REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
for |
Duncan Mackinnon Music And Arts |
Trust Limited |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
for |
Duncan Mackinnon Music And Arts |
Trust Limited |
Duncan Mackinnon Music And Arts |
Trust Limited |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Report of the Trustees | 1 | to | 3 |
Independent Examiner's Report | 4 | to | 5 |
Statement of Financial Activities | 6 |
Balance Sheet | 7 | to | 8 |
Notes to the Financial Statements | 9 | to | 16 |
Duncan Mackinnon Music And Arts |
Trust Limited (Registered number: SC412818) |
Report of the Trustees |
for the Year Ended 31 March 2024 |
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). |
OBJECTIVES AND ACTIVITIES |
Objectives and aims |
The company’s principal objectives are to: |
- advance music and the arts within the Scottish Borders for the Community and the general public by providing and operating a performance, rehearsal and administrative facility; |
- advance community development by the management of community land and associated assets for the benefit of the Community and the public in general following principles of sustainable development, where sustainable development means development which meets the needs of the present without compromising the ability of future generations to meet their own needs; |
- provide recreational facilities, and/or organise recreational activities, which will be available to members of the public at large with the object of improving the conditions of life of the Community and following principles of sustainable development, by operating community owned facilities; |
- advance the cultural knowledge of the Community through the education of its members; |
- advance heritage for the public by refurbishing and returning to economic use a listed historical building; |
- advance community development and rural regeneration for the benefit of the community and its members by the promotion of trade and industry; and |
- advance citizenship for the community and its membership by promoting, establishing and operating other schemes of a charitable nature. |
Significant activities |
The charitable company continues to expand operating activity, capacity and capability. Performances and private hires increased during the reporting year. The company continues to employ four permanent employees and is committed to paying at least the real living wage. Support from trustees and a network of volunteers allows for improved marketing, social media reach and other resource efficiencies. The charitable company has taken steps to increase community outreach, and funding was secured from a number of grant-awarding bodies to help the company support the creative arts sector and to make improvements to the building infrastructure. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. |
Recruitment and appointment of new trustees |
Trustees are appointed from the local community, mainly by personal introduction. |
Duncan Mackinnon Music And Arts |
Trust Limited (Registered number: SC412818) |
Report of the Trustees |
for the Year Ended 31 March 2024 |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Organisational structure |
Overall management is carried out by a Board of Trustees which meets regularly throughout the year. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
Trustees |
Company Secretary |
Independent Examiner |
Susan Cove Accountancy Limited |
Chartered Accountant |
Ty Hapus |
Clerklands |
Melrose |
Roxburghshire |
TD6 9JR |
Approved by order of the board of trustees on |
Duncan Mackinnon Music And Arts |
Trust Limited (Registered number: SC412818) |
Report of the Trustees |
for the Year Ended 31 March 2024 |
Independent Examiner's Report to the Trustees of |
Duncan Mackinnon Music And Arts |
Trust Limited |
I report on the accounts for the year ended 31 March 2024 set out on pages six to sixteen. |
Respective responsibilities of trustees and examiner |
The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity's trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under Section 44(1)(c) of the Act and to state whether particular matters have come to my attention. |
Basis of the independent examiner's report |
My examination was carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts. |
Independent Examiner's Report to the Trustees of |
Duncan Mackinnon Music And Arts |
Trust Limited |
Independent examiner's statement |
In connection with my examination, no matter has come to my attention : |
(1) | which gives me reasonable cause to believe that, in any material respect, the requirements |
- | to keep accounting records in accordance with Section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and |
- | to prepare accounts which accord with the accounting records and to comply with Regulation 8 of the 2006 Accounts Regulations |
have not been met; or |
(2) | to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. |
Susan Cove, ACA |
The Institute of Chartered Accountants in England and Wales |
Susan Cove Accountancy Limited |
Chartered Accountant |
Ty Hapus |
Clerklands |
Melrose |
Roxburghshire |
TD6 9JR |
30 January 2025 |
Duncan Mackinnon Music And Arts |
Trust Limited |
Statement of Financial Activities |
for the Year Ended 31 March 2024 |
31.3.24 | 31.3.23 |
Unrestricted | Restricted | Total | Total |
fund | funds | funds | funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Charitable activities |
Total |
EXPENDITURE ON |
Charitable activities |
Other |
Total |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD |
67,137 |
Duncan Mackinnon Music And Arts |
Trust Limited (Registered number: SC412818) |
Balance Sheet |
31 March 2024 |
31.3.24 | 31.3.23 |
Unrestricted | Restricted | Total | Total |
fund | funds | funds | funds |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 6 |
CURRENT ASSETS |
Stocks | 7 |
Debtors | 8 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 9 | ( |
) | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 11 |
Unrestricted funds | 57,675 |
Restricted funds | 9,462 |
TOTAL FUNDS | 67,137 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006. |
Duncan Mackinnon Music And Arts |
Trust Limited (Registered number: SC412818) |
Balance Sheet - continued |
31 March 2024 |
The trustees acknowledge their responsibilities for |
(a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. |
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
The financial statements were approved by the Board of Trustees and authorised for issue on |
Duncan Mackinnon Music And Arts |
Trust Limited |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
Income |
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. |
Expenditure |
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Plant and machinery | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
The charity is exempt from corporation tax on its charitable activities. |
Fund accounting |
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. |
Duncan Mackinnon Music And Arts |
Trust Limited |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
1. | ACCOUNTING POLICIES - continued |
Fund accounting |
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
Pension costs and other post-retirement benefits |
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. |
2. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
31.3.24 | 31.3.23 |
£ | £ |
Depreciation - owned assets |
3. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. |
4. | STAFF COSTS |
The average monthly number of employees during the year was as follows: |
31.3.24 | 31.3.23 |
Support staff |
Duncan Mackinnon Music And Arts |
Trust Limited |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
5. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted | Restricted | Total |
fund | funds | funds |
£ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Charitable activities |
Total |
EXPENDITURE ON |
Charitable activities |
Other |
Total |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
Transfers between funds | 5,073 | (5,073 | ) | - |
Net movement in funds | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward | 73,735 | 1,308 |
TOTAL FUNDS CARRIED FORWARD |
57,675 |
9,462 |
67,137 |
Duncan Mackinnon Music And Arts |
Trust Limited |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
6. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
£ |
COST |
At 1 April 2023 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
7. | STOCKS |
31.3.24 | 31.3.23 |
£ | £ |
Stocks |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Trade debtors |
Other debtors |
VAT |
Duncan Mackinnon Music And Arts |
Trust Limited |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans and overdrafts (see note 10) |
Other creditors |
10. | LOANS |
An analysis of the maturity of loans is given below: |
31.3.24 | 31.3.23 |
£ | £ |
Amounts falling due within one year on demand: |
Bank overdrafts |
11. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 1.4.23 | in funds | 31.3.24 |
£ | £ | £ |
Unrestricted funds |
General fund | 57,675 | (7,708 | ) | 49,967 |
Restricted funds |
SOSE | 9,462 | 21,364 | 30,826 |
Creative Scotland | - | 6,700 | 6,700 |
28,064 |
TOTAL FUNDS | 20,356 | 87,493 |
Duncan Mackinnon Music And Arts |
Trust Limited |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
11. | MOVEMENT IN FUNDS - continued |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 243,665 | (251,373 | ) | (7,708 | ) |
Restricted funds |
SOSE | 30,171 | (8,807 | ) | 21,364 |
Creative Scotland | 22,334 | (15,634 | ) | 6,700 |
Architectural Heritage Fund | 4,920 | (4,920 | ) | - |
( |
) | 28,064 |
TOTAL FUNDS | ( |
) | 20,356 |
Comparatives for movement in funds |
Net | Transfers |
movement | between | At |
At 1.4.22 | in funds | funds | 31.3.23 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 73,735 | (21,133 | ) | 5,073 | 57,675 |
Restricted funds |
Restricted fund | 1,308 | (1,308 | ) | - | - |
SOSE | - | 9,462 | - | 9,462 |
Creative Scotland | - | 5,073 | (5,073 | ) | - |
1,308 | 13,227 | (5,073 | ) | 9,462 |
TOTAL FUNDS | 75,043 | (7,906 | ) | - | 67,137 |
Duncan Mackinnon Music And Arts |
Trust Limited |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
11. | MOVEMENT IN FUNDS - continued |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 182,308 | (203,441 | ) | (21,133 | ) |
Restricted funds |
Restricted fund | - | (1,308 | ) | (1,308 | ) |
SOSE | 12,946 | (3,484 | ) | 9,462 |
Creative Scotland | 34,841 | (29,768 | ) | 5,073 |
47,787 | (34,560 | ) | 13,227 |
TOTAL FUNDS | 230,095 | (238,001 | ) | (7,906 | ) |
A current year 12 months and prior year 12 months combined position is as follows: |
Net | Transfers |
movement | between | At |
At 1.4.22 | in funds | funds | 31.3.24 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 73,735 | (28,841 | ) | 5,073 | 49,967 |
Restricted funds |
Restricted fund | 1,308 | (1,308 | ) | - | - |
SOSE | - | 30,826 | - | 30,826 |
Creative Scotland | - | 11,773 | (5,073 | ) | 6,700 |
1,308 | 41,291 | (5,073 | ) | 37,526 |
TOTAL FUNDS | 75,043 | 12,450 | - | 87,493 |
Duncan Mackinnon Music And Arts |
Trust Limited |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
11. | MOVEMENT IN FUNDS - continued |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 425,973 | (454,814 | ) | (28,841 | ) |
Restricted funds |
Restricted fund | - | (1,308 | ) | (1,308 | ) |
SOSE | 43,117 | (12,291 | ) | 30,826 |
Creative Scotland | 57,175 | (45,402 | ) | 11,773 |
Architectural Heritage Fund | 4,920 | (4,920 | ) | - |
105,212 | (63,921 | ) | 41,291 |
TOTAL FUNDS | 531,185 | (518,735 | ) | 12,450 |
12. | RELATED PARTY DISCLOSURES |