The Royal Scots Regimental Trust Exitus Report and f inancial statements for the year ended 31 March 2022 Scottish Charty numlH'. SC008001
The Royal Scots Regimental Trust Exitus Contents Page Reference and administrative information Report of the Trustees Trustees. responsibilities statement Independent auditor's report Statement of financial activities 10 Balance sheet 11 statement of cash flow5 12 Notes to th8 finan¢ial statements 13
The Royal Scots Regimental Trust Exitus Reference and administrative information Trustees Honorary Governance Advisor Honorary Legal Advisor Reglmental Admlnlstrator Reglmèntal Secretary Address The Royal Scols Regimental Office The Royal Scots Club 29-31 Aber¢romby Plac8 Edinburgh EH3 6QE Bankers The Royal Bank of Scotland 36 St Andrew Square Edinburgh EH2 2YB Barclays Bank Unit 2, 10 - 15 Princes Street Edinburgh EH2 2AN Treasurers Henderson Loggie LLP 11 15 Thistle Strèet Edinburgh EH2 1DF Auditors Geoghegans Chartered Accountants 6 St Colme Street Edinburgh EH3 &4F Investment Managers Brewin Dolphin Ltd Sixth Floor, Atria One 144 Morrison Street Edinburgh EH3 8EX Charlty number SC008001
The Royal Scots Regimental Trust Exitus Report of the trustees for the year ended 31 March 2022 The Trusteeg present their report along the financial slalemenls of the ¢harily for the year ended 31 March 2022. The financial sta16menls are prèpared in accordance th the accounting policies as set out on p*Jes 13 and 14 and comply wqth applicable charity law. The Trust changed il's name frgm The Royal Scots Regimental Trust lo The Royal Scots Regimental Ttusl Exilus on 1 November 2021. Objectivgs ond actlvlilès ObisGtwes The Trustees Shall apply the funds of the charity t¢gelherwth any add(£ional estate or income paid into the charity in such manner as they think fil forany purposes thich appear to them in their absolute disCtIOn to be directed lo promote the efliciency of the Amiy by all or any of the foll¢wihg means.. By preserving the hislEiry and traditions of The Royal S¢ol8 (the Royal Regimenll lyhè Regiment ) and perpetuating its deeds. By malntaining contact between forner members of the Regiment and membets fomie members of ils successor Reglment, The Royal Regiment of Scotland, and providing for stseia gatherings forthem. By assisting former members of the Regiment and memb8rs and former mèmbers of ils sakl successor Regiment In search of employment in civilian life lo obtain such employment. By giving flnan¢ial assistance or assisting with the provision of financial assistance by others, b lonner membets of the Regiment and lo members and fomer Members of its said successor Regiment who are serving in orwho have served in or been attached for service to the Regiment or ils said successor Regiment are in necessitous circumstances and lo their spouses. IdOws, wdower8, children and other dependanl$ in such circumstances. By promoting and matnlaining Ihe esprit de corps of the Regiment and its said successor Regiment and their respective fomer members and members. By promoting the improvement, efficiency, benefil orwelfare of the said suocessor Regiment. Such other means as the Trustees shall think fit. In furtherance ol the objects of the charity. but not othetwise, the Twslees shall have power to make grants or loans to Royal Scots Museum Twsl Iscollish Charity No.. SC0051631 and tho Royal Scots War Memorial Fund. The Trustees $haS1 also have power to make payments to other chantable bodies whose objects are the same or similar lo those herein sel out orwhosè operations m8y militate in achievlng either directly or indlreclly those herein sel out. AGlivilies The Truste&s have continued to give 8UPPOrt to The Royal Scot8 8ord&prs, 1st Battalion The Royal Regiment of S¢otland, the successor lo the 1st Battalion The Royal Scol$ he Royal Regimenll. The Royal Scots Borderers, ISI Battalion the Royal Regiment of Scotland was re4e8ignated 151 Battalion The Ranger Regilnent on 1 December 2021 and the Trustees have continued lo give support lo thi$ new battlOn. The Tte¢S have continued to support all branches gf The Royal Scots Association.
The Royal Scots Regimental Trust Exitus Report of the trustees for the year ended 31 March 2022 (cOntKMdj Achlgvements and performancè Durlng the year £10,340 12021.. £10.2871 was paid out in grants to 32 individual812021.' 31 indivldualsl The range of nomial grants awarded was between £200 and £600, 1¢h is wlhin the parameters set by the Trustees in the GrAnt Making Policy. This policy slates that the Tnjst wll support fomermembers of the Reglment and their families in need of charitable welfare support. Up lo 31 July 2021 cases were assessed by the Regimental Adminislralor. supported by appropriate advisors {e.g. SSAFAI, and slatulory authorities, and fyre possible almonise wth olher charitable grant makers le.g. Army Benevolent Fund The Soldiers Charity. Poppyscotlandl. The administration of this activity was transferred to Regimental Headquarters IRHQI ofThe Royal Regiment of Scotland ISCOTSI, successorregimenl to The Royal Scots (the Royal Regiment), on 1 August 2021. The criteria foraward of grants are stipulated in a Memorandum of Under8landing,' the process is monitored by the Regimental Secretary on beh81f of the Trustees and funds are transferred then qUired. In addition lo the monies disbursed by RHQ SCOTS, they still relain £3,260 that has ljeen allocated, bul not yet used. The Trugl has continued lo support Heritage activities during the P10. The most notable was the f Nllion of a project over two years to create a Royal Scots Memorial at the National Memorial Art)orelum in St8ffordshire. This Culminated wth the unveiling ceremorky in October 2021 and il now fom$ a permanent memorial in a national ¢onlext lo all Roy81 Scots. The Trust has continued to 8ilPPOrt Royal Scots Association. Easing of COVID-19 reslriclions has pennilled the organisation of more activities, although these have still not relumed lo pre-pandemic levels yet. The Regimental Office has reopened and has operated in accordance 1th Govemment guideline, providing il nomial administrative functions and wiser support lo veterans and the Regimental Family. The Trust continLd to raise funds bydonations. fundraising aclivilies, and fromthe sale of regimental items held as shop stock in the Regimental Olfice. Financlal roviow The slalement of f inancial activities forlhe year is sel out on page 9 of the financial slalemenls. A summary of the financial fesulls 18 given below. The income forthe year was £73,119 12021.. £70,4941- PrIlal funding sources were largely investment in¢ome togetherrith some income from social functions and retail sa5es. A grant of £30,000 was received for the Veterans, Foundation to assist with staff salaries. The grant was ce1Ve4 in Nov 202110 cover one year, 80 £12,500 has been allocated lo 2021122 as income, Expenditure was £134,887 12021.. £105,159) and this produced an excess of expenditure over income of £61,768 12021.. £34,6651- Investment income in the year has seen tDtal income of £53.305, which is a decrease on t £54,063 from last year. However. there has been a realised gain on disposalsol £33.55712021.. £42.571) and an increase in investment valL* of £106,711 12021.. £350.531). Risk The Tnjstees review the risks faced by the organisation routinely al the bl-annual Trustee meetiNJs and as required by exception. Risks are recorded in a Risk Register and appropriate action is taken lo mitigate risks where necessary. Measures implemented lo msnage the situation as a result of COVID-19 have proved effective and have allowed the Tnjsl lo continue fun¢lioning in a safe environment in accordance wth Govemment guideline5.
The Royal Scots Regimental Trust Exitus Report of the trustees for the year ended 31 March 2022 (continued) Investment pollcy The investment portfolio is monitored regularty by the Trustees in Gonjunclion with diSctiOnary management from the inve$lmenl advisers. The impact of thB COVID 19 pandemic and impact on future relums were al80 ¢8fullY considered. Followng the recommendation from the investment manager, the Investment Policy was changed from an income bias lo one of total relum. Prior to adopting this recommendation, Trustees considered Ihis change thoroughly and conducted additional moniloring of the Investment Policy in light of prevailing matkel conditions. This additional monitoring supports this recommend*ion. The change of1nveslment Policy was implemented in November 2021. The investment objective 18 to obtain a mix of capital gr0h and inwme from a diversified risk portfo). Thls chttnge has increased diversification, opened up the investment universe and enabled the manager lo considera wider range of Companies to choose fr¢m the only specific Testriclion lo investmenl powets is that no more than 15% is placed in fixed intefe8t securil¢es orfixed interest ¢ollectlvefunds. Trustees are $olUte in ensuring thè Investment Policy remain8 appropriate as recovery picks up. All investments are held forthe Trustees by a nominee company of Brein Dolphin. The tota1 increase on the Trust's investment portfolio of 24.8% overlhe year compares against an increase in the Brewn Dolphin Risk Index of 28.3Yo. The Trust operates wth a Risk Level of 7 out of 10 lch represents moderate lo high risk. Reserves The Trustees aim to maintain gufficienl cash deposits via ad hoe quarterly thral$ from the portfolhti and an investment portfolio so that both the ongoing costs of running the trust and the payment of grants may continue to be made. The reserve8 policy is therefore to maintain an investment portfolio that generates real grovrth in capital and in¢ome over the long term to allow thls pollcy to continue. There are no restricted or designated funds. All funds may be applied al the discretion of the Trustees. The tota amount of reserves held al 31 March 2022 is £2,300,030 12021.. £2,221,530>. Generating sufficient in¢ome lo cover expenditure is a challenge vthi¢h is likely lo be made more difficLIt th dividend reslriclions in the aflemialh of Ihe current pandemic. To miligale this expectation, the recommended change lo the Investment Policy was adopted. The aim is to offergrealer growth potenti ich could be accessed via ad hoc quarterly wthdrawals and offset the reduced levels of anticipat income due lo depressed yields. Further Grant Funding is being explored al¢ng wlh minimal portfoto thdrawals lo Support the budget. In selling the policy forthe use of reserves Trustees were mindful of need lo meet the objectives of the Trust bul recognise that over lime there will be fewer fomier members of the Regiment and fewer dependents requiring asslstance. In the lightof this a modest use of the reseNes to supplement income each year is acceptable bul is closely managed by caref ul budgeting to ensure that the needy of cuffent and future beneficiaries can be met and so faras possible capital value gf the funds maintained. As al 31 March 2022, the Trust investment portfolio had an estimated annual gros$ in¢ome of £53.300 {sourGe'. Brewn Dolphinlcompared lo actual incomein the year to 31 March 2021 of £54,053. The Trustees believe this lo be a realistic level of incom& lo be anticipated for the Trust from its reserves duriny the ongoing aflernath ef the pandemic. given the TDJst requirement and investment mandate agreed, Desplt¢ the expected reduction in dividend income in 2021122 due lo constraints arising from the pandemic plac1 on the Companies in which the Trust holds inveslmenls, the Trustees are satisfied given the level of reserves to proceed w41h a budget that shows expenditure in excess of income.
The Royal Scots Regimental Trust Exitus Report of the trustees for the year ended 31 March 2022 (continued) Futur• plans The Tnjslees wll continue their activities in accordance wth the Obje¢live$. A major project is nearing completion, thich will create a Scollish Charitable Ineorporaled Organisation ISCIOI into which The Royat Scots Regimental Trust Exilus, The Royal Scots Museum Trust and tho Royal Sctsls AssDciation wll be merged. thus streamlining govemance and taking advantage of adminislralive efficiencies. This is part of a wder initiative to ensure an endufing Royal Scots legacy. In due cOue con8ideration will be given to seeking charitable slalus forlhe Royal Scots War Mèmorial Fund, currently a Scollislj Public Trust, and on ch the Royal Scots Club is based. wlh the eventual aspiration lo bring it Into the SCIO, thus bri ngiThJ greater Coherence between all elements of the Regirnenl. Structsrg, govgrnanco and management The charity is govemed by the Deed of Tru51 whiGh was executed on 18 May 2011 and 24 November 2011 and re9iStered in the 8oDks of Council 8nd Session on 7th September 2012. Appolnknent of Tru5ts0$ The Trustee$ hove the power to appoint new Iwstees and appolnted one new Trustee. Maj WS Matshall. in JLIY 2C121. Management Owanisation Capt J Springthorpe retired from the post of Regimental Adminislralorafler nearfy seven years of service in the position. Maj JV Dent hag resigned as Secretsry lo the Trustees after many years of $ervi¢e. Bolh roles have been subsurned into a new position ol Regiment81 Secretary, to which Ll Col DT Jack was appointed in August 2021. The Twste&s determin& the policy and agree the principal dislribulions to be made during the year. The manag&ment is carried out by the Re9imental Secretary. supported by the Executive Committee, which has delegaled powers of decision making. Approved by th& Twsttsos and signed on their behalf 20 May 2022
The Royal Scots Regimental Trust Exitus Report of the trustees for the year ended 31 March 2022 (continued) Trustees, responsibilities statement The Trustees are responsible for preparing the report of the Iru8lees and the financial statements in accordance with applicable Law and United Kingdom Accounting Standards (United Kingdom Generally Accepted AccoLÉnling Pra¢lice}. The law applicable to charities in Scotland requires the Trustees to prepare f inancial slalemenls foreach flnancial period which give a true and fair view of the state of affairs of the charity and of the incomirg resourceg and applicolion of resources of the charity forlhat period. In preparing these financial statements the truslees are reqUId to.. select 8uitsble 8CCOUnting policies and then apply thom consistently.. obselve the methods and principles in the Charities SORP 2019 {FRS1021'. make judgments ar¥J estimates that are reasonable and prudent,. slate ether applicableaccountlng $18ndards have been followed, subjeclto any departures disclos8J and explained in the financial stslements., prepare the financial statements on the going cor*Em basis unless it 18 inapproprfate lo presume that the charity will continue in operation. The Trustees are responsible for keeping proper accounting records 1¢h disclose wth asonable accuraGy al any lime the financial po811ion of the charity and which enab le il to ensure that the financial statements comply wtlh the Charities and Trustee Inve51menl ISGolland) Act 2005, the Charili6s Accounts {Scollandl Regulations 2006 las amendedl and the provisions of the charity'$ conslilulion. They are also sponsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detectitsn of fraud and other itTegul&rilies.
Independenl auditor's report to the Trustees of The Royal Scots Regimental Trust Exitus Oplnlon We have auditwj the financial statements of The Royal Scots Regimental Trust Exitus (the 'charity'l lorthe year ended 31 March 2022 1¢h comprise the slalement of financial aclivilies, the balance sheet, the statement of cashflows and notes lo the f inancial statements, including significantaccounting policies. The flnancial Teporting framework that has been applied in their preparation is applicable law and United KSngdom Accounting Standards, including Financial Reporting Slandafd 102 The Financial Rep orting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Ac¢epled AccountirYJ Practice). In our opinion the financial statements.. give a true and fair view of the slate of the charity's aflairg as al 31 March 2022, and of ils incomr resources and applicationof resources, including ils income and Èxpenditure, forthe yearlhen ended have been property prepared in accordance with United Kingdom Generally Accepted AccountirvJ Practice., an have been prepared in accordance th the requirements of the Charities and Trustee Irbveslmenl ISGotlandl Act 2005 and regulallon 8 of the Chawities Accounts IScolt8ndl Regulations 201X. Basls for oplnlon We conducted our audit in acwrfance wlh Intemational Standards on Audiling (UK) IISAS IUKII and applicable law. Our responsibilities under those 8landards are further described in the Audilorfs responsibilllies for the audit of the financlal statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant lo our audit of the finafi¢ial statements in the UK, including the FRC'S Elhi¢al Standard, and we have fulfilled our other ethical responsibilities in accotdance wlh these requirements. We believe that the audit evidence we have Obtain is sulfi¢i&tt and appTopiiateto provide a basis ftsrouropinion. Con¢lu5ions relatlng to golng concem In auditing the financial slalemenls, we have Goncluded that the Iruslees, use of the going Concwn ba&s of accounting in the preparation of the financial statements is appropriate. Based on the w)rk we have performed, we have not identified any material uncertainties relatir¥J lo events or conditions that, individually or ¢oll¢clively, may Cast significant doubt on the charity's abi lily to continue as a going concem fora period of at lea81 twelve months frOMen the financial statements are aulhcrised for issue. Our responsibilities and the responsibllilles of the trustees wth respect to going concem are des¢rib¥J in the relevant sections of this report. 0th8r information The other information Comprises the infofmalion included in the trustees annual report4, other than the linancial statements and our audilorfs report thereon. The trustees are responsible for the other infomiation contained wthin the annual report. Our opinion on the financial statement8 does not ¢over the olher infomalion and, except lo the extent otherwise expli¢llty slated in our report, we do not expre88 any fomi of assurance conclusion IhereDn, Our responsibility is lo read the other information and. in doing so, consider thelher the other infomation is materially inconsistent wlh the f inancial stal&menls or our knOedge obtained in the ¢ourse of the audit or othetwse appears to be materially misstated. If we identify such merial inconsistencies or apparent material misslalements, we are requir to delennine ether this gives rise lo a material misstatement in the f inancial statements themselves. If, based on the work we have perfomed, we concludethal there is material mi88latement of this other information, we are required to pOrt I1 fact. We have nothing to report in thi8 regard.
Independent auditor's report to the Trustees of The Royal Scots Regimental Trust Exitus (oontinu&dJ Mattgrs on whlch wo are required to rgport by ox¢eption We have nothing to report in respect of the followng mallers in relation to 4thich the Charilles A¢counts {Scolland} Regulations 2006 requires us to report lo you if, in our opinion.. the infomiation given in the financial statements is inconsistent in any material re$pe¢l with the trustees, report,. or proper accounting records have not been kept,. or the finan¢ial statements are not in agrEemenl wth the accounting records.. or w¢ have not received all the infomialion and explanations we require forour audit. Rè$pon$ibSlltl88 of Trusteo As explained more f ully in the trustees, responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for 8u¢h Intemal control as the tNslee$ delemiine is necessary lo enable the pparatIOn of financial statements that are free from material misstatèment, vthether due to fraud orerror. In preparing the financial slalemenls. the Injslees are responsible for assessing the Charity's ability lo continue as a going concem, disclosing, as applicable, matters related lo going ¢oncem and using the goin9 concem basis of accounting unless the IrusteÈs either intend lo liquidate the charity Dr lo cease tsperalions. or have no realistic altemalive but lo do so. Auditor's rèsponsibilities for the audit of th$ financi*l $tat8monts We have been appointed as auditor under section 441111¢) of the Charities and Trustee Investment (Scotlandl Act 2005 and report in cOrdanCe wth regulations made under th81 Act. Our obleclives are to obtain reasonable assurance about her the financial statements as a wIle are free from material misstatement, whether due lo fraud or error, and to issue an auditorfs report that in¢lude5 our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that a) audit conducted in accordance with ISAS IUKI will always detect a material misstalemenl wIn il exists. Misstalemenls can arisè from fraud orerror and are considered material rf, individually or in the aggregate, they Could reasonably beexpected to inf luence the economicdecisions of users taken on the basis of these finanGial stalemenls. Ifregularitles, inclLtding fraud. are instances of nonkncompliance ¥%ith laws and regulations. We identify and assess the risks of material misslatemenl of the financial Statements, whether due to fraud or error. and then design and perform audit procedures to respond to those risks, including obtsining audit evidence that is SLrfficienl and appropriate lo provide a basis for ouropinion. In identifying and asse$$ing risks of matwlal mlsslalemenl in respect of irTegularities, including fraud and noTrcompliance th laws and regulations, we considerthe followng.. The nature of the incluslry, control environrnenl and business perfom)8nce of the charity The r6sulls of Ouf enquires with management and the Trustee8 about their own identification and assessment of the risks of irregularities The mallers discussed among the audll engagement leam regarding how arKI vknere fraud migvft occurin the f inancial statement8 and any potential ilicatOrS of fraud. As a result of these procedum, we consider the opportunities and incentives that may exist wthin the harily lorfraud. In common wth all audits under ISAS IUKI, we perform specific procedures to respotyl to the risk of management override and inappropriale income recognition.
Independent auditor's report to the Trustees of The Royal Scots Regimental Trust Exitus (continued) Auditor'$ responsibilities for thè audlt of the financial ststgments (continued) We al80 obtain an understandlng of the legal and regulatory environment in which the chaiity operates, focusing on those laws and regulations that have a dlrecl eflecl on the delerminalion of material amounts and disclosures in the financial statements and Ihose whlch may be fUBMental Its the charity's ability to operate. The key laws and regulations we considered in this context included the Statement of Reoommended Practice.. Accounting for Charities FRS 102 P0191, the Charities and Trustee Investment (Scotlandl Act 2005 and the Charfll&s Accounts {Scollandl Regulations 26. Because of theinherent limitslions of an audit, there is 8 risk that vill noldelecl all irregularities, including thoseleading tci a material misslatemenl in the financial statements or non-complian¢ewlh regulation. This risk increases the more that compliancewth a law or regulation is removed from the events and transactions reflected in the financial statements, as we wll be less likely to become aware of Instanc of non-compliance. The risk is also greater regarding IgUlaritIeS occurring due lo f raud rather than error. as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further (fescriplion of oui responsibilrties is available on the Fin8nci81 Reporting Council's website al.. .ukJ ur- nd- e-lor- uditorslAuditors- on ies-for-a or- This description lorms part of our ouditor's report. ida di ors.re Use of our r•port This report is made solely to the charity's trustees. as a body. in accordance with Regulation 10 of the Chartties Accounts {Scollandl Regulations 2006. Our audit work has been undertaken so that we might slat& lo the charity's trustees those mallers we are required lo slate lo them in an audrtorfs report and for no other pu0$e. To the fu11esl extent permitted by law, we do not accept or assurne responsibility to anyone other than the charity and the charity's trustees as a body. lor our audit work. fo¥ this report, orlor the opinion$ we have formeLI. Googhegans. Chartorgd Accountants Slalutory Auditor 6 St Colme Str1 Edinburgh EH3 6AD 20 May 2022 Geoghegans is eligible to act as 8udilorin terms of section 1212 of thg Companies AGI 2006.
The Royal Scots Regimental Trust Exitus statement of financial activities for the year ended 31 March 2022 Unrestri¢tsd 2022 Unrestricted 2021 Nota Incom Donations and grants Income from charitable activities Income from trading activities Income from investments 16,764 2.400 650 53,305 16,362 69 S4,3 Total Income 73,119 70,494 Expondlturn Expenditure on raising funds Expendllure on ¢hirilable activltles 115,2081 1119,6791 112,7191 192,4401 7a Total &xp•ndlture 1134.8871 1105, 1591 Net expendituro and n&t movement in fvnd¥ b9forg gains and 10s5ès on invostsnents 161,7681 134,6651 Realised Investment gair¢$ Unrealised gains 33,557 106.711 42,571 350,531 Net incomè 78,500 358,437 Fund balances brought forward 13 2.221.S30 1,863,093 Fund bafancos carrigd foTv•rd t3 2,300,030 2,221,530 The notes on pages 13 10 20 fom part of these financi* statements. The statement of financial a¢tivilies inclLKles all gains and losses recogt)ised in the period. io
The Royal Scots Regimental Trust Exitus Balance sheel as at 31 March 2022 2022 2022 2021 2021 Note Flxed assets Investmenlg Tangible assets 2,280,595 455 2, 192.765 416 io 2.281.OSO 2,193,181 Current assets Debtor3 Cash at bank and in harKI It 5,16 56,737 3,834 31,136 61,906 34.970 Credltors Amounts falling due wlhin one year 72 142,9261 16,621) Ngt currènt assets 18,980 28,349 Total assèts less currènt liabillll•s 2.300.030 2.221,530 Funds Unreslricled fund Revalualion reserve 13 13 1,8S8,028 442,002 1,621,617 599,913 Totsl funds 2,300,030 2,221,530 The accounts were approved by the Trustees on 20 May 2022 and signed on their behalf.. SC008001 The notes on pages 13 to 20 foThn part of these flnancial stslements.
The Royal Scots Regimental Trust Exitus Statement of cash flows for the year ended 31 March 2022 2022 2022 2021 2021 Cash 1106 from opeTatlng activltles Net income Net Igainsl on investments Income from investments lkncreaseydecrease in debloTs Increaselldecreasel in creditors Depreciation charge 78.500 1140.2681 IS3,3051 11.3341 36.305 208 358,437 1393,1021 154,0631 2,112 {4,0211 209 Cash u$gd in opordting actlvities 179,8941 190.4281 Cash used In Invostlng activities Investment income Payments to acquire investments Receipts from sale of investments Movement in cash held in investment portfolic* Payment to acquire tangible assets 53.305 1747.4351 818,015 118,1431 12471 54,063 1395,442) 419,399 9,112 14301 ash provlded by Investlng actItI8$ 105,495 86.702 Incr?1{de¢reaS8l In cash and cash •quival&nts In the year 25,601 {3,7261 Cash and ¢h equivalents at thg b9ginnlng of thg year 31,136 34,8e2 Total cash and cash equivalènts at th• and ofth8 yoar $6.737 31.136 Cash and cash equivalents comprise- Cash at bank and in hand 56,737 31,136 12
The Royal Scots Reglmental Trust Exitus Notes to the financial statements A¢¢ountiftg poli¢l¢s Charity status The charity. which is unincorporated, is govemed by a Deed gf Trust 1¢h was exe¢uled on 18 May 2011 and 24 Ngvember 2011 and regiSted in the Books ol CgtJn¢il and Session on 7 September 2012. The Royal Scots Rlmental Trust Exilus conslitul¢s a public benefit enÉily as defined by FRS102. Bas1$ of preparatlon The financial statements have been Prepared on a going concem basis in accordance with applicable accounting standards and under the historical cost accounliny rules, ex¢ept that investments held as fixed assets are carried at fair value, and in accordance 8th applicab accounting standards. The financial statements comply wth the Charities and Trustee Investment (Scotlandl Act 2005. the Charities Accounts (Sootland) Regulations 2006, the Statement of RQMMended Practice ISORP) FRS102 Accounting and Reporting by Charities. i88U8d in October 2019 and in accordance wlh Financial Reporting Standard 102 IFRS102). The Trustees consider that the financial statements should be dra up on a going ¢on¢em b8SB as investments genèrate funds sufficient to cover the grants paid and Dther &xp&nditure. Th& anticipat&d Iran8fei of the a¢livilies of the Trust lo a Scollish Charitable Incorporated Organisation ISCIOI wll have no impact on the continuing operations of the Tru81. Fund a¢counting General funds are unrestricted funds wthich are available for use al the discretion of the Injstees in f urtherance of the general objectives of the ¢harily and which have nol been designated for other purposes. Designated funds are those ther¢ the Truste&s have Identified funds to be used tovards a spe¢ir purpose at their discretion. Tnere are no restricted funds. Incomè Income is cognISed In the finarKlal s18lements en there is legal enlillement to the income, the amount can be qyanlified wth re8$onable accuracy and en receipt is probable. Donalton$. lega¢ie$ a1 Similar incoming resoUe$ are included in the period in which they are receivable, lch is vthen the charity becomes enlilled lo the re501ffce. Donated facilities are recognised in income al their fair value when their econornic benefit is probable, it can be measuretj reliably and the charity has control over the item. Fair value Is determined on the basi5 of the value of the gift lo the charity. kncome fromch8ri18ble activilles compSe8 income from regimental gatherings and so¢i81 functio and is recogniged in the period in which the event lakes place, which is vthen the Charity becom89 entitled to the income. Income from trading activities comprises proceeds from the sale of items through the shop, ch is recognised when the sale is complete and the charity becomes entitled to the income. Interest on funds held on deposit is included e1vble and the amount can be measured reliably by the charity,. this 18 normally upon notification of the interest paid or payable by the Bank. Dividends are r6cognised 0e the dividends have been declared and notification has been received of the dividend due. 13
The Royal Scots Regimental Trust Exltus Notes to the financial statements (continued) Ac¢auntlng policies (confinued) Expendiknre Expenditure on raising funds includes costs associated with generating income for the charity through ils investment portfolio or through ils shop. Charitable expenditure comprises both the direct costs of grant making and those costs of an indirect nature neaessary to support them. Grants payable are payments made to thitd parties in the furtheran¢e of the charitable objects of the Gharily. In the case of an unconditional grant offer, this is accwed once the recipient has been notified of the award. This notification gives the recipient a rpasonable expectation that they wll receive the grant. All expenditure Is accounted foran onacctuals basis en there is a legal or¢onslructiv$obligath)n ich can be measured rdiably. After careful consideration it was decided that the expenditure from regimental gatherings and socialfunction$ were charitable expenditure rather than lundraisirg aclivilies. Support costs are those incurred in connection wlh admnistRI10tj of the charity and compliance with constsluliorial and slalutory requirements. Investmpnts Investments are a form of b8sic finan¢ial instwment and are initially Yecoynised al their transaction value and subsequently me8sured al their fair value al the balance she&t date using the closi market price. Realised and unrealised gains and 108ses are charged or credited in the statement of financial activities and are allocated to the endowment fund. The eharily has no complex financial inslwmenls. The main fomi of financial risk faced by IheTru8t 1$ that of volatlllly in the inve$lment markets due lo wder economic conditions. Tanglblg fixed assets Tangible fixed assets are stated al Gosl less deprpciation. Depreciation is ¢alGLI?ted so as lo wyile olf the costof an ass81. less its eslimaled residual value. overlho useful econom ic life of that ass as follows.. Computer equipment 3 years Straight line Cash at bank and in hand Cash at bank and in hand inclL#Yes cash 1¢h is ceSsible on demand. Dgbtors Other debtors are recognised at the settlement amount due. Prepayments are valued al amount ppaid net of any trle discounls due. Creditors and provislons CreditOTS and provisions are recognised vthere the charity has a pTrsent obligation resulting from a past event that wll probably result in a transfer of funds to a third party and the amount due to settle the obligation can be measured or eslirnaled reliably. credito and provisions are nomially recognised al their settlement amount afterallowing forany trade di5Gounls due. Opernng lèasgs Rentals payable under operating lease8 a charged lo the SOFA on the stralght line basis over the lease lemi. Flnanclal Instrumonts The charity only has financial assets and finaneial liabilities Df a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised al transaction value and subsequently measured al their settlement value. 14
The Royal Scots Regimental Trust Exitus Notes to the financial statements (continued) Donations and grants 2022 2021 Donation$ in kind Other smaller donations Grant iOme 15,000 1,362 4,264 12,500 16.764 16,362 Inc(*ne from charltablè actlvltles 2022 2021 Social functions In¢om• from trading actlvltl•s 2022 2021 Shop sales Other income 175 47S 69 650 69 Incom• from inve$lments 2022 2021 Dividends Bank interest $3,300 54.053 10 63.305 54.063 Expenditure on ralsing fund$ 2022 2021 Shop stock Investment managers, fees 120 12,599 15.208 15.208 12.719
The Royal Scots Regimental Trust Exitus Notes to the financial statements (confinued) 7a Expondlturo on charltable activities 2022 2021 Grants pd Social functions expenses The Thistle Joumal The Regimental Prize Ipreviously PLoves Prize) Lisbon Maru National Arboretum Project 373 Le PaTadis Memorial Room Memorial maintenance Wreaths Support costs (see note 7b} Governance coslslsee rKte 7cl 13,600 2,778 689 200 10,287 1,370 1,604 200 3.000 4,SS0 2,362 20 226 343 59.983 8,495 10.679 720 673 78,536 11,804 119,679 92.440 7b Support costs 2022 2021 Honorarium Staff Wdges (note 81 Treasurer costs Postage and Stationery Rent Office costs Depreciation Travel costs 6,038 34,300 10,9q7 93 22,500 4,268 208 212 2,760 24.594 11.622 1,953 15,000 3,743 209 102 78.536 59,983 7e Governan costs 2022 2021 Audit feè Legal & govemance expenses Trustee and AGM expenses 2,362 s,000 133 9,095 269 11,804 8,495 16
The Royal Scots Reglmental Trust Exitus Notes to the financial statements (continU8d) Employegs 2022 2021 Gross Wdges Pension conlribulions Redundancy 33.251 349 700 24,452 142 34,300 24.594 Key management remuneration 27,686 13,485 The charity has 3 paid employees during the year12021.' 2). 1*sne of the Trustees lor any per80n connected vth them) received ony remuneration. Trustees expenses and reimbursement of charity costs of £Nilwere paid lo Iruslees during the year12021.. £Nill. The key management is consideTed to be th8 Regimental Secretary ancl the Regimentsl Administrator. Investsnents 2022 2021 Balance al start of year Less cash held foi InveStMent 2,192,765 17,072) 1,832,732 116,1841 2,185,693 747,43S 1784,4591 106,711 1.816,548 395,442 1378,8281 350,531 Additions at cost Disposals al opening market value Unrealised gain&lllosses} 2,255,380 25,215 2,185,693 7,072 Cash held for reinvestment Total investmènts at end of year 2.280,59S 2.192,765 Historical cost 1,838,593 1.592.852 Investments making up more than 5Vo of the portfolio.. includ Findlay Path FDS American USD DIS - JP Morgan AM LTD - Vanguard Funds PLC 179,169 186,629 114,532 17
The Royal Scots Regimental Trust Exitus Notes to the financial statements {oonlmuedJ 10 Fix9d assots - Tanglble assets Comp(rter equipment At start of year Additions 843 247 Al end of yèar 1,090 Depreciatign Al Start of year Charge in year 427 At end of year 635 Net book value At 31 March 2022 455 Al 31 March 2021 416 11 Dfjbtors 2022 2021 Fijnds held by investment managers Other debtors 3,126 2,043 3,834 5.169 3,834 12 Crgditors 2022 2021 Amounts f811ing due within one year Trade ¢Teditors Social security and other toxes Accruals and deferred income 9,095 2,671 31,160 28 6.593 42,926 6.621
The Royal Scots Regimental Trust Exitus Notes to the financial statements (conllnu&d) 13 Fund allocation Balanc& Balance at 31 March 2022 Transfe between funds 31 March 2021 Investment gains Income Expendlture 2022 UnTeslricted fund Designated fund 1,621,817 73,119 (134.8871 33,557 263,622 1.IX)O 1,857,028 1,000 Revaluation reserve 599,913 106,711 1264,6221 442,1)02 2,221,530 73,119 (134,8871 140,268 131KI,030 Balance Balah¢e al 31 MSh 2021 Transfers between funds 31 March 2020 knveslmenl gains Income Expenditure 2021 Unreslricled fund Revaluation reseNe 1,671,189 70,494 (105,1591 42.571 157,4781 1,621,617 191,904 350,531 57,478 599.913 1.863,093 70,494 {105,159} 393,102 2,221,530 Dgslgnatgd funds A donation was given in the year lo help towards the commissioning and manufacture of a ben¢h to 90 lo Le Paradis. Due to COVID the bench was not built and shipped by the year end as expected. 14 Op8rating lèa$0 ¢ommilments At the reporting end dale the charity had outstanding commitments fof future minimum lease p8ymenls under non<ancellable operallng leases. a8 follows= 2022 Prop8rty 2021 Property Not later than one year 7,500 7,500 16 Related party transa¢tion$ There were no related party transactic)n$ in the ¢urrent or ppvious yeaTS, 19
The Royal Scots Regimental Trust Exitus Notes to the financlal statements (continued) 16 Flfian¢ial instrumonts 2022 2021 C•rrylng amount of financial assfrts Fair value through net incomelexpendittjre 2,280,595 2.192,765 2,280.595 2.192,765 Financial assets that are debt instruments measured al amortised cost comprise trade receivables and other debtors. Financial assets measured at fair value through net in¢omelexpenditure comprise Ilsl inveslmenls_ 17 Analysls of chanw in not funds during the year 2022 2021 As al 1 April 2021 Nel cash inflowlloutflowl 31,136 25,255 34.682 {3,5461 AS at 31 March 2022 $6,391 31,136 20