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 0￿1CC 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 O￿lee 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 SUp￿rt 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 pr￿CipleS 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 Multi￿oda1 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 re￿UrCcs 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 tU￿ent 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 SU￿1clent 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 aCC￿nting 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 elide￿e we have obtained is sufficient and appropriate to
Pr￿ryde 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 descril￿d 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 tn￿ee$ are reS￿￿4)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 ￿he￿I￿se
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 MI￿tateMent 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 en￿rOnrnent obtained in the course of the
oudil, we did not identify any malerial mi&st8tements in the T￿stee8, 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 fraMem￿rk ond for being satisfied thbt they8iYe a true and fair iieh.. The Irustws are also
responsible for such internal control 08 they determi￿ is neCe￿ry 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 ￿￿r￿nCe alx>ut w,hether the financial statements as a b'hole are free from materiAI
MI￿aternent, 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 eff￿t 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 e￿ronment.
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 procedu￿8 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 in￿11* deli1￿rate 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 Tr￿steeS. 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 FebTh￿ry 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 in￿re* 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 gre￿er 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 Val￿eS 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 a￿e1 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 r￿OUrC
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 i￿steeS 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 Inv￿trnent 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
6￿629

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 c￿h 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
204￿30
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.