Company roglstratlon number SC04485S THE RICHARD DEMARCO FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 Facts & Figures
THE RICHARD DEMARCO FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Tru$teg8 Dr M J Federlct MrA J Walson PPRSA Mr D R R Graham WS Mr E Schneider Mr R J F McDowell Ms T A Newman Professor R Demarco CBE Soct*tary Mr D R R Graham WS Chartty number Iscouandl SCOO8257 Company numbor SC044855 Registerod office Stroma Wellbank Beauly Invemess IV4 7EX Independent examlner Facts and Figures {Scotland) Limitect 13 Rulland Street Edinburgh EH12AE
THE RICHARD DEMARCO FOUNDATION CONTENTS Page Trustees. report Slalement of trustees, responsibilities Independent examiner's report Stslemenl of financial activities Balan¢e sheet Notes to the financial statements 8-15
THE RICHARD DEMARCO FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2025 Th6 Trustees present their Report and Accounts for the period 1 October 2024 to 30 September 2025, which also comprises the Directors, Report required by the Companies Act 2006. The financial ststemenls have been prepared in accordan¢e with the accounting polici88 set out in note 1 to the financial ststemenls and comply wlh the charity's governing do¢urnenl, the Charities and Trustee Investment (Scollandl Act 2005, the Charities Aecounls (Scollandl Regulations 20C16 las amended) and 'Accounling and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance wlh the Financial Reporting Standard applicable in the UK and Republic of IrelarKI (FRS 1021" leffective 1 January 2019}. Reference and admlnlstratlve detall$ The charty nam¢ The legal name of the charlly is... The Richard Demarco Foundation, having changed ils name from Demarco Archive Trust Ltd. on 15 October 2025. The charity is also known by its operating name, The Richard Demarco Foundation. The chaffty's arèas of oporatlon and UK charitsble registratlon The charity is regisler&d in Scotland wff(h The Office of the Scottish Charity Regulator (OSCRI wth charity number SC008257. The charity does not operate in any overseas jurisdictlon. Tho reglstered offlce. princlplg operatlng address, and web address of the eharfty are... Registered Office Edinburgh EH9 IPL.) Stroma, Wellbank, Beauly, Inverness IV4 7EX Ifomlerfy Summerhall, 1 Summerhall Place, The web address of the charity is ww.demarcoarchivtr.c£Jm The operating addre&s of the charity is Summerhall, 1 Summerhall Place, Edinburgh EH9 1 PL. Objectlves and acttvitles The purposos of the charlty as set out In thg governlftg document The Richard DÈmarco Foundation (formerly known as Demarco Archive Trust Ltd.) I'the Charily'l is a company Ilmiled by guarantee (No. SC0448551 governed by its Memorandum and Articles of Association and is a Scottish Charity (No. SC0082571 The main actlvftios undertaken In relation to those purposes durlng the reportlng perlod. The principal objects of the Charity are the advancement of ed¥Jcation by promoting and encouraging the development and study of the arts, particularly conlempoiary arts, primarily bLJI not exclusively through lal the protection and development of the Dem8rco Archive and ils associated collections as a unique academic resource., Ib) the fostering and promotion of the reputation of the Demarw Archive and Icl the establishment of an internationally accredited archive and libmry resource. Thè contrlbutlon of volunteers durlng tho reportlng perlod. The Charity relies totally on the support of volunteers lo help achieves its Objects and Aetivrtles. The Charity is a180 indebted lo Robèrt McDow&ll of Summerhall for his continuing interest and support. In addition during the period under revlew, the Charity received support from George and Eri Mackintosh of Papple Steading, Haddington, East Lolhian which is gratefully a¢knodged. The Charity is also indebted to the numerous individuals and organisalions who supported fun&raising initiatives during the period under revlew.
THE RICHARD DEMARCO FOUNDATION TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 Achievements and perfomiance Significant aclwities and achievements against objectives In the reporting periool under review, the Charty's activities continued lo be limited due lo finaneial pressures. Notice lo quil the premises al Summerhall having been received in April 2024, efforts continued throughout the period under review lo identify alternative locations for the Archive and Collection. Negotiations were concluded with the Museum Sztuki, Lodz. Poland for transfer lo it of the majority of the Archive and Collection. In addition, a part of the Archive and Collection is lo be housed al Papple Sleading, Haddinglon, East Lolhian where a Richard Demarco Gallery has been establishgd. The relative transfers took place subsequent lo the end of the period under vIeW. The degree to which the achlevements and perfomianea duilng the reporting perlod have benefitted wlder socloty and the benrfi¢lario$ of the charlty. As in the previous year, the scope for IpersOn activities prèviously earried out by the Charity have been limf(ed by financial and resource constraints. The Virtual Gallery online has continued lo offer a¢sS lo the Demarco Archive lo a wider society 8nd potential beneficiaries. The Trustees continued their efforts lo secure further fundir¢g to expand the Virtual Gallery. Flnanclal revlew The result for the past period, as indicated in the Income and Expenditure Account, 18 that an operating surplus has been achieved. The Charity continues to rely on donated income and voluntary effort lo support rfis activities. Ourbng the period under review, the Charity had access to art works which could be realised if required to meet ils current financial obligations. The Board is confident that the company can continue as a going concern. ReseNespoli¢y 1- The Charity limits the scope of ils potential activities in line th available current lunds 2- The Charty limits Its potential li8bilib.es lo a figure not exceeding len percent of the value of its fixed assets 3- The Charty aeb'vely pursue$ opportunitie8 for grant funding from relevant bodies 4 - The Charity relies on voluntary support for its activits'es 5 - The Charity only refvnds Iruslees for out of pocket expenses. Trustees are not remurberated 6- The Charity does not have any employees I fuN, part th'me or ad h¢xl in order lo avoid potential liability from such 7 Any contracts whatsoever require the prior approval of the Board. No Trustee is aulhorised lo enter into any contracts wilhoul such prior approval. Majornsks Avallabillty and adequacy ol assets of •a¢h of tho funds The Board of Trustees is satisfied that the Charity's assets in each fund are available and adequate to fulfil ils oblig81ions in respect of each fvnd. Rlsk Management The Directors have assessed the major rlsks to which the Charity is exposed and are satlsfied that systems are in place to mitigate exposure to such risks.
THE RICHARD DEMARCO FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 Plans for the future Th6 further enhancement of the declicaled website - www.demar¢Darchive.com - to assist the Charty to promote itself is a continuing and key task for the future. The future locations and housing of the Demar¢o Archive continue to receive attention and it is hoped that the 2rrangemenls with Museum S2tuki, LDdz, Poland and Papple, St&ading, Haddinglon, East Lolhian wlll provide a firm basis for future activities and ensure wide access to the Archive. Structure. governance and management The charity is constituted as a company limf(ed by guarantee, registered under thè Companies A¢ts. The goveming document of the charity is the Memorandum and Articles of Association establishing the company under Company legislation. There are no reslriclions in the goveming documgnls on the operation of the charity or on ils investment powers other than thos8 imposed by Charlty Law. By operation of law, all Iruslees are directors under the Companios Act 2006 and all directors a trustees under Charities legislation and have responsibilities, as such. under both company and charity legislation. The trustees are all individuals. The trustees, who are also the directors for the purpose of company law, and who s8Ned during the ygar and up tr) the date of signature of the financial statements were-. Dr M J Federfci MrA J Watson PPRSA Mr D R R Graham WS Mr E Schneider Mr R J F McDowell Ms T ANewman Professor R Demarco CBE Organl$atlonal structuré As sel out in the Articlès of Asso¢iatlon, the Directors as members of the company havè Ihg power al any time to appoint any Members of the Company lo be a Director, oilher lo fill a casual vacancy or as an addition to the existing DiTrclors but so that the total numbgr at any lime shall not be less that four nor more than enty four. The Directors a responsiblè for the administration and financial affairs of the Charity. The trustees, report was approved by the Board of Trustees. Mr D R R Graham WS Trustse Date..
THE RICHARD DEMARCO FOUNDATION STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 30 SEPTEMBER 2025 The Charills Trusteas are responsible for the preparation of the accounts In accordance with the Companies Act 2006, the Charib'e$ and the Trustee Investment {Scolland) Aet 2005 and The Charities and Ac¢ounls Iscolland) Regulations 2006 las amended.) In particular, the Companies A¢t 2006 and the charity law require that the Board of Trustees prepare financial slalements for each financial year which give a true and fair value of the slate of affairs of the Charity as al the end of the financ¢al year and of the surplus or deficit of the Charity. In preparing these financial sL7tements, the trustees are required to.. - to prepare the *Cnts in accordance wlh UK Generally Accepted Accounting Practice, UK Accounting Standards and applicable law To select suitable accounllng policies and apply them consistently To make judgemenls and estimates that are reasonable and prudent To prepare the financial slalemenls on the going concern basis unless it is inappropHate to presume that the ¢harity will continue in business To slate whether applicable accounting stanttards and statements of recommende(I pracbse have been followed, subject lo any material departures disclosed and explained in the financial slalements The law requires that the Trustees must not approve the accounts unless they are satisfied that they give a true and fair view of the slate of affairs of the charity and of the surplus and deficit of the charity for the year. The trustees are also responsible for maintaining sufficient aadequate accounting records which disclose with reasonable accuracy al any time the financial position of the charity and which are sufficient lo show and explain the charity's transactions and enable them lo ensure that the financial statements comply with the Companies Act 2006 and comply with regulations made under the Charities Ad. They are also responsible for safeguarding the assets of the ¢harity and hence lor tsking rèasonable steps for the prevention and detection of fraud and other irfftgularities. The trustee8 are also responsible for the contents of the Trustees. Report, and the statutory responsibility of the Independgnl Examiner in relation lo the Trustees, Report is limited lo examining the ieport and ensuring that, on the face of the Report, there are no material inconsistencies with the figures disclosecl in the financial slalemenls.
THE RICHARD DEMARCO FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE RICHARD DEMARCO FOUNDATION I report lo the Iruslees on my examination of the finanaal statements of The Richard Demarco Foundation (the ch8rity} for the year ended 30 September 2025. Responslbillties and basls of report AS the trustees of the charity {and also Ils dIreOrS for the purposes of company lawl, you are responsible for the preparation of the financlal statements in accordan with the requirements of the Companies Act 2006. Having 8alisfied myself that the financial stslements of the charity are not required lo be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my exsminalion of the charity's financial stslemenls carried out under section 145 of the ChariliesAd 2011. In carrying out my examination I have followed the Directlons given by the Charity Commission under section 145{5){b) of the ChariliesAct 2011. Indgpondent examinerfs statgment I have Completed my examination. I confirm that no matters have Come to my attention in connection with the examlnation giving me cause to believe that in any material respect.. accounting records were not kept in respect of the charity as required by section 386 of the Companies Act 2006. the financial statements do not accord with those records.. or the finaneial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial ststernents give a true and fair view, which is not a matter considered as part of an independent examination., or the financial slalements have not been prepared in accordanTr with the methods and principles of the Statement of Recomrnended Practice for accounting and reporting by tharities applicable to charities preparing their financial slalemenls in accordance with the Fin8ncial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no concerns and havè Gome across no other matters in connedion with the examination lo which attention should be drawn In this report in grdei to enable a proper understsnding of the financial statements to be reached. Facts and Flgure$ (Scotlandl Llmited 13 Rurfand Slre@I Edinburgh EH1 2AE Dale.. /.&/L
THE RICHARD DEMARCO FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2025 Unrestrlctsd Restricted funds funds 2025 2025 Total Unrestricted RgStrtctod funds lunds 2024 2024 Total 2026 Notes 2024 Income from: Donations and legacies Investrnenls 39,151 2,863 1,923 41,074 2,863 15,225 439 84,610 99,835 439 Totsl In¢ome 42,014 1,923 43,937 15,664 84.610 100,274 Expendtture on: Raising funds Charitsble activities 125 125 8,229 8,229 2,522 2,522 5,148 5,148 Total èxpendlturo 8,229 125 8,354 5,148 2,522 7,870 Net Income and movement In funds 33,785 1,798 35.583 10,516 82,088 92.604 Reconcillation of funds: Fund balances at 1 October 2024 143,829 94,906 238,735 133,313 12,818 146,131 Fund balances at 30 September 202S 177,614 96.704 274,318 143,829 94,906 238,735 The statement Of financial activities incfudes all gains and losses recognised in the year. All income and expenditure derive from continuing activrties.
THE RICHARD DEMARCO FOUNDATION BALANCE SHEET ASAT 30 SEPTEMBER 2025 2025 2024 Fixed assets Investments 12 145,700 14S,700 Current assets Cash at bank and in hand 130,998 94,035 Crgdltors: amounts falllng duo wlthln ono year 13 12,2801 1900) Nèt current assets 128,718 93,135 Total as$et$ less current liabilitts 274,418 238,835 Creditors.. amounts fallin9 du• after more than one year 14 (1001 {too} Net assats 274,318 238,735 Tho fund$ of th• charfty Reslri¢ted income funds Unrestricted funds 15 16 96,704 177.614 94.906 143,829 274,318 238.735 The company Is enlilled to the exemption from the audit requirement contained in section 477 of Ihg Companies Act 2006. for the year onded 30 septeMr 2025. The directors acknowledge their responsibilities for ¢omplying with the requirements of the Companies Act 2006 with respect lo accounting records and the preparation of financial statements. The members have not qUired the company lo obtsin an audit of Its financial statements for the year in question in accordance with section 476. Theso financial ststemènls havg been prepared in accordance wlh the provisions applicable to ccynpanies subject to the small companies regime. glg,12 The financK?I statements were approvgd by the trustees on ........ MrDR Trusts9 Graham WS Company regislrafion number SC044855 IScotland}
THE RICHARD DEMARCO FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 Accounting pollcles Charlty infomiatlon The Richard Demarco Foundation is a private company limited by guarantee incorporated in Scolland. The registered office S Stroma, Wellbank, Beauly, Invemgss, IV4 7EX. 1.1 A¢countlng Convention The fi'nancial statements have been prepared in accordance wth the charity's Memorandum and ArtiCS of Associations, the Charities and Trustee Investment Iscolland) Act 2005, the Charities Aecounls Iscotlandl Regulations 2006 las amended), FRS 102 'The Financial Reporting StanLlard applicable in the UK and Republic of Ireland" l°FRS 102.1 and the Charities SORP 'Accounling and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021" (effective 1 January 20191. Tho charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of Ihg provisions in the SORP for charfties not lo prepare a Statement of Cash Flows. The financial statements are prepared in 8lerling, which is the functional currency of the charity. ML)netary amounts in these financial slalements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention.The principal aOUntIng poliues adopted aro sel out below. 1.2 Golng concern Al the time of approving th¢ financial stslemenls, the trustees have a reasonable expectation that the charity has adequate resourcfrs lo continue in operational e$tence ftsr the fose&able future. Thus the tru8tees continue lo adopt the going concem basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted fvnds are availablg for use at the discretion of the trustees in fvrtherance of their charttable objectives. Restricted funds are subject to spe¢ific Conditions by donors or grantors as lo how they may be used. The purposes and uses of th@ strIcted funds are sel out in the notes to the financial statement8. There are no endowment funds. 1A Income Incorne is recognised when the chaiity is legally ents'tled lo il after any pertomi8n¢e condib'on8 have been met. the amounts can be measured reliably, and it18 probable that income will be received. C&sh donations are recognised on receipt. Other donations are recognised once the charity has been nokn'fied of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation lo donations reiVed under Gift Ald or deeds of covenant is recognised at Ihg time of the donation. Lega¢ies are re¢ognised on receipt or oth8rMse if the charity has been notified of an impending dislribulion, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a conlingenl asset. Grants from govemmenl and olh8r organisalions are included 8$ income from charitable activities when they are iecgived.
THE RICHARD DEMARCO FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 Accountlng pollcios {Contlnuedl 1.5 Expendlturg Expenditure is recognised once there is a legal or constructive obllgation to transfer economic benefrt lo a third paty, it is probable that a transfer of economic benefits wll be required in settlement, and the amount of the obligation can be measured reliably. Expgndilure 1$ classified by activity. The costs of each activity are made up of the total of d1ct costs and shared costs, in¢luding support costs involved in undertaking each activlty. Direct costs attributable lo a single activity are allocated directly to that activity. Shared costs which contribute lo more than on¢ activity and support costs which are not attributable to a single activity are apportioned between those a¢tivilie$ on a basis consislenl with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use. The Costs of raising funds con81St of agent fees for Gift Aid claim. 1.6 Flxed asset Investments Fixed assol investments are initially measurèd al Iransa¢tron price excluding transaction costs, and are subsequently measured al fair value at each reporting dale. Changes in fair value are recognised in nel inc£)mel{expendilurel for the year. Transath'on costs are expensed as incurred. 1.7 Cash and cash equivalents Cash and eash equivalent8 indude cash in hand, dep0811s held at ¢all wtth banks, other ShOrt-te liquid investments with original malurilies of three months or less, and bank overdrafts. Bank overdrafts are shown within boriowings in current liabililios. Basic flnancial assèts Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction pri Induding InsactIon costs and are subsequently carried al amortisect cost using the effective interest method unless the arrangement constilules a financing Iransaclion, where the transaction is measured at the present value of the future receipts discounted at a market ral8 of interest. Financial assets lassified as receivable wsthin one year are not amortised. Basic finaneiTal Ilabilitles Basic finanaal liabilities, including creditors and bank loans are initially recognisod at transaction pri unless the arrangement constitutès a financing transaction. wh&re the debt instrument is measured al the present value of the future payments discounted al a market rate of interest. Financial liabilities classified as payable within one ye8r are not amortised. Debt instruments are sUbSequenY carried at amortised ¢osl, using the effedive interest rale method. Trade creditors are obligations lo pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-currenl liabilities. Trade creditors are recognised initially al transaction price and subsequer¢Uy measured at amortised cost using the effective interest method. Derecognition of financial Ilabilitles Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 1.8 Employee beneflts The cost of any unused hollday entitlement is recognise(l in the period in which the employee's services are received. Termination benefits are reeognised immediately as an expense whon the charity is demonstrably committed to lerminale the employment of an employee or lo provide termination benefrts.
THE RICHARD DEMARCO FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 Accountlng poll¢l•s (Contlnuedl 1.9 Wlnding up or dis$olutSon of the charlty If upon winding up oi dissolution of the charity there remain any assets, after the satisfactlon of all debts and liabilities. the assets represented by the aUmulated fund shall be transferred to some other eharilable body or bodies having similar objects ID the charity. eritlcal a¢countlng estimatss and Judgements In the application of the charity's accounting policie$, the trustees are require(I to make judgements, eslimales and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experien and other factors that are considered lo be relevant. Actual results may diffgr from these eslimales. The eslimatos and underfying assumptions are reviewed on an ongoing basis. Revision8 to accounting estimates are recognised in the period in which the estimate is revised where the revision affeds only that period, or in the period of the revislon and future periods where the revision affects both current and future periods. Income from donatlons and lggacles Unrestrictèd Rgstrlcted funds fund$ 2025 2025 Total Unrestrlcted Restricted fund$ fund$ 2024 2024 Total 2026 2024 Donations and glfts Legacies Other 39,151 1,923 41,074 5.225 3,777 80,833 9,002 60,833 10,000 10,000 39,151 1,923 41,074 15,225 84,610 99.835 Donatlons and gifts Other 39,151 1,923 41,074 5,225 9,002 39,151 1,923 41,074 5,225 3,777 9,002 Grants Income from Investments Unrestrictod Unrestricted funds funds 2025 2024 Interest receivable 2,883 439 10-
THE RICHARD DEMARCO FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 Exponditure on ralslng funds Restrlcted funds 2026 Restrl¢ted funds 2024 Fundraising and publlclty Fundraising agents Support costs 125 214 2.308 125 2,522 ExpondSturn on charitable actlvttFes Charitable actlvlties 2025 Charltable actlvltles 2024 Dlrect costs Share of support and governancg costs (see note 71 Support Govemance 5,863 2,386 4,155 993 8,229 5.148 Analysls by fund Unreslricled funds 8,229 5,148 Support Gosts alloeated to actlvltles 202$ 2024 Rale8 and water charges 5,731 6,402 Po$tag@ Governance costs 125 2.366 61 993 8,229 7,456 Analysed between: Fundraising Charitable activities 2,308 5.148 8,229 8,229 7,456 71
THE RICHARD DEMARCO FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 Support costs allocatgd to actfvfths (Contlnuedl Governance ci>sts ¢ornprlse: 2025 2024 Independerrt Examiner fee Legal and profes81onal 1,380 900 93 993 Net movement In funds 2026 2024 The net movement in funds is slated after chargingllcrediting}'. Fees payable for the independent examination of the charitys financial statements 1,380 900 Thistfjes None of the trustees {or any persons cor¢necled wl£h them) recelved any remuneration or benefrts from the charity during the year. 10 Employees The average monthly number of employees during the year was.. 2025 Number 2024 Number Total There were no employees whos8 annu81 remuneration was more than £60,000. Remuneratlon of key management personnel The remuneration of key management personnel was Nil (2023.. Nill. 11 Taxallon The charity is exempl from taxation on its activities becaLt8e all its in¢ome is applled for challlable purpose& 12-
THE RICHARD DEMARCO FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 12 Flxgd asset investments Artwork Cost or valuatlon At 1 October 2024 & 30 September 2025 145,700 Carrylng amount AI 30 September 2025 145,700 AI 30 September 2024 145,700 13 Crgdltors: amounts falling dufr withln one year 2025 2024 Accruals and deferred income 2,280 900 14 Credltors: amounts falling due after more than one year 2025 2024 Other creditors 100 100 16 Restrlcted funds The resttted funds of the charity eomprise the unexpended balances of donations and gr8nts held on trust subject to specific conditions by donors as lo how they may be used. At 1 October 2024 Incomlng resources Resources expended At30 September 2025 Donations individualty less than £1,000 Creative Scotland Legacies 12,173 1,900 80,833 1.923 11251 13,971 1,900 80,833 94,906 1.923 {1251 96,704 13-
THE RICHARD DEMARCO FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 16 Restrlcted funds Icontlnugd) Prevlous year. At 1 October 2023 Incomlng Re$ovrces At30 re$ources expended September 2024 Donations individualiy fess than £1,000 Creative Scotland Rates Donation Legacies 10,918 1,900 1,469 12141 12.173 1,900 2,308 80,833 {2,3081 80,833 12,818 84,610 12,522} 94,906 16 Unrestrictsd funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are nol subjeel lo specific conditions by donors and grantors as lo how they may be used. These indude designated funds which have been sel a&de out of unreslricled funds by the trustees for specific purposes. At 1 October 2024 Incomlng resources Resources expended At30 September 2025 General funds 143,829 42,014 (8,229) 177,614 Previous yèar: At 1 October 2023 Incoming Resourc9$ At30 r•sourco$ expended September 2024 General funds 133,313 15,664 15,1481 143,829 17 Anatysis of n9t ass•t$ between funds Unrostrleted funds 2026 Restricted funds 2025 Totsl 2025 At 30 September 2025: Investments Current asselsllliabilitiesl Long term liabilitie8 145,700 32,014 (1001 145,700 128,718 {1001 96,704 177,614 96.704 274,318 14-
THE RICHARD DEMARCO FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 17 Analysls of net ag$•ts b&tWgen funds (Contlnuedl Unrestriclod funds 2024 Restrlcted funds 2024 Total 2024 At 30 September 2024: Investments Current assels/lliabiliti8sI Long term liabilities 145,700 {7,7711 11001 145,700 93,135 1100) 94,906 143.829 94,906 238,735 18 Related party transa¢tlons There were no discjosable related party Iransadions during tho year {2024- none). 15-