ACCOUNTS - Final Accounts preparation

Registered number: 02101229

Charity numbers: 296766 & SC039480

BALCARRES HERITAGE TRUST LIMITED
(A company limited by guarantee)q

COUNCIL MEMBERS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2025

BALCARRES HERITAGE TRUST LIMITED

CONTENTS

	Page
Reference and administrative details of the charitable company, its Council members and advisers	1
Council members' report	2 - 5
Independent auditors' report on the financial statements	6 - 9
Statement of financial activities	10
Balance sheet	11 - 12
Notes to the financial statements	13 - 25

BALCARRES HERITAGE TRUST LIMITED

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY, ITS COUNCIL MEMBERS AND ADVISERS

FOR THE YEAR ENDED 5 APRIL 2025

Council members	The Earl of Crawford
	N J Barker
	The Hon R J Elliott
	S P Weil
	The Earl of Woolton
	Dr W Zachs

Company registered number

02101229

Charity registered numbers

296766 and SC039480

Registered office

c/o Charles Russell Speechlys LLP

5 Fleet Place

London

EC4M 7RD

Company secretary

S P Weil

Independent auditors

Sumer Auditco Limited

Chartered Accountants

14 City Quay

Dundee

DD1 3JA

Bankers

Royal Bank of Scotland

23/25 Rosslyn Street

Kirkcaldy

Fife

KY1 3HW

Solicitors

Charles Russell Speechlys

5 Fleet Place

London

EC4M 7RD

Investment Managers

James Hambro & Partners LLP

45 Pall Mall

London

SW1Y 5JG

Page 1

BALCARRES HERITAGE TRUST LIMITED

COUNCIL MEMBERS' REPORT

FOR THE YEAR ENDED 5 APRIL 2025

The council members present their annual report together with the audited financial statements of the charitable company for the year from 6 April 2024 to 5 April 2025. The Annual report serves the purposes of both a council members' report and a directors' report under company law. The council members confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the charitable company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

a. Achievements and performance

During the year, the Balcarres Heritage Trust continued its long-standing commitment to advancing the arts, heritage, and culture by making the Trust’s assets accessible to scholars, institutions, and the wider public. The Trustees wish to express their sincere gratitude to the Directors and staff of the National Galleries of Scotland and the National Library of Scotland (NLS), whose careful stewardship of many of the Trust’s collections ensures these invaluable resources remain freely available to all.
The NLS has seen a high level of activity in relation to the Trust’s Printed Collections, with digital access remaining a key avenue for engagement. The English Ballads recorded 21,977 pageviews, up from 16,489 in the previous year. The Crawford Miscellaneous Broadsides attracted 5,128 pageviews, compared with 5,065 the year before. Meanwhile, the Bibliotheca Lindesiana Catalogues, though not digitised directly from the deposited volumes, continue to draw scholarly interest, receiving 3,431 pageviews, up from 1,433 in the previous year.
In autumn 2024, the Trust strengthened its partnership with the National Library of Scotland by depositing fifty-seven titles (sixty-one volumes) for public access. Now fully catalogued, these works can be consulted directly in the Special Collections Reading Room, further supporting the Trust’s commitment to making its collections as widely accessible as possible.
The Manuscript Collections deposited at the NLS continue to inspire original research and publications across a wide spectrum of disciplines. Scholars at the University of St Andrews working on the Universal Short Title Catalogue drew upon the Borghese Collection to examine materials associated with the Papal Conclave. Dr Katherine Tycz highlighted three exceptionally rare 17th-century voting slips, whose survival offers a unique insight into this otherwise secretive process, and the work received coverage in the Glasgow Herald.
The Crawford Collections also underpinned a number of publications and talks in 2024–25. Peter Davidson of the University of Oxford explored the French-style gardens at Edzell laid out by Sir David Lindsay around 1600 in his monograph Relics, Dreams, Voyages: World Baroque (Manchester University Press, 2024). Luke Gartlan of the University of St Andrews published “‘Before the Eye and into the Heart’: The Lindsays of Balcarres and the Mediascape of the Crimean War” in Nineteenth Century Art Worldwide, examining nineteenth-century correspondence relating to Robert James Lindsay’s actions at the Battle of the Alma. Isobel Muir, Project Curator at the National Gallery (London), delivered a paper on Jewish members of Britain’s National Art Collections Fund at a symposium organised by the Jewish Country Houses Research Group at the University of Oxford. In addition, the National Gallery used high-resolution images of a volume from the Balcarres collection for its Picture of the Month film series, marking the Gallery’s 200th anniversary, with a focus on sculptor Félicie de Fauveau’s frame designs, including her work for Delaroche’s The Execution of Lady Jane Grey (1833).
Between April 2024 and March 2025, a number of individual researchers consulted the Manuscript Collections for a diverse range of topics. Among them were Elizabeth Aitchison (University of Aberdeen), who studied the memoirs of Lady Anne Barnard; Michael Fraser (University of St Andrews), who examined military papers of the 18th and 19th Earls of Crawford; Cassandra Gorman (Anglia Ruskin University), who consulted Historie and Chronickillis of Scotland by Robert Lindsay of Pitscottie; and Roslyn Potter (University of Glasgow), who compared a nineteenth-century copy of Lady Henrietta Campbell’s 1689 diary with the original held in the

Page 2

BALCARRES HERITAGE TRUST LIMITED

(continued)

Advocates’ Manuscripts collection. Other readers included Lauren Winch (University of York), Isabella Kocum (National Gallery, London) and several other independent researchers exploring topics from Persian manuscripts to local history, family papers, and national arts organisations.
Balcarres House also welcomed a number of visitors with an interest in heritage and culture. During the year, the Trust hosted a group from the American Horticultural Society, as well as the Royal Oak Foundation, the American affiliate of the National Trust. Both groups toured the house and gardens, engaging with the history of the Lindsay family and their collections. These visits exemplify the Trust’s commitment to outreach and international cultural exchange.
The Trust continues its work to preserve and maintain the fabric of Balcarres House through an ongoing programme of repairs and upkeep. Towards the end of the year, work commenced on the renovation of the Joiner’s Lodge cottage, alongside the refurbishment of the garden cold stores. A comprehensive repainting of all windows was also completed.
The gardens continue to flourish, and the Trustees are grateful to Michael Mead, Head Gardener, and James Gilmour for their dedication and creativity, which ensure that the gardens are maintained to the highest standards.
Throughout 2024–25, the Trustees have been encouraged by the continued engagement with the Crawford Collections, both digitally and in person, the sustained scholarly use of manuscripts and printed works, and the opportunities to share Balcarres House with visiting groups. The Trust remains committed to preserving these collections for future generations, ensuring they continue to inspire research, learning, and appreciation of the arts and heritage.

b. Future activities

Looking ahead, the Trust will continue with the redevelopment of the Joiner’s Lodge cottage, further enhancing the estate’s facilities. On the cultural front, Shakespeare’s First Folio will travel on loan to Asia as part of the exhibition Writers Revealed, organised by the National Portrait Gallery which will run from mid-March to mid-July 2026. Opening in Shanghai before moving to Seoul, South Korea, this international exhibition will bring one of the most celebrated treasures of the Crawford Collections to new audiences, reflecting the Trust’s commitment to sharing its holdings as widely as possible.

Financial review

a. Going concern

After making appropriate enquiries, the council members have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

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BALCARRES HERITAGE TRUST LIMITED

Financial review (continued)

b. Reserves policy

There is no reserves policy as the Trustees believe it is not necessary to have free cash reserves available. This is due to the high levels of cash maintained in the endowment fund.
All incoming resources of the charity are included in the unrestricted general fund for the year. The principal sources of income arise from investment income in respect of dividends, rental income and from donations. Total incoming resources of £260,522 (2024 - £408,759) have been received in the year.
Total resources expended in the year are £380,059 (2024 - £403,754). These are primarily included in unrestricted general funds, except for investment management fees, which form part of the expendable endowment fund. Costs of generating funds also include the direct costs associated with let property held for investment purposes in the year. Costs of charitable activities of £321,213 (2024 - £351,547) include the costs of running and preserving Balcarres House and certain other properties used in furtherance of the charity's objectives.
The charity's investment policy is to hold funds in a medium risk strategy in order to achieve a balance of income and capital growth but free from the imposition of moral or ethical constraints.
Overall the net movement in funds was a deficit of £204,701 (2024 - £497,558 surplus), resulting in unrestricted funds of £299,159 (2024 - £466,800) and expendable endowment funds of £7,117,410 (2024 - £7,154,470) at the year end.

Structure, governance and management

a. Constitution

The company, which is a recognised charity in Scotland and in England and Wales, is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 18/02/1987. Each member guarantees the charity's liabilities to the extent of £100 in the event of the charity winding up.
The charity, which is a recognised charity in Scotland, is constituted under a Memorandum of Association dated 18/02/1987 and is a registered charity number 296766.

b. Methods of appointment or election of council members

The management and overall strategy of the charity is in the hands of the Council members. Council members are appointed by the existing Council such that the number of members of Council will no be less than 5 or more than 8. Council members hold office until the sixth Annual General Meeting following their election or re election. Whilst there is no formal training or induction process in place, the Council works within the guidelines of the Memorandum and Articles of Association.
The day to day administration of the charity is undertaken by Lord Crawford, a current Council member.

c. Risk management

The Council members have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks.
The risks relating to the investment portfolio have been outlined in the James Hambro & Partners LLP portfolio report.

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BALCARRES HERITAGE TRUST LIMITED

Statement of council members' responsibilities

The council members (who are also the directors of the charitable company for the purposes of company law) are responsible for preparing the Council members' 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 council members to prepare financial statements for each financial . Under company law, the council members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the council members are required to:

∙select suitable accounting policies and then apply them consistently;

∙observe the methods and principles of the Charities SORP (FRS 102);

∙make judgments and accounting estimates that are reasonable and prudent;

∙state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The council members are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Each of the persons who are council members at the time when this Council members' report is approved has confirmed that:

∙so far as that council member is aware, there is no relevant audit information of which the charity's auditors are unaware, and

∙that council member has taken all the steps that ought to have been taken as a council member in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information.

Auditors

The auditors, Sumer Auditco Limited, have indicated their willingness to continue in office. The designated council members will propose a motion reappointing the auditors at a meeting of the council members.

Approved by order of the members of the board of council members on 19 November 2025 and signed on their behalf by:

The Earl of Crawford

Page 5

BALCARRES HERITAGE TRUST LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BALCARRES HERITAGE TRUST LIMITED

Opinion

We have audited the financial statements of Balcarres Heritage Trust Limited (the 'charitable company') for the year ended 5 April 2025 which comprise the Statement of financial activities, the Balance sheet, and the related notes, including a summary of 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 5 April 2025 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, Charities Act 2011, the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 council members' 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 charitable company'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 council members with respect to going concern are described in the relevant sections of this report.

Page 6

BALCARRES HERITAGE TRUST LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BALCARRES HERITAGE TRUST LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The council members 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.

Opinion on other matters prescribed by the Companies Act 2006

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

∙the information given in the directors' report, prepared for the purposes of company law and included within Council members' report, for the financial year for which the financial statements are prepared is consistent with the financial statements.

∙the directors' report, included within the Council members' report, has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Council members' report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 (as amended) require 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 council members' remuneration specified by law are not made; or

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

∙the council members 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 directors report, included within the Council members' report, and from the requirement to prepare a Strategic report.

Page 7

BALCARRES HERITAGE TRUST LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BALCARRES HERITAGE TRUST LIMITED (CONTINUED)

Responsibilities of trustees

As explained more fully in the Council members' responsibilities statement, the council members (who are also the directors of the charitable company for the purposes 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 council members 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 council members are responsible for assessing the charitable company'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 council members either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 Auditors' 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the charitable company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional mistatement due to fraud.
We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Charities and Trustee Investment (Scotland) Act 2005 and UK tax legislation.
Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management.
A further description of our responsibilities for the audit of the financial statements is available on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

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BALCARRES HERITAGE TRUST LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BALCARRES HERITAGE TRUST LIMITED (CONTINUED)

Use of our report

This report is made solely to the charitable company's trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company's trustees, as a body, in accordance with regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charitable company's trustees and council members those matters we are required to state to them in an Auditors' 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 its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Douglas Rae (Senior statutory auditor)

for and on behalf of

Sumer Auditco Limited

Chartered Accountants

Statutory Auditors

14 City Quay

Dundee

DD1 3JA

19 November 2025

Sumer Auditco Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 9

BALCARRES HERITAGE TRUST LIMITED

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 5 APRIL 2025

	Endowment funds 2025	Unrestricted funds 2025	Total funds 2025	Total funds 2024
Note	£	£	£	£

Income and endowments from:
Donations and legacies	3	-	35,000	35,000	189,746
Charitable activities		-	11,575	11,575	16,949
Investments	4	-	198,738	198,738	185,695
Other income	5	-	15,209	15,209	16,369
Total income and endowments		-	260,522	260,522	408,759

Expenditure on:
Raising funds	6	43,948	14,898	58,846	52,207
Charitable activities	7	-	321,213	321,213	351,547
Total expenditure		43,948	336,111	380,059	403,754

Net (expenditure)/income before net (losses)/gains on investments

(43,948)

(75,589)

(119,537)

5,005

Net (losses)/gains on investments

(85,164)

492,553

Net (expenditure)/income

(129,112)

(75,589)

(204,701)

497,558

Transfers between funds

92,052

(92,052)

Net movement in funds

(37,060)

(167,641)

(204,701)

497,558

Reconciliation of funds:
Total funds brought forward	7,154,470	466,800	7,621,270	7,123,712
Net movement in funds	(37,060)	(167,641)	(204,701)	497,558
Total funds carried forward	7,117,410	299,159	7,416,569	7,621,270

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 13 to 25 form part of these financial statements.

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BALCARRES HERITAGE TRUST LIMITED

REGISTERED NUMBER: 02101229

BALANCE SHEET

AS AT 5 APRIL 2025

			2025		2024
	Note		£		£

Fixed assets
Tangible assets	11		276,933		306,277
Heritage assets	12		109,862		109,862
Investments	13		6,975,084		7,154,470
			7,361,879		7,570,609
Current assets
Debtors	14	92,476		81,656
Cash at bank and in hand		4,179		3,520
		96,655		85,176
Current liabilities
Creditors: amounts falling due within one year	15	(41,965)		(34,515)
Net current assets			54,690		50,661
Total assets less current liabilities			7,416,569		7,621,270
Net assets excluding pension asset			7,416,569		7,621,270
Total net assets			7,416,569		7,621,270

Charity funds
Endowment funds	7,117,410	7,154,470
Restricted funds	-	-
Unrestricted funds	299,159	466,800
Total funds	7,416,569	7,621,270

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BALCARRES HERITAGE TRUST LIMITED

REGISTERED NUMBER: 02101229

BALANCE SHEET (CONTINUED)

AS AT 5 APRIL 2025

The entity was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

However, an audit is required in accordance with section 144 of the Charities Act 2011 and section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005.

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

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

The financial statements were approved and authorised for issue by the council members on 19 November 2025 and signed on their behalf by:

The Earl of Crawford	S P Weil
The notes on pages 13 to 25 form part of these financial statements.

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BALCARRES HERITAGE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2025

1.	General information

Balcarres Heritage Trust Limited is a company limited by guarantee, incorporated in England and Wales under company number 02101229 and having its registered office at 50 Broadway, Westminster, London, SW1H 0BL. The principal operating location is Balcarres Estate, Colinsburgh, Fife.
Balcarres Heritage Trust Limited is also a registered charity, registered in England and Wales with charity number 296766 and in Scotland with charity number SC039480.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Balcarres Heritage Trust Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2

Income

All income is recognised once the charitable company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the charitable company has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the charitable company, can be reliably measured.

2.3

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 allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the charitable company to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the charitable company's objectives, as well as any associated support costs.

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BALCARRES HERITAGE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2025

2.Accounting policies (continued)

2.4

Tangible fixed assets and depreciation

Tangible fixed assets costing £NIL or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.

Depreciation is provided on the following bases:

Land & buildings leasehold	-		Straight line basis over the term of lease (expires 2037)
Tenant's improvements	-		Straight line basis over the remaining term of the lease (expires 2037)
Plant and machinery	-	20%	Straight Line
Motor vehicles	-	25%	Reducing Balance

2.5

Heritage assets

Where heritage assets have been purchased, they are initially recognised at cost. After recognition, under the cost model, heritage assets are measured at cost less any accumulated depreciation and any accumulated impairment losses.

At each reporting date the charitable company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined to be the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

2.6

Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.

Investments held as fixed assets are shown at cost less provision for impairment.

2.7

Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.8

Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

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BALCARRES HERITAGE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2025

2.Accounting policies (continued)

2.9

Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the charitable company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

3.	Income from donations and legacies

		Unrestricted funds 2025	Total funds 2025
		£	£


Donations	35,000	35,000
	35,000	35,000


			Unrestricted funds 2024	Total funds 2024
			£	£


Donations	15,500	15,500
Legacies	174,246	174,246
	189,746	189,746

4.	Investment income

		Unrestricted funds 2025	Total funds 2025
		£	£


Rent and service charge income	62,280	62,280
UK listed investments	92,806	92,806
Foreign listed investments	43,652	43,652
	198,738	198,738

Page 15

BALCARRES HERITAGE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2025

4.Investment income (continued)


			Unrestricted funds 2024	Total funds 2024
			£	£


Rent and service charge income	62,167	62,167
UK investments	41,928	41,928
Foreign investments	81,600	81,600
	185,695	185,695

5.	Other incoming resources

		Unrestricted funds 2025	Total funds 2025
		£	£


Single farm payment	14,959	14,959
Miscellaneous income	250	250
	15,209	15,209


			Unrestricted funds 2024	Total funds 2024
			£	£


Single farm payment	14,769	14,769
Miscellaneous income	1,600	1,600
	16,369	16,369

6.	Investment management costs

		Endowment funds 2025	Unrestricted funds 2025	Total funds 2025
		£	£	£


Investment management fees	43,948	-	43,948
Investment property insurance	-	1,540	1,540
Investment property repairs	-	13,358	13,358
	43,948	14,898	58,846

Page 16

BALCARRES HERITAGE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2025

6.Investment management costs (continued)


Endowment funds 2024	Unrestricted funds 2024	Total funds 2024
£	£	£


Investment management fees	40,776	-	40,776
Investment property insurance	-	1,615	1,615
Investment property repairs	-	9,816	9,816
	40,776	11,431	52,207

7.	Analysis of expenditure by activities

		Activities undertaken directly 2025	Support costs 2025	Total funds 2025
		£	£	£


	Heritage activities	220,834	100,379	321,213


Activities undertaken directly 2024	Support costs 2024	Total funds 2024
£	£	£


	Heritage activities	258,709	92,838	351,547

Page 17

BALCARRES HERITAGE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2025

7.Analysis of expenditure by activities (continued)

Analysis of direct costs

	Heritage activities 2025	Total funds 2025
	£	£


Depreciation	29,344	29,344
Property heat and light	32,084	32,084
Property insurance	43,340	43,340
Property repairs and maintenance	62,605	62,605
Sundry expenses	14,004	14,004
Other garden expenses	2,650	2,650
Council tax	3,120	3,120
Conservation and restoration	10,454	10,454
Governance costs	23,233	23,233
	220,834	220,834


		Heritage activities 2024	Total funds 2024
		£	£


Depreciation	33,127	33,127
Property heat and light	36,983	36,983
Property insurance	25,335	25,335
Property repairs and maintenance	111,737	111,737
Sundry expenses	6,108	6,108
Garden vehicle & machinery repairs	47	47
Other garden expenses	10,526	10,526
Council tax	2,178	2,178
Conservation and restoration	3,352	3,352
Governance costs	29,316	29,316
	258,709	258,709

8.	Staff costs
		2025	2024
		£	£


Wages and salaries	78,341	72,346
Contribution to defined contribution pension schemes	5,297	4,622
	83,638	76,968

Page 18

BALCARRES HERITAGE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2025

8.Staff costs (continued)

The average number of persons employed by the charitable company during the year was as follows:
	2025	2024
	No.	No.


	Employees	2	2

No employee received remuneration amounting to more than £60,000 in either year.

9.	Auditors' remuneration
		2025	2024
		£	£

Fees payable to the charitable company's auditor for the audit of the charitable company's annual accounts	6,950	6,600
Fees payable to the charitable company's auditor in respect of:
All non-audit services not included above	6,950	6,600

10.	Council members' remuneration and expenses
	During the year, no council members received any remuneration or other benefits (2024 - £NIL).

During the year ended 5 April 2025, no council member expenses have been incurred (2024 - £NIL).

Page 19

BALCARRES HERITAGE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2025

11.	Tangible fixed assets

	Freehold property	Long-term leasehold property	Plant and machinery	Motor vehicles	Total
	£	£	£	£	£
Cost or valuation
At 6 April 2024	234,158	554,918	38,751	54,053	881,880
At 5 April 2025	234,158	554,918	38,751	54,053	881,880
Depreciation
At 6 April 2024	142,467	359,146	35,391	38,599	575,603
Charge for the year	7,320	16,480	1,680	3,864	29,344
At 5 April 2025	149,787	375,626	37,071	42,463	604,947
Net book value
At 5 April 2025	84,371	179,292	1,680	11,590	276,933
At 5 April 2024	91,691	195,772	3,360	15,454	306,277

Page 20

BALCARRES HERITAGE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2025

12.	Heritage assets
	Assets recognised at cost

		Assets at Balcarres Estate 2025	Total 2025
		£	£


Carrying value at 6 April 2024	109,862	109,862
Carrying value at 5 April 2025	109,862	109,862

Analysis of heritage asset transactions

	2025	2024	2023	2022	2021
	£	£	£	£	£

Purchases
Heritage Assets	-	-	-	500	-
Donations
"Library Companion"	-	500	-	-	-

13.	Fixed asset investments

	Listed investments	Investment cash	Total
	£	£	£
Cost or valuation
At 6 April 2024	7,128,575	25,895	7,154,470
Additions	2,626,440	385,292	3,011,732
Disposals	(2,881,845)	(224,107)	(3,105,952)
Revaluations	(85,166)	-	(85,166)
At 5 April 2025	6,788,004	187,080	6,975,084
Net book value
At 5 April 2025	6,788,004	187,080	6,975,084
At 5 April 2024	7,128,575	25,895	7,154,470

Page 21

BALCARRES HERITAGE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2025

14.	Debtors
		2025	2024
		£	£


Due within one year
Trade debtors	500	4,416
Other debtors	32,464	25,896
Prepayments and accrued income	59,512	51,344
	92,476	81,656

15.	Creditors: Amounts falling due within one year
		2025	2024
		£	£


Trade creditors	7,721	9,206
Other taxation and social security	-	612
Accruals and deferred income	34,244	24,697
	41,965	34,515

Page 22

BALCARRES HERITAGE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2025

16.

Summary of funds

		Summary of funds - current year
			Balance at 6 April 2024 £	Income £	Expenditure £	Transfers in/out £	Gains/ (Losses) £	Balance at 5 April 2025 £

General funds	466,800	260,522	(336,111)	(92,052)	-	299,159
Endowment funds	7,154,470	-	(43,948)	92,052	(85,164)	7,117,410
	7,621,270	260,522	(380,059)	-	(85,164)	7,416,569

The transfer between the General Fund and the expendable Endowment Fund represents income credited to the General Fund but accumulated within the investment portfolio.

		Summary of funds - prior year
			Balance at 6 April 2023 £	Income £	Expenditure £	Gains/ (Losses) £	Balance at 5 April 2024 £

General funds	457,483	408,759	(362,978)	(36,464)	466,800
Endowment funds	6,666,229	-	(40,776)	529,017	7,154,470
	7,123,712	408,759	(403,754)	492,553	7,621,270

17.

Analysis of net assets between funds

Analysis of net assets between funds - current year
	Endowment funds 2025	Unrestricted funds 2025	Total funds 2025
	£	£	£

Tangible fixed assets	109,862	167,071	276,933
Fixed asset investments	6,975,084	-	6,975,084
Heritage assets	-	109,862	109,862
Current assets	32,464	61,153	93,617
Creditors due within one year	-	(38,927)	(38,927)
Total	7,117,410	299,159	7,416,569

Page 23

BALCARRES HERITAGE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2025

17.Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year
	Endowment funds 2024	Unrestricted funds 2024	Total funds 2024
	£	£	£

Tangible fixed assets	-	306,277	306,277
Fixed asset investments	7,154,470	-	7,154,470
Heritage assets	-	109,862	109,862
Current assets	-	85,176	85,176
Creditors due within one year	-	(34,515)	(34,515)
Total	7,154,470	466,800	7,621,270

18.	Contingent liabilities

The charity has sub-let the property known as The Bothies on the basis that the tenant will spend a minimum of £250,000 on developing and improving the property. Once the tenant has incurred expenditure of £250,000, the charity will be required to pay compensation if the lease is terminated at any time prior to 31 December 2030. Until December 2020 the level of compensation is fixed at £100,000 and reduces thereafter by £10,000 for each year or part of a year which elapses. The tenant had incurred the minimum expenditure by 5 April 2010 but the trustees have no intention of terminating the lease.

19.	Pension commitments

The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable by the charity to the fund and amounted to £5,297 (2024 - £4,622). No contributions were payable to the fund at the balance sheet date (2024 - £nil).

Page 24

BALCARRES HERITAGE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2025

20.	Related party transactions

Parts of the property leased by the charity are sub-let to the Earl of Crawford at rent independently set each year by CKD Galbraith LLP, property consultants. The rent due by the Earl of Crawford in respect of this sub-lease in the year under review £20,550 (2024 - £19,925). Further, in the current year, rental income of £13,450 (2024 - £10,430) was received from Balcarres Estate and £9,910 (2024 - £8,904) from Lord Balniel, who is the Earl of Crawford's son.
A legacy was received from The Late 29th Earl of Crawford during the prior year, amounting to £174,246.
Certain contents of Balcarres House, which are owned by the Earl of Crawford but fall within the charitable objectives of the charity, are subject to a loan agreement between the Earl and the charity. The charity includes these items within its insurance policy as part of this agreement.
The Earl of Crawford is a partner in James Hambro & Partners LLP who provide investment management services to the charity. The value of these services in the year under review was £44,108 (2024 - £40,776).
The Trust paid £84,250 (2024 - £37,892) to Balcarres Estate, which is a related party under common control, as a recharge for staff time dedicated to the Trust's activities. In addition, management services of £15,000 (2024 - £15,000) were donated by the Estate to the Trust.
Mr Simon Weil is a partner in the legal practice of Charles Russell Speechlys which provides legal services to the charity. The amount paid for these services during the year was £7,405 (2024 - £8,766).
In the prior year, Mr Nicholas Barker donated a book to the collection of the Trust. Although no formal valuation has been carried out, the trustees believe the value of the book to be in the region of £500 and have used this value to recognise the donation in the financial statements.

Page 25