Docusign Envelope ID: 6C9CED00-A3B7-4C13-A6D0-CF5186B4416F
Charity No: SC011009
THE MELLERSTAIN TRUST
TRUSTEES’ REPORT and ACCOUNTS
~~For the year ended _5 April 2025~~
C T :@
Docusign Envelope ID: 6C9CED00-A3B7-4C13-A6D0-CF5186B4416F
THE MELLERSTAIN TRUST
REPORT and ACCOUNTS
~~For the year ended _ 5 April 2025~~
Contents
| Contents | Contents | Pages | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Reference and | administrative details | 1 | ||||||||||
| Report of the Trustees | 2~~-~~4 | |||||||||||
| Independent Examiner's report | 5 | |||||||||||
| Statement offinancial | activities | 6 | ||||||||||
| Balance sheet | 7 | |||||||||||
| Notestotheaccounts | 8~~-~~16 |
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CT.@
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Docusign Envelope ID: 6C9CED00-A3B7-4C13-A6D0-CF5186B4416F
THE MELLERSTAIN TRUST
SOLICITORS Turcan Connell Princes Exchange 1 Earl Grey Street Edinburgh EH3 9EE
INVESTMENT ADVISERS RBC Brewin Dolphin Sixth Floor Atria One 144 Morrison Street Edinburgh Midlothian EH3 8EX
ACCOUNTANTS Chiene + Tait LLP (trading as CT) Chartered Accountants 61 Dublin Street Edinburgh EH3 6NL BANKERS Bank of Scotland 8/9 The Square Kelso TD5 7HQ
1
Docusign Envelope ID: 6C9CED00-A3B7-4C13-A6D0-CF5186B4416F
THE MELLERSTAIN TRUST
REPORT of the TRUSTEES
~~For the year ended _ 5 April 2025~~
The Trustees present their Report together with the financial statements forthe year ended 5 April 2025 ~~.~~ The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts 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 accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019 (SORP FRS102) ~~.~~
Reference and Administrative Information The Charity was founded in 1987 and is registered with the Office of the Scottish Charity Regulator under charity number SC0O11009. The Trustees, secretary, principal office, administrator and principal advisers are given on page 1.
Objectives and Activities
The Trust Fund is held exclusively for charitable purposes and, in particular:
-
(a) to preserve for the public benefit the whole or such part or parts of the Mansion House of Mellerstain, its related buildings and its gardens and policies including Hundy Mundy as shall or may become vested in the Trustees or in respect of which the Trustees shall have any interest (referred to as "Mellerstain");
-
(b) to protect and improve the amenities of Mellerstain for the public benefit;
-
(c) to preserve forthe public benefit as an adjunct to Mellerstain furniture, pictures, sculpture, works of art, costumes, military uniforms, arms and armour and other corporeal moveables or chattels ordinarily kept at Mellerstain or which may be given or loaned to the Trustees and which the Trustees shall consider to be appropriate to be kept at Mellerstain;
-
(d) tofacilitate and encourage access to and study and appreciation of Mellerstain and such corporeal moveables or chattels by the general public ~~.~~
The objects of the Trust have not changed in the year ~~.~~
Review of achievements and performance
The Trust continues to care for Mellerstain House and policies and works of art and to open the house to the public ~~.~~
The house visitornumbers were 1,645 (1,454 forthe 2023/24 season) and visitornumbers to the garden were 976 for the 2024/25 season (1,193 for the 2023/24 season) ~~.~~ The visitor income increased to £32,782 (2023/24: £26,345 increase) with a larger number of casual visitors ~~.~~ See note 3.
Financial Review
The deficit forthe year on the Unrestricted Income Fund was £938 (2024: £77,728). In addition, there were realised and unrealised loss of £17,150 (2024: gains of £40,928) deficit onthe Endowment Fund’s investments ~~.~~ The Trustees continue to investigate ways in which the deficit might be minimised.
Investment Policy and Performance
The Trustees engage RBC Brewin Dolphin as Investment Managers of the portfolio ~~.~~ The mandate is a discretionary one and the investment objective remains one of maintaining a diversified portfolio, aiming fora balance between income and capital growth, within a medium risk profile ~~.~~ The performance of the portfolio is compared against the FT UK Government Securities Index and the UK FTSE All Share Index, although there is no specific mandate to match the performance of these indices. The Trustees meet with the investment manager, and the performance of the portfolio is reported to and monitored by the Trustees at each meeting ~~.~~
2
Docusign Envelope ID: 6C9CED00-A3B7-4C13-A6D0-CF5186B4416F
THE MELLERSTAIN TRUST
REPORT of the TRUSTEES (cont.)
~~For the year ended _ 5 April 2025~~
Heritage Assets
The Trustees are mindful of the requirements to report details of heritage assets in accordance with SORP (FRS 102). Identified heritage assets where a reliable valuation is available are accounted for in the balance sheet of the Trust ~~.~~ Where, in the opinion of the Trustees, valuation indicators of assets lack sufficient reliability, disclosure as required under SORP (FRS 102) is detailed in note 10 ~~.~~
Expenditure which is required to preserve or prevent deterioration of the heritage assets is recognised in the Statement of Financial Activities when it is incurred ~~.~~ The heritage assets recognised are deemed to have indeterminate lives and the Trustees do not therefore consider it appropriate to charge depreciation ~~.~~
Risk Management
The Trustees have Risk Management Structures in place that are reviewed ona regular basis ~~.~~ Where appropriate, systems and procedures have been established to mitigate the risks the charity faces. Internal risks are minimised by the implementation of procedures for authorising all transactions and projects ~~.~~ Procedures are in place to ensure compliance with health and safety for staff and visitors, including new procedures to mitigate ongoing risks to staff and visitors. Insurance cover is reviewed on a regular basis to ensure that adequate cover is in place ~~.~~
Reserves Policy
~~The Unrestricted Income Fund~~ represents the unrestricted funds arising from operating results ~~.~~ The Trust has incurred a deficit forthe year and the Unrestricted Income Fund is supported from transfers from the Endowment Fund ~~.~~ The deficit has arisen due to the costs of the upkeep of Mellerstain House and grounds and the administrative costs of the Trust exceeding the income received ~~.~~ The Trustees are aware of the situation and are making every effort to remedy this ~~.~~
~~The Endowment Fund'~~ s purpose is to ensure a suitable income stream to finance the ongoing work of the charity. It is represented principally bya portfolio of investments which are managed by RBC Brewin Dolphin who have discretionary powers ~~.~~ The fund also holds the tangible fixed assets including certain valuable paintings ~~.~~
Plans for Future Periods
The Trustees continue to look for new opportunities for opening the House to the public, to raise awareness and have as many visitors as possible. It is, therefore, intended to continue to develop the profile of the Trust ~~.~~
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing Document
On 3 April 1987 the 13‘ Earl of Haddington executed a Deed of Trust in favourof the Trustees and conveyed to them the mansion house and policies of Mellerstain together with certain valuable paintings. Hundy Mundy was conveyed to the Trustees during the year ended 5 April 1993.
In the event of the Trustees determining that it is no longer possible or practicable forthem to fulfil these purposes, they shall make over the Trust Fund to the Trustees of the National Heritage Memorial Fund, the National Trust for Scotland for Places of Historic Interest or Natural Beauty or such other body charitable in law as the Trustees in their sole discretion shall consider appropriate ~~.~~
Appointment of Trustees
The Board of Trustees has the power at any time, by unanimous consent, to appoint any person as a Trustee of the charity ~~.~~
Trustee induction and training
New Trustees are briefed on their legal obligations under charity and trust law, the Deed of Trust, the decisio ~~n-~~ making processes and recent financial performance of the charity.
Trustees are encouraged to attend appropriate external training events where these facilitate their role ~~.~~
3
23 December 2025 ....... ee
23 December 2025
THE MELLERSTAIN TRUST
Docusign Envelope ID: 6C9CED00-A3B7-4C13-A6D0-CF5186B4416F
STATEMENT OF FINANCIAL ACTIVITIES
~~For the year ended _ 5 April 2025~~
| Un~~-~~ Restricted |
Un~~-~~ Restricted |
Endow~~-~~ ment |
Total Funds |
Total Funds |
Total Funds |
||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Notes | Fund | Fund | 2025 | 2024 | |||||||||||||||||||||
| £ | £ | £ | £ | ||||||||||||||||||||||
| Income | |||||||||||||||||||||||||
| Donations | and legacies 2 |
189,667 | ~~-~~ | 189,667 | 82,166 | ||||||||||||||||||||
| Charitable | activities | 3 | 32,782 | ~~-~~ | 32,782 | 26,345 | |||||||||||||||||||
| Other trading | activities 4 |
248,053 | ~~-~~ | 248,053 | 206,107 | ||||||||||||||||||||
| Investments Total Income |
5 | 16,224 486,726 |
~~-~~ ~~-~~ |
16,224 486,726 |
19,543 334,161 |
||||||||||||||||||||
| Expenditure | |||||||||||||||||||||||||
| Raising Funds | 6 | 174,682 | ~~-~~ | 174,682 | 128,164 | ||||||||||||||||||||
| Charitable activities Total expenditure |
6 | 312,982 487,664 |
~~-~~ ~~-~~ |
312,982 487,664 |
283,725 411,889 |
||||||||||||||||||||
| Net | expenditure | before | |||||||||||||||||||||||
| gains/(losses) | on | investments | (938) | ~~-~~ | (938) | (77,728) | |||||||||||||||||||
| Net gains/(losses) Net (expenditure) |
on | investments 11 |
(17,150) (18,088) |
~~-~~ ~~-~~ |
(17,150) (18,088) |
40,928 (36,800) |
|||||||||||||||||||
| Transfers between funds 14 Net movement in funds |
18,088 ~~-~~ |
(18,088) (18,088) |
- (18,088) |
- (36,800) |
|||||||||||||||||||||
| Total | funds at | 5 | April | 2024 | ~~-~~ | 1,091,818 | 1,091,818 | 1,128,618 | |||||||||||||||||
| Totalfunds | at5 | April | 2025 | ~~-~~ | 1,073,730 | 1,073,730 | 1,091,818 |
All of the above results are derived from continuing activities ~~.~~
The notes on pages 8 to 16 form part of these accounts ~~.~~
6
23 December 2025 ~~_~~ and signed on their behalf by:
Docusign Envelope ID: 6C9CED00-A3B7-4C13-A6D0-CF5186B4416F
THE MELLERSTAIN TRUST
NOTES to the ACCOUNTS
~~For the year ended _5 April 2025~~
1. Accounting Policies
Accounting convention
The accounts are prepared under the historical cost convention modified to include the revaluation of investments and certain works of art which are included at an estimated valuation. These accounts are in accordance with the Charities Accounts (Scotland) Regulations 2006 (as amended), the Charities and Trustee Investment (Scotland) Act 2005 and in every material aspect with the Statement of Recommended Practice ~~-~~ Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (second editio ~~n—~~ October 2019). The financial statements are prepared inline with UK GAAP FRS102 the Financial Reporting Standard applicable in the UK and Republic of Ireland
The Trust constitutes a public benefit entity as defined by FRS 102 ~~.~~ The annual financial statements are prepared in sterling (£), which is the functional currency of the company and rounded to the nearest g£ ~~.~~
Going concern
The accounts have been prepared on a going concern basis ~~.~~ The directors have 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 existence for the foreseeable future ~~.~~ Thus, they continue to adopt the going concern basis of accounting in preparing these accounts and are satisfied that no material uncertainties exist in respect of going concern ~~.~~
Heritage assets
Works of art originally endowed are valued at valuation for insurance purposes on the date of transfer to the Trust with subsequent additions at cost and subsequent sales at sales value ~~.~~ There is no readily available market value for these investment assets and the cost of carrying out a professional valuation is considered to outweigh the benefit to the users of the accounts ~~.~~ However, the Trustees consider insurance values at the date of transfer to be a reliable indicator of the value of the asset ~~.~~
The Trustees are mindful of the disclosure requirements under SORP (FRS 102) for Heritage Assets where, in their opinion, valuation information lacks sufficient reliability. As a consequence, disclosure requirements under SORP (FRS 102) for Mellerstain House and Hundy Mundy are reported in note 10 ~~.~~ The valuation information disclosed is the valuation estimated for insurance purposes ~~.~~
House expenditure and depreciation
Expenditure on the house and grounds is written off when incurred ~~.~~ Depreciation is provided on all tangible assets at rates calculated to write off the costless estimated residual value, of each asset over its expected useful life as follows: ~~-~~
Plant and equipment 20% per annum, straight line Fixtures and fittings 10% & 20% per annum, straight line Property conversion 2% & 4% per annum, straight line ~~—~~ once the work is completed
Financial Reporting Standards FRS 102 requires all tangible fixed assets to be depreciated over their useful economic life, taking account of any residual value of the assets ~~.~~
Heritage Assets of the Trust are considered to have a high residual value. The depreciation charge is immaterial, and no charge has therefore been made ~~.~~ Where no charge for depreciation is made, an impairment review should be carried out ~~.~~ Such a review has been performed and the Trustees consider the value of the heritage assets, under Financial Reporting Standards FRS 102, exceed the carrying value in the accounts ~~.~~ Land is not depreciated ~~.~~
8
Docusign Envelope ID: 6C9CED00-A3B7-4C13-A6D0-CF5186B4416F
THE MELLERSTAIN TRUST
NOTES to the ACCOUNTS
~~For the year ended _ 5 April 2025~~
- Accounting policies (cont’d)
Fund accounting
Unrestricted income funds comprise those funds which the Trustees are free to use for any purpose in furtherance of the charitable objects ~~.~~
The Endowment Fund is an expendable endowment fund and may at the discretion of the Trustees be used to meet the charitable objects of the Trust.
Income recognition
All income is recognised once the Trust has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably ~~.~~
Rental income is deferred when received in advance for future periods ~~.~~
Donations and legacies are recognised when the Trust has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the Trust is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the Trust, and it is probable that those conditions will be fulfilled in the reporting period.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Trust; this is normally upon notification of the interest paid or payable by the bank ~~.~~ Dividends are recognised once the dividend has been declared and notification has been received of the dividend due ~~.~~ This is normally upon notification by our investment advisor ~~.~~
Expenditure recognition
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Trust to that expenditure, it is probable that settlement will be required, and the amount of the obligation can be measured reliably ~~.~~
All expenditure is included on an accruals basis net of VAT and is recognised when there is a legal or constructive obligation to pay for expenditure ~~.~~
Costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the resource ~~.~~ Costs relating to a particular activity are allocated directly while others are apportioned on an estimated usage basis ~~.~~
The costs of raising funds consist of investment management costs, property management costs and running costs for the shop, tearoom and clock ~~-t~~ ower.
Costs of charitable activities include house opening, house repairs, support, and governance costs.
Governance costs include costs related to legal fees together with an apportionment of accountancy costs ~~.~~ Governance costs have been included within the cost of charitable activities.
Investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price ~~.~~ The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year as part of the endowment fund.
The main form of financial risk faced by the Trust is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors ~~.~~
9
Docusign Envelope ID: 6C9CED00-A3B7-4C13-A6D0-CF5186B4416F
THE MELLERSTAIN TRUST NOTES to the ACCOUNTS
~~For the year ended 5 April 2025~~
1. Accounting policies (cont’d)
Realised gains and losses
All gains and losses are taken to the Statement of Financial Activities as they arise ~~.~~ Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year ~~.~~ Unrealised gains and losses in the year are calculated as the difference between the fair value at the year end and the opening fair value or purchase value if acquired during the year. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities ~~.~~
Stock
Stock is stated at the lower of cost and net realisable value ~~.~~
| 2~~.~~ Donations |
2~~.~~ Donations |
2~~.~~ Donations |
2~~.~~ Donations |
2~~.~~ Donations |
and legacies | and legacies | and legacies | and legacies | and legacies | and legacies | and legacies | and legacies | and legacies | and legacies | and legacies | and legacies | 2025 | 2024 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| £ | £ | |||||||||||||||||||||||
| Sundry donations from charities | 76,270 | 31,366 | ||||||||||||||||||||||
| Sundry donations from individuals including Gift Aid 113,397 |
50,800 | |||||||||||||||||||||||
| 189,667 | 82,166 | |||||||||||||||||||||||
| 3~~.~~ Charitable |
activities | 2025 | 2024 | |||||||||||||||||||||
| £ | £ | |||||||||||||||||||||||
| Visitor income | 32,782 | 26,345 | ||||||||||||||||||||||
| 4. Other |
trading activities | 2025 | 2024 | |||||||||||||||||||||
| £ | £ | |||||||||||||||||||||||
| Shop/tearoom | 40,215 | 17,077 | ||||||||||||||||||||||
| Rental income | 204,003 | 181,245 | ||||||||||||||||||||||
| Sundry income | 3,835 | 7,785 | ||||||||||||||||||||||
| 248,053 | 206,107 | |||||||||||||||||||||||
| 5. Investment income |
2025 | 2024 | ||||||||||||||||||||||
| £ | £ | |||||||||||||||||||||||
| Dividends | and | interest | on | listed investments | 13,424 | 14,431 | ||||||||||||||||||
| Interest | on | short | term deposits | 2,800 | 5,112 | |||||||||||||||||||
| 16,224 | 19,543 |
10
NOTES to the ACCOUNTS
Docusign Envelope ID: 6C9CED00-A3B7-4C13-A6D0-CF5186B4416F
THE MELLERSTAIN TRUST
~~For the year ended 5 April 2025~~
==> picture [452 x 356] intentionally omitted <==
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||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|Raising|Charitable-|Total|Raising|Charitable-|Total|
|6|.|Total|resources|expended|funds|activities|2025|_|~=funds|activities|2024|
|£|£|£|£|£|£|
|Costs|directly|allocated|to|activities|
|Publicity|expenses|-|1,035|1,035|-|2,541|2,541|
|Shop/tearoom/catering|expenses|8,905|-|8,905|6,720|-|6,720|
|Property|repairs|and|upkeep|97,067|79,418|176,485|80,622|65,151|145,773|
|Galbraith|—|rent|collection|and|management|fees|26,631|-|26,631|15,415|-|15,415|
|Irrecoverable|VAT|21,530|-|21,530|11,357|-|11,357|
|Provision|for bad|debts|-|-|-|(2,588)|-|(2,588)|
|Donations|-|619|619|-|-|-|
|Support|costs|allocated|to|activities|
|Wages|and|salaries|(Note|8)|1,956|95,852|97,808|1,707|83,653|85,360|
|Rates|and|insurance|1,978|96,931|98,909|1,778|87,074|88,852|
|Legal|fees|-|6,725|6,725|-|13,429|13,429|
|Accounting|support|225|11,026|11,251|143|6,994|7,137|
|Professional|fees|-|990|990|-|1,076|1,076|
|IT|-|2,360|2,360|-|2,637|2,637|
|Health|and|safety|-|1,619|1,619|-|7,025|7,025|
|Telephone|4|2,019|2,060|34|1,658|1,692|
|Motor|and|travel|expenses|1|22|23|-|-|-|
|Postage|and|stationery|8|396|404|2|121|123|
|Miscellaneous,|including|staff|training|and|recruitment|64|3,119|3,183|21|1,014|1,035|
|Bank|charges|38|1,873|1,911|35|1,730|1,765|
|Depreciation|11,556|1,018|12,574|5,290|1,662|6,952|
|Governance|costs|(Note|7)|-|7,960|7,960|-|7,960|7,960|
|Investment|management|costs|4,682|-|4,682|7,628|-|7,628|
|Total|resources|expended|174,682|312,982|487,664|128,164|283,725|411,889|
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The Trust apportions its support costs directly relating to house opening (included within charitable activities) and shop/tearoom (included within raising funds) where applicable, and in the ratio 98:2 ona basis consistent with the use of the resources where support is provided to both activities ~~.~~
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||||||
|---|---|---|---|---|
|7.|Governance|Costs|2025|2024|
|£|£|
|Legal|fees|2,000|2,000|
|Independent|examiner's|fee|2,500|2,500|
|Accountancy|fees|3,460|3,460|
|7,960|7,960|
----- End of picture text -----
11
Docusign Envelope ID: 6C9CED00-A3B7-4C13-A6D0-CF5186B4416F
NOTES to the ACCOUNTS
THE MELLERSTAIN TRUST
~~For the year ended _5 April 2025~~
| 8~~.~~ Wages and Salaries |
8~~.~~ Wages and Salaries |
8~~.~~ Wages and Salaries |
8~~.~~ Wages and Salaries |
8~~.~~ Wages and Salaries |
8~~.~~ Wages and Salaries |
2025 | 2024 | |
|---|---|---|---|---|---|---|---|---|
| £ | £ | |||||||
| Gross wages | 95,272 | 81,981 | ||||||
| Social security costs | 1,333 | 184 | ||||||
| Employer pension contributions | 722 | 1,163 | ||||||
| Casual wages | 481 | 2,032 | ||||||
| 97,808 | 85,360 |
The key management personnel of the Trust comprisethe Trustees and the Administrator/Operations Manager ~~.~~ The total employee benefits of the key management personnel of the Trust, including employer National Insurance Contributions and Employer Pension Contributions, were £33,344 (2024: £29,336) ~~.~~
All Trustees give their time freely and no Trustee remuneration or expenses were paid in the year ~~.~~
| 2025 | 2024 | |||||
|---|---|---|---|---|---|---|
| Average | number | of | employees | 14 | 11 |
Staff costs are included within support costs ~~.~~ No employee earns more than £60,000 ~~.~~
| Property | Property | |||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Plant & | Fixtures | Motor | Conversion & | |||||||||||||||||||
| 9. Tangible Fixed Assets Equipment |
& Fittings | Vehicles Improvements |
Total | |||||||||||||||||||
| £ | £ | £ | £ | £ | ||||||||||||||||||
| Cost | or | valuation | ||||||||||||||||||||
| At 6 | April 2024 | 75,917 | 108,113 | 21,200 | 264,491 | 469,721 | ||||||||||||||||
| Additions | - | - | - | 125,321 | 125,321 | |||||||||||||||||
| At 5 | April 2025 | 75,917 | 108,113 | 21,200 | 389,812 | 595,042 | ||||||||||||||||
| Depreciation | ||||||||||||||||||||||
| At 6 | April 2024 | 75,204 | 106,497 | 21,200 | 76,410 | 279,311 | ||||||||||||||||
| Charge | for | the | year | 628 | 390 | ~~-~~ | 11,556 | 12,574 | ||||||||||||||
| At 5 | April 2025 | 75,832 | 106,887 | 21,200 | 87,966 | 291,885 | ||||||||||||||||
| Net Book | Value | |||||||||||||||||||||
| At 5 | April 2025 | 85 | 1,226 | ~~-~~ | 301,846 | 303,157 | ||||||||||||||||
| At5 | April2024 | 713 | 1,616 | ~~-~~ | 188,081 | 190,410 |
12
Docusign Envelope ID: 6C9CED00-A3B7-4C13-A6D0-CF5186B4416F
NOTES to the ACCOUNTS
THE MELLERSTAIN TRUST
~~For the year ended 5 April 2025~~
| Works | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 10~~. ~~Heritage assets | ofArt | Buildings | Total | ||||||||||
| £ | £ | £ | |||||||||||
| Cost or | valuation | ||||||||||||
| At5April2024 | and5April2025 | 137,702 | ~~-~~ | 137,702 |
In 1987 the mansion house and policies of Mellerstain together with certain valuable paintings were conveyed to the Trustees. In 1993 Hundy Mundy was conveyed to the Trustees. Both properties are listed. Two of the works of art have been included at cost (£31,702) and five have been included at valuation (£106,000) ~~.~~
Mellerstain House and Hundy Mundy are included in the accounts at £nil; being the cost to the Trust ~~.~~ The Trustees consider that whilst the properties are Heritage Assets, it is not practicable to produce reliable cost information, nor do they consider conventional valuation approaches to hold sufficient reliability ~~.~~ The Trustees have insurance valuations, which indicate the value of the property assets to be approximately £52 ~~.~~ 6 million ~~.~~ However, in the opinion of the Trustees, this valuation information lacks sufficient reliability for accounting purposes ~~.~~ As a consequence, the assets have not been valued in the accounts ~~.~~ Further heritage fine art and collections held within the property, have been provided under a loan arrangement to the Trust by the Earl of Haddingtonfor public display. Insurance values for such items are approximately £9 ~~.~~ 7m ~~.~~
There have been no transactions regarding heritage assets in the past5 years and therefore a summary is not necessary ~~.~~
11. Investments
All investments are listed on the UK stock exchange ~~.~~ The investments are managed by RBC Brewin Dolphin and are operated under a discretionary agreement ~~.~~
| 2025 | 2024 | |||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| £ | £ | |||||||||||||||||||||||
| Market | value | at 5 April | 2024 | 687,804 | 722,266 | |||||||||||||||||||
| Acquisitions at cost | 83,460 | 202,810 | ||||||||||||||||||||||
| Disposals | at opening | market value (proceeds £180,228 including realised | ||||||||||||||||||||||
| gain of | £4,552) | (175,677) | (277,761) | |||||||||||||||||||||
| Net gain/(loss) on revaluation | (21,702) | 40,489 | ||||||||||||||||||||||
| Market | value | at 5 April | 2025 | 573,885 | 687,804 | |||||||||||||||||||
| Cost | at | 5 April 2025 | 555,264 | 633,144 | ||||||||||||||||||||
| Netrealisedandunrealisedgain/(loss) | (17,150) | 40,928 |
13
Docusign Envelope ID: 6C9CED00-A3B7-4C13-A6D0-CF5186B4416F
THE MELLERSTAIN TRUST NOTES to the ACCOUNTS
~~For the year ended _ 5 April 2025~~
11. Investments
(cont’d)
Investments comprising 5% or greater of the market value of the portfolio at 5 April 2025 are:
| £ | |||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| T | Bailey | Fund Evenlode Income | 39,956 | ||||||||||||||||||
| Brown | Advisory Funds | 34,057 | |||||||||||||||||||
| Vanguard Funds PLC S&P | 48,169 | ||||||||||||||||||||
| Fidelity UCITS ICAV US Quality Income | 39,087 | ||||||||||||||||||||
| UK (Govt of) 4~~.~~5% GILTBOS | 07/09/2025 GBP1000 | 31,852 | |||||||||||||||||||
| Robeco Luxembourg | Global Credits IBH GBP | 44,892 | |||||||||||||||||||
| 238,013 | |||||||||||||||||||||
| Other listed | investments | 335,872 | |||||||||||||||||||
| 573,885 | |||||||||||||||||||||
| Whereof: | |||||||||||||||||||||
| UK investments | 186,455 | ||||||||||||||||||||
| Non~~-~~UK investments | 387,430 | ||||||||||||||||||||
| 573,885 |
All investments are carried at their fair value. Investments in equities and fixed securities are all traded in quoted public markets, primarily the London Stock Exchange. Holdings in commoninvestment funds, unit trusts and open ~~-~~ ended investment companies are at the bid price ~~.~~ The basis of fairvalue for quoted investments is equivalent to the market value, using the bid price ~~.~~ Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value) ~~.~~
The significance of financial instruments to the ongoing financial stability of the charity is considered in the financial review and investment policy sections of the Report of the Trustees. The Trust’s investments are mainly traded in markets with good liquidity and high trading volumes ~~.~~ The Trust has no material investment holdings in markets subject to exchange controls or trading restrictions ~~.~~ The Trust manages these investment risks by retaining expert advisors and operating an investment policy that provides fora high degree of diversification of holdings within investment asset classes that are quoted on recognised stock exchanges ~~.~~
| 12~~. ~~Debtors | 12~~. ~~Debtors | 2025 | 2024 | |||
|---|---|---|---|---|---|---|
| £ | £ | |||||
| Trade debtors | 40,113 | 40,964 | ||||
| Rent receivable | 21,436 | 19,543 | ||||
| VAT recoverable | 7,634 | 2,873 | ||||
| Other debtors | 3,316 | 2,804 | ||||
| Prepayments and accrued income | 1,860 | 3,349 | ||||
| 74,359 | 69,533 |
14
Docusign Envelope ID: 6C9CED00-A3B7-4C13-A6D0-CF5186B4416F
THE MELLERSTAIN TRUST
NOTES to the ACCOUNTS
~~For the year ended _ 5 April 2025~~
| 13~~. ~~Creditors: amounts falling due within one year 2025 |
13~~. ~~Creditors: amounts falling due within one year 2025 |
13~~. ~~Creditors: amounts falling due within one year 2025 |
13~~. ~~Creditors: amounts falling due within one year 2025 |
13~~. ~~Creditors: amounts falling due within one year 2025 |
13~~. ~~Creditors: amounts falling due within one year 2025 |
13~~. ~~Creditors: amounts falling due within one year 2025 |
13~~. ~~Creditors: amounts falling due within one year 2025 |
13~~. ~~Creditors: amounts falling due within one year 2025 |
13~~. ~~Creditors: amounts falling due within one year 2025 |
13~~. ~~Creditors: amounts falling due within one year 2025 |
13~~. ~~Creditors: amounts falling due within one year 2025 |
13~~. ~~Creditors: amounts falling due within one year 2025 |
13~~. ~~Creditors: amounts falling due within one year 2025 |
13~~. ~~Creditors: amounts falling due within one year 2025 |
13~~. ~~Creditors: amounts falling due within one year 2025 |
2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| £ | £ | |||||||||||||||
| Trade | creditors | 61,623 | 18,538 | |||||||||||||
| Taxation | and | social security | 2,310 | 14 | ||||||||||||
| Other | creditors | 311 | 318 | |||||||||||||
| Accruals | and | deferred income | 31,332 | 29,790 | ||||||||||||
| Loan from Will Trust | 66,000 | - | ||||||||||||||
| 161,576 | 48,660 |
Deferred income represents rent received in advance for the following month ~~.~~
The loan from Will Trust is unsecured, interest free and has no fixed terms of repayment ~~.~~
| Unrestricted | Unrestricted | Endowment | |||||||
|---|---|---|---|---|---|---|---|---|---|
| 14~~. ~~ | Funds | Fund | Fund | Total | |||||
| £ | £ | £ | |||||||
| At 6 April 2024 | ~~-~~ | 1,091,818 | 1,091,818 | ||||||
| Net | outgoing resources for the year | (938) | ~~-~~ | (938) | |||||
| Investment gains/(losses) | (17,150) | ~~-~~ | (17,150) | ||||||
| Transfers At 5 April 2025 Represented by: |
18,088 ~~-~~ |
(18,088) 1,073,730 |
- 1,073,730 |
||||||
| Fixed assets | ~~-~~ | 303,157 | 303,157 | ||||||
| Heritage Assets | ~~-~~ | 137,702 | 137,702 | ||||||
| Investments | ~~-~~ | 573,885 | 573,885 | ||||||
| Net | current assets | ~~-~~ | 58,986 | 58,986 | |||||
| - | 1,073,730 | 1,073,730 |
The Unrestricted Income Fund represents the general reserves of the Trust which the Trustees are free to use in accordance with the charitable objects.
The Endowment Fund is an expendable endowment fund and may at the discretion of the Trustees be used to meet the charitable objects of the Trust.
Having considered the balance on the Unrestricted Income Fund the Trustees have madea transfer from the Endowment Fund to offset the cumulative deficit.
15
Docusign Envelope ID: 6C9CED00-A3B7-4C13-A6D0-CF5186B4416F
NOTES to the ACCOUNTS
THE MELLERSTAIN TRUST
~~For the year ended _ 5 April 2025~~
15 ~~.~~ Related party transactions
On the 30 March 2007, The late 13!" Earl of Haddington granted a lease in favour of the Trustees, at an entirely nominal rent, of some 25 properties on Mellerstain Estate; the interposed lease being fora duration of 20 years ~~.~~ Rental income receivable by the Trust during the year was £139,173 (2024: £139,155) per the agreement ~~.~~
During the year a donation of £65,000 (2024: £ Nil) was received from Borders Sculpture Park, an organisation in which one or more of the charity’s trustees have a controlling or significant interest ~~.~~
During the year, the late 13t" Earl of Haddington’s Trust(oD ceimbursed the Trust £ Nil (2024: £4,480) for gardener’s wage recharge, fire safety costs of£ Nil (2024: £239), insurance costs of £ofNilHaddington’s(2024: £16,432)Trus ~~.~~ t (IEAtthe year end there ccdwas a balancewithin tradeof £39,806debtors(2024: ~~.~~ £39,806) due from Earl
During the year the Trust received unrestricted donations amounting to £30,000 (2024: £60,000) in aggregate from Trustees ~~.~~
| Un~~-~~ | Endow~~-~~ | Total | |||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| restricted | ment | Funds | |||||||||||||||||||||||
| 16. Prior year statement offinancial activities Fund |
Fund | 2024 | |||||||||||||||||||||||
| £ | £ | £ | |||||||||||||||||||||||
| Income | |||||||||||||||||||||||||
| Donations | and legacies | 82,166 | ~~-~~ | 82,166 | |||||||||||||||||||||
| Charitable | activities | 26,345 | ~~-~~ | 26,345 | |||||||||||||||||||||
| Other trading | activities | 206,107 | ~~-~~ | 206,107 | |||||||||||||||||||||
| Investments Total Income |
19,543 334,161 |
~~-~~ ~~-~~ |
19,543 334,161 |
||||||||||||||||||||||
| Expenditure | |||||||||||||||||||||||||
| Raising Funds | 128,164 | ~~-~~ | 128,164 | ||||||||||||||||||||||
| Charitable activities Total expenditure |
283,725 411,889 |
~~-~~ ~~-~~ |
283,725 411,889 |
||||||||||||||||||||||
| Net expenditure | before | ||||||||||||||||||||||||
| (losses) | on | investments | (77,728) | ~~-~~ | (77,728) | ||||||||||||||||||||
| Net (losses) on investments Net (expenditure)/income |
40,928 (36,800) |
~~-~~ ~~-~~ |
40,928 (36,800) |
||||||||||||||||||||||
| Transfers between funds Net movement in funds |
36,800 ~~-~~ |
(36,800) (36,800) |
- (36,800) |
||||||||||||||||||||||
| Total | funds at | 5 | April | 2023 | ~~-~~ | 1,128,618 | 1,128,618 | ||||||||||||||||||
| Totalfunds | at5 | April2024 | 1,091,818 | 1,091,818 |
16