scorrisH NATIONAL WAR MEMORIAL Trusts. Raport and Flnancial Statsments For th• year ended 31 March 2025 Scotlish Charity Number SC009869
Contsnts Page Trustees, report &12 Independent examinerfs report to the Trustees 13 ststement of reiptS and payments 14 Statement of assets 15 Notes 16-18
scorrisH NATIONAL WAR MEMORIAL TRUSTEES. REPORT The Trustees present their report and financial ststements for the year ended 31 Marth 2025. eforonce an Inistra infomiation Board of Tru8taos (Aprfl 2024 to 10 Septsrnber 2025) ' Denotes Member of the Executive and Finan Commfftee The Trustees ave agre Trustees should be for periods of three years and five yearyJ respectIve- the chair will be e1ible to serve for a further three years subject ts> the approval of the Executive Trustees.
Officials Independent Examinern Appointed 31 March 2023 DBFM - Douglas Brotherston Financial Management The Stab18s Studio South Queensfery EH3 Bankorn Holt's Military Banking 200 Fowler Avenue Fowler Business Pa Farnborough GU14 7JP Invutmont Manag•rn Brewin Dolphin 8th Floor, Atria One 144 Morrison Street Edinburgh EH3 8EX Regl8t•r•d Charfty Numb•r SC 009869 Communleatlons Report of th• Chlof Exocutlv• Another busy year has pass1 with progress made towards the planning for the centenary and preparing the Memorial for the future. New relationship8 have been estsblished which will help us achieve our aims of growing the profile of the Memorial and preserving it for future generations. l am particularly pleased that we have formed new working relationships with the National War Museum and National Galleries and I hope that this will bring exciling new opportunities for us to work together. In particular we intend to work with the National War Museum on an appropriate way to mark the Memorial Centsnary in 2027. Donations are creeping back up again, although have some way to go before reaching pre-COVID leve18. The
new digltal donations tenninal, kindty donated by our frie as greatly assisted this with almost £5000 raised in contactless donations Sin it was instslled at ts end of Augusl 24, plus cash donations. Report ofthe Chair The last year has once again been a busy one and it hardly seems yesterday that I was thinking about what had been athieved in 2023r2024. OUT CEO has been immensely busy as ever, networking and exploring new partnerships and finding volunteers in our run up to SNWM100. The new Donation Terminal has proved to be a great success so far and we will learn laler of the irrwact on our income thi5 has made. Visitor numbers to Edinburgh Castle are increasing so thi8 should have a positive irnpact on in me.lam leased lo announ that we have welcomed new Trustee81 nd now have a Tri-servica rus ees or Ime In Is ory. he new Gov8rncK of the Castle ili1lllwnd l am delighted that he rèmairts on the Board of Trustees albeit in his new guise. l am also pleased to welcome new volunteers ho have been a great support to Trustees ve sadly now left the board however they remain friends and I IK)pe will help in 2027. The service of RededThtion during our Centenary year 18 in the planning and it is hoped that The King and Queen will attend. The recent VJ80 Service held at The Memorial wa8 attended by the Duke and Duchess of Edlnburgh and they V•pre most interested and engaged during their tour of the Shrine given b•nd mys81f. REKf were mosl generous in their annual donation to SNWM this ear and have Indicated that they would 8UPPOrt a Project in our Centenary year. as already been involved with a filming project for use in schools and it may be that a TV documentary or similar is made. Preparalk)ns for the SNWM100 exhibition continue and we hope that the Project OffIr will be named soon so that planning can b8gin in eamest. This will last for 2 years and will be an enofmous bwst in our mission to raise the Memorial's profile as one of Scotland's National Treasures. My most sincere thanks go to HES, all Trustees, our Chlef Executlve and our volunteers for their continued 5UPPDrt and hard work. STRUCTURE. GOVERNANCE AND MANAGEMENT Constitution. The Scottish National War Memorial is a body corporate, created by Royal Charter dated 29 November 1947 as amended by the Supplementary Charters dated 28 October 1975 and 11 October 2005. There a no formal relation8hip8 With other bodies. Governance. The responsbility kn appointing Trustees is laid down in Ihe Royal Charter. Once appointed each Trustee reiVeS a letter from the Secretary along with copies of the Royal Charter, Office of the Scottish Charty Regulatorfs Guidanca
for Charity Trustees and the War Memorial guidebook. The Trustees have appointed certain of their number to an Executive and Finance Committee and form other sub- committees as occasion demands. Routine decisions, including implementing the Trustees, Rules of Eligibility, are delegated to the chief executive. More important or complex matters are considered and concluded by the Executive Committee or referred to the Board of Trustees. The Executive Committee monitors investment management and conducts an annual inspection of the Memorial with Historic Environment Scotland architects and stsff in attendance. Ri8k Statement The Trustees have assessed the major risks to which the Trust is exposed, in particular those relating to the operations and finances of the Trust and are satisfied that systems are in place to mitigate their exposure to these major risks. The major risks are accidental injury to visitors, wind damage to the stained-glass windows and acts of vandalism in the Memorial. Controls put in place in respect of them are public liabilty insuran, regular inspection of the windows, and the presence of one or more Guides or Stewards in the Memorial. The other major risk has been identified as a fall in value or yield of investments. This risk is mitigated by Brewin Dolphin as investment managers, as noted later in this Report. OBJECTNES AND ACTIVITIES Objoctivos. As stated in the Royal Charter: To maintsin the Rolls of Honour and Memorials in the Shrine. To arrange anniversary and other services and ceremonies. To administer donations, collections and other income for the aforesaid purposes. To make donations to SeNice charities. Activitie8 carried out durlng the Roportlng Perlod. The processing of requests for additions and amendments to the Rolls of Honour continued as did requests for the purchase of certificates, roll extracts and guidebooks. However, the COVID-19 Pandemic significantly affected the annual programme of commemorative events and the conservation and cleaning of the flags. colours, guidons and ensigns. Voluntser•. The Trustees appreciate the assistance of all volunteers, especially the Flag ladies, who assist with maintaining the various artefacts on display in the Memorial. The Flag ladies made a welcome return to the Memorial in January 2023 and have been busy catching up on the cleaning and maintenance of the flags. We are delighted to have them back. The Trustees hosted the ladies to a {belated) Christmas lunch in February. It was agreed by the Trustees that the Flag Ladies would have an increase in their hourly rate frorn the current figure of £10 an hour to the minimum wage. This would ensure that parity would be maintsined and there would be no danger of their rate falling behind in future years.
ACHIEVEMENTS AND PERFORMANCE Tho Roll8 of Honour. Verification of individual entries for subsequent correction was completed alongside traditional requests for additions or amendments, general enquiries and extracts from the Rolls. Rolls rf Honour 8tali811 Totsl Nam 202Y24 2022123 2021122 2020RI 201W20 2018119 148,471 148,486 148,464 148,462 148.468 148,422 148.385 1914118 Ti)tal N•m8• S7.779 57,T13 57,773 57.758 57.759 57,743 57,739 1939145 Total Nam88 857 1945 32 19 17 85 18 15 18 149 Addltlons Ganwal E Purcha9e of Extract8 11 23 42 Uiri•8 148 95 178 230 136 Trustees conlinue to receive requests for additions to the Rolls of Honour. These generally point towards Scots not previously notified to SNWM, often from the Dominions (notably Canada), or from units without a direct Scottish link, such as the Navy, Air Force and Amiy support arms. The content of the datsbase is refreshed frequently, and extracts are available to order by the general public via the SNWM website. During the pandemic, visitors to the Memorial were not able to handle the rolls of honour on view to the public. Visitors are now able to access the books with assistsnce from the HES guides. One book is kept open on view to the public so they can see what the inside of the book looks like and satisfy their curiosity. We have also continued with our work to ensure the folders containing the Rolls are kept in good repair and the Trustees are especially gratefvl to the Creswick Trust which provided a grant of £5,000 in November 2022 to be used to offset the costs of mainlaining the Rolls in a good state of repair.
Vl8ltorn to the Momorial. The Trustees gratefulty acknowledge all assistan from the Executive Manager and the dedicated team of Historic Environment Scotland Guides and Stewards at Edinburgh Castle who slaff the War Memon'al. Admi88ioM to Edinl)u h Ca8tl• Total admissions (including free enty to Memorial Nonyying visitors Memorial Onl per of totsl adnNs8ions 202&25 2023-24 2022-23 2021122 2020r21 2019120 2018119 1.945.306 1,948,326 1,477,135 571,045 96,322 1.918.986 2.118,715 210 176 47 1091 0.010% 0 018% 0.012% 0.008% 0.th)7% 0.057% 0.037% COMMEMORATION SERVICES AND CEREMONIES The Annual ServSce of Commem 5th June 2024 with Chaplain. ralion of Ihe War Memorial was held on Wednesday e offlating Armistice Servi . The 51 Infantry Brigade arKJ HQ Scotland held their annual Amisti¢e Day Servlce In the Memorial on 11 November 2024. 3ThJ Anniversa of the Invasi kr Following on from the first anniversary service in 2023, The Mernorial was approached agaln by Edinburgh Voluntsry oanISatIOnS Council with a request fr(xn the Ukrainian Communty to hold a service to mark the anniversary of the invasion. We made the Memorial available to them and in conjunction Wlth Edinburgh Voluntary Organisation8 Council (EVOC> and RBLS organised a service for them. It was a well-attended occasion with significant media coverage, making headline news on ReportiNJ Scotland du8 to the political sltuatlon at the tlme. The Lord Provost of Edinburgh. three Scottish Service Chiefs, local embassies and consulalos attended along with Firsl Minister, several MSP'S and members of the Ukrainian communty and Affld Forces. Events and vl8lt•. The Trustses rely on a8SiStance from the Edinburgh Castle Guldes on day-time duty in ts War Memorial to help visitors enjoy the Memorial and often track down relatives who are commernorated in the Rolls of Honour. Evening visits, by special arrangement, are hosted by the CE SNWM. During the 12-month period from April 2024 to March 2025 the followlng events and Visits were facilitated b th8 Chief Executive and the new team of volunteers 11 April- isit 16 April- Nabonal Galleries Scotland visit 18th April- Space @Broomhouse Hub visit 25th April- ANZAC Service - RBLS 29th April- National D-Day 80 Commemorations - CWGC 61h June - National D-Day 80 Concert - Usher Hall 13th June - Saline Local History Group tour and visit
2yd August- Tour ofthe Memorial by young offic£rs frorn the Royal Regiment of Scotland 14th September- War WKIow8 Dundee sewvice 18th September- Commonweatth War Graves Commissioners tour and dinner 24-25lh September - Scottish Institute of Fundraising Conference 27th September- SAS Association Wreath-Laying 3rd November- INho Dares Cafes wreath-laying 10th November- Nats"onal Service of Remembrance 12th November- RBC Brewin Dolphin Charty seminar 13th November- Book launch 17th November- MN Memorial Wreath-laying 20th November - Intemational Militsry Dinner & tour 219t November - visit to Atholl estate to view archives 8th Drnber- RBLS Chrislmas Carol servic8 1 Oth December- Edinburgh Universty History Teach8r8 Vi8it 19th December- BRAVEHOUND visit and tour 9th January - Tour of the Memorial by young offKets from the Royal Reglment of Scotland 28th January - Vlt and meeling with McKlerator Designate Church of Scotland 24th February - 3rrl Anniversary of the Invasion of Ukraine service 26th F8brua loucester visit and tour 19th March- Ministei for Culture visit In addition, new relationships have been estsblished with several important strategic partners that we hope to work with in the future. including National Galleries Scotland and the National War Museum, Bntish Forces Br(xdcasting and Hist1¢ Environment Scotland Archivos. CARE OF THE MEMORIAL, PUBLICATIONS, STOCK AND CHARITABLE DONATIONS The Building The Trustees are grateful for the diligence of the deparbnents within Historic Environment Scotland responsible under the Charter for the continuing mainlenance of the building within Edinburgh Castle StOGk of Goods. The sales of P061¢ards, Bookmark8 and GuidetK)oks, whether online or dlrect to the public in the HES Castle Shops 18 picking back up again p08t- COVID Charitable Donatlon$. We were dellghted to receive grants and donations tolalling £31,001 (2024: £34,397), nt of £10,000 from The MacRobert Trust. A donation of £1,000 from in the previous financial period towards the cost of a digitsl donations platfoim contributed to additional donations from visitor8 amounting to £5,600.
PLANS FOR NExf REPORTING PERIOD The Rolls of Honour. The work of adding and amending entries to the Rolls of Honour continues. Improvements to binders containing the printed pages continue with restoration carried out by 'ley, Dunn arKI Wilson at Falkirk. Strateglc Plan. The ExecutNe Trustee8 have approved a Plan for the firture of the Memorial covering th8 following area8: Purpose V18ion Mission o Strategic Principl88 Drawing from the past Stakeholder & developing a communicatlon plan Success factors The aim of the Tru8lee8 18 to increase the pn)file of the Memorial 80 that it remains the focu8 of remembrance for Scots both in Scotland and throughout the world. The Trustees hope to inspire all Scots to apFKeciate and recognise the dignity of the 8hrine to ttr memory of the fallen within the Mem(Kial. The centenary of the Memorial is now looming in 2027 and the CE and board have be considering how to mark thi8 occasion. A 8hort118t of Idea8 has been drawn up and the CE and Chair are Working through these pulllng together the optlon8. The Chief ExocutNe ha8 been progre88ing in these areas.. Working with teaching professionals to develop an education resource suitable to teach school pupils from senior primary into secondary about the Memorial. Thi8 h88 evolved into a film project working in conjunction wrth Edinburgh Universty and target date for delivery autumn 2025 Establishing relationsh¥)s with National Galleries and National War Mu8eum with a view to holding an exhibition to mark the centenary of the Memorial in 2027 Recruiting a small number of volunteers to support and expand the opportunities for the ' l. We now have two volunteers onboard ho have assisted with the delivery of tours of the Memorial and the upkeep of the Rolb of Honour. Re8e8rching what archive8 are available that we can draw UFJon to produce an exhIb"On about the Memorial Installation of a new digital donations plalfonn within the Memorial to encourage more donations and educate visrtors about the building and its purpose 10
FINANCIAL REVIEW Summary. There were net receipls of £11.031 (payments of £19.086: 2024) for the year. At an operating level there were net oufflows of £11,977 (2024: £2,626). General collections and donations of £21,001 exceeded 2024 levels of £15,397 but remain well bel¢Jw established pre-covid 19 levels. Investment income of £13,373 was in line with the previous year's level of £13,366. Whilst the principal funding Sources of the Memorial Temain donations and collections, together with investrnent income, the Trustees were delighted to be able to acknowledge a grant of £10,000 from The MacRobert Trust to fund a filming project at the Memorial in 2025 and ongoing operational costs. These resources are used to fund the Cost of achieving Ihe charitable objectives of the charity as described above. Cash flows relating lo movements in the underlying assets of the investment portfolio resufted in sales and purchases of £250,988 (2024: £101,058) and £225,080 (2024: £114,090) and investment management costs of £2,900 (2024: £2,758). The increased level of sales and purchases in underlying assets was due to the portfollo being restruclured towards direct investment in indNidual companies rather than investment collectives and trusts. Inv08tment Policy and Porforniance. In accordance with Ihe Royal Charter the Trustees have the power, subject to the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006, to invest in such shares, bonds and other investments as they see fft. The Trust88s have appoinled Brewin Dolphin lo maintsin investments with their discretionary management service. The investment management aim is balanced retum (capital and income) while adopting a medium risk strategy. Over the course of the year, the value of the portfolio fell from £488,100 to £459,031 due primarily to capital withdrawals of £20,000 and fears of the potential impact on global economies of the introduction of trade tariffs by the United States; fears, which became a reality during the first week of April 2025 as global stod( markets Suffered daity falls of 50h following the introduction said tariffs Taxation. The Trust is recognised by Her Majesty's Revenue and Customs as a charrty and as such is not liable to tax on income or capital gains. Statement of Trust008' Re8pon8ibllltle8. The Truslees are responsible for preparing the Annual Report and the financial statements in accordance wilh applicable laws and regulations. Law applicable to Charities in Scotland requires the Trustees to prepare financial statements for each financial year which give a true and fair view of Ihe charity's financial activities during the year and of its financial position at the end of the year. In preparing the financial statements the Trustees are required to: select suitable accounling policies and then apply them ¢onsistentty, make judgemerrts and estimates that are reasonable and prudent, state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures
disclosed and explained in the financial ststements; and prepare the financial statements on the going concern basis unless rt is inappropriate to presume that the Trust will continue in operatlon. The Trustees are responsible for keeping proper accounting records which disclose with rBasonable accuracy at any time the financial position of the charity and to enable Ihem to ensure that the financial statements compty with the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2008 (as amended). They are also responsible for safeguarding the assets of the charity and hence for tsking reasonable steps for the prevention and delection of fraud and other irregularities. 10 September 2025 Edinburyh Castle 12
Independent Examiner's Report to the Trustees of The S¢ottish Nation81 War M•morial I report on the aGCOLints of the charity for the year ended 31 March 2025 whiGh are set out on pages 1410 18. Respective responslbllStles of trustees and examinèr The charity's tnjstees af8 r8spons'ble for Ihe preparation of the accounts in acc.ordanc8 with the lerms of Ihe Charities and Trust88 Investment (Scolland) Act 2005 and the Charities Accounts IScotland> RÈgulations 2006 (as amended) The charily trvslees consider that Ihe audit reqLiiremenl of Regulalion 1011) (d) of tl)e 2CM)S Account5 Regulabons does iiot apply. It is my reaponsibility lo exarnine the occounts as required Linder section 44(1} {c) of the Act and to state wliellier porticular mc2tters have come lo my altentior). Basi5 of Independent ex8miner's ststement My examination18 carried out in accordanc,e with Rpgulation 11 of the 2006 Accounts Regulations. An 6xaminAtlon IiiclLides a review of the accounting recotds kept by Ihe charity and a comparison of the accounts presented with ihose records. It also incliides GonsSderatSor) of any uniisual ilenis or disclDsiJres iii th8 accoiinls. and seeks explanalions frorr the trustees cciicerriiiig any such mallers. The proc8cliir8s uiidertaken do not provide all the evidence that WOLild bFJ required in an audit, and consèquently I do not cxpress an audit opinion on the vlew giv6n by11)tr accouiits. Independent examlner's statement In the course ol my exsinlnaliun. iio maller has come to my aiienlioii wtriich gives rn8 r8asonable Gause lo believe Ihat iii any mat8rial r85pecl the requiremeiits., to keep accounb'iig r¥Gords irj accofdance wilh Section 4411) {a} of Ihe 2005 Act and Regulalion 4 of the 2006 Accounts Rcgulalions to prepare accouiils whic,h dcGord with the accounting records 8nd comply with Regulation 9 of the 2006 Accoijnts Re(Julations have not beeN niel, or 2. to which. in my opinion, 31tenlioi) Filiould be drawn In order Io 8nable 8 proper understanding of the accouiits to be reaclied. Date: 10 Septernber 2025 13
SCOTfisH IIATXOIIAL WAR MEMORIAL For the year ended 31 March 2025 Funds 2025 Funds T(thl Fund5 2025 2025 Funds 2024 Funds 2024 Funds 2024 DorkltiS Grants 21,001 21,lJJl ID,IXK> 13,3TJ 14,147 19,WO 13,366 1,250 15,397 19,000 13,366 iO,CMY) 13,3T3 S*s of guide tKrf)ks, etc Fees for Rolls of HLr Extrads 1,311 1.713 37,398 1,311 1,713 47,398 2W3 2,893 io,c 51,211 1,250 52,461 250,988 ,387 250,988 298.387 101,058 152,268 101,058 153,518 1,250 Totsl rerAlpts io, P•yments for Ra19 funds {2,9LM)) 57,689) (60,590) (2,t)W) 59,375 (62,275) (2,758) 54,343 (57,101) (2,758) (744 55,087 (744) (57,845) (1,686) (225,OW) (225.080) (114,090) 670} (171,860) {114,090) (670 (744) {172,605) (Purchase)IDl4wI rf assets Totsl payments (285.670) (1,686) (287,356) 8,314 11.031 (19,592) (19,086) Net recelptsl{pJymnts) 2,n7 Cash at bank arKI in haNI as at I 2024 18,LXII 5,079 37,593 4,5T3 42,166 Cash at bank and In hnd x at 31 M•rth 2025 34,111 23,080 The notes on pages 16 to 18 femi part of tfwe fi1 Stat 14
SCOTfisH NATIONAL WAR MEMORIAL ststemènt of Baiancas As at 31 March 2025 2025 2024 sh Fufftd• acccwrts UnrictEd. gernI 14,505 13,393 14,542 5,079 BJr Kcour Casth In hand Unra#rfrted . gerernl 6,213 34,111 3,459 Tolal Value Value 4,817 6,748 11,565 4,817 6,748 7,599 12.623 8,802 S1(Kk to value of £1,996 VAS writtdn (knn In ue w the to 31 March 2024. 4H,774 459,031 428.132 4•100 U•blMlle• The deslgrthl fvnd Is the i¥pbl rrfthe Trustees and to affjld It belThJ maInLwae The 16 to 18 fomi wt fimrthl statJiivts. try the Trust cm 10 2025 and sIgl on I11r lthlf by
SCOTfisH NAT1014AL WfvR MEIAOR N07ES to th• FIV111 Forth•y•v•nd•d 31 I1h 2WO .1. AwJunUng pthl•• v• nrf•d tyth• nw•# £. 'X PYofft)n •o1guld• •ie 1,311 okn9 ltyxa Stu ¥ 1074 •,7 25,61• 1 ¢rfguhJ• bMk•, nth•, •lC 21 Suppts1 rA• Ind•41 8,479 7X 7.571 Supwt rA>*• {nth4) •t1 Inth• Sl 8,102 370 89,375 $6m7 16
SCOTT18H NATILWL W*JI MEMallAL Forth• yMr•nd•d J1 Idavth >J25 4.016, 1.125 351 3202" 1758 3,447. Inwmc 81 211 3.021 13,747 I.5 12270 S12 379 (102 40.NJ th• Tru 17
SCOTTISH NATrONAL WAR NOTes ty th• Fln•nclil Si•i•m•fvts Forth• ywr•nd•d 31 Comput•r Flxwm & 4,817 7,125 12,m 31 >)25 4.B17 7.125 12.7 7.125 146 1131 2ros 7.125 11,957 31 2020 It31 2Q4 131 2r 1131 Ilvth 2(QJ Inv••iffii• .1 428.132 225.LWD 444.774 428.132 JX949 FbJ• UCITS ICAVUS Qu• ULts ETF FbJ• I[pn Fund• FbJ **J•xJw O 18