Charlty reglstratk>n numb•r 1206943 (England and Wal•sl Company r•glstratlon number 15381311 THE HIGHGATE LITERARY AND SCIENTIFIC INSTITUTION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 THE HIGHGATE LITERARY AND SCIENTIFIC INSTITUTION LEGAL AND ADMINISTRATIVE INFORMATION Trust••s Kath&rfno Oallas Ann8 J8mi&son Simon Edwards M8rtyn Bond Hilary Laurie Wlllam Englosh JeffteyAnderson Charlty numb•r (England and Wal•sl 1206943 Company numbfrr 15381311 R•glstsrnd offleè 11 South Grove Hlghgate London N6 68S Audltor Glazars 843 Finchley Road London NW118NA B•nk•rs Barclays Bank PLC 28 Hampst8Ad Hlgh Street London NW3 1QB Inveslm•nt ad¥i¥or4 RBC Brewin Dolphin 12 Smithfield Street London EC1A9L4 THE HIGHGATE LITERARY AND SCIENTIFIC INSTITUTION CONTENTS Trusto0$' rgpr*t Inde[￿dent audltof8 rep¢xt ststement offfinanu•l •¢tiviU•8 B8lanLX shoat 10 Stalem¢nl of ¢a8h 11 Notes to the flnanc4al slat•menl8 12-23 THE HIGHGATE LITERARY AND SCIENTIFIC INSTITUTION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees pr•sènt th8lr annual report and finaniial statements for the year ended 31 Dec8mbar 2024. The charity was converted from its pr8ViOU5 Status as a Friendty Soriety on 2 January 2024. The financial statements have bèan pr9pared in accorilance with the accounting policies set out in note 1 to the financial statements and comply wlth th8 th8rfty'5 goveming documenl, the Companies Act 2006. FRS 102 'The Financial Reporting Standard applicablè in tha UK and Républic ol Irél8nd' and the Charits'es SORP "A¢counling and Reporting by Charities.. Staternenl of Recommended Practice appli￿ble lo charitses preparing their a￿UnIS in accordance with the Financ*1 ReFK)rting Standard 8pplicabJe in the UK and Republic of Ireland IFRS 1021.. Objgctives and actSvltl•s The objects of the Charity ar• tho education of the public and researth in science. literature and the fine arts, in particular. bul not exclusively, by providing a reference and lending library. reading rooms, archives and such classes. lecturés, concerts. Tneelings, film viewings and exhibitions as the Truste88 may from lime to tirr￿ d8cKIg. Public benefil The tnjstees have pald duè r*gard to guidance issued by tre Charity Commisslon In deckllng what actiV￿8s th8 charliy should und•rtak•. Activitses Coursos are provided ovèr tha year for several languages at various levels. as woll as on aspacts ol history. Itterature. and mu51c oppreciatlon. Practs'cal art and design dasses and physical exercise sess4ons are also organlsed. The charity provldes weekly lectures on wide-ranging subjects Indudlng science, literature. and all areas ol hbslorical. intellectual and iopical interest. Olhèr advities organised by Ihe charlty Include a sdence group, an opera circle, a film society, concerts. debates and axhibitK)ns. The tharity arranges for approprlatoly quallfi8d Indivldu81s trj spoak at lè¢turès and tutors for courses. The 16ctur&s take place on a weekday evenlng batw8¥n Sgplgmber and Moy. Most course3 are weekly, lastlng 2-3 hour5, over a term of 11-12 weeks. The cha￿ty also off¢r9 shorter and weekend cour8es and workshops durlng the year. Sp¢akers have relevant experien￿ in the fleld they a￿ dl8¢ussSng, a track re¢ord for public speaking andl or teachirtg. 8nd a genuine interest In promotlng di$￿vr5e and education. All tutor8 are interviewed before appoinlrnenl, vrilh some giving sample cLqsges. The trustees are satisfied that subjects of study are of educational merit because the subi&cts are traditional subjects of educatlon. Trustees take accwnt of feedback from students indicatlng satisfaction wilh the quality of teachlng. The nature of Ihg cour80s and lectures that the charfty runs Is abs)ul participation and learning something new. Th8 ¢harity d()es not promote a positi'on. The charity's acttvltles are open to all. There are no 8elecUon Cr￿rIa, other than first com8 flrst s8N8d In the case of reaching maximum numbers fcl the courses and lectures to be practicable. We offar subsldlsod places on coursos to th058 ab18 to show they are in receipl of state beneffts. In support of thé volunteer3 vtho are responsi￿& for thè govemance and for all the activities taking place, the Inslitutl(m employs the service of seven staff lof whl¢h flve part limel ¢omprising an Operatio Manager who administers and controls day to day oparalions, ay well 88 two administrators and three caretskgrs, and a librarian. THE HIGHGATE LITERARY AND SCIENTIFIC INSTITUTION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Achl•v•m•nts and pgrformanco swnif￿anI acliwli8s and achievements agalnst È>bJ6clivgs Throughout 2024. our first year as a charitable cornpany, we wothed hard at the HLSI Io TealSse our vlsion to b¥ an open house where evèryon•'$ Irfa is enriched through an engagement wrth the arts and scAences. leaming, deb8to and discussion. During the year we rethgd n9w people, inlroduod a new conces8ionary scheme for those on inojmy-related benefits, deepened engagèmont wlh our exi81ing members, shared arts & science in engaging ways and c¢lebrated our important local h8rita98. Slnce the pandèmic our membership has grown steadily, standing al 938 by the end of the year. but perheps more signifThndy, wa hav$ experienced strong growth in terms of engagemgnt and rev8nu8. Thls succèss been drtven by the extr8ordin8ry commitment and energies of our staff team and volunteers who tOg¥lher have strived to improve the HLSI experience lor rnernbers and non-rnemb8rs. Thanks to thelr outstandlng w(*k. our education programme has produced another exceptSonal year In whl¢i course enrolmenls grew by 25%. Our L8ctur8s tearn gave us a wonderfully varied and worfd dass season, including talks by intemationally respected figuTeS such 88 Nobel L8ureale Paul Nurse, the environmentalist Jonalhan PDrril and Paul JohrK8on ol the Instltute for Fisc81 StudTr98. Durfng 2024 we 8uccessfulty corn ￿et8￿ tho transfomiatlon of our IT Infrastructure to rnake the HLSI'S systams fit for thg digital age. A long-term plan to modemise our building was Inilfjatèd. which indude¥, in this current year, Improvem8nts to th8 first-floor rirculation areas, the ¢reation of èxtra space for dassas or other purposes, and the renovation of Ihè maln kit¢hgn. Plans are also afoot to preserye our Library and to safeguard our heritage, ncluding HLSI'$ uniquo book wllecuon. A fundamantsl role of the Trustses is to ensure the InStItu￿On'S flnan¢e$ gn a sound footing. A key way to achleve thls Is to COn￿n￿O to improve the quality of the Institutkjn's programmè of aetivibgs arhd evenl% and to prc*mot8 them wlth incr98¥ing effectiveness. The trustees want to er￿O￿Tage members to partklpata In the activities of the Institution and fully us• its facilities. All ol us want to ensure that thè Institution. in accordance with its original objectives. plays a part in 8nh8nc￿n9 the Ilfe of the community around It. Thg Institutbon Is Highgate's home for all who want int8118ctual stimula'jon in ojnvivial atmosphere. and everyona Is welcomg Flnanclal revlew Thg HLSI airns lo balance its revenu& gènardtion activitiés against thè eosis incurred in providing them aThJthe co81 of maint8ining its historical building and olh8r Pf$mise$ and administering the Institution generally. The ordinary income of the Insts"tutknn IS derfved from lour main sources- - Members, subscriptions., Rental income., Hlrfng fees for the Institution's premises., and - Classes, octivitie9 and èvents organised by the members. Ineom8 Irom MeM￿r$hiP Subscriptions, property rental and 811 activities totallèd £486,183. Op8r8tion81 ￿tgOIng$ totalled £464,657. In 8ddilion, the HLSI received £19,162 in gènorous donations and lega¢ies from members. Also, the invèstm8nt portfolio valualion at year end showgd an in¢ro8$0 of £39,424, a8 re8uIt of which nel incom& rgachgd £80,112 for the year. R&serve8 policy It is th8 policy of the charity that unrestricted funds whi¢h hav8 not beèn designated for a Specific use should b8 maint8ingd 8t 8 lgvel at a minimum equlvalent to belwe&n threg and $ix-m¢nths' expenditure. The trustees wnsider that rgsgrve$ 81 thi3 level will ensure that, in the event of a significant drop in funding, they wll be able lo continua lh• ¢h8rity'$ current activities Whi￿ consideratlon is gI￿n to ways in which additional fvnds may be ral￿d. This level of rasarvos has been maintained throughout the yè8r with net current 85sets lunrgstrictgdl of £450,342 al the y08r end. THE HIGHGATE LITERARY AND SCIENTIFIC INSTITUTION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Maiorrisks The Iruslees regulady revSew the malor rlsks to whlch th8AssoclaUon Is •xpos8d. and are satlsfl•d that Systems are iri place to mth'gate exposure to these rssks. Pl•n$ lorfvtur• perfods Obl•cllv•s of th• In$tltthlon for 2025 To malnt8in 8nd, whare possible, improve the quality of the In31ilulion's prowamme ol activities and events. and to womole them with incr888ing effectivgness. To continue lo d8veknp the Institution's facilities for the benefit of bolh mgmbars and others. To givg the rnernbeTS full opportunity to use the laalilies and to encourage Ihem to particApate in the activities ol th$ Institution. To en8ure that the Instituti'on plays a part in enhanclng th8 Ilfe of ihe ¢ommunlty arwnd IL To ensure the Institution's finar￿S remain on a sound fooWThJ. structure, gov•mance and manag•mont The charlty is a company Ilmitad by guarantee and is governed by its memorandum and arudes of assocIa￿on. Conversion from Its previous slalus As a Frféndly Sothty WAS effsctivè frorrt 2 January 2024. The trustees. who we also the dlreciors fc* lh& purposa of company law, and who s¢wd durirwJ the year and up lo the dats of signature of the financial statements wera.. Kalh8rtn8 Dall8$ Ann8 Jamies Simon Edwards artyn Bond Hilary Laurie William Engllsh Jeffrey Anderson Recwitmgnt and appo￿tMent Ortn￿re8$ Thar8 Is no formal proc88s for the recruitment and appointment of new trustees, but prospecti￿ trustees ar• idonlifiod a$ having a good knowledge of the actIV￿8S of the charity and of the community whlch It serves. Nong of thè trustaés has any beneffcial interest in the company. Al of the truste&s are mèmbws of th6 company an(J guarantèè trj ttjntributs £1 in the event of a winding up. Org81118ational Slfuclure Governance and management is veste¢J In th¢ Board of TNsleos who meet regulady. In addition olher cc*nmlttees have been established to ove￿e& $￿elfi¢ aspects (rf the ch8riV8 operation8, the tfU8lee8 having final oversight in all cases. Statern•nt of tru¥¢ee$' responslbllltlos Th8 trustè8s. who are also the dKeCtO￿ of The Highgate Literary and SC￿ntiflC Inslftulion for tha purposè of ccxnpany Lqw, a￿ responsible for preparing the Trustees. Report and the financial statements in aceordan¢g with appli¢8ble law and United Ktng(ksm Accojnting Standards (Unitsd Kingdom G9ngr8lly Ac￿ntInG Pr8¢ticel. Company law requires the trustees to prepare fin8ncl81 st8tements for each flnanclal year which give a trnje and fair view of the stsle of affairs of the ¢harity and of the In￿MIrW￿ resources and application ol resources. including the Ir￿Me and expenditurè. ofthe charitable cornpany for that year. THE HIGHGATE LITERARY AND SCIENTIFIC INSTITUTION TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORTI ICONTINUED} FOR THE YEAR ENDED 31 DECEM8ER 2024 In weparing Ihege financial slalemenl$. the Irusiees are required lo. select Sula￿e aC￿U￿tIng pdici$s and then apply them con*slenlly". obs8rrf8 Ihe mplhods and pririciples in Ihe Chaillies SORP-, make iudgemenl$ and eslimales th81 are ￿#Sonable 8nrJ prudent", and preparp Ihe finana31 sl8temeits on the going concern basKg unlas8 It is inappropriate lo presume ih81 the ch8r 11 C(￿linUe In Dperalion. The Iwslee$ are re$pon5ible for keeping adequate accounliny record5 thal disdose wilh rea50natle ￿￿acY al any Ilme finanual rM)sillon olthe charrfy and enable them lo ensuie that the financial statement5 comply %*ilh Ihe Companies Act 2006. They are also responsible for safeguarding the assets of the charity and herte for takin9 asC￿￿ts1e Steps for the prevenlh)n and deleebon of fraud and olher trr6gu18riti88. Audltor In accordance with the company's 8rtpcles, 8 resolution proposing that Glazèrs be reappMled as audM(K of the company Yall lje pul at a General Mealy￿. Dls¢losure of lthforrnatlon to auditor Each of the trustees has confirmed Ihal there Is no informalloTr o" Ihey are aware whith ￿ relevant to the Zudil. bul ol thich the audilw is Ur￿are. They have furthar confirmad that they have taken apwopriaie steps to Idenllfy such rtlevant informalion and to establish Ihal the auditor isaware of such inlermaliw. The Iru5tee5' repLYt was approved by the Board of Trustees. Simon Edwards Trust80 Dale.. THE HIGHGATE LITERARY AND SCIENTIFIC INSTITUTION INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE HIGHGATE LITERARY AND SCIENTIFIC INSTITUTION Oplnlon We have audited the 17nAncial slatemenls of Tho Hlghgate Literary and Scientific Institution Ith8 'ch8rity'l for thè ygar ended 31 December 2024 which cornprise tha statement of financial activitios. the balance 8heel, tha statement of cash flows and notes to the financial statemènts, including signtncant ae(yJunting policies. The financial rèporting frarnewotk that has been applied in their preparalK>n is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reportlng Standèrd apphcable in thè UK and Republic of Ireland Iunited Kingdom GenerallyAcceptéd Accounts'ng Pracbcal. In our opinion. th• financial statemenls.. gwe a tru8 and fair vi•w of the State of the ehAritab￿ eompanvs affatr$ a$ at 31 D8C8mb8r 2024 and of it8 incoming resourc98 and aFolication of wsources. including its incomo and expenditure. for the year then ended., have been property prepared In aeixjrdance with Untted Klngdom Generalty Accepted Acc¢untlng PractSce' and have been prepargd In aco)Tdanc* with requirements of Ihe Companies Aei 2006. Ba$ls ft>r oplnlo We conducted our audit in accordance with International Standards on Auditing IUKI IISAS {UKII and applicable law. OUT responslbllltles und$r those standards ar8 further desuibed in the Auditorfs responsltslltles for thg 8tJdit of th8 financial statemgnts $ectyon of our report. We arè Independent of th8 ch8rity in 8ccordance with the athical requirem8nts thal are relavanl to our audit of the finaneial statements in thè UK. Including the FRC'S Ethical Standard. and we have fuSfille(l our other ethical ￿spOnsIbIlitIeS in accordance with thesa requirements. We believ8 that the audlt gvidence we have obtalnéd Is sufflclent and appropriate to prowde a basis for our opin￿n. Concluslons r•latlng to golng conc•rn In auditing thg financial stalen*nts. we have conduded that the trustees, use of the going con(*rn basis of accounting in tha prepara¢ion of the finanaal st8t8ments is appropri8t8. Bas•d on the work we hav8 perforn￿d, we have not idgnlifigd any material uncertainti88 relaling to avents or conditions that, individually or collectivély. rnay cast significant doubl on the charity's ability to continue as a g¢ing concem lor a psriod of at least tsvefv8 months frorn vthen ihe finanaal 8latements are authori$gd for issue. Our responslbllltl•s and the responsibllttl85 of the tnjstees wlth res￿et to going concem 8f8 de5Cfibed in the felevant sections of this report. Oth•r Inforniatlon Thè other information oompri808 the infom7ation includgd in the annual report oth8r Ih8n the financial stat8menls and our audilorfs report thereon. The trustees are responsible for the other inf0M￿li0n contsined within thg annual r8port. Our opinion on the financial statements does not o)ver the other infomats'on and, except to tho extent otherwise expliThtly stated in our report, we do not express any fom of 8$$urance conclusion thernon. Our responsibility is to read the olher infomation And. in doing so, consider whether the other infonnation ts matsrially inconsistent with finan￿81 stalements or our kn¢)wledge obtained in thè courso of the audit, or otheTWiSa 8PP8ars lo be materially mlsstat8d. If we identify such m8t#rial inconsistena¢s Dr apparent material misst*ments, we are required to detemine whether this gives rlse to 8 material misstat8ment in the financial statem$nts themselves. If. based on the work we have performgd. w8 conclude that there 1$ a rnaterial misstatement of this olhar infonnation. we are mqulred t(> roport that fact. We have n¢Jthlng lo rem in thls ward. THE HIGHGATE LITERARY AND SCIENTIFIC INSTITUTION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE HIGHGATE LITERARY AND SCIENTIFIC INSTITUTION Oplnlons on oth•r matters pr•scrlb•d by the Companl•s Act 2000 In our opinion, based on the work und8rtsk8n in thg course of audit.. th8 Infomiatk)n glv8n In the trustees. report for the financjal year for which the financial 8latem&nts ar• prepAred. which indudes the directors. report prepared for the puiposes of company law, 18 con$i3tent with the financial statements., and the directors. report induded within the truste88' rgport h8$ bgen prepared in 8eeKJrdance with applicable18gal requirements. Matter& on whlch wè ar• requlred to r•port by •xe•ptlon In the light ol the knowledge and Lsnderslanding of the charity and its environment obtained in the course of the audlt, we have Th)t Identbffied materSal mlsstalernents in the directors, rewt included within the tW8t98$' report. We have nothing to ￿port in respect of the following matters in relation lo which the Companies Act 2rkn requir8$ us to report to youll. in our opinion= adequate accwnting records have not k•pl, ￿ rètums 8d8quata for our audlt have not b88n received from branch95 not v151tgd by us.. or the financial statements are not in agreernent wlh the accountlng record8 and returns- or ertain disclosures of Iruslee8' remunèration $p8¢ifi8d by law ara not made,. or we have not ￿ceiVed all the infomiation and explanations we require for our audit,. or thg tnJst885 w8r8 not 8ntitl8d to pr8p8r8 thg fin8nci81 statèmsnts in accordance wilh the small Compani88 r8gim$ and takè 8dvant8ge of thè sm811 comp8ni&s' 6xempli.ons in preparing the trustees. report and from th¢ requirement to prepare a strategic report. Re•pon$lbllltl•¥ of trust••s As explained more lully in the statement of trustees, responsibilities, th8 trustees, who are al80 the direct￿8 of tho charity for the purpose of c4)mpany law. are responsible for the preparation of the fin8nrial st8ternents and for being satisfied that they give a true and fair view, and for wch internal control as the trustee5 d8t8rmine 15 necessary to enable thè pr8paratlon of financial stat8m8nls Ihat arè fr8é from mat8ri41 misstat8ment, whether du8 to fraud or error. In prgpgring the financi81 statements, the trust99$ aro ￿SpOnsIbl& for assasslng th8 chartty's ability to ¢ontlnua as a golno concam, dlscloslng. 8$ 8pplleabla. mattèrs ￿lat$d to g¢ing concern and using the going concem basis of accounfjng unlèss Iha trnst8as elther Intend to Ilquldate the charftable company or lo ¢ea8e op•r8tlons, or hav8 no reolistic altemativè but to do so. Audltor's r•spon*lbllltl•s for th• audlt of thè flnanelal statèm•nts Our objectives are to obtain reasonable assuran￿ about whether the financial Statements a$ a whole arg free from material misstatsmenL whether due to fraud or error, and lo issue an auditorfs ropL>rt that indLJdès our opinion. Reasonable assurance is a high level of assurance bul 18 not a guarantee that an audit conducted in attordance with ISAS (UK} will always detect a material misstalement when il exists. Misstatements can arise from fraud or error and are (£Jnsidered material if. individualty or in the aggregate. they could Teasonably bg expectsd to inlluènce the e¢onomic decisions of users taken on the basis ol these financial statements. Tha exient to which ow procèdures ara capable of dèt8th.ng Irregularities. includSng fraud, Is detailed below. THE HIGHGATE LITERARY AND SCIENTIFIC INSTITUTION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE HIGHGATE LITERARY AND SCIENTIFIC INSTITUTION In id8ntifying and assessin9 risk5 of materfal mlsstat8m8nt In respect of irregularities, including fraud and non- compllancè wlth18ws and wulations. we considered Ihe followng.. 11 Enqui￿$ of man8gement coneemlng the charfvs poliaes ond procedures relating to.. identifying, evalv*ing and c(mptying with laws and wuLations and whether th&y were aware of any inslances of non-¢omplwn¢ detecting and responding to tre rfsks of fraud and vthether they have knowledge of any a￿u31. sUs￿ed or alleged fraud.. and th8 intamal controls astsblished to mitigate risks ￿lated to fraud or non-cornpliance with laws and regulations.. 21 Thè company's ramunewtion polic￿$. and 31 Discussions a[￿ng the en9agomènt t&8m reg8r(ling how and when fraud might cccur in the financial statements and any potanti81 INd￿tOrS of fraud. In common wlth all audlts undér ISAS IUKI, wè ara Slso raqulred to perfomi speclflc procedures to Tespond to thè sk of management OV8rridè. W¢ also obtaln¢d an un¢J¢rslanding of th¢ l¢901 an¢J rogulatory framework that the charity operates in, focuslng on provisions of those laws and regulations that had a direct effect on the determination of rnaterial amounts and disclosures in the financlal statements. The key laws and regulations we considered in this context included the UK Companies Act and IFRS as issued by the IASB and adopted by the EU, and "Accounting and Reporting by Charities: Statement ol Recommended Practice appltcable to charitie5 pr8paring their 8ccounts in accordan¢g With the Financial Reporting Standard applicable in the VK anij Republic of Iroland IFRS 102) leffèctlvo l January 20191" The charity is 8 Public 8enefit Entity as defined by FRS 102. In addithon, w8 consid8red provision5 of other laws régulations th8t do not hav• a dSract eff•ct on the financlal $tAtèmènts but c¢)mplianea wilh which may bè fundamantal to th¢ charlty'$ ability to operate ￿ avoid a material ponolty. As 8 rèsult of performing the above, We did not id8ntify 8ny kèy audit matters related to the potential risk ol fraud or non-compliance with laws and ragulations. In addltlon to the above. our proc8dur8s to respond to rlsks idenUfied induded the follo￿ng.. Reviewing the financi81 st8tement dlselosur&s aKI testing lo supporting documentation to a&8ess compliar￿e wilh provisions of relevant18ws and regulations described as havin9 a direct effect on Ihe financial stslements- Enquiring of managèmènt concèming actu81 and potèntial litigation and claims.. Performing anatyb'cal procedure3 to idenlty any unusual or unexp￿￿ t8latlonshlps that may indicats risks of matsrial mlsslatement duo to fraud., In addrèsslng thè dsk of fraud thrtyJgh m8nagement OVgrrid$ of ¢ontrols. tèstin9 th8 approprlaten•$$ ofjoumal enlrios and other adjustments- a8se55ing whether the judgomenls rnado in moknng a¢¢ountlng &sliTnates are indicative of 8 potential bias: and evaluating the business rabon818 of 8ny signifiGgnt tr8nsactions that 8r8 unusv81 or outslde the nomial course of business. Wg Also communicated ra￿vant ld9rntrf￿d laws and regulations and potential fraud risks to all engagement team mgmb&rs. and rOma￿•d alort to any indications of fmud or non-￿mplianee laws aThJ regulations throughout the 8udil. We note that our audit 16 not prlmarily designed to detect non-compliance with law3 and r8gu18tions and the TTUStees and other management are ￿spOnSible for such inlemal conlToI as the Tru31ee8 and other rnanagernent of the Charity delennine is necessary to anable the pwaralion of financial slalements that are free from matèrial misststement, whether due lo errors or fraud. induding compliance with laws and regulations. Additionally, owlng to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some matèrial wnisstaternents in the financial statements, even though we have properfy planned and perfomed our audit in accordance with auditing standards. Wé are not rasponsible for preventsng nonIicio8 Charlty Infomiatlon The Highgate Llterary and Scientlfic Institution 1$ a prlvate company limited by guarantèè incoTpof8tgd In Englan¢J and Wales. The reglstered offie8 Is 11 South Grove, Highgate, London. N6 6BS. 1.1 Accountlng convèntlon Thè fin8n¢ial 8tatom8nts have bean pwared in a£xx)rdance with the charity's govornln9 document. the Cornpanies Act 2006. FRS 102 'The FinanciAI Rèporting Standard applicable in th& UK Republic of Irgland" and the Charib'es SORP 'AccoLJnting and Reporting by Charities.. Statement of Recommended Practice applicable to charities prèparing their accounts in accordance with the Financlal Rèwrting Standard applicable in the UK and Republic of Ireland IFRS 102r. The ch￿ty is a Public Bgnefft Entity as definal by FRS 102. The financial stalements ar8 prèpared in sterfing, which is the funcbonal eurrgncy of the charity. m(￿etary amounts in these ffinanclal statèménts are rounded to the nearest £. The financial stat8rn8nts havè béen prepared under the historical cost conv8nlion. The prinapal acgounting policies adopted are set out bg11)w. 1.2 Golng conc9rn At thè time of approving the financial statements, th& trustge¥ have a reasonable expectation that thè charity has adequat8 18source8 lo continue in operational existenc8 for tha foreseeable fvture. Thus tha trusl8gS coniinue to adopt the 90ing GonGcm basi3 of accountlng In prgparln9 the nnai)bi41 ¥tslviTIVTIts. 1.3 C￿rItable fvnd Unrestricted funds 8r8 availabje for use at the dlscmtlon of th8 trustéés In fvrtheranc* of Ihelr charitablg objectives. R•strictad fvnd8 are 8ubjecl to speufic condition8 by donors or grantors as to how they may be used. The purposes and uses of the restricted funds ar• s*t out in the notes to Ihe financial statements. Endowment funds are subject to specifjc wndlllon$ by donor8 that the capital must bg rnalntsined by the charfty. 1.4 Incom Income is r8cogni5ed vknen the charity is legalty &ntiUèd to it after any performanrB conditsons have been mol. the amunts cgn be measured reliably. and it Is prob8bl8 that income will be received. Subscription incom8 is recognlsad In the year In which 11 is receivablo. Ir￿m• from d8$$0s and hall hir8 is recognised in the year to whleh the Incom$ relales. Cash donations are recognised on r8¢eipl. Olher donations are r8cognlsgd onc8 th8 h83 been notified of the donation, unless performan￿ c¢>ndilions require deferral of th8 amount. In¢ome lax recoverable In relation to donations ￿eE1v8d und8r GiftAid or deeds of covenAnt Is racognlsgd al the lime of the donation. L8ga¢ies are ￿COgniSed on rèc8lpt or othèrwi88 if Ihe charity has been notified of an impeTrding dislribulion. thè amount is thown, and r¢¢oipt is expected. If the amount is r￿t known, th8 legacy is Ireal?d as a ¢￿tIngent asset. THE HIGHGATE LITERARY AND SCIENTIFIC INSTITUTION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcl•s (Contlnued) 1.5 Exp•ndltur• Expenditure is r8cognis$d On￿ Ihgro is a legal or constructivè obli9alon to Iransfer economic benefit to thlrd party. It is pmbable that a transfer of 8conomlc benefits w511 be requi￿ in settlement. and the amount of th$ oblig8tion can b8 1118asur8d r81iably. Expenditure is classffieil by acbvity. The costs of 88th a¢tivty 8re ry18de up of thé total of dlr¢ct costs and tshaT*d Gtststs, inGlu¥Jing support cotsts involvod ITr und*rtaklng activity. Dlwct Gosts attdbutable to a single activity are allocated direcl1y to that activity. Shared costs which contribute to lttan one activty and support costs which are not attributabl8 to a single activity are apportioned behyeen those activilifrs on a basis conslstent with the use of resources. Cantral stsff costs arg allocated on the basis of time sp&nl, and depredation charges a￿ allocated on the portion of the asset's use. 1.6 Tanglblo flxed a¥sets Tangible fixed assets are initialty m88sured at cost and subsgquenlly mgasurad ai Cost or valualK)n. nel of d&pr¥¢i8tion and any impairment10838¥. Depreciation is recognised so as to wrlta off the cnst or valuation of assets less their residual values over thelr L￿eful lives on Ihe following bases.. Frgghold18nd buildings Fixtures and fitb'ngs Artwork8 £10.000 per annum 12.5% to 33.3% straight line The galn or loss arlsing on tho dlsposal of an assat Is dotsmilnad as th8 drfterence betymn the sal8 proc¢$dJ and the carrying value of the asset. and is recognised in the stalernent of financial actlvities. 1.7 Flx•d as8•t Inv•stm•nts Fix&d assèt inv8stm8nt8 8r8 initially rneasured at transaction pric8 excluding tr8nsaction costs. and are subsequendy mea$urèd at falr valu& 81 oach rgporung dat8. Chang8$ In f8lr val￿& ar& reaogni$ed in net 1ncome1lexpendrtu￿l for the year. Transactlon costs are expensed as Incurred. 1.8 Impaimwnt offix•d amots At each reporting end date, the charity reviews the carrylng amounts of its tangible assets to dglermine whether there is any indication that those assets have suffered an impairment loss. If any such indrAlion exists, the recoverab￿ amount of the asset is estimated in order to detennine the extent of the impaifmenl loss lif any). 1.9 C•sh and ¢•$h oquiv•l•nts Cash and cash equivalents indude cash in hand, deposits held at call wth banks. other short-teTh liquid investments with original maturits'es of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowbngs In current llabll1￿$S. 1.10 FIn*nCl￿ Instrum•nts Th8 tharity has elected lo apply the provlsions of Section 11 'Basi¢ Fln8nd81 Instrumènts. and Soctlon 12 'other Financial Instruments Issues. of FRS 102 to all of its financial instruments. Financial instruments ar• recognlsod In th8 charfty$ balanca sh$8t when th8 charfty b8comos party to th& contractual provisions of the In$twm¢nt. Financial assets and liabilitios are offset. wilh the net Bmounis presented in the finanaal slalaments, when there is a legally ¢nfrJr¢oablg right to sel off th& r¥¢iyJnised amounts and Ih&w is an inl¢ntion to $&ttl& on a not basis or to rèalisa thg assel and setue the liability 8iryiultsneously. THE HIGHGATE LITERARY AND SCIENTIFIC INSTITUTION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (Contlnuedl B•sle Iln•nd•la•sets Basic finanaal assets. which indude dabtors and cash and b8nk balances, are initially measured at transacbon price including transaction costs and are subsequently ¢8rried 81 amortis8d ¢ost using the 8ff8ctive interest method unl8ss th8 arrangemènt constitutas a financing trans8etitin, vthor8 thé transaction 1$ measured at the present value of the futurg r￿ipts discounted at a market rat¢ of Intsr¢$t. Flnancial 0$8ets dassified as ￿ee[vaNe vAthln onè yèar arè not arnortised. Basic fi￿￿¢1￿1 Ilabllltles Basic financSal li8bllltlès. Including creilitor8 arKI bank 108n8 are initsally reccrfJni8ed at transaction pr1￿ un5ess tha arrangement constitLrt8s a financing tr8n$a¢tion. whgre the debt in3trumenl is measured at tha present value of the future payments discountèd at a markèt ratè of intgrest. Financial liabi141ies classif48d as payable withln one year are not amorusèd. Debt instruments ara Subs8qU￿tIY carrf•d at arnortlsed cost. U￿n9 th¢ effaetNO lrttors$t rate mothod. Trade credltors are obllgations to pay for goods OT seNces that haw baen acqulrod In th8 ordlnary cour88 of owration$ from 8upplier8. Amounts payable are classified as current liabilities if payment is due wthln tsne year or 1&9s. If not, they are presented as noTr.currenl liabilities. Trade creditors are recognised Initially ot transactlon prke and SUbS￿u8ntIY measured al amortised c031 using the effecllve intere31 method. DeTe￿gnItIon of flnanclal Il•bllltl•s Financial li8bilitl88 are der8(x)gnised when the charity's o)ntractual oblhjalions expire or are dischargad or cancelled. 1.11 Emplo￿9 benefFts The cost of any unused holhlay entitlement is reeognis￿ in thè ￿riod in which th8 employee's Services aré received. Tèrmination benefits are recognised Immediate￿ as an expense when the charity is demonstr8tAy commrtted to t&rminattr the ¢mployment of an employee or to provide temiination benefits. 1.12 Retirement beneflts Payments to defined contrlbution rntiremenl benefit schemes are charged as an expense as they fall due. Crldcal •ccounllng •stlmat•s and ludgèm•nts In the application of th& Charity's accounting polic4es, the Irusiees are required lo make judgements. astimates and assumptions about th8 carying amount of assets and liabilitses that are not readily apparent from other soureos. The estimates and associated assumptions ￿e base¢J on hisiorical expenence and other faciors that are considered to be relevanL Actual results may dilfar from thèsg èstimates. The estimates and undèrlying 88sumplions are Tewewed on an ongoing basis. Revisions to actounting estimates are reeognised in the period in which the estimate is revised where Ihe revision affects only that pgri¢d. or in the per￿d of the revision and lUtU￿ periods where the revision affects both Cu￿nt 8nd ftrture periods. THE HIGHGATE LITERARY AND SCIENTIFIC INSTITUTION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Income from donatlons ar)d lggacles Unrnstrlctod Unr•strlct•d fund¥ fund8 2024 2023 Donations and gifts Legacies 107.667 19,162 93,440 2.87S 126,829 96.315 In¢om• from charltabl• actlvltl•g Unrnstrlcted fund¥ 2024 Unr•strict•d funds 2023 Instltutlon actlvlil•s Clas¥e Gallery LeCtU￿S Library Clubs Evont$ Publicatlons ATthive$ MembeTS rfyjm Hire of hall 196.419 8,495 4.05. 3,972 14.412 5,196 1.589 155.050 8,770 4,427 4,005 13.143 6.770 1.725 135 108 34.390 732 47,243 282,109 228.523 Incom• from oth•r •ctlvltl•8 UnrMtrfcW Unrgtytrl¢ted funds fund• 2024 2023 Fundrai8ing evonts Gorago rsnts Cottage rents IOASouth Gme r¥nts 10,845 16,378 46.245 12.500 10.295 15,220 46,8(X) 12.500 Other trading activitie8 85.768 84.815 THE HIGHGATE LITERARY AND SCIENTIFIC INSTITUTION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEIABER 2024 Incom• from investments Unr•stri¢t•d fund• 2024 Unr•8trlcted lunds 2023 Int8r881 ￿e1vable 10.639 4,569 Exp•nditur• on raising funds Unr•strlcted funds 2024 Unr¢$tricted ftbnds 2023 Fundralslng and publlclty Advartfislng 1,095 Costs of rantsl Propertie8 918 2.808 Total co$ts 2.013 2,808 THE HIGHGATE LITERARY AND SCIENTIFIC INSTITUTION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Expendlture on charltabl• actlvltl•s In•titutlon 4¢tlvltle$ 2024 Instltutlon actlvltl•8 2023 Dlr•ct costs Classes Gallery Lectu￿5 Library Clubs Events PubliCa￿.0nS Archiv$$ Members roorn 102,502 678 4.725 4.840 3.405 4.818 2.207 120 8,685 86,205 1.754 5,788 6,165 3,840 6,297 1.921 1,920 7.640 131.980 121.330 Share of support and gov•rnanc• costs (see note g) Support fjvv¥riwii 316,235 14.429 284,850 6.000 462,644 412.180 Anatysls by lund Unrèstrfet8d funds Restricted funds 462,244 400 411,326 854 462,644 412.180 THE HIGHGATE LITERARY AND SCIENTIFIC INSTITUTION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Support co•ts allocat•d to actlvltl•$ 2024 2023 Staff co3ts Do￿a3tIOn Rates Light and heat Ropairs 8nd maintenan Advarlslng and pybllc Office costs Cl•8ning and supèrmsion Insurance and seeurlty Bxnk charges and interest Sundry eX￿n Govemanca costs 180,226 23,537 2.315 14.854 18,454 3,896 40.817 4.102 16,409 7.310 4,315 14.429 167,601 23.579 2,415 15,467 13.610 1,748 31,957 4,749 15,280 7,063 1,381 6.000 330.864 290.850 Analyud betwe•n'. Institutlon a¢lfvilio$ 330,684 290.850 10 N•t movement In funds 2024 2023 The net movement in fvnds is statsd aftor ¢harglnyll¢r8dttlngi.' F885 payable to the charitys auditor.. - for the audrt ofthe chariW$ flnancial ststemènts - for other firtancial services Dep￿ciatIon of owngd tangible fixed assets 4,800 8,940 23.537 2,760 23.579 11 Audltorfs r•Mun•ratlon Fe8s payabl• to th• charity's auditor and associates.. 21124 2023 For audit Jervices Audlt of th& finan¢ial 8tsl•monts of the charity 4.81JO 2.760 For other servSces l other non-audil services 8.940 12 Trust••s None of the trustees lor any persons connactad with Ihaml rge8ived any remuneration Of bgn9fits from the charity during the year. THE HIGHGATE LITERARY AND SCIENTIFIC INSTITUTION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 13 Employ• Tha avera98 monthly numb8r of amploy088 during the year wa$: 2024 NuM￿r 2023 Numb•r Employm•rrt ¢o$t• 2024 2023 Wages and salarieg Social security costs other pension ¢o$ts 164.417 14.173 1,636 155.094 11,077 1.430 180,226 167,601 There were no employees whose annual remuneral'on wa3 more than £60,0(XJ. 14 Galns and losses on Investments Unrostrl¢t•d Re•trlet•d funds nds 2024 2024 Total Unr•strtcted RKtrlct•d fufftd• fund$ 2023 2023 Total 2024 2023 G8in8lllosse31 ari8ing on.. Revaluati￿ Inv8stm8nts 35,738 3,686 39,424 24,090 29,135 15 Taxatlon The charity is exempt from taxation on its actNilies ￿Cause all its income is applled for charflable purp¢)ses. THE HIGHGATE LITERARY AND SCIENTIFIC INSTITUTION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 16 Tanglbl? Ilxed assets Fré•hold land Flxtyr•• and arKI bulldlngs flttlnqs Artwo Cost Al 1 January 2024 Additions 2,320.000 293,545 25.993 1,000 2.614,545 25,993 At 31 DeCA￿nbar 2024 2.320.000 319,538 1.000 2,640,538 D•pM¢iation and Impalrni•nt At 1 January 2024 Depreciation charg8d in the year 260,000 10,000 260,904 13.537 520,904 23,537 At 31 Dacèmbgr 2024 270.￿)0 274,441 544,441 Carrylng amount At 31 December 2024 2,050,CK)O 45.097 1,000 2,096.097 At 31 December 2023 2,060,000 32.841 1,000 2.093,641 Freehold land and buildings is ¥tstsd al deemed cost. 11 is the cafryln9 amount at th$ date of conversion from fri8ndly society lo incorporated charity. 17 FI￿d ass•t invg¥tnwnts Llst8d Inv•strn•nts Cost or valuatlon At 1 January 2024 ValuatiC￿ eh8ngo$ 405,261 39,425 At 31 D8cernber 2024 444,686 C#m/lng amount At 31 December 2024 444.686 Al 31 December 2023 405,261 18 D•btors 2024 2023 ATnourrts falllng due wlthln on• ￿•r. Trade debtors Prnpayrnents and accrued incom& 1,675 15,957 10,040 1,$40 17,632 11,580 THE HIGHGATE LITERARY AND SCIENTIFIC INSTITUTION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 19 Credltors.. •mount• falling du• withln on• year 2024 2023 Other taxation and social security Trade crediiors Accruals and deferred irKome 3,123 2,480 79.517 81,035 81,997 84,806 20 Retlrement b•n•fit •¢h•m•s 2024 2023 D•fingd contrlbutlon sch•m•8 Charge to profit or106s in respaet of d8fingd wntributlowl 8cherne8 1,636 1,430 Th• charity op8ratos 8 d•fingd contribution pen8ion scheme for all qualifying employè8s. Thè Js5els of th8 scheme are held s¢parat¢ly from Iho$e of the charity in an independently administered fund. 21 Re•tricted funds Tha re8lricted funds of the chartty comprlse the unexpended b8larh*s of donauons and grants held on tNst sublaca to SP8afic conditions by donors as to how thay moy b8 US8d. At 1 January 2024 Rfj¥ourc expended Galns and At31 D•cgmber 2024 Aslam Fund Attkins Hines Fund Loow& Fund 19,248 19,353 24,925 18,683 11001 11001 863 867 1.118 838 20.011 20,120 2e.043 19.321 12001 82,209 14001 3.686 85,495 PI￿louS year: At 1 J•nuory 2023 Resources expended Galns and loss•s At31 D•c•mber 2023 Aslam Fund Attkins Fund Hinss Fund Loewe FLmd 18,403 18,215 23,763 17,637 13851 1.230 1,138 1,537 1.140 19,248 19.353 24.92S 18,683 3751 1941 78,018 8541 5,045 82,209 THE HIGHGATE LITERARY AND SCIENTIFIC INSTITUTION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 22 Unrestrlcted funds The unrestricted funds of the charity comprise the unexpended balances of donallons and grants whlch are not subject lo specific conditions by donors and grantors as to how they may be used. These include dèsunatèd fvnds which have been sel aside (￿rt of unrestrthd funds by the trustees for sp8afic purposes. At 1 January Incomlng 2024 r•sourc•s Resourc•s •xp8nd•d Galns and At31 loss•s D•cemhr 2024 Gen￿81 funds 2,828,804 505,345 (464,257) 35,738 2.905,630 Pr•vlous yoar: At 1 Jonuary 2023 Incomlng 5gur¢gs Re•ourc¢• expendod Galn¥ and A131 Docernber 2023 Genero1 funds 2,804.626 414,222 (414,134) 24,090 2.828,804 Anal￿1• of not a•sets belw••n funds Unr•￿1¢t4d fvnd• 2024 Rèstrletad funds 2124 Total 2024 At 31 December 2024: Tangiblé as$&ts Investments CUr￿n1 asselsllliabilitlesl 2,096,097 359.191 450,342 2,096,097 444,686 450,342 85,495 2,905.630 85.495 2,991,125 Unr•8trlct¢d funds 2023 R￿trfctsd funtts 2023 Total 2023 At 31 Oecemb•r 2023: Tangible assets Investments Curront assetsllliabiliti•sl 2,093,641 323,052 412.111 2,093,641 405,261 412,111 82.209 2.828.804 82.209 2.911,013 24 Related party transactlons Thare wgrg no disclosable related party transaCt￿S during the year12023- none}. THE HIGHGATE LITERARY AND SCIENTIFIC INSTITUTION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 25 Cash g•n•rAt•d from operatlons 2024 2023 Surplus for the year 80,112 28.369 Adjustrnonts for. Inv8strn•nt income recognised li stat•m8nt Qf financlal activit Fair value gains and Ioss8$ on investments Dep￿CAatr0n and impairmgnt of tangible fixed ossets 110,639 139.424) 23.537 14,5691 129.1351 23.579 Mov•m•nts In worklng capltal: Ilncreaseydecrease In debtors ID*crèasel in Creditors 16.0521 12,8101 4.087 117.363) C•sh generat•d from 0￿ratIOnS 44,724 4.968 Analysls of ehany$ in n￿l￿ndS The eh8rity had no material dèbt during the year.