**Charity registration number SC044319 (Scotland)**
## **STRATHEARN ARTSPACE SCIO**
# **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025**
## **STRATHEARN ARTSPACE SCIO**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
|**Trustees**|F Warrender (Chair from 7 May|
|---|---|
||25, previously Secretary)|
||B Hargrave (Vice-Chair from 7|
||May 25 and Treasurer)|
||A Harvey (Secretary from 7|
||May 25)|
||M Carlin|
||A Rae|
||M Smallwood|
||C Tanner|
||G Wright|
|**Charity number (Scotland)**|SC044319|
|**Principal address**|6 Comrie Street|
||CRIEFF|
||PH7 4AX|
|**Independent examiner**|Derek Grant, CA|
||TC Group|
||Chapelshade House|
||78-84 Bell Street|
||Dundee|
||DD1 1RQ|
## **STRATHEARN ARTSPACE SCIO**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 4|
|Independent examiner's report|5|
|Statement of financial activities|6|
|Balance sheet|7|
|Notes to the financial statements|8 - 19|
## **STRATHEARN ARTSPACE SCIO**
## **TRUSTEES' REPORT** _**FOR THE YEAR ENDED 30 SEPTEMBER 2025**_
The trustees present their annual report and financial statements for the year ended 30 September 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 Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and "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).
## **Objectives and activities**
The charity's objects are: (i) The provision of recreational facilities to create and run a sustainable arts centre for the residents of Crieff and Strathearn and the wider community to improve their conditions of life through participation and enjoyment of the creative arts;
(ii) To promote and advance the arts, culture and heritage to residents and other people who visit our community by providing opportunities to participate in artistic, cultural and creative endeavours;
(iii) To advance the education of the public through the promotion of the appreciation of and participation in the arts and through the provision of training and education in arts, heritage and culture;
(iv) To advance community development by encouraging the residents to actively participate in making decisions relating to local cultural issues; and
(v) To promote, establish, operate and/or support other schemes and projects of a similar charitable nature for the benefit of the residents of Crieff and Strathearn.
The charity aims to enrich people’s lives, bring the community together and put Strathearn on the cultural map of Scotland. We do this by providing our community with high-quality artistic and cultural experiences including live music events, theatre, comedy performances, film screenings, tea dances, visual art workshops and creative learning opportunities.
## **Achievements and performance**
Strathearn Arts is a vibrant, professionally managed, volunteer-led community arts centre based in Crieff. With a dedicated team of four part-time staff, a committed board of trustees, and over 40 volunteers, we serve a diverse rural population by staging events across music, theatre, dance, literature, cinema, and more.
During 2024/2025, we delivered 81 events and 7 community engagement projects. Through our own programme of activities, we engaged with over 5000 people during this period.
Our high-quality music programme featured concerts with renowned artists such as KT Tunstall, Hue and Cry, Barbara Dickson, Bay City Rollers, Roddy Woomble, and Sandi Thom. We also showcased emerging Scottish talent, including Project Smok, Sekoya, Juliette Lemoine, Chris Amer, and Ainsley Hamill, supporting the next generation on the Scottish music scene.
Our film programme was once again enhanced by Cost of Living Community Fund from Perth and Kinross Council for our ‘Watch Warm Wednesdays’, which provided complimentary winter screenings with light refreshments. Support from Film Hub Scotland continued to support family films, and discounted film licence fees from Filmbank Media, also allowed us to continue ‘Meet Me at the Matinee’ for audiences who prefer afternoon screenings. Through our Event Cinema programme, we also brought opera to local audiences with recorded performances of classics such as _The Phantom of the Opera_ and _Les Misérables_ .
Comedy continues to be a firm favourite with our audiences, with Up Town Comedy Nights bringing a varied line-up of stand-up comedians to Crieff.
A highlight of the theatre programme this year was a production of _Much Ado About Nothing_ , delivered in partnership with Crieff Hydro and staged in the hotel’s estate grounds. We also offered a range of family-friendly events, including performances from magician Magic Gareth, along with sing-along and dance-along film screenings.
- 1 -
## **STRATHEARN ARTSPACE SCIO**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2025**_
A major highlight was the successful completion of Phase One of our auditorium refurbishment project, ‘Building for the Future’. Thanks to generous support from Creative Scotland’s Open Project Funding, the space was transformed with new acoustic panels, refreshed décor, and energy-efficient lighting, creating a more professional, vibrant, and welcoming venue for our community.
This year we stepped up our fundraising efforts with the launch of Crieff’s Creative Heart, our campaign to complete Phase Two of the refurbishment, with plans to upgraded seating, tables, stage flooring, and curtains. The year also saw our first board-led fundraising event, a quiz night, which raised £1,000.
During the year, Strathearn Arts took strategic steps to reduce overheads, including closing our Box Office & Shop, while continuing to generate income through ticket and bar sales, venue hire, sponsorship, advertising, and donations. Rising costs and audience spending pressures highlighted the importance of diversifying our income streams to secure long-term sustainability.
## **Community Projects Oct ‘24 to Sept ‘25**
Strathearn Arts provides a portfolio of projects which aim to provide direct health, wellbeing, and skills development benefits to people within our community. We appointed a new Community Engagement Lead in November ‘24, made possible by funding from Creative Scotland; this helped to develop the community offering with a greater number of community projects than in previous years. The Community Engagement Lead was also able to bring in additional funding for projects by applying to several small project funds.
## **Reverb Studio with Helen McCrorie**
Reverb Studio is a creative studio for young people in Strathearn that is artist-facilitated but youth-led: it aims to build a supportive community for self-expression; exploring creative activities, activism and environmentalism. Creative activities are decided on by the group of young people, and have included zine-making, filmmaking, street art, and textiles. The group is proactively welcoming to LGBTQ+ young people and young people who have experienced other forms of discrimination or bullying. Gannochy’s Youth Fund provided additional funding after a successful pilot period, and both Logos Youth Project in Crieff and Crieff High School have helped us in attracting participants.
## _[31 participants]_
## **Watch Warm Wednesdays**
This was our third year of running a weekly programme of afternoon complimentary film screenings with a light lunch and refreshments, with a focus on enjoyable, popular films. Watch Warm Wednesdays is supported by a grant from Perth and Kinross Council’s Cost of Living Community Fund.
## _[278 attendees]_
## **The Flames**
From February to April ‘25, Strathearn Arts partnered with professional theatre company Tricky Hat to deliver The Flames – a 12-week programme of workshops for local retired people, culminating in a public performance that told the participants’ own stories. The project aimed to challenge perceptions of life over 50 and celebrate creativity in later life.
## _[15 participants / 53 audience]_
## **Tea Dances**
Our programme of monthly tea dances with live music played by professional musicians regularly attracts 40-50 people. The social and physical benefits of these events are readily apparent.
## _[approx. 540 participants]_
- 2 -
## **STRATHEARN ARTSPACE SCIO**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2025**_
## **Art for Wellbeing**
In Oct/Nov ‘24, local artist Liz Kemp led art workshops over six consecutive weeks, guiding participants in exploring and enjoying a set of different drawing and art techniques each week. The workshops provided afternoons of social engagement, wellbeing and fun through the focus of creative art.
## _[14 participants]_
## **Traditional Strings Day and Music Workshops**
In March ‘25, Strathearn Arts hosted a Traditional Music Day, a community-focused event celebrating intergenerational music-making. The project provided an inclusive opportunity for people aged 7 to 80 to explore, perform, and share traditional music. Performances and workshops were given by Plockton School of Traditional Music (Sgoil Chiùil na Gàidhealtachd), Blackford Fiddle Group, and Morrison’s Academy Fiddle Band. Later in the year, Young Folk Musician of the Year, fiddler Roo Geddes and his accordion partner Neil Sutcliffe held a free traditional music workshop.
## _[87 participants / 76 audience]_
## **Creative Kids Art Classes**
During the school summer holidays, local artist Jaz Grady delivered three weeks of art classes for children aged 7– 10. The Creative Kids programme aimed to provide a fun, relaxed environment where children could explore their creativity using a wide range of materials and techniques, including printmaking, self-portraiture, transforming everyday objects into artworks, and using unconventional tools and materials. The sessions drew inspiration from radical artists such as Lynda Benglis, Andy Warhol, Jean-Michel Basquiat, Frida Kahlo, and Barbara Kruger. The workshops were offered at a low cost and were specifically aimed at supporting families from low-income households.
## _[36 participants]_
## **Financial review**
Results for the year ended 30 September 2025 are given in the Statement of Financial Activities. The assets and liabilities are detailed on the Balance Sheet.
The Statement of Financial Activities shows a net outflow of funds for the year of £81,961 (2024: net inflow of £78,542). This, added to the funds brought forward of £242,999, gives a surplus to carry forward of £161,038. The closing reserves are made up of restricted reserves of £168,422 (2024: £216,425) and overdrawn unrestricted reserves of £(7,384) (2024: £26,574). At the year end unrestricted reserves were negative, primarily due to expenditure being incurred in advance of anticipated grant and earned income. The organisation has taken action and has a robust plan in place to guard against this loss re-occurring in future years
Full details of income and expenditure are set out in the notes to the accounts.
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be secured. It has not been possible to maintain this level of unrestricted reserves throughout the year, we believe this may continue throughout the 2025/26 financial year, as core funding streams, both earned income and a portion of our grant funding continue to be insecure.
- 3 -
STRATHEARN ARTSPACE SCIO
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
Plans for future perlods
The board of trustees continue lo pr(>are35 the long-term plan5 for a comprehensive refurbishment of our building,
lo bring it fully in line with our future aims and ambitions. The feasibility study and concept design for the project was
developed by Fraser Livingston Architects, in 2021. and featured detailed plans for the layout and technical
capabilitiès provid8d by a 8CIalist thèatre dèsign consultant. This was augm•nt8d, in 2023, by a compreh•nsiv8
businèss plan and funding stratY th8 support of consultants Athana Solutions. Although funding
landscapa for capital projècts of this ty is currèntly challènging, wa balièva tha outcomès of thè prèvious work
r¢mains valid, and that tho d•liv•ry of th¢ proj•ct will hav¢ a $ignificanUy positiv¢ impact on tho charity's long
term sustainability.
While these plans are on hold until funding for large-scole pital Projects becomes more available, we will continue
to pursu• short&r-t8rm improv•m•nts. Thaw include the sècond phase of intèrior upgradas to tha auditorium,
fo¢u$ing on soating, staging, ¢urtain$, and tabl•$. along$ido improvemonts to tho effi¢i•n¢y ol tho bar $•Ni¢e area.
In addition, we arg seeking gpecrfic funding lo support the mainlgnancg and upk•6p of thè oxlorior of our historfc
building. a5 well as enhancemen15 to our street visibilty and extemd signage.
structure, governance and management
The charity is a Scottish Charitabl8 Incorporated Organisalion. Th8 charity was r8gisl8r8d with th8 Offico of tha
Scottish Charity Ragulator on 14 OCtor 2013.
Tho Irust•o$ who g•Nod during th• y•ar up lo th• date of signatur• of th• financial $latsm¢nts w•r•:
F Warrondor ICh•ir from 7 M•y 25, proviously
S•cr¢taryl
B Hargrave Ivi¢•-Chair 7 May 25 and
Trea$urerl
A HaaY IS•cr•tary from 7 May 2S
M Carlin
ARa•
M Smallwood
C Tannèr
G Wright
None of the trustoes received any romunemlion or bonoffts from the charty during year.
Thè triigt•èy' r
rtw*ya
ro ed by th• Board of Tru$t¢es.
argrave
Trustee
Ice-
rom
ay 25 and Treasurer
6 May 2026
## **STRATHEARN ARTSPACE SCIO**
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF STRATHEARN ARTSPACE SCIO**
I report on the financial statements of the charity for the year ended 30 September 2025, which are set out on pages 6 to 19.
## **Respective responsibilities of trustees and examiner**
The charity's trustees are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The charity trustees consider that the audit requirement of Regulation 10(1)(a)-(c) of the Charities Accounts (Scotland) Regulations 2006 does not apply.
It is my responsibility to examine the financial statements as required under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and to state whether particular matters have come to my attention.
## **Basis of independent examiner's statement**
My examination is carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently I do not express an audit opinion on the view given by the financial statements.
## **Independent examiner's statement**
In the course of my examination, no matter has come to my attention
1. which gives me reasonable cause to believe that in any material respect the requirements:
- to keep accounting records in accordance with Section 44(1)(a) of the Charities and Trustee Investment (Scotland) Act 2005 and Regulation 4 of the Charities Accounts (Scotland) Regulations 2006, and
- to prepare financial statements which accord with the accounting records and comply with Regulation 8 of the Charities Accounts (Scotland) Regulations 2006
have not been met, or
2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
## **Derek Grant, CA**
TC Group Chapelshade House 78-84 Bell Street Dundee DD1 1RQ 8 May 2026
- 5 -
## **STRATHEARN ARTSPACE SCIO**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## **(INCLUDING INCOME AND EXPENDITURE ACCOUNT)**
## _**FOR THE YEAR ENDED 30 SEPTEMBER 2025**_
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2025**
**2025**
**Notes**
**£**
**£**
**Income and endowments from:**
Donations and legacies
**3**
81,057
30,829
Charitable activities
**4**
121,693
-
Other trading activities
**5**
3,982
-
Investments
**6**
500
-
Other income
**7**
-
-
**Total income**
207,232
30,829
**Expenditure on:**
Raising funds
**8**
18,078
-
Charitable activities
**9**
223,112
78,832
**Total expenditure**
241,190
78,832
**Net income/(expenditure) and**
**movement in funds**
(33,958)
(48,003)
**Reconciliation of funds:**
Fund balances at 1 October
2024
26,574
216,425
**Fund balances at 30**
**September 2025**
(7,384)
168,422|**Total**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2025**
**2024**
**2024**
**£**
**£**
**£**
111,886
101,042
84,281
121,693
167,745
-
3,982
3,360
-
500
120
-
-
650
-
238,061
272,917
84,281
18,078
17,925
-
301,944
243,398
17,333
320,022
261,323
17,333
(81,961)
11,594
66,948
242,999
14,980
149,477
161,038
26,574
216,425|**Total**
**2024**
**£**
185,323
167,745
3,360
120
650|
|---|---|---|
|||357,198|
|||17,925
260,731|
|||278,656|
|||78,542
164,457|
|||242,999|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
- 6 -
STRATHEARN ARTSPACE SCIO
BALANCE SHEET
AS AT 30 SEPTEMBER 2025
2025
2024
Notes
Flxed assels
Tangibla assets
15
147.189
153,556
Current assets
Debtors
Cash at bank and in hand
10
1,853
43,626
7,345
96.869
45,479
104.214
Credltor$: amounts falllng due wlthln
one year
18
118,9301
114,7711
Net current assets
28.549
89,443
Total assets le$$ current Ilabllllles
175,738
242,999
Credltors: amounts falllng due after
more than one year
19
{14.7001
Net assets
161.038
242,999
The funds of the charlty
R¢striet¢d Inm$ funds
Unw$tri¢l¥d funds
168.422
17,3841
216,425
26,574
23
161.038
242,999
Tho notes on pagas 8 10 19 fomi part of those financial slat8m8nts.
woro approved by th¢ tru$ts•$ on 6 May 2026
B Hargravo Ivi¢e-ChaiT
Trustee
7 May 25 and Trea$ur¢r
## **STRATHEARN ARTSPACE SCIO**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 30 SEPTEMBER 2025**_
## **1 Accounting policies**
## **Charity information**
Strathearn Artspace SCIO is an unincorporated charity governed by its constitution. The principal address of the charity is 6 Comrie Street, Crieff, PH7 4AX.
## **1.1 Basis of preparation**
The financial statements have been prepared in accordance with the charity's constitution, 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 charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
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.
## **1.4 Income**
Income is recognised when the charity has the entitlement to funds, any performance conditions attached to the item of income has been met, it is probable that the income will be received and the amount can be measured reliably.
Donations and grants are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation or grant is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
- 8 -
## **STRATHEARN ARTSPACE SCIO**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 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 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.
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:
Freehold land and buildings No depreciation Fixtures and fittings 3 - 5 years straight line per annum
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.
## **1.7 Impairment of fixed assets**
At each reporting end date, the charity reviews the carrying amounts of its tangible 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).
## **1.8 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.
## **1.9 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.
- 9 -
## **STRATHEARN ARTSPACE SCIO**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2025**_
## **1 Accounting policies**
**(Continued)**
## _**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.
## **1.10 Taxation**
Strathearn Artspace SCIO is recognised as a charity for the purposes of applicable taxation legislation and is not, therefore, subject to taxation on its charitable activities. The charity is not registered for VAT and resources expended therefore include irrecoverable input VAT.
## **1.11 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.
## **1.12 Retirement benefits**
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
## **2 Critical accounting estimates and judgements**
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
## **Critical judgements**
## **Accruals**
Accruals are applied at the year end based upon financial costs received post year end and the experience of the trustees.
- 10 -
## **STRATHEARN ARTSPACE SCIO**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2025**_
## **3 Donations and legacies**
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2025**
**2025**
**£**
**£**
Donations and gifts
22,687
655
Grants
58,370
30,174
81,057
30,829|**Total**
Unrestricted
Restricted
funds
funds
**2025**
2024
2024
**£**
£
£
23,342
14,056
1
88,544
86,986
84,280
111,886
101,042
84,281|Total
2024
£
14,057
171,266|
|---|---|---|
|||185,323|
## **4 Charitable activities**
||**Unrestricted**|
**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**Charitable**|
**Charitable**|
||**Income**|**Income**|
||**2025**|**2024**|
||**£**|**£**|
|Concerts, Gigs, exhibitions|57,833|89,745|
|Retail income|38,990|47,277|
|Space rentals for meeting/events|24,870|30,723|
||121,693|167,745|
## **5 Other trading activities**
|||**Unrestricted**|Unrestricted|
|---|---|---|---|
|||**funds**|funds|
|||**2025**|2024|
|||**£**|£|
||Sponsorships and social lotteries|3,982|3,360|
|**6**|**Income from investments**|||
|||**Unrestricted**|**Unrestricted**|
|||**funds**|**funds**|
|||**2025**|**2024**|
|||**£**|**£**|
||Interest receivable|500|120|
- 11 -
## **STRATHEARN ARTSPACE SCIO**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2025**_
## **7 Other income**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2025**|**2024**|
||**£**|**£**|
|Insurance claims receivable|-|650|
|**Raising funds**|||
||**Unrestricted**|Unrestricted|
||**funds**|funds|
||**2025**|2024|
||**£**|£|
|Trading costs|||
|Showcase stock|18,078|17,925|
||18,078|17,925|
## **8 Raising funds**
- 12 -
## **STRATHEARN ARTSPACE SCIO**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2025**_
## **9 Expenditure on charitable activities**
|**Direct costs**
Staff costs
Depreciation and impairment
Artists fees
Outgoing rent
Catering supplies for events
Utilities (Gas, Elec, Water, Rates & Rent)
Building/Office supplies
Maintenance
Professional fees
Advertising/marketing
Communications - Telephone, internet etc
Insurance
Project expenditure
HR Consultancy fees
Donations
**Share of support and governance costs (see note 10)**
Governance
**Analysis by fund**
Unrestricted funds
Restricted funds
**10**
**Support costs allocated to activities**
Governance costs
**Analysed between:**
Charitable activities|**2025**
**£**
113,690
6,367
42,836
4,333
7,012
14,834
6,651
65,240
2,884
8,080
3,495
4,369
13,584
4,014
-
297,389
4,555
301,944
223,112
78,832
301,944
**2025**
**£**
4,555
4,555|**2024**
**£**
108,327
8,053
36,765
5,200
10,064
12,927
6,271
22,875
3,635
14,536
3,865
3,710
16,618
3,656
10|
|---|---|---|
|||256,512
4,219|
|||260,731|
|||243,398
17,333|
|||260,731|
|||**2024**
**£**
4,219|
|||4,219|
- 13 -
## **STRATHEARN ARTSPACE SCIO**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2025**_
|**11**|**Net movement in funds**|**2025**|**2024**|
|---|---|---|---|
|||**£**|**£**|
||The net movement in funds is stated after charging/(crediting):|||
||Fees payable for the independent examination of the charity's financial|||
||statements|3,516|3,348|
||Depreciation of owned tangible fixed assets|6,367|8,053|
## **12 Trustees**
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
During the year two trustees made loans totalling £21,000 to the charity. These loans are interest free and are repayable in equal instalments over 20 months.
## **13 Employees**
The average monthly number of employees during the year was:
|**Employment costs**
Wages and salaries
Social security costs
Other pension costs|**2025**
**Number**
6
**2025**
**£**
107,766
3,007
2,917
113,690|**2024**
**Number**
7|
|---|---|---|
|||**2024**
**£**
102,965
2,692
2,670|
|||108,327|
There were no employees whose annual remuneration was more than £60,000.
## **14 Taxation**
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
- 14 -
## **STRATHEARN ARTSPACE SCIO**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2025**_
|**15**
**Tangible fixed assets**
**Freehold land**
**and buildings**
**Fixtures and**
**fittings**
**£**
**£**
**Cost**
At 1 October 2024
146,900
63,059
At 30 September 2025
146,900
63,059
**Depreciation and impairment**
At 1 October 2024
-
56,403
Depreciation charged in the year
-
6,367
At 30 September 2025
-
62,770
**Carrying amount**
At 30 September 2025
146,900
289
At 30 September 2024
146,900
6,656
**16**
**Debtors**
**2025**
**Amounts falling due within one year:**
**£**
Other debtors
839
Prepayments and accrued income
1,014
1,853
**17**
**Loans and overdrafts**
**2025**
**£**
Trustees' loans
21,000
Payable within one year
6,300
Payable after one year
14,700|**Total**
**£**
209,959|
|---|---|
||209,959|
||56,403
6,367|
||62,770|
||147,189|
||153,556|
||**2024**
**£**
6,401
944|
||7,345|
||**2024**
**£**
-|
||-
-|
The loans taken out during the year are interest free and are repayable over 20 months with the repayments starting in the 2025/26 accounting year.
- 15 -
## **STRATHEARN ARTSPACE SCIO**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2025**_
|**18**|**Creditors: amounts falling due within one year**||||
|---|---|---|---|---|
||||**2025**|**2024**|
|||**Notes**|**£**|**£**|
||Borrowings||6,300|-|
||Other taxation and social security||4,169|3,127|
||Deferred income|**20**|-|5,370|
||Other creditors||-|318|
||Accruals||6,461|5,956|
||||16,930|14,771|
|**19**|**Creditors: amounts falling due after more than one year**||||
||||**2025**|**2024**|
||||**£**|**£**|
||Borrowings||14,700|-|
|**20**|**Deferred income**||||
||||**2025**|**2024**|
||||**£**|**£**|
||Arising from capital grants||-|5,370|
||Deferred income is included in the financial statements as follows:||||
||||**2025**|**2024**|
||||**£**|**£**|
||Deferred income is included within:||||
||Current liabilities||-|5,370|
||Movements in the year:||||
||Deferred income at 1 October 2024||5,370|10,740|
||Released from previous periods||(5,370)|(5,370)|
||Deferred income at 30 September 2025||-|5,370|
||Deferred income relates to grants received to purchase cinema|equipment to|be released over the useful||
||economic life of the assets.||||
|**21**|**Retirement benefit schemes**||||
||||**2025**|**2024**|
||**Defined contribution schemes**||**£**|**£**|
||Charge to profit or loss in respect of defined contribution schemes||2,917|2,670|
- 16 -
## **STRATHEARN ARTSPACE SCIO**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2025**_
## **21 Retirement benefit schemes**
## **(Continued)**
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.
## **22 Restricted funds**
The restricted funds of the charity represent funds given for specific purposes set by the funders. Some of these funds remain unspent at the year end, while others have been used for their intended purpose. In particular, the Town Centre Communities Capital Fund has been used to purchase and improve the charity’s property. Although the funding has been fully spent, it continues to be shown as a restricted fund because the property itself must be used in line with the conditions of the original grant.
|**At 1**
Town centre communities capital fund
Art Well Being
Warm spaces
Building for the future
Family Wellbeing
Souter Charitable Trust
Discovering Cinema
Reverb Creative Cinema
Scottish Book Trust
PKC Community Events
Adult Learning in the Community
Film Hub Scotland
Strathearn Fiddlers
**Previous year:**
**At 1**
Town centre communities capital fund
Art Well Being
Art & Business Scotland
Warm spaces
Building for the future
Family Wellbeing
Souter Charitable Trust
Discovering Cinema
Reverb Creative Cinema
Scottish Book Trust|**October**
**2024**
**Incoming**
**resources**
**Resources**
**expended**
**At 30**
**September**
**2025**
**£**
**£**
**£**
**£**
146,900
-
-
146,900
2,973
5
(2,978)
-
-
4,229
(4,229)
-
60,000
-
(59,250)
750
2,797
-
(2,797)
-
-
3,000
(3,000)
-
55
-
(55)
-
3,000
7,500
(5,001)
5,499
700
700
(700)
700
-
1,800
(750)
1,050
-
4,245
-
4,245
-
1,200
-
1,200
-
8,150
(72)
8,078
216,425
30,829
(78,832)
168,422
**October**
**2023**
**Incoming**
**resources**
**Resources**
**expended**
**At 30**
**September**
**2024**
**£**
**£**
**£**
**£**
146,900
-
-
146,900
1,425
3,001
(1,453)
2,973
743
2,721
(3,464)
-
409
3,200
(3,609)
-
-
60,000
-
60,000
-
7,472
(4,675)
2,797
-
3,000
(3,000)
-
-
1,187
(1,132)
55
-
3,000
-
3,000
-
700
-
700
149,477
84,281
(17,333)
216,425|
|---|---|
- 17 -
## **STRATHEARN ARTSPACE SCIO**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2025**_
## **22 Restricted funds**
## **(Continued)**
## **Purpose of funds**
Town centre communities capital Purchase of old Crieff Town Library from Perth & Kinross Council, fund building reconfiguration and improvements Dance for Health Weekly Dance for Health classes Film showings Licences costs of broadening our reach through richer content of film Art Well Being Run structured art classes and to reduce social isolation for participants Building project Production of business plan for proposed building project Cultural change Re-engagement and reconnection with audiences and community post pand Warm Spaces Programme of weekly films during winter to offset cost of living for attendees Building for the future Premises refurbishment, community co-ordinator role & arts programme Whole Family Wellbeing Fund Young persons summer school art & creativity classes Soutar Charitable Trust Adult art for wellbeing classes Discovering Cinema Monies from Film Hub Scotland Reverb Creative Cinema Studio Art & creativity classes for young people 12-17 years Scottish Book Trust talk from established local writers to aspiring writers
## **23 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.
|**At 1**
General funds
**Previous year:**
**At 1**
General funds|**October**
**2024**
**Incoming**
**resources**
**Resources**
**expended**
**At 30**
**September**
**2025**
**£**
**£**
**£**
**£**
26,574
207,232
(241,190)
(7,384)
**October**
**2023**
**Incoming**
**resources**
**Resources**
**expended**
**At 30**
**September**
**2024**
**£**
**£**
**£**
**£**
14,980
272,917
(261,323)
26,574|
|---|---|
- 18 -
## **STRATHEARN ARTSPACE SCIO**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2025**_
## **24 Analysis of net assets between funds**
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2025**
**2025**
**£**
**£**
**At 30 September 2025:**
Tangible assets
289
146,900
Current assets/(liabilities)
7,027
21,522
Long term liabilities
(14,700)
-
(7,384)
168,422
**Unrestricted**
**Restricted**
**funds**
**funds**
**2024**
**2024**
**£**
**£**
**At 30 September 2024:**
Tangible assets
1,286
152,270
Current assets/(liabilities)
25,288
64,155
26,574
216,425|**Total**
**2025**
**£**
147,189
28,549
(14,700)
161,038
**Total**
**2024**
**£**
153,556
89,443
242,999|
|---|---|
## **25 Related party transactions**
Two trustees made interest free loans totalling £21,000 to the charity during the year, details of which are disclosed in note 12.
During the year, the charity received a donation of £10,000 from a related party. The donation was made voluntarily, on normal terms, and no conditions were attached. No trustee, nor any person connected to a trustee, received any personal benefit from this transaction.
- 19 -