tkjcuslgn Envekjpe ID." 037C6S4￿5AB4JEl484I>1c￿63EZ346
Charity reglstrallon number SC016162 (Scotland)

Oocu$ign Envelope ID.. 037￿549-c9￿3E1-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

O￿V61gn E￿￿0p• ID.. 037￿)S4￿C5￿B43E1-8B4[￿lC3Ea63E234B
CONTENTS
Page
Trustees, rewrt
Independenl examinevs report
Slaternenl of financial actlvities
Balan￿ sheet
Noles lo the financial Jtaternents
10-25

DocuswJn Envdope Ity. 0371A54￿CSA￿3E1-8B4[￿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 ac￿UntIng 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 Re￿rnMended 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 c*nlury 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 adi￿lieS. 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 OffI￿r 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". o37c654￿fA843E1.884f￿]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 anni￿rsary 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 Exhibit￿n -p 3,282 visitors
Strong Famity Engagement..
Easl&r Funday 4 208 partlclpants
Science Festival Trail -p 426 part￿1panIS
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." 'Ex￿lIent...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 scO￿and and public donations. On 17
April 2￿7, 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 En￿ope ID", 037(￿54￿c5AB43EI￿8l￿1c3E8s3E234B
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 offi￿rS 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 2￿9. 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,

t￿￿Sign 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 finar￿al 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 (S￿lIa￿d) Ragulatbns
2006. An examination Includes a revlew of the at￿UntIng 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 RegUla￿ons.,
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-c6A￿3E1￿64￿lc3EB83ET348
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: 037l￿54￿5A843E1_8B4L￿lC?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 aC￿rdanCe 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 c￿nvention. 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.. 037￿54￿SA￿3El-8B4D.lC￿863E2848
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 pro￿0ed).
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 C￿nnectIOn 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
l￿A 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 (u￿n9 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'. D370654￿c5AB43EI.884r￿Ic3Ee43E234B
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
Sour￿8. The estimates and assoclal8d assumptlon5 are based on histortcal eXperIen￿ and other factors Ihal
are conSide￿d 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 Cur￿n1 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 En￿lOPe10.. 0370654￿5*B43El-684t￿1G3E863E234E
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.. 037￿519￿5AB43El-Be4E￿1C3E863E23IB
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
6￿1
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
Anal￿15 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 En￿1¢pe10.. In7￿549-c5A￿43El-BB4t￿1c3E8O?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£5A￿3E1484r￿Ic3E863E234B
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.. D37C651￿C￿.43El484L￿lC3E￿63E23lB
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¢u￿n En*%)pe ID. 037￿549-c5￿B43E1-B840-1C3E863E234B
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
18 Ret0￿ment benefft schemes
The fund is a mult￿eMploYer 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 pe￿ntage of lolal plan assets..
25
-20-

Docusffjn EnI￿ope10.' 037￿519￿A￿3E1.sB4D.lC3E￿E234B
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 liabi￿les. 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
RosOU￿0$
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(654￿c￿￿3El4B4f￿1c3E&￿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 SCI￿OIS 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.. o3708S4￿5AB43E1￿84L￿1c3E863E2aIB
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 Er￿1￿ ID.. WrnS49£5AB43E14B4￿1c3E863E234B
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-