DoGusign Envebpe ID." OOB167C8-E6B14FAF.90CO-E83E19930F7C Registered number.. SC231983 Charity number: SC033181 THE VErrRIANO TRUST (A COMPANY LIMITED BY GUARANTEE TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
DoGusign Envebpe ID." OOB167C8-E6B14FAF.90CO-E83E19930F7C THE vERIAN0 TRUST (A company limited by guarantee) CONTENTS Page Reference and administrative details of the charity. its trustees and advisers Trustees, report Independent examiner's report Statement of financial activities Balance sheet Notes to the financial ststements 8-11
DoGusign Envebpe ID." OOB167C8-E6B14FAF.90CO-E83E19930F7C THE vERIAN0 TRUST (A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees Mr Jack Vellriano (Deceased 1 March 20251 Mrs Carolyn Walker Osborne Mr John Warwick Gilbertson Company registered number SC231983 Charity registered number SC033181 Registered office 22 North Street, Glenrolhes, Fife, KY7 SNA Company secretary Mr J W Gilbertson Independent Examiner EQ Accounlanls Limited, Penlland House, Saltire Centre, Glenrothes, Fife, KY6 2AH Page 1
DoGusign Envebpe ID." OOB167C8-E6B14FAF.90CO-E83E19930F7C THE vERIAN0 TRUST (A company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present their annual report together with the financial statements of the group and the company for the 1 January 2024 10 31 December 2024. The Trustees confirm that the Annual Report and financial statements of the company comply with the current statutory requirements, the requirements of the company's governing document and the provisions of the Statement of Recommended Practice ISORPI, applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191. The trustees confirm that the Annual report and financial statements comply with the current statutory requirements, the requirements of the company's governing document and the provisions of the Statement of Recommended Practice ISORPI, applicable to charities preparing their accounts in accordan with FRS 102. Since the company qualifies as small under section 383, the strategic report required of medium and larye companies under The Companies Act 2006 Istrategic Report and Direclo¢s Reportl Regulations 2013 is not required. Objectives and Activities The company's objectives and principal activities are to promote and advance the education of the public generally about all aspects of Scollish Art. The strategy for achieving this objective includes the provision of financial and other assistance for the support of Scotti'sh Art, the provision of consultancy, training and tuition and the production of promotional material. Achievements and performance No donations were made during the year under review bul the trustees continued lo explore opportunities in connection with the objects of the Trust. Financial Review The directors consider that sufficient reserves wll be available lo allow the company lo meet its objects in the future accounting periods. The Trustees continue to review the major risks to which the Trust is exposed and where appropriate, systems and procedures have been established lo mitigate these risks. Going Concem After making appropriate enquiries, the trustees have a reasonable expectation that the company has adequate resources lo continue in operational existence for the foreseeable future. For this reason they continue lo adopt the going concern basis in preparing the financial slatemenls. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies. Reserves policy Since the charitable company has no ongoing commitments or expenses the Trustees believe there is no requirement to hold any reseNes. The Trustees review the reserve policy on a regular basis and would update the reserves held if any changes arise. Page 2
DoGusign Envebpe ID." OOB167C8-E6B14FAF.90CO-E83E19930F7C THE vERIAN0 TRUST (A company limited by guarantee) TRUSTEES. REPORT {continued) FOR THE YEAR ENDED 31 DECEMBER 2024 structure. governance and management The Trust is a charitable company limited by guarantee Icompany number SC2319831, incorporated on 24th May 2002 and recognised as a charity with the charity number SC033181. The company was established under a Memorandum of Association which established the objects and the power of the charitable company and is governed under ils Articles of Association. In the event of the company being wound up members are required lo contribute an amount not exedIng £1. The directors of the company are also charity Iruslees. Unless othemise detemiined by ordinary resolution at a general meeting, the number of members of the board of Iruslees shall not be less than nor more than six. Under the requirements of the Memorandum of Association, the initial board of trustees, once elected eligible lo continue in office, wlhout having lo retire or be considered for election by rotation, unless or until removed from offi, The trust does not have a formal policy for recruilmenl, appointment or retiral of trustees. The trustees consider whether any changes are required and existing trustees would be asked lo suggest suitable candidates. Independent Examiner Mr Mark Gibson CA has been re-appointed as independent examiner for the ensuing year. TRUSTEES. RESPONSIBILITIES STATEMENT The Trustees (who are also directors of The Vettriano Trust for the purposes of company lawl are responsible for preparing the Trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees lo prepare financial statements for each financial year. Under company law the Trustees musl not approve the financial statements unless they are satisfied that they give a true and fair view of the slate of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial stalemenls, the Trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP., make judgments and accounting estimates that are reasonable and prudent", prepare the financial statements on the going concern basis unless it is inappropriate lo presume that the charitable company will continue in operation. The Trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the charitable company's transactions and disclose with reasonable accuracy al any lime the financial position of the charitable company and enable them to ensure that the financial statements eomply with the Companies Act 2008, the Charities and Trustee Investment (Scotlandl Act 2005 and the Charities Accounts Iscotlandl Regulations 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. This report was approved by the Trustees, on 19 September 2025 and signed on their behalf by.. Mr John Warwick Gilbertson Trustee Page 3
DoGusign Envebpe ID." OOB167C8-E6B14FAF.90CO-E83E19930F7C THE vERIAN0 TRUST (A company limited by guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE vERIAN0 TRUST I report on the financial statements of the company for the year ended 31 December 2024 which are set out on pages6to 11. This report is made solely to the company's TrLJStees, as a body, in accordance wth regulation 11 of the Charities Accounts Iscollandl Regulations 2006. My work has been undertaken so that I might slate to the company's TrLJStees those matters l am required lo slate to them in an Independent examinerfs report and for no other purpose. To the fullest extent permilled by law, I do not accept or assume resFX)nsibility lo anyone other than the company and the company's Trustees as a body, for my work or for this report. RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER The Trustees, who are also the directors of the company for the purFX)ses of company law, are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustee Investment (Scollandl Act 2005 (the Act) and the Charities Accounts (Scotlandl Regulations 2006 Ilhe Accounts Regulalionsl. The Trustees consider that the audit requirement of Regulation 10111 lal lo Icl of the Accounts Regulations does not apply. It is my responsibility lo examine the financial statements as required Ljnder section 44111 Icl of the Act and lo stale whether particular matters have come lo my attention. BASIS OF INDEPENDENT EXAMINER'S REPORT My examination was carried out in accordance with regulation 11 of the Accounts Regulations. An examination includes a review of the accounting records kept by the company and a comparison of the financial statements presented with those records. 11 also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you as Trustees conceming any such mallers. The procedures undertaken do not provide all the eviden that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts. INDEPENDENT EXAMINER'S STATEMENT In the course of my examination, no matter has come to my attention, other than that disclosed below.. 111 which gives me reasonable cause lo believe that in any material respect the requirements.. lo keep accounting records in accordance with Section 44111 {al of the 2005 Act and regulation 4 of the Accounts Regulations., and lo prepare financial statements which accord with the accounting records, Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard in the UK and Republic of Ireland IFRS 1021 and in other respects comply with regulation 8 of the Accounts Regulations have not been mel., or 121 to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached. Page 4
DoGusign Envebpe ID." OOB167C8-E6B14FAF.90CO-E83E19930F7C THE vERIAN0 TRUST (A company limited by guarantee) INDEPENDENT EXAMINER'S REPORT {continued) FOR THE YEAR ENDED 31 DECEMBER 2024 This report is made solely lo the company's Trustees, as a body, in accordance with regulation 11 of the Charities Accounts Iscollandl Regulations 2006. My work has been undertaken so that I might slate to the company's Trustees those matters l am required lo slate lo them in an Independent examinevs report and for no other purpose. To the fullest extent permilled by law, I do not acp1 or assume responsibility lo anyone other than the company and the company's Trustees as a body, for my work or for this report. Signed.. Dated." 19 September 2025 Mr Mark Gibson CA OA84337E1750462 EQ ACCOUNTANTS LIMITED Chartered Aw)untants Penlland House Saltire Centre Glenrothes Fife f6 2AH Page 5
DoGusign Envebpe ID." OOB167C8-E6B14FAF.90CO-E83E19930F7C THE vERIAN0 TRUST (A company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted funds 2024 Total funds 2024 Total funds 2023 INCOME FROM.. EXPENDITURE ON: RECONCILIATION OF FUNDS: Total funds brought forward 16 16 16 16 16 TOTAL FUNDS CARRIED FORWARD The notes on pages 8 to 11 form part of these financial statements. Page 6
DoGusign Envebpe ID." OOB167C8-E6B14FAF.90CO-E83E19930F7C THE vERIAN0 TRUST (A company limited by guarantee) REGISTERED NUMBER: SC231983 BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 FIXED ASSETS Investments CURRENT ASSETS Debtors 16 f 6 CREDITORS: amounts falling due within one year 12) NET CURRENT ASSETS 14 14 NET ASSETS 16 16 CHARITY FUNDS Unrestricted funds 16 16 TOTAL FUNDS 16 16 The company's financial statements have been prepared in accordance with the provisions applicable lo companies subject lo the small companies regime. For the year ended 31 December 2024 the company was enlilled lo exemption from audit under section 480 of the Companies Act 2006. Members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. The Trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect lo accounting records and the preparation of financial slatemenls. The financial statements were approved and aulhorised for issue by the Trustees on 19 September 2025 and signed on their behalf, by.. 5WJK*lby.' 7&AF61EAg6FA4Fg. Mr John Warwick Gilbertson Trustee The notes on pages 8 10 11 fomi part of these financial slatemenls. Page 7
DoGusign Envebpe ID." OOB167C8-E6B14FAF.90CO-E83E19930F7C THE vERIAN0 TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES 1.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Slalemenl of Recommended Practi applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191 (Charities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. The Vettriano Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise staled in the relevant accounting policy. 1.2 Company status The company is a company limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited lo £1 per member of the company. 1.3 Going concern The trustees confirm they have reasonable expectation that the company has adequate resources lo continue in operational existence for the foreseeable future and for this reason the company adopts the going concern basis in preparing the financial slalemenls. 1.4 Income All income is recognised once the company has enlillemenl to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Income tax recoverable in relation to investment income is recognised at the lime the investment income is receivable. 1.5 Expenditure Expenditure is recognised once there is a legal or conslruclive obligation to transfer economic benefit lo a third party, it is probable that a transfer of economic benefits will be required in selllemenl and the amount of the obligation can be measured reliably. 1.6 Investments Fixed asset investments are a form of financial instrument and are initially recognised al their transaction cost and subsequently measured al fair value al the Balance sheet date, unless fair value cannot be measured reliably in which case il is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading 'Gainslllosses} on investments, in the Statement of financial activities incorporating income and expenditure account. 1.7 Debtors Trade and other debtors are recognised al the selllemenl amount after any trade discount offered. Prepayments are valued at the amount prepaid nel of any trade discounts due. Page 8
DoGusign Envebpe ID." OOB167C8-E6B14FAF.90CO-E83E19930F7C THE vERIAN0 TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES Icontinuedl 1.8 Liabilities and provisions Liabilities are recognised when there is an obligation al the Balan sheet date as a result of a past event, il is probable that a transfer of economic benefit will be required in settlement, and the amount of the selllemenl can be estimated reliably. Liabilities are recognised al the amount that the company anticipates it will pay lo sellle the debt or the amount it has reiVed as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Vvhere the effect of the lime value of money is material, the provision is based on the present value of those amounts, discounted al the pre-tax discount rale that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges. 1.9 Fund accounting General funds are unrestricted funds which are available for use al the discretion of the Trustees in furtherance of the general objectives of the company and which have not been designated for other purposes. STAFF COSTS The company has no employees other than the Trustees, who did not receive any remuneration (2023- £NIL). No employee received remuneration amounting to more than £60,000 in either year. TRUSTEES. REMUNERATION No Iruslees received expense payments during the year ended 31 December 202412023- £nill Page 9
DoGusign Envebpe ID." OOB167C8-E6B14FAF.90CO-E83E19930F7C THE vERIAN0 TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 FIXED ASSET INVESTMENTS Shares in group undertakings Market value At 1 JanLJary 2024 and 31 December 2024 Subsidiary undertakings The following were subsidiary undertakings of the company.. Name Jack Vettriano Ltd Holding The aggregate of the share capital and reserves as at 31 December 2024 and of the profit or loss for the year ended on that date for the subsidiary undertakings were as follows". Aggregate of share capltal and reserves Name Profltlllossl Jack Vettriano Ltd Investments at market value comprise: 2024 2023 Group All the fixed asset investments are held in the UK DEBTORS 2024 2023 Other debtors 16 f6 CREDITORS: Amounts falling duo within one year 2024 2023 Other creditors Page 10
DoGusign Envebpe ID." OOB167C8-E6B14FAF.90CO-E83E19930F7C THE vERIAN0 TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 STATEMENT OF FUNDS STATEMENT OF FUNDS- CURRENT YEAR Balante at 31 December 2024 Balance at 1 January 2024 Income Expenditure Unrestricted fund8 General funds 16 16 STATEMENT OF FUNDS- PRIOR YEAR BalanGe al l January 2023 BalanGe al 31 Dember 2023 Income Expenditure Designated funds 16 16 Total of funds 16 16 RELATED PARTY TRANSACTIONS During the year ended 31 December 2024, there were no related party transactions12023 - £nill- Page11