**Company registration number SC073972** ## **PERTH FESTIVAL OF THE ARTS LIMITED** **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025** ## **PERTH FESTIVAL OF THE ARTS LIMITED** ## **LEGAL AND ADMINISTRATIVE INFORMATION** |**Executive Committee**|Craig Scrimgeour (Chairman)|| |---|---|---| ||C L Dennis|| ||H M Goring|| ||J Walsh|| ||D Illingworth|| ||W J H Elles|| ||M J Copland|| ||C Nicoll|| ||K D Harvey|| ||W G E Millar|(Appointed 16 July 2025)| |**Charity number (Scotland)**|SC010226|| |**Company number**|SC073972|| |**Registered office**|32 King Street|| ||Perth|| ||Scotland|| ||PH2 8JB|| |**Independent examiner**|Neil Morrison CA|| ||Azets Audit Services|| ||5 Whitefriars Crescent|| ||Perth|| ||United Kingdom|| ||PH2 0PA|| |**Bankers**|Bank of Scotland|| ||10-16 King Edward Street|| ||Perth|| ||PH1 5UT|| ## **PERTH FESTIVAL OF THE ARTS LIMITED** ## **CONTENTS** ||**Page**| |---|---| |Executive Committee report|1 - 4| |Independent examiner's report|5| |Statement of financial activities|6| |Balance sheet|7| |Notes to the financial statements|8 - 16| ## **PERTH FESTIVAL OF THE ARTS LIMITED** ## **EXECUTIVE COMMITTEE REPORT (INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 31 OCTOBER 2025**_ The Executive Committee present their annual report and financial statements for the year ended 31 October 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Memorandum and Articles of Association, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). ## **Objectives and activities** The charity’s primary objective is to promote and encourage the Arts in all their forms. The principal activity is the organisation, promotion and delivery of a Festival which traditionally takes places in the second half of May each year. The programme is planned to attempt to cater for as broad a variety of tastes and age ranges as possible. This year’s programme included opera, popular music, classical concerts and recitals, events for children and families, talks and an art exhibition. The venues used by the company are primarily Perth Concert Hall, Perth Theatre and St John’s Kirk with other churches and venues engaged as required. The Festival not only promotes these venues but also the City of Perth as a whole and attracts audiences from across Perth & Kinross, nationally and to a lesser extent, internationally. The Festival also aims to nurture experiences for young people in the expressive arts and to support young adult performers in early stages of their careers. ## **Achievements and performance** The charity met its artistic objectives by delivering a Festival in May 2025 - a vibrant celebration of the visual and performing arts connecting leading artists with the rich cultural life of Perth. A high-quality programme featuring 57 events, concerts, exhibitions and schools’ workshops ran over 11 days to celebrate the 53[rd] Festival. Over 14,500 audience members and 1,000 artists of all ages participated. 95% enjoyed the events they attended and 92% had the opportunity to see artists they wouldn’t otherwise see. Our programme spanned venues and outdoor spaces around the city, offering platforms for emerging talent and local acts, innovative productions and major artists. The Festival saw 10% growth in our free audience through the development of our community stages which celebrated local acts and offered free and accessible arts experiences to the community. ## **Bringing Major and International Artists to Perth** Headlining this year’s Festival and performing to a near-sell-out crowd, was the legend of British comedy, Sir Lenny Henry who chose the Festival to mark his return to stand-up after ten years. We were further delighted to welcome an icon of stage and screen Sir Derek Jacobi to Perth Theatre for an intimate evening of conversation about Derek’s life. On an international front, one of the leading orchestras in the Asia-Pacific region, the Philippine Philharmonic Orchestra brought a joyful concert of popular orchestral classics, performing to a busy Concert Hall. The Festival was the orchestra’s only Scottish date in their 2025 UK tour. ## **Innovative Productions** Our Festival partnership with Scotland’s touring theatre company Opera Bohemia saw the delivery of one of our most heart-rending and memorable operas of all time. Puccini’s one-act opera _Suor Angelica_ was performed in the stunning setting of St Ninian’s Cathedral which was transformed to host the occasion. The production was critically acclaimed, enjoying 4-stars in The Herald, and received rave reviews from audiences. Developing our ‘Scotland Trending’ brand, which supports emerging artists in Scotland, the Festival launched a brand new multi-arts event _Scotland Trending Words_ - Poems from Perth Art Gallery. Hosted by Perthshire poet Jim MacIntosh, and made possible with support from the National Lottery through Creative Scotland, the event took audiences on a promenade of Perth Art Gallery, presenting live spoken word written by five exciting new voices in poetry in Scotland, and accompanied by some of Scotland’s top folk musicians. Mike Lovatt’s Brass Pack performed a spectacular closing concert celebrating an evening of music from movies and musicals, arranged for their unique big band sound and performed with guest soloist, West End star, Anna-Jane Casey. Thirty young brass players and percussionists from across Perth & Kinross enjoyed a day rehearsing and learning with the professionals before joining them on stage during the concert. The project was enabled through a Crowdfunding Appeal. 100% of young people reported the development of performance skills and musicianship through the opportunity and 75% reported a boost to their self-confidence. - 1 - ## **PERTH FESTIVAL OF THE ARTS LIMITED** ## **EXECUTIVE COMMITTEE REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 OCTOBER 2025**_ ## **Celebrating the Visual Arts** By popular demand, our tented exhibition of contemporary Scottish art – ArTay, in partnership with Lindsays Solicitors – returned to the city centre and ran over four days in Perth Concert Hall plaza, attracting a crowd of 3,000. Curated by Frames Gallery, the exhibition featured over 300 works of art by 90 established and emerging visual artists in Scotland and generated record sales for artists. Following the success of last year’s inaugural Festival photographic exhibition, Perthshire Photographic Society brought a stunning and growing showcase of members’ photographs which reached 1,800 visitors throughout the Festival run. The exhibition in St John’s Shopping Centre celebrated landscapes, portraits, still life, night life and more, with a live photographic portrait session taking place on site to further engage visitors. ## **Promoting up-and-coming artists** Through our partnership with the Royal Conservatoire of Scotland, our longstanding ‘Music on a Saturday Morning’ series showcased two outstanding graduate classical accordionists, Sofia Ros and Melia Simonot. The talented musicians impressed audiences with their virtuosic techniques and arrangements for solo accordion. Our one-day mini-festival on 7 June - Scotland Trending - supported by the National Lottery through Creative Scotland - returned to showcase the best emerging singer-songwriters and bands in the country. With music ranging from trad fusion band Dlù to local singer/writer Blair Davie, the live music programme showcased diverse artists and introduced over 300 audience members to the ‘ones to watch’ for the future. Our Perth UHI Showcase returned to the city centre, featuring a pop-up stage for students on the Popular Music Degree course. Student solo artists and collaborations showcased their music, including both original work and covers, and reached hundreds of visitors in the city. ## **Community Impact** Festival regulars Children’s Classic Concerts (CCC) returned to provide two sell-out concerts of _Peter and the Wolf_ , which introduced children to the joy of classical music and instruments of the orchestra. We partnered with CCC to run music workshops in local primary schools reaching over 300 young people across all areas of Perth & Kinross. Over 600 school children enjoyed creative writing talks from best-selling children’s author Abi Elphinstone. 80% of young people reported being more interested in writing their own stories and reading their own books after the talk. Our new community stages ran on Saturdays during the Festival, offering a wide programme of free concerts around the city featuring local performers of all ages. From JGN Dance Attic and Fair City Singers to Jambouree Choir and festival regulars Perthshire Brass, the stages reached over 1,400 audience members including many families. A Carillon Concert on the bells of St John’s Kirk celebrated the opening week of the Festival and was an exciting addition to the programme. In addition to our masterclasses and the chance to attend open rehearsals and festival concerts for free, young musicians enjoyed a performance platform in our Schools Lunchtime Concert Series. Across seven concerts, 387 young musicians performed to large and appreciative audiences. 52% reported increased self-confidence and 78% enjoyed working collaboratively with their peers. ## **Reducing Barriers to Accessing the Arts** Through our partnerships with local mental wellbeing and Carer charities, we supported 241 adults who face barriers to the arts to experience festival shows for free and with support in groups or with their families. Key benefits included respite from caring roles, increased social connections and enhanced wellbeing. ## **Creative Futures Event** A new development in 2025 was our delivery of a large Creative Arts Industry Event for 150 S4-S6 pupils in Perth & Kinross. The event in St John’s RC Academy was developed in partnership with young people from Kinross High School, delivered with the Developing the Young Workforce Team and made possible through the support of The Gannochy Trust Youth Panel Fund. Participants had the opportunity to meet artists working across the industry, from actors and musicians to graphic designers and film-makers. We aimed to increase young people’s awareness of the breadth of roles and pathways into Creative Arts careers. By the end of the event, 85% of young people reported feeling confident in preparing for a Creative Arts career and 79% felt they now had good awareness of roles. - 2 - ## **PERTH FESTIVAL OF THE ARTS LIMITED** ## **EXECUTIVE COMMITTEE REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 OCTOBER 2025**_ ## **Financial review** Results for the year ended 31 October 2025 are given in the Statement of Financial Activities on page 6. The assets and liabilities are detailed in the Balance Sheet on page 7. The Statement of Financial Activities shows a net outflow of funds for the year of £6,610 (2024 - net outflow - £33,231). This added to the funds brought forward gives fund balances to carry forward of £87,582 (2024 - £94,192), £47,538 of which is included within restricted funds (2024 - £49,539), £nil is included within designated funds (2024- £nil) and £40,044 is included within unrestricted funds (2024 - £44,653). ## **Reserves policy** Unrestricted funds of £40,044 (2024 - £44,653) were held at the year end. The Executive Committee has considered the appropriate level of reserves to be held and are of the view that the aggregate of the Restricted Legacy Funds (£38,425) and the Restricted Funds from The Gannochy Trust (£9,113) are more than adequate for the purposes of the Charity. This is because the provisions of the Restricted Funds allow them to be made available to the Executive Committee in the event of a deficit being reported in a financial year. As such, the low level of unrestricted reserves is not considered problematic. The annual budget is carefully prepared by the Financial Director; considered and approved by the Executive Committee and is constantly revised as the events for the Festival are agreed upon. The Restricted Funds are placed with the Charities Division of Brewin Dolphin of Atria One, 144 Morrison Street, Edinburgh (an authorised and regulated firm for the purposes of financial services) for investment management on a discretionary basis and the charitable company receives reports on a quarterly basis from Brewin Dolphin. These reports are reviewed by the Finance Director and the Chairman who then report to the Executive Committee. ## **Risks and uncertainities identified** The Executive Committee members have assessed the major risks to which the Chairtable Company is exposed. The primary risk is that ticket income may not come up to expectation. In setting the budget the Executive Committee take a careful view based on past experiences of anticipated ticket sales. Further, the Executive Committee do not sign off on most of the artists contracts until they are satisfied that appropriate funding is in place. ## **Structure, governance and management** The charity is a company limited by guarantee with charitable status and without a share capital. The company is governed by the Memorandum and Articles of Association. The Executive Committee, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were: Craig Scrimgeour (Chairman) C L Dennis H M Goring J Walsh D Illingworth W J H Elles M J Copland C Nicoll K D Harvey W G E Millar (Appointed 16 July 2025) None of the Executive Committee has any beneficial interest in the company. All of the Executive Committee are members of the company and guarantee to contribute £1 in the event of a winding up. - 3 - PERTH FESTIVAL OF THE ARTS LIMITED EXECLrrivE COMMirrEE REPORT (INCLUDING DIRECTORS. REPORTI (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025 Quallfylng thlrd party Indemnlty pfovisiom The chwtty mointains insurance pJlic4es C￿ behaw of 811 the dire¢kns agalnGt liabllty arfslw from n￿1190￿. breach of duty and breach oftrusl in rel￿10n to th8 charty. Th& Execulive Committeè is resporisblé eollèciivdy for the decis￿ maklrKJ ol the company. The ccfflmlttee Is reS￿sI￿e for 8pwntl￿ n84V mombws and ensuring that are fulEy aware of th￿r rospon5ibilitie5 as members. The ExKutive Committee rgport was apprnvod ty the Board of Ex￿jtiye Committee. Craig Scrimgeour (Ch￿rman> Executive C¢mmltt•• M•mb•r WJ H Elles Executiv• Comrnlttee Member 12 May 2026 PERTH FESTIVAL OF THE ARTS LIMITED INDEPENDENT EXAMINER'S REPORT TO THE EXECUTIVE COMMITTEE OF PERTH FESTIVAL OF THE ARTS LIMITED I report on Ihg finanaal $latements of Ihe chanty for the year ended 31 October 2025. whKh are sel out on pagè$ 81016. R•$p•etiv• resp0nslblllt1￿ of Ex•cutlv• Commltt8• and •xamln•r The charity's Executive Commrtlee, who are also the difeclo¥s of Perth Fe￿IVal of the Arts Limited for the purposes of company law, are responsib￿ lor the preparation of the financial stslements in accordance with the tèms of the Charities and Tnjstee Inve51rnenls (Scotlandl Act 2CX)S and the Charities Accounts IS¢otlandl Regulations 2006. The Execulive Committee consider that thè audrt rèquirement ol RegUlat￿n 1011llal lo lel ol Ihe 2006 A¢¢ounts R89ulations does not awy. 11 is my re$pon$ikn"lrty to examine the financAal slalemenls as required under se¢lion 441111¢) ol the Act and to state whelher part￿ular matters have come lo my atlention. B••18 ol Ind•p•nd•nt •xamln•rfs st•t•m*nt My examination was camed out in accordance with Regulat￿ 11 of tho Ch•riti•s A¢counls (Scollandl Règulations 20(￿ las amended). An examination indudes a rewew ol the arLounting records kept by Ihe charrty at)d a comparison ol the account5 Pfesenttd with those r•cords. It also includes consideration of any unusual items or di$dosur&s in the accounts. and seeking explanabons from you as trustees concerning any such matters. The pro¢edures undertaken do r￿t pro¥￿e am Ihe &vthn¢8 that woukl bo required in an audrt. and cL*n5equently I do nol express an audit opIn￿n on Ihe view given by th& axout)ts. Ind•p•nd•nt •x•mln•rf8 •tst•ffl•nt Your altention 15 drawn to the 18¢¢ that Ihe ¢hanty has p￿Pared finanual s18lemenl$ In a¢cordance with A￿oUntIng and reporting by Gharil*S pr&parin9 thgir accounls in accordance wrth the Finanoal Reporting Standard applicable in the UK and Republi¢ of Ireland IFRS 1021 In prelerence to the Accounting and Reporting by Chariti¢$.' Stat8m•nt of Recommended Pradice issu￿ on 1 ￿.1 2005 whth is ￿ferred lo In the oxtanl regulations bul has now b￿n wilhdrawn. l understand lttal this has been done in order for the finarK>al statements to provkle a tru9 and fair wew in accordance wrth Generalty Accepled A¢countsng PractKe ellectNe lor reporting penod$ beginnin9 on or after 1 January 2015. In conneclion wrth my •xamination. no matter has ¢ome lo my attention.. lal which gives me reasonable ￿￿Se lo believe Ihai in any material resF*Ct the reqUi￿￿nIS.. 111 lo keep accounling fe¢ords in acLordance wlh Sècl￿1n 44111 lal of Ihg 2005 Act and Regulation 4 of the 2006 Accounts Regulations". and lill lo prepar* financial stst8ments whKh accord wrth reths and cnmply with Regu￿110￿ B tsf the 2006 A¢¢ounl$ R•gulat¢ons', have not b•en mel or Ibl to which. in my opinion, •ttonlion ShO￿d be drawn in ordef to enable a Proper understanding of Ihe financAal slaleffl￿tS lo be Teached. N*il Morrison CA A2ets Audit Services 5 Whrtefriars Ciescenl Perth PH2 OPA United King(ky Dated.. loLE ## **PERTH FESTIVAL OF THE ARTS LIMITED** ## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** _**FOR THE YEAR ENDED 31 OCTOBER 2025**_ |**Unrestricted**
**Restricted**
**funds**
**funds**
**2025**
**2025**
**Notes**
**£**
**£**
**Income from:**
Donations and legacies
**3**
173,072
-
Charitable activities
**4**
82,907
-
Investments
**5**
2,848
-
**Total income**
258,827
-
**Expenditure on:**
Raising funds
**6**
1,200
-
Charitable activities
**7**
272,236
-
**Total expenditure**
273,436
-
Net gains/(losses) on
investments
**12**
-
7,999
**Net (outgoing)/incoming**
**resources before transfers**
(14,609)
7,999
Gross transfers between
funds
10,000
(10,000)
**Net movement in funds**
(4,609)
(2,001)
Fund balances at 1 November
2024
44,653
49,539
**Fund balances at 31 October**
**2025**
40,044
47,538|**Total Unrestricted**
**Restricted**
**funds**
**funds**
**2025**
**2024**
**2024**
**£**
**£**
**£**
173,072
146,280
-
82,907
95,454
-
2,848
3,406
-
258,827
245,140
-
1,200
1,200
-
272,236
290,376
-
273,436
291,576
-
7,999
-
13,205
(6,610)
(46,436)
13,205
-
40,000
(40,000)
(6,610)
(6,436)
(26,795)
94,192
51,089
76,334
87,582
44,653
49,539|**Total**
**2024**
**£**
146,280
95,454
3,406
245,140
1,200
290,376
291,576
13,205
(33,231)
-
(33,231)
127,423
94,192| |---|---|---| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006. - 6 - PERTH FESTIVAL OF THE ARTS LIMITED BALANCE SHEET AS AT31 OCTOBER 2025 202S 2024 Flxed a￿fjts Investrn￿*S 14 80,48S 85.941 Curnnt assets Debtors Cash al bank in h￿1 15 249 102.804 14,183 103,053 14,183 Crnditorn: amounts falling duè Tmlthin ¢)nè year 16 I95.￿) (5,932) Not wrr•nt a$sot$ 7,097 8,251 Total as¥•ts les* current Ilabllltl•s 87,582 94,1Y2 Th• lunds of th• ¢h4dty Restricted income fund5 Unr8$tri¢led funds 18 19 47,538 49,539 44,653 87.582 94,1¥2 The compary is entiued to the exemW fr￿n ts a￿lIt rewrement c￿nt￿n￿l in saction 477 ofthe Compani88 Act 21Xe. fpr th¢ ygar eTraed 31 Octobgr 2￿25. The diroctors acknc￿*Igo th￿r resFonsibilitias for Com$￿y)￿a the reqJirem8nts of thè Companies Act 2C wth respoct to acc￿nIng records ar#J tho preparalim of Iw￿r*I81 statements. The members hav• rkit r•qur¢d th• ex￿panY to ¢￿tan ￿ awjit of its financi￿ slatern￿ for ts year in in ace4xdance with $￿ttOn 476. Th￿ statements have been prep¥ed in wirdarKe with ts pwvisions appli¢at4e to C3Jmparies ￿*Ject to the small companies regime. The financial statem8nts were approved by the Exerjjive C￿lm￿leS on 12 May 20 Craig ScFimgeow (Chairnan) Executlve Commltt8e Memb•r WJ H Elles Company registraion mmber SC073972 Iscotsnd) **PERTH FESTIVAL OF THE ARTS LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 OCTOBER 2025**_ ## **1 Accounting policies** ## **Charity information** Perth Festival of the Arts Limited is a private company limited by guarantee incorporated in Scotland. The registered office is 32 King Street, Perth, PH2 8JB, Scotland. ## **1.1 Accounting convention** The financial statements have been prepared in accordance with the charity's Memorandum and Articles of Association, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below. ## **1.2 Going concern** At the time of approving the financial statements, the Executive Committee have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Executive Committee continue to adopt the going concern basis of accounting in preparing the financial statements. ## **1.3 Charitable funds** Unrestricted funds are available for use at the discretion of the Executive Committee in furtherance of their charitable objectives. Designated funds comprise funds which have been set aside at the discretion of the Executive Committee for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. ## **1.4 Income** Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Grant income is recognised at fair value when the charitable company has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If the entitlement is not met then these amounts are deferred. - 8 - ## **PERTH FESTIVAL OF THE ARTS LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 OCTOBER 2025**_ ## **1 Accounting policies** ## **(Continued)** Income is deferred where entitlement falls in subsequent accounting periods. Ticket sales and trading income are recognised at the point of sale. Investment income, interest and gains or losses on disposal of investments are recognised on a cash basis; there is no material difference between this basis and the accruals method. Bank interest is included gross of income tax. Dividend income does not include tax credits. ## **1.5 Expenditure** All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category and include irrecoverable VAT. Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to the expenditure. Charitable expenditure is incurred in direct pursuance of the charitable company's principal objects as set out in the Executive Committee report. Charitable expenditure comprises costs incurred by the charitable company in the delivery of its activities, and includes costs that can be directly attributed to these activities and costs of an indirect nature that are necessary to support them. Governance costs comprise all costs involving public accountability of the charitable company and its complience with regulation and good practice. These costs include the independent examination fees. Expenditure on raising funds includes all expenditure incurred by the charitable company to raise funds for its charitable purposes. This includes costs incurred in relation to the management of the charitable company's investments and in relation to the charitable company's trading activities. ## **1.6 Fixed asset investments** Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred. ## **1.7 Cash and cash equivalents** Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. ## **1.8 Financial instruments** The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. ## _**Basic financial assets**_ Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. - 9 - **PERTH FESTIVAL OF THE ARTS LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 OCTOBER 2025**_ ## **1 Accounting policies** **(Continued)** ## _**Basic financial liabilities**_ Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. ## _**Derecognition of financial liabilities**_ Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled. ## **1.9 Employee benefits** The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. ## **2 Critical accounting estimates and judgements** In the application of the charity’s accounting policies, the Executive Committee are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. ## **3 Donations and legacies** ||**Unrestricted **|**Unrestricted**| |---|---|---| ||**funds**|**funds**| ||**2025**|**2024**| ||**£**|**£**| |Donations and gifts|173,072|146,280| ||173,072|146,280| - 10 - ## **PERTH FESTIVAL OF THE ARTS LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 OCTOBER 2025**_ |**3**
**Donations and legacies**
**Donations and gifts**
Creative Scotland
Thomson Charitable Trust
Friends of the Festival
Jimmie Cairncross Charitable Trust
The Northwood Charitable Trust
The Foyle Foundation
The Gannochy Trust
Other|**(Continued)**
16,200
-
12,000
9,000
3,321
3,072
6,000
6,000
6,000
6,000
-
14,000
94,525
75,000
35,026
33,208
173,072
146,280|**(Continued)**
16,200
-
12,000
9,000
3,321
3,072
6,000
6,000
6,000
6,000
-
14,000
94,525
75,000
35,026
33,208
173,072
146,280| |---|---|---| |||146,280| ## **4 Income from charitable activities** ||**Unrestricted**|**Unrestricted**| |---|---|---| ||**funds**|**funds**| ||**2025**|**2024**| ||**£**|**£**| |**Charitable activities**||| |Ticket Sales|77,582|89,854| |Corporate sponsorship|5,325|5,600| ||82,907|95,454| |**Income from investments**||| ||**Unrestricted**|**Unrestricted**| ||**funds**|**funds**| ||**2025**|**2024**| ||**£**|**£**| |Income from listed investments|2,299|2,331| |Interest receivable|549|1,075| ||2,848|3,406| **5 Income from investments** - 11 - ## **PERTH FESTIVAL OF THE ARTS LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 OCTOBER 2025**_ ## **6 Raising funds** ||**Unrestricted **|**Unrestricted**| |---|---|---| ||**funds**|**funds**| ||**2025**|**2024**| ||**£**|**£**| |Investment management|1,200|1,200| ||1,200|1,200| ## **7 Expenditure on charitable activities** ||**Unrestricted**|**Unrestricted**| |---|---|---| ||**funds**|**funds**| ||**2025**|**2024**| ||**£**|**£**| |**Direct costs**||| |Artists fees, expenses and other production costs|148,231|161,169| |Hall and theatre expenses|26,477|35,283| |Marketing, printing and stationery|30,298|28,083| |Insurances|3,016|2,967| |Miscellaneous expenses|4,100|5,918| |IT costs|1,437|1,283| |Donations|5,009|3,700| ||218,568|238,403| |**Share of support and governance costs (see note 8)**||| |Support|50,568|48,973| |Governance|3,100|3,000| ||272,236|290,376| |**Analysis by fund**||| |Unrestricted funds|272,236|290,376| ## **8 Support costs allocated to activities** ||**Support Costs**|**Governance**|**Total**|**Total**| |---|---|---|---|---| |||**Costs**||| ||**2025**|**2025**|**2025**|**2024**| ||**£**|**£**|**£**|**£**| |Festival administrator fees|50,568|-|50,568|48,973| |Independent examination fees|-|3,100|3,100|3,000| - 12 - ## **PERTH FESTIVAL OF THE ARTS LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 OCTOBER 2025**_ |**9**|**Net movement in funds**|**2025**|**2024**| |---|---|---|---| |||**£**|**£**| ||The net movement in funds is stated after charging/(crediting):||| ||Fees payable for the independent examination of the charity's financial||| ||statements|3,100|3,000| ## **10 Executive Committee** None of the Executive Committee (or any persons connected with them) received any remuneration or benefits from the charity during the year. One Committee Member was reimbursed £nil (2024 - £nil) of charitable expenditure paid on behalf of the charity. ## **11 Employees** There were no employees during the current or prior year. ## **12 Gains and losses on investments** ||**Restricted**|**Restricted**| |---|---|---| ||**funds**|**funds**| ||**2025**|**2024**| |Gains/(losses) arising on:|**£**|**£**| |Revaluation of investments|7,277|9,826| |Sale of investments|722|3,379| ||7,999|13,205| ## **13 Taxation** The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. - 13 - ## **PERTH FESTIVAL OF THE ARTS LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 OCTOBER 2025**_ ## **14 Fixed asset investments** |||**Listed**|**Listed**|**Cash in**|**Total**| |---|---|---|---|---|---| |||**investments**||**portfolio**|| ||||**£**|**£**|**£**| ||**Cost or valuation**||||| ||At 1 November 2024|85,030||911|85,941| ||Additions||9,675|-|9,675| ||Valuation changes||7,309|-|7,309| ||Other movements||-|(486)|(486)| ||Disposals|(21,954)||-|(21,954)| ||At 31 October 2025|80,060||425|80,485| ||**Carrying amount**||||| ||At 31 October 2025|80,060||425|80,485| ||At 31 October 2024|85,030||911|85,941| |**15**|**Debtors**||||| |||||**2025**|**2024**| ||**Amounts falling due within one year:**|||**£**|**£**| ||Prepayments and accrued income|||249|-| |**16**|**Creditors: amounts falling due within one year**||||| |||||**2025**|**2024**| |||**Notes**||**£**|**£**| ||Other taxation and social security|||2,676|1,435| ||Deferred income|**17**||90,000|2,000| ||Accruals|||3,280|2,497| |||||95,956|5,932| |**17**|**Deferred income**||||| |||||**2025**|**2024**| |||||**£**|**£**| ||Other deferred income|||90,000|2,000| ||Deferred income is included in the financial statements as follows:||||| |||||**2025**|**2024**| |||||**£**|**£**| ||Deferred income is included within:||||| ||Current liabilities|||90,000|2,000| ||Movements in the year:||||| - 14 - ## **PERTH FESTIVAL OF THE ARTS LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 OCTOBER 2025**_ |**17**
**Deferred income**
Deferred income at 1 November 2024
Released from previous periods
Resources deferred in the year
Deferred income at 31 October 2025|**(Continued)**
2,000
75,000
(2,000)
(75,000)
90,000
2,000
90,000
2,000| |---|---| ## **18 Restricted funds** The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used. ||**At 1**|**Transfers**|**Gains and**|
**At 31 October**|
**At 31 October**| |---|---|---|---|---|---| ||**November**||**losses**||**2025**| ||**2024**||||| ||**£**|**£**|**£**||**£**| |The Gannochy Trust|9,113|-|-||9,113| |Mrs M J Simpson legacy|40,426|(10,000)|7,999||38,425| ||49,539|(10,000)|7,999||47,538| |**Previous year:**|**At 1**|**Transfers**|**Gains and**|
**At 31 October**|| ||**November**||**losses**||**2024**| ||**2023**||||| ||**£**|**£**|**£**||**£**| |The Gannochy Trust|39,113|(30,000)|-||9,113| |Mrs M J Simpson legacy|37,221|(10,000)|13,205||40,426| ||76,334|(40,000)|13,205||49,539| The Gannochy Trust restricted fund is a specific reserve and is only to be used in the future in the event of a deficit. The legacy from Mrs M J Simpson is to be used for the running costs of the Festival up to a maximum of £10,000 per year and in certain circumstances to defray any deficit. - 15 - ## **PERTH FESTIVAL OF THE ARTS LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 OCTOBER 2025**_ ## **19 Unrestricted funds** The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. |**At 1**
**November**
**2024**
**Incoming**
**resources**
**Resources**
**expended**
**Transfers At 31**
**£**
**£**
**£**
**£**
General funds
44,653
258,827
(273,436)
10,000
**Previous year:**
**At 1**
**November**
**2023**
**Incoming**
**resources**
**Resources**
**expended**
**Transfers At 31**
**£**
**£**
**£**
**£**
General funds
51,089
245,140
(291,576)
40,000
**Analysis of net assets between funds**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2025**
**2025**
**£**
**£**
**At 31 October 2025:**
Investments
32,947
47,538
Current assets/(liabilities)
7,097
-
40,044
47,538
**Unrestricted**
**Restricted**
**funds**
**funds**
**2024**
**2024**
**£**
**£**
**At 31 October 2024:**
Investments
36,402
49,539
Current assets/(liabilities)
8,251
-
44,653
49,539|**October**
**2025**
**£**
40,044
**October**
**2024**
**£**
44,653
**Total**
**2025**
**£**
80,485
7,097
87,582
**Total**
**2024**
**£**
85,941
8,251
94,192| |---|---| ## **20 Analysis of net assets between funds** ## **21 Related party transactions** There were no disclosable related party transactions during the year (2024 - none). - 16 -