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**Registered number: NI070062 HMRC Charity number: XT5406 Charity Commission (Northern Ireland) number: NIC105839**
**The McClay Foundation (a company limited by guarantee)**
**Annual report and financial statements for the year ended 30 September 2025**
Docusign Envelope ID: E398CF61-D201-4A49-80DC-E77CCC24C9A8
## **The McClay Foundation (a company limited by guarantee)**
## **Annual report and financial statements for the year ended 30 September 2025**
||Page(s)|
|---|---|
|Reference and administrative details of the Charity|1|
|Chairman’s report|2|
|Trustees’ report (incorporating the directors’ report)|3 - 14|
|Independent auditors’ report to the members of The McClay Foundation|15 - 17|
|Statement of financial activities (incorporating income and expenditure account)|18|
|Balance sheet|19|
|Cash flow statement|20|
|Notes to the financial statements|21 - 29|
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## **The McClay Foundation (a company limited by guarantee)**
## **Reference and administrative details of the Charity**
## **Trustees/Directors**
A D Armstrong T Scott The McClay Foundation Corporate Trustee Limited (Directors listed below) A D Armstrong S Campbell J Irvine I Huddleston P Diamond H Stevenson E McAllister N Harkin K Stephens G McBurney
## **Registered office/Principal office**
## **Bankers**
Almac House 20 Seagoe Industrial Estate Craigavon BT63 5QD
Danske Bank Donegall Square West Belfast BT1 6JS
## **Independent auditors**
## **HMRC Charity number**
PricewaterhouseCoopers (Northern Ireland) LLP Chartered Accountants and Statutory Auditors Merchant Square 20-22 Wellington Place Belfast BT1 6GE
XT5406
## **Charity commission (Northern Ireland) number**
NIC105839
## **Solicitors**
Mills & Reeve Solicitors 24 King William Street London EC4R 9AT
## **Registered number**
NI070062
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## **The McClay Foundation (a company limited by guarantee)**
## **Chairman’s report for the year ended 30 September 2025**
The McClay Foundation’s activities are progressing in line with the latest five-year strategic plan (2022-2027).
The Trustees have identified four strategic areas of focus:
- Innovation - Research and development of new medicines.
- Oncology research – targets and biomarkers.
- Dignity and Compassion - Research led care for those in end of life, or life limited circumstances.
- Health and Wellbeing - Activities to promote health and wellbeing in disenfranchised communities and geographical areas in the developed and the developing world.
This report illustrates the work we have done this year to demonstrate our long-term commitment to the principal objectives of The McClay Foundation and our desire to uphold Sir Allen McClay’s wishes by continuing his legacy and vision to make a meaningful contribution to human health and wellbeing, worldwide.
The work of the McClay Foundation in the year ended 30 September 2025, working with many and varied partners to achieve its aims and objectives, has resulted in significant and measurable benefit to the health and wellbeing of many in society.
Alan Armstrong Chairman 19 February 2026
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## **The McClay Foundation (a company limited by guarantee)**
## **Trustees’ report for the year ended 30 September 2025 (incorporating the Directors’ report)**
The Trustees, who are also directors of the charitable company for the purpose of the Companies Act 2006, present their Annual report and the audited financial statements for the year ended 30 September 2025. This report constitutes the Trustees’ Report required under the Companies Act 2006 and the Charities Act (Northern Ireland) 2008.
The Trustees have adopted the provisions of the Companies Act 2006 and Accounting and Reporting by Charities: Statement of Recommended Practice 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 1 January 2019 - (Charities SORP (FRS 102)), in preparing the Annual report and financial statements of the charity.
## **Reference and administrative details of the charity, the Trustees, and advisors**
The Trustees of the charity are listed on page 1. The principal and registered office of the charity is also listed on page 1 together with details of the professional advisers and bankers.
## **Structure, governance, and management**
The McClay Foundation (“the charity” or “the Foundation”) was incorporated as a company limited by guarantee on 31 July 2008. The company is exempt under this legislation from using “limited” as part of its name. It does not have a share capital and the liability of each member to contribute to the assets of the company is limited to £1. The charity registered with the Charity Commission in Northern Ireland on 22 June 2018, registration number NIC105839.
The charity is registered with the Companies Registrar registration number NI070062. It is also recognised as a charity by HM Revenue and Customs (“HMRC”), XT5406.
## **Governance**
The role of the Trustees is to ensure that the charity is effectively governed; to ensure that the charity complies with all relevant legislation, its own Articles of Association and the requirements of good practice; and to ensure that the charity works to agreed strategic and operational plans.
The charity’s governing documents are the Articles of Association (as amended in 2024) which assist the Trustees in the management of the charity.
Trustees are elected by simple majority of the Trustees. The Articles of Association require that a Trustee shall retire at the meeting of the board of Trustees nearest in time to the third anniversary of their appointment. A Trustee retiring by rotation shall be eligible for re-election subject to a requirement for unanimous agreement where an individual Trustee’s period in office has been for 9 or more consecutive years. The Foundation ensures all its Trustees receive regular training and updates.
## **Risk management**
The Trustees have actively reviewed the major risks, business and operational, that the charity may face and confirm that systems have been established to mitigate significant risks. The charity has developed a risk register which is subject to regular review by the Trustees.
The charity’s risk register considers potential risks under the following headings: (i) Governance and Management; (ii) Operational; (iii) Financial; (iv) Compliance (Law/Regulations); and (v) Environmental/External Factors. Each risk is detailed and has been designated with a likelihood of occurrence (low, medium or high). The steps to mitigate each risk are included, along with a monitoring process and a note of any additional actions which are required.
## **Appointment of new Trustees**
In relation to any new Trustees, the Board has an open recruitment policy which would be adopted in order to fulfil specific roles on the Board. Potential trustees would be interviewed by the Board regarding their willingness to become a trustee and their potential contribution to the Foundation. For retiring Trustees who are directors or former directors of Almac Group Limited (‘Almac Group’), Almac Group is entitled to nominate a replacement trustee (albeit the power of appointment remains with the Trustees).
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## **The McClay Foundation (a company limited by guarantee)**
## **Trustees’ report for the year ended 30 September 2025 (incorporating the Directors’ report) (continued)**
## **Policy for the awarding of grants**
The Foundation’s grant programmes are approved by Trustees in line with the Foundation’s Grant Making Policy. All programmes involve an application and due diligence process. Applications are assessed by the Trustees, including robust assessment of governance. Final approval is sought at board meetings before decisions are shared with applicants. The applicants must sign up to Grant Terms and Conditions before funding is released via bacs payment. All grantees must complete an evaluation report, outlining expenditure, performance, and impact on at least an annual basis.
## **Objectives and activities**
**Our Vision** – To make meaningful improvement and advancement in human health.
**Our Mission** – To support those involved in advancing biomedical research, human 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, unemployment and financial hardship by the generation and promotion of employment opportunities for the people of Northern Ireland;
- the advancement of health and healthcare by the support and encouragement of research and innovation in the field of healthcare and allied technologies;
- the advancement of the health and wellbeing of all people and specifically those in poor communities to enable them to access and benefit from the latest advances in healthcare;
- the prevention, control, and cure of disease by advancing the use of diagnostic tools and drugs; and
- to support and promote such educational purposes as the Trustees shall select, provided always that such purposes shall be exclusively charitable in law.
## Guiding Principles
The Trustees of the Foundation have agreed to the following guiding principles to enable the Foundation to achieve its charitable purposes.
The Foundation will pursue strategic activities which demonstrate:
- Meaningful support that will enable the organisation and/or project to advance its objectives significantly and, simultaneously, advance the charitable purposes of the Foundation.
- A benefit that would not otherwise have been realised by the organisation, but for the support provided.
- Support for NI based organisations and/or projects, where possible.
The main activities undertaken in relation to these objectives are outlined within the achievements and performance section. The Foundation’s activities do not include social investment or the engagement of volunteers to meet the Foundation’s charitable objectives.
## **Achievements and Performance**
## Strategic Focus Areas
The Trustees have agreed to apply these guiding principles to the following strategic areas:
1. Innovation - Research and development of new medicines.
2. Oncology research – Targets and biomarkers.
3. Dignity and Compassion - Research led care for those in end of life, or life limited circumstances.
4. Health and Wellbeing - Activities to promote health and wellbeing in disenfranchised communities and geographical areas in the developed and the developing world.
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## **The McClay Foundation (a company limited by guarantee)**
## **Trustees’ report for the year ended 30 September 2025 (incorporating the Directors’ report) (continued)**
## _1. Innovation - Research and Development of New Medicines_
The Foundation is the majority shareholder of the Almac Group (“Almac” or “the Group”) and monitors the activities of the Group ensuring it adheres to, and delivers on, the charitable objectives of the Foundation.
The overriding objectives of Almac are to:
- adhere to and deliver on the charitable objectives of The McClay Foundation
- ultimately benefit the wellbeing of patients through the research and development of new medicines; and
- • develop and expand a world class Group of companies operating in the Pharmaceutical and Biotech sectors.
Thereby advancing Sir Allen McClay’s legacy and his vision for The McClay Foundation and its charitable purposes, Almac’s Strategic Goals include:
- remaining privately owned by The McClay Foundation;
- continuing Group wide innovation;
- achieving best-in-class business offerings;
- cultivating a desirable place to work;
- enabling the latest healthcare advances to be available to all;
- continuing the generation of employment opportunities and providing skills training for the people of Northern Ireland; and
- maintaining and improving profit margins to increase the amount available for reinvestment into the work of the Almac Group Limited and, by extension, the charitable objectives of The McClay Foundation.
## **Activities and Impact**
**Almac Group**
The Almac Group is an established contract development and manufacturing organisation which provides an extensive range of integrated services across the drug development lifecycle to the pharmaceutical and biotech sectors globally. The Almac Group has continued to grow its employee base to approximately 7,800 people and has contributed to over 70% of US Food and Drug Administration (FDA) approved new molecular entities (NMEs) in the last 3-year period as the Group continues to work with all the top 25 BioPharma companies globally in the development of new medicines.
The Almac Group is comprised of a number of business units, each of which contributes to the advancement of Almac’s Strategic Goals and to the research and development of new medicines.
**Almac Discovery** is an independent, research driven drug discovery company, dedicated to the development of novel and innovative therapeutics.
**Almac Sciences** provides integrated services from development to commercial scale manufacture of advanced intermediates and Active Pharmaceutical Ingredients (API). Almac Sciences provides a range of services for small molecules and peptides and applies innovative biocatalysis and technology solutions which contribute to cost and time savings for its clients .
**Almac Pharma Services** provides expert pharmaceutical drug product development and manufacturing solutions, supporting all phases of clinical trials, through product launch and ongoing supply.
**Almac Diagnostic Services** is a global stratified medicine company specialising in biomarker driven clinical trials. Almac Diagnostic Services is focused on the discovery, development and commercialisation of diagnostic and companion diagnostic tests.
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## **The McClay Foundation (a company limited by guarantee)**
## **Trustees’ report for the year ended 30 September 2025 (incorporating the Directors’ report) (continued)**
||**Almac Group**
**(continued)**|**Almac Clinical Services**is recognised as an innovative, global solutions provider within the
specialised and complex market of clinical trial supply. Almac Clinical Services’ integrated and
adaptable solutions offer the most flexible approach to support the delivery of global clinical
trials from protocol right through to patient delivery.
**Almac Clinical Technologies**is a global provider of Interactive Response Technology (IRT) and
expert consultancy for the biopharmaceutical industry, empowering clinical trial sponsors to pro-
actively manage sites, patients, and clinical supplies through our industry-leading technology
solutions.
**Galen**develops, markets and sells a wide range of branded and generic pharmaceuticals and
medical nutrition products.
From a research and development perspective, companies within the Group have been engaged
in the following activities over the past 12 months:
`o`
The Wee1 inhibitor Debio-0123 and Akt inhibitor VAD-044 which Almac Discovery out-
licensed for further development are both progressing well in clinical development. In May
2025, Almac Discovery entered into a global licensing agreement with a third party for
the development and commercialisation of ALM-401, a first-in-class engineered
bispecific Anti-body Drug Conjugate invented by Almac Discovery.
`o`
Almac Discovery continues to collaborate with both academia and other biotech companies
to deepen its existing knowledge and skills in specific areas.
`o`
Almac Sciences officially opened its new GMP-qualified analytical stability chambers
and office space at its US headquarters in Souderton, Pennsylvania.
`o`
Almac Sciences has made significant industry advancement in the field of continuous
manufacturing through its innovative approach to integration of chemistry and chemical
engineering. The development and implementation of robust and scalable continuous
processes have been implemented for multiple customer projects driving sustainable
manufacture.
`o`
Almac Pharma Services supported pharmaceutical development activities for 92 projects
and released over 250 batches of clinical trial material for use in clinical trials.
`o`
Almac Pharma Services supported the launch of 16 new pharmaceutical drugs and over
120 new commercial SKUs, releasing over 5,600 batches of commercial drug product
for patient use globally. These products address a wide range of previously unmet
therapy areas and indications including autoimmune kidney disorder, leukaemia, type 1
diabetes, spinal muscular atrophy and hereditary angioedema.
`o`
In March 2025, Almac Pharma Services successfully validated and released its new
flagship multi-product solid oral dose GMP commercial manufacturing facility at its
headquarter site in Craigavon. In addition, Almac Pharma Services expanded its ultra-low
temperature packaging and distribution services to its US facility in Audubon
complementing the highly specialised services already offered from its Dundalk site.
`o`
Almac Diagnostic Services launched the first kitted product onto the market for liver
disease researchers in May 2025. Steatotic liver disease, including MASH and MASLD,
is one of the most common forms of chronic liver disease and accordingly this kit was
designed to provide liver disease researchers with better insights into MASH/MASLD
biology.
`o`
Almac Diagnostic Services launched two new Single Cell Next Generation Sequencing
(NGS) solutions to support biomarker discovery programs within its client companies.
Ultimately these services allow researchers to study the genetic activity of individual
cells, revealing cellular heterogeneity, identifying rare cell populations, mapping cell
lineage and development, and providing deep insights into disease mechanisms and
therapeutic responses for their drugcandidates.|
|---|---|---|
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## **The McClay Foundation (a company limited by guarantee)**
## **Trustees’ report for the year ended 30 September 2025 (incorporating the Directors’ report) (continued)**
||**Almac Group**
**(continued)**|`o`
Almac Clinical Services has seen continued growth as sponsors diversify their drug pipelines.
The company continues to expand both its revenue and client base globally. Operationally,
Almac Clinical Services has introduced a number of initiatives to streamline processes, improve
efficiency and deliver a cutting edge to both primary and secondary packaging services.
`o`
Almac Clinical Services recently completed a multi-million pound investment to enhance cold chain
capabilities at its headquarters in Craigavon. This included the construction of an ultra-low
temperature facility, tripling secondary packaging for -15oC to -25oC and doubling ultra-low
temperature storage (-60oC to -80oC). Almac Clinical Services’ major infrastructure expansion at
its North American headquarters is progressing to plan. Once complete, this will increase existing
cold-chain capacity by 60% including additional refrigerated, ultra-low storage, and Just-In-Time
processing capabilities.
`o`
In July 2025, Almac Clinical Technologies delivered its 1000thIRT solution on its IXRS®3 IRT
platform. The platform was implemented 10 years ago and has supported clinical trials for more
than 75 sponsors, hosting more studies than any other platform in the market.
`o`
Almac Clinical Technologies completed the strategic acquisition of an eClinical technology
provider and is making significant progress with the integration of the new business and platform
into the existing organisation. This acquisition broadens Almac Clinical Technologies’ portfolio
of eClinical solutions and enables the company to consolidate these offerings within an
innovative workflow orchestration application.
`o`
In November 2024, Galen successfully launched Thiamine, a generic injectable formulation, in
the UK. Recognising a critical gap in supply for the leading product on the market, Galen
identified an opportunity to support healthcare providers and partners and in collaboration with
its partner, Pemberton, Galen mobilised quickly to ensure continuity of care and met a significant
unmet need within UK hospitals and clinics.
`o`
Pending national regulatory approval, Galen is preparing to expand access to its emergency
medicine product, Penthrox® (methoxyflurane) to a broader age demographic in the Republic of
Ireland and the UK, with the Nordics to follow. This advancement has been made possible
through ongoing collaboration with the MAGPIE study, which has played a pivotal role in
generating the clinical evidence required to support the regulatory application.
In the last 12 months Almac has maintained 120 granted patents with a further 87 pending approval.
These include the following:
`o`
Almac Discovery – DUB inhibitors (including USP19), Protein Drug Conjugates
(including ROR1), PNU Payloads and Loop Library Variants.
`o`
Almac Diagnostics – DDRD assay (prostate cancer)
Almac continues to 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 Almac to continue to deliver Group wide innovation and progress
its R&D activity effectively. Examples include the following:
`o`
Helmholtz Research Centre Munich (DUB inhibitors)
`o`
Elasmogen/Aberdeen University (ROR-1 cell surface receptor)
`o`
S-CORT (Oxford University & others - DDRD Assay/Colorectal cancer)|
|---|---|---|
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## **The McClay Foundation (a company limited by guarantee)**
## **Trustees’ report for the year ended 30 September 2025 (incorporating the Directors’ report) (continued)**
## _2. Oncology Research – Targets and Biomarkers_
## **Strategic Aims**
1. 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 academic/industrial experience to inspire and drive relevant and meaningful research.
3. To develop novel and strategic approaches to personalised cancer treatment with greater potential benefits overall.
## **Activities and Impact**
**QUB - £161,046** Professors Richard Kennedy and Tim Harrison continued their research in their capacities as McClay Chair in Medical Oncology and Medicinal Chemistry respectively at Queen’s University Belfast (“QUB”). **Professor Tim Harrison - McClay Chair in Medicinal Chemistry** Prof. Harrison’s main focus has been on the development of First in Class FLIP inhibitors, working with Prof. Dan Longley and Ipsen Pharma, following out-licensing of this QUB derived programme to Ipsen in November 2022. There is the potential for these first in class inhibitors to provide new and improved treatment options for cancer patients, which aligns with The McClay Foundation’s objectives. He was an invited speaker at the 26th International Charles Heidelberger Symposium on Cancer Research in Oct ’25 where he gave a talk entitled “Exploiting Engineered Binding Domains in Next Generation Antibody-Drug Conjugate Design” and was lead or co-author on 4 new scientific publications in 2024/25. He lectures as part of the MSc (Res) course in Cancer Medicine at QUB and provides career talks and advice for QUB students. Prof Harrison has supervised 4 PhD students, with two of these students successfully graduating in 2025. Of note, the graduates included a PhD by Published Works, one of the first students to complete this pathway at QUB, and a PhD conducted part time by an industrial medicinal chemist. These pathways provide flexible opportunities for career development outside of the traditional full time PhD model. Prof. Harrison has also co-established a new Queen’s University Medicines Accelerator (QuMED) programme. QuMED is an initiative established to support the development of early-stage drug discovery projects originating at Queen’s University Belfast (QUB), and to provide funding and expertise to allow selected projects to generate the data required to secure next level funding and/or partnerships for further development. Professor Harrison is a member of the Medical Research Council Developmental Pathway Funding Scheme (DPFS) “College of Experts” and has also been a Board member at W5 and Odyssey Trust Corporation, a charity promoting the benefits of engaging with STEM to children and their parents.
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## **The McClay Foundation (a company limited by guarantee)**
## **Trustees’ report for the year ended 30 September 2025 (incorporating the Directors’ report) (continued)**
|**QUB - £161,046**
**(continued)**|**Professor Richard Kennedy- McClay Chair in Medical Oncology**
Professor Kennedy is Co-principal investigator for the Precision Medicine Group at Queen’s
University Belfast, focusing on Biomarkers and drug targets to guide precision medicine. His
main area of interest is to better understand the immune system and how it recognises cancer. The
aim is to develop new drug therapies that allow a patient’s immune system to identify and eradicate
cancer. Through his work with the Matrix Government advisory panel and the HIRANI board, he
is an advocate for the Life and Health Sciences sector and helps to shape local policy. He is also
a director of the Odyssey Trust that aims to improve living conditions in Northern Ireland through
provision of education, leisure and recreation at the SSE Arena, W5 science museum and the
Odyssey site in Belfast.
**Publications**
1. Analysis of IDH1 and IDH2 mutations as causes of the hypermethylator phenotype in
colorectal cancer Journal of Pathology 2025 Sep; 267(1):40-55
2. Tumour purity assessment with deep learning in colorectal cancer and impact on molecular
analysis. Journal of Pathology, 265(2), 184-197. 2025
3. An investigation of the clinical impact and therapeutic relevance of a DNA damage immune
response (DDIR) signature in patients with advanced gastroesophageal adenocarcinoma.
ESMO Open, 9(5), Article 103450. 2024
4. Immune microenvironment modulation following neoadjuvant therapy for oesophageal
adenocarcinoma: a translational analysis of the DEBIOC clinical trial. ESMO Open, 9(11),
Article 103930.https://doi.org/10.1016/j.esmoop.2024
5. Inhibition of AKT enhances chemotherapy efficacy and synergistically interacts with
targeting of the Inhibitor of apoptosis proteins in oesophageal adenocarcinoma. Scientific
Reports, 14, Article 32121 .https://doi.org/10.1038/s41598-024-83912-4 2024
6. Ruthenium drug BOLD-100 regulates BRAFMT colorectal cancer cell apoptosis through
AhR/ROS/ATR signaling axis modulation. Molecular Cancer Research, 22(12), 1088-1101
2024
7. USP7 inhibitors suppress tumour neoangiogenesis and promote synergy with immune
checkpoint inhibitors by downregulating fibroblast VEGF Clinical and Translational
Medicine . 14, 4, 22 p., e1648, 2024
**Awarded Grants:**
Future Medicines Institute- Innovate UK- Co-PI- £31 Million 01/01/25-31/12/2029
Characterization of DNA Damaging Drug Immune activation in Ovarian Cancer- Grand Lodge of
Freemasons Co-PI- £70,318 01/09/2025-01/09/2028
**Teaching**
-
MED2016 Masters course lecturer
-
MRES SCM7075 Masters course lecturer
-
PhD supervisor 3 students
-
Supervision 1 MSc Student QUB
-
Supervision 1 MSc Student Royal College of Surgeons Dublin
-
Faculty Mentor for lecturers: Dr Bob Ladner and Dr Yaser Atlasi
**Outreach Activities/ Panel Memberships**
•
Member of MATRIX committee, Scientific advisory board to NI Government.
•
Non-executive Director of the Health Innovation Research Alliance Northern Ireland
Health Leaders Committee
•
Member of the Faculty of Pharmaceutical Medicine Oncology Advisory Board
•
Director of the Odyssey Trust: A charity that manages the SSE Arena, Belfast, W5 and the
Odyssey site to support wellbeing and better life chances for the people of Northern Ireland
•
Royal College of Surgeons Educational Advisory Board|
|---|---|
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## **The McClay Foundation (a company limited by guarantee)**
## **Trustees’ report for the year ended 30 September 2025 (incorporating the Directors’ report) (continued)**
_- 3.Dignity and Compassion Research Led Care for Those in End of Life or Life Limited Circumstances_
## **Strategic Aims**
1. To ensure everyone has access to good quality end of life care, regardless of their circumstances, age, disease, or culture and wherever their place of care.
2. To provide quality of life, positive outcomes, and experiences to those in end-of-life care.
3. To provide care and support for life limited children, currently identified as being severely lacking in Northern Ireland.
4. To support those organisations which provide holistic care, meeting people’s physical, emotional, social, psychological, and spiritual needs, in end of life and life limited circumstances.
## **Activities and Impact**
|Buddy Bear Trust
£100,000|Partnering with the Buddy Bear Trust School in Dungannon which provides conductive education
and support for children suffering from cerebral palsy and other motor disorders in support of its
Lifetime of Difference (phase 2) project.|
|---|---|
|NI Cancer Fund for
Children £50,000|The Foundation continues to provide support towards the running costs of Cancer Fund for
Children’s residential centre, Daisy Lodge, in Newcastle.|
|Northern Ireland Hospice
£50,000|Supporting Northern Ireland Hospice as it employs nurses to provide palliative care to patients in
their own homes as part of the hospice’s high-quality, holistic end-of-life care which enables
patients to have the appropriate support to remain at home as they approach the end of life.|
|Action Cancer Northern
Ireland £20,000|Contributed towards the costs of two machines used by Action Cancer for digital breast
tomosynthesis screening as part of its breast cancer screening programme. One machine is located
at Action Cancer House and the other is located on Action Cancer’s Big Bus.|
|Young Lives v Cancer
£25,000|Contributing funding towards Young Lives v Cancer’s ‘Home from Home’ project which offers
accommodation for parents and siblings close to Belfast City Hospital and the Royal Belfast
Hospital for Sick Children, helping to alleviate the additional financial burdens of travel,
accommodation and food costs often experienced by families when a young person is receiving
cancer treatment.|
|Rainbow Hospice
£10,000|Located close to Almac’s campus in Charnwood, England, Rainbows Hospice provides holistic
care for babies, children and young people with life-limiting and life-threatening conditions. The
Foundation has supported its ‘Hospice at Home’ project which seeks to ensure that high-quality,
end-of-life care is accessible to families who need it across the East Midlands, enabling families
to remain together even when their children are seriously ill.|
|Evora Hospice (formerly
known as Southern Area
Hospice)
£40,680|The Foundation is providing support for Evora’s ‘Out of Hours Nursing Care at Home’ Project.
This service provides care for patients with palliative conditions in their final days of life across
Newry and the wider BT35 area. Over a 6-month period, 41 families were referred to the service
and have benefited from both phone calls and home visits by way of nursing care.|
|Friends of Parkview
Special School
£2,750|Assisted Friends of Parkview Special Needs School in Lisburn, Northern Ireland, with its recent
summer activity scheme.|
|Mencap NI
£43,217|The support which the Foundation has provided for Mencap NI’s ‘Families Together’ project has
enabled Mencap to appoint a new Family Support Co-ordinator in Belfast. The Family Support
Co-ordinator engages with families of children aged 0-7 who have a learning disability or
emerging needs. She facilitates a rolling calendar of skills-based workshops, targeted one-to-one
support and drop-in coffee mornings all with the aim of providing guidance, practical help and
emotional support to families of children with a learning disability.|
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## **The McClay Foundation (a company limited by guarantee)**
## **Trustees’ report for the year ended 30 September 2025 (incorporating the Directors’ report) (continued)**
## _4. To Promote Health & Wellbeing in Disenfranchised Communities & Geographical Areas_
## **Strategic Aims**
1. To provide holistic community-based healthcare, empowerment, wellbeing, and education to disenfranchised communities, 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 communities on a ‘better together’ basis.
3. To provide innovative and responsive solutions to specific health and wellbeing issues in the developing world.
4. To provide assistance and support to achieve long lasting and significant improvement in the health and wellbeing of those living in poverty.
## **Activities and Impact**
|Fields of Life
£225,000|Supporting Fields of Life’s I AM GIRL initiative, which aims to empower girls in East Africa to
complete their education and to grow into strong, healthy young women. By constructing
hygienic washroom facilities at schools, supporting school feeding programmes to encourage
school retention, and providing training on child protection and gender equality, I AM GIRL
seeks to reduce the barriers to adolescent girls’ and other children’s participation in education in
schools and communities in East Africa.
Supporting Fields of Life’s vocational training institute scholarships to enable vulnerable young
people to study courses such as building construction; carpentry; tailoring, fashion and design;
and cosmetology, hair and beauty. The young people supported by these scholarships have the
opportunity to learn skills which enable them to secure jobs, earn a living and have the prospect
of a brighter future.|
|---|---|
|Train to be Smart
£40,000|Supporting Train 2B Smart in Northern Ireland which seeks to promote the improvement of
mental health and wellbeing through sport. The Foundation has provided particular support for
Train 2B Smart’s Project Co-ordinator role.|
|Children in Northern
Ireland £30,000|Supporting Children in Northern Ireland (CiNI) in its ‘Holiday Hunger’ and ‘Get Active’
Programmes which aim to engage children and young people, ordinarily in receipt of free school
meals, during holiday periods. CiNI’s programmes seek to address issues faced by young people
including food poverty, educational underachievement and health and wellness through the
provision of nutritious meals, physical activity sessions and learning-based activities.|
|Duke University, North
Carolina, USA
$60,000 (£44,586)|Duke University’s primary care practice cares for an under-served population of primarily
minority patients and patients insured by Medicaid. In addition to addressing medical needs,
Duke University runs a_Healthy Lifestyles Market_which seeks to address food insecurity amongst
its patients. The Foundation has provided support for the_Healthy Lifestyles Market_which is
helping to ensure families otherwise at risk of hunger and malnutrition receive nutritious food.|
|John Hopkins University,
Maryland, USA
$124,300 (£99,349)|
Support has been provided for the University’s Hopkins Community Connection which works to
screen patients for essential resource needs during their routine medical appointments and uses
student volunteers and Community Health Workers to navigate them to community resources.
The project therefore serves a dual-purpose: it addresses the social needs of those in its
community, whilst also providing skills to student volunteers to advocate for and support those
who are in need. This latter purpose ensures that the volunteers become trained as future leaders
poised to enhance the effectiveness of the health system by routinely addressing these needs as a
standard part of quality care.|
11
Docusign Envelope ID: E398CF61-D201-4A49-80DC-E77CCC24C9A8
## **The McClay Foundation (a company limited by guarantee)**
## **Trustees’ report for the year ended 30 September 2025 (incorporating the Directors’ report) (continued)**
|Ulster Orchestra
£3,500|Funding was provided to the Ulster Orchestra to facilitate disability training for 20 facilitators in
conjunction with the Ulster Orchestra’s ‘Crescendo’ project. This project aims to improve
outcomes for children through access to high quality music education throughout their primary
school lives. A number of children involved in the project have additional needs, and the
disability training for facilitators helps to ensure a positive and inclusive experience for every
child involved.|
|---|---|
|Care across Communities
£2,628|Support from the Foundation enabled Care across Communities to purchase essential medical
equipment to be used at a health clinic serving the tea workers and their families in the
Madanmohanpur tea garden in the Moulvibazar district of Bangladesh. The equipment which
was purchased included pulse oximeters, blood sugar machines, blood pressure machines, a
delivery bed, an oxygen cylinder and surgical masks. The health clinic supports approximately
1000 patients each month.|
|National Autism Society
£58,047|A grant provided by the Foundation has supported the development of the Sensory Suite (to include
the suite itself and additional sensory equipment) at NAS Northern Ireland’s new Autism Centre
in Randalstown, Co. Antrim. The centre provides day provision for individuals with autism who
have complex needs. The Sensory Suite is vital in supporting these adults and children with their
wellbeing, as well as for facilitating cognitive development, communication, social skills and
providing opportunities to introduce new experiences in a safe space.|
## **Public benefit assessment**
For each Strategic Focus Area, we will identify and monitor on an ongoing basis:
- The beneficiaries and the effect of our engagement.
- The purpose of our engagement.
- The direct benefits which flow from our chosen purpose.
- How the benefits are (or will be) demonstrated.
- The potential for harm (if any) flowing from the Foundation’s charitable purposes and the steps which can be taken to mitigate such harm.
- How the engagement / benefits fulfil the Foundation’s charitable purposes.
## **Monitoring**
- To record the basis of support for any Project.
- To make clear, as part of that support, the expectations of the Foundation.
- To set goals as to reporting against outputs.
- To receive Project updates and carry out inspections.
- To learn from experience and maximise future support in achieving public benefit and the Foundation’s goals.
Beneficiaries are required to report to the Foundation on an interim basis and at the end of their applicable funding period. Such reports typically summarise the activities undertaken and include details of the end-users who have benefitted from the activities/projects. In addition, testimonials from beneficiaries also indicate the difference which the Foundation’s grant-making activities have had on both individual beneficiaries and at a societal level.
## **Public benefit statement**
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 confirm that they have complied with the duty to have regard to the guidance issued by the Charity Commission for Northern Ireland under section 4(b) of the Charities Act (the public benefit requirement statutory guidance). The Trustees are confident that the activities have helped to achieve the Charity’s purposes and provide a benefit to the beneficiaries. To the extent there may be private benefit (if any) flowing from the Charity’s purposes, this is considered to be incidental to and arising from fulfilment of the Charity’s purposes for the benefit of the public. By way of example, the funding provided by the Foundation in Strategic Focus Area 2 enables the recipients to continue in their academic pursuits but this is incidental to the public benefit which arises from the furtherance of the recipients’ research, as more particularly detailed above.
12
Docusign Envelope ID: E398CF61-D201-4A49-80DC-E77CCC24C9A8
## **The McClay Foundation (a company limited by guarantee)**
## **Trustees’ report for the year ended 30 September 2025 (incorporating the Directors’ report) (continued)**
## **Financial review**
During the year donations of £1,500,000 (2024: £767,235) were received from subsidiaries of Almac Group, and direct charitable expenditure of £1,005,803 (2024: £760,084) was incurred by the charity, as disclosed in note 5. Total resources expended for the year amounted to £1,031,969 (2024: £780,825). The charitable company’s net assets are £91,561,811 (2024: £91,042,082).
The Trustees are satisfied that the outcome 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 aims 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, both at the current time and in the foreseeable future. After making allowances for restricted funds, designated funds, and the carrying amount of functional assets, the charity had free reserves of £1,028,811 (2024: £532,082) which represents 12 months of expenditure. The free reserves required will be sufficient to meet the running costs for a period equivalent to 12 months of expenditure. This policy is reviewed annually. The Board of Trustees will continue to monitor the reserves position and movement in reserves in line with the policy to ensure there is no immediate risk.
## **Investment policy**
The Trustees have the power to invest in such assets as they see fit, subject to the charity’s Articles of Association. Proposed investments must be tabled for review and approval at a meeting of the board of Trustees.
## **Taxation status**
The McClay Foundation is a registered charity, and as such is entitled to certain tax exemptions on income and profits from investments, and surpluses on any trading activities carried on in furtherance of the charity’s primary objectives, if these profits and surpluses are applied solely for charitable purposes.
The charity is not registered for VAT and accordingly, all its expenditure is recorded inclusive of any VAT incurred.
## **Plans for future periods**
The Trustees’ plans for the future are focused on delivering the charitable obligations which are detailed in the Foundation’s chosen Strategic Focus areas. The Trustees have decided to fund chosen projects for an appropriate number of years to allow the maximum degree of planning and implementation for such projects to enable them to achieve the most beneficial impact.
## **Going concern**
The trustees have received confirmation that Almac Group Limited intends to support the company for at least one year after these financial statements are signed. Consequently, the trustees have prepared these financial statements on a going concern basis.
## **Funds held as custodian trustee on behalf of others**
There are no funds held as custodian trustee on behalf of others.
13
Docusign Envelope ID: E398CF61-D201-4A49-80DC-E77CCC24C9A8
## **The McClay Foundation (a company limited by guarantee)**
## **Trustees’ report for the year ended 30 September 2025 (incorporating the Directors’ report) (continued)**
## **Statement of Trustees’ responsibilities**
The Trustees (who are also directors of The McClay Foundation for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and regulation.
Company law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have prepared the financial statements in accordance with United 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 Accounting Practice). Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of the affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Statement of Recommended Practice: Accounting and Reporting by Charities (2019);
- make judgments and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards, comprising FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **Statement of disclosure of information to auditors**
So far as each of the Trustees in office at the date of approval of these financial statements is aware:
- there is no relevant audit information of which the charitable company’s auditors are unaware; 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 information and to establish that the charitable company’s auditors are aware of that information.
## **Small companies’ exemption**
This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
## **Independent auditors**
The auditors, PricewaterhouseCoopers (Northern Ireland) LLP, have indicated their willingness to continue in office, and a resolution concerning their reappointment will be proposed at the Annual General Meeting.
This report was approved by the board of Trustees and signed on its behalf.
A D Armstrong **Trustee** 19 February 2026
14
**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 a true and fair view of the state of the charitable company’s affairs as at 30 September 2025 and of its incoming resources and application of resources, including its income and expenditure, and cash flows for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, and applicable law); and
- have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements, included within the Annual Report and Financial Statements (the “Annual Report”), which comprise: the balance sheet as at 30 September 2025; the statement of financial activities (incorporating an income and expenditure account) the cash flow statement for the year then ended; and the notes to the financial statements, which include a description of significant accounting policies.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Independence**
We remained independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements.
## **Conclusions relating to going concern**
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from the date on which the financial statements are authorised for issue.
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the charitable company’s ability to continue as a going concern.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Reporting on other information**
The other information comprises all of the information in the Annual Report other than the financial statements and our auditors’ report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report based on these responsibilities.
With respect to the Trustees' Annual Report, we also considered whether the disclosures required by the UK Companies Act 2006 and Charities Act (Northern Ireland) 2008 have been included.
Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to report certain opinions and matters as described below.
15
**The McClay Foundation (a company limited by guarantee)**
## _**Independent auditors’ report to the members of The McClay Foundation (continued)**_
## **Trustees’ Report**
In our opinion, based on the work undertaken in the course of the audit the information given in the Trustees’ Report for the period ended 30 September 2025 is consistent with the financial statements and has been prepared in accordance with applicable legal requirements.
In light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we did not identify any material misstatements in the Trustees’ Report.
## **Responsibilities for the financial statements and the audit**
## _Responsibilities of the trustees for the financial statements_
As explained more fully in the Statement of Trustees’ Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view. The trustees are also responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
## _Auditors’ responsibilities for the audit of the financial statements_
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Based on our understanding of the charitable company and its environment, we identified that the principal risks of noncompliance with laws and regulations related to Charities Act (Northern Ireland) 2008, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. We evaluated management’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 procedures performed by the engagement team included:
- Enquiry with management and the board of trustees, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;
- Reading minutes of meetings of the board of trustees;
- Understanding and evaluating the charitable company’s control environment;
- Identifying and testing journal entries; in particular those journal entries posted with unusual account combinations to income or expenditure; and
- Assessing financial statement disclosures, and testing to supporting documentation, for compliance with applicable laws and regulations.
16
## **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 audit (continued)**
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations or through collusion.
A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report.
## **Use of this report**
This report, including the opinions, has been prepared for and only for the charitable company’s members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.
## **Other required reporting**
## **Companies Act 2006 exception reporting**
Under the Companies Act 2006 we are required to report to you if, in our opinion:
- we have not obtained all the information and explanations we require for our audit; or
- adequate accounting records have not been kept by the charitable company **,** or returns adequate for our audit have not been received from branches not visited by us; or
- certain disclosures of trustees’ remuneration specified by law are not made; or
- the charitable company financial statements are not in agreement with the accounting records and returns.
We have no exceptions to report arising from this responsibility.
## **Entitlement to exemptions**
Under the Companies Act 2006 we are required to report to you if, in our opinion, the trustees were not entitled to: prepare financial statements in accordance with the small companies’ regime; take advantage of the small companies’ exemption in preparing the Trustees’ Report; and take advantage of the small companies exemption from preparing a Strategic Report. We have no exceptions to report arising from this responsibility.
Emma Murray (Senior Statutory Auditor) for and on behalf of PricewaterhouseCoopers (Northern Ireland) LLP Chartered Accountants and Statutory Auditors Belfast 19 February 2026
17
Docusign Envelope ID: E398CF61-D201-4A49-80DC-E77CCC24C9A8
## **The McClay Foundation (a company limited by guarantee)**
## **Statement of financial activities (incorporating income and expenditure account) for the year ended 30 September 2025**
|||**Total**|Total|
|---|---|---|---|
|||**unrestricted**|unrestricted|
|||**funds**|funds|
|||**2025**|2024|
||Note|**£**|£|
|**Incoming resources from generated funds**||||
|Investment income|4|**28,698**|22,094|
|Donations|4|**1,500,000**|767,235|
|**Total incoming resources**|4|**1,528,698**|789,329|
|**Resources expended**||||
|Charitable activities|5|**(1,005,803)**|(760,084)|
|Governance costs|5|**(26,166)**|(20,741)|
|**Total resources expended**||**(1,031,969)**|(780,825)|
|**Net income and net movement in funds before gains and losses on**||**496,729**|8,504|
|**investments**||||
|**Net gains on investment property assets**|10|**23,000**|-|
|**Net income and net movement in funds**||**519,729**|8,504|
|**Total funds brought forward at 1 October**||**91,042,082**|91,033,578|
|**Total funds carried forward at 30 September**||**91,561,811**|91,042,082|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
18
Docusign Envelope ID: E398CF61-D201-4A49-80DC-E77CCC24C9A8
## **The McClay Foundation (a company limited by guarantee)**
## **Balance sheet as at 30 September 2025**
|Note|**2025**
2024
**£**
£|
|---|---|
|**Fixed assets**
Investments
9
Investment property
10|**90,300,000**
90,300,000
**233,000**
210,000|
|**Current assets**
Debtors: amounts falling due within one year
11
Cash at bank and in hand|**90,533,000**
90,510,000
**1,330**
910
**1,096,195**
591,801|
|**Creditors: amounts falling due within one year**
12|**1,097,525**
592,711
**(68,714)**
(60,629)|
|**Net current assets**|**1,028,811**
532,082|
|**Net assets**|**91,561,811**
91,042,082|
|**The funds of the charity:**
Unrestricted funds
15|**91,561,811**
91,042,082|
|**Total charity funds**|**91,561,811**
91,042,082|
The financial statements on pages 18 to 29 were approved by the board of Trustees on 19 February 2026 and were signed on its behalf by:
A D Armstrong I W Huddleston **Trustee Trustee**
The notes on pages 21 to 29 are an integral part of the financial statements.
**The McClay Foundation**
**Registered number: NI070062**
19
Docusign Envelope ID: E398CF61-D201-4A49-80DC-E77CCC24C9A8
## **The McClay Foundation (a company limited by guarantee)**
## **Cash flow statement for the year ended 30 September 2025**
|||**2025**|2024|
|---|---|---|---|
||Note|**£**|£|
|**Cash flows from operating activities**||||
|Net cash generated from operating activities|14|**504,394**|11,563|
|**Net increase in cash and cash equivalents**||**504,394**|11,563|
|Cash and cash equivalents at beginning of the year||**591,801**|580,238|
|**Cash and cash equivalents at end of the year**||**1,096,195**|591,801|
The notes on pages 21 to 29 are an integral part of the financial statements.
20
Docusign Envelope ID: E398CF61-D201-4A49-80DC-E77CCC24C9A8
## **The McClay Foundation (a company limited by guarantee)**
## **Notes to the financial statements for the year ended 30 September 2025**
## **1 Accounting policies**
## **General information**
The nature of The McClay Foundation is that of a charity. The Foundation’s objectives are, broadly to:
- Support and encourage research and innovation
- Advance the use of diagnostic tools and drugs in the prevention, control and cure of disease
- Ensure latest advances in healthcare available to all, including developing countries
- Generate and promote employment opportunities
- Support and promote such educational purposes as the trustees shall select, provided that such purposes shall be exclusively charitable in law
The charity is incorporated in the United Kingdom and is registered in Northern Ireland. The address of its registered office is Almac House, 20 Seagoe Industrial Estate, Craigavon, BT63 5QD.
## **Statement of compliance**
The individual financial statements of The McClay Foundation have been prepared in compliance with Accounting and Reporting by Charities: Statement of Recommended Practice (SORP), United Kingdom Accounting Standards including Financial Reporting Standard 102, the Companies Act 2006 and the Charities Act (Northern Ireland) 2008.
## **Basis of preparation**
The financial statements have been prepared on a going concern basis, under the historic cost convention, and in accordance with Accounting and Reporting by Charities: Statement 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 1 January 2019), (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act (Northern Ireland) 2008 and the Companies Act 2006.
The preparation of the financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the group and charity accounting policies. Management has concluded that there are no critical assumptions, estimates or judgements involving a high degree of judgement or complexity which require further disclosure as outlined in note 2.
The principal accounting policies, which have been applied consistently throughout the year, are set out below.
## **Consolidation**
The McClay Foundation owns 99% of the Ordinary A share capital and 100% of the Ordinary B share capital of Almac Group Limited. The share capital structure of Almac Group Limited also includes a £1 founder share which has veto rights in a number of areas. Under charity law, the Foundation is regarded as the controller of Almac Group Limited which, as a subsidiary of the Foundation, delivers the Foundation’s charitable purposes. Although the Foundation is the beneficial owner of Almac Group Limited, the Trustees do not exercise control for the purpose of Section 401 of the Companies Act 2006. The financial statements therefore present information about the company as an individual undertaking.
## **Investments**
Investments in associates are held as non current assets and are held at cost less accumulated impairment losses. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount.
## **Investment property**
Investment property for which fair value can be measured reliably is measured at fair value annually with any change recognised in the statement of financial activities.
## **Debtors**
Debtors are initially stated at cost and subsequently stated after all known bad debts have been written off and specific provision has been made against all debts considered doubtful of collection.
21
Docusign Envelope ID: E398CF61-D201-4A49-80DC-E77CCC24C9A8
## **The McClay Foundation (a company limited by guarantee)**
## **Notes to the financial statements for the year ended 30 September 2025 (continued)**
## **1 Accounting policies (continued)**
## **Incoming resources**
All incoming resources consist of voluntary income and investment income and are included in the statement of financial activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
## **Donations**
Voluntary income is income which is received by way of donations and gifts to the charity and is included in full in the statement of financial activities when received.
## **Investment income**
Bank interest and loan interest receivable is included in full in the statement of financial activities on an accruals basis.
## **Rental income**
Rental income is included in full in the statement of financial activities on an accruals basis.
## **Policy for the awarding of grants**
The Foundation’s grant programs are approved by Trustees. The Foundation will only accept applications from registered charities. All programs involve an application process. Applications are assessed by the Trustees, including robust assessment of governance. Final approval is sought at board meetings, before decisions are shared with applicants. The applicant’s must sign up to The Foundation Grant Terms & Conditions before funding is released via bacs payment. All grantees must complete an evaluation report, outlining expenditure, performance, and impact on at least an annual basis.
## **Resources expended**
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure relates to charitable activities and governance costs which are outlined below.
## **Charitable activities**
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. These include oncology research, research led care for those in end of life or life limiting activities and activities to promote health and wellbeing in disenfranchised communities and geographical areas in the developed and the developing world. Charitable activities are both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to supply them.
## **Governance costs**
Governance costs are costs associated with general charity advice and governance matters and include those costs incurred in the governance of its assets which are associated with constitutional and statutory requirements.
## **Unrestricted funds**
Unrestricted funds are donations and other incoming resources received or generated which are expendable at the discretion of the charity in furtherance of its objectives.
## **Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities. Deposits with original maturities of greater than 3 months are shown as current asset or fixed asset investments depending on the date of maturity.
22
Docusign Envelope ID: E398CF61-D201-4A49-80DC-E77CCC24C9A8
## **The McClay Foundation (a company limited by guarantee)**
## **Notes to the financial statements for the year ended 30 September 2025 (continued)**
## **1 Accounting policies (continued)**
## **Financial instruments**
A financial instrument is any contract that gives rise to a financial asset of one party and a financial liability or equity instrument of another party. The charity has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments which sets out the requirements for the recognition, derecognition, measurement and disclosure of financial assets and financial liabilities
## **Financial assets**
Financial assets, including trade and other debtors and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of financial activities.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the Statement of financial activities.
Other financial assets, including investments in equity instruments which are not subsidiaries, associates, or joint ventures, are initially measured at fair value. The quoted market value is used to determine fair value.
Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Financial assets are derecognised when (i) the contractual rights to the cash flows from the asset expire or are settled, or (ii) substantially all the risks and rewards of the ownership of the asset are transferred to another party, or (iii) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
## **Financial liabilities**
Financial liabilities, including trade and other creditors, bank overdrafts and other loans, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled, or expires.
23
Docusign Envelope ID: E398CF61-D201-4A49-80DC-E77CCC24C9A8
## **The McClay Foundation (a company limited by guarantee)**
## **Notes to the financial statements for the year ended 30 September 2025 (continued)**
## **2 Critical accounting judgements and estimation uncertainty**
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations on future events that are believed to be reasonable under the circumstances.
## _(a) Critical judgements in applying the company’s accounting policies_
There are no critical judgements in applying the company’s accounting policies
_(b) Critical accounting estimates and assumptions_
There are no critical accounting estimates and assumptions.
## **3 Legal status of the charity**
The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of windingup is limited to £1.
## **4 Total incoming resources**
||**Total**|Total|
|---|---|---|
||**unrestricted**|unrestricted|
||**funds**|funds|
||**2025**|2024|
||**£**|£|
|**Investment income**|||
|Bank interest|**20,298**|14,294|
|Rental income|**8,400**|7,800|
|**Total investment income**|**28,698**|22,094|
|**Donations**|||
|Donations from Almac Group|**1,500,000**|750,000|
|Donations - other|**-**|17,235|
|**Total donations**|**1,500,000**|767,235|
|**Total incoming resources**|**1,528,698**|789,329|
24
Docusign Envelope ID: E398CF61-D201-4A49-80DC-E77CCC24C9A8
## **The McClay Foundation (a company limited by guarantee)**
## **Notes to the financial statements for the year ended 30 September 2025 (continued)**
## **5 Charitable activities**
|**5**
**Charitable activities**|||
|---|---|---|
||**Total**|Total|
||**unrestricted**|unrestricted|
||**funds**|funds|
||**2025**|2024|
||**£**|£|
|Queen’s University Belfast|**161,046**|154,736|
|Action Cancer Northern Ireland|**20,000**|50,000|
|Northern Ireland Hospice|**50,000**|50,000|
|NI Cancer Fund for Children|**50,000**|50,000|
|Friends of the Cancer Centre|**-**|70,000|
|Fields of Life|**225,000**|125,000|
|Young Lives v Cancer|**25,000**|25,000|
|Leprosy Mission NI|**-**|8,386|
|Train to be Smart|**40,000**|37,720|
|Reach Mentoring|**-**|15,670|
|Philadelphia Education Fund|**-**|11,172|
|Buddy Bear Trust|**100,000**|100,000|
|Children in Northern Ireland|**30,000**|55,000|
|Duke University|**44,586**|-|
|John Hopkins University|**99,349**|-|
|Evora Hospice (formerly known as Southern Area Hospice)|**40,680**|-|
|Ulster Orchestra|**3,500**|-|
|Care across Communities|**2,628**|-|
|Mencap NI|**43,217**|-|
|Rainbow Hospice|**10,000**|-|
|National Autism Society|**58,047**|-|
|Friends of Parkview Special School|**2,750**|7,400|
||**1,005,803**|760,084|
Charitable activities comprise those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. Includes oncology research, research led care for those in end of life or life limiting activities and activities to promote health and wellbeing in disenfranchised communities and geographical areas in the developed and the developing world.
Governance costs in relation to professional services in the year were £26,166 (2024: £20,741).
25
Docusign Envelope ID: E398CF61-D201-4A49-80DC-E77CCC24C9A8
## **The McClay Foundation (a company limited by guarantee)**
## **Notes to the financial statements for the year ended 30 September 2025 (continued)**
## **6 Movement in funds**
|**6**
**Movement in funds**|||
|---|---|---|
||**2025**|2024|
||**£**|£|
|**The net movement in funds are stated after charging:**|||
|Fees payable to the charitable company’s auditors for the audit of the financial|||
|statements|**15,042**|10,264|
## **7 Employee information**
To date there have been no staff employed by the charitable company and there is no key management to disclose (2024: Nil). The Trustees received no remuneration or reimbursement of expenses in respect of their services. Indemnity insurance is in place for all Trustees and the charge for the year ended 30 September 2025 was £6,000 (2024: £6,000).
## **8 Taxation**
The company is a registered charity and, as such, is entitled to certain tax exemptions on income and profits from investments and surpluses on any trading activities carried on in furtherance of the charitable company’s primary objectives, if these profits and surpluses are applied solely for charitable purposes.
## **9 Investments**
|||||||||**Investment in**|
|---|---|---|---|---|---|---|---|---|
|||||||||**associate**|
|||||||||**£**|
|At|30|September|2024|and|30|September|2025|**90,300,000**|
During the year ended 30 September 2009, Dr Sir Allen McClay gifted 961,538 ‘B’ ordinary shares in Almac Group Limited to The McClay Foundation.
During the year ending 30 September 2012 the Executors of the estate of Dr Sir Allen McClay gifted 657,327‘B’ ordinary shares in Almac Group Limited to The McClay Foundation.
During the year ending 30 September 2014 the trustees of the Allen J. McClay (Almac) Discretionary Settlement gifted 13,286,028 ‘A’ ordinary shares in Almac Group Limited to The McClay Foundation.
During the year ending 30 September 2014, the trustees of The Allen J. McClay Settlement gifted 142,718 ‘B’ ordinary shares in Almac Group Limited to The McClay Foundation.
During the year ending 30 September 2017, the trustees of The Allen J. McClay Settlement gifted 78,207 ‘A’ ordinary shares in Almac Group Limited to The McClay Foundation.
During the year ending 30 September 2018, the trustees of The Allen J. McClay Settlement gifted 8,523 ‘A’ ordinary shares in Almac Group Limited to The McClay Foundation.
During the year ending 30 September 2019, the trustees of The Allen J. McClay Settlement gifted 5,750 ‘A’ ordinary shares in Almac Group Limited to The McClay Foundation.
The total number of “A” ordinary shares now owned is 13,378,508 and the total number of “B” ordinary shares now owned is 1,761,583.
26
Docusign Envelope ID: E398CF61-D201-4A49-80DC-E77CCC24C9A8
## **The McClay Foundation (a company limited by guarantee)**
## **Notes to the financial statements for the year ended 30 September 2025 (continued)**
## **9 Investments (continued)**
The charitable company’s associated undertaking is:
|||**Ownership**|**Ownership**|**Share Class**|
|---|---|---|---|---|
|**Name**|**Country of incorporation**|**%**|||
|**Associated undertaking**|||||
|Almac Group Limited|Northern Ireland|99%|‘A’ Ordinary|shares of £1 each|
|||100%|‘B’ Ordinary|shares of £1 each|
The principal activities of Almac Group Limited extend from drug discovery through all areas of clinical trials to the commercialisation of pharmaceutical products. The group provides world-class integrated research and development support and an unparalleled range of services to customers, including the market leaders, within the pharmaceutical and biotechnology sectors. The aggregate capital and reserves and results of the company’s associated undertaking for the year were:
||**2025**|2024|
|---|---|---|
||**£**|£|
|**Capital and reserves**|||
|Almac Group Limited|906,832,507|796,840,991|
|**Profit for the year**|||
|Almac Group Limited|106,702,764|95,910,098|
The trustees are satisfied that the carrying value of investments is supported by their underlying net assets.
## **10 Investment property**
|**10**
**Investment property**||
|---|---|
||**Investment**|
||**property**|
||**£**|
|As 1 October 2024|210,000|
|Revaluation|23,000|
|At 30 September 2025|**233,000**|
As at 30 September 2025 the property was revalued on a fair value basis by the trustees at a value of £233,000.
## **11 Debtors: amounts falling due within one year**
|**11**|**Debtors: amounts falling due within one year**|||
|---|---|---|---|
|||**2025**|2024|
|||**£**|£|
|Prepayments||**1,330**|910|
|**12**|**Creditors: amounts falling due within one year**|||
|||**2025**|2024|
|||**£**|£|
|Accruals||**68,714**|60,629|
27
Docusign Envelope ID: E398CF61-D201-4A49-80DC-E77CCC24C9A8
## **The McClay Foundation (a company limited by guarantee)**
## **Notes to the financial statements for the year ended 30 September 2025 (continued)**
## **13 Financial instruments**
|**13**
**Financial instruments**|||
|---|---|---|
||**2025**|2024|
||**£**|£|
|**Financial liabilities held at amortised cost**|||
|Accruals|**68,714**|60,629|
## **14 Reconciliation of net movement in funds to net cash flow from operating activities**
||**2025**|2024|
|---|---|---|
||**£**|£|
|Net movement in funds|**519,729**|8,504|
|Revaluation gain on investment property assets|**(23,000)**|-|
|Movement in debtors|**(420)**|(40)|
|Movement in creditors|**8,085**|3,099|
|**Net cash generated from operating activities**|**504,394**|11,563|
## **Net funds reconciliation as at 30 September 2025**
|**Net funds reconciliation as at 30 September 2025**||
|---|---|
||**Cash at bank and**|
||**in hand**|
||**£**|
|As at 1 October 2023|580,238|
|Cash flows|11,563|
|As at 30 September 2024|591,801|
|Cash flows|504,394|
|**As at 30 September 2025**|**1,096,195**|
## **15 Unrestricted funds**
|**15**
**Unrestricted funds**|||
|---|---|---|
||**Total**|Total|
||**unrestricted**|unrestricted|
||**funds**|funds|
||**2025**|2024|
||**£**|£|
|At 1 October|**91,042,082**|91,033,578|
|Net movement in funds|**519,729**|8,504|
|**At 30 September**|**91,561,811**|91,042,082|
28
Docusign Envelope ID: E398CF61-D201-4A49-80DC-E77CCC24C9A8
## **The McClay Foundation (a company limited by guarantee)**
## **Notes to the financial statements for the year ended 30 September 2025 (continued)**
## **16 Analysis of net assets between funds**
|**16**
**Analysis of net assets between funds**|||
|---|---|---|
||**Total**|Total|
||**unrestricted**|unrestricted|
||**funds**|funds|
||**2025**|2024|
||**£**|£|
|Fixed assets|**90,533,000**|90,510,000|
|Net current assets|**1,028,811**|532,082|
|**At 30 September**|**91,561,811**|91,042,082|
## **17 Ultimate controlling party**
The Board of Trustees is the ultimate controlling party.
## **18 Related party transactions**
Almac Group Limited is a related party through common directors. Donations of £1,500,000 (2024: £750,000) were received from subsidiaries of Almac Group during the year.
## **19 Contingent liabilities**
At the year end the charity had contingent liabilities of:
||**2025**|2024|
|---|---|---|
||**£**|£|
|Northern Ireland Hospice|**100,000**|150,000|
|NI Cancer Fund for Children|**260,870**|50,000|
|Fields of Life|**200,000**|125,000|
|Philadelphia Education Fund|**-**|5,444|
|Evora Hospice (formerly Southern Area Hospice)|**81,360**||
|Duke University|**89,552**|-|
|Buddy Bear Trust|**75,000**|200,000|
|Train to be Smart - pledge|**330,000**|330,000|
|Train to be Smart|**80,000**|-|
|Rainbow Hospice|**20,000**|-|
|Queen’s University Belfast|**599,634**|204,530|
|Young Lives v Cancer|**-**|25,000|
|Children in Northern Ireland|**30,000**|60,000|
|Action Cancer Northern Ireland|**-**|20,000|
|NI Cancer Fund for Children|**-**|250,000|
|John Hopkins University|**-**|92,761|
||**1,866,416**|1,512,735|
The above contingent liabilities represent grants committed to projects but are contingent upon the recipient meeting specific criteria in future years. There is no evidence of default on the terms applied.
29