CHARITY REGISTRATION NUMBER.. SC041044 MacQueen Bros Charitable Trust Unaudited Financial Statements 30 November 2024 ME Chartered accountants 5 Argyll SqLtare Oban Argyll PA34 4AZ ED
MacQueen Bros Charitable Trust Financlal Statements Year ended 30 November 2024 Page Trustees, annual report Independent examiner's report to the trustees Statement ol financial activities Statement of financial position Noles lo the financial statements The followlng pages do not forrn part of the flnancial statements Detailed statement of financial activities Notes to the detailed statement of financial activities 16 17
MacQueen Bros Charitable Trust Trustees, Annual Report Year ended 30 November 2024 The Irusiees present their rewrt and th8 unaudited financial slalem&nis ol thé charity for the year eTrded 30 November 2024. Referonce and admlnlslratlve detalls Registered charlty name Charlty r•gl8lralion number MacQu&en Bros Charitable Trust SC041044 Prlncipal office Glengallan Road Oban PA34 4HG The tru$l8e8 Independent examiner DI R A Clemenl Associates C.A. 5 Argi'l nq..a'e Oban Arg01 PA34 4AZ Slructure. govemance and rnanagement General Purpo$e8 The Trust has general objeclives 10 advance such purposes as are charitable in law and lo achieve this by raising lunds in or(Jer lo make gran15 and donations lo community groups. Trustees The charity and its property is managed by a CDmmittee comprising the officers and olhei mgmbers electe¢J in accordance with the conslilulion. The olfi¢ers. being Ihe chair. secretary, and treasurer along th any committee rnembers are the "Iruslees ol tho charity. There musl be a minimum of throg Irusiees but there is no maximum number. Aihough the ganeral meeting elects the offi¢ers and olh8r Iruslees. the trustees may also appoint any sullable person who is wlling to act as a ITUStee. Membèrshlp Mornbership is open lo all statt and partners ol MacQueen Br05 Ltd and any other individual upon application lo the Iruslees. A regSster ol m¢rnbers is maintained and memters are eniitltrd lo vote al the annual general meeting. There were 20 members during the year lo 30 November 202412023.. 201. G•neral meetlng A general méeiino is held once every year, or within 18 months ol the preeeding meeting. A quorum at the rneelino consists ol on6 18nlh ol the lolal membership.
MacQueen Bros Charitable Trust Trustees. Annual Report (coniitsvod) Year ended 30 November 2024 Siructurej govemance and management (eonllnu8dJ Rlsk pollcy The tr(Jstees have assessed the major risks to which the charity is exposed, and in particular those rela16d to the operations and finances ol the Trust, and are satisfied that systems are in ace lo mitigate any exposure lo these risks. Reserves pollcy The policy ol the Trust is lo aim lo relain sullicienl reserves 1¢ meet the cost of any regular commilmenls, as well as a conlingency lo enable il lo continue lo develop further projects. Scottl$h Charltable Incorporated Organlsallon {SCIOI On 25 June 2015, the charity became a Scollish Charitable Incorporalg(l Organisalion. At that dale all assets and liabilities ol the previou5 unincorpDraled Trust became the property ol the IncorpDraled Organisalion. No change in Trustees or charitabl& objectives has taken place and the charity continues lo operate in the same way. This Change in structure has been Irealed in the financial slalemenls as a merger between the old enlily and the new one. Obleetlves and actlvlties Objectlves The objectives ol the organisalion are lo assist local individuals and organisalions in Oban and the surrounding areas. The areas ol assistance are ¥Mde and in¢lude'. The prevention or relief ol povety, the advancement ot education, the advancement of religion, the advancement ol health, the saving of lives, the advancement ol citizenship or community development, the advancemBnl ol the arts, heritage, culture or science, the advancernenl ol public participation in spprt, the provision ol recreational lacililies. or the organisalion ol recreational a¢livilies with the object ol Improving the conditions ol lifg for the persons lor whom the facilities or activities are primarily intended, the advancement ot human rights, conflict resolution or reconciliation, the promotion ol religiou5 or racial harmony, the promotion ol equality and diversity, the advancement ol environmental protection or improvement, the relief ol those in need by rea50n ol age, ill health, disability, financial hardship or other disadvantage, the advancement ol animal welfare. The charity tries to achieve its objectives by providing grants lo Itsc81 charitable and community groups who go through the application process. Aeh19vemenls and performance Following the sale ol Slonelield Ithg rental property) the Charity has no income on a regular basis, all donations ol furniture elc have been forwarded onto Oban Communities Trust for their 2nd hand goods shop. As a result ol this awards made by MBCT have been greatly reduced.
MacQueen Bros Charitable Trust Trustees, Annual Report fconllnu•dJ Year ended 30 November 2024 Flnanciol revlew Sale ol Invostments Ouring October 2019 the Novia Invesifflenl was converted to cash. On 7 November 2019 f120,OOL) was paid lo Oban Comrnunilies Trust As a bridging loan. This sum was due lo bo fully repaid in March 2020 Covid-19 delayed the completion ol the works ancl repayment was delayed. £40.000 ol the original loan was rppaid In February 2021 and the balance of £80,000 Is being used to help with further r8lurbishmenl works. 11 is anticipalefj that this balance will be iepaid within two years. The Iruslees, annual report was approv9d on and signed on behalf ol the board ol
MacQueen Bros Charitable Trust Independent Examlner's Report lo the Trustees ol MacQueen Bros Charltable Trusl Year ended 30 November 2024 I report lo the Iruslees on my examination ol the financial 51alemenls of Ma¢Queen Bros Charitable Tru51 {'Ihe charity'l lor the year ended 30 Novemb8r 2024. Flesponglbllllles and basis of reporl As the Iruslees ol the charity you are responsible lor the preparation ol the financial slalemenis in accordanee with the requirements ol the Charities and Trustee Investment (Scollandl Act 2005 Ilhe '2005 Act'l and the Charities Accounts Iscollandl Rggulaiions 2006 las amendedl. You are satisli9d that YOUT charity is not required by charily law to be audited and have chosen instead to have an independent examination. I reporl in respect ol my examination ol the charills linan¢ial slalements as Carried out under section 441lllcl ol the 2005 Act. In carrying out my examination I have followed the requirements ol Regulation 11 01 the Charities Accounts Iscouandl R¢gulalions 2006 las amended). Independent examlner'8 Statement Since the charty has prepared its accounts on an accruals basis your examiner musl be a member ol a body listed in Regulation 11121 ol the ChaTlties Accounts Iscotlancll Regulations 2006 las amended). I can contlTm that l am qualified lo undertake th& examination bgcause l am a registered menber ol the Association ol Charter8d Certified Aceounlanls which is one ol the Ilsied bodies. I have completed my examinatlon. I confirm that no matters have come lo my attention gwing me cause lo believe that in any material re5pecl'. accounling records were not kept as required by sfyclion 441lllal of the 2005 Act and Regulation 4 01 the Charities Accounts IS¢oiiandl Regulations 2006 las amended),. OT the financial glalemenls do not accord with those records., or the financial sia19menis do not comply wlh the accounting requiremenls ol R9gulallon 8 01 the Charili&s A¢counts (Scolland) Regulaiions 200618$ am6ndedl. I have no Concerns and have come acloss no other matters In connection with the examination lo whieh allenlion should be drawr. in Ihi5 rePC l* p.rrt.- aceoui?'.S ',0 b2 roach R A Glemen-. Associates C A. Indtpelldenl Exainiiier 5 Argyll Squa Oban Argwi PA34 4AZ
MacQueen Bros Charltable Trusl Statement of Flnancial Actlvilies Year ended 30 November 2024 2024 Unreslricled funds Total fund8 Total fund5 2023 Not• Income and endowments Donations and legacies Charitable aclivilles 2,600 2,001 4,601 Total income Expendlture Expenditure on charitable aclivilies Total expendllure 1,944 1,944 1,944 1,944 6,661 6,661 Net expendlturè and net movement In funds 11.9441 11,9441 12,0601 Reconelllatlon of funds Total funds brought forward Total funds carrled forward 310,121 310,121 308,177 312,181 310,121 308,177 The statement of financial aclivilies includes all gains and losses Tgcognised in the year. All income and expenditure derive from continuing aclivilies. Th• notes on pages 7 to 14 forrn part of Ihese Ilnanclal statem8nis.
MacQueen Bros Charilable Trust Statement of Flnanclal Posltion 30 November 2024 2024 2023 NDte Flxed assets Tangibl8 fixed 85sels 12 104 Current assets Debtors Cash al bank and In hand 13 80,000 229,317 309.317 80,000 231,157 311.157 Crèditors.. ttmounls lalllng due wlthin one year Nei currenl asso18 14 1,140 1,140 308,177 308,177 308,177 310,017 310.121 Total a$¥et8 less current Ilabllltles Net assets 310,121 Funds of the ¢h•rlty Unreslricled lufjds 308.177 310,121 310,121 Tolal charlty lund8 15 308,177 Th95e financial siatements were approved by the board ol Iruslees and aulhorise(I lor issue on and are signed on behalf ot the board by- The not on pagtr5 7 to 14 fom part ol th880 flnanclal stai?mgnt9.
MacQueen Bros Charitable Trust Notes to the Flnanclal Statements Year ended 30 November 2024 Gèneral Informatlon The charity is a public benefit ¢nlity and a registered charity in Scotland and is unincorporated. The address ol the principal ottice is Glengallan Road, Oban, PA34 4HG. Statemenl of compliance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic ol Ireland,, the Sialemenl of Recommended Practice applicable lo charities preparing their accounts in aecordance with the Financial Reporting Standard applicable in the UK and Republi¢ DI Ireland IFRS 1021 (Charities SORP IFRS 10211 and the Charities and Trustee Investment Iscollandl Aet 2005 and the Charity Accounts IS¢ollandl Regulations 2006 las amended). Accountlng pollcles Bas1$ of preparation The financial slalements have been prepared on the historical cost basis, as modified by the revaluation ol certain financial assets and Iiabililies and investment properties measured al lair value through income or expenditure. The financial Slal8menls are prepared in sterling, which is the lunetional currency ol the enlily. Golng concern There are no material uncertainties about the charills ability lo continue. Dlsclosure exemptlons The entity salislies the criteria ol being a qualifying entity as defined in FRS 102. As such, advantage has been taken ol the tollowing disclosure exemptions available under paragraph 1.12 of FRS 102. lal No cash flow statement has been presented lor the company. Ibl Disclosures in respect of financial instruments have not been presented. Judgements and key sources of estlmatlon uncertalnty The preparation of the financial slalemenis requires management to make judgements, eslimales and assumptions that allecl the amounts reported. These estimates and judgements are coniinually reviewed and are based on experience and other laclors, including expe¢lalions of lulure events that are believed lo be reasonable under the circumsiances.
MacQueen Bros Charitable Trust Notes to Ihe Financlal Ststements (eonllnu8dJ Year ended 30 November 2024 Accounllng pollcles (COllllnued} Fund a¢countlng Unreslricled funds are available lor use al the discretion ol the trustees lo further any ol the charitys purposes. Designated funds are unreslriclgd funds earmarked by the Iruslees lor particular lulure project or eornmilmeni. Restricted funds are sijbjecled to reslriclions Dn their expenditur8 declared by the donor or through the terms ol an appeal, and fall into one ol two sub-classes.. restricted income funds or endowment funds. Income All income is included in the statement of financial activities when enlillemenl has passed lo the charity, it is probable that the economic benefits associated with the transaction will flow lo the charity and the amount can be reliably measured. The following specific policies are applied lo particular categories ol income.. income from donations or grants is recognised when there is evKlence ol enlillemenl lo the gill, reeeipl is probable and ils amount can be measured reliably. legacy income is recognised when receipl is probable and enlillemenl is established. income Irorn donated goods is measured al the fair value of the goods unless Ihis is impractical lo measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received il the value can be reliably m&asured. No amounts are included lor the eonlribulion ol general volunteers. in¢ome from contracts lor the supply ol setvices is recognised with the delivery ol the eontracted service. This is classified as unrestricted lunds unless there is a conlraclual requirement lor il lo be spent on a particular purpose and returned il unspent, in which case il may be regarded as reslricled.
MacQueen Bros Charitable Trust Notes to the Flnanclal Statements (conMnu8d) Year ended 30 November 2024 Accounting pollcle$ (eontlnued) Expendllure Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure inclurJe5 any VAT which cannot be lully recovered, and is classified under headings ol the statement of financial activities lo which il relates.. expenditure on raising funds includes the costs ol all fundraising aclivilies, events, non- charitable trading aclivilies. and the sale of donated goods. expenditure on charitable aclivilie5 includes 811 costs incurred by a charity in undertaking activities that lurth&r ils charitable aims lor the benefit ol ils beneticiaries, including those support costs and costs relating to the governance ol the charity apportioned lo charitable aclivilies. other expenditure includès all expenditure that is neither related lo raising funds for the charity nor part ol ils expenditure on eharilable activities. All costs are allocated lo expenditure categories reflecting the use ol the resource. Direct COSIS attributablè lo a single activity are allocated directly lo that activity. Shared costs are apportioned tween the activities they contribute lo on a reasonable, justifiable and consislenl basis. Tanglble assets Tangible assels are initially recorded al cost, and subsequently slated al cost less any accumulated depreciation and impairment losses. Any tangible assets carried al revalued amounis are recorded al the fair value at Ihe dale ol revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount ol an asset as a result of a revaluation, is recognised in other recognised gains and losses. unless il reverses a charge lor impairment that ha5 previously been recognised as expenditure wlhin the Statement ol financial activities. A decrease in the carrying amount ol an assel as a result ol revaluation, is recognised in other recognised gains and losses, except lo which il olfsels any prewous revaluation gain, in which case the loss is shown within other recognised gains and losses on the slalement ol financial aclivilies. Depreclallon Depreciatign is calculated so as to write oll the cost or valuation ol an asset. less ils residual value, over the useful economic life ol that asset as follows.. Plant and machinery Invoslments 25Yo slraighl line Unlisted equity investments are initially recorded al cost, and subsequently measured at lair value. If lair value cannot be reliably measured, assets are measured al cost less impairment. Listed investments are measured al lair value with changes in lair value being recognised in income or expenditure.
MacQueen Bros Charitable Trust Notes to the Flnancial Statemenls (¢onllnuedJ Year ended 30 November 2024 Accountlng pollcles (¢ontlnueOJ Invgslmenl property Inveslmenl property is initially recorded at cost, whlch includes purchase price and any directly atlribulable expenditure. Investment property is revalued lo ils lair value al each reporting dale and any changes in lair value are recognised in income or expenditure. 11 a reliable measure of fair value is no longer available wilhoul undue cost or ellort lor an item of investment property, il shall be tran51grred lo tangible assets and Irealed as such until il is expected that lair value will be reliably measurable on an on-going basis. Impalrment ol flxed assets A review lor indicators of impairment is carried out al 8ach reporting dale, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed lor possible reversal al each reporting date. For the purposes of irnpairment lesling, when il is not possible lo estimate the recoverable amount ol an individual asset, an estimate is made ol the recoverable amount of the cash- generating unil lo which the asset belongs. The cash-generaling unit is the smallest idenliliable group ol assets that includes the asset and generates ¢a5h inflows that largely independent ol the cash inflows from other assets or groups of assets. For impairment testing ol goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated io each ol the cash-generaling units that are expected lo benefit from the synergies ol the combinatlDn, irrespective ol whelhei other assets or liabilities ol ihe charity are assigned to those unrts. Flnancial Instruments A financial asset or a financial liability is recognised only when Ihe charity becomes a paty to the conlractuai provisions ol Ihe inslrumeni. Basic financial instruments are initially recognised al the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured ai the cash or other consideration expected lo be paid or received and not discounted. Debt instruments are subsequently measured al amortised cost. Where investments in shares are publicly traded or their lair value can otherwise be measured reliably, the investment is subsequently measured al lair value with changes in lair value recognised in income and expenditure. All other such investments are subsequently measured al cost less impairment. 10
MacQueen Bros Charitable Trust Notes to the Flnancial Statements Ini18) Year ended 30 November 2024 Accountlng pollcles (¢onllnued) Fln8nclal Instruments (coniitsuoGI) Other financial inslrumenls, including derivatives, are initially recognised at fair value. unless payment lor an asset is deferred b&yond normal business lerms or financed at a rale ot interest that is not a market rate, in which ease the asset is measured al the present value ol thè future payments discounted at a market rate of interest lor a similar debt instrum&ni. Other linancial instruments are subsequently measured al lair value, with any changes recognised in the slalement ol financial aclivilies, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured al cost or amortised cost are reviewed lor objective evidence ol impairment al the end of eaeh reporting dale. 11 there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the slalement ol financial activities in which the initial gain was recognised. For all equity instruments regardless ol significance, and other financial assets thai are individually signilicanl, these are assessed individually lor impairment. Other financial assets are eilh8r assessed individually or grouped on the basis of similar eredil risk characlerislics. Any reversals ol irnpairment are recognised immediately, lo the extent Ihal the reversal does not result in a carrwng amount ol the linaneial asset that exceeds what the carrwng amount would have been had the impairment not previously been recognised. Oonatlons and legacles Unreslricled Total Fund9 Unreslricled Total Funds Funds 2024 Funds 2023 Donatlons Donations 2,600 2,600 Charllable a¢tlvltles Unreslricled Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Other income from charilablp activities 2,001 2,001 Expgndlture on charltable acllvltle$ by fund type Unreslrieted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 General activities Support costs 1,104 840 1,104 5,707 954 5,707 954 1,944 1,944 6,661 6.661 11
MacQueen Bros Charitable Trust Noles to the Financlal Statements (contlnu•d) Year ended 30 November 2024 Expendllure on charitable actlvltles by actlvlty type Activities undertaken directly Support costs Total lunds 2024 Total fund 2023 General activities Governance costs 1.104 1,104 840 5,707 954 840 1.104 840 1,944 6,661 Nel expendllure Nel expenditure is slated after chargingllcredilingi.. 2024 2023 Depreciation ol tangible fixed assets 104 189 Independent examlnatlon fees 2024 2023 Fees payable to the independent examiner for.. Independent examination ol the financial slaternenls 840 954 10. Staff costs The average head count ol employees during the year was Nil12023'. Nill. No employee received employee benefits ol more than £60,000 during the year12023'. Nill. 11. Trustee remuneratlon and expenses The charity trustees were not paid and did not receive any remuneration. benefits in kind or reimbursement ol expenses in their capacity as trustee during the year. No trustee received payment lor professional or other services supplied lo the charity. 12
MacQueen Bros Charitable Trust Notes to the Flnancial Statements (eonHnv*dJ Year ended 30 November 2024 12. Tanglblo flxed assets Plant and machlnery Cost At 1 Dec 2023 and 30 Nov 2024 10,160 Depreelalion Al 1 Dec 2023 Charge lor the year At 30 Nov 2024 10,056 104 10,160 Carrylng 8mount At 30 Nov 2024 AI 30 Nov 2023 104 13. Debtors 2024 2023 Other debtors 80,000 80,000 14. Creditors: amounts falllng due wlthln one year 2024 2023 Accruals and delerred income 1,140 1,140 15. Analysls of charltable lunds Unreslrlct¢d funds At Income Expenditure 30 Nov 2024 At 1 Dec 2023 General funds 310,121 11,9441 308,177 Al Income Expenditure 30 Nov 2023 Al 1 Dec 2022 Gengral funds 312,181 4,601 16.6611 310,121 13
MacQueen Bros Charitable Trust Notes to the Flnanclal Stalements (coniinu•dJ Year ended 30 November 2024 16. Analy819 ol not assets between funds Unrestricted Total Funds Funds 2024 Tangible fixed assets Current assets Creditors less than 1 year Nel assets 309,317 11,1401 308,177 309,317 11,1401 308,177 Unrestricted Total Funds Funds 2023 Tangible h'xed assets Curreni assets Creditors less than 1 year Net assets 104 311,157 11,1401 310,121 104 311,157 11,1401 310,121 14
MacQueen Bros Charitable Trust Management Information Year ended 30 November 2024 The followlng pages do not form part of the linancial slalements. 15
MacQueen Bros Charitable Trust Detalled Statement of Flnanclal ActlvFties Year ended 30 November 2024 2024 2023 Income and endowments Donallons and legacies Donations 2,600 Charllable actlvlties Other incom8 Irorn charitable activities 2,001 Total Income 4,601 Expendllure Expendllure on charitable acllvltles Repairs and maintenance Other molorllravel costs Legal and professional fees Depreciation Community grants 13181 14,0001 19541 11891 11,2001 16,6611 18401 11041 11,0001 11,9441 Total expenditure 11,9441 16.6611 Nel expendlture 11,9441 12,0601 16
MacQueen Bros Charitable Trust Notes lo the Detailed Statement of Financlal Activities Year ended 30 November 2024 2024 2023 Expendlture on ¢haritable actlvltle$ General actlvitles Aclivltles undertaken dlrectly Refuse disposal Trailer maintenance Depreciation Community grants 13181 14.0001 11891 11,2001 15.7071 11041 11,0001 11,1041 Govemance costs Governance costs - accountancy lees 18401 19541 Expendlture on charltable acllvltles 11,9441 16,6611 17