tkjcuslgn Envekjpe ID." 037C6S45AB4JEl484I>1c63EZ346 Charity reglstrallon number SC016162 (Scotland)
Oocu$ign Envelope ID.. 037549-c93E1-aB4D-Ic3Ea63Ez34B LEGAL AND ADMINISTRATIVE INFORMATION Trustees (Apwinted 1 May 2024) {ApFointed 1 May 2024) {ApFointed 1 OGlobei 2024) (Appointed 19 February 202S) Charlty numb•r Iscotland) SC016162 Prfnelpal Addr••8 Independent examln•r Clalre Neumann BA{Hons) CA AAB Macfarlane Gray House Casllecxaig Buslness Park FK77
OV61gn E0p• ID.. 037)S4C5B43E1-8B4[lC3Ea63E234B CONTENTS Page Trustees, rewrt Independenl examinevs report Slaternenl of financial actlvities Balan sheet Noles lo the financial Jtaternents 10-25
DocuswJn Envdope Ity. 0371A54CSA3E1-8B4[lc3EwjE234B TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 The trustees present Ihelr annual report and flnandal statements for the year ended 31 March 2025. The financlal slalemenls have been prepaTed in accordance wllh the acUntIng policles set oul In nole 1 to the financial slalemenls and comply with th8 charilvs governin9 document, Ihe Charitl8s and Trustee Inveslmenl (Scotlandl Act 2005, the Charities Accounts (Scotland) Regulalions 2(M)6 {as amended) and "Accounling and Reporting by ChaTilies'. Statement of RernMended Practice applicable to charllles preparing their ac(x)un15 in acroTdance with Ihe Financaal Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). Objectlveg and activities The Stirling Smith Art Gallery & Museum C'Tha Smith,? was founded In 1874 with th8 b8quest and collection ol the artist Thomas Stuart Smith. Today, Ihe museum's colledion CCJnlains over 40.000 objects, artworks and photographs spannlng thousands of years ol hlslory from local archaeological Ilnds to 191haLEnlury European arL The Smith aims to bo a wortd class museum and art gallery ihat Ihe peopl& of Slirling can be proud of. Our purpose is lo promote the wlder knowledg8, appr8cialion, and enjoyment of the art of Thomas Stuart Smrth wilhin lh8 ttjntexl of the nineteenth cnlury and to preserve and enhan our building and collection5 for Ihe benefil of future generations. Our objocuvu: To strive for excellenc6 In collectlons care - from whlch a quallty museum and gallery seNlce Is provlded. To display and interpret slories and hlstorles. past and presenl. so thal Ihese can be enhanced and enriched. To increase publlc engagemenl through learnlng programmes that encourage partl¢ipatlon by schools, loul people and out of town visitors. To foster parlnership working wilh other organisallon8 lo create opportunities lor under-represenled audiences. To b8 a major visitor destination wilhin Stirling district- to attract an international audience and to facililate an understanding of the hlslorical and cullural Importance of th8 area. OUT cultural hedtag818 for 8V8ryone regardless of background and we endeavouT lo be relevanl and accessible to a wide audience. Understanding visitor needs and developing our audiences are key elements lo ensuring sustainability and our long-lemi future. Knowing who our visitor8 are and are not. viill help us to plan exhibilions and events and target our marketing aclivity. We strive to be at Ihe hearl ol our community and tocal In our approach but have nallonal and Internatlonal asplralions. We ¢onlnbut8 to th8 sustainable economic developmenl ol Stirling ihrough partnerships and collaboration, and we are keen to work with others In a dynami¢ and flexlble manner. Achlevements and perforniance The smith lebrated Its 1501h anniversary In this year. It was a busy ye8r of adilieS. exhlblllons and programmes linked to Ihis signiflcanl milestone In our history. were withoul a collections manager for all this financial year due to Ihis post holder moving on. Howevèr, w8 were granted fvndlng for a Schools Leaming OffIr from Museurns Gallerles Scouand and therefore our focus this year has been on developing and rolling out our new schools. programme and family and communily engagement events. This has broadened our visitor profile further by bringing in more families. We conlinued lo created opportunities foi visltors lo learn about local history as well as world culture Ihrough our diverse collections and related events such as talk3. We developed new partnerships and built on existing ones. Behind the scenes we were busy taking care of and researchlng our colledions, making them accessible to the public Ihrough an enquiry serwce and hands on events such as our talks series. From exhibitions and events. collections care, operations management, developing our venue hire facililies and developing parlneTships, the whole team has played a part in achieving suc(ss this year.
Lk•trAign Envek)pe ID". o37c654fA843E1.884f]c3E863E234B TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Our popular Talks at The Smith programme (April 2024-March 2025) featured a divetsè series of culluial and historlcal talks celebratlng art, liteialure, polltics, and archaeology. Highlights indud& Ihe 150th annirsary of Thé Smtth's collectlon, an éxploration ol the Stirling Heads from J2me2 Vs court. and a discussion on neurodiversrty in dasslc literature. Other sesslons focus on Scottish artist the evolution ol Scottish political norny. and the rise of spoken word poetry through Ihe Loud Poets movemenl. The programme also ver$ historical dipb)ma¢y during Mary. Queen of SGOts' depos11ion, showcases contemporary S¢*ttish art at the University of Stiriing, and reports on Ihe discnvery of a Pictish cross slab nèar Doune. Overall, the talks blend herilage. aativty, and soclal themes, offering insights inlo ScA)tland's past and present. Exhlbltlons Brfef #ummary of programme• ovèr the year: Highest Foorfall Evenls.. Embroidered Excellence (RSN) 12,420 visitors Darkness on Ihe Edge of Democracy Exhibition -4 7,004 vlsrtors RPS Documenlary Pholography Award Exhibitn -p 3,282 visitors Strong Famity Engagement.. Easl&r Funday 4 208 partlclpants Science Festival Trail -p 426 part1panIS Christmas Cheer 57 participants Community & Civic Evenls.. Stirling 900 Launth 147 combined attendees Walking of the Marches -b 250 participants Progrnmrne thernes Anniversarles & HeTilage'. SlSrling 900, Smrlh at 150. BIAck History Month. historic lectures. Exhibilions with Nalionalllnlernational Partners: RSN. RPS, Artlink Central, UCL sludy parlicipation. Community & Inclusion.. Afghan New Scots tour, Empowerfng Women Group, Sllrling Piide. Arts & Culture: Poetry. Music concerts, slorylelling, photography lectures. Outcomes Se(Ce Level Agreement Outcomes most frequenlly achieved: Oulcome 1.1 {Lesrning & Engagcmentl recurring across le¢tur8s, tours. and famity events. Outcome 2.1 {Community Participation) -b especially Strong in ciwc and celebratory evenls. Outcom8 5.1 (Exc£llenc£ & Insplration) w• tied lo major exhibitions and artistic pro9ramming. QualilalNe Feedback: Consislenlly positive. phr8ses like 'Blown aw8y,""Wonderful." 'ExlIent...Th0Ughl-pi0voklng.. Thls suggests both emotlonal resonance and intellectual engagement. Ob80rvallon8 for futurn planning Exhibitions drive the larg8sI numbers (especially textile and photography shows). Leclures and workshops atlract smaller bui highly engaged audienGes, often generaling donations or repeat visits. Family-focused outdoor events {Easler, Chrislmas. Gig in the Garden) are effective for communlly bulldlng. even if numbers are modest compared to exhibitions. Partneiships (Council. RSN, RPS. Pride, unr[Si11es) are c£ntral to reach and reputation. Challenges.. Some workshops had slow tickèt sales oi can¢8llations le.g., wreath workshop, stilch workshop), and oexasional no-shows despite reminders.
Do¢19n Envelope ID: 03rn549XSAB43E14B4D-1C3E863E2NB TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Financlal review The deficit before the pension revaluation105s of £29,WJ is £30,282 (2024: Surplus £57.041). Prfnclple lundlng sources The principal funding sources indude Stlrling Council. Museums Galleries scOand and public donations. On 17 April 27, tha Smith was given ownership of £71,571. which is lo be known as The William Harvey Twst and which is lo be separately arLounled for. Half of th8 annual interest is lo be spent on a Stirling history Project, or a Gause in aid of the Slir1ing Smith. The other half is to be added to the capital, for future projects and publicalions. In 2011, a separate Slirling Smith Development Fund bank accounl opened with the Ctydesdale Bank (now Virgin Mon8y) to receive donallons. wllh funds of £175.293 at the year end, Re8éNes Policy It is the policy of the charlty Ihal unrestrlcted funds which havè not been designated lor a Specif use should be maintained at a level equlvalent to belweèn three and six months expenditure. The Iruslees o)nsider reserves of thls level will ensure thal. in the 8v8nt of a significanl drop of fundlng, they will b8 able to continue the charilvs current actlvltfjes whlle consideration is given to ways in whlch additi¢Jnal funds may be raised. The general reserves at the year end were £145,33812024'. £258,595). Golng con¢¢rn After making appropriate enquiries. the trustees ha a reasonable expectation that the Charity has adequate resources lo continue in operailonal exISten for the foreseeable fulure. For Ihis reason they Gonlinue to adopt the going concem basls in preparing ihe financAal stalemenls. Further details are given in the acc£¢unting wlicy 1.2. Inv•stment pollcy and obJectlve8 The Investment policy Is lo maxlmlse the return on funds through a safe Inlermediary. Rlsk Management Rlsk management is dealt with by The Smllh Iruslees durlng thelr meellngs. Following professional advi¢e, Ihe sum £150,QNJO has been invested in a bond. This lyJnd forms part of the unrestricted funds and is held as an emergency reserve which will enable the building lo run for a year in Ihe case of a crisis. Plan• for future perlodg The Smith Art Gallery and Museum have bcen collecting, protecting. and making accessible artefacts and malerials relating to historical development of the region for the past 150 years. The achievemenls over this time are testamenl to the commitment and dedlcation of the staff, trustees and volunt8ers who play a critical role in achievbng Ihe organi5alional objeclives and ensuring Ihe ongoing sustainability of the museums core work. We have an exciting and v8ried exhibition and publlc programme for Ihe comlng year. We will launch our new website, ntInue work on our new schools piogramme, develop our refurbishment plans and conlinue lo work wilh our Gommunilies to make The Smith accesslbla to all. Stru¢turO1 govemanc• and rnanagement The Smith alms to be strategically drivon, mission locused and managed in full accordan¢8 with regulatory requirements and best pradice for R8gistered Charities and Acu8diled Museums. The governing document for The Smllh Is the Conslitulion registered in the Books of the Lords of Council and Session. varying Ihe Cy Pre6 of Trusts )nstitUted by the Trust Disposition and Slatemenl of Ihe laté Thomas Smith 12 December 1869, Teglstered 10 January 1870, amended 25 April 1975. and revised and approved again in the Court of Session, Edinburgh, 12 August 2004.
Oocusiw Enope ID", 037(54c5AB43EI8l1c3E8s3E234B TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 The trustees who seNed during the y8ar and up to the dale of slgnatur8 of th8 flnancial stalements were: {Resigned 15 Aprll 2024) {Resigned 19 Febnjary 2025) (Appolnled 1 May 2024} (Appolnted 1 May 2024) (Appointed 1 Oclober 2024) (Appointed 19 FebNary 2025) Re¢rultm8nt and appolntrnent of new Trustees This is detailed at length in The Smith's constitution. Slirling Council can appoint up to four trustees. A further number of trustees (no fewei Ihan seven nor more than IAvefve) can be drawn from the arts, business. and local Communities with the agreement ol existing trustee body. The trustees eppointed by Slirfing Council retire al every local gov8mment election. and conlinuity 18 rnaintained by the other trustees. The Irustees maintain an annual insurance policy for directors and offic*rs against losses arising from dairns broughl agalnst them and The Smllh. Organlsatlonal structure The Ifustee body is responsible for the strateglc dlrectlon and policy of The Smith. TTuslees meet al least four times year. Thè Iruslees appoint a director to manage day-to-day operations, implemenl their plans and develop future work. The director is responsible for ensuring ihal The Smilh delivers the services specffied and that key performanc8 Indicators are mel. In addition lo the appoinled trustees. board meetings are also attended by r8pr8senlative offirS of Stirting Council. Board papers are widely distributed to other officers wilhin Sllrling Council for infomiatlon Purposes. Policy documents are brought lo Trustee meetings for discussion and approval. A system is in place for revislng the policies periodically. The Truslèes approve the budgel annually, at the beginning of the financial yèar In April, and approve all major expendllure more than £3,000. The day to day management of Sllding Smlth Art Gallery and Museum is delegated la the director Cardin8 Malh8rs. Induction and trnining of now Trust088 All new trustees take part in an induction process 8nd receive a comprehensN8 briefing on Ihe background and mlssion of The Smith, the latest accounts and finanrial Teport5, an oveTMew of the trustee role and responsibilities, and relevant infom)ation on recent and forthcoming 6xhibilions and events. Relationshlp wlth rolated parties The work of The Smith is guided by national pdi¢y, which is steered by Museums Galleries Scolland. Museum Accredilation is the standard which succeeds Museum Regislratlon. The StSrling SmSth recelved AcLredilatlon on 26 February 29. again in 2012. 2013. 2016. 2020 and 2022. Slirling Council are pnmary funders of the Smith Art Gallery and Museum and Is enli118d through our conslilulion to have up lo four elected Councillors as Trustees. These Trustees act in Ihe Inleresls of the Smilh Art Gallery arKI Museum a5 required by charity law and besl pradice,
tSign Ernielope ID." 037C6549C5W3E14B4D.1C3E863E2348 TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 The trustees. port was approved by the Board of Tnjstees. 16 December 2025
Docu>ign Envelop¢ ID." 037Cfj549QSAB43E14B41>1C3E863E234B INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE STIRLING SMITH ART GALLERY & MUSEUM I report on the finaral statements of the charity for Ihe year ended 31 March 2025, which are sèl out on pages 7 to 25. Respectlve re8ponslblliUes ol tru8teos and examln•r The charltls trustees are responsible fol the preparatlon of Ihe ffinancial statemenls in accordance wlth the tems of the Chadtie8 and Trustee Investrnents (Scolland) Act 2005 and Ihe Charfties Accounts (Scotland) Regulatlons 21J)6 (as amended). The charty's trustees conslder that the audit requlremenl of Regulation 10{1)(a) lo (c) of the 21X)6 Accounts Regulatlons does not apply. It is my responslbllSty lo examlne Ihe IlnancSal statements as roqulred under section 44(1)(c) of the Act and to state whether partlcular matters have come to my attentlon. Ba¥1• of Independont examinorf• •latemont My examlnatlon 58 carrfed out In accgrdan(* with Regulation 11 of the Charities AccDunts (SlIad) Ragulatbns 2006. An examination Includes a revlew of the atUntIng records kept by the d)arity and a MparIsOn of the financlal statements presented wllh Ihose rewrds. It a150 Includes o)nslderalion of any unusual ilems or disdosures In the financial statements, and 8eektng explanations from the trustees conceming any such matter8. The procedures underlaken do not provide all th8 evi&nc8 that would be r8quired in an audltand con5equentJy I do not express an audit opinion on the vlew glven by the financial statements. Indapendent examln•rf8 8tatement In connectlon wllh my examlnallon, no otsr matter except thal referr8d lo In the prevlous paragraph ha5 come lo my attenllon: (a) which give3 ffle reasonable cause to believe thal in any materfal respect the requ5remenls: to keep accountlng records in accordan wSth sectlon 44(1) (a) of the 2005 Act and Regulation 4 of th8 2006 Acujunts Regulations: and {ID to propar8 financial statements whith accord willi the accountlng records 2nd cnmpty wlth Regulation 8 of Ihe 2006 Accounts RegUlaons., have not been met or (b) lo whlch, In my oplnlon. attentlon should be drawn In order to enable a proper underslanding of the Macf2riane Gray House Casuecraig Business Park Sllrfing FK7 7wr Dated.. 16 December 2025
*NcI rn (Li O r In c) a R ia x I
Docu81gn ErNelope ID: 037c6s49-c6A3E164lc3EB83ET348 BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Notss Flxed assets Tangible assets 14 1,960,590 1,942,062 Current assets Sl¢)d(s Debtors Cash al bank and In harKI 15 16 5,050 ,150 420,459 8,091 54.238 393.692 521,659 456.021 Credltors: amounts falllng due wlthln ona year 17 (199,140) (55.692) Net current assets 322,519 400,329 Total assets less current Ilabllltl•s 2.283.109 2,342,391 The fund8 of thè chaTIty Endowment funds Reslricled Income funds Unrestrlcted funds 21 20 88.617 1,500 2,192.992 85,070 21,500 2.235,821 2,283,109 2,342.391 The financial statements were approved by the tnJstÈes on 16 December 2025
Docu51gn Envelope ID: 037l545A843E1_8B4LlC?Ee63E2348 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounling poli¢la$ Charlty Infomiation The Sl¥ling Smith Art Gallery & Museum is a unincorporated charity. 1.1 Ba6is ol preparatk>n The financial statements hav8 been prepared in aCrdanCe wilh the charity's goveming document, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scolland) Regulations 2006 {a5 amended), FRS 102 'The Financlal Reporting Standard applicable in tha UK and Republic of Irelan¢r rFRS 1021 and the Charities SORP "Accounling and Reporting by Charities.. Slalement of Recornmended Practice applicable to charili8s prepafing their accounts in aGcordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (second èdition) (effective 1 January 2019). The arity is a Public Benefit Enlity as defined by FRS 102. The financial statements are prepared in sterllng, which is Ihe functlonal currency of the Gharity. Monetary amounts in these financial statements are rounded lo the nearest £. The financial statements have been prepared under the hlstorical cnst cnvention. The principal accounlin9 policie5 adopted are set oul below. 1.2 Golng ¢oncern Al the lime ol appromng the financlal statements. Ihe truslee6 have Teviewed Ihe future lunding and actlvllles of the charity. The trustees have a reasonable expectation Ihal Ihe charity has adequate resources lo continue in operational gxis18nce for the foreseeabte fulure. Thus the trustees conllnue to adopt Ihe going concern basi5 of accounling In preparlng Ihe financlal stalemenls. 1.3 Charftsble fund• Unrestricaed funds are avallable for use at Ihe disGreti¢)n of the trustees In furtherance of their charilable obleGtive5. Deslgnated lund5 Gomprise funds which have been sel asld8 at lh8 discretion of the Irustees for speGifi¢ purposes. The purposes and uses of the designated funds are sel out in the notes to Ihe financial statements. Reslricled funds are subject to specific conditions by donors or grantors as to how Ihey may be used. The Purposes and uses of the restricled funds are sel out in the noles to Ihe financial statements. The Endowment fund is the William Harvey Trust and is subject lo speclfic condltions by Ihe donors that the capital musi remain in tact by the charity. Half of the interest must be added lo the Capilal lo be invested lo provide future incom8. 1A Income All income is recognised in Ihe Statement of Financlal Activilles On the chanty has enlillemenl lo the lunds, It is probable thal the irKome will be received and Ihe arnount can be measured reliably. nation and similar inc me Cash donalions are reeognised on ieeelpt. Other donations are recognised once Ihe charity has been nolified ol the donatlon. unless performance conditions require deferral of the amount. Income lax recoverable In felation to donations recelved under Gift Aid or deéds of covenant is recognised at Ihe lime of the donation. 10-
Docu51gn Envelope ID.. 03754SA3El-8B4D.lC863E2848 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accountlng policies Icontlnued) Le Le9acies arè recognised on receipt or otherwise If the charlty has been notified of an Impending dlslribullon, Ihe amount is known, and receipt is expected. If the amount is not known, the Icgecy is treated as a contingent asset. rants Giants receivable are credited to the Statement of Finan¢ial Activities in Ihe year in whidi they are recelvable. Income harilable activitie Inwn* from Gharitable activities indudes income from activikn'es or where entitlement is subject lo specific perfom)ance conditions is recognised as 8arned (as the relaled service Is pro0ed). strnenl inco Imilar inco Income from investments and similar Gources is induded In Ihe Slatemenl of Financial Activities in the ye8r in which il Is re¢eivabl8. Inleresl on funds held on deposit is included when receivable and the amount can be measured reliably by the charity., this is nomally upon notification of the inl8resl pai(J or payable by the Bank. 1.6 Expondltur• All expenditure Is induded on an accruals basis and is recognised when there is a legal or conslrucllve obligation to pay for expenditure. All Gosls have been directly altribuled lo one of the funGtional ¢alegories ol resources expended In the Statement of Financial ActivitEs. Cosls of raising funds are costs incurred In attr8cling volunlary Income, and Ihos6 Incurred In acllvilies that ralse funds. Charitable expondilure comprises Ihos8 costs incurred by the chaTily in the delivery of its activities and seryices for tls beneficiaries. It includes both costs that Gqn be alkjcaled dlrectly to such adivities and Ihose C051s of an indirect nature necessary to support Ihem. Support costs are those costs Inujrred directly in support of expenditure on the obJ8cts of Ihe Chartty. Govem2nc8 costs are those incurred In CnnectIOn wlth admlnlslrallon of the Charity and compllance with constitutional and slatulory requirements. 1.6 Tanglble flxed assets Tangible fixed assets are inltially measured at cosl and subsequently measured at CO51 or valuation, net of depreaation and any impairment losses. Depreciation is recognised so as lo write off the cost or valuatron of assets less their residual values over Iheir Useful lives on th8 following b3ses'. Fr88hold land and buildings Equipment Computer equipmenl Improvernenls to property Artefacts Not proithded 20 /0 on cosl 33°A on ujst lA on cost Noi provided The gain or loss arising on the dlsposal of an asset is delemiined as the difference between the sale proceeds and the carying value of the asset, and is recognised in the slalement of financial activities. 11
Docu8lw Er)velope ID.. 037C654K5APA3E1.BB4Li1C3E863E234B NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AIARCH 2025 A¢counting pollclos (Continued) The Sliding Smith Art Gallery and Museum holds an Artwork colleclion. a Pewter collection and a colledlon of artefads which hav8 been assembled over many year5. Up until March 2011. these coll8clions werc not capilalised and shown on the Balance Sheet. From 1 April 2011 the artefacts donated to th8 Trust and purchased out of Twsl funds have been capitalised. The Trust are applylng FRS 102 and items from before this dale have not been capitalised as the valuation required cannot be oblained at a ¢08t commensurate wilh the benefit lo the users of the accounts. The Stirling Smith's Art collection is reported on Ihe Balance Sheel at Ixlst. The cost of malntenance for the herltage assets Is charged lo Ihe Statement of Financial Activities. No depreclalion i8 charged in line with th8 provisions of the FRS 102 Seclion 34 Heritage Assets. They arè treated as heritage assèls for thèir historical and artistic qualiiles. 1.7 Impalrnient of flxed •8S•t• Al each reporting end date, th8 charty revlews the carrying amounts of Its langible as5el$ lo determine vihelher there is any indicallon that those assets have suffered an impairment loss. If any such indicalion exisls. the recoverable amount of the asset estirnated in order lo detervnine the extent of tha impairmenl loss (if any). 1.8 stocks Stocks 8re Stated at Ihe lower of 81 and 881imaled selling price less costs to complele and sell. 1.9 Fln•nclal Instrurnents The charity onty has financAal assels and financial liabilities of a kind Ihat qualify as baslc flnanclal instruments. 8a5io financial instruments are initially recognlsed at transaclK)n value and subsequenily measured at thelr selllemenl value with the exception ol bank loans which ale subsequenlly measured at ainortised Gost using the effective interest method. 1.10 Retlrement beneflts The 51 of providing benefits under defined benefit plans Is d8termined s8paralely for each plan using the projeded unil credit method, and is based on aduarial adw'ce. The ch8nge in Ihe net defined benefil liability arising from employee Servi during the year is recognised as an employee c031. The cost of plan inlroductions. benefit changes, settlemenls and curtailments are tecognised as incurred, The net interest element is delemiined by multiplying ihe net defined benefit liability by the discount rate, taking into accounl any changes in the nel defined benefit liability during the period as a result of contribution and benefil paymenls. Th8 net interest is recognised in incomel(expenditure) for the year. Remeasuremenl changes MpriSe acluarfal galns and k)sses. the effecl of the asset ceiling and the retum on Ihe nel defined benefit liability excluding amunls induded in nel interest. These are recognised immedialely in other recognised gains and losse8 in the pèriod in which they occur and are not reclassified to incomel (expenditure) in subsequent p8riods. The net defined benefil pénsion as$8t or liability in the balancÉ sheel comprlses the tolal for each plan of the present value of the defined ben8fit obligallon (un9 a di5counl rate based on high quality corporate bonds), less the fair value of plan assels oul of which the obligations are to be setued directly. Fair value is based on market pric£ infomalion, and in the case of quoted securtties is the puLlished bid price. The value ol a net pension benefit asset 15 limited to the amount thal may be Tecovered elther through reduced contributions or agreed refunds from Ihe scherne. 12-
Oocu?igD Envelope10'. D370654c5AB43EI.884rIc3Ee43E234B NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Critlcal accountlng estlmates and judgew*nts In the application of the charity's accounting poth'cies, the truslees are required lo make judgements, 6slimates and 8ssumplions about th8 carrylng amounl of assets and liabilities that are not readily apparent from other Sour8. The estimates and assoclal8d assumptlon5 are based on histortcal eXperIen and other factors Ihal are conSided to be relevant. Actual results may differ from Ihès8 6Stlmales. The eslirnates and undetylng assumptions are reviewed on an ongoing basis. Revislons to accountlng e51imales are recognised in the period in which the estimate is revised where Ihe revlsion affects only thal period, or in the period of Iho revision and future periods where the revision affects both Curn1 and future periods. Incomo from donatlon$ and leg•cies Unrestrlcted Restrlcted fundg funds 2025 2025 Total UnrestrEcted Restricted fund$ fund• 2024 2024 Total 2025 2024 Donations and glfts Legacies 11.168 1,500 12.668 8,601 SO.0 8,601 50,(K)O 11.168 1,500 12.668 58.601 58,601 Income from chirltable octlvltles Unrestrlcled Restrlcted funds funds 2025 2025 Totsl Unrestricted Re8trl¢ted lunds funds 2024 2024 Total 2026 2024 Exhibitions, events and colleGtions Perfcmance related grants 8.039 8,039 10,775 10,775 262.200 25,892 288,092 337,200 37.149 374,349 270.239 25,892 296,131 347.975 37.149 385,124 13-
Oocusign EnlOPe10.. 03706545B43El-684t1G3E863E234E NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Income from charitablo actlvltles Icontlnued) Parfornian¢e related grdnts anaty8i8 2025 2024 Stirting Council Slirfing Council- Common Good Fund Muséum Galleries Scotland National Arts Collections Fund Other 262,2 7,OCQ 18,215 337,200 10,009 20,000 140 677 374.349 374,069 In¢on from other trddlng activities Unrnstrlctèd Unrnstrfcted funds funds 2025 2024 Room hlres Shop income Cafe renlal 14.085 10.630 5,300 13,285 3.067 100 Other Irading activilles 30,015 16,452 Income from Investments Unrestrlcted Endowment funds fund8 202S 2025 Total Unrestrfcted Endowmenl funds funds 2024 2024 Total 2025 2024 Inleresl receivable Net interest on defined benefit pension schéme 6,002 3,547 9,549 7,309 1,161 8,470 27.000 27,000 23,000 23.000 33,002 3,547 36,549 30.309 1,161 31,470 14-
Occuslgn En¥elwE ID.. 0375195AB43El-Be4E1C3E863E23IB NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Expenditure on raising fund$ Unrestrlcted Unrestrlctsd funds funds 2025 2024 Tradlng ¢o•ts Shop purchases Staff cosls 7,276 7,033 4,620 6,895 14,309 11,515 Exp¢nditure on charltabl• activiti•8 Museum Museum 2024 2026 Dir•ct costs Staff costs Insurance Utilities Property and garden mainlenance Depreciation Printing. postag8 and stationery Advertising and subscriptions Telephone Sundries Cons8rvation and collèclion rATe Professional and consultancy fees Exhlbitions, evenls and projects Small acquislions CornputeT c0515 Other staff costs Irrecoverable VAT 192,737 33,644 51,005 34,892 18,056 1,269 9,522 5,220 3.345 823 600 16,439 199,599 31,829 49,058 34,897 16,393 1,286 5,7 6,056 10,841 6,719 1(Kl 7,671 9,389 61 6,375 1,485 375,412 390,493 Shara olsvpport and governance costs (see nota 91 Support Governance 11,669 4,255 28,628 3,970 391,336 423,091 Anal15 by fund Unrestricted fund5 - general Restricted lunds 374,159 17,177 415,891 7,2(N) 391.336 423,091 15-
OcaJ51gn Envdcp• ID.. 03706549-CSAB43EI484LN1C3E863E234B NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Support costs allocated to activities 2025 2024 Professional fees Training Governance costs 10,283 1,386 4,255 26,638 1,990 3,970 15,924 32,598 Analy8ed between: Museum 15.924 32.598 2026 2024 Governance ¢08ts compri8•: Aecounlancy Professional fees 2,835 1.420 2,700 1.270 4.255 3,970 10 Net movement In funds 2026 2024 The nel movement in funds is slated after Chargin(creditIng}'. Depredation of owned tangib18 fmed assets 18.056 16,393 11 Trustses NO of Ihe Irustees {or any persons connected with them) rer2lved any muneralK)n or expenses during the yeai. 12 Employees The av6raga monthly number of employees during the yearwas.. 2025 Number 2024 Number 10 16-
Docusign En1¢pe10.. In7549-c5A43El-BB4t1c3E8O?E23IB NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 12 Employee8 (Continued) Employment ¢osts 2025 2024 Wagas and salaries Social security costs Other pension costs 171,652 8,402 19,716 165.278 14,216 27,000 199,770 206,494 The number of employees whose annual remuneratlon was more than £60.000 is as follows.. 2025 Numbor 2024 Numb8r £80,001 to £70.000 Remunerdtion of key management personnel The Gharily considers ils key management personnel lo mpriSe of Ihe director and trustees. The remuneralion of key managemenl personnel was as follows: 2025 2024 Aggregate compensation 74,752 73,832 13 Taxatlon The d)arity is exernpt from taxation on its activities because all ils income is applied for charilable purposes. 17-
Dccusign Enh*lope ID.. 03706549£5A3E1484rIc3E863E234B NOTES TO THE FINANCIAL STATEMENTS (CONTINUED> FOR THE YEAR ENDED 31 MARCH 2025 14 Tanglble flxed assets Fr••hold l•nd nd bulbdlngs Equlpm•nt Comput•r Improv•m•nts •qulprnfrnt to property Art•f•¢ts Cost Al 1 Aprll 2024 Addmlons 1.780,00) 45.341 25.248 7,118 7,811 163,286 115.463 2.091.208 3.515 36,574 Al 31 March 2025 1,760,(Kk) 70.589 14,929 163,286 118.978 2,127.782 Oepreclatlon and Impairnient Al 1 April 2024 Oepreaation char9ed In the year 40,502 6,280 102.354 149,136 4,199 811 13.048 18.058 At 31 March 2025 44.701 7,091 115,400 167,192 Carrying amount At 31 March 2025 1,760,000 25,888 7,838 47.886 118.978 1,960,590 At 31 March 2024 1.760.000 4,840 838 60.931 115.453 1,942.062 Herftsge Assets The Trust holds artefacts made up of an Arféiork collectl¢M, a PevAer Gollectlon. and smaller artelacts collected over a number of years. These smaller items have either been donated lo the Trust or purchased out of Trust lunds, The total expendilure on the collection is unknown and has b8en assemble(J over 140 years. In January 2012. Ihe athiork was valued al £2,193.471 by Fine Art Dealers and Auction Consultants. The Nelsh Pewter collection is also held by the Trust and Is conlinually belng assed to when approprlale e¢es are lound. Al 31 March 2018. the value of collection is £2,142,41J). 15 Stocks 2025 2024 Flnished goods and goods for resale 5,050 8,091 16 Debtorn 2025 2024 Amounts falllng due wlthln on• y•ar. Trade debtors Other debtors 350 53,888 96,150 96,150 54.238 18-
Ooujsfgn Envelcge IO.. D37C651C.43El484LlC3E63E23lB NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 17 Crndltorn: amounts falling due within ong y&ar 2025 2024 Trade creditors Other creditors Accruals and deferred income 36,954 151,379 10,807 12,957 29,340 13,395 199,140 55,692 19-
oC¢un En*%)pe ID. 037549-c5B43E1-B840-1C3E863E234B NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 18 Ret0ment benefft schemes The fund is a multeMploYer defined benefit scheme, administered in accordan wilh Ihe Local Govemment Pension Scheme (Scolland) Regulations 1998, as amended. The conlrlbutions to the Fund are delernilned by a quallfied actuary on the basls of triennial valuations using the unit prolected method. A full aclu8rial valuation was carried out at 31 March 2025 by a qualified Independent actuary (Hymans Robertson LLP) using the prolecled unit method. The major assumptions and calculations used by the actuary as at 31 st March 2025 were as follows: 06rnogr8phi¢ I stalistical a5surnplions: Tho assumed lile expectallons from 89e of 65 are.. ulur Igures assume mem rs age asa as orma va ua on. The aGtual returns on investments for the year ended 31 March 2025 is 3.9% (2024 . 8.44A) The major categories of plan assets as a pentage of lolal plan assets.. 25 -20-
Docusffjn EnIope10.' 037519A3E1.sB4D.lC3EE234B NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 18 Retirement benefit schemes (Contlnuedl The tables below compaie5 the presenl value of Scheme liabiles. based on the actuary's assumptions, wrth the eslimated employer assets.. 025 cmjo ,081 1,3 781 024 000 ,065 1.510 55 Fair valu8 of sch8m8 assèts Present value of funded obli ations Nel assel I liabill in the balance sheet Changes in Ihe fail value of scherne assets: 025 000 .065 98 (18) 024 000 1,955 enln fair value of stheme assets Interest on lan assets Relum on assets onlribulions b employer Conlrlbullons by scheme partldpants Estlmated beneflls ald Closln falr value of scheme assets Changes in the present value of the defined benefit penslon Ilablllly.. (94) (74) .065 025 024 (x)o 1.465 Opening defined benefit liabili Servic8 Cost Interest cost Changes in financial and demogr2phi (197) assumptions Other experience E51imated benefits ald Members contributions losin defined benefit liabillt 1,300 Movement in (defficil) I surplus during the year.. 1,510 (95) 18 109 74 1.510 025 024 000 90 Share of surplus l {deficlt) in the scheme a 55 he beginning of year Movement in year. Current seNice costs Contributk)ns Net reluin on assets ctuarial ains I losses 197 Share of surplus l (deficit) in scheme al end 781 fthe ear 21 27 21
CkncuskJn Envelope ID: 037C654&C&4PA3EI-884EklC3E863E234B NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 19 Unrestricted fund$ The in(x)me funds of the charity include Ihe following designated fvnds which have been set aside out of unrestricted funds by ihe Iwstees for specific purposes: At l April 2024 Incorning resources Resources expended Transfers GaSn8 and At 31 March losses 2025 General lunds Development fund Property fund Fixed asset fund Penslon Teserve 258.595 317,232 (354,489) (83.OCM)} 138.338 139,100 1,760,000 192 (7,650) eo,000 191,642 1,760,000 78,126 (5,329) (21,000> 30.215 23,000 103,012 27,(XlJ 129.0001 2.235.821 344,424 (388,468) 30,215 (29,OiXI) 2.192,992 Pr•vlou$ year. At1 Aprll 2023 Incomlng resources RosOU0$ expended Trnnsler• Galns and At 31 March losses 2024 General funds Developmer)I fund Property fund Fixed asset fund Penslon reserve 299.398 380,015 (389,485) 33.140 (64.942) 258.126 96,974 1,760,000 50,322 (8,195) 139,101 1,760,000 71,511 (2,726) (27,000) 78,594 23,(K {33,OW) 37,000 2,227,883 453,337 (427,406) 9.949 29,000 2,235,821 Th8 development fund has been established to sel aside funds for the nexl stage of the buildlng and refurbishment programme. The fix8d assel fund represents Ihe net book value of fixed assels purchased with restricted donations and grants. Transfers are made to the fixed asset lund when an asset Is pufGhased using restricled funding.
t)ocu$NJn Envokjpe ID: o37(654c3El4B4f1c3E&E234B NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 20 Restrlcted lunth The restricted funds of the charlty comprise the unexpen(Jed balances of donations and grants held on trusl subjecl to specific condilions by donors as to how they may be used. At 1 April 2024 Incomlng Resourcas rosources exponded Trnnshrs At 31 March 2025 Donations Common G¢)od Go Forth Acquisition fund Mary Queen of Scots Sifver Casket MGS - Welcomlng SCIOIS back to Ihe Smilh 1,5CM) 1,500 7.000 677 3,215 (1.51J)) 1.500 17,0(X)I {67n (3,215) 20,000 {20,0001 15,WO <15.000) 21,500 27.392 (17,177} (30,215) 1.500 Prevlous year: At 1 Aprfl 2023 Incomlng resources R•sourc expended Trnnsfer¥ At 31 March 2024 Donations Common Good Acquisltion fvnd Museum Galleries Scotland - Access to World Cultures Mary Queen of Scots Silver Casket 1,500 1,500 7.000 140 {7.0(XJ) (140} 10,009 17,2(M)I {2.809) 20.OCK) 20,000 37,149 17,2CM)) (9,949) 21,5CIJ -23-
Docudgn ID.. o3708S45AB43E184L1c3E863E2aIB NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 20 Restricted funds {Continued) Nature and purpose of funds Donationg Various donations are received whlch are to be spent on items specified by the donors. The remaining donallon5 are to be spent on cartoons In 2027. Stlrllng Councll- Common Good Thè Comrnon Good Fund Is Incxjme lo be spent on purchases for the collections held at the museum. Go Forth Th8 charity received a grant I¢vard the cost of banners. Acqulsltlon fund The charity recelved funding toward$ the cosl of acquiilng artelacts from Nalional Museum Scotland. Mu88um Gallerle• Scotland - Acco8• to Worfd Culture• The charity received a grant towards the costs of increasing access to tho Vlorfd Cuttures Collecllons. Museum Galleries Scotland - Welcomlng Schoolg back to the Smith The charily received a grant towards the cost of a school offickr. Mary Quwn of Scots SSlver Casket Fundlng was awarded from the National Art Colleclions Fund towar(Is the cx>sts of borrowing the treasure fr+2m the NMS in Sprlng 2025. 21 Endowment funds Endoviment furKls represent 83Sets which musl be held permanently by the chafity. Income ari51ng on the endowment funds can be used in accordance with the objects ol Ihe Gharily arKI 500/0 is included as unrestricted incAJme. Any capltal gains OT k)sses arislng on the assets lorm parl of the fund. At 1 Aprfl Incomlng At 31 March 2024 resources 2025 85,070 3,547 88,817 Prvvious year: At 1 Aprll 2023 Incornlng At 31 March resources 2024 83.909 1,161 85,070 -24-
Docugign Er1 ID.. WrnS49£5AB43E14B41c3E863E234B NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 22 Analysh of net as$ets bètween lunds Unre$trlcted funds 2025 Regtricted Endowment funds funds 2025 2025 Total 2025 At 31 March 2025: Tanglble assets Current asselsl(liabilities) 1,0,590 232,402 1,*0.590 322,519 88,617 2.192.992 1,500 88,617 2,283,109 UDrestri¢tsd ftind8 2024 Restrlcted Endowment fijnds funds 2024 2024 Totsl 2024 At 31 March 2024: Tangible assets Current as3etsl(liabilities) 1.942,ffi2 293,759 1,942.062 400.329 21,500 85,070 2.235,821 21.500 85.070 2.342,391 23 Related party transactio The charity has clo8é Wofking relationshlps with Stirllng Council. Up to four ol the Trustees are 8ppoinled by the Council. The main funding is also provided by Slirling Council. The Friends of the Smith gave donatlons amounllng lo £nll (2024-. £723) during the year. Trustees did not financialty benefit from their involvemenl in the Trusl, -25-