The financial statements were approved and authorised for issue by the Board of Directors on 23 April 2026.

The company is a private company limited by shares, registered in Scotland. The address of the registered office is Scott House, 10 South St Andrew's Street, Edinburgh.

These financial statements have been prepared in compliance with Section 1A of FRS 102, "The Financial Reporting Standard applicable in the UK and the Republic of Ireland".

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on a basis other than the going concern basis. This basis includes, where applicable, writing the company's assets down to the net realisable value. Refer to further details in note 7.

Revenue is represented by income received from the publishing of the journal of the Institute of Chartered Foresters.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company 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 company's balance sheet when the company 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 enforcable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash 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 and discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangment 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 liabilites 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 business from suppliers. Amounts payable are classified as current liabilites if payment is due within one year or less. If not, they are presented as non-current liabilites. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity investments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The company is a wholly-owned subsiduary of Institute of Chartered Foresters, and as such has taken advantage of the exemption permitted by FRS 102 Section 33 Related Party Disclosures, not to provide disclosures of transactions entered into with other members of the group.

Subsequent to the year-end, the directors plan to cease trading in May 2026, and settle all remaining liabilities thereafter.

In the opinion of the directors, the ultimate controlling party is Institute of Chartered Foresters, by way of being the sole shareholder of the company. The address of the registered office and place of business is Scott House, 10 South St Andrew's Street, Edinburgh.