MAXWELTON CHAPEL TRUST ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021 CHARITY NUMBER SC008519 Bell Ingram LLP Durn,151a Road PERTH PH2 7HF JM-S2111 13 December 2021
MAXWELTON CHAPEL TRUST CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Trustees, Annual Report Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Financial Slalements 7-10
MAXWELTON CHAPEL TRUST TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2021 The trustees present their annual report and accounts foi the year ended 31 March 2021. R&feren¢e and Administrative Information CURRENT TRUSTEES CONTACT ADDRESS Bell Ingram LLP Dutn Isla Road Perth PH2 7HF CHARITY REGISTRATION NUMBER SC008519 ACCOUNTANTS Bell Ingram LLP Durn Isla Road Perth PH2 7HF ER Milne Craig Chartered Accounlanls Aber¢orn HoLJse 79 Renfrew Road Paisley PA3 4DA BANKERS Bank of Scotland 54162 Sauchiehall Street Glasgow G2 3AH
MAXWELTON CHAPEL TRUST TRUSTEES ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 STRUCTURE, GOVERNANCE AND MANAGEMENT HISTORY OBJECTIVES AND ACTIVITIES OF THE TRUST AND GOVERNING DOCUMENT The trust was founded in 1968. 11 is a registered Charity (number SC0085191 and is governed by trust deed dated 26 June 1968. 11 embarked on the renovation of Maxwelton Chapel leading lo ils rededicalion by the then Episcopal Bishop of Glasgow and Galloway in 1989. CHARITABLE PURPOSES The Chapel and it5 grounds are now looked after by the trust for the benefit of the local and wider community. Regular services are held and the Chapol may be used by all recognised Christian faiths for worship. The grounds are open lo the public. RECRUITMENT AND APPOINTMENT OF TRUSTEES The trust deed does not specify a minimum or maximum number of Iruslees. Were there a requirement for new trustees, these would be Identified and appointed by the remaining trustees. New trustees are made aware of a trLJStee's responsibilities, the governing document, 2dminislrative procedLJres, the history and objeGtives of the trust. ACTIVITIES AND ACHIEVEMENTS During the year the trust has been able to Continue to maintain the Maxwellon Chapel and its ground for the benefit of the local community. Donations were received from the Hugh Slenhou5e Foundation lo enable the Irust lo meet its running ¢osls. FINANCIAL REVIEW INVESTMENT POLICY AND RESERVES Incoming resources of the trust, comprising donations. offerings. inveslmènls 8nd miscellaneous income. for the year ended 31 March 2021 amounted to £39,34912020- £40,852). Property upkeep and adminislralion costs absorbed £22, 18212020- £30.3001 leaving a surplus of £17,167 12020- £10,552). The trust made nel gain of £88,50612020- loss £45,761) on Iixed asset inveslmenls. giving a total nel gain of £105.67312020 - loss £35.2091 lo be transferred lo the general fund. Quarterly investment reports are received from the trust's stockbrokers In order Ihal the inveslrnenl perforinance may be reviewed by the Iruslees. The stockbrokers have been instrLJCted to maintain a medium risk profile with the further proviso that the maximum purchase permissible of an individual security be 120/0 of the portfolio. The trustees continue lo mnitor reserves to ensure that the trust can meèt the expected expenditure of the trust for al least the next twelve months. Al the balance sheet date, the general fund amounted lo £442,48812020- £336,815) which is well in excess of the rèsource5 expended of £22,18212020 - £30,300). The trLJslees' longer letrn policy remains to increase the trust's investment assets and income so the trust is less reliant on funding from external sources in order lo achieve ils objectives.
MAXWELTON CHAPEL TRUST TRUSTEES ANNUAL REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2021 FUTURE PLANS The trust is presendy engaged in changing as a legal entity from an unincorporated charity lo a Scottish Charitable Incorporated Organisation ISCIOI. 11 is hoped lo achieve the transfer of the trust's assets lo the new legal entity during financial year ending 31 March 2022. TRUSTEES The Trustees who served during the year and LJP lo the dale of this report were.. INDEPENDENT EXAMINER The Trustees intend lo ask the exsling independent examiner lo undertake the independent examination of the trust in the following year. Approved by the trust Trustee 17 12. 20£1 Dale
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MAXWELTON CHAPEL TRUST I roport on thé accounts of the charity for the year ended 31 March 2021 which ore set out on pag65 510 9. Respactive resptsnslblllties of trusttres and Independent examinèr The ¢haTity's Irusfees are Tesponsible for the preparation of the account5 in a¢coidanco th the terrns of the Chaiilies and Tiustee Investtnent (SWand) Act 2005 and the Charitie6 Accounts (Scotlandl Regulations 2006 las Snded}. The charlty's Iwstees consider that the audit requirem6nt of Regulation 10111 Idl ol the A¢¢ounts Regulations does not apply. It is my respollsibiliw to exarnin¢ the accounts as re4uir6d under sectlon 4411) (cl of the Ael and to Stale whether particular matttrrs have corne to my att8nt£on. Basls of independent exarninerfs statement My &xamination is carried out in accordance q1h Regulation 11 of the char&3 Actounts IS¢Dtlandl RulationS 2006 las amended). An examination includes 8 review of the accounliru record8 kept by th charity and a cornparison of the accounts presented with those records. It also incle¥ consKl&r8tion ol any unusual items or disclosures in the èccount$, seeks èxplanations from the ttuslees concerning any such matters. Th8 procJures undertaken do not piovide all the evidence that would be required in an audit, and consequentty I do not express arh audit opinion on the view given by the awunts. Indepondent examiner's statsment In the cour¥o of my examin8bon, no has Coll lo my attontion.. whl¢h gives me rea¥Jnable cavsÈtts believe that in any matsrial r&spod the requIrennIs.. to keep accounting record8 In accordance with Section 44(11 (a} of th8 2D05 Acl and R8gulalion 4 ofthe 2008 A¢¢ounl8 Regulstions,. and to prepare aGwunts which a¢¢ord with the accountlng Tecords and comply th R8gul81ion 8 of thg 2006 Accounts Regulation8 have not been rrnl," or to whth. in my opinioTr, attention should be drawn in ord8r to 8nable a prclpèr undor5tsndin9 of Ihe aCCOLlnts lo be reached. Certified Acco ntants Milne Crdig Chart&rad Accountants Ab8rcorn House 79 R8nfr8w Road Paisley PA3 4DA
MAXWELTON CHAPEL TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021 (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) Unrestricted funds 2021 Unrestricted funds 2020 Note INCOME Donations Offerings elc Investment Income Interest Received TOTAL INCOME 30,000 1,004 8,166 179 30,180 1,3S1 9.018 293 40,852 39,349 EXPENDITURE EXPENDITURE ON CHARITABLE ACTIVITIES: Propety Upkeep Garden Maintenan Insurance Electricity and Fuel Secretarial Clericlorganisl Fees Other Professional Fees General Expenses Depreciation 1,326 5,535 1,476 1,667 2,700 800 6,548 424 668 3,802 12,934 1,426 350 2,676 1,400 4,388 1,598 742 29,316 21,144 GOVERNANCE COSTS: Independent examiner's fee 1,038 984 TOTAL EXPENDITURE 22,182 30,300 NET INCOME BEFORE OTHER RECOGNISED GAINS AND LOSSES 17,167 10,552 OTHER RECOGNISED GAINSILOSSES Realised Gains on Fixed Asset Investments Unrealised Gains on Fixed Asset Investments 16,968 71,538 4,232 149,9931 45,761 88,506 NET MOVEMENT IN FUNDS 105,673 {35,2091 Fund balances brought forward 351,815 387,024 TOTAL FUNDS CARRIED FORWARD 457,488 351,815
MAXWELTON CHAPEL TRUST BALANCE SHEET AS AT 31 MARCH 2021 2021 2020 Note FIXED ASSETS Tangible Fixed Assets.. Chapel Property Chapel Furnishings 7,259 6,014 7,259 6,682 Investments 397.754 411,027 314,505 328,446 CURRENT ASSETS Sundry Debtors and Prepayments Cash al Bank 471 50,865 51,336 446 26,755 27,201 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Sundry Creditors 4,875 3,832 NET CURRENT ASSETS 46,461 23,369 TOTAL NET ASSETS 457,488 351,815 FUNDS Unrestricted Funds.. Gener81 Fund Designated Fund 7&8 7&8 442,488 15,000 336,815 15,000 457,488 351,815 The financial slalemenls We approved by the trustees on their be by 17 iigi and signed on
MAXWELTON CHAPEL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 ACCOUNTING POLICIES The principal accounting policies which have been applied consislenlly in the current and pre¢eding year in dealing with items which are rnalerial to the financial statements are set out below. Accounting Convention The accounts have been prepared in accordance with applicable accounting standards and under the historical cost convention with the ex¢eplion that investments are valued al market value. The financial slalem2nts have been prepared in accordan with Slalemenl of of Recommended Practi¢e' Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued on 1 January 2019, the Charities and Trustee Invèslmenl IScolland} Act 2005 and the Charities Accounts (Scotlandl RegLJlalions 2006 las amended). The charity is a Public Benefit Entity as defined by FRS 102. The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial sl8lem&nls are rounded to the nearest £. Going Corbcem At tho lime of approving the accounts, the directors have a reasonable expectation that the charity has adequate reSoUrS to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing these financial statements. Income Recognition All incoming resources are recognised once the trust has entillemenl to the resources, il is probable the resources wll be received and the monetary value of incoming resources can be meaSUd with sufficient reliability. Expendlture Recognition Liabilities are recognis$d as resources expended as soon as there is a legal or conslruclive obligation commilling the trust to the expenditure, il is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. Irrecoverable VAT is Charged to the slalement of financial activiti&s as inGurred. Tangible Fixed Assets and Depreclatlon Tangible fixed assets are slated at cost. The cost of minor additions or those costing below £500 are not capitalised. Second hand donated items are not capilalised. No depreciation is provided in respect of Chapel property. Furnishings are deprec5aled al 10% reducing balance.
MAXWELTON CHAPEL TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2021 ACCOUNTING POLICIES ICONTD) Fixed Asset Investments Investments are initially recognised al their transaction value and subsequently measured al their market value as al the balance sheet dale using the closing quoted market price The slalemenl of financial activities includes the nel gains and losses arising on revaluations and disposals throughout the year. The Trust does not acquire or use pul options, derivab'ves or other complex fi'nancial inslrumenls. Debtors and creditors roceivable I payable within one year Debtors and creditors with no staled interest rate and receivable or payable within one year are recorded at transaction price. Cash at bank and in hand Cash al bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Fund Accounting Unrestricted funds are donations and other incoming resources receivable or generated for the objects of the Trust without further specifi'c purpose and are available as general funds. Designated funds are unrestricted funds earmarked by the Trustees for a particular purFX)se. Taxatlon The trust is a registered charty and accordingly is exempl from taxation on its income and gains where they are applied for charitable purposes. TRUSTEES REMUNERATION AND EXPENSES The Iruslees did not receive any remuneration during the year, they did receive expenses. INVESTMENTS 2021 2020 Market Value as at 31 March 2020 Additions Disposals Realised Gains Unrealised Gainslllosses) Market value at 31 March 2021 314,505 61,414 166,6711 16,968 71,538 397,754 339,(K6 33,526 112,3261 4,232 49,993 314,505 Historical cost as at 31 March 2021 280,104 268,628
MAXWELTON CHAPEL TRUST NOTES TO THE FINANCIAL STATEMENTS Icontinuedl FOR THE YEAR ENDED 31 MARCH 2021 INVESTMENTS ICONTDI 2021 2020 Market value split by type Bonds UK Equities Overseas Equities Property 50,244 211,542 131,065 4.903 45,361 181,257 82,787 5,100 397,754 314.505 Investments with s° or more of the market value Artemis Income Fund Units CF Lindsell Train UK Equity Fund Shares City of London Investment Trust PIC Shares Merian Investment Funds Merian Investment Funds Jupiter Investment FLJnds Series Ninety Once Funds Series TB Evenlode Investment Funds Threadneedle Investment Funds 32,822 24,449 29,601 25,759 25,908 25,389 23,525 20,387 25,230 28,250 32,440 25,232 28,341 24,550 FIXED ASSETS Chapel Property Chapel Furnishing Total Cost At 1 April 2020 Additions Disposals At 31 March 2021 7,259 9,166 16,425 7,259 9,166 16,425 Depreciation Al 1 April 2020 Charge for year Adi re disposals At 31 March 2021 2,484 668 2,484 668 3,152 3.152 Net Book Value At 31 March 2021 7,259 6,014 13,273 At 31 March 2020 7,259 6.682 13.941
MAXWELTON CHAPEL TRUST NOTES TO THE FINANCIAL STATEMENTS {continued) FOR THE YEAR ENDED 31 MARCH 2021 DEBTORS AND PREPAYMENTS 2021 2020 Debtors 471 446 471 446 CREDITORS 2021 2020 Creditors Accruals 4,144 731 3,832 4,87S 3,832 STATEMENT OF MOVEMENT IN FUNDS Unrestricted Funds Balance as at 31 March 2020 Surplus for the year 336,815 105,673 Balance as at 31 March 2021 442,488 DESIGNATED FUNDS The building fund represents monies designated by the Iruslees lo maintain the stsle of the buildings. RELATED PARTY There were no related paty transactions for the year ended 31 March 2021. 10