awrlty rrflslrntlon number 1032157 The London Scottish Regimental Trust Annual Report and Unaudlted Flnanclal Statements For the year ended 31 March 2024 Gilberts The London 5cottOsh Reglmentsl Trust Contents Pa Tiustees, repijrt Statefflent of Trustees, responslbllltles Indeper•dent examlner's report ststement of flnan¢lal artl%rftles Balance sheet Notes to the flnanclal stalements 8.15 The London Scottlsh Reglmentsl Trust Le8al and Admlnlstratlve Inf0m￿lOn Trurt••$ Major B.D. Welsh (Chalrl MrS.M. Bachelor Lleuienant Colonel D.L. Carter Mr M.J. Felrtead MrJ.F. HUd￿n Mr S.M. Kempster Mr S.D. Lovelock Mr A.J.B. Mlller Mr A, Nathan Mr M.V, Ormlston MrA,A. Rawllns Lleutenant Colonel N. St {Appolnted 13 Aprll 2023) Chaflty 1032157 Prlndp•l ￿dr+ London Sc*)tt15h House 95 Horseferry Road London SWIP 2DX Ind•p•nd•nt emmlner Gllberts Chartered Accountants Pendra8on House 65 London Road St Albans Hertfordshlre ALI IU B•Trk¢rs Royal 8anlt of Scotland Holt's Famborou8h Branch Lawrle House Vlctorla Rood Farnborough GU14 7NR Natlonal Westmlnster Bènk pic Westminster Branch PO Box 3038 57 Vlctorla Street London SWIH OHN The London Scottish Re8irnentsl Trust Trustees, Report For the year ended 31 Marth 2024 The Trust¢es present thelr annual report and flnanclal statements for the year ended 31 March 2024. Ststus The Trust Is re8lstwed wlth the Charlty Cofflmlsylon for Ensl•nd and Wales. charity number 1032157. The flnarKlal statements have been prepwed In accordante with the accountlng pollcles set In note 2 to the financial statements and compty wlth the Trust'i oovernlne t4o¢tsment. the Charltl•s Acl 2011 and "Accountln8 and R•portln8 bv Charltle5: S¢atement ol Recommended Practlce applicable to charltles poparln8 th¢ST accounts In accordance wbth the Flnanelal fleportlni Standard applicable In the UK and Republlc of I￿land IFRS 1021" leffectl¥e l January 2019). ObJertl¥* •nd •rtl¥ftl•s Thè Trustees have pajd du• ra8ard to suldance Issued by the Charlty Commlsslon lfi decldln8 what actlvltles the Trnst should undertake. The objectlves of the charlty as set out In the pvefnln8 documents ¥re: l. In or towartls promotln8 the mlllrary effl¢lency of the Exlsllni Unit or any r•l•t•d New Unlt of Unlts from tlm• to tlm• form•d and of Deslin*ted Persons In such Wa￿ as the Admlnlstratlve TNstees from time t¢ tlrne see flt. 2. In makln8 Brants to 47ny museum or Ilbrary of the London 5cottlsh. 3. In rellevln8 etther generally or Indmdually any person or pet50n who 1$ or are servln8 or has served In the Existini Unlt or who are Desl8nated Pets¢n Of Person5 or who Is or are former member5 of any of th¢ Former Unlts or who was or wert Des18nated or Attached Person or pefsons and the dependants of such person or person and who are In tondltlons of need, hardshlp or dlstress of such person or per50n5 the Admln15tratl¥e Trustee5 may pay for such Items, servkes or facllltles ft•r such person Of persons or any persons who are servlng or ha¥e served In Her Malesty's Arnied Fortes. 4. In relSevln8 In Ilke m•nner •ry penon or persons wlw has at •ny tlme been employed by the Charlry or employed as an Adult Instructor or Instructor of any London Scottlsh Cadet Unlt and who Is or are In conditlons ol need. hardshlp or dlstress. The Trustees have refefred to the 8uldance contalfted In the Charlty Commlsslon's gefieral guldance on publlc benefft when revlewln8 the Tiust's alms and objects￿$ lor the year. The Trustees belbeve that by assIrt1￿ wlth the tTrlnln8 and efficIe￿¥ of th• R•s•rv• Army ind th•rnby th• defenu of the realrn they are generatlng publlc benefit. The Charlty was formed by the merylni of Several small•r re8im•ntal trusts under a Sd)eme approved by the Charlty Comml551on kheme dated 16th July 1973 is rdrled or affected by an order of the Commlssloners dated 91h July 1975 and bv an admlnlstratlve stheme approved by the Charlty Commlsslon an the 9th August 1993 as amended under Sertlon 280 01 the Charbtles Act 2011 dated 28th October 2021 whlch are the governlng documerts of the Charlty. The Trustees WI￿ served durlng the yearand up to the date of $18nalure ofthe flnandal statements wer•: MaSor 8.0. Welsh (Chalrl MrS.M. Oachglor Lieutenant Colonel D.L. Carter Major M,P. Durrant VR Mr M.J. Felstead MrJ.F. Hudson MrS.M. Kempster Mr S.D. Lovelock Mr A.J.8. Mlller Air Vlce Marshal R.T.l. Munro C8E TO Vft DL mr￿ Nathan Mr M.V. Ormlston Mr A.A. Rawllns Lieutenant Colonel N. Storey IResF8ned 13 Aprll 2023) ITenure explred 30 Aprll 20231 (Appointed 13 Aprll 20231 The London Scottish Regimental Trust Trustees, Report (Contlnued) For the yearended 31 March 2024 The governln8 documents provlde that there shall be 3 ex offido TD48tees: The Re8lmental Colonel The Chalrrnan of the London 5cottlsh Re8lmentsl Assoclation The officer Commandlni the servln6 unlt"A" London Scottlsh Company the London Rellment and up to 11 ctropted Trustees who are required to be: • a servin8 mefflber of the Exlstln8 Unlt who15 on the acllve list • • servlng Member olthe Territorfal Am)y, or,. a former member of one of the Fomier Unlts or the Exlstlni Unlt. At the date of sl8nln8 the flnancl•l stateffl￿ts iht post of Re8lmenlal Colonel was vaeant ènd the Offi¢e Commanding the servin8 unlt had not been rewsteféd as a trtsste•. The Tfustees hève the powerto ¢tropt addltlonal Trustees Sf 4 vjuncy arlses. Athlmm•nts and wrfonn•n Historically Ihe Trust manaied the affalrs of the ￿lIment and was wo¥lded wlth lunds for thls purpose by other Reglmental ¢harStles who worked tO8ether as • team to ensure the efflclent operatlon for the Re8lmental ￿ructUre. The lease of the premlses ran out In Ma￿h 2018 and the London Scottlsh Headquarters Trust Trustees were unable to 48ree teims with the ReseNe Forces ènd Cadet5 A550clatlon to ron•w the lease. Thls resulted In thè relocatlon ol the sernilni unlt, "A" (London Scottlshl Company the London ReglmenL to other mllftary accommodatlon wlth the consequent loss ol Income and contrlbutlon to the runnln8 ¢0Sts of the premlse$. The Headquarters Trustees embarked on an amb1t10￿ scheme to wnvert th¢ premlses into a Hub for Scot5 people In Lordon. The plan wotsld have Involved qulte extenslve alterdtlons to the building and relied heavlly on r•lslng substsntlal sums of capltal elther by loan or philanthropy. Feaslblllty studles and plans were commlssloned as well 1$ a fundralsln8 initlatlve and ad¥bce from varlous consultants, Oth•r re8lmentd fund5 were uied to fin•nc• th• plan. At the same tlme. a tradlng company London Scottlsh Volunteer Enterprlses Umlted ILSVEI was Créat￿ In the lolni ownershlp of the Trust and The L¢)ndoft Scottlsh Headquarter5 Trus1 ILSHQTI to explolt the premls¢5 from events and other commèrcjal artlvltles. The tlmlnl was not propitlous and li became apparent that fundralsln8 had falled and the tradina company dld Trot succeed In rnlslng tunds sufflcient to cover the overheads ot the premlses. In fart, the ¢ompary has suffered slgnlfkant losses and has slnce been Ilquldated. FuiW• olthe Tntsl The future of the Trust is in Some doub¢. FollowSn8 the Ilqukl*lon of London kott15h Volunteer Enterpr15es Ltd. a new company London SH Ltd has been fomied to manage the Headquarter5, bulldln8, The alrn of the company Is to 8lve financS•l stspport to the Trusts from achleved proflt. In co¢)peratlon wlth the Trustees of all the Re8imentsl Trusts. the Trustees are examlnln8 all possibllities Includlng the Sale or redevÉlopmeni of the premlw by London Scottish Headquarters Trust and reallsatlon of assets by London Scottish Reglmental Trust. The Trustees draw some tomlort from the Herltage Assets held by the Trust but n¢t currently shown in the balance sheet. These were valued at £1.063.740 in February 2010. The London Scottlsh Reglmental Trust Trustees. Report Icontlnuedl For the year ended 31 March 2024 Flnafi¢lal rwl•w Unrestrlcted income for thè yèar arnounted to £42.95012023: £153.¢J631. Thls con51sted partlally of 8rants from oiher re8lment•l charitle5. Unr¢strl¢l¢d Ill￿rn• 2024 London Stottlsh Headquarters Trust London Scottish 1990 Charity London ScottSsh 1995 Charlty London Scottlsh Re Iment Oiher Income Totsl Incom• 12,5CO Ilb Trust 37.502 4l9SO 120.563 153,063 The results show that th¢re was an overall loss In the year 01 £63,05312023 a surplus of £20,864) and Investment1055è5 of £60 12023: £2131. The deflclt on the fund •$ •t 31st March 20241$ £31.071 {2023: a Surplus 01 É31,9821. Th Truste•5' sap roved ty th• Board ol Trustees. Malor Trust•• elsh Ichalrl 10 October 2024 The London Scottish Re8irnental Trust ststement of Trustees, Responslbllltles For the year ended 31 March 2024 The Trustees are responslble for preparln8 the Trustees, Report and the financlal statements In accordance wlth applcable law and Unlted Kln8dom A￿OuntIn8 Standard5 Iunlted Kln8dom Generally Accepted Accountlng Prdctlcel. The law appllcable to charltles In En8land and Wales requlres the Trustees to prep•re flnanclal statements for each flnanclal vear whi¢h 8lve • true and falr vlew of the state ol affllrs of the frust and of thé Incomifig rèsources ind application o* resoufC•S of thè Trust for that year. In preparln8 these financial st•tements. the Trustees are requlred to: select sultable accountlTr8 policies and then apply them cons1sten1￿. - observe the methods and prlnclples in t￿ Ch4rltle5 SORP; - make14td8ements and estlmates that aro re•sonable and prudenl; State whether oppllcable accountln8 #andards have been followed. sublEct to any m*erlal departures dlsdosed and explalned In the flnonclal statements; 4nd prepare the flnon¢l•l st•tements on the 80Sn8 concern b•51$ unless It Is Inapproprf•te to presume that the tharlty wlll contlnue In operntlon, The Trustees •re respon$lble for keeplni sufflcSent accountlng record5 th•t dlsclose wlth reasonable accuracy at any lime the flnanclal posltltyi of the Trust and enable theffl to ensure that the flnanclal st*ements comth wlth the Charltle$ Acl 2011, the Charmy (Accounts and Reports) Re8ulatlon$ 2008 and th• provlslons of the trust deed. They are also responslble for 5afeguardln8 the assèts of the Tryst and hence for taklng r¢asonable 51eps for the preventlon and detectlon of fr44Jd and other irrqiulirltlK. The London Scottish Regimental Trust Independent Examlner's Report To the Trustees of The London Scottlsh Reglmental Trust I report to the Trustees on my eNamlnatlon ol the financlal ststements of The Loftthin Scottlsh Reilmentsl Trust (the Trw5tl for the year ended 31 March 2024. R¢spoMlbHltl•sand bM1501 r•port As the Trust••s of the Trurt you are responslble for tho preparatlon ol the flnanclal statements In accord•nce wlth rhe requirements of the Charltle5 Act 2011 (the 2011 Act). I report In respert of my examlnatlon of the Trust's finantlal staieffients earrled out under stttlon 145 of the 2011 Act. In carrylng out my examlnatlon I have lollowed all ihe appllcable Dlrectlons glven by the Charlty Commlss10ffl under sertlon 14S(511bl of the 2011 Act. Ind•p4ndent •x•mlnerfs slat•mert Your attentlon Is drdwn to the that the Charlty has prepared flnanclal ststements In accardance with Accountln8 and Reportln8 by Charliles preparlrl Ihelr aceounls In accordance wlth the Flnanclal flèportln8 Standard applitable In the UK and Republlc of Ireland IFRS 1021 In preferen￿ to the Accountln8 and Reportln8 by Charltles: Staoement of Recommended Prnctlc• 15sued on l Awil 2[105 whlch Is refer￿d to In the extant re8ulations but has now been wlthdrawn. l understaftd ihat thls h•$ been done In ord¢f for flnan¢lal statements to pThlde a true and falr vlew In a¢cordanct wlth Generally Accepted Accountln8 Pnrtl¢e tffectlve for reportin8 periods be8lnnlng on or after I january 2015. I have ¢ompleted my 0￿MInatIon, I confifrn that no matters havé com¢ to rny attentlon In connection wilh the examlnatlon 81vln8 me Cause to belleve that In any materlal respert: accountln8 records were not kept In r¢sprt of the Trust as requlred by ￿rtIon 130 of the 2011 kt; or the finan¢lal statements do not accord with those records,. or the flnanrtractual provlslons of the instrumént. Flnaneial asset5 and IlabllStles offset. wtth the net amotsnts presented In the fln•nclal statements, when thefe Is a legally enforceable rl8ht to Set off the reco8nlsed amounts and there Is an Intention to settle on a net basis or to realise Ihe asset •nd settle Ihe Il•blllty slMuft•n￿US1V- Oaskfinandal qss•ts Basic flnanclal assets. whith include debtors and c•sh and bank balances, are Inlllally measured at transaction price Includln8 transartion costs and are subsequently carrled at amortlsed cost usln8 the effertl¥e Inlerest method unless the arrangement constFtutes a fimnclng transactlon. where the transoctlon Is measured at the present ￿1￿9 of the luture recelpts dlscounted at a market fate of Interest. Financlal èssets classifled as recelvable wlthln one year are not amortlsed, 8osl¢fvonda1114bllltles 8aslc flnandal Ilabllltl*s, Includln8 credltors and bank loans are Iniilally reco8nised 4t trnns8ttlon price unless the arrdn8ement constltutes a flnanclng transactlon, where the debt Instrument 15 me4$ured at the present Value of the future payments dlKounted at a market rate of Interest. Fln•nclal Il•bllllles ¢lassffied as payable wlthln one year 4re not amortlsed. Debt Instruments are subsequently carrled at amorti$ed COSL usini the effectlvé Inte￿$t rate method. Trdde creditors are obligatlons to pay for 8oods or $ev￿CeS that have been acqulred In the ordlnary course ol operatlons from suppllets. Amounts payable are Classlfied as current IlabSlltles If payment is duè wlthln one year or less. If not, they are presented a5 ncuKurrent liabilitie5. Trade creditoTh are reco8nlsed Initlally at transactlon prSce and subsequently measurÈd at amortlsed cost uslng the eflectlve Interest méthod. Dele￿gnItIOn oljlminrlol Ilqbllttles Flnanci•l liabllltles are derecoBnised when the Trustrs contractual obli8allons explro or are dlscharyed or cancelled. io- The London Scottlsh Reglmentsl Trust Notes to the FSnanclal Statements (Contlnued) For the year ended 31 Mar¢h 2024 A¢countlni polld•s IContlnu•d) 2.12 Emplvrfee beneffts The cust of any ￿)Used hollday entitlement Is recognlsed In the perlod In which the employee's service$ are recebved. Temilnatlon benefits are reco8nlsed Immèdlately as an expense when the Trust Is demnstrably commltted to t•rmlnal• the employment of an emplosffje or to provlde t•rmlnatlon benefits. 0on•ilgThs and le￿Ie1 u￿rn￿l¢ll4 UnrestrKted lundi funds 2024 2023 Donatlons and qlfts Granls rKelved 16.092 34,806 2,000 16.092 36.806 Charlt•ble Kll¥ttl•s Sundry In¢om• 2024 Sundry Incom• 2023 Sale of a$5ets noi held on balarKe S￿et other in¢om• 95.450 20,391 I6￿63 $61 115,841 Investm•nts Unr•strlrt•d Unr¢strlcted lund$ lund5 2023 Income from11sted Investments Interest recelvable 190 105 185 231 295 416 li- The London Scottish Re8lmental Trust Notes to the Flnanclal Ststements Icortlnuedj For the year ended 31 March 2024 Expendlture on ¢harftable adlvllks Grnnt M4klry Charlt•bl• Actlvltles Total Grnrt Ch•rttabl• Artl¥ftl•s 2023 2024 1024 2023 202Y IXte¢t ¢oAs Actlvlties undertaken dlfectlv Support costs 44,906 31,037 33.319 46,167 33,319 46,167 31,OJ7 75,943 75.943 79A86 79,486 Grant fundlni of actlvlties (see note 71 Jo,L¥Jo S2,5LKI 52,SLKI 3DmD 75.943 105.94J S2.5iXI 79,486 131,986 An4￿1$ by fund Un￿￿rIe¢e￿ funds Jo,000 75.943 105,943 52,500 79.486 131,986 Grnnu ptyabl• Grnnt M•klni fjrart Makl 1024 2024 Grants to Instltutlons.. London Scott15h Headquarters Trus1 52.500 Twst••s None of the Trustees lor any persons conneL1ed ¥Ath them) rrfelved any rernuneratlon or b¢neflts from the Trust durln8 the year. The a¥era8e monlhly nurnber of employee5 durin8 the year wa5: 2024 2023 Number There were no employees whose annual remuneration was more than £60,IMNJ. The London S¢ottlsh Regimental Trust Notss to the Flnanclal Statements (Contlnued) For the year ended 31 March 2024 10 Tax•tlon The d￿rIty Is exempt from taxatlon on Its actlvltles because all Its Income Is applled for charltable purposes. 11 P4•t an In¥*#m•nts Unr¢Arlrt•d Unre5trlrted lund5 fvnds 2023 Revalultlon of Investm¢nts 12131 12 T•nalbl• flx•d Fre•hDhl Hxt¥r•i •nd Comp¥t• At l Aprll 2023 16,932 S.527 22,460 At 31 March 2024 16.932 S,527 22,460 O•preel•tlon •nd Imp•Irn￿ftt At l Aprll 2023 16,932 5,527 22,459 At 31 March 2024 16.932 5,527 22,459 C•ffWni *mount At 31 Maich 2024 At 31 M•r¢h 2023 13. The London Scottlsh Regimental Trust Notes to the Flnanclal Statements (Contlnued) For the year ended 31 March 2024 IJ Flxed •Mrt Invertm•nts Unllsted In¥•stmTrts h￿Stments Cort or valuatlon Al l Aprll 2023 Valuatlon ch4nges 3,278 1601 3,279 1601 At 31 March 2024 3,218 3.219 Carrylni •mount At 31 March 2024 3.218 3,119 At 31 March 2023 3.278 3,279 14 Sto¢ 2024 2023 Finished 8Ot)ds and 8oods lor resale 12,000 2024 2023 AmountslalHni du• wlthkn on• y••r: Amounts owed by related relmentsl trusts and ¢Y8anlsatlons Other dtbtors 30 30 30 16 fJ•dltors: amounts tsllln8 due wlthln gne yell 2024 2023 Loans from related re8lmentsl trusts Tradè credltors Amounts owed to related reilmentsl irusts Other credltors Accruals and deferred Inmne 10,000 509 3L154 1.3 5,701 10,000 2,509 13.594 2.5f)J 14,550 511,674 43.153 -14- The lor￿on Scottlsh Reglmental Trust Notes to the Flnanclal Statements (Continued) For the year ended 31 March 2024 17 R•l•tsd yrty tr•nM¢tloM The Charlty recelved erants lor £nll 12023: £12,500) frorn The London Scottlsh Headquarters Tfusr, a Charity wlth common trustees, durln8 the year. ThÈ tharlty owed £31.154 to the London s￿ttl$￿ Hè#dquartÈts Trust at the balance Sheet date12023: £13,594). The Charlty fecelved a irnnt of ÉSA4812023.. £2.¢XiII from Thé London Stottish R*£iment o￿lbY Trust durln8 the year. The Charlty w•5 owed E273.329 by London Scottish Volunteer Enterpflses Ltd,. a company It owned lointly wlth london Scottish Headquarters Trust. A full pro¥lslon h•d been made wintt this balance sincé the Company was Ilquldated during the year. The Charlty recefved a loan of £IO,O(Xl from The London S¢otti$h I9￿ Fund, ¥ related trust, durln8 2021. Thls remalns outstandln8 th• the current year end. .15-