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REGISTERED COMPANY NUMBER: SC297982 (Scotland)

REGISTERED CHARITY NUMBER: SC37233















Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31 December 2024

for


Braemar Royal Highland Charity

(A Company Limited by Guarantee)


Braemar Royal Highland Charity







Contents of the Financial Statements

for the Year Ended 31 December 2024






Page



Report of the Trustees  

1


to


4


Independent Examiner's Report  

5



Statement of Financial Activities  

6



Statement of Financial Position  

7


to


8


Notes to the Financial Statements  

9


to


19


Braemar Royal Highland Charity (Registered number: SC297982)


Report of the Trustees

for the Year Ended 31 December 2024



The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of 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

Objectives and activities

The charity's objects are:
- to provide recreational facilities, or to organise recreational facilities, (whether within the Princess Royal & Duke of Fife Memorial Park at Braemar, or elsewhere) in the interests of social welfare with the object of improving the conditions of life for the persons for whom the facilities or activities are primarily intended and which are available to members of the public; and

- to foster and promote community development for the benefit of the inhabitants of the Parish of Crathie and Braemar and the surrounding area; and

- to promote the education of the general public about the history, traditions, sports, language, culture and heritage of Scotland; and

- to advance the heritage and culture of Scotland by staging, managing, operating and promoting the annual Braemar Highland Gathering; and

- to advance public participation in sport through the organisation of professional and non-professional events open to all comers.

During the year the charity has paid out grants of £9,000 to groups within the Parish of Crathie and Braemar and the surrounding area.

The trustees have paid due regard to guidance issued by the Office of the Scottish Charity Regulator in deciding what activities the charity should undertake.

Significant activities

The charity ran the 2024 Braemar Highland Gathering resulting in a surplus being achieved for the year. The principal risk for the future is the cancellation of the games for whatever reason. The plan for management of that risk is the holding of reserves to carry the charity through the cancellation of 2 years games.
In addition to running the Braemar Gathering, and funding the running costs of the Highland Games Visitor Centre (HGVC), the Charity funds the Highland dancing and Piping Classes held in the HGVC.
The subsidiary of the charity, HGVC Limited runs the visitor centre. It has been running at a loss but the budgeted forecast anticipates future profitability.
It has been established that the title deeds to the games park are registered in the name of Braemar Royal Highland Society (BRHS). In 2023 the Charity entered in to a 20 year lease with the Friendly Society BRHS in respect of the whole of the Games Park and buildings thereon. Details are provided in Note 23 of the financial statements.

Social investments

The charity has invested in Braemar Community Hydro Limited. This is a community benefit company established to benefit the same community as the charity and therefore meets the charity objective of fostering community development for the benefit of the inhabitants of the local parish.

Volunteers

The charity is assisted by volunteers in particular in relation to the running of the Games and wishes to thank all those involved.


Braemar Royal Highland Charity (Registered number: SC297982)


Report of the Trustees

for the Year Ended 31 December 2024


ACHIEVEMENT AND PERFORMANCE

During the year the charity ran the Braemar Highland Gathering.

The charity opened a visionary World Highland Games Visitor Centre to the public in March 2019. The Centre presents the heritage of the Highland Games and includes artefacts, a detailed archive and memorabilia highlighting the Royal connection, the tartans and the highlanders connected to the games. The aim is to present and preserve the rich heritage of the games to a worldwide audience within a purpose-built visitor centre, the only one of its kind in the UK. To support the visitor centre, HGVC Trading Limited was set up as a wholly owned subsidiary of the Charity to run the café, retail and events elements of the visitor centre.

FINANCIAL REVIEW

Financial position

The charity has generated a net gain this year of £38,302 (2023 - £290,190). 2023 included a donation of £250,000 to write off part of a loan received in 2018. The charity continues to hold various listed investments which generate dividend and interest income for the charity. The Charity plans to continue to invest in these areas to build up the Charity's reserves.


Investment policy and objectives

Our investment activities are supported by Rathbone Investment Management Limited. The Trustees meet on an annual basis with Rathbones to assess investment strategy and performance.
The investment objectives are to maximise investment returns from a long-term discretionary portfolio through both income and capital growth, at acceptable levels of risk, while maintaining good liquidity and in line with ethical standards that are consistent with our objects and values.
The Trustees continue to review the performance of our investment manager and are satisfied that Rathbone Investment Management Limited continue to deliver as expected against the objectives described.

Reserves policy

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 at least 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 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 reserves at the year end amounted to £3,116,787 after the deduction of £6,997 relating to the revaluation of fixed asset investments.

Going concern

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.


FUTURE PLANS

The charity's aims are to continue to run the Gathering and with its charitable activities such as the  piping and highland dancing classes. The Charity has also established a Highland Games and Society archive which will allow the on-going documentation and storage of papers, photos and relevant documents as old as two hundred years to be properly stored and archived for future generations preserving the history and culture of the highland games. The charity also intends to further develop and extend the exhibition as funds permit including the further development of digital aspects enhancing the promotion of highland games heritage to a wider audience.


The trustees fully expect the 2025 Braemar Highland Gathering to proceed.


We have planned expenditure of approximately £210,000 to replace all our seating. It will be done in sections over a 5-7 year period.


STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The Charity is a company limited by guarantee and is governed by its Memorandum and Articles of Association.



Braemar Royal Highland Charity (Registered number: SC297982)


Report of the Trustees

for the Year Ended 31 December 2024



STRUCTURE, GOVERNANCE AND MANAGEMENT

Recruitment and appointment of new trustees

Trustees of the company are recruited by way of nomination by the existing trustees of the company. The Board advise new trustees of the main roles, duties and responsibilities of a trustee as well as advising on background information of the charity.

Organisational structure

The management committee, which consists of Mr P Fraser, Mrs S Fraser, Mrs F Jolly and Mr J Wright, were responsible for the day to day running of the charitable company during the year.

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.

Related parties

HGVC Trading Limited is a wholly owned subsidiary which runs and takes responsibility for the day to day running of the café, retail and events elements of the centre. The company has its own board but is chaired by the president of the charity. The company and the charity are in a group VAT scheme.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

SC297982 (Scotland)


Registered Charity number

SC37233


Registered office

The Duke of Rothesay Highland Games

Pavilion,

Broombank Terrace

Braemar

Aberdeenshire

AB35 5YX


Trustees

Mr P Fraser

Mr J McGregor

Mr G Wilson

Mrs F Jolly

Mrs S Fraser

Mr J Wright

Mr P Lawrence

Mr A McIntosh


Company Secretary

Mrs S Fraser


Independent Examiner

The Grant Considine Partnership

Chartered Accountants

46 High Street

Banchory

Aberdeenshire

AB31 5SR


Investment advisors

Rathbone Investment Management Limited

Port of Liverpool Building, Pier Head, Liverpool L3 1NW



Braemar Royal Highland Charity (Registered number: SC297982)


Report of the Trustees

for the Year Ended 31 December 2024


Approved by order of the board of trustees on 21 May 2025 and signed on its behalf by:






Mrs F Jolly - Trustee


Independent Examiner's Report to the Trustees of

Braemar Royal Highland Charity


I report on the accounts for the year ended 31 December 2024 set out on pages six to nineteen.


Respective responsibilities of trustees and 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 (as amended). 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 the independent examiner's report

My examination was 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 charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as 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 accounts.


Independent examiner's statement

In connection with my examination, no matter has come to my attention :


(1)

which gives me reasonable cause to believe that, in any material respect, the requirements


-

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


have not been met; or


(2)

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









Louise A Considine, M.A., C.A.

The Institute of Chartered Accountants of Scotland


The Grant Considine Partnership

Chartered Accountants

46 High Street

Banchory

Aberdeenshire

AB31 5SR


21 May 2025


Braemar Royal Highland Charity


Statement of Financial Activities

(Incorporating an Income and Expenditure Account)

for the Year Ended 31 December 2024



2024


2023


Unrestricted


Restricted


Total


Total


funds


funds


funds


funds


Notes

£   

£   

£   

£   


INCOME AND ENDOWMENTS FROM

Donations and legacies

3

15,641


-


15,641


265,068



Charitable activities

5

Braemar Royal Highland Gathering

291,904


-


291,904


288,215



Investment income

4

7,995


-


7,995


7,444


Other income

6,489


-


6,489


9,801


Total

322,029


-


322,029


570,528



EXPENDITURE ON

Raising funds

Investment management costs

6

1,853


-


1,853


1,653


1,853


-


1,853


1,653



Charitable activities

Braemar Royal Highland Gathering

158,540


-


158,540


164,242


Highland Games Centre

84,461


-


84,461


66,866


Grants

9,000


-


9,000


9,500


General Overheads

28,974


-


28,974


28,635



Other

5,633


-


5,633


19,463


Total

288,461


-


288,461


290,359



Net gains on investments

4,734


-


4,734


10,021



NET INCOME

38,302


-


38,302


290,190




RECONCILIATION OF FUNDS

Total funds brought forward

3,078,482


3


3,078,485


2,788,295



TOTAL FUNDS CARRIED FORWARD

3,116,784


3


3,116,787


3,078,485



Braemar Royal Highland Charity (Registered number: SC297982)


Statement of Financial Position

31 December 2024



2024


2023


Unrestricted


Restricted


Total


Total


funds


funds


funds


funds


Notes

£   

£   

£   

£   


FIXED ASSETS


Intangible assets

12

17,336


-


17,336


9,529


Tangible assets

13

2,470,752


-


2,470,752


2,518,132


Heritage assets

14

11,500


-


11,500


11,500


Investments


Investments

15

392,651


-


392,651


237,024


Social investments

16

13,049


-


13,049


14,138


2,905,288


-


2,905,288


2,790,323



CURRENT ASSETS


Debtors

17

111,964


-


111,964


121,563


Investments

18

7,352


-


7,352


10,470


Cash at bank

152,333


3


152,336


223,938


271,649


3


271,652


355,971



CREDITORS


Amounts falling due within one year

19

(60,153

)

-


(60,153

)

(67,809

)


NET CURRENT ASSETS

211,496


3


211,499


288,162



TOTAL ASSETS LESS CURRENT

LIABILITIES

3,116,784


3


3,116,787


3,078,485



NET ASSETS

3,116,784


3


3,116,787


3,078,485


FUNDS

21

Unrestricted funds

3,116,784


3,078,482


Restricted funds

3


3


TOTAL FUNDS

3,116,787


3,078,485



The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.


The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.


The trustees acknowledge their responsibilities for
(a)ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.


Braemar Royal Highland Charity (Registered number: SC297982)


Statement of Financial Position - continued

31 December 2024


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



The financial statements were approved by the Board of Trustees and authorised for issue on 21 May 2025 and were signed on its behalf by:






Mrs F Jolly - Trustee


Braemar Royal Highland Charity


Notes to the Financial Statements

for the Year Ended 31 December 2024


1.

STATUTORY INFORMATION



Braemar Royal Highland Charity, is a charitable company that is limited by guarantee, registered in Scotland. The company's registered number and registered office can be found in the Reference and Administration Details section of the Report of the Trustees.



The presentation currency of the financial statements is the Pound Sterling (£).


2.

ACCOUNTING POLICIES



Basis of preparing the financial statements


The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.



Financial reporting standard 102 - reduced disclosure exemptions


The charitable company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':




the requirements of Section 7 Statement of Cash Flows;



the requirement of paragraph 3.17(d);



the requirements of  paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and

11.48(c);



the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;



the requirement of paragraph 33.7.



Preparation of consolidated financial statements


The financial statements contain information about Braemar Royal Highland Charity as an individual company and do not contain consolidated financial information as the parent of a group. The charity is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.



Income


All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.



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.



Gift Aid receivable is included in income when there is a valid declaration from the donor. Any Gift Aid amount recovered on a donation is considered to be part of that gift and is treated as an addition to the same fund as the initial donation unless the donor or the terms of the appeal have specified otherwise.



Income includes charitable activities income earned from activities undertaken in furtherance of the charity's objectives, net of VAT. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred.



Investment income is earned from holding assets for investment purposes and includes dividends and interest received. Investment income is recognised on the date it is received or due to be received.



Grant income is recognised when there is reasonable assurance that the charity will comply with any conditions attaching to the grant and the grant will be received.



Braemar Royal Highland Charity


Notes to the Financial Statements - continued

for the Year Ended 31 December 2024


2.

ACCOUNTING POLICIES - continued



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 costs 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.



Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, these are accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipients will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.



Charitable expenditure is incurred in direct pursuance of the charity's principal objects and includes staff costs and support costs.



Support costs are those that assist the work of the charity but do not directly represent charitable activities and include general overheads and governance costs.



Intangible assets

Intangible fixed assets are initially measured at cost and subsequently measured at cost, net of amortisation and any impairment losses.

Amortisation is charged as an expense on a straight-line basis over 5 years reflecting the use of the asset over it's useful economic life.


Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Buildings -2% straight line, 5% straight line and over 15 years
Plant and machinery -20% reducing balance
Fixtures, fittings & equipment -20% reducing balance
Computers -20% reducing balance

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 net income/(expenditure) for the year.

Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amount 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).


Heritage assets

Heritage assets are included in the balance sheet at valuation. These assets are deemed to have indeterminate lives and the trustees do not therefore consider it appropriate to charge depreciation.


Social investments


Social investments in unquoted investments are initially measured at cost. The carrying amount is reviewed annually to determine whether an impairment loss should be provided for.



Braemar Royal Highland Charity


Notes to the Financial Statements - continued

for the Year Ended 31 December 2024


2.

ACCOUNTING POLICIES - continued



Related party exemption


The charitable company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.



Taxation

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


Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees unless the funds have been designated for other purposes. Unrestricted funds includes an unrealised revaluation reserve in respect of fixed asset investments.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.


Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.


Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at either fair value at each reporting date or cost less impairment. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

Going Concern
The trustees consider that the charity has adequate resources to continue in existence for at least the next 12 months. Thus, the trustees continue to adopt the going concern basis of accounting in preparing the accounts.

3.

DONATIONS AND LEGACIES


2024


2023


Unrestricted

Restricted


Total


Total


funds

funds


funds


funds

£   

£   

£   

£   



Donations and gifts

15,641


-


15,641


265,068




4.

INVESTMENT INCOME


2024


2023


Unrestricted

Restricted


Total


Total


funds

funds


funds


funds

£   

£   

£   

£   



Listed Investment Income

6,500


-


6,500


5,891




Unlisted Investment Income

1,096


-


1,096


1,159




Interest receivable - trading

399


-


399


394



7,995


-


7,995


7,444





All investment income is unrestricted income.



Braemar Royal Highland Charity


Notes to the Financial Statements - continued

for the Year Ended 31 December 2024


5.

INCOME FROM CHARITABLE ACTIVITIES


2024


2023


Activity

£   

£   



Sponsorship income

Braemar Royal Highland Gathering

75,950


76,700




Ticket Sales

Braemar Royal Highland Gathering

213,454


209,315




Other Income

Braemar Royal Highland Gathering

2,500


2,200



291,904


288,215





All charitable activities income for the current and the prior year is in respect of unrestricted income.



In accordance with the Charities SORP (FRS 102), general volunteer time is not recognised in the accounts however the Report of the Trustees provides information on their contribution.


6.

INVESTMENT MANAGEMENT COSTS


2024


2023


Unrestricted

Restricted


Total


Total


funds

funds


funds


funds

£   

£   

£   

£   



Portfolio management

1,853


-


1,853


1,653




7.

NET INCOME/(EXPENDITURE)



Net income/(expenditure) is stated after charging/(crediting):




2024


2023

£   

£   



Depreciation - owned assets

62,999


64,109




Other operating leases

2,172


5,160




Deficit on disposal of fixed assets

-


162




Computer software amortisation

1,906


-




8.

INDEPENDENT EXAMINER'S REMUNERATION


2024


2023

£   

£   



Fees payable to the charity's auditors for the audit of the charity's financial

statements

-


6,325





Other assurance services

4,475


8,572





Total fees payable

4,475


14,897





Braemar Royal Highland Charity


Notes to the Financial Statements - continued

for the Year Ended 31 December 2024


9.

TRUSTEES' REMUNERATION AND BENEFITS


There were no trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023.



Trustees' expenses



During the year Mrs S Fraser received an Honoraria of £7,949 (2023, £8,441) for her role as Secretary undertaking the day to day running of the Charity.  Mrs F Jolly received an Honoraria of £4,482 (2023, £4,759) for her role as Treasurer.


An honorarium payment was also paid to C McIntosh £4,075  (2023, £3,987) and C Nesbit £869 (2023, £875), not trustees, for services to the charity.



These payments were made in accordance with the Memorandum and Articles of Association of the company.


No trustees or any persons connected with them have received any remuneration nor have they received any expenses except as disclosed in Note 25.


10.

STAFF COSTS



The average monthly number of employees during the year was as follows:



2024


2023


Ground maintenance

1


1





No employees received emoluments in excess of £60,000.


11.

COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES


Unrestricted


Restricted


Total


funds


funds


funds

£   

£   

£   



INCOME AND ENDOWMENTS FROM


Donations and legacies

265,068


-


265,068




Charitable activities


Braemar Royal Highland Gathering

288,215


-


288,215




Investment income

7,444


-


7,444



Other income

9,801


-


9,801



Total

570,528


-


570,528




EXPENDITURE ON


Raising funds


Investment management costs

1,653


-


1,653


1,653


-


1,653




Charitable activities


Braemar Royal Highland Gathering

164,242


-


164,242



Highland Games Centre

66,866


-


66,866



Grants

9,500


-


9,500



General Overheads

28,635


-


28,635




Other

19,463


-


19,463



Total

290,359


-


290,359



Braemar Royal Highland Charity


Notes to the Financial Statements - continued

for the Year Ended 31 December 2024


11.

COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued


Unrestricted


Restricted


Total


funds


funds


funds

£   

£   

£   




Net gains on investments

10,021


-


10,021




NET INCOME

290,190


-


290,190



Transfers between funds

14,421


(14,421

)

-



Net movement in funds

304,611


(14,421

)

290,190




RECONCILIATION OF FUNDS


Total funds brought forward

2,773,871


14,424


2,788,295




TOTAL FUNDS CARRIED FORWARD

3,078,482


3


3,078,485



12.

INTANGIBLE FIXED ASSETS


Computer


software

£   



COST


At 1 January 2024

9,529




Additions

9,713




At 31 December 2024

19,242




AMORTISATION


Charge for year

1,906




NET BOOK VALUE


At 31 December 2024

17,336




At 31 December 2023

9,529





Braemar Royal Highland Charity


Notes to the Financial Statements - continued

for the Year Ended 31 December 2024


13.

TANGIBLE FIXED ASSETS


Fixtures



Tenants


Plant and


and


Computer



Buildings


machinery


fittings


equipment


Totals

£   

£   

£   

£   

£   



COST


At 1 January 2024

2,807,630


44,966


33,656


5,477


2,891,729




Additions

15,000


-


-


619


15,619




At 31 December 2024

2,822,630


44,966


33,656


6,096


2,907,348




DEPRECIATION


At 1 January 2024

310,937


36,409


22,999


3,252


373,597




Charge for year

58,771


1,712


1,978


538


62,999




At 31 December 2024

369,708


38,121


24,977


3,790


436,596




NET BOOK VALUE


At 31 December 2024

2,452,922


6,845


8,679


2,306


2,470,752




At 31 December 2023

2,496,693


8,557


10,657


2,225


2,518,132




14.

HERITAGE ASSETS


Total

£   



MARKET VALUE


At 1 January 2024 and 31 December 2024

11,500




NET BOOK VALUE


At 31 December 2024

11,500




At 31 December 2023

11,500




Heritage assets are museum artefacts. They were introduced to the charity at cost in 2018 and their market value is not considered to have changed significantly.

15.

FIXED ASSET INVESTMENTS


Shares in



group


Listed



undertakings


investments


Totals

£   

£   

£   



MARKET VALUE


At 1 January 2024

2


237,022


237,024




Additions

-


402,530


402,530




Disposals

-


(251,637

)

(251,637

)



Revaluations

-


4,734


4,734




At 31 December 2024

2


392,649


392,651




NET BOOK VALUE


At 31 December 2024

2


392,649


392,651




At 31 December 2023

2


237,022


237,024





There were no investment assets outside the UK.


Braemar Royal Highland Charity


Notes to the Financial Statements - continued

for the Year Ended 31 December 2024


15.

FIXED ASSET INVESTMENTS - continued



Cost or valuation at 31 December 2024 is represented by:



Shares in



group


Listed



undertakings


investments


Totals

£   

£   

£   



Valuation in 2024

2


392,649


392,651





If the fixed asset investments had not been revalued they would have been included at the following historical cost:


2024

2023


£   

£   



Cost

399,645


215,350




Aggregate provisions

(6,997

)

21,672





Fixed asset investments were valued on an open market basis on 31 December 2024 by Rathbone Investment Management  .



The company's investments at the balance sheet date in the share capital of companies include the following:



HGVC Trading Limited


Registered office: The Duke of Rothesay Highland Games Pavilion, Broombank Terrace, Braemar, Aberdeenshire AB35 5YX  


Nature of business: Retail and hospitality sales


%


Class of share:

holding



Ordinary

100



2024

2023


£   

£   



Aggregate capital and reserves

(85,006

)

(78,536

)



Loss for the year

(6,470

)

(35,565

)



16.

SOCIAL INVESTMENTS


Mixed


motive


investments

£   



MARKET VALUE


At 1 January 2024

14,138




Repayment of capital

(1,089

)



At 31 December 2024

13,049




NET BOOK VALUE


At 31 December 2024

13,049




At 31 December 2023

14,138





The charity has invested in Braemar Community Hydro Limited. This is a community benefit company established to benefit the same community as the charity.



Braemar Royal Highland Charity


Notes to the Financial Statements - continued

for the Year Ended 31 December 2024


16.

SOCIAL INVESTMENTS - continued



Social investments are included at cost as the fair value cannot be easily determined.


17.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023


£   

£   



Amounts owed by group undertakings

94,142


104,673




Other debtors

3,315


2,350




Prepayments and accrued income

14,507


14,540



111,964


121,563




18.

CURRENT ASSET INVESTMENTS

2024

2023


£   

£   



Portfolio Investment Account

7,352


10,470





Current Assets Investments includes cash and deposits held at call with banks and other short-term liquid investments.


19.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023


£   

£   



VAT

815


1,410




Deferred income

51,694


44,057




Accrued expenses

7,644


22,342



60,153


67,809




Deferred income represents ticket sold in advance of the following year's Braemar Royal Highland Gathering.
£   
Balance at 1 January 202444,057
Movement during year 7,637
Balance at 31 December 202451,694

20.

LEASING AGREEMENTS



The charity has entered a lease to rent the Games Park and the buildings thereon from Braemar Royal Highland Society for a period of 20 years. There will be a minimum rent of £1 p.a. plus 50% (or such other specified percentage that may be agreed between landlord and tenant)  of the surplus in any year raised from the running of the Braemar Highland Gathering. Rent payable for the year to 31 December 2024 was £2,172.



Braemar Royal Highland Charity


Notes to the Financial Statements - continued

for the Year Ended 31 December 2024


21.

MOVEMENT IN FUNDS


Net




movement


At



At 1.1.24


in funds


31.12.24


£   

£   

£   



Unrestricted funds


General fund

3,078,482


38,302


3,116,784





Restricted funds


Braemar Royal Highland Gathering

3


-


3





TOTAL FUNDS

3,078,485


38,302


3,116,787





Net movement in funds, included in the above are as follows:



Incoming


Resources


Gains and


Movement



resources


expended


losses


in funds


£   

£   

£   

£   



Unrestricted funds


General fund

322,029


(288,461

)

4,734


38,302





TOTAL FUNDS

322,029


(288,461

)

4,734


38,302






Comparatives for movement in funds



Net


Transfers




movement


between


At



At 1.1.23


in funds


funds


31.12.23


£   

£   

£   

£   



Unrestricted funds


General fund

2,773,871


290,190


14,421


3,078,482





Restricted funds


Braemar Royal Highland Gathering

14,424


-


(14,421

)

3





TOTAL FUNDS

2,788,295


290,190


-


3,078,485





Comparative net movement in funds, included in the above are as follows:



Incoming


Resources


Gains and


Movement



resources


expended


losses


in funds


£   

£   

£   

£   



Unrestricted funds


General fund

570,528


(290,359

)

10,021


290,190





TOTAL FUNDS

570,528


(290,359

)

10,021


290,190





Restricted fund donations were received towards the construction of an Archway to commemorate the Platinum Jubilee of Her Majesty The Queen. On completion of the Archway, the asset has been classified within unrestricted funds.


Braemar Royal Highland Charity


Notes to the Financial Statements - continued

for the Year Ended 31 December 2024


22.

RELATED PARTY DISCLOSURES


The following related party payments were made during the year:
DJW Joinery - son of J Wright, Trustee - for maintenance, total £160 (net)
R Wright Joinery - brother of J Wright, Trustee - for decoration of the Royal Box, total £6,705 (net)
C McIntosh - brother of A McIntosh, Trustee - for grounds maintenance, total £3,602 (net)
S Fraser, Trustee was paid £2,772 for employment in HGVC Trading Ltd, the wholly owned subsidiary of the charity, for her duties there.

The charity are now paying all the utilities costs for their subsidiary, HGVC Trading Ltd. During the year, this amounted to £20,817.