**Company registration number SC314035 (Scotland) Charity registration number SC037732 (Scotland)** **THE JUPITER ARTLAND COMPANY LIMITED KNOWN AS JUPITER ARTLAND FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025** ## **THE JUPITER ARTLAND COMPANY LIMITED KNOWN AS JUPITER ARTLAND FOUNDATION CONTENTS** ||**Page**| |---|---| |Trustees' report|1 - 7| |Independent auditor's report|8 - 10| |Statement of financial activities|11| |Balance sheet|12| |Statement of cash flows|13| |Notes to the financial statements|14 - 26| **THE JUPITER ARTLAND COMPANY LIMITED KNOWN AS JUPITER ARTLAND FOUNDATION TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ The trustees present their annual report and financial statements for the year ended 31 December 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)". ## **Objectives and activities** The purposes of the charity are the advancement of education in the promotion of art and culture and the advancement of the arts, heritage, culture and science. The charity is a public benefit entity as defined by FRS 102. The aims of the charitable company are:- Firstly to run an internationally acclaimed Sculpture Park, in the grounds of Bonnington House which is open to the public. Secondly to provide an educational resource for school children of both primary and secondary ages. This involves the running of educational courses and entry to the Sculpture Park free to school children for the promotion of art and culture. ## **Achievements and performance** 2025 has been a landmark year for Jupiter Artland, defined by artistic ambition, institutional confidence and significant structural development. Building on the strong visitor growth of 2024, the season deepened our audiences and extended our reach across Scotland. Most significantly, 2025 marked the first time in Jupiter Artland’s history that we remained open year-round, extending into the winter months from November 2025 through to February 2026, with opening hours Thursday to Sunday. This decision, anchored by three ambitious new exhibitions, represents a genuine new chapter in Jupiter’s evolution as a living institution shaped by the changing seasons. A major strengthening of the business team was a defining feature of the year. The appointment of Darren Scott as Chief Operating Officer brought new operational leadership and strategic capacity to the organisation, complemented by the recruitment of a Head of Operations, a Head of Marketing and an Executive Chef. Together these appointments represent a significant investment in the professional infrastructure of Jupiter Artland, equipping the organisation to realise its ambitions across programming, hospitality, commercial development and visitor experience with greater depth and resilience. The Board also underwent a period of renewal in 2025. Two long-serving trustees, Gemma Cairney and Claire Lilly, retired from the board, bringing to a close chapters of dedicated service to Jupiter Artland’s governance and charitable mission. We are deeply grateful for the commitment, energy and expertise both brought to the organisation over their years of involvement. Three new trustees were recruited, bringing a strengthened range of skills and experience to the board, well-timed to support Jupiter’s continued growth and the increasing complexity of the organisation’s activities across Scotland and beyond. The introduction of MAKE Studio, our new drop-in collaborative sculptural workshop programme, expanded access to creative making on-site and has been warmly received by visitors and participants. Jupiter+ continued to grow as our ambitious national programme, with its fourth iteration arriving in Dundee. Our philanthropic model is grounded in a simple and powerful principle: **100% of ticket income goes directly to fund the Learning Foundation and its free programmes for children and young people across Scotland.** This is made possible by the wider organisation that surrounds and sustains it — the exhibitions, the permanent collection, the outdoor estate, and the staff and infrastructure that bring Jupiter Artland to life for every visitor. Every ticket purchased is therefore an act of direct philanthropy, supporting free learning that would otherwise be inaccessible to many of the young people who benefit from it. - 1 - **THE JUPITER ARTLAND COMPANY LIMITED KNOWN AS JUPITER ARTLAND FOUNDATION TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ ## **2024–2025 Performance at a Glance** |**Metric**|**2024**|**2025**|**% Increase**| |---|---|---|---| |**Visitor Numbers**|65,283|81,836|**+25.36%**| |**Ticket Income**|£558,620|£817,447|**+46.33%**| |**Friends of Jupiter Artland**|£33,500|£44,270|**+32.15%**| |**Sales Growth**|£1,551,980|£2,474,236|**+59.42%**| ## **Public Programme** ## **Jonathan Baldock: WYRD, 10 May – 28 September 2025** The season opened in May with Jonathan Baldock’s joyfully strange and politically charged exhibition WYRD, installed across the Ballroom Gallery and the Lower Steadings. Taking its name from the Old Norse word for a form of exceptional otherness tied to destiny and transformation, WYRD saw Baldock transform the Ballroom into a zoo of hybrid folkloric creatures, giraffes with split necks and twin heads, horses become unicorns, snails with human faces, arranged in a protective circle. Baldock’s chosen animals were those observed to exhibit same-sex attraction, pair bonding or coupling in the wild. The work made a witty and important statement about the sidelining of queer culture and behaviour, whilst remaining playful and entirely accessible to all audiences. In the Lower Steadings, a second, darker installation offered a counterpoint: hammock-like cocoons scented with lavender, out of which hands and faces emerged, transformative, unsettling and strangely welcoming. Two of Baldock’s penguin sculptures, Muffin and Mittens, inspired by the celebrated same-sex penguin pair at Edinburgh Zoo, will be cast in bronze and join Jupiter’s permanent collection, a lasting and joyful testament to an exhibition of real distinction. WYRD was the centrepiece of JUPITER RISING x EAF on 16 August 2025, our annual one-night festival produced in partnership with Edinburgh Art Festival, now firmly established as one of the highlights of the Scottish cultural calendar. The 2025 edition took the folkloric, wyrd and wonderful as its guiding spirit. The evening opened with an on-stage conversation between Baldock and writer Sacha Coward, author of _Queer as Folklore_ , exploring otherness and transformation in queer lives and mythology. The celebrated Glasgow artist and DJ TAAHLIAH, a Jupiter Rising alumna from the inaugural edition in 2020, headlined with a live solo set. Poetry and spoken word were curated by Waterwings Press, and the late-night stage was taken over by Ponyboy, the Edinburgh-based queer nightlife collective. Florence Peake also debuted new performance work during the evening. The event continued to grow its reputation for combining artistic seriousness with radical joy. ## **Guy Oliver: Millennial Prayer, 8 August – 28 October 2025** Margate-based artist Guy Oliver presented _Millennial Prayer_ , a newly commissioned personal essay film premiering as part of Edinburgh Art Festival. Born in 1982 and identifying as a first generation millennial, that generation uniquely defined by analogue childhoods and digital adulthoods, Oliver used the film to examine what it meant to come of age at the turn of the new millennium. Unfolding as a mixtape-like monologue performed to camera, the work wove together readings of cultural artefacts from the era: Prince’s _1999_ , the 1999 solar eclipse, the chaos of Woodstock ‘99, and the bemused spectre of the Blair years. The film addressed masculinity, politics, fragility and vulnerability with Oliver’s characteristic dark humour and cutting intelligence. The work opened on the eve of Oasis’s return to Edinburgh and was warmly received by press and audiences alike. Oliver’s relationship with Jupiter stretches back to Jupiter Rising 2023, and this commission marks the fullest realisation yet of his extraordinary practice. - 2 - **THE JUPITER ARTLAND COMPANY LIMITED KNOWN AS JUPITER ARTLAND FOUNDATION TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ ## **Jupiter+ Dundee: Lindsey Mendick, Growing Pains, 13 September – 21 December 2025** Now in its fourth iteration, Jupiter+ arrived in Dundee in 2025 with a major new commission from award-winning artist Lindsey Mendick. _Growing Pains: You Couldn’t Pay Me to Go Back_ transformed a vacant estate agent’s unit on Reform Street at the heart of Dundee’s city centre into an immersive, multi-sensory artwork exploring social class, vulnerability and the formative experiences of adolescence. At the centre of the installation, a spiralling desk bore eight Alice-in-Wonderland-scale ceramic dolls’ houses, each bursting open with teenage figures representing a different milestone of growing up in the early 2000s, from wearing braces to getting your first mobile phone, from Bacardi Breezers to TN trainers. An accompanying film, _you couldn’t pay me to go back_ , saw Mendick revisit Muswell Hill for the first time in fifteen years. The work surfaced the surreal pressures at the threshold of adulthood with Mendick’s characteristic candour, humour and intense attention to material and glaze. A bespoke learning programme ran simultaneously at a studio on Castle Street, offering free sessions to schools, colleges and community groups across Dundee and the wider region. ORBIT, Jupiter’s year-long youth programme, continued in conjunction with Jupiter+ Dundee, bringing together a cohort of 16 to 18-year-olds for mentored creative development. A Legacy Residency programme offered stipends and mentoring to three early-career artists who had recently left college, continuing Jupiter’s commitment to nurturing creative lives beyond the moment of formal education. Mendick’s 2023 exhibition at Jupiter Artland won the Sky Arts Award for Visual Arts, and this Dundee commission represents a deepening of a relationship that has come to feel central to Jupiter’s identity. ## **Georg Wilson: The Earth Exhales, 11 October 2025 – February 2026** In October, London-based painter Georg Wilson staged her largest institutional exhibition to date in Jupiter’s Ballroom Gallery. _The Earth Exhales_ was a bold, verdant body of work imagining a wild landscape utterly devoid of human presence, inhabited instead by clawed, crouching creatures who exist entirely outside human hierarchies, entangled with undergrowth and indifferent to the viewer’s gaze. A recurring motif was the rose chafer beetle, a metallic, gem-like creature that feeds on rotting vegetation in the last heat of summer, an apt symbol for the moment when the earth begins to exhale, tiring into autumn. Wooden cut-out paintings, a fallen tree and a cluster of beetle sculptures extended the work into three dimensions, and the paintings faced the park’s own billowing hedges and trees through the Ballroom windows, creating a mirror between inside and outside that felt wholly in keeping with Jupiter’s landscape. The exhibition ran through the winter season and was accompanied by an artist talk in conversation with cultural historian Stephen Ellcock, and a programme of workshops exploring poetry, collaboration and seasonal change. ## **Tai Shani: The Spell or The Dream, 11 October 2025 – ongoing** Turner Prize-winning artist Tai Shani brought _The Spell or The Dream_ to Jupiter’s orchard of apple and plum trees following its acclaimed presentation in the courtyard of Somerset House, London, where it formed the centrepiece of the institution’s 25th birthday celebrations. Commissioned by Somerset House Studios and made possible with Art Fund support, the work placed a luminous blue figure atop a stepped plinth amongst the trees, gently breathing, suspended in a spell. The dreamer sleeps through present and imminent catastrophes, political and social disaster and environmental collapse, whilst dreaming equally of resistance and renewal. A newly commissioned soundscape by composer and double bassist Maxwell Sterling accompanied the sculpture, deepening its sense of suspended time. At Jupiter, the work takes on new resonance in nature, discovered rather than arrived at, and has been profoundly received throughout the winter months. The work remains in Jupiter’s orchard through to autumn 2026. - 3 - **THE JUPITER ARTLAND COMPANY LIMITED KNOWN AS JUPITER ARTLAND FOUNDATION TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ ## **Florence Peake: To Love and to Cherish, 2025, Permanent Commission** One of the defining achievements of 2025 was the commissioning of a permanent new floor painting by Londonbased artist Florence Peake for Jupiter’s new Glasshouse, our beautiful new event and wedding venue. _To Love and to Cherish_ had its origins in Jupiter Rising x EAF in August 2025, when Peake and four dancers, Katye Coe, Rachel Lopez de la Nieta, Joe Moran and Charlie Morrissey, painted directly onto the Glasshouse floor through passionate embrace, their bodies saturating the surface with colour as they moved. The work plays with and subverts the idea of traditional marriage vows, invoking Aphrodite’s untamed love through a continuous, paintdrenched kiss. Peake subsequently continued work on the piece, building on this performative underpainting to create one of her most ambitious works to date, sealed permanently beneath a layer of resin. Unveiled in October 2025, the painting now forms an integral part of the Glasshouse, to be encountered by wedding guests, private hire visitors and art audiences for years to come, carrying with it the remarkable story of its making. The work joins Jupiter’s permanent collection and stands as a powerful statement about the relationship between performance, painting and place. ## **Visitor Experience and Commercial Developments** The decision to open through the winter for the first time was supported by a rich seasonal programme of events, workshops and hospitality. Café Party hosted curated Saturday evening dinners throughout the autumn, alongside festive afternoon teas in November. Christmas at Jupiter ran across nine consecutive days in December, transforming the park into a festive village with artisan markets, fire pits, roasted chestnuts, family workshops and Santa’s Grotto, all set against the backdrop of the three new exhibitions and the permanent collection. The Glasshouse began receiving bookings as a wedding and private events venue, adding an important new strand to Jupiter’s commercial offer. ## **Financial review** During the year the charitable company received income of £2,474,237 (2024:£1,551,980) from entry fees, donations and retail income as can be seen in notes 2 to 6. Expenditure totalled £2,459,562 (2024: £1,594,951) as can be seen in notes 7 and 8. Overall the charity achieved a surplus of £14,675 (2024 deficit £42,971). The charity also funded the development of the Glasshouse and other assets with additions to fixed assets of £257,558 (2024 £35,616). The total funds held by the charity at 31 December 2025 were £402,227 (2024: £396,233) of which net current liabilities amounted to £150,538 (2024: £50,386). Total funds includes restricted funds of £3,091 (2024: £3,091). ## **Reserves policy and Going Concern** Currently, due to the ongoing support of the founder donor to cover any expenses as they fall due there is not an established reserve policy in place. The Directors are working towards creating a sustainable financial model where the organisation is no longer reliant on support from the founder donor and establishing a scenario-based reserves policy. At 31 December 2025 the charity held reserves of £402,227 (2024: £396,233) which are made up of unrestricted funds of £399,136 (2024: £393,142) and restricted funds of £3,091 (2024: £3,091). Based on a review of our forecasts, available reserves and continued support of the aforementioned Director the Directors have a reasonable expectation that the charity has adequate resources to continue operating. Accordingly, the financial statements continue to be prepared on a going concern basis. ## **Investment policy and objectives** Under the Memorandum and Articles of Association, the charitable company has the power to invest in any way as may be thought fit by the Directors. ## **Risk management** The Directors continue to assess the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate exposure to the major risks. The major risk is the continuity of income but this risk is minimised by monthly review of funds required which funds are provided personally by the Directors, who are the founders of the charity. Non-financial risks arising from fire, health and safety of artists, staff and visitors, and food hygiene are managed by ensuring accreditation is up to date, relevant policies and procedures are in place and that there is regular awareness training for staff. - 4 - **THE JUPITER ARTLAND COMPANY LIMITED KNOWN AS JUPITER ARTLAND FOUNDATION TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ ## **Plans for future periods** 2025 has demonstrated the depth of Jupiter Artland’s ambition and the breadth of its reach, from the orchards at Bonnington House to a former estate agent on a Dundee high street. With a strengthened team, a renewed board, and a programme that continues to attract artists of the highest calibre, Jupiter enters 2026 with confidence and purpose. ## **Structure, governance and management** The Jupiter Artland Company Limited, known as Jupiter Artland Foundation is a company limited by guarantee governed by its Memorandum and Articles of Association dated 15 December 2006. The company was incorporated on 3 January 2007 and is registered at Bonnington House, Kirknewton, Scotland EH27 8BB. It is registered as a charity with OSCR. Every member is required to contribute £1 for payment of debts and liabilities of the Company in the event of the charity winding up. The appointments of Darren Scott as Chief Operating Officer, together with a new Head of Operations, Head of Marketing and Executive Chef, mark a significant and well-considered strengthening of Jupiter Artland’s professional capacity, reflecting the organisation’s continued growth in scale and ambition and positioning Jupiter well for the years ahead. At board level, 2025 brought both continuity and renewal. Trustees Gemma Cairney and Claire Lilly retired after periods of valued and dedicated service, and Jupiter is deeply grateful for the expertise, commitment and passion each brought to the governance of the charity. Three new trustees joined the board, bringing strengthened skills across areas critical to Jupiter’s future development. Their recruitment has been carefully considered to address identified gaps in the board’s collective expertise, and we look forward to the contribution they will make to the organisation’s governance and strategic direction in the years ahead. ## **Recruitment and appointment of new trustees** The first Board of Directors was appointed by the subscribers to the Memorandum. At each Annual General Meeting, one third of the appointed Directors retire by rotation being those who have been longest in office. For members appointed on the same day those to retire shall be determined by agreement or in default of agreement by lot. Retiring Directors are eligible for reappointment. The number of Directors shall be not less than two. No person other than a retiring Director shall be appointed a Director at any General Meeting unless that person is unanimously recommended by the Directors or not less than 14 nor more than 35 days before the meeting a Member has delivered a notice of their intention to propose that person to be a Director. - 5 - **THE JUPITER ARTLAND COMPANY LIMITED KNOWN AS JUPITER ARTLAND FOUNDATION TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ |**Registered charity name**|Jupiter Artland Company Limited| |---|---| |**Charity registration number**|SC037732| |**Company registration number**|SC314035| |**Principal office and registered office**|Bonnington House| ||Kirknewton| ||Midlothian| ||EH27 8BB| |**The trustees**|R Wilson| ||N J Wilson| ||G M Cairney (Retired 4 August 2025)| ||C L Lilley (Retired 4 August 2025)| ||A Whittle| ||D J Brotherston (Appointed 18 December 2025)| ||D J McMicking (Appointed 18 December 2025)| ||R R Wilson (Appointed 18 December 2025)| |**Company secretary**|Robert Nelson Wilson| |**Auditor**|Thomson Cooper| ||Chartered accountants & statutory auditor| ||3 Castle Court| ||Carnegie Campus| ||Dunfermline| ||KY11 8PB| |**Bankers**|Coutts & Co| ||8 George Street| ||Edinburgh| ||EH2 2PF| ## **Organisational structure** The Board of Directors administer the charity. The Board meets regularly to consider proposed development projects and the planning and progress of these projects and fund raising. The day- to- day management of the charity has been delegated to a Senior Management Team, of currently four managers, appointed by the Directors. ## **Induction and training of new trustees** There are formal arrangements for training of new Directors and new directors are informally given guidance on their duties and responsibilities by the Board of Directors. ## **Key management remuneration** The pay of the Senior Management Team is reviewed annually by the Directors by reference to external equivalent roles. - 6 - **THE JUPITER ARTLAND COMPANY LIMITED KNOWN AS JUPITER ARTLAND FOUNDATION TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ ## **Related parties** None of the Directors received remuneration or other benefit from their work with the charity. The company leases land, buildings and artworks from Juno Family Partnership LLP, a partnership in which the charity's Directors are the sole members. One trustee was reimbursed for expenses, hosting costs and costs personally settled on behalf of the charity totalling £5,728 (2024 : £nil). ## **Statement of Trustees' responsibilities** The trustees, who are also the directors of The Jupiter Artland Company Limited for the purpose of company law, 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 to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these financial statements, the trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP; - make judgements and estimates that are reasonable and prudent; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. ## **Auditor** In accordance with the company's articles, a resolution proposing that Thomson Cooper be reappointed as auditor of the company will be put at a General Meeting. ## **Disclosure of information to auditor** Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information. The Trustees' report was approved by the Board of Trustees. Mrs N Wilson **Trustee** 14 May 2026 - 7 - **THE JUPITER ARTLAND COMPANY LIMITED KNOWN AS JUPITER ARTLAND FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE JUPITER ARTLAND COMPANY LIMITED** ## **Opinion** We have audited the financial statements of The Jupiter Artland Company Limited (the ‘charity’) for the year ended 31 December 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: - give a true and fair view of the state of the charitable company's affairs as at 31 December 2025 and of its incoming resources and application of resources, for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006. ## **Basis for opinion** We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the _Auditor's responsibilities for the audit of the financial statements_ section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## **Conclusions relating to going concern** In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. ## **Other information** The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. - 8 - **THE JUPITER ARTLAND COMPANY LIMITED KNOWN AS JUPITER ARTLAND FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE JUPITER ARTLAND COMPANY LIMITED** ## **Matters on which we are required to report by exception** We have nothing to report in respect of the following matters in relation to which the Charities Accounts (Scotland) Regulations 2006 requires us to report to you if, in our opinion: - the information given in the financial statements is inconsistent in any material respect with the Trustees' report; or - proper accounting records have not been kept; or - the financial statements are not in agreement with the accounting records; or - we have not received all the information and explanations we require for our audit. ## **Responsibilities of trustees** As explained more fully in the statement of Trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. ## **Auditor's responsibilities for the audit of the financial statements** We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. ## **Extent to which the audit was considered capable of detecting iregularities, including fraud** We considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: existence and timing of recognition of grant income and the posting of transactions to the correct funds. We discussed these risks with management, designed audit procedures to test the timing and existence of donations and grant income, including reviewing of grant paperwork and terms and conditions, reviewing the allocation of costs against the correct funding and reviewed areas of judgement for indicators of management bias. We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the officers and other management (as required by the auditing standards). We focused on specific laws and regulations which may have a direct material effect on the financial statements or operation of the charity, including the Charities and Trustees Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended). We assessed the extent of compliance of the laws and regulations identified above by inspecting any legal correspondence and making enquiries of management. We reviewed the laws and regulations in areas that directly affect the financial statements including financial and taxation legislation and considered the extent of compliance with those laws and regulations as part of our procedures on the related financial statement items. - 9 - **THE JUPITER ARTLAND COMPANY LIMITED KNOWN AS JUPITER ARTLAND FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE JUPITER ARTLAND COMPANY LIMITED** With the exception of any known or possible non-compliance with relevant and significant laws and regulations, and as required by the auditing standards, our work in respect of these was limited to enquiry of the officers and management of the company. We communicated identified laws and regulations throughout our team and remained alert to any indications of noncompliance throughout the audit. However, the primary responsibility for the prevention and detection of fraud rests with the trustees. To address the risk of fraud we identified internal controls established to identify risk, performed analytical procedures to identify unusual movements, assessed any judgements and assumptions made in determining accounting estimates, reviewed journal entries for unusual transactions and identified related parties. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations. A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. ## **Use of our report** This report is made solely to the charity’s trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed. ## **Fiona Haro (Senior Statutory Auditor)** For and on behalf of Thomson Cooper, Statutory Auditor Chartered Accountants 19-05-26 Date: ......................... Thomson Cooper is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. - 10 - ## **THE JUPITER ARTLAND COMPANY LIMITED KNOWN AS JUPITER ARTLAND FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** ## _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ |**Unrestricted**
**Restricted**
**funds**
**funds**
**2025**
**2025**
**Notes**
**£**
**£**
**Income and endowments from:**
Donations and legacies
**2**
491,851
102,143
Charitable activities
**3**
877,852
-
Other trading activities
**4**
804,877
-
Investments
**5**
126
-
Other income
**6**
197,388
-
**Total income**
2,372,094
102,143
**Expenditure on:**
Raising funds
**7**
706,071
-
Charitable activities
**8**
1,651,348
102,143
**Total expenditure**
2,357,419
102,143
**Net income/(expenditure) and**
**movement in funds**
14,675
-
**Reconciliation of funds:**
Fund balances at 1 January
2025
393,142
3,091
**Fund balances at 31**
**December 2025**
407,817
3,091|**Total**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2025**
**2024**
**2024**
**£**
**£**
**£**
593,994
269,082
61,972
877,852
622,273
-
804,877
595,418
-
126
5
-
197,388
3,230
-
2,474,237
1,490,008
61,972
706,071
435,677
-
1,753,491
1,097,302
61,972
2,459,562
1,532,979
61,972
14,675
(42,971)
-
396,233
436,113
3,091
410,908
393,142
3,091|**Total**
**2024**
**£**
331,054
622,273
595,418
5
3,230
1,551,980
435,677
1,159,274
1,594,951
(42,971)
439,204
396,233| |---|---|---| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. - 11 - ## **THE JUPITER ARTLAND COMPANY LIMITED KNOWN AS JUPITER ARTLAND FOUNDATION BALANCE SHEET** ## _**AS AT 31 DECEMBER 2025**_ |**2025**
**2024**
**Notes**
**£**
**£**
**£**
**Fixed assets**
Intangible assets
**14**
39,865
Tangible assets
**15**
521,582
561,447
**Current assets**
Stocks
**16**
23,691
24,741
Debtors
**17**
85,192
106,550
Cash at bank and in hand
175,903
4,010
284,786
135,301
**Creditors: amounts falling due within**
**one year**
**19**
(435,325)
(185,687)
**Net current liabilities**
(150,539)
**Total assets less current liabilities**
410,908
**The funds of the charity**
Restricted income funds
**21**
3,091
Unrestricted funds
**22**
407,817
410,908|**£**
35,005
411,614
446,619
(50,386)
396,233
3,091
393,142
396,233| |---|---| The financial statements were approved by the trustees on 14 May 2026 Mrs N Wilson **Trustee** - 12 - ## **THE JUPITER ARTLAND COMPANY LIMITED KNOWN AS JUPITER ARTLAND FOUNDATION STATEMENT OF CASH FLOWS** ## _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ |**2025**
**Notes**
**£**
**£**
**Cash flows from operating activities**
Cash generated from/(absorbed by)
operations
**26**
409,799
**Investing activities**
Purchase of intangible assets
(4,860)
Purchase of tangible fixed assets
(252,698)
Investment income received
126
**Net cash used in investing activities**
(257,432)
**Financing activities**
Repayment of borrowings
19,526
**Net cash generated from financing activities**
19,526
**Net increase/(decrease) in cash and cash**
**equivalents**
171,893
Cash and cash equivalents at beginning of year
4,010
**Cash and cash equivalents at end of year**
175,903|**2024**
**£**
(25,285)
(10,331)
5
13,621|**£**
(39,912)
(35,611)
13,621
(61,902)
65,912
4,010| |---|---|---| - 13 - **THE JUPITER ARTLAND COMPANY LIMITED KNOWN AS JUPITER ARTLAND FOUNDATION NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ ## **1 Accounting policies** ## **Charity information** The Jupiter Artland Company Limited is a public benefit entity and a private company limited by guarantee registered in Scotland and a registered charity in Scotland. The address of the registered office is Bonnington House, Kirknewton, Midlothian, EH27 8BB. ## **1.1 Basis of preparation** The financial statements have been prepared in accordance with the charity's governing document, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. ## **1.2 Going concern** At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. ## **1.3 Charitable funds** Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity. ## **1.4 Income** Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Retail and cafe trading income are recognised at the point of delivery of the goods. Events trading and Artist's House income is recognised as the services is provided. Membership subscriptions are recognised when received. - 14 - **THE JUPITER ARTLAND COMPANY LIMITED KNOWN AS JUPITER ARTLAND FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ ## **1 Accounting policies** ## **(Continued)** ## **1.5 Expenditure** Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use. ## **1.6 Intangible fixed assets other than goodwill** Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Amortisation of the website costs will be over the estimated useful life of 5 years from the date of completion. ## **1.7 Tangible fixed assets** Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Assets under construction are stated at cost and are not depreciated or amortised until they are complete and available for use. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Plant and equipment 25% reducing balance Tenants improvements 9 - 20% straight line The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. ## **1.8 Impairment of fixed assets** At each reporting end date, the charity reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). ## **1.9 Stocks** Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost. Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. ## **1.10 Cash and cash equivalents** Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. - 15 - **THE JUPITER ARTLAND COMPANY LIMITED KNOWN AS JUPITER ARTLAND FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ ## **1 Accounting policies** ## **(Continued)** ## **1.11 Financial instruments** The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. ## _**Basic financial assets**_ Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. ## _**Basic financial liabilities**_ Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. ## _**Derecognition of financial liabilities**_ Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled. ## **1.12 Employee benefits** The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. ## **1.13 Retirement benefits** Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. ## **1.14 Leases** Rentals payable under operating leases, including any lease incentives received, are charged as an expense on a straight line basis over the term of the relevant lease. - 16 - **THE JUPITER ARTLAND COMPANY LIMITED KNOWN AS JUPITER ARTLAND FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ ## **2 Income from donations and legacies** |**Unrestricted**
**Restricted**
**funds**
**funds**
**2025**
**2025**
**£**
**£**
Donations and gifts
491,851
-
Grants
-
102,143
491,851
102,143|**Total**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2025**
**2024**
**2024**
**£**
**£**
**£**
491,851
269,082
-
102,143
-
61,972
593,994
269,082
61,972|**Total**
**2024**
**£**
269,082
61,972| |---|---|---| |||331,054| ## **3 Income from charitable activities** ||**Unrestricted**|**Unrestricted**| |---|---|---| ||**funds**|**funds**| ||**2025**|**2024**| ||**£**|**£**| |**Charitable activities**||| |Sculpture park - ticket sales|817,447|571,535| |Exhibitions and Learning|16,135|17,104| |Membership income|44,270|33,634| ||877,852|622,273| ## **4 Income from other trading activities** ||**Unrestricted**|**Unrestricted**| |---|---|---| ||**funds**|**funds**| ||**2025**|**2024**| ||**£**|**£**| |Artist's House Income|34,634|36,529| |Cafe Trading|524,592|396,466| |Shop Trading|130,361|78,269| |Event Trading|115,290|84,154| |Other trading activities|804,877|595,418| |**Income from investments**||| ||**Unrestricted**|**Unrestricted**| ||**funds**|**funds**| ||**2025**|**2024**| ||**£**|**£**| |Interest receivable|126|5| ## **5 Income from investments** - 17 - **THE JUPITER ARTLAND COMPANY LIMITED KNOWN AS JUPITER ARTLAND FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ ## **6 Other income** ||**Unrestricted**|**Unrestricted**| |---|---|---| ||**funds**|**funds**| ||**2025**|**2024**| ||**£**|**£**| |Insurance claims|24,940|3,230| |VAT refund|172,448|-| ||197,388|3,230| In 2025 the charity applied for cultural exemption for VAT purposes which created a VAT repayment of £172,448 which was received in December 2025. ## **7 Expenditure on raising funds** ||**Unrestricted**|**Unrestricted**| |---|---|---| ||**funds**|**funds**| ||**2025**|**2024**| ||**£**|**£**| |**Trading costs**||| |Cafe|214,257|161,887| |Shop|59,509|42,378| |Events|63,584|43,955| |Staff costs|347,499|167,557| |Artist's House costs|21,222|| |Support costs|-|19,900| ||706,071|435,677| - 18 - **THE JUPITER ARTLAND COMPANY LIMITED KNOWN AS JUPITER ARTLAND FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ ## **8 Expenditure on charitable activities** |**Exhibitions**
**& Learning**
**2025**
**£**
**Direct costs**
Staff costs
260,753
Repairs and maintenance
2
Rent and building costs
-
Utilities, Insurance and
cleaning
-
Office costs
-
Marketing and Advertising
-
Staff training and
volunteers
-
Artists, Exhibition and
Learning costs
202,065
Advertising and Marketing
1,179
Jupiter + costs
-
Freelance costs
-
463,999
**Share of support and governance costs**
Support
-
Governance
-
463,999
**Analysis by fund**
Unrestricted funds
361,856
Restricted funds
102,143
463,999
**Previous year:**
**Direct costs**
Staff costs
Repairs and maintenance
Rent and building costs
Artists, Exhibition and Learning costs
Advertising and Marketing
**Share of support and governance costs**
Support
Governance|**Jupiter +**
**2025**
**£**
26,355
-
-
-
-
-
-
-
-
115,070
-
141,425
**(see note 9)**
-
-
141,425
141,425
-
141,425
**(see note 9)**|**Parks &**
**Grounds**
**2025**
**£**
105,920
34,022
88,830
36,155
-
-
2,900
-
-
-
-
267,827
-
-
267,827
267,827
-
267,827|**Estate Operations**
**2025**
**2025**
**£**
**£**
-
-
18,983
-
-
85,504
18,586
-
-
5,774
-
15,128
-
11,227
-
-
-
-
-
-
-
9,911
37,569
127,544
-
681,386
-
33,741
37,569
842,671
37,569
842,671
-
-
37,569
842,671
**Education**
**Sculpture**
**Park**
**2024**
**2024**
**£**
**£**
-
337,880
-
50,169
-
68,812
3,566
284,856
1,372
3,566
743,089
379,810
-
-
3,566
1,122,899|**Total**
**2025**
**£**
393,028
53,007
174,334
54,741
5,774
15,128
14,127
202,065
1,179
115,070
9,911| |---|---|---|---|---| |||||1,038,364
681,386
33,741| |||||1,753,491| |||||1,651,348
102,143| |||||1,753,491| |||||**Other**
**2024**
**£**
-
-
-
844
-| |||||844
-
46,083| |||||46,927| - 19 - **THE JUPITER ARTLAND COMPANY LIMITED KNOWN AS JUPITER ARTLAND FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ ## **8 Expenditure on charitable activities** **(Continued)** The allocation of costs against the charity's activities was reviewed in the year and amended on a more commercial basis; the 2024 figures have not been amended. ## **9 Support costs allocated to activities** |**Exhibitions &**
**Learning**
**2025**
**£**
Staff costs
308,881
Depreciation
142,730
Finance costs
36,537
Premises
-
Communications and IT
12,359
Accountancy fees
81,818
Insurance
23,662
Hire of plant
-
Motor and travel expenses
-
Rates and water
3,878
Subscriptions
9,156
Sundry
2,925
Irrecoverable VAT
59,439
Governance
33,742
715,127
**2025**
**Governance costs comprise:**
**£**
Audit fees
10,550
Legal and professional
23,192
33,742
**10**
**Net movement in funds**
**2025**
**£**
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements
10,550
Depreciation of owned tangible fixed assets
142,730|**Total**
**2024**
**£**
132,671
51,627
24,174
52,551
14,941
83,210
23,676
6,018
5,995
6,248
20,230
2,583
22,219| |---|---| ||446,143| ||**2024**
**£**
18,566
3,653| ||22,219| ||**2024**
**£**
18,566
51,627| - 20 - **THE JUPITER ARTLAND COMPANY LIMITED KNOWN AS JUPITER ARTLAND FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ ## **11 Trustees** There were no trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2025. Trustees' expenses are disclosed in note 25. ## **12 Employees** The average monthly number of employees during the year was: |Charitable activities
**Employment costs**
Wages and salaries
Social security costs
Other pension costs|**2025**
**Number**
44
**2025**
**£**
928,083
108,505
12,820
1,049,408|**2024**
**Number**
34| |---|---|---| |||**2024**
**£**
575,708
38,716
8,759| |||623,183| There were no employees whose annual remuneration was more than £60,000. ## **Remuneration of key management personnel** The Trust considers its key management personnel to be comprised of the Trustees, who are not remunerated. ## **13 Taxation** The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. - 21 - **THE JUPITER ARTLAND COMPANY LIMITED KNOWN AS JUPITER ARTLAND FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ |**14**
**Intangible fixed assets**
**Cost**
At 1 January 2025
Additions
At 31 December 2025
**Amortisation and impairment**
At 1 January 2025 and 31 December 2025
**Carrying amount**
At 31 December 2025
At 31 December 2024
**15**
**Tangible fixed assets**
**Assets under**
**construction**
**£**
**Cost**
At 1 January 2025
-
Additions
150,578
At 31 December 2025
150,578
**Depreciation and impairment**
At 1 January 2025
-
Depreciation charged in the year
-
At 31 December 2025
-
**Carrying amount**
At 31 December 2025
150,578
At 31 December 2024
-
**16**
**Stocks**
Raw materials and consumables|**Website costs**
**£**
35,005
4,860
39,865
-
39,865
35,005
**Plant and**
**equipment**
**Tenants**
**improvements**
**Total**
**£**
**£**
**£**
488,431
1,205,906
1,694,337
16,987
85,133
252,698
505,418
1,291,039
1,947,035
427,334
855,389
1,282,723
17,824
124,906
142,730
445,158
980,295
1,425,453
60,260
310,744
521,582
61,097
350,517
411,614
**2025**
**2024**
**£**
**£**
23,691
24,741|**Website costs**
**£**
35,005
4,860
39,865
-
39,865
35,005
**Plant and**
**equipment**
**Tenants**
**improvements**
**Total**
**£**
**£**
**£**
488,431
1,205,906
1,694,337
16,987
85,133
252,698
505,418
1,291,039
1,947,035
427,334
855,389
1,282,723
17,824
124,906
142,730
445,158
980,295
1,425,453
60,260
310,744
521,582
61,097
350,517
411,614
**2025**
**2024**
**£**
**£**
23,691
24,741| |---|---|---| |||39,865| |||-| |||39,865| |||35,005| |||**Total**
**£**
1,694,337
252,698| |||1,947,035| |||1,282,723
142,730| |||1,425,453| |||521,582| |||411,614| |||**2024**
**£**
24,741| - 22 - **THE JUPITER ARTLAND COMPANY LIMITED KNOWN AS JUPITER ARTLAND FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ ## **17 Debtors** |**17**
**Debtors**||| |---|---|---| |**Amounts falling due within one year:**
Trade debtors
Other debtors
Prepayments and accrued income
**18**
**Loans and overdrafts**
Directors' loans
Payable within one year
**19**
**Creditors: amounts falling due within one year**
**Notes**
Borrowings
Other taxation and social security
Deferred income
Trade creditors
Other creditors
Accruals
**20**
**Retirement benefit schemes**
**Defined contribution schemes**
Charge to profit or loss in respect of defined contribution schemes|**2025**
**£**
24,659
28,861
31,672
85,192
**2025**
**£**
33,147
33,147
**2025**
**£**
33,147
102,739
15,831
199,919
22,195
61,494
435,325
**2025**
**£**
12,820|**2024**
**£**
2,031
53,910
50,609| |||106,550| |||**2024**
**£**
13,621| |||13,621| |||**2024**
**£**
13,621
12,351
-
100,835
14,692
44,188| |||185,687| |||**2024**
**£**
8,759| The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund. - 23 - **THE JUPITER ARTLAND COMPANY LIMITED KNOWN AS JUPITER ARTLAND FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ ## **21 Restricted funds** The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used. |**At**
Learning bus
Barcapel Foundation
Dundee City Council
Creative Scotland
Wm Thomson and Son
**Previous year:**
**At**
Learning bus
Edinburgh Arts Festival
Barcapel Foundation
Creative Scotland
South Ayrshire Council|**1 January**
**2025**
**Incoming**
**resources**
**Resources**
**expended**
**At 31**
**December**
**2025**
**£**
**£**
**£**
**£**
3,091
-
-
3,091
-
15,000
(15,000)
-
-
26,000
(26,000)
-
-
41,143
(41,143)
-
-
20,000
(20,000)
-
3,091
102,143
(102,143)
3,091
**1 January**
**2024**
**Incoming**
**resources**
**Resources**
**expended**
**At 31**
**December**
**2024**
**£**
**£**
**£**
**£**
3,091
-
-
3,091
-
6,975
(6,975)
-
-
20,000
(20,000)
-
-
4,997
(4,997)
-
-
30,000
(30,000)
-
3,091
61,972
(61,972)
3,091| |---|---| Restricted funds received are made up of grants awarded in support of the Jupiter + activities. The exception is Learning Bus which is made up of donations towards the purchase of a bus to be used for educational activities. ## **22 Unrestricted funds** The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. ||**At**|**1**|**January**|**Incoming**|**Resources**|**At 31**| |---|---|---|---|---|---|---| ||||**2025**|**resources**|**expended**|**December**| |||||||**2025**| ||||**£**|**£**|**£**|**£**| |General funds|||393,142|2,372,094|(2,357,419)|407,817| - 24 - **THE JUPITER ARTLAND COMPANY LIMITED KNOWN AS JUPITER ARTLAND FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ |**22**
**Unrestricted funds**
**Previous year:**
**At**
General funds
**23**
**Analysis of net assets between funds**
**At 31 December 2025:**
Intangible fixed assets
Tangible assets
Current assets/(liabilities)
**At 31 December 2024:**
Intangible fixed assets
Tangible assets
Current assets/(liabilities)|**(Continued)**
**1 January**
**2024**
**Incoming**
**resources**
**Resources**
**expended**
**At 31**
**December**
**2024**
**£**
**£**
**£**
**£**
436,113
1,490,008
(1,532,979)
393,142
**Unrestricted**
**Restricted**
**Total**
**funds**
**funds**
**2025**
**2025**
**2025**
**£**
**£**
**£**
39,865
-
39,865
521,582
-
521,582
(153,630)
3,091
(150,539)
407,817
3,091
410,908
**Unrestricted**
**Restricted**
**Total**
**funds**
**funds**
**2024**
**2024**
**2024**
**£**
**£**
**£**
35,005
-
35,005
411,614
-
411,614
(53,477)
3,091
(50,386)
393,142
3,091
396,233|**(Continued)**
**1 January**
**2024**
**Incoming**
**resources**
**Resources**
**expended**
**At 31**
**December**
**2024**
**£**
**£**
**£**
**£**
436,113
1,490,008
(1,532,979)
393,142
**Unrestricted**
**Restricted**
**Total**
**funds**
**funds**
**2025**
**2025**
**2025**
**£**
**£**
**£**
39,865
-
39,865
521,582
-
521,582
(153,630)
3,091
(150,539)
407,817
3,091
410,908
**Unrestricted**
**Restricted**
**Total**
**funds**
**funds**
**2024**
**2024**
**2024**
**£**
**£**
**£**
35,005
-
35,005
411,614
-
411,614
(53,477)
3,091
(50,386)
393,142
3,091
396,233| |---|---|---| |||**Total**
**2025**
**£**
39,865
521,582
(150,539)| |||410,908| |||**Total**
**2024**
**£**
35,005
411,614
(50,386)| |||396,233| ## **24 Operating lease commitments** ## **Lessee** At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows: |Within one year
Between two and five years
In over five years|**2025**
**£**
42,070
126,210
-
168,280|**2024**
**£**
42,070
162,210
42,070| |---|---|---| |||246,350| **25 Related party transactions** - 25 - **THE JUPITER ARTLAND COMPANY LIMITED KNOWN AS JUPITER ARTLAND FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2025**_ ## **25 Related party transactions** ## **(Continued)** During the year the charity entered into the following transactions with related parties: A director made cash donations totalling £295,900 (2024: £195,959). In addition, Gift Aid of £75,725 (2024: £nil) is receivable in respect of these donations. Trustee expense reimbursements, including expense claims, costs personally settled on behalf of the charity, and hosting costs, totalled £5,278 (2024: £nil). The charitable company paid £102,605 (2024: £100,339) to Juno Family Partnership LLP in respect of rent for land and artworks, and £69,472 (2024: £nil) for grounds works. Two directors of the charitable company are the sole designated members of this related party. At the year end, £nil (2024: £18,715 payable) was outstanding; this balance was settled subsequent to the year end. The charitable company received grant income from Barcapel Foundation Limited of £15,000 (2024: £20,000). A director of the charitable company is also a director of Barcapel Foundation Limited. The charitable company had transactions with Edinburgh Art Festival, totalling £2,400 expenditure (2024: £2,500) and £13,182 income (2024: £9,494). A director of the charitable company served as a director of this organisation during the year. The charitable company also incurred minor expenditure with Tenth Muse Spirits totalling £1,512 (2024: £835), a company in which a director holds an interest. At the year end, £514 (2024: £3,817 payable) was outstanding; this balance was settled subsequent to the year end. |**26**
**Cash generated from/(absorbed by) operations**
Surplus/(deficit) for the year
**Adjustments for:**
Investment income recognised in statement of financial activities
Depreciation and impairment of tangible fixed assets
**Movements in working capital:**
Decrease/(increase) in stocks
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Increase in deferred income
**Cash generated from/(absorbed by) operations**|**2025**
**£**
14,675
(126)
142,730
1,050
21,358
214,281
15,831
409,799|**2024**
**£**
(42,971)
(5)
51,627
(652)
(3,486)
(44,425)
-
(39,912)| |---|---|---| ## **27 Analysis of changes in net funds** The charity had no material debt during the year. - 26 -