Company limited by guarantee number: 14430503 Charity registration number: 244472 and SC052685
THE HIGHLAND SOCIETY OF LONDON FINANCIAL STATEMENTS 30 September 2024
| C O N T E N T S | Page |
|---|---|
| TRUSTEES’ REPORT | 1-3 |
| STATEMENT OF TRUSTEES’ RESPONSIBILITIES | 4 |
| INDEPENDENT EXAMINER’S REPORT | 5 |
| STATEMENT OF FINANCIAL ACTIVITIES | 6 |
| BALANCE SHEET | 7 |
| NOTES TO THE FINANCIAL STATEMENTS | 8-16 |
THE HIGHLAND SOCIETY OF LONDON
TRUSTEES’ REPORT
for the year ended 30 September 2024
The Trustees present their report and financial statements for the year ended 30 September 2024.
1 REFERENCE AND ADMINISTRATIVE DETAILS
Charity name The Highland Society of London Company registration number 14430503 Charity registration numbers 244472 (England and Wales) SC052685 (Scotland) Registered address Hope House Basingstoke Road Ramsdell Tadley Hampshire RG26 5RB
The Highland Society of London
Bankers
The Royal Bank of Scotland plc London Drummonds Branch 49 Charing Cross London SW1A 2DX CAF Bank Limited 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ
Independent examiner
S Lawrence Hazlewoods LLP Staverton Court Staverton Cheltenham Gloucestershire GL51 0UX
Committee of Management
The members of the Committee of Management (who act as Directors of the company and Trustees of the charity) serving during the year and since the year end were as follows:
President Duncan Byatt Hon. Secretary Fiona Houstoun Miranda Moody (appointed 7 November 2023) Hon. Treasurers Alex Ogilvie Nat Hone Tom Macpherson Other Directors Alasdair Findlay-Shirras Andrew Macdonald of Boisdale Philip Macpherson (appointed 20 March 2024) Rob McKinnon (appointed 12 November 2024) Neill Mulvie Harry Nickerson (resigned 7 November 2023) Hon. Andrew Younger (appointed 12 November 2024) The Viscount Younger of Leckie
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THE HIGHLAND SOCIETY OF LONDON
TRUSTEES’ REPORT (continued)
for the year ended 30 September 2024
2 STRUCTURE, GOVERNANCE AND MANAGEMENT
The Highland Society of London was founded in 1778 and was registered by the Charity Commission for England and Wales as a charitable organisation on 7 September 1965. The Society is governed by an Act of Incorporation dated 21 May 1816. The provisions of the Act of Incorporation are contained in the Rules and Byelaws of the Society which have been amended from time to time.
On 19 October 2022, The Highland Society of London registered with Companies House as a company limited by guarantee, with its registered office in England and Wales; and on 14 July 2023, The Highland Society of London registered as a charity in Scotland with the Office of the Scottish Charity Regulator.
The Committee of Management (whose members act as Directors of the company and Trustees of the charity) is appointed annually by the Members at the General Court. The General Court meets at least twice a year and delegates the management of the affairs of the Society to the Committee of Management, which meets at least three times a year. The General Court has the power to appoint members of the Committee of Management should an office become vacant by death, resignation or otherwise during the year.
Together with the Rules and Byelaws of the Society, the Committee of Management operates in accordance with the Society’s Governance Guidelines, which set out the responsibilities and accountability of the Committee of Management. None of the Committee of Management receives a fee or any other form of remuneration from the Society.
3 OBJECTIVES AND ACTIVITES
The objectives of the Society as set out in the Act of Incorporation are:
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(i) to support schools in the Highlands and northern parts of Great Britain;
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(ii) to relieve distressed Highlanders at a distance from their native homes;
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(iii) to preserve the antiquities and valuable remains of Celtic culture;
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(iv) to promote the improvement and general welfare of the northern parts of Great Britain.
The Society looks to achieve its objectives by promoting and supporting the traditions and culture of the Highlands of Scotland (primarily through making grants to organisations and individuals that the Committee of Management determines are contributing to the Society’s objectives), whilst maintaining a Membership of individuals to support the Society’s activities.
The Trustees confirm that they have referred to the guidance contained in both the Charity Commission’s and the Office of the Scottish Charity Regulator’s general guidance on public benefit when reviewing the Society’s aims and objectives and in planning future activities and setting the grant making policy for the year.
4 ACHIEVEMENTS AND PERFORMANCE
The primary focus of the Society during the year was to fund prizes and grants aimed at increasing the participation and public enjoyment of cultural activities related to the Highlands of Scotland, both traditional and contemporary.
In relation to piping, the Society presented the Gold Medal for Piobaireachd at each of the Argyllshire Gathering and the Northern Meeting. The Society also supported the MacGregor Memorial Piobaireachd competition, the Scottish Schools Pipe Band Championships, and the Skye Games piping competitions. The Society judges the success of this activity based on the number of entrants and the size of the public audiences at each event – and participation and engagement were very strong in 2024, with a waiting list to compete in some events.
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THE HIGHLAND SOCIETY OF LONDON TRUSTEES, REPORT (conllnufjd) for the year ended 30 September 2024 ACHIEVEMENT8 AND PERFORMANCE (conllnu•d) In (lIUndI0n wlth the Monlack Mhor ¢xeatlve wrttlng centre and the Wllllam Grant Foundatlon, the Soclety hosted a serSes of live onllne and Sn-per8on events with the shortlisted authors for the 2023 Hlghland Book Prtze (culmlnating Sn the prfze-glvlng In September 2024). In additlon. the Soclety once again 8pon8ored the Flctlon prlze at the Gaelic Llterature Awards. pr88ented Ilve In September 2024 by the Gaelic Books Council. The Sodety wort(ed with An Comunn Galdhealach, The Rockfield Centre. Wasps StudSos and Ca88 Art to present tha 2024 Hlghland Art Prize 8xhlbltion and competition at the Royal Natlonal MtKI durlng Octobar 2024 In Ob8n, bulldlng on tha 8UCf8S8 of the 2023 Hlghl8nd Art Prlze In Gl88gcM. A8 In prevlou8 year8. the Society gave annual prlze8 for art (through the Royal Scottl8h Academy), G88llc singlng (at the Scottlsh Tradltlonal Muslc Aw8rd8), Hlghland danclng (Qu8en Vlctorla School and the Glenflnnan G8me8), and d1388rtation wrltSng (the Universlty of the Hlghland8 8nd181and8). Separately, the Soclety makes regular award8 to wldows of Hlghland 8ervlcernsyn {b8neficlarle8 of the Sodety'8 fomier subsld18ry. the Baroness von Wllczek charlty). F5nally. the Society made a number of speclfic grants In 2024. whlch Included 8UPPOrtlng Cblslr Lunnalnn In London. lonad Galdhlig Dhun Èideann In Edinburgh. th818lands Book Tru8t, Clrcu8 Artspace in Inveme85. and the Lord of the Isle8 Galley Trust. The Committee of Management assesses such grants on an ad hoc bas18, taklng Into account the extent to whlch 8uGh 8UPPOrt18 In line with the Society'8 alms and obJective8. FINANCIAL REVIEW Durlng the yoar tho Soclety raised unrestrict8d lund Incom6 (induding 80cial evant Income) of £49.334 (2023 - £50,004) and reslrfcted fund Income of £3,329 (2023 - £16,084); and expended £42,16412023 - £43.968) on chadlable actlvitles mad8 In accordanc8 wlth the Soc18ty'3 obJ8Ctlves and £17.623 {2023 - £18.125) on other costs (includlng 8¢xlal event axpense8);1oaving a deficit of £7,124 (2023 - surplu8 of £3,995), Including a Surplus of £3,802 on social 8V8nts (2023 - £2.336).' before gains on inv88trnent8 of £27,494 (2023 - £4,628). R•8•Th•8 pollcy The unrestrlcted Income derlved from Investrnents, donatlons and other sources, together wtth half the Llfe Membershlp fees (see note 14 to the accounts). shall be available for carrylng out the obJectlves of the Socl8ty. Wlth the consent of the Members of the Soclety, the unrestrfcted capttal assets of the Sodety ((x)mprising the general fund and revaluation reserv8, 88e not8 14 to the accounts) may be used to fund 8peclal projects if the unrestricted Income of the Soclety Is InsufflclenL The restrlcted Income derived from donations shall be 8vall8ble for carylng out the objecfves of the Soclety, subled to the partlcular purp086 stipulated by each respectlve donor. At 30 September 2024 the Soclety held total unrestricted fund8 of £444,929 (2023 - £415,665) and total r88trfcted fund8 of £7,172 (2023 - £16,066). Approved by e Dlrector8 on 27 January 2025. Duncan President yatt
THE HIGHLAND SOCIETY OF LONDON
STATEMENT OF TRUSTEES’ RESPONSIBILITIES
The Trustees are responsible for preparing the annual report and the financial statements of the Society in accordance with applicable law and regulations.
Company law requires the Trustees, as Directors, to prepare financial statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Society and the profit and loss for that year. In preparing financial statements the Trustees are required to:
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select stated accounting policies and then apply them consistently;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable 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 Society will continue in operation.
The Trustees are responsible for keeping accounting records that are sufficient to show and explain the Society’s transactions and disclose with reasonable accuracy at any time the financial position of the Society and enable them to ensure that the financial statements comply with applicable law. They are also responsible for safeguarding the assets of the Society and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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THE HIGHLAND SOCIETY OF LONDON
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE HIGHLAND SOCIETY OF LONDON
I report on the financial statements of the charity for the year ended 30 September 2024, which comprise the statement of financial activities, the balance sheet and the related notes. These financial statements have been prepared under the historical cost convention and the accounting policies set out therein.
Respective responsibilities of Trustees and Examiner
As the Charity’s Trustees (who are also the Directors of the Company for the purposes of company law), you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (“the 2006 Act”) and the Charities Act 2011 (“the 2011 Act”).
Having satisfied myself that the financial statements of the Company are not required to be audited for this year under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your Charity’s financial statements as carried out under section 145 of the 2011 Act. In carrying out my examination, I have followed the Directions given by the Charity Commission (under section 145(5)(b) of the 2011 Act).
Independent Examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that, in any material respect:
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The accounting records were not kept in accordance with section 386 of the Companies Act 2006; or
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the financial statements do not accord with such records; or
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the financial statements do not comply with relevant accounting requirements under section 396 of the Companies Act 2006 other than any requirement that the financial statements give a ‘true and fair’ view which is not a matter considered as part of an independent examination; or
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the financial statements have not been prepared in accordance with the methods and principles of the Charities SORP (FRS102).
I have considered the disclosures made in Note 2 to the financial statements with regards to the Charity’s ability to continue as a going concern.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Sd[bene]
07/02/2025
………………………………………… …………………………………………..
S LAWRENCE FCA DChA
Date
HAZLEWOODS LLP
Staverton Court, Staverton
Cheltenham
Gloucestershire
GL51 0UX
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THE HIGHLAND SOCIETY OF LONDON
STATEMENT OF FINANCIAL ACTIVITIES
for the year ended 30 September 2024
| Restricted Unrestricted income funds funds Note 2024 2024 £ £ Income from Donations and legacies Life Membership fees 2,312 - Other voluntary donations 10,669 3,329 Other trading activities Social event income 18,495 - Investments Investment income 3 17,858 - __ _ Total income 4 49,334 3,329 Expenditure on Raising funds_ Cost of generating donations 216 - Social event costs 14,693 - Charitable activities Grants and awards 5 29,941 12,223 Other Governance costs 6 2,714 - _ Total expenditure 47,564 12,223 Net income/(expenditure) 1,770 (8,894) Net gains on investments 11 27,494 - Net movement in funds 29,264 (8,894) Fund balances brought forward at 1 October 2023 415,665 16,066 _ ____ Fund balances carried forward at 30 September 2024 14 444,929 7,172 |
Total funds 2024 £ 2,312 13,998 18,495 17,858 __ 52,663 _ 216 14,693 42,164 2,714 59,787 (7,124) 27,494 20,370 431,731 _____ 452,101 |
Total funds 2023 £ 3,750 27,664 17,450 17,224 __ 66,088 _ 216 15,144 43,968 2,795 62,093 3,995 4,628 8,623 423,108 _____ 431,731 |
|---|---|---|
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THE HIGHLAND SOCIETY OF LONDON BALANCE SHEEr 30 September 2024 R•8trlctsd Incomo funds 2024 Unrostrlctod funds 2024 Total funds 2024 Total funds 2023 Not• Flx•d 88set8 Tanglble assets Heritage assets Investments 2,078 59.250 374,101 2.078 59.250 374,101 2.203 59,250 346,607 10 11 Total fixed a88ets 435.429 435,429 408,060 Current a•••ts Cash at bank and in hand Trad8 and other receivables 11,293 302 7.172 18,465 302 25,913 1.398 12 Total current asset8 11,595 7,172 18,767 27,311 Llabllltle• Credltors: amounts falllng due wlthln one year 13 (2,095) (2,095) (3,640} N•t currènt a88•t• 9.500 7.172 16,672 23,671 Total n•t a88et• 444,929 7,172 452.101 431,731 Total fvnd8 of the charlty 14 444.929 7,172 452.101 431,731 The Sodety Is exempt from 8udlt under Section 477 (Sm811 Comp8nSes) of the Companles Act 2006; The Members have not requlred the Soclety to obtaln an audit of Its financial statem8nts for the year In questk)n in 8ccordan¢è wlth Section 476 of the Companles Ad 2006: and The Trustees. as dlrectors. acknowledge theSr responsibilltles for complylng vlth the requlr8ments of tha Cornpanles Act 2006 with respect to accountlng records 8nd the preparation of financial statement8. atements ware approved by the Commlttee of Management on 27 January 2025. The financlal Dunc PsId Bya Alex Ogllvle Jolnt Hon. Treasurer
THE HIGHLAND SOCIETY OF LONDON
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 September 2024
1 COMPANY LIMITED BY GUARANTEE
The Highland Society of London is a company limited by guarantee and accordingly does not have a share capital. Each Member of the company undertakes that, if the company is wound up while they are a Member, or within one year after they cease to be a Member, they will contribute to the assets of the company an amount not exceeding £1 as may be required for:
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(a) payment of the debts and liabilities of the company contracted before they cease to be a Member;
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(b) payment of the costs, charges and expenses of winding up; and
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(c) adjustment of the rights of the contributories among themselves.
2 ACCOUNTING POLICIES
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Basis of preparation
The financial statements have been prepared in accordance with 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 (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The presentational currency of the accounts is UK £, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these accounts are rounded to the nearest £.
The Highland Society of London meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
Going concern
After reviewing the Society’s forecasts and projections, the Trustees have a reasonable expectation that the Society has adequate resources to continue in operational existence for the foreseeable future and consider that there are no material uncertainties. The Society therefore continues to adopt the going concern basis in preparing its financial statements.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the Society’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
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THE HIGHLAND SOCIETY OF LONDON
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 September 2024
2 ACCOUNTING POLICIES (continued)
Judgements
No significant judgements have been made by the Trustees in preparing these financial statements.
Key sources of estimation uncertainty
No key sources of estimation uncertainty have been identified by the Trustees in preparing these financial statements.
Income and expenditure
Income from donations and legacies is included in the period in which it falls due. Income from other trading activities is included in the period to which the relevant activity or transaction relates. Income distributions from equity investments and unit trusts are credited to the income and expenditure account when they are received. Income is included on an accruals basis.
Investment income
Income distributions from equity investments and unit trusts are credited to the income and expenditure account when they are received.
Resources expended
Expenditure is included on an accruals basis and has been classified under headings that aggregate all costs to the category.
Charitable activities
Grants and awards payable are charged in the year when conditions attaching are fulfilled. Grants and awards offered subject to conditions which have not been met at the year end are noted as a commitment but not accrued as expenditure.
Governance costs
Governance costs include those incurred in the governance of the Society and its assets and are primarily associated with constitutional and statutory requirements.
Irrecoverable VAT
Irrecoverable VAT is charged against the category of resources expended for which it was incurred.
Taxation
The Society is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Society is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporate Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Heritage assets
Heritage assets comprise the tartan collection loaned by the Society to National Museums Scotland, publicly displayed for its contribution to knowledge and culture. Heritage assets are included at fair market value, determined by a professional valuer paid for by National Museums Scotland.
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THE HIGHLAND SOCIETY OF LONDON
NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 September 2024
2 ACCOUNTING POLICIES (continued)
Investments
Assets held for investment purposes are stated at their market value at the balance sheet date. All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening market value (or purchase date if later). Unrealised gains and losses are calculated on the difference between market value at the year end and opening market value (or purchase date if later).
Funds structure
The Society holds unrestricted funds which include the general fund, the income fund, the Baroness von Wilczek fund and the revaluation reserve fund. The income fund is available for carrying out the objectives of the Society. The Society also holds restricted funds which include the partnership fund. The Society currently does not apportion its governance or other general costs between restricted and unrestricted funds, but allocates all such costs against unrestricted funds (which account for the majority of the ongoing activities of the Society).
| 3 | INVESTMENT INCOME | Restricted | |||
|---|---|---|---|---|---|
| Unrestricted | income | Total | Total | ||
| funds | funds | funds | funds | ||
| 2024 | 2024 | 2024 | 2023 | ||
| £ | £ | £ | £ | ||
| Bank interest | 275 | - | 275 | - | |
| Investment income | 17,583 | - | 17,583 | 17,224 | |
| _ | ______ | _ | _ | ||
| 17,858 | - | 17,858 | 17,224 | ||
| _ | ______ | _ | _ |
4 DONATIONS AND LEGACIES
Of the income received of £52,663 in 2024 (2023 - £66,088), £49,334 (2023 - £50,004) was unrestricted funds and £3,329 (2023 - £16,084) was restricted funds.
| 5 | CHARITABLE ACTIVITIES | Restricted | |||
|---|---|---|---|---|---|
| Unrestricted | income | Total | Total | ||
| funds | funds | funds | funds | ||
| 2024 | 2024 | 2024 | 2023 | ||
| £ | £ | £ | £ | ||
| Grants and awards to institutions | 29,091 | 12,223 | 41,314 | 43,118 | |
| Grants and awards to individuals | 850 | - | 850 | 850 | |
| _ | ______ | _ | _ | ||
| 29,941 | 12,223 | 42,164 | 43,968 | ||
| _ | ______ | _ | _ |
Of the expenditure made of £42,164 in 2024 (2023 - £43,968), £29,941 (2023 - £29,543) was from unrestricted funds and £12,223 (2023 - £14,425) was from restricted funds.
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THE HIGHLAND SOCIETY OF LONDON
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 September 2024
5 CHARITABLE ACTIVITIES (continued)
During the year the Society made the following grants and awards to institutions from unrestricted funds:
| funds: | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Lord of the Isles Galley Trust | 10,000 | 10,000 |
| Moniack Mhor/Highland Book Prize Judging Expenses | 2,250 | 2,250 |
| Highland Book Prize Award | 2,000 | 2,000 |
| Argyllshire Gathering Piping Trust & Instrument Scheme | 1,500 | 1,500 |
| Gaelic Books Council | 1,500 | 1,500 |
| Northern Meeting Piping Trust & Instrument Scheme | 1,500 | 1,500 |
| MacGregor Piobaireachd Competition Expenses | 1,365 | 1,368 |
| Hands Up for Trad | 1,200 | 1,200 |
| Highland Art Prize Judging Expenses | 1,101 | 1,100 |
| Glenfinnan Gathering | 1,000 | 1,000 |
| Highland Art Prize awards | 1,000 | 1,000 |
| University of the Highlands and Islands | 750 | 750 |
| Circus Artspace | 600 | 600 |
| Scottish Schools Pipes and Drums Trust | 600 | - |
| Royal Scottish Academy | 500 | 500 |
| Skye Games | 500 | 500 |
| Còisir Lunnainn | 500 | - |
| Ionad Gàidhlig Dhùn Èideann | 500 | - |
| Islands Book Trust | 500 | - |
| Piping Gold Medals | 125 | 125 |
| Queen Victoria School Annual Prize | 100 | 100 |
| Nairn Arts and Book Festival | - | 700 |
| Russian Arctic Convoy Museum | - | 500 |
| An Talla Solais, Ullapool | - | 500 |
| _ | _ | |
| 29,091 | 28,693 | |
| _ | _ | |
| In addition, during the year the Society made the following grants and awards to institutions from | ||
| restricted funds: | ||
| 2024 | 2023 | |
| £ | £ | |
| Highland Book Prize Public Engagement | 10,750 | 13,250 |
| Highland Art Prize Promotion | 1,473 | 1,175 |
| _ | _ | |
| 12,223 | 14,425 | |
| _ | _ |
The grants and awards to individuals made by the Society during the year from unrestricted funds comprise £850 (2023 - £850) paid to two former beneficiaries of the Baroness von Wilczek charity.
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THE HIGHLAND SOCIETY OF LONDON
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 September 2024
| 6 | GOVERNANCE COSTS | Restricted | |||
|---|---|---|---|---|---|
| Unrestricted | income | Total | Total | ||
| funds | funds | funds | funds | ||
| 2024 | 2024 | 2024 | 2023 | ||
| £ | £ | £ | £ | ||
| Secretarial | 50 | - | 50 | 340 | |
| Independent examination fee | 1,500 | - | 1,500 | 1,470 | |
| Room hire for General Courts | 500 | - | 500 | 500 | |
| Website maintenance costs | 440 | - | 440 | 312 | |
| Trustees’ liability insurance | 194 | - | 194 | 173 | |
| Bank charges | 30 | - | 30 | - | |
| ______ | ______ | ______ | ______ | ||
| 2,714 | - | 2,714 | 2,795 | ||
| ______ | ______ | ______ | ______ |
7 TRUSTEES’ REMUNERATION AND EXPENSES
None of the Trustees received remuneration or expense payments in the year (2023 - none).
8 STAFF COSTS AND STAFF NUMBERS
There were no staff costs incurred during the year (2023 - none) and no staff were employed during the year (2023 - none).
| 9 | TANGIBLE ASSETS(all unrestricted funds) | Chattels | Medals | Total |
|---|---|---|---|---|
| £ | £ | £ | ||
| Historical cost at 1 October 2023 | 1,202 | 1,001 | 2,203 | |
| Disposal | - | (125) | (125) | |
| ______ | ______ | ______ | ||
| Historical cost at 30 September 2024 | 1,202 | 876 | 2,078 | |
| ______ | ______ | ______ |
The Trustees are of the opinion that the current value of the tangible assets is at least equivalent to the historical cost, and therefore no depreciation is charged.
| 10 | HERITAGE ASSETS(all unrestricted funds) | Chattels |
|---|---|---|
| £ | ||
| Valuation at 1 October 2023 | 59,250 | |
| Revaluation | - | |
| __ | ||
| Valuation at 30 September 2024 | 59,250 | |
| __ |
The heritage assets comprise the Society’s tartan collection, which is currently on loan to National Museums Scotland, through to 2029. This is maintained, inventoried and insured by National Museums Scotland. The Trustees are of the opinion that the heritage assets have indefinite lives, and therefore no depreciation is charged.
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THE HIGHLAND SOCIETY OF LONDON
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 September 2024
10 HERITAGE ASSETS (continued)
The valuation was carried out in 2019 by renowned auctioneer, Bonhams, and the valuation is the basis for the indemnity against loss or damage provided to the Society by the Secretary of State for Scotland under the terms of the Government Indemnity Scheme (National Heritage Act 1980).
| 11 | INVESTMENTS(all unrestricted funds) | Listed | |
|---|---|---|---|
| Investments | |||
| £ | |||
| Market value at 1 October 2023 | 346,607 | ||
| Gain on revaluation | 27,494 | ||
| __ | |||
| Market value at 30 September 2024 | 374,101 | ||
| __ | |||
| The Society held units in the following investments: | |||
| 2024 | 2023 |
||
| Units | Units |
||
| M&G Equities Investment Fund for Charities | 11,959 | 11,959 |
|
| CCLA Charities Investment Fund | 734 | 734 |
|
| Cazenove Sustainable Multi-Asset Fund | 305,481 | 305,481 |
|
| The total value of investments held at 30 September was as follows: | |||
| 2024 | 2023 |
||
| £ | £ |
||
| M&G Equities Investment Fund for Charities | 181,626 | 171,137 |
|
| CCLA Charities Investment Fund | 14,869 | 13,657 |
|
| Cazenove Sustainable Multi-Asset Fund | 177,606 | 161,813 |
|
| __ | __ |
||
| 374,101 | 346,607 |
||
| __ | __ |
||
| 12 | TRADE AND OTHER RECEIVABLES(all unrestricted funds) | 2024 | 2023 |
| £ | £ |
||
| Amounts due within one year | |||
| Deposit for room hire, paid in advance | 302 | 1,145 |
|
| Social event costs, paid in advance | - | 253 |
|
| ______ | ______ |
||
| 302 | 1,398 |
||
| ______ | ______ |
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THE HIGHLAND SOCIETY OF LONDON
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 September 2024
13 CREDITORS (all unrestricted funds)
| CREDITORS(all unrestricted funds) | 2024 | 2023 |
| £ | £ | |
| Amounts falling due within one year | ||
| Accrual for independent examination fee | 1,500 | 1,470 |
| Social event income received in advance | 595 | 2,170 |
| ______ | ______ | |
| 2,095 | 3,640 | |
| ______ | ______ |
14 FUNDS
Unrestricted funds
Unrestricted funds comprise those funds which the Trustees are free to use in accordance with the charitable objectives. The unrestricted funds are analysed as follows:
| Baroness | Revaluation | Total | |||
|---|---|---|---|---|---|
| General | Income | von Wilczek | reserve | unrestricted | |
| fund | fund | fund | fund | funds | |
| £ | £ | £ | £ | £ | |
| At 1 October 2023 | 230,236 | 73,396 | - | 112,033 | 415,665 |
| Incoming resources | |||||
| Life Membership fees | 1,156 | 1,156 | - | - | 2,312 |
| Other incoming resources | - | 47,022 | - | - | 47,022 |
| Resources expended | - | (46,714) | (850) |
- |
(47,564) |
| Transfer between funds | - | (850) | 850 |
- | - |
| Unrealised gains/(losses) on | |||||
| revaluation of investments | - |
- | - | 27,494 | 27,494 |
| __ | _ | ______ | __ | __ | |
| At 30 September 2024 | 231,392 | 74,010 | - | 139,527 | 444,929 |
| __ | _ | ______ | __ | __ |
The rules of the Society require that 50% of Life Membership fees are invested (the general fund) and 50% made available for general purposes (the income fund). With the consent of the Members of the Society, the general fund can be used for special projects if the income fund is insufficient.
The Baroness von Wilczek Charity was a subsidiary charity of the Highland Society of London. All of the assets and ongoing obligations were transferred to the Highland Society of London and ongoing payments to war widows are made from this fund. As this fund proved insufficient to meet these payments during the year, an amount of £850 (2023 - £850) was transferred from the income fund as approved by the Members at the General Court.
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THE HIGHLAND SOCIETY OF LONDON
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 September 2024
14 FUNDS (continued)
Prior year analysis of unrestricted funds
| Baroness | Revaluation | Total | |||
|---|---|---|---|---|---|
| General | Income | von Wilczek | reserve | unrestricted | |
| fund | fund | fund | fund | funds | |
| £ | £ | £ | £ | £ | |
| At 1 October 2022 | 228,361 | 72,935 | - | 107,405 | 408,701 |
| Incoming resources | |||||
| Life Membership fees | 1,875 | 1,875 | - | - | 3,750 |
| Other incoming resources | - | 46,254 | - | - | 46,254 |
| Resources expended | - | (46,818) | (850) |
- |
(47,668) |
| Transfer between funds | - | (850) | 850 |
- | - |
| Unrealised gains/(losses) on | |||||
| revaluation of investments | - |
- | - | 4,628 | 4,628 |
| __ | _ | ______ | __ | __ | |
| At 30 September 2023 |
230,236 | 73,396 | - | 112,033 | 415,665 |
| __ | _ | ______ | __ | __ |
Restricted funds
Restricted income funds are those funds who use by the Trustees is restricted to a specific purpose. The restricted income funds are analysed as follows:
| Total | ||
|---|---|---|
| restricted | ||
| Partnership | income | |
| fund | funds | |
| £ | £ | |
| At 1 October 2023 | 16,066 | 16,066 |
| Incoming resources | 3,329 | 3,329 |
| Resources expended | (12,223) | (12,223) |
| _ | _ | |
| At 30 September 2024 | 7,172 | 7,172 |
| _ | _ |
Incoming resources during the year for the partnership fund included £nil (2023 - £12,100) from the William Grant Foundation, specifically to support wider public engagement with the Highland Book Prize. As a result of the change in timing of announcing the 2023 Highland Book Prize winner until September 2024, the support for the 2024 Highland Book Prize was not received until October 2024.
The balance of restricted funds as at 30 September 2024 comprises £30 received in advance in relation to the 2024 Highland Book Prize (2023 - £9,380) and £7,142 received in advance in relation to the 2024 and 2025 Highland Art Prizes (2023 - £6,686).
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THE HIGHLAND SOCIETY OF LONDON
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 September 2024
14 FUNDS (continued)
Prior year analysis of restricted funds
| Total | ||
|---|---|---|
| restricted | ||
| Partnership | income | |
| fund | funds | |
| £ | £ | |
| At 1 October 2022 | 14,407 | 14,407 |
| Incoming resources | 16,084 | 16,084 |
| Resources expended | (14,425) | (14,425) |
| _ | _ | |
| At 30 September 2023 | 16,066 | 16,066 |
| _ | _ |
15 RELATED PARTY DISCLOSURES
During the year, the Society made grants totalling £10,000 (2023 - £10,000) to the Lord of the Isles Galley Trust, a charity that has one trustee in common with the Highland Society of London.
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