CERES HIGHLAND GAMES LIMITED COMPANY LtMTtED BY GUARANFEE REGISTERED NUMBER.. SC361065 scorrIsH CHARITY NUMBER: SC042893 FANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 JAMES HAIR GROUP LtMITED CHARTERED ACCOUNTANTS
ERES HIGHLAND GAMES LIMITE COMBINED DIRECtORS AND TR TEES REPORT Th¢ directors present their rep)rt and the fittatscial statements for the yearen(led 31 October 2025. The finaDcia1 5tttements have been prepared in a¢cordwKe with the Compmie$ Aet 2(M)6, Accounting and RetK)rting by Charities,. St&tetnent of Recommended Prauice applicable to chariiies preparillg thcir fllmllcial 5tateD]ent5 in a¢¢ordance with the Finanetal Reporting Standard appli¢able in the UK and Republic of Ireland (FRS 102) i5sud during July 2014, Chan'ti¢S aud Trnstee Investment Act 2005 and the Charitie8 Acci)untg (Scotland) RegulatioL8 2006 (as amended). OBJECTIV - AcrIvrriES The ¢harity's objectives are to advance the heritage and culture of Scotland, lo advance public participation in sport and to provide recredtional facilitics or 1St iti the organisation of recreational tivitieS by ¢¢)ntinuin¥ to provide and stage free of charge 8nd with no entry fee for spectstors, the annual c¢lebrdtion known as Ceres Highland Games and Races (hcreinafteT referred as the"Games") in conlinuanon of the chprter grantedby King Robert The Bruce in 1314 to hold a free tllorket and fair, in gratinmk for th¢ contTibutson th¢ of Ceres gave at the battle of13wJnwkburn. STRUCtURE GOVERNANCE AND MANAGEMENr The ¢harity'S objects 8nd regulations are regulated by the company's IneTllUTundum da*d 7 Nov¢mber 2011. Under that menrandU At As constimtrd as a company limited by guarant¢¢. The eharity is reeognised by H M Revenue & Customs a Scottish dwity no. SC042893. The dif)[$ aTe eligible. in COnlI1¢e, to appoint additional directors under the of the memorandum. KEY MANAGEMENT The directOTS considcr the board of directors to be tbe key management persoJ]nel ofthe cl)arity, in charge of dir¢cting and controlling the clwity and nll)n1 and operating the charity on a day to day b&sis. All dire¢tor¥ give th¢ir tim¢ freely alld no dTrrectors' remunerntion was paid during the p¢ricd. DirxtQT8 ar¢ required to disclose all relevant interests in accordaD¢e with the charity's policy and withdraw frorn d1819 where a confiici of interest arises. Enduction infonnation is provided to all new directors, and ongoing training provided to all existing directors as required. ACHIEvEME1s AND PERFORMANCE Overall, 2025 was again a strong year foicerets. Highland Gajnes. both as an iULWrtan¢ cultsTal and sporting event, but also fjnallcially. We starled the year stron¥ly thaT&¥ to thc aGbumulated fund-raising efforts. over the past four yea[5, with the ongoing focus on developing grants and sponsorship, and also maintaining all otller revenue sources. There ate Conversely increases in theoperating costs with majority of all costs increasing due to infialiotl, togethcr with additional expenditure on increased crowd and traffi¢ managemenL (i)
CERES HIGHLAND fjAMES LIMLTED ACHIEVEMENTS AND PERFORMANCE- continued We started the year with £31.8k in the bank and fmished the year with £36.4k. The majoT contributors to iticome ¢oniinu¢ to b¢ the spons0hlp, car parl programmeg and colleciions, which were OVeTall similar to the previous year. Unfortunately, we lostone source of grantrevenue. although we did otTsetthaibyan iticre8se itiFife Council fullding. Additionally. we had relatively strollg the trader&lsthlls and bar incorne, with trade stalls being particularly 5u¢cessful. Merchandi5¢ sal¢s w¢r¢ lowerthan lastyear, but this w&4 off5etby stock managementand reduced expenditure. Kcyachievements for 2025 were existitig attd new major and clwnpionship sponsors (con7)ut]E between£5¢NJ to £1.51M) each), altbough sponsorship was marginally down on the excellent resulLS of last year. However, we genernlly Maintain our overall income, iti particular trades stall and oar path f¢¢s I field collections. FiTJally, Richard Cleary and Coliti KnighL two of our dire£tO., have stood down 2fier many years of service, in Richard's case over twenty years a5 President and previously Treasllrer. Colin fulfdled numerous role ineluding latterly as Arena Safety Officer. Both have c0ntnbUd enonnously in 5ev¢ral ways, not least An the fundamental task of raisillg snOIshIp. The new board express their grdtitude for ¢h¢ir undoubted contribution to our histOTiC cultural aod swrting celebration. FANCIAL REVtEW During the year ro 31 O¢tob¢r 2025 a surplus of £3,883 (2024 - £679) w&% generated. 'I'otsl funds held at 31 Ociober 2025 were £35245. UDr¢stricted fids, which arc available for general purposes, amounted to £35245 as ai the year end, and T¢stri¢*d werc £NIL. RESERVES POLICY Total funds held at 31 October 2025 were £35245 (2024 - £31,362) all olwhich are ut]re%trieted iti nature. No restrict funds held as at the year end. This level of Unf¢Strict fund8 is coTh$id¢r¢d adequate to auow the charity to ¢ontinue for the foreseeable futUTe. (2)
CERES HIGHLAND GAMES LIMITED RISK MANAGEM Th¢ directors have considered the major risks to which the clwitable company is exposed, and are confideut that measur£s have been put in place to mitigate all such risks. The principal risk faced by the charity lies in 118 abiliry to continue to secure appropriate fimding to eDable it to carry out ongoing operations. The ongoing financial position is reeWed and discussed by dire¢tors at each meetitiE. This revi¢w process enables them to ensure th¢ charity eontitiues io only promote and run the annual Games where they have the ability to do so. Key riskslactions for 2026 will be retention of sponsoTS and grant income, which are COLg u[er fancial pressures. Therefore. we need a focus on filldll new SnSoLg[ants, llLaititaining traderlstalls income and effort8 a¢ro&s all other income streams. Car parking is a key SOUTC¢ of r¢venu¢ gnd one car park ¢urr¢ntly at rigk. The Baltilly car park is ds8igDated for a housing development and we urgently need io secure an alt¢mative. The of the The Glebe is now stred by the Ceres & Districi C¢)llunwiity Tn¢ wlth a cotnmitment to Gallles Day patking. The positive su¢cek8 of the 2024 and 2025 Games resulted in record attelldallccs, wl)i¢h means that we have already impl¢ment¢d increased traffic control, public safety and overall event managemen¢ which incre0 expelldlti ottsucb measutes. Fitially. th¢ one risk aspect over whi¢h we have no control is the weather, but t'S means that it is important that we retsin contingency fill]ng for such an event and that we close fyich Games with a least the sufficient filllg for the next. REFERENCE AND ADMINISTRATIVE NFORMATION Directors.. T Wilson Apwjinied 12 NoYemb¢r 2025 R Ballantyne Appointed 12 November 2025 J Hudson R C Cleary and C Knsgbt wejt also directors until their resignalion$ OD 12 November 2025. REGISTERED AND PRCIPAL OFFICE 59 Bonnyga CUPAR Fife KY154BY Sheena Gibson FCCA Jarnes Hair Group Lijnited Cb2rtered Accoutttynts 59 Bonnygate Fife KY15 4BY CHABifY NO.. COMPANY NO: SC042893 SC361065 Th¢ Teport was apw>v¢dby the board on 11 Lol and hos been prepared in rdance with the provisions applicable to Companies enlitled ¢0 the small companies exemption. Signed on behalf of the dirtttors J HUDSON DIRECTOR {3}
CERES HIGHLAND GAMES LIMITED rNDEPENDENT EXAMINER'S REPOR'f TO THE TRUSTEES OF CERF.S HIGHL4ND GAMES LIMrrED I report QD the accounts of the ¢harity for the year ended 31 O¢tob¢r 2025 which att sel oui on pages (5) kn (I l). RESPEcfivE IIISPONSIBILrriES OF TRUSTEES AND EXAMINER The charity's trustees (who are also the directors of the company for thepurpo8es of¢ompany law) are restnSible for thepreparalionof tbe accounts in accordwKe with the temis of the Charities alld TNstee Investmeut (Scotland) Act 2005 BDd dEe Charities Accounts (Scotland) Regulations 2006 (as amended). The charity tnLStees consider that tbe audii requirement of Regulation 10(I)(a) to (c) of the 2006 Actoun¢s Regulatio doe5 not apply. It is y re4sIbIlity to examinc the accounrs as required under yection 44(1)(c) of the Act and to state whether particular matters have corne to my attention. The trFQrt is made to the trustees in rdan¢¢ with the tern of MYengagent. My workhbeen undenaken so thai I might state to the trustees those matter% l am required to stale to theu) in an Independent examiner's rep)rt nd for no otherpurpose. To the fullesl ¢xtentpemittedby law, I do not accep¢orassuTlle reswnsibiliiy to anyone other than the trusiees for my work or thig reporL BASIS or )EPEND EXAmER's STATEMENT My examination is Gvried out in olaIKe with Regulation 11 of the 2006 Accounts Regulations. examination Includ a review of the accounting Tecords kept by the clLaTity and a cojnparison of the a¢couDts presentrd with those r¢cor(b. It also includes consideration of any unusual items or disLlosures in the account4 and seeks explanatio% from the iTU9tees conCen]U any such atters. The procedures undertaken do not provide all the evidence that would be requirwj in all auth'L and cous¢qu¢llUy I do noi express an audit opinion on th¢ vi¢w given by the acc()Lmts. INDEPENDENf EXAMINER'S STATEMENr In the COUTse of my examination, no matter has come to my altelltion i) whi¢h giv¢s me Thsonable cause to believe that in any material r¢sp¢rt the requirements.. To keep accounting records in accordance with Section 4411)(a) of th¢ 2005 Act al Regulation 4 of the 2006 Accounts Regulations To prepare accounts wbich accord with the accounting r¢wr(L8 and ¢omply with Regulation 8 of the 21X>6 Accounts Regulations have Thot been meL or 2) to which in Y (yitiiow attrntion 8houbJ be drawn in order to enable a proper understanding of th¢ accouttts io reached. Sbeena Gibson FCCA James Ilair Group Lifftited Chartcred Accountanis 59 Bonllygate CUPAR Fif KY15 4BY DATE.. IIWrLIQ2( (4)
CERES HIGHLAND GAMES LIMITED STATEMENT OF FINANCIAL ACTivrriES FOR THE YEAR ED 31 OCTOBER 02 INCORPORATfN INCOME AND ACCO Unrestricted Restricted funds 2025 2024 INCOME FROM Notes Charitablc aciivities Bank interest 13] 27,745 364 27,745 364 29.086 379 28.lJ9 28,109 29,465 EXPENDITURE ON Charitable activitie8 14] 24226 24,226 28,786 TOTAL EXPENDITURE 24226 24226 28.786 NET tNCOME AND NET MOVEMEN'f N FUNDS 18] 3,883 3,883 679 RECONCILIATION Total fimds brought fonvwd 31,362 31,362 30,683 Total fiuKLs Carried forward 35.245 35,245 31.362 NOTES TO THE STATEMENT OF FINANCIAL ACTIVITIES For the year eLdaJ 31 October 2025, the slatern¢nt of fmancial activities is equivalent to an income and ¢xpenditiJre account. A separate income and exp¢ndi¢ur¢ a¢couni h&s not therefore beett prepared. None of the charity's activities were discontinued duTing ihe alxive accounting period. The SUluS for the year for Companie8 Act purposcs ¢omprises the net ineome for the ye&r of £3,883. The notes on pages (7) to {1 l) forni part of th¢s¢ fman¢ial stst¢m¢tsts. (5)
CERES HIGHLAND GAMES LIMITED- SC361065 STATEMENT OF FINANCtAL POSITION Total Unrestricted Restricted 2025 Total 2024 Notes FIXED ASSETS Tangible fixed assets 684 CURRENf ASSETS Debtors Bar]k 161 36.421 36.421 31,818 CBEDITORS- arno4ts due within one year [7] 1,176 1,176 1,140 NET cUBJ1 ASS 35,245 35245 30.678 cu LIABILITIFS 35245 35245 31.362 [8] Unrestricted- General fimd 35245 35245 31,362 For the year ending 31 October 2025 tbe compatty was eniided to exempiion from audit under section 477 orth¢ Cornpani¢$ Act 2000 Telating to small companie The members have not required the wrnpany to obtsin an audit of its accounts for the year in qtiOn in accordance with sectioll 476. The dir10[9 acknowl¢dg¢ th¢ir re8poll¥ibilities tor wmplying with the requirements of the Aet with respect to aco)uniing records and the PT¢parntion of a¢coun These ats. have b¢¢npr¢par¢d in aecordance wEth the provigioTh% applicableto companies subject to the small ¢on]palli¢s regi¢. Approved i>n behalf of the Board of Direciors on ILMnw1 DL(J) and siwjed on their behalf by: J HUDSON DIREcfoR The tleS on pages (7) to (11) forni part of these fanCial sthtements.. {6)
CERES HIGHLAND GAMES LIMITED NOTES TO THE FINANCIAL STATEMENrs FOR THE YEAR ENDED 31 ocfoBER 2025 {1) GENERAL INFORMATION Ceres Highland Games is a ¢ompany litnited by guarantee re8iStered in Scotland. In the event of th¢ mp&ny being wound up. the liabih.ty of Carh member is lirnitd to £1. The re8lStered office 18 59 Bomiy¥atc, Cupar, Fife, KY15 4BY. The prentation currency is undS sterlimg. (2) ACCOUNIING POLICIES Basis of pr¢parntioll of accounts The fmartTal statement8 are prep8redunderthe historical cost convention and Incl1¢ the rtqults of the charity's op¢rations its th¢ period. as indicated in the Directors, Report. All %tivities are continuillg. The flluncial sMtemeDts have been prepared in accordance with Accounting alld Reporting by Cbarities.. Statemetst of Recommended Practice applicable to Charities preparing their ac¢outtt An ordance with the Financial Reporting SiandaTd applicable in the UK and Republi¢ of Ireland IFRS 102). andcollLply with the Charities andTnt¢e Invesrrnent {S¢oi]and)A¢¢ 2005, thecharities A¢count$ (SlIaa) Regulations 2006 (as ame{ed) and the Companies A¢¢ 2006. The fjompany constitutes a public E¢nefit entity as defjned by FRS 102. The directors considerthai ther¢ ar¢ llo waWial wir¢rtainti¢5 about th¢ thity'5 ability to continue as a going concern. DoDation8 and voluntary income Donations and Voluntary io¢¢)m¢ are accounted for gross when rcly¢d. Gran Grants received ill respect of revenue expenditure are recognised in tbe statement of fiDancial activitie5 in the period in which they are receivable. Expenditure Expenditllre is r£cognised once there is a legal or c4)nstsiLCtive obligation io make a payment to a third party, it is probable that settlement will be required al the amount of the obligation Can be measured reliably. Expenditure is clagsified nder the following activtty headings.. Charitabl¢ livItieS include expenditure asswiated with the delivery of the charity's activitics aT include both dir¢¢t costs and those of an indirect nature nece&wy to support them. Governance wsts include those costs &8sociated with meeting CotitutIonal and statutory requirements of the chatity and iticlude irtdependent examination fees and ¢osts linked to the strategic management of the charity. and are included within expenditure on Charitable activiti£s. Costs are all{ated benveen dAre¢t ¢htiritabl¢ ¢xp¢JNh'ture and other expeThAiture according to the nature of the cost. (7)
CERES HIGHLAND GAMES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 (2) AccouNfING POLICIES- continued Tangible red assets and deprecialion. Tangible fixed a4sets ore stated at cos¢ d¢preciatiOD. Depreciatiots is provid at rales calcued io wrAt¢ off the cost or vall10 of fed assets, less their eytijnated Te6idual value, over th¢ir ¢xpected useful lives as follows: Equipment 50QA 8traighi line Debtors Other debtors. are OgnIsed #t the settlement amount due afier any trnde discount offer¢iL Creditors and provision Cteditors aDd provision5 are re¢ogttised where tbe Charity has a present obligation resultitig from a past ev¢llt that will probably result in the transfer of fijnds a third party and the amount due to settle the obligation call be measured or estimaied reliably. Funds With the adoption of tbe Ststement of Recommended Practice all income and expenditure is dealt with through the stat¢t of fullneial activits"es. In the Statement of Financial Activities fimds are classified &8 either rtried futtds or unrestricted fimds. defjned &4 follows: Restricted fund8 art funds subjtttto specific pUrse8, which may bc dcclared by the donor orwith their authority. Unrestricted are eXAdable at the discretion of the both in fi]rthernn¢e of the obj#tiv¢s of the charity. Trntsfers are ftnade between ffijnds to clear any fimds in def1¢. Designated are unrestricted fiuth which have b¢¢n sei *sid¢ out of unrestiicted funds by the dirntors forspecifi¢ puryo8¢& Taxa(ion Ceres Highland Gam4$ Limited h&8 ¢haritabl¢ stath alld Rs exempt from tsxation. Eh)nations alld legacies w the Games altsact taxation r¢li¢f for tb¢ donor. The COpanY 15 Ilot reg¥istered for Value Athled Tax and EdinglY wy sh unrecoverable laK 15 included ill the expenditur¢ cijncettLeiL Financial instswnellts BasAc fjnaacial instruDJ¢nts ar¢ rKognis¢d at atnorti5ed c05t USffiDg the cffective interest method ex¢ept for illvestments. in no]Ionvertible ptrference and non-puttable preference and ordinary , which arc mcasured at fair value. with changes recogni8ed in the profit and10&8. Derivative fancEd1 instruments are Jnitially recorded at ¢ost and ther¢after at fair value. with Charges JEcognised in profil and loss. (8)
CERES HtGHLAND GAMES tJMtTED NOTES TO THE FtNANCIAL STATF.MEKrs FOR THE YEAR ENDED 31 OCTOBER Ullr¢gtric*d funds 2025 UDre&trICd Designated Res'trict¢d Total 2024 Totsl (3) INCOME FROM CHARIIABLE ACFIVITIES Sponsorship inco¢ Programm¢s and ear park income Stalls Sundry Incorne Fife Cowicil gT8nt Callange TFUSI grani RUell TDJst 9,530 10,760 2.855 000 3,1)00 9,530 10,760 2,855 600 3,000 1.000 9,965 11,598 3,023 2,500 1,000 1,000 27,745 27,745 29,086 The charity b¢n¢fits' gteaily from the involveumt (Trf all extensivc number of voluttteers which contnl)ute sigllificantly to the charities maiti obieclives. (4> ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES Unrestricied funds 2025 Unrestricted D&4i8nated Restricied Total 2024 TotAI Maintenance Merchandise and hgspitslity costs Prize money Field expenses Equipment hire PTinting and advertising Miwellancous Insurdnce Subscription Independent examiner's fee Depreciation Vehicle cro&sing w0S 658 658 2,392 239 7,735 6.551 3,197 1,795 871 777 507 1.212 684 239 7,735 6.551 3,197 1,795 871 777 507 1,212 684 1.255 6,934 5,992 3.074 1.792 247 707 471 1.176 1.387 3.359 24.226 24.226 28,786 {9}
CERES HIGHLAND GAs LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 ocfoBER 2025 Equipmcnt (5) TANGIBLE FIXED ASSETS Cost As at 31 Oclobcr 2024 12.728 Additions As at 31 October 2025 12,728 As at 31 October 2024 12,044 As at 31 October 2025 12,728 N¢t Book Value As at 31 October 2025 As at 31 October 2024 684 2025 2024 (6) DEBTORS Other debtors All debtors are due withiD on¢ y¢ar. 2025 2024 (7) CREDITORS- atuount5 duc within one ye4r Aecruals and deferred income 1,176 1,140 (io)
CERES HIGHLAND GAMES LIMITED NOTES TO THE FfNANCIAL STATEMENrs roR THE YEAR ENDED 31 (UOBER 2025 (8) SUMMARY STATEMENf OF FINANCIAL ACTIVITIES Asat 01.11.24 Asat 31.10.25 Income Expenditure Unrcstricted fvnds 31,362 28,109 24226 35.245 R&stra¢ied lld5 31362 28,109 24226 35,245 (9) ANALYSIS OF NET ASSEtS BEfwEEN FUNDS Unrestricted Restrictcd nds nds Total Non-cumt assets CLMI assety Current liabilities 36,421 (1.176) 36,421 (1,176) Totsi n¢t asK¢S at 31 October 2025 35245 35,245 {ii}
CERES HIGHLAND GAMES LIMITED DETAILED INCOME AND EXPENDITURE AccoifNT FOR THE Y ENDED 31 OCTOBER 2025 2025 2024 INCOM Income from charitable aciivities 28,109 29.465 EXPENDITURE Charitsble Mercl)andis¢ alld hospitality cosL8 Prize mon¢y ield expenses Equipment hire Printxng and adycrtising Maintenance Vehicle ¢ros8tng WOTk8 239 7,735 6,551 3.197 1.795 658 1,255 6,934 5,992 3.074 1,792 2.392 3.359 20.175 24,798 Alkninistratio Subscriptions Insuran¢¢ Accountan¢y Mis¢¢llaneous DepcIatiOn 507 777 1,212 871 684 471 707 1.176 247 1,387 4,051 3,988 TOTAL EXPENDrtURE 24.226 28,786 NET SURPLUS FOR THE YE 3,883 679