2025-03-31-accounts

The London Scottish Headquarter5 Trust Annual Report and Unaudlted Anandal Ststrments For the year ended 31 March 2025 Gilberts

The London Scottlsh Headquarters Trust Contents 8alance sheÈt Notesto the financial 51atrnv*5 8-16

The London Scottlsh Headquarteys Tn Lepl and Admlnlstratlve Inform•tion r PJ. iWDTD KC(Qwmwl r M.V. Cthlston Mr Felstead Aai￿ M.D. Rand1 Mr S.D. lpwlnted4 luty 20251 IAppoirrttd 12 De¢ember 20241 Mr LH.St•ddart 251499 Prlndp•l •ddr SWIP 2DX Ptndwa8on Hi)Iise 65 Lonkn Road iw Itoydl Bankof Swtland Holt's Fambcffth Brnn¢h Vicloria11(Md Farnb￿h GU14 ThR

The London Scotttsh Headquartws Tn For th• ￿ar endod 31 Marth 2025 TheTrusl15W•rnl wththe OwrityCoMrri￿ lfjr W5dwy ruurknw251499. The fln•nclal l>een tn acaxdw wlth thè •¢¢ourAiry poIiw$ Set out IA note i to the financ￿1 ststements and cornply th the Tn￿5 docwnrt the a￿￿ti￿ Ad 2011 •nd .￿Qu￿tIf and Reportlw Charttles: Statemert of Recommthded knrtke app￿•￿ to ch¥illes Frfeparir8 acttAnts In accothnce wlth the FIna￿￿1 Reporthw sts1￿¥￿a￿lobl• Intt 4Kar￿ pArA￿dI￿1•¥I{EAs 102r lefkrtTh ljatwwy 20191. l. To woN¥de and m¥rfakn a plxe of reunion and nxetw in of mtWy. atl 50cknII and other purposes of as maybe s￿￿￿ed Imp05ed from timE totirne bytheTrust 2. To pwmiithe ftep.ment of Scotttsh Riffeiluntews or xryotknrniliwy In the ser¥ke ofthe CrowTh whlch from time to tlme may in theop&kn crftheTrustes repwertor by its O￿nIs0￿0n a￿1 nibonality beertitleo t0S￿d in the pla¢e ot tht Lmdon Scottish Rifie to the s•ld of port thereol for &ill, 8ymnastiu ry otherwpose forany term of1• 3. IN the e¥ertof the di5b8ndmts￿ of the sd bcéy as afrwe5aid then * the discretion ofthe Trustees to hdd in tru￿ for the Hl8N•ttd Scrtiety of Londo￿ the IbWW Scotxo￿l r￿ the CaltdonK4n Awym Inow the Rtrffil Cal¢dwi•n Edu(ation Trust) orlor 5u¢h l>)diesin isterKe * S￿ 4 time.. 4. The deed p￿ded exte￿￿￿ ppers trthe Tr￿tee5 •r41 with ary ew41ty money re£ewed to ￿ held undert￿Same tfU5 ID 1985 the Trustees made an sen ￿ wwn15e5 at 59 Gats and to 3 sfte at 95 Horyelerry Road to tNJlld a new Headwarttts. Equalmy ￿¥￿S￿¢￿￿e￿ w behekl as(4pit ofthe endowmentfrmd. undertake. The charlty Is esublL%hed under a Trust Iyeed dated 23rd Auousi 1886 as amerKd tr¥ Chwity Commlsskn Stheme5 for the adMinistrnt￿jrt of the Trust sealed by the Ch¥lty Commtskn 7th Febnwry 1939 •rtd 9th Au8USt 1993. In 1939 the￿ wa5 an MOO plan io quarter the London Sco¢li5h in 4 centr4 dr￿ hal. fv 1939 s¢￿ acCrydin￿Y pem1it5 the Tru5tee5 to ?ppty aty $wpIu5 in¢¢mt to tk ol the rrikny ahd lnefft of the unrt deswated uNler Clwse 2 of the 1886 Deed. TheTrusteeswhc%eThd ar41 ￿ tothe dateofy4tiwèoftt fir￿￿111 stal￿￿we￿.. Mr PJ. Layden TD Y£ Colonel C. Sta88 OBÉ L• Aatheljohnston￿ Mr M. V. Om)lsion r MJ. F£￿ead Ma￿￿t M.D. Ramd•ll r5.D. L￿a0¢k Ar K.H. Sioddart fTer¥n 25 Aprll 20141 ITerAYeexpired 14 ￿ 20251

The London Scottlsh Headquarters Tyust Trum￿. Report (Contlnued) Forihe year ended 31 Marth 2025 Tht iovemlng do¢uments pr￿ade that thtrt sh•ll be l eA Trusree. Reoknental Cdwel. and tsp to 7 cowed Trustees. The p05t of Re8¢mortal Colonel was effea frryn 30thA4JriI 2023. Under the tern￿ of the 8thrnlnK thè Trusttts h•rt to co•1 Tiusiees to fml 7At•rtits wllNn numberof Trustees ￿q&￿Ted therein. The Trusttts meet rI8￿￿t0 dis¢wsopw¥knalrnattersa5Wrtd The Tnsstee5 are sses In the process. There was knsuffkrf wKbr¢ey to cover theovetheads of m•lrtnrtthe ￿lI11n In 2020 th• Trustees tr)rrv￿d £1.2 Thullon from Ho• B•nk to rfjknb￿ thosq ¥Jho had knto a fallod Issue and By 2021 tt was apparent that theTnni tas r￿n1￿ ¢￿1 ￿ mty)ty and was la¢h¥ uis(+•WI. Accord1￿ in O(thber ol ih The rffty Trustee5 Sd low0￿ They set up a new CfmP¥ry. icffidon SH Umited, irt 2022. to the premises. ¢elyon bebawol the Ha7n￿. L5VE went ￿ 14uidatioD in 2022. A berfacttr hs made ¥n bnlefes1.free loon of£l.2 mtllion to the HQTrust to efftable to pay batk thÈ loan Irtyn M•5srs Ih)avt al￿ Co. and the commercial eWoittion of the P￿rnIst$ enable5 the Trust to (￿r its C05ts ￿ a day to day b1￿& The benthw h•$ ai%0 WEd to any defxiency the runnlr bud8et the end of thefiwclal Attordln8ly. whilethe p¢Jyim ￿MaInS<￿￿￿tr￿T￿S¢ees ue 01￿ ¥lewth31tr7ft* ￿mainS viab￿.

The London Scottish Headquarters Triist Forthe wr endod 31 Marth 2025 Unre#rlrted In(ornefortheyear ifflwtsio£71￿l1O24. £113.2111. Donations frth 015ètion¥ l)0•ti¢￿ Irom indmduats Other income Totsl In(•Jm• 34J35 18.tXX) 30176 iu211 58,395 13.533 ?Lg The rtwitsshowth•tthtrQTas￿ crra1ldeftii￿thP yoff8lA9113)24.. dEfKit d£412121. Endowment and restr(cted lunds Unrestrkted fvnd Ideffi¢ttl T•r•l lunds 15,356.856 12534,7231 15.356.856 12.453.231) The def￿ of Vnr•Strf￿ Ful￿ Irth•testh•t4neoJwkrt n￿￿rt01tIEThlowmenI Fund has been expendé Thè Trusttts remèln cohcem•d about tht poshlon of thè Tfust •rna tt W of e¥ents durtng the year and earer. They t1￿13rtY OfthEn¢￿XMm1 Fund4fyJ th• ienalatsM¢e hasbe¢n The Tru#ees are acutth ¥wwt ol the nss to the T￿￿t has been exposed 51rKe th• termination of the knase of the mises in March lo￿ * which point there TaS• 4nrfnt kxs of intom and a Vèry gthrtial increa ift the burdtn of C05t relirqtothe Th thwou8h L¢mdM SH L￿. t￿￿ e•le thE bL¥klwt4 •$ 4 ￿Ing ¢on¢wn on a d to day bas15. are In thscussion vAth the trustees Of the R¢8hYthtsl Trnsts to secure fwding to enable th• HeadqUarte￿TrUsttQ mert5￿ upcothcaptral IkadwartW5TrustTru5tees hove desl8ntd the S¢vts Gu•rth as th• tsntt starth8 IA pla¢• ¢f th• Lortdm 5cL¢th Ildle Vokthrs lor the puTro#s of 2 of thè 1886 Tmst Deed. The Tru5tee5 ￿, tOKether the other Rrflmertèl Trtys. and ￿e%￿0p￿ closer 5ins with the Scots Gyards across a rnn8e of art4¥￿1e$. The 5￿ts Gua015 are ￿￿sIderIn8 what U5 they crmjld m•ké of wns of London S¢on6h House. Tht Trn5te¢s hayè rwtiated a I￿Tr from the Scots Gtsard5 Chwrty to en•blÈ them to meet some w8ent c*tal requIreMen￿ ha￿ knptthe tharlty ConbmIss￿ hth ofthe5e de￿￿￿￿trtts.

The London Scottlsh Headquarters Trust Trustees, Report {Contlnued) Forihe year ended 31 Ma￿h 2025 Tr*TrustÈes' reptsrtT•a%appr￿d tythe knrdOfTn￿ Mf P.J. L•den TD KC I

The London Scottlsh Headquarters Tiwt Independent Examlnees Report I io the Trusiee5 ex4ft￿tkn ofthe fmrKknI Statem￿ ofTr¢ London 5¢ottlsh Headquarter5 Trust lfv Trusil fortheyear ended 31 Marth 2025. As the Trustees ￿ ihe Trust you art for the the statemtrts In xmrdan¢e w5th tht requlreffnts olth• ChrlUesArt 2011 (the 2011kil. I repm kn ￿SpeCt ol nry exathnawon of the Tntsl's fw4rial staleft￿￿ Ca￿led urder settkn 14S of the 2011 A¢¢. In rryrfn8 out my exaMIn•th￿ I folkvAd al appkatrAe Dkedlons the Charity under 5edon 1451Sllbl of 2011A£t. Reporttng by Charirs prepath thek xcourts in acrorthrte with the Anancial $I￿d￿d ¥pplcatye in the VK and Reputylc of I￿land IFHS 1021 fn preleyence and byCt¥Tllles'. StstementofftKommended Pracrice l undÈrstaThl that thls ha5 been for Stat•￿ to a true and lair ¥lv In ￿(o￿larKe with BNlnK ME QU5e to believe that ￿￿terial respt¢t: acttyJntin8 re¢syds Ytnot respett 01the7n￿ a5 retywed Ixloftht 2011 A¢. or the flftantsal statemerrtsdo ncaccord wlthihose reco￿. or s out in the Charityes and Reports) Pwia￿S XK)8 other than Y¥ iÈ(prerrrt that xcovrrt$ 8r4e a I drnv attenti%)n to the wordlng contsined kn the Truth¢ Reptrt and thè eoir8 Mncem acwuntin¥ polity •t Note 1.2 which expwnihata rnateri urKerta¥yexiststhatrtw¢•t d01th￿ the Tnlsi'sabl￿￿I0(￿ntrnvt isa 8oin8 wncefn. l Lonffirm thèt the￿ are othor mattets in connttlion the varrMnJticffi to ¥Jtr*ch •ttentW>Th 5Iwbd be drawn In th15 Pendtagon House St Albans Hertfordthlre AUIU

The London Scottish Headquarters Trust Stslemert of Flnandal 4•Atl¥ltles For Ihe year ended 31 Mth 2025 Donations and leptsts J95 13,415 81335 8Z.335 30.876 herlncoffle Totsl Inr 71.928 IlJ211 113.211 Ralsini funds 52 52 153,419 15%872 155.872 orher 52 52 153A19 15JAIg 155.924 IS5.976 NÈt ylnslllosse51 on Irwestmerts 543 543 pl6tmty￿•nt Infvffd5 18L4911 14L7131 491 142,2221 Fund balarKeS It i Awil 2024 11453.2a21 15356156 12.9)3.624 11410ts191 153365 12,945A46 nd b•lanw4¢31 M•r¢h 202$ 1253¢.7231 15356I56 IiW.IIJ 114532321 15,356,856 12,903,624 The sthieM￿t of finandal actl¥ltle5 kn(hles al and IJSS￿ In the ￿aT. ljl Into￿ and eApendkure dertve rrom contlnulni arti¥itiÈs. The notes on p4ts 8t0 16 frym p¥lofihe5e fin•Kwl sleme

The London Scottlsh Headquarters Trust Bala￿ Sheet As at 31 Marth 2025 Tan8fjblea$sets In¥estments J594 15,026.889 15.02¢ Debl¢)rs Cath at W and ￿ hand 31.154 22L5f4) 252.n4 I975,￿) Netcurml Haw￿e5 17232661 I4303￿24 11.4fyJ.(Wl 12,903,624 EndowrnentfrJnds- ¢eneNI 17 15,356.856 Vnrestrxted fvr IL453.2321 11903,624 The noteson ￿l￿at0 16t¢)mi part olthèse tlrwKkl staiwm The finwci4 5￿ments ¥pwo¥¢d tytr*Tiuste¢s iyi.. %•25 Mr P.J. Lawlen TD

The London Scottish Headquarters Trust Notes to the Fln•ndal Statements For the ended 31 Marth 2025 Thè Londafi 5¢ottksh He•dqu•rter5Trust 15 è an Urrin(￿pLy￿￿ tharftatrle tr￿t reg15tered Tlth the ChwttyComffli5511Jn Enoland and W•te% Nmber 251493. Its offke o iorthn Stotti5h House, 95 Florseferry Road. London. SWIP 20K. The fi￿r￿val statements betn prepartd in xtthe wlth the Tr￿S documerL the cha￿leS Act 2011, FRS 102 Yhe Fknandal Iwrtlw 514nd¥d aPp1kab￿ th the ￿ and P4wblit of Wlnd" I'FRS 1021 and the Charlts SORP 'A¢C4￿￿ Repvtlry ty Charities: Statemert ol RecommErbded Prnthee opplkable to (horr¢￿$ weparfw trlr acc(Wmts In ￿cOrdan￿ Wbth the fwArKial fteporn.ry Stsndard 3pplK•bk irt the UK and R¢Wc of lrtland IFAS 1021" fe11tttr￿ l Jw 2019i. TrTrust ts• Pubk Ben4 Entity asdÈfvd ty FRS 102. The financ￿ h44Y knrted from the owri1￿5 Reprytsl ewJ•¢ior& 2(rfJ8 onty to the extent qulred to Pro￿dé a trut and f￿r￿￿. Thts de￿rtUre has IT￿￿￿ed fol￿ the Statermrt of Re¢ommtnded Practice for tharities •pptri￿ FRS 102 ￿T￿lIn0t thi Stwntrt Pr•di¢e referred to In the Re8ulatknrns butwhkh has Str￿e t￿n The fina￿la1 staternertts are wepared the LiwrenLy of the Tnrt Mor￿11ry amounts In these finart1alstJteM￿ts are rourKled to the neaTe5t É. freehold Propert￿ •tKI to In[￿de irhrstment woperts arKI (enaln finarKW Instrumenrs at faw value. The principal acc￿￿1￿8 adooed bebx. L2 GolbYt•ntwn the Trust wlll conYnue In OPÈrnllonal the ￿Te5eeable futswe. hTh4ver. the Trustee5 ￿ aware of certan Mate￿41 uncerl•kntKs whl¢h mayouse doutst￿ thtTfUSVs blity toLontlnue •$ a 8oln8 TheTru#ees are cor￿eMe￿ th•tthe Tn45tll ￿q￿dfvr￿S1O¢antlTrUeio med ft5 objert& TheTrustees are worklw towards a FAan that TMeAdd •ltyAT th? Trust to cortkwje In operknK +￿e￿Il]S not ￿rtaIn at thls dme that the plan wil tseswresslul. L3 charItab￿tsftds UnTestrlrtedfur#ls ¥v4lklEloruseattr d￿¢￿¢￿theTIU$reeS kn Iwthtrance ofthèlrdwralle Obl&t￿$. Restrkted funds are subject io specifK rwditlon5 orgrantws as ty trwxtheymy bè used Thè wrposes and ses ofthe festrlcted lunds a￿ Set0￿ in nthsttsthefinancia Statements. L4 I￿7￿ otr 55 reco8ntsed when the Trust Is lezalty eniiutd to it after ary perfor4Nnto condthn5 habr been meL the aM¢￿￿e4n be measured reliabty. ond tt lswobable Tjjill bt rtcefved. donatlon. unless performance wn¢Yilons reqyke deknrnl of the amDunt. Inrome tax recthrabk In rel•Vort to donaibns T￿Ned underGth y ded50f(fhw4rt atthethol thedw*•tk)rn

The London Scottish Headquarter5 Trust Ploteslo the Flnanckl Statements (c¢milrn￿) For the year ended 31 Marth 2025 Le8ades are w05ed on reulpt of rfthe notlfied ofan dlsiributlon. the amount knoMI,8￿ rttdptls•X￿¢￿ rftr4M￿rt knrthm. the te4a¢y ¥tread asa ronttFynta55et. Is probablethat • tr•nslorof ewnomlc beneftts tRM be requktd In the arngunt ofthe obll8•tiM w be measured relIab￿. Expendltur¢ is d3ssthed by actNity. fv c¢Nts of eKh are madÈ up ol the totsl of difect costs and sh•red wsrs, Ir￿￿dIng $UPF￿rt ¢OSts in undefI￿ry ea¢h Xll¥llV. Lert eosts atsr1butsb￿ to a are allocated dyrftty lo that •¢tiWty. shared tosts to than i¥ artilryty support tost5 which are not attributableto a 5inBle artNity4r• worti0n•d bÈiweÈn atlivllits on a bèsi5 CQDSiStentwith the use ol resou￿8 cent￿ staff costs allocated on the basF5 oftlme 5Prt and depreciation thr8es allootsd on ptytion of the 5Sét'S W•. and any Thwlnnent io55eS. Deprffiton Is re¢oylxd so as to ￿lEe off the cost or va- of a55ets the￿ rts(dual v4ts ustfvl Il¥s ￿ the base5: Frn•hold l•nd and Wldlrys Fixluresandffttin The qatn or loss ath8 on the d15pxal of ￿ asset ts determlrd a5 th• btw••n the s proteed5 and the rarrylng 4pluepfthe a5seLand 15wecw￿ed bn thpststenErt of finwKial a¢ll¥its. meastsred atlalrvllue at ¢a¢h rw)rtly date. f•tr¥4ueare ￿￿r￿Sed n net WKomellexpendlturel lor the year. TranS￿)n costs ave txpensed as ￿0jrrerf. IA Imp•krn•rtoIf￿ a>s•ts At each ieportlw erMI date, the Tft￿ Ye4ie¥Js the of its tawlwe as%ets to d•temine whetherthere 15 any indicatw that tlw have yJffw¢41 an impaThent hJ55. ff such indKation exbt% the rcryerable amunt olth• •sset & estlnwted in ¢rtrtCdttemiitth¢ ￿￿01the Inywrtrtloss lifanyl. Sh and rash eqU￿er￿ ￿E￿K1¢ r•5h ITr h•rt 41¢￿sits l%ld •¢ bMk% othef short.term Uqukl IrDlestN￿llts or*"nal maturi￿e5 of three rrmth or less. and bank Bank •re shwn vlthln boTmwin8s in ornt14bllltie&

The London Scoitlsh Headquarters Trust N¢)tes to the Hnandal Statements IConi1rn￿d For the year ended 31 Marth 2025 IC¢Ninu•dl LIiI FID•nd•l Innn¥nents The Tnrsi h•$ elected to •ppty the wv•l#lofis of SeuS¢n 11 Ta5x fr￿lJI [nStr￿￿' and se4t￿ IZ Trher linarKi Instruments of FRS 102 to allof ttsfknancial kn￿r￿￿er￿ prgvlyons of inS¢rwn¢ Fin•nEial Issets and lialJfftie5 fh in the flwitlal statemerts. whtn thtwe is a legally enforceable rht to ￿ off ihe reccqnlsed arnO￿ts aThJ there is an Int•ntion to 5ettl• a net b•ls or to ￿lI￿5t Ihe a55et and setllhe Ilabwlty SIMU￿One0￿5ty. In£ltyJinB transathon costy and are wtsequenity orrd * aThyll￿ cort wlni the effeafve Interest method unle55 th¢ arr4rymnt wnsthut•s a tTrnsa¢tlon, where the tThnsaCtkn ts measur•d at th• w•5•rt of ihÈ future re￿Ipts d1%￿rted at a mwkrt r of hknesL assets cl•ssifa as rncetrable wlthkn are not Basi¢ ffinan¢l•l fiabilltre> crethl(¥5 artd bank are lilt1a￿ wLsed at tra￿ct￿In prKe tht ngement tonstitutes a ftnanclrf tr&icUon. thE delA w￿￿uMe￿ Is rneasurpd at ¥akn of the amortised. Trade creditors are ¢bliWi¢)n5 to wfor or seThyEesttrot been xqu6red rn the Ordin￿ ctyjrse ofoperatfjDnS from suppllws. Amounts PYdble ¥e da55rfied as curnent kat•hties if isdue within one year or less. If not they are presented as rton-cwrert liabilit￿. Tv3dE Cre411￿ are rwmsed Iiulloly at knnsartlon pr1￿ and gJb5equenlly Flnamal lialJIlluesa￿ de￿￿1$ed vthen thÈTfttytstorthrtwl typireor•r• dlstharyd w rancelled. In ihe ap￿￿#￿0￿ of the Trust's accountlr pol￿$. tht Truittes ¥e requwed to jud8ements, estimates and a55urnptions about the ¢arrylly amourt of •$5ets 11a￿ltI￿ that are not ￿dIlY apparEnt fwom other 5purces. The estSmètes afid askKtated assumptvJns are based Dn experierKe and other I￿¢￿5 that are (C￿ldered to be The estlms undeth¥ asswnwiw are rewew•d b351& Rev15fjons to xcoufflin8 estlmates are reco8nised irt ihe paiod in T*hKh the e￿rnate is re¥ised Twhpre the re¥uion afferts (mlythat period. or in the period of the ￿s￿on and futwe period5where the re•lslon afknsl>th •xl futurt penodk -io-

The London Scottlsh Headquarters Tntst Notes to the FlnMdal Statrments {Contlnuqd) Forthe year ended 31 Marth 2025 Z024 OoNth)ns and ffts 54395 52.33S 82.3aS IDZ4 tal Incorne Inieresi ¥e£eNable 876 13A15 30,876 lunds Other income 118 51 -li-

The London Swttish HeadquartersTrust For the ￿ar ended 31 March 2025 2024 Qepredation irnpairn 9502 24373 Support 143317 127N99 153.419 155A72 AnalyslsbyfwKI UNestrlcted funds 153,419 155.872 Il•im4Y•enxAtlnl¥hds 9.S02 2&372 None of TTU5tee5 lor ary pers￿ Conr￿(￿ Tlh IPw)I recer￿ ary or benefrt5 from the TNst rfufin8tt¥ear. fvnds 543 Theth•rityi5 eEmpt from taxatSDn on it5actl￿tS bet•J5e al Its ￿￿the15 applied fortharitable Puryboses. .12-

London Scottish Headquarters Trust For the yoar ended 31 March 2025 12 TnlblertA•d At l April 2024 d1￿0￿5 fxrfj 236264 IS,23Q264 36.206 36.206 AI 31 frAarth Z025 ts.th).Ix¥) 272A70 15.272.470 At l Aprm 2024 Depreciation charged in theyear 209374 9,502 209.374 9,502 A131 M•r¢h 2025 21U76 Z1&876 At31 ￿1th 2025 53,594 15,053.5Y At 31 MaFth 2024 15.LKX>.IX) 26,889 15.026.889 The Insstment prnperty rented io another 810￿ erthty has been I￿rOUr￿ uslnl the model. The vakteofthls •ivestmertpropertyincbJded withkn tarq*ftMèd a55ets ￿￿5j￿￿>,[￿12o24. £15.(rfKI.CWI.

The London Scottlsh Headquarters Tnjst For the year ended 31 Mavrh 2025 Unl1# Al l Apru 2024 & 31 March 2025 Al 31 Marth 2025 Al 31 Marth 2024 2024 Amountsowed by feltow rn uDdertaWr 31.154 1024 O•nk lo•n-5e(ured Loans Irom rdated relmentaltrtsts Other loar¥ UQOAW i,ZOO.L 911950 912.￿0 I￿.c 3Juso 2.312.950 Payable V•ithiD one VEaf Pay•ble afterone ￿¥r 912.9SO 1,400,CO) repardble in fvll before Jdy2025 arvj cafw afixd interesl Trie of 5.5% pa. The loan for £2Q),(W was rnlde ty The Gu¥ds Owity In •Aarth 1024. It WIM be repardbbp wtth Interest on 6 rn(Nrth5' wrftien rMusL brtthls notret￿otbe1erl*d ithinayearof its yaht

The London Scott15h Headquarteys Twu# Notes to the Flnanclal Statements IContkw￿l For the ￿ar ended 31 March 2025 911950 32,694 20,485 Trnde ¢reditors 19M6 Othercredttois A(£Na15 and delerr•J th¢ome 975,980 Income ar151nKonll endowment fund5 can be vsed ￿￿￿10Th(e ¥Ath the objects ofthe Trjrt 4nd 15 In¢fuded Is Frtthtl Fynd At Illlj Il•w¢tsG•ln$4mdlpsM5 At31 M•ffh F￿£hold Fund 1521 15.356.856 5ubseq¥entSy recew The 1986 Fwd rewesents the resbjue al the equa&ty roryv4d Imm the 4lp af $9 B￿k1￿h￿l Gate ar# the d￿lopl￿eTht of 95 trtor￿ PAyd ifi a(rtYdance ¥Ath the thder dated 201h JaDuary 1986 is to be held a5 part ofand on thesame •$ the Er¥loY4mert F￿￿. The Trustee5 have to eynd the ift¢ome from th￿ Fund

The London Scotllsh Headquarters Tntst Note5 to the Fln•ndal teffi￿ Iconilrndl For the ye•r endad 31 Mch 2025 Total fuds fvrwjs 2024 funds 2024 2Q24 Fund balarKes 31 March 2025 are represenied bv.. Ta￿•￿t assets Irwestments Currnnt •$5•ts1111•blttisl 53.594 15.LXXI,iKQ 15JJ5V44 15AmX,i￿O 15.026.889 1837.5781 6.116 JW21 17193821 6,116 1723.2661 1783.9831 15.iKJ6.U6 142141>3 IL4CQm>l 1702A921 15AhX,116 I4.￿3.624 (783.9831 13A06.116 ￿135 11.7SO.7401 L?$0.740 (702A921 13.&%.116 12,903.624 IL7SO.7th11 1.750.740 lrtrfund loan 12534.7231 15356Th 118211>3 12.453.232) IS.356.856 12.903.624 Lam >•r, the (￿rity recelTMI a qrant of £XI.11)J kn the The LoThkbn 5rrtttth RewTh￿Ill Tr￿ a with ommon ilL￿ee$. No gnrtw•s recei4d In the (wrerrty. The C￿ty E3LI54 byTheiorthr•S¢4utih Tr￿tIlthe&lIln￿shtet￿ète12024. nl,1541. The Charity had lo￿ trrm loans ol V16J5012014: £816A501 to the L￿dcffi Scoiiish lgknent 1995 Chwlty and £96,1(K)12024.. É9QI(QI ¢Olhe S¢¢ttlth 19x1 Fund * the balan￿Sheetdtte. Londw SH Itd wa5 frjrrned iornanay the Wopffty in April 2022. ThtCh¥ity(haryed rent of£12.0ts) to London SH Ltd In year12024: £30,{￿). At the eThl. the Ch¥iiywas(A*d EB.783 ty Lonth SH Lld12024.. £20.485 was due to London SH Ltdl.