Charity registration number: SC008072
The Guildry Incorporation of Perth
Annual Re￿rt and Financial Statements
for the Year Ended 31 March 2025

The Guildry Incorporation of Perth
Contents
Reference and Administrative Detsils
Committee of Management's Re￿rt
2tolO
Statement of Committee of Managemenys Responsibilities
li
Independent Audttors, Re￿rt
12to16
ststement of Financtal Activilies
17
Balan￿ Sh￿t
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 p￿par￿ 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 mem￿r5 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 allowan￿5 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 chIld￿n of mem1￿r5 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 p￿Ided they attend one of the four local
Perth secondary sch￿15. 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 cOn￿rt 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 re￿ption.
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 Str￿t offKe to l Atholl cre￿nt 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 f￿1 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 o￿n 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 b￿n 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 pr￿jreSSed 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 re￿1Ve￿ 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 nec￿ary). As Ix)th proFErties are 50 % owned by Landlord
l Tenant, it is propM)sed that a review of the ownership be u￿lertaken 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 b*n
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 W￿dIand. 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 ex￿lIent 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 I￿al 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 sI￿hty 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 convert￿1 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 InC￿le 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
Investn￿tpolicY 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
prope￿e5 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 SubJ￿t to
satisfactory funding arrangements.
A continuing prc#Jramme of maintenance of investrnent woperties will tk ca￿ted 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 {le￿ndant 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 intrc*luction 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:
ReCrUitn￿nt 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 peric*J 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 sU￿Ssion 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￿ alre￿Y 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 ex￿Sed 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 r￿OU￿5 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) signif￿ant 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 lnfornTrt￿n 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 reSoUr￿S 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 Consisten￿Y'
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 con￿rn basis unless it is inappropriate to presume
that the charity will continue in business.
The Committ* of Management are responsible for k￿pIng 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 as*ts 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 con￿rn 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 Un￿rtaIntieS relating to
events or conditions that, individualty or collectivelyi may cast significant doubt on the charity's ability
to continue as a going con￿rn for a peri￿￿ of at least twelve months from when the financial
ststements are authorised for issue.
Our responsibilities and the reS￿nsibIl￿(les of the Committee of Management with respect to going
con￿rn 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 d￿5 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 b*n kept, or retums adequate for our audit have not b*n
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 Con￿rn, disdosing, as applicable, matters related to going
con￿rn 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 a￿ut 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 ttr￿Se risks, including
obtaining audit eviden￿ that is suffiaent and appropriate to provide a basi5 for our opinion.
Identifying and asse￿n9p0tentiaI 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 instan￿5 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 conS￿ered 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 f￿Using 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 con￿mIng actual and potential litigation and claims;
perfonning analytiGal prcredu￿S 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 add￿ssing 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 communica￿1 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 Re￿rtIng 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
M￿ht 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 aC￿pt 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 & you￿1 JtatuLori' AddiLor
Eligible to act as an auditor in terms of sectlon 1212 of the Companies Act 2006
Chartered Accountants
6 Atholl cre￿nt
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 rec￿jniSed at historbcal cost or transaction value unless othe￿iSe
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
Un￿rtaintieS about the Guildry's abilty to continue as a going con￿rn.
Key sources of estimation Un￿rtaInty
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 SOU￿5. 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 b￿n received. Such income is only deferred when:
- The donor srEcifies that the grant or dOnat￿n must only L￿ used in future accounting periods; or
The donor has IMK￿d condttions which must be met before the charity has unconditional
entitlement.
Gift aid
Incoming resour￿5 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 r￿Uired 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￿ all￿ated 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 dIr￿t 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 b￿n 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 reSOur￿S expended therefore indude irrecoverable input VAT.
Tangible fixed assets
Freehold buildings are stated at valuation on an open Ma￿et basis less depreciation. The remaining
tsngible fixed assets are stated at cost or valuation less depreciation.
IndIv￿JU31 fixed assets costing £50 or more are initially recorded at cos¢ less any subsequent
accumulated depr£riation and subsequent a￿uMulated impaiment losses.
Investment properties are included in the balan￿ sheet at their open market value. No depreciation
is charged on these prO￿rtIeS in accordance with section 16 of FRSIO2.
Depreaation and amortisatlon
Depreciation is provided on tsngible r￿ed 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 rep￿sent 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 fUrthera￿e of the Ob￿1ve5 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 S￿lf￿ 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 re￿1vable 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 sUp￿rt 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
Advan￿ment of education
Advan￿rnent of health
Advancement of citizenship or community
development
Advancement of the arts, heritage, Cultu￿ or
scien
Advan￿ment 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 reSoUr￿S
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& re￿iVed 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 b￿n a￿pted a5 a charity for tax purposes. RelEf from tax is therefore due under
Section 505 of the Income and cOr￿ratiOn 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
circumstan￿5 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 y￿re 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 I￿ated 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
Resour￿5 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-Can￿lIable operating leases are as follows:
2025
Land and buildings
Within one year
Be￿een 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 by￿aS paid for ￿ Servi￿ provided.
Amounts paid during the year were £1,300 (2024 - £72Q). At trbe balance sh￿t 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
NeWr￿er 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 Umb￿118 Ucrts Fund pk Asian Equity Inc U Unl￿d￿d Inc Nav
3.350
Rit Capital Partners plc Ord £1 sha
37,530
RN9rstone c￿dit Opps Income PLC
32,635
Ruffer Investment Co 0.olp Pref Shares
35,088 SDCL Energy Effic￿ncY 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 Pro￿rtY 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 Se￿ct 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