Charity registration number: SC008072 The Guildry Incorporation of Perth Annual Rert and Financial Statements for the Year Ended 31 March 2025
The Guildry Incorporation of Perth Contents Reference and Administrative Detsils Committee of Management's Rert 2tolO Statement of Committee of Managemenys Responsibilities li Independent Audttors, Rert 12to16 ststement of Financtal Activilies 17 Balan Sht 18 Notes to the Financial Statements 1gto42
The Guildry Incorporation of Perth Reference and Administrative Details Charity Registration Number SCCNJ8072 Sollators Ander50n Beaton Lamond Bordeaux House 31 Kinroull Street PERTH PHI SEN Investment Advisor Charles Stanley & Company Limrted 2 Multrees Walk St Andrews Squa EDINBURGH EHI 3t)o Morris & Young, Statutory Auditor Chartered Accountants 6 Atholl Crescent PERTH PHI 5JN Auditors PaJe I
The Guildry Incorporation of Perth Committee of Management's Report The Committee of Management present the annual retN)rt together with the finanaal ststements of the charity for the year ended 31 March 2025. The financial statements have been ppar in accordan with the accounting p)licies set out in note I to the financial statements and COMP with applicable law and the Statement of Recommended Practice, 'Accounting and Reporting by Charities" applicable to Charities preparing their accounts in accordan with the Financial RekK)rting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). Objectives and activities Objects and aims The Guikdrvs objects are to lo)k after its ffEmbers and to make such charitable donations as the Committee of Management decides to people and organisations within the Perth area and Guildtown. The main objectives for the year continued to be maintaining all of the properties owned by the Guildry in a high state of repair, maximising rentsl income from its investment properties by aiming for 100% occupation by tenants, providing assistance to its memr5 and their families through payment of pensions and bursaries and helping the local community by giviro charitable donations. Objertives strategies andacb"vitie Pensions and coal allowan5 are paid on a means-tested basis to members, their widows, civil partners or unmarried daughters who apply to the Committee of Management On they have reached State rets'rement age. On death, payment may be transferred to members, widows. Additionally, temp)rary assistance may be granted, at the discretion of the Committee of Management, to applicants under State retirement age who are unable to work due to disability or who are in extreme financial difficulties. Assistan to members is only available after five years, membership if aged 40 or under, and after three years, membership if over age 40. Bursaries are awarded to Members or chIldn of mem1r5 who appEy for assistan towards attending a full-time course of study at a university or college in United Kingdom. In addition, further education bursaries are also available to non-member applicants residing in Perth or Guildtown with a pla on a full time further education course in the United Kingdom. Applications will also be accepted from students out-with Perth or Guildtown pIded they attend one of the four local Perth secondary sch15. A travel bursary is also available. Requests for Charitable Donations may be made to the Guibjry by members and close members of their family. Additionally, any other individuals living in, or organisations located in either Perth or Guildtown, may apply for a donation. All donations must for a charitable purtX)se as defined by the Committee of Management. All requests for Charitable Donations are dealt with at the following meeting of the Committee of Management with the Committee having full discretionary wwers to make awards to individuals and institutions as it sees fft, having first assessed the need to set aside funds to maintsin all of the Guildry's pfoFerties in a high stste of repair. Page 2
The Guildry Incorporation of Perth Committee of Management's Report Achievements and perforniance Key engagements within the year involved the Lord Dean of Guikj attending a number of enjoyable visits representing Perth Guildry to Perth Theatre and cOnrt Hall presentations. Clvic Receptions were hosted at Perth & Kinross Council HQ for ly)th Ukraine and the Scottish Men's Shed charity. In the summer the Lord Dean attendaj the QELTIC (LGBTQI+) Games at the North Inch and also the Day-Day Annlversary parade at the North Inch including piping up to the Black Watch Museum with the Civic Group for a reption. The Guildry's involvement in the Rerrernbran Day parade and Servi, including the Lord Dean of Guild laying a wreath on behalf of Perth Guildry in St Johns Kirk, continues to develop. The Lord Dean also atterKled a most enjoyable evening at the annual Dinner with the High Constables of the City of Perth. The April and October 2024 Guild Courts saw the intake of 14 new members, With a 50.50 balan of male & female members. The April 2025 Guild Court VMII have 6 new members join. We again had an excellent Christmas Dinner for all the hard-working members of the Committ& of Management and the Property Committee. Tr Royal Perth &)lfing Sc£iety hosted us well, and everyone was thanked for all their hard work over the year. On the down side this year, unfortunately St Martins Urch has finally closed, and it is with fond memories that all at Perth Guildry remember this lon association. The final Service was held in late February 2025, with the Lord Dean and Ex-Deans representing the Guildry. Thanks go to Ex-Dean cxcellent article for the Courier induding Guildry mentions. or the producLion of an Page 3
The Guildry Incorporation of Perth Committee of Management's Report MemlRrship - During the year there wcrc 14 nnv 3drnivv1075 but vadly ive lost 3 of our member%, taking our membership total to 390. Move of Office facilities - The rnve from George Strt offKe to l Atholl crent was completed in October 2024, and has progressed well. The Royal Perth Golfing Society has been welcoming, and our offi facilities and Guild Clerk have settled in well to the location. Please f1 fr& to wp in for a look or a catch up with Guildry events. The final items in the George Street location will be placed in storage, and we will seek to sell the property on the on market. Monies received will be further invested to provide additional charitable donations. Craigmakerran Estste - A complete revievi of the Estste arKI the commercial return5 from the assets has bn undertaken in the last 12 months. From the analysis, it was clear that the low returns and high rna1ntenan costs from assets needed changed. To that end, a number of land development opwrtunities have been identified around Wolfhill, and will LE prjreSSed over the next 2 years or so. It is hoped there will be around 20 plots develokEd at around £IOO,CMJO per pk)t. After last yearfs large insurance charges for undedared barn cladding, we have managed to secure new cover from NFU Mutual which retums us to our previous competitive Insuran costs. Indeed, we now use NFU Mutual for all Guildry Insuran cover - Rurdl, Commercial and Business. Craigmakerran House Unfortunately we lost a long-temi tenant and frienc from Craigmakerran House kHst year. A decision was made to sell the property, and it is being marketed at £650,000 at present. Funds from the sale will invested to provide a retum for increased charitable donations. Hallroom & Redford Fams - All monies have now been re1Ve from the A & J Stephen housing development project and monies have been invested With There are a number of minor floLKling issues at Hallrwm but wit e of our Land Manager, Bell Ingram, these issues are being well managed at present as requested a new build milking barn, and approval to build as a IOOO/o tenant improvement has been given. Checks are ongoing, but we believe some of the initial groundworks for this new facility are underway. It has trEen notaj that one of the Hallnx)m famihouses has teen vaoint for months now (and seems not operationally required or contractually necary). As Ix)th proFErties are 50 % owned by Landlord l Tenant, it is propM)sed that a review of the ownership be ulertaken and ky)Ssible sale of I property is undertaken by Perth Guildry. The continued non-use of the derelict Redford FamitvJuse (and surrounding spa) is deemed waste of an asset. It is proposed to review the options regarding providing a suitsble bam (winter shelter for dairy cattle) at Hallrwm for the tenan( and developing Redford Steading for 4-5 properties. Page 4
The Guildry Incorporation of Perth Committee of Management's Report Loanhead & Newlands Fams - Newlands fannhouse has had significant repairs to faoa tx)ards and guttering this year. The tenant will te issued with a request to clear the famhouse rcof of moss, to ensure no further damage is done. Newlands farmhouse has some significant issues with window frame failure, and quotes have bn received to repla all the rear windows for approximately £8,000. This is a 50150 cost split, It is exFErted work will Commen from May/June this year. Blairmuir Wijxl - NFU Mutual now provide all public liabilty and timber cover for the WdIand. At this stsge we have had no major wcxjdland costs or income this year - just the usual £2,000+ loss. There will be a revsew of FM)ssible sale prices and costs for Blairmuir wood. If the numters are sufficien¢ it is proposed the sale of Blairmuir wcmxl would be progressed later in the year. High Street - Aberdein Considine Estate Agents continue to be gocKI tenants for our commercial property. However, there is the real risk that this exlIent inccffie of £35,000 per year for the shop1offi could cease at any time. Having a vacant retail property on the High Str&t would not be a 9)od wsttion to then be in. We are now in the position of having all 4 flats now successfully rented. Flats l and 3 are rented at £650 per month. The long-temi tenants of Flats 2 and 4 will have their rents increased by 3% from July this year. DJ Alexander have now taken on the flat management from Aberdein Considine and are performing well. Investrnents - Our existing investment portfolio with Charles Stanley continues to perforTn well, providing a net income of £118,307 + £14,3CKJ (ringfenced RPGS Office Designated Fund to meet rent costs) in the past 12 months from the £3.Im invested. The Committee of Management continue to review the Charles Stanley FErfomnce and the market options for investrnents. Educational Bursaries - Non-fnember bursaries continue to be tK)pular and 37 bursaries of £1,000 were awarded this year. (35 in 2023124). 12 member bursaries were also awarded in the year, which is an increase of I from last year. So in total £37,000 non-member and £12,000 member bursaries were awarded. Pensioners - At the end of the financbal year there were 8 recipients of our pension. The Committee of Management have approved a monthly pension increa from £138.28 to £142.43 (£4.15 per month ri*) from April 2025. Heritage Trade Apprentice uto Services Perth wa5 awarded a further £2,500 towards auto services tools and is undertaking a mechanical apprenti (technician) college course at Perth College. We will continue to seek suitabk Hentage Trade Apprenti applicants. Charitable Funding - Over the year, Perth Guildry have plejged £41,2H to Ial gC causes. This is in addition to our £49,000 educational bursaries paid out. Page 5
The Guildry Incorporation of Perth Committee of Management's Report Flnanclal revlew The financial pjsition of the Guildry may LE summarised as folk)V. Rental income from Craigmakerran Estate investment properties fell sIhty on last year following the sad passing of our tenant at Craigmakerran House. Rental income from the Perth investment properties fell by approximately £6,600 as Flats l & 3 remained vacant for much of the year while works were carried out to tK)th properties, particularfy Flat l as It was convert1 back to residential use frcTh that of an offtt. New tenants moved in in December and November 2024 respeth'vely. Investment income from wurities rose by just under £10,000 as investrnent yields improved. Investrnent management costs rose by approximately £40,200 this year. Craigmakerran Hou expenditure is up £10,100 as the property was readied for sale which will hopefully be achieved in 2025126. Newlands Fami repairs were up £3,500. Insurance costs rose significantly by approximately £7,700. The Annual InsFectK)n took this year at a cost of £2,208 (2024 - £1,639). Perth property costs are significantly up overall by £8,3CMJ, mainly due to refurbishrnent costs of Flat l. InsuranTr costs were higher by approximately £600. In addition, the Guildry incurred some capital costs this year for white gcx)ds for Flat l at a total cost of £778. Charitable activities costs (which indude Governan costs) are slightly lower this year (down by £765). As regards grants payable, 92 grants were paid this year (2024 - 100). Charitsble donations fell by approximately £7,300, There were travel bursaries this year of £3,550 (2024 - £150), a Heritsge Trade Apprentice SupFM)rt pledge of £2,500 (2024 £2,481) and educational bursaries increased by £3,000. Governan costs have fal by £8,tN)) this year, mainly due to the Triennial As5embty taking pla last year, and by its nature tt did not hapren this year. It is the Folicy of the Guildry that Unrestrict8J Funds that have not b*n designated for a specific use should be maintained at a level to provide sufficient InCle to allow the Guildry to pursue its objectives and maintain its investment properties in a high state of repair. The balance held as unrestricted funds at 31 March 2025 was £9,353,829 (2024 - £9,332,664). Page 6
The Guildry Incorporation of Perth Committee of Management's Report InvestntpolicY andobiertives The general investment tN)wers of the Guildry are governed by the Charter of 1210, subsequent Guildry Acts, and also by common law by Virt of its ststus as a Corporation. As gardS investments other than in heritsble proFerties, the Guildry has chosen to be governoj by the provisions of the Trustee Investrnents Act 1961. The Guildry engaged Charles Stsnley & Company Limited as investment managers, on a discretionary management basis. The lIcY is to adopt a mediumlhigh risk investment strategy based on obtaining a balanced return from income and capitsl. The Guildry's investments w)rtfolio should not have any holdings that are more than 5 % of the wrtfolio by value. No AIM or illiquid stocks should be held. Any foreign investments held are to be WFthin a managed fund and no managed fund should account for more than IOO/o of the portfolio. There are no benchmart constraints. Non-property investments are nomially spltt betw&n equities, fixed interest, convertibles, preferences and cash deposits. The market value of securities ha5 fallen by £36,188 during the year, so overall market values are down as the adverse effects of the energy crisis, the war in Ukraine and the cost of living crisis continue to be felt on investment markets world-wide. The overall losses on investsnent assets this year of £19,572 (2024 £2,716,269 gains) comprise realised gains on securities of £8,054 (2024 realised losse5 of £12,881), unrealised losses on securities of £27,626 (2024 unrealised gains of £59,844) and unrealised gains on investrnent propee5 of £nil (2024 - £2,669,306 gains). Plans for future periods Alms and key obiecbves for fuiure penods The Guildry plans continuing the activities outlined akne in the forthcoming years SubJt to satisfactory funding arrangements. A continuing prc#Jramme of maintenance of investrnent woperties will tk cated out to ensure that they remain at all times in a high state of repair. Artlvitiesplanned to achieve aints Planning permission is LEing sought for a small housing development of between 8 and 10 plots at Wolfhill. This is being progressed by Bell Ingram with Perth & Kinross Planning Department. The cost will be around £15 000 to progress through planning. It is h)Fed that each plot woukl attain a sale price of approximately £IOOk-120k. The plan would be to release the plots individually and in a drip format to maximise the profitability of each plot. In addition, there are a number of potential developrnent pk)ts around Wolfhill (gap filling between existing properties) which will also explored in the coming year. It is hoped this could provide another 10 or so saleable plots. As previously mentioned, the possible devek)pment of Redford Steading will also be explored. Length of Membership recojnition - members of 75 years are to receive a framed Membership rtificate and letter from the Lord Dean of Guild. Page 7
The Guildry Incorporation of Perth Cornmittee of Management'5 Report structurei governance and mana9ement Nature ofgoveming docunRnt The Guildry Incorporation of Perth is of great antiquity and is the direct {lendant of The Merchant Guild which rereived its royal reciyJnition in the famous Charter which King William the Lion granted to the City of Perth in 1210. The Guildry is governed by various Guiidry Acts that it has passed over the years, Historically, the Guildry comprised a membership of Itxal "merchants" WI kept "open shop for buying and selling" MemtErship is open to sons, daughters, grandsons, granddaughters, sons-in-law and daughters-in-law of Guildry Memters by payirKJ a standard f of £50 as Entry Money. Strangers may also join for a f of £100 (a redLrtion from the previous fee of £1,5} provided they were born or were resident in Perth for at least five years prior to their application, which must be accompanied by a letter of intrcluction endorsed by another four Guildry Members. The Committee of Management who are in p)st at the date of signing this Committee of Management's ReFrf)rt, and the years in which they were elected, are: ReCrUitnnt and appointment of Committee of Management The Committee of Management comprises the Lord Dean of Guild and eight members. They a elected from the membership of the Guiidry at the Annual General Meeting in May on a rolling basis and serve for a pericJ of three years. The Lord Dean of Guild also seNes in that capacity for a three-year period and then as Ex-Dean of Guikl for a further three years. The wst of Vice-Dean was introduced in 2014 to ensure the continuity of sUSsion from the present Lord Dean. This enables the carKlidate to t*come familiar with the duties of the Lord Dean of Guild before succeeding him. Page 8
The Guildry Incorporation of Perth Committee of Management's Report Induthon and training of committ of Management Most new members of the Committee of ManagerrEnt a alreY familiar with the workings of the Guildry through their membership and some will have been members of the Committee on previous occasions. An Information Pack is provided to new Commtttee members that includes a brief history of the Guildry, copy Committee of Management Minutes, details of p)licies on finance, investment, personnel, property and the giving of Charitable Donations, and copies of all application fomis presently in use for MemlErship, Pensions, 8ur5aries and Charitable Donations, tcoether with copies of the last three years, annual reports and accounts. New committ members are also issued with OSCR'S publication "Guidan and G( Practice for Charsty Trustees" Affangements for sethng key managenRntpersonnel remuneration The Committee of Management meets on a mnthly basis and ts resp)nsible for the overall management and control of the Guildry. The TreasurerlGuild Clerk is responsible for the day-to-day administration of operations. None of the Committ& of Management receive any remuneration. Financial instruments objecti.ves andpoliaes The Charity's activities expose it to a number of firkincial risks induding credit risK cash flow risk and liquidity risk. Tr Committee of Management has asses the major risks to which the Guildry is exSed and is satisfied that systems are in pla to mitigate its exposure to the major risks. Cash flow risk The Committee has retsined sufficient cash rOU5 to the immediate requirements of the Guildry. Credit risk The Charity's principal financial as*ts a bank balan and cash. other receivables, and investments. The Charity's credit risk is primarily attributsble to its other receivables. The amounts presented in the balan sheet are net of allowances for doubtful recetvables. An allowan ft)r impairment is made where there is an identified loss event which, based on prevK)us experience, is eviden of a reduttion in the recoverability of the cash flows. The credit risk on liquid funds is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agenaes. The Charty has Tr) signifant contrntration of cralit risk, with extM)sure spread over a number of counterparties and customers. P&3e 9
The Guildry Incorporation of Perth Committee of Management's Report quidity risk In order to maintsin liquidty to ensure that sufffKient funds are available for ongoing operations and future developvnents, the Charity's liquid funds are kept in a combination of non-interest bearing and interest bearing bank accounts to enable it to Servi its everyday financial needs. Disclosure of infomiation to auditor Each memter has taken steps that they ought to have tsken as a member in order to make themselves aware of any relevant audit lnfornTrtn and to establish that the charity's auditor is aware of that infomiation. The committ of Management confim that there is no relevant information that they know of and of which they know the auditor is unaware. The annual report was approved by the Committee of Management of the charity on 29 April 2025 and signed on its behalf by.. Lord Dean of Guild Page 10
The Guildry Incorporation of Perth Statement of Committee of Management's Responsibilities The Committee of Management are resp)nsible for preparing the Committee of Management's Report and the financial statements in accordan with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations. The Law applicable to charitie5 requires the Committee of Management to prepare financial statements for each finanaal year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of reSoUrS of the charity for that period. In preparing these financial statements, the Committee of Management are required to: select suitable accounting LICieS and then apply them ConsistenY' observe the methods and principles in the Charities SORP; make judgements and estimates that are reasonable and prudent; stste whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the finanaal ststements; and prepare the financial statements on the goitvJ conrn basis unless it is inappropriate to presume that the charity will continue in business. The Committ of Management are responsible for kpIng proper accounting records that disclose with reasonable accuracy at any time the finanaal p)sition of the charity and enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the founding dc(ument. The Committee of Management are also resp)nsible for safeguarding the asts of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 11
The Guildry Incorporation of Perth Independent Auditor's Report to the Members of The Guildry Incorporation of Perth Opinion We have audited the financial statements of The Guildry Incorp)ration of Perth (the 'charty') for the year ended 31 March 2025, which comprise the Statement of Financial Activities, Balance Sheet, and Notes to the Financial Ststements, 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, comprising Charities SORP (FRS 102) and The Financial Reporting standard applicable in the UK and Republic of Irekind, (FRS 102) (United Kingdom Generally Accepted Accounting Practi). In our opinion the financial ststements: give a true and fair view of the state of the charity's affairs as at 31 March 2025 and of its results for the year then ended; have been properly preparcKI in 1rdan with United Kingdom Generally Accepted Accounting Practice; aTKI have been prepared in accordance with the requirements of the Charities and Trustee Investrnent (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended). Basis for opinion We conducted our audit in accordan with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our restonsibilitie5 under those stsndards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity 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 accordan with these requirements. We LElieve that the audit eviden we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial ststements, we have conduded that the Committee of Managemenys use of the going conrn basis of accounting in the preparation of the financial ststements is appropriate. Based on the work we have performed, we have not identified any material UnrtaIntieS relating to events or conditions that, individualty or collectivelyi may cast significant doubt on the charity's ability to continue as a going conrn for a peri of at least twelve months from when the financial ststements are authorised for issue. Our responsibilities and the reSnsibIl(les of the Committee of Management with respect to going conrn are described in the relevant seciions of this report. Other information The Committee of Management a respc>nsible ft)r the other information. The other information comprises the information included in the annual report, other than the financial Statements and our auditorfs rep)rt thereon. Our opinion on the financial statements d5 not cover the other information and, except to the extent otherwise explicitly stated in our repK)rt, we do not express any form of assurance conclusion thereon. Page 12
The Guildry Incorporation of Perth Independent Auditor's Report to the Members of The Guildry Incorporation of Perth In connection with our audit of the finanaal statements, our resp)nsibility 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 detemine whether there is a materkil misstatement in the financial statements or a material misststement of the other infomiation. If, bas on the worl( we have performed, we conclude that there is a material misstatement of this other information, we are requir81 to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identifEd material misstatements in the Committee of Management's Report. We have nothing to report in respect of the following matters where the Charities Accounts (kntlatKd) Regulation5 2CX)6 (as amended) requires us to report to you if, in our opinion: adequate accounting records have not bn kept, or retums adequate for our audit have not bn received from branches not visited by us; or the financial statements are not in agreement with the accounting records and returns; or certain disdosures of Committ of Management remuneration specified by law are not made. or we have not received all the infomiation and explanations we require for our audit. Responsibilities of Commlttee of Management As explained more fully in the Staternent of Committee of Managemenvs Resp)nsitMlitie5 (set out on page 11), the Committee of Management are re5PK)nsible 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 Committee of Management determine is necessary to enable the preparation of financial ststements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Comrnitt of Management are responsible for as*ssing the charity's ability to continue as a going Conrn, disdosing, as applicable, matters related to going conrn and using the going concem basis of accounting unless the committ of Management either intend to liquidate the charty or to cease operations, or have no realistic alternative but to do so. Auditorfs responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance aut 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 accordanTr with ISAS (UK) will always detect a material misstatement when it exists. Misststements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be exFected to influence the ecorK)mic decisions of users taken on the basis of these financial ststements. Page 13
The Guildry Incorporation of Perth Independent Auditor's Report to the Members of The Guildry Incorporation of Perth Extent to which the audit was consldered capable of detectlng Irregularities, induding fraud We identify arKI assess the risks of material misstatement of the financhal statements, whether due to fraud or error, and then design and perfomi audit prcKedures responsive to ttrSe risks, including obtaining audit eviden that is suffiaent and appropriate to provide a basi5 for our opinion. Identifying and assen9p0tentiaI risks related to iffegula17ties Irregularities, including fraud, are Instan of non-compliance with lavts and regulations. We design prcredures in line with our resrM)nsibilities, outlined above, to detett material misstatements in respect of irregularities, including fraud. The extent to which our prc£edures 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 Committee of Management are not remunerated, and the prevalence of fraud in the sector; results of our enquiries of the Committee of Management atK)ut their own identification and assessment of the risks of irregularities; any matters we identified having obtsined and review&J the Charity's documentatbon of their policies and procedures relating to: identifying, evaluating and complying with laws arKI regulations and whether they were aware of any instan5 of noncompliance; detecting and responding to the risks of fraud and whether they have knowledge of any artual, susFetted or alleged fraud; the internal controls established to mitigate risks of fraud or non-complian with laws and regulations; the matters discussed among the audit engagernent team regarding how and where fraud might occur in the financial statements and any w)tential indicators of fraud. As a result of these pr(lUreS, we conSered the opportunities that may exist within the organisation for fraud and identified the greatest wtential for fraud in relation to charitsble payments made. In common with all audits under ISAS (UK), we are also requir&d to perform specific procedures to resp)nd to the risk of management overrjde. We also obtained an understanding of the legal and regulatory frameworks that the charity operates in fUsing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the firkincial statements. The key laws and regulations we considered in this context included the charity's own goveming document, and various charity-specif legislation, including The Charities and Trustee Investrnent (Scotland) Act 2005. Page 14
The Guildry Incorporation of Perth Independent Auditor's Report to the Members of The Guildry Incorporation of Perth Our procedures to resp)nd to risks identified included the followirrtJ: 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 and legal advisors conmIng actual and potential litigation and claims; perfonning analytiGal prcreduS to identify any unusual or unexpeLted relationships that may indicate risks of material misstatement due to fraud; reading minutes of meetings of those charged with governan. analysed and reviewed grants paid during the year, checking to minutes, and ensuring the grant recipients fall within the governing d¢xument; prwf in total of rental and investment income was conducted, and consideration given to VenUe recognition accounting policies; in addssing the risk of fraud through management override of controls, testing the appropriateness of joumal entries and other adjustsnents; as*ssing whether the judgements made in making accounting estimate5 are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the nonnal course of business. We also communica1 relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-ccffip1lan 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 finanaal ststements, even though we have properly planned and Ftrfomed our audit in accordan with auditing standards. For example, as with any audit, there remained a hoher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresenLations, or the override of internal controls. We are not responsible for preventing fraud or non<0mplian with laws and regulations and cannot I expected to detect all fraud and non-complian with laws and regulations. A further description of our resty)nsibilities for the audtt of the financial statements is located on the Financial RertIng Council's website at vMw.frc.org.uklaudttorsresp)nsibilities. This description forms part of our auditorfs report. Page 15
The Guildry Incorporation of Perth Independent Auditor's Report to the Members of The Guildry Incorporation of Perth Use of our report This retM)rt is made soldy to the charrtrfs membws, as a Ixxiy, in accordance with section 44 (1)(c) of the Charities and Trustee Inve5tr1ent (Scotland) Act 2005 and Regulation 10 of tfrE Charitie5 Accounts (Scotland) Regulations 2006 (as amended). Our work has been undertaken so that we Mht state to the charitys members those matters we a required to stste to them in an auditors, report and for no other purF(Jse. To the fullest extent pemiitted by law, we do not aCpt or assume responsibility to anyone other than the charity arKI its members as a boty, for our audit worK for this report, or for the opinions we have formed. Wiorris & you1 JtatuLori' AddiLor Eligible to act as an auditor in terms of sectlon 1212 of the Companies Act 2006 Chartered Accountants 6 Atholl crent PERTH PHI 5JN 8 May 2025 Page 16
The Guildry Incorporation of Perth Statement of Financial Activities for the Year Ended 31 March 2025 Total 2025 Total 2024 funds Income and Endowments from: Donations and legacies Investment income Other income 908 250,819 908 250,819 1,060 252,184 Totsl Income 316 727 316 727 Expenditure on: Raising funds Charitsble actsvities (111,375) (111,375) 164 615 (72,794) 165 380 Total Expenditure 275 990 238 174 Net movement in funds before gains on investment activities (Losses)Igains on investment activities 40,737 40,737 19,572 15,070 2 716,269 Net income (Losses)Igains on revaluation of fixed assets Net movement in funds 21,165 21,165 2,731,339 21,165 21,165 2,729,219 Reconciliation of funds Total funds brought forward Total funds carried forward 6 603 445 21 9 353 829 9 353 829 9 332 664 All of the charity's actNities derive from continuing operations during the aLN)ve two periods. The funds breakdown for 2024 is shown in note 21. Page 17
The Guildry Incorporation of Perth (Registration number: SC008072) Balance Sheet as at 31 March 2025 2025 2024 Fixed assets Tangible assets Investrnents 13 14 84,177 9,124,851 9 209 028 78,919 9,155 671 9 234 590 Current assets Debtors Cash at bank and in hand 15 16 66,215 67,645 172,836 127,846 Creditors: Amounts falling due within one year 17 Net current assets Net assets 9 353,829 9,332 664 Funds of the charity: Unrestricted income funds Unrestricted Unrestritted revaluati reserve 2,284,712 7 069 117 2,235,921 7 096 743 Total unrestricted 9 353 829 9 332 664 Total funds 9 353 829 9 332 664 The financial statements on page5 17 to 42 were approved by the Committee of ManagemenL and authorised for issue on 29 April 2025 and signed on their behalf by: Lord Dean of Guild Page 18
The Guildry Incorporation of Perth Notes to the Financial Statements for the Year Ended 31 March 2025 l Accounting policies statement of complian The financial statements have LEen prepared in accordan with Accounting and Reporting by Charities: Ststement of Recommended Practi applicable to charities preparing their accounts in accordan with the Financial Repjrting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102), the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). Basis of preparation The Guildry IncorkK)ration of Perth meets the definition of a publi benefft entity under FRS 102. Assets and liabilities are initially recjniSed at historbcal cost or transaction value unless otheiSe stated in the relevant accounting wlicy notes. The finarKial statements are presented in sterling (£). Going conom Given the level of funds available, the Committee of Management consider that there are no material UnrtaintieS about the Guildry's abilty to continue as a going conrn. Key sources of estimation UnrtaInty Revaluation of land and buildings (Note 13) In the application of the Guildry's accounting policies, the Committee of Management are required to make judgements, estimates and assumptions about carrying values of assets and liabilities that are not readily available from other SOU5. The estimates and underlying assumptions are based on historical experientr and other fattors that are considered to be relevant. Actual results may differ from these estimates. One such estimation uncertainty is that of the value of land and buiklings and is more fully detailed in Note 13, The carying amount is £67,407 (2024 - £70,0(JJ). Revaluation of investrnent properties (Note 14) - In the application of the Guildry's accounting policies, the Committee of Management are Uired to make judgements, estimates and assumptions about carrying values of as*ts and liabilities that are not readily available from other sour. The estimates and undertying assumptions are based on historbcal experience and other factor5 that are considered to be relevant. Actual resutts may differ from these estimates. One such estimation uncertainty is that of the value of investment properties and is more fully detailed in Note 14. The carrying amount is £6,034,278 (2024 - £6,033,500). Income and endowments Voluntsry income including donations, gifts, legaaes and grants that provide core funding or are of a general nature is reccAJnised when the charity has entitlement to the income, it is probable that the income will LE received and the amount can be rr£asured with sufficient reliablility. Page 19
The Guildry Incorporation of Perth Notes to the Financial Statements for the Year Ended 31 March 2025 Donations and legacies Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured. Grants receivable Grant income is credited to the Statement of Financial Actrvities when received. Deferred income represents amounts received for future perKxls and is released to incoming sources in the period for which, it has bn received. Such income is only deferred when: - The donor srEcifies that the grant or dOnatn must only L used in future accounting periods; or The donor has IMKd condttions which must be met before the charity has unconditional entitlement. Gift aid Incoming resour5 from tax reclaims are induded in the Statement of Financial Activities at the same time as the gift to which they relate. Investment income Income from investments held and bank interest received is credited to the Statement of Financial Activities when receivable. Prepaid investment rental income and Insuran is deferred and induded in accruals and deferred income. Rents received for investment properties are credlted to the Ststement of Financial Activities on the accruals basis. Expenditure All expenditure is recognised On there is a legal or constructive obligation to that expenditure, it is probable settlement is rUired and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate Similar costs to that category. whe costs cannot be directly attributed to particular headings they have b allccated on a basi5 consistent with the use of resources, with ntral staff costs allocated on the basis of time spent, arKJ depreciation charges albcated on the portion of the asset's use. Other support costs a allated based on the spread of staff costs. Raislng funds Costs of generating funds are tho* costs incurred in obLaining ne member5 and managing investments. They include the dIrt costs and SUPFX)rt costs relating to these attivitie5. Charitable artivities Charitable activities include grants payable and the triennial activities of Ale Tasters, and Meal Searchers, evenings. Charitable activities expenditure includes both costs that can be allocated directly to such activities and those costs of an indirect nature essary to support them. Page 20
The Guildry Incorporation of Perth Notes to the Financial Statements for the Year Ended 31 March 2025 Grant expenditure Grants payable are payments made to third parties in the furtheran of the charitable objectives. Where the charity gives a grant with conditions for tts payment being a specific level of service or output to trR provided, such grants are only recognised in SOFA On the recipient of the grant has provided the specific Servi or output. Grants payable without perfornian conditions are only recognised in the accounts when a commitment has been made and there are no conditions to be met relatirKJ to the gTrnt which remain in the control of the Guildry. Grantprovi&'ons Provisions for grants are made when the intention to make a grant has bn C}Municated to the reapient but there is uncertainty about either the timirKJ of the grant or the amount of grant payable. Support costs Support costs include ntral functions and have LEen alkxated to activity cost categories on a basis consistent with the use of resour, for example, allcKating property costs by fl(r areas, or per capits, staff costs by the time spent and other costs by their usage. Govemance costs Governan costs include costs of the preparation and examination of the statutory accounts, the costs of Committee of Management meetings and the cost of any legal advice to members of the Committee of Management on governance or constitutional matters. Taxation The Guildry is a charity and is not liable to Corwration Tax. S* Note 12 below. The Guildry 15 not registered for VAT and reSOurS expended therefore indude irrecoverable input VAT. Tangible fixed assets Freehold buildings are stated at valuation on an open Maet basis less depreciation. The remaining tsngible fixed assets are stated at cost or valuation less depreciation. IndIvJU31 fixed assets costing £50 or more are initially recorded at cos¢ less any subsequent accumulated depr£riation and subsequent auMulated impaiment losses. Investment properties are included in the balan sheet at their open market value. No depreciation is charged on these prOrtIeS in accordance with section 16 of FRSIO2. Depreaation and amortisatlon Depreciation is provided on tsngible red assets so as to write off the cost or valuation, less any estimated residual value, over their exFected useful economic life as follows: Page 21
The Guildry Incorporation of Perth Notes to the Financial Statements for the Year Ended 31 March 2025 Asset class Freehold interest in land & buildings Fixtures, fittings and equipment Computer equipment Depre(iation method and rate 2% p.a. straight line basis IO% p.a. r&Jucing balan basis 33.3% p.a. straight line basis Flxed asset investments Fixed asset investments are incSuded at market value at the balan sheet date. The cost of some investment properties owned by the Guildry prior to 31 March 1993 cannot be ascertained. All those investment properties have been valued and that value incorporated in the accounts. Expenditure incurred after the valuation date is also included in Investment Properties. The financial investments hekl by the Guildry are stated at their market value on the balan sheet date. Such a poli gives rise to unrealised gains or losses which are disclosed in the ststement of financial activities. Realised gains arnd10sses on investments are calculated as the differen between sales prcKeeds and their market value at the stsrt of the year, or their subsequent cost, and are charg&J or credited to the Statement of Financial Activities in the period of disposal. unrealis gains and losses repsent the movement in market values during the year and are credited or charged to trE Statement of Financial Activtties based on the market value at the year end. Cash and cash equivalents Cash and cash equivalents comprise cash on harKI, and other 5hort-temi highly liquid investments that are readity convertible to a known amount of cash and are subject to an insignificant risk of change in value. Other creditors Other creditors are obligations to pay for gcrf)ds or services that have been acquired in the ordinary course of business from suppIErs. Other creditors are recognlsed at their settlement arrrt)unt after allowing for any trade disthunts due. Fund structure Unrestritted income funds are general funds that are available for use at the discretion of the Committ& of Management in fUrtherae of the Ob1ve5 of the Charity. Unrestricted funds include a revaluation resen representing the reststement of freehold buildings and investment assets at market values. Designated funds are unrestricted funds set aside for Slf purposes at the discretion of the Committee of Management. Page 22
The Guildry Incorporation of Perth Notes to the Financial Statements for the Year Ended 31 March 2025 Pensions and other post retlrement obligations The pension costs charged in the Statement of Financial Activities represent the contributions payable by the Guildry during the year. These costs are detailed further in Note 19 below. 2 Income from donations and legacies Unrestricted funds Total 2025 Totsl 2024 General Membership - Entry money 908 908 908 3 Investment income Unrestrirted funds Total 2025 Total 2024 Designated General Interest re1vable and similar income. Interest receivable on bank deposits and loans other income from fixed asset investments Income from rents 282 282 673 14,3CK) 118,307 117 930 132,607 117 930 122,676 128 835 250 819 252 184 Page 23
The Guildry Incorporation of Perth Notes to the Financial Statements for the Year Ended 31 March 2025 Analysis of income from rents Unrestrirted funds Total Total General 2025 2024 Craigmakerran: Craigmakerran House Craigmakerran Shootings Loanhead & Newlands Fanns 9,345 3,427 26,977 25,467 2,606 67,822 9,345 3,427 26,977 25,467 2,606 67,822 13,860 3,427 27,174 25,370 2,324 72,155 Hallr(K)m & Redford Fams Pendicles Perth: High Street Flats - residential High Street offi - cornmercial 15,108 35,000 117,930 15,108 35,000 117,930 12,044 +1,636 128,835 4 Other income funds Total 2025 General Other income Other income of £65,000 (2024 - £nil) is a Property Completion Payment from the Developers of the Guildtown Development Land. Page 24
The Guildry Incorporation of Perth Notes to the Financial Statements for the Year Ended 31 March 2025 5 Expenditure on raising funds a) Costs of generating dOnati(S and legaaes Unrestrirted funds Total 2025 Total 2024 General Note Burgess tickets Guild Court expenses Guildry ties & badges All¢xated supp)rt costs 481 1,253 187 602 3,182 234 232 1,253 187 b) Investment management costs Unrestricted funds General Total 2025 Total 2024 Note Other investment management costs. Investrnent PK)rtfolio management Costs Property repairs Allocated support costs 19,CK)4 51,781 19,004 51,781 16,102 21,887 109 170 109 170 Page 25
The Guildry Incorporation of Perth Notes to the Financial Statements for the Year Ended 31 March 2025 Analysis of property repairs Unrestricted funds Total Total General 2025 2024 Craigrnakerran: Craomakerran House Loanhead Farm 11,052 95 11,052 95 959 Newlands Farm 3,836 1,089 14,359 2,208 1,390 34,029 3,836 1,089 14,359 2,208 1,390 34,029 300 Hallro)m & Redford Fanns 2,212 6,665 1,639 1,188 13,053 General & insuran Annual inspectv)n Blairmuir Wood Perth: High Street - Repairs etc. Insuran 14,918 2,834 51,781 14,918 2,834 51,781 6,628 2,206 21,887 6 Expenditure on charitable activities Activity undertaken directly Activity support costs Total 2025 Total 2024 Grants payable Ale Tasters 109,519 23,283 132,802 132,902 904 133 806 Page 26
The Guildry Incorporation of Perth Notes to the Financial Statements for the Year Ended 31 March 2025 Basis of allocatlon Reference Stsff costs Administration costs Premises costs other support costs Method of allocation staff time staff time staff time staff time & usage Govefflan costs funds General Total 2025 Total 2024 Audit fees Audit of the financial sLatements Other fees paid to auditors Other governan costs Allocated sUprt costs 3,992 4,879 1,618 3,992 4,879 1,618 3,802 4,646 12,704 Other governance costs AGM 63 63 272 Court of Deans, expEnses Ex-Deans' meetings and dinner committ of Management Meetings Triennial Assembly 170 170 341 1,376 1,376 53 45 11,993 12,704 1,618 1,618 Page 28
The Guildry Incorporation of Perth Notes to the Financial Statements for the Year Ended 31 March 2025 8 Grants payable Unrestricted Funds Total Total General 2025 2024 Monthly pensions Coal allowances Travel bursaries Heritsge Apprenti Supwrt Charitable donations Bursaries 13,275 13,275 6,000 3,550 2,500 35,194 16,782 6,000 150 2,481 42,497 3,550 2,500 35,194 109 519 113 910 Analysis of grants payable Grants to institutions (13 grants) (2024 21): Perth Amateur Operatic Society Ad Lib Arts Perthshire Brass Perth Disabled Table Tennis Club Vision PK Letham Sports Club 2008 Football Team Abbeyfield Perth S(Kiety Perthshire Community Rugby Trust Bardet-Biedle Syndrome UK Perth & Kinross Netball Squads Headway Perth & Kinross strathtay House Care Home Perth Youth Futsal 38F (Perth) Squadron Air Training Corp PLUS Perth & Kinross Meldrum Builders Auto servi Perth Perth Festival of the Arts 2nd Perthshire Scouts Perth Accordion & Fiddle Festival Wolfhill AFC Perth & Kinross Society for the Blind YMCA Tayside Perth Para Athletics Upper Springlands Capability Scotland Other 1,000 1,000 1,200 1,000 1,500 1,000 1,350 1,000 9,616 1,000 1,000 I,c()o 1,000 1,000 2,250 2,000 1,381 I,ioo 2,51 3,000 1,000 1,000 1,000 1,179 2,500 3,000 1,000 1,000 1,179 3,000 10,000 10,000 5,000 30,494 79,025 109 519 30,494 31,362 Grants to individuals (79 grants) (2024 - 79) 109,519 113 910 Page 29
The Guildry Incorporation of Perth Notes to the Financial Statements for the Year Ended 31 March 2025 Analysis of grants payable by nature Unrestricted Funds Total Total General 2025 2024 Advanment of education Advanrnent of health Advancement of citizenship or community development Advancement of the arts, heritage, Cultu or scien Advanment of public participation in SFrfJrt Provision of recreational facilities Advancement of environmenLal protection or improvement Relief of those in need due to age, ill-health, disability or financial hardship 56,450 56,450 1,500 48,831 8,036 3,000 3,OCK) 4,250 6,650 12,500 1,200 6,650 12,500 1,2C() 6,680 19,066 1,250 15 15 15 28,204 109 519 109 519 113 910 Reconciliation of grants payable Commitments at l April 2024 Commitments made in the year Grants paid in the year Commitments at 31 March 2025 4,000 109,519 109 719 6,500 113,910 116 410 109,519 109 719 9 Net incomingloutyoing reSoUrS Net outgoing resources for the year indude: 2025 2024 Audit fees Other non-audit servi Depreciation of fixed assets 3,992 4,879 3,802 Page 30
The Guildry Incorporation of Perth Notes to the Financial Statements for the Year Ended 31 March 2025 10 Committee of Management's remunerntSon and expenses During the year the charity made the following tsan&xtions with Comrntttee of Management: £180 (2024.. £Nil ) of expenses We reimbursed t uring the year. £NIl (2024: £131 J of expense5 were reimbursed to during the year. No Committee of Management members, nor any peisoTrs connected with them, have received any remuneration from the charity during the year. No trustees have received any other benefits from the charity during the year. During the year £389 was paKI for Trustee Indemnty Insuran cover (2024 - £342). 11 staff costs The monthly average number of persons (including members of the Committee of Management) employed by the charity during the year expressed as full time equivalents was as follows: 2025 No 2024 No Administration The aggregate payroll costs We as follows: 2025 2024 Staff costs during the year were: Wages and salaries Other pension costs 20,450 422 19,442 395 No employ& reiVed emolurr£nts of rTh)re than £60,0(YJ during the year 12Taxation No tax was charged in the year (2024 - £nil). The Guildry has bn apted a5 a charity for tax purposes. RelEf from tax is therefore due under Section 505 of the Income and cOrratiOn Taxes Att 1988 under Scottish Charity Number SC008072, Tax Reference CR2015. Page 31
The Guildry Incorporation of Perth Notes to the Financial Statements for the Year Ended 31 March 2025 13Tangible fixed assets Furniture and equipment Land and buildings Total Cost or valuation At l April 2024 Additions Disposals 70,(M)O 19,097 11,629 235 89,097 11,629 235 At 31 March 2025 100 491 Depreciation At l April 2024 Charge for the year Eliminated on disFM)sals 10,178 3,778 235 10,178 6,371 235 2,593 At 31 March 2025 Net ljook value At 31 March 2025 At 31 March 2024 The above assets are used for management and administration purtN)ses. Comparable historical cost for land and buildings induded at valuation: 2025 2024 Cost 11,500 11,500 Accumulated depreciation At 31 March 2025 All other tangible fixed assets are stated at historical cosL Page 32
The Guildry Incorporation of Perth Notes to the Financial Statements for the Year Ended 31 March 2025 Revaluatlon The fair value of the charity's Land buildings (42 George Stree( Perth) was valued on 5 Aprll 2024 by DM Hall, Chartered Surveyors, an independent valuer. The valuation was in accordance wrth Royal Institution of Chartered Surveyors Valuation Global Standards (June 2017) incorporating the IVSC Intemational Valuation Standards 2017 on the basis of Market Value at £70,000. The previous valuation was carried out in FebrLklry 2019. In the opinion of the Committee of Management there has teen no material change in the value of this property between the date of valuation and 31 March 2025. Had this class of asset been measured on a historical cost basis, their carrying amount would have been £5,980 (2024 - £6,210). 14Fixed asset investments 2025 2024 Investment properties other investments 6,034,278 3 090 573 6,033,500 3 122 171 9 124 851 9 155 671 Investment properties Investment properties Cost or Valuation At l April 2024 Additions 6,033,500 778 At 31 March 2025 6,034,278 Provision At 31 March 2025 Net book value At 31 March 2025 6 034 278 At 31 March 2024 6 033 500 Page 33
The Guildry Incorporation of Perth Notes to the Financial Statements for the Year Ended 31 March 2025 Historical c05t: At 31 March 2025 1,466,480 At 31 March 2024 1,465,702 Craigmakerran Estate was valued by Bell Ingram LLP, Chartered Suryeyors, on l February 2024 in accordance with the Royal Institution of Chartered Surveyors Valuation Global Standards (June 2017) incorporating the IVSC Intemational Valuation Standards 2017. Craigmakerran Estate was valued on the basis of Fair Value at £5,363,500. The previous valuation was carrEd out in February 2019. As regards the commercial premises at 72-74 High Street, Perth, three years ago the Committee of Management considered it appropriate in the wake of the effects of the global pandemic of COVID-19 to carry out an impaiment review of these assets with the result that it was reasonable in all the circumstan5 to de-value them by £31,500. 70 High Street, Perth (4 flats) was valued by Allied Surveyors Scotland, Chartered Surveyor5 on 28 March 2024 and 72-74 High Street, Perth was valued by DM Hall, Chartered SuNeyors, on 10 April 2024 in accordance with the Royal Institution of Chartered SuTveyors Valuation - Global Stsndards (June 2017) incorpK)rating the IVSC Intemational Valuation Standards 2017. 70 High Street, Perth (4 flats) was valued on the basis of Market Value at £385,CQO and 72-74 HKJh Street, Perth was valued on the basis of Market Value at £285,OIX). The prevK)U5 valuations yre carried out in February 2019. In the opinion of the Committee of Management the has tRen rK) material change in the value of Craigmakerran Estate, 70 High Street and 72-74 High Street, Perth betw&n the date of the valuations and March 2025. All of the investment properties held are freehokj and are Iated in the UK. Page 34
The Guildry Incorporation of Perth Notes to the Financial Statements for the Year Ended 31 March 2025 Other investments Fixed interest Cash deposits Convert. and prefs. Equlties Totsl Market value As at l April 2024 Revaluation 2,902,423 (31,051) 281,049 289 118 217,375 3,425 2,373 3,122,171 (27,626) 285,639 289 611 Additions 4,590 Disposals As at 31 March 2025 493 2 863 303 220 307 3 090 573 Net book value As at 31 March 2025 2 863 303 220 307 3,090,573 3 122 171 A5 at 31 March 2024 2 902 423 217 375 Notes 25 26 Hlstorical cost: At 31 March 2025 2,607,634 218,799 6,963 2,833,396 At 31 March 2024 2,583,773 218,799 2,373 2,804,945 The market value of the listed investments at 31 March 2025 was £3,083,610 (2024 - £3,119,798). Page 35
The Guildry Incorporation of Perth Notes to the Financial Statements for the Year Ended 31 March 2025 15 Debtors 2025 2024 Prepayments Other debtors 13,241 15,278 52,367 Debtors includes £13,724 (2024: £17,466) receivable after more than one year. This can be anatysed as follows: 2025 2024 Other debtors 16Cash and cash equivalents 2025 2024 Cash on hand Cash at bank Short-tem deposits 155 101,818 602 55,000 106 621 17 Creditors: amounts falling due within one year 2025 2024 Grants payable Other credito Accruals Deferred income 3,8LK) 5,361 11,370 4,000 7,059 11,927 2025 2024 Deferred income at l April 2024 Resour5 deferred in the period Amounts released from previous 6,786 8,379 6,786 Deferred income at year end Page 36
The Guildry Incorporation of Perth Notes to the Financial Statements for the Year Ended 31 March 2025 18 Obligations under leases and hire purchase contracts Operating lease commitments Total future minimum lease payments under nOn-CanlIable operating leases are as follows: 2025 Land and buildings Within one year Beeen one and five years 13,500 18,675 19 Pension and other post-retirement benefits commitments The Guildry contributes to a Workpla pension sclEme. The pensK)n cost charge represents contributions payab by the Guildry to the scheme and amounted to £422 (2024 - £395). There were contributions payable to the scheme at the year end of £nil (2024 - £78). 20Contingent liabilities A charitable donation of £50,000 has teen pledged to a Communty Organisation but the Organisation itself has not yet been constituted and so payment cannot be made at present. This pledge is therefore disclosed as a contingent Ibablilty until such time as payment can be made. Page 37
The Guildry Incorporation of Perth Notes to the Financial Statements for the Year Ended 31 March 2025 22Analysis of net assets between funds Unrestricted funds General Designated Total funds 2025 Tangible fixed assets Fixed asset investments Current assets Current liabilities 84,177 8,724,387 166,821 84,177 9,124,851 172,836 28,035 6,015 Total net assets 8 947 350 9 353 829 Unrestricted funds General Designated Total funds 2024 Tangible fixed assets Fixed asset investsiients Current assets Current liabilities 78,919 8,755,207 127,846 78,919 9,155,671 127,846 Total net assets 8 932 21)J 9 332,6fA 23 Analysis of net funds At l April 2024 Finanang At 31 March ash flows 2025 Cash at bank and in hand 60,201 46,420 106,621 Net funds 60,201 46,420 106,621 At l April 2023 Finanang cash flows At 31 March 2024 Cash at bank and in hand 125 330 Net funds Page 40
The Guildry Incorporation of Perth Notes to the Financial Statements for the Year Ended 31 March 2025 24 Related party transactions During the year the charity made the following related party transactions: (son of ember of the committ of Management from 16 May 2022) Charitable donaLion £nil (£024 £1,800). At the balan sheet date the amount due to/from as £Nil (2024 - £Nil). (member of the Committee of Management from 16 May 2022) PVA Solution5, a business owned byaS paid for Servi provided. Amounts paid during the year were £1,300 (2024 - £72Q). At trbe balance sht date the amount due to/from •WaS £Nil (2024 - £Nil). (daughter of memLEr of the Committee of Management from 16 May 2022 Member Bursary El,UUU l2u29 - LI,(X)O). At the balan Sheet date the amount due tolfrom as £Nil (2024 £Nil). peratlc Sodety Ex-Dean of Guild and member of the Committee of Management is HorK)rary President of Perth Amateur Operatic Soa'ety) Charitable donation £l,O(KJ (2024 - £1,CM)O). At the balan sh&t date the amount due tolfrom Perth Amateur Operatic Society was £Nil (2024 - £Nil). (son ol member of the Committee of Management from 16 May 2022) Member Bursary £1,000 (2024 £1,000). At the balance sheet date the amount due tolfrom was £Nil (2024 £Nil). Page 41
The Guildry Incorporation of Perth Notss to the Financial Statements for the Year Ended 31 March 2025 Equities 2025 Market value C41St Holding Investmert 7.750 AIIKqnce Witan pk 0 2.5p sha$ 66,976 Artemis Inv Funds Short Durat strateg Bond l D 22,600 Artem15 UK FuluTr leaders plc Ord 20p shares 497 Astrazeneca Ord. US$O.25 shares 30.000 Bellevue Heahh¢are Trust plc Redeemable Ord 1p 42.250 Blackrock Frontier Markets Investment Trust USSO.01 43,561 Blackrock Fund Managers Contsnental European Income O Unrts Inc 9.010 8lackrock Vvorld Mining Trust Ord. 5p shares 80,810 CQS New Cty HvJh Yiekj Fund Ltd Ord. NPV 10,400 Chesnara plc Ord 5p sha$ 47.170 Cordiant Digf(al Inlrastmcture Ltd Ord NPV 797 Diageo Ord. 28 1011108p sha 719 Findlay Park Funds ICAV American l Dis 30.600 Fore5igttl Environmental InfraStrudu Ord NPV 2.9¢)0 GSK plc Ord 31.25p shales 2.010 Imperial Bfands plc 10p shares 1.975 Inves¢0 Markets 11 US Tieasury Bond 7-IOY UC ETF DIS 77,585 J O Hambro Capital Management UK Equity Income 26,100 JP Morgan Gknbal GrO%h & Inry>me plc Ord 5p shares 40,000 Jupiter Emerging & Frontier Inc Trusl Redeernab Ord 1p shares 65.147 Janus Henderson UK & Europe Funds- str8leg Bond G Dis 19,000 M & G plcord 5p sha$ 64.040 Man UK ICVC Man Undefvald Assts Profsnl D ths 42.335 Man Fixed Inteiesl ICVC 18.940 Merchants Trust pl¢ Ord 25p shares 9.410 Murr8y Income Trust Ord 25p shares 24,750 Murray InlemalKJnal Tfust Ord 25p shares Nation81 Grid Ord. 11 17143p shares 36.000 NeWrer Rer¢ pl Ord 1 p shares 9,500 Oakley Capstal Invèstments Limited Ord 1p shares 9.957 Polar Capital Funds plc Global Insuran F GBP A 16,350 Polar Capital Technol(Y Trust plc Or¢J 2.Sp shares 615 Pnjsik Umb118 Ucrts Fund pk Asian Equity Inc U Unldd Inc Nav 3.350 Rit Capital Partners plc Ord £1 sha 37,530 RN9rstone cdit Opps Income PLC 32,635 Ruffer Investment Co 0.olp Pref Shares 35,088 SDCL Energy EfficncY Inc Trust pl¢ Ord Ip shares 411 Samarang Asian ProsFerty A1 Dis 20,110 Schroder Oriental Income Fund Ord. 1 p shares 67.251 Sequoia E¢onomisl Infrasl Inc Fund Ltd NPV 3,990 Shell Eur 0.07 'B' shares 17,450 TR PrortY Investsnent T¥ust Ord 25p shares 30,4cK) Taylor Wimpey Ord 1p shares 40,800 Twentyfour Income Fvnd Ltd Ord. 1p shares 50,000 Twentyfour Sect Monlhty Income Fund Lt(J Ord. Ip shares 980 UniLever Ord. 3.1111 p shares 20,409 Utilico Emerging Markets Ltd Ord. 11)p shares 94.801 67.495 105,913 20.607 30,210 37,742 64.7SS 40,025 46.211 30.132 50,300 8.159 89,950 40,091 40,35S 51.938 56,020 98,990 139,370 S79 69,695 40.227 84.495 58,839 99,938 80,650 54,281 18,040 30.203 39,851 100,008 49,946 92,000 64,643 28.393 88,435 40.250 69.500 20,285 60,001 61.635 61,674 40,120 42.080 47,919 16,588 34.295 89,900 68.074 7S.484 55.932 36,720 62.108 86,363 42,752 41,456 28,6S2 41.038 16.0 120,014 21,940 42,398 57,587 54,436 107,921 136.764 64.926 37,71S 108,036 68.032 99.056 77,633 64,845 38,846 24.984 44.745 139,205 47.006 92,270 63,516 21,371 90,399 16,912 97,386 53,493 52,658 112,718 51,303 32,862 45,533 43,000 45,178 44.083 1607,634 1863,303 26 Flxed Interest 2025 Market value Holding Investment 74.300 United Kingdom 0.375% Bonds 22110r2026 151,200 Uniled Kingdom 3.75% Bonds 0710312027 69,255 149,544 70,347 149,960 218.799 220.307 Page 42