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2025-04-05-accounts

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Registered number: 02101229 Charity numbers: 296766 & SC039480

BALCARRES HERITAGE TRUST LIMITED

(A company limited by guarantee)

COUNCIL MEMBERS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

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BALCARRES HERITAGE TRUST LIMITED

CONTENTS

Page
Reference and administrative details of the charitable company, its Council members 1
and advisers
Council members' report 2 - 5
Independent auditors' report on the financial statements 6 - 9
Statement of financial activities 10
Balance sheet 11 - 12
Notes to the financial statements 13 - 25

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BALCARRES HERITAGE TRUST LIMITED

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY, ITS COUNCIL MEMBERS AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2025

Council members The Earl of Crawford
N J Barker
The Hon R J Elliott
S P Weil
The Earl of Woolton
Dr W Zachs
Company registered
number
02101229
Charity registered
numbers
296766 and SC039480
Registered office
c/o Charles Russell Speechlys LLP
5 Fleet Place
London
EC4M 7RD
Company secretary
S P Weil
Independent auditors
Sumer Auditco Limited
Chartered Accountants
14 City Quay
Dundee
DD1 3JA
Bankers
Royal Bank of Scotland
23/25 Rosslyn Street
Kirkcaldy
Fife
KY1 3HW
Solicitors
Charles Russell Speechlys
5 Fleet Place
London
EC4M 7RD
Investment Managers
James Hambro & Partners LLP
45 Pall Mall
London
SW1Y 5JG

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BALCARRES HERITAGE TRUST LIMITED

COUNCIL MEMBERS' REPORT FOR THE YEAR ENDED 5 APRIL 2025

The council members present their annual report together with the audited financial statements of the charitable company for the year from 6 April 2024 to 5 April 2025. The Annual report serves the purposes of both a council members' report and a directors' report under company law. The council members confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the charitable company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

a. Achievements and performance

During the year, the Balcarres Heritage Trust continued its long-standing commitment to advancing the arts, heritage, and culture by making the Trust’s assets accessible to scholars, institutions, and the wider public. The Trustees wish to express their sincere gratitude to the Directors and staff of the National Galleries of Scotland and the National Library of Scotland (NLS), whose careful stewardship of many of the Trust’s collections ensures these invaluable resources remain freely available to all.

The NLS has seen a high level of activity in relation to the Trust’s Printed Collections, with digital access remaining a key avenue for engagement. The English Ballads recorded 21,977 pageviews, up from 16,489 in the previous year. The Crawford Miscellaneous Broadsides attracted 5,128 pageviews, compared with 5,065 the year before. Meanwhile, the Bibliotheca Lindesiana Catalogues, though not digitised directly from the deposited volumes, continue to draw scholarly interest, receiving 3,431 pageviews, up from 1,433 in the previous year.

In autumn 2024, the Trust strengthened its partnership with the National Library of Scotland by depositing fiftyseven titles (sixty-one volumes) for public access. Now fully catalogued, these works can be consulted directly in the Special Collections Reading Room, further supporting the Trust’s commitment to making its collections as widely accessible as possible.

The Manuscript Collections deposited at the NLS continue to inspire original research and publications across a wide spectrum of disciplines. Scholars at the University of St Andrews working on the Universal Short Title Catalogue drew upon the Borghese Collection to examine materials associated with the Papal Conclave. Dr Katherine Tycz highlighted three exceptionally rare 17th-century voting slips, whose survival offers a unique insight into this otherwise secretive process, and the work received coverage in the Glasgow Herald.

The Crawford Collections also underpinned a number of publications and talks in 2024–25. Peter Davidson of the University of Oxford explored the French-style gardens at Edzell laid out by Sir David Lindsay around 1600 in his monograph Relics, Dreams, Voyages: World Baroque (Manchester University Press, 2024). Luke Gartlan of the University of St Andrews published “‘Before the Eye and into the Heart’: The Lindsays of Balcarres and the Mediascape of the Crimean War” in Nineteenth Century Art Worldwide, examining nineteenth-century correspondence relating to Robert James Lindsay’s actions at the Battle of the Alma. Isobel Muir, Project Curator at the National Gallery (London), delivered a paper on Jewish members of Britain’s National Art Collections Fund at a symposium organised by the Jewish Country Houses Research Group at the University of Oxford. In addition, the National Gallery used high-resolution images of a volume from the Balcarres collection for its Picture of the Month film series, marking the Gallery’s 200th anniversary, with a focus on sculptor Félicie de Fauveau’s frame designs, including her work for Delaroche’s The Execution of Lady Jane Grey (1833).

Between April 2024 and March 2025, a number of individual researchers consulted the Manuscript Collections for a diverse range of topics. Among them were Elizabeth Aitchison (University of Aberdeen), who studied the memoirs of Lady Anne Barnard; Michael Fraser (University of St Andrews), who examined military papers of the 18th and 19th Earls of Crawford; Cassandra Gorman (Anglia Ruskin University), who consulted Historie and Chronickillis of Scotland by Robert Lindsay of Pitscottie; and Roslyn Potter (University of Glasgow), who compared a nineteenth-century copy of Lady Henrietta Campbell’s 1689 diary with the original held in the

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BALCARRES HERITAGE TRUST LIMITED

COUNCIL MEMBERS' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

(continued)

Advocates’ Manuscripts collection. Other readers included Lauren Winch (University of York), Isabella Kocum (National Gallery, London) and several other independent researchers exploring topics from Persian manuscripts to local history, family papers, and national arts organisations.

Balcarres House also welcomed a number of visitors with an interest in heritage and culture. During the year, the Trust hosted a group from the American Horticultural Society, as well as the Royal Oak Foundation, the American affiliate of the National Trust. Both groups toured the house and gardens, engaging with the history of the Lindsay family and their collections. These visits exemplify the Trust’s commitment to outreach and international cultural exchange.

The Trust continues its work to preserve and maintain the fabric of Balcarres House through an ongoing programme of repairs and upkeep. Towards the end of the year, work commenced on the renovation of the Joiner’s Lodge cottage, alongside the refurbishment of the garden cold stores. A comprehensive repainting of all windows was also completed.

The gardens continue to flourish, and the Trustees are grateful to Michael Mead, Head Gardener, and James Gilmour for their dedication and creativity, which ensure that the gardens are maintained to the highest standards.

Throughout 2024–25, the Trustees have been encouraged by the continued engagement with the Crawford Collections, both digitally and in person, the sustained scholarly use of manuscripts and printed works, and the opportunities to share Balcarres House with visiting groups. The Trust remains committed to preserving these collections for future generations, ensuring they continue to inspire research, learning, and appreciation of the arts and heritage.

b. Future activities

Looking ahead, the Trust will continue with the redevelopment of the Joiner’s Lodge cottage, further enhancing the estate’s facilities. On the cultural front, Shakespeare’s First Folio will travel on loan to Asia as part of the exhibition Writers Revealed, organised by the National Portrait Gallery which will run from mid-March to midJuly 2026. Opening in Shanghai before moving to Seoul, South Korea, this international exhibition will bring one of the most celebrated treasures of the Crawford Collections to new audiences, reflecting the Trust’s commitment to sharing its holdings as widely as possible.

Financial review

a. Going concern

After making appropriate enquiries, the council members have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

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BALCARRES HERITAGE TRUST LIMITED

COUNCIL MEMBERS' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

b. Reserves policy

There is no reserves policy as the Trustees believe it is not necessary to have free cash reserves available. This is due to the high levels of cash maintained in the endowment fund.

All incoming resources of the charity are included in the unrestricted general fund for the year. The principal sources of income arise from investment income in respect of dividends, rental income and from donations. Total incoming resources of £260,522 ( 2024 - £ 408,759) have been received in the year.

Total resources expended in the year are £380,059 ( 2024 - £4 03,754). These are primarily included in unrestricted general funds, except for investment management fees, which form part of the expendable endowment fund. Costs of generating funds also include the direct costs associated with let property held for investment purposes in the year. Costs of charitable activities of £321,213 ( 2024 - £ 351,547) include the costs of running and preserving Balcarres House and certain other properties used in furtherance of the charity's objectives.

The charity's investment policy is to hold funds in a medium risk strategy in order to achieve a balance of income and capital growth but free from the imposition of moral or ethical constraints.

Overall the net movement in funds was a deficit of £204,701 ( 2024 - £497,558 surplus), resulting in unrestricted funds of £299,159 ( 2024 - £4 66,800) and expendable endowment funds of £7,117,410 ( 2024 - £ 7,154,470) at the year end.

Structure, governance and management

a. Constitution

The company, which is a recognised charity in Scotland and in England and Wales, is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 18/02/1987. Each member guarantees the charity's liabilities to the extent of £100 in the event of the charity winding up.

The charity, which is a recognised charity in Scotland, is constituted under a Memorandum of Association dated 18/02/1987 and is a registered charity number 296766.

b. Methods of appointment or election of council members

The management and overall strategy of the charity is in the hands of the Council members. Council members are appointed by the existing Council such that the number of members of Council will no be less than 5 or more than 8. Council members hold office until the sixth Annual General Meeting following their election or re election. Whilst there is no formal training or induction process in place, the Council works within the guidelines of the Memorandum and Articles of Association.

The day to day administration of the charity is undertaken by Lord Crawford, a current Council member.

c. Risk management

The Council members have assessed the major risks to which the charity is exposed, in particular those related to the operations 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 relating to the investment portfolio have been outlined in the James Hambro & Partners LLP portfolio report.

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BALCARRES HERITAGE TRUST LIMITED

COUNCIL MEMBERS' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

Statement of council members' responsibilities

The council members (who are also the directors of the charitable company for the purposes of company law) are responsible for preparing the Council members' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the council members to prepare financial statements for each financial . Under company law, the council members 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 charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the council members are required to:

The council members are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Each of the persons who are council members at the time when this Council members' report is approved has confirmed that:

Auditors

The auditors, Sumer Auditco Limited, have indicated their willingness to continue in office. The designated council members will propose a motion reappointing the auditors at a meeting of the council members.

Approved by order of the members of the board of council members on 19 November 2025 and signed on their behalf by:

The Earl of Crawford

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BALCARRES HERITAGE TRUST LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BALCARRES HERITAGE TRUST LIMITED

Opinion

We have audited the financial statements of Balcarres Heritage Trust Limited (the 'charitable company') for the year ended 5 April 2025 which comprise the Statement of financial activities, the Balance sheet, and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the council members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the council members with respect to going concern are described in the relevant sections of this report.

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BALCARRES HERITAGE TRUST LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BALCARRES HERITAGE TRUST LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The council members are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Council members' report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 (as amended) require us to report to you if, in our opinion:

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BALCARRES HERITAGE TRUST LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BALCARRES HERITAGE TRUST LIMITED (CONTINUED)

Responsibilities of trustees

As explained more fully in the Council members' responsibilities statement, the council members (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the council members determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the council members are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the council members either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the charitable company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional mistatement due to fraud.

We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Charities and Trustee Investment (Scotland) Act 2005 and UK tax legislation.

Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management.

A further description of our responsibilities for the audit of the financial statements is available on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

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BALCARRES HERITAGE TRUST LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BALCARRES HERITAGE TRUST LIMITED (CONTINUED)

Use of our report

This report is made solely to the charitable company's trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company's trustees, as a body, in accordance with regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charitable company's trustees and council members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Douglas Rae (Senior statutory auditor)

for and on behalf of

Sumer Auditco Limited

Chartered Accountants Statutory Auditors 14 City Quay Dundee DD1 3JA

19 November 2025

Sumer Auditco Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

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BALCARRES HERITAGE TRUST LIMITED

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 5 APRIL 2025

Note
Income and endowments from:
Donations and legacies
3
Charitable activities
Investments
4
Other income
5
Total income and endowments
Expenditure on:
Raising funds
6
Charitable activities
7
Total expenditure
Net (expenditure)/income before net
(losses)/gains on investments
Net (losses)/gains on investments
Net (expenditure)/income
Transfers between funds
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Endowment
funds
2025
£
-
-
-
-
-
43,948
-
43,948
(43,948)
(85,164)
(129,112)
92,052
(37,060)
7,154,470
(37,060)
7,117,410		 Unrestricted
funds
2025
£
35,000
11,575
198,738
15,209
260,522
14,898
321,213
336,111
(75,589)
-
(75,589)
(92,052)
(167,641)
466,800
(167,641)
299,159		 Total
funds
2025
£
35,000
11,575
198,738
15,209
260,522
58,846
321,213
380,059
(119,537)
(85,164)
(204,701)
-
(204,701)
7,621,270
(204,701)
7,416,569		 Total
funds
2024
£
189,746
16,949
185,695
16,369
408,759
52,207
351,547
403,754
5,005
492,553
497,558
-
497,558
7,123,712
497,558
7,621,270

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 13 to 25 form part of these financial statements.

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BALCARRES HERITAGE TRUST LIMITED REGISTERED NUMBER: 02101229

BALANCE SHEET AS AT 5 APRIL 2025

Note
Fixed assets
Tangible assets
11
Heritage assets
12
Investments
13
Current assets
Debtors
14
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due within one
year
15
Net current assets
Total assets less current liabilities
Net assets excluding pension asset
Total net assets
Charity funds
Endowment funds
Restricted funds
Unrestricted funds
Total funds		 92,476
4,179
96,655
(41,965)		 2025
£
276,933
109,862
6,975,084
7,361,879
54,690
7,416,569
7,416,569
7,416,569
7,117,410
-
299,159
7,416,569		 81,656
3,520
85,176
(34,515)		 2024
£
306,277
109,862
7,154,470
7,570,609
50,661
7,621,270
7,621,270
7,621,270
7,154,470
-
466,800
7,621,270

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BALCARRES HERITAGE TRUST LIMITED REGISTERED NUMBER: 02101229

BALANCE SHEET (CONTINUED) AS AT 5 APRIL 2025

The entity was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

However, an audit is required in accordance with section 144 of the Charities Act 2011 and section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005.

The council members acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the council members on 19 November 2025 and signed on their behalf by:

The Earl of Crawford

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S P Weil
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The notes on pages 13 to 25 form part of these financial statements.

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BALCARRES HERITAGE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

1. General information

Balcarres Heritage Trust Limited is a company limited by guarantee, incorporated in England and Wales under company number 02101229 and having its registered office at 50 Broadway, Westminster, London, SW1H 0BL. The principal operating location is Balcarres Estate, Colinsburgh, Fife.

Balcarres Heritage Trust Limited is also a registered charity, registered in England and Wales with charity number 296766 and in Scotland with charity number SC039480.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Balcarres Heritage Trust Limited 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.

2.2 Income

All income is recognised once the charitable company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the charitable company has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the charitable company, can be reliably measured.

2.3 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the charitable company to raise funds for its charitable purposes and includes costs of all fundraising activities events and noncharitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the charitable company's objectives, as well as any associated support costs.

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BALCARRES HERITAGE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

2. Accounting policies (continued)

2.4 Tangible fixed assets and depreciation

Tangible fixed assets costing £NIL or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.

Depreciation is provided on the following bases:

Land & buildings leasehold - Straight line basis over the term of lease
(expires 2037)
Tenant's improvements - Straight line basis over the remaining term of
the lease (expires 2037)
Plant and machinery - 20% Straight Line
Motor vehicles - 25% Reducing Balance

2.5 Heritage assets

Where heritage assets have been purchased, they are initially recognised at cost. After recognition, under the cost model, heritage assets are measured at cost less any accumulated depreciation and any accumulated impairment losses.

At each reporting date the charitable company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined to be the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

2.6 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.

Investments held as fixed assets are shown at cost less provision for impairment.

2.7 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.8 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

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BALCARRES HERITAGE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

2. Accounting policies (continued)

2.9 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the charitable company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

3. Income from donations and legacies

Donations
Donations
Legacies		 Unrestricted
funds
2025
£
35,000
35,000
Unrestricted
funds
2024
£
15,500
174,246
189,746		 Total
funds
2025
£
35,000
35,000
Total
funds
2024
£
15,500
174,246
189,746

4. Investment income

Rent and service charge income
UK listed investments
Foreign listed investments		 Unrestricted
funds
2025
£
62,280
92,806
43,652
198,738		 Total
funds
2025
£
62,280
92,806
43,652
198,738

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BALCARRES HERITAGE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

4. Investment income (continued)

Rent and service charge income
UK investments
Foreign investments		 Unrestricted
funds
2024
£
62,167
41,928
81,600
185,695		 Total
funds
2024
£
62,167
41,928
81,600
185,695

5. Other incoming resources

Single farm payment
Miscellaneous income
Single farm payment
Miscellaneous income		 Unrestricted
funds
2025
£
14,959
250
15,209
Unrestricted
funds
2024
£
14,769
1,600
16,369		 Total
funds
2025
£
14,959
250
15,209
Total
funds
2024
£
14,769
1,600
16,369

6. Investment management costs

Investment management fees
Investment property insurance
Investment property repairs		 Endowment
funds
2025
£
43,948
-
-
43,948		 Unrestricted
funds
2025
£
-
1,540
13,358
14,898		 Total
funds
2025
£
43,948
1,540
13,358
58,846

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BALCARRES HERITAGE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

6. Investment management costs (continued)

Investment management fees
Investment property insurance
Investment property repairs		 Endowment
funds
2024
£
40,776
-
-
40,776		 Unrestricted
funds
2024
£
-
1,615
9,816
11,431		 Total
funds
2024
£
40,776
1,615
9,816
52,207

7. Analysis of expenditure by activities

Heritage activities
Heritage activities		 Activities
undertaken
directly
2025
£
220,834
Activities
undertaken
directly
2024
£
258,709		 Support
costs
2025
£
100,379
Support costs
2024
£
92,838		 Total
funds
2025
£
321,213
Total
funds
2024
£
351,547

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BALCARRES HERITAGE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

7. Analysis of expenditure by activities (continued)

Analysis of direct costs

Depreciation
Property heat and light
Property insurance
Property repairs and maintenance
Sundry expenses
Other garden expenses
Council tax
Conservation and restoration
Governance costs
Depreciation
Property heat and light
Property insurance
Property repairs and maintenance
Sundry expenses
Garden vehicle & machinery repairs
Other garden expenses
Council tax
Conservation and restoration
Governance costs
8.
Staff costs
Wages and salaries
Contribution to defined contribution pension schemes		 Heritage
activities
2025
£
29,344
32,084
43,340
62,605
14,004
2,650
3,120
10,454
23,233
220,834
Heritage
activities
2024
£
33,127
36,983
25,335
111,737
6,108
47
10,526
2,178
3,352
29,316
258,709
2025
£
78,341
5,297
83,638		 Total
funds
2025
£
29,344
32,084
43,340
62,605
14,004
2,650
3,120
10,454
23,233
220,834
Total
funds
2024
£
33,127
36,983
25,335
111,737
6,108
47
10,526
2,178
3,352
29,316
258,709
2024
£
72,346
4,622
76,968

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BALCARRES HERITAGE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

8. Staff costs (continued)

The average number of persons employed by the charitable company during the year was as follows:

2025
No.
Employees
2
No employee received remuneration amounting to more than £60,000 in either year.		 2024
No.
2

9. Auditors' remuneration

2025 2024
£ £
Fees payable to the charitable company's auditor for the audit of the
charitable company's annual accounts 6,950 6,600
Fees payable to the charitable company's auditor in respect of:
All non-audit services not included above 6,950 6,600

10. Council members' remuneration and expenses

During the year, no council members received any remuneration or other benefits (2024 - £NIL) .

During the year ended 5 April 2025, no council member expenses have been incurred (2024 - £NIL) .

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BALCARRES HERITAGE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

11. Tangible fixed assets

Cost or valuation
At 6 April 2024
At 5 April 2025
Depreciation
At 6 April 2024
Charge for the year
At 5 April 2025
Net book value
At 5 April 2025
At 5 April 2024		 Freehold
property
£
234,158
234,158
142,467
7,320
149,787
84,371
91,691		 Long-term
leasehold
property
£
554,918
554,918
359,146
16,480
375,626
179,292
195,772		 Plant and
machinery
£
38,751
38,751
35,391
1,680
37,071
1,680
3,360		 Motor
vehicles
£
54,053
54,053
38,599
3,864
42,463
11,590
15,454		 Total
£
881,880
881,880
575,603
29,344
604,947
276,933
306,277

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BALCARRES HERITAGE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

12. Heritage assets

Assets recognised at cost

Carrying value at 6 April 2024
Carrying value at 5 April 2025
Analysis of heritage asset transactions
2025
2024
2023
£
£
£
Purchases
Heritage Assets
-
-
-
Donations
"Library Companion"
-
500
-
13.
Fixed asset investments		 Assets at
Balcarres
Estate
2025
£
109,862
109,862
2022
£
500
-		 Total
2025
£
109,862
109,862
2021
£
-
-
Cost or valuation
At 6 April 2024
Additions
Disposals
Revaluations
At 5 April 2025
Net book value
At 5 April 2025
At 5 April 2024		 Listed
investments
£
7,128,575
2,626,440
(2,881,845)
(85,166)
6,788,004
6,788,004
7,128,575		 Investment
cash
£
25,895
385,292
(224,107)
-
187,080
187,080
25,895		 Total
£
7,154,470
3,011,732
(3,105,952)
(85,166)
6,975,084
6,975,084
7,154,470

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BALCARRES HERITAGE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

14. Debtors

Due within one year
Trade debtors
Other debtors
Prepayments and accrued income		 2025
£
500
32,464
59,512
92,476		 2024
£
4,416
25,896
51,344
81,656

15. Creditors: Amounts falling due within one year

Trade creditors
Other taxation and social security
Accruals and deferred income		 2025
£
7,721
-
34,244
41,965		 2024
£
9,206
612
24,697
34,515

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BALCARRES HERITAGE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

16. Summary of funds

Summary of funds - current year

General funds
Endowment
funds		 Balance at 6
April 2024
£
466,800
7,154,470
7,621,270		 Income
£
260,522
-
260,522		 Expenditure
£
(336,111)
(43,948)
(380,059)		 Transfers
in/out
£
(92,052)
92,052
-		 Gains/
(Losses)
£
-
(85,164)
(85,164)		 Balance at 5
April 2025
£
299,159
7,117,410
7,416,569

The transfer between the General Fund and the expendable Endowment Fund represents income credited to the General Fund but accumulated within the investment portfolio.

Summary of funds - prior year

General funds
Endowment funds		 Balance at
6 April 2023
£
457,483
6,666,229
7,123,712		 Income
£
408,759
-
408,759		 Expenditure
£
(362,978)
(40,776)
(403,754)		 Gains/
(Losses)
£
(36,464)
529,017
492,553		 Balance at
5 April 2024
£
466,800
7,154,470
7,621,270

17. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets
Fixed asset investments
Heritage assets
Current assets
Creditors due within one year
Total		 Endowment
funds
2025
£
109,862
6,975,084
-
32,464
-
7,117,410		 Unrestricted
funds
2025
£
167,071
-
109,862
61,153
(38,927)
299,159		 Total
funds
2025
£
276,933
6,975,084
109,862
93,617
(38,927
7,416,569

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BALCARRES HERITAGE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

17. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

Tangible fixed assets
Fixed asset investments
Heritage assets
Current assets
Creditors due within one year
Total		 Endowment
funds
2024
£
-
7,154,470
-
-
-
7,154,470		 Unrestricted
funds
2024
£
306,277
-
109,862
85,176
(34,515)
466,800		 Total
funds
2024
£
306,277
7,154,470
109,862
85,176
(34,515)
7,621,270

18. Contingent liabilities

The charity has sub-let the property known as The Bothies on the basis that the tenant will spend a minimum of £250,000 on developing and improving the property. Once the tenant has incurred expenditure of £250,000, the charity will be required to pay compensation if the lease is terminated at any time prior to 31 December 2030. Until December 2020 the level of compensation is fixed at £100,000 and reduces thereafter by £10,000 for each year or part of a year which elapses. The tenant had incurred the minimum expenditure by 5 April 2010 but the trustees have no intention of terminating the lease.

19. Pension commitments

The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable by the charity to the fund and amounted to £5,297 (2024 - £4,622). No contributions were payable to the fund at the balance sheet date ( 2024 - £nil ).

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BALCARRES HERITAGE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

20. Related party transactions

Parts of the property leased by the charity are sub-let to the Earl of Crawford at rent independently set each year by CKD Galbraith LLP, property consultants. The rent due by the Earl of Crawford in respect of this sub-lease in the year under review £20,550 ( 2024 - £19,925 ). Further, in the current year, rental income of £13,450 ( 2024 - £10,430 ) was received from Balcarres Estate and £9,910 ( 2024 - £8,904 ) from Lord Balniel, who is the Earl of Crawford's son.

A legacy was received from The Late 29th Earl of Crawford during the prior year, amounting to £174,246.

Certain contents of Balcarres House, which are owned by the Earl of Crawford but fall within the charitable objectives of the charity, are subject to a loan agreement between the Earl and the charity. The charity includes these items within its insurance policy as part of this agreement.

The Earl of Crawford is a partner in James Hambro & Partners LLP who provide investment management services to the charity. The value of these services in the year under review was £44,108 ( 2024 - £40,776 ).

The Trust paid £84,250 ( 2024 - £37,892 ) to Balcarres Estate, which is a related party under common control, as a recharge for staff time dedicated to the Trust's activities. In addition, management services of £15,000 ( 2024 - £15,000 ) were donated by the Estate to the Trust.

Mr Simon Weil is a partner in the legal practice of Charles Russell Speechlys which provides legal services to the charity. The amount paid for these services during the year was £7,405 ( 2024 - £8,766 ).

In the prior year, Mr Nicholas Barker donated a book to the collection of the Trust. Although no formal valuation has been carried out, the trustees believe the value of the book to be in the region of £500 and have used this value to recognise the donation in the financial statements.

Page 25