Ch¥ltyTr*lrtUM rAMber251499 The London Scottlsh Headquarters Trust Annual Report and Unaudlted Flnandal Statements For the year ended 31 March 2024 Gilbcrts The London Sc0tt15h Hthidquarters Trust kndepery*rfe*Miner's￿Pryt Statemetht 01fina￿lI1 attY•it•Ès Bala￿e sheet Notes to the fThncla st*ements 1-16 The London Scottlsh Headquartets Trust Le8al and AdmlftIstr*i￿ lftforni•tlon MrPJ. TD KC (Chaimonl lady Rathél JOI￿510￿￿8urt Mr MJ. Fdrtead Major M.0. RaThlaN •ArS.D. Lo4*lock ¢Jwrlty number 251493 Prlnclp•l 4Odrnss SWIP2DX Indgp4nd•rt 65 Lorthn Ao•J StAJbans Royal 8aTrkrfkntla￿1 La¥the House Farnboro GU14 7NA 12 Snwlhfiebj Stseet Lond( ECIA YLA The L¢yKlon Scottlsh Headquartevs Triist For the >*ar ended 31 March 2024 The Tw5tee5 Presertthetranrm￿ rep)rt andfThndal St*rr￿ tortheyearendÉd 31 March 2024. The Tn￿t 15 rwtered With thechath forfr¢¥&l •d W4esdwMy nuft*er251499. The Iln•ftdal Statem￿ haw beeft prepar•J In xccfdame the polocfjes set out In ￿￿e i to the flnancial Staten*nts and compty wtth the TrusV$ 8￿Mi￿ the Chariknes Acl 2011 aT¥J "knwntin¥ Reportini by Charities.. Ststement of ftecommend¢d Pt•th¢t •pplI¢•b￿ to thèrities ￿p¥r¥* th•r *¢ouots in •¢cord•n¢e with t Flnanaal Reptsrfty St•dard applir4blq in th• VK and Rew￿lled11¢1a￿d IFPS 1021" leffectfr* lJafiu8ry 20191. The 1886 T￿￿t Dvd w￿dISth#th•Qb)eCts olthed• ar*thattt￿shèM the wemts•s 31 $9 Bttklnoham Gale". l. To promde and fflantsln a Pla￿ of reunh)n arxl meetJr¥ kn pwit of Ith1￿￿. s0(i•l and other p￿r￿￿e$ of recieatk>n 2nd for 5uth natNes of Soxland resld•rt in Lwdon and Under wlattons and reMwKtions as m•y be specified aThJ IM￿Se￿ froffl tmme to by the Tvu5tets. 2. To permit the Regimehtdf London Scottish Rifte ¢thr néitwy in the Ser¥1￿ oftt* CKrwnwhKh fromtirne totime w in theOpin￿n of I￿T￿s￿¢S rewesert ¢xtry itsary￿&S￿l0fft and be ¢Ntitledtt* StaAd ln the place ot said London ScDtttsh ArAe Wurtev5 lo ￿(￿pY the sald premlse5 or aiy ol part thereof for drill. aymnastics orother yposeforaryterm gfyea 3. Ihthe of th• diS￿nd￿*￿t of thesaid re8kneni or as aknre5ahl then at thedL%cretion of the Trustee5 to hold In trust for H*hl¥nd ￿ety of itywjon. the Ctypomion IrH>W Scotsrare) and the Caledonian (now rhe Royal Caledonian Edu¢ationTtustl wfur S￿h b￿leS intsister￿ at such a ume.. 4. The detd pThhJéd exten>N* Ftyjwers for the Trustees to sel ¥Epl¥e tlr buibjin1￿I ary equ¥ity re¢¢ved b• hdd underthe samttrusts. In 1985 the Tru5tee5 rnade ￿ a8reenw to sel the w>ses at 59 ev¢klnzham Gate and to purchase a ￿te •t 95 Horseferry Road to bulld a newHeadqUor￿ts. Ewa1tyn￿wa$[ecetr¥ed to be heldasowtsl oftheeTrth)wment fun The Tru5tee5 h•R paid due reqard EO Isswd trjt tt* Owiry Cwoysslon In 4Jecfj¢lw what athiies the Yrust shoub The charty 15 established under a Tnm Deed dated 23rd W 1886 as arnen￿ ty C*￿ty CoMft)￿Th khemes Sjr the dministntion of the Trust sealed charitycomm￿*jTh on 7th Feb￿￿ry 1939 9th Au8USt 1993. Mr PJ. LabthTD KC r Vice Marshal R.T.l. Munm CBETOVRDiIChair} Colonel C Stagz 08E Mr P. Lindsay Lth ftathd Jthn5ron*&Jrt Mr M. V. trmiston Mr MJ. Felsttèo Masor M.D. Randall MrS.D. LrhtlrKk expred XIAw1120231 (Tenure expired 25Aw1120241 {Pwed 3January20231 The London Scottish Headquarter5 Trust Trustees, Repwt (Contlnued) For the year ended 31 March 2024 The go¥ernk)g d￿￿￿ents that thve Sh￿ be l ex off*0 Trwlee. Re8M*tntal Ind upto 7 (Tropted UNler the terrn5 of the ih? Trwtee5 hm to (tropt new Tnjstees to ffll va¢an•es wmhln the mberofTwstees ￿UlTedthereITh. TrustQ15 appoirt•d on 28th Cttober 2021. Thelr inwnedl*e reS￿￿1b4itY ¥R5 to rovivw th• •¢tswty of the Twst and its I￿. Publ1¢ 8•n•fit The TNstees are tartfident that ttr*y h*e rAJmpliEdwhh theirduty ID Secti￿ 17 ofthe tharflie5 Art 2011 to havt dL* reqard to public benefrt iuidaTKt published by the Chanty Conwnlsslr￿ for Enoand and Wales. The Headquarte￿ Trust provides publK benefti in that it Supp￿5 the knrycorrwnwmty the kD1ti5h wimunty in ior41rn and abro4d. Through fts 8rants progr4mme access tts L{￿doN Sc0tt45h Hrxsq the Tru# aso enables other tharhles io maxlm15e thelr publk benefrt ¥1 5UPPOrt ofthe rni1iiaryfan￿. pubIc￿*￿Are. educaikn dscoiitsh the art5. Flmndd re¥lew The lèase of the premlses ran tyA Irb March zoi8 and ihe Trwttes unable to aKfee terms wilh the Reser¥e For¢*$ and Cadets AssocSatbon the lease. This ￿sU￿d in the relo¢a¢iw of ￿￿¢"A. London Scottish cOm￿nY. The London Retiment to other militsry atcthllmd*iM Tlnth the c0Tr5ew knssof incomp and rontsfibutton to the runnlnK COSt5 f the p￿mises. The Trustee5 embaiw on an ambkn￿s scheme to corNert the p￿￿Se5 Inlo • Hub for %¢ts people In london. The plan would have qurte ￿en$r¥t to the felled he••1￿ on 5ub5tsntial sums of t•pltal efther by loan or tthlantlwi. Fe45it• stuthe5 al￿ pl￿ com￿S￿￿ed as wem as a fuThlrals6w Ir￿a￿ve and advlce from various consultants. Other rrylmental lurK15 were used t9t1naKtt￿ pl•n. At the same time ¥ trodwycoffjparsy. Londorb SCOtt￿h Wunteer Enterprises Lirni￿d IiSVEI. was ueatsd in the joint ownership ol the Trust and The London ScoiiLsh Trltst ILSRTI to eW¢4t premi5ts from events and other ¢ommer¢ial artlvttks. The rlmthrt was not wopthous•nd it bttame •parentthal had f*d the tr•kni compay did not succeed In walslrq f￿d$ to CO￿￿* 04*rt*￿s0YthI w•ntse* In frt cmparygJfferedsi6nrfKant losses. Th*fvtur•ofth• Trustis ￿ some seriw5 doubL acthlty Fr¢rn when LSVE was forned, it managed opeffled Loth S(￿￿sh Howe on behalFofthe TrLtSL tt oryupiedtho bulldin8 on a tenancy ai Wbll and ￿ld an illnual to the T￿￿t. The Tr￿ also recrNered an approwlate propmlon of the rates and Insurance from the iradin8 comparyin addi￿ry￿ totht renL LSVE wa5 liquldated in June 2022. A new tradln8 tomp3ny 2022. SH itd. m•n•ys the ww)6se> alm of the compary is to I￿e fi￿r￿1 supptytt• thtTrustsfrom 3(hle4*d wofft. The London Scottish HeadquartW5 Trust For the year ended 31 Marth 2024 iknr*5tricted income for the £I￿21112023. £1(Kl.4fOI. 525C•) Donaiions from o Donatyofts frorn individuals Other incorr I Intamè 34.335 30,876 113.211 47,960 The results 5howthat therewasan LNvall del*it ￿thI yof£42.122P023: deficlt clQ4WI. Th• the fvndsar 3ts1 M*th 2024 areash)knvs: Totsi fv•ds EThlowm¢r*t and restrKted fw*Js Vnfestr4Cted fund Idefidtl Trf•lfvnth 356.856 12.453.232> 903h24 15356J65 12.410.519) The delkft of UnrestrKted Funds in&k*t5 thot an eqimvalert an￿ntaI the EThk*Thnt Fund hasteen expende TheTrust held a small Investm￿P￿tIO1I0yW￿￿I18Carew￿o01phMi L￿. Thi5T*a5 ￿uk1ated d￿n&the Planiforlkn perlods The Trustees are cimcerned about thp of the Tru51 and the iryact of ￿nts duriw the yeat and earlier. Thty havÈ tskÈrt ￿tiOn to reduce ar￿ 8enerate irwne and WIM be Con￿delI￿ wh* tan be done w r•ctKy the positbm, partkularly ofthe End0￿rtt •rwJthe p055knItyof ￿¢￿e￿￿fuTrd￿ LeBal ad¥1￿ has t*en taken. NÈW Truttees wwé appointed ￿ 2021 and the (Jrn fhwnraal y wts) hm. the Trnstees of the other A kn fa¢ility for £1.2m was tsken wfth Noart's Bank kn 20ZO. secured ￿ the Frtehold weml*s. A¢ Ihe ￿•r end £6,116 r￿aIned uThJ5*d and was hdd in an acc(rtutt at Hwe's Bank The￿ is a wibiltty. 7•thi¢h the Tntstees I￿ actfftty pur5uin81 that they may be ab￿ to secure fvnd14Y4 to sétde Trk)¥e it lalts in 2D25 wrthout sdlinB the building •nd to paythe interest on thekn tsniilth•t1h￿. The London Scottish Headquarte￿ Trust Trustees. Report (ContlNod) R>r the ended 31 March 20Z4 Rlsk m•n•ynxrt The Trv5tees are acuttly lyme of ihe iisls to whkh the Tr41St has been Sin￿ tht terrnlnatlon of the lejse of th premlses Marth X)18 at ¥thith point there was a 5iy¥lkart lotyof thtomeand 3 verysubsts￿l irKrease the burden ot C05t to the bvllding. The Tru￿eeS, ttwou8h LondDn SH Ltd, h*e i*en me•sm T*thKh en•ble ihe to operatè as a Éoino ¢oR¢em on a day io day basis. ale in thscussion wlth the trustees ol other WMI￿tal Tnjsts th secure fundln8 to enable the HÈèdAuarttrsTNstto meet some upccthlnteapiatomi￿. The TrleadquartU5Trust fwstee$ ha¥t desi8nated the Scots Guards as the unlt star¥Jin# in place of the London 5crttssh Rifte for the wryw5 of CIou5e 2 of the 1886 Trust Deed. The Trurtee5 JVE, taielhtr with thè other Trust4 and dow links with the kots Guards across a rafi8e of att￿ltIes. The S(ots Guards are o)r4sklerk¥ what Use they ¢(￿d m* of pjrts of Scottish House. The Trustee5 hast negotiated a loan IT￿ the Swts Guard5 Charity to enab￿ them to meet ur8eni CaPit•l requlremerts. They h•￿ k•the Charity CoDwniMion ￿￿￿inkYrned ofth￿l¢¥¢￿nen Ac(¢Ydln8ty. wthllethere remaln lutUrev￿O[theTnrt theTntstee5 at pre5entrEa50n to belleve that the th¥rtywlll be ableto contlvje wrto thè future. TheThJ5tees' repOrtw￿ app￿￿ed b¥ the Ooard ofTntSte Mr P.J. LtydenTD KC (ch￿rman) 10 ￿-tOber 2024 The London Scot115h Headquarter5 Tru# I rep)rt to the Tr¥*es ofi my ex•rdn4tiw of thè fthantial Stthn￿ ofThe Lmkn 5¢otthh Tntst lthe Trust) rthe￿aT ended31 March 2024. As the Tn&tees of the Tfust are respxslble for the weparatxffi ot the strternerrts ￿ ￿OrdIn¢t wltb the reqwremerts of the Charitie5 Act 2011 (the 2011 Actl. I repon In respect of ry examlnatkjn ￿ the Tntst's knrthl strtefflerts cariied •yA seciw 145 of the 2011 Act. In carryln¢ out my Èxthnatlon I h*t fiJllty**d all tht applKable DktttiM$ 8i4*n by the Chartry Commi551￿ under xcllon 14515Mbl ofthe 2011kL Your atterrtiw is dmvn io the ihat ¢h•rity has w¢p￿d fknarwjal siaien*nts in arcordarKe with Accourrtln4 and Re￿rtknR by 0Mrit￿S prepuiry their a(counts kn aC(Ord￿ the FlrwKY•l Rep)rtiw knjard ap￿able in the UK and Rewbllcof Ifeland IFRS 1021 In wefererKei0theAccr•￿ty 11eportlng￿ Staternertof Recijmmended P￿tIce isymd IAprll 2C05 whKh Is releNed tolhiht eXkrtrte￿atkn has n(w been wthdrawn. l uThlerstsnd that tlths has been done in for fifi*￿ state1￿5 to a thie aThJ faw vlew In XCOrdan￿ wrth Generally Accepted Accounifjng prac1￿effÈctfft for rww1*r￿rts beg#iniwon wafter l J•nuay2015. me cause to bdie4* that In any m*rial tespecL ac¢oyntlnK re¢ords**re not kept In rtSPettoltheTnJstas reyed by5ertth 130 ofthè 2011 Aci: or the financial statements do r*)t ￿COrd with those recwtr.or the finandal smements do r#X ¢¢m4y *ith the wlicable rwMrem*rts ¢onreminR thè fomi and eortert oé acu)unts set in the tharitit5 Ikttyjnts Ilep)rtsl Re8daiwts 2r￿ other than ￿ requlrement that the ￿CtyJnts 8lve a true and falr*wwhlth is a m•wer¢onsidered as partof an indepU￿e￿￿JMwwtMjD. l thaw attentkn to the ￿lI￿rnd Tru5tee¢ Repryt and the 8OllV4 cowthn att4wntlr¥ ai Note 1.2 whkh e%pl•ln th•t a mat•rial uncertaintytliststhatffltycast &Jubton tt*TwsVsabl%ty ￿toNI￿A￿e •$a 8oirwacon¢em. I confirm that there we M ¢xI￿r mattets the e#rin•t1￿ to *fv¢h attention should be dt•wn in this rewt In orderto enable a oftt*fmantial Statem￿ tobe read￿. PendraKon House 65 London Road St Albans Hertlon15hiT• ALI IU Dated.. 10 November 2024 The London Scott15h Headquarters Trust Statement of Flnandal Actlvliles Forthe yearended 31 M¥th 2024 2023 a15oNs and l•g•¢les Investments 82.335 •2JJ5 525LXI 47. 52.sc 47.960 Totsl kn¢•m• I¢Y),460 Aatsin8funds 52 61 61 CharIta￿e act6vttles 155.8n 124.705 124.705 Other 61 61 155,924 124.766 61 124.827 14et 6alnslllosges1 on 12771 IZ771 142.7131 491 1422 12431%) 124.6441 FUNJ bala*Kesat i Awl 2023 12.4105191 15356J65 12.945A46 123862131 ts?56,70a I2,970.4￿) Fund bal•Kes a131 Pélarch 2024 12.4S3.2321 IS356JS6 IiW624 11410.S191 15.356.365 11945A46 The statement of finarKial adi¥lties al e*ns •MI I)51es tr* yw. M IncLThe and ew4Jtnditure derive frorn conlinvin8 artMt*s. The noteson p•81$810 16trm w ofthesÈfww￿ $4teN*n The London Scotttsh Headquarters Trust Baknce Sheet As at 31 Marth 2024 TanÈitslè assets 15x128.124 13,035 IS￿1.159 Qebt•rs Cash at bank and in hand 19,480 44.748 1959.5411 Notcuryeftt 4•tslities 1895.3131 14.145J46 th•ft ¢n•y• IL2LXI.IixII 12JOJM4 12,945A46 Capbl fv￿$ Endowment funds-yr*ral J56A56 15J56365 UrtrethLted fvryJ5 (445J2U I2,410￿19) I2,945￿46 Th? notes on page$ 8 to 16&ym p¥to1t￿lIn?ndaI stalwne ThefinaThcl41 st•temerts **r• app￿￿d ￿the7[￿lee50ft 10 October 2024 Mr PJ. Lawlen TD KC Ichalrmanl The London Scottlsh Headquarter5 Trust Notes to the Flnandal Statements For the year ended 31 M*th 20Z4 Accwntlry pollcles The London Scott15h HeadquarwsTnNt is • Try￿¢¢￿¢d with the Charity ComMiss￿Th in E￿nd and Walts. nuTrthr 251499. Ms pfvKWal offte is Scolllsh 95 NoTheferry Road. London. SWIP 2DX. 2011, FRS 102 'The Financial Rewli￿ standxd ap￿￿¥b￿ kn the UK and of Irelan￿ I%RS iori and the Charfties 50RP 'Accourrtlw *nd Char*5.' St•tement vl A¢rorrwnerthl Prnrtlce •pplit¥ble to ¢h•rities preparlng thtir acwunts in a¢￿d*￿te with the Fin￿101 Retortin8 Standard arWKable in the UK Ind Republic of Ireknd {FPS 1021. l¢ffeafr** l Jaft￿ry 20191. The Tcust isa PL*lk 6Er*fft Ertmy as defified by FPS 102. TheTrusthas tak•) prthi5W5 in thew fwdWlt￿sfiDtto￿ep•re a StatemEAtolCa5h Flow5. fequlrtd to W0￿de * ttuÈand tsIrV￿W. Th65 departu￿ has folloth the Statement of fterofflwded Prartlce for charhles applWn8 FRS 101 Atr*rth•nthe tsftht ststtment of Rt¢ommtNded Pr•di¢e is ref*ff￿ ¢0 on the Re8￿lats￿ butwhxh trA551n¢e beenf￿ttrOT The financial ststements ar• Prep￿ed In $terfl￿ whkh is tre cuwrerKV of the TntsL mo￿ttry amounts IA thesethnanclalx*emefits to tt¥￿T•s1 £. The flnanclal 5tatemEnts have been wepared wder the ht510rlcal (oll cOrNem￿n modfjfled w Include the rewJluatlon ot freehold propertles and to Irtlude Ins*stmtrt rry*r￿ and certain finarttiil irtstruments at faff ¥•lu& The princwl aCCoun￿nI pol¢les adopted ￿ *tout b¢￿v. the Trnst wlll tontlwe In optrational existerKe for the frrfeseeabk firtwt, hMver. the Tw#ees ￿ ware of certaln m*¢rial unc¢rtakntfes*hkh m4y¢ausedoyb¢￿ Tiu#'s•blitylO asa concem. ThèTrust¢es are tor*wned thattht Tru2wll STryJThent funds ta tontinutto meet Its Ob￿rtS. The Trusrees are working towards a plan that would allow the TnJ5t to contwiue in opvèlion. Ih)wvrn It is ￿t cert•in at thfjs lkne ihatthe plan wlll bes￿e$s1￿1. Unrexrkiedfunds are w4llablefor use #tr*dls¢reiw ¢fikTw5teeslnfvrttrwwofthelrd*rltablt obiertNe& Restrtcled are sublecl to ¥*clfic cond1t￿ ty thnw5 or to htrwthty m•¥ be used. The purposes and uses of thE rest1￿¢d fund54rtstt¢wrt Inv￿ Th)testrttr*lln•thl ststehx ErthwTh*nl lund$¥￿ wbFrttO by thaithE ¢ap6141 be rnalrtalned tyt￿TT￿st. L4 I￿l￿e Income is ie¢wr*ed when the Trust o letyly *ntiiJed 10 It after •w perforMaTr￿ condfjtknns ha¥e been me¢ the mounts can be meawred rel•Yy. and11 15 wc&*Jlethèt ￿time be rttevrtd. Cash don*ityo •r¢ r￿gI￿lIed Other are rec(w*Ed orKe tt* Trust h•$ Notrf*d of the snathjn. unless perfOTA￿￿£t tond￿0￿& rÈwtre Of the amounL Inc(N￿ tax recthprable kn Tdatlon t donalions roce￿*d under GiftAid ￿deedS of(LN*n￿ tsrecw15ed at the￿rne ofihe dona￿Tr. The Lond(￿ Scottish Headquarters Trust Notesto the Flnandal Statemerts IC4X￿￿e0j For the year •nd•d 31 Marth 2014 Iskn)uwry re¢elpt Is rftheaM0￿ ts r￿*r#￿n.the be8Kvts twted a5a ci¥rthynt355et. xpendttuR Is reco8nlsed On￿ there Is a W14x consinth c4JlWon ￿ fftnsler ecornml¢ benefft io ¥ Ihlrd yrty, i$wobaWe thata tracth oleeonomx b¥*fitST*TA be wlred in setdeNrt and the an￿rt of tht obllK•tlon be rneasured fellab ts ¢kssthed ty èctl¥ty The ta￿S of e￿h acilth are made up of the totsl ddwe¢t rosts and shared cos indudin8 support tOSts tswofved in undertaknrf eath acti￿. cwed t¢>sts èttr*Jut•bkn to a stnle actmty are allo¢atEd dlrertly to that a¢lt¥lty. 5h¥¢d ¢asls whkh to nve than <>ne actmty and support C05t5 whith arE not Central stsff costs are all(Kated on the b3w oftM¥e srt and dep¥eclat*)n thxles art •lo¢*d OD the portion ofthe •sset's ust. Tane*1e fixed assets are at cost and me8gMed att05t ￿ valuation, net of depreci•tl d znyimpairmentl¢>sses. t)wiation is reccfnised so as to ￿lte off the (osi or vakn*ion d assets resfjdual values o*r thelr useful Ffeehold land •r*l bulldlws FIxtU￿ aftdffttkws I￿A.33*#fa4ht h'ne Thè 84in or loss artsl•8 on the dlswl of ￿ asset & determh￿ as the dwftrenc* th* s* and the trylfi¥ valuE ofiht assd. and is reco￿ls¢d in tP* swement rffkuncial XlMile> The Ireehokl kyoperty became a GTrdell fisred Decen*tr2021. FrAed a55et Ir￿￿tmEnts are lftknalty mèasured at wk* eKthdkn8 transadon costs. and are sul)sequEndv rneasured at fair value at each rw[1￿ date. Chan8es in fair vahJe ￿ recLTnlsed in net ltt¢omeJlÈ¥pendllUfel for the r. Transatt*)ntOAS are •wsed as At each reportirf dat*, the Tnjst Ye￿tw5 tht •mtyJrts of ifs uwble assets th deterniine whether there is any illdi¢a1￿ll that tFM)se •ssets sUffe￿d ￿ inwtrmenr k)s& 11 any gKh Indk¥*)n ￿ts, the recoverab￿ amouiit olthe assd Ksestimaed In wder to dètem*￿thtÈXthfft 0fthe￿￿*￿￿1O55 Ill •Thvl. Castrt and cash equl¥alerts Include cash In hand. depogts held at cal ￿th ￿nks. other 5hort.term ￿9￿d Inyestments with ariynHI rnaturitie5 of three rnonths ¢Y IE55. and 04*rdrkn. B¥th o*rdrafts are shown wlthin borrow¥)￿ i cwrent Ifabllltle5. The London Scottlsh Headquarters Trust Notes ts the Anandal Statemerts 1cont1rn￿d) Forthe yaar •nd•d 31 Marth 2024 (c4n￿n￿ed} LIO Hn•ndd InstThmÈ The Tntst has elect￿ to ap￿1 the prry4i5Kw ol SeLlion Il'Bask In5trW￿. ar¥J Sectlon 12 I)thei Financlal I￿trUments ts5L*S' ofFfiS 102 toall of ftsfltWKi¥ Flnandal tnstluments arn r•Cav￿￿1 ￿ tl* Tn￿￿$ bal￿e she* tokn the Yft￿ becomes party io the torrtrartual Pr￿ls1o￿$01 insiwmenL Fln•n¢•l •ss•ts and liabkn •* 0115et. with the net arnounts wes**td Oft the fm*cial wthen thefe is a le&￿ty enforreable ii8ht to set off the ￿CL￿nised amLWrts and there 15 an intrntin to setrle on a net basls or to reallse the assetand settle the liabllrty 51mthanethtsty. 8è5ic financ(al assets whlth N*lude debtor5 ash Ww¢e5. are initlth w5ured at traTrsèctlon prlce In¢lui*ni trnn5action costs and a￿ subsety*rth orried at arnortlsed cost effÈttl￿ interest rne1￿ unle55 the aryan￿ment consli1th5 a trans￿[￿. t5 meaSU￿d at the ¢vesent value of t futwe rttelpts ¢fiscounTrd at a m•rket rtte of knt*￿t. FThrthl assets da55ified as recelvabbE wthin one year are not arnartlsed. 8aslc flna￿OaI ILth&iies. rrethtors and bank bans are Ir4tbth recc4nlsed at ty•fvs•rtbx priee unle5S the mnstitutes a ftn•tKby transactw tht ddA M￿lUn￿nt is meaxwed at the PfEsent ￿l￿e ol the fvwre pa¥ments disCOUrted at • rnarkrt rate ol¥threst. FThnd4 li•knl*iesd•5yfied as payable *ltNn one year are rm Trade creditors are oblqations th pty for g￿lsor that been acqu1￿￿ in thtordinaryc¢Jurse of operatlons Imm 5uppIiw5. Amounts pw4ble are tla5sified ascufreftt labthties rfp•m*nt isduÈ within one year or less. Ir not. they are Pfesented as nOnrfUr￿t lfjabllibe& Tode creditors ¥e initièly at tranSa￿*¥n prite Ind subsequen￿V Fim*Kial IlablNtles dtte(LY￿ whenthtTnsVs expn or•re d15charpd or c￿elled. In the applk*A)n of the Tntst's x¢r￿n11￿ pol￿. th* Trwlee5 are to make jUdy￿ntS estlmates and IsgjmptK￿ abr￿ iht rarryrynq amourt of •ssrt5 aryl kbItt￿$ th•t ¥e ￿)t readlly apparent from other 50urce& The estlmatrs and a5xKiated assumptions are based Dn hiAorical expeYl•Ke •nd other lactors that ¥e ton$￿tred to be The estim•ths and WK$er￿A1& 4NUmPtWXJ5 are an oryo*K2 bag& lknsion> to ac¢ounbn8 estirn3tes are re¢o8nistd In the perw)d in %¥thith the eM¥nate is We￿5ed the re¥ision aff¢rts perityj. or In the p￿r￿ of the revislon and futur• perityjs wher*the rv4i51on affectsboth ¢wrent aThJ period The London Scottish Headquartors Trust Forthe year ended 31 M•r¢h 2024 luThJ$ Omations ar￿ Bllts Grants receivable 335 52,5( 52,5(K) fund5 1014 f￿d$ R¢nt•l rnc¢ Inccme from listed irr*wlm Interest re¢eivable 475TrJ 452 47,960 fvnd5 Irhylment managemert 61 The London Scottish Headquarte￿ Trust For the ended 31 l•lar 912,950 i.2￿).￿ The bank loan Is secu￿d by • flxEd the freelb)Id w•i¢rty195 H￿thrry Ilo•d. Lond¢Jrn SWIP 2DXI. It Is repayable In lul b¢foreJuty 1025 and c3rrle5a fThed interest rate of 5.5%pa. The loan for £2(1),CW was made by The Scots Guard5 Charity in March 2024. M wll te repay3ble wlth Interest on G months. wrinèn requesL butthis nottceeannot be Wrthln a ￿ pfltsrn. The London Scottish Headquarters Trust For the year eThl•0 31 P•larth 2024 912,950 912.950 19.524 dé treditors Otheicreditofs A¢¢Nals attd deferred WKoffle 27,066 975.980 959,541 ndowmert fvnd5 repre5enr a55ets mu# be W fr# ￿l￿￿e bErbEfitofthe(ap￿I benknarR5 bythe Tnfft. arfslw on the •thwmtntfiH*tsfan be usedjn at¢L¥daKe*lth the obiE¢tsol the Trust and Ls included a5 Iir*eAri¢Eed i¢Koffle. Arrycapltal galns or knsse5 on ts*a5setsf(Th part oftheknd. Freeh¢kl Fund 1986 Fund Freehohj Fund 1986 Fund 15.356fi55 1611 127 15.356,317 48 IS.356.703 1611 12771 15.356.365 The Freehold Fund represents tht tarryity TAluÈ ol The Rwnental Trusi HÈ•dquartets •r*d fuThJs SubSeq￿tI¥ recewl fordllap*Jat￿s. development of 95 Mofsefeffy Ro•d In a¢¢ord•nte wlth the Cowt Order d•ted Icih January 1986 at)d Is to be held as part ofand onthe same terms a5the En&)wment Fund. The Tw5tees p￿rtoexpend the Irm trom thi5 Fund andthe fvtuwelK(ffi¢ oftheTn* from rents•4 1rhe5tr￿ for the bertfft ofThe Relllmtht. .15- The LMdon Scottish Headquarters Trust Notss to the Flnandal Statements lconth￿l For the year tnded 31 Marth 2024 To￿1 fvnds 2023 2023 2023 Fund balanc￿ at31 March X)24 ar* rtpresented by. Tawdible assets Iwestments Current a5seisllllablftle 28.124 15.¢XQXt•) 15x128.124 I3￿5 13.03S 8.184 1895.3131 1719.3811 rn32661 19)3,497) 1702.4921 IS.￿6.1￿ WYry624 IL41WJ,c•xiI li8￿.1X￿1J 18753731 ISml.219 14,145.846 {L2￿,c(￿lI I1,200,i￿5 Long term liabih.lies 1702.4921 13.&K116 11.750.740) L750.740 18753731 13.821.219 11535.1461 1,535.146 12.945.846 lrtterfund loan 12.4S>.2321 15J56.856 Jig4614 12A105191 15.35&365 12,945W6 The tharity rettNed a Irdnt of £30i(il In the ￿ar 12023: £S2AI)I from Tht iondtsn Stott45h Ae4irnentsl Trusi. chaflty vArh ¢ommoTr truxees. In the pre¥KMJ5 V. a of £12.$￿ was made to The London Scottish Wimental Tivst (current year. th"n. The Chwitywas owed ￿1.153 LcThlon Scotttsh Rethmrtsl Trnstai the b•11￿ shed d•te12023.. £13.5941. The Chaiity hod long tetm h)ans ol f816A50 11023: £81&8501 io the London Scott￿h ReRfment 1995 Charity aThl £96.1ts) IZ023: £96.IfA>ltothe Scottish I9￿ Ful￿ #thebalanceshert datr. lond￿ Volunther Enterpri5e5timited was rknlinto¥(1un￿ryluTr1daw on 34Xh June 2021 SH L¢d was Iwrned to mana8e the 2022. The Ch•ritycharyed ren¢ of£30AKXI to London SH Ltd the yéar. fvi the parend. the Charrtyty*d £20,485toiorKloD SM Ltd12923: £5W7 wasduefrom London SH Ltd). 16-