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 vE￿RIAN0 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 vE￿RIAN0 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 vE￿RIAN0 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 vE￿RIAN0 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 ex￿edIng £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 vE￿RIAN0 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 vE￿RIAN0 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 vE￿RIAN0 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 ac￿p1 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 vE￿RIAN0 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 vE￿RIAN0 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 vE￿RIAN0 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 vE￿RIAN0 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 re￿iVed 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 vE￿RIAN0 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 vE￿RIAN0 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
De￿mber
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