REGISTERF.D COIIP..I%)' %I'%IBER: SC049329 lstoil*nd}
REC:ISTTr.RTr.D CII.4RITI' NLI1BER:.%C￿S004
R Tr"P()RT OF THE TRI'STF.F.% AID
TrINA%CIAI. STATF.%IF.NTS
FOR TIITr. I'EAR E%DED 28 FEBRL'ARI. 202$
FOR
'riifr- BTr-NTr.I'C)I.Tr-NT SOC.IF.T)' ()F TIITr. I.IC&.NSTr:D
TRADE OF SCOTI.AND
1804
'ben •
The Scottish Drinks and Hospitality Industry (harity
AzcLs Audit Sm'ict
Charterd AccountsnLS
S4iuiopi Auditor
Tithnium I
Kin8'% Inch Pl￿t
Renfrrn.
PA4 811'F

'OTICE OF 1IEF.TI￿C FOR THE I'EAR ENDF.D 28 FF.BRUARY 2025
N()TJC"F. is herebj. gli en ihat ihe F()RTI' SEI'EN'TH ANNLIAL CJENF.RAL
MI--I.'TINCi of the Benevolent Society of Ihc Licenscd Trade of Scoiland M'ill bc held
ai Drygatc Brew'er).. 85 Dr)'gate. Glasgoii. CJ4 OLIT un Thursday •4 April ?0?5 at
I 1.00 a.m. to trdnsaci the lollom'ing business...
Ordinan. Business
To recei¥e and ddopi ihe Direciors Report and ihe Sialemenl of AccounLs for
Ihe ye<ir Lndcd ?8 FcbTuary 2025.
To clccl thc Prcsidcni.
To elecl Direclors_
To appoint audilors.
To iransaci any oiher orJiiiJn bii%inLSN.
Bi. order of the Board
c.hief Execuli%'e
A member eniiiled io i'oie ai ihe meeiing may appoini a proxy lo attend and i'ote
iiislead of him,'her. A proxy need not be a n)cmb¢r of ihe SocictN'. A form of proxy is
attached to document and should be lodged ai ihe Registered oifice al lea5148
hours before thc commencemeni ol'ihe meeting.

THE BF.NEI"OI.F.NT S()CIEn' ()F THE LICENSED
T]LIDE OF SCOTL..tND
CUNTENTS OF THF. FIN.4%C'I.4L S"T..ITE%IENTS
FUR THE I'E.4R E%DED 211 FEBRL.4RI' 202$
Pa2e
Report of the Trustet5
Rcport ol the IndtpttsdeDt .4uditor5
7 10 10
Siatemtttt of FinaDtial.4rtii'ilies
Bal*nre Sheet
12
C*sh Flts* Si*ttmeDI
otes to the C*$h Flow Si•temethi
14
otes to the Fir49n¢i•l Si•iemenis
15 10 25

THE BENEI'()LENT SOCIF.TTr' C)F TIIE LICENSF.D
TR,IDE OF SC"()TL..IND
RF.PC)RT ()F THF. TRIISTF.F.S
FOR THF. Tr'F.,IR ESDF.D 28 FF.BRII,IRV 2024
The tNsi¢¢s pr¢sLnl ihcir annual ITUStL'es' rcp(>rt io¥ciher with the financial siaiLmcnLS of th¢ charity foT Ihc year ending
28 FLbruaTS' 2n•5 which are also preparcd 10 mcL¢ ihc requir¢m¢nls for a dircc¢ors' rcp()n and ac¢ounts for Colnpanies
Act PUTPi)ses.
The financiJl 51alLniLni% Loniply with IhL CliariilC5 and Trusice Ini'cslincni (Scoilandl Act tyons the Chariii¢s Accounts
(Scoilandl RLgpulaii()ns 21KI() las aniendcdi. Ilic C'onipanics Aci •nllfi. Ilic Mcmvrandum and Arti¢lLs of Associu&iin. and
AccounlingT and Rcpi)ning by C'hariiics.. Sialcnicnl vf RLftinimcndcd Pra¢licL applicable lil ihariiii¥ prcparing Ihcir
a¢counis In acc()IdancL wilh ihe Financial RcponiThg Standard applicabll in Ihl LK and Rcpublic uf IILland IFR5 10?
()bjecti%'e and airns
TIIL C-liJriiy'S i)hjL¢llI'C% are sei In its McmL)Tandum and Articlcs of A550ClJtion. The Chariry a¢hicvcs Lts oUJ"cctii'es
b!. pri)I'iding di)Jialions and ¥iranl.4. ThL%L pa!'m<ni% arl in IhL fonn lif holiday gif¢%. ('hrislJiia% gifts and twic¢ yLarly
pensic)n pavmeiii% iogeihcr i%'iih onc ()tTad hoc amiiuni%. Indii'idua15 appls b). 3pplicaiii)n and subscquenily recc)Vc a i'isii
li) csiablisli th¢ ILI'el of necd. This ILI'CI (If nLed ￿l￿¢t￿)D¢S Ihc typc of bjianl ILceivid e.gt. oli¢ off gran15 are
Lven In
Lmcrg¥ncv.siiuations wlicrcas penqions urc g?Iven lil Jid with dal. to day living.
The chariiy ￿l)rked in partnership with 1105pilality HLalth amongst oilieTS io ensure thc mosi rclei'ani us¢ of r¢souTce5.
()IkVF.CTII'F.S AND ACTII'ITIES
,lehi¢i'cmenis. P¢rformAnc¢ &nd FiDgnriAI Rel'ic
Ovtn'ic
TIIC yLar lo 8 FLbruars. tyn25 has coniinu¢d (o b¢ an unprcccdenied pLrii)d ￿1th rh¢ ¢osl of living cri5LS Cvrttin￿ng duc
10 high fuc) and fo(xl L(1%15. ThL l)ngoing fucl crisis ¢onlinue5 to haNe a maj()r impact on Ihc Drink5 and Hvspiiali
Industry. and thcri'fthiL ThL BEN.
Thc ubiliiy Io gTLnL TalL J 4miK)Ih Iliiifv af rLI'inuc ri)niinucd duc lo ihL 4ULC¥SS 1)fihc Rcn aiinual dinncr. Plip and li(isccco
loi)k placc auJaLn in Ma). ?n74 IugL¢her wilh Mar 14all golf and BoogiL Bingii. TIIL Pro Am was oncc again hLld at
Dundonald.
A ¢onccrted aini Lif the BF.N thi5 yL'a¥ was l() raisc awar¢ncss lo a widcr audicncL to gcncrdic pol¢nlial incomc and• wider
population of bencficiarics.
Impacl on Incom¢
C'()rpx)r)Ic and ni)n-corpiTrraic supportcrs gcncrously diinaild Ic) as%isl Thc IIEN in hclping H(1spii#liiy sccior ¢tnploiecs
pa%1 and prescni. atTccicd bN' highcr running cos15 ltick i)f fi)oitall. Our main siiurrLs É)f Jn¢omL tor ihc ycar from
dLinalion5. in 5()m< ca%LS 1)nc-i)t'l' dL)naiii)ns froin gcner()US LOryK)rai< mcmh¢rs. online fundraising Ic.g. lhn1u￿'h Jusi
Givin81. and w'ith L>iher aciivitics such as OUT ladie5 alld golfing? cvenis.
11 orkingi in partnLrship ￿,1117 K.D. Mcdia. allow'cd ucces¥ l(1 run rafnL% ai IliL BLcr, Gin and Whisky Aw'ards. th¢
Iliilcl EniL¥tainmcni Award.$ run by Paramounl C'TcatlVL. the SLT Ncws Awards and Ihc Whisky Aw'ards •[ Oran
M()i.
Inicstmrnt LpdAtc
li 1% Illi ￿)11¢% i)I' IhL charity lo maintain frce rc5crN-Ls ai a ILI'cl which cqualcs lo approximatily six mi)nihs unrcsirictcd
LxpLndiiuri. Tli¢r¥ ar¢ adequaic rescrve5 to covLr Ihis 5iiuaiii)n. In accordaiice with IhL MLmi)randum and Artklcs of
Assi)¢ialjoii. Ilic Ir115teCs hai'e IhL P()WL T Iv Ini'Lsi in .%vch sliicks. sharc and invLsimLnis and property in thL Ulliled
Kingdoni as ihcy scc fil. and we CUTTLnily use Evclyn Pann¢rs lo adl'isc u5 In Ihis area.
nurin& this ￿rIOd wc continued i() liai5c with our s1()ckbri)k¢rs to cn%uTC OUT InvcsimLnis wcr¢ safe. Following vdlalilily
Jn ihl %li)¢k mark'LI ThL BIN niadc a nct gyain Jni'Lsimcnis of £IOI.n53. Ilow"e%'er Ihc iotsl tunds carried fonybrd has
dccrc)sLd by ari)und £6.7%9.
Thi niarkel i'aluc of Ihc ini'L51mLnl P(?rtfi)ljÉi ai 2X Fcbruary 2Q?5 i% I1.841.658. pn)i'iding Thc BEN iviih a co
tinued
saf¢ry ncl for, it is ho￿d. gTLneTaliiin5 lil LiimL. ThL closing i'aluc of iiur ini'c51meni is £97.119 liighcr than the pK'kivus
year. TIILSC InN'LSlmcnls gTLnLraiLd an inLI?mL l)1- 1_47,15•
This was LL)nSJslLni with th¢ prL￿11)US yeur and Ihcsd funds
gen¢raiLd coniinue lo bl Lrucial in aLtil'LIy sUPtx)ning th¢ bcneficiarils uf ThL BF.N' in thcs¢ dit'ficuli timc5.
Pag¢ I

THE BENEI'I)I.F.NT.%OCIF.TY OF THE I,ICEYSED
TRADE UF SCUTLAND
RF.PI)RT C)F THF. TRI'.STEF.S
FUR TIIF. I'F.AR F.NDF.I) 28 FF.BRII,IRY 2024
I)WF.C"TIVF.S AND ,ICTII'ITIF.S
..%chie%'emcnis, Performance and Fin&n¢iAI Re%'i¢w {¢ontlnued)
IWho helped
Iti rclaiii)n ILI g7ranls and nioni¢s paid out lil Ihvse in nccd. Il is fair 10 say that the cost lif living crisis coniinued io see an
unprecLdLnlcd dcniand for assistancc fr()n) The BEN. largely fron) cniployc¢.% in th¢ hi)%piialii}' and drinks se¢i(Ir.
The BF.N giftcd £178,9¥fF of grJn¢s i() bcncficiDTIC5 12024 - £95 7121. aff¢clcd by Lhc cosi of living crisis - some of
i'h(>n) faLcd IhL nii)si difficult of circum51anccs.
A furthcr £911.1)4111)f funds wab dislrLbulLd lo IhL cxisling and n¢w ben¢fici)rics who r<quirL'd ongoing as5iStancc12024
£1?1.8251.
After OUT various grani% and gift5. Thc BEN gcncrai¢d a loss Ib¢fi)rc ini'cstmcni gainsl of £ln7.842 12024 - Ios5 of
£?8.95CIl.
Piilochn. Estatf Lpdxlc
Wc ci)iilinuc Ic) i)iatnitiin Tlic PiiliichT)' F.slaiL i(k a high slajidard, using? CXlLmJl cxpLnisL' and Ihc Sile Is monil()rcd for
oiigoin¥t IiiainiiiitinLL and impr()&cn)en15 Durinb dic y¢ar Thc BEN1 viiliscd £SO.544 Lif their fund5 lu Ihc upkccp and
nJnninbTr {)[ ihL F.siati IlQ?4 . £7? 1 ?Rl. r)urink th¢ ycar th¢ bia7cbi) dcmvlJ5hLd. onL lif IhL' houses totally Tcfurbishcd
and trLC% rCnic)￿¢d. As priipertlL5 fall Icn)porarily i'a¢ant, n¢ccssary work is being pLrfoTmLd prior to Ihc new tcnanl
lakingT c)ccupancy
Thc Piil()Lhry F.%lulc which consis1% of land and l 8 in%'LsimLni prvpLrtIC5 arc slalcd ai fair valu¢.
P¥Lrtnership$
Thc BEN, arc ci)InmiitLd lil LXiLnd Ihc meihi)ds of ilicir assislan¢c io the currLni and pa51 cmplDyccs of ihc liccnscd trade.
Includins ihri)ukh i%'i)rkingT in parliiLrship w'iih oihir l)rgani%aiii)ns
Thc Rcspiialiry PT()je¢i ai Pitllirhry 15 onbi{)ing. This initiall￿¢ fi)cuscs on giving ¢arL'lS vf ihc cldcrly and infim) thc
opportutiiti. for a %hi)ri hrlak. Onl lif thc collages i% ulilis¢d li) %uppi)ff this Inili)liKe and il i)ffcr5 carc15 the OPPLlrtunity
of a Short break ol- four io five days.
Thi5 ycar saw ThL BLN c4)niinuing Iv work w'ith t4reaihin8 Spacc lo assisi ih¢ir MLnial Hcalih campaign. Wc used
Facebl￿k. TwillLr and LinkLdin li) 15suc a permanLnl 51reani of fly¢rs and ad¥'cns tor IhL Ircc mcnial healih hclpline for
Iho5L' In thc tradc ￿'h(l arc %irugglJnk.
The charliy a15(? work w'lth Hospiialily HLalih with ihcLI onllnc menlal hcalth courses ￿'hICh Taiscs awarcncss L)f Ihc BEN
io a ￿l￿tI audicnLc.
Thc FIF_N contilluc to Work with th¢ Scoiiish LicensLd Tradc A5SLiciulion ISLTAI and th¢ Hospiijliry Indusiry Trusi of
%¢otlJn(I I HIT) Iii sponsor l ? studcnl.%' s¢hi)larshLPS. which alluws indlviduals slllrtinbi {)ui in ihl industry. i() bcncfii from
bcspokL Ir<iining prLigran)mcs.
Il'l will LvniiniiL as Lharit). punn¥r% willi K.D. NILdia Ji thLLI BLLI. Gin und 14'hisk)' Awards 14)bbcih¢r with ili¢
l--nicnainn)Inl A￿ardS run by Parajiiouni C'rLatii'L and Oran Miir's Il'h15k)' Ai¥'ards lugicih¢r M'illi T¥nn¢nt's and nunn's
Trade %h()￿S and w'ill sci7c other pam¢r%hip opp(>rtuniiiLs whlre ihcy becotnL ak'ailablc.
Our Amb&ssfidors
Our AJiibassadc)r% Jrc IhL litebliilid of The IILN TIIc>' i'lsil c)ur man} hLneCILiariLS aclLtLbi as a link and a frieiidly facc, as
¥'LII as liclpinb? ii'iih fun(IrJi.sin&i and relationshjps H ith our man). suppon¥r% and spuns1?r5. Thc Atnba55adors fvr Thc
BEN arL comniiii¢d i(} Vl%ll LaLh ￿'nt'fIClary' at Icasl Iw'icc a year ILI as%¥s% riccds and Jlsi) lil prvvidL SIILial supp()rt a5
rcquircd.
l)ur An)bas5ad(Ir% ulso priividc invaluabl¢ sup]xiri lil Ihe Tru5t¢cs in fund Tai51nbT and s()ur¢inbi {)f auciii)n pri7.cs. They
aiiLnd cvcnts lo aid with fundraising.
Pagc 2

THE BENF.I"OI.F.NT %()CIETI' OF THF. I.ICENSED
TR,IDE I)F SC()TL.4ND
REP()RT ()F THF. TRI'STEES
FOR THE I'F..IR F.NDED 2¥ FF.BRI'.4RI' 21124
()WF.C'TII'E% AND.4CTII'ITIES
,l¢hici¢m¢nts. Perform%nre Flrt*nci*l Rei'iew l¢oThliDuedl
Our Board
Thc FliiaTd ()f Trusiccs coniinucs to cvolve as ncw membcrs ji)In and 4)ihcrs sicp th)wn. Il'c ￿'¢l¢Omed new Tru51¢LS. and
said tarLwLII iii IhoK whi)sc iimc it w'as Io st¥p dow￿. ()r whi) had li) l¢ai'c for w()rk iir i)Iher r¢asi)ns
Wc ciirfinuc 10
51rive ILI hail IhL appriipriJi¢ skill and hcadcounl to mccl i)ur currlni and PTojccl¢Yl rLNuiTLm¢nis and coniinuc IQ LnsurL
'¢ di4cus5 SUCClS51()n planning. .4 iraining s¢s5ion look place ￿1th our la%y¢rs. Shcphcrd and WcddcTburn lo farbiliarise
Ili¢ BiTrard wilh IhLir rLII¢s and rL4)onsibiliiics.
TRATLC:IC' REPIPRT
Tr uturt Dcicloprn¢ntS
I'L JrL Li>niiiiuinbTr Liur rLN'iCW vf lijng iemi Income and ¢xpendiiure.
ThL annual dinnLr Tcmains tM)pular w'ith l.n8a pcvple in allcndancc. Wc ￿￿nasLd 10 raise OI'CT LI￿.(￿M7 lin thc
This JchJL¥'Ld bs iickei sales. using 1)ur grand pri7c draw and i'arioiis Llth¢r fund-raising ac11￿.111¢S including a• onlinc
silcnl auction.
A w'inlLr &Tiani in IhL IllC)nih c)l- JanLhur)' was 15SULd io hLneficiari&s ￿h1) wcrc ni)1 rcccii ing Ihl Cii)i'imni¢ni M'intLr full
PayT21Lnl. ThLSI bTrani% tsl-up li) tsnd includinbv L I.IMM> WLre Issuld aftir lia%'in& pcr50nal Lilni'er￿1i￿ns wilh appliran15 I
sci huw wc can bLs1 hLlp ihL Indii'iduJl%. whil Can d¢m4)nstrJii %ignificanil)' r¢duc¢d funds J% a rLsuII iTrf high inllalii)n.
living cc)s15 and r￿ucLd working hours. Wc will coniinu¢ lo oltcr Ihis Suppon Ihroughvui 20?5.
Wc c()niinuc ic) promi)li lh¢ churii>' awarene*$ io Ihc M'ider trad¢ through new ei'cnts and by targ¢ting social mLMIts.
Wi Li)niinuL io mak¢ full us¢ of the rc$pithlii)' house. This givu an opporNniiy lor visitors lo com¢ CKI*'ricnce
Piil(?Lli¢!'. rLlaK and r¥xharbY¢. %pLndinK vn ilUT Lslali ha% ￿.&￿ Sibinificanl this ILJr and will ii)niinuL tc) Illl'LII in Ihe
buildink7 %iruriurL and &in¢Tal willbiin¥ iTrf i)ur rL51dLnls. l¥'L ha%.¢ n41w d¢mulL%hcd ihL ga7.cb4>, Timi)i¢d dama8ts1 IrLx5
und l'ull). rclurhi%hLd i)r IhL hc)uK% and arL £1)rnmitlcd lil lh¢ pri)tKnJ and ini'cstmcni u'ill ti)niinui thri)ub￿)ut ihc
year.
()ur MLntal IILalih and Per￿)nd1 tk%'cloprn¢nt stralcg!. i% ￿.￿rkIng wcll. and W'L continuc lil build clos¢ panncrsliiP% w'ith
I IIT ScLiiland Jnd Hi)spiialii) Ilialih whii c)rganising mcnial hcJlih M'orkshops in pcrsvn and on 7IM)m
ullow u% li) wi)rk m()rL ciTrngiruilll'cI)' and JlliTrM u% Ic) ¢iimmunicaie wilh a *'idLr audi¥ncc. Thc courSLS arc iJr4L¥icd at
k¢). niLmb¢rs L)I' th¢ bu51ncs5 51) the) ¢an bc irainid Iii id¢niif!' carly 51gn5 lif meniJl illn¢ss
Wc conlinuc l() ith
c)ur sITolcgic pamncrs funhcr railing aw'ar¢n¢ss 4yf ihc inipirt4￿c vfm¢ntal h¢alih and dci'clopmcni ￿ ithin th¢ dri•ks aiid
h()%Plialiiy wc)rkpla¢i.
r)urin¥ ihcsc uncLnain times. wc hav¢ dccidcd lo rcmain with 4Trur curr¢ni ins'csimeni advisors. IÉ) provid¢ stability to our
Ink'LsiniLni and a￿￿1$[ iii btLncraiing a suilablc Ici'cl of InLvm¢ É)n c)ur risk a55¢s5niini Th¢ board as5¢SS t]k nccd
115 1(Tr th¢ bcsi invi$im¥ni paih available lii uli115c The BE"N's funds In th¢ m05t Lificieni way..
Page 3

THE BE%EI'OI.ENT S()CIF.TI' OF THE LICENSED
TK4DE VF SC()TL.IND
REPC)RT I)F THF. TRI"STEES
FOR THF. )'F.4R F.NDED 28 FEBRI'..IRI' 2025
STRI'CTI',RF.. GOI'F.RN.4NCE AND IIAN.4GEIIENT
Structure. GoicTn4nre And %lan*%¢rncnl
Th¢ principal acliN'ily c)fihc Soci¢ry. as sci Oui ils MLniorandum and Anicl¢s i)f As￿)¢12111)￿. Is "IhL profv'isi()n lif relicf
or a%%isianLL for pcrs()n5 Ln nLY¢SSllOUS ()r distrL55L'd ClTLUm51anccs w'hi) ar¢. or ha%.¢ bc¢n. connccied th'iih thc l.iccnsLd
Tradl In Sc()Ilund and th¢ d¢pLndat)ts of such pcr50ns- Thc nurn￿r of TrusiLYs ()n ihc H()ard has an uppcr limil of clevcn
()r suLh (iihLr numb¢r as may bc deemed frorn tim¢ to lime b). ordinary rcsoluiion of ihc Ilen. The nurnb¢r shall not bc
fcwlr Ihan ihrc¢
New. Trustees aT¢ Jppr()achcd b!. recoTnmcndalion froni mcmbcrs of th¢ Iradc and pn)wiscd for clcclion al board m¢¢tings
and f()rmally ilccicd ai Ihc .4 6.M. The Trusi¢¢s riycivc an iDdu¢iii)n pack and rcccii'c rcgTular bri¢fin&i ()n Ih¢ir
rLSP()n.%ibililics thkcn (rtsm Ihc C'harilics Commission and OS(-R websi￿.
DaN' l() da}. wnning 1$ PLrfvrniLd by thc Chief Exccuii&c. Thc Board have full quartcrly Immrd mc¢iings Th¢ TTU$iC¢S
plu.% c4)-L)Plid nicmbLf% J5S15t IhL ChiLf Ex¢¢uiive in orbiani￿riIYn o(eveni$. ThL Fluard rclir¢s by roMii17n having scrvcd
a IhrLi yiar Ilmi. bul ma}. SLfi'L a maxinium of six )'¢ar% If required
Th¢ PTL%idcni rLiifL5 frvm 0￿1¢¢ annuJlly unlc$s ihc Trusices agrec io exlcnd Ihc appointnicnt of Prcsidcnl for a maximum
of a I'urihLr iLar.
Thc TTu¥IcL% hjvc bL*n uctivcly add￿S*in8 Ihl poin18 8icmming fr()n) Ihe conipan) s Risk RcN*isicr. ci)mpilcd undLY the
I).SC'R hLs1 praiilC¢ TTusILLs rccLive an induction pack and reccii'i rc¥ular br)efingTr on ihcir rLSPLinsibJliiJ¢S
iakLn fTI)m th¥ C'hariiiL% C-c)nimi$siiin Jnd OSC'R w¢bsit¢5. Th¢ Rcn Ambassadors assisi ihe C'hief F.xc¢uliv¢ and th¢
Tru%lLL% with ￿arlI)u$ pfiijL*i% thr()U8h()ul th¢ y¢ar.
K¢1 m*nARoment rcmuncritlo
KLI TIIJTlaktLIllLIII 1% 1111 ('liiL I. l..¥iCUII%'L whoK T¢munffalion is agr¢cd bj ihc Iloard of Dirccivrs.
Rl$k m#nA%trncnl
Tlii Tn141LL% hJi'L a dui) io idcntily and ￿VieW thc r15ks to w.hich th¢ ¢hority is cxp)scd 8nd 10 ensure appropnaic contriils
arc in placc io providc r¢a50nablc assurance againsi fraud aThJ em)r.
Pa8e 4

TIIE BF.NF.I-()I.F.NT S1)C'IF.TY ()F THF. I.ICENSED
I-RAI)F. I)F %C'UTL,IND
RF.PORT ()F THF. TRIISTF.F.S
F()R TIIF. I'F.AR F.%DF.D 2¥ TrF.BRII,IRI' 202$
RETrfr.RE%C'E.4ND.ADMI)ISTR.ITII'F. DETAII.S
R¢gislercd C'ompartTr numbir
SCO$93?9 IS¢olland
RL'gi5tered Chariti numb¢r
SLIIU5bn4
Re%i5tf red frfficc
SULIL
E.nicrprisL I Iuusc.
Souihbank. Dusinc55 Park.
(Jla%&ii}w'
(166 1 XQ
tknard vf Dirtftors
PFLSbdiiit
VICL PrisidLni
Dircili)TS
Audtlor5
A7.Cl4 tludil ScTr'iccs
C'hartcrcd Acc()unthnis
Tilanium I
King?'5 Inch Pltscc
RcntrC￿.
P.44 8WF
Bankers
Bank lif Sci)Iland
541(i? gauiliillidll Sir¥Yt
Glasgi{>M'
G? AAII
So11¢5inrs
%lILphLr(l &. IIYcddLrhurn l.l.P
Pagc 5

THF. RF.NF.I'()I F.NT SOCIF.TI' OF THE LICENSED
TR,IDE ()F SCOTL..lTr4D
RF.P(IRT ()F TIIE TRI'STF.F.S
F()R TH F. I'F.,KR ENDfr-D 216 fr F.BRII.IR)' 202
REFERENC E AND ItDIIINISTR.4TII'E DETAILS
Pvrffolio ini'e51mtni man*%ers
Ei'Lli'n Parinlrs ManagLmLiII
177 Ilo(h￿L1} SircLI
(ila5¥ivK'
T.-tTE.MENT OF TRIISTEES, RESPI)NSIBILITIES
TIIL IfusiLLS 11s.ho arL also Ili¢ dir¢cii)rs lit. TIIL 14LnLvolLiiI %ocicl>' ol Thc l.IccnsLd TradL ()t- %ii?Iland li)I IhL purp￿￿.5
i)f ¢i*[iipan) law l arc r¥sponsiblL libr prLpJring IhL RLport iifihc Ttu£iec8 and ili¢ lijiancial %lJlLIiiLnl% In uLLiir(IdnLL ￿lth
appliLablc la￿ and LltiilLd Kingdvm Accvunling Siandards Iuniicd Kiiigd4)iii CiiiiLrally AILLPIL(l AcL(iunlinbT PraLlicL'I.
C'i)niponv ruyuiri% IIIL Iru%liLs lil prLPaTC financial slaicmcniq flir cacli finan¢iJl J¢Jr ￿lI1¢h ¥ivc a IruL and fJir K'iew
ol'ihL 4ialL Iifaffair% ()( IliL LhariiablL Lun)pan)' and i)l-thc incoming TLWUTLL.4 and appliLaiiiin (If rLSiIUICC.%. Ll)cluding the
inci)iiic and Lxp¢ndiluri. ()f IhL ch4¥rilablL Lunipani. for Ihai p¢fiL)d. In PTLparing iliuse finanLLal 51alen)cn15. Ilic iruslecs
arc rc4u1rL￿ 10
SLILLI suiial)Ic aLLiiuniing pxilJLiL4 and IlJLn appl). IlILni COnSiSlLnily'
()hNLn'L IIIL. I11L￿tIll*d5 prinLiplLS in IhL Charilv SORP..
niJkL jii(IgLmciii% and L%iiiiiaiL% IliJi arL' fL'JsiiiiJbl¢ prudLnl'.
stoli M hiihLr applicablL accoutliing standards have h¢¢n tollibwed. 5ubjLcl lo any malcrial dipanurls dis¢lo%Ld and
Lxplaincd in ihe fJnan¢ial sia(¢nicnL%-.
prLparL ihL finthncial slatcni¢nl% i)ii tli¢ g()ing ¢()ncern basis uiilL5S It 15 inapprc>prialL Ii) pr¢sumi ilial Ihe ¢hJriiablc
eiiiJipat)N ￿.111 LunlinuL in businlss.
IL Irii.%lii% arL rL4winstblL flir kLLpinb priipcr a¢countJngi re¢ord% ￿h1¢￿ d15closc H'ith rLasonablc accurac), ai time
Ilie Iiiianiial tMi%iliiin L?r IliL ih3riiabli Lonipany and 10 ¢nable ihin) to enfiurc that the financial sialemenis conipl). %'iih
IIIL C i)JiipJJiii% ALI 2Cifih. TIILY arL th150 fLspibnsibli for safL¥uardinu the asscts of the charjlablc company and hii)c¢ fL)r
iakJn¥ rLJSillJdt)IL' %lip% f(?r Ihi prLv¢nlion and deiLClion of frJud and othlr irregulariiies.
In 50 fur as Ili¢ LrnSlCC% arc awarc".
thlrc is ni) r¢l¢vani audit Infomialiun ()I' which Ihc charitablc company's audiiors ￿L. unawarc. and
thl IrustLLS iakcn till Slip4 Ihui iliL)' (iiiyihi lu hai'c iakL'ii io Jii&kc ihcrnsclvcs aw'arL of any rclci'ant audit
inflirtnaliiiii and 10 ¢siJbli%h thai ihe audil(Irs arc tswarc of thai inlorniaiion.
,11-DITORS
A7.Cts Audit SLrvi¢LS. will bc prop05cd for re-apFX)inim¢ni ai the t()rthcomingi Annual (iCllLral IMLcting.
RLport of thc iru%tii%. inciirpx?raiinf a 51talcgic reF￿n. approN'od bj. order ol the Ix)ard vf 1rn8lccs. a5 thc company
diTLLliiis. un ?A March ?{l?S and si&rnid Ihc bvard's bchulf b).:
Pag¢

REP()RT OF THE INDF.PF.NDF.NT.41'DITORS To THE TRI'STEES,I%D IIENIBERS OF
THE BENEI"()LENT S()CIEn' UF THE LICENSED
TRADE C)F SCOTLAND
Opinfion
Il'c liaN'c audilLd IhL Iinancial siaiini¢nis of Thc Bcnci'iileni SiKi¢ry of The l.Iccnscd Trade of Scotland Ithc'Lh<irithblc
cc)mpanJ'l for Ihc lear LndLd 2X F¥bruJr%. ￿'hICh comprisL lh¢ Siaicmcni of Finan¢131 A¢ii%'iiJes. thc BJlan(x. ShLIl.
the Cash Flow. Sthiemlni and ni)i¢s io ihc financial 51al<mcnLS. Including a summary (>f stgnifL¢ant acciiunling pi>liciLs.
Thc financial rLWTling framiM'I)rk ihai has app17L￿ in ihiir prcparalioii 15 applic)blc law and Unilcd KinKdi)m
A¢¢ouniing Standards ILlnilcd Kingdiim G¢nerallN' Acccpted Ac¢()uniing Praciiccl.
In our opinion Ihc financial staicments".
givc a truL and fair i'iew lif ¢hL .%lal¢ of th¢ ¢harithble companj s affairs as at ?8 Fcbruan" 2a•5 and of its i]Icomin8
rcM)IlT¢¢% and applicalion of rc50urcLs. including lis Inconic and cxpLndinLr¢. for the year thcn endld..
haki proplrly prLparcd m acciiTd3ncc * iih LniiLd Kingidom Gcneralli" .4cccpiLd Accounling PrJciice' 4)d
hai c bcln prcparcd Ln acciirdance ￿"7th thl requJrcniLnis lif the Companjis Aci Illth6. Ihe Charilies )nd Trusi¢¢
InvLsimcni IS¢oilandi Aci IWI5 and Regulalion ¥ i)fth¢ C-haritie5 AccounL% IS¢oilaDdi Rcgulalions ￿￿6.
Basis for opinion
WL L()nduciLd i)ur audil in a¢cc)TdancL H Lth Inlcmaiivnal Standards on Auditing IUKI rfISAs ILIKII and applicabic law.
Our rL5ponsibililiLs undLr Ihi)s¢ standard5 arc funhcT dc5cnbLxl in thc .4udilors' resw)nsibililiLs for ihe audit of ihc
rinancial statcmcnts sLYli(TrD iTrf tsur rep)rt. ￿'t arc indepe¥￿¢nI c)(IhL Lhariiablc companl" in acci)rdancc w'iih ih¢ ethical
rLquircmcnts ihal aiL ILlcvani i() our audii of the financial 51aiLmenLS in the UK. includÈng Ihc FRC-'s Ethical Styndard.
and M'c hai'c fulfilled i)ur iithcr Lthical r¢sponsibiliiics in acci)rd3ncL %i'iih ihcse rcquircmcn¢5. We bcli¢v¢ thai Ibe audit
cN'idcncL we have obthinLd is sulTi¢i¢ni and appropriatc io proi'id¢ a basis for our opinion.
Conclusions rel*iin% io %(&ing concern
In audiiing Ihc financial slalernLnis. wt hai'¢ ¢oncludcd thai ihc Irustccs. usc of th¢ going conccrn basis of acc()ubting in
th¢ prLpararion of thc financial ststemcnts is 2ppropriaic
Bas¢d on thc work w'e hai'c pcrfornicd. we hji'c noi idenlificd any maicrial unceTtsintics relaling to evenis i)r ctstydiiions
Ihat. indii'idually or collcctLN'elv. mai CJs1 51gnificani doubi on ihc charithble c()mpani s ab21iry lo conlinuc a5 1 g()ing
conccrn for a p¢ri{￿ of ai least tw'eli'e monihs fn)m whcn ih¢ financial ststements are authoris¢d for issue.
Our rLsponsihiliii¢s and th¢ rcspon5ibilitie5 of the ￿$1¢¢5 w'ith re5PCCt to 80ing concern ar¢ d¢scribcd in the ￿levant
sections of this r¢￿rt.
()th¢r informAtiOD
ThL' IruslLL> arL rLS￿)nSibl¢ for the othcr infoTmaiion. The oth¢r infornation compri4cs ihe inf￿rni￿lIOn includcl in the
Annual RLp()rl. (bih¢r Ihan ihe financial sthicmcnls and iiur RLy)n of thc Indcpcndcnl Auditors ihcreon.
Our i)pinion ()n th¢ financial sialcmcnls doe5 nol coI'¢r thc othcr infonnation and. eXCLVi to th¢ ¢xicnt othcrwi5c e*liciily
siatcd in our rLI)Ort. il'L do not cxpress any fonn of assurance conclusion Ih¢rcon.
In ¢L?nncction with our audit of ihe financi31 sthi¢m¢nts. our re5POn5ibiliLy IS to r¢ad thc other infornialivn and. i• doing
so. ci)nsidcr w'hcihcr ihc oihcT infom)Jiion Is maicriallj incon5L%l¢ni ￿'11h th¢ financial statements or our kn()w'lLdg¢
obtained in Ihc audlt iir oihern'i%e ap￿ar5 li) bc rnaieriall!" m155iaicd If Mc Id¢niify' such maictlal inconsis1c￿ ies i)r
apparLnl tnalcrial mi5s1)ILm¢nis. w¢ are rcquircd lo dclcrminc ￿'helh¢r this gi%'es rise to a malcnal mi%sthi¢m¢nl in tlic
fLnunciJI Sia¢Lments thLms¢li'c5. If. based the ￿"{Tr[k uc hai'¢ pcrfornicd. w'c concludL thai ih¢r¢ is a t•aicrial
misslalLmLlli (If this i)th¢T in(orn)aiion. ￿'C are rcquircd Iv rcport thai faci. W'c hal'c TKkthing li) rep)n in this rcbY*d.
Opinion$ on oih¢r matters prescribed bi tbc Comp*nies Act 21)116
In i)ur 4ipiniiin. L)n Ihe %ii)rk- undlrtak-cn in IhL Li>urs¢ of ihL audii-.
¢h< inli)rniaiion li'en in ihL RLI)Ort lif ihc Trusiees (or thc financial )ear for ￿'hiCh thL fmancial stai¢menls arc p&paicd
is Li¥nsisi¢ni w'ith Ihe financlal slalcmcnts. and
¢h< R¢p(>rt (>l-Ih¢ Trusi¢¥s has bccn prcparcd in a¢cordanc¢ M'iih applicablc Icgal Icquiremenis.
Pag¢ 7

RF.PURT OF THE INDEPENDb.NT.II'DITOR.S TO THE TRI'%TEES.4%D IIENIBERS ()F
THE BENEI'C)LENT %OCIETI' OF THE LIC'E.%SED
TRADE OF SCOTLAND
latlcrs hich are required to report bl. txreplio
In ¢hL Ilehi i?l-Ili¢ kn(>￿Ild¥¥ unLILisunding olihL chariiablc compan). and its eni'ironmeni obtsincd in the cour5c of
th¢ Judil. w'c hai'e nLTrI Id¢niifiLxl maiLn)I mi55131cmcnts in ihc ReFH)n of thc Trnsie¢s.
'e have noihing io riiK)rt in rcspeci of ihc follom.ing mailers w'here lh¢ Cornpknies A¢i.¢X)O and thc C"harilic5 Accounts
Iscvilandl RL¥ulaiic)ns *n(Tr6 las amcndcdi rL'4uircs us 10 reTM)rt io you if. in OUT iipini(Trn."
adcquaic and proplr acci)unling record5 have not bcen k¢pi or rcmrns adcquaic (i)r vur audit havc not been TCCClI'cd
frlim branch¢s n4)I I'lsllLd b). us-. or
the financial s(ai¥ni¢nts ar¢ ni)t in agrccmcni M'ith Ihc accouniing r¢¢4)rds and rcwrns" or
cenain di%¢losurL% lif IruslLLs' rLTiiuncraiion spectfiL￿ b). ltsw ar¢ not madL." or
IIL hai'e ni)I reLLJ%"Ld all the infoTmaiion and e.Kplan21ion% *c rLNuifc for our audil.
Re5pon$ibiliiics of irusites
-45 Lxplainid niiirL lullN in Ihl Siaicmcni of Tnjsiecs R¢swnsibiliiiLs. Ihe irustces arc reS￿￿5]ble for thc prcparation of
Ihc fiiian¢ial 5iaiemLnls and IIiT ￿Ing satisfied Ihai Ih¢y gil'l 2 truL fJiT vicw. and for such inicrnal cL)nlToI as Ihc
IrusiLLS d¢iimiine 15 nicc55ar%' 10 cnablc ihc prLPJrnllI)n of finJnLial slatLmcnls thai are frcc froni maicrial mJssialcn)cnl,
.heihcr dut Iv fraud iir e￿Or.
In prLparing ihe financial siai¢m¢nis. thLTh In￿1¢¢$ arc Ils￿nsIble for as5CS5Ln8 ihe charitable company's abiliii. io coniinuc
as a gioing ciinccm. discloSlllb. as &pplicabl¢. maii¢rs relaiL￿ iv g(Tring concern and u51ng Ihc going conccrn basis of
accounitng unless the IruslLCS elihcr tnicnd w Ilquidaw, thL charit3blc cvmpany or to Ccasc operations. or hal'c iio r¢alisii¢
alternaiiN'e bu( io d4) SO.
Pagc 8

REPC)RT ()F TIIE JNDF.PF.NDF.JT..IL',Dl'f()RS T() THF. TRL'.STEES AND ￿lF.￿1BF.Rs ()F
THE BENEI'OLLNT SI)C'IETY ()F THE LIC"ENSED
TRADE C)F SCI)TLAND
C)ur re5ponsibilitit$ for the gudit of thr fin8ncial 5t*tcm¢nts
()vr i)hjcciii L5 arL' l() iibiain TLJbl)Jitihl¥ as.%urallCL abi)ui w-hliher th¢ financial slalcmenis as a wh£)1¢ arc fTCC froni Inaten41
niissialcmcnl. whLilILr duL Ii) fraud or crr()r. and Iv issue an auditor's rLport thai InLludc% i)ur opiniiin. RL4s4)nablL
assurallcc 15 a high ILI'LI ()f a%suran¢¢ bui is not a uyuaraniLL thai an audil conducted in Jc¢ordancc ￿'Ith ISA5 IUKI M Ill
al￿ayS dclcci a nialLrial nii%5taiLmLni ￿.￿l¢n il cxis15. NqIs51aiLments can arisc fron) fraud (Ir Lrror and ar¢ considcrLd
maiirial if. indii'idually or in thc aggTrLgTa¢L. Ihe}' could rcasonably bl Lxpccicd 14) influLnce thc ccÉ)nomic dcctsions of
U5er5 thkcn ()n ihe basis of Ihcse financial 5taiemenis.
A funhcr dcscripiion of Liuf TCSPUllS)biliiiLs is ai'ailablc on thL Financial R¢portinu CounLil's wiitsiie at..
hitPs./l￿7¥￿, frc.org.uklaudilorsrcsponsibililiL's. This descTjplion forms part of i)ur audii()T'S rcw)rt.
Exicnl ILI w hiLh thi audii il'as COD%id¢rcd capablL Ot'delLcling irrc&iularilics. snLludLng fiaud
IrrcbTrularilics. including fr<iud. ar¥ in%ianc¢s of noii-compliancc with lam's and Tcgrululiiins. WL design pro¢¢dur4 in linc
'iih our rL%P()n.sibiliiies. iiuilinLd abovc and (In IhL Financial Repi)rtin8 C'ouncil'5 ￿'¢b$ll¢. Ic) dclect thalcrial
misslalemcnls in rcspcci i)f irrcgularilics. Including fraud.
I'c obiain and upduie i>ur undLT%tanding of IhL cntity. 11$ aclil'illls, LIS Control cnk'iriinmLni. and likcly fijlurc
dci'cl()ptncnls. including Ln rclaiii)n io ili¢ l¢gal and rebyulalotv framew'i)rk applicablc and h()ii- the <ni11}' is ¢i)￿pIY]ng
M'illi that fran)C￿'0Tk. BJ5cd Ihis undersiandinb. wc idenlif}' And Js.%Ls% tli¢ risks of malLrial missiJicmcrt i)f Ili¢
linaiicial 51alcmcnls. whLIIIiT due Ic) fraud i)r Lrri)r. dc51gpn and pLrfomi audii pr()ccduTCS ri5P()n5ii'< 14) tho%c risks. and
obtain audil cvidcnLL Ihai is 4uffici¥ni and approprhutc Ii) PT()vidL a basis fc)r QUT l)pinJon. Th15 inLludc5 c(>nsid¢ryLiion of
th¢ ri%k of acls by Ihl cnlil}' Ihai ￿¢re ci)nirary li) applicable law5 and rL'gulaiii)ns. in¢ludJng fraud.
In rL'spons¢ li) th¢ risk of irrcgularilies and n()n-compliancc with laws and rLgulaiiÉ)ns. including fraud. wc &signLd
pr(IcLdyr¢s which in¢ludcd..
Enquiry i)f managcmcnl and IhosL charged w'i¢h gi)v¢mance around &ctual and w)Icniial liiigaiion and claitTkl
a% w'¢ll as acw31. SUSPLCted and allcg?L'd fraud.
R¢i'icwiiig* minuics i)f n)c¢lin&TS of th()5L chargcd wilh g(Trvernancc.'
klssL%sing th¥ cxi¢ni i)f ci)Jiipliancc H'ith ihL la￿.5 and rcgulaiiuns considcicd 10 hA%'c a direct mai¢rial cffect
i)n th¥ IhL finaiicial sialcJncnl.% Lir the vpLialiLins of ilic conipani. Ihrougjh cnquiry )nd insp¢clion'
RLI'ieWing finiti¢ial staleincnl disclLISUTC5 and iesiingy Ic) suppc)rting d(IcumLnlaliiin l() J$￿_￿S compliancc wi
JpplicJblL la￿.% and rLgu121ions:
PLrfoming audit ￿.￿rk. oN'¢r thc risk i)f rnanubycmeni bia% and ov¢rridc of CLinlTo15. intludingw icsiing* of jnurnal
Lnlrics and IiihLr adjusiincnt.% fi)T appropriaicncss. cvaluating ihc bu.%incss roiiiinalc ()f signilicani Iransactii)ni
outside the normal course of busincss and rcvicwing accounting csiimaics for indicalor5 of ptklentjal bias.
BL¢Jllsc of Ihc inhercnl lin)Ltalions lif an uudil. Ih¢T¢ is a risk Ihal we ￿111 ni)¢ dcieci all irrLbularilLCS. Including Ihi?se
ILadinbl li) a iiialerial m1551alemcnl in ihL financial 5lai¢m¢nis or ll()n-cun)pliancL wilh rLglllaiii)n. This r15k incrL4SLS the
mL)r¢ Ihai Liinipliuiicc ￿'1(h a la￿. ()r rLgTulaiii)n 1% r¥moi'cd from IhL' ekLnls and Iransactions rcfleclLd in IhL fibanlial
%iaiLI)Icnis. as M'c w Ill bc Ic%4 lJkLI) Iii beciin)L aWaTi of iJisiancc5 lif non-ri)mplianc¢. Thc risk of nol dclLCtingT a l•alLriJl
niis%latcn)cnl rcsuliink ft()ni fraud Is highLr than for onc rcsuliing frvn) Lrror. as fraud n)aJ ini'olve cvllusivn. tbrglry.
Intcntional iiniis5i(In4. misrLpre%<niaiii)DS. Lir Ihc oi'Lrridc (If iniLmal conirol
A fiLrthcT dcscripii()n i)f i)ur rL'spi)nsihiliiics for rhc audit lif thL Iinanci)l %ialenicnls 15 located un IhL' Financial RepL)ning
C'ouncil's iicbsitL' al I¥.￿￿..fr¢ org.uk audiiiirsr¢sp(InsibililiLs. Thi% d¢scripiii)n fi)rnis pan of our RLp(iri i)I'ihe IndckxndLnt
Auditors.
Pagc 9

REPORT OF THE I%DEPENDENT..ILDI'I'()R% '['{) THTr- TRI"STTr.F.S,IND IIETrIBERS OF
THE BE.NEN'OLENT S()CIE'fi' OTr THE LIC.'E%SED
TR,IDE C)b" sc(I'fLAND
I'5e of our rcpori
This rlpiiri is niJdt 501LI!' lo the chariiabl¢ conipany's mcmbcrs. as a bod).. in accordancc M'ith C-haptcr 3 ot Pan 16 (Trf
thc C'i)iiipani¥% Aci *nn(). and lo Ili¥ ¢liariiabli ioinpan} s In151Lc5. a5 a bod).. in acc(Irdance ii'iih k¥b)ulaiioii 111 ()[ ili¢
C'harllJLS .Qicc)unLs ISc()IlJnd i RLbiilaiii)ns ?Ollh. Our dudil wvik has bccn undcnakcn so Thai IVL niighi siaic li) th¢
hariiablL Li>n)pan) s rncmhcrs and tli¢ Iru%lLCS Ihv%e n)aiiLrs li L arL rLquircd ID staic i() Ihcni in an audiiors. rLpnn and
tor ni) i)ther purpii%L. Ti? IliL t'ullc%l ¢xieni PLrnlillLd bv law.. U'L do nvl accept iir assunic rcspLin.8ibiliii' tn an!'on¢ i)Ili¢r
Ihit) IhL ¢har)lablc Lonipdiii. and Ih¢ chariiJblc company's mcmbcts a5 a body. for OUT audit work. tor this report, OT ttir
Ihc i)pinii)ns W'L htsvL tOrn)Ld.
C'hancrcd .4ccciunianL%
Sialiili)ry Audiinr
Eligyibl¢ to aci as an audiior in Icm)% lif Sccllori 1:12 1)f IliL C-OEMpaiii¥s Ail 2tM)fi
Tiianiuni
Kiii¥Tr's InLlI Plac¥
RLnlrLI4'
PA4 XII'F
26 NlarLh tyn75
Pa￿1¢ 10

THF. BEYEI'()LEN'T SOCIF.TI' ()F THE LICEi%SF.D
TRADE OF SC-VTL..IND
ST.ITF.11F.NT C)F FIN,INCI,11. ACTII'ITIES
IIJCI)RPI)R,ITIN(: .,IN INC-()IIF. AND F.XPF.NDITLIRF. ACC()LNTI
F()R THE YEAR F.NDF.D 2¥ FEBRIIARV 2025
3)?4
rliial
nds
Unr¢stricted
fuiids
Notcs
INC"I)IIE AJD E%DOM'MF.ITS FRONI
Di)nJiii)ns and IcgaLIL
149.91X
9.958
rJih¢r irading actii'itlC5
Ini'L%ltn¢ni iiiei)me
297.942
2b_1.421
Total
574.696
F.XPF.NDITURE O
Rai%itib fund
125 IQ9
Charit8ble actii'ities
(irani makin
BLnLfi¢iariL% %UPFM)n and assistancc
Running ol- Piilochry cslatc
CeniTal offi¢¢ and charity costs
269.9?6
36.q56
8{1.q44
171).4()3
217.S.17
J4.42fi
111.12$
Total
599.447
Ncl Bains on in￿¢$in}entS
101.053
4?8
ET INCO%IEIIEXPENDITLIRE)
C)ther reco%ni5td %#in$ll1fr55cs)
Gain i)n rci-alualiiin i)l- ini'L.4in)eni PTopcni¢s
16.7891
%,$281
1.59•,500
Net movement in funds
16,789
1.56.I.972
REf()NCII.IATIUN OF FLNDS
Toial lunds hriiulhi l()rivJrd
4.578.731
3.Q14,759
TOTAL FII%D.S CARRIF.D F()RII'ARD
4.571.942
4.57X.731
The nolLs forni part ol. Ihcs¢ financial stalcmLnis
Pag¢ I I

THE BENEI'ULE.NI" 4()I.'ITr'TTr' I)Tr' THF. I.ICENSED
I'R,tDL C)Tr' SC.'()I'L..IND
B.11.ANC'F. SHF.F.T
2% Tr F'14RII,IRV' 21124
funds
t'und%
Noic5
-IXTr.D ASSETS
T￿n￿lbIL a5%LI.%
4!4.5nn
Inke.41IMcni.s
I￿￿￿5¢niCE￿i prn)p¢rty
1.%4:.(15¥
2.Q(Ml.(Hl
1.745 5.19
2.n(￿.(￿H)
14
4.•67.15S
4.17n.039
CI:RRF.NT,ISSETS
PrLPaN'TIILnl¥ and accru¢d incoml
Q-ash )n hJnd
2fi.-$45
27%.•39
345.760
3tJ4.784
4118.b9?
ET CLTRRENT,ISSETS
-1114.7x4
4{IY.69
T()TAL AS%ETS LESSCIIRRENT
I.IAFIII.ITI Tr.
4..571.(M?
4.$7R 711
ET.4*¢>ETS
4..$71.94?
4.57¥.7.11
unrLSlri¢t¥￿ funds
4.571 ()4?
4.57X.711
TOTAL FIINDS
4.571.942
4.578.711
Thc linancial %lalLm<nlS wLic approNcd b). Ihc Biiard of Trusices and auilii)ri8¢d lor i8suc on 26 March 2QlS Jiid wcre
Tlic nolL5 foTtn part of Ihcsc financlal s¢aicmcnts
Pa¥c 12

THE BE%EI'OLF.NT SOC'IETY UF THE I.ICEN.SF.D
TRIIDE Ofr SCOTLAND
CASH FLOM. STATEIIENT
F()R THE I'E,IR ENDF.D 211 FEBRIIARY 202.5
?n24
'o¢cs
C*sh from operatin% Hctil'ities
C'ash gLnLraiLd Iri)m i)p¢raiion
129.n571
ci cash used in operating aciiviiies
129.0571
1(13.4611
CAsh flows from inie5tlD% sclil'ities
PurchJ.41 (>l- fix¥d ass¢1 inKcsinicn15
Sale of fixLd assei inve.%lll)¢nl.%
Inlcrc51 rccciN'cd
Dividcnds rcccived
1229.4291
19$ 79%1
11?677
380
444
57.1$7
Nct cash pro1.id￿ bj. in%'csiing aclLviiie5
61.530
74.927
Change in cash and cash equlvaltnts in
th¢ rcporting period
C'ash and ¢¥L5h equil *lcntS Y4t the
bc%inning of ihe reportinE pcriod
1(>7.5?71
11.464
345.7h
C'ash ea5h c4ui% alcnts 41 th¢ end or
the rfportiN% piriod
278.2.19
345 766
Thc ni)Ics lonn pan of Ih¢sc financEal slatemenis
Page 13

THE BEPiEI'()Lb"NT S()I.'IF.TI' ()F THF. I.ICENSF.D
TR,IDE I)Tr SCUTL..IND
NI)TF.% TC) THF. C..I%H FI.()II' ST,ITF.MENT
F()R THF. I'F.,IR F.NDF.D 28 FEBRllIlRI' 2024
REC()NCILI.4TIV% C)F NF.T F.XPETr4DITLRF. TO NET CASH FLOM. FROM ()PERATING
AC'TII'ITIE
2n25
2024
et eipendilure (or ihc rcporlin% period las per the Statement Ibf
Financiol ilctii'ilies}
Adjystm¢nts for..
tiain É)n Ini'L51niLnlS
16,7891
128.528
14*XI
138Ql
157.6681
?3.541
14441
157.15)
36.381
Dii'idLnd5 rcccii'Ld
tk.¢rLa5L Ln dcbi()rs
tt cash used in op¢ration$
1129,047
161.46_11
AYAL%'%IS ()F CHANGES I.N NET FIINDS
Ai 113 !4
C-ash flom,
Nct c4sh
C'ash ai bank and in hand
-145.766
67.5271
*7¥.2.69
345.766
67.5271
?78.2.19
Total
345.766
167.5!71
78,239
Thc niilcs forni part of Ih¢s¢ financial sthi¢mcni%
Paxc 14

THF. BENEI'()I.F.ST SOCIF.TY ()F THE LICENSED
TR,IDE ()F SC()TL.4ND
()TF.% T() THE Fl%..ITr4'CIAI. ST,ITV.hlF.NTS
FOR THF. YF.AR F.N'DED 2¥ FF.BRllIlRI' 202$
ACCOUNTIN(J P()LICIES
B#sis vf prcp#ring lh¢ financial 51Y4temcnts
TIIL Iiii4lllLial slJlLniLni.% li)i'L ￿.¢11 i)TLparLIJ in acc()rdancc with AccLiunting and Reporting by ChariliLs'.
Stalciiicnl lif RLLiimn)LndLd Praciicc applieablL Iii Lhdfiiii_s prlparing IhLir aLLiiunis in Jcci)Tdanc¢ 4.iih the
l.'iJiancial RLP()Tl)Iig Slandard JppliLablL iji Ilic UK and Ripublic ()f ITLland Il.-RS I (I! I ILftLLiive l January
IC-hariiiLS SORP I F R% I n•1. Illi l.'inatiiial RLWlrtillg %iandJrd applicablL in IhL UK anil Rcpuhlii i)f IrLland
IFRS I i and Ihc C'omp&nics Aci 2On6.
Thi Flcnci'ol¢nl S()¢icty' Lif Th£ I.ILcllSLd Tradc lif S¢oiland mec15 IhL definition i)r a publLL bcncfjl Lniiw under
FRS 111: AssLI.% and IiabililJLS Inilially TLLI)gniscd at hisl()rical cosi L)r transaciion N'oluc unlcss othen¥ise
Pr¢pMralion ¢bf ¥ccounts on a %otn% concern b#i14
¢L)ncLni. TIiLfL Iilre ni> %ignificJni JT¢as 1)fadjuslmcni wilh TL$P¢CI l() th¢ n¢xl rLJxirting perii)d. nLTr sigbifi¢ant
T¥a5 lif unLLrtaiiily.
C'rili¢HI BcrountinE ludgcmenti & kci qour¢¢s of csilm*ilon unccrtainty
LLi¥ni)n)i¢ i'iahi11iy and LXPLLILd I'uiurL liiianLiJl pirfLTrrniaiiLL lif IliL i1S%LI aiid ￿h¢re it is a ¢onip(Incnl ol. p liirkpcr
La%h.¥lLiILraiingi iLiiiI, IIIL ￿]￿bIlIt) and L%PLLILd luiuri p¢r14)rmJnLL Lif IliJl unii.
Had (ILbis are pN)iidLd r()r whirl i)bj¥clii'L LvidLniL i)r IliL necd for a priivi%iun exigls.
Incomo
IILMI 41 Ill. IncuniL Iiai-L bLLn MLI. il i¥ pri)babli IliJl thL LllLoniL M'ill bi riLLii'id and ilic tsniiiuni Lan bL n)¢aiurid
rlliably.
r)c)iialL()ns. ar¢ rLC()8niscd w.hLn ihL chariiy hus lTrLcn nvtificd in wriiing lif boih th¢ amuunl tsnd .%ciilemeli daic.
fuifill¥d in Ihc r¥pc)rtinb pcrivd.
T)ividLlI(14 arl riLi>&Trni%Ld iin¢c IliL diNidLlid lias bLLii diLlJrLd Jnd ni)tifiL411iiin bLLn rL'Liiv<d i)r Illi ￿￿1(ILlid
Inicrc%l iin fun(l% hLld i)n dLPI)%il is includcd whcn rccLlI')hlc and Illi ani()unl can bc mcoburcd rLliably hy Ihc
charilv. thi.4 1% niimiJll} upi)n ni)IilLcaliciii i)[ IliL JnlLrL%I ptsid c)r pa>'ahle b%. IhL Ilank.
Expondlturo
l-'YpLndiliiri 1% fiLI)gniKd Iin¢L Ih¢T¢ Is a ILg&l iiT Lun%iniL(ii'¥ iihligjalioii ILI illake a pAyn)Lni 10 a third pa
piubablL Ihai %LIIILm¢ni will b¢ rL4uircd atld Ihc un)ouni ill. th¢ c)bligaliLin can bc measured rcliably.
Exp¢ndiiur¢ 15 Classified under IhL fulliiwing a¢iivity hcading5'.
C'osi% (Il-rai.%inb lund% ¢iiniprisL ()f thc cvsis ofhi)Iding lundrai51n¥ cvcllls and portt()lii) nianagcrs, fcc.
I.-XPLnJiiuri ()ri ¢hariidblL aLiiK IliL5 Includes lh¢ cosi.% of aclii'ilic5 undcmakcn i(1 funli¢T ihc purFH)S¢Siof Ihc
charity Jnd iliuir assi)¢ial¥d suppi)rl c051s.
()Ih¢r ¢xpcndkturc rcprcscnis IhÉ)SL Ilcms ni)I falling into any oihcr heading.
Irreci)%'¥rabl¢ V AT is ¢hargtcd a5 a C1151 agiainsi Ihl ociivity for w'hich Ihc L'xpendiiurc was incurr¢d.
PagpL 15
ontinucd...

THF. BF.NF.I'OI.F.NT S()CIETI' C)F TIIE I.ICEP*'SED
TR,IDE OF SCOTL,I.ND
NOTF.S T() THE FIN.45C'IAL STATEIIF.NT.S- coniinued
FOR TII F. I'E,KR F'NDED 211 FEBRII..IR)' 2025
ACC()LNTIP*G POI.IC-IES- continu¢d
Alltscatiun Rnd apportl(bnmf nt of co$ls
Suppiiri i0s1s ar¢ I110s¥ luiiciii)114 IliJl 4%$1S1 Ihl y'i)Tk ()f Ihc charity hui d() not dirLcily und¢nak¢ charilablc
LII% 1llL%. Suppi)ri cosi_% includi haLk iilliLL co4IN. finanLL. pcrsiiniiLI, payri)11 aiid ¥?4)I'¢rnatllL COS1% whicli %uppi)n
Ihc ¢liJriiy's pri)kiraninJL% and aciii'iilL5. ThL%L Liis15 havL becn Jlli)cal¢d liTr cxp¢ndiiurc i)n cliorithhlL a¢iii'ili<%.
Txngihle fi%¢d gsscls
Tli¢ C'liariiy'% piiljL!' )% ii()I lil LapilalisL fixlurcs and fil1inby%. Ihc%¢ UTC Lxpcndcd Thr4)ugl) Ihl %i¥l-'A TIIL gold cliains
pri)PiMy fLlllal inLUIIIL 1% fLLLlI'Ld Ironi ihl lslaii. Tlii Pitli)Lliri l..siaiL is InaiiiiainLd i(? a Iiigh siandard w'ith
L)Ilgt{)Ing niainiLnancL and ITnpriivLnicnl.%.
t)iprLLialion 14 prii%'idLd al th¢ li)114)wingi annual raic in i)rder IL) M'rilL ()IILach assLI ()vLr 114 L51imalLd uscliil lif¢.
Ni)I dLpriciaiLd
FrLilii)Id pr()PLrfy
Inie$Imi￿n15
Th¥ iiiain fc)rni Iir rinanliol ri$k IiLL(I hy Ihl cliariij. 1% Ihul i)f %'i)lalilily In Lyiilty. ITlaTkcl% inN'L%lniclli Inarkils
Lquilic4 and wiiliin parti¢ulgT %¢¢II)TS ()r 4ub secii)rs.
Inviiltmcni priiperlv
liii'L%liiiLiiI pri)PL TliiS JfL %h()wn Ji thc ni1)%1 Tecini i'aluaiii)n. Any surplu4 IlT dcficil ()n rci'ulualiiin is in¢lud¢d in
T*xillon
Fund *¢¢ouniln%
UnrL.41riLILd liind.4 cJii bL u%4d iii a114)TdtinLL ￿ Iih Ihl LhariiJhlL l)t¥iiLlli'LS al IIiL disLr¢li()ii lil. IIIL InL%ILLS.
RL51riLILd luiidK Lall l)Jily b¥ u%id l()r pJrliLular rL.%iriilLd purpii%L% wiihiii Il)c ohJLLI.4 lif IhL cliarily. RLslriLIiLin5
unliLr Lyplan.'Iliiiii ()1. IIIL naturL and purpi)%c i)I'iacli lund 1% inLludLd in IhL 11(IIL% l() thc financiiil slulcniLIIIs.
C-#sh #t b#nk unil in hand
thr¢¢ iiiiinih% iir11sb froni ihL dJlL ()f ac4uJ.4iliiin Iir £iPLninbi ()l-iliL dcpii%ii c)T similar accouni.
Dchtorq
Tradi atid i)IliLr d<hiiir% JrL rLLiigTllisLd Jl ilic SLIIILmcni aiiiounl duc aft¢r any discount offLrcd. PrcpJymeni% arc
valucd ai IhL allll)uni prLpJid nLI iil'any dJ5couJils due.
Pa&L 16
continucd...

THF. BE%EI"OI.F.NT SOCIF.TI' OF THE LICENSED
TR,IDE OF SCVTL.4ND
OTES TO THE FIN.4NCI,*I. ST.4TF.IIF.NTS- continwed
FOR THE I"E.4R ENDED 28 FEBRI'..IRI' 2025
ACCUknNTIliG POLICIES- contlDued
Creditors &nd proi'isioDS
C-ridiiors and pri)i'i¥ion% arl rcfogniscd Mh¢r¢ ih¢ charity ha5 a present obligation re5uliing from a past eieni thai
will PT()bably rLsuli in th< iransfcr of funds io a ihird party and thc amount due lo settle thc (Ibligation can be
mLasurcd Iir ¢siimaiLxl rlltably. Crcdiiors and provisions ar¢ n4)rnuII)' rccognlscd at their scltlcnicnl aTnvNnl after
Jlli)wing for oni. discounis duc.
Financial Insintsncn¢s
ThL Chaiil!. hJ4 Lle¢iLd tv apply ihc proi"isions of Sc¢iii)n I I 'Rasi¢ Ftnancial Instruments. and Section I I, other
Financial In51rumLn15 155UC5' OIFRS I Q? lo all iTrf its financial instyum¢nis.
Financial Enslrumcnts 3rc TCCOqlli5ed in Ihc chant>"'s balancc shLTr<*l 14.hcn ihc charity bccom¢s party to the
contra¢tt]al proi'isions of thc insttNmeni.
FiEJancial assets and liabililics arc offsct. N'ith the nel amounts prc5enied in the financial sthicmenis, wheThih¢r¢ is
Icgally enfor£Lable righi ti) 5Ct off Ihc rccogniscd aTni)unts and thcrc is an ini¢niii)n to scrtlc on a nei bali% or to
rcalisc the asscl and settle ihc liability simultsneously.
Basic financial a5se15
Basic fjnancial assets. M'hich includc deb￿rS and cush and bank balances. are iniiially measurcd 01 tratysaction
price includinbi transactions costs and arc subsCqUeTrtly carricd ai amortlscdcosi using the etreciii'¢ inicrcsinicthod
unless the arrJngcmcni constifuiLS a financing trJn5action. w.hcre Ihc Iransaclivn is mcasured ai ihc prescni kaluc
of th¢ future rLCCLPiS di￿O￿niCd ai a markci rdie of inicrest. Financial a55els classifled as reccii'able w.ithin onc
y¢2r are noi amortiscd_
r)creco
niiion of financial asscts
Financial asscts arc d¢re¢ogmisl￿ only M'hcn thc conira¢rual righis lo ihe cash flow's from Ihc a55el expir￿ or arc
sciiled. or M'hln the charity tyan5fLYs thL financial ass¢i and substsniially all the risks and rew'ard5 ofownL7ship to
aniiihLI cniily. ()r if som& significant risk.% and rcwards of 0￿.nershiP are rciaincd bui control of the a15ci ha5
Iransfcrr¢d io anoih¢r pany thai is abk. io s¢ll th¢ assci in it5 eniirety. to an unrclatcd ihird party.
C lassificati(>n ()[ financial liabilities
Financial liabilities )nd cquil) insirnments aTe classifi¢d according io thc subsLqnce of the cortractual
arrJngcmcllls LniLred inio. An LY4uiiy ins¢rnmcnt is ani. Contyaci thai ¢i'id¢nc¢s a rcsidual intcrc5t in Ihc ￿Sets of
Ihc charity after deduciing all oCTiS liabililic$.
Basic financial ljabiliiies
Rasic financial liabiliiiLS. including ¢rediiors. are inittall!. recognised at trdnsaclion prite unless Ihe aTTa￿ement
ci)nsiinLiCS a finan¢inb7 iransa¢iion. whirc the debt in51rumcni ts rnea5urcd at thc prcseni i )luL of ihe fuiure
pa}'mcnis diKouni¢d ai 2 mark¢i rat¢ of inicr¢st. Financial liabilitie5 classified a5 payable wiihin onc ycarlare not
aniortis¢d.
DONATIONS AND LEGACIES
T0121
'¢ar
20!5
Total
General
fund
2a24
A55LKiation and cvenis
PTLSidents appcal- compan!. donaiions
Indii'idual donaliuns
PTC5Lden15 appcal - tncmbership
(iift aid rcccived
69.339
69.339
68.?78
39
3.00
8.911
90,7.16
78,166
466
8,795
J90
11.911
149.91S
14Q.918
189 95t4
Page 17
contintscd...

THE BENEI"OI.ENT SOCIETI. OFTHE LICENSED
TR,%DE OF SC()TL..IND
UTF.S TC) THE FI%.4NC-I.41. ST.4TEIIE%TS- conlinucd
FC)R THE I'EAR ENDED 2¥ FEBRI'.4RI' 2024
C)THER TRADING ACTII"ITIES
ToLqI
I'car
2025
Total
l'ear
2Q?4
G¢n¢ral
fund
Annual dinn¢r
Prc)-..Im gyi)If ioumameni. Dundonald
Mar Hall gtsir
l.Jdics Licni
Bi)oeie bing(Tr
2411.S58
26.hl
13.974
13..31YJ
3.2tM)
240.858
26.611)
13.974
13,3(10
3.2(M)
20(1.558
25.-16h
13.9!?
?97.94:
97.941
IN1'EsT￿VF.NT INCOIIE
Total
l-Lar
*Q25
Tothl
I'¢aT
6Lncral
fund
IniomL from ini'Lsimcnis
Bonk Inicri%t rLLiivcd
Rlnis & insur)nce prO¢cL￿$
57.15:
380
69.741
1 ?6.X36
RAISINC: FUNDS
Total
l-ear
2025
To¢al
Gencrdl
fund
2Q74
FundraisiD% COSt5
Annual dinner
Pro-.4m bJL)If iournaTntnl. Dundonald
Mar Hall golf
l.adics L'i'cnl
Biivgie bing
77.896
77.896
21.1.1
6.61)?
67.87Q
19.801
6.6n?
7.56.1
x.nxi
4.7X
117.392
7.717
17.-19?
7.717
106.761
7.37Q
Ini'ostmeni m%n*%ers' ftes
115.109
1?5.109
Pag¢ 18
contliiued...

THE BENEI"OI.ENT SOCIF.TI' OF THE I.ICENSED
TR,IDE OF SCOTLAND
OTES TO THE FI%.4NCI..IL ST..ITF.IIF.)TS- ¢onitnufd
FC)R THF. I'EAR ENDED 28 FEBRI-.4RI' 2025
CHARIT,*BLE ACfll'lTIES COSTS
Total
I'car
Tol
I'car
2Q?4
G¢n¢ral
fund
GrAni m*kirt%
Pen5ion5
Granis
Holtday and Christmas gifts
61.4611
17&.9X6
29.3¥11
76.!30
95.712
.595
17X.986
29..ISO
269.926
?69.9?6
Beneficiari￿ Support ss515t8nc¢
Ilmbas%Jdiir% hi)noranum Jnd
36.556
36.556
Running of the Pitlib¢hn' estate
Ril'urbishmlni
Rlpairs and mainienancc
Hcat and lighi
Bruadband iniLrn
Managcnicni fLes
RaiLs and waiLr
Sundric5
Legal alld professional fcc5
Insurance
55.173
5.?49
l.(J65
79
fi.6f17
55.273
8.:49
1.665
679
6.687
8.708
1.048
597
d.253
386
609
2.830
?62
243
-1.•44
24_1
3.!$4
4.Q8_1
8n.$44
80.544
•2X
Central office and ch*rih' e05ts
Dir¢¢i ¢c)sis
Salarics and social securiry
Pensii)n ii)sis
MidJcJl insurance
()ffic¥ rLni. h¢ai. light and insurdn¢¢
Officc equipment and mainienancc
Stationcry. p05ts8c and pholocopicr
PTintLng
Telcphonc and inlernct
Public rilalions and markeiing cosis
Tiavcl and mcLling cxpcnse5
GLncral
Flank chaTgLs and inieresi
64.?18
8.516
64.?18
S.516
61'.314
&175
XQ.36
11.450
11.790
7.814
265
1.54S
11.79(J
7.X14
26
$4¥
1,203
340
835
44.341
347
6.007
1114
44.-141
347
6.IK)7
814
664
3,6n.I
ort ¢0sis
noi¢ 7
18.(H7
I A.IM7
17D.403
170.4n.I
Pagc 19
coniinu¢d...

THF. BE%F.I'OI.F.)T S()CIF.n' OF THE LJCF.%SF.D
TRèlDE ()F SCC)TL¢%%D
OTES TO THF. FIN..INCI..11. ST.4TF.)IF.NTS- ¢tsniSnutd
FOR THF. I'E.4R ENDED 28 FF.BRI'.4RI' 2024
SUPPORT COSTS
GoNcTnance
Costs
Ccntral otTicc and charity ¢osts
18.(H7
Support cosls. included in the alM)%'c. ar¢ as follows..
Go)'ernance fost5
20?4
Total
Ti)ial
a¢iivilL¢S
Auditors, rcmuneraiion
Accounian¢i' and l¥gal f¢¢s
Legal fccs
¥.49:
2.520
3.1)00
l M.Q47
17.012
ET INCOIIEI{EXPENDITLRE)
NL*i in¢()mcllcxpenditurcl 15 Stated aftcr charging Icrcdiling)".
2025
2a?4
Audiior5' rcmunerdlion
TRI'STEE*i' REIILTNERATIO% AND BENEFITS
ThcrL WLrc no trusi¢cs' r¢mun¢rdiion or oth¢r ￿nCr1￿ for th¢ ￿'¢ar ¢Trd￿ ?i¢ F¢bnwy •025 nor for th¢ Jcar ¢nded
29 Fcbruar). ?0:4
Trustees, cxpenses
Thcrc wcr¢ no ¢xp¢ns¢s T¢imburwd io trusic¢s during the N'car ¢nd¢d FcbTuary ?0?5 1?D•4 - £nili
conlLllUed...

THF. BETr4F.I'OI.F.)T S()C.IF.TI' ()F THE LICENSED
TRADE ()F SCC)TLAND
YOTES TO T14E FINANClIll. STATF.IIENTS- continued
FOR TIIE YEAR ENDED 2¥ FF.BRllIlRY 2025
10.
STAFF CC)STS
20*
Wagcs and salaries
S(i¢ial Sc¢uriiy
P¢nsion.s
Other cmployee bencfiis
97.873
2.gnl
8.51
90.24.5
2.918
1.175
106.374
Th¢ av¢ragc m()nthly numb¢r of ¢mpliiy¢¢s during ihe ycar was as follow5..
?025
24
Chi¢f Ex¢¢uliv¢
Ambas%adors
Thc numbcr of cmploycLs w,hose LmL)lumenis Isalarics. ￿'ag¢S and b¢n¢fiL% in kindl fcll wiihin thc folloWLn8
bands arL a5 (ollow5".
21125
2a24
£6Q.IM)1- £7n.IK>
£7Q.l)01 18a.no(
£8Q.I)01- 191).IK>(I
£9a,aoI- £ I no.00
Nonc i)f Ihc DiTcciors have rcceivcd any remuD¢fdtion or compensation durin¥ Ihc ycar. Details vf Itru5tccs'
cxpcnsc5 can be 5ecn in note 9.
The kcy managemenl personncl of Ihc group is Ihc ¢hiefcxc¢uiivc ()fficer whosc employ¢¢ bcncfLlS Isalaty, social
securil). cvlllributions. pcn5ion and othcr employee bcnefiisl ioial £7Y,259 12024- £74.$251.
COMPIIILITJI'ES FOR THE STATE%IENT OF FINANCIAL ACTIN'ITJES
Unie
clcd
fund5
INC()￿lE AND ENDOM'MENTS FRUfvI
Dc)naiii)n% tind legaciL
1 &).958
Oih¢r trading activiiies
Inv¢stmcni inci)mc
2rt4.421
Total
5x1.491
EXPENDITURE ON
RaL5ing funds
Charlt#blt 1etlvltle$
Grant rnakin¥
217,537
Page21
onlints¢d...

THE BENF.I"OI.ENT SOCIF.TI' OF THE LICF.NSED
TRADE UF SCOTLAND
()TES TO TIIE FIN..%NC'I,%L ST,%TF.IIF.NTS- continucd
FC)R TIIF. YEAR F.NDED 28 FF.BRII,IRI' 2024
C()MPARATII'ES FC)R THE STATENIENT OF FIP4ANCIAL IlCTII'ITJES- continu¢d
Unr¢strictcd
fvnds
B¢n¢fi¢iari¢s suppi)n and assistanc
Running? ()f Piilochry Lsia(c
C-Lniral i)fti¢¥ and ¢liariiv Costs
34.4?(?
Total
599.447
Ncl gains on investmcnts
418
'ET INC'()MEIIEXPE%DITLIREI
Oth¢r recognised gainsllloss¢5}
(Train on rcvaluaiion ol- Ini'¢slmenl prop¢rti¢s
1.59? 500
Net moi tment in fund$
1.56.3.97•
RECC)NC ILIA TIC)% C)b FLtNDS
Ti)t81 funds hroughi f4)rward
3.1114,75fj
TOTAI. FLI%DS CARRIED FC)RII'ARD
4.57Y.731
12.
TANGIBLE FIXED ASSETS
(¥old
chains of
c)￿1¢¢
PiiliKhry
Totals
COST ()R I'ALI'IITIO
Al l %qarLh !1124 and 1,% Fcbruary 2n25
407.5
17.QtH)
424.5(Kl
NET B()C)K VALUE
Ai :S l.-Lbruary 2025
407.50(1
17,IKN)
4?4.51KI
Ai !9 FcbTuary 2024
4117.S(X}
17,11(N)
4?4.5Q
C'vsi or N'aluaiion Ji *S Fibjuary. ty025 is reprcs¢nicd by..
G()Id
chains of
i)fficc
PitlL)chry
Eslalc
Totals
Valuaiii)n in 20•4
13? s1)n
275.n(K)
112,500
*92.OnlTr
17.Q(K)
407.£0
17.0(M)
4?4.SnQ
Thc frc¢hi)Id land i)n Ih¢ Piilo¢hry Esiale was N'alucd on aTt OPLn niarkcl basis on l May 20*4 by Graliam + Sibbald
LLP. C'hariiT¢d Sur¥iyor%.
C'osi £)T valuaiiiin of PiilochTh' EslatL is ihc frcLhiild land of £4Q7.51MI. ￿,h1¥h is nc)t dLpT¢ciaicd.
Pa¥c 22
coniinu¢d...

THF. BEliV.I'I)I.EP*T SI)CIEftr' OF THE LICENSED
TRADE IIF SCOTLAND
UTF.S TI) THF. FINANCIAL ST..ITF.%IEYTS- tontlnued
FOR THF. YEklR F.NDED 216 FF.BRiIARY 21124
13.
FIXED,ISSET INN'ESTMENTS
LIsILd
invcstmcnis
IARKF"I' N'ALVE
Ai l March 2024
Addiiii)n
1.745.51Q
2?9.4?9
1•24,84ni
RLI'aluaiiiTrnb
Ai ?8 FcbTuary 2a25
l.S42.65¥
NET 11()I)K VAI.I,'V.
AI 2% bebruary 21125
I,R4
Ai 29 February 2n24
1,74
Therc WLre ni) invi%lll)Ini asscis i)uisidc thc UK.
ThL hi%li)ric cosi i)r thL ahLiVC invLs¢mcnis ai ?y l.L.bruary 2(125 wts5 £1..l%1.18712n•4 . £1.4Q4.17111.
Ai 28 Fcbruary 2nty5 ihL w)rtfi)li(b was invcsiLd a% follows..
2(125
2n24
UK F.qiiily %harLS un(1 Unli Trus1%
UK Cii)I'LfiiTriLni 111)nd.4
C'orporol¢ H(Trnd5
1.577.8n2
181.287
X3.569
1.45Q, I fill
I X2.49S
.¥¥4
Ai 2¥ F¢bruary 2n2$ ihirc w¢rc n() inv¢slm¢nl% rcprcscnling mi)re IhAn SD
o (Trf th¢ p(Trrtfc)li() by mork¢l v•lLt¢.
14.
IN1'EST￿lENT PR()PERTY
FAIR VALUE
and 28 I'-cbTUUry 2￿25
2.no
F.T Bl)()K I'AI.IIF.
Ai 2tl Fchruary 2025
Ai 29 FcbTUary 20?4
ThL last fi)Imal ialuall(Trn i)r Ihc InvL%imLn¢ pNTrpLrti¢s on ihc Pjilochry Lslalc. on Th ()PLn markLi basis, wis i)n I
May 2n24. Ihe Tru51cc5 wLrL vf ihc opinion ihal ihc fair valuatjon of Ihc propcrtlC5 hud increascd ¢0 L2 thilliiin.
Pa￿￿¢ 23
continbcd...

THF. BENEI'OI.ENT S()CIETY ()F THE I.ICETr4SED
TR,IDE ()F SC()TLATr*D
OTES T() TIIE FI%..INC'I,IL ST,ITF.IIF.NTS- continued
F()R TIIF. I'EAR F.N' DED 2¥ FF.BRII.FaRI' 2024
iIIO%'E%IEYT IN FUNDS
N¢t
ni(?VLincnl
in funds
Al 111124
281!;25
Llnr¢strlcl¢d funds
4.$78.711
16,7891
4.571.947
T()TAI, FiINDI
4.57X.711
4.571.94?
Nci nii)v¥niLiii in fuiiÉls. includLd in IliL abiivL IITC a4 fi)Ili)w%.'
InLiiming
rL.41?urLL
RL%()urccs
CXPLndL
(lain4 and
Mi)¥'Lm¢ni
in futid%
Ilnre$irl¢ttd fundi
(JLniTal fund
$74.69fi
IhX2,51XI
IfTr.71191
T()TAI. Tr IIND%
$74.fi()(I
l()X2.51XI
1(1.7%91
C'omp&rlltlves for rnoycmrni In funds
Nil
Al 11312.1
in liind5
2911.24
Llnrcslrlcted fund5
(icncral fund
3.n14.759
1.501,972
4.578.711
T()TAI. Tr IIND
-1.1>14,759
1.561,97?
4.578.711
C'iiiiiparJlivi n¢1 iiic)v¢ni¥iil in fund%. in¢ludid iii ili¢ abn%'L llfL a% fiilliiws..
RLSL)urccs
CXPLndL
Ciains and
Iv5se5
Nf()N'Lmcnl
ill funds
rLsL)urcLS
Ilnrc5tricled funds
(tLiILrJl I'uiid
$70.491
15l)9.4471
1.597 928
1.561.97•
T()TAL TrIINDS
-$71Tr.491
599.4471
1.592,928
1.561.97?
PagJL 24
coniinucd..

THE BENEI'()I.E%'T %{K"IETY ()F THE LICENSED
TR,tDE ()Tr SC()TLAYD
P*OTES TO THE FIPYAJCIAL STATE%IEYTS- eontlnued
FUR THF YEAR F.NDED 216 FF.BRL'ARI' 2024
101.'E%IEYT IN FIl￿DS- continued
A eurrcnl )'cor 12 months and prior ycar l ? mollih5 combin￿ posiiion is os follows..
Nci
movcmeni
in funds
Ai 113,'23
Ilnrestrlct¢d funds
3,014.759
1.557.183
4.571.94?
TOT AL FIIliDS
3.Q14.759
4,57
A currLnl ycaT 12 mtmihs and pri()r )'Lar l ? nivnths combJNLd nei mo%cniLmi in funds, Included In tJi¢ above arc
as follows..
Inciin)In
rc50UICCS
Re￿}urCeS
elPLndcd
(iaiDS and
losses
Movem¢ni
in fmnds
Unrestrlcted funds
1.145.187
11.281.985)
1.09J,981
1,551, INJ
TOTAL FUI%DS
145,IY7
11.2¥1,9851
1.691.981
.-557.18.1
16.
EMPLOYEE BENEFIT OBLIGATIONS
r)urinbT Ihc year Ihc ch3rity ¢i)nirihytcd iowards a persnnal defincd contribution %cheme solclv for its Chief
ExLcuI)i'c
Thc a5￿CL% L)f the 5Lhcnic arl hLld separaicl). from thos¢ of th¢ conipanN' in an ind¢pthdcnily
adniin151L Tcd fund. The pen51()n cosl char¥L iepresenis ci)niribuiion% payable by lh¢ ¢ornpan)' lo the fvnd and
aniiTrunl.% 11) £8.516 1?a?4 £9.1751. The amuuni (If confribuiii)ns ()ut%iaiiding ai lh¢ }'¢ar ¢nd was £nil120:4
RELATED PARTY DISCLC)SLRES
Diirinib Ihl yelir Ihc f h?£ rity paid for priniing ai cosi pri¢c of £1,4•8 from ParaTnuunl Cicalive uf which
Pag¥ 25

DJAR YDA TES
Applicdlion forms will be forw'arded lo those who participated last year.
DATES 2025
ThLir%(liiy 24 April
Thursday 8 May
WednLsday 4 June
Tucsd415' 19 Augusi
Tuesd&15' 2 Sepi
Tuesday 23 OLI
LIIEETINGS
A.(i.M.
Pop dnd Pros¢cco
Mdr Hall Cjoir
Duiidonald Cjoir
Unclc Bob's Cycle
Bougie Bingo
SPOIYSORILOC.ATION
Dr%'bV<ile Brewery, GlasgoH'
Oran Mor. Glasgow
Mdr HJII
Dundonald link5
Bearsdcn. Ab¢rfoyle
Wunderbdr. CJlas&FUW
DATES 2025
Thurs .$ Feb.
Aiinual Dinner
100 Companies. Doubletree
Fliltnn. Cilasgow C'.enlral Hotel
ALL DATES ARE PROVISIONAL AND SUBJECT TO CHANGF.
PROXY FOR,V
Pledse cornpleli return to..
. Q'HIF.F FXECUTIVE.
IIA I.'MAII. la
being d member of the Sociely, hereby appoini
as my proxy lo votc for mc and on my behalf al ilic Annual (Jcncral Meeting of the
Socieiy lo behcld 011 ?4 April 2025 aiid at any adjournment thcreof.
SICJNED THIS
DATE ()F
21125
NOTICF.2021