not delectins one resultlng from error, as fraud may in11 deli1rate concealmenl by. for example. forgery or intentional misrepresentations or Ihrou8h collusion. A further description of our reswnsibllilie8 for the audit of the financial statement8 is located on the FRC'S Mybsite At.. %v..frc.org.uklauditorsrespoTrsibilitie$. This description forms part of our auditors, report. Use of tlii$ report This report. including the opinions, has been prepared for and only for the charitable company's rnember8 8s a body in aeeord8nce hryth Chapter 3 of Part 16 ofthe Companies Act 2006 and for no other purpose. We do not, in siiryng these opinions. accept or assume responsibility for any other purpose or to 8nyother person lo whom this report is shoivn or into Ivhose hands it ma}, eome sal'e where expressl). agreed by our prior consent in KTitin Other required reporting Companies Act 2006 exception reporting Under the Companles Act 2006 M'e are required to report to )U if, in our opinion: have noi obtoined all the information and explanations we require for our audit: or adequate aLYountin8 records halt not been kept bip the charitable compan)'J or returns adequate for our audit have not been ceIVed from branches not Nisited by us. or certain disclosures of tru5tees' remuneration speclfied by laiyare not made: or the charitable company financial statements are not in agreement the accounting recordsand returns. We hait no exceptions to report arisins from this responsibilit),. 18
The Mcclay Foundation (a company limited by guarantee) Independent auditors, report to the members of The Mcclay Foundation (continued) Other required reportiing (continued) Entitlement to exemptions Under the Companies Acl 2006 we are required to report lo you if, in ouropinion, the trustees were not entitled lo: prepare financial sthtements in accordance th the small companies. regime,. take advAntage of the small companies. exemption in preparit)g the TrsteeS. report; and take adl'antase ofthe small companies exemption from preporins a Stratesic Rep)rt. We haipe no exceptions to report Arising fmm this responsibility. Emma Murray (Seni(Y Stotutory Audit for and on behalf of Priceh'aterhouseCooper4 (Northern Ireland) LLP Chortered Accountants and Statutory Auditors Belfast 27 FebThry 2025 19
The Mcclay Foundation (a company limited by guarantee) Statement of financial activities (incorporating income and expenditure Account) for the year ended 30 September 2024 Total unrestricted funds 2024 Total unrestricted funds 2023 Note ncoming resources from generated fund5 Inve5tiMent income 22,094 767,235 789,329 16,526 500,000 516,526 Donations TotAI intoming resourees Resources expended Charitable activities (760,084) (20,741) (780,825) 8,504 (637,668) (12,407) (650,075) (133,549) Governance costs Total resources expended Net ineomel(expenditure) snd net movement in funds before galns and losses on Investments Net gains on investment property assets Net incornel(expenditure) and net movement In funds Total fund5 brought forward at l October Total funds cgrrled forward fi130 September 10 8,504 91,033,578 91,042,082 (133,549) 91,167,127 91,033,578 The Statement of financial activities includes all gains and losses recognised in the year. All incoine and expendiiure derive froin continuing activities. 20
The Mcclay Foundation (a company limited by guarantee) Balance sheet as At 30 September 2024 2024 2023 Nole Fixed assets Investtnenls 90,300,000 210,000 90,510,000 90,300,000 210,000 90,510,000 Inveslment property 10 Curren¢ assets Debtors: ainounts falling due within one year Cash at bank and in hand 910 870 591,801 592,711 (60,629) 532,082 91,042,082 580,238 581,108 (57,530) 523,578 91,033,578 Credltors: amounts falllng due within one year Net current assets 12 Net assets The funds of the charlty: Unrestricted funds 15 91,042,082 91,042,082 91,033,578 91,033,578 Total charity funds The financial statements on page5 20 to 31 were approved by the board of Trustees on signed on its behalf by,. Fe*202£ and were LJV A D Annstrong Trustee I W Huddleston Trustee The notes on pages 23 to 318re an integral part of the financial statements. The Mcclay Foundation Registered number: N1070062 21
The Mcclay Foundation (a company limited by guarantee) Cash flow statement for the year ended 30 September 2024 2024 2023 Nole Cash flows from operating aetivities Net cash generaled frojnl (Iised in) operating activities Net decrease In cash and eash equivalents Cash and cash equivalenis at beginning of ihe year Cash and cash equivalent5 at end o(thc year 14 11,563 (133,821) (133,821) 714,059 580.238 11,503 580,2J8 591,801 The notes on pages 23 to 31 are an integral part of the financial slateinents. 22
The Mcclay Foundation (a company limited by guarantee) Notes to the financial statements for the year ended 30 September 2024 Accounting policies General information The nature of The Mcclay Foundation is ihat of a charity. The Foundations objectives are, broadly to: Support and encourage research and innovation Advance the use of diagnostic tools and drugs in the preveniion. control and eure of disease Ensure lalest advances in healthcare available to all. including developing countries Generdle and proinote employment opportunities Support and proinote such educational purposes as the trustees shall select. provided that such purposes shall be exclusively charilablc in law The charity Is incorporated in the United Kingdoin and is registered in Northern Ireland. The address of ils registered office is Alrnac House, 20 Seagoe Industrial Estate, Craigavon, BT63 5QD. Statement of compliance The individual financial stat¢inen15 of The Mcclay Foundation have been prepared in coinpliance with Accounting and Reporting by Charities- Stateinent of Recoininended Praclice (SORP), United Kingdoin Accounting Standards including Financial Reporting Siandard 102, the Coinpanies Act 2006 and ihe Charilies Acl (Northern Ircland) 2008. Basis of preparation The financial Slateinents have been prepared on a 80in8 concern basis, under the historic cost convention, and in accordance with Aecountin8 and Reporting by Charities.. Sialeinent of Recommended Practice (SORP) applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective l January 2015), (Charilies SORP (FRS 102)), the Financial Rcporting Standard appli¢able in the UK and Republic of Ireland (FRS 102), the Charities Aci (Northern Ireland) 2008 and the Companies Act 2006. The preparation of the financial slaleinenls reqiiires the use of certain critical accounting estimates. li also requires management to excrci8e its judgLment in the process of applying the group and charity accounting policies. Management has concluded that there arc no critical asyumptions, estiinates or jiidgements involving a high degree of judgement or coinplexity which require further disclosure as outlined in nole 2. The prineipal accounting policies, which have been applied consistently throughout the year, are set out below. Consolidalion The Mcclay Foundation owns 990/0 of the Ordinary A share eapilal and IOOO/ty of the Ordinary B share capital of Almac Group Liinited. The share capital strueture of Almac Group Limited also includes a £ I founder share which has veto rights in a nuinber of areas. Under charity law, the Foundation is regarded as the controller of Almac Group Liinited which, as a subsidiary of the Foundation, delivers the Foundalion's charilablc purposc8. Although the Foundation is the beneficial owner of Alinac Group Liinit¢d, lh¢ Trustecs do not cxcrcisc conlrol for Ihc purpose ofscction 401 of the Companies Act 2006. The financial statements therefore present infomialion about the company as an individual undertaking. Investmen15 Inveslmenls in associates are held as non current assets and are held at cost less accuinulated iinpairinenl losses. An impairment loss is recognised for ihe amount by which the asset's carrying amount exceeds its recoverable ainounl. Inve5tmenl propcrly Investment PTopety for which fair value can be measured reliably is Tneasured at fair value annually with any change recognised in the Statement of financial activities. Deblor5 Debtors are inilially Slated at cost and subsequently slaied after all known bad debis have been wrilten off and specific provision has been made against all deb15 considered doubtful of colleclion. 23
The Mcclay Foundation (a company limited by guarantee) Notes to the financial statements for the year ended 30 September 2024 (continued) Accounting pollcles (contfinued) Incomins resources All incoming resources consisi of voluniary income and investmeni income and are included in Ihe siaierneni or rinancial a¢livilie5 when the charily is legally eniiiled 10 Ihe income and the amouni can be quaniified with reasonable accuracy. Donations Voluniary income is income which is received by way ofdonation5 and 8ift5 lo the charity and is included in full in the sialemenl of financial a¢tlvSiles whert received. InYe5tment Income Bank inieresi and loan inre rec¢ivabl¢ is included in full in ihe sialemenl ol financial aciiviiies on an attTuals basis. Renl#l bneome Renial income is included in full in Ihe slalernenl of financial activilies on an accruals b&sis. Pollcy forthe awardinz ofzT4nts The Foundation'5 granl programs are approved by Trustees. The Foundalion will only accepl applications from re8islered chariiies. All pro8rams involve an application process. Applications are assessed by the Trusices, in¢ludin8 robust asscssment of governance. Final approval is sought ai board meeiings. before decisions are shared wilh appli¢anis. The applicani's musi sign up lo Thc Foundaiion Grani Terms & Condiiions before funding is leaSed via bacs paymeni. All granlees musl cornplele an evalualion repon. ouilining expendilure. perfomiance. and impacl on ai leasl an annual basis. Ruources expended ExpendilUTe is ac¢ounfed for on an accruals bllsis and has been classified under headings Ihal aggregate all cosls related io ihe caiegory. Expendiiure relaies to chariiable aciiviiies and governance ¢osis which are ouilined below. CharliAble 74¢tlvlti Charitable expendiiure comprises (hose cosls irjcurred by the chariiy in Ihe d¢livery of lis activities and services for ils beneficiaries. These include oncolo8y research. research led care for ihose in end of life or life limiLing 8Ctiviiie5 and aciiviiies 10 promote health and wellbeing in disenfranchised Communities and geogTaphical areas in ihe developed and the developin8 world. ChdriiablL aLiivilies are both cosls lh can be alloLaled directly lo such activities and those cosls of an indirecl nalure necessary to supply (hem. Govern4n¢e )Sts Govemance cosls are costs associaled wilh g¢neral chariiy advice and governance mailers and include Ihose cosis incurred in Ihe governance of ils asse15 which are a55ocialed wilh con51itulional and 5Latulory requiremenls. Unresirlcted funds Unreslricled funds a donaiions and other incomin8 resources CeIVed or generaled which llre expendable i( Ihe discretion of the charity in furtherance of ils objeclives. Cash and cash equivalents Cash and ¢a5h equivalenls include cash in hand. deposi15 held al call with banks. oiher short-term highly liquid invesiments wilh original maiurilies of three monihs or less and bank overdrafts. Bank overdrafts. when applicable. Are shown wiihin borrowings in curreni liabiliiies. Deposiis with original maiurities of greer ihan.I months are shown as CUTreni assei or fixed assel inveslment5 depending on the dale of maturity. 24
The Mcclay Foundation (a company limited by guarantee) Notes to the finarAcial statements for the year ended 30 September 2024 (continued) Accountlng pollcles (continued) Financial instruments A financial insirumeni is any coniraci ihai gives rise to a financial ossei of one parLy and 8 financial liability or 4ui(y insirnment of anoiher party. The charity has chosen to adopi Seciions 1 l and 12 of FRS 102 in respeci of financial insirumenls which sels oul Ihe requirement5 for the reco8nilion. dereco8nilion. measurement and disclosure of financial asseis and financial liabiliiie5 inanci41 assets Financial assels. including trade and thher d¢bioTS and cash and bank balances. are initially recognised al transaction priee. unless the arrangement consiiiuies a financing Iransaclion. where Ihe Iran5aclion is measured 8t ihe present value of the future receipis discounted al a markd rate of interest. Such assets are subsequently carried Al amorti5¢d cosl using the effective interest meihod. Al the end of each reportin8 rIOd financial as5et5 measured ai omortised cost are assessed foT objeciive evidence of irnpairmenl. If an asset is impaired Ihe impairmenl1055 15 the difference beiween ihe carryin8 amouni and ihe presenl value of Ihe eslimaled cash flows di5¢0unied at Ihe assei's original effec(ive interest rate. The impairnieni 1055 15 recognised in the Siaiemeni of financial aciiviiie5. If Ihere is a decrease in Ihe impairm¢nl1055 arising from an eveni occurring after Ihe impairment was recognised Ihe impairment is reversed. The reversal is such ihat ihe current carying amount does nol ex¢eed whdl ihe caTrying amoun( would have been had the impairment noi previously been recosnised. The impairment reversal is recognised in ihe Siaiemeni of financial acliviLies. Other financial asseis, including invesimenis in equity insinjrnenis which are noi subsidiaries, associaies. or joinl venlures, are inilially measured al faiT value. The quoied markei valu¢ is used io determine lair value. Such assets are subsequently carried al fair value and the Changes in fair value are recognised in profil or loss. except Ihal invesimenis in equiiy insirumenls Ihal are noi publicly Iraded and whose fair ValeS cannoi be meAsvred reliably are measured al cost less impairment. Financl81 asseis are derecognised when (i) Ihe conlraclual right5 lo Ihe cash flow5 from ihe assei expire or are seiiled. or (li) subsianiially all (he risks and WardS of the ownership of Ihe assei are Iransferred io anoiher party. or (iiil control of lh¢ 4S5et has been (ransferred io anoiher pany who has the praclical ability 10 unilaierally sell the ae1 io an unrelated ihird pany wiLhoul imposing addilional reslriciions. Flnanelal liabilities Financial liabilities, including Irade and oiher creditors. bank overdrafts and other loans. are iniiially r¢cogni5ed ai Iransa¢iion price, unlcss IhL aTfdngLmLnt Lonslilules a finanling Ir8n5a¢tion. where the debi inslrumenl is meosured al Ihe pre5en( value of the fuiure receipis discounled al a maTkei raie of ini¢resi. Trade crediiors are obligations lo pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trnde crediiors are classified as cutrenl liabililies if paymeni is due wiihin one year or less. If nol. they are presenied as non-curreni liabiliiies. Trade crediiors Are reeognised iniiially ai transaciion price and subsequently measured ai amorti5ed ¢051 using the effective interest method. Financial liabiliiies are derecognised when the liabiliiy is exiinBuished, Ihai is when Ihe conlraclual obligalion is di5¢har8ed, cancelled. or expires. 25
The Mcclay Foundation (a company limited by guarantee) Notes to the finaneial statements for the year ended 30 September 2024 (continued) Critical accounting judgements and esllmatlon uncertainty Estimates and judgemenls are coniinually evaluai¢d and are based on historical experience and oiher factors, including expeclaiions on future even(s Ihal are believed lo be reasonable under Ihe circumsiances. (a) CriliralJiid8enieii15 appI)ii118 ilie ronipan) 5 accoiiiiliiig policies There are no criiical judgemenls in applying (he company's accounting policies (bl Critical ftcrouiiliNs e5tirnales andassiimplions The are no ¢riiical accounling esiimales and assumpLions. Legal status of the charSty The charity is a company limited by 8uaranlee and has no Share capilol. The liabilily of each m¢mb¢r in Ihe event of winding- up is limiiedto £1. Total incoming rOUrC To¢al unrestricted funds 2024 Total unresiricied rufids 202.1 Investment income Bank inleresi 14294 7,800 22,094 8,726 7.800 Renlal income To¢41 inYeslm¢nt Income 16.526 Donatlons Donaiions from Alma¢ Group Donaiions - oiher 750,1100 171 767,21S 789,329 500,000 Total donalions 500.lio 516.326 Total incoming resources 26
The Mcclay Foundation (a company limited by guarantee) Notes to the financial statements for the.year ended 30 September 2024 (continued) Charllable acllvitles Toial unrestricted funds 2023 unrestrieied funds 20 Queen's Universiiy Belfasi Aciion Cancer Northern Ireland 154,736 151.040 Northern Ireland Hospice Nl Cancer Fund for Children 50,INM) so,IN 70mO loo.0 Friends ol the Cancer Cenire 70.000 Gei Aciive 25.000 Quesi Malawi Fields of Life 100,500 Young Live5 Y Cancer Leprosy Mission Nl Train lo be Sma 2S,000 8J86 37,720 15fj70 11,172 25.000 Reach Menioring Philadelphla Edu¢Alion Fund Cope Children'sThi Buddy Bear Trusi Children in Norihern Ireland Friends of Parkview Special School 15.658 100,000 I,C 7A(K) 760.084 2,750 Chariiable aciiviiies comprise those cosls incurred by the charity in the delivery of its aclivities and services for 115 beneficiaries. Includes oncology Tesearch, research led care for ihose in end of life or life limiting activiiies and a¢iiviiie$ 10 promote health and wellbeing in disenfranchised communities and 8eographi¢al areas in (he developed and Ihe developing world. Governance costs in relAlion lo professional services in Ihe year were £20,741 (2021: £12.407). 27
The Mcclay Foundation (a company limited by guarantee) Notes to the financial statements for the year ended 30 September 2024 (continued) Movement in funds 2024 2023 The net movtment in funds are 51ated after charging: Fees payoble to ihe chariiable company's audi(ors for the audii of ihe financial slatements 10.264 6,149 Employee information To dale there have been no starr ernployed by the charitable company and ihere is no key manaBemeni io disclose (2023: Nil). The Trustees received no reffluneralion or reimbursement ofexpenses in respect of Iheir services. Indemniiy insurance is in place for all T¢¢5 And ihe charge for Ihe year ended 10 Seplernber 2024 was £6.00012021.. £6.000). Taxatlon The company 15 a regislered charily and, as such. 15 enliiled lo certain lax exemptions on incorne and profit5 from investments and surpluses on any trading aclivilies carried on in furiher&n¢e of Ihe chariiable company's primary objeciiv¢s, if Ihese profiis and 5urplu5es are applied solely for charitable purposes. Investments Investmenl in ssociate Ai l Ociober 2023 and 30 September 2024 gOJO0,o During (he year ended 10 Seplember 2(X)9. Dr Sir Allen Mcclay 8ified 961.518 'B' ordinary shares in Almac Group Limited lo The Mcclay Foundation. During the year ending 10 Sepiember 2012 ihe Executors of ihe estate of Dr Sir Allen Mcclay 8ifted 657.127'B' ordinary shares in Alma¢ Group Limiied io Th¢ Mcclay Foundalion. During ihc year ending 10 ScpiLmbcr 2014. Ihc irustL'LS uf ihc Allen J. Mcclay (Alma¢) Discreiionary Seiilemenl gifted 11.2116,028 'A' ordinary shares in Almac Group Limiled lo The Mcclay Found41ion. During Ihe year ending 10 September 2014. Ihe Irusiees of The Allen J. Mcclay Seiilemenl gified 142.718 'B' ordinary shares in Alrnac Group Limiied io The Mcclay Foundaiion. DuTing Ihe year ending 10 Sepiember 2017. Ihe Iruslees of The Allen J. M¢Clay Seltlemenl gified 78.207 'A' ordinary 5hare5 in Almac Group Limiied io The Mcclay Foundaiion. During ihe year ending 10 Seplember 2018, the isteeS of The Allen J. Mcclay Seltlemenl 8ifted 8523 'A' ordinary shares in Almac Group Limiied 10 The M¢Clay Foundation. During ihe year ending 10 Seplember 2019. Ihe trusiees of The Allen J. Mcclay Seitlemeni sified 5.750 'A' ordinary shares in Almac Group Limiled to The Mcclay Foundalion. The lotal number of "A" ordinary shares now owned is 11,378,508 and Ihe ioial number ol"B" ordinary shares now owned is 1.761.583. 28
The Mcclay Foundatlon (a company limited by guarantee) Notes to the financial statements for the year ended 30 September 2024 (continued) Investments (continued) The charilable company's as50cialed undertakin8 15.. Ownership ShAre aass Country of Incoryoration Associated underlaklng Almac Group Lirniled Northern Ireland 99% i(KJ% 'A' Ordinary shares of £1 each 'B' Ordinary shares of £1 each The principal activities of Almac Group Limiied exlend from drug discovery through all areas of clinical Irials io the commercialisa(ion of pharmaceuiical producls. The 8roup provides world-class iniegrated research and deyelopmeni support and an unparalleled range of services lo cuslomers. including the markel leaders, wiihin ihe pharmaceuli¢al and biolechrAology seciors. The aggregaie capiial and reserves And results of Ihe company's ass(xiaied underiaking for the year were: 2024 2023 Caplial Ind reserves Almac Group Limited Profit for the year Almac GTOUP Limited 796040,991 718.195.917 95,910.1198 79.950.443 The trusiees are satisfied ihal the carrying value of inveslmenls is supporled by their underlying nel a55elS. 10 Invtrnent property Inveslment property As l Ociober 2023 and at 30 Seplember 2024 210,(KJO Durin8 Ihe year ended 10.Seplember 2022 ihe property was revalued ort a fair value basis as al 30 Seplcmber in accordance with ihe chariiies accounling lleY by independenl exlem741 valuers al a value of £210,000. A5 al 30 September 2024. Ihe irusiees performed the valualion and no revaluaiion was required io be posied, I l Debtors: amounts falllng due wlthln one year 2024 2021 Prepymenis 910 870 12 Creditors: amounts falling due wlthln one year 2024 2023 Accrua15 6629
The Mcclay Foundation (a company limited by guarantee) Notes to the financial statements for the.year ended 30 September 2024 (continued) 13 Financial instrnments 2023 Financial liabilities held at amortised cost A¢¢nJals 60ffj29 57.530 14 Reconclllatlon of net movemenl In thnds to net cash flow from operating activities 202A Nei movemenl in funds &S04 (40) {11.1,549) 1870) 598 Movement in debiors Movernenl in credilors Nel ch generate41 frnThl(used In) operaling activides 11,563 (131.8211 Net funds reeonclllation as at 30 September 2024 Cash at bank in hand As al l October 2022 714,059 111.1,821) 580.2.18 1156.1 591801 Cash flows As al 30 Seplember 2023 Cash nows As at.10 September 2024 15 Unrestrfjcted funds Total nrestricted fund5 2024 Total unreslricled funds 202.3 At l October 91,033J78 04 91,042in2 91.167.127 NeL movement in funds ( I IlJ49) 91.033,578 AI 30 September
The Mcclay Foundation (a company limited by guarantee) Notes to the financial statements for the year ended 30 September 2024 (continued) 16 Analysts of net assets between funds Total unrestricted runds 202A Tothl unrestricied funds Fixed asseis 90510,IyM) 532,082 91.IM2m2 90.510,000 52.1.578 Nel currenl assets At 30 &ptember 91.013.578 17 Ultlmate controlllng party The Board o(Tru51ee5 are the uliimale conlrolling party. 18 Related party transactions Almac Group Limiied is a relaied party through common direciors. Donations of £750.(MJ) (2023: £SOO.OIXI) were received from subsidiaries of Almac Group during ihe year. 19 Contingenl liabilities Ai Ihe year end ¢he charity had coniingeni liabiliiies of: 2024 NI HospicL Nl CanceT Fund lor Children Fields of Life Philadelphia Education Fund Train to Be Smart Buddy Bear Trust Train lo be Smart - pled8¢ QUB.. Mcclay Chairs in Medicinal ChemislrylOnco108y Youn8 Lives v Cancer Children in NortheTn Ireland Friends of the Cancer Centre 150,000 50,000 12S,000 2.000 100,000 200,000 16,615 37,720 ioo.000 20430 25,0 60,(M)O 358.917 50,OCrt) 25.0(Ml 70.0(M) Aciion Cancer Cancer Fund for Children John Hopkin5 Universily 92.761 1512,735 .688.252 The above conlingenl liabilities represenl 8ranls ¢ommilted lo projects but are contingenl upon the recipient meeling specific criieria in fulure years. There is no evidence of defauli on Ihe ierms applied.