Charity No. SC052740 Company No. CS006449 PITLOCHRY FESTIVAL THEATRE ENDOWMENT FUND TRUST REPORT AND ACCOUNTS For the ear ended 31 March 2025 CT: PITLOCHRY FESTIVAL THEATRE ENDOWMENT FUND TRUST REPORT AND ACCOUNTS For the ear ended 31 March 2025 Contents Pages Trustees, report Independent examinerfs report to the Trustees Receipts and payments account Statement of balances Notes to the accounls CT: PITLOCHRY FESTIVAL THEATRE ENDOWMENT FUND TRUST TRUSTEES. REPORT For the ear ended 31 March 2025 Introduction The Trustees present their report wth the accounts of the charity for the period 1 April 2024 to 31 March 2025 Charlty Informatlon REGISTERED CHARITY NUMBER SC052740 REGISTERED COMPANY NUMBER CS006449 INDF.PFNDENT EXAMINER Chiene + Tait LLP (trading as CT) Chartered Accountants and Independent Examiners 61 Dublin Street Edinburgh EH3 6NL PITLOCHRY FESTIVAL THEATRE ENDOWMENT FUND TRUST TRUSTEES, REPORT For the ear ended 31 March 2025 Introduction from the Chair This year marked Ihe Trust's first full year of operation. Following the eslablishment of the Pitlochry Fe51ival Theatre Endowmenl Fund Trusl IPFTEFT) in 2023. our focus has been on putting in place the foundalions to supporl our long-lerm aim of ensuiing the financial stabilily of Pitlochry Festival Thealre Ihrou9h the development of a sustainable endowment fund. Whilst financial aclNity this year has been modest 2s we put in place the essential building blocks for future success, over the next financial year our focus will turn firmly to fundraising and engaging with prospective donors and funders to Increase our income. Obleetlves and activities The Charitable Purposes of the Twst remaln: the advan￿Ment of the arts, heritage, culture or scienG8; the advancement of education-, and the advancement of citizenship or community development. Achievements and Performan¢e During the year, the Tru.%t-. received a further donation of £5.tKJO. continued lo benefit from the strategic and adminislralive support Df Pitlochry Feslival Thealre. maintained a clear focus on govemance and compliance whilst preparing for future fundraising efforts. Flnancial Review The Trust received a donation of £5k in the year lo 31 ￿ March 2025. and incurred expenses lotaling £1.5k. The Trustees are salisfied that these costs were necessary to maintain good governance and prepare for future fundraising. At the year end. th8 Twsl held £53k in cash but wilh impending costs of £19k in relation to start up, accountancy and legal fe8s. The Trustees anticipate increased income and aclivity in the coming year as we begin to engag8 morè proactively with donors. structure, Governance and Management Governing Document The Trust is constituted as a Scottish Charitable Incorporated Organisation (SCIO) and is governed by a Constitution that lays out the powers of the Trustees and the Charitable Purposes of the Trust. Trustees There were no changes to the Trustees during the year. Trustees were appointed fr)r their skills, experience. and shared commitment to the future of Pitlochry Festival Theatre. Organlsatlonal Structure and Dèclslon Maklng The Trustees meet as and when required but at least three times a year. D8cisions 8re made by the majority of Trustees present at the meeting. All papers are circulated prK)r to the meeting and minutes of me8ting are taken and circulated for comment and approval. Key Managemont Personnel Tl)p. TrLisI p.mploys no staff. Management services are provided, under a Memorandum of Agreement, by he Executtve Director and the Finan￿ & Operations Director respectively of Pitlochry Festival Theatre. Risks and Mitlgallon The principal risk lo the Trust contlnues to be that administralion expenses exceed donations in its early years of operation. Key management personnel monitor inca)me and expendilure on an ongoing basls to mitlgate this risk. Reserve Policy The Trustees consider thal the target for unrestricted cash reserves should nomialty be equivalent lo three months, operating cosis. As at the year end, unrestricted cash reserves met this larget. The key management personnel are aware that maintaining meaningful unrestricted cash reserves are Grilical lo th8 sustainability of the Trust. Investment Policy Under our Constitution, the Tnjst has the power to make any investment which the Truslees see fit. PITLOCHRY FESTIVAL THEATRE ENDOWMENT FUND TRUST TRUSTEES. REPORT For the ear ended 31 March 2025 cojil, statement of Trustees, responsibilities The Trustees are responsible for preparing the Trustees, Report and the accounls in 8Gcordance with applicable law and United Kingdom Accounting Slandards (United Kingdom Generally ALxepted Accounting Practice). The law appliGable to charities in Scolland requires the Trustees to prepare accounts for Èach financial period which give a true and fair viewofthe state ofaffairs ofthe charity and ofthe incoming resources and application of rèsources of the charity for Ihat period. In preparing these accounts, the Trustees are required to: select suilable accounting policies and apply them consistently- observe the methods and principles in Ihe Charili8s Statemenl of Recommended PraGtice', make judgemenls and eslimales Ihal are reasonable and prudent-, state whether applicable accounting standards have been followed, subj-ect to any deparlures disclosed and explained in the accounts,. and prepare the accounts on the golng conc8m basÉs unl8SS It is inappropriate to presume that the charity wi51 continue in operation. The Trustees are responsible for keeplng proper accounting fecords Ih8t disclose with reasonable accuracy at any time the financlal position of the charity and enable them to ensure that Ihe accounts comply with Ihe Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scot]and) Regulations 2006 (as amended). and the provisions of th8 charity's constilulion. They are also responsible for safeguarding Ihe assets of the charity and hence for taking reasonable steps for Ihe prevention and detection of fraud and olher irregularities. The Trustees declare thal they have approved the Trustees. Reporl above. 2> Signed on behalf of the charity's Trustees on air INDEPENDENT EXAMINER'S REORT TO THE TRUSTEES ON THE FINANCIAL STATEMENTS OF prfLOCHRY FESTIVAL THEATRE ENDOWMENT FUND TRUST CT: I report on the a￿OUnts for the year ended 31 Marth 2025. which compnse the receipts and payments account. slatemenl of balances and the related noies. Respectlve responsibilitles of trustees and examlner The Charity's Trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustoe Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The charity trustees consider that the audit requiremenl of Regulation 1011)la) to (c) of the 2006 Accounts Regulations does not apply. It Is my responslbility to examine the accounts as required under section 44(1)(c) of the Act and to state whether particular matters have come lo my attention. Basls of Independent &xaminerfs report My examination is carried out in accordance with Regulation 11 of the 2006 Accounts Regulations. An examination includes a review of Ihe accounting records kept by the charily and a Comparison of the accounls presented with those records. It also includes consideialion of any unusual items or disclosures in the accounts, and seèks explanations from the trustees conceming 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 audlt opinion on the view given by the acGounts. Independent examiner's statement In connection with my examination, no malter has come to my attention: which gives me reasonable cause to beli8ve that in any material respecl the requiremenls.. to keep accounting records in accordance with section 44{1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulati()ns. and to prepare accounts which accord with the accountlng records and tA)mply with Regulatlon 8 of the 2006 Accounts RegulalK)ns have not been m8t, or 2. to which, in my opinion. attention should be drawn in order to enable 8 proper understanding of the accounts to be reached. CT Chartered Accountants and Independent Examiners 61 Dublin Street Edinburgh EH3 6NL 23 September 2025 PITLOCHRY FESTIVAL THEATRE ENDOWMENT FUND TRUST RECEIPTS AND PAYMENTS ACCOUNT For the ear ended 31 March 2025 Note restricted restricted Year Year Ended ended 2025 2024 Receipts Donations 5,000 50,000 Total receipts 5,000 50,000 ments Cost of charitable activities 1,470 Total Payments 1,470 Surplus for the year 3.530 50,000 All income derives from continuing activities. The notes on page 9 form part of these accounts PITLOCHRY FESTIVAL THEATRE ENDOWMENT FUND TRUST STATEMENT OF BALANCES At 31 March 2025 Un- restricted restrlcted Year Year Ended ended 2025 2024 Bank and cash in hand OpÈning b818nces Surplus for the period 50,000 3,530 50,000 Closing balances 53,530 50.000 Liabllltles Accruals 1.170 1,170 All balan￿S hèld are un-restricte(I funds. These accounls were approved by the Board of Trustees and authorised for issue on as JoJ< and signed on their behalf by the following-" Chair The notes on page 9 form part of these accounts PITLOCHRY FESTIVAL THEATRE ENDOWMENT FUND TRUST NOTES to the FINANCIAL STATEMENTS ear ended 31 March 2025 For the 1. Donation income Year Period Ended Ended 31 March 31 March 2025 2024 Anonymous donation 5,000 50,000 5,000 50,000 2. Statement of funds Unrestricted funds At 31 March 2024 At 31 March 2025 Income Expenditure Transfers 53,530 General funds 50.000 5,000 1.470 Unrestricted funds At 9 August 2023 At 31 March 2024 Income Expenditure Transfers 50,000 General funds 50.000 General Fund: represents funds which the Trustees arè free to use in accordance with the Charity's constitution, aims and objectives.