Company limited by guarantee number: 14430503 Charity registration number: 244472 and S$C052685
| THE HIGHLAND SOCIETY OF LONDON | FINANCIAL STATEMENTS 30 September 2025
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| CONTENTS | Page |
|---|---|
| TRUSTEES’ REPORT | 1-3 |
| STATEMENT OF TRUSTEES’ RESPONSIBILITIES | 4 |
| INDEPENDENT EXAMINER’S REPORT | 5 |
| STATEMENT OF FINANCIAL ACTIVITIES | 6 |
| BALANCE SHEET | 7 |
| NOTESTOTHEFINANCIALSTATEMENTS | 8-15 |
THE HIGHLAND SOCIETY OF LONDON
TRUSTEES’ REPORT for the year ended 30 September 2025
The Trustees present their report and financial statements for the year ended 30 September 2025.
1 REFERENCE AND ADMINISTRATIVE DETAILS Charity name The Highland Society of London Company registration number 14430503 Charity registration numbers 244472 (England and Wales) $C052685 (Scotland) Registered address Hope House Basingstoke Road Ramsdell Tadley Hampshire RG26 5RB Bankers The Royal Bank of Scotland pic London Drummonds Branch 49 Charing Cross Road London SW1A 2DX CAF Bank Limited 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4TA
Independent examiner
S Lawrence Hazlewoods LLP Staverton Court Staverton Cheltenham Gloucestershire GL51 OUX
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 (resigned 12 March 2025) Miranda Moody
,
Hon. Treasurers
Other Directors
Alex Ogilvie Nat Hone (resigned 12 March 2025) Tom Macpherson (resigned 12 September 2025) Philip Macpherson
Alasdair Findlay-Shirras
Andrew Macdonald of Boisdale Rob McKinnon (appointed 12 November 2024) Neill Mulvie 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 2025
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:
- (i) to support schools in the Highlands and northern parts of Great Britain; (ii) to relieve distressed Highlanders at a distance from their native homes; (iii) to preserve the antiquities and valuable remains of Celtic culture; (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 continued to be strong in 2025, particularly in the younger age-group events. \
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THE HIGHLAND SOCIETY OF LONDON
TRUSTEES' REPORT (continued)
for the year ended 30 September 2025
4 ACHIEVEMENTS AND PERFORMANCE (continued)
In con[j] unction with the Moniack Mhor creative writing centre and the William Grant Foundation, the Society hosted a series of live online and in-person events with the longlisted authors for the 2024 Highland Book Prize ahead of the announcement of the winner in July 2025. In addition, the Society once again sponsored the Fiction prize at the Gaelic Literature Awards, presented live in September 2025 by the Gaelic Books Council.
The Society partnered with An Comunn Gaidhealach, The Mccallum Art House, Wasps Studios, Cass Art, and the Highland Soap Company to present the 2025 Highland Art Prize exhibition and competition at the Royal National Mod during October 2025 in Fort William, with an increased number of entrants compared to 2024.
As in previous years, the Society gave annual prizes for art (through the Royal Scottish Academy), Gaelic singing (at the Scottish Traditional Music Awards), Highland dancing (Queen Victoria School and the Glenfinnan Games), and dissertation writing (the University of the Highlands and Islands). Separately, the Society makes regular awards to the remaining beneficiary of the Society's former subsidiary, the Baroness von Wilczak charity (established in aid of widows of Highland servicemen).
Finally, the Society made a number of specific grants in 2025, which included supporting Circus Artspace in Inverness, the Arisaig Highland Games, Ceolas Uibhist on South Uist, the Applecross Heritage Centre, The London Recital, and An Talla Salais in Ullapool. The Committee of Management assesses such grants on an ad hoc basis, taking into account the extent to which such support is in line with the Society's aims and objectives.
5 FINANCIAL REVIEW
During the year the Society raised unrestricted fund income (including social event income) of £44,220 (2024 - £49,334) and restricted fund income of £26,062 (2024 - £3,329); and expended £39,813 (2024 - £42,164) on charitable activities made in accordance with the Society's objectives and £20,218 (2024 - £17,623) on other costs (including social event expenses); leaving a surplus of £10,251 (2024 - - deficit of £7,124), including a surplus of £115 on social events (2024 £3,802); before gains on investments of £17,022 (2024 - £27,494[)] .
Reserves policy
The unrestricted income derived from investments, donations and other sources, together with half the Life Membership fees (see note 14 to the accounts), shall be available for carrying out the ob[j] ectives of the Society. With the consent of the Members of the Society, the unrestricted capital assets of the Society (comprising the general fund and revaluation reserve, see note 14 to the accounts) may be used to fund special projects if the unrestricted income of the Society is insufficient. The restricted income derived from donations shall be available for carrying out the objectives of the Society, subject to the particular purpose stipulated by each respective donor.
At 30 September 2025 the Society held total unrestricted funds of £463,776 (2024 - £444,929) and total restricted funds of £15,598 (2024 - £7,172).
Approved by the Directors on 28 January 2026.
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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:
-
e select stated accounting policies and then apply them consistently;
-
e make judgements and estimates that are reasonable and prudent;
-
e 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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16/02/2026
THE HIGHLAND SOCIETY OF LONDON
STATEMENT OF FINANCIAL ACTIVITIES
for the year ended 30 September 2025
| Restricted | |||||
|---|---|---|---|---|---|
| Unrestricted | income | Total | Total | ||
| funds | funds | funds | funds | ||
| Note | 2025 | 2025 | 2025 | 2024 | |
| £ | £ | £ | £ | ||
| Income from | |||||
| Donations and legacies | |||||
| Life Membership fees | 2,125 | - | 2,125 | 2,312 | |
| Other voluntary donations | 10,039 | 26,062 | 36,101 | 13,998 | |
| Othertrading activities | |||||
| Social event income | 13,457 | - | 13,457 | 18,495 | |
| Investments | |||||
| Investment income | 3 | 18,599 | - | 18,599 | 17,858 |
| Total income | 4 | 44,220 | 26,062 | 70,282 | 52,663 |
| Expenditure on | |||||
| Raising funds | |||||
| Cost ofgenerating donations | 216 | - | 216 | 216 | |
| Social event costs | 13,342 | - | 13,342 | 14,693 | |
| Charitable activities | |||||
| Grants and awards | 5 | 22,177 | 17,636 | 39,813 | 42,164 |
| Other | |||||
| Governance costs | 6 | 6,660 | - | 6,660 | 2,714 |
| Total expenditure | 42,395 | 17,636 | 60,031 | 59,787 | |
| Net income/(expenditure) | 1,825 | 8,426 | 10,251 | (7,124) | |
| Net gains on investments | 11 | 17,022 | - | 17,022 | 27,494 |
| Net movement in funds | 18,847 | 8,426 | 27,273 | 20,370 | |
| Fund balances broughtforward | |||||
| at 1 October2024 | 444,929 | 7,172 | 452,101 | 431,731 | |
| Fund balances carried forward | |||||
| at 30 September2025 | |||||
| 14 | 463,776 | 15,598 | 479,374 | 452,101 |
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THE HIGHLAND SOCIETY OF LONDON
BALANCE SHEET 30 September 2025
| Restricted | |||||
|---|---|---|---|---|---|
| Unrestricted | income | Total | Total | ||
| funds | funds | funds | funds | ||
| Note | 2025 | 2025 | 2025 | 2024 | |
| £ | £ | £ | £ | ||
| Fixed assets | |||||
| Tangible assets | 9 | 1,952 | - | 1,952 | 2,078 |
| Heritage assets | 10 | 59,250 | - | 59,250 | 59,250 |
| Investments | 11 | 391,123 | - | 391,123 | 374,101 |
| Total fixed assets | 452,325 | - | 452,325 | 435,429 | |
| Current assets | |||||
| Cash at bank and in hand | 12,321 | 15,598 | 27,919 | 18,465 | |
| Trade and other receivables | 12 | 1,260 | - | 1,260 | 302 |
| Total current assets | 13,581 | 15,598 | 29,179 | 18,767 | |
| Liabilities | |||||
| Creditors: amounts falling due within | |||||
| one year | 13 | (2,130) | - | (2,130) | (2,095) |
| Net current assets | 11,451 | 15,598 | 27,049 | 16,672 | |
| Total net assets | 463,776 | 15,598 | 479,374 | 452,101 | |
| The funds ofthe charity | |||||
| Totalfunds | 14 | 463,776 | 15,598 | 479,374 | 452,101 |
The Society is exempt from audit under Section 477 (Small Companies) of the Companies Act 2006;
The Members have not required the Society to obtain an audit of its financial statements for the year in question in accordance with Section 476 of the Companies Act 2006; and
The Trustees, as 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.
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----- Start of picture text -----
The financial statements were approved by the Committee of Management on 28 January 2026.
~_ 7° Alex Ogilvie )
President ee Joint Hon. Treasurer
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THE HIGHLAND SOCIETY OF LONDON
NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 September 2025
- 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:
(a) payment of the debts and liabilities of the company contracted before they cease to be a Member;
(b) payment of the costs, charges and expenses of winding up; and
(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 2025
2 ACCOUNTING POLICIES (cont'd)
Judgements
Nosignificant 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 2025
- 2 ACCOUNTING POLICIES (cont'd)
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 funds |
income funds |
Total funds |
Total funds |
||
| 2025 | 2025 | 2025 | 2024 | ||
| £ | £ | £ | £ | ||
| Bank interest | 241 | - | 241 | 275 | |
| Investment income | 18,358 | - | 18,358 | 17,583 | |
| 18,599 | - | 18,599 | 17,858 |
- 4 DONATIONS AND LEGACIES
Of the income received of £70,282 in 2025 (2024 - £52,663), £44,220 (2024 - £49,334) was unrestricted funds and £26,062 (2024 - £3,329) was restricted funds.
| 5 | CHARITABLE ACTIVITIES | Restricted | |||
|---|---|---|---|---|---|
| Unrestricted funds |
income funds |
Total funds |
Total funds |
||
| 2025 | 2025 | 2025 | 2024 | ||
| £ | £ | £ | £ | ||
| Grants and awards to institutions | 21,752 | 17,636 | 39,388 | 41,314 | |
| Grants and awards to individuals | 425 | - | 425 | 850 | |
| 22,177 | 17,636 | 39,813 | 42,164 |
Of the expenditure made of £39,813 in 2025 (2024 - £42,164), £22,177 (2024 - £29,941) was from unrestricted funds and £17,636 (2024 - £12,223) was from restricted funds.
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THE HIGHLAND SOCIETY OF LONDON
NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 September 2025
5 CHARITABLE ACTIVITIES (cont'd)
During the year the Society made the following grants and awards to institutions from unrestricted funds:
| funds: | ||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Argyllshire Gathering Piping Trust& InstrumentScheme | 2,540 | 1,500 |
| Moniack Mhor/Highland Book Prize Judging Expenses | 2,400 | 2,250 |
| Highland Book Prize Award | 2,000 | 2,000 |
| Northern Meeting Piping Trust & Instrument Scheme | 2,000 | 1,500 |
| Gaelic Books Council | 1,500 | 1,500 |
| MacGregor Piobaireachd Competition Expenses | 1,365 | 1,365 |
| Hands Up forTrad | 1,200 | 1,200 |
| Highland Art Prize Judging Expenses | 1,171 | 1,101 |
| Glenfinnan Gathering | 1,000 | 1,000 |
| Highland Art Prize awards | 1,000 | 1,000 |
| University ofthe Highlands and Islands | 750 | 750 |
| Circus Artspace | 700 | 600 |
| Scottish Schools Pipes and Drums Trust | 600 | 600 |
| Royal Scottish Academy | 500 | 500 |
| Skye Games | 500 | 500 |
| An Talla Solais | 500 | - |
| Applecross Heritage Centre | 500 | - |
| Arisaig Highland Games | 500 | - |
| Cedlas Uibhist | 500 | - |
| The London Recital | 300 | - |
| Piping Gold Medals | 126 | 125 |
| Queen Victoria School Annual Prize | 100 | 100 |
| Lord of the Isles Galley Trust | - | 10,000 |
| Céisir Lunnainn | - | 500 |
| ; lonad Gaidhlig Dnhtin Eideann |
- | 500 |
| Islands Book Trust | - | 500 |
| 21,752 | 29,091 |
In addition, during the year the Society made the following grants and awards to institutions from restricted funds:
| restricted | funds: | ||
|---|---|---|---|
| 2025 | 2024 | ||
| £ | £ | ||
| Highland | Book Prize Public Engagement | 16,500 | 10,750 |
| Highland | Art Prize Promotion | 1,136 | 1,473 |
| 17,636 | 12,223 |
The grants and awards to individuals made by the Society during the year from unrestricted funds comprise £425 (2024 - £850) paid to one former beneficiary of the Baroness von Wilczek charity.
= 11 as
THE HIGHLAND SOCIETY OF LONDON
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 September 2025
| 6 | GOVERNANCE COSTS | Restricted | |||
|---|---|---|---|---|---|
| Unrestricted funds |
income funds |
Total funds |
Total funds |
||
| 2025 | 2025 | 2025 | 2024 | ||
| £ | £ | £ | £ | ||
| Secretarial Independent examination fee |
87 1,530 |
- - |
87 1,530 |
50 1,500 |
|
| Room hire forGeneral Courts | 250 | - | 250 | 500 | |
| Website maintenance costs | 344 | - | 344 | 440 | |
| Trustees’ liability insurance | 196 | - | 196 | 194 | |
| Bank charges | 60 | - | 60 | 30 | |
| Registration ofnew coat ofarms | 4,193 | - | 4,193 | - | |
| 6,660 | - | 6,660 | 2,714 |
- 7 TRUSTEES’ REMUNERATION AND EXPENSES
None of the Trustees received remuneration or expense payments in the year (2024 - none).
- 8 STAFF COSTS AND STAFF NUMBERS
There were no staff costs incurred during the year (2024 - none) and no staff were employed during the year (2024 - none).
| 9 | TANGIBLEASSETS (all unrestricted funds) | Chattels £ |
Medals £ |
Total £ |
|---|---|---|---|---|
| Historical cost at 1 October2024 |
1,202 | 876 | 2,078 | |
| Disposal | - | (126) | (126) | |
| Historical cost at 30 September 2025 | 1,202 | 750 | 1,952 | |
| The Trustees are of the opinion that the current value of the tangible | assets is at least | equivalent | ||
| the historical cost, and therefore no depreciation is charged. | ||||
| 10 | HERITAGEASSETS (all unrestricted funds) | Chattels | ||
| £ | ||||
| Valuation at 1 October 2024 | 59,250 | |||
| Revaluation | - | |||
| Valuationat30September 2025 | 59,250 |
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.
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.
~ 42 -
THE HIGHLAND SOCIETY OF LONDON
NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 September 2025
10 HERITAGE ASSETS (cont'd)
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 2024 |
374,101 | ||
| Gain on revaluation | 17,022 | ||
| Market value at 30 September 2025 | 391,123 | ||
| The Society held units in the following investments: | |||
| 2025 | 2024 | ||
| 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 Septemberwas as follows: | |||
| 2025 | 2024 | ||
| £ | £ | ||
| M&G Equities Investment Fund for Charities | 194,005 | 181,626 | |
| CCLA Charities Investment Fund | 14,227 | 14,869 | |
| Cazenove Sustainable Multi-Asset Fund | 182,891 | 177,606 | |
| 391,123 | 374,104 | ||
| 12 | TRADEAND OTHER RECEIVABLES (all unrestricted funds) | 2025 | 2024 |
| £ | £ | ||
| Amounts due within one year | |||
| Deposits for room hire, paid in advance | 1,260 | 302 | |
| 1,260 | 302 |
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THE HIGHLAND SOCIETY OF LONDON
NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 September 2025
| 13 | CREDITORS (all unrestricted funds) | 2025 | 2024 |
|---|---|---|---|
| £ | £ | ||
| Amounts falling due within one year | |||
| Accrual for independent examination fee | 1,530 | 4,500 | |
| Judging fees for 2025 Highland Art Prize due | 600 | - | |
| Social event income received in advance | - | 595 | |
| 2,130 | 2,095 |
14 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 fund |
Income fund |
von Wilczek fund |
reserve fund |
unrestricted funds |
|
| £ | £ | £ | £ | £ | |
| At 1 October 2024 | 231,392 | 74,010 | - | 139,527 | 444,929 |
| Incoming resources | |||||
| Life Membership fees | 1,063 | 1,062 | - | - | 2,125 |
| Other incoming resources | - | 42,095 | - | - | 42,095 |
| Resources expended | - | (41,970) | (425) | - | (42,395) |
| Transfer between funds | - | (425) | 425 | - | - |
| Unrealised gains/(losses) on | |||||
| revaluation of investments | - | - | - | 17,022 | 17,022 |
| At30September2025 | 232,455 | 74,772 | - | 156,549 | 463,776 |
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 £425 (2024 - £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 2025
14 FUNDS (cont'd)
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 2024 | 7,172 | 7,172 |
| Incoming resources | 26,062 | 26,062 |
| Resources expended | (17,636) | (17,636) |
| At30September2025 | 15,598 | 15,598 |
Incoming resources during the year for the partnership fund included £24,200 (2024 - Enil) 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; whilst the support for the 2025 Highland Book Prize was received in July 2025.
The balance of restricted funds as at 30 September 2025 comprises £9,352 received in advance in relation to the 2025 Highland Book Prize (2024 - £30) and £6,246 received in advance in relation to the 2025 and 2026 Highland Art Prizes (2024 - £7,142).
15 RELATED PARTY DISCLOSURES
During the year, the Society made grants totalling £nil (2024 - £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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