OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator. This document is also available as Markdown.

← The Royal Caledonian Education Trust

2025-03-31-accounts

Charity Registration No. 310952 (England and Wales) Charity Registration No. SC038722 (Scotland)

==> picture [71 x 61] intentionally omitted <==

----- Start of picture text -----
i ia nf Rs
“i FORCES:
CHILDREN
----- End of picture text -----

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

THE ROYAL CALEDONIAN EDUCATION TRUST OPERATIONAL NAME: FORCES CHILDREN SCOTLAND LEGAL AND ADMINISTRATIVE INFORMATION

Patron

His Majesty King Charles III

Honorary Vice Presidents

Air Vice Marshal R Paterson CB, OBE, ADC, DL

Vice Presidents Mr IC Stewart Hunter Mr D Keith Robertson

Chair

Mr M Young Mr H Tilley

Deputy Chairman

Ms I Campbell-Lupton

Committee Of Directors And Sole Trustees = Mr G Gray (Resigned July 2024) Mr N McLennan (Resigned September 2024) Ms S Wilson (Resigned July 2024) Ms I Campbell Lupton Ms C Grant (Resigned December 2024) Mr M Young Ms J Bryce (Appointed June 2024) Ms F Jackson (Appointed June 2024) Ms F Barbour-Smith (Appointed December 2024) Ms S Dickie (Appointed September 2024) Mr G Rae (Appointed September 2024) Mr H Tilley Mr F Allmond (Appointed March 2025) Mrs R Rylance (Appointed March 2025)

Chief Executive Mrs Laura Falconer (Resigned July 2024) Ms Meg Thomas (Appointed July 2024) Mr Steven Sweeney (Appointed December 2024)

Charity number (England and Wales) 310952

Charity number (Scotland) $C038722

Principal address The Melting Pot 15 Calton Road Edinburgh Scotland EH8 8DL

Auditor Myers Clark Suite 7A, Building 6 Croxley Park, Hatters Lane Watford Hertfordshire WD18 8YH

THE ROYAL CALEDONIAN EDUCATION TRUST OPERATIONAL NAME: FORCES CHILDREN SCOTLAND LEGAL AND ADMINISTRATIVE INFORMATION

Bankers

Royal Bank of Scotland 142/144 Princes Street Edinburgh EH2 4EQ

Investment advisors

Adam & Company 25 St Andrews Square Edinburgh EH2 1AF

THE ROYAL CALEDONIAN EDUCATION TRUST OPERATIONAL NAME: FORCES CHILDREN SCOTLAND CONTENTS

Page
Foreword 1
Committee Of Directors And Sole Trustees’ report 2)
Statement of committee of directors and sole trustees’ 6
responsibilities
Independent auditor's report 7-10
Statement of financial activities 11-12
Balance sheet 13
Notestothefinancialstatements 14-27

THE ROYAL CALEDONIAN EDUCATION TRUST OPERATIONAL NAME: FORCES CHILDREN SCOTLAND FOREWORD

FOR THE YEAR ENDED 31 MARCH 2025

We were delighted to be appointed as Co-Chairs in March 2024 and look forward to carrying on the excellent work of our predecessors, Gary Gray and Catriona Sutherland-Hawes. This responsibility is one we undertake with deep commitment and a shared vision for the organisation's future. Working alongside our fellow Trustees and the whole of the Forces Children Scotland team we hope to build on the strong foundations already in place to ensure that we continue to serve the babies, children and young people from Regular, Reservist and Veteran families for many years to come.

The last year has been challenging for both FCS and the sector as a whole with ongoing economic uncertainty and the continued cost of living crisis resulting in pressure on charitable income whilst costs continue to rise. However, we are greatly optimistic about the future with new sources of revenue being identified which will support our future goals and help to underpin our new strategy.

We extend our sincere thanks to our former Trustees, Cara Grant, Gary Gray and Neil McLennan who concluded their terms during the year. Their stewardship and insight have been instrumental in shaping the organisation's culture and progress. We also warmly welcome our newly appointed Trustees, Finlay Allmond, Fiona Barbour-Smith, Jessica Bryce, Sarah Dickie, Fiona Jackson, Gordon Rae and Rachel Rylance. Their new perspectives, individual expertise and enthusiasm are already contributing positively to the FCS board, and their input and support is hugely welcomed by the Co-Chairs.

We wish to formally acknowledge and thank Laura Falconer for her dedicated service. Her leadership and commitment have been deeply valued, particularly in ensuring that FCS was able to successfully navigate the societal and financial impacts of the Covid-19 pandemic. Laura's work greatly increased the recognition and profile of FCS and we are very grateful for this We extend our best wishes to her in her future endeavours.

We also wish to express our profound gratitude to Meg Thomas for her excellent leadership during the approximate 6-month period from Laura standing down to the new Chief Executive being appointed. Her professionalism, dedication, and guidance were vital during this time of transition, and was greatly appreciated by the Co-Chairs and fellow Trustees. We thank her for her continued support.

We are delighted to welcome Steven Sweeney to the organisation as new Chief Executive. His appointment marks an exciting new chapter, and we are confident that his experience, enthusiasm and strategic insight will be of great benefit as we move forward into the next financial year.

We would like to express our appreciation to the FCS entire team for their exceptional work throughout the year, during which the organisation has seen significant transition and change. Their dedication, creativity, and collaborative spirit have enabled us to continue to deliver for the communities that we serve. Their work has been, and will, be critical in ensuring the success of our new strategy.

With the launch of our new strategic period, we are entering a dynamic and ambitious phase as the strategy is embedded and delivered over the next 3 years. The strategy sets a clear direction for the coming years, grounded in our values and informed by the communities we serve. We are excited about the opportunities ahead and remain committed to continuing the excellent work of FCS.

Max Young and Harvey Tilley Co-Chairs Forces Children Scotland

THE ROYAL CALEDONIAN EDUCATION TRUST OPERATIONAL NAME: FORCES CHILDREN SCOTLAND COMMITTEE OF DIRECTORS AND SOLE TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2025

The committee of directors and sole trustees present their report and accounts for the year ended 31 March 2025.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the requirements of the trust's governing document, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), 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)" (as amended for accounting periods commencing from 1 January 2019).

ORGANISATION

The Royal Caledonian Education Trust (RCET) is a charity established by a Charter of Incorporation created by an Act of Parliament, which received the Royal Assent from King George III on 14th June 1815.

Our aim today is to support and encourage the education, training and wellbeing of a) the offspring of Scottish members of Her Majesty's forces and b) the Scottish offspring of members of Her Majesty's Forces. For these purposes, a person shall be considered Scottish if our Trustees, in their absolute discretion, determine that they have a sufficient connection to Scotland, or who demonstrate to the Trustees’ satisfaction links with Scotland, including those who may be considered Scottish regardless of their place of residence.

Following a rebranding exercise, on 23rd June 2021, we changed our operational name to ‘Forces Children Scotland’.

OBJECTIVES

This was the final year in delivering our current strategy, ‘Step Change’. We have also spent time developing our new strategy, ‘HEAR. INVOLVE. SUPPORT.’ This has been co-produced with children for forces families, our partners, staff team and Trustees, and launches Summer 2025. As we transition from one strategic plan to another, the activities and achievements documented in this performance report summarise the difference our work has made. More detail can be found in our Impact Report will be released in Autumn 2025.

PUBLIC BENEFIT

The Board of Trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when planning, implementing and reviewing all current and future activities. They follow the updated governing principles adopted on Sth December 2018. This defines our charitable purpose and how it benefits Armed Forces children and young people.

ACTIVITIES AND ACHIEVEMENTS

Highlights

We deliver services to improve the emotional, social and mental wellbeing of children from forces families. We provided 1:1 support to 78 young people, with 100% reporting an improvement in clinical scores as a result. Our online Hub supported a further 278 young people to access resources to support them with their own wellbeing. We also distributed 200 Wellbeing Journals to young people within the Naval community to promote selfmanagement and positive mental health.

We developed a range of resources to support educational achievement. In the reporting period, 341 young people have accessed our Deployment Rollercoaster resource to help navigate their own families’ deployment journey. The Deployment Rollercoaster was co-produced across 18 participation sessions in an education setting with 139 young people from forces families involved.

i

THE ROYAL CALEDONIAN EDUCATION TRUST OPERATIONAL NAME: FORCES CHILDREN SCOTLAND COMMITTEE OF DIRECTORS AND SOLE TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

ACTIVITIES AND ACHIEVEMENTS (CONTINUED)

We delivered 10 Learning and Development events in the reporting period, 5 were in person courses, 5 delivered as webinars. The 85 attendees left better informed on forces life from the perspective of children and young people in the armed forces community. Topics included deployment, mobility, transition to veteran status, the Armed Forces Covenant, young carers and more.

We continued to provide financial assistance to young people from forces families with student costs, short breaks for forces young carers, for a range of educational supports and access to hobbies. A total of £95,445 was awarded, with 273 children from forces families benefiting from this support. Also this year we sought to improve financial health through our Future Transactions project. We had 141 young people from forces families supported with enhanced understanding and capability around increased independence and management of their finances.

Our ongoing policy and practice work saw the development of our Rights Report, activity around Young Carers Action Day, and the co-production work ahead of the launch of the Children’s Rights Charter in April 2025. Young people from forces families met directly with policy shapers and decision makers to share their experiences and perspectives, advocating for change. This included sessions with MSPs Natalie Don-Innes, Martin Whitfield and Paul Sweeney.

Our participation work creates opportunities for young people to engage with their wider community and gain new skills. Regular participation forums and 5 Residentials have supported 85 young people to have their voice heard, influencing change locally. Our Ruby Boots project has also built some momentum. Connecting with 14 networks and 91 stakeholders enabled 326 young people to be reached in Schools, with 16 involved in coproduction workshops, helping set the new stage of the project in the next reporting period up for success.

Our Talking Mats project has been a highlight in how we empower young people to participate in decision making locally. Through school support and awareness work, 5 staff have been trained, and 85 young people have participated across 9 discovery workshops. This led to the creation of a visual communication framework to support children from forces families to express their feelings and views.

Social Value to the Armed Forces Community

As an organisation we would like to increase the social value we deliver with and for the Armed Forces community. In terms of people, 64% of our staff and Trustees have come from a background with experience themselves as a Regular, Reservist or Veteran. From an employment and employability skills perspective, young people from forces families have an equal share in decision making as part of our recruitment practices. Most recently in the appointment of our new CEO.

Our work includes a significant amount of community engagement and outreach, from young peoples’ participation to adult learning. In terms of civic responsibilities, we have increased the number of events we attend across the country to engage directly with the Army Forces community. This included activity around Armed Forces Day, Month of the Military Child, Remembrance Day, and Wellbeing events at various bases and barracks.

Fundraising

Our fundraising approach prioritises trusts and foundations as the most effective route to delivering mediumterm financial sustainability. We are focusing on securing multi-year, core funding that supports strategic growth and stability, with a clear emphasis on long-term relationships and impact-led proposals.

A special thanks goes to our strategic partner, Greenwich Hospital. An award of up to £103,921 over 12 months to cover 20% of core staff costs was confirmed in September 2024, with £49,940 expended in this reporting period. These funds are restricted for children from Naval and Marine families as the beneficiaries. We aspire to deliver upon the desired outcomes of this collaboration, allowing us to perhaps move to a multi-year arrangement. We also hope to encourage tri-service equity across funding partners, leveraging in additional funds with similar arrangements with other trusts and foundations.

Thank you to our range of project partners who have invested in our impact during this financial year. Thanks in particular go to the Armed Forces Covenant Fund Trust, the Army Benevolent Fund, the Army Central Fund, the MacRobert Trust, the Veterans Foundation and the Scottish Government, for their continued support.

9%

THE ROYAL CALEDONIAN EDUCATION TRUST OPERATIONAL NAME: FORCES CHILDREN SCOTLAND COMMITTEE OF DIRECTORS AND SOLE TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

ACTIVITIES AND ACHIEVEMENTS (CONTINUED)

Looking Ahead

Next year will be the first of our new strategic period, that of ‘HEAR. INVOLVE. SUPPORT.’

Our mission over the following 3 years will be as follows:

We provide support and opportunities to enable babies, children and young people from Regular, Reservist and Veteran families to realise their potential and thrive.

We have 4 strategic themes:

The key actions across the 3 years for each of the themes are documented in our business plan and will be reported upon in our next annual report and set of financial statements.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Board of Trustees meets four times per year. They are responsible for overall strategy, financial and risk management. There are currently 10 Trustees. The officers are the Co-Chairpersons, Deputy Chairperson, and Treasurer. Our Board of Trustees brings a broad mix of professional and lived experience, including education, finance, safeguarding, mental health, and armed forces family life. They meet quarterly, with finance, risk, and performance as standing agenda items, supported by our Finance Sub-Committee. The Senior Leadership Team meets weekly to review both strategic and operational matters, with monthly in-person all-staff meetings to ensure cross-team communication and collaboration. The Board of Trustees are responsible for the organisation's system of internal controls. The system of controls aims to give the Board assurance that issues identified as they arise are dealt with appropriately in an effective, timely manner.

The main objectives of the control system are as follows:

Forces Children Scotland's internal controls include as follows:

~ Ae

se eeas Pang 7 ER Seats wks We ae A uae YONIAN,A. :S CHILDREN.se 7bos geeeePp RATICOPER ITTEOED E CTO PR CIAS Se nes HANS THE Set PROS BPE, soeoes.ae | EDUCATIONiSCOTLAND, aye)9Shee a y * oe Sse ee a UeY! a SN AG aie et 9g RT (CO ate pate . Eyer: .: Bsr ere patie:Beas oNSe Dae (eran ve : Seep’Seaetyr ater rs — Sat ore ae ag FINANGAPR eSSoe “climate, fe, EES Ae | OF DIRECTO MARCH 2025Re eon eaeeeSite Poe,COREE Sa 8Gina &Ghallenoin enced h althoughSEARCH,Oa hbo easingasingeasi Taenow, eae Rice rue sto an ongoing tik vad sets. Tas ationary Pg eat st sa d| lized in 22E8Bere a5 SR ad eC. S ADEE iRgrineneat’ssures, eta clinVvingswe eres,© HaKoe enSER eectedingRe now, ever Aincome oefein haversthethenersidentifiyearasap tifiedAoAite| andctedShhre] charityUy educeddus AcEvailablepositifundin In: ieeeEE ayeit ine Pip “The chal y pre res, which have be income hear.r. Shou s ia n dcome be Howevergeeee ditional y,a l y, significaeeeme be‘wie oman ly ey Pslobally, hasie Costs asation igwidenesiosee ieeSpatPottUP er: e eee —Bae~s0oe At infiatiACa Rank reeetre}®s ofer,certainSe inc in . come wi lbuildingcostwilding l iits be Durcesofrealised realis nre tnofeefun s icted rese inpeeverenrestri eservesfiea,unre: ees Saverext ceNine fina BariwithEi ancial a ey a. medium ieshaveeal | e_year_prime imas termSNTies,ve go.impactsal olf therethere isbe rei: ealstrorreal searsenite i sedcten fundsUNfunSeasatVARESESp etcieaa paclevelSesTh e ecaetaes ee a ete eqt impactsf retaiSAF AyAieatat tealSRRghoat Biotei SE ey asthy HeReeRG vehSR 2iesSatase aesek ane:1@ Charityvestme9 6-12yey months ofu f febindi Lisaneere omeBP f o tthes sthrougheetermtive impacts¢ ee Rabatee loee eMarti ienerated jenerate USOfrom - thes Senae Recsyou‘eeeaaa HigaSSS Ba?a owever,needsiately, cet we gnificant t ncludingos been so ieal iv dendsale i sed in andthe nex‘Total | |eeturn’ in AC Seaheae: 04Af Teet investm» i n comentare ; are Panabhng mindndfulvas usof theeee

void throug investments, e1 de ee Se ae :

ardBPsro RAKmeee: “aoe NEeede develoto. pas asats,nanin: a tinedivid2 pori vestm:akon, taled Retuater maintairts heseid adve' nega’adve Tae heiyat ky h therealal Va disposavi he TrusteSE Eatsie Therefo mesestheyur sc as eeRie Rahtf coneBees 3a beBsoylize nveset capitarvetums the valuein li shf ou rsu investorkRate aim ed aa t toacmai hieve t However, t the charity. , growing ot seamen. St e aiSota x TRS ches» ourour broabroa By. a Piesustote setet taka)Oal roe tase sa VA PRD: B ooye $8 e r e Reecpu Reethe valwtp 1able toframework¢and ; interest,funding to"investment CaeCireVerse long-tnepol Vee-termOne“valuie’obyye f e foura ourourinvestmentee enand as<eees speasHeepa Shc+cicet t McearSSey eegee thatsai Ae, botsSih ar eeFA 4 ;inBeNREeReSS eeesata) 05 és f our Ren ancia mM ute Wala pps SCA ESé ethRNR ey ELD Sent 5Sit if z q toISTECS.nabi eee a See 1O aSdirGeAyRtefinancia5 PAU ring &Ser pitsede fficient,funsecr e ey)stsiy Krk Ber ehWoeECLOUry Sam "ovedinvestments bfinI ak,Marae|atstability. Rie Ras:ility. LS rgh.IEp a ysenealas|eaeDirectoarectors ee SaRisin toneeaSatinfees ay)Bi,ee eet oeeraw MeZ ed Pete 2 Lene Poets, 7 otf Bay ee en? yeBe“st eg reeceveioninNe ff we © heyyrane ensuingaeoe¥ah Sa fessionalSreehy sealiesns managementikers rat $ih beelong-term f eaPep. mmitt iaeens PesaroRs aekana BP unrestricted ioc fidencefi Spten in th the profe rk willf afegua s ionalSoy ba - mgtheONcharity’ pTh e e t csdatesby 54 Vier aeoftase Commiteeeters U5rig Saeevee’ matey Reeaeep reopens be =a boat aso MSSENS: = peut es Son a Py CSS mate Ciohs AS Tie ut US ES Bi aoe mits pamelaeee “4 “a3 Sap agesake sed financ nes iesSAS istees't Se—r eas esSish e eenatees SeHisHew oeae EsmpotPavesa eine eee Gaon 20A eeoe er EAT: Porte “3 Sciegeie oe Peta: , ety. Sas Paced RatesBe tet et Bans =| peel Pi. ssi rts canta Co-ct uot £ els ees Reon A ae ., esi Dated: , erst ¥4, : Spee nePhew Ait Fah caneeaye NS:ee ee Py: , <n Seeae * sarRaaawa Be N Aa WL pot oe Tans Arte : rte ce eas

eas Aseres Es ae PPO Loa 5 ityAS NEShe a 43 Sp death "4 ZEAE a!Pr mefissiaye etie rienSaiz HiT ela ayits aaE. rf inet) ayaRey bieRAseh Sie itsae i ieapaSenet Sat santas aych ey BS, Ante, oaths i bate es Weexme) WEE PereieLape tiOg ae : “Ay Rika at anaes poste! ate ee, 5 fe Be: re re Ae ete eeeae a SA ee NAee, Saia September ber oe202ey eaeSrcee aeeuaeeSieRaeRoanena e eeae e et Sim Ve e aoe Ree 24 Sey oyGeir teeS ieae eee aaa haysSA cea ‘iee.pe yr See ee Reise wits iiiAer st akch a a tea ye Nee Seeec ati ne Bet eeaeds peesaeshye beady. 3}Re Prha t a: e n e i a teSi geR e aia be yar eePeay sy snd Pigtbiae ae aeAeacON acnecits: itah iee e ialok ieatones

: 4

7 oe cae s+

THE ROYAL CALEDONIAN EDUCATION TRUST OPERATIONAL NAME: FORCES CHILDREN SCOTLAND STATEMENT OF COMMITTEE OF DIRECTORS AND SOLE TRUSTEES’ RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2025

The committee of directors and sole trustees are responsible for preparing the Committee Of Directors And Sole Trustees’ Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in Scotland and in England and Wales requires the committee of directors and sole trustees to prepare accounts 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 accounts, the committee of directors and sole trustees are required to:

The committee of directors and sole trustees is 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 accounts comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), 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.

The law applicable to charities in England and Wales requires the committee of directors and sole 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 committee of directors and sole trustees are required to:

The committee of directors and sole 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.

a;

THE ROYAL CALEDONIAN EDUCATION TRUST OPERATIONAL NAME: FORCES CHILDREN SCOTLAND INDEPENDENT AUDITOR'S REPORT TO THE COMMITTEE OF DIRECTORS AND SOLE TRUSTEES OF THE ROYAL CALEDONIAN EDUCATION TRUST

Opinion

We have audited the financial statements of The Royal Caledonian Education Trust (the ‘trust') for the year ended 31 March 2025 which comprise the statement of financial activities, the balance sheet and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the trust in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 committee of directors and sole trustees’ 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 trust'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 committee of directors and sole trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The committee of directors and sole trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and 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.

By

THE ROYAL CALEDONIAN EDUCATION TRUST OPERATIONAL NAME: FORCES CHILDREN SCOTLAND INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE COMMITTEE OF DIRECTORS AND SOLE TRUSTEES OF THE ROYAL CALEDONIAN EDUCATION TRUST

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the trust and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Charities Accounts (Scotland) Regulations 2006 (as amended) and the Charities Act 2011 require us to report to you if, in our opinion: . the information given in the financial statements is inconsistent in any material respect with the committee of directors and sole trustees’ report; or

Responsibilities of committee of directors and sole trustees

As explained more fully in the statement of committee of directors and sole trustees’ responsibilities, the committee of directors and sole trustees 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 committee of directors and sole trustees 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 committee of directors and sole trustees are responsible for assessing the trust'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 committee of directors and sole trustees either intend to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 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 auditor's 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

me

THE ROYAL CALEDONIAN EDUCATION TRUST OPERATIONAL NAME: FORCES CHILDREN SCOTLAND INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE COMMITTEE OF DIRECTORS AND SOLE TRUSTEES OF THE ROYAL CALEDONIAN EDUCATION TRUST

The extent to which the audit was considered capable of detecting irregularities including fraud In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following;

We also obtained an understanding of the legal and regulatory frameworks that the charitable company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Charities and Trustee Investment (Scotland) Act 2005, regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended) and the Charities Act 2011.

In addition, we considered provisions of other laws and regulations that do not havea direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty. These included Employment law.

Audit response to risks identified

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council's website at: https:// www. frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

wGix

THE ROYAL CALEDONIAN EDUCATION TRUST OPERATIONAL NAME: FORCES CHILDREN SCOTLAND INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE COMMITTEE OF DIRECTORS AND SOLE TRUSTEES OF THE ROYAL CALEDONIAN EDUCATION TRUST

Other matters

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with “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)" (as amended) 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.

This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's 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 charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Paul Windmill (Senior Statutory Auditor)

For and on behalf of Myers Clark, Statutory Auditor

Chartered Accountants

Suite 7A, Building 6 Croxley Park, Hatters Lane Watford Hertfordshire WD18 8YH 16 December 2025

=10-

THE ROYAL CALEDONIAN EDUCATION TRUST OPERATIONAL NAME: FORCES CHILDREN SCOTLAND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025

Unrestricted Restricted Endowment Total Total
funds funds funds 2025 2024
Notes £ £ £ £ £
Income from:
Donations and legacies 2 22,318 153,327 - 175,645 109,276
Investments 3 1,243 - 113,617 114,860 110,217
Other income 300,000 - (300,000) - -
Total income 323,561 153,327 (186,383) 290,505 219,493
Expenditure on:
Raising funds 4 105,277 9,274 - 114,551 122,884
Charitable activities 5 436,521 183,394 - 619,915 604,753
Total resources expended 541,798 192,668 - 734,466 727,637
Net gain/(loss) on investments 11 181 - (17,469) (17,288) 244,133
Net movement in funds (218,056) (39,341) (203,852) (461,249) (264,011)
Fund balances at 1 April 2024 (112,262) 53,742 3,683,709 3,625,189 3,889,200
Fundbalancesat31March2025 (330,318) 14,401 3,479,857 3,163,940 3,625,189

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

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

-11-

THE ROYAL CALEDONIAN EDUCATION TRUST OPERATIONAL NAME: FORCES CHILDREN SCOTLAND STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Prior Year Comparative Detail

==> picture [409 x 310] intentionally omitted <==

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |Unrestricted|Restricted|Endowment|Total| |funds|funds|funds|2024| |£|£|£|£| |Income|from:| |Donations|and|legacies|12,635|96,641|-|109,276| |Investments|705|-|109,512|110,217| |Other|income|450,000|-|(450,000)|.| |Total|income|463,340|96,641|(340,488)|219,493| |Expenditure|on:| |Raising|funds|122,884|.|-|122,884| |Charitable|activities|411,598|193,155|-|604,753| |Total|resources|expended|534,482|193,155|-|727,637| |Net|gain/(loss)|on|investments|5,453|-|238,680|244,133| |Net|movement|in funds|(65,689)|(96,514)|(101,808)|(264,011)| |Fund|balances|at|1|April|2023|(46,573)|150,256|3,785,517|3,889,200| |Fund|balances at|31|March|2024|(112,262)|53,742|3,683,709|3,625,189|

----- End of picture text -----

-12-

Bee 32SA

i

=
eager		 =
eager		 =
eager		 ks ee
Ss
Song AS Fis doe pincet shee am		 eee & en! ae ei or eis3 Se.ye 4 rs tyee ine ae a oe“Ws. x)
4 iy
-
;
,
,
i¥ 4c) eee
eee
Ms a ee
er
an
oye
Bo
iN Pek
afte2Ah
ward A 53
est % has ints
be ay
k. ei a
¥
4EROYALCALEDONIANEDUCATIONTRUST
= aS BesOd:
RATIONAL
NAME:
FORCES CHILDREN
SCOTI
Tol
aea
OPERATIONAL
NAME: FORCESCHILDRENSCOTLAND)Bay
ASAT
31MARCH
2025
SI
Eee
Anan
eceeanaa		 ie
2		 era fe PESSeaee
epeeeis
EE
SPae
CGA
gegi
gt
Uaeee fa: =
oa		 ; aya ittein
eee
~
Trvestments		 13 3,310,642 3,645,496 et
Debtors
~
Cashatbank andinhand
Gage,
is
a yease
At
4+
PaBee
1
iy
aie
eed
Pd
HeaedCreditors:amountsfallingduewithin
oneyear		 14
15		 21,828
82,598
———_
104,426
(251,128)		 19,397
161,448
———_
180,845
(201,152)		 :
heot
Netcurrentliabilities		 (146,702) (20,307)
?
ie
pe
Total assets lesscurrent liabilities		 nan meme
3,163,940		 —————
3,625,189
Capitalfunds
:
Endowmentfunds
ci
Endowmentfunds -general
Incomefunds		 16 3,479,857 3,683,709
i.
Restricted funds
‘
Unrestrictedfunds		 17 14,401
(330,318)		 53,742
(112,262)
vin 3,163,940 3,625,189
:
TheaccountswereapprovedbytheCommittee		 Committee CommitteeofDirectors Directors DirectorsandSoleTrustees Trusteeson24September September2025

The accounts were approved by the Committee of Directors and Sole Trustees on 24 September 2025

eo co

==> picture [72 x 15] intentionally omitted <==

----- Start of picture text -----
IS ees
----- End of picture text -----

==> picture [545 x 138] intentionally omitted <==

----- Start of picture text -----
ees EAC ay 5 ae
rN Be Taei Ne cs 5 Pid sR REN eA
ME decal 2 INSine7g ce oh tS RODL RTEAa A yeMR a SctCemRagesee AR IDEL esRaRteOwTeh gti ar he4 aoe |
Seer ee a Me ORT RMEA cite,<0
Sooner aeees Oo Ae Pic Oe Sei ame DRE ace, hid oi SE
----- End of picture text -----

THE ROYAL CALEDONIAN EDUCATION TRUST OPERATIONAL NAME: FORCES CHILDREN SCOTLAND NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

1.1 Accounting convention

The accounts have been prepared in accordance with the trust's governing document, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice: Accounting and Reporting by Charities 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 accounts have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved applying ‘Statement of Recommended Practice: Accounting and Reporting by 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" rather than the version of the Statement of Recommended Practice referred to in the regulation but has since been withdrawn.

The trust constitutes a Public Benefit Entity.

The trust has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 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 with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts.

The Trust comprises a public benefit entity as defined by FRS 102.

At the time of approving the financial statements, the committee of directors and sole trustees have a reasonable expectation that the trust has adequate resources to continue in operational existence for the foreseeable future. Thus the committee of directors and sole trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3. Charitable funds

Unrestricted funds are donations and other income received or generated for the objects of the charity without further specified purpose and are available as general funds. Designated funds are unrestricted funds earmarked by the Directors for particular applications.

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is identified to the fund, together with a fair allocation of overheads and support costs.

Permanent endowment funds are funds which have been given to the charity to be held as capital with no power to convert the funds to income.

Expendable endowment funds are funds given to the charity to be held as capital. The Trustees may convert the funds to income if no other income funds are available.

1.4 Incoming resources

Income from government and other grants is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that income will be received and the amount can be measured and is not deferred.

-14-

THE ROYAL CALEDONIAN EDUCATION TRUST OPERATIONAL NAME: FORCES CHILDREN SCOTLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by investment managers of the receipt of the dividend.

Income received in advance of recognition criteria being met is deferred until the criteria for recognition are met.

1.5 Resources expended Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Grants payable are payments made to third parties in the furtherance of the charitable objectives of the trust. Single or multi-year grants are accounted for when the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and any condition attaching to the grant is outside the control of the trust.

Allocation of costs

Expenditure is allocated to a particular activity where the costs relate directly to that activity. Direct expenditure has been allocated on the basis indicated below:

Cost of generating funds: These include all expenditure spent in generating the voluntary income.

Charitable activities: These include all expenditure directly related to the objects of the charity.

Support costs comprise costs incurred in support of the above activities. Included in support costs are costs incurred in the governance of the charity which are primarily associated with the constitutional and statutory requirements. Support costs are allocated to activities based on an estimate of staff time spend on each activity during the financial period.

Irrecoverable value added tax

Irrecoverable VAT is charged against the expenditure heading for which it was incurred.

Grants

Grants payable made to third parties in the furtherance of the charitable objects of the charity. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant. Grants awarded that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to the grant is outside the control of the charity.

Pension contributions

The charity makes payments to a defined contribution pension scheme for its employees. Contributions are charged to the Statement of Financial Activities in the period they are payable.

1.6 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. All items of capital expenditure over £500 are capitalised.

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:

Fixtures and fittings over 5 years Computers over 4 years

-15-

THE ROYAL CALEDONIAN EDUCATION TRUST OPERATIONAL NAME: FORCES CHILDREN SCOTLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

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.

1.7 Fixed asset investments

Listed investments are a form of basic financial interest and are initially recognised at their transaction value and subsequently measured at their fair value at the balance sheet date using the mid- market value.

1.8 Cash and cash equivalents

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

1.9 Financial instruments

The trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ 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.

Basic financial assets

Basic financial 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the trust's contractual obligations expire or are discharged or cancelled.

1.10 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.

1.11 Leases

Rentals payable under operating leases, including any lease incentives received, are charged as an expense on a straight line basis over the term of the relevant lease.

=16.

THE ROYAL CALEDONIAN EDUCATION TRUST OPERATIONAL NAME: FORCES CHILDREN SCOTLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

2 Donations and legacies

==> picture [442 x 95] intentionally omitted <==

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Unrestricted|Restricted|Total|Total| |funds|funds|2025|2024| |£|£|£|£| |Donations|and|gifts|22,318|153,327|175,645|109,276| |For the|year ended|31|March|2024|12,635|96,641|109,276|

----- End of picture text -----

3 Investments

==> picture [443 x 115] intentionally omitted <==

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Unrestricted|Endowment|Total|Unrestricted|Endowment|Total| |funds|funds|funds|funds| |2025|2025|2025|2024|2024|2024| |£|£|£|£|£|£| |Income|from|listed| |investments|-|113,617|113,617|-|109,512|109,512| |Interest|receivable|1,243|-|1,243|705|-|705| |1,243|113,617|114,860|705|109,512|110,217|

----- End of picture text -----

Or de

THE ROYAL CALEDONIAN EDUCATION TRUST OPERATIONAL NAME: FORCES CHILDREN SCOTLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

4 Raising funds
Unrestricted Restricted Total Total
funds funds 2025 2024
£ 3 £ £
Costs of generating voluntary income
Direct costs 56,599 9,274 65,873 72,960
Support&governance costs 28,940 - 28,940 29,283
Costs ofgenerating voluntary income 85,539 9,274 94,813 102,243
-
;		 —— ‘
Investment management fees 19,738 - 19,738 20,641
105,277 9,274 114,551 122,884
5 Charitable activities
Family
Support		 Learning&
Development		 Participation Mental
Health&		 Total
2025		 Total
2024
Wellbeing
£ £ £ £ £ £
Direct costs 51,765 71,715 157,852 75,756 357,088 361,964
Grant funding of
activities (see note 6)		 81,555 - - - 81,555 69,190
Share of support&
governance costs (see
note 8)		 58,697 19,494 69,325 33,756 181,272 173,599
192,017 91,209 227,177 109,512 619,915 604,753
Family Learning & Participation Mental Total
Support Development Health& 2024
Wellbeing
£ £ £ £ £
Direct costs 98,228 35,127 158,720 69,889 361,964
Grant funding of
activities (see note 6) 69,190 - . - 69,190
Share of support&
governance costs (see
note 8)		 67,206 14,038 63,762 28,593 173,599
234,624 49,165 222,482 98,482 604,753

a4

THE ROYAL CALEDONIAN EDUCATION TRUST OPERATIONAL NAME: FORCES CHILDREN SCOTLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

6 Grants payable

2025 2024
£ £
Grants to individuals 81,555 69,190
81,555 69,190

7 Committee Of Directors And Sole Trustees

Trustee remuneration and expenses

None of the committee of directors and sole trustees (or any persons connected with them) received any remuneration or benefits from the trust during the year.

4 Trustees (2024: 2) were reimbursed travel expenses totalling £412 (2024: £99).

8 Support & governance costs

Support && governance costs
2025 2024
£ £
SUPPORT COSTS
Staff costs 138,329 144,970
Recruitment and staffdevelopment 6,304 4,809
Premises expenses 7,677 11,374
PR, marketing and Annual Review 2,150 1,476
Printing, stationery, postage and phone 14,098 5,049
Travelling 6,556 3,021
Other 11,782 7,795
Accountancy 5,186 1,504
Computer& office equipment costs 7,930 7,484
GOVERNANCE COSTS 10,200 15,400
210,212 202,882
Analysed between
Fundraising 28,940 29,283
Charitable activities 181,272 173,599
210,212 202,882

Governance costs includes payments to the auditors of £10,200 (2024 - £9,960) for audit fees.

-19-

THE ROYAL CALEDONIAN EDUCATION TRUST OPERATIONAL NAME: FORCES CHILDREN SCOTLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

9 Employees

The average monthly number of employees (head count based on number of staff employed) during the year was:

==> picture [442 x 213] intentionally omitted <==

----- Start of picture text -----
|||||| |---|---|---|---|---| |2025|2024| |Number|Number| |Raising|funds|1|2| |Charitable|activites|7|10| |Support|and|Governance|3|3| |11|15| |Employment|costs|2025|2024| |£|£| |Wages|and|salaries|384,698|410,401| |Social|security|costs|33,544|39,240| |Other|pension|costs|15,373|16,167| |433,615|465,808|

----- End of picture text -----

There was one employee (2024 - 1) whose annual emoluments were £60,000 or more.

The number of employees whose annual remuneration was £60,000 or more were:

==> picture [442 x 34] intentionally omitted <==

----- Start of picture text -----
|||||| |---|---|---|---|---| |2025|2024| |Number|Number| |£70,001|to|£80,000|1|1|

----- End of picture text -----

10 Taxation

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

11 Net gains/(losses) on investments

==> picture [441 x 95] intentionally omitted <==

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Unrestricted|Endowment|Total|Total| |funds|funds|2025|2024| |general| |£|£|£|£| |Revaluation|of|investments|181|(17,469)|(17,288)|244,133| |For the|year ended|31|March|2024|5,453|238,680|244,133|

----- End of picture text -----

-20-

THE ROYAL CALEDONIAN EDUCATION TRUST OPERATIONAL NAME: FORCES CHILDREN SCOTLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

12 Tangible fixed assets
Fixtures and
fittings		 Computers Total
£ £ £
Cost
At 1 April 2024 869 2,976 3,845
At 31 March 2025 869 2,976 3,845
Depreciation and impairment
At 1 April 2024 869 2,976 3,845
At 31 March 2025 869 2,976 3,845
Carryingamount
At 31 March 2025 . - .
At 31 March 2024 - - -
13 ‘Fixed asset investments
2025 2024
£ £
Cost or valuation
At 31 March 2024 3,645,496 3,872,005
Income reinvested 2,180 .
Investment manager fees (19,738) (20,641)
Withdrawn (300,000) (450,000)
Valuation changes (17,296) 244,132
At 31 March 2025 3,310,642 3,645,496
Impairment
At 31 March 2024 - -
At 31 March 2025 - -
Carrying amount
At 31 March 2025 3,310,642 3,645,496
At 31 March 2024 3,645,496 3,872,005
2025 2024
£ £
Investments at fair value comprise:
Investment assets held in the UK 1,884,696 2,251,582
Investment assets held outside the UK 1,425,946 1,393,914
3,310,642 3,645,496

-21-

THE ROYAL CALEDONIAN EDUCATION TRUST OPERATIONAL NAME: FORCES CHILDREN SCOTLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

13 _—~Fixed asset investments (Continued)
2025 2024
Investments representing over 5% by value of portfolio comprise: £ £
JPMorgan Fund ICVC JPM US Equity Income C Net Dis 252,816 248,247
Aberdeen Asian Income Fund Shares 233,662 228,072
Natixis Investment Funds UK ICVC Loomis Sayles US Eqty Leaders IA USD Acc 284,466 271,224
770,944 747,543

Fixed asset investments revalued Fixed asset investment are valued at market value at the year end. The historical cost of the fixed asset investments is £2,441,774 (2024: £2,639,646). Fixed asset investments include cash held awaiting investment of £18,946 (2024: £66,401).

14 Debtors
2025 2024
Amounts falling due within one year: £ £
Prepayments and accrued income 21,828 19,397
15 Creditors:amounts falling due within one year
2025 2024
£ £
Other taxation and social security . 8,500
Accruals and deferred income 251,128 192,652
251,128 201,152

= 99rs

THE ROYAL CALEDONIAN EDUCATION TRUST OPERATIONAL NAME: FORCES CHILDREN SCOTLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

16 Endowment funds

Endowment funds represent assets which must be held permanently by the trust. Income arising on the endowment funds can be used in accordance with the objects of the trust and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.

Movement in funds Movement in funds
Balance at 1
April 2024		 Incoming
resources		 Resources
expended		 Gainsand
losses		 Releasefrom
unapplied		 Balance at 31
March 2025
total return
fund /
Transfers
£ 2 £ £ £ £
Permanent endowments
Sale ofthe school 3,683,709 113,617 - (17,469) (300,000) 3,479,857
3,683,709 113,617 - (17,469) (300,000) 3,479,857
Movement in funds prior period
Balance at 1
April 2023		 Incoming
resources		 Resources
expended		 Gainsand
losses		 Releasefrom
unapplied		 Balance at 31
March 2024
total return
fund /
Transfers
£ : £ £ £ £
Permanent endowments
Sale of the school 3,785,517 109,512 - 238,680 (450,000) 3,683,709
3,785,517 109,512 - 238,680 (450,000) 3,683,709

93%

THE ROYAL CALEDONIAN EDUCATION TRUST OPERATIONAL NAME: FORCES CHILDREN SCOTLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

17__‘Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

Movement in funds current Movement in funds current Movement in funds current year
Balance atl Incoming Resources Balance at 31
April 2024 resources expended March 2025
£ £ £ £
Armed Forces Covenant - Ruby Boots - 17,196 (17,196) -
Armed Forces Covenant - Deployment Pack - 13,916 (13,916) -
BFBS - Deployment Pack - 2,000 (2,000) -
ABF - Talking Mats - 25,277 (25,277) -
Board Game (967) . . (967)
MacRoberts Trust -YMM - 24,285 (24,285) -
Kingdom HACommunity - YP Activities in Fife - 500 (500) -
ACF Residentials - 2,520 (2,520) -
Armed Forces Covenant Fund Trust Funding -YMM 34,040 - (18,672) 15,368
Veterans Scotland 19,798 (9,042) (10,756) -
Scottish Government - Future Transactions 294 26,735 (27,029) -
Brit
+ FGN		 577 - (577) -
Greenwich Hospital - Core Funding - 49,940 (49,940) -
53,742 153,327 (192,668) 14,401
Movement in funds prior period
Balanceatl Incoming Resources Balance at 31
August 2023s resources expended March 2024
£ £ £ £
ABF The Soldiers Charity 10,369 - (10,369) -
Scottish Children's Lottery 2471 5,000 (7,171) -
Paul Hamlyn - 33,000 (33,000) -
Board Game (967) - - (967)
Veterans Scotland 25,997 17,499 (23,698) 19,798
Scottish Government - Future Transactions - 28,902 (28,608) 294
Brit
+ FGN		 12,679 (12,102) . 577
Armed Forces Covenant Fund Trust Funding -YMM 75,007 7,575 (48,542) 34,040
Armed Forces Covenant 25,000 16,767 (41,767) -
150,256 96,641 (193,155) 53,742

Included within incoming resources is an amount returned to 1 funder totalling £12,102 as a result of an underspend during the year ended 31 March 2023.

a)

' wo N '

|||aw
ria
a8
ag||w|oO
(o)
a
3|co
&
=
m|ast
da
ng
os|w|Ty
AQ
aN
wo
wo
:
:
a
|| |---|---|---|---|---|---|---|---|---|---| |||zk
ct
ze
c=
E|||3
fag)
mn|m
on|os
sé
es
a||:
:
St
aeA| |||3
eyvESy
S250
35 §%
pores
oC
Yes
©
gee
6
:
:
a
o &
>TyY
e53
oud
-
a
= sc
cs
E
S||w|°
S
3
8
ro)
~
x
-|f=)
S
8
4
=)
oO
"
|&
'|3
EvETS”
fag
:
- a
5%
“oe 2
tigg
se
=
g33
7
;
<2
£3
= 8 3
"
.
528
Sud
S28
a
2”
&||§
:
:
S
3
3
@
I
wn
a
;
:
:
:
a
s
uy
uw| |||c
E
eu
= $3
£32
a
cow
at]
— ox
Pa:
i
Hy
Ee
+
FE||w
WwW|co
io)
a

rn
é
YS
5
2
~|co
aD
S
-
+
5
|
th
=|<
rf
£33
ze?
223
535
35
Ege
g 25
Ho
5
e5
a
S89
cq
-|”|3
:
:
co
foe]
Se
+
t
+
ee
BS
,
aE
oF
.
faa)
on
oe|
ca| |||act
ae
a5
58
oo
55|UC||QV
:

Seal
a|g
3
A
-
a|am
at
2S
gs
a
si
oc|w|a)
i)
ray
~
~
¢
3
S
=
L
a| |||E|||||a||| |-|||||||||| |:|||||||||| |:
~~
|a=
- Ow
wMUu2
5SuwnZz
e2e
w=
zao
oo~
Eee
qiz
UVYVGY
5SuneN
Qe
mYE
G&G
ete
ZO&
geis
an -
aweN
See
x
aaZz&8
usta
“2zzZz9Q
29
478
&
Uc
rt
Sez
s
>=Fo
>
fe)
Ee Ww
:
e
cen k
E528
ze|3
¥
g
=
Mi
:
2
3
a
:
z
a
.||||E
:
=!
:
:
Tc
s
a
=
:
Z
g
:
j
4
3
g
:
y
t
2
:
z
5
=
£
oS||||:
fe
:
Lea
ct
7
i
:
=]
o
:
=
~~
=
2
-
&
gS
3
-
oO
Ee|

THE ROYAL CALEDONIAN EDUCATION TRUST OPERATIONAL NAME: FORCES CHILDREN SCOTLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

19 Analysis of net assetsbetween funds
Unrestricted Restricted Endowment Total
funds funds funds
£ £ - £
Fund balances at 31 March 2025 are
represented by:
Investments (169,215) . 3,479,857 3,310,642
Current assets/(liabilities) (161,103) 14,401 - (146,702)
(330,318) 14,401 3,479,857 3,163,940
Unrestricted Restricted Endowment Total
funds funds funds
£ £ £ £
Fund balances at 31 March 2024 are
represented by:
Investments (38,213) - 3,683,709 3,645,496
Current assets/(liabilities) (74,049) 53,742 - (20,307)
(112,262) 53,742 3,683,709 3,625,189
20 Permanent Endowment
Endowment
Fund		 Unapplied
Total Return		 Total
Endowment
Fund
£ £ £
At 1 April 2024
Sale of school 2,600,000 - 2,600,000
Unapplied total return - 1,083,709 1,083,709
Total 2,600,000 1,083,709 3,683,709
Movements to 31 March 2025
Investment return - dividends - 113,617 113,617
Investment return - realised & unrealised gains - (17,469) (17,469)
. 96,148 96,148
Unapplied total return allocated to income in the year . (300,000) (300,000)
Netmovements in theyear - (203,852) (203,852)
At 31 March 2025
Sale of school 2,600,000 - 2,600,000
Unapplied total return - 879,857 879,857
Total 2,600,000 879,857 3,479,857

-26-

THE ROYAL CALEDONIAN EDUCATION TRUST OPERATIONAL NAME: FORCES CHILDREN SCOTLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

21 Operating lease commitments

At the reporting end date the trust had no outstanding commitments for future minimum lease payments under non-cancellable operating leases.

22 ~——Related party transactions

Remuneration of key management personnel

The remuneration of key management personnel, including redundancy payments, employers NI and employers pension contributions is as follows:

2025 2024
£ £
Aggregate compensation 129,485 76,885

Transactions with related parties

During the year, 4 trustees (2024: 2) were reimbursed for travel and subsistence costs totalling £412 (2024: £99).

“OF