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← Piobaireachd Society

2025-11-30-accounts

REGISTERED CHARITY NUMBER: SC001113

REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025

FOR

THE PIOBAIREACHD SOCIETY

Bell Ogilvy Chartered Accountants 36 King Street Castle Douglas Dumfries & Galloway DG7 1AF

THE PIOBAIREACHD SOCIETY

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025

Page
Report of the Trustees 1 to 5
Independent Examiner's Report 6
Statement of Financial Activities 7
Balance Sheet 8
Notes to the Financial Statements 9 to 15
Detailed Statement of Financial Activities 16 to 17

THE PIOBAIREACHD SOCIETY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 NOVEMBER 2025

The trustees present their report with the financial statements of the charity for the year ended 30 November 2025. The trustees have adopted the provisions of 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).

OBJECTIVES AND ACTIVITIES

Objectives and aims

Page 1

THE PIOBAIREACHD SOCIETY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 NOVEMBER 2025

ACHIEVEMENTS AND PERFORMANCE

Charitable activities

The Society presented the highly successful "Talk Piobaireachd" programme on Zoom which was well attended with up to 100 members joining each online discussion. All sessions were recorded and uploaded to the Society's website for future reference for members, allowing all members across the world access to the videos without the need to attend live. A total of six sessions were delivered by senior Society members, with the focus on the set tunes for major competitions at Oban and Inverness in 2025.

The Archie Kenneth Quaich - the premier competition for amateur piobaireachd - was held in the rooms of the Royal Scottish Piper's Society in Edinburgh in February. There was a great demand for places with 22 players competing on the day, and PS member Tom Peterkin gained the first place with his rendition of The Battle of Auldearn No. 1.

We held our Annual Conference at the Royal George Hotel in Perth from 28 - 30 March 2025. The event was well attended including members from South Africa, America, Germany, Poland and the UK, and the feedback from attendees was very positive. The talks presented were; "Gems from the PS Archive" by Dr Jack Taylor; "Life, Times and Music of John MacDonald of Inverness" by Honorary President Robert Wallace; "Memorising the Big Music" by Honorary Vice-President Dr Peter McCalister; and "Skye: Language, Heritage and the Silver Chanter" by Dr J Decker Forrest. The conference papers and recordings of performances were uploaded to the website for all members to enjoy. In the evening we had three young players perform recital programmes to our dinner guests; Fraser Hamilton; Kyle Cameron and Liam Nicholson.

The Society published the "Life, Times and Music of John MacDonald, Inverness" by John H Shone after the manuscript was donated to us by the author. This was thought to be a very important work, highlighting not only John MacDonald's contribution but also the Society's contribution towards the start of formal tuition which lay the foundations of the Army School of Piping. The book was published in time for our conference and has sold well.

Our annual summer school was held at Sabhal Mor Ostaig in Skye with expert tuition provided by our Honorary President and Vice-President, along with two other notable instructors Brian Lamond and William Geddes. Students attended from the Philippines, Thailand, America, Canada, England, Scotland, Austria, Germany and France. Feedback from the event was very positive overall and demand for next year's school already has the class lists near to full capacity.

The Society was delighted to present the annual invitational competition for the coveted Silver Chanter at Sabhal Mor Ostaig in Skye, on August 6th. This was run in association with Torabhaig Single Malt Whisky who provided a substantial sponsorship of the event. A large audience enjoyed performances of MacCrimmon tunes by Cameron Drummond; Derek Midgely; Nick Hudson; Angus MacPhee; Alasdair Henderson; and winner of the Silver Chanter Sandy Cameron. The competition was judged by Dr Bill Wotherspoon, and compèred by Dr J Decker Forrest providing a wealth of knowledge to the audience throughout the evening.

The Society presented a recital in St Cecilia's Hall as part of the Edinburgh Fringe Festival to a large and appreciative audience. Performers on the evening were Double Gold-Medallist Alasdair Henderson and Silver Medallists Brodie Watson-Massey and John MacDonald.

The Society's Music Committee have recently completed the colossal task of revising all 16 volumes of the Piobaireachd Society Collection, and these updates are now on sale electronically and in book format through the PS online shop.

Our archive of historic publications are now held for safe keeping by the National Library of Scotland.

We would like to recognise and state our utmost gratitude for the high level of contribution from volunteers who devote many hours each year to furthering the objectives of the Society.

Page 2

THE PIOBAIREACHD SOCIETY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 NOVEMBER 2025

FINANCIAL REVIEW

Financial position

The Society's membership numbers have increased year on year, with current membership at 1,065. Almost half of these members reside outwith Scotland. We believe that excellent website facilities and making as much of what we do available online as possible is a big factor in making all members feel valued, and that everyone can make the most of their membership.

On top of membership fees, the Society's main source of income is our online shop and dealing with retailers. Sales remain strong with our main items being books; polo shirts; pipe bag covers and cords; PS ties; kilt pins and cuff links.

The Society was granted a very generous residual legacy this year from former member Jonathon Sherwood, totalling £18,284.89. The Society would like to mark it's gratitude to Mr Sherwood's kindness.

The Society disperses grant funding in support of organisations and events that support the constitutional aims and objectives of the Society, providing sufficient funds are available. Details of this year's grant funding can be found on the next page.

The Society changed banks this year to Unity Trust Bank PLC who have a strong record in customer service. Along with our current account, we now have an instant access savings account, and a high interest savings account.

The Trustees report a surplus on unrestricted reserves for the year of £14,493 The total value of funds held on 30 November 2025 amounted to £131,383, all of an unrestricted nature.

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.

Page 3

THE PIOBAIREACHD SOCIETY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 NOVEMBER 2025

FINANCIAL REVIEW Grant Funding

The Society is delighted to have dispersed over twenty thousand pounds this year in grant funding to support events and organisations worldwide that promote the learning and performance of piobaireachd. Organisations and events funded include:

UK

Australia

USA

Canada

FUTURE PLANS

Planning is underway for the following events next year:

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.

The charity was established by a Deed of Trust. It is registered 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.

Our constitution is currently being updated for ratification by the membership at our AGM in 2027.

Page 4

THE PIOBAIREACHD SOCIETY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 NOVEMBER 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT

Recruitment and appointment of new 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 academic or 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.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number

SC001113

Principal address

36 Mount Harriet Drive Stepps Glasgow G33 6DN

Trustees

R Wallace (Honoraray President) Dr P McCalister (Honorary Vice-President) Mrs K M Warren (Honorary Treasurer) B Duncan (Honorary Secretary) I Cameron A Forbes J Forbes H Jamieson D Urquhart

Independent Examiner

Bell Ogilvy Chartered Accountants 36 King Street Castle Douglas Dumfries & Galloway DG7 1AF

Patron

HM King Charles III

09/04/2026 Approved by order of the board of trustees on ............................................. and signed on its behalf by:

................................................................. R Wallace - Trustee

Page 5

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE PIOBAIREACHD SOCIETY

I report on the accounts for the year ended 30 November 2025 set out on pages seven to fifteen.

Respective responsibilities of trustees and 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 (as amended). 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 the independent examiner's report

My examination was 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 you as 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 connection with my examination, no matter has come to my attention :

have not been met; or

Eilidh J Harman BA (Hons) CA The Institute of Chartered Accountants of Scotland

Bell Ogilvy Chartered Accountants 36 King Street Castle Douglas Dumfries & Galloway DG7 1AF

20/04/2026

Date: .............................................

Page 6

THE PIOBAIREACHD SOCIETY

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 NOVEMBER 2025

==> picture [483 x 439] intentionally omitted <==

----- Start of picture text -----
2025 2024
Unrestricted Total
fund funds
Notes £ £
INCOME AND ENDOWMENTS FROM
Donations and legacies 21,971 7,312
Charitable activities
Sale of publications etc
23,917 39,188
Concert income 1,163 960
Summer school 8,003 6,995
Silver Chanter 3,400 -
Subscriptions 20,395 12,443
Investment income 2 1,001 1,047
Total 79,850 67,945
EXPENDITURE ON
Charitable activities
Charitable activities 65,651 50,055
Net gains on investments 294 530
NET INCOME 14,493 18,420
RECONCILIATION OF FUNDS
Total funds brought forward 116,890 98,470
TOTAL FUNDS CARRIED FORWARD 131,383 116,890
----- End of picture text -----

The notes form part of these financial statements

Page 7

THE PIOBAIREACHD SOCIETY

BALANCE SHEET 30 NOVEMBER 2025

Notes
FIXED ASSETS
Investments
6
CURRENT ASSETS
Stocks
7
Cash at bank		 2025
Unrestricted
fund
£
1,694
8,983
123,115		 2024
Total
funds
£
1,400
8,983
112,675
CREDITORS
Amounts falling due within one year
8		 132,098
(2,409)		 121,658
(5,341)
NET CURRENT ASSETS 129,689 116,317
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS
Amounts falling due after more than one year 9		 131,383
-		 117,717
(827)
NET ASSETS 131,383 116,890
FUNDS
10
Unrestricted funds		 131,383 116,890
TOTAL FUNDS 131,383 116,890

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: 09/04/2026

............................................. R Wallace - Trustee

............................................. P McCalister - Trustee

The notes form part of these financial statements

Page 8

THE PIOBAIREACHD SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025

1. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

The financial statements of the charity, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities and Trustee Investment (Scotland) Act 2005. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

INCOME

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

EXPENDITURE

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

STOCKS

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

TAXATION

The charity is exempt from tax on its charitable activities.

FUND ACCOUNTING

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

FINANCIAL INSTRUMENTS

Cash and cash equivalents comprise cash on hand and call deposits, and other short term high liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade Debtors

Trade debtors are amounts due from customers for the sale of goods and services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price and represent the full value of the goods and services charged to customers, including any amounts charged on for third parties.

Page 9

continued...

THE PIOBAIREACHD SOCIETY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 NOVEMBER 2025

1. ACCOUNTING POLICIES - continued

FINANCIAL INSTRUMENTS

Trade Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Accounts payable are classified as current liabilities if the organisation does not have conditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date they are represented as non current liabilities.

Borrowings

Interest bearing borrowings are initially recorded at fair value, net of transaction costs. Interest bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of financial activities over the period of the relevant borrowing.

Provisions and contingencies

Provisions are recognised when the organisation has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

Fixed Asset Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value

and subsequently measured at their fair value as at the balance sheet date using the closing quoted market

price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

The Trust does not acquire put options, derivatives or other complex financial instruments. The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.

Realised gains and losses

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying

value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains

and losses are calculated as the difference between the fair value at the year end and their carrying value.

Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

Page 10

continued...

THE PIOBAIREACHD SOCIETY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 NOVEMBER 2025

2. INVESTMENT INCOME

Dividends
Bank interest
3.
GRANTS PAYABLE
Charitable activities
The total grants paid to institutions during the year was as follows:
Argyllshire Gathering
College of Piping (Canada)
Highlands & Islands Music & Dance Festival
George Watson College
Lochaber 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
Pipers and Pipe Bands Society of Ontario
Dundonald Highland Games
Nicol-Brown Amateur International Piping Contest
British Columbia Piper's Association
Lewis & Harris Piping Society
Pinstripe Highlanders		 2025
£
-
1,001
1,001
2025
£
20,812
2025
£
3,600
-
800
88
400
-
(384)
1,495
500
-
3,085
3,600
2,080
1,015
1,415
500
768
700
500
650
20,812		 2024
£
110
937
1,047
2024
£
13,551
2024
£
3,250
387
600
750
300
640
384
790
500
500
700
3,250
1,000
500
-
-
-
-
-
-
13,551

Page 11

continued...

THE PIOBAIREACHD SOCIETY NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 NOVEMBER 2025

4. TRUSTEES' REMUNERATION AND BENEFITS

During the year ended 30 November 2025 two trustees were paid £300 Honoraria respectively, with one Trustee declining.

TRUSTEES' EXPENSES

There were no trustees' expenses paid for the year ended 30 November 2025 nor for the year ended 30 November 2024.

5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM
Donations and legacies
Charitable activities
Sale of publications etc
Concert income
Summer school
Subscriptions
Investment income		 Unrestricted
fund
£
7,312
39,188
960
6,995
12,443
1,047
Total 67,945
EXPENDITURE ON
Charitable activities
Charitable activities		 50,055
Net gains on investments 530
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward		 18,420
98,470
TOTAL FUNDS CARRIED FORWARD 116,890

Page 12

continued...

THE PIOBAIREACHD SOCIETY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 NOVEMBER 2025

6. FIXED ASSET INVESTMENTS

MARKET VALUE
At 1 December 2024
Revaluations
At 30 November 2025
NET BOOK VALUE
At 30 November 2025
At 30 November 2024
There were no investment assets outside the UK.
Cost or valuation at 30 November 2025 is represented by:
Valuation in 2024
Valuation in 2025
Cost
7.
STOCKS
Stocks
8.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other creditors		 Listed
investments
£
1,400
294
1,694
1,694
1,400
Listed
investments
£
530
294
870
1,694
2025
2024
£
£
8,983
8,983
2025
2024
£
£
2,409
5,341

Page 13

continued...

THE PIOBAIREACHD SOCIETY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 NOVEMBER 2025

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Trade creditors
10.
MOVEMENT IN FUNDS
Unrestricted funds
General fund
TOTAL FUNDS		 At
1.12.24
£
116,890
116,890		 2025
£
-
Net
movement
in funds
£
14,493
14,493		 2024
£
827
At
30.11.25
£
131,383
131,383

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund		 Incoming
resources
£
79,850		 Resources
expended
£
(65,651)		 Gains and
losses
£
294		 Movement
in funds
£
14,493
TOTAL FUNDS 79,850 (65,651) 294 14,493
Comparatives for movement in funds
Unrestricted funds
General fund		 At
1.12.23
£
98,470		 Net
movement
in funds
£
18,420		 At
30.11.24
£
116,890
TOTAL FUNDS 98,470 18,420 116,890

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund		 Incoming
Resources
Gains and
resources
expended
losses
£
£
£
67,945
(50,055)
530		 Movement
in funds
£
18,420
TOTAL FUNDS 67,945
(50,055)
530		 18,420

Page 14

continued...

THE PIOBAIREACHD SOCIETY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 NOVEMBER 2025

10. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 At
1.12.23
£
98,470
98,470		 Net
movement
in funds
£
32,913
32,913		 At
30.11.25
£
131,383
131,383

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund		 Incoming
Resources
Gains and
resources
expended
losses
£
£
£
147,795
(115,706)
824		 Movement
in funds
£
32,913
TOTAL FUNDS 147,795
(115,706)
824		 32,913

11. RELATED PARTY DISCLOSURES

During the year three Trustees were reimbursed £1,697.07 for expenditure incurred on behalf of the charity.

Page 15

THE PIOBAIREACHD SOCIETY

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 NOVEMBER 2025

==> picture [483 x 650] intentionally omitted <==

----- Start of picture text -----
2025 2024
£ £
INCOME AND ENDOWMENTS
Donations and legacies
Donations 3,687 7,312
-
Legacies 18,284
21,971 7,312
Investment income
Dividends - 110
Bank interest 1,001 937
1,001 1,047
Charitable activities
Sales of publications etc 23,917 39,188
Summer school 8,003 6,995
Concert income 1,163 960
-
Silver chanter competition 3,400
Subscriptions 20,395 12,443
56,878 59,586
Total incoming resources 79,850 67,945
EXPENDITURE
Charitable activities
Insurance 173 173
Judges' expenses 150 200
Committee, Annual Conference proceedings
and sundry costs 2,078 9,623
Concert & composition expenses 1,775 3,616
Silver chanter 4,131 2,887
Summer school expenses 16,818 9,095
Website costs 2,476 1,091
Paypal and bank charges 407 1,276
Cost of sales of publications etc 14,828 7,343
Honoraria 600 -
Archie Kenneth Quaich Competition 203 -
Grants to institutions 20,812 13,551
64,451 48,855
Support costs
Governance costs
Accountancy and legal fees 1,200 1,200
Total resources expended 65,651 50,055
Net income before gains and losses 14,199 17,890
----- End of picture text -----

This page does not form part of the statutory financial statements

Page 16

THE PIOBAIREACHD SOCIETY

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 NOVEMBER 2025

==> picture [483 x 94] intentionally omitted <==

----- Start of picture text -----
2025 2024
£ £
Realised recognised gains and losses
Realised gains/(losses) on fixed asset
investments 294 530
Net income 14,493 18,420
----- End of picture text -----

This page does not form part of the statutory financial statements

Page 17