2025-04-05-accounts - The Royal Scots Dragoon Guards Charity

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THE ROYAL SCOTS DRAGOON GUARDS CHARITY

STATEMENT OF ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2025

Charity Registration Number: SC016483

THE ROYAL SCOTS DRAGOON GUARDS CHARITY

Charity Registration Number: $C016483

FINANCIAL STATEMENTS

for the year ended 5 April 2025

	Contents
		Page
General information		1
Trustees’ Report		2-3
Trustees’ Statement of Responsibilities		4
Independentexaminer's Report		5
Statementoffinancial activities		6
Balance sheet		7
Notestotheaccounts		8-13

THE ROYAL SCOTS DRAGOON GUARDS CHARITY

GENERAL INFORMATION

Trustees serving during the year:

Principal Office:

Home Headquarters The Royal Scots Dragoon Guards The Castle Edinburgh EH1 2YT

Solicitor:

Gillespie Macandrew LLP 5 Atholl Crescent Edinburgh EH3 8E)

Investment Manager:

Quilter Cheviot Senator House 85 Queen Victoria Street London EC4V 4AB

Accountant:

Independent Examiner:

Morris & Young 6 Atholl Crescent Perth PH1 5JN

THE ROYAL SCOTS DRAGOON GUARDS CHARITY

TRUSTEES’ REPORT

5 APRIL 2025

Under the deed of trust as registered on 25 April 2014 (the “Deed of Trust”), and the supplemental deed of trust as registered on 24 November 2022 (the “Supplemental Deed of Trust), the trustees serving are:

The charity's trusts

Details of the governing document, constitution of the charity and selection methods of the trustees (the “Charity Trustees”) of The Royal Scots Dragoon Guards Charity (the “Charity”) are detailed in this report.

Objects and activities

The Charity Trustees shall hold and apply the Charity’s Property (the “The Charity’s Property”) in such manner as they think appropriate for any purposes which appear to them in their absolute discretion directed to the improvement, efficiency, benefit or welfare of The Royal Scots Dragoon Guards (the “Regiment”), or any unit thereof, or the Regimental Association of the Regiment. The Charity Trustees may seek to assist beneficiaries of the Charity (“Beneficiaries”) in poverty or at risk of poverty by providing grants or loans or such other assistance as they consider fit. They may seek to improve the prospects of Beneficiaries by contributing to the costs of their education; improve the health and living conditions of Beneficiaries who are injured or disabled; preserve and protect objects and artefacts forming part of the Charity’s Property which bear significance to the armed forces and people associated with the armed forces, and to procure that these objects may be viewed by Beneficiaries for their education, inspiration or enjoyment; to support Beneficiaries who are engaged or wish to engageor otherindisadvantage; amateur sport;andto to assist promote Beneficiariesand supportin need good by reasoncare and oftreatment age, ill health,of horsesdisability, and otherfinancial animals. hardship

Induction and training

The Charity Trustees are familiar with the work of the Charity. The Charity Trustees have conducted a variety of training throughout their respective tenures, the details of which being held on a Trustees Training Register.

Investment powers

The Charity Trustees have unrestricted powers to invest funds for the Charity in accordance with page 4 paragraph 4.15 of the Deed of Trust establishing the Charity. Taxation The Charity is recognised as a charity by the Inland Revenue for taxation purposes. Asa result, there is no liability to taxation on any of its income.

Organisational structure of the meeting process

The routine management and record keeping of the Charity’s affairs are the responsibility of the Regimental Secretary and the Regimental Trust Accountant. The Regimental Secretary is required to produce a budget in advance of a meeting early each year and to collect applications for Trust support from the Regiment. At this meeting, the Charity Trustees also consider and agree in principle any grants to be made for charitable purposes. They instruct the Regimental Secretary to consider potential recipients and gather evidence of the relevant expenditure. In November each year, the Charity Trustees then confirm the donations have been made for c haritableonfirmed a sa dueaimefor payment,If on 5 Aprilthe grantthis expenditure,concerned isforeffectively which g r antsevoked.have been authorised, have not been

THE ROYAL SCOTS DRAGOON GUARDS CHARITY

TRUSTEES’ REPORT (CONTINUED)

5 APRIL 2025

Related parties

There are two related parties. The Royal Scots Dragoon Guards Museum Trust (SC006547), which is independently managed and with separate trustees, and The Royal Scots Dragoon Guards Regimental and Museumhas received Shopfinancial Ltd (thesupport “Company”) from (SC173103).the Charity Thein the ep formlagof ais loan,a separatelyinterest managed free, in thetradingsum organisation.of £35,000. TheIt Company is now paying the Charity interest on the loan at base rate + 4%, payable quarterly. The Company has covenanted £50,000 to the Charity for its year to 28 February 2025. Risk assessment

The Charity Trustees are aware of the potential risks and manage them accordingly.

Financial review

ofet gteleTrust: the year, the Charity continued its work as laid down in the Deed of Trust and the Supplemental Deed

e The charitable grant budget for the year was satisfied and support for Beneficiaries who are in need and other charitable and welfare activities was continued.
e Calls upon the Charity's Individual Aid Fund increased by 16.8% from the previous year. It is a source of satisfaction that all justifiable cases continue to be supported, often in co-operation with other charities. This aspect of the Charity's work continued to receive the highest priority.
e The Charity Trustees continue to monitor the effects of the Cost-of-Living Crisis. While they do not believe it poses a risk to the Charity, the Charity Trustees are conscious of the need to balance income against expenditure.

Reserves Policy

The Charity has accumulated funds since its establishment, which currently amount to £3,808,364 of unrestricted funds and has a policy of utilising the accumulated funds in accordance with the Charity’s objectives.

21 year accumulation of income rule

The 21-year accumulation rule has been respected.

Independent examiner

Po Morris & Young has been appointed independent examiner to the Charity for the year.

Signed on behalf of the Charity Trustees

THE ROYAL SCOTS DRAGOON GUARDS CHARITY

TRUSTEES STATEMENT OF RESPONSIBILITIES

5 APRIL 2025

Trustees’ responsibilities for the financial statements

The Charity Trustees are required to prepare financial statements for each financial year which give a true and fair view of the Charity’s financial activities during the year and of its financial position at the end of the year. In preparing those financial statements, the Charity Trustees should follow best practice and;

e Select suitable accounting policies and then apply them consistently e Make judgements and estimates that are reasonable and prudent
e State whether applicable accounting standards of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements
¢ Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
e Observe the methods & principles in the Charities SORP.

The Charity Trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the Charity and which enable them to ascertain the financial position of the Charity and to ensure that the financial statements are prepared in accordance to UK GAAP and comply with the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. They are also responsible for safeguarding the assets of the Charity and for taking reasonable steps for the prevention and detection of fraud and other irregularities.

By order of the Trustees

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES

OF THE ROYAL SCOTS DRAGOON GUARDS CHARITY

| report on the accounts of the Charity (charity number SC016483) for the year ended 5 April 2025, which are set out on pages 6 to 13 appended to this report.

Respective responsibilities of trustees and examiner

The Charity Trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities & Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. They consider that the audit requirements of Regulation 10(1) (a) to (c) of the Accounts Regulations do not apply. It is my responsibility, without performing an audit, to carry out an examination of the accounts as required under Section 44(1)(c) of the Act and to state whether particular matters have come to my attention.

Basis of examiner's statement

My report is in respect of an examination carried outin accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. An examination includes a review of the accounting records kept by the Charity Trustees and a comparison of the accounts presented with those records. It also includes a review of the accounts, which is primarily limited to analytical procedures and to the making of such enquiries of the Charity Trustees as was necessaryfor the purpose of this report. The procedures underta ken donot constitute an audit.

Examiner's statement

Based on my examination, to the best of my knowledge and belief and in accordance with the information and explanations given to me, the balance sheet, statement of financial activities and notes thereon have been properly prepared from the records of the trust, are in agreement therewith and comply with the terms of the Regulations and the Founding Deed. No particular matter has come to my attention to suggest that the requirements (a) to keep accounting records in accordance with Section 44(1) (a) of the Act and Regulation 4 of the 2006 Accounts Regulations and (b) to prepare accounts which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations, have not been complied with.

Morris & Young 6 Atholl Crescent Perth PH1 5JN

Dat: DA-I2- 2yv

THE ROYAL SCOTS DRAGOON GUARDS CHARITY

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED5 APRIL 2025

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|||||||||| |---|---|---|---|---|---|---|---|---| |Unrestricted|Designated|Total Funds|Unrestricted|Designated|Total|Funds| |Funds|Funds|2025|Funds|Funds|2024| |Note| |£|£|£|£|£|£| |Income and endowments from:| |Donations and legacies|2|115,917|0|115,917|101,023|0|101,023| |Charitable|activites|2|0|0|0|0|0|0| |Investments|2|47,706|0|47,706|47,381|0|47,381| |Total incoming resources|163,623|0|163,623|148,404|0|148,404| |Expenditure|on:| |Raising funds|3|20,568|0|20,568|17,242|0|17,242| |Charitable activities|3|126,932|0|126,932|149,845|0|149,845| |Total resources expended|147,500|0|147,500|167,087|0|167,087| |Net income/(expenditure)|and net| |movement in funds before gains and losses| |oninvestments|16,123|0|16,123|(18,683)|0|(18,683)| |Transfer|between|funds|0|0|0|440,027|(440,027)|0| |Other recognised gains/(losses):| |Gains/(losses) on revaluation of fixed assets|0|0|0|0|0|0| |Gains/(losses) on investment assets|(112,056)|0|(112,056)|409,099|0|409,099| |(112,056)|0|(112,056)|409,099|0|409,099| |Net income/(expenditure)|(95,933)|0|(95,933)|830,443|(440,027)|390,416| |Net movementin funds|(95,933)|0|(95,933)|830,443|(440,027)|390,416| |Reconciliation|of funds:| |Total funds brought forward|3,904,296|0|3,904,296|3,073,853|440,027|3,513,880| |Total funds carried forward|3,808,364|0|3,808,364|3,904,296|0|3,904,296|

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The accompanying accounting policies and notes form an integral part of these financial statements.

All income is derived from continuing operations.

THE ROYAL SCOTS DRAGOON GUARDS REGIMENTAL CHARITY

BALANCE SHEET AS ATS APRIL 2025

				2025			2024
		Unrestricted	Designated		Unrestricted	Designated
		Funds	Funds	Total	Funds	Funds	Total
	Note
		£	£	£	£	£	£
Fixed assets
Investments Regimental effects	5 6	2,662,049 1,110,000	0 0	2,662,049 1,110,000	2,754,673 1,110,000	0 0	2,754,673 1,110,000
		3,772,049	0	3,772,049	3,864,673	0	3,864,673
Currentassets
Stock Debtors Bankbalances	7	14,201 43,091 64,134	0 0 0	14,201 43,091 64,134	13,858 38,847 68,983	0 0 0	13,858 38,847 68,983
		121,426	0	121,426	121,688	0	121,688
Liabilities :amountsfallingduewithinone year
Creditors Accruals	7 7	(54,884) (30,226) (85,110}	0 0 0	(54,884) (30,226) (85,110)	(51,823) (30,242) (82,065)	0 0 0	(51,823) (30,242) (82,065)
Netcurrentassets		36,315	0	36,315	39,623	0	39,623
Netassets		3,808,364	0	3,808,364	3,904,296	0	3,904,296
Funds		3,808,364	0	3,808,364	3,904,296	0	3,904,296

The Trustees approved the financial statements on 18 November 2025

Signed on behalf of the Charity Trustees

The accompanying policies and notes form an integral part of these financial statements.

Accounting Policies

THE ROYAL SCOTS DRAGOON GUARDS CHARITY

NOTES TO THE ACCOUNTS

YEAR ENDED5 APRIL 2025

(a) Basis of accounting

The financial statements have been prepared under the historical cost convention, as modified for the revaluation of certain fixed assets, and in accordance with the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard in the UK and Republic of Ireland (FRS 102), Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The Charity meets the definition of a public benefit entity under FRS 102.

(b) Going Concern The Charity Trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern.
(c) Income Income is accounted for in the accounting period in which it is earned.

(d) Investments Investments are stated at market value, with the exception of the special investment in 127 Picadilly Ltd (the "Cavalry & Guards Club Debenture"), which is stated at cost. This special fund investment is valued at cost because there is no market for it. The Charity Trustees are however of the view that cost value is realistic. (e) Regimental effects Heritage assets are included at cost value in common with accounting convention which dictates “heritage assets initially recognised at cost may continue to be carried at historical cost subject to any depreciation or impairments, or charities may choose to adopta policy of valuation.” If a policy of valuation is adopted, it must apply to all assets in a particular class. This also means that asset values would require to be considered by the Charity Trustees, or professional valuers, with some regularity. Accordingly, the Charity Trustees have chosen not to revalue heritage assets and continue to carry these at cost value.

(f) Regimental funds The general funds of the Charity are unrestricted. Designated income funds are described in the "Trustees' Report" and are stated separately.

(g) Expenditure Expenditure is accounted for as far as investment management and governance expenses are concerned in the year in which they are incurred. Charitable grants and donations are made in accordance with the annual agreed policy subject to confirmation of the expenditure being incurred.

(h) Stock Stock is valued at the lower of cost and estimated selling price. (i) Debtors Debtors are amounts owed to the Charity. They are measured on the basis of their recoverable amount. (j) | Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value (k) Creditors Creditors are amounts owed by the Charity. They are measured at the amount the Charity expects to have to pay to settle the debt.

(I) The reserves are held to provide endowment for the activities of the Charity Trust and to provide cash flow application of funds for grant purposes.

THE ROYAL SCOTS DRAGOON GUARDS CHARITY

NOTES TO THE ACCOUNTS

YEAR ENDED5 APRIL 2025

(continued)

2 Income from

Income from
	Unrestricted	Designated
	Funds	Funds	Total
	2025	2025	2025
	£	£	£
Donations and legacies Donationsand gifts	115,917 115,917	0 0	115,917 115,917
Charitable activities
Income from charitable activities	)	0	0
	0	0	0
Investments
Income from investments Bankinterest	45,552 2,154	0 0	45,552 2,154
	47,706	0	47,706
	Unrestricted	Designated
	Funds	Funds	Total
	2024	2024	2024
	£	£	£
Donationsand legacies Donationsand gifts	101,023 101,023	0 0	101,023 101,023
Charitable activities
Income fromcharitable activities	0	0	0
	0	0	0
Investments Income from investments	39,054	0	39,054
Bankinterest	8,327	¢)	8,327
	47,381	0	47,381

THE ROYAL SCOTS DRAGOON GUARDS CHARITY

NOTES TO THE ACCOUNTS

YEAR ENDED5 APRIL 2025

(continued)

3 Expenditure on

Expenditure on
	Unrestricted	Designated
	Funds	Funds	Total
	2025	2025	2025
	£	£	£
Raisingfunds Investmentmanagementfees	20,568	0	20,568
	20,568	0	20,568
Charitable activities
Individual Aid Fund	9,479	0	9,479
Donationstoothercharities	12,500	0	12,500
Otherdonations	0	0	0
Regimental Association	9,867	0	9,867
Regimental Support	59,031	0	59,031
RegimentalTrust	0	0	0
Property Recruiting	11,411 1,862	0 0	11,411 1,862
HomeHeadquarters Trustadministrationandmeeting expenses	15,452 4,034	0 0	15,452 4,034
Professional fees	2,996	0	2,996
Examiner’sfeesand relatedaccountancyservices	300	0	300
	126,932	0	126,932
	Unrestricted	Designated
	Funds	Funds	Total
	2024	2024	2024
	£	£	£
Raisingfunds
Investmentmanagementfees	17,242	0	17,242
	17,242	0	17,242
Charitable activities
Individual Aid Fund	9,390	0	9,390
Donationstoothercharities	12,500	0	12,500
Otherdonations	0	0	0
RegimentalAssociation Regimental Support	6,344 80,528	0 0	6,344 80,528
Regimental Trust	0	0	0
Property Recruiting	8,656 1,341	0 0	8,656 1,341
Home Headquarters	25,111	0	25,111
Trustadministration and meeting expenses	3,495	0	3,495
Professional fees	2,180	0	2,180
Examiner's feesand related accountancyservices	300	0	300
	149,845	0	149,845

THE ROYAL SCOTS DRAGOON GUARDS CHARITY

NOTES TO THE ACCOUNTS YEAR ENDED5 APRIL 2025

(continued)

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|||||||||| |---|---|---|---|---|---|---|---|---| |4|Analysis of governance|costs| |Unrestricted| |Funds|Total| |2025|2025| |£|£| |Trustees meeting costs|2,301|2,301| |Independent examiner fees|300|300| |Legal fees|1,856|1,856| |4,457|4,457| |Unrestricted| |Funds|Total| |2024|2024| |£|£| |Trustees meeting costs|3,328|3,328| |Independent examiner fees|300|300| |Legal fees|260|260| |3,888|3,888| |5|Investments| |Unrestricted|Designated| |Funds|Funds|Total| |2025|2025|2025| |£|£|£| |Market value as at|6|April|2,754,673|0|2,754,673| |Market value|at 5 April|(See Note|1(d))|2,662,049|0|2,662,049| |Unrestricted|Designated| |Funds|Funds|Total| |2024|2024|2024| |£|£|£| |Market value|as at 6 April|1,866,235|436,105|2,302,340| |Market value|at|5 April|(See|Note|1(d))|2,754,673|0|2,754,673|

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All investments are listed on a recognised stock exchange and are readily realisable with the exception of the Cavalry & Guards Club debenture.

THE ROYAL SCOTS DRAGOON GUARDS CHARITY

NOTES TO THE ACCOUNTS

YEAR ENDED5 APRIL 2025

(continued)

6 Regimental effects

These assets which include the regimental chattels and silver are included at the book value of £1,110,000. The portrait of Tsar Nicholas II by Serov is in storage in a secure vault with Bonhams in London.

7 Debtors and creditors

7	Debtors andand creditors
			2025	2024
			£	£
	Debtors are:
	Royal ScotsDragoonGuards RegimentalandMuseumShopLtd		35,000	35,000
	(refernote inTrustees’ Report)
	IncomeTax reclaim re giftaidpayments		8,091	3,847
			43,091	38,847
	Creditors are:
	Royalties BranchAccounts		44,115 623	35,772 4,183
	Musician BranchAccounts		1,643	1,547
	Events		8,450	10,322
	Minibus OliverTable		13,500 10,400	13,500 10,400
	Otheraccruals		6,379	6,342
			85,110	82,065
8	Analysis of netassetsamongfunds
		Unrestricted	Designated
		Funds	Funds	Total
		2025	2025	2025
		£	£	£
	FixedAssets	1,110,000	0	1,110,000
	Investments CurrentAssets	2,662,049 121,426	0 0	2,662,049 121,426
	Current Liabilities	(85,110)	0	(85,110)
		3,808,364	0	3,808,364
		Unrestricted	Designated
		Funds	Funds	Total
		2024	2024	2024
		£	£	£
	FixedAssets	1,110,000	0	1,110,000
	Investments	2,754,673	0	2,754,673
	CurrentAssets	121,688	0	121,688
	Current Liabilities	(82,065)	0	(82,065)
		3,904,296	0	3,904,296

THE ROYAL SCOTS DRAGOON GUARDS CHARITY

NOTES TO THE ACCOUNTS

YEAR ENDED5 APRIL 2025

(continued)

9 Designated income funds

These funds are described in the Charity Trustees' Report and detailed separately in the Statement of Financial Activities and Balance Sheet of the Charity.

10 Related parties

Details of related parties and transactions therewith in the accounting year are shown in the Charity Trustees’ Report.

No remuneration is paid to the Charity Trustees, they are reimbursed for the expenses incurred in the undertaking of their duties.