The trustees present their annual report and financial statements for the year ended 31 October 2023.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Articles of Association, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. The Charitable Purposes are:
to advance the heritage and culture of Scotland by staging, managing, operating and promoting the annual Ballater Highland Games;
to advance public participation in sport through the organisation of professional events and non-professional events open to all comers;
to provide recreational facilities or assist in the organisation of recreational facilities for the benefit of the general public, without distinction of gender, orientation, racial, political, religious or other opinions; and
to support other related community activities or projects that also further the charitable purposes listed above hereof and benefit the community of Ballater and District.
The performance of Ballater Highland Games in the year ended 31 October 2023 was very successful, and the Ballater Games Day was held on Thursday 10th August 2023. The Games were held in full, with all competitions being contested, and there was also a strong crowd on the day, in excess of 6,400 people. The high level of attendance ensured that we made a surplus financially, which is important to the future of Ballater Highland Games. Future plans for Ballater Highland Games include enhancing the Monaltrie Park Games Arena, but this is subject to the potential development of the neighbouring site for residential purposes. Future enhancement work includes improvements in seating and accessibility for disabled persons etc. Other plans include the repair/replacement of Games equipment.
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, including cancellation of events at short-notice, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
The structure of the company comprises:
Members - who have the right to attend the AGM (and any General Meeting) and have important powers under these Articles and the Companies Act, particularly in relation to attending and voting at General Meetings, electing people to serve as Elected Trustees and taking decisions in relation to any changes to these Articles; and
Trustees - who hold regular meetings between each General Meeting, set the strategy and policy of the Company, generally control and supervise the activities of the Company and, in particular, are responsible for monitoring its financial position and, where there are no employees or managers appointed, are responsible also for the day-to-day management of the Company.
The trustees, who are also the directors for the purpose of the company law, and who served during the year and up to the date of signature of the financial statements were:
Mr J Sinclair
Mr N Bannister
Mr D Cobban
Mrs K Buchan
Mr G Riddler
Mr F Henderson (Resigned 22 Novemeber 2023)
The strategy and affairs of the Company shall be directed and managed by a Board of Trustees elected. The Board may exercise all such powers of the Company, and do on behalf of the Company all acts as may be exercised and done by the Company, other than those required to be exercised or done by the members in General Meeting, and subject always to the Articles of Association and to the provisions of the Companies Act.
The trustees' report was approved by the Board of Trustees.
I report on the financial statements of the charity for the year ended 31 October 2023, which are set out on pages 4 to 13.
The charity’s trustees, who are also the directors of Ballater Highland Games for the purposes of company law, are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustee Investments (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the 2006 Accounts Regulations does not apply. It is my responsibility to examine the financial statements as required under section 44(1)(c) of the Act and to state whether particular matters have come to my attention.
My examination is carried out in accordance with Regulation 11 of the 2006 Accounts Regulations. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently I do not express an audit opinion on the view given by the financial statements.
In connection with my examination, no matter has come to my attention:
to keep accounting records in accordance with section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and
to prepare financial statements which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations;
to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
Ballater Highland Games is a private company limited by guarantee incorporated in Scotland. The registered office is Park House, Anderson Road, Ballater, Aberdeenshire, United Kingdom, AB35 5QW.
The company applied for charitable status which was granted by OSCR on 13 December 2021.
The financial statements have been prepared in accordance with the charity's the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Admission & programme sales
Patrons
Trade stands
Annual dinner
Admission & programme sales
Patrons
Trade stands
Annual dinner
Field construction
Rent, rates and insurance
Accountancy
Printing and stationery
Hospitality
Sundry expenses
Judges, officials, bands
Security costs
Legal and professional fees
Charitable donations
Honoraria
Prize monies
Annual dinner
Accountancy costs include amounts of £2,400 (2022 - Nil) for Independent Examination fees.
The average monthly number of employees during the year was:
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
Ballater Highland Games is a company limited by guarentee and not having a share capital. The members' liability in the event of winding up is limited by guarantee not exceeding £1 per member to the property of the company, while still a member or one year after they cease to be a memeber.
There were no disclosable related party transactions during the year £nil (2022 - £nil)