Charity registration number SC003139 (Scotland)
Company registration number SC111258
PERTH AND KINROSS HERITAGE TRUST
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PERTH AND KINROSS HERITAGE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Ms M Wilkins
Councillor S Donaldson
Mrs S Hendry
Mr M Ballantine
Mr C Longhorn
Mr A Lindsay
Mr Colin Liddell MBE WS
Mr G Love
Mr G Ryalls
(Appointed 27 September 2024)
Charity number (Scotland)
SC003139
Company number
SC111258
Registered office
8 Bridge Lane
PERTH
PH1 5JJ
Auditor
Morris & Young
6 Atholl Crescent
PERTH
PH1 5JN
PERTH AND KINROSS HERITAGE TRUST
CONTENTS
Page
Trustees' report
1 - 4
Statement of trustees' responsibilities
5
Independent auditor's report
6 - 9
Statement of financial activities
10 - 11
Balance sheet
12
Statement of cash flows
13
Notes to the financial statements
14 - 26
PERTH AND KINROSS HERITAGE TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The trustees present their annual report and financial statements for the year ended 31 March 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 of notes to the financial statements and comply with the charitable company's Memorandum and Articles of Association, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (effective 1 January 2019).

Objectives and activities

The charitable company's objects are:

(i) to conserve, enhance, maintain and promote, for the benefit of the residents of Perth and Kinross and the public at large, the historic environment of the area in the form of a rchaeological sites and landscapes, and buildings and structures of historic and architectural interest, value or significance;
(ii) to advance and promote the practical conservation of the amenity and character of the rural and urban historic built environment within Perth and Kinross;

(iii) to conserve, research and promote items or areas of archaeological or industrial archaeological importance within Perth and Kinross;

(iv) to further awareness of the historic environment through education about, and active voluntary involvement in, its conservation in the area of Perth and Kinross, and

(v) to undertake consultancy and other work of an educational, historical, architectural or archaeological interest anywhere in the United Kingdom or elsewhere (which need not have a bearing upon its work in the area of Perth and Kinross) which advances the arts, heritage, culture or science.

A central role of the trust has been the provision of grant aid to historic building projects and other projects relating to the conservation and promotion of the historic environment more widely.

Highlights of the work for the year

In December 2023 the trust produced a revised Strategic Plan, covering 2024-2026, with three objectives:

- to develop a new community archaeology project;

- relocate our operational base;

- and to raise the profile of the trust.

In June 2024 the trust relocated to 8 Bridge Lane, Perth, and in February 2025 the trust appointed a new Community Archaeologist. Also in February 2025, the trust agreed a new Service Level Agreement with Perth & Kinross Council, to continue delivery of the Planning Archaeology Service over 2026-2028.

PERTH AND KINROSS HERITAGE TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -

Achievements and performance

The Perth City Heritage Fund conservation project, was successfully delivered, funded by Historic Environment Scotland. The three-year tranche 2023-26 of £750,000 funding consists of £248,159 unrestricted revenue and £501,841 restricted capital grant. The fund contributes to Perth’s economic regeneration through the conservation of key historic buildings. Delivering grant assistance, as well as a programme of skills training, the fund is overseen by a Working Group comprising a trustee, trust staff and Perth & Kinross Council officers.

The trust also continued to deliver the Planning Archaeology Service to Perth & Kinross Council's Housing and Environment Service to ensure development is carried out to protect or record the historic environment in line with national planning policy.

Doors Open Days 2024 proved to be another successful weekend event while the trust’s Community Heritage Grants Scheme saw a number of local heritage projects completed, and new grants offered.

Finally, monitoring the Tay Landscape Partnership (TayLP) legacy items has continued through the 10-year maintenance plan. An additional highlight was the publication of the Tay forts monograph, the concluding product of the Tay Landscape Partnership Scheme.

Financial review

Results for the year ended 31 March 2025 are given in the Statement of Financial Activities. The assets and liabilities are detailed on the Balance Sheet on page 12.

The Statement of Financial Activities shows a net outf low of funds for the year of £174,501 (202 4 - net in flow - £34,869). This, added to the funds brought forward of £8 69,900, gives a surplus to carry forward of £695,399 which includes a valuation reserve of £35,315. The closing reserves are made of restricted reserves of £121,527, designated reserves of £354,072 and unrestricted reserves of £219,800, including the revaluation reserve. Full details of income and expenditure are set out in the notes to the financial statements.

The charity's expenditure in the financial year 2024-25 supports the identification, recording, protection, management, interpretation and promotion of the historic environment within Perth and Kinross for the benefit of both the local community and visitors to the area. Activities are carried out in line with the Strategic Plan 2024-2026 and include the provision of heritage advisory and consultancy services to partner organisations and the public; the award of grants; the delivery and funding of projects, skills training and outreach and education activities aimed at increasing community awareness of the local historical environment. The charity's income reflects the support of its founding partners, Perth & Kinross Council, and The Gannochy Trust; the attraction of grant funding from Historic Environment Scotland, and other funding bodies; and income generated through consultancy work and the sale of the charity's publications and charitable donations from the public.

While the monetary results for the year are shown in the Financial Statements, we must also record the implications for the Trust of the changes that have given rise to those results. The general economic conditions throughout the year affected both the Trust and its key stakeholders in many ways. Patterns of funding and management that have remained stable for some time, are now changing, and the Board has recognised the need to change with them, as is indicated by the management planning intimated below (see Future Plans). Those plans envisage the Board being both more imaginative and fleeter of foot in its approach to fund-sourcing and decision-making.

PERTH AND KINROSS HERITAGE TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -

Reserves Policy

Perth and Kinross Heritage Trust continues to adopt a policy of retaining reserves to protect it against any future decline in income generated or funds held which could prevent it from delivering services and fulfilling its objectives and activities in the future. Each year, the Trustees review the level of reserves designated for future operation costs and capital projects by considering risks associated with income stream, expenditure plans and other balance sheet items. The risks include the timing of the receipt of fundraising income, the likelihood of downturns in the various sources of income, and the desire to maintain services provided.

The t rustees aim to hold reserves for future operation costs equating with at least 6 months of operating costs. This sum amounts to £1 61,561. Additional reserves are retained to cover redundancy. This sum amounts to £15,820 (£8,320 statutory cost and £7,500 pay in lieu of notice (PILON)).

The charit able company holds reserves of £695,399 of whic h £184,485 (excluding the revaluation reserve) are unrestricted, therefore the charity has sufficient reserves to cover 6 months of operating costs.

The trustees, having regard to the liquidity requirements of the charitable company, have kept available funds in interest-bearing deposit accounts and seek to achieve a rate on deposit which matches or exceeds inflation as measured by the retail prices index.

Risk management

The charitable company maintains an organisational Risk Register, considered by the Management Committee on a monthly basis and by the Board of trustees on a quarterly basis. This assesses both strategic and tactical risks to the organisation, the former having potential to result in a critical failure of the charitable company, and the latter having the potential to cause delay to one area of work but which is recoverable for the charitable company as a whole. Responsibility for the Risk Register is shared between the Board of t rustees, the Trust Director and other staff.

Future Plans

The charitable company will complete the Perth City Heritage Fund tranche for 2024-2026, and in September 2025, submit a bid for a further tranche for another 3 or possibly 5 years. and the planning archaeology service for Perth & Kinross Council through the Service Level Agreement until the end of March 2025.

The Trust will continue to deliver Doors Open Days, the Community Heritage Grant Scheme, and Tay Landscape Partnership scheme monitoring, and in addition will develop and deliver a community archaeology project over 2025-26.

In early 2025 the trust began an organisational review to be further progressed over 2025-26. This will include the restructuring of the staff team, and the appointment new trustees.

Structure, governance and management

The charitable company is a company limited by guarantee. The charitable company is governed by its Memorandum and Articles of Association.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Ms M Wilkins
Councillor S Donaldson
Councillor D Illingworth
(Resigned 7 June 2024)
Mrs S Hendry
Mr M Ballantine
Mr C Longhorn
Mr A Lindsay
Ms S Pearce
(Retired 16 September 2024)
Mr Colin Liddell MBE WS
Mr G Love
Mr G Ryalls
(Appointed 27 September 2024)
PERTH AND KINROSS HERITAGE TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -

The charit able company's Memorandum and Articles of Association require that members of the Board of Trustees be either admitted through the passing of a resolution by the Board of Trustees or be nominees of Perth & Kinross Council.

Trustee induction includes information about the charitable company, such as the Memorandum and Articles of Association, an organisational chart, recent annual reports and audited financial statements, and our Strategic Plan 20 23-2026.

None of the trustees has any beneficial interest in the charitable company. All of the trustees are members of the charitable company and guarantee to contribute £1 in the event of a winding up.

The trustees administer the charitable company. The Board of t rustees meet quarterly, while a Management Committee consisting of the Chairman, Treasurer and two other trustees meets monthly. The Board of t rustees have delegated the running of the day to day activities of the charitable company to the charitable company's Director, Mr David Strachan.

The re mun eration of staff is considered annually and a pay award for 202 4 was agreed by the Board of t rustees, mirroring Perth & Kinross Council awards. Details of key management personnel remuneration is detailed in note 13 to the financial statements

Auditor

Morris & Young were appointed as auditor to the charitable company and a resolution proposing that they be re-appointed will be put at a General Meeting.

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The trustees' r eport was approved by the Board of trustees.

Ms M Wilkins
Trustee
Dated: 30 July 2025
PERTH AND KINROSS HERITAGE TRUST
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -

The trustees, who are also the directors of Perth and Kinross Heritage Trust for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year 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 that year.

In preparing these financial statements, the trustees are required to:

- select suitable accounting policies and then apply them consistently;

- observe the methods and principles in the Charities SORP;

- make judgements and estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the charitable company and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

PERTH AND KINROSS HERITAGE TRUST
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF PERTH AND KINROSS HERITAGE TRUST
- 6 -

Opinion

We have audited the financial statements of Perth and Kinross Heritage Trust (the ‘charitable company’) for the year ended 31 March 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial 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 charitable company's affairs as at 31 March 2025 and of its incoming resources and application of resources, for the year then ended;

-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-

have been prepared in accordance with the requirements of the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) 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 requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going 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 performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months 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.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

PERTH AND KINROSS HERITAGE TRUST
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF PERTH AND KINROSS HERITAGE TRUST
- 7 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

-

the information given in the trustees' r eport for the financial year for which the financial statements are prepared, which includes the d irectors' r eport prepared for the purposes of company law, is consistent with the financial statements; and

-

the d irectors' r eport included within the trustees' r eport has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 (as amended) require us to report to you if, in our opinion:

-

the information given in the financial statements is inconsistent in any material respect with the trustees' report; or

-

proper accounting records have not been kept; or

-

the financial statements are not in agreement with the accounting records; or

-

we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the s tatement of trustees' r esponsibilities, the trustees, who are also the directors of the charitable company for the purpose of company law, are responsible for the preparation 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 for assessing the charitable company’s ability to continue as a going concern, disclosing, 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.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under Companies Act 2006 and report in accordance with the Acts and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) 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 influence the economic decisions of users taken on the basis of these financial statements.

Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

PERTH AND KINROSS HERITAGE TRUST
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF PERTH AND KINROSS HERITAGE TRUST
- 8 -

Identifying and assessing potential risks related to irregularities

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, 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:

- the nature of the regulated sector, control environment and understanding of the entity including, but not restricted to, the understanding that the trustees are not remunerated, and the prevalence of fraud in the sector;

- results of our enquiries of trustees about their own identification and assessment of the risks of irregularities;

- any matters we identified having obtained and reviewed the c haritable company’s documentation of their policies and procedures relating to:

- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities that may exist within the organisation for fraud and identified the greatest potential for irregularities to occur is in relation to revenue recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the c haritable company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the charitable company’s own Memorandum and Articles of Association, Companies Act 2006 and various charity-specific legislation, including the Charities and Trustee Investment (Scotland) Act 2005.

Our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

- enquiring of Trustees concerning actual and potential litigation and claims;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- reading minutes of meetings of those charged with governance;

- tested a sample of income for understatement and consideration given to revenue recognition accounting policies. Also reviewed the minutes of meetings for completeness of income.

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

PERTH AND KINROSS HERITAGE TRUST
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF PERTH AND KINROSS HERITAGE TRUST
- 9 -

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: http s://www.frc.org.uk/auditors responsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with section 44(1)(c) of the Charities and Trustees Investment (Scotland) Act 2005 and with regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Alexander. J. Fyfe, M.A.A.T, C.A, DChA (Senior Statutory Auditor)
for and on behalf of Morris & Young
10 September 2025
Chartered Accountants
Statutory Auditor
6 Atholl Crescent
PERTH
PH1 5JN

Morris & Young is eligible for appointment as auditor of the charitable company by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

PERTH AND KINROSS HERITAGE TRUST
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
Unrestricted
Unrestricted
Restricted
Total
Unrestricted
Unrestricted
Restricted
Total
funds
funds
funds
funds
funds
funds
general
designated
general
designated
2025
2025
2025
2025
2024
2024
2024
2024
Notes
£
£
£
£
£
£
£
£
Income and endowments from:
Donations and legacies
3
586
-
-
586
70
-
-
70
Charitable activities
5
106,633
-
483,838
590,471
352,464
-
194,983
547,447

Investment s

4
32,864
6,750
-
39,614
32,995
6,750
-
39,745
Other income
6
23
-
-
23
606
-
-
606
Total income
140,106
6,750
483,838
630,694
386,135
6,750
194,983
587,868
Expenditure on:
Charitable activities
7
312,081
11,062
482,052
805,195
288,620
33,294
231,085
552,999
Net (outgoing)/incoming resources before transfers
(171,975)
(4,312)
1,786
(174,501)
97,515
(26,544)
(36,102)
34,869
PERTH AND KINROSS HERITAGE TRUST
STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
Unrestricted
Unrestricted
Restricted
Total
Unrestricted
Unrestricted
Restricted
Total
funds
funds
funds
funds
funds
funds
general
designated
general
designated
2025
2025
2025
2025
2024
2024
2024
2024
£
£
£
£
£
£
£
£
Net (outgoing)/incoming resources before transfers
(171,975)
(4,312)
1,786
(174,501)
97,515
(26,544)
(36,102)
34,869
Gross transfers between funds
131,411
(131,411)
-
-
18,412
(27,940)
9,528
-
Net (expenditure)/income for the year/
Net movement in funds
(40,564)
(135,723)
1,786
(174,501)
115,927
(54,484)
(26,574)
34,869
Fund balances at 1 April 2024
260,364
489,795
119,741
869,900
144,437
544,279
146,315
835,031
Fund balances at 31 March 2025
219,800
354,072
121,527
695,399
260,364
489,795
119,741
869,900

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
PERTH AND KINROSS HERITAGE TRUST
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 12 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
15
2,847
-
Investment property
16
85,000
85,000
87,847
85,000
Current assets
Debtors
17
248,073
335,963
Cash at bank and in hand
1,074,196
878,539
1,322,269
1,214,502
Creditors: amounts falling due within one year
18
(714,717)
(429,602)
Net current assets
607,552
784,900
Total assets less current liabilities
695,399
869,900
Income funds
Restricted funds
21
121,527
119,741
Unrestricted funds
Designated funds
22
354,072
489,795
General unrestricted funds
184,485
225,049
Revaluation reserve
35,315
35,315
573,872
750,159
695,399
869,900

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2025.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 30 July 2025
Ms M Wilkins
Mr C Longhorn
Trustee
Trustee
Company registration number SC111258
PERTH AND KINROSS HERITAGE TRUST
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 13 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
25
160,291
(177,002)
Investing activities
Purchase of tangible fixed assets
(4,248)
-
Investment income received
39,614
39,745
Net cash generated from investing activities
35,366
39,745
Net cash used in financing activities
-
-
Net increase/(decrease) in cash and cash equivalents
195,657
(137,257)
Cash and cash equivalents at beginning of year
878,539
1,015,796
Cash and cash equivalents at end of year
1,074,196
878,539
PERTH AND KINROSS HERITAGE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 14 -
1
Accounting policies
Charitable company information

Perth and Kinross Heritage Trust is a private company limited by guarantee incorporated in Scotland. The registered office is 8 Bridge Lane, PERTH, PH1 5JJ. The company is also a charity registered in Scotland with the Office of the Scottish Charity Regulator.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charitable company's Memorandum and Articles of Association, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (effective 1 January 201 9). The charitable company is a Public Benefit Entity as defined by FRS 102. The charitable company is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charitable company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.

Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4
Income

Income is recognised when the charitable company is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

For donations and grants to be recognised the charit able compan y will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until these conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.

Cash donation s are recognised on receipt.

Investment income is recognised when receivable and the amount can be measured reliably by the charitable company; this is normally upon notification of the interest payable by the bank.

PERTH AND KINROSS HERITAGE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 15 -
1.5
Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably.

Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside the control of the charitable company.

Charitable expenditure is incurred in direct pursuance of the charitable company's principal objectives and as set out in the trustees' report. Direct charitable costs comprise costs incurred in inducing organisations to contribute financially to the charitable company's work and income received in pursuance of these areas is shown within income.

Support costs are those that assist the work of the charit able compan y but do not directly represent charitable activities and include office costs, governance costs and administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charit able compan y.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Office equipment
33% per annum straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure.

Investment properties are included in the balance sheet at their fair value. No depreciation is charged on these properties in accordance with section 16 of FRS102

PERTH AND KINROSS HERITAGE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 16 -
1.8
Impairment of fixed assets

At each reporting end date, the charitable company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9
Cash and cash equivalents

Cash and cash equivalents include cash in hand and deposits held at call with banks.

1.10
Financial instruments

The charitable company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charitable company's balance sheet when the charitable company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.

Basic financial liabilities

Basic financial liabilities, including creditors are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price.

1.11
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged as an expense on a straight line basis over the term of the relevant lease.

PERTH AND KINROSS HERITAGE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 17 -
2
Critical accounting estimates and judgements

In the application of the charitable company’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements
Accruals

Accruals are applied at the year end based upon financial costs received post year end and the experience of the Trustees.

Key sources of estimation uncertainty
Valuation of property

As described in note 1 6 of the financial statements, investment properties are stated at fair value based on the valuation performed by an independent professional valuer Graham and Sibbald Chartered Surveyors with recent experience in the location and category of property valued. The valuer arrived at the fair value on the basis that this is a specialised building. The engagement of an experienced surveyor reduces the risk of estimation uncertainty in relation to the valuation of investment property.

3
Income from donations and legacies
Unrestricted
Unrestricted
funds
funds
2025
2024
£
£
Donations and gifts
586
70
Donations and gifts
Other donations <£10,000
586
70
586
70
PERTH AND KINROSS HERITAGE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 18 -
4
Income from investments
Unrestricted
Unrestricted
Total
Unrestricted
Unrestricted
Total
funds
funds
funds
funds
general
designated
general
designated
2025
2025
2025
2024
2024
2024
£
£
£
£
£
£
Rental income
-
6,750
6,750
-
6,750
6,750
Interest receivable
32,864
-
32,864
32,995
-
32,995
32,864
6,750
39,614
32,995
6,750
39,745
5
Charitable activities

2025
2024
£
£

Consultancy income

5,791
2,793

Sales of services by publications

857
1,526
Performance related grants
583,823
543,128
590,471
547,447
Analysis by fund
Unrestricted funds - general
106,633
352,464
Restricted funds
483,838
194,983
590,471
547,447
Performance related grants
Perth & Kinross Council Service Level Agreement
99,985
99,985
Historic Environment Scotland
483,838
443,143
583,823
543,128
6
Other income
Unrestricted
Unrestricted
funds
funds
2025
2024
£
£
Other income
23
606
PERTH AND KINROSS HERITAGE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 19 -
7
Expenditure on charitable activities
Grants and projects
Grants and projects
2025
2024
£
£
Direct costs
Staff costs
155,904
150,652
Depreciation and impairment
1,401
-
Contract labour
71,426
72,066
Office expenses
58,919
52,452
Office rent
7,633
-
Insurance
2,958
6,855
Project costs
13,749
63,389
311,990
345,414
Grant funding of activities (see note 8)
486,127
203,065
Share of support and governance costs (see note 10)
Governance
7,078
4,520
805,195
552,999
Analysis by fund
Unrestricted funds - general
312,081
288,620
Unrestricted funds - designated
11,062
33,294
Restricted funds
482,052
231,085
805,195
552,999
PERTH AND KINROSS HERITAGE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 20 -
8
Grants payable

Grants and Projects

Grants and Projects

2025
2024
£
£
Grants to institutions:
Perth City Heritage Fund
478,838
187,705
Community Heritage Grant Scheme
7,289
15,360
486,127
203,065
Commitments

Grants payable are to support activities in line with the charitable objectives of the charit able compan y.

9
Net movement in funds
2025
2024
£
£
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charitable company's financial statements
3,478
4,520
Depreciation of owned tangible fixed assets
1,401
-
10
Support costs
Support costs
Governance costs
2025
2024
£
£
£
£
Audit fees
-
3,478
3,478
4,520
Legal and professional
-
3,600
3,600
-
-
7,078
7,078
4,520
Analysed between
Charitable activities
-
7,078
7,078
4,520

The basis of allocation is direct (2024: direct).

11
Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charitable company during the year (2024 - £nil), and £504 was reimbursed to two trustees for travel expenses (2024 - £187).

PERTH AND KINROSS HERITAGE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 21 -
12
Auditor's remuneration
Fees payable to the charity's auditor and associates:
2025
2024
£
£
For audit services
Audit of the financial statements of the charity
3,478
4,520
13
Employees

The average monthly number of employees during the year was:

2025
2024
Number
Number
Administrative
5
6
Employment costs
2025
2024
£
£
Wages and salaries
140,050
142,286
Social security costs
7,686
72
Other pension costs
8,168
8,294
155,904
150,652
There were no employees whose annual remuneration was more than £60,000.
Remuneration of key management personnel

The remuneration of key management personnel was as follows:

2025
2024
£
£
Aggregate compensation
56,348
51,677
14
Taxation

The charity is exempt from tax ation on its activities because all its income is applied for charitable purposes.

PERTH AND KINROSS HERITAGE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 22 -
15
Tangible fixed assets
Office equipment
£
Cost
At 1 April 2024
6,661
Additions
4,248
At 31 March 2025
10,909
Depreciation and impairment
At 1 April 2024
6,661
Depreciation charged in the year
1,401
At 31 March 2025
8,062
Carrying amount
At 31 March 2025
2,847
16
Investment property
2025
£
Fair value
At 1 April 2024 and 31 March 2025
85,000

Investment property comprises the Library Lodge, 4 York Place, Perth, PH2 8EP. The fair value of the investment property has been arrived at on the basis of a valuation carried out on 21 June 2019 by Graham and Sibbald Chartered Surveyors, who are not connected with the charitable company. The valuation was on an open market and the basis that this is a specialised building. The trustees still consider this valuation to be appropriate at 31 March 2025.

17
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
6,964
1,562
Other debtors
235,093
331,916
Prepayments and accrued income
6,016
2,485
248,073
335,963
PERTH AND KINROSS HERITAGE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 23 -
18
Creditors: amounts falling due within one year
2025
2024
£
£
Other taxation and social security
5,123
4,951
Trade creditors
1,360
16,820
Other creditors
2,048
3,095
Accruals and deferred income
706,186
404,736
714,717
429,602
19
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
8,168
8,294

The charitable company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charitable company in an independently administered fund.

20
Analysis of net assets between funds
Unrestricted
Unrestricted
Restricted
Total
funds
funds
funds
general
designated
2025
2025
2025
2025
£
£
£
£
At 31 March 2025:
Tangible assets
2,847
-
-
2,847
Investment properties
85,000
-
-
85,000
Current assets/(liabilities)
131,953
354,072
121,527
607,552
219,800
354,072
121,527
695,399
Unrestricted
Unrestricted
Restricted
Total
funds
funds
funds
general
designated
2024
2024
2024
2024
£
£
£
£
At 31 March 2024:
Investment properties
85,000
-
-
85,000
Current assets/(liabilities)
175,364
489,795
119,741
784,900
260,364
489,795
119,741
869,900
PERTH AND KINROSS HERITAGE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 24 -
21
Restricted funds

The restricted funds of the charit able compan y compri se the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be use d.

Movement in funds
Movement in funds
Balance at
1 April 2023

Income

Expenditure

Transfers
Balance at
1 April 2024

Income

Expenditure

Balance at
31 March 2025
£
£
£
£
£
£
£
£
Tay Landscape Partnership (TLP) Maintenance Fund
59,428
-
(4,852)
-
54,576
-
(3,214)
51,362
Perth City Heritage Fund 2023 - 2026
-
194,983
(194,983)
-
-
483,838
(478,838)
5,000
City Mills Development
21,722
-
(31,250)
9,528
-
-
-
-
City Mills Delivery
65,165
-
-
(65,165)
-
-
-
-
Building Preservation Fund
-
-
-
65,165
65,165
-
-
65,165
146,315
194,983
(231,085)
9,528
119,741
483,838
(482,052)
121,527

Th e Tay Landscape Partnership Maintenance Fund is a restricted, retaining grant from the National Lottery Heritage Fund to monitor and maintain legacy items from this project over a 10 year period.

Perth City Heritage Fund is a restricted fund in that the charit able compan y receives grants from Historic Environment Scotland for the defined purpose of approved activities in Perth Central and Kinnoull Conservation Areas.

The Building Preservation Fund is a restricted fund to support building preservation projects to be undertaken by the charitable company.

PERTH AND KINROSS HERITAGE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 25 -
22
Designated funds

The unrestricted funds of the charit able compan y compri se the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be use d. The se include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

Movement in funds
Movement in funds
Balance at
1 April 2023

Income

Expenditure

Transfers
Balance at
1 April 2024

Income

Expenditure

Transfers
Balance at
31 March 2025
£
£
£
£
£
£
£
£
£
Lower City Mills Development
60,000
-
(17,767)
(42,233)
-
-
-
-
-
Relocation fund
-
-
-
385,000
385,000
-
-
(100,000)
285,000
Lower City Mills Delivery
385,000
-
-
(385,000)
-
-
-
-
-
Community Heritage Grant Scheme
75,905
-
(15,359)
20,000
80,546
-
(7,289)
(20,000)
53,257
The Lodge
12,666
6,750
(167)
-
19,249
6,750
(184)
(10,000)
15,815
Traditional Building Skills Project
10,000
-
-
(10,000)
-
-
-
-
-
Doors open day
708
-
-
4,292
5,000
-
(3,589)
(1,411)
-
544,279
6,750
(33,293)
(27,941)
489,795
6,750
(11,062)
(131,411)
354,072

The trustees have released £100,000 designated to the Relocation fund back to general unrestricted funds.

The trustees have released £20,000 designated to the Community Heritage Grant Scheme back to general unrestricted funds.

The trustees have released £10,000 designated to The Lodge back to general unrestricted funds..

The trustees have released £1,411 designated to the Doors Open Day project back to general unrestricted reserves.

PERTH AND KINROSS HERITAGE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 26 -
23
Operating lease commitments
Lessee

On 1 4 th June 20 24, the charitable company entered into a fifteen month lease with the Trustees of the Denarius Investment Company Ltd Retirement Benefits Scheme for the property at 8 Bridge Lane, Perth, with an annual rental of £1 3,600.

At the reporting end date the charitable company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within one year
5,667
1
Lessor

At the reporting end date the charitable company had contracted with tenants for the following minimum lease payments:

2025
2024
£
£
Within one year
4,500
4,500
24
Related party transactions

There were no disclosable related party transactions during the year (2024 - none).

25
Cash generated from operations
2025
2024
£
£
(Deficit)/surplus for the year
(174,501)
34,871
Adjustments for:
Investment income recognised in statement of financial activities
(39,614)
(39,745)
Depreciation and impairment of tangible fixed assets
1,401
-
Movements in working capital:
Decrease/(increase) in debtors
87,890
(21,287)
Increase/(decrease) in creditors
285,115
(150,841)
Cash generated from/(absorbed by) operations
160,291
(177,002)
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