ADDISON-SMITHIEWART CHARITABLE TRUST Scottish Charity No: SC006493 REPORT AND FINANCIAL STATEMENTS YEAR TO 31 OCTOBER 2025 Book1 A01049.0001-AGMF-0510512026 ADDISON-SMITHIEWART CHARITABLE TRUST GENERAL INFORMATION AND REPORT OF THE TRUSTEES FOR YEAR TO 31 OCTOBER 2025 The Trustees present Iheir annual report and fSnancl81 statements for the charlty for th6 ytsar ended 31 st October 2025. The financial statements have been prepared in accordance with the a¢Gounting policies set out in Note I to the financial slalemenls and Comply with the Charity's Trust Deed, the Charities and Trustee Investment IScolland} Act 2005, the Charities Accounts (Scolland) Regulations 21)06 las amended) and the Accounting and Reportlng by Charlties.. Statement of Recommended Practice applScable lo charilles preparing Ihelr financial statements in accordance with the Financial Reporting Standard 102 applicable in the UK and Republic of Ireland IFRS 1021 (second edition issued October 2019 and effective 1 January 20191. Ob e¢tlve5 and activltias Ob'eclives of Trust.. The nel income arising is payable lo Scottish Veterans Residences (formerly The SGottish Naval, Military & Air For¢0 Veterans Resid8nces1. However, in the evonl of any change in this organisalion then the Trustees are given discretionary powers nder Clause Four of the Deed as to the disposal of the In¢ome and capital, but they may only dispose ol il for charitable purposes. There having been no change in the Veterans. Residences the Trustees continue to pay them the net income arising. ort on aclimtses The TrusV5 public benefit has been dlscharged by maklng a donalton in a¢wrdan¢e with ils obje¢tiv8s to an organisalion directly involved in the provision of charitable service5. At the close of this account Scottish Veterans Residen￿$ is due to be paid the net income for the yeaT and will therefore receive the sum of £16.488.0612024 £18.608.081- Achlevements and Performance Investrnenl li and erfomance In accordance with the Tru51 Deed. the Trustees have power lo invest in such stocks, sharos, investments and proporty in Ihts UnSled Kingdom or abroad as they in Iheir sole discretion think fil. The Trustees engaged Brewin Dolphi Securities Ltd as Inveslmenl managers. The Trustees investment policy is gear2d towards income generation whilst preserving, as far as possible. the capital of the Trust. In tho year to 31st October 2025 investments values have increased by 5.810 This is mainly due lo unrealised gains of approximately £53,600.00, al the account dale as a result of higher market prlces, were noted al the account dale. Income from investments (excluding bank interest) increased by 0.89 10 due to changes in the porttolio on the current and previous years. Pa¥e 2 ADDISON-SMITHIEWART CHARITABLE TRUST GENERAL INFORMATION AND REPORT OF THE TRUSTEES FOR YEAR TO 31 OCTOBER 2025 Flnanclal revlew: Financial revtew The investments of the Trust have a market value of £646,769.9712024 £611,244.01) and there are nel current assets of £3.537.00 (2024 nel current liabllilies £5.208.571 giving totsl funds of £650,306.9712024 £606,035.04}. The TrL¢sI recelved income of £20.898.06 {2024 £20,819.68) durlng the flnancbal year and £16,488.0612024 £18,608.08) is payable to the slated beneficlary. ReseNes olic There are no income reserves. Net income is distributed to the stated beneficAary. The restricted funds are represented, prlncipally, by a porllolio of investments. These are managed on a discretionary basis by the investment managers. As the Trust does not provlde dirocl charitable servlces, the Trustees believe that normal expenditure can be met either from income generated or from capital growth in their portfollo. supplemented from time lo Ilme by dOna￿on5 from Ihlrd parties. As Ihe assets of the Trust are held in a ready realisable form, funds to meet extraordinary expenditure can be raised quickly. As a resuS1 the Trustees do not therefore ¢onsider11 necessary lo maintain specific reserves. Risk mana emenl The Trustees have assessed the major rlsks to whlch the charity is exposed. In particular Ih05e related lo the operations and finances of the Trust and are satisfied that Systems are in place to mitigate our expostjre to the major risks. As the Tru51 relles on Its investment relums In order lo make its donations, the prlncipal risk faced by the Trust lies in the p8rformanco of ils investments. The Trustees have mltigated Ihls by retslnlng Snvestmenl manag8rs lo advlse them and by having a diverslfied portfollo. Goin concem The Trustees have no material uncertaintles as to the Trust's ability lo continue as a going concern. structure overnance and mana ement Foundln document'.- Trust Deed dated 12 October 1971 intmenl ol Trustees Power to appoint new Tru51ees has vesteol solely wlh the exlsling Twslees slncts the death of the Selllor on 13 March 1972. Decision makin l Trustees are actively involved in the decision making process. Pb¥c3 ADDISON-SMITHIEWART CHARITABLE TRUST GENERAL INFORMATION AND REPORT OF THE TRUSTEES FOR YE RT0310CT BER 2025 Related arties The partners in Turcan Connell are the directors of Turc8n Conn811 {Tru8te8sI Llmlted. Turcan Connell {Trustees} Limited does not make any charge for being a Trustee. During the year Turcan Connell were paid £7,124.40 Ilncluding VAT) 12024 £2.899.201 for the provlslon of legal, administrative and accounting servlces to the Trust. of whiGh £1.200.00 {2024 £1.200.00) remains outstanding al the year end. Adminlslratlon fees have increased during the year due to an increase in Unsoll￿ted donation requests and discussions wlh the investment managers regarding the Investment pollcy. The Trust has no omployees12024 None). Thg Trustees have engaged Turcan Connell to undertake the admin151ratlon of th8 Trust, remuneration for whlch Is recorded in th8 flnanclal statements. Mana ement The sole corporate fruslee is active in tha management of the Trust. 8fernn¢e and ad Inl tratlvé D• A Scottish Charil SC006493 Add Turcan Connèll Prfnces Exchange 1 Earf Grey Street Edinburgh EH3 9EE TTU te Turcan Connell ITrustees} Limitod Advlsers:_ Solldlor8 Inde e￿an1 ex8mln8r Turcan Connell 1 Earf Grey Street Princes Exchange Edinburgh EH3 9EE Paul HUtchiSr￿ ACA Azets Audit Services Quay 2 139 FountainbTidge Edlnburgh EH3 9QG Investment advisers R8C BTewin Dolphln Ltd Atria On8 144 Morrison Slffjet Edlnburgh EH3 8BR P￿￿4 ADDISON-SMITFVEWART CHARITABLE TRUST GENERAL INFORMATION AND REPORT OF THE TRUSTEES FOR YEAR TO 31 OCTOBER 2025 Statement of Trustees. The Tnjstees are resrK)nsible for preparing the report and financial statements in res onslbllitl8s In accordance with applicable law and regulations. res ect of the financial statements-. The CharflSes and Truste8 Investment {Scollandl Act 2005 and The Charities Accounts Iscollandl Regulations 2006 {as amended) require the Trustees to prepare financial statements for each financial year whlch give a true and fair view of the state of affalrs of the Trust and of ils results for that period. In preparing those financial stalemenls, the Trustees are required to follow best practice and: Sgled suitable accounting policies and then apply them consistendy- observe the methods and prfndples in the Charities SORP., make judgernents and eslimales that are reasonable and PTudent- - slate whether applicabl& accounting standards and ststements of recommended practice have been followed, subject lo any departures dlsclosed and explalned In the financlal slal8ments', and - prepare the finandal statements on the golng concem basis. unless tt Is nappropriate to assume that the Trust wlll COn￿nUe on that basls. The above noted legislation also requires the Trustees to be responsible for keeping proper accounting records which disclose wth reasonable accuracy al any 1Sme the financial position of the trust to enable them lo ensure Ihal the flnancial statements comply with the legislation. They aTe also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other brregu1arf￿es. Financial Statements re aration The Trustees conlirffl that the linanclal slalemenls for the year ended 31st October 2025 have been prepared so as to Comply with Current ststut requirements. the Charity SORP and the Trijsl's own goveming document. Approved on b8half of the Truslees Trustee Trustee Director Turcan Connell (Trusleesl Llmlled Dlreclor Turcan Connell (Trustees) Llmited Al IX LI'Z olfi¢Full name Dale Dale Pa8¢ 5 ADDISON-SMITHIEWART CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES I report on the financial statements of the Trust for the year ended 31 st October 2025, which are set out Dn pages 7t0 12. Rèspgctlve responslbllltles of trustees and Èxamlner The charills Trustees are responsible for the preparation of Ihe accounts in accordance with the terms of the Charities & Trustee Investment Iswllandl Act 20051.the Act.) and the Charities Accounts {Scolland} Regulations 2006 las amended} I" the Regulations"). Tha charlly Trustees cons1der that the audit requ1rement of Regulation 10{11 {al lo Icl of the Regulations does not apply. It is my responsibility to examine the accounts as required under section 44111 Icl the Act and lo stale whether Part￿Ular mallers have come lo my attenliorb. Basis of independent examiner's report My 8xamlnation was carried out in accordanGe with Regulation 11 of the Chariligs Accounts {Scotland) Regulations 2006 las amendedl. An examination includes a review of Ihe accounting records kept by the Charity and a comparison of the accounts presented wlh those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeks explanations from you as trustee5 concerning any such matters. The procedures undertaken do not provide all the evldence Ihal would be requlred in an audit, and consequently I do not express an audit opinion on the view given by Ihe accounts. Independent examlnerfs statement In the Course of my examination, no matter has come lo my attention 11 whi¢h gives me roasonablo cause lo believe that in any material respect the requlrements lo keep accounting records in accordance ¥Mth Seclion 4411 Ila) of The Charities and Trustee Investment (Scollandl Act 2005 and Regulali¢)n 4 of the 2006 Accounts Regulations las amended).. and lo prepare financial slalements which accord with the acco(Jnling records and comply with Regulation 8 of the Charifjes Accounts (scotla￿1) Regulallons 2006 las amended} have not been mel., or 21 to which, in my opinion, attention should be drawn in order lo enable a proper understanding of the financlal statements lo be reached. llj￿,- Name: Paul Hutchison ACA Azets Audit SeNices Address.. Quay2 139 Founlainbridge Edlnburgh EH3 9QG 07 July 2026 Date.. Pa¥e 6 ADDISON-SMITHIEWART CHARITABLE TRUST BALANCE SHEET AS AT 31 OCTOBER 2025 Noles 2025 2024 Flxed assets Investments 646,769.97 611244.01 Current as5els Cash on deposit 22,764.06 15,991.51 22,764.06 15,991.51 Less Current liabilities Amounts due in less than twelve months 119,227.061 {21,200.081 Net current assetsl {Ilabilltlesl 3.537.00 5.208.57 Net assets 650,306.97 606.035.44 Funds of the charlt Permanent endowment fund Irestricled) 650,306.97 606,035.44 Total charlty funds 650,306.97 606,035.44 The Notes on pages 9 10 12 form part of these account5. Approved by the Trustees and authorised lo bg signed on their behalf on Trustee Trust88 Dlrector Turcan Connell (Trusleesl Limited Dlreclor Turcan Connell (Trustees) Limited name Dale Date PAge7 ADDIsoN￿mITH1EwART CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR TO 31 OCTOBER 2025 202 Total 2024 Total Income and endow Investments ents from 20.898.06 20,819.68 Total Incorne 20,898.06 20,819.68 Ex endlture on: Raisin fund Investment management charges 15.307.741 (5,137.531 Charitable a Donations Support and governance costs livilies 116.488.061 118,608.081 18,815.201 {4,423.201 Total expenditUTe 30.611.00 28.168.81 19,712.941 17,349.13} Net galns on Investments 53.984.47 60,519.32 Nèt movement In funds 44.271.53 53.170.19 R8con¢lllatlon of fund¥ Total funds brought forwarfj 606,035.44 552.865.25 Total funds carrled forward 606.035.44 The Notes on pages 9 10 12 form part of these accounts. All funds are restricted. All of the above resun8 are derlved from COn￿nUIng acllv6ties. ADDISON-SMITHIEW ART CHARITABLE TRUST Notes To The Accounts Fgr the ar to 31st October 2025 1 Accounlin Po5icies al Financlal slalemenls re arallon The financial statements have been prepared under the historic21 cost convention wlh Items recognised al cost or transaction value unless otherwise ststed in the relevant notelsl to these accoun15. The financial statements have been prepared in accordance with the . Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their financial statements in accordance wilh the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 102) (second edllion issued October 2019 and effective 1 January 20191 and Iha Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, the Charities and Trustee Investment (Scotlandl Act 2005. and the Charities Accounts {Scotlandl Regulalioris 2006 las amended). The Trust conslilutes a public benefit entity as defined by FRS102. The charity has taken advantage of the provisions in the SORP nol lo prepare a Slalement of Cash Flows. The finandal ststemenls are prepared in slerfing which is the functlonal currency of Ihg charity. Monetary amounts In these financial statements are rounded lo the nearest whole pence. The flnanclal statements have been prepared on a going concern basi5. The Trustees have assessed the Trust's ability to ¢onlinu6 as a going con¢em and have reasonable exs)eclation that the Trust has adequate resources lo continue in DperaliDnal existence for the foreseeable future, thus they contlnue lo adopt the going conceTn basis of accountfng in prepaiing the financi81 slalements. b) Investments Investments are a form of basic financial instrument and are Initially recogni5ed al Ihelr transacllon value and subsequenly measured at Ihelr fair value (open market value} al the balance sheet dale. The Statement of Financial Activities includes the net gains or losses arising on revaluation and disposals throughout the year. Fair value revalualion of the Portfolio at the account date is done at either mid market price or bid price depending on the nature of the investment. nv stm nt ains and losses All gains or losses are taken lo the Slalemenl of FinancAal Activities as they arise. Realised gains and losses are ¢alculated as the dlfference between the sales proceeds and their opening ¢aTrying value or their pur¢haso value rf acquired subsequent to the first day of the financial year. Unrealised gains and losse5 are calculated as the differen￿ between Ihe fair value al the year end and their carrying value. Reallsed and unrealised gains and losses are combined in the Slalemenl of Financial Aclivilies. dl Income Investment income is induded in the financial statements in the year in which the Trust becomes entitled to rt,11 can be reliably determlned and there is probability of receipt. endilure Expenditure Is included in the financial slatefflenls on an aGcruals basis and rewgnised in full as swn as a conslruclive obligation exists, the sums payable Can be reliably measured and there is probability of payment. l>n¥e 9 ADDIS0N-SMITH￿wART CHARITABLE TRUST Notes To The Accounts For the ear lo 31 sl October 2025 f) Cost of raisln funds Investment management charges are included on an accruals basis and recognised in full as soon as a constructive obligation exlsts. ort and oveTnance costs Support costs are the costs associated with the direct management of the th8rity. Govemance costs are the costs of compllance wlth the statutory and regulatory requirements of the charity. Fees charged by Turcan Connell for legal and acCoun￿ng services are included in the accounts as follows.. Support (Legal and Admlnistralive Costs) - 50Y Governance IA¢Gountan¢y Costs) - 50° These are recorded in support and governan￿ costs in the Slalement of Financial Activities. Indep8ndenl Examlnalion Fees are recorded in support and governance costs in the Statement of Fillancial Aclivilies. All other governance and support costs are recorded In the Slalem&nt of Financ¢al Activities as approprsate. Support and goveman¢e Eosts are not allocated against individual grants or donations. h) Grants Grants authorised to be pald In respect of the accounsing year or fLrture years are prO￿ded for in the financlal statements in the year in which they are authorised. The Charty is not register6d for VAT purpose5 and all VAT incurred is therefore irr¢¢overabl&. Whero applied, VAT is induded as part of the expense. Il Cash balances Gash includes cash in hand, deposits held al ￿11 with barbks and olheT short-lerm liquSd investments with original malurilies of three months or less. 2 Current Liabilities 2025 2024 Turcan Connell, admSnlslrallon fee Azels Audit Services, examinalion fee Scottish Veterans Residences - income balance as al 31 October 1,200.00 1,539.00 1,200.00 1,392.00 16,488.06 18,608.08 19,227.06 21,200.08 Pigc 10 DISON-SMITHIEWART CHARITABLE TR ST Notes To The A￿O￿nIS For the ar lo 3151 October 2025 3 Trus esex enses The partnars in Turcan Connell are the dlreclors of Turcan Connell ITrusleesl Llmlte(J. Turcan Connell (Trusleesl Llmited does not make any charge for b&ing 8 Twstee. During the year TLErcan Connell were paid £7,124.40 (including VATI12024 £2,899.20) forlhe provlslon of logal, administrative and accounting s&rvices to the Trust. No fees are paid lo the Trustees. The Trustees act gralullously. The Trust has no employees12024 None). co 024 Dividends and interest Bank interest 20.628.50 269.56 20,447.11 372.57 20,898.06 20,819.68 5 Invest enls 25 2024 Fair value as at 1st November 2024 611,244.01 381.070.36 Add Purchases 68,308.76 179,570.15 Deduct :_ Sa168 186,767.27} 19,915.82) 592,785.SO 550.724.69 (959.22) 61,478.54 Net realis&d galnsl Ilosse81 Unrealised galns 408.48 53.575.99 53.984.47 Foir value as al 31st October 2025 646,769.97 611,244.01 UK 8ond5 UK EquS1ie8 North American Equities European Equities Japanese Equllles Developed Asia lex Jpnl EqUil￿S Global Equltie8 Absolute Relum Propety Commodities Other Investments 154.554.75 84,068.67 178.096.74 28,622.26 16,978.50 32.964.02 25,385.51 41.793.98 18,657.43 39.930.81 25,717.30 23.90 13.00 27.54 4.43 2.62 5.10 3.92 2.88 6.17 3.98 646,769.97 100.00 PH8e 11 ADDISON.sMITH￿WARr CHARITABL Notes To The A unts For the ar lo 3181 October 2025 51 All investments are Ilsled on a rec(vJnised stock exch8nge and are held ￿thIn the UK. The maln risk to the Trust from financial instruments lies In the volalility of th& markets. The Trust's Investments are malnly traded in markets ￿th good Ilquldlly and hlgh tradlng volumes. The Trust has no material 5nv85tm8nl holdings In markets subject to exchange controls or tr8dlng restrfclions. The Trust manages thes8 investrnent rtsks by retaining expert advlsors anrj operatlng an Investment pollcy that provides for a high degree of diversification of holdings wthin invaslment asset class&5 that are quoted on recognised stock exchanges. Investments ropresent the lolal amount of assets measured at fair value that are recognlsed though net In¢ornelexpenditure. 6 Cost f raisin funds 2025 2024 Investment management charyes 5,307.74 5,137.53 7Su ort and ovem nce costs 2025 2024 ort costs Legal & admlnistrallon fees Olher Costs 3,562.20 4.80 1.449.60 3,567.00 1,449.60 Govemance costs Accountancy Independent examination 3.562.20 1,686.00 1,449.60 1,524.00 8,815.20 4.423.20 8¢12 TURCAN CONNELL ITRU8TEESI LIMITED DIRECTORS REPORT EXTRACT Dlr•ctors and thelr InleTe$ts The DIr￿or$ Woffi¢e dunr9￿Ye￿ erthd 3151 July2025 Mre Is f01r￿.. len RDbert ry8rk Nbll Strfnger DA￿￿ Cameron ogfvy Akxander Kenn8th Ga Grl8rson Robert DU￿0p Gillbn Crnndl8$ Gavln Grth￿ R Murray Duncafi SO￿ e Shlr*Ww Jennlfer Younger Slmran K8w P8rwg8r.Saggu Sarah Vktorta Jathsro IRe51gied 31slMor¢h 20251 Appolnted 1giApril 2026