REGISTERED CHARITY NUMBER: scoa9306 MAPCO FOUNDATION ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THEYEAR ENDED 31" MARCH 2025
MAPCO FOUNDATION {REGISTERED CHARITYNUMBER". SC0493061 ANNUALREPORT AND CONSOLIDATED FINANCIALSTATEMENTS FOR THE YEAR ENDED 31" MARCH 2025 PAGE Reference an(J Adtnini5trative Details Report of the Trustees Independent Audilor's Report Consolidated Statement ot FinancialAciiviiies Statement ot Financi31 Actiwties Consolidated Balance Sheet Balance Sheet Cuiis¢Jlidaled Statement of Cash Flow5 Notes to the Consolidated Financial Statements io li 13 14 15
MAPCO FOUNDATION (REGISTERED CHARITY NUMBER: SC049306} ANNUAL REPORT AND CONSOLIDATED FINANCIALSTATEMENTS FOR THE YEAR ENDED 31" NAACH 2025 SC049306 GharltyRegistered Ottice 48 Flat B Maiket Street Aberdeen A8115QE Tni*tpp.s MAkram&Co Chartered Accouniants 413 Lea Bridge Road London EIO 7EA HSBC UK Bank PIC 95-99 Union Street Aberdeen ABII 6BD
MAPCO FOUNDATION (REGISTERED CHARITY NUMBER: SC049306) ANNUAL REPORT ANDCONSOLIDATED FINANCIALSTATEMENTS FOR THEYEARENDED 31" MARCH 2025 REPORT OFTHETRUSTEES FOR THEYEAR ENDED 31" MARCH 2025 The trustees present their annual report together wilh Ihe financial statements of Mapco Foundation for the year ended 31st March 2025. The trustees confirm that the annual report and financial statements of the group comply with the current statutory requirements, the requirements of the charitys goveining document and the provisions of the Statement of ecommen(iecl Practice I"SORP"}. appiicaDie 10 charltles preparing ihelr accounts In accor(iance wilh Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021- (Charities SORP FRS 1021 ias updated through second edition- October 20191- OBJECTIVES AND ACTIVITIES Oblectlvos and aims The charitable purposes are prevention or relief of poverty and the advancement of education. During the year the Trustees have developed relationships with various establishments both local, national and international, consisting of educational establishments as well as local councils in tenns of developing educational and business programmes. STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng document The charity is Controlled by its governing document. a deed of trust. and constitutes a Scottish Charitable Incorporated Organisation ISCIOI. Recrultment and appolnlment of newtrustees In the year the charity had 3 trustees, consisting of a doctor. a chartered accountant and an events organiser. with extensive experience in philanthropic Work. The Trustees devote a good deal ot thought to succession planning and keep a fegister of Ihe mixture of skills and professional backgrounds that they require tof the governing body. The aim is to achigVO a balanced board with a core of individuals with educational, legal. accountancy, finance, business and marketing backgrounds. The trustees rewew this balance regularlyand try to achieve a wide range ol prolessions and backgrounds. Rlsk management The trustee5 have a duty to identify and review the risks to which the charity is exposed to and to ensure appropriate conlrols are in place to piowde assurance against fraud and error. Publle B&n•flt The Trustees confirm they have given due Consideration to the public benefit and have complied with the Charities and Trustee Investment Iscotlandl Act 2005 in this regard. ACHIEVEMENT AND PERFORMANCE Groups actlvltles Achlevementsln theyear During the yeai, the group finalised its five-year strategic plan. A key milestone was the acquisition of a freehold building, which was sourced and completed within the year. This facility has provided a significant boost to the group's operational capacity and will serve as a central hub for its actiwties. Work is also nearing completion to run the building entirely on green energy reflecling the charity's commitment to sustainability and responsible resource managernenl. In addition, the charity commissioned a locus group to assess the use of its facilities and Ihe design ol its charitable activities. The insights gained from this group have provided valuable guidance ensuring that the group's initiatives are aligned with the needs and prioritie5 of vuLnerable people acros5 Scotland. This process has strengthened Confidence in the strategic direclion of the group and its ability to deliver meaningful impact in the community. (Neraii. the year has been markeu DytangiLile progress In infrastructure. sustainability, and cofflmunity engagement.
MAPCO FOUNDATION (REGISTERED CHARITY NUMBER: SC0493061 ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THEYEARENDED 31. MARCH 2025 PLANS FOR THE FUTURE The new premise strencthens the group's capacity to advance its humanitarian and educational objeclives, enablin wellbeing classes for the elderly, and other social activities. as well as a distribulion hub foi collections of items for local cniiuren's charllles. The group wlll Opiimise financial reserves 10 maintain Ihe communiry iacility and expand the orphanage programme. These initialives ensure the group's resources are used effectively. maximising impact and reinforcing its commitment to supportingvulnerable populations through education. social engagement. and humanitarian wofk. FINANCIAL REVIEW Flnanclal posltlon The group has had a strong financial year, with donations exceeding expectations at £2.449.060.12024- £2.706,0011 and generating a solid foundation for its future activities. A key milestone during the year was the acquisition of a buildingwhich has been developed to align wilh the group's humanitarian anii educalional objective5. This investmeni Ulrectiy supports the stralegic direction set out in the group's five-year plan. providing a central hub to deliver its strategic objectivos. This Investment in the property has been partially designated as a community hub for the elderly, social activities, and resources collections for children's charities, thereby enhancing the charity's impact on the vulnerable. Financial reseNes have been prudently managed in low-risk money markct bonds. generating considerable bank interest of £170,22012024- £57.8351. This approach ensures the group maintains financial stabilitywhile sUPPOrting both ope¥ational needs and the strategic development of its facilities and prograrnmes. l)4erall the group's financial performance demonstrates Strong stewardship of resources. enabling tt to deliver on its long-term objectives whlle maxlmising benefit to the community. Reserves pollcy The truslees acknowledge their responsibility to ensure sufflcient funds are available to safeguard the charity's activities. The reserve policy of the group is to retain sufficient unrestricted fund3 to meet the grant commitments and operational costs of the charity eslimated at £200,000 a year. The unfestricted funds of the Eroup as al 31st March 2025 were £6.309,265 and the liquid funds represented by cash balances of É5.760.071. Golng concern The trustees are of the opinion that with careful management the funds available are sufficient to secure the continuing activities otthe group.
MAPCO FOUNDATION IREGisfERED CHARITY NUMBER: SC049306) ANNUALREPORT AND CONSOLIDATED FINANCIALSTATEMErs FOR THE YEAR ENDED 31" MARCH 2025 TRUSTEES, RESPONSIBILITIES STATEMENT The trustees are responsible for preparingthe Trustees. Annual Report and the financial statements in accordance with applicable law and United ngdorn Accounting starKlards (United Kingdom Generally Accepted Accounting Practice). The law appllcable to charities ID ScollaTrii requires the trustees lo prepare financlal statements for each flnanclalyear which give a true and fairview ol the state of aff31rs of the charity and of the incoming resources and aDplicats"on of resources ol the charity for that period. In Preparing these financial Statements, the twstees are required to: select suitable accounting policies and then apply them consistentl, observe the meihods and pnncipies in the Charilies SORP 2019 IFRS 1021; mxkp jLideements and estimates that are reasonable and prudent.. slate whether applicable accounting Standards have been followed: prepare the financial statements on the going concern basis unless It is Inappropriate to presume that the charitywillcontinue In operation. The trustees are responsible for keeping proper accountlng records that dlsclose wtth reasonable accuracy at anytime the financial position ol the chanty and enable them to ensure that the financial statements complywth the Charitie5 and Triistee Investment ISr.nllandl Arl ?nnfj. thp r.haiitip£ Arrnijnls Isrntlanrfl Rp.eiilatiDn8 las ampndpdl and the provisions ol the charity's constitution. They are also responsible for safeguarding the assets of the charity an(J hence for tsking reasonable steps for the pfevenlion and detection of fraud and other Irregularltles. Dlsclosure of Informatlon to Audltors The Iruste&s confirm that as lar as they are aware, there is no relevant audll Infomiatlon of whlcn the charlty and the group's auditor Is unaware. Each of the trustees has conflrmed that they have taken allthe steps that they ought to have taken as trLFsiees in order to make themselves aware of any relcvant audit information and to establish Ihat it has been communicated to the charity and the group audilor. ADproved by oid?r ol 11)p hDrril ol I.. u51pès ali . xlh December 2025 and si£ned on its behalf b.
MAPCO FOUNDATION (REGISTERED CHARITY NUMBER: SC0493061 ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31" MARCH 2025 INDEPENDENT AUDITOR'S REPORTTO THETRUSTEES OF MAPCO FOUNDATION Oplnlon We have audited the financial statements of Mapco Foundation Ithe'parent charity'i and its subsidiaries Ithe'group'i for Ine year en(Je(J 31si March 2025 which compnse the Consolidated Statement of Financial Activities. the Statement of Flnancial Activities. the Consolidated Balance Sheet. the Balance Sheet. the Consolidated Statement of Cash Flows and notes to the financial stalements. including a summary of significant accounting policies. The financial reporting framework that ha5 been applied in their preparation is applicable law and United Kingdom Accounting standards, including Flnancial Reporting standard 102 The Financial Reporting standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the group's and parent charivs affairs as at 31st March 2025. and of the group's and parent charitys Incoming resources and application of resources, for the yearthen ended; have been property prepared in accordance with United Kingdom GenerallyAccepted Accounting PracticÈ- and have been prepared in accordance th the requirements ot the Chartties and Trustee Investment (Scotlandl Act 2005 and regulation 6 and 8 of the Charities Accounts Iscotiandl Regulations 2006. Basls for oplnlon We conducted our audit in accordance with Inteinational Standards on Auditing IUKI IISAS IUKII and applicable law. Our rèsponsibilitiès under those standards are further described in the auditor's responsibilitie3 for the audit of the financlal siatements section of our report. We are independent of the group and parent charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK. includingthe FRC'S Ethical Standard, and we have fulfilled our olher ethical re5POF15ibilitie5 in accoroance wlth these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relalln%io going concein In auditing the financial statements, we have concluded Ihat the twstees, use of the going concern basis of accounting in the preparations of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relatingto events or conditions that, Individually or collectively, may cast significant doubt on the group and parent charity'5 ability io continue as a golng concern for a period of at least twelve months from when the financial statements a authorised lor issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other Informatlon The other information comprises the Infomiation included in the trustees, annual report. other than the financial siatemenis and our auaiior's repon ihereon. The Irustees are responsible rortne other intormation. Our opinion on the finAnr.i21 statpmpnts dt)P8 nnt rt)vpr thp nthpr infnrmalion and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other infomiation and. In doing so, considerwhelher the olher information is materially inconsistent with the financial statements or our knowledge obtained in the touise of the audit or otheise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required to delerminè whèthor thig givè$ rise to a material misstatement in the financial statements themselves. If, based on the work we have pertormed. we conclude that there is a material misstatement of this other information. we are requlred to report that fact. We have nothing to report In this regard.
MAPCO FOUNDATION (REGISTERED CHARITY NUMBER: SC0493061 ANNUAL REPORT AND CONSOLIDATED FINANCIALSTATEMENTS FOR THE YEAR ENDED 31" MARCH 2025 Matters on whlch we are requlred lo report by exceptlon We have nothingto report in respecl of the following matters in relation to which the Charities Accounts (Scotlandl Regulations 2006 requires us to report to you if. in our opinion: the information given in the trustees. report Is inconsistent In any material respect with the financial statements; or proper accounting records have not been kept. or the financial statements are not in agreement with the accounting records-, or we have noi receive(J ali ine information and explanatlons requlre for our auOII. Responslbilities ol trustees AS explained more fully in the trustees. Tespon5ibilities statement set out on page G. the tnjstees are responsible for the prepaiation of the financial statements 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 foi assessing the group and parent chaiity's ability to continue a5 a going Eoi)Leiii, disclosin& as applicable. matters related to going concern and using the going concern bas13 of accounting unless the trustees either intend to Ilquidate the group orthe parent charity or to cease operations. or have no realistic alternative but to do so. Audltor's responslbllitles forlhe audlt ol the financlal statements We have been appointed a5 auditor under section 44llllcl of the Charities and Trustee Investment IScotland} Act 2005 and report In accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable a55urance about whether the financial statements as a whole are free from material misstatement. whether due to Iraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level ol a55urance. but is not a guarantee that an audit conducted in accordance with ISAS IUKI wlll 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 ieasonably be expected to influence the economic decisions of users taken on the basis of these linancial statements. IrreguLarilies. includingfraud. are instances of non-compliance wth laws and regulations. We design procedures in line with our responsibililies, outlined above. to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities. including fraud is detailed below. We enquired of the management. which included obtaining and reviewing supporting documentation. concerning the group and parent charity's policies and procedures reLatingto= Identity'ng. evaluating. and complyingwilh laws and regulations and whether theYWe aware of any instances of non-compliance. Delecling and re5pondingto the risks of fraud and whether they have knowledge of anyactual. suspected or alleged fraud: The Internal coniroL5 e51aiJllsheO to mltlgate rlsks relaied io fraud or non-compllance wlth laws and regulations. We identified the law3 and regulation3 applicable to the group and parent charitythrough discussions with the management. and from our cofflmercial knowledge and experience of the charity sector, focusinR on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the 0Up and parent charity-
MAPCO FOUNDATION (REGISTERED CHARITh NUMBER: SC049306} ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THEYEARENDED 31" MARCH 2025 We ensured that Ihe engagement team collectively had the appropriate competence, capabilitie5 and skills to Identify or recognise non-compliance with applicable laws and regulations. We inspected the minutes of meetings of the Board ofTiustees. We revlewed any reports made to the Scottish Charity Regulator. We agreed the financial statement disclosures to underlying supporting documentation and completed a disclosure checklist to ensure compliance with the requirements of the Charities and Trustee Invesiment Iscotlandl Act 2005 and regulation 6 and 8 of the Charities Accounts {Scolland) Regulations 2006. We performed analytical procedures to identity any unusual or unexpected relationships that may indicate risks of matÈrial misstatement due to Iraud. In addressiiig the iisk of fiaud through management overrlde of contr015. we iesEed rhe appropriateness of journal entries and other adjustments to identify unusual transactions and investigated significant transaction5 that are unusual or those outside the normal course of business. Because of the inherent Ilmitations of an audit. there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulations. This risk increases the more thai compllance wlth a law or reguiaiion is removed from the events ano transactions reflected in the financial statements. as we will be less likelyto become aw3re of instancès ot non-compliance. The risk is also greatar r9garding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery. collusion. omission or mlsrepresentation. A further descriplion of our responsibilities 15 available on the FRC'S website at: https.l.http5.I1vN.frC.Org.Uklilb[ary1Standards-c0deS-pOI1cylaudlt-aSsu[anCe-andth1cSlauditorS- responsibllities-for-the-audiv. Thi3 description forms part of our auditor's report. Use ofour report Thi ieport is made solely to the charity's trustees. as a bodys in accordance with Regulation 10 of the Charitie5 Accounls (Scotlandl Regulations 2006. Our audit work has been undertaken so that we might stale to the charity's trustees those matters we are required to state to them in an auditor's Feport and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibilityto anyone other than the charity and the charity's tiustees a5 a body, for our aiidit work. for this report. ortor the opinions we have formed. M kLRAM M Akram & Co (Statutory Auditor) 413 Lea Bridge Road London EIO 7EA M Akram & Co is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.
MAPCO FOUNDATION (REGISTERED CHARITh NUMBER: SC0493061 ANNUAL REPORT AND CONSOLIDATED FINANCIALSTATEMENTS FOR THEYEAR ENDED 31 MARCH 2025 CONSOLIDATED STATEMENT OF FINANCIALACTIVITIES FOR THE YEAR ENDED 31" MARCH 2025 20251£) Unrestrlcted 20241£) Unrestrlded Notes Income Irorn: Donations and legacies Investment income 2,449.060 170,220 2.706.001 57,835 Total Income 2.619.280 2.763,836 Expendlture on: Charitable activities Raising funds 16.411 2.065 I,e67 Total expendllure 18.476 1,667 Net Income 2.600,804 2,762.169 Reconclllatlon of funds: Total funds brought forward 3.708.461 946.292 Tot31 funds earrled fobward 6,309.?65 q.7CfrA.d61 The notes on pages 15-22 form an integral part of these Consolidated Financial Statements. There ale no recognised gains and losses other than those passing through the Consolidated Statement of Financial Aclivities. All income and expenditure is derived from continuing activities. io
MAPCO FOUNDATION {REGISTERED CHARITY NUMBER: SC0493061 ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THEYEARENDED 31" MARCH 2025 STATEMENT OF FINANCIALACTIVITIES FOR THE YEAR ENDED 31"MARCH 2025 2025 (£) Unrestrlcted 20241£) Unrestrlcted Noles Incometrom". Donations and legacies IFbve5tfflent income 2,449.060 167.297 2,706.001 57,835 Totallncome 2.616,357 2,763,836 Expendlture on: Charitable Activities Raising funds 13.862 1.667 Total expendlture 13.862 1,667 NÈt Income 2.602.495 2,762.169 Reconcluatlon ol funds: Total fund5 brought forward 3.708.461 946.292 Total funds carrled forward 6.310,956 3,708,461 The notes on pages 15-22 form an integral part of these Financial Statements. There are no recognised gains and losses other than those passingthrough the Statement of Financial Activities. All income and expenditure 15 derived from continuing activities. li
MAPCO FOUNDATION (REGISTERED CHARITY NUMBER". SC0493061 ANNUALREPORT AND CONSOUDATED FINANCIALSTATEMENTS FOR THE YEAR ENDED 31° MAficH 2025 si CONSOLIDATED BALANCE SHEET ASAT31 MARCH 2025 Notes 20251£) 2024 (£) Flxed assets Intangible assets Tangible assets 773 544.862 545,635 Cuent assels Debtors Cash at bank li 28.033 5.760.071 3.710,041 5,788.104 3.710.041 Current Ilabllltles Creditors: amounts falllng due withln one year 12 124.4741 {1,5801 Net current assets 5.763,630 3,708,461 Net assets 6,309,265 3,708.461 Funds Unrestricted funds 13 6,309.265 3.708,461 Total charlty funds 6.309.265 3.708,461 The financial Statements were approved by the Boaid ol Trustees and authorised for issue on 15th Dècember 2025 and were signed on its behall by: 12
MAPCO FOUNDATION (REGISTERED CHARITY NUMBER: SC049306) ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31. MARCH 2025 BALANCE SHEET ASAT31" MARCH 2025 Note5 2025 {£1 20241£) Flxed a55ets Investments io 25.125 25.125 Current asset5 Debtors li 803.680 5,486.179 Cash at bank 3,710.041 6,289,859 3,710,1)41 Ctsrient Ilablllties Credltors= amounts falllng due within one year 12 14.028) (1,5801 Net current assets 6.285,831 3,708,461 Net assets 6.310,956 3,708,461 Funds Unrestricted funds 6.310.956 3,708.461 Tolal charlty funds 6.310.956 3.708.461 The Ilnancial statements weie approved bythe Board of Trustees and authorised for issue on 15th December 2025 and were SiEned on its behalf by.. 13
MAPCO FOUNDATION (REGISTERED CHARITY NUMBER: SC049306} ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARENDED31 MARCH 2025 CONSOLIDATED STATEMENTOFCASH FLOWS FOR THEYEAR ENDED 31" MARCH 2025 Notes 2025 {£) 20241£) Reconcillatlon to cash generated from operallons Net income for the year Interest income Increase in debtors IncfeasellDecreasel in creditors Amortisation of intangible assets 2,600,804 1163,6171 2,762,169 157.8351 22.894 194 15,834 Net cash flows from operatlng actlvlties 2.457.242 2.698,500 Cash flows from Investing actl¥ltle$ Purchase of tangible fixed assels Purehasa of subsidiary undertaking. net of cash acquired Interest recelved 113.8801 io 20.051 138.617 57.835 Net cash flowfrom Investlng actlvllles 144.788 57,835 Cash flows from flnanclnE acllvltles Repayment of loans (552.0001 Net cash used In flnanclng actlvltles 1552.0001 Change In cash and Cash equlva(ents In the year 2,050.030 2,756,335 Cash and cash equivalents brought foFward 3.710,041 953,706 Cash and cash equlvalents carrled forniard 14 5.760.071 3.710,041 14
MAPCO FOUNDATION {REGISTERED CHARITY NUMBER: SC0493061 ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31" MARCH 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS I.ACCOUNTING POLICIES Basls of preparlngthe flnanclal statements The consolidated financial statements of the charity. which is a public benefit entity under FRS 102, have been prepared in accordance with Accounting and Reporting by Charities-. Statement of Recommended Practice, applicable to charities piepaiing tl)elr accouJils in aL¢oidrince with Ihe Financial Reponing Stanuaro appllcaole In the UK an(J Reputslic ol Irelana IFRS 1021- (Charities SORP FRS 1021 las updated through second edition- October 20191. the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021, Charities and Trustee Investment Iscotlandl Act 2005 and Charities Accounts (Scotlandl Regulations 2006. The financial statements have been prepared under the historical cost convention. Golng concern The trustees consider that there are no maierial uncertainties about the group's abiltyto continue a5 a going concern. Incorne All income is recognised in the Stalement of Financial ActNlties once the group has entitlement to the fvnds. it is probable that the income will be received and the amount can be measurcd rellably. Donations an¢J grants are recogniseo in the perioo in which the group is entitled to receipts wheie the amount can be measured reliably. Invesiment income on funds helo on deposits are Incluuerj when ieceivable and the amount can be measured reliably by the Eroup.. this is normally upon the notlfieation of the interest paid or payable by the bank. Income from investment properties 15 recognised in the Statement of Financial Actiwties when the group's right to receive the income is established. Expendlture Fxppnditurp. 1% rprngnigpd as soon as there is a legal or construttivÈ obligation committing the group to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classitied under headings thai aggregate all cost related to the category. Where costs cannot be directty attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Consolldallon These linancial statements consolidate the accounts of Mapco Foundation and its subsidiary undertaking. Macworkers Limited. Uniform accounting policies are adopted Ihroughout the group and intra-group transactions or balances are Èliminated on consolidation. Inveslment propertles Investment propety is propety held for rental. Capital growth or both. The group's investment propety Portlolio comprises four residentlal units and one commercial unit. No depreciation is provided in respect of investment properties. Initlal measurement is at cost inclusive of transaction cost and tt is subsequently carried at fairvalue in the balance sheet. Any gains or losses arising irom changes in the fair value are recognised in statement of financial activities in the peiiod that they arise. Investment property fair value is determined bythe trustees based on current prices in an active market for similar propenies In ihe same locaiion an¢ contilllon. 15
MAPCO FOUNDATION (REGISTERED CHARITY NUMBER: SC049306) ANNUALREPORT AND CONSOLIDATED FINANCIALSTATEMENTS FOR THE YEAR ENDED 31. MARCH 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS- Continued Tangible fixed assets Tangible fixed assets are stated at cost lor deemed costl orvaluation less accumulated depreciation and accumulated impairment losses. Depreciation commences in the yeai following acquisition. The depreciation rate for fixtures. fittings and equipment is 25% on a straight line basis. Intangible flxed assels- goodwlll Goodwill arising on business combinations is capitalised, classified as an asset on the balance sheet and amortised on a straighl line basis over its uselul life. The period chosen for writing off gooowlll Is 5 years. Provlslon Is maoe lor any impairment. Investments Fixed asset inveslments are stated at cost less provision for diminution in value. Fund accountlng Unrestricte¢J tun(is can De useo In accordancewth Ihe charitable objectives at the discreiion of Ihe irusiees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specifie(i by the donor orwhen funds are raised for particular restricted purposes. Donations and tsthpr income do8ignated for Specific charitable purposes are allocated to a restricted fund. with related expendituies charged against that fund. The charity held no restricted funds in 2025 or 2024. All incoming resources are classified as unrestricted funds, which the trustees may use at their discretion to advance the charity's objectives. Debtors Trade and other debtors are recogniseo at the settlement amount Oue artertraoe Uiscounts ottered. Prepayments are valued at the amount prepaid net of anytrade discounts due. Cash at bankand In hand Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of 12 months or less from the date of acquisition or opening of Ihe deposit or similar account. Credltors and provlsions Creditois and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of lunds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlemenl amount after allowing for any trade dibcovnts due. Flnanclal instrumenls The charity only has linancial assets and fi-nancial liabilities of a kind that qualify as basic financial instruments. Basic financi¢il in5tiutnenls iiie iiiitldlly ieLugiiisetJ dt Iiaiisacliuri Vdlue dnd subsequently tned5ure(i at theii 5eltlefflent Vdlue with the exception of bank loan5 which are subsequently measured at amortised cost using the eflective interest method. 16
MAPCO FOUNDATION (REGISTERED CHARifi NUMBER: SC049306) ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THEYEARENDED 31"MARCH 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS- Continued 2. KEYJUDGEMENTSAND ESTIMATION UNCERTAINri The preparation ol financial staiernenls requires management to make judgements. estimates and assumptions that affect the reporte(J amounts ot assets anti liabilities at the reporting date and the reported amounts of income and expenditure during the year. Actual results may differ from these eslimates. The following estimales and assumptions were used in the financial statements. The group's investment properties are carried at fair valup. at the reportine date. in aeeordaneÈ with FRS 102 and the Charities SORP. The fail value represents the trustees, best eslimate, based on Iheir knowledge of the property, local property prices and recent market activity in the area. Although the trustees consider this to be a reasonable eslimate ol fair value, propertyvaluations involve a degree ofjudgement and the amount ultimately realised on sale may differ from the value ieported in these financial statements. 3. INCOME FROM DONATIONSAND LECACIES Group 2025 (£) Charlty 2025 (£) 20241£) 20241£) Donations 2.449.060 1.981.001 725.000 2.449.060 1.981,001 725,000 Legacies 2,449.060 2.706.001 2,449,060 2.706.001 4. INCOME FROM INVESTMENT ACTIVITIES Group 20251£) Charlty 20251£) 2024 {£) 2024 {£1 Deposit account interest Rental Income 163.617 6.603 57.835 167.297 57,835 170.220 57.835 167.297 57,835 5. EXPENDITURE ON CHARITABLE ACTIVITIES GTOUP 2025 (£1 Chailty 2025 (£1 20241£) 20241£) Grants Allocation of support costs 5.683 10.728 5.683 8,179 16.411 13,862 During the year a grant of £3,80812024- £Nill was paid to Africa Muslims Agency, South Africa in respect of the sponsorship of orphans. 6. EXPENDITURE ON FUND RAISING ACTIVITIES GTOUP 2025 {£1 Charlty 2025 (£1 20241£1 20241£) Rental properties operating expenses Allocation of support costs 715 1,350 1.667 1.667 2.065 1,667 1,667 17
MAPCO FOUNDATION (REGISTERED CHARITY NUMBER: SC049306} ANNUAL REPORT AND CONSOLIDATED FINANCIALSTATEMENTS FOR THEYEAR ENDED 31 MARCH 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS- Continued 7. SUPPORT COSTS Grgup 2025 {£1 Charity 20251£) 20241£) 20241£) Accountancy Audit lees Bank charge5 Premises costs Travel 500 3.877 135 5.236 282 560 1.080 27 500 3.877 128 3.514 160 560 1,080 27 Professionalfees Amortisation of goodwill 1,854 194 12,078 1.667 8.179 1,667 The charity had no employees during the year12024- None}. and thus no employee5 that had emoluments over £60,000 12024- None). Allocallon ol Support Costs These support costs Tepresent the funds used to achieve the group's objectives. They have been allocated between unrestricted charitable expenditures and fundraising efforts based on the proportion of diiect unrestricted costs incurred. 8. INTANGIBLE FIXED ASSETS Group Goodwlll At 1st April 2024 Additions At 31st MaTch 2025 967 At 1st April 2024 Charge for the year 194 At 31st March 2025 194 At 31st March 2025 773 At 31st March 2024 18
MAPCO FOUNDATION (REGISTERED CHARITY NUMBER". SC0493061 ANNUAL REPORT AND CONSOLIDATED FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS- Continued 9. TANGIBLE FIXED ASSETS Gioup Investment Flxtures, flttlngs property & equlpment Total {£1 At 1st April 2024 Acquisitions through busine55 combinations Additions 530.982 6.240 530.982 13.880 7.640 AI 31si March 2025 537.222 7.640 544,862 At 1st April 2024 Charge for the year Al 31st March 2025 At 31st Mafch 2025 537.222 7.640 544,862 At 31st Marth 2024 The fairvalue of investment properties was determined bytrustees and they believe that the market value of the properties is not materially different to the carrying valu¢. 10. FIXEDASSEtS INVESTMENT Charlty Investment In subsldlary undertakings i£} At 1st April 2024 Additions 25,125 At 31st March 2025 25,125 On 3rd February 2025 the group acquired 100% of the issued ordinary share capital1100 ordinary shares of £1 each) of Macworkers Limited (previously known as Mapco Properties Limitedl. a company incorporated and registercd in Scotland (company number SC5982281. having its registered office at 28-30 Seagate, Peterhead. Scotland. AB42 IJP. The principal activity of the Company is property investment. The acquisition Cost was £25.125. paid in cash. In calculatlngthe goodwill arising on acquisition, the fairvalue of net assets of Macworkers Limited have been assessed and adjustments from bookvalue where necessary. 19
MAPCO FOUNDATION (REGISTERED CHARITY NUMBER: SC049306) ANNUAL REPORT AND CONSOLIDATED FINANCIALSTATEMENTS FOR THEYEARENDED 31" MARCH 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS- Continued 10. FIXED ASSETS INVESTMENT- contlnued Falrvalue 1£) Fixed assets Tangible 530,982 Currentassets Deblors Cash at bank and in hand 2,304 45,176 Total assets 578.462 Creditors Due within one year 1554,3041 Net assets 24.158 Goodwill (note 81 967 Total purchase conslderatlon 25,125 Purchase consideration settled in cash. as above Cash and cash equivalents in subsidiary acquired 125,1251 45,176 Cash inflow on acqulsltlon 20,051 Since the acquisition date, Macworkers Limited has contributed £6.603 to group income resources and £2.183 to group's net income. The assets and liabilities of Ihe subsidiary as at 31" March 2025 were-. (£) 821,787 1799.1261 22,661 Total assets Total liabilitie5 Nel assets Aggregate share capital and reserves 22.661 The income and expenditure of the subsidiary arising after the date of acquisition have been included in the consolidated Statement of Financial Aclivities, and its assets and liabilities as at 31 March 2025 are included In the consolldated balance sheet. 20
MAPCO FOUNDATION (REGISTERED CHARITY NUMBER: SC049306) ANNUAL REPORT AND CONSOLIDATED FINANCIALSTATEMENTS FOR THEYEAR ENDED 31. MARCH 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS- Continued 11. DEBTORS Group 20251£) Charlty 20251£} 2024 {£1 2024 {£1 Amounts owed bygroup undertakings Prepayments and acciued income Other debtors 775.000 28,680 27,959 74 28,033 803,680 Includeo In amounts owed bygroup undertakings is an amount of£552.00012024-£Nill which is due after more than one year. 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Group 20251£) Charlty 20251£) 2024 {£) 2024 {£1 Trade creditors Other creditors Accruals and defeired income 3.254 17,192 4,028 1.580 4.028 1.580 24,474 1,580 4.028 1,580 13. UNRESTRICTED FUNDS General Funds Group Balance at 1st April 2024 Net income 3,708,461 2.600,804 Balance at 31st March 2025 6,309,265 General Funds Charlty {£1 3,708,461 2,602,495 Balance at 1st April 2024 Net income Balance at 31st March 2025 6,310,956 14. ANALYSIS OF CASH AND CASH EQUIVALENTS 1st April 2024 Cash flows 31st March 2025 {£) {£1 {£1 Cash at bank arsd in hand 3.710,041 2.050.030 5.760,071 Total cash and cash equivalents 3.710,041 2,050,030 5,760,071 21
MAPCO FOUNDATION IREGlSfERED CHARITY NUMBER: SC049306} ANNUAL REPORT AND CONSOLIDATED FINANCIALSTATEMENTS FOR THE YEAR ENDED 31" MARCH 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS- Continued 15. RELATED PARTY TRANSACTIONS Duringthe year, trustees were reimbursed £16012024- £Nill for travel expenses. No trustees received any Teffluneration during the year12024-£Nill. The group recelved donations from entities connected to trustee Companies unde control contrlbuted a total of £2,449.06012024- £1.981.0011. These dDfaiioi',s".'ere Ivacle to support Ihe group ! c*arilat)le aclNilies and were provtdedwithout condrtlons or restriciions allached. During the year, the charity acquired 100% of the share capital ol l{7cL.0[ke[S Limited. The purchase consideration was paid lo Napco Seafoods Ltd.. a companycontrolled by trJste The charity advanced a loan to its wholly owned subsidlary. Macwoikers Limited, durlngthe year. The balance outstanding at the yea¥ end was £775,00012024- £Nill. Followingthe acquisition of MacvffjrkÈrs Limited. the group recognised a loan Uabluty ol £552.000. This loan was subsequently repaid during the year to Mapco Seafoods Ltd., Vdhich Is conlrolled bytrustee Thp Yrnup also acquired fixed assets valued at £7.640 during the year. These a55et5 were provided by truslee who also determined their value. No consideration was paid for the assets. and the amount remained pa>r2b1 to the iriislee at the year end. This balance is included within other creditor5 (Note 121. 22