CERES HIGHLAND GAMES LIMITED
COMPANY LtMTtED BY GUARANFEE
REGISTERED NUMBER.. SC361065
scorrIsH CHARITY NUMBER: SC042893
F￿ANCIAL 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 men￿randU￿ 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 COn￿lI1¢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 d￿1819￿￿ where a confiici of interest arises.
Enduction infonnation is provided to all new directors, and ongoing training ￿ provided to all existing directors
as required.
ACHIEvEME1￿s 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 spons0￿hlp, 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 (con￿7)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 c0ntnbU￿d enonnously in 5ev¢ral ways, not least An the
fundamental task of raisillg s￿n￿OIshIp. The new board express their grdtitude for ¢h¢ir undoubted contribution
to our histOTiC cultural aod swrting celebration.
F￿ANCIAL 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 fi￿ds, 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 re￿eWed 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 CO￿L￿g u[￿er f￿ancial
pressures. Therefore. we need a focus on filldll￿ new S￿nSoL￿g[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
st￿red 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 incr￿e0
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
fill￿l￿g 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 PR￿CIPAL 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 rest￿nSible
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 re4￿sIbIlity 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 MYengagen￿￿t. My workh￿been 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￿ EXAm￿ER's STATEMENT
My examination is Gvried out in ￿o￿laIKe 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 SU￿luS 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- arno4￿ts 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 q￿tiOn in
accordance with sectioll 476.
The dir￿10[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 a￿￿￿ts. 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 t￿leS on pages (7) to (11) forni part of these f￿anCial 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 pr￿entation currency is ￿undS sterlimg.
(2) ACCOUNIING POLICIES
Basis of pr¢parntioll of accounts
The fmartTal statement8 are prep8redunderthe historical cost convention and Incl￿1¢ 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 andTn￿t¢e Invesrrnent {S¢oi]and)A¢¢ 2005, thecharities
A¢count$ (S￿lIa￿a) 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 r￿cly¢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 Co￿￿titutIonal 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 r￿ed assets and deprecialion.
Tangible fixed a4sets ore stated at cos¢ d¢preciatiOD.
Depreciatiots is provid￿ at rales calcu￿ed io wrAt¢ off the cost or vall￿10￿ of f￿ed 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 r￿tri￿ed futtds or unrestricted fimds. defjned &4 follows:
Restricted fund8 art funds subjtttto specific pUr￿se8, which may bc dcclared by the donor orwith
their authority.
Unrestricted are eX￿Adable 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 def￿1¢.
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 CO￿panY 15 Ilot reg¥istered for Value
Athled Tax and ￿￿EdinglY wy s￿h 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]I￿onvertible ptrference and non-puttable preference and ordinary
, which arc mcasured at fair value. with changes recogni8ed in the profit and10&8. Derivative
f￿ancEd1 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&trIC￿d 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
RU￿ell 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 w0￿S
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 GA￿s 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
Dep￿cIatiOn
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