The Saltire Society Trust (Charity No: SC044731) Report of the Trustees and Unaudited Financial Statements For the year ended 31 March 2025 Saltre Soaety Trust accounts year efKled 31 March 2025 fc SwrOn8d.pdr [ca8d780I6ubfl91&S381Codc31MJ Pag8.' 1119
THE SALTIRE socIErY TRUST For the year ended 31 March 2025 CONTENTS Page Reference and Administrative Detsils Report of the Trustees Independent Examiner's Report ststement of Financial Activities Balance Sheet Notes lo the Financial Statements 9-15 Saltre Soaety Trust accounts year efKled 31 March 2025 fc SwrOn8d.pdr [ca8d780I6ubfl91&S381Codc31MJ Page.. 2 119
THE SALTIRE socIErY TRUST REFERENCE AND ADMINISTRATIVE DETAILS For the year ended 31 March 2025 Registered Charity number SC044731 Treasurer from 112125 (resigned 2812125) At the Saltire Society Trust on June 2023 Trustees agreed to the reintegration of the Trust with the Society. Al the Trust AGM on 9th September 2024 Trustees approved the revised PurFK)ses and constitution for the SST SCIO. At the Sallire Society EGM on 13th November 2024 Saltire Society members approved Ihe revised constilution for the Society and Trust. From this poinl. the constitutions of both charilies became identical and the chartties effeclively operated as one, with the same Trustees for both the Saltire Society Trust and the Saliire Society. Trustees from 13th November 2024) Elected Member Convener Elected Branch Representative (Glasgow) Vice Convener Elected Member Elected Member (resigned 2812125) Interim Treasurer Elected Member (re-elected 13111124) Cmpted Member Elected Member Elected Member Elected Branch Representstive (Aberdeen and Northeast Branch) (resigned 1519124) Elected Branch Representative (Edinburgh Branch) Treasurer from 28/2/25 Elected Member (resigned 512125) Principal address 9 Fountain Close 22 High Street Edinburgh, EH11TF Executive Board Saltre Soaety Trust accounts year efKled 31 March 2025 fc SwrOn8d.pdr [ca8d780I6ubfl91&S381Codc31MJ Pag8.' 3 119
THE SALTIRE socIErY TRUST REFERENCE AND ADMINISTRATIVE DETAILS {continued) For the year ended 31 March 2025 Advisers - Financial Management Henderson Loggie LLP The Stamp Office - Level 5 10-14 Waterloo Place Edinburgh EH13EG Bankers Coutts 6- 8 George Street Edinburgh EH2 PPF Independent Examiner Solicitors CMS Cameron McKenna LLP Saltire Court 20 Castle Terrace Edinburgh EH12EN Chiene + Tait LLP ffrading as CT) 61 Dublin Street Edinburgh EH3 6NL Investment Managers Rathbones 28 St Andrew Square Edinburgh EH2 1AF Saltre Soaety Trust accounts year efKled 31 March 2025 fc SwrOn8d.pdr [ca8d780I6ubfl91&S381Codc31MJ Page. 4 119
THE SALTIRE socIErY TRUST REPORT OF THE TRUSTEES For the year ended 31 March 2025 The Trustees present their report with Ihe financial slatements of the charity for the year ended 31 March 2025. Objectives and activities The objectives of the Saltire Society Trust are educab'onal, cultural, and exclusively chantable in law. namely to.. Increase public awareness of Scotland's dists'nct rtural and cultural heritage in all tts richness and diversty and foster the cherishing and enrichment of all aspects of Ihal heritage, including the Scots and Gaelic languages" Enhance the quality of Scotland's contribution to all the arts and sciences by encouraging creativity, inventiveness. and the achievement of the highest standards of excellence in these Build on the achievements of the past to advance Scolland's standing as a vibrant. creative force in European civilisation- and Improve all aspects of Scottish lrfe and letters at home and abroad and strengthen Scotland's cultural links with other countries and peoples. Any income generated, OT held, by the Ttvst may be passed to the Saltire Society to achieve the objectives set OLrt above. The Trust may c(Hyerate with other organisations on matters which are in accord WTth its objectives. Achievements and perfonnance Following her unanimous election as Convenor in September 2022, closely with ViCe-Convenor and Treasurer insb'gated a comprehensrve process of change and development. This was wholeheartedly supported by the Saltire Society's Council, who recognised that it was vital to implement the recommendations of earlier reports by Lord Cullen and to reform and clarify the operations of the Society. The need for refom was underscored by the excellent 2023 report on fundraising and organisational priorities by More Partnership. which identified dearty, urgent prioritj'es for action. Foremost among these priorities was the need to reintegrate the Saltire Society, an unincorporated charrtable organisation, established in 1936 and the Saltire Society Trust (SCIO) established in 2014, into one charitable body. This process, after agreement by the Trustees in June 2023, and endorsement of the revised constitution by the AGM in August 2023, was in the main accomplished in 2024, with the final legal details and transfer of property. beirKJ achieved in 2025. During this period of change, the Saltire Society's capacity to implement these much-needed changes at minimum expense and disrupts'on was strongly sUpped by the hIglevel management and professional skills to be fourKI in the professional and work experience of the trustees. What followed over the next eighteen M(thS was a process of restructuring the staffing of the organisakn'on. driven by the elected officers and Trustees. leading to the appointrnent in March 2024 of new Director with senior experience of the Scottish cultural landscape, . Working with the elected officers, and the strong support of the Trustees, the Director has advised Council constructs'vely during her first year in posL with a revised focus on specific aspects of Scottish culture and a simplification of our operatj'ons, rather than continuing to deliver an overextended range of activities with little regard to impacl or sustainabilty. During 2024-25, the Trust continued to c¢Jnmit its fvnds in support of SaFlire Society objecttves and was the principal funder of the Saltire Society's activities and programme of evenls and awards. These included: Scotland's Nalional Bcx)k Awards The Fletcher of Saltoun Awards The Fletcher of Saltoun Leclure Wigtown Scots Poety Prize Saltre Soaety Trust accounts year efKled 31 March 2025 fc SwrOn8d.pdr [ca8d780I6ubfl91&S381Codc31MJ Pag8.' 5 119
THE SALTIRE socIErY TRUST REPORT OF THE TRUSTEES For the year ended 31 March 2025 More details on Sallire Society Awards and events can be found on the website www.salts'resociety.org.uk and in the Annual Report and Accounts for the Satire SOcty charty number SCO 04962. Governance, strategy and forward planning With effect from 1st April 2025. all operations of the Saltire Society have been managed through the scio. Subject to the prior approval of OSCR, a resolution to dose the Salb"re Society unincorporated charity will be put to the members for approval at the AGM on 30th October 2025, with any remaining funds being transferred to the Saltire Society Trust SCIO. The final step in the process of re-integration will be to apply to OSCR to change the name of the SCIO from 'The Saltire Society Trust, to 'The Saltire Society,. A review of the Saltire Society was undertaken by the Director and in June 2025 Council adopted a draft strategic framework and future vision document to underpin the development of a strategic and operational plan for the 90th anniversary and beyCd. Planning is now underway for a programme of activities lo celebrate the Saltire Society's 90th anniversary in 2026. Financial review The Statement of Financial Activities shows a net increase in funds over the year of £123.270 (2024: net increase £83,176) of which £131,229 (2024: £42,261) related lo a net surplus on operations. with net losses on investments of £7,959 (2024.. net gains on investments of £125,437) worsening the overall results. Net assets at the year end were £2.504,464 (2024: £2.381.194) made up of unrestricted funds of £2,451.964 (2024:£2.381,194) and restricted funds of £52.500 (2024: £nil) Reserves policy The reserves FM)licy has been to maintain the level of investment capital in the Trust. The Trustees believe it is generally prudent to draw up to 40A of the total value of the portfolio annually rf it is not seen to be significantly depleting capital. Given the specific legal and related costs of the reintegration process, including a transfer of assets from the Saltire Society to the Saltire Society Trust, Trustees agreed that in the short temi a slightly larger percentage of fijnds would need to be withdrawn in 2024-25 in order to facilttate the necessary changes to the structure and operation of the Saltire Society and to invest in fundraising in order to put the reintegrated body on a sustainable financial footing for the longer term. Risk management The Trustees have a duty to identsfy and review the risks to which the Trust is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The key risk is a substantial reduction in the value of the investrnent portfolio arising from poor investrnent perfomiance due to the overall falls in wOr1lde stfxk markets. The Trustees regularfy review performance with the Trusys advisers wtth a view to restricting the risk to an acceptable level. Investment policy and objectives The Trust continued to engage Rathbones as invesbnent managers. The Trust's investment policy is geared towards a balanced retum been capital growth arKI income. General Data Protection Regulations {GDPR) The Trust and its Trustees are aware of arKI continue to adhere to the data processing legislation introduced on 25 May 2018. The Trust continues to manage personal data in accordance with data protection legislatM)n and best practice. The Saltire Society's privacy policy can be viewed on rts website. Saltre Soaety Trust accounts year efKled 31 March 2025 fc SwrOn8d.pdr [ca8d780I6ubfl91&S381Codc31MJ Page.. 6 119
THE SALTIRE socIErY TRUST REPORT OF THE TRUSTEES continued For the year ended 31 March 2025 STRUCTURE. GOVERNANCE and MANAGEMENT Governing document The Trust was registered as a Scottish Charitable Incorporated Organisation on 11 March 2014 and is governed by its Constitution, which was last updated and approved by OSCR in 2023. The governing bojy of the Trust is the Council, which meets at least 4 times per year. It is responsible for agreeing strategic wiorities. overseeing the smooth operation of the SCIO and ensuring compliance with all legal requirements, The Executive Board, convened by meets regularly and is responsible for advising Council on strategic priortties, reviewing the activities of the SCIO on a regular basts. financial management. staff recruitrnent and management and developing andlor approving strategies for fundraising. Recruitment and appointment of new Trustees Trustees are appointed at our Annual General Meets'ng through a nominats'on and election process from amongst the membership in accordance wilh our consliiution. Once apF)ointed, Ttustees receive an induction and briefing on an individual basis. Trustees Members of Council, who are the Trustees for the purpose of Charty law. wtrKJ served during the year and up to the date of this report, are set out on page 1. Trustees. responsibility statement The Trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and Untted Kingdom Accounting Stsndards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in Scotland requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the Trusl and of the incoming resources and application of resources of the Trust for that period. In weparing these financial statements, the Trustees are required to: seled suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP 2019 (FRS 102)" make judgements and estimates that are reasonable and prudent- state whether applicable UK accounts'ng standards have been followed. subject to any material departures disclosed and explained in the finanryal statements" and prepare the financial statements on the going concem basis unless li is inappropriate to presume that the Trust will continue in operation. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial posttion of the Trust and enable them to ensure that the financial statements CoMY with the Chartties and Trustee Investment (Scotland) Act 2005. the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the Trust's constitution. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other legUlarlties. The Trustees have been advised that an audit is not necessary and have appointed an IndeperKlent Examiner to review the Accounts. 3 September 2025 Saltre Soaety Trust accounts year efKled 31 March 2025 fc SwrOn8d.pdr [ca8d780I6ubfl91&S381Codc31MJ Pag8.' 7 119
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE SALTIRE SOCIETY TRUST For the year ended 31 March 2025 I report on the financial ststements of the charity for the year ended 31 March 2025 which are set out on pages 7 to 15. This report is made to the board, as a boty, in accordance with the temis of the engagement. My work has been undertaken to enable me to prepare the financial statements on behalf of the Trustees and to report my opinion as set out below and for no further purpose. To the fullesl extent pemirtted by law, I do not accept or assume responsibilty to anyone other than the charty and Trustees, as body for my work or for this report. Respective responsibilities of Trustees and Examiner The Trustees are responsible for the preparation of the financial ststements in accordance with the terms of the Charities and Trustee Investrnent (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The Trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the Accounts Regulalions does not appty. 11 is my responsibilty to examine the financial statements as required under sects'on 44(1)(c) of the Act and to state whether matters have come to my attention. Basis of independent examinerfs statement My examination is carried out in accordance with Regulation 11 of the 2006 Regulations. An examination includes a review of the accounting records kept by the Trust 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 seeks 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 opinTron 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. 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 2005 Act and Regulation 4 of the 2006 Accounts Regulab'ons. and to prepare financial statements which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations. have not been met; or to which, in my opinion, attention should be drawn in order to enable a proper understanding of the firkancial statements to be reached. 3 September 2025 artere ccountants 61 Dublin Street Edinburgh EH3 6NL Saltre Soaety Trust accounts year efKled 31 March 2025 fc SwrOn8d.pdr [ca8d780I6ubfl91&S381Codc31MJ Pag8.' 8 119
THE SALTIRE socIErY TRUST STATEMENT OF FINANCIAL ACTivrriES For the Year Ended 31 March 2025 Unrestricted Unrestricted Inco£ Fund Capital Funds Restricted Income Fund 2025 Total Funds 2024 Total Funds Note INCOME FROM: Donations and grants Investments 124,167 77,808 52,500 176,667 77,808 78,853 Total 201,975 52,500 254,475 78,853 EXPENDITURE ON: Raising funds Charitable activities 17,220 17,220 106,026 16,587 104,527 106,026 Total 106,026 17,220 123,246 121,114 Net incomel(expenditure) before (losses) I gains on Investments 95,949 {17,220) 52,500 131,229 (42.261) Transfers beeen funds 11 54,138 {54,138) Net (losses)I gains on Investments (7,959) (7,959) 125,437 Net income and net movement in Funds 150,087 (79,317) 52,500 123,270 83,176 RECONCILIATION OF FUNDS Total funds brought forward (51,708) 2,432,902 2,381,194 2,298,018 TOTAL FUNDS CARRIED FORWARD 11 98.379 2,353,585 52,500 2,504,464 2,381,194 Saltre Soaety Trust accounts year efKled 31 March 2025 fc SwrOn8d.pdr [ca8d780I6ubfl91&S381Codc31MJ Page.. 9 119
THE SALTIRE socIErY TRUST BALANCE SHEET At 31 March 2025 Unrestricted Unrestricted Restricted Capital Income Fund Fund 2025 Total Funds 2024 Total Funds Fd Note FIXED ASSETS Tangible assets Investments 64,908 2,350,807 2.350,807 2,411,239 64,908 2,350,807 2,415,715 2,411,239 CURRENT ASSETS Cash deposits held with investrnent manager Cash at bank and in hand Debtors 6,848 6,848 112,253 6,862 25,915 51,344 945 59,753 6,862 52,500 66,615 6,848 52,500 125,963 78,204 Creditors: amounts falling due within one year (33,144) (4,070) (37.214) (108.249) NET CURRENT (LIABILITIES) IASSETS (33,471) 2,778 52,500 (88,749) (30,045) NET ASSETS 98,379 2.353,585 52,500 2,504,464 2,381,194 FUNDS Unrestricted Caprtal fund Unrestricted Income fund Restricted Income Fund 11 11 2,353,585 98,379 52,500 2,432,902 (51,708) 2,504.464 2,381,194 The financial statements were approved by the Trustees on 3 September 2025 arKJ were signed on their behalf by: Trustee Saltre Soaety Trust accounts year efKled 31 March 2025 fc SwrOn8d.pdr [ca8d780I6ubfl91&S381Codc31MJ Pag8.' 10 119
THE SALTIRE socIErY TRUST NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025 ACCOUNTING POLICIES Basis of preparation and assessment of going concern The financial slatements have been prepared under the historical cost convention, modtfied by the revaluation of its investrnent assets, with items recognised at cost or transaction value unless otherwise stated in the relevant note{s) to these financial statements. The financial slatements are presented in sterling. which is the functional currency of the Trusl, and are rounded to the nearest £. The financial stslements have been prepared under the historical cost convention, modtfied by the revaluation of ils investrnent assets, wilh items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these financial statements. The financial statements have been prepared in accordance with the Statement of Recommended Practr'ce: Accounting and Reporting by Chariiies preparing their accounts in accordance wrth the Financial Report Standard applicable in the UK and Republic of Ireland (FRS102) second editK)n - October 2019, the Chartties and Trustee Investment (Scouand) Act 2005, the Charities Accounts (Scoland) Regulations 2006 (as amended) and UK Generally Accepted Accounting Practice. The Saltire Society Trust meets the definition of a public benefft entity under FRS102. Going concern The Trustees consider that there are no material unrtainteS about the Trust's abilty to continue as a going concem. Trustees have considered future performance of the Trust and wll continue to ensure financial commitments are made only where there is suffictent income available to do so. Trustees are satisfied these efforts are sufficient and therefore continue to adopt the going concem basis of accounting in preparing the financial statements. Post year end advice has been obtained and plans are ongoing for the merger with The Saltire Society. The Sattire Swety will cease trading as a charty. and assets & liabilities transferred to The Saltire Society Trust. Any balance on The Saltire Society bank account shall be paKI over to the Trust as a donation. Income recognition All incoming resources are included in the Statement of Financial Activities (SOFA) when the Trust is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received. For donations and legacies lo be recognised the charity will have been notified of the amounts and the settlement dale in WTiting. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained, then income is deferred until t)Se conditions are fully met or the fvlfilment of those conditions is within the control of the charity, and it is probable that they will be fulfilled. Investrnent income is eamed through holding assets for investment purposes and is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend income is recognised as the Trusys right to receive payment is established. Expenditure recognition All expendtiure is accounted ts on an accruals basis and has been classifEd under headings that aggregate all costs related to the category. Expendtture is rec(MJnised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. IeCOVerable VAT is charged as an expense against the activity for which expenditure arose. Saltre Soaety Trust accounts year efKled 31 March 2025 fc SwrOn8d.pdr [ca8d780I6ubfl91&S381Codc31MJ Pag8.' 11119
THE SALTIRE socIErY TRUST NOTES TO THE FINANCIAL STATEMENTS continued For the year ended 31 March 2025 ACCOUNTING POLICIES (CONTINUED) Fixed asset investments Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. The main fomi of financial risk faced by the Trust is that of volatilty in equity markets and investment markets due to wider economic conditions, the attitude of investors to investmenl risk, and changes in sentimenl conmIng equities and within particular seclors or sub seclors. All gains and losses are taken to the Slatement of Financial Aclivities as they arise. Realised gains and losses on investments are calculated as the difference beeen sales prOed$ and their opening carying value or their purchase value rf acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference beeen the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities. Cash at Bank Cash at bank and in hand on the balance sheet comprise cash at banks and on hand and short-temi deposits with a maturity of three months or less, which are subject to an insignificant risk of changes in value. Debtors Trade and other debtors are recognised at the settlement amount due after any trade discounts offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Creditors Creditors and provtsions are recognised where the Trust has a present obligation resulting from past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. Taxation The Trust is exempt frcffi tax on its charitable activities. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the Trustees. Restricted funds can only be used for the particular restricted purpose within the object of the charty. Restricts'ons arise when specified by the donor or when funds are raised for particular restricted purposes. io Saltre Soaety Trust accounts year efKled 31 March 2025 fc SwrOn8d.pdr [ca8d780I6ubfl91&S381Codc31MJ Page. 12 119
THE SALTIRE socIErY TRUST NOTES TO THE FINANCIAL STATEMENTS continued For the year ended 31 March 2025 DONATIONS & GRANTS 2025 2024 Donations from Saltire Society Creative Scotland Granl Gfft in Kind 65,000 52,500 59,167 176,667 Income from donations and grants was £176.667 (2024.. £Nil) of which £124,167 (2024.. £Nil) related to unrestricted funds and £52.500 (2023: £Nil) related to restricted funds. INVESTMENT INCOME 2025 2024 Dividends 77,808 77,808 78,853 78,853 Investment income in the comparative year was all unrestricted. RAISING FUNDS 2025 2024 Investment managemenl costs 17,220 17,220 16,587 16,587 CHARITABLE ACTIVITIES 2025 2024 Grants payable The Salb're Society 99,750 99,750 2,964 220 100,000 100,000 2.700 89 Accountancy Bank charges Heat, Light & Water Foreign exchange (gain) I loss Miscellaneous Governance costs - Independent examination fees (428) 102 3,360 106,026 1,738 104,527 Charitable expenditure in the comparative year was all unrestricted. li Saltre Soaety Trust accounts year efKled 31 March 2025 fc SwrOn8d.pdr [ca8d780I6ubfl91&S381Codc31MJ Pag8.' 13 119
THE SALTIRE socIErY TRUST NOTES TO THE FINANCIAL STATEMENTS continued For the year ended 31 March 2025 Heritable Property Computer Equipment Total TANGIBLE FIXED ASSETS Cost At 1 April 2024 Addttsons 59,167 5,741 64,908 At 31 March 2025 59,167 5,741 64,908 Depreciation At 31 March 2025 Net book value At 31 March 2025 59,167 5,741 64,908 At 31 March 2024 FIXED ASSET INVESTMENTS 2025 2024 Fair value at 1 April 2024 Addilions Disposals Increasel{decrease) in cash held by broker Net (losses}Igains on revaluats'on Fair value at 31 March 2025 2,411,239 584,241 {760,885) 124,171 (7,959) 2.350,807 2,308,326 157,678 (148,830) {31,372) 125,437 2,411,239 Historical cost value at 31 March 2025 1,946,585 1,957,738 DEBTORS 2025 2024 Prepayments Accrued dividends 5,292 1,570 945 6,862 945 2025 2024 CREDITORS: FALUNG DUE WITHIN ONE YEAR Amounts payable to The Saltire Society Accruals Deferred income (see note 9) 27,378 9,530 306 37,214 99,677 8,572 108,249 12 Saltre Soaety Trust accounts year efKled 31 March 2025 fc SwrOn8d.pdr [ca8d780I6ubfl91&S381Codc31MJ Page. 14 119
THE SALTIRE socIErY TRUST NOTES TO THE FINANCIAL STATEMENTS continued For the year ended 31 March 2025 DEFERRED INCOME 2025 2024 Balance al 1 April 2024 Amounts released to income Amounts deferred in the year 306 Balance at 31 March 2025 306 10. MOVEMENT IN FUNDS Loss on investments 31 March 2025 1 Apn"12024 Income Expenditure Transfers Restricted Funds Creative Scotland Unrestricted Funds Income Fund Capital Fund 52,500 52,500 {51,708) 2,432,902 2.381.194 201,975 (106,026) (17,220) (123.246) 54,138 (54,138) 98,379 2,353,585 2,504,464 (7.959) (7,959) 254,475 Gains on investments 31 Plorch 2024 1 Apn"12023 Income Expenditure Transfers Unrestricted Funds Income Fund Capitsl Fund (33,126) 2,331,144 2,298,018 78,853 (104,527) (16,587) (121,114) 7,092 (7,092) (51,708) 2,432,902 2,381,194 125,437 125,437 78,853 The restricted funds are: Creative Scotland - represents funds provided for the Writing a better future programme. 13 Saltre Soaety Trust accounts year efKled 31 March 2025 fc SwrOn8d.pdr [ca8d780I6ubfl91&S381Codc31MJ Pag8.' 15 119
THE SALTIRE socIErY TRUST NOTES TO THE FINANCIAL STATEMENTS continued For the year ended 31 March 2025 11. ANALYSIS OF NET ASSETS BEfwEEN FUNDS Fund balances at year end are represented by: Unrestricted Unrestricted Restricted IT FurKI Capital Fund Income Fund Total Fixed Assets Investrnents Cash deposit Cash at bank and in hand Accrued drvidends Prepayments Creditors 64,908 64,908 2.350.807 6,848 112,253 1,570 5,292 (37,214) 2,504,464 2,350,807 6.848 59,753 1,570 5,292 (33,144) 98,379 52,500 (4,070) 2,353,585 52,500 FurKI balances at the previous year end were represented by: c*ne Fund Capital Fund Total Investments Cash deposit Cash at bank and in hand Accrued dividends Creditors 2,411,239 25,915 2,411,239 25,915 51,344 945 (108,249) 2,381,194 51,344 945 (103.997) (51,708 (4.252) (2,432.902) 12. RELATED PARTY TRANSACTIONS During the year the Trust made grants of £99,750 (2024: £100,000} to The Saltire Society. £Nil (2024: £50,000) was still to be paid at 31 March 2025. In a previous year fundraising costs were paid by Saltire Society on behalf of Saltire Society Trust. £17,677 (2024.. £49,677) remain outstanding at 31 March 2025 and are included within creditors. Addrbonal costs of £9,701 (2024: £nil) were paid by Saltire Society on behalf of Saltire Trust and are included within creditors. During the year £65,000 (2024: £Nil) was donated from The Saltire Society to the Trust with no restriction. At the year end £27.378 (2024: £49.677) was sitting in amounts due to The Sahire Society. At 31 March 2025 title for the property held at Fountain court was transferred from Saltire Society to The Saltire Society Trust at its net book value £59.167. 14 Saltre Soaety Trust accounts year efKled 31 March 2025 fc SwrOn8d.pdr [ca8d780I6ubfl91&S381Codc31MJ Pag8.' 16 119
THE SALTIRE socIErY TRUST NOTES TO THE FINANCIAL STATEMENTS continued For the year ended 31 March 2025 13. FINANCIAL INSTRUMENTS 2025 2024 Financial assets measured at fair value through statements of financial activities. 2,350,807 2.411,239 Financial assets measured at fair value through the statemenl of financial activities comprise of listed investments. 14. POST BALANCE SHEET EVENT Post year end advice has been obtained and plans are ongoing for the merger with The Saltire Society. The Saltire Society will cease trading as a charity, and assets & liabilities transferred to The Saltire Society Trust Any balance on The Saltire Society bank account shall be paid over to the Trust as a donation. 15 Saltre Soaety Trust accounts year efKled 31 March 2025 fc SwrOn8d.pdr [ca8d780I6ubfl91&S381Codc31MJ Pag8.' 17 119
zix Salbre Soaety Trust accounts year eTrJed 31 March 2025 nj_ned.Jf IcaadI67634bfl9l-S538rCOdc3bdj Page: 18 119
zix Salbre Soaety Trust accounts year eTrJed 31 March 2025 nj_ned.Jf IcaadI67634bfl9l-S538rCOdc3bdj Page: 19 119