PTP Accounts Production v24.3.0.553 Other Company accounts True false Pounds 1.4.23 31.3.24 31.3.24 FY FRS 102 Independent examiner Small companies regime for accounts Full Charities SORP true true true true false true false true iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC4128182023-03-31SC4128182024-03-31SC4128182023-04-012024-03-31SC4128182022-03-31SC4128182022-04-012023-03-31SC4128182023-03-31SC412818ns0:CharitableCompanyLimitedByGuarantee2023-04-012024-03-31SC412818ns15:PoundSterling2023-04-012024-03-31SC412818ns11:FRS1022023-04-012024-03-31SC412818ns11:IndependentExaminationCharity2023-04-012024-03-31SC412818ns11:SmallCompaniesRegimeForAccounts2023-04-012024-03-31SC412818ns11:FullAccounts2023-04-012024-03-31SC412818ns11:CharitiesSORP2023-04-012024-03-31SC412818ns16:EnglandWales2023-04-012024-03-31SC412818ns11:RegisteredOffice2023-04-012024-03-31SC412818ns0:Trustee22023-04-012024-03-31SC412818ns0:Trustee32023-04-012024-03-31SC412818ns0:Trustee12023-04-012024-03-31SC412818ns0:Trustee42023-04-012024-03-31SC412818ns0:Trustee52023-04-012024-03-31SC412818ns0:Trustee62023-04-012024-03-31SC412818ns0:Trustee72023-04-012024-03-31SC412818ns0:Trustee82023-04-012024-03-31SC412818ns0:Trustee92023-04-012024-03-31SC412818ns11:CompanySecretary12023-04-012024-03-31SC412818ns0:TotalUnrestrictedFunds2023-04-012024-03-31SC412818ns0:TotalRestrictedIncomeFunds2023-04-012024-03-31SC412818ns0:Activity82023-04-012024-03-31SC412818ns0:TotalUnrestrictedFundsns0:Activity82023-04-012024-03-31SC412818ns0:Activity8ns0:TotalRestrictedIncomeFunds2023-04-012024-03-31SC412818ns0:Activity82022-04-012023-03-31SC412818ns0:TotalUnrestrictedFunds2023-03-31SC412818ns0:TotalRestrictedIncomeFunds2023-03-31SC412818ns0:TotalUnrestrictedFunds2024-03-31SC412818ns0:TotalRestrictedIncomeFunds2024-03-31SC412818ns0:TotalUnrestrictedFundsns10:WithinOneYear2024-03-31SC412818ns10:WithinOneYearns0:TotalRestrictedIncomeFunds2024-03-31SC412818ns10:WithinOneYear2024-03-31SC412818ns10:WithinOneYear2023-03-31SC412818ns10:PlantMachinery2023-04-012024-03-31SC41281822023-04-012024-03-31SC412818ns10:OwnedAssets2023-04-012024-03-31SC412818ns10:OwnedAssets2022-04-012023-03-31SC412818ns0:TotalUnrestrictedFunds2022-04-012023-03-31SC412818ns0:TotalRestrictedIncomeFunds2022-04-012023-03-31SC412818ns0:TotalUnrestrictedFundsns0:Activity82022-04-012023-03-31SC412818ns0:Activity8ns0:TotalRestrictedIncomeFunds2022-04-012023-03-31SC412818ns10:PlantMachinery2023-03-31SC412818ns10:PlantMachinery2024-03-31SC412818ns10:PlantMachinery2023-03-31
REGISTERED COMPANY NUMBER: SC412818 (Scotland)
REGISTERED CHARITY NUMBER: SC043299














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
SC412818 (Scotland)

Registered Charity number
SC043299

Registered office
MAC Arts
Bridge Street
Galashiels
Borders
TD1 1SP

Trustees
D Coyle Sound Technician
D Little Sound Engineer
L Reid
I Coltman Civil Servant
M Jeffrey Vice Principal (resigned 31.7.23)
S Gordon Retired (appointed 31.7.23)
Ms C McGill Risk Manager (appointed 31.7.23)
E Pinder Managing Director (appointed 31.7.23)
M Robertson Marketing Consultant (appointed 31.7.23)

Company Secretary
I Coltman

Independent Examiner
Susan Cove Accountancy Limited
Chartered Accountant
Ty Hapus
Clerklands
Melrose
Roxburghshire
TD6 9JR

Approved by order of the board of trustees on 30 January 2025 and signed on its behalf by:





Duncan Mackinnon Music And Arts
Trust Limited (Registered number: SC412818)

Report of the Trustees
for the Year Ended 31 March 2024


I Coltman - Secretary

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 3,045 - 3,045 673

Charitable activities
Hire and performance 240,620 57,425 298,045 229,422
Total 243,665 57,425 301,090 230,095

EXPENDITURE ON
Charitable activities
Hire and performance 222,058 24,441 246,499 206,305

Other 29,315 4,920 34,235 31,696
Total 251,373 29,361 280,734 238,001

NET INCOME/(EXPENDITURE) (7,708 ) 28,064 20,356 (7,906 )


RECONCILIATION OF FUNDS
Total funds brought forward 57,675 9,462 67,137 75,043

TOTAL FUNDS CARRIED
FORWARD

49,967

37,526

87,493

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 10,978 30,826 41,804 18,661

CURRENT ASSETS
Stocks 7 5,469 - 5,469 1,591
Debtors 8 35,895 - 35,895 3,637
Cash at bank and in hand 2,987 6,700 9,687 45,747
44,351 6,700 51,051 50,975

CREDITORS
Amounts falling due within one year 9 (5,362 ) - (5,362 ) (2,499 )

NET CURRENT ASSETS 38,989 6,700 45,689 48,476

TOTAL ASSETS LESS CURRENT
LIABILITIES

49,967

37,526

87,493

67,137

NET ASSETS 49,967 37,526 87,493 67,137
FUNDS 11
Unrestricted funds 49,967 57,675
Restricted funds 37,526 9,462
TOTAL FUNDS 87,493 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 30 January 2025 and were signed on its behalf by:





L Reid - Trustee

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 - 20% on cost

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 13,577 7,909

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 4 4

No employees received emoluments in excess of £60,000.


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 673 - 673

Charitable activities
Hire and performance 181,635 47,787 229,422
Total 182,308 47,787 230,095

EXPENDITURE ON
Charitable activities
Hire and performance 171,745 34,560 206,305

Other 31,696 - 31,696
Total 203,441 34,560 238,001

NET INCOME/(EXPENDITURE) (21,133 ) 13,227 (7,906 )
Transfers between funds 5,073 (5,073 ) -
Net movement in funds (16,060 ) 8,154 (7,906 )

RECONCILIATION OF FUNDS
Total funds brought forward 73,735 1,308 75,043

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 52,885
Additions 36,720
At 31 March 2024 89,605
DEPRECIATION
At 1 April 2023 34,224
Charge for year 13,577
At 31 March 2024 47,801
NET BOOK VALUE
At 31 March 2024 41,804
At 31 March 2023 18,661

7. STOCKS
31.3.24 31.3.23
£    £   
Stocks 5,469 1,591

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 33,508 1,555
Other debtors 1,345 2,082
VAT 1,042 -
35,895 3,637


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) 2,257 -
Other creditors 3,105 2,499
5,362 2,499

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 2,257 -

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
9,462 28,064 37,526
TOTAL FUNDS 67,137 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 ) -
57,425 (29,361 ) 28,064
TOTAL FUNDS 301,090 (280,734 ) 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

There were no related party transactions for the year ended 31 March 2024.