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MRS MARY ELLEN MACLAURIN'S TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
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a. ‘ MRS MARY ELLEN MACLAURIN'S TRUST
4 LEGAL AND ADMINISTRATIVE INFORMATION
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| Charitynumber(Scotland) | $C012798 | ||
|---|---|---|---|
| independantexaminer | Azets | ||
| ‘ | 3Wellington Square Ayr |
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| Ayrshire United Kingdom |
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| KA71EN | |||
| Solicitors | Kilpatrick&Walker 4 Wellington Squa e |
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| Ayr Ayrshire |
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| UnitedKingdom KAT 1EN |
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| Investmentadvisors | InvestecWealth&Investment limited | ||
| 50GeorgeSquare Glasgow |
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| G21EH UnitedKingdom |
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: MRS MARY ELLEN MACLAURIN'S TRUST
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| CONTENTS
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|=)|rage|
|al|Trustees|report|1-2|
|a|Statement of responsibilities|3|
|cL}|independent|examiner's|teport|4|
|7|‘Statement|of financial|activities|5|
|b|||Balance sheet|6|
|r]|
|7|Statement of cash flows|7|
|<q|Notes to the financial|statements|8-17|
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le MRS MARY ELLEN MACLAURIN'S TRUST al ‘3 TRUSTEES’ REPORT T FOR THE YEAR ENDED 5 APRIL 2025 3 ee a oa The trustees present their annual report and financial statements for the year ended 5 April 2025. ad The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the rr financial statements and comply with 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 (FRS 102) (effective 1 January 2019)”. mf Objectives and activities = The Trust exists to run the Art Gallery known as The Maclaurin Art Gallery, Rozelle Estate, Ayr, and to apply any ct5 TheincomeGalleryderivedis thereoperatedfrominforconjunctionthe upkeepwithof thea saidmanagementGallery andagreementthe purchasewith ofSouthart worksAyrshireandCouncilother exhibits.and a 7 Permanent Collection Committee is assisted by a collection manager and officer in the development of the Er | collection and its conservation. It is renowned as one of the best 20/21st Century Modern Art Collections in Scotland. The Gallery is a Museum, registered with Museums and Galleries Scotland. : Financial review ij Achievements and performance g anTheagreed Trusteesriskhaveprofile. given Investec Wealth & Investment the discretion to manage the investment portfolio within | Reserves policy 7 The Trust carries a sufficient level of reserves - this is due to the very nature of the charity which holds heritage ce. | operationsassets andtogetherinvestmentswith thewhichacquisitionare designedof furtherto worksgeneratedof artenoughfor additionincometo theto promotePermanenta Collection.high standardAt theof a year end, the charity held £1,667,925 in unrestricted reserves (2024: £1 697,069), Review of the year | The results for the year ended 5th April 2025 are set out in the Financial Statements herewith. F | Future plans ss This has been a successful year at The Maclaurin Art Gallery where we continue to work with South Ayrshire ‘ Council who help manage the day to day running of the gallery. There have been a number of well attended | exhibitions and we have seen the visitor numbers at the Gallery increase subsiantially as we have sought to | widewidennumber our whole of friends offeringof of the exhibitionsGallery who and have to involvetheir own the communityorganisation. of Ayr.The WePermanent continueCollection to have thecontinues support ofto a fj: be developed unden engaged in e xpandingr the stewardshipthe collection of thethis Curatorsyear. andIn theits ensuing Permanentyear, Collectionthe Trust intends Committeeto broaden and theyits havevariety and scope of exhibitions and to host a wide range of exhibitions, opening up access to a wider range of visitors to = the Gallery. Our major exhibition was a Barbara Rae retrospective. The Trust will continue to encourage access a) to the Art through local Art Clubs and the facilitation of classes and working groups in conjunction with South a Ayrshire Council. ,
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3 TRUSTEES’ REPORT (CONTINUED) 4s= SSeSFOR THE YEAR ENDED 5 APRIL 2025 i Structure, governance and management i Governing document > | The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity. fF[|] Thedated administration16th March 1960of the Trust and var i sed governedin the Codicils by the Trust Dispositiondated 26th January and1965 Settlement and 5th ofSeptember Mrs Mary Ellen1968, Maclaurinall registered in the Books of Council and Session on 25th August 1976. A Minute of Agreement between the BS | Provost,MaclaurinMagistrates dated 14th and AprilCouncillors1975 and subsequentof The Royal datesBurghand of registeredAyr and thein Curators the Booksof of the Council late Mrs and MarySession Ellen on 3 | the5th MarchBooks 1976 of Council and aand MinuteSession of Agreementon 30th October, between 2000South are Ayral s ohi r elevant.e Council and the said Curators registered in ci | Recruitment and appointment of new trustees The Curators (Trustees) are appointed on an ex-officio basis in terms of the late Mrs M.E. Maclaurin’s Trust g Disposition and Settlement and relative codicils with powers to co-opt additional persons as the trustees see fit. The present trustees, as listed on pages 1 and 2, act because of their ex-officio ‘positions as detailed in the said ‘g virtueTrust Dispositionof their officeand or Settlement, are co-opted andto enhance of their co-optionthe skill baseall as indicatedof the Trustees.below. NewRecruitment Trusteesis areby nomination appointed fromby within the Trustee body.
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MRS MARY ELLEN MACLAURIN'S TRUST
The ing the year and up to the date of signature of the financial statements were: (Appointed 1 May 2024) (Appointed 1 May 2024)
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- The report was approved by the Board of Trustees.
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E MRS MARY ELLEN MACLAURIN'S TRUST 4 STATEMENT OF RESPONSIBILITIES ii FOR THE YEAR ENDED 5 APRIL 2025 | nnn : aad The trustees are responsible for preparing the trustees teport and the financial statements in accordance with Practice). ad applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting L. The law applicable to charities in Scotland requires the trustees to prepare financial statements for each financial ual year which give a true and fair view of the state of affairs of the charity and of the incoming resources and 4 application of resources of the charity for that year. . In preparing these financial statements, the trustees are required to: e - select suitable accounting policies and then apply them consistently; ad - observe the methods and principles in the Charities SORP; ag - make judgements and estimates that are reasonable and prudent; | - State whether applicable accounting standards have been followed, subject to any material departures disclosed | = and explained in the financial statements; and will continue in operation. | - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity ag The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the ag Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as ° amended) and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity a and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. rr 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 charity and of the incoming resources and application of resources of the charity for that year. “ In preparing these financial statements, the trustees are required to: as - select suitable accounting policies and then apply them consistently; | - observe the methods and principles in the Charities SORP: & - make judgements and estimates that are reasonable and prudent; | - State whether applicable accounting standards have been followed, subject to any material departures disclosed : and explained in the financial statements: and a - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity _ will continue in operation. “] The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any ay time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They q are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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= . a. MRS MARY ELLEN MACLAURIN'S TRUST | INDEPENDENT EXAMINER'S REPORT w Fe eeeTO THE TRUSTEES OF MRS MARY ELLEN MACLAURIN'S TRUST ET: | | report on the financial statements of the charity for the year ended 5 April 2025, which are set out on pages 5 to 18. a ng Respective responsibilities of trustees and examiner The charity's trustees are responsible for the preparation of the financial statements in accordance with the terms ng of the2006. CharitiesThe charity's and Trustee Investmentstrustees consider that(Scotland)the audit Act 2005requiremen and t heof CharitiesRegulation Accounts10(1})(a)(Scotland)to (c) ofRegulationsthe 2006 r | Accountsunder sectionRegulations 44(1)(c) ofdoes the Actnot andapply. to sI t ateis our whetherresponsib part i cularlity mattersto examinehavethe come financial to our attentiostateme n ts. as required w Basis of independent examiner's statement Our examination is carried out in accordance with Regulation 11 of the 2006 Accounts Regulations, An ag examinationstatements presentedincludes witha reviewthoseofrecords. the accountingIt also includesrecordsconsiderationkept by the charityof any unusualand a comparisonitems or disclosuresof the financialin the | financialundertakenstatements,do not provideand seeksall theexplanationsavidence thatfromwouldthe trusteesbe requiredconcemingin an auditany suchand matters.consequentlyThe procedureswe do not express an audit opinion on the view given by the financial statemenis. a independent examiner's statement | Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Fr[|] AccountingStandard applicableand reportingin the UKby andCharitiesRepublicpreparing of Irelandtheir(FRSaccounts102) ininpreferenceaccordanceto thewith Accountingthe Financialand Reporting regulations but has now been withdrawn. ig by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant . E3 WeaccordanceunderstandwiththatGenerallythis hasAccepted been doneAccountingin order Practicefor the financialeffective statementsfor reportingto periodsprovide beginninga true andonfairor viewafter in1 January 2015. a our attention: q In connection with my examination, no other matter except that referred to in the previous paragraph has come to : (a) which gives us reasonable cause to believe that in any material respect the requirements: E | (i) to keep accounting records in accordance with section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and F | (ii) to prepare financial statements which accord with the accounting records and comply with Regulation = 8 of the 2006 Accounts Regulations; z have not been met or EI (b) to which, in our opinion, attention should be drawn in order to enable a proper understanding of the i financial statements to be reached. LY) 2 Ly 3 W e tsllington Square . Ayr a Ayrshire LY KA7 1EN United Kingdom
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|F|,|MRS MARY ELLEN MACLAURIN'S TRUST|
|L|STATEMENT OF FINANCIAL ACTIVITIES|
|a|INCLUDING INCOME AND EXPENDITURE ACCOUNT|
|3|FOR THE YEAR ENDED 5|APRIL 2025|
|a|eee|
|Ee|Unrestrictedfunds|Unrestrictedfunds|
|ce|2025|2024|
|Notes|£|£|
|a|;|IncomeDonationsandandendowmentslegacies|from:|2|-|965|
|on|Investments|;|3|19,335|16,306|
|ie|Commissions|15,631|-|
|Other income|4|1,261|755|
|Total|income|36,227|18,026|
|r|
|_|Expenditure|on:|
|||Raising funds|‘|5|5,385|5,432|
|co|OtherExhibitions|43,5874,830|42,0648,477|
|ug|Total resources expended|53,802|55,973|
|a|Net gains/(losses)|on investments|10|(11,569)|10,747|
|ag|Net movement in funds|(29,144)|(27,200)|
|}|Fund balances|at 6 April 2024|1,697,069|1,724,269|
|||Fund balances|at 5 April|2025|1,667,925|1,697,069|
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The statement of financial activities includes all gains and losses recognised in the year. The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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7 , MRS MARY = BALANCE SHEET lg AS AT 5 APRIL 2025 Ly @ z Fixed assets ce Tangible assets Ei InvestmentsHeritage assets if | rT | CurrentDebiors assets Cash at bank and in hand ; | Creditors:one year amounts failing | Net current liabilities ug Total assets fess current ug Income funds D | Unrestricted funds |
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MRS MARY ELLEN MACLAURIN'S TRUST
| BALANCE SHEETSHEET AS AT 55APRIL 20252025 |
|||||||
|---|---|---|---|---|---|---|---|
| AS AT 55APRIL 20252025 Fixed assets Tangible assets Heritage assetsassets InvestmentsHeritage assets |
Notes 1 12 13 |
£ | 2025 | £ 27,199 1,105,052 540,063 |
£ | 2024 | £ 30,746 1,100,552 569,399 |
| CurrentDebiorsassets Debiors |
14 | 484 | 1,672,314 | . | 1,700,697 | ||
| Cash at bank andbank and in hand | 20,552 | 11,616 | |||||
| Creditors:one yearamounts failingfailingduewithin one yearyear $ |
15 | (25,425) | (15,244) | ||||
| Net currentcurrent liabilities | (4,389) | (3,628) | |||||
| Total assetsassets fess currentcurrentliabilities | 1,667,925 | 1,697,069 | |||||
| Income funds | |||||||
| Unrestricted fundsfunds | 1,667,925 | 1,697,069 | |||||
| 1,667,925 | 1,697,069 |
The financial statements were approved by the Trustees on 15 January 2026 aa
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: , MRS MARY ELLEN MACLAURIN'S TRUST g STATEMENT OF CASH FLOWS [ FOR THE YEAR ENDED5 APRIL 2025 4 rl Notes ] Cash flows from flows from from operating activities @ Cash absorbed absorbed by operations operations 20 | Investing activities . w : (Gain)/lossPurchase of heritageonPurchase of heritageon of heritageonon revaluation assetsof investment assetsof investmentof investment investment . ag P rourur c haseeeds offrom investmentsdisposaleeds offrom investmentsdisposal offrom investmentsdisposalfrom investmentsdisposal investmentsdisposaldisposal of other other investments (219237237 ,
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|---|---|---|---|---|---|---|---|---|---|---|---|
|2025|2024|
|Notes|£|£|£|£|
|Cash flows from flows from from|operating|activities|
|Cash absorbed absorbed|by operations operations|20|(35,484)|(28,574)|
|Investing|activities|
|(Gain)/lossPurchase of heritageonPurchase of heritageon of heritageonon|revaluation assetsof investment assetsof investmentof investment investment|11,818(4,500)|(10,015)(480)|
|P|rourur|c|haseeeds offrom investmentsdisposaleeds offrom investmentsdisposal offrom investmentsdisposalfrom investmentsdisposal investmentsdisposaldisposal|of other other|investments|(219237237|,|758)525|(4471|,1|21)94|
|Investment|income|received|19,335|16,306|
|activitiesNet cash generated from investing4|44,420|32,884|
|Net cash used|in financing|activities|-|-|
|Net increase|in|cash|and|cash|equivalents|8,936|4,310|
|Cash|and cash equivalents|at beginning|of year|11,616|7,306|
|Cash and|cash|equivalents|at end|of year|20,552|11,616|
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& , MRS MARY ELLEN MACLAURIN'S TRUST ig NOTES TO THE FINANCIAL STATEMENTS Ls FOR THE YEAR ENDED 5 APRIL 2025 qj eee 4 1 Accounting policies . ad 1.1. Accounting convention i ; The financial statements have been prepared in accordance with the charity's governing document, the ES | Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland” r and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice ag applicable to charities preparing their accounts in accordance with the Financial Reporting Standard fi applicable in the UK and Republic of Ireland (FRS 102)". The charity is a Public Benefit Entity as defined by @ FRS 102. - The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to EY the extent required to provide a true and fair view. This departure has involved following the Statement of ct | Recommended PracticePractice whichfor chais r itieseferredapplyingto in the RegulationsFRS 102 ratherbut whichthanhasthe sinceversion beenof witt h drawn.e Statement of EY The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary S amounts in these financial statements are rounded to the nearest £. = The financial statements have been prepared under the historical cost convention, [modified to include the a revaluation of freehold properties and to include investment properties and certain financial instruments at fair ; value]. The principal accounting policies adopted are set out below. a 1.2 Charitable funds | Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. i Unrestricted funds are analysed between Revenue, which represents the surplus income available for the | purchase of paintings and the running of the gallery and Capital, which represents the investments and ig asseis held during the year. ° Restricted funds can only be used for particular restricted purposes within the objecis of the charity. ug Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. | 1.3. Income , Income is recognised when the charity is legally entitled to it after any performance conditions have been met, | the amounts can be measured reliably, and it is probable that income will be received. | Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified ™ of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in if relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. a; Legacies are, recognised recognised on receipt or otherwise if the the charity has been notified of an an impending distribution, q the amount is known, and receipt is expected. if the amount is not known, the legacy is treated as a
Legacies are, recognised recognised on receipt or otherwise if the the charity has been notified of an an impending distribution, the amount is known, and receipt is expected. if the amount is not known, the legacy is treated as a contingent asset.
. £ 1.4 Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the £j tc h aritye amount to thatof expenditure, the obligationit iscan probablebe measured that a transferreliably. ofExpenditure economic benefitsis accountedwill befor required on an accrualsin settlementbasis and 4)= directlyhas beenattributedclassifiedto underparticular headingsheadingsthatthey aggregatehave beenall costallocatedrelatedtotoactivities the category.on a basisWhereconsistent costs cannot bewith the use of resources. a)[a]
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)., L LMRS MARY ELLEN MACLAURIN'S TRUST L NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 5 FOR THE YEAR ENDED 5 APRIL 2025 i | 1 Accounting policies (Continued) | 1.5 Tangible fixed assets i Monies of a a capital nature previously expended by the Trustees in the creation of the the MacLaurin Art Gallery, ag amounting to £83,426, have not been treated as part of the the assets because the property in which the Gallery : is located is held on a long lease and and this expenditure is therefore therefore not realisable by the Trust. a Depreciation is recognised so as to write off the cost or valuation recognised so as to write off the cost or valuation so as to write off the cost or valuation as to write off the cost or valuation to write off the cost or valuation write off the cost or valuation off the cost or valuation the cost or valuation or valuation valuation of assets less their residual values over their assets less their residual values over their less their residual values over their their residual values over their residual values over their values over their over their their | useful fives on the following on the following the following following bases: ig Leasehold improvements improvements 10 Years Years Straight Line | The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. * 1.6 Fixed asset investments ig Fixed asset investments are initially measured at transaction price excluding transaction costs, and are — subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net i | income/(expenditure) for the year. Transaction costs are expensed as incurred. uga 1.7 Cash and cash equivalents “ Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid ag withininvestmentsborrowingswith originalin currentmaturitiesliabilities.of three months or less, and bank overdrafts. Bank overdrafis are shown iq 1.8 Taxation . a The charity is exempt from tax on its charitable activities. é 1.9 Heritage assets | Heritage assets comprise paintings, drawings sculptures etc. These assets were revalued in November 2015 “ by Lyon & Turnbull and are included in the accounts at their revalued amount. 2 1.10 Legal status i The Charity is registered in Scotland with OSCR and it's registered charity number and principal address can S be found in the Report of the Trustees. a 2 Donations and legacies uf Unrestricted Unrestricted
.
(Continued)
Monies of a a capital nature previously expended by the Trustees in the creation of the the MacLaurin Art Gallery, amounting to £83,426, have not been treated as part of the the assets because the property in which the Gallery is located is held on a long lease and and this expenditure is therefore therefore not realisable by the Trust. Depreciation is recognised so as to write off the cost or valuation recognised so as to write off the cost or valuation so as to write off the cost or valuation as to write off the cost or valuation to write off the cost or valuation write off the cost or valuation off the cost or valuation the cost or valuation or valuation valuation of assets less their residual values over their assets less their residual values over their less their residual values over their their residual values over their residual values over their values over their over their their useful fives on the following on the following the following following bases: Leasehold improvements improvements 10 Years Years Straight Line
oy
| Donations and legaciesand legacies | Donations and legaciesand legacieslegacies | ||
|---|---|---|---|
| Donations and legaciesand legacies | Donations and legaciesand legacieslegacies | Unrestricted | Unrestricted |
| funds | funds | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Donations | andgifts | - | 965 |
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, MRS MARY ELLEN MACLAURIN'S TRUST
r NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) r FOR THE YEAR ENDED 5 APRIL 2025 | I P| 3 Investments E | #: : ; | ri Investment income & commission income & commission & commission commission
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|---|---|---|---|
|Unrestricted|Unrestricted|
|funds|funds|
|:|
|2025£|2024£|
|Investment income & commission income & commission & commission commission|18,850|16,306|
|Interest|receivable|485|-|
|19,335|16,306|
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g
investments are stated at market value and revalued annually at the balance sheet date. The unrealised surplus or deficit arising on revaluation is transferred to the unrestricted capital fund.
Investment income is accounted for when received.
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|---|---|---|---|---|
|2025|2024|
|UK|£|£|
|Fixed Interest|1,361|622|
|UK Dividends|822|1,267|
|UK Authorised|Unit Trust Dividends|6,827|5,680|
|UK Authorised|Unit Trust Interest|1,940|1,998|
|REITS|1,083|1,047|
|Overseas|Dividends|3,454|3,073|
|Overseas|Unit Trust|Interest|3,363|2,619|
|18,850|16,306|
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4 Other trading activities
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|---|---|---|
|Unrestricted|Unrestricted|
|:|funds|funds|
|2025|2024|
|£|£|
|Other income|1,261|755|
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, MRS MARY ELLEN MACLAURIN'S TRUST r ‘3 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) L FOR THE YEAR ENDED 5 APRIL 2025 a 5 Raising funds ce | a e
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|ce|||Unrestricted|Unrestricted|
|a|funds|funds|
|e|2025|2024|
|||Portolio management fees|5,385|5,432|
|a|6|Support costs|
|EC|||‘|Support|Governance|2025|Support|Governance|2024|
|e|costs|costs|costs|cosis|
|ig|£|£|£|£|£|E|
|rr|||Staff costs|-|-|-|1,581|-|1,581|
|-|Depreciation|3,548|-|3,548|3,548|-|3,548|
|||Advertising|13,661|-|13,661|12,675|-|12,675|
|||InsuranceRent|4,8711|-|4,8711|4,8521|-|48521:|
|ng.|SACMiscellaneocontrib|u|tions|104|,|882000|-|704|,|884000|102|,|963000|-|102|,|000963|
|||Independent examiners|
|S|fee|-|3,745|3,745|-|3,564|3,564|
|r|||Legal fees|-|2,880|2,880|-|2,880|2,880|
|rT|||36,962|6,625|43,587|35,620|6,444|32,064|
|||7|Net movement in funds|2025|2024|
|:|
|fiThe|net|movement|in|funds|is|stated|after|charging/(crediting):|
|Depreciation|of owned|tangible|fixed|assets|3,548|3,548|
|:|8|Trustees|
|<aii|
|7|None|of|the|trustees|(or|any|persons|connected|with|them)|received|any|remuneration|or|benefits|from|the|
|£|charity|during|the year.|
|z|Trustees’ expenses|
|sF)|There were|no trustees’|expenses|paid|for the year ended|5 April|2025|nor for the|year ended|April|2024.|
|CA|Trustee|Mr|J|Walker|is|a|partner|with|the|firm|Kilpatrick|&|Walker who|have|acted|as|solicitors|for|the|Trust|
|aq)|fromof £2,8801st April(2024: 2013.£2,880). The financial statements to 5 April 2025 includes solicitors fees due to Kilpatrick & Walker|
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, MRS MARY ELLEN MACLAURIN'S TRUST
r NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
9 Staff costs
| 9 | Staff costscosts | Staff costscosts | ||
|---|---|---|---|---|
| Theaverage monthlynumberofemployees during theyearwas: | ||||
| 2025 | 2024 | |||
| Total | Number - |
|||
| Employmentcosts | 2025 | 2024 | ||
| Wagesandsalaries | |- | 1,581 | ||
| Noemployees received emoluments inexcessof£60,000. | ||||
| 10 | Gainsandlosses oninvestments | |||
| ; | Unrestricted funds 2025 |
Unrestricted funds 2024 |
||
| Gains/(losses) arising on: | £ | £. | ||
| Revaluation ofinvestments Saleofinvestments |
(11,818) 249 |
10,015 732 |
||
| (11,569) | 10,747 | |||
| 11. | Tangiblefixedassets | Leaseholdimprovements | improvements | |
| Cost | £ | |||
| At6April2024 At5April2025 Depreciation and impairment At6April2024 |
35,477 35,477 4,730 |
|||
| Depreciation charged intheyear | 3,548 | |||
| At5April2025 Carryingamount At5April2025 |
8,278 27,199 |
|||
| At5April2024 | 30,746 |
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MRS MARY ELLEN MACLAURIN'S TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
12 Heritage assets
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||||
|---|---|---|
|Market|value|
|At 6 April 2024|1,100,552|
|Purchases|4.500|
|At 5 April 2025|1,105,052|
|Net book value|1,100,552|
|At 6 April 2024|—=|
|At 5 April 2025|‘|1,105,052|
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Paintings, drawings, sculptures etc.
The above assets were revalued by Lyon & Turnbull in November 2015.
A digital database (accession register) of heritage assets is maintained by South Ayrshire Council on behalf of the’ Trust.
if the heritage assets had not been revalued they would have been included at the following historic cost:
a a 2025 2024 ; : ag DrawiPainti ngs 23024 , 901294 2 2 64 , 401294 : Sculptures, glass etc 35,505 35,505 7 290,700 286,200 : } Summary analysis of heritage asset transactions . 2025 2024 2023 2022 2021 ig £ £ £ £ £
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|||||||||
|---|---|---|---|---|---|---|---|
|2025|2024|2023|2022|2021|
|£|£|£|£|£|
|Purchases|and|additions|4,500|480|3,360|-|-|
|Transfer|of|assets|-|-|-|-|-|
|Revaluation|-|-|-|-|-|
|4,500|480|3,360|-|-|
|Charge|for|impairment|-|-|-|-|-|
|Disposals|-|-|-|-|-|
|Proceeds from disposais|-|-|-|-|~|
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) MRS MARY ELLEN MACLAURIN'S TRUST ] NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 a
13 Fixed asset investments
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||||||
|---|---|---|---|---|
|Listed|
|investments£|
|Cost|or valuation|
|At 6 April 2024|569,399|
|Additions|219,758|
|Valuation|changes|-|(11,569)|
|Disposals|(237,525)|
|At 5 April 2025|540,063|
|Carrying amount|
|At 05 April 2025|:|540,063|
|At 05 April 2024|569,399|
|2025|2024|
|£|£|
|investments|at|fair value|comprise:|
|UK equities|252,743|236,817|
|Global|287,320|332,582|
|540,063|569,399|
|Investments with|Market value > 5% of total|portfolio comprises:|
|Aviva|invrs|Sel|Fd|29,019|
|Ssga|Spdr ETFS|- Bloom|Global|30,160|
|TM|Natixis|inv Ls|28,327|
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. MRS MARY ELLEN MACLAURIN'S TRUST a NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
||
;
@||Valuation
. Gain/(loss) —Gain/(loss)
Valuation
asat
Sales
on
on
asat
06/04/24
Additions
proceeds
disposal
revaluation
05/04/25|
|---|---|---|
|||£
£
£
£
£
£|
|:
cc
|
:
jl||Fixed interest
15,859
87,615
(275)
(61)
(437)
82,702
Equities
131,157
37,452
(55,115)
(158)
1,323
114,659
Property
13,020
-
-
-
147
13,167
Alternative assets
76,781
-
(31,688)
1,524
(4,402)
42,215|
|rc
:||"236,817
105,067
(87,078)
1,306
(3,369)
252,743
International|
|yg
a
ct |
@
“q||Fixed interest
90,410
18,191
(31,168)
190
1,515
79,198
Equities
242,172
96,500
(119,339)
(1,247)
(9,963)
208,123
1
—____
—_____
—__ et
332,582
114,691
(150,447)
(1,058)
(8,448)
287,320
569,399
219,758
(237,525)
249
(11,818)
540,063|
|||14|Debtors|
|.
ig||2025
2024
Amountsfailingdueaftermorethanoneyear:
£
£|
|||.|Prepayments andaccruedincome
484
-|
|. /
15
Creditors:amounts fallingduewithinoneyear
|
2025
2024
:,
£
£
:|||
|a
Accruals and deferred income
25,425
15,244
,|||
|r|16|Unrestrictedfunds|
|t|||
|a
|
|
a||Theunrestrictedfundsofthecharitycomprisetheunexpendedbalancesofdonationsandgrantswhichare
notsubjecttospecificconditionsby donorsandgrantorsastohowtheymaybeused.Theseinclude
designated fundswhich havebeen setaside outofunrestricted funds bythetrustees forspecificpurposes.|
|gq
{||At6April
Incoming
Resources
Transfers
Gainsand
At5April
2024
resources
expended
losses
2025|
|Fii||£
£
£
£
£
£|
|G
g||Generalfunds
1,697,069
36,226
(53,801)
-
(11,569)
1,667,925
-
——
——__
—
————
———|
|a)|||
|:
Previous year:
At6April
Incoming
Resources
Transfers
Gainsand
At5April
a
2023
~=—sresources
expended
losses
2024
r
£
£
£
£
£
£
i
Generalfunds
1,724,269
18,026
(55,973)
-
10,747
1,697,069|||
|Re
t
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' MRS MARY ELLEN MACLAURIN'S TRUST
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|---|---|---|---|---|---|---|---|
|F||NOTES TO THE|FINANCIAL STATEMENTS (CONTINUED)|
|FOR|THE YEAR ENDED|5 APRIL|2025|
|a|
|ra|||17|Movement in funds|
|a|Movement|in funds|
|ce|Balance at|Incoming|Resources|Transfers|Gains and|Balance at|
|:|||6 April 2024|resources|expended|losses|5 April 2025|
|re|£|£|£|£|£|£|
|=|||Unrestricted funds|
|c|Capital fund|1,698,562|18,850|(4,710)|(11,235)|(11,569)|1,689,898|
|||Revenue fund|(1,493)|17,376|(49,091)|11,235|-|(21,973)|
|g|1,697,069|36,226|(53,801)|-|(11,569)|1,687,925|
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18 Transfers between funds
The following transfers took place between the revenue and capital funds during the year:
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|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|:|,|Revenue fund|Capital fund|
|a|Transfer|of investment|income|15,735|(15,735)|
|A|Transfer|of funds|to|capital|fund|for purchase|of assets|(4,500)|4,500|
|:|11,235|(11,235)|
|a|
|@19|Related|party|transactions|
|4|There were no disclosable|related party transactions during the year (2024 - none).|
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|---|---|---|---|---|---|---|
|20|Cash generated from operations|2025|2024|
|£|£|
|Deficit for the year|(29,144)|(27,200)|
|Adjustments|for:|.|
|Investment income|recognised|in statement|of financial|activities|(19,335)|(16,306)|
|Gain on|disposal|of investments|(249)|(732)|
|Depreciation and impairment oftangible fixed assets|3,548|3,548|
|Movements|in|working|capital:|
|(increase)/decrease|in|debtors|(485)|4,852|
|increase|in|creditors|10,181|7,264|
|Cash absorbed by operations|(35,484)|(28,574)|
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i 21. ‘Analysis of changes in net funds rc] The charity had no material debt during the year. c
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z F NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
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MRS MARY ELLEN MACLAURIN'S TRUST
FOR THE YEAR ENDED 5 APRIL 2025
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||||||
|---|---|---|---|---|
|22|Comparative SOFA (2023/24)|
|2024|2023|
|Totalfunds£|Total funds£|
|Income|and|endowments|from:|
|Donations and|legacies|965|15,500|
|Other trading|activities|16,306|17,738|
|Investment income|755|1,971|
|Total|18,026|35,209|
|Expenditure|on:|
|Raising funds|5,432|6,030|
|Exhibitions|8,477|5,161|
|Other|42,064|36,510|
|Total|55,973|47,701|
|Net gain/(loss)|on|investments|10,747|(64,504)|
|Net income/(expenditure)|(27,200)|(76,996)|
|Reconciliation|of funds|
|Total funds|brought forward|1,724,269|1,801,265|
|Total funds carried forward|1,697,069|1,724,269|
----- End of picture text -----
‘
MRS MARY ELLEN MACLAURIN'S TRUST
a Fe NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) a FOR THE YEAR ENDED 5 APRIL 2025
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23 ~—~Prior period adjustment
Changes to the balance sheet
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||||||
|---|---|---|---|---|
|At 5 April|2024|
|As|previously|Adjustment|As|restated|
|reported|
|Creditors|due|within|one year|
|Other creditors|(5,244)|(10,000)|(15,244)|
|Income funds|
|Unrestricted funds|1,707,069|(10,000)|1,697,069|
|Total equity|1,707,069|(10,000)|1,697,069|
|Changes to the profit and loss account|,|
|Period ended|5 April 2024|
|oO|As previously|Adjustment|As|restated|
|reported|:|
|Net movement in funds|(17,200)|(10,000)|(27,200)|
----- End of picture text -----
A prior period adjustment has been included to correct previously omitted expenses
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