ort irecto and Flnancial Statements for the Yea nded Octob The tenw m Art5 Festlval arante No. SC233084 hof Pi an nwe m Arts Fe Com Le811 and Adminlstrative Information Report ol DirectOfS and Trustets St4tem•)i of Fimncial Actiwties Balance Sheet io Notesto the Flnanclèl Statements 12 Independent Eurnlnerfs ReM*rt 16 tlval Limit Infom)a 300ctob r 2025 Forthe Year E PAIRON Mrylillie Rennie MSP DIREcfoAS ANDTRIrn. The dirtttors of the charitable tompany (the charity) are rtstrustees forthe purpose of charity law. The Dlrectors and Trustees SetVi￿d￿ri￿theVear and sirKe the yeai end were: Ms JulieArbuihnott- Chair Mr Smtt Cochrane. Secretary Ms Carofyn McNeish Ms Katie Smith M5 Shelleyjupitus M5 Shona Cherry Ms Gillian smith Msjackie aark Ms Anne Bardav Mr Kenneth Drew Mr Douglas Macmillan MsAbi8ail Thomson The ex Off￿10 offi¢erwho sefftd durlnKtheyear and slnre the year end was.. Mrs Fiona Cathcart- Treasurer REGISTERED OFFICE: 47 High Street Pittenweem. Fbfe. KYIO 2PG RE615TEREO NUMOER: SC233rA4 CHARITY 14UMBEL. 5C024165 INOEPEIIDENTEXAMINEK" lan Anderson aMA S Braehead. Cellardyke. An#ruther. Flfe. XYIO 3AH BANKERS: Vt￿In Molley 718 High Street. Dundee. DDI ISS rtol h or st r20 The Dirett￿5 present thelrannyal r•port to8ttherwlth the fln•ndal ststèments of the company for the year ended 30 Ortobèr 2025. As In prevlous year5. t￿* Annual Re￿rt seThes the purpose of both a Tru5tees' Report and a Oiredors, Report under company law. The Trustees confirm that the Annual Report and finantial ststements wmpty wfjih 5taiutory requirernents. the 8o¥*min8 document, and the Chaflties SORP IFRS 1021. OR6ANISAIIONAL sfRUCTURE The Dirertors contlnue 10 5upervlse the atityllles of the charlty and monitor its financ6al posltion. The Rryal 8ur4h of Pitttrtweern Arts Festival remains a Company limited by 8uarantee with no share capital, governed by its Artkles ofAssodation. Th•re were no chan8e5 to the st¥ffin8 stW¢¢ure durln8 the year. OBJECTS The obprt of tht Char￿ Is to ats•nce the educatlon ofthe publk In theArts, by holdln8 an znnual Arts Festival in thè R¢)y•l 8urih of Ptttenweem. ar￿ other related •thilfjes. PRINCIPAL ACTMTY Exh yeu the Trusttts le¥￿the Festtrnfs akn5. ob*ctl¥d and acthttles. Thls r*vlew consklers the outtoms •chleved, the benefits delivered to the publ1¢, and ihe extent to whlch actNtt*s contlnue to 5UPPOrt the ch•rlty5 purp05e5. Tht Trumees referio the c￿litY Comrnission'siuhlance on publlc benefit when planning future work. Tht Ftstlv•l rernalnsthe leadln8 communi￿b*sed •rts v4¢nt In Scotl•nd. •ttr•aln8 140 exhlbltlng artlsts In 2024 and around 20.CQJv151tors. The pr¢4ramme include$ inttmati¢)nally reco8ni5ed Invited artlsts and the awafd ot a bursary, 8tnerously supp)rted by David Hender50n and Shella Inqlls, to an earlwreer artlst. The Festfval gr¥tefully ackno%￿ed4¢S iht suppon of Flfe Councll across a number of operatlonal areas. HOWOURAcnviTIES DEUVER PUBLIC DENEFIT The Festlval advantes public educatlon Sn the vt5ual ans, byhddin8an •nnual arts festlval in the Royal Bur8h of Plttenweern. Thts Is an enjoyable event all ages. free to attend and attT•Cts people from all over the Wofld. Most of our volunteers and staff for the event are drawn from the l¢xal tommunlty or through our t1ts5e links with St. Andrews ljnlversfty and Dunun of Jo￿10$￿* Colle8e of An and Dè518n. Students are keen to lain experience ILV their future careefs in the arts from bein8 invofved sn the Festlval. E¢onomlcalty and cultural￿, re￿rdS show tht benefftto all of Frfe, the East Neuk in particular, and especial￿ Plltenweem Itself. The Festival ndert¥ke5 structured feedbackfromvlskors. e%hibltlngartt5ts and the local communltyto ensure It meets each oftheir obiectl¥es as they e¥olve. Th•feedback Is Un￿1$al￿ positNe the Festr¥al exF)erience. Fife Council has pre¥lou￿V estimated that the economlc ben*fft to Flfe Is around £1.8mllMon yearly. Our Patron Is Willle Rennle MSP who 15 well known In the community as a supporter of thè areo and of the Festival. To ensure that our status a5 a prole5slonal orpnlsatlon Is respected, the name pittenweem Arts Fest4val 1$ trademarked lor the benefit of exhlbItl￿ art15ts wtho are re8iStered with the Fesifval. Throughout theyears. the Festfval has had cultural link5 to Europe throu8h Its inwted artists and visltors and its wide connectlons in the art worfd. 8y provbding the infrastrv¢ture for artists and wsitors to inieract, the FestNal foises public awareness and enjoyment of the vbual arts ￿lIe helpin8 artists to make a living. FIPIANaAL REVIEW The Festival budReis to break e¥en ¢)verihe medlum term. In¢ome Is derived primarily from artlsts, registration fees and visitDr-related revenuessuch ascar park donatlon5 and br￿hUre sales. Addltlonal incorne is generated from advertisin& comrnissions on sale5 h artists uslng the Festival Office. and the invited artists. prograrnme. The reinstated e¥eTrts p￿ramme. partty fvrKled In 2024 by a Brant from the File StrategK Event5 Fund, tofttributed further income through ttcket sale5. Total inc¢)me for the year wa5 £143.S48. an inLYease of 48.9% on the prfor year. Growrh was drfven by hsgher ardst re815tration numbers and the expanded events pro8ramme. Operating expenditure increased by 33% to £128,55L Tefiectin8 the increa￿n8 5cak and ￿mplexIty of the FestT¥al. The operating surplus forthe year was £14,99712024.. deficit of £3511. 47 HINh SITeei The FestNal acquired its heritable property at 47 High Street in 2LK8 from Fife thjncil fijnded largely by a deferred poymtht arrangement with ￿fe Counctl. Subsequent improvements were made to the property IIK¥easinR its capitsli5ed investment value to £IS2.853. In Ottober 2024 a valuation of the property wa5 undertaken by D M Hall whlch provided an open marketvalue of the propertyof £65,LKX) and the carrwn8 value ha5 been adjusted accordiNaly. Discu55ionswith Fifecouncil regardingthe restructurin8of thedeferred payment arrangement remain ongoing. INVE5fMEiif POLKY Asidefrom retainin8 a prudent amount kn reserves each year most of the thafiivs fvnd53re to be spent In the short term so there are no fuTrds a¥ailaNe for Ion8-term invEslmenL The Charity aimsto retain sufficient liquidtyto ensure that it can meet the liabiif(ies as they hll Oue. relatingto the Festival and to finance addhlonal investrneTrt in the buslness and its Infrastrutture. In addibon. because sorne of the rtsks fxed by the Festival are inherentty UrMn$urab￿. it ￿ Irn￿rtant that the Fe$￿1 retains a strwg reseNes and liquidity posftfon. RESfRVE5 POUCY Unrestricted Re5ervu rKW at £23.39712024 £13.4(XJl. The Reserves pollty will be reviewed once the outcome of the discussion with Fife Counal r￿ardIng 47 High Street is known. GOING CONCÉRN POUCY TheTfUSteeshavean expectationthatthecornpany ha5 adequate resourcesto contlnueln operational existence for the foreseeable future. For this reason. the Annual Accounts are prepared on a 80ing toncern basis. RISK MA14AfjEMENT The Boards overar¢hln8 obleciive is to ensure that all stakeholders enjoy a safe and secure Festival expefience. The Board reco8nises respon5ibillty for Identi￿r￿ and managing key risks and for ensuriTr8 that all partieipantsfolowthè risk management #uidance issued. Risk management depends on engaiement with Stakeh￿derS includsn8 Festival staff. volLtnteers, exhibitlTh8 art*sts, Venue Owfiers. Vis￿0[$, the local communlty and Fife Council. The Board accepts that not all risk5 can be fulty mitiqated *ithout compromi51W the Festival experience. The annual risk •s*55rnent is updated to refiert experieKe. statutw requlrements and stakehobJerfeedba¢k. LLY*4erni finonclal 5UStaknabllty rnmaln5a key r15k. The 8oard moDllors Ilquldlty. debtor and creditor balances. and workln¥ capftal r¢qulrernefits. The potenthl cb5ure of the Charfe5 sireet car park due to r5e wèather remalnsthe most 5l8nlfl￿lopQra￿￿a1 rlsk and can onty be part1•1￿ mltlgated. The 8oafd hasalso Idèntlfied the tObrO￿en the Fe$l￿arS¥{siior demo8raphlc and ufideNayto address thi& FUTURE PLANS As the Festlval enters itsfifth decade,thertis a continuin8 need to renewthe format ofthe Festival and develop the ￿sitOr eXper￿n£• to ensure th* rt remains rdevant and engagiThA. Recent visitor fese•rch ha5 confirmed that Festivil rtmains an attrnrtive evwt to V￿rtorS but also hi8hli8hted the need for 8reater investment in dkn't•l communication. Supporti￿ events ind the breadth of ihe catèrlw offerin8. The Board is comrnitted to de¥elopin8 thése areas and to eAsurill8 the Festival betorne5 more diverse. inclusNe and environmentally S￿Inab￿. Th£ GOVERNING DOCUMENT Thecharlty The Royil buryh of piiienweem Arts Fest￿ar ts a C￿panY Ilmited by$u¥•ntee ind has no share capltal. The W•billty ole•¢h member In theevent olwindiry up ts Simiied to £5. The company w•$ Incorporated on 20JuTre 2CQ2 •nd the company reRlstratlon nurrthrls SC233W. The Scottish Chartty number Is SC024165. The re8lstered office ol the charlty Is 47 Hi8h Street. PSttenweem, Flfe, KYIO 2PG. The chai￿v Was e5tabli5hed undera Mernorandum olAss•d•iknn whkh esthbllshed the objects •nd P￿r$ ol the charltabkn company •nd 15 8o¥erntd under lis Artlcles of Assoclatknn. Thedlrertors olthe ¢ompany area1s0nnection and • ￿dÉ r•nge of •dmln15tratfve and Iwslness skllls TRitsThE IpIDucfioN N￿TruSte¢S are In 1ntrC4J￿ to the Fes¢l¥•l and Its bKk8rtyJnd as well as ihelr wlder responslbllitles Js Trustees •nd dir•dtys. ORWISATK)NAL STRUCTURE Th¢ Royal Burth of PthnwtemArts Fe51fv￿ a 8oard nrthalty meets monthly ènd is responsible for the strategSc dIrett￿ and policy ol the thèr￿. Th¢ maximum number of Bo•rd members Is fifteen. At presenl the aoafd ttas nine rnembefs from a var￿01 ba¢k8rwnds f¢lev•rtt to the work of the charlty. The Fesilval h•s• ￿ld Infrastructure Manaeef •nd •n Adminlsiraiof to support the on8olng work of the Festival. REIATED PARTIES Therè •r• no ather companles or bustrnes￿s rdated toThe ftoy￿ Burgh of PltteTrweem Arts Festhtal. None of the Trustee5 recelves remuneraiknn or othet benefft from thelr workwlth the charlty. However, as the 8oard Is Ilkely to contaln Iwal prOfes￿Onal •rtlsts who exhibit at the Festival, and the Fe5tr¥al brI￿S many visltor5 to the area it Is the case that these artlsts will obtain a deyee of benefft. A farn1￿ member of a Trustee provided c•terin8 fora Fe5tfvo1 event at a dtscounted raie. PAY POLbCI All dlrector5 and Trustees*¥ethelrtlme freeF4 and nodlrettor recew remunera￿0￿ In the year. Details of dlrertor5' and TNstees Èxpenses •nd rel*ed party tranSaCt￿an$ afe disd05ed In 5 to ihe actounts. The pay of the staff, all of whom are part-tlme, is fe¥iewed annuallv. TRLISTEE RESPOP4sIDiimES IN AELATI¢XI TOTHE FINAIICIAL STATEMEiirs TheTrustees are responsible for preparingfinancial statements that give a true ahd lair view of the thari(able companls financial positiw and acti￿1•5. Thry must 5ele¢t wit•ble KctyJntih8 poIKies. apply them ¢onsist¢ntty. rnake rea50nable and prudenijudgernents and e5timate5. and prepare the accounts on a goin8 concern basis unless inapprowijie lo do s The Trustees are responstbJ¢ for mèintiinin8 proper accountin8 records. safe8uardln8the chartys a55ets and taklng ￿#sonable steps io we¥eni and detettfraud and other Irre8uJartth"es. 114DEPENDEPIT EXAMINEA Mr lan Anderson was re4ppoirfed as the ¢hafrt•blecornp•n*s hlePer￿ent examlnerdurin8 the year and he has expressed hts willln8ness to contlnue in that cèpath. Thls report has been prepared in accord•￿e with the ￿tements ol Rtcommtnded Pra￿lee. DisaosuRE TO OUA INDEPENDENTEKAMINEA In so lar •5 the Tru5teesafe •wafQ al the lime ol•pproviniour Trust••s' ¥ftnual rewt- there is no relevant i#fomiaEion. bein8 Informa16on neeled by ihe examlner in conntrtion wlth preparin8 h15 reprt of which the ex•minef15 unaw•r¢. and the Trusiees. havlrq made enqulrles of fellow dlreciois th•t they ouiht to have Indlvkluatty taken. have each taken all steps that hel** Is obll8ed to takt as dlrector In order to make themsefves aware of any f*￿ant informatlon and to establlsh that the Independent txamln¢r Is aware of that Infofmatlon. voiuKtEERS The Fe511v¥l depends Wlyon the serykes of volurteers. This is e4ldenl during the Festlvjl, but there Is alsQ ¥ v•ry ￿$n￿1C3nt conlrfbutlon from volunteers and •rtists ihfOU8hout the year. 011 BEHALF THE eArbuthnrtt (Chalrl 1£1slaoQ aran ent of Finanual A fvit. For the ear ended Totsl Funds Fund 2025 IncomlnK Re50urce5 tharkabk Fe$￿¥41 A¢tMt*s Is￿ Registration fee5 Gfants15ee note 111 Events Income 60.267 ￿￿,167 18,630 13.797 45,2QJ 13.797 6.781 Advertising Income 4.620 Artlsts aTrJ Gallerles tjonations.. Car Park C*nations Other Donations 8rLKhure Sales Member5. ￿b$￿Ipt￿1 2.Tr32 2.C82 2.682 22.1Tr39 22.099 15.351 17,955 193 17.95S 193 13.621 14 Other In(orTre: Bank Intere Rentsl Income Sale of Merchandtse GiftAtd 140 605 674 140 341 1,170 834 674 1i6aO 59B C95t of Merchandise 264 264 289 114,IX7 570 127.717 570 95.630 1,030 13.630 118￿51 14997 94949 13511 187.8531 126.960 Net IncomellExpeThditurel Olminution after Property Revaluation Balances Brought Forward 9,997 13.4(KJ 25,356 38,756 Totsl Cwrl•d Forw•rd 23J97 53,753 756 The statement of ￿ar￿la1 actNttleslndudts •ll galn5 and losse5 re¢¢enlsed In the year. All income and expendlture derr¥Efrom torrtlnuiry attiville5. mited b Guar nc tee Asat30 èr 2025 2024 Tangible Assets Stock Debtors Cash * Bank and Hand 756 1.953 119.831 1.020 2.177 97.753 Due wrthin one year 4A03 i￿11¢mI IlwblHtk5 13 127 218 70ts1 N•1 Ass•ts 38.756 Unrestrirted-Genetal Restricted 23,397 30,356 IJAOD 25.356 Total Funds For the year endin8 ortober 2025, thecompany Wras entr(ledto exemptw)n from audit under section 477 of the Companies Art 21x16 relatirq to small tornpanies. Dlfectorf respon51blltties: The nxmbers have required the company to obtsin an audit of its accounts fcrf the year in question in accordance section 476. The directors ackntythed8e their respon5ibilitie5 for comp￿Ing with the requirements of the Act with respect to accountin8 record5 and the preparatlon of accounts. These accounts have been Pfep¥red in a¢Crydan￿ with the promsions applicabk to companies subject to the small companies, reglme. The note5 on page$ 10 to 16 form part ofthese accounts. Signed on behalf of the bwd by.. JulleArbythnott (Ch For oteg lorm rtol ral statements I. ACCOUNTING POLICIES al Basbof PTeparlThB thtllnandHI ￿llement The financial statement5 have been prepared in accordance with Accountingand ReportinE bv Charitles.. Statement of Recommended Practlce appllcable to charities preparing their accounts in accordance with the Financial Reportlng Standard applicèble in the UK and Republicof Ireland IFRS 1021 leffettwe l January 20151- (Charities SORP IFRS 102 as amendedl, the Financial Reportin8 51andard applicable in the UK and RepU￿1C01 I￿land IFRS 1021 and the Companie5 Act 2006. The Royal Burgh ol Pitlenweem Arts FestiV31 meetsthe definition ol a public benefit entity under FRS 102. Asset5 and liabilities are initialty recoinised at ht5torlcal cost or transaction value Un￿5$ otherwise staled inthe relevant a£countin8 policy. bl Preparatbun tstthe Kuwitson* ￿1n6£0￿¢eM ba555 The Royal Burgh of Pittonweem Art5 Festlval reported a net cash inflow of 22.078 and 3 balance of unrestricted reserve5 of £23,397 forthe yearand that on this basis the charity is a goin8 concern. ¢1 Incomlni Resou￿¢$ Donatlons •Dd Gr•nts Income from don?tioTrs and 8rants15 Incl￿ded in In¢omin8 resources when thest are receivable. When dDnors sp¢cify that donations and 8rants are for partlcular restrlcted purposes. th1$ income Ss included in Incom1￿ resources of re5trlrted funds when recefvable. Gra¢)ts for capital projectsare credited to a separate restricted fund. dl s¢r¥kes Ind fKll*Ses O¢mated professional services and donated facilities are reco8nised 35 income when the charity has control over the item. any conditions associated with the donated item have been mei, the r￿elpE of economic benefit from the use bythe charity of the item is probable and that economic benefit can be measured reliably. In atcordance with the Charities 50RP IFRS 1021, the general volunteer time of the Friends Is not recognised and refertotheTrustee5' annual report for more information about their contrib*Jt50n. On recelpt, donated professional Serv1￿ ènd donated facllFtle5 are recoanlsed on the basis olthe value ol the wft to the charliy which Is the amount the charlty would have been willln8 to pav to obtain ser¥kes orfacllltles ol equlvolent economic benefrt Ot) the open rnafket,. a correspondin8 amoufit is then reco8nlsed In expendlture Irb the perlod of receipt. •) Fund ¥rtoun￿D￿ Llnrestrfded funds are avaSlablÈ to spend on actwities that further any of the purposes of the charity. Oesi8Thated funds are unrestrlrted funds of the charity whlch the trustees have decided at their discretion to set aside to use for 4 5peclfic purpose. Restrltted funds are donations whith rhe donor has Specified are to be solely used for parti¢ular areas of the charl￿5 work or for specific projects being undertaken. io fj Exp*thre and IN¢¢owf*le VAT Expenditure is induded on an accwals ba515 and recognfjsed oo￿there is a le8al or Constrn￿l¥e obli83tion to make a payrrtht to a third party. it is probable that settlwnent will be required and the •mount of the olAigalion can be measured reliabty. Expendltuie Is C￿lfied under the folww •thty headln8s: il Eypendftureon tharttsble artlvitles It￿￿deS the costs of perf￿nCes. exhlbltions and o¢frw educat*)nal undertaken tolthrthe purp)ses ofthe charity. ill Other eynditure represents those items notfalli￿ into anyothtr l*adin8. 11 Irrtc¢)ver•bltVAT Is ¢hwyd as a ¢ost avi￿t the •￿￿lty lor ¥thkh the cost was incurr￿. l Resourc•s experthl I￿ Included ITh the Swement ol Fknand•l Actfvltlès on an •ccrn•ls basls, Indusbve ol VAT. The Ch•rbty ¢•nnot re¢vrtr VAT. •) Taw Flxod Ass•ts Furniturt and Equipment is depreclated •t 15%on a reducln8 balante basis. Q)mputer equlpment h depreciated on a stra4ht4ine b•sls. No dew¢¢i•tlon Is provided on Heritable Property. h) Stock Ary5tock of m*rch•ndlMd wods Is In¢Wed atthe knwer olcost or net r•alisable v•lue. Trad¢ and otherdebt¢)rs art re¢¢¥nts￿ ai ihe setllemeni amount due after any tfade dis¢ount offered. Prèpayrnents are valued at ihe aft￿in1 prepèid net ol any trnde discounts dtse. Credltors and pro￿510n$ •re recwrdsed f*kne the ch•rlty hls a present oblliatlon resuliini from st eveni that wlll resuh In the transler ol lund5 to a thlrd party and ih• •mount dut to settle the obli¢atlon can be measured or estlmated fellably. Credltors and pr￿s￿)n$ are normally retognlsed ¥t ltslrsettlement afftsJnt after allowing fw *rytrade dls¢ounts dye. l Go¥tm•n¢e Costs Tht5é are wsts assod•ted wlth 8tsvernarKe arAn8ements of the charity relating to general runnin¥ her than to lundraisiry or the baslt duritable atti¥fjty. Costs include Independent Examination Of th• Flnincl•l St•t•rn•nts. l•yl 4dvk• and costs •ss¢ci•t•d t*nth constitutlon•l and statutory requiremeDIS. S¥ppvtCgs These are costs relatK¥ to thè offic• functb I. NETOPERATING IDEFicmis(Mpu Net movernent In lunds Is wrl¥ed at after char4ln8: 1025 2024 oep(￿latiOfft- owned assets 8ank interest payable Cosiof Indeptndent Ex*nlnatlon Dtrecttys, ¢molument5 and other benellts etc. 792 250 230 3. CASH FLOW 2025 2024 Cash and Bank 8alan¢es at 31'0ttober 2024- start of year Cash and Bank Balances at ￿ Od¢)ber 2025-cbseofyear 97,753 92.989 119331 97.753 4.764 D•¢rexel In C•sh and ••fik b•kq•r 2024 Net lTheomln l ReseThfe5 Increaselldecrease in OetytOfS IncTeasel/decrease in Stock Increa5ellde¢feasel in Creditors Increaselldecrease In Lon -Teim Credtors reciation Dlmlnution of Property Revaly•tlon Loss on dls sal ol assets Ca Ital Empendlture Cf••*lll>•¢r•M• 14,997 224 264 12.5301 8.331 792 88,204 1.144 11,020 1.394 6.842 87,853 4.1451 4.764 In C•th Ind ••nlL B•l•nr•s 4. TAXATKWI Th• Royal 8ur8h ol Pthfvw••m Arts FethT•I is txernpt liom on Incom• and ylfts f•llln8 wlthln sertlon 505 of the T•1•5 Att 1988 or settlon 252 olih•T•x•iion of Charleable Galns Art 1992 to th• ￿eTht th•t ihese ar• appli•d to Its charitable oblKts. S. ANILYSIS OF RESOVRCES EXPEIIDED Totsl 2025 Tot•1 2024 124, 3,975 127,981 S70 IU551 95.919 1.030 %.949 Gov•rn•n¢• c051S 570 124,576 3,97$ 12 Telephone. posts and st•tK¥nery Independent Examination Le8•1 and fvvolesslonal fees 3.975 Aciual Actual Aetual 2SO J20 Z025 2024 Events Expenditu Invlted Artlsts and exhIbI￿￿￿$ Prtmises Costs Insur•n¢t 1fifr•5trUc￿r• C•$15 Mlscellaneous Costs Perform￿8 Rlthts Repalr5 & Renewals PromotloN•l Costs Box Office W•i•s Tr•vel Expenses Depreclation Loss on A55et 01spos•l Teltphon• and Posts Statlgnery Don•tlons LO￿ Interest Merchandlse Cort 23.$27 5.566 1,710 2,367 39,802 1,107 8,712 6.497 2,995 1.728 34,359 466 432 15,614 23.694 1.051 15,673 11.172 792 1,831 2.143 1.873 1,447 1.915 6.842 8.331 264 Totll 127.911 95.919 2025 2024 S•lari•s •nd w•8t5 Gallery Sitters Bus Orlvefs Infr•Mructure 2.72$ 2.314 15,625 23,694 1.650 13.645 11.172 1,140 8rothure S¢ll•rs Trt￿tee remuneratlon Soci•l securIty￿St$ T￿•1 4J. 21271 AJI employees are eny8ed on short term w part.tlme contratts. No employees h•d employee beneflts in excess of £60,W)12014 nonel. There •fe no penslon ¢0st5. The Trustees were not paid rbor did they receive any other benefits from ern￿￿men1 wlth the Charity in the year12024.. £nill. No Trustee ¢ecefved payment for professional or other vrvi¢•s supplwd to th• chèrrty12014.. Enill. The key m•na8ement personnel ol the tharlty comprise ihe Tnjttees and the mana8ev of infrastrurtute WanninR and control. There are no full-tim• 13 Staff Numbers 2025 Gallery sitters Bus Drivers Infra5trurture Office 8rochure Sellers Total io 12 18 20 Trustee Expense Reimbur5ement- There were noTrustee expense reimbursernents during the year12024 £nill fj. TANfjIBiE FIXED ASSETS Heritable Propertv Furnlture & Equlpment Computer qulpment Totals At October 2024 Addttions Di5posa1s minutiofi oh revalu*ion 17A05 83,354 DEPRECIATION At October 2024 Char e for year Ellrninated on dlsposals 13.744 609 183 183 13.927 792 14Ef BOOK VAWE At 3ty' Ortober 2024 At 3tr'0tt0ber 2025 65,CO) 4.061 JA52 366 183 69.427 6B.635 7. DEBTORS: AMOUNTS FAWNG DUE WITHIN ONE YEAR 2025 2024 Routlnedebtors 8. CREDITORS:AMOU14T5 FALL*4G DUE WITHIN ONE YEAR Roullno uedltors and accruals 9. CRE￿TORS. AMOUIITS FAWNG OVÉAFTER MOH£ TIIAN ONEVEAR LONG.TERM LOAN There is a k)n8-ierm loan r¢latedtothepur(haseof the prDperty at47HighStreet Piltenweem from Fifecouncil. Details areas follows.. 14 The loan is repayable only when the property Is sold. Interest, also payable when the property is sold, is belng actumulated atthe rate of 2% over the Bank of Ep8land's base rate from tlme to tlme In force. calculated on dally basis over the perlod of the loan. The accounts reflect the interest£har8e adjusted from the original accrual of intèrest calculated on the Royal ank of Scotland's base IKJrrowing rate. The Council has a Standard Sectsrity over the property except for the first £35,(Xxi. The original loan was for f85.OtKI and now Stands at £135,549 reflectingthe caprtallsation of attrued In1￿eSt. 10. ANALYSIS OF NET A55ETS BEr￿EEN FUNDS Unrestfkted Funds R•51Tlrted Funds Fixed As5et5 Current As5et5 43.279 120.667 1135.S491 25,356 68,635 120,667 1135.5491 28397 25,356 53.755 The restrlcted fvfid is for use on the development and maintenanct ofthe charitV5 property. IL GRANIS RECEIVED E￿ht 8rants were recei¥ed this year. Source Fife Council Fife Strategic Events Norah Webb Trust Helen Mann Trust Hu h Fraser Foundat￿1￿ The A5da Foundation Isit Scodand Gla ow Film Hub Total I￿rpose Events Events Events Events Events Events Events Ev?nts R•5trkltd/Unrthrl¢ted Restricted Restritted Restrirted Restricted Re$tflCted Restritted Restrirted Restricted Amount £ 2.4 750 4CK) 18.630 15 INDEPENOENT EXAMI￿R5 REIIORTTO THE TRUSTEES OFIHE ROYAL BURGH FESMVAL PANY UMfTED 8Y GUARANTEE F PITTENWEEM A I report ¢)n the accounts dthe tharrty forthe year￿ded 30 October 2025 whith afe set out on pages 2 to IS. The Charitys trusrees are reswnsible for the preparnilon of the accounts in a¢¢ordance with the terms of thè char￿leS and Trustee Investment Iscotlandl Art 2(i15 and the Charities Accounts Ikotlandl Regulatlons 2c￿. The charlty trustees cons￿er that the audit requirement of Re8ulatK)n 10(11 lal to Icl of the Accounts Regulations dots not apply. It Is my rtsponshility to examine the accounts as required under settion 4qll Icl of the Act and to stste whether particul•r mattus hwecome to myattenlioft. Isof Ind•penO•nl •x•mlnrfi rtai•m•nt My examlnatlon Is car￿d out in accordJn¢e wlth Regulation 11 of the CharttlesAccount5 (Scotlandl Regulations 2W6. An examination includes a rev*w of thé ¥countlll8 rKord kept by the charity and a tomparison of the accounts presented with those records. It also indudes tt*nsideration of any unusual items or disc1￿ur*S in the accounts and seeks explanathJn5 from the trustees cOn￿rnIn$ any such matters. The procedures undertaken do provide •ll the evrflen¢e that would be required in an •udiL and consequefitty I do not express an audSt opinion on lhe￿e4¥ wen bythe xcounts. In the course of my examination. no mattef has coff* to my ￿*￿tion whKh lives me re•soMble cause tg belle¥e that In any mater￿1 respe¢t the rnqulrerr*rts'. to keep •ccountln6 records in accordance wlih Settlon 4411) lal of the 2005 Act and Re8ulation 4 of the 2(Q6 Accounts Regulatlons. and 5ertion$ 381, 382 Ind 386 olthe Compan*es Act 2CQ6, to prepare %(ounts t•thlch accord with the accouniine records and comply with Regulation 8 of the I￿)6 Acounts Rewtstions, have not been to whkh. In my optnion. attention shuld be drawn In order to enable a propèr understsndlw ofthe a¢¢ounts to be reathed. lan Anderson Quallflcatlon- CIMA Address- 5 Braehead, Cellardyke, Anstruther. Flfe KYIO 3AH Date"3g/q/z& 16