REGISTERED COMPANY NUMBER: SC412818 (Scotland)

REGISTERED CHARITY NUMBER: SC043299

Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31 March 2025

for

Duncan Mackinnon Music And Arts

Trust Limited

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

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 2025. 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 company continued to expand operations during the reporting year, with an increase in the number of events and performances and increases in audience numbers and facility users. As well as building revenue, the company secured additional funding which supported infrastructure improvements and community engagement in the arts. The company's long term strategic focus is on sustainability planning, both for the operation and the facility. The company maintains four paid employees and has expanded its number of volunteers to over fifty, strengthening the bond with the local community.

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.

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 (resigned 10.11.25)

D Little Sound Engineer

L Reid

I Coltman Civil Servant

S Gordon Retired

Ms C Walls Risk Manager

E Pinder Managing Director

M Robertson Marketing Consultant

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 23 December 2025 and signed on its behalf by:

I Coltman - Secretary

I report on the accounts for the year ended 31 March 2025 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 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

23 December 2025

31.3.25

31.3.24

Unrestricted

Restricted

Total

Total

fund

funds

funds

funds

Notes

£

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

1,436

-

1,436

3,045

Charitable activities

Hire and performance

303,657

36,911

340,568

298,045

Total

305,093

36,911

342,004

301,090

EXPENDITURE ON

Charitable activities

Hire and performance

276,324

40,272

316,596

246,499

Other

30,350

-

30,350

34,235

Total

306,674

40,272

346,946

280,734

NET INCOME/(EXPENDITURE)

(1,581

)

(3,361

)

(4,942

)

20,356

RECONCILIATION OF FUNDS

Total funds brought forward

49,967

37,526

87,493

67,137

TOTAL FUNDS CARRIED FORWARD

48,386

34,165

82,551

87,493

31.3.25

31.3.24

Unrestricted

Restricted

Total

Total

fund

funds

funds

funds

Notes

£

£

£

£

FIXED ASSETS

Tangible assets

6

11,274

34,165

45,439

41,804

CURRENT ASSETS

Stocks

7

5,979

-

5,979

5,469

Debtors

8

10,800

-

10,800

35,895

Cash at bank and in hand

28,683

-

28,683

9,687

45,462

-

45,462

51,051

CREDITORS

Amounts falling due within one year

9

(8,350

)

-

(8,350

)

(5,362

)

NET CURRENT ASSETS

37,112

-

37,112

45,689

TOTAL ASSETS LESS CURRENT LIABILITIES

48,386

34,165

82,551

87,493

NET ASSETS

48,386

34,165

82,551

87,493

FUNDS

11

Unrestricted funds

48,386

49,967

Restricted funds

34,165

37,526

TOTAL FUNDS

82,551

87,493

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

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 23 December 2025 and were signed on its behalf by:

L Reid - Trustee

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.

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):

31.3.25

31.3.24

£

£

Depreciation - owned assets

17,704

13,577

3.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024.

4.	STAFF COSTS

The average monthly number of employees during the year was as follows:

31.3.25

31.3.24

Support staff

4

4

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

5.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

Restricted

Total

fund

funds

funds

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

3,045

-

3,045

Charitable activities

Hire and performance

240,620

57,425

298,045

Total

243,665

57,425

301,090

EXPENDITURE ON

Charitable activities

Hire and performance

222,058

24,441

246,499

Other

29,315

4,920

34,235

Total

251,373

29,361

280,734

NET INCOME/(EXPENDITURE)

(7,708

)

28,064

20,356

RECONCILIATION OF FUNDS

Total funds brought forward

57,675

9,462

67,137

TOTAL FUNDS CARRIED FORWARD

49,967

37,526

87,493

6.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 April 2024

89,605

Additions

21,339

At 31 March 2025

110,944

DEPRECIATION

At 1 April 2024

47,801

Charge for year

17,704

At 31 March 2025

65,505

NET BOOK VALUE

At 31 March 2025

45,439

At 31 March 2024

41,804

7.

STOCKS

31.3.25

31.3.24

£

£

Stocks

5,979

5,469

8.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade debtors

7,143

33,508

Other debtors

100

1,345

VAT

3,557

1,042

10,800

35,895

9.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Bank loans and overdrafts (see note 10)

-

2,257

Other creditors

8,350

3,105

8,350

5,362

10.

LOANS

An analysis of the maturity of loans is given below:

31.3.25

31.3.24

£

£

Amounts falling due within one year on demand:

Bank overdrafts

-

2,257

11.	MOVEMENT IN FUNDS

Net

movement

At

At 1.4.24

in funds

31.3.25

£

£

£

Unrestricted funds

General fund

49,967

(1,581

)

48,386

Restricted funds

SOSE

30,826

(5,061

)

25,765

Creative Scotland

6,700

(6,700

)

-

The Foyle Foundation

-

8,400

8,400

37,526

(3,361

)

34,165

TOTAL FUNDS

87,493

(4,942

)

82,551

Net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

305,093

(306,674

)

(1,581

)

Restricted funds

Restricted fund

21,411

(21,411

)

-

SOSE

5,000

(10,061

)

(5,061

)

Creative Scotland

-

(6,700

)

(6,700

)

The Foyle Foundation

10,500

(2,100

)

8,400

36,911

(40,272

)

(3,361

)

TOTAL FUNDS

342,004

(346,946

)

(4,942

)

Comparatives for 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

Comparative 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

A current year 12 months and prior year 12 months combined position is as follows:

Net

movement

At

At 1.4.23

in funds

31.3.25

£

£

£

Unrestricted funds

General fund

57,675

(9,289

)

48,386

Restricted funds

SOSE

9,462

16,303

25,765

The Foyle Foundation

-

8,400

8,400

9,462

24,703

34,165

TOTAL FUNDS

67,137

15,414

82,551

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

548,758

(558,047

)

(9,289

)

Restricted funds

Restricted fund

21,411

(21,411

)

-

SOSE

35,171

(18,868

)

16,303

Creative Scotland

22,334

(22,334

)

-

The Foyle Foundation

10,500

(2,100

)

8,400

89,416

(64,713

)

24,703

TOTAL FUNDS

643,094

(627,680

)

15,414

12.	RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2025.