MANSFIELD TRAQUAIR TRUST A charitable company limited by guarantee Company No SC159591 {Scotlandl Registered Scottish Charity No SC021599 ANNUAL REPORT & FINANCIAL STATEMENTS For the year ended 31 August 2025 Mansfield Traquair Trust Mansfield Traquair Centre 15 Mansfield Place Edinburgh EH3 6BB
MANSFIELD TRAQUAIR TRUST A charitable company limited by guarantee TRUSTEES, ANNUAL REPORT The Trustees present their report and accounts for the year ended 31 August 2025. Relerènce and Administrative Information Trustee5 Malcolm Mathieson Ilnterim Chair- from 25 March 20261 Dr Duncan Thomson Ichairl (resigned 25 March 20261 Alastair Bryce Jocelyn Cunliffe Chanté St Clair Ingli5 (resigned 25 March 20261 Dr Richard Love Eric Northcote (co-opted 15 April 2025 and appointed 14 May 20251 Ann3 Starkey (co-opted 15 April 2025 and appointed 14 Mèy 20251 Secretsry Gill Stewart Auditors MHA 6 St Colme Street Edinburgh EH3 6AD Banker5 CAF Bank Limited 25 Kings Hill Avenue Scottish Widows Bank PO BOX883 Leeds LSI 9ri West Malling Kent ME19 4JQ Solicitors Linds3ys WS Caledonian Exchange 19a Canning Street Edinburgh EH3 8EG Registered office The Mansfield Traquair Centre 15 Mansfield Place Edinburgh EH3 6B8 Charity number SC021599 Company number SC159591
MANSFIELD TRAQUAIR TRUST A charitable company limited by guarantee TRUSTEES, ANNUAL REPORT Icontinuedl 5trudure, Governance and Management The Mansfield Traquair Trust was incorporated as a charitable company limited by guarantee on 8 August 1995 under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. The Trustees are also directors of the company and are appointed in accordance with the Trust's Mernorandum and Articles of A550ciation. At each Annual General Meeting one third of the Tru5tee5 retire frorn office, those retiring being those who have been longest in office since their last election. All retiring Trustees are eligible for re-election. The Trustees Strive to ensure that the skills and expertise of the Trustees meet the needs of the Trust. The Trust advertises via the appropriate channels to recruit new Trustees. In the event of particular /specific skills being deemed to be required but not found through the advertisement process, individu3ls are approached 3fter the period of èdvertlsement and interview to offer themselves for election. During the period under review, there were no retirals. After the sad loss of Isla Duncan who had p3ssed away the year before, the Board numbered only six. After a concerted recruitment and interview process, two new Trustees were recruited. Recently retired, Eric Northcote is a Risk. Governance and Audit specialist with global experience across many industry sectors. An experienced director and senior leader working with Board and Executive stakeholders primarily in Technology and Operational Risk Management, he 15 a local resident keen to support not-for-profit organi5ation5 on a voluntary basis. As a Principal Conservator at National Museums Scotland, Anna Starkey is an accredited preventive conservator with an Msc in Building Conservation, technolo8y and Management. As Collections Care Manager at NMS, Anna leads the Engineering and Furniture Conservation team. She has over 12 years of experience working in UK heritage organisations including the National Trust for Scotland and has the ideal experience to assist the 8oard in caring for the murals. All Trustees are provided with information on current charity law in Scotland and the duties of charity trustees as required bv the Office of the Scott15h Charity Regulator and sent updates as and when these are produced by the Trusys le8al advisors or OSCR. The Trustees form the managing comrnittee of the Trust. At the end of the ye3r under review the board consisted of eight Trustees. The Trustees strive to meet face to fèce although hybrid meetings are used for those who may not be able to attend in person. During the year under review the Trustees met seven tirnes. Day-to-day operation of the Trust is by the part-time Administrative Secretary who receives instructions from and report5 to the Trustees. None of the Trustees had any financial interest in the Trust at any time during the year. The Trust maintsins a register of risks which is regularly reviewed. The Trustees have assessed the major risks to which the Trust is exposed, in particular those related to the operations 3nd finances of the Trust, and are s3t15fied that 5Y5tem5 are in place to reduce their exposure. The key risks facing the Trust and the actions being taken to mitigate them are as follows.. ensuring the long term future of the Mansfield Traquair Centre.. After SCVO declined to take up a new lease the Trust engaged a marketing agent to search for a new tenant for the whole building. Negotiations with SCVO to agree Schedule of Dilapidations and settlement figure in lieu of SCVO returning the building to the stipulated condition of the Lease were driven forward 3nd concluded and the funds received in August 2025. Several parties h3ve shown interest in leasing the entire building and have taken time to review how the building would work for them in depth. The Trust at the same time has taken care to assess whether the various parties proposed uses were compatible with the special nature of the building as a Category A listed building and thus of National importance alongside the needs of Heritage Portfolio and their established use of the building for events and the Open Days run by the Friends of M3nsfield Traquair Centre which allow the public to 3cce55 the building and view the mura15 free of ch3rge. At the time of writing while several pèrties have shown interest in renting small parts of the office spaces as individual third sector groups there have been no firm offers to tske on the lease. In order to continue to be able to cover the costs tsf mèintaining the buildin& the Trust entered into a negotiation with Heritage Porrfolio to agree an events management contract that would provide income to the Trust. Draft Heads of Terms have been developed between the parties and are expected to be signed off some time after the time of writing. For the time being, both and Heritage Portfolio are carrying out their respective actlOn5 in accordance with the draft Head5 of Term5 developed to date. In the period under review the payments from Heritage Portfolio have allowed the Trust to cover the outgoings for the general running and managernent of the building.
MANSFIELD TRAQUAIR TRUST A charitable company limited by guarantee TRUSTEES, ANNUAL REPORT Icontinuedl 5trudure, Governance and Management (continued) maintenance of the Mansfield Traquair Centre.. The Trust ensures that quinquennial reviews are undertaken bv conservation architects Ibuildingl and painting conservators Imural paintings) to identify maintenance needs and ensure these items are addre55ed. As reported in the previtsus year. the most recent building quinquennial review Ifinalised September 20231 highlighted some significant maintenance issues and requirements mostly in relation to the rainwatergoods and associated ingress of water into various parts of the building. Before these elements of repair and maintenance can be advanced it was recommended that an underground drain ccrv survey be undertaken to ensure that there is effective drainage away from the root of the building to allow the rainwater goods to function elfectively. These element5 now form part of the Schedule of Dilapid3tion5 that W35 agreed between the Trust and SCVO. The necessary works, starting with the instructing the drains survey, are being systematically undertaken by the Trust, P3id for using the funds from the Dilapid3tions settlement figure. The mural p3intings review, lundert3ken in July 20241 identified 3 number of èreas needing consolidation ènd conservation treètrnent mostly relating to ingress of water identified in the building quinquennial review. During the period under review theTrust worked with a mural conservator and Scaffolder to arrange for the conservation works to be advanced during periods that did not impact on the events run by Heritage Portfolio. The works required to be to be carried out in two stages with the first stage completed in April 2025 and the next stage scheduled for the following spring. The Trust contracted a building rn3n3gement company in order to ensure that the general maintenance work5 3re successfully co-ordinated. and any repairs reported are instructed timeously and undertaken by appropriately qualified trades subject to scrutiny by and approv31 of the Trustees. All the associated invoices and those pertaining to the day to d3y running of the building, such as utilities, are paid directly by the Trust. The Trust has ensured that an appropriate level of Buildings Insurance is in place. a continued need to pursue succession planning and recruit new Trustees after a loss of Trustee expertise through retir31s 3nd an unexpected death.. The nature of the work to maintain the hi5toricfabric of the building and the mura15 requires specialised types of expertise. As such some facets of the expertise lost means the Trust continues to seek individuals with specific experience and knowledge. Oblectlves and Actlvltles The principal objective of the Trust has been the restoration of the former Catholic Apostolic Church in Mansfield Place Edinburgh (now known as the Mansfield Traquair Centrel and its scheme of mural decoration by Phoebe Anna Traquair, while at the 5arne time securing a viable. long-terrn future for the building. The Trust's principal activity during the period under review was to ensure that the building and murals were properly monitored ènd the rectsrnmend3tions of the building quinquennial review and repair5 and conservation work5 recornmended in the quinquennial review of the murals were carried out in an appropriate manner and with regard to any prioritisation of timing and cost5. A5 noted above, the Trust h3S Put together an action plan to Secure 3 new principal tenant for the office5 and for maintaining the building now that the Trust is solely responsible for the repair and maintenance of the building. Achievement and Performance The Trustees 3re keenly aware of the need to ensure the long-term future of the building. During the year under review, the Trustees monitored the condition of the building and actively encouraged SCVO to undertake the repèirs identified in the quinquennial review prior to the end of their lease. During the previous year the stonework of the building had stsrted to be affected by ingress of r3inwater due to choked rainwater goods. SCVO actioned necessary repairs to the roof and some rainwater goods. A good number of works were outstanding as SCVO came to the end of their lease. These works are included in the Schedule of Dilapidations. In the previous year the maintenance of the grounds had returned to a regular routine with the undergrowth and ivy regularly cut back and kept in good order. This programme was continued and has ensured vegetation is kept at a good distance from the building. The events management has continued to improve and the bookings for the use of the nave gradually continued to improve during the year under review. The Trustworked to ensure that the events company Heritage Portfolio could honour its event programme during the period the Trust is responsible for the building. In orderto do so an agreement Is being drawn up with Heads of Terms developed as noted above.
MANSFIELD TRAQUAIR TRUST A charitable company limited by guarantee TRUSTEES, ANNUAL REPORT Icontinuedl Achlevements and Performance (continue There was one request made to theTrustees for reduced hire of the building during the reportin8 year by the Edinburgh Charity Fashion Show for their annual show in March 2025 which was granted. The show raised funds for the Rock Trust as its beneficiary. No dam3ge to the internal fabric w35 reported during the year. Ongoing a5sessrnent of the readings from the monitors, using the remote access system was undertaken by the Secretsry and one of the Trustees. This specialist attention from the Trust highlighted th3t the re3dings continued to be high in the south west end of the South Chapel valley gutter de5Plte attention being paid to the condition of the gutter. Step5 were thus taken to ensure that the 5en50r be located and assessed for faults. This investigative work is being advanced at the time of writing. In order to keep the murals in good order the Trust instructed the conservators from Scottish Wall painting5 who had undertaken the quinquennial review into the condition of the murals to undertake their recommended repairs, Wlth the first stage undertaken in the side aisles and being completed during the period under review. Prior to these works being carried out it was identified that repairs were required externally to the gutters and the junction of the roof with the stonework over the North aisle. After several attempts tts encourage 5CVO to instruct these works ahead of the scheduled mural conservation works, the Trust instructed a rope access company to carry out the works with the cost of these repairs included in the Schedule of Di13pidations and thus recovered. At the end of lune 2025, the Trust successfully navigated the handover of the management and maintenance of the Mansfield Traquair Centre from SCVO. The Trust Secured the employment of a Building Management Company to oversee the routine management of the building and the procurement and instruction of the various appropriately qualified trades for instructing repairs whilst it seeks a new tenant for the building. The Trustee5 ensured that a structure was set up whereby the management company reports the nature and costs tsf repairs needed for their scrutiny and approval. When necessary, Trustees have sought advice and quotes from other sources to ensure that due diligence is being practiced in terms of quality of work and c05t. All invoices including those for the utilities are submitted to 3nd paid directly by the Trust. The Trust took the decision that it was more financially and administratively prudent to have both the processing and payment of the invoices as well as the recording required undertaken by the Trust's administrative secretary, rather than by the management company, thus avoiding duplication of tirne and thus fee5 for 5arne. The Trust continued in 3SS15ting Historic Churches Scotland IHCSI. as part of its remit to preserve and promote the work and reputation of Phoebe Anna Traquair to help secure an appropriate future for the former Mortuary Chapel at the former Royal Hospital for Sick Children. The Trust continued in its to expert advisory capacity and during the year under review rnaintained the rnomentum in its attempt5 to encourage transferral of the building to 3n appropriate end user. After the parts of the hospital site includingthe Mortuary Chapel were acquired from the original developers Downing by a student housing company iQStudent Accommodation, they identified the chapel as not their kind of asset, especially due to the specialised maintenance of the murals and the building. The new owner5 indicated that the building may be Something they would prefer to hand over to an appropriate party. By the first quarter of the period under review repairs to the murals were being undertaken as part of p13nning conditions, funded by the previous developers Downing. Externally, repairs to the Stonework and pointing were being carried out also to meet part of the planning conditions stipulated by the Local Authority when consent was granted for the use of the whole site. A visit to see the outcome of the conservation works was arranged for the representatives of the HCS and Trustees and the 5ecretsry of by the conservator at the beginning of December 2024 after her liaising with the lead officer of IQ Student Accommodation. The vi51t allowed an appreciation of the conservation work5 and an opportunity to as5e55 the condition of the rest of the building and the floorplan and volume of accommodation. All the rooms apart from the chapel were found to be in an abandoned and uninhabitable State but eminently repairable 3nd suitable for a nurnber of option5 for appropriate re- use sensitive to setting of the chapel. In the following months Historic Churches Scotland in partnership with the Mansfield Traquair Trust and with the agreement of IQ Student Accommodation applied for and obtained gr3nt from the Architectural Heritage Fund to commission a new Viability Appraiszl and, with contributions from the Friends of the Mansfield Traquair Centre and from several trusts and private donors towards the cost of the study, to examine options and develop a business case for the sustainable re-use of the mortuary chapel building, including public access to the murals 2nd interpretation of them and the wider hospital site. The application was successful, partly helped by the promise of match funding from the legacy left to the Trust by Mr Alexander Mann which he had requested the Trust use to advance any works to save and re-use the building in an appropriate way. By the c105e of the year under review Historic Churche5 Scotland had gone out to tender to select an appropriate design team to undertake the new Viability Appraisal and develop a new business plan.
MANSFIELD TRAQUAIR TRUST A charitable company limited by guarantee TRUSTEES, ANNUAL REPORT Icontinuedl Achlevements and Performance (continue Durin8 the year under review SCVO continued with payments of rent that had been increased from £18,500 + VAT per annum and paid quarterly in June 2024 to £18,880 + VAT, in line with RPI. They made their last payment in the April of the period under review. The first of the fund5 from Heritage Portfolio, paid a5 comrni55ion payments based on the income form their events, started in the last month of the year under review to the value of £37,195.09. The Mansfield Traquair Centre wa5 open for 11 Sunday5 between Septetnber and July during the year under review and for 13 days during the Edinburgh Festival Fringe in August 2025, a total of 24 days. Private visits for groups and individuals were also arranged throughout the year. There were 4,698 visitors on Open Day5 and 377 visitors at 57 private vi51t5 at other time5 during the year. There were no external talks. This brings the total number of visitors to the building in the year under review to 5,075 indicating a significant increase in interest in the murals and the building. The Trust is most grateful to the Friends of Mansfield Traquair Centre for providing their usual high standard of stewarding and guiding, all of which enhance the enjoyment of visitors, spread knowledge about the building and the murals and promote the work of the Trust. Finantial Revi The Trust's financial position is set out in the Statement of Financial Activities. In the year to 31 August 2025, the Trust h35 income of £546,51712024.. £26,984) and expenditure of £170,56712024.. £114,329), resulting in net income of £375,95012024.. net expenditure of £87,345). The net income position arise5 due to the significant legary income from the estate of the late 1513 Dunc3n. In cash terms, the Trust is able to generate sufficient cash through the rental of the property to meet ongoing cash expenditure. The Trustees continue to recognise the risk to the Trust's ability to maintain Mansfield Traquair Centre given the diminished income stream from building use. The Trustees developed a management regime for the building and appointed a professional building management firrn to carry out the nece55ary statutory funct10115 required and to manage some of the day-to-day maintenance requirements on behalf of the Trust which was in place in time for the handover at the end of June 2025. This 5VStem is set up to continue until such time as the Trust can secure another tenant for the whole building. In the interim period, the Trust plans to balance the income received from the events management company with the outgoings necessary to maintain the building which started in the last month of the period under review. A forward plan of activities and expenditure is being developed to enable 3 fin3nci81 balance to be maintained. Once a new tenant Is secured, it is proposed that the lease for that new tenant will provide the Trust with funds to establish a sinking fund for major expenditure that is likely within the next 15-20 years as original Mechanical and Electrical service components require to be replaced. TheTrust acknowledges the ongoingcontribution made by the Friends of Mansfield Traquair Centre through its dedicated work engaging visitors and the public at large. The Trust also records its gratitude to the Meikle Foundation and organi5ation5 and members of the public who made private donations. Gratitude is also extended to legacies that were made in the period under review from the late Alexander Mann and the late Isla Duncan, a dedicated member of the Board who sadly passed away in her 26th year as a Trustee. Resee$ policy At 31 August 2025, the Trust had restricted funds of £2,352,83112024.. £2,439,826), designated funds of £191,03112024.. £197.8661 and unrestricted fund5 of £525,90912024.. £56,129) giving a total of £3,069,77112024.. £2,693,821). The unrestricted funds of £525,90912024.. £56.1291 represent the free reserve5 of the Trust, defined as those funds held outwith restricted funds which 3re not held in fixed asset5. It is the Trust's aim to maintain a cash balance adequate to meet the running costs of the charit3ble company which might include conservation works to the murals arising zt short notice. As the majority of the Trust's expenditure relates to non-cash items, Trustees are happy that the current level of free reserves is appropriate. Plans for Future Perlods The prime and immediate objective of the Trust is to Secure a new tenant for the building. The next principal objective of the Trust is to ensure that it advances the repairs and maintenance of the Mansfield Traquair Centre in a timely and appropriate manner. The results of the quinquennial review Iseptember 20231 continue to be actively pursued.
MANSFIELD TRAQUAIR TRUST A charitable company limited by guarantee TRUSTEES, ANNUAL REPORT Icontinuedl Plans for Future Perlods {continuedJ With some of the initial findings of the review being addressed in the short term, assessment of ground drains followed by further works to the rainwater goods and the assessment of the associated condition of the stonework continues to be a key priority alongside the second phase of conservation works to the murals, scheduled for the spring of 2026. A further review of the risk register is being undertaken in light of the handover of the building to the Trust from SCVO,. the need to addre55 and implernent the finding5 of the quinquennial review that SCVO did not advance through the use of the funds from the dilapidations settlement; and the ongoing need to further augment the number and skill sets of Trustees after the 1055 and retiral of previou5 Trustees with established knowledge of the operations of the Trust. the building, the rnura15 and life and work of Phoebe Anna Traquair. The Trust also continues to support Historic Churches Scotland in its work to find an appropriate vehicle to support new ownership and the adaptive re-use of the former Mortuary Chapel at the former Royal Hospital for Sick Children to ensure the conservation and future safeguarding of its murals by Phoebe Anna Traqu3ir. Statement of Trustees, responsibilities The Trustees (who are also directors of the charitable company for the purposes of company lawl are responsible for preparing the Trustee's Annual Report and the financial staternent5 in accordance with applicable law and United Kingdorn Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure of the charitable company for the year. In preparing those financial statements, the Trustees are required to select suitable accounting policies and then 3pply them consistently., observe the methods and principles in the Charities SORP 2019 IFRS 1021; 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 prepare the financial staternents on the going-concern basis unle55 It is inappropriate to presurne that the ch3rit3ble company will continue in business. The Trustees are responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial ststements comply with the 2006 Cornpanies Act, the Ch3ritie5 3nd Trustee Investment Iscotlandl Act 2005 and the Charities Account5 (Scotlandl Regulations 2006 las amended) and the Trustees, Annual Report. They are also responsible for safeguarding the assets of the charit3ble company and hence for taking reasonable steps for the prevention and detection of fraud and other irregu13rities. In so far as the Trustees are aware there is no relevant audit information of which the charitable company's auditors are unaware,. the Tru5tee5 have taken all step5 that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. Small Company Provisions This report h35 been prepared in accordance with the special provision5 for small companies under Part 15 01 the Companie5 Act 2006. By order of the Board Malcolm Mathieson Trustee 20 May 2026
INDEPENDENT AUDITOR'S REPORT TO THE TRVSTEES AND MEMBERS OF MANSFIELD TRAQUAIR TRUST Oplnlc We have audited the financial statements of Mansfield TraquairTrust Ithe'charitable company'l for the year ended 31 August 2025 which comprise the statement of financial activities, the balance sheet, and notes to the financial statements, including significant accounting policies. The finzncièl reporting framework that hès been applied In their preparation Is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Finonciol Reporting 5tondt7rd upplicuble in the UK ond Republic of Irelond Iunited Kingdorn Generally Accepted Accounting Practicel. In our opinion the financial statements.. give a true and fair view of the state of the charitable company'5 affairs a5 at 31 August 2025, and of it5 incoming resources and application of resources, including its income and expenditure, for the year then ended.. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice: 3nd have been prepared In accordance with the requirements of the Companies Act 2006, the Charities and Trustee Investment (Scotlandl Act 2(K)5 and regulation 8 of the Charities Accounts (Scotlandl Regulations 2006. Baslsfor oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAs IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirernents that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfi Iled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obt3ined IS Sufficient and appropriate to provide a ba515 for our opinion. Conclusions relztingtogoing 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 perforrned, we have not identified any material uncertaintie5 relating to event5 or conditlOn5 that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of 3t le35t twelve rnonth5 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 sections of this report. Otherinfomiation The other information comprises the information included in the trustees, annual report, other than the financial statements and our auditorf5 report thereon. The tru5tee5 are responsible for the other infortnation contained within the tru5tee5' annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report. we do not express any forrn 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 staternent5 or our knowledge obtained in the course of the audit or othenfifise appears to be materially rnisstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to 3 materi31 rnisst3tement in the financi31 statements themselves. If, based on the work we have performed, we conclude that there is z tnaterial misstztement of this other information, we ère required to report that fact. We have nothing to report in this regard. Opinionson othermatters prexribed bythe Companie5 Acl 2C In tsur opinion. based on the work undertaken in the course of the audit.. the information given in the trustees, report (incorporating the directors. report) for the financial year for which the financial statements are prepared is consistent with the financial statements,. and the Trustees, report has been prepared in accordance with applicable legal requirements.
INDEPENDENT AUDITOR'S REPORTTO THE TRUSTEES AND MEMBERS OF MANSFIELD TRAQUAIR TRUST (Continuedl Matters on whlch we are requlredto rep)rt byexceptlon In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, report. We have nothing to report in respect of the following Matters in relation to which the Companies Act 2006 and the Charities Accounts1Scotlandl Regulations 2006 require5 US to report to you if, in our opinion.. adequate accountin8 records have not been kept, or returns 3dequate for our audit have not been received from branches not visited by us; or the financial 5tatement5 are not in agreernent with the accounting records and return5.' or certain disclosures of directors, remuneration specified by law are not made,. or we have not received all the information and explanations we require for our 3udit' or the trustees were not entitled to prepare the financial statements In accordance with the small companies. regime and take advantage of the small companies. exemptions in preparing the directors, report and from the requirement to prep3re 3 Strategic report. Responsibilities of trustees As explained More fully in the trustees, responsibilities statement, the trustees (who are also the directors of the charitable eornpany for the purposes of company lawl are responsible for the preparation of the financial 5tatement5 and for being satisfied that they 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 charitable company's ability to continue a5 a going concern, disc105ing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations. or have no realistic alternative but to do so. Audftorfs responslbllltlesfr*theaudftof theflnanclal ststements We have been appointed as auditor under section 44llllcl of the Charities and Trustee Investment Iscotlandl Act 2005 and under the Cornp3nies Act 2006 and report in accordance with regulation5 made under those Acts. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material n1155tatement, whether due to fraud or error, and to Issue an auditor's report that include5 our opinion. Reasonable as5ur3nce is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI 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 influencethe eeonomic decision5 of users taken on the basi5 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 m3terial rnisstatement5 in respect of irregu13rities, including fraud. The specific procedures forthis enBaBement and the extentto which these are capable of detectinB irregularities, includingfraud is detailed below.. Enquiry of management and those charged with governance around actual and potential litigation and claims; Enquiry of charity management and those charged with governance to identify any instances of non-compliance with laws and regulations; Performing audit work over the risk of management override of controls, including the testing of journal entries and other adjustments for appropriatene55, evaluating the rationale of significant transactions outside the normal course of the charity's activities and reviewing accounting estirnates for bias,. Reviewing minute5 of meeting5 of those charged with governance.. Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulation5.
INDEPENDENT AUDITOR'S REPORTTO THE TRUSTEES AND MEMBERS OF MANSFIELD TRAQUAIR TRUST (Continuedl Auditor's responsibilities for the audit of the financial statements Icontinuedl Because of the inherent limitation5 of an audit, there 15 a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that cornpliance with a law or regulation 15 rernoved from the event5 and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities is available on the Financial Reporting Council's website at.. vi4.ii'.frc.or on%ibiliiie%. Thi5 description forrns part of our auditorfs report. Useofourreport This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. and to the charitabl8 comp3nVs trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotlandl Regulations 2006. Our audit work has been undertaken $0 that we might state to the charitable company's Members and trustees those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or a5surne responsibility to anyone other than the charitable cornpany. the charitable company's members as a body and the charitable company's trustees as a body. for our audit work. for this report, or for the opinions we have formed. Paul Marshall Senior Statutory Auditor For an on behalf of MHA, Statutory Auditor 6 St Colme Street Edinburgh EH3 6AD 20 May 2026 MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC4555421. MHA is eligible to act as an auditor in terms of Section 1212 Companies Act 2006.
MANSFIELD TRAQUAIR TRUST A charitable company limited by guarantee STATEMENT OF FINANCIAL ACTIVITIES (Incorporating Income and ExpenditurÈAttountJ FOR THE YEAR ENDED 31 AUGUST 2025 Unrestrlcted funds: general Unrestricted funds: deslgnated Restricted Total funds Total funds funds 2025 2024 Notes Income from: Donations and legacies Other trading activities Investments other income 294,122 56,983 412 195,000 294,122 56,983 412 195,000 7,500 18,564 920 Total Income 546,517 546,517 26.984 Expenditure on: Charitable activities 76,737 6,835 86,995 170,567 114,329 Total expendltu 76,737 6,835 86,995 170,567 114,329 Net incomellexpenditurel for the year 469,780 16,8351 186,9951 375,950 187,3451 Transfers between funds Net movement in funds 469,780 16,8351 186,9951 375,950 187,3451 Funds at I September 2024 12, 13 56,129 197,866 2,439,826 2,693,821 2,781,166 Funds at 31 August 2025 12, 13 525,909 191,031 2,352,831 3,069,771 2,693,821 All income ènd expenditure derive frtsm continuing activities. The Statement of fin3nci31 activities includes all gains and losses arising in the year. The notes on pages 11 to 18 form part of these financial statements.
MANSFIELD TRAQUAIR TRUST A charitable company limited by guarantee 8ALANCE SHEET A5 AT 31AUGU5T2025 Note 2025 2024 Fixed 355ets Heritage assets 2.541,822 2,635,652 Current assets Debtors Cash zt bank and in hènd io 52,004 509,954 149 69.193 Total current assets 561,958 69,342 Creditors falling due within one year li 134,0091 111,1731 Net Current assets 527,949 58.169 Total assets less current liabilities 3,069,771 2,693,821 The funds of the charlty.. Restricted funds Designated funds Unrestricted funds 2,352,831 191,031 525,909 2,439.826 197,866 56,129 Total fund5 12, 13 3.069,771 2,693.821 These financial statements have been prepared in accordance with the speci31 provisions of Part 15 of the Companies Act 2006 relating to small companie5, cornpri5e the annual financial Statements required by the Companie5 Act 2006 and are for circulation to the members of the charitable company. Approved and authorised for issue by theTrustees on 20 May 2026 and signed on their behalf bv:_ Malcolm Mathieson Trustee Company Reglstratlon No: SC159591 The notes on pages 11 to 18 form part of these financial statements.
MANSFIELD TRAQUAIR TRUST A charitable company limited by guarantee RECONCILLIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES lor the year ended 31 August 2025 Notes 2025 2024 Net income/(expenditure)fvr the year(perthe SOFA) Adjustments for- Depreciation Inve5ttnent income Ilncreasel in debtors Increase in creditors and provisions 375,950 187.3451 93,830 14121 151,8551 22,836 93,830 19201 11491 3.485 Net c05h provided by operoting uctivities 440,349 8.901 STATEMENT OF CASHFLOWS for the year ended 31 August 2025 2025 2024 Cash flows from operating activities: Net Cash provided by operating uctivities 440,349 8,901 Cash flows from investlng artivltles: Investment income 412 920 Net coshAlowfrom investing activities 412 920 Change In cosh undcosh equlvulents In the year 14 440,761 9,821 Cash and cash equivalent5 at the beginning of the year 14 69,193 59,372 Cash and cash equivalents at the end of the year 14 509,954 69,193
MANSFIELD TRAQUAIR TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 l. Accountlng pollcles The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial staternent5 are a5 follows.. Basis of preparation The financial statements have been prepared on a going concern basis under the historical cost convention. The financial statements are presented in Sterling which is the functional currency of the charitable company and are rounded to the nearest The financial statements have been prepared in accordance with the Companies Act 2006, the Charities Accounts Iscotlandl Regulations 2006 las amendedl and with the Statement of Recomrnended Practice.. Accounting and Reporting by Ch3rities preparing their financial stètements in accordance with the Financial Reporting Stznd3rd applicable in the UK and Republic of Ireland IFRS 1021 issued in October 2019 and the Financial Reporting Standard applicable in the United Kingdom ènd Republic of Ireland IFRS 1021. The ch3ritable cornpany meets the definition of a public benefit entity under FRS 102. The financial statements are prepared on a going concern basis, which assumes there are no material uncertainties about the charitable company's ability to continue in operation. Trustees are satisfied the charitable company hès sufficient cash and free reserves to meet liabilities for a period of at least twelve months from approving the financial statements while these re5erve5 Streams come to fruition, hence they continue to adopt the going concern basis of preparation. Income Income is recognised when the ch3ritable company has entitlement to the fund5, any performance conditions att3ched to the item(51 of income have been met, it 15 probable that the income will be received and the amount can be measured reliablv. Donations and grant5, whether'capital, or 'revenue' in nature, are recognised when the charitable company has entitlernent to the funds, any performance conditions attached have been met, it is probable that the income will be received and the arnount can be measured reliably and is not deferred. Legacies are recognised when the adrninistrator/executor for the estate has communicated in writing both the amount and the Settlement date. Receipt of a legacy. in whole or in part, 15 only considered probable when the arnount can be rnea5ured reliably and the charitable company has been notified of the executor's intention to rnake a distribution. Donated services and facilities are recognised as income when the charitable company has control overthe item, anyconditions attached have been met, the receipt of economic benefit to the charitsble company is probable and it can be measurable reliably. The arnount recognised is the amount which the charitable company would be willing to pay on the open market and a corresponding amount is recognised in expenditure in the period of receipt. In accordance with the recommendations of the SORP, general volunteer time is not recognised but acknowledged within the Annual Report. Rental income is recognised when receivable in accordance with the terms of the lease agreement. Events income represents commission received in respect of events and functions held in the charitable company's heritable property and is recognised when receivable in accordance with the terms of the service agreement. Interest on funds held on deposit is recognised when receivable and the amount can be measured reliably by the ch3ritable cornpany. This 15 normally on notification of interest paid or payable by the bank. Expenditure Expenditure is recogni5ed once there 15 a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. The charitable company is registered for VAT and 8ny irrecoverable VAT is included in the relevant cost C3tegories. Expenditure is classified under the following activity headings..
MANSFIELD TRAQUAIR TRUST NOTES TO THE FINANCIAL STATEMENTS Icontinuedl FOR THE YEAR ENDED 31 AUGUST 2025 l. Accountlng pollcles Icontlnuedl Expenditure on ch3ritable activities include5 the activitie5 undertaken to further the purposes of the charitable company and their associated support costs, being those functions that assist the work of the charitable company in undertaking its charitable activities. Support costs include governance costs and other support costs. Governance costs comprise those costs involving the public accountability of the charitable company and its compliance with regulations and best practice and therefore include the cost at audit. Other support costs relate to the administrative costs of running the charitable company. Where possible expenditure has been allocated directly. Where this is not possible the expenditure has been allocated on the basis of time spent on each activity. Taxation As a charitable company, Mansfield Traquair Trust is exempt from tax on income and gains to the extent that these are applied to its charitable objects. No tax charge5 have 3ri5en in the charitable company in either the current or prior year. Fixed assets Fixed assets costing more than £1,000 are capitalised at cost in the balance sheet and depreciated at rates calculated to write off the cost. less estimated residual value of each 35set. evenly over its expected useful life as follows.. Property- 50 years Debtors Debtors are recognised at the settlement amount. Prepayments are valued at the amount prepaid. C35h at bznk and in hand Cash 3t bank and in hand includes cash and short term highly liquid investment5 Wlth a short maturity of three months or les5 from the date of acquisition or opening of the deposit or similar account. Creditors znd provisions Creditors and provisions are recogni5ed where the charitable company has a present oblig3tion resulting from a past event that will probably ie5uIt in the transfer of funds to a third party and the amount due tts settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. Financial instruments The charitable company only has financial assets and liabilities of a kind that qualify as basic financial instruments. These are initially recognised at transaction value and subsequently measured at their settlement value. Funds Restricted funds represent funds which the donor has specified have to be utilised for a particular purpose. Unrestricted funds represent the free reserves of the charitable company and are available to be used in accordance with the Trust's objectives at the discretion of the Trustees. Designated funds are set aside by the Trustees out of unrestricted funds for specific purposes or projects.
MANSFIELD TRAQUAIR TRUST NOTES TO THE FINANCIAL STATEMENTS IcontNnuedl FOR THE YEAR ENDED 31 AUGUST 2025 Donatlons and legacleg Unrestrlcted funds Regtrlcted funds Totsl 2025 Total 2024 Meikle Foundation Alexander Mann Isla Duncan Friend5 of Mansfield Traquair Centre 2.500 6,398 285,224 2.500 6,398 285,224 2.500 5,000 294,122 294,122 7,500 Income from donations comprise £294.12212024.. £7,5001 of unrestricted income 3nd £nil12024.. £nill of restricted income. Income from other trading activities Unrestricted funds Restricted funds Totzl 2025 Total 2024 Lease of building to SCVO Cornmi5sion received from Heritage Portfolio events 15,733 15,733 18,564 41,250 41,250 56,983 56,983 18,564 Income from tsther trading activities is unrestricted in both years. Other income Unrestricted funds Restricted funds Total 2025 Total 2024 Dilapidations balance received from SCVO 195,000 195,000 Expenditure on charitsble actlvltles Unrestricted funds Designated Funds Restricted funds Total 2025 Total 2024 Secretary's fees and expenses Insurance Repairs and maintenance Sundry expenses Professional fees Electricity Gas & power Rates Cle3riing Governance costs (note 61 Depreciation 4,384 516 10,431 8,506 14,774 8,002 3,484 2,480 500 23,660 4.384 516 10,431 8.506 14,774 8,002 3.484 2,480 500 23,660 93,830 4.439 481 2,724 12,855 93,830 6,835 86,995 76,737 6,835 86,995 170,567 114,329 Expenditure on charitable activities cornprises £76,73712024'. £20,499) of unrestricted expenditure, £6,83512024.' £6,835) of design3ted expenditure and £86,99512024.. £86,995) of restricted expenditure.
MANSFIELD TRAQUAIR TRUST NOTES TO THE FINANCIAL STATEMENTS IcontNnuedl FOR THE YEAR ENDED 31 AUGUST 2025 Governance costs Unrestrlcted funds Regtrlcted funds Totsl 2025 Total 2024 Secretarfs fees and expenses Auditors remuneration- Audit fee Legal and professional fees 4.384 5,753 13,523 4.384 5,753 13,523 4.440 1,322 7,093 23,660 23,660 12,855 Related party transactlons and Trustee< remuneratlon None of the Trustees were remunerated nor received reitnbursement tsf any expenses during the current or prior year. Net Incomellexpendltul 2025 2024 Net incomellexpenditurel is stated after charging.. Depreciation Audit fee 93,830 5,753 93.830 1,322 Heritage 355ets Heritable property Cost At I September 2024 and 31 August 2025 4,691,543 Depreciation At I September 2024 Charge for the year 2,055,891 93,830 At 31 August 2025 2,149,721 Net book value At 31 August 2025 2,541,822 At 31 August 2024 2,635,652 Herit3ge asset5 comprise the heritable property of the Mansfi&ld Traqu3ir Centre (formerly M3nsfield P13ce Church). Standard securities over the property are held by the Scottish Ministers on behalf of Historic Scotland and the Trustees of the National Heritage Memorial Fund. 10. Debtors 2025 2024 Accrued income VAT receivable 48,868 3,136 149 52,004 149
MANSFIELD TRAQUAIR TRUST NOTES TO THE FINANCIAL STATEMENTS IcontNnuedl FOR THE YEAR ENDED 31 AUGUST 2025 11. Credltors.. amounts falling due within one year 2025 2024 Trade creditors Accruals Deferred reni31 income 14,925 19,084 9,6) 1,573 34,009 11,173 12. Funds- 2024125 I Septernber 2024 31 August 2025 Income Expendlture Transfers Restrlcted Building and Murals Mural Repair Fund 2,437.786 2,040 186,9951 2,350,791 2,040 2,439,826 186,9951 2,352,831 Unrestricted General Designated 56,129 197.866 546,517 176,7371 16,8351 525,909 191.031 2,693.821 546,517 1170.5671 3,069,771 Funds- 2023124 I September 2023 31 August 2024 Incomè Expenditure Transfers Restridèd Building and Murals Mural Repair Fund 2,524,781 2,040 186,9951 2,437,786 2,040 2.526,821 186,9951 2.439,826 Unrestrlcted General Designated 49.644 204,701 26.984 120.4991 16,8351 56,129 197,866 2,781,166 26,984 1114,3291 2,693,821 Designated funds: These represent funds earmarked by the Board forexpenditure on improving and maintaining the heritable property. Restrlcted funds: Building and Murals This represents the value of the heritage assets acquired through the utilisation of restricted funds less the accumu13ted depreciation charge. Mural Repair Fund Thi5 represent5 funding from the Ounard Fund, Baldoukie Charitable Trust and an anonyrnous donation towards the cost of the mural repair project.
MANSFIELD TRAQUAIR TRUST NOTES TO THE FINANCIAL STATEMENTS Itontinuedl FOR THE YEAR ENDED 31 AUGUST 2025 13. Analysis of net assets between fvnds Unrestrlcted Desi8nated Restrlcted Total Fixed assets Net current assets 191,031 2,350,791 2,040 2,541,822 527,949 525,909 At 31 August 2025 525,909 191,031 2,352,831 3,069,771 Analysls of net assets between funds Unrestrlcted Deslgnated Restrl¢ted Total Fixed a5set5 Net current assets 197,866 2,437,786 2,040 2,635,652 58,169 56,129 At 31 August 2024 56,129 197,866 2,439,826 2,693,821 14. Analysls of changes In net debt AtISep24 Cashllows At 31 Aug 25 Cash at bank and in hand 69,193 440,761 509,954