Docusbjn En¥eloF• ID.. C73FD43B-9&WSW8￿F.F660￿46gsICD
Registered number.. 02101229
Charity numbers: 296766 & SC039480
BALCARRES HERITAGE TRUST LIMITED
(A company Ilmlted by guarantee)
COUNCIL MEMBERS, REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED S APRIL 2024
*ADIA05HL•
1W12rI024

t>ocJJ*w ID.. C73FrM3&93A￿U1X4CcF.7GG6E46g9lCD
BALCARRES HERITAGE TRUST LIMITED
ONTENTS
Page
Ref•r•nc• and admSnlstrall¥• d•tails ol th• charitable company. its Council m•mb•rs
and advisers
Counc•l m•fflb•rs' r•port
Ind•p•nd•nt audStors' r•port on th• IlnaTrc5*1 $tat•ffl•nts
stst•rn•nt of Ilnanclal actlvltl•s
10
8•lanc• sh••t
11
Not•• to th• financi*l •tst•m•fit#
12-24

Dooislgn En¥*k)pe ID.. C73FD43B-93A9490G8OCF.7666E46994CD
BALCARRES HERITAGE TRUST LIMrrED
REFERENCE ANO ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY. ITS COUNCIL
MEMBERS AND ADVISERS
FOR THE YEAR ENOEO S APRIL 2024
Councll m•mb•r¥
The Earl of Crawford
N J Barker
The Hon R J Eliott
SPWe
The Ead of Wooll
Dr W Zachs
Company r•glst•r•d
number
02101229
Charty r•giSt•r•d
numb•rn
296786 and SC039480
R•gi*t•r•d offic•
clo Charles RLmell SFeethlys LLP
S Fleet ￿8¢e
London
EC4M 7RO
Company B•cr•tary
SPWeil
Ind•p•nd•nt audltors
Sumer Auditco Lwnited
Chartered Accountants
14 City Quay
Oundee
OD13JA
B*nk•f•
Roy818ank ol Scotland
23125 RO$￿y￿ Street
Kifkcaldy
Fife
KY13HW
Soll¢ltor4
Chartes Russell Speechtys
5 Fleel Place
London
EC4M 7RD
Inv••tm•nt Manag•rn
James H8mt*o & Partnws LLP
45 Pal Mall
London
SWIY 5JG
Page 1

Docusigrb ID.. c73F04￿93W￿F.7660E46994C0
BALCARRES HERITAGE TRUST LIMtfED
COUNCIL MEMBERS. REPORT
FOR THE YEAR ENOED S APRIL 2024
The Counc￿ members yesent their annual reF*Nt tC*3elher the audite(I finaniual statements ol the charitable
tompany for the year from 6 April 2023 to 5 Aprl 2024. The Annual report serves the purposes of both a council
members. report and a d￿eCtorS. report under cc¥npany law. The c4yJnal members confirm that the Annual report
and f￿an￿81 stslemenls of the ¢haritsbfe wnpany (X)m￿Y ￿th Ihe current statutory requ1￿MentS, the
requirements of the charita￿e cLvnpanrfs goveming ¢knument and the provisions of the Statement of
Recommended PraCt￿e ISORPI applicable io charities prepamg Iheir accDunts in ac£ordance wlh the Financial
R&porb"ng Stsndard ap￿1¢able in the UK and Republi¢ of IfelaNI IFRS102) leffecb"v8 l January 20191.
Since the charitsble company qualifies as small under seth.on 382 of the Companiès Ad 2006, the Stralegic
report fequiied of medium aThl large o)mpanies under the Cotywanies Act 20C6 {strateg￿ Report and Direclors,
ReF*Jtl Regulations 2013 has been omitted.
. khl•v•m•nt• and p•rfonn*nc•
In pursult of promoting the advanc8m8nt of th8 arts. heritage. and culture. Ihe Charity has king upheld a policy of
making ils colleclion ol athvorks, books. and papgfs more a¢￿$s1b1¢ to the public. This is achieved through
long-lem loans and lemp¢xary exhibitions organised by nabonal and wivate institulions. The ongoing loans of
numerous paintings to the Nab"onal Gallery ol S(x)Iland remain a key part of this inili8b'v8. The Tru51ees would
Ilke to express their sincere Ih8nks lo the DKeCtc￿S and staff of the NaI￿al Galleries of ScLJlland lor their
¢Jedicaled stewardship of these inv8lu8bl• assets fof en8Ufkng they are made available to the publlc. fr80 of
charge.
Similarfy, the Natlonal Llbrary of Scolland INLS) serves as the guardian of the Ch8￿￿$ printed and manuscript
collections. The Trusiees are deepty gra￿lu1 to the Directots and staff of the NLS for th6ir unwavering
corrrfntlment lo preserving and maffttaining If￿ Imp￿￿nI resources.
For a month beginning on 23id June 2023. the Charity loaned Go￿'S Los Caprichos to the Royal SrLJttish
A￿demY IRSAI lor their exhibib'on Reveal. Tr* exhitstion was a resounding $ucc8ss. attracling over 52.000
Visitors. Addilionally. the Natsonal LilNary of s￿land INLSI FAayed a key role in makTrng Shake$peare'$ First
Fol￿ availablo lo a grtrjp of collector5. fvjrther contr￿￿tIng to the accessitmlty of important cukural Works.
Since 2012, the NLS has made rts Collecti￿ of 'later' Ipost-17001 English ballads accessible through the Digital
Gallery on their website. Usage ststislics inth.cate a cg)nsistent level ol interest in this collection. with 16,489
pageviews recorded between April 2023 and Marth 2024-an 8% inugase ￿MPare(l to the wevious year.
The Cfawlord Miscellaneous Broadsths were made avaiiqble ¢)n Ihe NLS Wrtal Gallery m181e 2018. During lfie
reporting period, the ￿leCtIon gamofed 5.1165 pagevi8ws. reflecting a ￿ increase ovgr Ihe prev￿US year.
These images are also ac¢essible ihrough the Europeana ￿afforrn as part of the NLS'S contribution to
Europeana's Rise of Liloracy woject. whlch ran from 2017 10 2019.
In ¢ontrasl. the doital versicffj$ of the late 19th- and earfy 201h<enlury printed Cataloyues of the Crawford
cdleclions saw 2.383 pag8Vi8ws. represenkn.ng an 8% deckne c(Mnpored to the prewous yoar.
The manuscript ¢olle¢tions have cffitsnued lo be a vakjable resource lor academic research. This year. Ihe NLS
recorded lis second-hKJhest number of research enquiries sKKe 2018. Notable projects indude the ongoing Work
ol Dr Luke Gartlan. Senior Lecturer in Art History at the UniveNty of St Andrews. who is researching Julia
Marga￿t Cameron an¢J Sr Coutt5 Lindsay. On 2nd FebnMry, Dr Gartlan delivered a paper entiued "Lindsays al
Balcarres and Photographls Matemal EdUCatr￿S. at Ihe Rethinking ViGlonan ￿ed￿scape5 syThp05ium held by
Ihe School of History al St Andrews. His tslk focuse(l on the wcrfnen of the Linosay family a¢ros$ three
generalK)ns and Iheir engagement wth pholography. as revealed thrcyjgh personal correspondence in the
Cravhor(I muniments.
Page 2

Dow"*Jn Elw￿0￿ ID.. C73F043&93A949DC4OCF.7666E46991CO
BALCARRES HERITAGE TRUST LIMITED
COUNCIL MEM8ERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
{contlnuedl
Other distinguished SCho￿rS indLKle Greg Clingham. Emwiius Professor ol English and Director of the
unive￿Ity Press at Bucknell Universty. Pennsfvania. who cthts.nued his rese¥th on Ihe personal papers of
Lady AJ)ne 8amard for his book project. lentstivdy b"tse11 'The Caplwated Eyg"" Lady Anna LuN*say Bamard. Art
and Archiv8 tn Lat8 Ewhte•nlh-Century &ilain and the Cape of Good Hope.
Kirsten M¢Kenzie, Professor of Histw al the Unrlefsity of Syjney, undertook sctylNJ research on the personal
papèrs and correspondence of the children of James ￿.ndS3y. 5th Eart of Balcarres. in preparatK)n for a rnajor
research grant applution to the Australian Researth Cound. Professor McKenzie's research examines the
global impacl ol the transition from the fir51 to second 8rib.sh èmpires {17￿18301, viewed through the
eyriences ol ari51wab"c famil￿￿.
Chisa Mizobuchi, a Masters student in A￿an History at the Univefsity ol Tokyo. tonsulted the pèTsonal papers of
Robert Lindsay 1836185 parl of her dissertab.on research on the disseminatK)n ol scientific knowledge about
elephants in the Brilish Empw8 durir¥J the 1*h century.
These 8re just a few examples of the imFrfJtsnl and vaned research prqects that t￿ Charity has fadlllated. with
thg invaluatAo a89$tsn￿ of thg NLS.
During Iho year. the Charlty had the pleasure of ho$b'ng distinguished uvoups Irom around the world.
including members of the Grolief Club from New York, the Am￿lcan Horticultural Society, Ihe Patrons ol tha
London Llbr8ry. the Almond Val￿Y HOrtIc￿ltUral Soc•ety and the P81rons of Kunslhislonsches Museum In Vlenna.
b. Futur• •ctl¥ltl
Looking ahead, the Charity has comrritled to making an a¢SJitional h)an of 59 books to the N8tson81 Library of
Scollan¢J. with cfjnlracts lo be drawn up under Govemmenl Indomnty co¥er. A now L08n ￿eement wim bo
issued. wis¢4id*J'ng all of Ihe Chariws existing k)an$.
Addilionally. the Charity wil undertake the ffjnovalicffj of of its *1¥8stmenl properlies lo •nsure full
complianc8 wth ￿rrent regulations.
Aehl•¥•m•nts and p•rforni•n¢•
Flnanelal r•vl•w
•. Golng eone•m
Aftor making appropriate enquiries, the o)LwI members have a rea$(￿aL￿O exFrflatw that the charitable
company has adequale ￿sourceS to continue in cperaticfflal existence for the foreseeable future. For this
reason. they conbnue lo ad¢Jpt the going GOn￿M ba￿S in preparing the finanual stalemenls. Further tjetslls
98rdin9 Ihe adoplp)n of the wing conc*m basis can be Iwnd In t￿￿ acc))unting w)liues.
Page 3

DotrJ"$vJn Erbvthpe ID.. C73FD438.93A94W8CtF.7e66E46934CD .
BALCARRES HERITAGE TRUST LIMrrED
COUNCIL MEMBERS. REPORT ICONTINVEDI
FOR THE YEAR ENDED S APRIL 2024
b. R•$•r¥o$ pollcy
There is no reseThes rxSi¢y as the Trustees bdieve it is not r￿*￿ary to have free cash reserves available. This
is due to the high levels ol cash rna￿tained in Ihe endowment (und.
JI incoming reswrces of Charity are indudad in th8 unrestricted genèral fvnd th8 Jear. The principal
sources ol income arise from investment income in respect of divhyends. rentsl and from donations.
Total inccffiing resources of £408,759 {2023- £252.6691 have been received in the y8ar.
Total resources expended in the year are £403.754 12023 - £432,979). These are pr*marity induded in
unrestricted general funds. ex¢xpl for wivestrnenl man8gement lees, ¥thi¢h fomi part of the expend8ble
endowment fund. Cosls of gerkeratsng funds also indude direct costs aSs￿lated wf(h let prop8t1y held lor
Inveslmgnt purposes in the yaar. Costs of charilable acliviiies of £351.54712023- £263,089) include thg costs of
running and preserving Balcarres ￿(￿se and ¢ettsin olhef prope￿.&5 used in fvrtherance of the charrtI5
obJ'ectiv8s.
The charivs investmènt policy is lo hold lunds in a medium risk strala9y in order to achieve a balance of income
and capital grovAh but free from the imposition of Wr￿al or ethical constraints.
Ov8rall the net movement kn lunds was 8 surplus of £497.55812023- £466.621 d8fKitl, resulting in unrestricted
ftlnds of £466.800 {2023 - £457,483) and exFendable endowment fvnds of £7.154,47012023 - £6,666,229) al
the year end.
Stru¢tur•, gov•rn•nc• Ind m•n•g•m•nt
•. Con•titullon
The company, vthl¢h Is a rocognised chanty in Scoiland and In ErwLgnd and Wales. is wislered as 8 ch8rf18ty9
ompany limiled by guarantee and was set up by a Memorandum ol Asswab"on on 1810211987. Each m8mbef
guarantees the charivs h'ats'libes to tm exlenl of £100 in Ih? ovont of tho tharty winding UP.
The charity. which is a recognised charity in Sts)tland. Is o)nslrfuted undw g Memorandum of Assoc4atknn dated
1810211987 and is a registe￿￿ clwrty number 296766.
b. M•thod• of appolnlm•nl or •l•¢¢lon of ¢oun¢ll m•fflb•rs
The management and overll Strategy of thg charity is in the hands of Ihe C(yJncil members. Council membars
are appointed by the existiThJ Council such that the number of members of Council wil no be less Ihan 5 or more
Ih8n 8. Council members hold oifi¢e Until Ihe sixth Annual Gen9ral M¢¢ting folkming lh￿r election or re election.
Whilst Ihefe is no lom)al training or induction w(￿•S$ in place. ihe thjnal W￿￿5 within Ihe guid¢ling$ of tha
Memorandum and A￿'deS of Association.
The day lo day 8dftlnbstra￿n of t￿ tharity b undertaken by Lc￿d Crawford. a ¢)Jrrenl Council member.
c. Risk management
The Counul members have as8essed the Ma1￿ risk$ to 71thith Iho charity is exposed. in particular those related
lo the oper8ti(xts and finances of the charity. and are satisfied that systems and procedures are in place to
mitigate our exposure to the major risks.
The risks relats'ng to the investment [￿.0 have been wlined in the Jam8s Hambro & Partners LLP portlolio
report.
Page 4

DrKu8*n En￿k)p@ Kl.. C73FD43&93A94W80CF.7666E46994CD
BALCARRES HERITAGE TrUST LIMThED
COUNCIL MEMBERS. REPORT {COIITINUED)
FOR THE YEAR ENDED S APRIL 2024
Stat•ffl•nt of council m•mbers' respon$ibilltle•
The council members (who are also Ihe dYectrKs of the chartsble c>)mpany for tr* purposes ol company law}
a￿ responsible for preparing the C(xJn¢d members, report and the financial statements in accordance wilh
appI￿a￿le 18w antj Unrted KingJom ACc￿ntil￿ Standards Iunrted ￿'￿9d￿n Genernlly Attepted Attthjnting
Practice).
Company law requires the council membws to prepare fm8neial statements lor 88th financlal . Under company
, Ihe council members musl r￿1 apwove Ihe finan(￿al slalements unless they arg Satisf￿ that they give
true and fair vw of the stste ol affairs ol the charitsble company and of its incoming resources and application
of resources, including its incoff¢ and expendilure. lor that peric*J. In preparing these financi81 statements, the
ctyJn¢il members are reqund to..
select sultable 8ccountkng W6o"es arnl then awy them ¢￿s1$tendy.'
obsèrve the meihc*Js and prinuples of thè Charititis SORP IFRS 1021:
make judgments and accountin9 e$limates that are reasonable and prudent:
stale whether 8pFAIca￿0 UK AcLy)unb'ng Standards IFRS 1021 have been Ic4lowed. su*'ect to any matgri01
departures disch)sed and explained in thè finantial statements,.
prepare the financial st*ements on the going concem basis unless il Is knapwoprigte to presume that the
¢harflable comp3ny WIN conllnue In buslness.
The Mem￿15 8r• resp)nsible for keepn9 adequate accounting r¢cuds that are sufficient to show and
explain charitable companls transactions arKI disdose Teasonable accuracy al any tsme thè financial
position of the ¢hariiable Conwany and enable Ihem lo en6Urt that Ihe financial stalemenls comply *ith th8
Companies Act 2LI)6. They ale also re$F¥)ns1b￿ lor safeguarding the assets of ihe charrtable company and
hence for taking reasonab￿ steps the prevention and deieditin of fraud and othèr irregularits'es.
Dl•¢lo•ur• ol Inlorm•tbon to •udltOT•
E8ch ol the persons are r￿n￿l membefs at the tyr* thig Councl members, reF￿ 1$ 8pprov8d has
confirm8(J that:
so lar as that ¢cMJncil member is aware. there is no ￿levant audit i)formalion of vthich the ch8rWs
auditors are unaware. and
that council member has tsken all the steps Ih8t Qught to have been laken a$ 8 council meml)er in order
lo be awa￿ of any relevant audil in10m￿tIOn and to eslabli8h that the chantvs auditors are aware of that
fomiation.
Auditors
The audltors, Sumer Auditw Limiled. havg indi￿le￿ tr￿lT wllingness to continue in office. The designated
council members will propose a motion reappoinling the audrtors al a meetirvJ ol the c¢JJncil members.
Approved by fxder of the members ol the bowd of counryl members ￿ 28 Noveml)er 2024 and signed on their
behalf by..
Th• Earl of Crawlord and Balearrns
SPW•il
Page 5

O¢xuswn Envoiwe Io.. C73F0438.93A94W8DCF.7666E46994Ct)
BALCARRES HERITAGE TRUST LIMttED
INOEPENDENT AUDITORS. REPORT TO ThE MEMBERS OF BALCARRES HERITAGE TRUST LlhllTED
Oplnlon
We have audited the finanual ststements of 8alcarres Heritage Trust Limiied Ithe 'chawitable company) for the
year ended 5 Awil 2024 which comprise the Slatement of finanual a￿l￿ties. the 8alance sheet, and the related
notes. induding a summary of significant acC￿n11ng wlKies. The finanaal reF*Yting framework Ihat has been
applied in their prepar8b.on is applicable law and United Kingd¢)m Accounting Slandards, induding Financial
Rep¢rtin9 Standard 102 The Finan¢h?l Reporting StaThJard appl￿b￿ in the UK and Rewbli¢ of Ireland. (United
lQ'ngdom Generally ￿p1￿￿ Accwnting Pradice).
In our opini¢)n ts financial statements..
give a tnje arKI fair view ol the stale of the charitable ¢xImpan￿5 affairs as al 5 Aprd 2024 an¢J of ils
incoming restyJrce$ and applIcatw￿ of resourc•$. indudirvj *s income and exp8nditur8 for the year then
ended.,
havo been proporty weparod in acc4ydanc• United KiN*kni Generaly Atcopted AcC￿ntIng
Practice.. and
have been preparfjd In aCcOrdar￿ with the requlroments of Ihe C¢)mpani88 Act 2￿)6. Ch8rllles Act 2011.
the Charities and Truslee Inveslrwil ISo)Ilandl Act 2￿5 and 8 of tho Charities Ac£ounts
{Scolland) Regulations 2006.
8••lB for oplnlon
W8 conducted our audit ￿ actsxdanee W•ith Intematw)nal Stsndard$ on AudiliNJ IUKI IISAS IUKII and applicable
18w. Our fesponsits'lities under Ihose standarfs are fvrther descrtbed in the Audilors. respM)nsibilities for the audit
of the finanual stat8ments section of our rem. We are indep8nd8nl ol the charitable company in accordance
th the elhic81 requirements that are relevant lo our 8udrt ol the f￿anCial Statements in the United Kingdom.
Indu¢Jing the Financial Reporting Coun¢il's Ethical Standard. and we have fvlfilled our other ethical
sponsibilities in accordance these requirements. We believe that the audit ewder*ce we have ¢)btsSned Is
8ufficienl and apprqyiate lo pro¥ido a basis for tyJf wnion.
Concluslon• rnlatlng lo golng ¢onc•rn
In 8vdiling the fnanual statements. hav• ¢ty￿ded thal COU￿11 memb8rs' of the going conram
ba$l$ of accounting in the Fwr8t*)n ol the finarKlal Statements is apprwale.
Based on th8 work we have perfomied. have not *Jentified any matèrial uneertainlies relating lo events or
conditions that. individually or collectively, may Casi significant ¢Joubt on the chantsble companls ablllty lo
continue as a gowi9 concem for a penoo of at ￿ast tr*elvg M￿1hS from vth8n Ihe financial statements are
authorise£l for issue.
Our re$ponsibditios and the rgsponsibilits$ of the members ¥•ith respect to ￿Ing eoncern are described
in the ￿e￿an1 sections ol this repNI.
Page 6

D(￿51￿ En¥obp810.' c73Fo4￿93A94S0C.OtjcF.7666E￿699¢CD
BALCARRES HERITAGE TRUST UMITED
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF BALCARRES HERITAGE TRUST LIMITED
ICONTINUEDI
Other intorniallon
The other infomwkn'on comprises the inftymation inckjded in lh& Annual rep)rt other than Ihe finan(ial statemen15
and our Auditors. report thereon. The council members are respOn￿￿e the other infomialion contained within
the Annual report. Our opinion on the finanaal slatements doe5 noi cover Ihe other infomation and. except to
the extent otherwise ewiciuy stated in our rep￿. we do not express any fomi of asstsrance conclusion thereon.
Our responsibility is lo read the other infom)at*)n and. in *S)ing so. conshjer vthether the other information Is
materially inconsislenl wilh the finanaal statements or our knowledge obtained In the ctyjrse of the audit, or
otherwise appears ￿ be materially misstated. If we thnlify material in¢￿sisten￿￿$ or apparent malerial
mlsstatements. we are required to ¢Jetemin8 whether this givos rise lo a matwial misstatement in the financial
Statements themselves. If, based on the work we have performed. we condude th81 there is a m8teri81
misstatement of this other infomwkn. we are required to reFrf that fact.
W8 have nothmg lo reptht in trws regard.
Oplnlon on oth•r m•tt•rn prMcrlb•d by th• Comp•nl•s 2006
In our ￿Inion, bas•d on th• undertaken in the course of Ihg oudit..
the information given in the directors. report, prepared lor Ihe purposes of company law and included
wllhin Council members, report, lor finanoal year for which the financial statements are prepared is
eonsi5tenl with the finanu•l statements.
tho directors. re[￿. indudgd wthin Ihe Cr￿n￿l memt•rs' ropL¥t. has beèn prepared kn accordance wilh
aP￿1¢8b18 legal ￿quIrements.
M•tt•rn on whl¢h w• *r• r•qulr•d to r•port by •x¢•ptlon
In Ihe light of our kntr•Aed9e ano understanding of the charilable company and its 8nvifonment obiained in th
course of the audit. have nol identified material misstatements in the Council membets. report.
We have nothing to report in respect of th8 lollowing matters in relation lo %thi¢h Corrwnies Act 2Crt)6 and Ihe
Charities Accoun15 {Scolland) Regulabons 2￿ las amended) wuire us lo rewl to Y￿ if, in our opinion..
adequate accounllng rewds have not been kepL w relums ad8quate for our audit have not bèen
T&￿Ved from branches not visiled by us., or
the financial statement$ arg not in agf8ement with acc4Juntiro T￿)rdS and retums: or
certain disdosvres of ¢0￿ClI members. remurw8tK)n specified by law are no¢ mado.. or
we have r￿t received all the information and explanations we require for our audit: or
the counol members weTr not entiljed to P￿Pa￿ the financial stalements in accordance ￿th the small
companie5 ￿gime and take advantage ol the small C¥)mp3nies' exemptions in preparin9 the directors
reF￿. indud¥d vth'n the Crxmd member¥. repryt. and from Ihe requirement to prepare a Strategic
Page 7

Ottulign ETh￿k)Pè ID.. C73FD4￿93Ag49D￿IQcF.7S￿6E1699IcO
BALCARRES HERITAGE TRUST LIMITED
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF BALCARRES HERITAGE TRUST LIMITED
ICONTINUEDI
Rosponsibllltles of trust••s
A8 ex￿alne￿ more fijly Mi Ihe coun¢￿ memtws. f8SF￿￿9￿.1￿"eS stslement. the councl memtsrs l¥tho are also
the diredors of the charilatAe Company for the purposes of ￿MpanY lawl are iesponsible for the preparatson of
the financial stalements and for being satisfied that they give a tnje and fair view, and for such Intemal control as
the ￿￿ne11 members determine is ne¢ess8ry to enat4e the yeparatKJn of financial statements that are free from
material misststemenl. vthether du8 to fraud or errry.
In preparing the finanoal $t*ments. the c<NJnal members are responsible for assessing the chartsbl8
¢ompanls ability to continue as a going c(¥￿M. disclosing. as applicable. mattets related lo g&ng concem and
using the goin9 ¢oncem basis of aCc￿nting unl¥ss lh* ¢oun¢il members eithei intend to liquidate the charitable
company or to cease operaticrts. or have no realistic altemats've tsjt to do so.
AudFtor•' rMpon4ibllltl•s for th• audlt ol th• fiTranc5al •tat•m•nt¥
We have been apwnle•J 88 a￿li10r under SeC￿n 4411Mc) of Charllw and Tru$loe Irweslmenl (Scotlandl
Act 2005 and under the Companie$ Act 2006 and rgpm in accrydance th& Act and rekvanl regulation$
made or having effect thereunder.
Our obje¢¢ives are lo obtsin r*asonable assurance at￿11 whether tts financial sts1gment$ as a whole are free
from malerial misslatement, vthethw due to fraud or erTor. aTrJ to issue an Auditors. report that includes our
opinion. Re8sonaOl8 assurane* is è h￿h levd of assufance. tr￿1 is not a guarantee that an audil widuded in
accordance with ISAS IUKI wll detect a material misslatement when it exists. Misstaiements can aris8
Irom fraud or error and a￿ considered malewial if. indiwdually or in the a99￿gate, Ihey ¢￿Id re8son8bly bo
expected lo Infiuence the economlc declsions of Use￿ taken on the basr& of Ihesg financial statements.
Irregularities, indudirwj fraud, are instsnces ol non<0mpli¥￿ with ￿w$ and regulation8. We design procedures
line with our responsibilities, ouuined above. lo detect material misslatemenls In resped of irregulariti'e8.
i)duding fraud. The extent lo which procedLJres are capaNe of detect￿￿ I1￿9￿larItI￿S. including fraud is
dètailed bg1w'.
We gained an understsndin9 of the legal and rggulatory framewort applicable lo the charitable company and the
dustry in which it operates. and consKlered the risk ol acts by Ihe rKJrrpany Ihal were eonlrary lo applicabl8
laws ènd ￿gU18110n$. including frau¢J We designed audit procedures to respond to the risk, rewnisin9 Ihat the
rlsk of nol dfjled￿g a malgfial misslatement due to fraud is hyher than Ihe risk of not detecting one resulting
from error, as fraud may invofve deliberate cOn￿alMen1 by. for exam￿e. forgery LY intentional mistalement due
to fraud.
We focused on laws and ￿Ul3￿0n$ which c£Juld give rise lo a mat*rbal misstaloment in the financial statement5.
induding, but not limited to, Ihe CharIt￿S and Trustee Investment {Scollandl Act 2005 and UK tax legislation.
Our tests induded agreeing the financial staternent di5ch)sures io underfy'ng supptjting dolwmentstlon 8nd
enqulries with Manag￿ent.
A hjrther description of our reS￿31￿.1￿.eS for the audit of the financial slalements is avaiLgt4e on the Finanual
Reporting Council's websrte al: wwv4.frc.org.uUaudilorsresp)nwbilities. This deKriptk)n forms part of our
auditorf$ rep¢)rt.
A furth8r d6￿PI￿?n of our resp(￿￿bi￿tsS for Ihe atsdf( of the fmanC4￿ statements i¥ k)ealed on th6 Financial
RepM)rting Council's website at.. www.frc.o
.UkJaudii￿SreS
nsikn'l￿e3. This des￿1p1￿)n foms part of our
Auditors. report.
Page 8

Dtieustyrb Envdopo ID.. C73FD43B-93w￿jc-8r￿F.7c￿6ElS9YlC￿
BALCARRES HERITAGE TRUST LIMtfED
INOEPENOENT AUDITORS. REPORT TO THE MEMBERS OF BALCARRES HERITAGE'TRUST LIMITED
(CONTINUED)
Us• of our r•port
This report is made ¥olely to tr￿ tharitstAe coMpan￿S members. as a bc#ty, Mi aetordanee with Chapter 3 of Part
16 01 the Companies Act 2C(6. and to the charitable u)mpan¥s trustees, as a b(MJy. in accordance with
regulation 10 of the Charities ACC￿Unt5 Iswllandl RegulatKM)$ 2006. Our audit work has been undertaken so
that we might state to the chantable conwn¥s members and council rnernbe￿ th)se matters we are required lo
stale to them in an Auditors. report and lor no other PUT[￿. To the fullest extent permitted by law, we do not
a¢¢epl or assume responsibility to anyone other than the tharitable ts)mpany and ils memb8rs. as a body, I
our avdil work. for this repm. or fty the ow1c￿$ we have I￿l￿d.
••E•IEUFD11431
Oougl•$ R•• fS•nlor ststulory •udltorl
lor 8nd on behalf ol
Sum•r Audlt¢o Llmlt•d
Chartered AccLJunlants
Statutory Auditor$
14 Cty Quay
Dundee
D013JA
28 November 2024
Sumer AL*litco Limited are elwaible to acl as a￿lt015 Wi lems of 8eclion 1212 of Conwnies Act 2006.
Page 9

DocusNTh En¥￿ap* ID.. C73FD43&93A94rnF.7666E46994CO
BALCARRES HERITAGE TRUST LIMITED
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME ANO EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED S APRIL 2024
Endowmonl Unr•strict•d
funds
fundg
2024
2024
Total
funds
2024
Total
fiinds
2023
Note
Incomg and •ndowm•nts from:
Donations and legacies
Charita￿8 activities
Investmènts
Other income
189,746
16,949
18S,69S
16.369
189.746
16,949
185,695
16,369
58.379
175,658
18.632
T¢)tal Incom• and •ndowm•nt¥
408,759
408.759
252,669
Exp•ndltuwe on:
Raising funds
Charitable activities
40.776
11,431
351,547
52,207
351.547
169.890
263,089
Total •xp•ndltur•
40,776
362,978
403.754
432,979
W•t l•xpenditur•llln¢¢m• b•lorn n•t
g•lnslllos8••1 on inv•stm•nts
Nel galnslllossesl on investments
14•t mov•ffl•nt In fvnd$ Wor• oth•r
r•cognlMd galn•lIlo•￿J)
{40,T161
529,017
45,781
{36.464)
5,005
492,553
(180,310)
(290,554J
488,241
#.317
497.558
(470,864J
Oth•r r•¢ognls•d galnsllloss•sl:
Gains on revalualirm ol fixe(1 assets
4,243
N•t mov•m•nl In fund
488.241
9.317
497,558
(466,621J
RKonclll*tlon ol lunds-
Total funds brought I(￿*•[d
Nel movement in funds
6.666.229
488.241
457.483
9,317
7.123,712
497.558
7.590,333
(466.621J
Total lund• carrl•d fonward
7.154,470
466,800
7.621270
7, 123, 712
The Slatemenl of finan¢ial ac11vit￿$ incknles all 98ins and losses re¢wisod In tho year.
The notes on pages 12 to 24 fomi part of these financial statements.
Pa9e 10

D￿U$v3￿ Envew ID.. C73Fo4W93A94￿C￿oCF.T666E46994co
BALCARRES HERITAGE TRUST LIMITED
REGISTERED NUMBER: 02101229
BALANCE SHEET
AS AT 5 APRIL 2024
2024
2023
Fixed ass•ts
Tangib￿ assets
Heritage assets
Investments
10
306,277
109,862
7.154.470
339,404
109,362
6.666,229
12
7.570.809
7. 114.995
Currnnt ¥•••t•
Debtor5
Cash at bank and in har•J
13
81,656
3,520
43.743
9.696
85,176
53.439
Creditors.. amount$ falling due within
year
14
(34.5151
(44, 722)
Not curr•nt •ss•ts
$0.661
8.717
Tot•1 a$••ts l•vJ ¢urr•nt Il•bllltl•s
7,621.270
7, 123, 712
Tot•1 n•t •s••t•
7,621,270
T. 123, 712
Charfty funds
Endowment lunds
Restricto(I funds
Unreslrlcted fund8
7.154.470
6,666,229
457,483
Total lund•
7.621,270
7. 123, 712
The counul members acknowledge thwr reSp*5ibl￿tIes for wmplying with the requiomenls of the Act with
resped to accounting rec￿￿$ and preparalh)n of fin￿181 ststements.
The fin8noal slalements have been wepwed ni accordance 7Mlh the provisions applicable to entities sutyect lo
the small ￿nPanIeS regime.
The finand* stalemenls were approved and aulMr1￿ for is8ue by the councAI Membe￿ on 28 November
2024 and signed on their behall ty.
Th• Earl ol Crawford and Balcar
SPWeil
The rths on paps 12 to 24 f£￿ part ofthese financial statements.
Page11

Docusign io". c73FD43&93WgCC40CF.7666E46994CD
BALCARRES HERITAGE TRUST UMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
G•n•rnl inl<)rnialion
Balcarres Heritage Trust Limited is a company limited by warantee. incorporated in England and Wales
under company number 02101229 and having its registered office al 50 Broadway, Weslminsler, London.
SW1H OBL. The prwiopal ¢)perating location is Balcarres Estate. Collnstwrgh. Fife.
Balcarres Herilage Trusi Limiled is also a registered charity, registered in Engla1￿ aThJ Wales ￿th chanty
number 296766 and in ScoUanL1 tharity nurthr SC039480.
A¢¢ountlng pollcl•s
2.1 B•$ls of pr•p•r•tion ol financlal stat•m•nts
The financial slalemenls have been ￿pared In a¢cutsnca with the Charities SORP IFRS 1021-
Accounting and R8ming by Charilies.. Statement of Recommended Practice applicable to charities
eparin9 their aetsJJnts in acctydarKe Ihe Finan081 Reports'ng Standard applicatle in tho UK
and Republ￿ of I￿18nd IFRS 1021 leffodive 1 January 20191, the Financial Reporting Slan¢Jard
awli¢abl8 in the UK arKI Republic of IreIar￿ {FRS 1021 ènd tho Ctynpanies Act 2006.
Balcarres Heritoge Trust Limited meets Ihe der￿ltiOn ol a public benefrt entity under FRS 102. Asset$
and liabilities are initialy recognised al trustorkal C•)St or transacti¢)n value unlgss otherwise staled in
the relevant a¢countin9 poItCy.
2.2 Incom•
Al Incor￿ 1$ recogniyed once Ihe c*aritabfe o)mpany has entillement to the income, bt Is probable
that Ihe inccme ￿TrI be recelved and th* anN￿nI ol receivable can bt measured reliably.
The recogniti￿ of irwme from legacies is dependent ￿ eslablishry entitiement. the wobability of
receipt and the atylty lo estimate wrth suffiaent accuracy the amounl receivable. Evidence of
ontitkment to a legacy exist5 when the charitable Cp)mpany has sufficienl evthnce Ihat a gift has
t)een left lo them Ithrough knOW￿ge of the exislon¢e of a valid wll and Ihe death ol the benel8ctorl
and the executor is satisfied that the property in qUest￿n wll not be reqUI￿d to S8118fy claim$ in tha
estate. Receipt ol a legacy musi be recognised rt is probable that it wll be received and thè fair
value of the amcrtjnl ￿e81Vable, whld) will generalty be the eXFeCted cash amount lo be dislrlbuled lo
the charita￿0 company. can be reliably measured.
2.3 Exp•ndltur•
Expendrture 15 reccgnised once there is a legal LY ¢on$truthe obligation to transfer economic benefll
lo a third party, rt is probable that a transfer of economic benefits will bè required in settlement and
amount of Ihe obligation can be measured reliably. E￿endIture is das$ified by activity. The costs
of each acliwty are made up of the totsl of direct costs and shared cosls. induding support costs
involved in undertaking each aciivity. Direct ¢ost$ attributable to a single activity 8fe all￿al8￿ directty
to that acb'wty. Shared costs vthith ojntribute to more than one activty and support costs which are
not attributable to a single acti￿ty affj apFQrtioned be￿n those activities on a basis consistent with
Ihe use of resource5. Central staff ¢x)sts are allxated on the basis of time spent, and depreciation
charges aHocaled on the F#yb'on of the asset's use.
Expenditure on raising fijnds indudes al expendIlu￿ incurred by charitable company lo raise
funds for it5 charitsNe wrwses and includes costs of all fundraising activities events 8nd non-
charitatile trading.
Expenditure on tharitable activitses is wKurred on diredly undertsking the aCtivitK￿ ￿lch further Ihe
tharitsble companls obJ'ective5, as well as any ass(xiated support costs.
Page 12

tJOtii$WJn Ehvèw ID.. C73FD43&93WgW-8CKF.7666E46994CO
8ALCARRES HERITAGE TRUST UMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDEO 5 APRIL 2024
Accounting Polici￿ (continu￿)
2.4 Tangible fixed assets and d•prnciatlon
Tangible fixed assets costing £NIL or more are capitalised and rocc•3nised when fijiyre economic
benefits are probable and the c051 (¥ vakje of Ihe awt can be measured reliabty.
TangitrAe fixed assets are initialty recognised at cost. After re¢ognitK)n, under the cosl model. tangible
fixed as5els are measured at cost less atsxjmulated depreciatvjn and any accumulated imp8irrnent
losses. All costs incurred to bring a tangitA8 fixed asset into its intended W￿rkIng cthditK)n should be
included in the measurement ol cost.
Oepreclatlon Is charged so as lo aMocat8 the cost ol tangible fixed 888els less b)ev residual valuo
over thwr ests'mated useful lives.
OeprecbgtKffl 1$ wovwJ8d on the ft￿o¥wn9 base5:
Land & budding$ leasehold
Straight line basis over the lern olloase
{eXp￿S 20371
Straight line basis over thè rtmaining lemi of
the leaso (expire$ 20371
20% Straighl Line
25% Reduc4ng Balance
Tenant's imwem8nts
Pl8nl and ma¢hinery
Motor vehides
2.5 H•rltsg• •*MI•
Where hent8ge assels have been purchased. they are ￿llIallY recognisèd al eosl. After recogni1￿n,
under the cost mc4Jel. herita99 assets are mgasLtrred at cost less any acojmulatod depr8cialion and
any a¢¢umulated impai1vr￿t k>s$￿.
At each reporting date the d￿rilab￿ company assesses whether there Is 8ny ￿dIcatIOn of
Impairment. If sud) indication exists. the recovefable amounl of the asset 1$ determined to be tha
higher ol its faif vahJg bss costs to soll and its value in use. irnpaimenl loss is reco9nised where
the c4rryirvJ amc1￿1 excwds the recoverable amount.
2.6 Inv•stm•nt•
Fixed asset invesknents are a form of financial instrument and are initi'ally recg)gnlsed at their
transaclion cost and subsequenuy measured èi fair value 8t the 8al8nce sheet ¢Jate. unless the valué
cannot be measured reli8bly in w￿h case rt 1$ m￿sUre￿ at cost less impairment. Inveslmenl gains
and losses, whether realised or unrealised. are comtmned arNI presenled as 'GainsllLo$$esl on
investments, in the Ststement ot financial a¢￿￿ties.
Investments W a$ fixed awt$ are at tsjst less provision tr in4)a1rff￿l.
2.7 Debt¢
Trade and other debtors are recognised at the Sett￿ment amounl after any tr8¢Je discount offered.
PrepayTrents are valued at the amount prepa#J nel of any trade di$￿￿nts due.
2.8 Cash at bank and In hand
Cash al bank and in hand indudes cash arK1 short-term hNJhly liquid investmenls with a short malurily
of three Fr￿th$ or ￿$$ frw the date of acqwsib'on or opening of the deposit or &miLw account.
Page 13

Pmi5pJn En¥ebwe ID." C73F043&93W90C-8CKF.7666e46991CD
BALCARRES HERITAGE TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS '
FOR THE YEAR ENDED S APRIL 2024
A¢￿untIng polic1￿ {Condnu￿)
2.9 Liabllities and provisions
Liabilities are recc¥Jnised there is an obligat￿n al the Balance sheet date 85 a resum of a past
event. rt 15 probable that a Ir8n51er of econom￿ b8nefrt will be required in settlement. and the amount
of the settlement can b¢ estimated ￿lIablY.
Liabilities afe rec(wised at arrhyjnl that It* cknritable rA*np8ny antKipales il will pay lo settle the
debt ¢y ts arr¥)unt it has r￿e1Ved as advanced payTrents for the gx*Js or services il must provide.
In¢offl• from don•tlon¥ and l•gacS
Unr••trl¢tsd
lund$
2024
Tot•1
funds
2024
Total
funds
2023
Donatlons
Tho Library Companlon
BalCa￿eS Eslale
L•gacl•$
Thg Lale 29th Earf of Cravh(ffd
15,0fy)
15,000
174.246
174,246
189.746
189.746
Inv••lm•nt Incom•
Unr•strlct•d
funds
2024
Total
fund$
2024
Rent and ser¥ice charge
UK li$tod Investments
F￿e1￿ listed investrnents
62,167
41.928
81.600
62,167
41,928
81,600
185.695
185,695
Page 14

Owislgn E¢wdtW ID." C73F0438.93A949CK4DCF.7666E46994CD
BALCARRES HERITAGE TRUST LIMITED
NOTES TO THE FIP4ANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
Investm•nt in¢om• {continu•dl
Unrnstncled
funds
2023
Total
funds
2023
Rent 8ntJ seNice charge income
UK listed investments
Foreign lisle¢J investn*nts
65,230
57.098
53,330
65.230
57.098
53,330
175,658
175.658
Oth•r IncomSng mourc•s
Unr•8trl¢t•d
lunds
2024
Total
lund*
2024
Singlo fami poyment
Mlscellaneous income
14.769
1,600
14.709
1.600
16,369
16.369
UnfgStfl¢ted
fvnds
2023
Tol41
funds
2023
Single fami payynont
MiscellaneoLJS incLJme
14.919
3,713
14,919
3, 713
18.632
18,632
Inv•stm•nt fflanaqem•nl costs
Endowm•nl Vnrnstrlct•d
lunds
funds
2024
2024
Total
fund$
2024
Investment management fees
Investment propety insurance
Investment property repairs
40,776
40.776
1.615
9.816
1.615
9.816
40,776
11.431
52.207
Page 15

Docu*gn Envgwg IO.. C73FD4￿3Ag49L￿￿[￿F.7666E48994CO
BALCARRES HERITAGE TRUST LIMrrED
NOTES TO THE FINANCIAL STATEMENTS '
FOR THE YEAR ENDED 5 APRIL 2024
Inv•stment manag•m•nt costs Icontinu•d)
Endowment Unreslrict8d
funds
fvnds
2023
2023
Total
funds
2023
Irwestment mafiagemenl fees
nvestment property insurance
Investment property repaws
41.530
41.530
4,507
123.853
4,￿7
123.853
41.530
728,360
169,890
Anaty•l• of •xp•ndltur• by acthf5tl•¥
Adlvltt••
und•rtak•n
directly
2024
Support
cost
2024
Total
fund•
2024
Herltage actSvttle8
258,709
92,838
351.547
Aclithes
undertaken
Total
dwecuy Support ¢osts funds
2023
2023
2023
Hedtage acliwties
192, 78T
70.302
263,089
Page 16

D¢xii51gn Enwoknpe ID.. c73FD435.93A94￿c¥DcF.7fj66E￿6y94CD
BALCARRES HERITAGE TRUST UMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED S APRIL 2024
Analysls of •xp•nd*tur• by actl¥iti•s (￿ntinu•d)
Analysls of dir•ct costs
H•rit•g•
a¢tlvitie*
2024
Tot41
lunds
2024
Depreoation
Property heal and INJht
Propety insurance
Property repairs and maintenance
Sundry expen$e8
Garden vehicle & machinery ￿PaIrS
other garden expenses
Council lax
ConseThalion and resloral
Governanc• costs
33,127
36,983
25.33S
111.737
6,108
47
10,526
2,178
3,352
29,316
33.127
36,983
2S.335
111.737
6.108
47
10,526
2,178
3,352
29,316
258,709
258,709
Hentagfj
activ11￿$
2023
Total
lunds
2023
Dgpreciats'on
Property he818nd j￿ht
Property insurance
Property repaifs and mginlenan
SurKJry expens
Garden vghide & mathinery repairs
Other garden exFenses
Council tax
Conservab'on and restoration
33, 181
29,6T9
26,176
51,981
16.530
1,533
9,396
7,691
2.4CKI
20,220
33, 181
29.679
26,176
51,981
16,530
1.533
9,396
1.697
2.400
20.220
192,787
192, 787
Page 17

Do￿￿9n En¥dope IO.. C73FD43&93AWDC.eocF.766eE46994CLI
BALCARRES HER￿AGE TRUST UMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
Staff Costs
2024
2023
Wages and salaries
Contn"bub"on to defined witn1￿lIon ponsK￿ schenws
72,346
4,622
68.012
1,488
76,968
69,500
The average number of persons empw by charitsble company durkng the year was as Idith¥s'.
2024
No.
2023
No.
Empk>yoes
No rttèived remuneration arn￿nting to more than £60.oc￿ hi elther >fjar.
DLtring the ￿ar no Trustee was remunerated for tsir services.
Audltor•' r•mun•r•tlon
2024
2023
Fees payable to the charifable companys audrtor for the audit ol the
chantable companls annual accounts
Fees payable to the charitable coryanY$ audrtor in resFecI of..
All nM.audil seMces not irKhJdod above
6.600
6,600
6.600
Page 18

Env8bJp8 io.. cnF0I￿93￿￿c4[￿F.76fj6E46994¢D
BALCARRES HERITAGE TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED S APRIL 2024
10. Tanglbl• ffix•d ass•ts
Long.terni
leasehold
property
Fr••hold
prop•rty
Pl•nt and
ma¢hln•ry
Motor
v•hl¢l•$
Total
Cost or valuation
Al 6 April 2023
234.158
554.918
38.751
$4,053
881,880
Al 5 April 2024
234,158
554,918
31.751
S4.053
881.880
D•pr•ciation
Al 6 Apnl 2023
Chargè lor thè >*ar
135.147
7,320
342.666
16,480
33,711
1,680
30,952
7,647
542.476
33.127
At 5 April 2024
142.467
359.146
35,391
38,599
575.603
N•t book valu•
Al 5 Apn'l 2024
91.691
195.T12
15,454
306.277
At S Apn'l 2023
99.011
212,252
23, 101
339.404
Page 19

Docwsbn En¥ew Io". c73FD43B-93￿g0c-B0CF.T666E4699l¢D
BALCARRES HERITAGE TRUST LIMrrED
NOTES ro THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED S APRIL 2024
11. H•ritag• ass•ts
Ass•ts rn¢¢gnis•d at ¢osl
A88•ts at
Balcarrej
Estate
2024
Total
2024
Caryng value at 6 April 2022 & 5 2023
Additions
109,362
109.362
500
109,862
109.862
An•ly#l# of h•r5ta9• •M•t tr•ns•ctlon#
2024
2023
2022
2021
2020
Pur¢h••••
Heritage Assèts
Don•tl¢)n•
'Library C￿nPan￿ft.
12. FI¥￿ ••MI In¥•stsn•nts
Ll•t•d
Inve¥tm•nts
Inv￿lM•nI
¢a•h
Tol•l
Cost or valualion
Al 6 April 2023
Additions
Disp0s81s
Revaluations
6,437,420
2.282.555
(2,083,953)
492,553
228.809
6.666,229
244,964
2.527,519
1447,8781 {2.531,8311
492,553
At 5 April 2024
7.128,575
25.895
7.154,4YO
Page 20

Doui5ign Envelap• ID.. C73F0438.93￿￿ctF.7666E46991cD
BALCARRES HERITAGE TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED S APRIL 2024
13.
D•btors
2024
2023
Du• wlthln on¢ y•ar
Trade debto
4,416
25,896
51,344
Other ¢Jebtors
Prepayments ar￿ accrL*d irKyJme
17.332
26.411
81.656
43.743
14. Cr•dltorn: Amounts falllng du• wlthln on• y•ar
2024
2023
Tr8de creditors
Other taxation and s(th1 security
Accfuals an¢J delerred ￿n￿ne
9.206
612
24.697
18,567
1.911
24,244
34.515
44, 722
Page 21

Dotriwjn EnvdCW10." C73F0438-93WgDC4DCF.7666e46994CO
BALCARRES HERITAGE TRUST LIMtTED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENOED 5 APRIL 2024
15. Summary of fund$
Summary of funds- curr•nt year
Balance at 6
April 2023
Galn$l
8al4ncg at 5
Exp•ndbtur• (Los￿$) Aprll 2024
InMm•
General fund$
Endowment funds
457,483
6,666.229
408,759
1362,9781
140,7761
{36.4641
529,017
466,800
7.154,470
7,123.712
408,759
1403,7541
492,553
7.621,270
Summ*ry of lurtd• . wi¢r yew
881ance al
6 Apnl 2022 Incom
Galn
(Losses)
Balanc& al
S Apnl 2023
Expenditur•
General fvnds
Endowment fijndg
748.681
6,841.652
252,669
(391,449)
(41.530)
(152,418)
(133.893J
457.483
6.666,229
7,590.333
252,669
f432,979J
(286,31 IJ
7, 123, 712
16. An1ly8l8 ol n•t •M•ts b•tw••n ft•nd•
Analysls ol n•t Ms•t* b•lw••n lund• . yrlod
Endowm•nt UnrMtrl¢t•d
fvnds
funds
2024
2024
Total
funds
2024
Tangible fixed 898ets
Fixed asset investments
Heritage assets
Cufrent assels
Creditors due withm one >*ar
306,277
306.177
7.154.470
109.882
85.176
134.5151
7.154.470
109,862
85,176
134,5151
Total
7.154,470
466,800
7.621.270
Page 22

DO￿*40 En￿￿￿10.. C73FD438-g3w￿0r￿F.7o66E46954c0
BALCARRES HERtrAGE TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED S APRIL 2024
16. Analysis of n•t assets b•tw••n fund$ l¢ontlnu•dl
Analysls ol net assets b¢tw••n funds . wior ￿rItid
EndoWn￿nt Un￿51￿cted
lunds
fiJnd$
2023
2023
Total
funds
2023
TanLMble fixed assets
Fixed asset investments
Heritage assets
Cul￿nI assets
Cr•ditors due withln one
339,404
339,404
6.666,229
109,362
53,439
f44, 722)
6.666,229
109,362
53,439
(44, 722)
T¢>t•l
6,666.229
457,483
7, 123, 712
17. Contlng•nt Il•bllltl••
Tho hos Su￿¢1 Ihe property krKY￿ as Tho Bothw on Ihe ba￿$ Ihal the lenanl will spond a
minimum of £2SO.Crf)O on developing and wnprow.ng the Property. Once the lenant has incurred
expendrturg of £250,000, the charity will ￿ required to pay compensation il the lease is lemiin8led at any
time prior lo 31 December 2030. Until Lkomber 2020 the level of compensab.on is fix8¢J at £100,000 and
reduces thereafter by £IO.000 for each year or part ol a year vthich elapses. The tenant had inGurred tho
mwiimum expenditure by S April 2010 but the trustegs have no inlention ol lerminating the lease.
18. P•n•lon ¢ommllm•nts
The group operates a defmed O￿tn"bUt￿jn Pensi￿ sdlerrn. The assets ol the scheme are held separately
Irom Ih¢)se ol the group in an independenuy adminislered fund. The pens*)n cosl ¢h8rge represents
contributtons payatAe by the group to the fund and am¢xJnled to £837 {2023 - £1,448). No contributions
Wfj￿ payable to the lund ot the balance shogt dale12023- W.
Page 23

rknJ$vJn En¥•￿￿ ID.. C73F043&9W49DC4DfF.7666EI6994CD
BALCARRES HERffAGE TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDEO 5 APRIL 2024
R•lat•d party transactions
Parts ol the propety ￿OSed by the dwnty are sutFlel to the Earf of Crawford at rent independently set
each year by CKD Galbraith LLP. property consuriants. The rent due by the Ead of Crawford in respeca of
this sub.lease in the yEar urKler review £19.92512023 - £19,375)_ In additKX), in Ihe pnor year Ihg Earf's
late father held 8 lease over a separate part of Ihe propety. for the rent was £6,850. Further. in
the current year. rental In￿Me of £10.43012023 - £ni4 was received from Balc4rres Estsle and £8,904
12023- £niO from L￿d Balniel. who is the Earl of Crawlord's son.
A legacy was recelved from The Lale 29th Eart of Cra￿{v￿ dufing Ihg ygar. amountiry to £174.246
12023- £niO.
Certaln o)nlents of 881¢ar￿$ HrAse. vthich are owne¢J by the Earf of Cra%￿0rd bul fall within the
charltable cbj¢dives of the Charity, are sub￿￿ to a lo￿ agreement b&￿een the Earl and Ihe charity.
The charity indudes Ihese items wthin its insurance policy as part of this agreement.
Durlng the yeor. the Earf of cr￿ryd made an unr0s1rthd donalion of £nl12023- £1, It￿).
The E8rl ol Cra4￿rd 1$ a partner in Jaff￿ HamtKo & Partners LLP who w)vtde Snvestmenl m8n8gement
$gThi¢e$ to the charfty. The value of these in the year under review was £40,776 (2023 -
£41.5301.
The Tfu$I paid £37,892 to BalcaThes Estate. vknich is a rdaled party under common control. as
rechar9e for stsff time dedicated to the Trusl's adivities. In addilion, m8nagement services of £15,IXIO
were don8led by the Estate ¢0 Ihe TfusL
Mr Swnon Weil is a partner in the legal prnctice of Charfes Russdl SF*echlys which provldes legal
s•Nces to th• Charity. TM amount pa¥J for Ihese Ouring th8 year wa$ £8.76612023- En￿.
Mr Nicholas 8arker donated a book lo the colleth'on ol the Trust. Allhough no formal valuation has bggn
cary*d out. the trustees beI￿ve the value of Ihe twk to be kn the re9icffl of £500 aTrJ have usgd this
value to rO￿nISe the donatbon In the finawal statements.
Page 24