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← Mushroom Trust

2025-04-05-accounts

Scottish Charity No: SC007683

THE MUSHROOM TRUST

TRUSTEES' ANNUAL REPORT AND FINANCIAL STATEMENT

For the year ended 5 April 2025

Brodies LLP 31-33 Union Grove Aberdeen, AB10 6SD T: 01224 392242 Ref: MTSE.COS.MUS0017

THE MUSHROOM TRUST

TRUSTEES' ANNUAL REPORT AND FINANCIAL STATEMENT

For the year ended 5 April 2025

Contents Page
Reference and Administration Details 2
Trustees' Annual Report 3 - 6
Statement of Trustees Responsibilities 7
Auditors Report to the Trustees 8
Statement of Financial Activities 9
Balance Sheet 10
Statement of Cash Flows 11
Notes to the Financial Statements 11 - 19

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THE MUSHROOM TRUST

Reference and Administration Details

For the year ended 5 April 2025

Scottish Charity Number SC007683

Trustees:

Registered Office and Brodies LLP Solicitors 31-33 Union Grove Aberdeen AB10 6SD Auditor Whitelaw Wells Statutory Auditor 9 Ainslie Place Edinburgh EH3 6AT Investment Managers: Sarasin & Partners LLP Juxon House 100 St Paul's Churchyard London EC4M 8BU Bankers: Royal Bank of Scotland 36 St Andrew Square Edinburgh EH2 2YB

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THE MUSHROOM TRUST

TRUSTEES' ANNUAL REPORT

For the year ended 5 April 2025

The trustees present their report and financial statements for the year ended 5 April 2025.

Status of Charity and Governing Document

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's Trust Deed, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accrdance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (as amended for accounting periods commencing from 1 January 2019).

Objectives and activities

The charity's objects are established in its constitution, and these are such charitable purposes as the trustees may determine at their sole discretion.

Grant Making Policy

To these ends, the charity primarily awards grants to eligible institutions ranging from £1,000 to £10,000 (exceptionally the charity may award a greater sum). The grants are intended to help these institutions provide tangible benefits to such beneficiary groups as the trustees may deem appropriate.

The trustees meet at least annually to discuss applications made to the trustees. Notwithstanding the broad objectives of the trust, the charitable purposes that the trustees are more concerned with are:-

The advancement of environmental protection or improvement; The advancement of the arts, heritage, culture or science; The advancement of citizenship or community development;

In practice, the trustees' current focus is on protecting and enhancing green spaces in and around Edinburgh, Scotland and beyond. In particular the trustees wish to support projects that enhance the public's enjoyment and appreciation of green spaces including horticultural and aesthetic enhancement of parks, gardens and the designed environment, urban & rural.

The trustees monitor the progress of each project that they support.

To sustain the charity's activities, the trustees maintain an endowment fund, the capital and income from which is used to finance the charity's grant-making and other charitable activities.

Achievements and Performance

In this reporting period the charity awarded grants to institutions worth a total of £152,335.00 (2024 £122,820) details of which are provided in note 6. The figure in note 6 is stated as £135,285.00 as this includes the cancellation of the grant of £5,000 to City of Edinburgh Saughton Park and £3,000 to Inverness College which was granted and included in last years' account. The figure also includes the grant of £10,000 to Newtonmore Playpark as the conditions have now been met and is due to be paid out.

Dunbar's Close

Dunbar's Close is a historic walled garden laid out in the character of the seventeeth century located adjacent to the Royal Mile, Edinburgh. The Mushroom Trust a predecessor entity to the current 1983 Trust, acquired

subsequently gifted the garden to the City of Edinburgh Council in 1978. Landscape architect

was recuited to design the garden. Since 1983, the new Mushroom Trust has met the direct costs of maintaining the garden for the benefit of the general public. Expenditure in relation to this activity amounted to £12,259.92 in this reporting period (2024 £9,256.51).

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THE MUSHROOM TRUST

TRUSTEES' ANNUAL REPORT

For the year ended 5 April 2025

West Pilton Park

West Pilton Park is a green space regeneration project managed by the Edinburgh & Lothians Greenspace Trust in partnership with the City of Edinburgh Council. Planning permission for the site was granted in December 2024. The redevelopment will include improving the green space and the development of new amenities including a community growing space, play park, skate space, basketball area and climbing boulder, all with the aim of improving the public space and encouraging people to use the park. The Mushroom Trust has earmarked funds for the development of West Pilton Park including the cost of architects, surveyors, contractors and in due course will support operational costs.

Financial Review

The financial statement, presented overleaf, details the gift of £7,225,373.12 to the Trust's Endowment Fund from Ms Magdalene Abercromby Salvesen. £2,026,319.22 of this was credited to the Trust's unrestricted Endowment Fund and £5,199,053.90 was credited to the designated project's Endowment Fund. A donation of £2,060,000 was also received during the year from a Charitable Trust and this was credited to the designated project's fund.

The designated project's fund has been designated for future large scale projects to be supported by the trustees, including the re-development and future operation of the Edinburgh & Lothians Greenspace Trust's West Pilton Park project.

The charity's investment income amounted to £268,519.16 in this reporting period (2024 £139,539.73). The charity's main source of income is investment income generated by the expendable endowment funds which this year amounts to £116,063.44 (2024 £84,730.14). A further £106,763.45 (2024 £42,458.54) of income was generated by the designated projects endowment fund. Other income amounted to £2,065.43 (2024 £12,351.05) in the expendable endowment fund and £21,080.50 in the designated projects fund (2024 £328.64). The sum of £50,321.66 (2024 £7,495.10) was paid out in respect of accrued income on investments. Voluntary income gifted to the Trust by this year amounted to £nil (2024 £20,000).

Gross unrestricted expenditure amounted to £170,684.33 (2024 £172,750.36) and was composed thus:-

Charitable expenditure 135,285.00 Support & Governance costs 34,424.82 Other resources expended 974.51 170,684.33

Investment management costs amounted to £5,416.73 in this reporting period (2024 £5,131.25).

The value of the charity's unrestricted endowment fund stood at £3,868,500.78 at the close of the reporting period (2024 £4,160,658.64). The value of the designated projects fund stood at £11,381,599.91 at the close of the reporting period (2024 £1,996,590.67).

Reserve Policy

The charity's unrestricted reserves at the end of this reporting period stood at deficit £157,964.01 (2024 £92,138.22). The designated projects endowment reserves at the end of this reporting period stood at £135,473.36 (2024 £42,801.12).

The trustees generally seek to apply the whole free income of the charity, as well as capital where applicable, making reasonable provision for professional fees and outlays where appropriate.

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Docusign Envelope ID: 670DE27B-97CE-401C-9DF3-406ED52EECB4

THE MUSHROOM TRUST

TRUSTEES’ ANNUAL REPORT

For the year ended 5 April 2025

Investment Policy

In accordance with the trust deed, the trustees have power to invest in such stocks, shares, investments and property in the United Kingdom or abroad as they in their sole discretion think fit. The trustees engage Sarasin & Partners as their investment managers.

The trustees’ investment policy is geared towards a balanced retum between capital and income. There are no constraints as to the investments comprising the portfolio at any time.

In the year to 5th April 2025 capital values have increased by 147.75% with gross income increasing by 40.21%.

The increased capital value is higher than would have been expected due to the changes made during the year and the large donations received.

Trustee remuneration

Atincurredpresentin thethe dischargecharity neitherof theirremunerat autes I cisor asreimburses a trustee,the andtrusteesis a memberfor any ofincidental Brodies LLP,expenses whom the charity engage to perform lega ervices. In the current reporting years Brodies LLP charged £20,486 for their services.

Risk Management

The trustees have considered the major risks to which the charity is exposed.

A primary risk relates to the proper management of the trust's investments. The trustees consider that this risk has been minimised by the appointment of professional investment managers. The trustees review the investment managers’ performance and transactions by meeting with them and receiving reports from them on a regular basis.

The trustees also face the risk of fraud, both internal and external. Brodies LLP Solicitors are bound by the Law Society of Scotland's Socilitors Accounts Rules in relation to client monies and have professional indemnity insurance. WhilEEE.ted as a trustee and as a member of Brodies LLP, details of any transactions between the charity and Brodies LLP are disclosed in the charity's statement of financial activities.

The risk of external fraud is minimised as most of the donations made by the trustees are to other organisations that are registered charities. Where payments or donations are made other than to registered charities, the trustees take an active part in ensuring that the charitable purposes to which the payments are to be applied are fulfilled.

Plans for the Future

The trustees plan to continue to award grants, provided sufficient funding remains available.

Structure, governance and management

The Trust was established by Deed of Trust dated 30 September and 3 October 1983 and registered in the Books of Council and Session on 6 October 1983.

Appointment of Trustees

Trustees are assumed with the consent of the existing trustees and resign under Section 3 of the Trusts (Scotland) Act 1921.

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THE MUSHROOM TRUST

TRUSTEES' ANNUAL REPORT

For the year ended 5 April 2025

Training of the Trustees

The trustees are well acquainted with the Charity and Trustee Investment (Scotland) Act 2005 and their responsibilities as trustees and solicitors. No further training beyond this is considered necessary.

Statement of Disclosure of Information to Auditors

To the knowledge and belief of each of the persons who are trustees at the time the report is approved:So far as the trustees are aware, there is no relevant information of which the trust's auditor is unaware and

The trustees have taken all the steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information, and to establish that the trust's auditor is aware of the information.

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THE MUSHROOM TRUST

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees are responsible for preparing the trustees' annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in Scotland requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the trust and of the income and expenditure of the trust 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 Charities SORP (FRS102);

. make judgements and estimates that are reasonable and prudent;

. state whether applicable UK accounting standards 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 trust will continue in business.

The trustees are responsible for keeping adeqate accounting records thast are suficient to show and explain the trust's transactions and disclose with reasonable accuracy at any time the financial position of the trust and enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, Regulation 8 of the Charities Accounts (Scotland) Regulations 2006 ( as amended) and the provisions of the trust's constitution. They are also responsible for safeguarding the assets of the trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees' report was approved by the board of trustees and signed on their behalf by

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Date

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INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF

THE MUSHROOM TRUST

For the year ended 5 April 2025

Opinion

We have audited the financial statements of The Mushroom Trust (the ‘charity’) for the year ended 5 April 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cashflows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, Including FRS102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the trust in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis of our opinion.

Conclusions relating to going concern

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. 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 charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant section of this report.

Other information

The other information comprises the information include in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsile for the other information.

Our opinion on the financial statements does not cover the other information and, we do not express any form of assurance conclusion thereon.

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 such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 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 in this regard.

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INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF

THE MUSHROOM TRUST

For the year ended 5 April 2025

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities and Trustees Investment (Scotland) Act 2005 and the Accounts (Scotland) Regulations 2006 (as amended) requires us to report to you if in our opinion:

Other Matters

The comparative financial statements are unaudited.

Responsibilities of trustees

As explained more fully in the Statement of Trustees’ Responsibilities set out on page , the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees 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 charity'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 charity or to cease operations, or have no realistic alternative but to do so.

Auditors responsibilities for the audit of the financial statements

We have been appointed as auditor under section 44(1)c of the Charites and Trustee Investment (Scotland) Act 2005 and report in accordance with regulations made under this Act.

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 Audiitors 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:

Irregularities that result from fraud are inherently more difficult to detect than irregularities that result from error.

From enquiries of those charged with governance, it was determind tha the risk of material misstatement from fraud was low with little scope for fraud to occur. Our audit testing is designed to detect material misstatements from fraud where there is not a high level collusion.

Our audit testing was designed to detect material misstatements from other irregularities that result from error where there is not high level concealment of the error. In this regard the following audit work was undertaken: applicable laws and regulations were reviewed and discussed with management; senior management meeting minutes were reviewed; internal controls were reviewed and journals were reviewed. From this audit resting it was determined that the risk of material misstatement in this regard was low.

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Docusign Envelope ID: 670DE27B-97CE-401C-9DF3-406ED52EECB4

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE MUSHROOM TRUST

For the year ended 5 April 2025

We performed income and expenditure testing which was designed to identify any irregularities as a result of mistakes or human error. From this audit testing it was determined that the risk of material misstatement in this regard was low.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.

Use of our report

This report is made solely to the Trust's members and trustees, as a body, in accordance with section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005, regulation 10 of the Charities Accounts (Scotland) Regulations 2006 (as amended). Our audit work has been undertaken so that we might state to the Trust's members and trustees those matters we are required to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Trust and its trustees as a body, for our audit work, for this report, or for the opinions we have formed. Statutory Auditor 9 Ainslie Place Edinburgh EH3 6AT Date 7 January 2026

Whitelaw Wells is eligible to ast as an auditor in terms of section 1212 of the Companies Acr 2006.

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Total 2024 £ 3,020,000.00 139,539.73 3,159,539.73 5,131.25 171,788.86 961.50 177,881.61 174,429.60 3,156,087.72 - 2,951,824.49 6,107,912.21
Total 2025 £ 9,285,373.12 268,519.16 9,553,892.28 5,416.73 181,969.74 59,702.97 247,089.44 187,105.01 )
(		 9,119,697.83 - - 6,107,912.21 15,227,610.04
STATEMENT OF FINANCIAL ACTIVITIES For the year ended 5 April 2025 Unrestricted
Designated
Endowment
Designated		 Funds
Projects Fund
Funds
Projects		 Endowments Funds 2025
2025
2025
2025		 £
£
£
£		 -
-
2,026,319.22
7,259,053.90		 118,128.87
150,390.29
-
-		 118,128.87
150,390.29
2,026,319.22
7,259,053.90		 -
-
3,875.72 )
(
9,292.45		 181,969.74
-
-
-		 974.51
58,728.46
-
-		 182,944.25
58,728.46
3,875.72 )
(
9,292.45		 -
-
47,282.76 )
(
139,822.25 )
(		 64,815.38 )
(
91,661.83
1,982,912.18
7,109,939.20		 1,010.41 )
(
1,010.41
1,064,630.00
1,064,630.00 )
(		 3,339,700.04 )
(
3,339,700.04		 92,138.22 )
(
42,801.12
4,160,658.64
1,996,590.67		 157,964.01 )
(
135,473.36
3,868,500.78
11,381,599.91
Notes 2 3 4 5 10 12
Income from: Donations and legacies Investments Total income Expenditure on Raising Funds Charitable Activities Other Total expenses Gains/(losses) in investments Net Movement in Funds Transfer between funds Cash Investments Balance held at 5 April 2024 Balance held at 5 April 2025

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THE MUSHROOM TRUST

BALANCE SHEET

As at 5 April 2025

Notes
Fixed Assets
Investments
12
Current Assets
Bank and cash
Debtors
13
Creditors:Amounts falling due
within one year
14
Net Current Assets
Total Net Assets
The Funds of the Charity:
Capital Funds
Endowments funds
Income funds
Designated Projects Fund - Dunbar Close
Designated Projects Fund - West Pilton Park
Unrestricted funds		 2025
Unrestricted
Fund
£
3,718,408.00
7,935.26
14,733.51
3,741,076.77
30,540.00 )
(
3,710,536.77
3,710,536.77
3,868,500.78
-
-
157,964.01 )
(
3,710,536.77		 2025
2025
2024
Designated Projects
Total
Total
Fund
£
£
£
11,326,413.00
15,044,821.00
6,123,375.00
120,028.04
127,963.30
31,681.45
73,406.92
88,140.43
178.68
11,519,847.96
15,260,924.73
6,155,235.13
2,774.69 )
(
33,314.69 )
(
47,322.92 )
(
11,517,073.27
15,227,610.04
6,107,912.21
11,517,073.27
15,227,610.04
6,107,912.21
11,381,599.91
15,250,100.69
6,157,249.31
1,500.00
1,500.00
1,500.00
133,973.36
133,973.36
41,301.12
-
157,964.01 )
(
92,138.22 )
(
11,517,073.27
15,227,610.04
6,107,912.21

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The financial statements were approved by the trustees on …............... and signed on their behalf by:

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The notes on pages 9 to 15 form part of these financial statements.

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THE MUSHROOM TRUST

STATEMENT OF CASH FLOWS

For the year ended 5 April 2025

Note
Net cash (utilised)/provided by operating activities
Cash flows from investing activities
Donations
Dividends
Interest
Accrued interest
Other income
Purchase of investments
Proceeds from sale of investments
Net cash used in investing activities
Increase/(decrease) in cash and cash equivalents in period
Cash and cash equivalent brought forward
Cash and cash equivalents carried forward		 2025
2025
2025
2024
Unrestricted
Designated
Total
Total
Fund
Projects Fund
£
£
£
£
209,546.82 )
(
139,512.60 )
(
349,059.42 )
(
214,287.37 )
(
2,026,319.22
7,259,053.90
9,285,373.12
3,020,000.00
116,063.44
106,763.45
222,826.89
134,355.14
2,065.43 21,080.50
23,145.93
12,679.69
72,868.00
72,868.00
50,321.66 )
(
50,321.66 )
(
8,642,801.17 )
(
22,104,820.08 )
(
30,747,621.25 )
(
5,830,312.24 )
(
8,962,844.41
12,676,225.83
21,639,070.24
2,782,923.44
2,464,491.33
2,019,150.06 )
(
445,341.27
119,646.03
2,254,944.51
2,158,662.66 )
(
96,281.85
102,136.44 )
(
29,071.20
2,610.25
31,681.45
133,817.89
2,284,015.71
2,156,052.41 )
(
127,963.30
31,681.45

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THE MUSHROOM TRUST

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 5 April 2025

1. Accounting Policies

1.1 Accounting convention

The accounts have been prepared in accordance with applicable accounting standards in the United Kingdom, Financial Reporting Standard 102 (FRS102), the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and Statement of Recommended Practice (revised) Accounting and Reporting by Charities. The Trust constitutes a public benefit entity as defined by FRS102.

The financial statements are prepared in sterling , which is the functional currency of the charity.

The financial statements have been prepared in accordance with the Financial Reporting Standard 102, as issued by the Financial Reporting Council (effective 1 January 2019), the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Rebublic of Ireland(FRS 102)" (as amended), the Charities and Trustees Investment (Scotland) Act 2005 and the Charities Accounts Scotland) regulations 2006 (as amended). They are prepared on the historical cost basis, except for investments which have been included at fair value.

The trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost of transaction value unless otherwise stated in the relevant accounting policy.

These financial statements are presented in pounds sterling (GBP) as that is the currency in which the trust's transactions are denominated.

The preparation of financial statements requires the use of certain critical accounting estimates. It also requires trustees to exercise their judgement in the process of applying the accounting policies. Use of available information and application of judgement are inherent in the formation of estimates. Actual outcomes in the future could differ from such estimates.

The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in note 1.9

1.2 Going Concern

The accounts have been prepared on a going concern basis. The trustees haves assessed the trust's ability to continue as a going concern and have reasonable expectation that the Trust has adequate resources to continue in operational existience for the forseeable future and for a period of at least 12 months from the date of approval of these financial statements. Thus they continue to adopt the going concern basis of accounting in preparing the accounts. The most significant areas of uncertainty that effect the carrying value of assets held by the Trust and level of future investment income are the level of investment return and the performance of investments markets.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.

The expendable endowment fund represents the principal sum settled to the trust, which the trustees have invested in accordance with the powers conferred on them by the trust deed for the benefit of future beneficiaries; the trust deed confers on the trustees the power to apply such funds for charitable purposes at any time and may do so at their sole discretion.

The trust fund is separated into a designated projects fund and unrestricted fund. Income generated from the designated projects fund is to be ringfenced for larger scale projects to be supported by the trustees, including the re-development and future operation of the Edinburgh & Lothians Greenspace Trust's West Pilton Park project. The unrestricted fund can be applied for all other projects the trustees decide to support and for trust administration and governance costs.

1.4 Incoming resources

Income is included in the Statement of Financial Activities (SoFA) when:

the charity becomes entitled to the resource. it is probable that the trustees will receive the resources; and

the monetary value can be measdure with sufficient reliability.

Grants and donations are only included in the SoFA when the charity has unconditional entitlement to the resources.

Incoming resources from tax claims are included in the SoFA at the same time as the gift to which and gifts they relate.

Investment income is included in the accounts when receivable.

Investment gains and losses include any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.

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THE MUSHROOM TRUST

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 5 April 2025

1.5 Resources expended

Liabilities are recognised when:

There is a legal or consrtructive obligation committing the charity to pay our resources: It is probable that the liability will be settled: and

the monetary value can be measured with sufficient reliabilty.

Support and governence costs include costs of preparation and audit examination of statutory accounts, the cost of trustee meetings and cost of any legal advice to trustees on goverance or constitutional matters.

Raising funds includes all aspects of investment management costs.

Where the charity gives a grant with conditions for its payment, being a specific level of service or conditions output to be provided, such grants are only recognised in the SoFA once the recipient of the grant has provided the specified service or output.

Grants payable without performance conditions are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to the grant which remain in the control of the charity.

1.6 Fixed asset investments

Investments quoted on a recognised stock exchange are valued at market value at the year end. Other investments assets are included at trustees' best estimate of market value.

1.7 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8 Financial instruments

The charity has only basic financial assets and liabilities comprising investments, income debtors, cash at bank and creditors for support and governance costs. Their assets and liabilities are initially recorded at cost and subsequently at market value in the case of investments and in respect of other assets and liabilities at the amounts expected to be received or paid.

1.9 Critical Judgements and Estimates

In preparing the financial statements trustees make estimates and assumptions which affect reported results, financial postion and disclosure of contingencies. Use of availbale information and application of judgement are inherent in the formation on the estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates.

The estimates and assumptions with a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are:

At the year end there are no areas where critical judgements or material estimates have been made.

2 Donations

investments
cash
Charitable Trust
3
Investments
Income from investments
Interest received
Accrued interest on investments
Other income - accrued interest on investment		 Designated
Total
Total
Projects Funds
2025
2025
2025
2024
£
£
£
£
2,026,319.22
4,194,668.20
6,220,987.42 3,020,000.00
1,004,385.70
1,004,385.70
-
2,060,000.00
2,060,000.00 -
Unrestricted
Funds
2,026,319.22 7,259,053.90 9,285,373.12 3,020,000.00
Designated
Total
Total
Projects Funds
2025
2025
2025
2024
£
£
£
£
116,063.44 106,763.45 222,826.89 134,355.14
2,065.43 21,080.50 23,145.93 12,679.69
- 72,868.00 72,868.00 -
-
50,321.66 )
(
50,321.66 )
(
7,495.10 )
(
Unrestricted
Funds
118,128.87 150,390.29 268,519.16 139,539.73

Investment income is composed of UK and overseas dividends, interest on UK bonds, UK property, distributions from investments in securities classified as alternative investments or thematic investments in the areas of infrastructure management, and environment and bank interest.

The charity has a total return objective looking to utilise income and capital.

15

Brodies

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THE MUSHROOM TRUST

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 5 April 2025
Raising Funds Endowment Designated Total Total
Funds Projects Funds
2025 2025 2025 2024
£ £ £ £
Investment management fees
Murray Asset Management - - - 1,682.64
Sarasin & Partners ( 3,875.72 )
 9,292.45 5,416.73 3,448.61
( 3,875.72 )
 9,292.45 5,416.73 5,131.25

4 Raising Funds

The trustees engage Sarasin and Partners to provide asset management and income collection services to the charity during the year. In general, the trustees expect investment management costs to account for no greater than 2% of the market value of assets under management per annum.

Investment management costs as a percentage of assets under management at account year end was 0.02% ( 2024 0.07%).

5 Charitable Activities

£
David Lownie's fee re Dunbar's Close
Expenses re maintenance of Dunbar Close
Grant funding of activities
Edinburgh & Lothians Greenspace Trust
Share of support costs
Share of governance costs		 Designated
Projects Fund
Total
Total
2025
2024
£
£
£
£
725.05
-
725.05
4,171.51
11,534.87
-
11,534.87
5,085.00
Charitable
Expenditure
12,259.92 -
12,259.92
9,256.51
135,285.00
-
135,285.00
117,820.00
58,728.46
58,728.46
30,464.82
-
30,464.82
40,278.35
3,960.00
-
3,960.00
4,434.00
181,969.74 58,728.46 240,698.20 171,788.86

The charity meets its charitable purposes principally by making grants to institutions. In addition, the charity met the direct costs of the maintenance of the historic walled garden at Dunbar's Close, Edinburgh. Support costs consist of fees charged by Brodies LLP for administering the charity's grant-making activities. It also includes the expenses incurred on behalf of The Mushroom Trust by

16

Brodies

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THE MUSHROOM TRUST

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 5 April 2025

2025 2024
6 Grants payable £ £
Linlithgow Burgh Trust - 500.00
Clydeside Initiative for Arts Ltd - 3,500.00
Comrie in Colour - 2,500.00
Cousland Smiddy Trust - 500.00
Dunoon Community Developmen Trust - 2,500.00
Friends of Garnethill Green Space - 1,500.00
Friends of Kings Park - 3,000.00
Friends of Queens Park - 850.00
Glasgow Kelvin College - 4,000.00
Gorgie Collective - 3,500.00
Scotland's Garden & Landscape Heritage - 3,500.00
Greenheart Growers - 2,000.00
Aproxima & Friends of Glasgow Necropolis 3,350.00 1,500.00
Art Walk Projects CIC - 1,220.00
Lil Projects - 4,000.00
Upper Achintore Regeneration Group - 3,000.00
North Berwick in Bloom - 1,500.00
Friends of Ashton - 2,500.00
North Edinburgh Arts Ltd - 3,500.00
Meigle & Ardler Community Development Trust - 4,000.00
Maggie Keswick Jencks Cancer Caring Centres Trust - 2,500.00
Newtongrange Development Trust - 3,000.00
Paxton Trust - 3,500.00
Royal Botanic Gardens Edinburgh - 1,000.00
Gorebridge Community Development Trust - 1,750.00
Newtongrange Star Football Club - 3,000.00
Braemar Community Ltd - 3,000.00
The Arran Pioneer Project CIC - 2,500.00
Grassmarket Residents Association - 3,000.00
Springburn Gardens Association - 4,000.00
Cyrenians - 2,000.00
National Playing Fields Association - 3,000.00
North Glasgow Community Food Initiative - 3,000.00
Our Lady Of Mission School Fund - 4,000.00
St Triduanas Medical Practice - 600.00
St Andrews Botanic Garden Trust - 4,000.00
The Conservation Volunteers - Wardie Wildlife - 1,000.00
The Scottish Crannog Centre - 3,000.00
The Tinnis Trust - 2,000.00
Under The Trees Ltd - 2,500.00
Upward Mobility - 4,000.00
Rosyth Community Projects Ltd - 3,400.00
Edinburgh & Lothian Greenspace Trust - 5,000.00
Water of Leith Conservation Trust - 4,000.00
Strathmore community Hub - 3,000.00
St Rose of Lima Calm Garden - 1,000.00
Lime Grove Community Garden - 1,000.00
Inverness College ( 3,000.00 )
 -
City of Edinburgh Saughton Park ( 5,000.00 )
Apex Church 2,000.00 -
Arniston Playgroup 2,830.00 -
Battlefield Community Project 2,500.00 -
Blairgowrie & Rattray in Bloom 2,500.00 -
Broughty Ferry YMCA 526.00 -
Carron Primary Schol 4,000.00 -
Cassiltoun Housing Association 4,000.00 -
Castle Douglas Development Forum 3,350.00 -
Cranhill Development Trust 4,000.00 -
Kindrogan Somerville School - ( 5,000.00 )
Crieff Community Trust 1,000.00 -
Deaf Action 1,000.00 -
Dementia-Friendly Aberfeldy 3,500.00 -
Dingwall Academy Parent Council 575.00 -
Douglas Park Project 2,000.00 -
Drylaw Neighbourhood Centre 2,700.00 -
Duke of Edinburgh Award - Perth and Kinross Association SCIO 4,000.00 -
Eat Sleep Ride CIC 4,000.00 -
Edible Estates 4,000.00 -
Edinburgh Festival Fringe Society Ltd 1,000.00 -
Fallin Community Voice 4,000.00 -
Fauldhouse and Breich Valley Community Development Trust 554.00 -
FEAT Trading Community Interest Community 3,000.00 -
Ferry Road Allotments 1,000.00 -
Fife Society for the Blind 1,000.00 -
Flourish Rooted Learning 4,000.00 -
Friends of Winterfield 2,500.00 -
Fyne Futures 2,000.00 -
Getting Better Together Ltd 3,000.00 -

17

Brodies

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THE MUSHROOM TRUST

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 5 April 2025

Glasgow East End Community Carers
Govanhill Baths Community Trust
Grow Green Scotland
Haddington Garden Trust
Hogganfield Community Trust
Kings Meadow Development Association Dunbar
Lochwinnoch Community Development Trust
Movement in Thyme
Newhaven Heritage Community Gardens
Niddrie Square Residents
Off Grid Community SCIO
Overmills Allotment Association
Partick Housing Association
Planetary Healing Centre
Rosemount Development Trust
Rosneath Community Garden
SAMH
Scottish Wildlife Trust
SIMY Community Development
Strathlyde Wing Hong Elderly Group
The Menzies SCIO (Castle Menzies)
The North Harris Trust
Torbeck Orchard
Victoria Park Community Trust
West Lothian Youth Action Project
Wester Hailes Community Trust
WILD Woodland Inspired Learning and Development
Newtonmore Playpark		 4,000.00
-
4,500.00
-
2,500.00
-
1,400.00
-
500.00
-
2,000.00
-
2,500.00
-
2,500.00
-
2,500.00
-
1,000.00
-
2,500.00
-
1,000.00
-
3,000.00
-
3,000.00
-
4,000.00
-
2,500.00
-
2,000.00
-
2,000.00
-
2,000.00
-
2,000.00
-
2,000.00
-
2,000.00
-
2,500.00
-
2,500.00
-
1,000.00
-
1,000.00
-
1,000.00
-
10,000.00
-
135,285.00
117,820.00

18

Brodies

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THE MUSHROOM TRUST

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 5 April 2025

7 Support Costs

Murray Beith Murray general fees
Auditors fees
Brodies LLP fees
Whitelaw Wells audit fee
expenses
expenses		 Support costs
Governance
costs
2025
2025
2025
2024
£
£
£
£
-
-
-
6,900.00
-
-
-
474.00
20,486.00
-
20,486.00
28,266.00
-
3,960.00
3,960.00
3,960.00
7,530.02
-
7,530.02
5,112.35
2,448.80
-
2,448.80
30,464.82
3,960.00
34,424.82
44,712.35

During the year the trustees engaged Brodies LLP to provide professional services pursuant to the effective discharge of their statutory duties.

In general, the trustees expect goverance costs to account for no greater than 15% of total expenditure given the size of the charity.

Goverance costs as a percentage of charity's total expediture 1.64% (2024: 2.58%). Auditors remunueration for the year was £3,960 (2024:£3,960).

8 Trustee remuneration and expenses

No trustee received remuneration nor reimbursed expenses from the trust during the year (2024: £nil).

9 Employees

There were no employees during the year.

10 Other

Other expenditure - insurance
Other expenditure - website costs		 Total
2025
2024
£
£
616.92
589.50
357.59
372.00
Unrestricted
Funds
974.51
961.50

Other expenditure consisted of an insurance policy with Bruce Stevenson Insurance Brokers to protect the trust funds. The insurance policy provides elements of public liability, employer's liability and trustees legal liability. It also includes costs to review the website for the trust.

11 Net gains/(losses) on investments

Revaluation of investments
Gain/(loss) on sale of investments
Investments
Market value at 5 April 2024
Additions (cost)
Disposals (proceeds)
(Loss)/Gain on sale of investments
Unrealised gain/(loss) on investments
Market value at 5 April 2025		 Endowment
Designated
Total
Total
Fund
Projects Fund
2025
2025
2025
2024
£
£
£
£
234,133.29 )
(
137,229.46 )
(
371,362.75 )
(
293,062.76
186,850.53
2,592.79 )
(
184,257.74
118,633.16 )
(
47,282.76 )
(
139,822.25 )
(
187,105.01 )
(
174,429.60
Endowment
Designated
Total
Total
Fund
Projects Fund
2025
2025
2025
2024
£
£
£
£
4,085,734.00
2,037,641.00
6,123,375.00
2,901,556.60
8,642,801.17
22,104,820.08
30,747,621.25
5,830,312.24
8,962,844.41 )
(
12,676,225.83 )
(
21,639,070.24 )
(
2,782,923.44 )
(
186,850.53
2,592.79 )
(
184,257.74
118,633.16 )
(
234,133.29 )
(
137,229.46 )
(
371,362.75 )
(
293,062.76
3,718,408.00
11,326,413.00
15,044,821.00
6,123,375.00

12 Investments

All investments are held at fair value on a registered stock exchange.

13 Debtors

Donations
Sarasin fee rebate
Accrued income		 2025
2024
£
£
14,050.00
-
1,222.43
178.68
72,868.00
-
88,140.43
178.68

19

Brodies

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THE MUSHROOM TRUST

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 5 April 2025

14 Creditors: amounts falling due within one year

Brodies LLP fee
Sarasin fee
Whitelaw Wells audit fee
maintenance work
xpenses
Grants
Creditors: amounts falling due within one year continued
Grants
Lime Grove Community Garden
St Rose Of Lima Calm Garden
Inverness College
Aros Park Historic Walled Garden
Whale Art
Alternatives Community Based Recovery
Strathkinness Community Park Project
Centrestage Communities Ltd
Ninewells Community Garden
City of Edinburgh Saughton Park
Lenzies Community Development Trust
Viewpark Conservation Group
Cambo Heritage
Camphill School
Newtonmore Playpark
Newhaven Heritage Community Gardens
Castle Menzies
Torbreck Orchard		 2025
2024
£
£
-
6,660.00
2,774.69
859.46
7,920.00
3,960.00
-
440.00
-
2,253.46
22,620.00
33,150.00
33,314.69
47,322.92
2025
2024
£
£
620.00
1,000.00
-
1,000.00
-
3,000.00
-
2,000.00
2,500.00
2,500.00
-
2,500.00
-
2,500.00
-
2,500.00
2,500.00
2,500.00
-
5,000.00
-
500.00
-
3,150.00
-
2,500.00
-
2,500.00
10,000.00
-
2,500.00
-
2,000.00
-
2,500.00
-
22,620.00
33,150.00

15 Analysis of Net Assets by Funds

Fund balances at 5 April 2025
are represented by
Investments
Current Assets/liabilities
Cash at bank and in hand
Debtors
Current Liabilities
(Creditors) falling due within one year
Net Assets
Fund balances at 5 April 2025
are represented by
Investments
Current Assets/liabilities
Cash at bank and in hand
Debtors
Current Liabilities
(Creditors) falling due within one year
Net Assets		 Unrestricted
Total
Total
Endowment
Unrestricted
Unrestricted
Fund
Funds
Funds
2025
2025
2024
£
£
£
3,718,408.00
3,718,408.00
4,085,734.00
7,935.26
7,935.26
29,071.20
14,733.51
14,733.51
178.68
30,540.00 )
(
30,540.00 )
(
47,322.92 )
(
3,710,536.77
3,710,536.77
4,067,660.96
Total
Total
Designated
Designated
Designated
Designated
Projects
Projects
Projects
Projects
Endowment Fund
Fund
Fund
Fund
2025
2025
2025
2024
£
£
£
£
11,326,413.00
-
11,326,413.00
2,037,641.00
118,381.14
1,646.90
120,028.04
2,610.25
-
73,406.92
73,406.92
-
2,774.69 )
(
-
2,774.69 )
(
859.46 )
(		 Unrestricted
Total
Total
Endowment
Unrestricted
Unrestricted
Fund
Funds
Funds
2025
2025
2024
£
£
£
3,718,408.00
3,718,408.00
4,085,734.00
7,935.26
7,935.26
29,071.20
14,733.51
14,733.51
178.68
30,540.00 )
(
30,540.00 )
(
47,322.92 )
(
3,710,536.77
3,710,536.77
4,067,660.96
11,442,019.45
75,053.82
11,517,073.27
2,039,391.79

20

Brodies

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THE MUSHROOM TRUST

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 5 April 2025

16 Movements of Funds

Movements of Funds
Unrestricted Funds
Unrestricted Endowment Fund
Designated Projects Fund
Dunbar's Close
West Pilton Park
Designated Projects Endowment Fund
Unrestricted Funds
Unrestricted Endowment Fund
Restricted Fund:-
Dunbar's Close
West Pilton Park
Restricted Endowment Fund:-
West Pilton Park		 Balance at
Income
Expenditure
Gains/
Balance at
6/4/24
(losses)
5/4/25
£
£
£
£
£
92,138.22 )
(
117,118.46
182,944.25 )
(
157,964.01 )
(
4,160,658.64
3,090,949.22
3,335,824.32 )
(
47,282.76 )
(
3,868,500.78
4,068,520.42
3,208,067.68
3,518,768.57 )
(
47,282.76 )
(
3,710,536.77
-
1,500.00
-
-
-
1,500.00
41,301.12
151,400.70
58,728.46 )
(
133,973.36
1,996,590.67
10,598,753.94
1,073,922.45 )
(
139,822.25 )
(
11,381,599.91
2,039,391.79
10,750,154.64
1,132,650.91 )
(
139,822.25 )
(
11,517,073.27
Balance at
Income
Expenditure
Gains/
Balance at
5/4/23
(losses)
5/4/24
£
£
£
£
£
37,626.47 )
(
118,238.61
172,750.36 )
(
92,138.22 )
(
2,987,950.96
1,000,000.00
2,484.16 )
(
175,191.84
4,160,658.64
2,950,324.49
1,118,238.61
175,234.52 )
(
175,191.84
4,068,520.42
-
1,500.00
-
-
-
1,500.00
42,458.54
1,157.42 )
(
41,301.12
-
2,000,000.00
2,647.09 )
(
762.24 )
(
1,996,590.67
1,500.00
2,042,458.54
3,804.51 )
(
762.24 )
(
2,039,391.79

17 Related party transactions

s a trustee, and a member of Brodies LLP, whom the charity engaged to perform legal, cash and accounting services. During the year Brodies LLP charged the trust £20,486 (2024:£28,266) for these services. At the balance sheet date, the trust owed Brodies LLP £nil (2024:£6,660).

who is a trustee, made a donation to the trust of £7,225,373.12, (2024:£3,020,000). and are both trustees of The Tulip Trust.

18 Cash and Cash Equivalents

Cash held by Brodies
Cash held by Sarasin		 Unrestricted
Designated
Total
Total
Endowment
Projects
2025
2024
Fund
Fund
£
£
£
£
5,405.11
1,948.70
7,353.81
30,695.75
2,530.15
118,079.34
120,609.49
985.70
7,935.26
120,028.04
127,963.30
31,681.45

21

Brodies

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THE MUSHROOM TRUST

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 5 April 2025

19 Reconciliation of net movement in funds to net cash flow from operating activities

Net movement in funds
Donations
Dividends & interest received
Other income
Net (gains) /losses on
investments
(Increase)/decrease in debtors
Increase/(decrease) in creditors		 Unrestricted
Designated
Funds
Projects
Total
Total
Fund
2025
2025
2025
2024
£
£
£
£
1,918,096.80
7,201,601.03
9,119,697.83
3,156,087.72 -
-
2,026,319.22 )
(
7,259,053.90 )
(
9,285,373.12 )
(
3,020,000.00 )
(
118,128.87 )
(
157,885.39 )
(
276,014.26 )
(
147,034.83 )
(
-
7,495.10
7,495.10
7,495.10
47,282.76
139,822.25 -
-
187,105.01
174,429.60 )
(
14,554.83 )
(
73,406.92 )
(
87,961.75 )
(
178.68 )
(
15,923.46 )
(
1,915.23
14,008.23 )
(
36,227.08 )
(
209,546.82 )
(
139,512.60 )
(
349,059.42 )
(
214,287.37 )
(

22

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20 Comparative Statement of Financial Activities for the year ended 5 April 2024

Notes
Income from:
Donations and legacies
2
Investments
3
Total income
Expenditure on
Raising Funds
4
Charitable Activities
5
Other
10
Total expenses
Gains/(losses) in investments
12
Net Movement in Funds
Transfer between funds
Balance held at 5 April 2023
Balance held at 5 April 2024		 Unrestricted
Restricted
Endowment
Restricted
Funds
Funds
Funds
Endowment
Total
Total
Funds
2024
2024
2024
2024
2024
2023
£
£
£
£
£
£

20,000.00
-
1,000,000.00
2,000,000.00
3,020,000.00
20,000.00

97,081.19
42,458.54
-
-
139,539.73
115,209.70
117,081.19
42,458.54
1,000,000.00
2,000,000.00
3,159,539.73
135,209.70

-
-
2,484.16
2,647.09
5,131.25
9,453.61

171,788.86
-
-
-
171,788.86
117,125.72

961.50
-
-
-
961.50
925.50
172,750.36
-
2,484.16
2,647.09
177,881.61
127,504.83

-
-
175,191.84
762.24 )
(
174,429.60
276,736.52 )
(
55,669.17 )
(
42,458.54
1,172,707.68
1,996,590.67
3,156,087.72
269,031.65 )
(
1,157.42
1,157.42 )
(
-
-
37,626.47 )
(
1,500.00
2,987,950.96
-
2,951,824.49
3,220,856.14
92,138.22 )
(
42,801.12
4,160,658.64
1,996,590.67
6,107,912.21
2,951,824.49

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The notes on pages 9 to 21 form part of these financial statements.

23

Brodies