MAXWELTON CHAPEL TRUST SCIO ACCOUNTS FOR THE YEAR END 31 MARCH 2026 CHARITY NUMBER SC047713 Bell Ingrnm LLP Durn, l•la Road PERTH PH2 7HF 2W1212025
MAXWELTON CHAPEL TRUST SCIO CONTEKfs OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Tnle88, Annual Report Indepond8nt Examine¢8 Report ststernent of Finanoal Actr¥lts8 Balance Sheet Not•$ lo tho Finaneial Stat•monts
IAAXWELTON CHAPEL TRUST SCIO TRUSTEES. ANNUAL REPORT FOR THE YEAR END 31 MARCH 2025 The tru$tsa$ Pf•sent their annual roport and accounts for the year and 31 March 2025. Referènce and Admlffilltrntlve Inlorniatlon CURRENT TRUSTEES CONTACT ADDRE88 Bell Ingram LLP Oum l$la Road Perth PH2 7HF CHARifrf REG18TRA SC047713 Bell Ingram LLP Dum Isla Road Perth PH2 7HF INDEPENDENT EXAMINER Williarn Vemall CA Azets Audit sarrf1• Chartered Accountants Tllanlurn 1 Klngs Inch Place Renfrew Glasgow PA4 8WF BANKER Royal Bank of Scotland 12 Dunk•kl Road Perth PH1 5RB
MAXWELTON CHAPEL TRUST SCIO TRUSTEES ANNUAL REPORT (CONTINUED) FOR THE YEAR END 31 MARCH 2025 STRUCTURE, GOVERNANCE AND hlANAGEMENT HISTOR Y OBJECTIVES AND ACTIVITIES OF THE TRUST AND GOVERNING DOCUMENT The Injsl was founded in September 2017 11 is a registered charity {number SC0477131 that has been established to replace maX110n Chapel Tru8t {SC00851 g) which has wound up and pa888d its a888ts and liabilitie$ lo Maxwerton Chapel Tru8t SCIO ISC047713}. CHARITABLE PURPOSES The Max%ellon Chapel and its grouniJ¥ will be k)r¢d after by tho Iru$t for the benèfit of the local and wider communty. Regular are held ther• and the Chapel may be used by all recognised Chri$lion faith• for worship. The grounds are open to the public. RECRUITMENT AND APPOINTMENT OF TRUSTEES we there a reqLFirement for new trustees, these would be klentified and appointed by the remaining trustees. New Ifustees are made aware of a tru51ee's responsibilit&?8. the goveming documenl. adminiBtrative procedure8. and objoLtivo8 of the tru•t. ACTIVITIES ANO ACHIEVEMENTS Legal documenls enabling the transfer of the a888t8 and liabiliti85 of Maxwelton Chapel Trust (SCCi185191 have b•en completed arKI the formal proce88 ha• boan completad. TRUSTEES REMUNEIIATION AND EXPENSES A.R. P Sienhou8e reIved travel expenses of £1,25112024 - £335), R.A.H Cleworth re(tlved travel exwnyJ• of £8612024 - £79) andleCeived travel expenses of £212 {2024 - £0) durlng the year, the trustees did nol receive any remuii#r¥liofi. INVESTMENT POLICY AND RESERVES In¢oming fe80urc88 01 the trust. compri6ing donations, offering6, inv88tm•nts and mi8collan•ou8 inc(Yno for thè year ended 31 March 2025 amounted lo £46,54912024 - £44.5951. Property upkeep and administration costs ab80rt)ed £29.932 (2024 - £33,219) leaving a surplus of £16,81712024-£11,3781. The trust made net profit 01 £5,574 (2024 - £43.057) on fixed asset investrnents. giving a total rt profit of £22.191 (2024 - £54.433) to bè tran8forred lo t general fund auarterfy Investment reports are reived from the Iru8f8 slockbrokers in order that the Investment performance moy be r8vklw8d by the trustees. The •tockbrok•rs have been instructed lo maintaln a me(lium risk profile wtth the further proviso ttwt the maximum pUh8#• p•rnis8ible of an indNidual Security be 12% of the portfolio. ed during the period and up to the date ol this report were.. ApprOd by the Iruslees 3nd #ignÈd on thèir behaff JILLI£V£3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MAXWELTON CHAPEL TRUST SCIO (SC047713) I report on the arunts Df the charity for the year end 31 Marth 2025 which are set out on pages 4 to 9. Re•pectlve re•pon8lblllts• ol tru$t••s and indoAdont examlner The chanty's trustees are responsible for the preparation of the ac£ounts In accordance with the tenns of Ihe Charities and Trustee Investment (Scollandl Acl 2CQ5 and the Charrlies Accounts Iscouandl Regulations 2006 las amended>. The chafily's trust888 consider that the audil requlrement of Regulatlon 10(11 Idl of the Accounts Regulations does nol aFply. 11 is my responsibility to examine he aclInts as required under seclion 44111 Ic) ol the Act arKI to Btate whether particular matters have come to my attention. 8a•l8 of ind•p•ndent oxamlnof• •tatoment My examination is carried oul in ac£ordance with Regulation 11 of the Chartt6e8 AcLx)unl8 (SlIand) Regulats'ons 2006 (as amendedl. An exarninalion indude8 a review of the aGGounling reGord$ kept by I ¢hanty and a ¢ornp8rison of the aCnIS presented with Ihoae r8cord8. It also includes consideration of any unusual items Of di8closvro$ in the a¢¢ount8, and 8k$ explanations from the tn18t8es con¢¢ming any SUC matters. The procedures undert8ken do not provKle all the evKlence that would be required in an audit, and consequently I do not express an audrt oplnic*n on the view given by the accounts. Ind•p•ndont •x•mln•rf• •tst•m•nt In tho course of my examination. no rnar has come to my attention.. which gNes me reasonable cause to bali•ve that in any mater181 rèspect tha requir•m8nt•'. to keep accounting rn&)rds in accordance wilh Section 44{11 (8) of the 2005 Act and Regulation 4 of the 2006 Aeeounts Regulationa", and to prepar8 ace£)untB whith accortl %Mth thè accounting record8 and comply wth Regulatlon 8 of the 2006 A¢counts Regulatlons have not been met,. or to which, In my oplnion. 8ttentlon SIUkI be drawn in order to enablé a proper under8tandlng of the account8 to be reached. Date 19 December 2025 Aze',s Audit ServiTrs Chartered A¢Muntants Titanium 1 Kings Inch Place Renfrew Glasgow PA4 8WF
MAXWELTON CHAPEL TRUST SCIO STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2026 (INCORPORATING INCOME AND EXPENDrruRE ACCOUNT Unro•tvlct•d funds 2026 UnrMtrl¢tsd nds 2024 INCOME Donations Offerings alc InStment Income Interest Re¢elved Max*velton Chapel Trusl TOTAL INCOME 1,2 14,466 793 1,321 12,364 910 46,549 44,595 EXPENDITURE EXPENDMIRE ON CHARITABLE ACTIVITIES: Prop8rty Upkeep Garden Maintenan Insurance Water Rates Electricrty and Fual Secretsri81 Cknrlcjorganisl Fees Travel and Acwmmodatlon Portfolio Manag•rJ Fee Othér Administration Fees Telephone Depreclallon 4.812 5,092 2.092 7,345 7,338 1.962 170 3,118 3,084 1,40D 414 3,505 2,573 558 492 31,959 3,146 3,228 1,450 1.549 3.790 2,295 685 443 28.582 GOVERNANCE COSTS: Indopendent oxamln•¢8 f 1,350 1,260 TOTAL EXPENorruRE 29.932 33219 NET INCOME BEFORE OTHER RECOGNISED GAINS AND LOSSE8 16.617 11,376 OTHER RECOGNISED GAIN8ILOSSES Realised Gain8 on Fixed A8sset Inveslments Unreali5ed Gains on Fed Asset Investments 38.337 32 763 1.803 41,254 43,057 5.574 NET MOVEpKKf IN FUNDS 22,191 54,433 Fund balances brought forward 576,934 522,501 TOTAL FUND8 CARRIED FORWARD 599,125 576.934
hlAXWELTON CHAPEL TRUST SCIO {SC0447131 BALANCE SHEET AS AT 31 MARCH 2026 2025 2024 FIXED A88ET3 Tangible Fixed Assets.. Chapel Property Chapel Fumi8hlngs 25,762 3.988 21,826 4,431 Invesknents 542,387 572,137 527,202 553,459 CURRENT ASSETS Sundry Deblofs and Prepayments C88h al Bank and In Hand 2,404 35,407 37,811 2,221 28.OS9 30.280 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Sundry Creditorn 10.823 10,823 6,805 6.805 NET CURREKf ASSETS 26,988 23,475 TOTAL NET AsseTS 599 125 FUNDS Unrestrlcled Funds.. General Fund Designated Fund 7&8 7&8 599,125 576,934 599.125 578 934 The financial statements were •ppYovod by the tN8ts•8 on Their behalf by. ?.3/-,?.1202r and signed on Trustee
MAXWELTON CHAPEL TRUST SCIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR END 31 MARCH 2026 ACCOUNTING POLICIES The principal accounting polic¢es bthich have been appl consistently in the currnnt and preceding year in dealing with items whi¢h are material to the finanaal ststemenls a sel out below. Ac¢ounllng cOnntIOn The accounts have been prepared in a(xordance with apPcable accounting Standards and under the historical cost convention wrlh the exception that investments are valued at market value. The financial slalemenl$ have been prepared in accordance wth Statement of of Recommended Practice.. Accounting and Reporting by Chantses preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland {FRS 102) issued on 1 January 2019, the Charitie8 and Trustee Invesbmenl (Scotlandl Act 2005 and the Charib'o$ Accounts IS¢otlandl Regulations 2006 {a$ amondod>. The Chanty B a Public 8•nefit Entity 08 definod by FRS 102. Thé account8 are prepared in sterfing, ¥¥hich 18 the functional curnncy of the chanty. Monetary amounts in these financlal 8tstements are rounded to the nearest £. Golng Con¢•m Al the tsme ol approving the alnIs. the dlrectors hav• a reasonable expectats'on that the cknarity has adequate r88ource81o continue in operational existence for the foreseeable fulure. Thus the Iruslees Conlinue lo adopt the going concern basis of accounting in preporing these ffinanci•l st•lements. Incom• Ro¢oqnlllon All incoming resour5 are recognised once Ihe tnjst ha$ entitlement to the re$ources, il 1$ probable the resourc•$ be received and the mongtary value of In¢omlng resour¢es can be rnaagured th sufflclenl rellablllty. Exp•ndltur• R•eognttlon Liabilities are rewnised as rewurcAry$ expended as soon as there is a legal or constructive obligation ¢ommittin9 the Iru8t lo th• &xpenditur•. it 18 probable that settlement Nwll be quired and thé amount of tha obligats'on Can bè rnt88urèd reliably. All expenditure is aco)unted for on an accruAls basis. Irrecoverable VAT 18 ctharged to the stalemnt of financial adi¥itios as incurred. Tanglbl• Flx•d A•••ts ind D•prnclatlon Tangib fixed a$s&ts are stated al ¢081 Th• rn$t of minor oddrtion8 or th0 eostsng below £500 •re not capltall8ed. Second hand donated Item8 are not capltallsed. No depreclatlon Is provkled In respect of Chapel proyrty. FUrnhings are deprnciatad al 10% reducing balance. Flx•d A•••t Inv••tm•nt• In¥estrnents are initially cogni8ed at their Iransacticfi value and subsequently measured at Iheir market value as at Ihe balance sheet d8te using the closing quoted markel price, The statement of financial activities includes the nel gains and10sses aring on revaluations disposa15 throughout the year. The TnJ81 does not aquire or use put options, derivative8 or other complex ffinanaal instruments.
MAXWELTON CHAPEL TRUST 10 NOTES TO THE FINANCIAL STATEMENTS FOR ThE YEAR ENO 31 MARCH 2025 ACCOUNTING POLICIES IcoKfDI Debtorn and credltors r•celvable I payablo wlthln one year Debtors and credrtors Vith no stated interest rate and receivable or payable wthin one year are recorded ot transaction price. Ca8h at bank and In hand Cash at bank and cash in hand includes and short tam) highly liquid inve5trnents with a sh<>rt maturity of three Months or less from the dale ol acquisrtion or opening of the deposit or similar ac¢ounl. Fund A¢Gountlng Unfestrided funds are donats'ons and other incoming re80urces receivable or gerated for the objècts of the TnJ$l ¥thOut lurther specific Purpose and are available as general lunds, De8lgnated funds are unr•¥tricted fvnd8 ¢#marked by Ihe Tru8teo• for o particular purp¢)w. Taxallon The tru31 is a regislefod charlty and accordingly is oxempl from taxation on its ino)me and gains where they are epplted for ¢h8ri18ble purposes. TRU8TEE8 REMUNERAlloN AND EXPEN8E8 Th• tnJ8t••8 did not rocolve any remunwation during th• y•ar, they dld re1¥• expen8e8. INVESThIENTS 20215 2024 Mart(et Valua as at 31 March 2024 Additions Dlsposals Realised Gains Unrealised Gain81llos8esl Market value at 31 March 2025 527.202 215,437 (205,828) 38,337 32,763 444,499 67,289 127.643) 1,803 41.2S4 Hi8loric81 cost as a131 March 2025 434,669 38e 555 Marft•t valu• pltt by typ• Bonds UK Equitso Ovefsea8 Equitres Property 45,281 276,628 220.478 30,345 260,127 230,828 5,902 542.387 527.202
MAXWELTON CHAPEL TRUST SCIO P40TES TO THE FINANCIAL STATEMENTS FOR THE YEAR END 31 MARCH 2026 INVESTMENTS ICONTD) 2028 2024 Inv••tm•nts wlth 6% or mor• of the m•rtt•l v•lug Artemis Fund Managers Crty of London Inveslmenl Tnjst IFSL Evenlode Investsnent Fund8 29,833 36,934 31,551 36,623 FIXED ASSETS Chapel Chap•l Property Fuml•hlng Total Co•t At 1 Apnl 2024 Addllion8 Di8POS81s Al 31 Mah 2025 21.826 3.936 5,914 27,740 3,936 25,762 D•prnclatlon At 1 April 2024 Charge for year Adj re disposa At 31 M*r¢h 2026 1,483 443 1.483 443 1,928 1.926 N•t Book Valu• At J1 March 2026 3,988 29.760 At 31 March 2024 21.826 4,431 26,257 DEBTORS AND PREPAYMENT8 2026 2024 Debtors Prepaymnt8 135 2.269 129 2,092 2,404 2,221
MAXWELTON CHAPEL TRUST SCIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR END 31 MARCH 2025 CREDrroRS 2026 2024 Creditors & Accruals 10.823 6,805 STATEMENT OF MOVEMENT IN FUNDS Unr••trlet•d Fund• Balance as at 31 March 2024 576,934 SurplusllDeficill for the year 22,191 8alance as al 31 March 2025 599 125 DESIGNATED FUNDS The bulkllng lund represents monies dtsignat•d by the trustees to maintaln the state of the buildings. RELATED PARTY Ther• no related party transadions lor the year ended 31 March 2025.