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← The London Scottish Regimental Trust

2025-03-31-accounts

Charity registration number 1032157

The London Scottish Regimental Trust Annual Report and Unaudited Financial Statements For the year ended 31 March 2025

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The London Scottish Regimental Trust

Contents

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The London Scottish Regimental Trust

Legal and Administrative Information

Trustees

Major B.D. Welsh (Chair)

Mr S.M. Bachelor Lieutenant Colonel D.L. Carter

Mr M.j. Felstead

Mr J.F. Hudson

Mr S.M. Kempster Mr S.0. Lovelock Mr A.J.B. Miller Mr A. Nathan Mr MW. Ormiston Mr A.A. Rawlins

Charity number

1032157

Principal address

tondon Scottish House 95 Horseferry Road Landon SW1P 20X

independent examiner

Gilberts Chartered Accountants Pendragon House 6S London Road St Albans Hertfordshire AL11U)

Bankers

Royal Bank of Scotland Holt's Farnborough Branch Lawrie House Victoria Road Farnborough GU14 7NR

National Westminster Bank PLC Westminster Branch PO Box 3038 57 Victoria Street London SW1H OHN

The London Scottish Regimental Trust

Trustees’ Report For the year ended 31 March 2025 ee eee aa SaeaeeeeeaevV8+1"

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The Trustees present their annual report and financial statements for the year ended 31 March 2025.

Status

The Trust is registered with the Charity Commission for England and Wales, charity number 1032157.

The financial statements have been prepared in accordance with the accounting policies set out in note 2 to the financial statements and comply with the Trust's governing document, the Charities Act 2011 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 Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Trust should undertake,

The objectives of the charity as set out in the governing documents are:

  1. In or towards promoting the military efficiency of the Existing Unit or any related New Unit of Units from time to time formed and of Designated Persons in such ways as the Administrative Trustees from time to time see fit.

  2. In making grants to any museum or library of the London Scottish.

  3. In relieving either generally or individually any person or persons who is or are serving or has served in the Existing Unit or who are Designated Person or Persons or who is or are former members of any of the Former Units or who was or were Designated or Attached Person or persons and the dependants of such person or persons and who are in conditions of need, hardship or distress of such person or persons the Administrative Trustees may pay for such items, services or facilities for such person or persons or any persons who are serving or have served in Her Majesty's Armed Forces.

  4. In relieving in like manner any person or persons who has or have at any time been employed by the Charity or employed as an Adult Instructor or instructor of any London Scottish Cadet Unit and who is or are in conditions of need, hardship or distress.

The Trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives for the year. The Trustees betieve that by assisting with the training and efficiency of the Reserve Army and thereby the defence of the realm they are generating public benefit.

Structure, governance and management

The Charity was formed by the merging of several smaller regimental trusts under a Scheme approved by the Charity Commission Scheme dated 16th July 1973 as varied or affected by an order of the Commissioners dated Sth July 1975 and by an administrative scheme approved by the Charity Commission on the 9th August 1993 as amended under Section 280 of the Charities Act 2011 dated 28th October 2021 which are the governing documents of the Charity.

The Trustees who served during the year and up to the date of signature of the financial statements were:

Major B.D. Welsh (Chair) Mr S.M. Bachelor Lieutenant Colonel 0.L. Carter Mr MJ. Felstead Mr J.F. Hudson

Mr S.M. Kempster Mr S.D. Lovetock Mr A.J.8. Miller Mr A. Nathan Mr MW, Ormiston Mr A.A. Rawlins Lieutenant Colonel N. Storey

(resigned 7 September 2025)

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The London Scottish Regimental Trust

Trustees’ Report (Continued)

For the year ended 31 March 2025

The governing documents provide that there shall be 3 ex officio Trustees:

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At the date of signing the financial statements the post of Regimental Colonel was vacant and the Office Commanding the serving unit had not been registered as a trustee.

The Trustees have the power to co-opt additional Trustees if a vacancy arises.

Achievements and performance

Historically the Trust managed the affairs of the regiment and was provided with funds for this purpose by other Regimental charities who worked together as a team to ensure the efficient operation for the Regimental structure.

The lease of the premises ran out in March 2018 and the London Scottish Headquarters Trust Trustees were unable to agree terms with the Reserve Forces and Cadets Assaciation to renew the lease. This resulted in the relocation of the serving unit, “A" {London Scottish) Company the London Regiment, to other military accommodation with the consequent loss of income and contribution to the running costs of the premises.

The Headquarters Trustees embarked on an ambitious scheme to convert the premises into a Hub for Scots people in London. The plan would have involved quite extensive alterations to the building and relied heavily on raising substantial sums of capital either by loan or philanthropy. Feasibility studies and plans were commissioned as well as a fundraising initiative and

advice from various consultants.

Other regimental! funds were used to finance the pian.

At the same time, a trading company London Scottish Volunteer Enterprises Limited (LSVE) was created in the joint ownership of the Trust and The London Scottish Headquarters Trust (LSHQT) to exploit the premises from events and other commercial activities.

The timing was not propitious and it became apparent that fundraising had failed and the trading company did not succeed in raising funds sufficient to cover the overheads of the premises. In fact, the company has suffered significant losses and has since been liquidated.

Future of the Trust

The future of the Trust is in some doubt.

Following the liquidation of London Scottish Volunteer Enterprises Ltd, a new company London SH Ltd was formed to manage the Headquarters' building. The aim of the company is to give financial support to the Trusts from achieved profit.

In cooperation with the Trustees of all the Regimental Trusts, the Trustees are examining alt possibilities including the sale or redevelopment of the premises by London Scottish Headquarters Trust and realisation of assets by London Scattish Regimental Trust. The Trustees draw some comfort from the Heritage Assets held by the Trust but not currently shown in the balance sheet. These were valued at £1,063,740 in February 2020.

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The London Scottish Regimental Trust

Trustees' Report (Continued)

For the year ended 31 March 2025

Financial review

Unrestricted income for the year amounted to £77,505 (2024: £42,950). This consisted partially of grants from other regimental charities.

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||||||| |---|---|---|---|---|---| |Unrestricted|Income|2024|2024| |£|£| |London Scottish|Headquarters|Trust|-|-| |London|Scottish|1990 Charity|-|-| |London|Scottish|1995|Charity|-|-| |London|Scottish|Regiment Ogilby Trust|-|5,448| |Other income|77,504|37,562| |Total income|77,504|42,950|

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The results show that there was an overall surplus in the year of £19,794 (2024 a loss of £63,053) including investment gains of £138 (2024: loss of £60).

The deficit on the fund as at 31st March 2025 is £11,277 (2024: a deficit of £31,071).

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The Trustees’ reportee by the Board of Trustees.
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Major 8.0. Welsh (Chair)

Trustee

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Date: La Nevers 2O27 bad
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The London Scottish Regimental Trust

Statement of Trustees’ Responsibilities

For the year ended 31 March 2025

The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Trust and of the incoming resources and application of resources of the Trust for that year.

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

The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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The London Scottish Regimental Trust independent Examiner's Report To the Trustees of The London Scottish Regimental! Trust

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| report to the Trustees on my examination of the financial statements of The London Scottish Regimental Trust (the Trust) for the year ended 31 March 2025.

Responsibilities and basis of report

As the Trustees of the Trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

| report in respect of my examination of the Trust’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination | have followed all the applicable Directions given by the Charity Commission under section 145(S)(b) of the 2021 Act.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard appticable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

j} understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

{ confirm that there are 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 financial statements to be reached.

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Gilberts Chartered Accountants

Pendragon House 65 London Road

St Albans

Hertfordshire

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The London Scottish Regimental Trust

Statement of Financial Activities

Including Income and Expenditure Account

For the year ended 31 March 2025

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|||||||| |---|---|---|---|---|---|---| |Unrestricted|Unrestricted| |funds|funds| |2025|2024| |Notes|£|£| |Income from:| |Donations and|legacies|3|16,366|16,092| |Charitable|activities|4|60,784|26,563| |tnvestments|s|354|295| |Total income|77,504|42,950| |Expenditure on:| |Charitable activities|6|57,848|105,943| |Net gains|on investments|11|138|(60)| |Net movement in funds|19,794|(63,053)| |Fund|balances|at 1|April|2024|(31,071)|31,982| |Fund|balances at 31 March 2025|(11,277)|(31,071}|

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

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

The notes on pages 8 to 14 form part of these financiat statements.

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The London Scottish Regimental Trust

Balance Sheet

As at 31 March 2025

2025 2024
Notes £ 3 £ £
Fixed assets
Tangible assets 12 1 1
Investments 13 3,357 3,219
3,358 3,220
Current assets
Stocks 14 6,000 6,000
Debtors 15 30 60
Cash atbankand inhand 30,009 10,323
36,039 16,383
Creditors: amounts fallingduewithinone
year 16 (50,674) (50,674)
Netcurrent liabitities (14,635) (34,291)
Totalassets lesscurrent liabilities (11,277) (31,072)
ineome funds
Unrestrictedfunds (11,277} (31,071)
(11,277) (31,071}

The notes on pages 8 to 14 form part of these financial statements.

The financial statements were approved by the Trustees on 3h, Novem ZotS Byres( ajor B.D. Welsh (Chair) Trustee

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The London Scottish Regimental Trust Balance Sheet (Continued) As at 31 March 2025

1 Critical accounting estimates and judgements

in the application of the Trust’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

2 Accounting policies

Charity information

The London Scottish Regimental Trust is an unincorporated charitable trust registered with the Charity Commission in England and Wales, number 1032157. Its principal office is London Scottish House, 95 Horseferry Road, London, SW19 2Dx.

2.1 Accounting convention

The financial statements have been prepared in accordance with the Trust's governing document, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of treland (FRS 102)" (effective 1 January 2019}. The Trust is a Public Benefit Entity as defined by FRS 102.

The Trust has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

2.2 Going concern

The Trustees have assessed whether there are material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern. The Trustees have made this assessment in respect of a period of at least one year from the date of the approval of the Accounts.

As a result of the ending of income from the lease of the property and the failure of the trading company to generate significant income, the income of the Trust has substantially reduced. However, as described in the Trustees’ Report, the trustees are continuing to explore ways of generating sufficient funds to enable it to continue in operation. The accounts are accordingly prepared on a Going Concern basis. However, because of the financial situation of the Charity, the Trustees consider that there is a material uncertainty regarding going concern.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Trust.

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The London Scottish Regimental Trust

Notes to the Financial Statements For the year ended 31 March 2025

2 Accounting policies

(Continued)

2.4 Income Income is recognised when the Trust is legatly 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 Trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the Trust has been notified of an impending distribution, the amount is known, and receipt is expected. if the amount is not known, the legacy is treated as a contingent asset.

2.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support casts involved in undertaking each activity. Direct costs attributable to a single activity are allocated directiy to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

2.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold property Not depreciated Fixtures and fittings 25% straight line Computers 25% straight line

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.

2.7 Fixed asset Investments

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

2.8 Impairment of fixed assets

At each reporting end date, the Trust 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).

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The London Scottish Regimental Trust Notes to the Financial Statements (Continued) For the year ended 31 March 2025 _—————— 2 Accounting policies

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2.9 Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

2.10 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with originat maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current tiabillties.

2.11 Financial instruments

The Trust 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 Trust's balance sheet when the Trust becomes party to the contractual provisions of the instrument.

Financia! 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 financia$ assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current tiabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition offinancial liabilities

Financial liabilities are derecognised when the Trust’s contractual obligations expire or are discharged or cancelled.

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The London Scottish Regimental Trust Notes to the Financial Statements (Continued)

For the year ended 31 March 2025

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2 Accounting policies

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2.12 Employee benefits

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

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

3 Donations and legacies

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Donationsandgifts 16,366 16,092
Charitable activities
Sundry Sundry
income income
2025 2024
£ £
Saleof assets notheldonbalancesheet 28,042 -
Otherincome 32,742 26,563
60,784 26,563

4 Charitable activities

5 Investments

Unrestricted Unrestricted
funds funds
2025 2024
£ £
incomefrom from listed investments 200 190
interest receivable 154 105
354 295

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The London Scottish Regimental Trust Notes to the Financial Statements (Continued)

For the year ended 31 March 2025

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Charitable GrantMaking Charitable Total
Activities Activities
2025 2024 2024 2024
£ £ £ £
Direct costs
Activities undertaken directly 18,768 - 44,906 44,906
Supportcosts 39,080 - 31,037 31,037
57,848 - 75,943 75,943
Grantfunding ofactivities (see note 7} - 30,000 - 30,000
57,848 30,000 75,943 105,943
Anatysis byfund
Unrestrictedfunds 57,848 30,000 75,943 105,943
7 Grantspayable
Grant Making
2024
£
Grantsto institutions:
LondonScottishHeadquartersTrust 30,000

& Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Trust during the year.

9 Employees

The average monthly number of employees during the year was:

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2025 2024
Number Number
- 1
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There were no employees whose annual remuneration was more than £60,000.

10 = Taxation

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

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The London Scottish Regimental Trust

Notes to the Financial Statements (Continued) For the year ended 31 March 2025

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11 = Net gains on investments
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Unrestricted Unrestricted
funds funds
2025 2024
£ £
Revaluation ofinvestments 138 (60)
12 =‘Tangiblefixedassets
Freehold Fixturesand Computers Total
property fittings
£ £ £ £
Cost
At 1April 2024 1 16,932 5,527 22,460
At31 March 2025 1 16,932 5,527 22,460
Depreciation andimpairment
At 1 April 2024 + 16,932 5,527 22,459
At 31March 2025 - 16,932 5,527 22,459
Carryingamount
At 31 March 2025 1 . : 1
At 31 March 2024 1 - 5 1
13 ~—s«*Fixed asset investments
Listed Unlisted Total
investments investments
£ £ £
Cost orvaluation
At 1 April 2024 3,218 1 3,219
Valuation changes 138 - 138
At 31 March 2025 3,356 1 3,357
Carryingamount
At 31 March 2025 3,356 1 3,357
At31March2024 3,218 1 3,219

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The London Scottish Regimental Trust Notes to the Financial Statements (Continued)

For the year ended 31 March 2025

14 = Stocks
2025 2024
£ £
Finishedgoods andgoodsfor resaie 6,000 6,000
15 Debtors
2025 2024
Amounts fallingduewithin oneyear: £ £
Amountsowedby related regimental trusts and organisations 30 30
Otherdebtors - 30
30 60
16 = Creditors:amountsfallingduewithinoneyear
2025 2024
£ £
Loansfrom related regimentaltrusts 10,000 10,000
Trade creditors 2,509 2,509
Amountsowedto relatedregimental trusts 31,154 31,184
Other creditors 1,310 1,310
Accruals and deferred income 5,701 5,701
50,674 50,674

17__—s Related party transactions

The charity owed £31,154 to the London Scottish Headquarters Trust at the balance sheet date (2024: £31,154).

The Charity received a grant of £5,448 from The London Scottish Regiment Ogilby Trust during the previous year.

The Charity was owed £273,329 by London Scottish Volunteer Enterprises Ltd., a company it owned jointly with London Scottish Headquarters Trust. A full provision had been made against this balance since the Company was liquidated during the year.

The Charity received a loan of £10,000 from The London Scottish 1990 Fund, a related trust, during 2021. This remains outstanding the the current year end.

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