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).

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 archaeological 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.

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.

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 outflow of funds for the year of £174,501 (2024 - net inflow - £34,869). This, added to the funds brought forward of £869,900, 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.

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 trustees aim to hold reserves for future operation costs equating with at least 6 months of operating costs. This sum amounts to £161,561. 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 charitable company holds reserves of £695,399 of which £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 trustees, 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.

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:

The charitable 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 2023-2026.

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 trustees meet quarterly, while a Management Committee consisting of the Chairman, Treasurer and two other trustees meets monthly. The Board of trustees have delegated the running of the day to day activities of the charitable company to the charitable company's Director, Mr David Strachan.

The remuneration of staff is considered annually and a pay award for 2024 was agreed by the Board of trustees, mirroring Perth & Kinross Council awards. Details of key management personnel remuneration is detailed in note 13 to the financial statements

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.

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' report was approved by the Board of trustees.

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.

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 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.

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.

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' report for the financial year for which the financial statements are prepared, which includes the directors' report prepared for the purposes of company law, is consistent with the financial statements; and

the directors' report included within the trustees' report has been prepared in accordance with applicable legal requirements.

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.

As explained more fully in the statement of trustees' responsibilities, 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.

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.

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 charitable 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 charitable 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.

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: https://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.

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.

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.

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.

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 2019). 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 amounts 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.

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.

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.

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 charitable company 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 donations 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.

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 charitable company 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 charitable company.

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

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:

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.

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

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).

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

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

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, 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.

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

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

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.

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.

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

As described in note 16 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.

Consultancy income

Sales of services by publications

Grants and Projects

Grants and Projects

Grants payable are to support activities in line with the charitable objectives of the charitable company.

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

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).

The average monthly number of employees during the year was:

The remuneration of key management personnel was as follows:

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

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.

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.

On 14th June 2024, 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 £13,600.

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:

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

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