Charity registration number SC026679 (Scotland)
Company registration number SC173583
HIGHLAND CROSS
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
HIGHLAND CROSS
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
C M Munro
J Fraser
Secretary
J Fraser
Charity number
SC026679
Company number
SC173583
Registered office
Redwood
19 Culduthel Road
Inverness
IV2 4AA
Independent examiner
Gemma Palombo M.A. (Hons), C.A.
Ritsons
Chartered Accountants
Forbes House, 36 Huntly Street
Inverness
IV3 5PR
Bankers
Bank of Scotland
2-6 Eastgate
Inverness
IV2 3NA
HIGHLAND CROSS
CONTENTS OF THE FINANCIAL STATEMENTS
Page
Trustees' report
1 - 2
Independent examiner's report
3
Statement of financial activities
4
Balance sheet
5
Notes to the financial statements
6 - 14
HIGHLAND CROSS
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 charity's Memorandum and Articles of Association, the Companies Act 2006 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

The charity's objects are to raise funds for charities operating in the Highland area by organising an annual sporting challenge and the disbursement of sponsorship monies raised by the event.

Grant making policy

Each year, applications are invited from any charity within the Highlands. After initial screening, applicants for major sums have the opportunity to present their case to an independent charity selection panel who then decide on the principal charities to be supported. Grants are awarded only for capital projects. If surplus funds are available, grants will be awarded to additional charities seeking smaller amounts of assistance.

Volunteers

Many volunteers give up their time to help out at the Highland Cross. The trustees are greatly indebted to these volunteers for their commitment and support, without whom the event could not operate.

Achievements and performance
Significant activities and achievements against objectives

The trustees consider that 2024 was a very successful year. The 40th Highland Cross took place in June 2024 in very favourable weather. A record amount of sponsorship funds was received, enabling a number of charities to receive assistance towards their projects.

Financial review

The General Fund represents the unrestricted funds arising from past operating results. It also represents the free reserves of the charity. The balance of the General Fund at the year end is £28,004 (2023 - £28,687). Designated funds amounting to £337,728 (2023 - £233,058) represent the amounts raised by competitors to be donated to charities in future years. Included in this year's figure is a total of £301,000 in respect of 5 vehicles ordered, but not receivable until 2025. These vehicles were for 2024 principal benefitting charities, but the vehicle suppliers have time lags at present between ordering and supply.

Reserves policy

The trustees consider it prudent to hold a level of reserves that would allow it to meet any unforeseen costs that might arise from the running of the event or a late cancellation of the annual event.

Principal funding sources

The running and administration expenses are met from entry fees and sponsorship from supporting organisations which give their services, time and equipment free of charge.

Major risks

The trustees has assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Plans for future periods

With the continued support of sponsors and volunteers, the organisers hope to continue to run the event on an annual basis.

Structure, governance and management

The charity is controlled by its governing document, the Articles of Association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

HIGHLAND CROSS
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

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:

C M Munro
J Fraser
Recruitment and appointment of trustees

The directors have the power at any time to appoint any person to be a director. There have been no changes in directors during the year.

Induction and training of trustees

To make sure any new trustee becomes familiar with all aspects of the Highland Cross, before joining they are provided with a copy of the charity's governing document (Memorandum and Articles of Association) and information about the aims and objectives of the charity. The role and responsibilities of a new trustee should be clearly identified and the level of their commitment clearly agreed to, they will also be provided with a copy of the OSCR's guidance for charity trustees. All new trustees will be offered the opportunity to attend an induction session to understand the current grant award and financial situation and to review the operational and financial documents.

The trustees' r eport was approved by the Board of Trustees.

J Fraser
Trustee
4 September 2025
HIGHLAND CROSS
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF HIGHLAND CROSS
- 3 -

I report on the financial statements of the charity for the year ended 31 December 2024, which are set out on pages 4 to 14.

To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity, its members as a body and its trustees, for my independent examination work, for this report, or the opinions I have formed.

Responsibilities and basis of report

As the trustees of the company (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 Charities and Trustee Investment (Scotland) Act 2005 (‘the 2005 Act’), the Charities Accounts (Scotland) Regulations 2006 (as amended) and the Companies Act 2006 (‘the 2006 Act’). You are satisfied that the accounts of the company are not required by charity or company law to be audited and have chosen instead to have an independent examination.

Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s accounts carried out under section 44(1)(c) of the 2005 Act. In carrying out my examination I have followed the requirements of Regulation 11 of the Charities Accounts (Scotland) Regulations 2006 (as amended).

Independent examiner's statement

Since the charity is required by company law to prepare its accounts on an accruals basis and is registered as a charity in Scotland your examiner must be a member of a body listed in Regulation 11(2) of the Charities Accounts (Scotland) Regulations 2006 (as amended). I can confirm that I am qualified to undertake the examination because I am a registered member of ICAS which is one of the listed bodies.

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:

1. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act, section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; or

2. the financial statements do not accord with those records or with the accounting requirements of Regulation 8 of the Charities Accounts (Scotland) Regulations 2006; or

3. the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts 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 accounts 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 accounts to be reached.

Gemma Palombo M.A. (Hons), C.A.
Ritsons
Chartered Accountants
Forbes House, 36 Huntly Street
Inverness
IV3 5PR
Dated: 4 September 2025
HIGHLAND CROSS
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
Unrestricted
Unrestricted
funds
funds
2024
2023
Notes
£
£
Income from:
Donations and legacies
2
371,779
330,739
Other trading activities
3
49,176
37,333
Investments
4
3,637
2,958
Total income
424,592
371,030
Expenditure on:
Raising funds
5
52,296
42,810
Charitable activities
7
268,309
228,028
Total expenditure
320,605
270,838
Net income and movement in funds
103,987
100,192
Reconciliation of funds:
Fund balances at 1 January 2024
261,745
161,553
Fund balances at 31 December 2024
365,732
261,745

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

HIGHLAND CROSS
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 5 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
1,262
-
Current assets
Debtors
14
733
1,273
Cash at bank and in hand
365,287
334,271
366,020
335,544
Creditors: amounts falling due within one year
15
(1,550)
(73,799)
Net current assets
364,470
261,745
Total assets less current liabilities
365,732
261,745
The funds of the charity
Unrestricted funds
16
365,732
261,745
365,732
261,745

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 4 September 2025
J Fraser
Trustee
Company registration number SC173583
HIGHLAND CROSS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
1
Accounting policies
Charity information

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

1.1
Accounting convention

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 are prepared in sterling, which is the functional currency of the charity. Monetary a mounts 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.

Designated funds represent all funds raised by competitors and gift aid to be distributed in future years.

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.

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.

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.

Income from interest is recognised when it is received.

1.5
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.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

HIGHLAND CROSS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies (Continued)
- 7 -

The cost of generating funds are those costs attributable to generating incoming resources for the charity, other than those costs incurred in undertaking charitable activities.

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charitable company and include accountants' independent examination fees and costs linked to the strategic management of the company.

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:

Fixtures and fittings
20% on cost

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
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).

1.8
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.

1.9
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.

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.

HIGHLAND CROSS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies (Continued)
- 8 -
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 p aymen ts 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.

1.10
Taxation

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

2
Donations and legacies
Unrestricted
Unrestricted
funds
funds
general
general
2024
2023
£
£
Donations and gifts
1,291
1,996

Team sponsorship

370,488
328,743
371,779
330,739
Donations and gifts
Gift aid
1,291
1,996
1,291
1,996
3
Income from other trading activities
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Fundraising events
49,176
37,333
HIGHLAND CROSS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
4
Income from investments
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Interest receivable
3,637
2,958
5
Expenditure on raising funds
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Fundraising and publicity
Staging fundraising events
51,980
42,810
Depreciation and impairment
316
-
52,296
42,810
6
Charitable activity expenditure
Charitable grants and donations
Charitable grants and donations
2024
2023
£
£
Direct costs
Entry charges
2,884
-
Grant funding of activities (see note 7)
264,225
226,768
Share of support and governance costs (see note 8)
Governance
1,200
1,260
268,309
228,028
Analysis by fund
Unrestricted funds - general
268,309
228,028
HIGHLAND CROSS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
7
Grants payable

Charitable grants and donations

Charitable grants and donations

2024
2023
£
£
Grants to institutions:
Cameron House
56,912
-
Aban Outdoor
50,916
-
Caberfeidh Horizons
36,591
-
Calman
36,000
-
Highland Hospice
29,342
-
ILM Highland
17,650
-
Spokes for Folks
12,000
-
Elsie Normington Foundation
8,201
-
Nairn Beach Wheelchairs
6,811
-
Highland 4 X 4 Response
6,000
-
Relationship Scotland
1,897
-
RASASH
1,585
-
Highland Action for Little Ones
320
-
Glenurquhart Care Project
-
62,351
Seaforth House
-
50,000
Reach for Reality
-
48,718
Partnership for Wellbeing
-
31,495
Dornoch Beach Wheelchairs
-
15,783
Nairn River Enterprise
-
10,000
Inspiring Young Voices
-
3,500
Relationship Scotland
-
2,800
Spokes for Folks
-
1,911
Highland Action for Little Ones
-
150
Highland and Islands Blood Bikes
-
60
264,225
226,768
8
Support costs allocated to activities
2024
2023
£
£
Governance costs
1,200
1,260
Analysed between:
Charitable grants and donations
1,200
1,260
HIGHLAND CROSS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
9
Net movement in funds
2024
2023
£
£
The net movement in funds is stated after charging/(crediting):
Fees payable for the independent examination of the charity's financial statements
1,200
1,260
Depreciation of owned tangible fixed assets
316
-
10
Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

In respect of specific outlays incurred on behalf of the charity, Calum Munro was reimbursed £1,517 (20 23 - £782) and John Fraser was reimbursed £951 (20 23 - £691).

11
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

No remuneration was paid to key management personnel.

12
Taxation

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

HIGHLAND CROSS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
13
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 January 2024
2,400
Additions
1,578
At 31 December 2024
3,978
Depreciation and impairment
At 1 January 2024
2,400
Depreciation charged in the year
316
At 31 December 2024
2,716
Carrying amount
At 31 December 2024
1,262
At 31 December 2023
-
14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Sundry debtors
-
500
Prepayments
733
773
733
1,273
15
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
-
10,000
Accruals
1,550
63,799
1,550
73,799
HIGHLAND CROSS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
16
Unrestricted funds

The unrestricted funds of the charity compri se the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be use d. The se 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
Transfers
At 31 December 2024
£
£
£
£
£
Donations carried forward
233,058
-
-
104,670
337,728
General funds
28,687
424,592
(320,605)
(104,670)
28,004
261,745
424,592
(320,605)
-
365,732
Previous year:
At 1 January 2023
Incoming resources
Resources expended
Transfers
At 31 December 2023
£
£
£
£
£
Donations carried forward
129,086
-
-
103,972
233,058
General funds
32,467
371,030
(270,838)
(103,972)
28,687
161,553
371,030
(270,838)
-
261,745

Transfer of funds

The transfer of £104,670 (2023 - £103,972) from the general fund to the donations carried forward fund represents donations received in the year for distribution to charities in the future.

General fund

The general fund represents the unrestricted funds arising from past operating results.

Donations carried forward

The donations carried forward fund represents the amounts raised by competitors to be donated to charities in future years, including the £301,000 relating to the 2024 principal projects to be paid for in 2025.

The donations carried forward fund in 2023 represents the amounts raised by competitors to be donated to charities in future years, including the £211,000 relating to the 2023 principal projects to be paid for in 2024.

17
Analysis of net assets between funds
Unrestricted
funds
2024
£
At 31 December 2024:
Tangible assets
1,262
Current assets/(liabilities)
364,470
365,732
HIGHLAND CROSS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
17
Analysis of net assets between funds (Continued)
- 14 -
Unrestricted
funds
2023
£
At 31 December 2023:
Current assets/(liabilities)
261,745
261,745

Analysis of net assets are net current assets/liabilities split between general funds - £28,004 (202 3 - £28,687) and designated funds - £337,728 (202 3 - £233,058).

18
Related party transactions

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

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