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2025-12-31-accounts

ROYAL SCOTTISH FORESTRY SOCIETY

A SCOTTISH CHARITABLE INCORPORATED ORGANISATION Charity No. SC 002058

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2025

ROYAL SCOTTISH FORESTRY SOCIETY

Reference and administrative information

For the year ended 31 December 2025

Charity registration number of the Royal Scottish Forestry Society (RSFS) is SC002058.

Trustees

The trustees serving during the year and since the year end were as follows (those in bold form the current board): David Henderson Howat Chair appointed 12[th] May 2025, became Chair 26[th] Aug 2025 Wilma Harper Chair retired 26[th] Aug 2025 Chris Quine Vice Chair appointed 12[th] May 2025, became Vice Chair 26[th] Aug 2025 Raymond Henderson Vice President retired 12[th] May 2025 Genia Kolb Honorary Treasurer appointed 12[th] May 2025, became Treasurer 26[th] Aug 2025 Dr Thomas Mitchell Honorary Treasurer retired 26[th] Aug 2025 Steve Brown Virginia Harden Scott Andrew McQueen Fenning Welstead Gareth Whymant Retired 25[th] Nov 2025 Management team Cat Wilson Executive Director

Editor

Gavin McGregor

Bankers and investment managers

CAF Bank Limited Quilter Cheviot 25 Kings Hill Avenue 20 Castle Terrace Kings Hill Edinburgh West Malling EH1 2EN ME19 4JQ

Independent Examiner

Chris Spalding C.A. James Anderson & Co Pentland Estate Straiton, Edinburgh EH20 9HQ

Addresses

Registered office: Correspondence address: Pentland Estate PO Box 29338 Straiton, Edinburgh St Andrews EH20 9HQ KY16 6BW

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ROYAL SCOTTISH FORESTRY SOCIETY

Report of the Trustees

For the year ended 31 December 2025

The trustees present their annual report and financial statements of the charity for the year ended 31 December 2025. The financial statements have been prepared in accordance 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 (Charities SORP FRS 102).

Objectives and activities

The Society is an educational charity with voluntary members whose prime objective is the “Advancement of forestry in all its branches”. Membership is open to all who wish to support the objectives of the Society.

The Royal Scottish Forestry Society actively seeks to meet the needs for practical forestry and woodland education by supporting those in forestry and woodland management meet their development needs and by promoting sustainable forestry more widely. We do this by:

We aspire to continue to move to a model of impact reporting to measure our achievements and performance.

We use each of the six strategic strands to develop objectives and measures against which we will report. It is also our intention to introduce more innovative means of conveying information to readers of these accounts.

The Society’s journal Scottish Forestry , seeks to disseminate original research and technical innovation that will enhance the creation of diverse woodlands, encourage their management for multiple benefits and ensure the wide enjoyment of Scotland’s woodland environment by all. The RSFS promotes a greater understanding of the use of Scotland’s woodlands and timber in new, innovative and beautiful ways.

Achievements and performance

To improve readers’ understanding we have aligned our achievements with our published strategic goals.

Goal 1 We will be a provider of relevant, practically focussed forestry events,

Providing Regional Study Days with the level of engagement, focus on the topics and benefit sought by those attending

Our programme of Regional Field Days (RFD) continues to be well attended. During 2025 we held 16 RFD across Scotland. These events showcased the breadth of Scotland’s woodland types and management objectives. They provide an opportunity for attendees to learn from experts and practitioners addressing a range of issues relevant to contemporary forestry. All field days are published on the homepage of our website and listed in the fortnightly Kernel; the replacement for eNews. We now expect members to book online. This helps the organisers and allows us to monitor attendance.

Running an Annual Study Tour providing an opportunity to showcase the diversity of forests and the work of the RSFS Annual study tour (AST)

Our Annual Study Tours are a means of providing members an opportunity to understand the diversity of forestry in a particular region and the opportunities and challenges faced by owners and managers. It also brings a wide group of people together to share their expertise and build a network of contacts. The 2025 AST was hosted by North East Region and was based around Deeside.

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ROYAL SCOTTISH FORESTRY SOCIETY

Report of the Trustees (continued) For the year ended 31 December 2025

Developing our learning & development offering, including support through bursaries and prizes

Trustees considered that the Society needs to look for opportunities to re-engage with formal forestry education, both participants and providers. Trustees consider this to be a significant area where the Society could deliver a positive benefit and our approach is being reviewed for future years.

This work was taken forward in 2025 following the appointment of an Executive Director. Plans were put in place to launch a new publication, Understorey , that will showcase the best work of forestry students - Trustees are most grateful to EGGER (UK) and F&W Forestry for sponsoring this initiative. In addition, our academic awards have been rationalised.

Offering a suite of training days to provide those active in the sector or who are entering it with relevant Continuous Professional Development RSFS training days

Goal 2 We will be a reliable and regular provider of information

Publishing information from diverse sources on current research, thinking and forest practice

We publish a high-quality journal, Scottish Forestry , three times a year. Scottish Forestry is available in two formats:

Members can access the entire back catalogue of more than 300 editions of Scottish Forestry (since 1947) and Transactions of the Scottish Arboricultural Society (1858 to 1947) by logging in to our website.

Each year two prizes are awarded for articles appearing in Scottish Forestry. Winning articles will be showcased on our website.

This year’s and recent winners are:

Sir George Campbell Memorial Trophy – for “the best paper by forestry professionals”

Neil Findlay Memorial Trophy for papers that “portray wider perspectives of people’s involvement with trees, woodland and the environment”

2025 – Ross Watson for Resisting the alien invasion:

2025 – Coralie M Mills, Nicola Hunt and Catriona Patience 2025 – Ross Watson for Resisting the alien invasion: for Back to the future: Investigations to inform the Lessons from Cambodia and the Balkans in how Scotland restoration of Dairy Wood, a historic wood pasture near could take long-term, community-focused action on Moffat. Vol 80 (1) INNS. Vol 79 (2) 2024 – WL Mason for A long-term study of stand 2024 – Amanda Bryan for What can forestry education in recovery in a Caledonian pinewood: the ‘Brown’ plots in the American Midwest teach us? Vol 78 (2). the Black Wood of Rannoch Vol78 (3). 2023 – Virginia Harden Scott for Focus on forest plastics: 2023 – Domen Finzgar, Richard Ennos, Richard Whittet, Reducing single-use plastics in forestry. Vol 77(3). Joan Cottrell for Measuring and managing genetic 2022 – Ben Harrower and Katie Harrower for Hot on the diversity in the British Sitka spruce improvement trail – How advances in thermal imaging are transforming programme. Vol 77(2). deer management. Vol 76(3). 2022 – Bill Mason, Victoria Stokes, Andy FS Taylor for The 2021 – Nicky Hume for Plastic-free forests – a discussion, role of nursing mixtures in forestry in upland Britain. Vol Vol 75(1). 76(1). 2021 – Euan AD Bowditch and Elspeth Macdonald for The elm is dead! Long live the elm!. Vol 75(2).

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ROYAL SCOTTISH FORESTRY SOCIETY

Report of the Trustees (continued)

For the year ended 31 December 2025

Bringing people together to promote better links and open discussion on forestry topics

A new series of online evening talks was launched under the Forest Lights banner, with sessions on dendrochronology, the functioning of Amazonian forest ecosystems, the book Treekeepers: The Race for a Forested Future and the play Three Words for Forest . These talks are also available on Youtube. In addition, we launched a Facebook community under the Glade banner.

Developing our Communications to support delivery of key outcomes for the Society

All members receive a fortnightly eNews, now known as The Kernel, which is a comprehensive digest of RSFS news and covers a broad range of other current issues from across the media.

The Kernel is considered to be the most up to date and comprehensive digest of forestry stories in Scotland.

Promoting what the Society does more widely

During the year we commissioned work to rebuild our website. We have a presence on YouTube and LinkedIn.

Goal 3 We will be a body valued by our membership

Developing a more inclusive and diverse membership to better reflect those active in the sector

Work has been undertaken to update membership lists and remove duplications in names between individual members and those sponsored by their corporate member employers. As a result, numbers are lower than those reported in 2024. The Society has around 500 individual members and 420 sponsored members. Efforts are being made to attract more members.

Reviewing its membership framework, particularly for organisations

The Corporate Membership scheme was introduced during 2023 enables organisations to nominate three or more staff members in exchange for a modest discount. The staff named members are then eligible to access all member benefits of the Society.

The revised structure is now:

Developing closer links with key partners and stakeholders

The Executive Director has undertaken a comprehensive programme of introductory visits and meetings with key partners and stakeholders to discuss opportunities for developing stronger links with RSFS.

Goal 4 We will be an outward facing and forward- looking land manager

Establishing a clear strategy for Cashel in support of RSFS and a plan to implements it

RSFS is the parent body of Cashel Forest Trust (CFT). During 2025 the CFT Trustees placed the Cashel farmhouse and associated buildings on the market; the sale was completed after the end of this reporting year. Close liaison was maintained between CFT and RSFS Trustees during the sale process. The RSFS Library that was at Cashel has been transferred to the Royal Botanic Gardens of Edinburgh (RBGE) on the understanding that RBGE will incorporate the publications they want into their library, with the remainder being offered to their students or sold for charity.

Providing facilities and access for education, research, leisure, and wellbeing through the restoration and maintenance of Cashel’s natural and built assets

Cashel remains open to the public and those who wish to use it for education and research purposes.

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ROYAL SCOTTISH FORESTRY SOCIETY

Report of the Trustees (continued) For the year ended 31 December 2025

The second and final phase of the Peatland Restoration work was completed. This was funded by Scottish Government through the National Park Authority.

Goal 5 We will be a well-run and developing charity

Developing our day-to-day operations to facilitate planned growth of the Society

During the year, the Trustees reviewed the Governance of the Society and the resources needed to support the running of the Society.

At the AGM the Constitution was amended to allow the Society to elect a broader range of Trustees to its Board, to introduce time limits on Trustee terms of office, and to change some of the language (including renaming the “President” as “Chair”. Three new Trustees were elected. In addition, the Executive Director was appointed.

Delivery of the journal and The Kernel is outsourced to Gavin McGregor, an independent editor. Financial management, governance and secretariat are outsourced to CGPM Consulting LLP.

Trustees thanked the following outgoing members of the Board for their many years of service to the Society: Wilma Harper (former President), Raymod Henderson (former Vice President), Dr Tom Mitchell (former Treasurer) and Gareth Whymant (former Chairman, Northern Region).

Diversifying our funding streams to support the delivery of our ambitions

Trustees are most grateful to those who have generously supported the RSFS through donations and sponsorship. In addition to those mentioned elsewhere in this Report, major contributions in recent years include the Davidson (Educational) and Murgatroyd funds which support education and professional development. At the donor’s request. the Glen Grant Fund is being used to create a small area of riparian woodland within the Spey catchment.

RSFS is a small charity, and needs to ensure that it treads a careful path between meeting the necessary standards of compliance and good governance while looking for ways to streamline its operations and keep things as simple as it can. Like most charities, the RSFS depends on the support of people who volunteer for various roles or take on particular tasks. Fulfilling a voluntary role is satisfying in its own right, and can provide a range of experience and contribute to professional development. New volunteers are always welcome. The Society’s lifeblood is enriched by new – particularly young – people with fresh ideas and enthusiasm.

In summary, RSFS depends on its members, people who share a belief in and passion for all the benefits offered by Scotland’s trees, woods and forests.

We continue to align more closely our reporting of achievements and performance with our charitable objectives and delivery programme. Trustees will continue to refine our approach in order that we can demonstrate to members and those who provide valuable support to us for the work of the Society to provide practical forestry education.

Going concern and post-balance sheet events

The Society remains reasonably financially secure, as the bulk of our income is increasingly derived from a broad spectrum of activities. Over the past 10 years we have broadened our income sources from primarily membership dues to include investment income, fees from courses and a small number of large donations.

The investment portfolio performed better than in 2024 but still lags industry benchmarks, showing an unrealised gain of £24.8k (2024: £13.4k gain). The underperformance of the portfolio is the result of the Investment Manager actively deciding not to hold shares in, or funds holding, the so-called “Magnificent 7” technology stocks that were behind many of the market gains in recent years. Most of the gains in the year accrued following the change in Investment Manager in May 2025.

Taking all of the foregoing into account, the trustees have formed the view that the Society remains a Going Concern and has adequate funds in place to sustain its on-going operations.

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ROYAL SCOTTISH FORESTRY SOCIETY

Report of the Trustees (continued) For the year ended 31 December 2025

Financial Review

Results for the year

The results for the year are as stated in the Statement of Financial Activities on page 12.

The Charity had unrestricted fund income amounting to £109.2k (2024: £103.2k) and unrestricted fund expenditure of £107.3k (2024: 71.3k) resulting in a net surplus for the year of £2.3k (2024: £36.9k). Around half of our unrestricted costs are attributable to the costs of producing the Society’s journal ‘ Scottish Forestry ’ and outsourced corporate services. This proportion journal costs is falling due to improved efficiencies achieved.

Our surpluses continue to be invested in the future of the Society and its activities.

The investment assets valuation increased the general fund by £17.3k (2024: increase £8.4k).

The movements on restricted funds are confirmed in pages 24 to 25.

The Society continued to operate as a charity between 1 January 2025 and 31 December 2025 wholly in terms of its objectives, details of which have been submitted to OSCR.

Investment Policy and Performance

The Charity, having regard to its liquidity requirements, holds a portfolio of shares. The shareholdings are held for longterm capital growth and the Charity will invest in shares within the London Stock Exchange Index of 100 Leading Shares. Performance of the portfolio is reviewed every quarter. The Society’s portfolio is managed by Quilter Cheviot on a discretionary basis. In 2025, surplus cash is held in deposit accounts with CAF (Charities Aid Foundation) Bank Limited and in cash products with Quilter Cheviot.

During 2024, the Society reviewed its investment performance and likely treasury management needs over the next 2 to 3 years. CFT trustees were included in this review. The conclusion was to retender the investment management service with an objective of appointing a provider who was able to offer both a longer-term discretionary management service for the existing investment portfolio as well as cash and cash-fund products for our shorter-term needs in to obtain a better return (c4%) than available in a current account (c0.25%) for surplus short-term cash balances. Quilter Cheviot was successful and the portfolios were migrated to them during the year.

Risk Management

The Charity has for a number of years actively managed its risk profile and considers its Risk Register at each Board meeting. Measures have been taken to mitigate the risk posed by overreliance on too few people by recruiting new Trustees, an Executive Director and new Regional Committee members. Trustees remain aware of the need to diversify income sources and have also identified the future management of Cashel as a matter requiring close attention.

The Board regularly reviews all of the risks to which the charity is exposed and the procedures in place to manage these risks.

Reserves policy

The Charity has considered the reserves required and have taken into account their current and future liabilities. The trustees aim to maintain free reserves in unrestricted funds to fund the equivalent of three months unrestricted charitable expenditure. The trustees consider that this level will provide sufficient funds to ensure that support and governance costs are covered.

An analysis of Net Assets between Reserve Funds is disclosed in Note 16 of the accounts. At 31 December 2025 free reserves amounted to £292,533 (2024: £272,849). The charity has in excess of 12 months unrestricted reserves available.

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ROYAL SCOTTISH FORESTRY SOCIETY

Report of the Trustees (continued) For the year ended 31 December 2025

Plans for the future

Production of a new strategic plan for the Society was completed during 2023 setting out plans for RSFS 2023 to 2028. In 2026 we will continue to deliver against the objectives that were set in the plan.

The overarching purpose of RSFS remains to:

Meet the needs for practical forestry and woodland education through supporting those in forestry and woodland management meet their development needs and by promoting sustainable forestry more widely.

To do this we will continue:

Recognising the role of RSFS as a Scottish charity which supports practical forestry education, consideration will be given as to how we can:

These will require us to:

It is recognised that some of these actions, such as building the new web-site, will bring short-term costs but the Trustees take the view that this represents prudent investment of the Society’s assets in its future development.

As ever, the RSFS depends to a very great extent on the voluntary support of its members, including especially those who give their time to the Society in many different capacities. We are pleased report the successful recruitment of new members of our Regional Committees in all parts of Scotland and thank them for their hard work in preparing for the 2026 Regional Field Days and Annual Study Tour.

Structure, Governance and Management

Governing Document

On 9 May 2017 Royal Scottish Forestry Society was incorporated as a Scottish Charitable Incorporated Organisation (SCIO) in terms of the new Constitution adopted on 9 May 2017 by the members and approved by the Office of the Scottish Charity Regulator (OSCR) on 5 December 2016. The charity was previously an unincorporated association, and the assets of the unincorporated association were transferred to the SCIO on 9 May 2017. The unincorporated association was instituted on 16th February 1854 and was registered as a charity by OSCR with effect from 2004 charity number SCO2058.

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ROYAL SCOTTISH FORESTRY SOCIETY

Report of the Trustees (continued)

For the year ended 31 December 2025

We have retained our charity number on incorporation. Prior to 2004, the Society was granted charitable status by HM Revenue & Customs. The Constitution was amended at the AGM held on 12 May 2025.

Appointment of New Trustees (Board Members)

The trustees of the Society are listed on page 1. New trustees are proposed by the Board and confirmed by a vote of the members at the Annual General Meeting which is ordinarily held in May or June each year. The Board may also co-opt up to two trustees for a period of up to one year. Office bearers are appointed by the trustees

Induction and training of Board members

New Board members are briefed on their legal obligations under charity law, the content of the Constitution, the decisionmaking processes and recent performance of the charity.

Structure

The Board decide the policy and programme of the Society and meet on a quarterly basis or more often if necessary. Regional Committees organise activities within their Regions.

Parent Undertaking

Royal Scottish Forestry Society submitted an application for membership of Cashel Forest Trust (then called RSFS Forest Trust Company) on 1 January 2017 and thereby became a Parent Member of that organisation with the rights attached to that membership in terms of its Articles of Association. The two organisations have similar objectives, align strategic plans and share resources.

Key management personnel remuneration

The trustees consider themselves to comprise the key management personnel of the charity in charge of directing and controlling the charity. Three contractors were engaged during 2025 to deliver:

All trustees give of their time freely and no remuneration was paid to them during in the year in respect of their duties as a trustee. Details of trustee expense payments are disclosed in note 3.

Trustees are required to disclose all relevant interests and register them with the Board Secretary and, in accordance with the Charity’s policy, to withdraw to from decisions where a conflict of interest arises.

Reference and administrative information

The information is contained in page 1 of the report.

Trustees’ responsibilities in relation to the financial statements

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 give 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:

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ROYAL SCOTTISH FORESTRY SOCIETY

Report of the Trustees (continued) For the year ended 31 December 2025

The trustees are responsible for keeping proper accounting records that 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, the Charity Accounts (Scotland) Regulations 2006 (as amended), and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and 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 included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The financial statements were approved and signed on behalf of the Board of the Society on 2[nd] June 2026.

Wilma Harper Chair until 26 August 2025

David Henderson Howat Chair

from 26 August 2025

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ROYAL SCOTTISH FORESTRY SOCIETY

Independent Examiner’s Report to the trustees of the Society For the year ended 31 December 2025

I report on the accounts of the Society for the year ended 31 December 2025 which are set out on pages 12 to 26.

Respective responsibilities of committee and 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 statement

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 Society and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeks explanations from the Council 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 in the accounts.

Independent examiner’s statement

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

  1. which gives me reasonable cause to believe that in any material respect the requirements:

  2. to keep accounting records in accordance with Section 44 (1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations, and

  3. to prepare accounts which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations

have not been met, or

  1. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Christopher Spalding Chartered Accountant

James Anderson & Co Chartered Accountant (ICAS) Pentland Estate STRAITON Edinburgh EH20 9QH

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ROYAL SCOTTISH FORESTRY SOCIETY

Statement of Financial Activities

For the year ended 31 December 2025

Note
Income from:
Donations and legacies
4
Charitable activities
5
Investment income
6
Other trading activities
7
Total income
Expenditure on:
Raising funds
8
Charitable activities
9
Total expenditure
Net income
Gain/(loss) on revaluation of
investment assets
12
Net movement on funds
Fund balances brought forward
15
Fund balances carried
forward
15		 Unrestricted
Funds
£
76,856
4,709
7,773
20,358
109,696
47
107,275
107,322
2,374
17,310
19,684
325,899
345,583		 Restricted
Funds
£
-
5,880
1,449
7,329
-
18,677
18,677
(11,348)
7,104
(4,244)
182,532
178,288		 Endowment
Funds
£
-
-
-
-
-
-
-
-
-
424
424
5,425
5,849		 Total
Funds
2025
£
76,856
10,589
9,222
20,358
117,025
47
125,952
125,999
(8,974)
24,838
15,864
513,856
529,720		 Total
Funds
2024
£
Restated
75,369
14,057
13,463
8,336
111,225
35
87,324
87,359
23,866
13,356
37,222
476,634
513,856

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ROYAL SCOTTISH FORESTRY SOCIETY

Balance Sheet

At 31 December 2025

Note
Fixed assets
Tangible assets
11
Investments
12
Current assets
Debtors
13
Cash at bank and in hand
Creditors – amounts falling due within one year
14
Net current assets
Net assets
Funds
Permanent endowment fund
15
Unrestricted funds
15
Restricted funds
15
Total charitable funds		 28,576
252,316		 2025
£
53,050
313,150
163,520
529,720
5,849
345,583
178,288
529,720		 24,665
246,460		 2024
£
Restated
53,050
290,279
170,527
280,892
(117,372)		 271,125
(100,598)
513,856
5,425
325,899
182,532
513,856

The notes on pages 14 to 26 form part of these accounts.

The financial statements were approved and signed on behalf of the Board of the Society on 2[nd] June 2026.

Dr Thomas Mitchell Honorary Treasurer until 26 August 2025

Genia Kolb

Honorary Treasurer from 26 August 2025

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ROYAL SCOTTISH FORESTRY SOCIETY

Notes to the Financial Statements For the Year ended 31 December 2025

1. Statutory information

Royal Scottish Forestry Society is a Scottish Charitable Incorporated Association (SCIO) which was registered in its current legal form on 9 May 2017. The charity was previously an unincorporated association which transferred its assets to the SCIO on 9 May 2017.

The company’s registration number and registered office address can be found on the Reference and Administrative Details on page 1.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

2. Accounting Policies

The principal accounting policies adopted, judgement and key sources of estimation and uncertainty in the preparation of the financial statements are as follows:

The financial statements have been prepared under the historical cost convention unless otherwise specified, within these accounting policies and in accordance with:

Advantage has been taken of the exemption permitted in section 1A of FRS102 not to prepare a Cash Flow Statement and accompanying notes.

Royal Scottish Forestry Society 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 notes to these accounts.

The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items as fair value. The Trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern as it has sufficient available funds to meet its anticipated expenditure. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

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ROYAL SCOTTISH FORESTRY SOCIETY

Notes to the Financial Statements For the Year ended 31 December 2025 (continued)

2. Accounting Policies (continued)

c) Funds structure

Unrestricted income funds comprise those funds which the trustees are free to use for any purpose in furtherance of the charitable objects. Unrestricted funds include designated funds where the trustees, at their discretion, have created a fund for a specific purpose.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donor.

Endowment funds represent those assets which must be held permanently by the charity, principally investments. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the investments form part of the fund. Investment management charges and legal advice relating to the fund are charged against the fund.

Further explanation of the nature and purpose of each fund are disclosed in note 15.

d) Income recognition

All income is recognised once the charity has entitlement to the income, there is sufficient certainty or receipt and so it is probable that the income will be received, and the amount of income receivable can be measured reliably.

Donations and grants are recognised when they have been communicated in writing with notification of both the amount and settlement date. In the event that a donation or grant is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity, and it is probable that those conditions will be fulfilled in the reporting period.

For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. At this point income is recognised. On occasion legacies will be notified to the charity however it is not possible to measure the amount expected to be distributed. On these occasions, the legacy is treated as a contingent asset and disclosed.

Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred.

Advertising income is recognised in the year in which the edition of ‘ Scottish Forestry ’ was issued in which the adverts appear.

Interest on funds held on deposit is included upon notification of the interest paid or payable by the Bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

e) Government and other grants

Government and other grants are recognised at fair value when the charity has entitlement, after any performance condition is met, where it is probably that the income will be received, and the amount can be measured reliably.

f) Donated services

The society benefits greatly from the involvement and support of its volunteers. In accordance with FRS 102 and the Charity’s SORP (FRS 102) economic contribution of volunteers is not recognised in the accounts.

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ROYAL SCOTTISH FORESTRY SOCIETY

Notes to the Financial Statements For the Year ended 31 December 2025 (continued)

2. Accounting Policies (continued)

Expenditure is recognised 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.

All expenditure is accounted for on an accruals basis. All expenses, including support costs and governance costs, are allocated or apportioned to the applicable expenditure headings in the statement of financial activities.

All expenditure relates to charitable actions and governance costs being an Independent Examiner, bookkeeper and investment manager.

Irrecoverable VAT is charged against the expenditure heading for which it was incurred.

All assets costing more than £2,500 are capitalised and valued at historical cost. Depreciation is charged from the year of acquisition on operating assets on a 25% straight line method and on Monitor Woods development at 20% straight line. Artefacts which have been gifted to the Society over many years have been introduced at independent historic valuation and are subject to an annual impairment review.

j) Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset’s cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

k) Fixed asset investments

Investments are initially recognised at their transaction value and subsequently measured by the investment manager at their market 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.

l) Stocks

The stock of merchandise on hand is valued at the lower of cost price or net realisable value.

m) Debtors

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

n) Cash at bank and in hand

Cash at bank and cash in hand includes costs 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.

Page | 16

ROYAL SCOTTISH FORESTRY SOCIETY

Notes to the Financial Statements For the Year ended 31 December 2025 (continued)

2. Accounting Policies (continued)

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

The charity operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable. At the year-end £0 of contributions remained to be paid over to the provider (2024: £0).

The trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are finally recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are realistically measured at amortised cost using the effective interest method.

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.

No provision for corporation tax is necessary as the charity does not trade. The charity suffers input VAT on some of its expenditure which it is unable to recover.

As permitted by Charities SORP (FRS 102), advantage has been taken of the exemption available to small groups not to prepare consolidated accounts as the combined gross income of the Royal Scottish Forestry Society and the RSFS Forest Trust Company is less than £500,000.

The trustees were not paid or received any other benefits from employment. Services were provided by CGPM Consulting LLP £5,355 (2024 £6,300), a partnership in which Dr Thomas Mitchell is a partner.

The value of expenses paid to trustees during the year was £0 (2024: 2 trustees, £567.04).

Royal Scottish Forestry Society is the parent member of Cashel Forest Trust (CFT). Where Cashel Forest Trust generates revenues via debit and credit cards and Paypal, it uses the RSFS merchant accounts. RSFS incurs certain costs on behalf of CFT and recharges them. Recharges between RSFS and CFT are through and intercompany account with periodic settlement of any balances. The amounts due to and from CFT are disclosed in notes 13 and 14.

Payments to the key management personnel of the charity in the year amounted to £21,969 (2024: £13,241).

Page | 17

ROYAL SCOTTISH FORESTRY SOCIETY

Notes to the Financial Statements

For the Year ended 31 December 2025 (continued)

4
Donations and legacies 2025
Personal subscriptions
Corporate subscriptions
Gift Aid recovery
Donations
Donations and legacies 2024
Restated
Personal subscriptions
Corporate subscriptions
Gift Aid recovery
Donations
Legacies
5
Charitable activities 2025
Journal sales
Publication income
Annual Study Tour
Training events
Other events
Charitable activities 2024
Journal sales
Publication income
Annual Study Tour
Training events		 Unrestricted
Funds
£
33,608
34,933
7,000
1,315
76,856
40,389
22,039
7,956
2,985
2,000
75,369
1,866
7
-
2,573
263
4,709
1,103
71
-
4,955
6,129		 Restricted
Funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
5,880
-
-
5,880
-
-
7,928
-
7,928		 Total
£
33,608
34,933
7,000
1,315
76,856
40,389
22,039
7,956
2,985
2,000
75,369
1,866
7
5,880
2,573
263
10,589
1,103
71
7,928
4,955
14,057

Page | 18

ROYAL SCOTTISH FORESTRY SOCIETY

Notes to the Financial Statements

For the Year ended 31 December 2025 (continued)

6
Investment income 2025
Dividends on listed investments
Bank interest
Realised gains and (losses)
Investment income 2024
Dividends on listed investments
Bank interest
Realised gains and (losses)
7
Other trading activities 2025
Advertising in the journal
Journal Royalties
Other income
Other trading activities 2024
Advertising in the journal
Journal Royalties
8
Expenditure on raising funds 2025
Fundraising costs
Expenditure on raising funds 2024
Fundraising costs		 Unrestricted
Funds
£
3,222
4,841
(290)
7,773
9,714
5,148
(1,399)
13,463
19,345
966
47
20,358
7,381
955
8,336
47
47
35
35		 Restricted
Funds
£
1,707
-
(258)
1,449
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Total
£
4,929
4,841
(548)
9,222
9,714
5,148
(1,399)
13,463
19,345
966
47
20,358
7,381
955
8,336
47
47
35
35

Page | 19

ROYAL SCOTTISH FORESTRY SOCIETY

Notes to the Financial Statements

For the Year ended 31 December 2025 (continued)

9
Charitable activities 2025
Cost of direct activities
Staff employment costs
Other staff expenses
Scottish Forestry_costs
Education Bursaries
Annual Study Tour
Regional field days
Training event costs
Event costs
Project delivery costs
Publication costs
_Cost of overheads
Corporate office
Sundry office costs
Investment management fees
IT costs
Professional fees
Financial costs
Governance costs (see below)
Total direct and overhead costs
Governance costs
Board secretariat
Legal & professional
Independent examination		 Unrestricted
Funds
£
37,270
1,308
39,317
300
-
409
2,268
-
-
14
80,886
3,742
557
2,093
10,762
2,660
3,328
3,247
26,389
107,275
2,025
22
1,200
3,247		 Restricted
Funds
£
-
120
-
250
4,615
-
-
240
4,270
-
9,495
-
-
-
9,182
-
-
-
9,182
18,677
-
-
-
-		 Total
£
37,270
1,428
39,317
550
4,615
409
2,268
240
4,270
14
90,381
3,742
557
2,093
19,944
2,660
3,328
3,247
35,571
125,952
2,025
22
1,200
3,247

Page | 20

ROYAL SCOTTISH FORESTRY SOCIETY

Notes to the Financial Statements

For the Year ended 31 December 2025 (continued)

Unrestricted
Funds
£
9
Charitable activities 2024
Cost of direct activities
Staff costs
9,819
Other staff expenses
1,971
Scottish Forestry_costs
31,482
Education Bursary
600
Training & event costs
3,585
Publication costs
9
Annual Study Tour
-
47,466
_Overheads
Corporate office
5,882
Investment management fees
2,024
IT costs
1,896
Professional fees
4,295
Financial costs
5,128
Governance costs (see below)
4,586
23,811
Total direct and overhead costs
71,277
Governance costs
Board secretariat
2,900
Independent examination
1,119
Trustees’ expenses
567
Total governance costs
4,586
10
Staff costs
Wages and salaries
Social security costs
Pension contributions
No employee earned £60,000 or more in 2025 or 2024.
Average number of staff in the year		 Restricted
Funds
£
-
-
-
10,850
479
-
4,468
15,797
-
-
-
-
250
-
250
16,047
-
-
-
-
2025
£
35,178
-
4,092
37,270
2		 Total
£
9,819
1,971
31,482
11,450
4,064
9
4,468
63,263
5,882
2,024
1,896
4,295
5,378
4,586
24,061
87,324
2,900
1,119
567
4,586
2024
£
9,035
-
100
9,135
1

Page | 21

ROYAL SCOTTISH FORESTRY SOCIETY

Notes to the Financial Statements

For the Year ended 31 December 2025 (continued)

11
Tangible fixed assets
Cost or valuation
At 31st December 2024
Valuation
Additions
Disposals
At 31st December 2025
Depreciation
At 31st December 2024
Charge for the year
Disposals
At 31st December 2025
Net book value
At 31st December 2025
At 31st December 2024		 Operating
Assets
£
1,176
-
-
-
1,176
1,176
-
-
1,176
-
-		 Canopy
Development
£
6,525
-
-
-
6,525
6,525
-
-
6,525
-
-		 Heritage
Assets
£
40,000
-
-
-
40,000
-
-
-
-
40,000
40,000		 Trophies &
Prizes
£
13,050
-
-
-
13,050
-
-
-
-
13,050
13,050		 Total
£
60,751
-
-
-
60,751
7,701
-
-
7,701
53,050
53,050

Artefacts which have been gifted to the Society over many years have been included at independent valuation and are subject to an annual impairment review.

12
Investments
Market value at 1 January
(Decrease)/Increase in amounts held as cash
Additions at cost (net of equalisations)
Disposals at carrying value
Income capitalised
Net gain on revaluation
Market value at 31 December		 2025
£
290,279
(1,942)
274,220
(277,268)
3,023
24,838
313,150		 2024
£
278,322
(2,534)
13,617
(12,482)
-
13,356
290,279

All investments are carried at their fair value. Investment in equities and fixed interest securities are all traded in quoted public markets, primarily the London Stock Exchange. Holdings in common investment funds, unit trusts and open-ended investment companies are at the bid price. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value).

The Society manages these investment risks by retaining expert advisors and operating an investment policy that provides for a high degree of diversification of holdings within investment asset classes that are quoted on recognised stock exchanges. The Society does not make use of derivatives and similar complex financial instruments as it takes the view that investments are held for their longer-term yield total return and historic studies of quoted financial instruments have shown that volatility in any particular 5-year period will normally be corrected.

Page | 22

ROYAL SCOTTISH FORESTRY SOCIETY

Notes to the Financial Statements For the Year ended 31 December 2025 (continued)

13
Debtors
Trade receivables
Other debtors
Prepayments
Intercompany account
14
Creditors
Amounts falling due within one year
Creditors & accruals
Intercompany account
Other taxes and social security costs
Income in advance
Income in advance – membership
Opening balance
Income released in the year
Income received in advance
Being subscriptions relating to the new financial year received
(individual) or paid (corporate) during current financial year
Income in advance – Journal subscription
Opening balance
Income released in the year
Income received in advance
Being subscriptions relating to the new financial year received
during current financial year
Income in advance – Annual study tour
Opening balance
Income released in the year
Income received in advance
Being income relating to the annual study tour relating to the new
financial year received during current financial year.		 2025
£
16,984
9,013
2,579
-
28,576
60,028
33,645
3,494
20,205
117,372
32,734
(32,734)
20,205
20,205
-
-
-
-
-
-
-
-		 2024
£
Restated
20,956
2,755
450
504
24,665
39,903
27,789
172
32,734
100,598
15,729
(15,729)
32,734
32,734
487
(487)
-
-
2,450
(2,450)
-
-

Page | 23

ROYAL SCOTTISH FORESTRY SOCIETY

Notes to the Financial Statements For the Year ended 31 December 2025 (continued)

15
Statement of funds 2025
Unrestricted funds
Conference Fund
Educational Fund
Excursions Fund
Glen Grant Fund
Jeffrey Schools
Competition Fund
Lecture Fund
Monitor Woods Fund
Murgitroyd Fund
Overseas Groups Fund
Trophy Fund
Restricted funds total
Permanent Endowment
Total funds		 Balance at
1 January
2025
£
325,899
1,284
32,998
8,800
63,830
10,428
111
18,844
44,808
409
1,020
182,532
5,425
513,856		 Income
£
109,696
-
781
5,880
-
-
-
-
668
-
-
7,329
-
117,025		 Expenditure
£
(107,322)
(129)
-
(4,737)
(4,389)
-
(111)
(9,061)
(250)
-
-
(18,677)
-
(125,999)		 Investment
Revaluation
£
17,310
-
3,120
-
-
-
-
-
3,984
-
-
7,104
424
24,838		 Balance at
31 December
2025
£
345,583
1,155
36,899
9,943
59,441
10,428
-
9,783
49,210
409
1,020
178,288
5,849
529,270

The restricted funds of the Society and the purposes for which they have been given are:

Restricted fund name

Conference fund

Education fund

Excursion fund Incorporating the Gilbert Brown Memorial fund George Leven Memorial fund

Hunter-Blair Trophy fund Glen Grant fund

Jeffrey Schools Competition fund

Lecture fund McNeil Bequest

Purpose

Amounts donated for the purpose of supporting RSFS attendance at conferences and seminars.

Donations made to fund educational prizes.

The surpluses accrued on sponsorship received in support of the attendance of young foresters at the Society’s Annual Study Tour.

A grant made to fund the maintenance of the RSFS trophies.

A donation made by the Glen Grant to fund riperian planing and its maintenance in the Glen Grant vicinity and other projects agreed with the donor.

A grant made Mrs Jeffrey on the passing of former RSFS President Graham Jeffrey

During the year, the trustees sought and received consent from OSCR to modify the terms of the fund to extend its geographic reach to include East Dumbartonshire and to permit the application of the funds for the amended purposes of supporing transport costs and to providing prizes to P7 children for written or media work in connection with Cashel or Cashel's activities in alignment with Curriculum for Excellence or any successor thereto.

The surpluses accrued from RSFS lectures to fund future lectures.

A bequest made by Mrs McNeil to support tree planting by school children in Midlothian to further their education.

Page | 24

ROYAL SCOTTISH FORESTRY SOCIETY

Notes to the Financial Statements For the Year ended 31 December 2025 (continued)

15 Statement of funds (continued)

Monitor Woods fund A grant to fund the pilot study for the benchmarking of exemplar forest and woodlands and the systems and processes to support this.

Murgitroyd fund A bequest made for the purpose of funding a range of bursaries and prizes in memory of Ian Murgitroyd. Overseas Groups fund A donation made to support overseas foresters attend RSFS events in the UK. Trophy valuation fund Representing the revaluation reserve on valuation of perviously unrecognised trophies.

15
Statement of funds 2024
Restated
Unrestricted funds
Conference Fund
Educational Fund
Excursions Fund
Glen Grant Fund
Jeffrey Schools
Competition Fund
Lecture Fund
Monitor Woods Fund
Murgitroyd Fund
Overseas Groups Fund
Trophy Fund
Restricted funds total
Permanent Endowment
Total funds
16
Analysis of net assets
between funds 2025
Unrestricted funds
Restricted funds
Permanent endowment		 Balance at
1 January
2024
£
Income
£
Expenditure
£
Investment
Revaluation
£
Balance at
31 December
2024
£
285,488
103,297
(71,312)
8,426
325,899
1,763
-
(479)
-
1,284
35,654
-
(5,600)
2,944
32,998
5,590
7,928
(4,718)
-
8,800
63,830
-
-
-
63,830
10,428
-
-
-
10,428
111
-
-
-
111
18,844
-
-
-
18,844
48,294
-
(5,250)
1,764
44,808
409
-
-
-
409
1,020
-
-
-
1,020
185,943
7,928
(16,047)
4,708
182,532
5,203
-
-
222
5,425
476,634
111,225
(87,359)
13,356
513,856
Fixed
Assets
£
Investment
Portfolio
£
Cash
£
Net
Current
Liabilities
£
Total
£
53,050
140,162
241,167
(88,796)
345,583
-
167,139
11,149
-
178,288
-
5,849
-
-
5,849
53,050
313,150
252,316
(88,796)
529,720		 Balance at
1 January
2024
£
Income
£
Expenditure
£
Investment
Revaluation
£
Balance at
31 December
2024
£
285,488
103,297
(71,312)
8,426
325,899
1,763
-
(479)
-
1,284
35,654
-
(5,600)
2,944
32,998
5,590
7,928
(4,718)
-
8,800
63,830
-
-
-
63,830
10,428
-
-
-
10,428
111
-
-
-
111
18,844
-
-
-
18,844
48,294
-
(5,250)
1,764
44,808
409
-
-
-
409
1,020
-
-
-
1,020
185,943
7,928
(16,047)
4,708
182,532
5,203
-
-
222
5,425
476,634
111,225
(87,359)
13,356
513,856
Fixed
Assets
£
Investment
Portfolio
£
Cash
£
Net
Current
Liabilities
£
Total
£
53,050
140,162
241,167
(88,796)
345,583
-
167,139
11,149
-
178,288
-
5,849
-
-
5,849
53,050
313,150
252,316
(88,796)
529,720		 Balance at
1 January
2024
£
Income
£
Expenditure
£
Investment
Revaluation
£
Balance at
31 December
2024
£
285,488
103,297
(71,312)
8,426
325,899
1,763
-
(479)
-
1,284
35,654
-
(5,600)
2,944
32,998
5,590
7,928
(4,718)
-
8,800
63,830
-
-
-
63,830
10,428
-
-
-
10,428
111
-
-
-
111
18,844
-
-
-
18,844
48,294
-
(5,250)
1,764
44,808
409
-
-
-
409
1,020
-
-
-
1,020
185,943
7,928
(16,047)
4,708
182,532
5,203
-
-
222
5,425
476,634
111,225
(87,359)
13,356
513,856
Fixed
Assets
£
Investment
Portfolio
£
Cash
£
Net
Current
Liabilities
£
Total
£
53,050
140,162
241,167
(88,796)
345,583
-
167,139
11,149
-
178,288
-
5,849
-
-
5,849
53,050
313,150
252,316
(88,796)
529,720
1,763
35,654
5,590
63,830
10,428
111
18,844
48,294
409
1,020
529,720

Page | 25

ROYAL SCOTTISH FORESTRY SOCIETY

Notes to the Financial Statements

For the Year ended 31 December 2025 (continued)

16 Analysis of net assets between funds (continued)

Analysis of net assets
between funds 2024
Restated
Unrestricted funds
Restricted funds
Permanent endowment		 Fixed
Assets
£
53,050
-
-
53,050		 Listed
Investments
£
173,939
110,915
5,425
290,279		 Cash
£
174,843
71,617
-
246,460		 Net
Current
Liabilities
£
(75,933)
-
-
(75,933)		 Total
£
325,899
182,532
5,425
513,856

17 Prior year Statement of Financial Activities Restated

Note
Income from:
Donations and legacies
4
Charitable activities
5
Investment income
6
Other trading activities
7
Total income
Expenditure on:
Raising funds
8
Charitable activities
9
Total expenditure
Net income
Gain/(loss) on revaluation of
investment assets
12
Net movement on funds
Fund balances brought forward
15
Fund balances carried
forward
15		 Unrestricted
Funds
£
75,369
6,129
13,463
8,336
103,297
35
71,277
71,312
31,985
8,426
40,411
285,488
325,899		 Restricted
Funds
£
-
7,928
-
-
7,928
-
16,047
16,047
(8,119)
4,708
(3,411)
185,943
182,532		 Endowment
Funds
£
-
-
-
-
-
-
-
-
-
222
222
5,203
5,425		 Total
Funds
2024
£
75,369
14,057
13,463
8,336
111,225
35
87,324
87,359
23,866
13,356
37,222
476,634
513,856

18 Events after the reporting date

Following the year end, the trustees of Cashel Forest Trust, a charity in which RSFS holds 75% of the voting rights, sold the farmhouse and buildings and approached the RSFS to hold preliminary discussions in connection with the potential for gifting the residual assets of Cashel Forest Trust in the event of its winding up. Discussions are ongoing.

19 Prior Year Adjustment

During the preparation of these financial statements, income was found to have been overstated in 2023 and 2024 as a result of the duplication of a small number of income transactions. Income in 2024 was restated by way of a prior year adjustment £4,933 and in 2023 £2,749.

Page | 26