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.
Rese￿e$ 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 Incomellexpendltu￿l
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