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 re￿iptS 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 e1￿ible 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 pass￿1 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 ili1lllw￿nd 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 OffI￿r 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 re￿iVeS 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 off￿lating
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
o￿anISatIOnS 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 Affl￿d 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 D￿rnber- 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 - V￿lt 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 Hist￿1¢ 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
Dorklti￿S
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 H￿L￿r 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
Ra￿1￿9 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 fi￿￿1 Stat￿￿
14

SCOTfisH NATIONAL WAR MEMORIAL
ststemènt of Baiancas
As at 31 March 2025
2025
2024
sh Fufftd•
acccwrts
Unr*ictEd. ge￿rnI
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 maInLwa￿e
The 16 to 18 fomi wt fimrthl statJiivts.
try the Trust￿ cm 10 2025 and sIg￿l on I1￿1r lthlf by

SCOTfisH NAT1014AL WfvR MEIAOR
N07ES to th• FIV￿1￿11
Forth•y•v•nd•d 31 I1￿h 2WO
.1. AwJunUng pth*l••
v• ￿nrf•d tyth• nw•# £.
'X PYofft*)n •*o1guld• •ie
1,311
o￿kn9 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
1*31 2r
1131 Ilvth 2(QJ
Inv••iff*ii•
.1
428.132
225.LWD
444.774
428.132
JX949
FbJ• UCITS ICAVUS Qu•* ULts ETF
FbJ• I[p￿￿n￿ Fund• FbJ* **J•xJw O
18