Company registration number CS007033 (Scotland) Charity registration number SC053552 (Scotland)
ART27 SCOTLAND SCIO
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025
ART27 SCOTLAND SCIO
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Senior management
(Appointed 31 July 2024) (Appointed 31 July 2024) (Appointed 31 July 2024) (Appointed 31 July 2024) (Appointed 31 July 2024) (Appointed 31 July 2024)
Trustee
Country of incorporation
Charity registration Principal address
Registered office
United Kingdom CS007033 (Scotland) Scotland SC053552
Independent examiner
David C Marshall BA, CA, David Marshall Associates CBC House 24 Canning Street Edinburgh EH3 8EG
ART27 SCOTLAND SCIO
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Statement of trustees' responsibilities | 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 11 |
ART27 SCOTLAND SCIO TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE PERIOD ENDED 31 MARCH 2025 The company was incorporated and the charitable status confirmed on 31 July 2024. The trustees present their annual report and financial statements for the period ended 31 March 2025. The financial statements have been prepared in accordance with the accounting policies set OLrt in note 1 to the financial statements and comply with the charity's goveming document, the Companies Act 2006 the Charities and Trustee Invesknent {Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance wrth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102)" Objectlves and actlvltles The organisation's purposes are: The advancement of arts, heritage, and culture The advancement of human rights, conflict resolution or reconciliation The promotion of equality, diversity and inclusion The advancement of citizenship or community development The advancement of education b) d) Public benefit The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. Achlevements and performance Significant activities and achievements against objeGtives The Charity prioritised an organised operational and govemance transrtion from Art27 CIC to Art27 the charity including establishing a new Board, new accounting fimi and bookkeeper, new offices and fvndraising for future activity. Athree-year business plan was prepared building on the previous and parallel activty of Art27 CIC. In January 2025 we received a successful decision on our application for multiyear funding from Creative Scotland for three financial years 202512026, 202612027, 202712028. All F>oliues from Art27 CIC wor6 co-opted into Art27 SCIO and reviewed by the Board for update$ or changes. Flnanclal revlew Reserves policy The charity is yet to formalise a reserves policy. structure, governance and management The charity is a company limited by guarantee. The trustees, who are also the directors for the purpose of company law, and who served during the period and up to the date of signature of the financial statements were: (Appointed 31 July 20241 (Appointed 31 July 20241 (Appointed 31 July 20241 {Appointed 31 July 20241 (Appointed 31 July 20241 (Appointed 31 July 20241
ART27 SCOTLAND SCIO TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2025 Recruitment and appointment of trustees An initial group of Trustees was appointed 31 July 2024 with a view to supporting recruitment of addrtional members. Recruitment for Trustees was made through advertising on a range of cultural and third sector platfonns e.g. Creative Scotland, SCVO. Nonè of the trustèès has any b8n8ficial intèrèst in th8 company. All of the trustees arè membèrs of thè company and guarantè8 to contributè £1 in th8 8v8nt of a winding up. Organisational structure In this first year, the company consisted of Co-Directors only, with contractors used rf required. The trustees, report was approved by the Board of Trustees. Trustee 30 D8cèmb8r 2025
ART27 SCOTLAND SCIO
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE PERIOD ENDED 31 MARCH 2025
The trustees, who are also the directors of ART27 SCOTLAND SCIO for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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ART27 SCOTLAND SCIO INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ART27 SCOTLAND SCIO I report on the financial statements of the charity for the period ended 31 March 2025, which are set out on pages 5 to11. Respectlve responslbllltles of trustees and examlner Th8 charity truste8s (who are also the directors of ART27 SCOTLAND SCIO for th8 purposes of company law) are responsible for the preparation of the financial statements in accordanc8 with the terms of the Charities and Trust88 Investment {Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006.The charty truste8S consider that the audit requirement of Regulation 10{1 Ila)-(c) of the Charities Accounts (Scotland) Regulations 2006 does not apply. It is my responsibility to examine the financial slatements as required under section 44{1){c) of the Charities and Trustee Investment (Scotlandl Act 2005 and to state whether particular matters have come to my attention. Basls of Independent examlner's statement My examination is carried out in accordance wrth Regulation 11 of the Charities Accounts (Scotland) R8gulations 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 trustoes 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 examlnefs statement In the course of my axamination, no matter has come to my attention 1. which gives me reasonablo cause to believe that in any material respect the requirements: to keep accounting records in accordance with Section 4411)(a) of the Charities and Trustee Investment {Scotlandl Act 2005 and Regulation 4 of the Charities Accounts {Scotlandl 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 onable a propor understanding of the financial statements to be reached.
ART27 SCOTLAND SCIO
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE PERIOD ENDED 31 MARCH 2025
| Unrestricted Restricted funds funds 2025 2025 Notes £ £ Income from: Donations and legacies 3 1,500 - Charitable activities 4 - 4,195 Total income 1,500 4,195 Expenditure on: Charitable activities 5 1,390 4,195 Total expenditure 1,390 4,195 Net income and movement in funds 110 - Reconciliation of funds: Fund balances at 30 July 2024 - - Fund balances at 31 March 2025 110 - |
Total 2025 £ 1,500 4,195 |
|---|---|
| 5,695 5,585 |
|
| 5,585 | |
| 110 - |
|
| 110 |
The statement of financial activities includes all gains and losses recognised in the period. All income and expenditure derive from continuing activities.
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ART27 SCOTLAND SCIO
BALANCE SHEET
AS AT 31 MARCH 2025
| 2025 Notes £ Current assets Debtors 10 1,500 Cash at bank and in hand 430 1,930 Creditors: amounts falling due within one year 12 (1,820) Net current assets The funds of the charity Unrestricted funds 13 |
£ 110 |
|---|---|
| 110 | |
| 110 |
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the period ended 31 March 2025.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the trustees on 30 December 2025
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ART27 SCOTLAND SCIO
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025
1 Accounting policies
Charity information
ART27 SCOTLAND SCIO is a private company limited by guarantee incorporated in Scotland. The registered office is 6/1 Gladstone Terrace, Edinburgh, EH9 1LU.
1.1 Reporting period
The Trustees elected to shorten the first period's Accounts to end at 31 March 2025 to synchronise with the funding and reporting year of Creative Scotland, the charity's main funder.
1.2 Basis of preparation
The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)". 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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.3 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.
1.4 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.5 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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ART27 SCOTLAND SCIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2025
1 Accounting policies
(Continued)
1.6 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.
1.7 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.
1.8 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
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ART27 SCOTLAND SCIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2025
1 Accounting policies
(Continued)
1.9 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.
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.
3 Income from donations and legacies
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2025 | ||
| £ | £ | |
| Grants | 1,500 | - |
4 Income from charitable activities
| Reconciliati | |
|---|---|
| on Fund | |
| 2025 | |
| £ | |
| Performance related grants | 4,195 |
| Analysis by fund | |
| Restricted funds | 4,195 |
| 4,195 |
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ART27 SCOTLAND SCIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2025
5 Expenditure on charitable activities
| Direct costs Reconciliation Fund Unrestricted Funds Share of support and governance costs (see note ) Support Analysis by fund Unrestricted funds Restricted funds 6 Net movement in funds The net movement in funds is stated after charging/(crediting): Fees payable for the independent examination of the charity's financial statements |
Total 2025 £ 4,195 1,320 |
|---|---|
| 5,515 70 |
|
| 5,585 | |
| 1,390 4,195 |
|
| 5,585 | |
| 2025 £ 1,320 |
7 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the period.
8 Employees
The average monthly number of employees during the period was:
| 2025 | |
|---|---|
| Number | |
| Total | - |
There were no employees whose annual remuneration was more than £60,000.
Remuneration of key management personnel
The remuneration of key management personnel was as follows:
9 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
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ART27 SCOTLAND SCIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2025
10 Debtors
| 10 Debtors |
|
|---|---|
| Amounts falling due within one year: Other debtors 11 Loans and overdrafts Loans from related parties Payable within one year 12 Creditors: amounts falling due within one year Borrowings Accruals and deferred income |
2025 £ 1,500 |
| 2025 £ 500 |
|
| 500 | |
| 2025 £ 500 1,320 |
|
| 1,820 |
13 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At 30 July | Incoming | Resources | At 31 March | |
|---|---|---|---|---|
| 2024 | resources | expended | 2025 | |
| £ | £ | £ | £ | |
| Board Expenses | - | - | (70) | (70) |
| Accountancy Fees | - | - | (1,320) | (1,320) |
| General funds | - | 1,500 | - | 1,500 |
| - | 1,500 | (1,390) | 110 |
14 Related party transactions
There were no disclosable related party transactions during the period.
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