Company registration number SC101235
HIGHLAND HISTORIC BUILDINGS TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
HIGHLAND HISTORIC BUILDINGS TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
A M Bennett
K A Johnston
J H MacDonald
M MacGruer
M A C Miers
H W Munro
J R Smith
Cllr A Sinclair - Highland Council Nominee
Cllr W A Boyd - Highland Council Nominee
Secretary
D R R Graham
Charity number (Scotland)
SC008403
Company number
SC101235
Registered office
Redwood
19 Culduthel Road
Inverness
IV2 4AA
Independent examiner
Rhona Wilson BA, FCCA
MacKenzie Kerr Limited
Chartered Accountants
Redwood
19 Culduthel Road
Inverness
IV2 4AA
HIGHLAND HISTORIC BUILDINGS TRUST
CONTENTS OF THE FINANCIAL STATEMENTS
Page
Trustees' report
1 - 4
Independent examiner's report
5
Statement of financial activities
6
Balance sheet
7
Notes to the financial statements
8 - 13
HIGHLAND HISTORIC BUILDINGS TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The trustees present their annual report and financial statements for the year ended 31 December 2024.

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 Trust's Memorandum and 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).

Objectives and activities
Public benefit

The Trust's objects are:

 

To promote and encourage, either on its own or in conjunction with others, the maintenance and improvement of the amenity of the geographical area of the Highlands and Islands, and the protection and preservation of the area's landscape and historical and architectural heritage, by any means and, in particular, by the acquisition of such lands and buildings of historical, architectural or constitutional interest as the Council of Management for the time being of the Trust may select for the purpose of restoration and sale or lease, subject to such legally valid restrictions as will ensure preservation of such lands and buildings.

 

The principal activities employed to achieve the Trust's objectives are as follows:

 

 

 

 

 

 

 

HIGHLAND HISTORIC BUILDINGS TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Achievements and performance
Significant activities and achievements against objectives

Throughout the period, the work carried out was (1) commissioning a re-survey of Viewhill House, Inverness and (2) undertaking an external evaluation of the Trust by Community Enterprise Scotland under their ‘Accelerate’ Programme. The resultant report has informed the Trustees as to possible future directions for the Trust which are currently being explored.

Since its incorporation, completed projects have ranged from options appraisals/feasibility studies, pilot projects, managing emergency works to stabilise historic ruins, to rescuing derelict buildings and their conversion to residential units.

Originally operating as a ‘restorer of last resort’, HHBT’s focus is increasingly on facilitating community involvement in the adaptive re-use of historic buildings. By working at a strategic level, the Trust supports local community groups to undertake the work at operational level.

In recent times, HHBT has been approached by and worked with a number of community groups/individuals anxious to undertake the adaptive re-use of mainly, but not exclusively, listed buildings currently in a poor state of repair. These approaches have identified that within the Highlands and Islands there is no organisation able to provide initial input to enable those concerned to progress their interest.

HHBT will continue to explore opportunities and potential sources of funding on its own and in partnership with others, where this will assist in bringing buildings at risk and other redundant, underused or needy buildings in the Highlands and Islands back to life. Further information on the work of the Trust can be found at https://highlandhbt.org.uk.

Financial review

The main sources of income and expenditure during the period are shown in the accounts. During the year, the company recorded a deficit of £1,262 (2023 - deficit for the year £1,362) in unrestricted funds, leaving a balance in deficit at the year end of £876 (2023 - in surplus £386).

Reserves policy

It is the policy of the Trust 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, they will be able to continue the Trust’s current activities while consideration is given to ways in which additional funds may be raised. As this level of reserves has not been maintained throughout the year the trustees will be actively seeking out funding to restore the balance held to a positive position.

 

Restricted funds of £990 are held for the purpose of the Easter Ross Churches Heritage Trail and a further £638 in connection with Viewhill House, Inverness.

As a result of the unrestricted funds balance being in deficit, the trustees will be actively seeking funding to restore this fund to a level capable of supporting the trust for three to six months.

Major risks

Risk management

The trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the Trust, and are satisfied that systems are in place to mitigate its exposure to the major risks. Risk assessments are completed on a project basis which comprise:

 

1 review of the risks which the Trust may face;    

2 the establishment of systems and procedures to mitigate those risks identified; and    

3 risks materialise, the implementation of procedures designed to minimise any potential impact on the Trust

should any of those risks materialise.

HIGHLAND HISTORIC BUILDINGS TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
Plans for future periods

The current funding climate is proving challenging for HHBT given the clawback policies operated by funders and the ineligibility for funding of projects with a residential end use. That said, HHBT remain the only Historic Buildings Trust in the Highlands and Islands and the increasing number of buildings at risk and requests for our consultancy services demonstrates an ongoing need.

Structure, governance and management

The Trust is a company limited by guarantee, governed by its Memorandum and Articles of Association dated 8 October 1986 as amended by special resolution dated 13 November 1998. It is registered as a charity with the Office of the Scottish Charity Regulator. There are two categories of membership; Corporate Membership and Individual Membership. Each member undertakes to contribute an amount not exceeding £1 in the event of the charity being wound up.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

 

A M Bennett
K A Johnston
J H MacDonald
M MacGruer
M A C Miers
H W Munro
J R Smith
Cllr A Sinclair - Highland Council Nominee
Cllr W A Boyd - Highland Council Nominee
Recruitment and appointment of trustees

There are two categories of trustee; Nominated Trustee and Elected Trustee. Nominated Trustees are appointed by the Highland Council and serve from appointment until the conclusion of each elected term and are then eligible for reappointment.

 

The Trust may elect as an Elected Trustee any individual member who has given notice of willingness to accept appointment. The trustees may appoint any individual member to be an Elected Trustee at any time either to fill a vacancy or as an additional trustee.

 

The trustees may at any time appoint any non member other than an employee of the company to be an expert adviser, where the trustees consider that they have special skills or experience which would be of assistance to the board.

 

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

Organisational structure

Trustees shall be appointed to the offices of Chair and any other offices which the trustees may consider appropriate, these appointments being made at meetings of trustees. Each office shall be held until the conclusion of the annual general meeting which follows the appointment, but a trustee whose period of office expires at the annual general meeting may be reappointed. The Board of Trustees meets when considered necessary and issues updates which includes a report to the board members, seeking any observations.

 

A committee has been established to consider the vision, purpose and strategy of the trust.

Induction and training of trustees

New trustees are briefed on their legal obligations under Charity and Company Law and are given a copy of the Memorandum and Articles of Association, the most recent budget and recent financial statements and management accounts of the company. All trustees are offered training in their responsibilities.

HIGHLAND HISTORIC BUILDINGS TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
Other matters

Day to Day Management

Day to day management is carried out by the Chairman and his fellow trustees and they are supported by Glyn Young, a chartered surveyor specialising in building conservation.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The trustees' report was approved by the Board of Trustees.

A M Bennett
Trustee
12 March 2025
HIGHLAND HISTORIC BUILDINGS TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF HIGHLAND HISTORIC BUILDINGS TRUST
- 5 -

I report to the trustees on my examination of the financial statements of Highland Historic Buildings Trust (the Trust) for the year ended 31 December 2024.

Responsibilities and basis of report

As the trustees of the Trust (and also its directors for the purposes of company law), you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006.

Having satisfied myself that the financial statements of the Trust are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the Trust’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1

accounting records were not kept in respect of the Trust as required by section 386 of the Companies Act 2006.

2

the financial statements do not accord with those records; or

3

the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or

4

the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Rhona Wilson BA, FCCA
MacKenzie Kerr Limited
Chartered Accountants
Redwood
19 Culduthel Road
Inverness
IV2 4AA
13 March 2025
HIGHLAND HISTORIC BUILDINGS TRUST
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2024
2024
2024
2023
2023
2023
Notes
£
£
£
£
£
£
Income from:
Charitable activities
2
-
2,500
2,500
-
1,490
1,490
Total income
-
2,500
2,500
-
1,490
1,490
Expenditure on:
Raising funds
3
100
-
100
215
1,067
1,282
Charitable activities
4
1,162
2,037
3,199
1,147
708
1,855
Total expenditure
1,262
2,037
3,299
1,362
1,775
3,137
Net income/(expenditure) and movement in funds
(1,262)
463
(799)
(1,362)
(285)
(1,647)
Reconciliation of funds:
Fund balances at 1 January 2024
386
1,165
1,551
1,748
1,450
3,198
Fund balances at 31 December 2024
(876)
1,628
752
386
1,165
1,551

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

HIGHLAND HISTORIC BUILDINGS TRUST
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 7 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
9
39
27
Cash at bank and in hand
1,614
2,325
1,653
2,352
Creditors: amounts falling due within one year
10
901
801
Net current assets
752
1,551
The funds of the Trust
Restricted income funds
11
1,628
1,165
Unrestricted funds
(876)
386
752
1,551

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2024.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the trustees on 12 March 2025
A M Bennett
Trustee
Company registration number SC101235 (Scotland)
HIGHLAND HISTORIC BUILDINGS TRUST
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
1
Accounting policies
Charity information

Highland Historic Buildings Trust is a private company limited by guarantee incorporated in Scotland. The registered office is Redwood, 19 Culduthel Road, Inverness, IV2 4AA.

1.1
Reporting period

The comparative figures shown in the accounts for 2023 represent 18 months rather than 12 months to facilitate a change in the year end to 31 December and therefore are not entirely comparable.

1.2
Accounting convention

The financial statements have been prepared in accordance with the Trust's Memorandum and Articles of Association, 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 Trust is a Public Benefit Entity as defined by FRS 102.

 

The Trust 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 Trust. 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.

1.3
Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the Trust 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.

1.4
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Trust.
1.5
Income
Income is recognised when the Trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
1.6
Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

HIGHLAND HISTORIC BUILDINGS TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies (Continued)
- 9 -
1.7
Cash and cash equivalents

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.

1.8
Financial instruments

The Trust 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 Trust's balance sheet when the Trust 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

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

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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Trust’s contractual obligations expire or are discharged or cancelled.

1.9
Taxation

The charity is exempt from corporation tax on its charitable activities.

2
Charitable activity income
Restricted
Restricted
funds
funds
2024
2023
£
£
General activities

Grants received

2,500
1,490
HIGHLAND HISTORIC BUILDINGS TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
3
Expenditure on raising funds
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2024
2024
2024
2023
2023
2023
£
£
£
£
£
£
Fundraising and publicity
Advertising
-
-
-
-
1,067
1,067
Other fundraising costs
100
-
100
215
-
215
100
-
100
215
1,067
1,282
4
Expenditure on charitable activities
General activities
General activities
2024
2023
£
£
Direct costs
Website hosting
428
1,046
Survey
1,862
-
Sundry
9
9
2,299
1,055
Share of support and governance costs (see note 5)
Governance
900
800
3,199
1,855
Analysis by fund
Unrestricted funds
1,162
1,147
Restricted funds
2,037
708
3,199
1,855
5
Support costs allocated to activities
2024
2023
£
£
Governance costs
900
800
Analysed between:
General activities
900
800
6
Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the Trust during the year.
HIGHLAND HISTORIC BUILDINGS TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
7
Employees

The average monthly number of employees during the year was:

2024
2023
Number
Number
Total
-
0
-
0
There were no employees whose annual remuneration was more than £60,000.
Remuneration of key management personnel
8
Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

9
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
39
27
10
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
901
801
11
Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1 January 2024
Incoming resources
Resources expended
At 31 December 2024
£
£
£
£
Viewhill house
-
2,500
(1,862)
638
Easter Ross Churches Heritage Trail
1,165
-
(175)
990
1,165
2,500
(2,037)
1,628
HIGHLAND HISTORIC BUILDINGS TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
11
Restricted funds (Continued)
- 12 -
Previous period:
At 1 January 2023
Incoming resources
Resources expended
At 31 December 2023
£
£
£
£
Easter Ross Churches Heritage Trail
1,450
1,490
(1,775)
1,165

 

12
Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 January 2024
Resources expended
At 31 December 2024
£
£
£
General funds
386
(1,262)
(876)
Previous period:
At 1 January 2023
Resources expended
At 31 December 2023
£
£
£
General funds
1,748
(1,362)
386
13
Analysis of net assets between funds
Unrestricted
Restricted
Total
funds
funds
2024
2024
2024
£
£
£
At 31 December 2024:
Current assets/(liabilities)
(876)
1,628
752
(876)
1,628
752
HIGHLAND HISTORIC BUILDINGS TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
13
Analysis of net assets between funds (Continued)
- 13 -
Unrestricted
Restricted
Total
funds
funds
2023
2023
2023
£
£
£
At 31 December 2023:
Current assets/(liabilities)
386
1,165
1,551
386
1,165
1,551
14
Related party transactions

There were no disclosable related party transactions during the year (2023 - none).

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