Charity registration number 1206943 (England and Wales)
Company registration number 15381311
THE HIGHGATE LITERARY AND SCIENTIFIC INSTITUTION
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
THE HIGHGATE LITERARY AND SCIENTIFIC INSTITUTION
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Katherine Dallas
Anne Jamieson
Simon Edwards
Martyn Bond
Hilary Laurie
William English
Jeffrey Anderson
Charity number (England and Wales)
1206943
Company number
15381311
Registered office
11 South Grove
Highgate
London
N6 6BS
Auditor
Glazers
843 Finchley Road
London
NW11 8NA
Bankers
Barclays Bank PLC
28 Hampstead High Street
London
NW3 1QB
Investment advisors
RBC Brewin Dolphin
12 Smithfield Street
London
EC1A 9LA
THE HIGHGATE LITERARY AND SCIENTIFIC INSTITUTION
CONTENTS
Page
Trustees' report
1 - 4
Independent auditor's report
5 - 8
Statement of financial activities
9
Balance sheet
10
Statement of cash flows
11
Notes to the financial statements
12 - 23
THE HIGHGATE LITERARY AND SCIENTIFIC INSTITUTION
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 charity was converted from its previous status as a Friendly Society on 2 January 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 charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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)".

Objectives and activities

The objects of the Charity are the education of the public and research in science, literature and the fine arts, in particular, but not exclusively, by providing a reference and lending library, reading rooms, archives and such classes, lectures, concerts, meetings, film viewings and exhibitions as the Trustees may from time to time decide.

 

Public benefit

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

Activities

Courses are provided over the year for several languages at various levels, as well as on aspects of history, literature, and music appreciation. Practical art and design classes and physical exercise sessions are also organised.

 

The charity provides weekly lectures on wide-ranging subjects including science, literature, and all areas of historical, intellectual and topical interest. Other activities organised by the charity include a science group, an opera circle, a film society, concerts, debates and exhibitions.

The charity arranges for appropriately qualified individuals to speak at lectures and tutors for courses. The lectures take place on a weekday evening between September and May. Most courses are weekly, lasting 2-3 hours, over a term of 11-12 weeks. The charity also offers shorter and weekend courses and workshops during the year.

Speakers have relevant experience in the field they are discussing, a track record for public speaking and/or teaching, and a genuine interest in promoting discourse and education. All tutors are interviewed before appointment, with some giving sample classes.

The trustees are satisfied that subjects of study are of educational merit because the subjects are traditional subjects of education. Trustees take account of feedback from students indicating satisfaction with the quality of teaching. The nature of the courses and lectures that the charity runs is about participation and learning something new. The charity does not promote a position.

The charity’s activities are open to all. There are no selection criteria, other than first come first served in the case of reaching maximum numbers for the courses and lectures to be practicable. We offer subsidised places on courses to those able to show they are in receipt of state benefits.

In support of the volunteers who are responsible for the governance and for all the activities taking place, the Institution employs the service of seven staff (of which five part time) comprising an Operations Manager who administers and controls day to day operations, as well as two administrators and three caretakers, and a librarian.

 

 

 

 

 

 

 

 

 

 

 

 

THE HIGHGATE LITERARY AND SCIENTIFIC INSTITUTION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Achievements and performance
Significant activities and achievements against objectives

Throughout 2024, our first year as a charitable company, we worked hard at the HLSI to realise our vision to be an open house where everyone’s life is enriched through an engagement with the arts and sciences, learning, debate and discussion.

 

During the year we reached new people, introduced a new concessionary scheme for those on income-related benefits, deepened engagement with our existing members, shared arts & science in engaging ways and celebrated our important local heritage.

 

Since the pandemic our membership has grown steadily, standing at 938 by the end of the year, but perhaps more significantly, we have experienced strong growth in terms of engagement and revenue. This success has been driven by the extraordinary commitment and energies of our staff team and volunteers who together have strived to improve the HLSI experience for members and non-members.

 

Thanks to their outstanding work, our education programme has produced another exceptional year in which course enrolments grew by 25%. Our Lectures team gave us a wonderfully varied and world class season, including talks by internationally respected figures such as Nobel Laureate Paul Nurse, the environmentalist Jonathan Porrit and Paul Johnson of the Institute for Fiscal Studies.

 

During 2024 we successfully completed the transformation of our IT infrastructure to make the HLSI’s systems fit for the digital age. A long-term plan to modernise our building was initiated, which includes, in this current year, improvements to the first-floor circulation areas, the creation of extra space for classes or other purposes, and the renovation of the main kitchen. Plans are also afoot to preserve our Library and to safeguard our heritage, including HLSI’s unique book collection.

 

A fundamental role of the Trustees is to ensure the Institution's finances remain on a sound footing. A key way to achieve this is to continue to improve the quality of the Institution's programme of activities and events, and to promote them with increasing effectiveness. The trustees want to encourage members to participate in the activities of the Institution and fully use its facilities.

 

All of us want to ensure that the Institution, in accordance with its original objectives, plays a part in enhancing the life of the community around it. The Institution is Highgate’s home for all who want intellectual stimulation in a convivial atmosphere, and everyone is welcome

Financial review

The HLSI aims to balance its revenue generation activities against the costs incurred in providing them and the cost of maintaining its historical building and other premises and administering the Institution generally.

The ordinary income of the Institution is derived from four main sources:

- Members' subscriptions;

- Rental income;

- Hiring fees for the Institution's premises; and

- Classes, activities and events organised by the members.

 

Income from membership subscriptions, property rental and all activities totalled £486,183. Operational outgoings totalled £464,657. In addition, the HLSI received £19,162 in generous donations and legacies from members. Also, the investment portfolio valuation at year end showed an increase of £39,424, as result of which net income reached £80,112 for the year.

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 at a minimum equivalent to between three and six-months’ 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 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 with net current assets (unrestricted) of £450,342 at the year end.

THE HIGHGATE LITERARY AND SCIENTIFIC INSTITUTION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
Major risks

The trustees regularly review the major risks to which the Association is exposed, and are satisfied that systems are in place to mitigate exposure to these risks.

Plans for future periods

Objectives of the Institution for 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

-

To maintain and, where possible, improve the quality of the Institution's programme of activities and events, and to promote them with increasing effectiveness.

 

 

 

 

 

 

 

 

 

-

To continue to develop the Institution's facilities for the benefit of both members and others.

 

 

 

 

 

 

 

 

 

-

To give the members full opportunity to use the facilities and to encourage them to participate in the activities of the Institution.

 

 

 

 

 

 

 

 

 

-

To ensure that the Institution plays a part in enhancing the life of the community around it.

 

 

 

 

 

 

 

 

 

-

To ensure the Institution's finances remain on a sound footing.

 

Structure, governance and management

The charity is a company limited by guarantee and is governed by its memorandum and articles of association. Conversion from its previous status as a Friendly Society was effective from 2 January 2024.

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:

Katherine Dallas
Anne Jamieson
Simon Edwards
Martyn Bond
Hilary Laurie
William English
Jeffrey Anderson
Recruitment and appointment of trustees

There is no formal process for the recruitment and appointment of new trustees, but prospective trustees are identified as having a good knowledge of the activities of the charity and of the community which it serves. 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

Governance and management is vested in the Board of Trustees who meet regularly. In addition other committees have been established to oversee specific aspects of the charity's operations, the trustees having final oversight in all cases.

Statement of trustees' responsibilities

The trustees, who are also the directors of The Highgate Literary and Scientific Institution for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

THE HIGHGATE LITERARY AND SCIENTIFIC INSTITUTION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

In preparing these financial statements, the trustees are required to:

- select suitable accounting policies and then apply them consistently;

- observe the methods and principles in the Charities SORP;

- make judgements and estimates that are reasonable and prudent; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Auditor

In accordance with the company's articles, a resolution proposing that Glazers be reappointed as auditor of the company will be put at a General Meeting.

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

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

Simon Edwards
Trustee
25 June 2025
THE HIGHGATE LITERARY AND SCIENTIFIC INSTITUTION
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE HIGHGATE LITERARY AND SCIENTIFIC INSTITUTION
- 5 -

Opinion

We have audited the financial statements of The Highgate Literary and Scientific Institution (the ‘charity’) for the year ended 31 December 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

-

give a true and fair view of the state of the charitable company's affairs as at 31 December 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

THE HIGHGATE LITERARY AND SCIENTIFIC INSTITUTION
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE HIGHGATE LITERARY AND SCIENTIFIC INSTITUTION
- 6 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

-

the information given in the trustees' report for the financial year for which the financial statements are prepared, which includes the directors' report prepared for the purposes of company law, is consistent with the financial statements; and

-

the directors' report included within the trustees' report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the trustees' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

-

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-

the financial statements are not in agreement with the accounting records and returns; or

-

certain disclosures of trustees' remuneration specified by law are not made; or

-

we have not received all the information and explanations we require for our audit; or

-

the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the trustees' report and from the requirement to prepare a strategic report.

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

THE HIGHGATE LITERARY AND SCIENTIFIC INSTITUTION
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE HIGHGATE LITERARY AND SCIENTIFIC INSTITUTION
- 7 -

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

1) Enquiries of management concerning the charity's policies and procedures relating to:

- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and

- the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations;

2) The company's remuneration policies, and

3) Discussions among the engagement team regarding how and when fraud might occur in the financial statements and any potential indicators of fraud.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and IFRS as issued by the IASB and adopted by the EU, 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 charity is a Public Benefit Entity as defined by FRS 102.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the charity's ability to operate or avoid a material penalty.

As a result of performing the above, we did not identify any key audit matters related to the potential risk of fraud or non-compliance with laws and regulations.

In addition to the above, our procedures to respond to risks identified included the following:

- Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

- Enquiring of management concerning actual and potential litigation and claims;

- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

We note that our audit is not primarily designed to detect non-compliance with laws and regulations and the Trustees and other management are responsible for such internal control as the Trustees and other management of the Charity determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to errors or fraud, including compliance with laws and regulations. Additionally, owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

THE HIGHGATE LITERARY AND SCIENTIFIC INSTITUTION
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE HIGHGATE LITERARY AND SCIENTIFIC INSTITUTION
- 8 -

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Philippe Herszaft ACA (Senior Statutory Auditor)
For and on behalf of Glazers, Statutory Auditor
Chartered Accountants
843 Finchley Road
London
NW11 8NA
30 June 2025
THE HIGHGATE LITERARY AND SCIENTIFIC INSTITUTION
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2024
2024
2024
2023
2023
2023
Notes
£
£
£
£
£
£
Income from:
Subscriptions, donations and legacies
3
126,829
-
126,829
96,315
-
96,315
Charitable activities
4
282,109
-
282,109
228,523
-
228,523
Other activities
5
85,768
-
85,768
84,815
-
84,815
Investments
6
10,639
-
10,639
4,569
-
4,569
Total income
505,345
-
505,345
414,222
-
414,222
Expenditure on:
Raising funds
7
2,013
-
2,013
2,808
-
2,808
Charitable activities
8
462,244
400
462,644
411,326
854
412,180
Total expenditure
464,257
400
464,657
414,134
854
414,988
Net gains/(losses) on investments
14
35,738
3,686
39,424
24,090
5,045
29,135
Net income and movement in funds
76,826
3,286
80,112
24,178
4,191
28,369
Reconciliation of funds:
Fund balances at 1 January 2024
2,828,804
82,209
2,911,013
2,804,626
78,018
2,882,644
Fund balances at 31 December 2024
2,905,630
85,495
2,991,125
2,828,804
82,209
2,911,013

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

THE HIGHGATE LITERARY AND SCIENTIFIC INSTITUTION
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
16
2,096,097
2,093,641
Investments
17
444,686
405,261
2,540,783
2,498,902
Current assets
Debtors
18
17,632
11,580
Cash at bank and in hand
514,707
485,337
532,339
496,917
Creditors: amounts falling due within one year
19
(81,997)
(84,806)
Net current assets
450,342
412,111
Total assets less current liabilities
2,991,125
2,911,013
The funds of the charity
Restricted income funds
21
85,495
82,209
Unrestricted funds
22
2,905,630
2,828,804
2,991,125
2,911,013
The financial statements were approved by the trustees on 25 June 2025
William English
Trustee
Company registration number 15381311 (England and Wales)
THE HIGHGATE LITERARY AND SCIENTIFIC INSTITUTION
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
44,724
4,968
Investing activities
Purchase of tangible fixed assets
(25,993)
(32,138)
Investment income received
10,639
4,569
Net cash used in investing activities
(15,354)
(27,569)
Net cash generated from financing activities
-
-
Net increase/(decrease) in cash and cash equivalents
29,370
(22,601)
Cash and cash equivalents at beginning of year
485,337
507,938
Cash and cash equivalents at end of year
514,707
485,337
THE HIGHGATE LITERARY AND SCIENTIFIC INSTITUTION
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
1
Accounting policies
Charity information

The Highgate Literary and Scientific Institution is a private company limited by guarantee incorporated in England and Wales. The registered office is 11 South Grove, Highgate, London, N6 6BS.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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)". The charity is a Public Benefit Entity as defined by FRS 102.

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.

1.2
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.

1.3
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 charity.
1.4
Income
Income is recognised when the charity 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.

Subscription income is recognised in the year in which it is receivable. Income from classes and hall hire is recognised in the year to which the income relates.

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.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
THE HIGHGATE LITERARY AND SCIENTIFIC INSTITUTION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
1.5
Expenditure

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.

1.6
Tangible fixed assets

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:

Freehold land and buildings
£10,000 per annum
Fixtures and fittings
12.5% to 33.3% straight line
Artworks
Nil

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.

1.7
Fixed asset investments

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

1.8
Impairment of fixed assets

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).

1.9
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.

1.10
Financial instruments

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.

THE HIGHGATE LITERARY AND SCIENTIFIC INSTITUTION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
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 charity’s contractual obligations expire or are discharged or cancelled.

1.11
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Critical accounting estimates and judgements

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.

THE HIGHGATE LITERARY AND SCIENTIFIC INSTITUTION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
3
Income from donations and legacies
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Donations and gifts
107,667
93,440
Legacies
19,162
2,875
126,829
96,315
4
Income from charitable activities
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Institution activities
Classes
196,419
155,050
Gallery
8,495
8,770
Lectures
4,051
4,427
Library
3,972
4,005
Clubs
14,412
13,143
Events
5,196
6,770
Publications
1,589
1,725
Archives
-
135
Members room
732
108
Hire of hall
47,243
34,390
282,109
228,523
5
Income from other activities
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Fundraising events
10,645
10,295
Garage rents
16,378
15,220
Cottage rents
46,245
46,800
10A South Grove rents
12,500
12,500
Other trading activities
85,768
84,815
THE HIGHGATE LITERARY AND SCIENTIFIC INSTITUTION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
6
Income from investments
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Interest receivable
10,639
4,569
7
Expenditure on raising funds
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Fundraising and publicity
Advertising
1,095
-
Costs of rental properties
918
2,808
Total costs
2,013
2,808
THE HIGHGATE LITERARY AND SCIENTIFIC INSTITUTION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
8
Expenditure on charitable activities
Institution activities
Institution activities
2024
2023
£
£
Direct costs
Classes
102,502
86,205
Gallery
678
1,754
Lectures
4,725
5,788
Library
4,840
6,165
Clubs
3,405
3,640
Events
4,818
6,297
Publications
2,207
1,921
Archives
120
1,920
Members room
8,685
7,640
131,980
121,330
Share of support and governance costs (see note 9)
Support
316,235
284,850
Governance
14,429
6,000
462,644
412,180
Analysis by fund
Unrestricted funds
462,244
411,326
Restricted funds
400
854
462,644
412,180
THE HIGHGATE LITERARY AND SCIENTIFIC INSTITUTION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
9
Support costs allocated to activities
2024
2023
£
£
Staff costs
180,226
167,601
Depreciation
23,537
23,579
Rates
2,315
2,415
Light and heat
14,854
15,467
Repairs and maintenance
18,454
13,610
Advertising and publicity
3,896
1,748
Office costs
40,817
31,957
Cleaning and supervision
4,102
4,749
Insurance and security
16,409
15,280
Bank charges and interest
7,310
7,063
Sundry expenses
4,315
1,381
Governance costs
14,429
6,000
330,664
290,850
Analysed between:
Institution activities
330,664
290,850
10
Net movement in funds
2024
2023
£
£
The net movement in funds is stated after charging/(crediting):
Fees payable to the charity's auditor:
- for the audit of the charity's financial statements
4,800
2,760
- for other financial services
8,940
-
Depreciation of owned tangible fixed assets
23,537
23,579
11
Auditor's remuneration
Fees payable to the charity's auditor and associates:
2024
2023
£
£
For audit services
Audit of the financial statements of the charity
4,800
2,760
For other services
All other non-audit services
8,940
-
12
Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
THE HIGHGATE LITERARY AND SCIENTIFIC INSTITUTION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
13
Employees

The average monthly number of employees during the year was:

2024
2023
Number
Number
7
8
Employment costs
2024
2023
£
£
Wages and salaries
164,417
155,094
Social security costs
14,173
11,077
Other pension costs
1,636
1,430
180,226
167,601
There were no employees whose annual remuneration was more than £60,000.
14
Gains and losses on investments
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2024
2024
2024
2023
2023
2023
Gains/(losses) arising on:
£
£
£
£
£
£
Revaluation of investments
35,738
3,686
39,424
24,090
5,045
29,135
15
Taxation

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

THE HIGHGATE LITERARY AND SCIENTIFIC INSTITUTION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
16
Tangible fixed assets
Freehold land and buildings
Fixtures and fittings
Artworks
Total
£
£
£
£
Cost
At 1 January 2024
2,320,000
293,545
1,000
2,614,545
Additions
-
25,993
-
25,993
At 31 December 2024
2,320,000
319,538
1,000
2,640,538
Depreciation and impairment
At 1 January 2024
260,000
260,904
-
520,904
Depreciation charged in the year
10,000
13,537
-
23,537
At 31 December 2024
270,000
274,441
-
544,441
Carrying amount
At 31 December 2024
2,050,000
45,097
1,000
2,096,097
At 31 December 2023
2,060,000
32,641
1,000
2,093,641

Freehold land and buildings is stated at deemed cost. It is the carrying amount at the date of conversion from friendly society to incorporated charity.

17
Fixed asset investments
Listed investments
£
Cost or valuation
At 1 January 2024
405,261
Valuation changes
39,425
At 31 December 2024
444,686
Carrying amount
At 31 December 2024
444,686
At 31 December 2023
405,261
18
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,675
10,040
Prepayments and accrued income
15,957
1,540
17,632
11,580
THE HIGHGATE LITERARY AND SCIENTIFIC INSTITUTION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
19
Creditors: amounts falling due within one year
2024
2023
£
£
Other taxation and social security
-
3,123
Trade creditors
2,480
648
Accruals and deferred income
79,517
81,035
81,997
84,806
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
1,636
1,430

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

21
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
Resources expended
Gains and losses
At 31 December 2024
£
£
£
£
Aslam Fund
19,248
(100)
863
20,011
Attkins Fund
19,353
(100)
867
20,120
Hines Fund
24,925
-
1,118
26,043
Loewe Fund
18,683
(200)
838
19,321
82,209
(400)
3,686
85,495
Previous year:
At 1 January 2023
Resources expended
Gains and losses
At 31 December 2023
£
£
£
£
Aslam Fund
18,403
(385)
1,230
19,248
Attkins Fund
18,215
-
1,138
19,353
Hines Fund
23,763
(375)
1,537
24,925
Loewe Fund
17,637
(94)
1,140
18,683
78,018
(854)
5,045
82,209
THE HIGHGATE LITERARY AND SCIENTIFIC INSTITUTION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
22
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
Incoming resources
Resources expended
Gains and losses
At 31 December 2024
£
£
£
£
£
General funds
2,828,804
505,345
(464,257)
35,738
2,905,630
Previous year:
At 1 January 2023
Incoming resources
Resources expended
Gains and losses
At 31 December 2023
£
£
£
£
£
General funds
2,804,626
414,222
(414,134)
24,090
2,828,804
23
Analysis of net assets between funds
Unrestricted
Restricted
Total
funds
funds
2024
2024
2024
£
£
£
At 31 December 2024:
Tangible assets
2,096,097
-
2,096,097
Investments
359,191
85,495
444,686
Current assets/(liabilities)
450,342
-
450,342
2,905,630
85,495
2,991,125
Unrestricted
Restricted
Total
funds
funds
2023
2023
2023
£
£
£
At 31 December 2023:
Tangible assets
2,093,641
-
2,093,641
Investments
323,052
82,209
405,261
Current assets/(liabilities)
412,111
-
412,111
2,828,804
82,209
2,911,013
24
Related party transactions

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

THE HIGHGATE LITERARY AND SCIENTIFIC INSTITUTION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
25
Cash generated from operations
2024
2023
£
£
Surplus for the year
80,112
28,369
Adjustments for:
Investment income recognised in statement of financial activities
(10,639)
(4,569)
Fair value gains and losses on investments
(39,424)
(29,135)
Depreciation and impairment of tangible fixed assets
23,537
23,579
Movements in working capital:
(Increase)/decrease in debtors
(6,052)
4,087
(Decrease) in creditors
(2,810)
(17,363)
Cash generated from operations
44,724
4,968
26
Analysis of changes in net funds

The charity had no material debt during the year.

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