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¢kno￿￿dged.
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 I￿persOn 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 *C￿nts 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 dIre￿OrS 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 liabilit￿ts
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 septeM￿r 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 ArtiC￿S 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 a￿OUntIng
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￿$tence ftsr the fo￿se&able future. Thus the tru8tees
continue lo adopt the going concem basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted fvnds are availablg for use at the discretion of the trustees in fvrtherance of their charttable
objectives.
Restricted funds are subject to spe¢ific Conditions by donors or grantors as lo how they may be used. The
purposes and uses of th@ ￿strIcted funds are sel out in the notes to the financial statement8.
There are no endowment funds.
1A Income
Incorne is recognised when the chaiity is legally ents'tled lo il after any pertomi8n¢e condib'on8 have been met.
the amounts can be measured reliably, and it18 probable that income will be received.
C&sh donations are recognised on receipt. Other donations are recognised once the charity has been nokn'fied
of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in
relation lo donations re￿iVed under Gift Ald or deeds of covenant is recognised at Ihg time of the donation.
Lega¢ies are re¢ognised on receipt or oth8rMse if the charity has been notified of an impending dislribulion,
the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a
conlingenl asset.
Grants from govemmenl and olh8r organisalions are included 8$ 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 d1￿ct 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 I￿nsactIon 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 sUbSequen￿Y 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$olutSon of the charlty
If upon winding up oi dissolution of the charity there remain any assets, after the satisfactlon of all debts and
liabilities. the assets represented by the a￿Umulated fund shall be transferred to some other eharilable body
or bodies having similar objects ID the charity.
eritlcal a¢countlng estimatss and Judgements
In the application of the charity's accounting policie$, 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 rest￿tted 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-