The Saltire Society Trust
(Charity No: SC044731)
Report of the Trustees and Unaudited Financial Statements
For the year ended 31 March 2025
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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
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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
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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
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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 r￿tural 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 sUpp￿ed by the hIg￿level 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
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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 SOc￿ty 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 beyC￿d.
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 wOr1￿lde 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 be￿en 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.
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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 CoM￿Y 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 l￿egUlarlties.
The Trustees have been advised that an audit is not necessary and have appointed an IndeperKlent
Examiner to review the Accounts.
3 September 2025
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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
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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 be￿een 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
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THE SALTIRE socIErY TRUST
BALANCE SHEET
At 31 March 2025
Unrestricted Unrestricted Restricted
Capital
Income
Fund
Fund
2025
Total
Funds
2024
Total
Funds
F￿d
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
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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 un￿rtaint￿eS 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.
I￿eCOVerable VAT is charged as an expense against the activity for which expenditure arose.
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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 con￿mIng 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 be￿een sales prO￿ed$ 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 be￿een 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
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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
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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
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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.
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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.
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Saltre Soaety Trust accounts year efKled 31 March 2025 fc￿ SwrO￿n8d.pdr [ca8d780￿I6ubf￿l91&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.
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