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2024-11-30-accounts

THE PIOBAIREACHD SOCIETY

FINANCIAL STATEMENTS

for the year ended 30 November 2024

Registered Charity No SC001113

WHITELAW WELLS Chartered Accountants

EDINBURGH NORTH BERWICK

GLASGOW

THE PIOBAIREACHD SOCIETY

CONTENTS

PAGE

  1. TRUSTEES’ REPORT

  2. INDEPENDENT EXAMINER’S REPORT

  3. INCOME AND EXPENDITURE ACCOUNT INCORPORATING STATEMENT OF FINANCIAL ACTIVITIES

  4. BALANCE SHEET

  5. NOTES TO THE ACCOUNTS

THE PIOBAIREACHD SOCIETY

TRUSTEES’ REPORT

FOR THE YEAR ENDED 30 NOVEMBER 2024

The Trustees present their report along with the financial statements for the Trust for the year ended 30 November 2024. The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and 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).

OBJECTIVES

The objective of the Trust is the furtherance of piping.

REVIEW OF ACHIEVEMENTS AND ACTIVITIES AND FUTURE PLANS

The Society continued with the highly successful online ‘Talk Piobaireachd’ programme during 4Q23 and 1Q24. A total of six sessions were delivered by senior PS members with the focus on the set tunes for the major competitions at Oban and Inverness in 2024. The Zoom sessions were well attended with up to 100 members joining the online discussions. All the sessions were recorded and uploaded to the Society’s website.

The Piobaireachd Society Annual Conference was held at the Royal George Hotel in Perth at the end of March. This was the second ‘in person’ event following the Covid-19 pandemic. The event was well attended and the feedback from attendees was very positive. The conference papers were transcribed and uploaded to the website for PS members.

The premier competition for amateur piobaireachd, The Archie Kenneth Quaich, was held in February with strong demand for places in the event. The competition was held in the rooms of the Royal Scottish Pipers’ Society in Edinburgh and the AKQ trophy was won by PS member

.

A Summer School was held at the Gaelic College in Skye with piobaireachd tuition provided by the President and Honorary President of the Society. Feedback from attendees was extremely positive and plans are underway for the 2025 programme. Demand for places is expected to be strong.

The Society was delighted to promote and present the annual recital competition for the Silver Chanter in association with the Torabhaig Single Malt Whisky and Sabhal Mor Ostaig Gaelic College. This was a new venture for the Society and the gala event was held at the college in Skye in August. A large audience enjoyed the six performances of classical MacCrimmon piobaireachd. The evening was recorded and a video of the winning performance by has been uploaded to the Society’s website. Audio recordings of the other performances are also available on the website.

The Society delivered a highly successful Piobaireachd Concert as part of the Edinburgh Festival Fringe in August, and this was subsequently broadcast using the Society’s digital media channels.

In May, the Society received the very positive news that HM The King had agreed to become the Patron of the Society.

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THE PIOBAIREACHD SOCIETY

TRUSTEES’ REPORT

FOR THE YEAR ENDED 30 NOVEMBER 2023

During the year, the Society continued revisions of electronic (eBook) versions of the Piobaireachd Society Books and other publications in this format. Revised and reprinted volumes of the Society’s collection of music in A4 format continue to sell well.

The Society continues to develop its website and includes sections for the general public to gain an appreciation of the art form with music clips of piobaireachd being played. The website development programme includes articles about Piobaireachd, sound clips library, photo gallery, proceedings of previous Society Annual Conferences and ‘You Tube’ recordings.

Sales of the Society’s publications and merchandise (kilt pins, ties, cufflinks and bagpipe covers) via the online shop remained strong throughout the year.

The Society provided more than £13,500 in financial support to 14 Organisation for various events throughout the year with additional focus on piping initiatives in North America and Australia/New Zealand.

The Trust recognises the high level of contribution from volunteers who devote many hours each year to furthering the objectives of the Society.

The Society donated its Archive to the National Library of Scotland during year.

FINANCIAL REVIEW OF THE YEAR

The Society’s membership numbers have increased mainly due to the excellent website facilities which have been developed, and which continue to be advanced. Almost half of the members reside outside of Scotland. The Trustees believe that the expenditure on the website is a major contributory factor to the success of the Society.

Sales of books and other items have again been strong in the year with the Society continuing to maintain a stock of publications containing most of the available Piobaireachd and from time to time assists in the development and publication of new work. The addition of digital books to the Society’s products continues to be a popular option. All of the Society’s publications and merchandise are now available direct from the Society via its website rather than through a third-party distributor and the Society has continued to develop a network of partner retailers in overseas countries. This has maintained margins thus maximising the surplus on sales available to support the constitutional aims and objectives of the Society.

As noted in note 8 the Trust was notified of a residual legacy at the Start of November 2024. These funds are still held the by executory and will be received and recognised by the Trust once the estate has been settled but this could take some time but it is hopeful that the funds will be received before November 2025.

The Trustees report the surplus on unrestricted reserves for the year of £18,420 (2023: £543 deficit) has been carried to reserves. The total value of funds held at 30 November 2024 amounted to £116,890 (2023 - £98,470) all of an unrestricted nature.

Grant making policy

The Society makes grants, or awards, in support of piping to appropriate organisations on an annual basis provided sufficient funds are available.

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THE PIOBAIREACHD SOCIETY

TRUSTEES’ REPORT

FOR THE YEAR ENDED 30 NOVEMBER 2024

Reserves policy

The General Fund represents the unrestricted free reserves of the Society arising from past operating results. The trustees believe that the balance of the fund is satisfactory in relation to the Society’s regular and recurring commitments.

Investment policy

The Society’s policy is to hold funds readily available in bank accounts. The Society’s sole investment is £1,000 11% Royal Bank Preference Shares valued at £1,400 at 30th November 2024.

PLANS FOR FUTURE PERIODS

The Society will continue to provide financial support for the major piping events throughout the year.

Detailed plans have been developed for the following events:

STRUCTURE, GOVERNANCE AND MANAGEMENT

Status of Charity and Governing Document

The charity was established by a Deed of Trust. It is registered as a charity with the Office of the Scottish Charity Regulator (OSCR) and is recognised as a charity for the purposes of Section 505 Income & Corporation Taxes Act 1988.

Recruitment and appointment of trustees

The Trustees are responsible for the day-to-day operating of the charity. The Trustees are appointed on the basis of their expertise in Piobaireachd and/or their business background.

Risk Management

The major risks to which the charity is exposed, as identified by the Trustees, have been reviewed and systems established to mitigate those risks.

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THE PIOBAIREACHD SOCIETY

TRUSTEES’ REPORT

FOR THE YEAR ENDED 30 NOVEMBER 2024

REFERENCE AND ADMINISTRATIVE INFORMATION

Charity Name

The Piobaireachd Society

Charity Number SC001113 Patron: His Majesty, King Charles III

Trustees

Contact address

Independent examiner

Bankers

36 Mount Harriet Drive Stepps Glasgow G33 6DN Whitelaw Wells Chartered Accountants & Statutory Auditors 9 Ainslie Place Edinburgh, EH3 6AT Royal Bank of Scotland PLC 30 Nicolson Street Edinburgh, EH8 9DL Barclays Bank PLC Leicestershire, LE87 2BB

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THE PIOBAIREACHD SOCIETY

TRUSTEES’ REPORT

FOR THE YEAR ENDED 30 NOVEMBER 2024

TRUSTEES’ RESPONSIBILITIES

The charity Trustees are responsible for preparing a trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in Scotland requires the charity trustees to prepare financial statements for each year which show a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing the financial statements, the trustees are required to:

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the charity and financial information on the society’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Approved by the Trustees on 4 April 2025 and signed on their behalf by: -

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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE

THE PIOBAIREACHD SOCIETY

I report on the financial statements for the year ended 30[th] November 2024 set out on pages 7 to 12.

Respective responsibilities of the Trustees and the Independent Examiner

The charity’s Trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The charity’s Trustees consider that the audit requirement of Regulation 10(1) (a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under section 44(1) (c) of the Act and to state whether particular matters have come to my attention.

Basis of independent examiner’s report

My examination is carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.

Independent examiner’s statement

In the course of my examination, no matter has come to my attention:

2) to which, in my opinion, attention should be drawn in order to enable a proper ts to be reached.

Whitelaw Wells 9 Ainslie Place Edinburgh EH3 6AT

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THE PIOBAIREACHD SOCIETY

INCOME AND EXPENDITURE ACCOUNT INCORPORATING STATEMENT OF FINANCIAL ACTIVITTIES FOR THE YEAR ENDED 30 NOVEMBER 2024

Note
2024
£
INCOME AND ENDOWMENTS FROM
Donations and subscriptions
19,755
Charitable activities
Sales of Publications etc.
39,188
Concert income
960
Summer school
6,995
Investments
Interest and dividends
1,047
Total income
67,945
EXPENDITURE ON:
Charitable activities
3
50,055
Total Expenditure
50,055
Net income/(expenditure) before
gains on investments
17,890
Gain/(loss) on investments
Unrealised
4
530
Net movement in funds
18,420
RECONCILIATION OF FUNDS:
TOTAL FUNDS BROUGHT FOWARD
98,470
TOTAL FUNDS CARRIED FORWARD
116,890		 2023
£
15,939
26,454
827
8,315
524
52,059
52,192
52,192
(133)
(410)
(543)
99,013
98,470

The charity has no recognised gains or losses other than the results for the year set out above. All the results of the charity are classed as continuing and unrestricted in the current year. The notes on pages 9 to 12 are an integral part of this statement of financial activities.

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THE PIOBAIREACHD SOCIErY BALANCE SHEET s at 30 November 2024 2024 2023 Note Investments al Market Value £1,000 Il% Royal Bank Preference Shares 870 Icost £l,(871 870 CURRENT ASSETS 8anks Royal Bank of Scotland Barclays Bank Paypal 46,823 64.331 1.521 30,888 63.393 2.735 112.675 97.016 st￿ks Publications Ties and Pins 6,635 2,349 3.292 3,388 8,984 6,680 Total Current Assets Les5'. Creditors falling due within one year 121,658 5,341 103,696 4,416 116,317 827 99.280 1,680 Les5'. Creditors falling due after one year Net Assets 116,890 98,470 Represented by: Unrestricted General Fund Restricted Fund 116,890 98,470 116A90 98.470 These financial statements were approved by the Trustees on 4 Apfil 2025 arKI a￿ signed on thelr behalf by".

THE PIOBAIREACHD SOCIETY

NOTES TO THE ACCOUNTS

for the year ended 30 November 2024

1. ACCOUNTING POLICIES

Basis of preparation

The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The accounts 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 Standards applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended).

The charity has taken advantage of the exemption from the requirement to prepare a Statement of Cash Flows as permitted under FRS 102 and the Charities FRS 102 SORP. The charity constitutes a public benefit entity as defined by FRS 102.

The trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern. The Trustees going concern assessment includes a period of at least 12 months from the date of signing of these financial statements. Accordingly the financial statements have been prepared on a going concern basis.

Income

Investment income from dividends is stated net. Income from charitable activities comprises performance fees and ticket sales, and is recognised when the performance is delivered.

Expenditure

All expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation to pay for expenditure. All costs have been directly attributed to one of the functional categories of resources expended on the SOFA. The Charity is not registered for VAT and accordingly expenditure is shown gross of irrecoverable VAT.

Charitable expenditure comprises those costs incurred by the charity in delivery of its activities and services. Costs of raising funds are those costs incurred in attracting voluntary income.

Funds

Unrestricted funds are donations and other incoming resources receivable or generated for the objects of the charity without further specified purpose and are available as general funds.

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure, which meets these criteria, is charged to the fund, together with a fair allocation of management and support costs.

Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Critical Judgements and Estimates

In preparing the financial statements Trustees make estimates and assumptions which affect reported results, financial position and disclosure of contingencies. Use of available information and application of judgement are inherent in the formation of the estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates. However, in the opinion of the Trustees there are no critical judgements which need to be brought to the attention of the reader for a proper understanding of the accounts other than as noted above.

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THE PIOBAIREACHD SOCIETY

NOTES TO THE ACCOUNTS

for the year ended 30 November 2024

2. CONSTITUTION

The trust is recognised by the Inland Revenue as a charity and is not subject to Income Tax and Capital Gains Tax.

3. EXPENDITURE

Charitable activities
Judges’ expenses
Committee, Annual Conference proceedings and sundry costs
Insurance
Concert & composition expenses
Silver Chanter
Summer school expenses
Website costs
Honoraria
Paypal and bank charges
Cost of Sales of Publications etc.
Charitable activities: Awards
Aberdeen Piping Society
An Crios Greine
Argyllshire Gathering
Collage of Piping (Canada)
Crest of Gordon
Highland & Islands
George Watson College
Individual bursary
Locahber Piping Society
McIntosh Scholarship
New Brunswick Piobaireachd Club
Pittsburgh Piping Society
Pitlochry Highland games
Piobaireachd Society New Zealand
Scottish Pipers Association
The Northern Meeting
United States Piping Foundation
Victorian Pipers Association
Charitable activities: Governance costs
Independent Examiner’s fee		 2024
£
200
9,623
173
3,616
2,887
9,095
1,091
-
1,276
7,343
-
-
3,250
387
-
600
750
300
640
384
790
500
500
700
3,250
1,000
500
1,200
50,055		 2023
£
300
10,492
173
3,070
-
8,838
916
500
1,242
11,883
500
500
3,250
338
215
500
120
600
300
-
-
845
500
500
1,250
3,250
1,000
-
1,110
52,192

Expenditure on charitable activities was £50,055 (2023: £52,192) of which £50,055was unrestricted (2023: £52,192) and £Nil was restricted (2023: £Nil).

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THE PIOBAIREACHD SOCIETY

NOTES TO THE ACCOUNTS

for the year ended 30 November 2024

4.
INVESTMENTS
Market Value brought forward at the start of the year
Market Value carried forward at the end of the year
Unrealised Gain/(loss)
5.
CREDITORS
Creditors: amounts falling due within one year
Accruals and other creditors
Deferred income
Creditors: amounts falling after one year
Deferred income
Deferred income – Subscriptions:
Brought forward
Released to income in the year
Deferred in year
Carried forward		 2024
£
870
1,400
530
2024
£
2,834
2,507
5,341
827
827		 2023
£
1,280
870
(410)
2023
£
1,110
3,306
4,416
1,680
1,680
£
4,986
(3,306)
1,654
3,334

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THE PIOBAIREACHD SOCIETY

NOTES TO THE ACCOUNTS

for the year ended 30 November 2024

6. MOVEMENT IN FUNDS

At 1 Dec
2023
£
Unrestricted funds
General fund
98,470
98,470
At 1 Dec
2022
£
Unrestricted funds
General fund
99,013
99,013		 Gain on At 30 Nov
Income Expenditure Investments
2024
£
£
£
£
67,945
(50,055)
530
116,890
67,945
(50,055)
530
116,890
Loss on At 30 Nov
Income Expenditure Investments
2023
£
£
£
£
52,059
(52,192)
(410)
98,470
52,059
(52,192)
(410)
98,470

7. RELATED PARTY TRANSACTIONS AND TRUSTEE’S EXPENSES AND REMUNERATION

During the year three trustees were reimbursed £2,427 (2023: three trustees were reimbursed £2,283) for expenditure incurred on behalf of the charity. During the year no trustees were paid an Honoraria compared to two trustees being paid £500 in the prior year.

8. CONTINGENT ASSET

The Trustees notified of a legacy at the Start of November 2024 that will be are residual of an estate subject to a maximum amount of $50,000. These funds are still held the by executory would are currently still assessing and valuing the estate which could take some time so it is hard to ascertain how much the Trust will receive as part of the legacy so this has not been accrued in these accounts. The lawyers acting for the executory are hopeful that the estate will be valued before November 2025 and the funds distributed shortly thereafter.

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