ROYAL CONSERVATOIRE OF SCOTLAND INFRASTRUCTURE TRUST (Charity No- SC021658 Established under Deed of Trust dated 18 Jun8 1993) REPORT AND FINANCIAL STATEMENTS FOR YEAR ENDED 31 DECEMBER 2024
ROYAL CONSERVATOIRE OF SCOTLAND INFRASTRUCTURE TRUST (Established under Deed of Trust dated 18 June 1993 Contents Page Report by the Trustees Report of the Independent Auditors Statement of Financial Activities 10 Balan Sheet ststement of Cash Flows 12 Notes to the Financial Statements 13-18 List of Trustees and Advisers 19
ROYAL CONSERVATOIRE OF SCOTLAND INFRASTRUCTURE TRUST (Established undèr Deed of Trust dated 18 June 1993) REPORT BY THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees presenl their report along with the financial statements of the Trust for the year ended 3181 December 2024. Structure, Govemance and Management The Royal Scottish Academy of Music and Drama Endowment Trust IRSAMD Endowment Tnjst) was established under Deed of Trusl on 18 June 1993 and is a registered S¢ottish Charity number SC021658 and was renamed as The Royal ConseNaloire of Scotland Infraslwcture Trust on 1 September 2018. The Deed provides that the Trustees shall never be less than three in number and in addltion to the power vested in the Trustees lo assume such other person or persons as they may detemiine to act as Trustees. the Royal ConseTvaloire of Scotland (RCS} shall have power to appoint up to one-half of the total number of Trustees. excluding always the Chair of the Trustees who shall be appointed from Trustees not appoinled by the Conservatoire. The Principal of the RCS shall at all times act as an ex-offiO TTuslee. The RCS irrevocably renounced the said power of appointment in March 2021. The Trustees listed on page 19 have served during the whole of the period from 1 January 2024 to the date of this report unless otheThvise stated. The Tnjstees keep the skill requIrent of the Trustee body under review and in the event that Trustee retires, or additional new Trustees are required nominations are considered at full meetings of the Trustees. The induction process for any newty appointed Twstee comprises an initial meeting with the Chair, Ihe Secretary and Treasurer and the Principal. The welcome pack includes a brief history of the Trust. a copy of the Trust Deed, and a copy of the financial ststements and Minutes for the last 3 years. The Trustees normally meet four times a year. At these meetings the Trustees agree the broad strategy and areas of activity for the Trusl, including consideration of grant making. investment, reserves and risk management policies and perfomiance. The day-to-day administralion of Ihe affairs of the Twsl is undertaken by appropriate personnel wlhin the RCS overseen by the Secretary and Treasurer who has an execLrtive role within the RCS. ObJ¢¢tlvos and A¢tlvltles The Trust was established for such educational purFX)ses as are defined as charitable and. in particular but without prejudice to Ihe generality, to provide scholarships, bursaries or grants to selected deservin9 Students of the RCS including postgraduate students and graduates of the RCS proposing lo continue their postgraduate studies elsewhere. and lo foster and encourage public performances oflhe RCS'S productions throughout Scotland and elsewhere. The Trusl's activilies mainly focus on the provision of financial support for infraslruclure developments at the RCS and it continues to meet its charitsble objectives through the provision of a loan to the RCS for an infrastructure project.
ROYAL CONSERVATOIRE OF SCOTLAND INFRASTRUCTURE TRUST (Established under Deed of Trust dated 18 June 1993) A¢hlevements and perfomiance The Trust made a grant to Ihe RCS of a sum equivalent to the loan repayment made by RCS to the Trusl in respect of an interest-1e concessionary loan. Flnanclal review During the year there %KdS dividend Income of £57,44612023.' £51,973) and interest of £1,028 12023.. £7451 received. Taken logether this made a lolal of £58,474 added to Ihe Fund12023'. £52,718}. Total outgoings for the year amounted to £77,940 {2023= £78,074) which included a grant to the RCS of £66,20012023.' £66,200). After accounting for realised and unrealised investment gains aggregaling £18,639 {2023'. gains of £35,062) the result for the year was a net total decrease in funds of £827 (2023.. increase in funds of £9,706). Rlsk Management The Trustees have considered the major risks to which the Trust is exposed and have reviewed those risks and established systems and procedures lo manage those risks. There is an outstanding balance on a loan to the RCS from the Creative Campus Fund. This is repayable annually over a period of 25 years and there is a risk that there may be a default on repayment. The Trustees continue to monitor the perfoimance and future plans of RCS. The Trust also has a porttolio of inveslments wilh capital preservation as the main objective. The portfolio has been structured in a low risk category to mitigate the risk of a downtum in the market value. Outlook and the future of tho Trust The Trustees aim to focus on the provision of support for infrastructure projects at the RCS. Funds will be sought to add to the Creative Campus Fund which has already been established for that purpose insofar as Ihey align with the objectives of the Trust. The Trustees have created the investment portfolio with a relatNely short-lerm time horizon in case the funds are required at short notice lo support an infrastructure project at the RCS. The aim of the portfolio is lo provide capital protection, and income is re-invested save for draw down of sufficient cash for working caprtal requirements. Grant maklng pollcy Applications for disbursements requesting SLKh assistance as is encompassed within the Objectives and Activities set out above shall be considered and decided upon by the Trustees, after taking Ihe advice of the Principal of the RCS or of the Directors of the Schools of Music or Drama, Dance Production and Film or such other member of the RCS'S staff as may be appropriate. and (in directly sponsored cases) after consulting with the individual sponsor or sponsors concemed.
ROYAL CONSERVATOIRE OF SCOTLAND INFRASTRUCTURE TRUST (Established under Deed of Trust dated 18 June 1993) Investment powers, policy and performance The Tru5tee5' investment powers are governed by the Trust Deed, which permits the Trustees lo invest in stocks, bonds, securities and other investmenls whether or not quoted on any recognised stock exchange. The TTUSt's inveslments are managed in confomity with the current policy and the Trust Deed. Transactions forthe year resutted in realised gains of £2,110 (2023: realised losses of £17,122} and unrealised gains for the year of £16.529 {2023: unrealised gains of £52,184}. The market value of the portfolio at 31 December 2024 stands at £3.524 higher than book cost (2023- £1,558 lower than book costl. A fomial method of performance monitoring of the investrnent manager has been agreed and implemented. The performance of the inveslment portfolio on a total retum basis for the year to 31 Dernber 2024 was +4.20/0 {year to 31 December 2023.. +5.310) compared with a benchmark of +6.80/0 (year to 31 December 2023: +7.0 /.). The extreme concentration in global equity markets with a small number of technology stocks driving markets higher is not reflected in a well-diversified discrelionary investment portfolio which results in the current lag relative lo the benchmark. Resep4es Policy The policy is to retsin at least £1.5 million in unrestricted funds in a low-risk investment portfolio and sufficient income to cover administration costs. with other surplus funds donaled to the RCS or the RCS Endowment Trusl. Trustees. Insurance The Trust has arrangements for Directors and Officers liability insurance cover. Golng Concern Having reviewed budgets and cash flows. considered management accounts and available wot1(ing capital the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational gxlstence for the foreseeable future. The Trustees continue to believe the going concern basis of accounting appropriate in preparing the financial statements and there are no known material uni£rtainties about the Trust's ability to continue as a going concem.
ROYAL CONSERVATOIRE OF SCOTLAND INFRASTRUCTURE TRUST (Established under Deed of Trust dated 18 June 1993) Trustees. resp0nslblllt1 In rolatlon to tho flnanclal statements The Trustees are resp)nsible for prepatyng a trustees. annual report and financial slatemenls in a¢cordance with applicable law and United Kingdom Accounting Staryjards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in Scotland requires the Trustees lo prepare financial 3talements for each year which give a true and fair view of the stste of affairs of the charity and of the incoming resources and application of re30urces, of the charity for thal period. In preparing the financial statements, the Trustees are required to: selact suitable accounting policigs and then apply th8m consistently., observe the methods and principles in the applicable Charities SORP., make judgements and estimates Ihal are reasonable and prudent., state whether applicable accounting stsndards have been followed. subject to any material departures disclosed and explained in the financial statements. prepare the financial statements on the going concern basis unless f( is inappropriate lo presume that the chaTty will continue in busine5S. The Truslees are responsible for keeplng proper accountlng records that dlsclose wlth reasonable accuracy at any time the financial posilion of the charity aThJ lo enable them lo ensure that the financial statements comply with the Charities and Trustee Investment (Scolland) Act 2005. the Charity Accounts Iscotlandl Regulations 2006 las amended), and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the chaiity and taking reasonable steps for the prevention and detection of fraud and other irregularities. Acknowledgement The Trustees take this opportunity to thank the Principal of the Conservatoire and all staff Chair of the Royal Conservatoire of Scotland Infrastructure Trust Dale
ROYAL CONSERVATOIRE OF SCOTLAND INFRASTRUCTURE TRUST (Established undèr Deed of Trust dated 18 June 1993) Independent Auditor's Report to the Trustees of the Royal Conservatolro of Scotland Infra$tru¢ture Trust Oplnlon on flnanclal statements We have audited the financial statements of The Royal Conservatoire of ScA)Iland Infrastructure Trust ('Ihe Charty") for the year ended 31 December 2024 which comprise the Stalement of Financial Activities and Income and Expenditure Account, the Balance Sheet, Statement of Cash Flows. related notes and a summary of significant accounling policies. The financial reporting framework that has been applied in their preparalion is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" This report is made solety to the charity's truslees, as a body, in accordance with Section 4411 Ilcl of the Charities and Trustee Inveslmenl {Scotland) Act 2005 and regulation 10 of the Charities Accounts (Scotland) Regulations 2006 {as amended}. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to stale to them in an auditors, report and for no other purpose. To the fuSlest extent pemitted by law. we do not accept or assume responsibility lo anyone other than the charity and its trustees as a ix)dy, for our audit work, for this reporL or for the opinions that we have formed. In our opinion the financial statements: glve a Irue and fair view of the stale of the charity's affairs as at 31 December 2024 and of its incoming resources and application of resources, for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Charities and Trustee Investment (Scotlandl Act 2005 and regulations 6 to 8 of the Charities Accounts (Scotland) Regulalions 2006 (as amended). Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) IISAS {UK}) and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordan with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained 15 sufficient and appropriate to provide a basis for our opinion. Concluslons relating to going concern We have nothing to report In respect of the following matters in latIon to which the ISAS (UK) require us to report to you where.. the trustees, use ofthe going concem basis of accountiro in Ihe preparatlon of thefinancial statements is not appropriate- or the Iruslees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt aboLrt the charivs ability to continue to adopt the going concem basis of accounting for a period of al least twelve monlhs from the date
ROYAL CONSERVATOIRE OF SCOTLAND INFRASTRUCTURE TRUST (Established under Deed of Trust dated 18 June 19931 en the financial statements are aulhorised for issue. Other Inforniatlon The trustees are responsible for the other infom)ation. The other infomation comprise5 the information included in the annual report. other than the financial statements and our Report of the Independent Auditors Ihereon. Our opinion on the financial slatements does not cover the other infonnation and we do not express any fonn of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial stalemenls, or our knowledge obtained in the audit or otherwise appears to be materially misstaled. If, based on the work we have performed, we conclude thal there is material misstatement of this other infomiation. we are required to report Ihat fact. We have nothing to report in this regard. Matters on which wo are required to report by exception In the light of the knowledge and understanding of the charity and ils environment obtained in the course of the audrt, we have not identified material misstslements in the Report of the Trustees. We have nothing to report in respect of the following matters where the Charities Accounts IScolland} Regulations 2006 (as amended) requires us lo report to you rf, in our opinion- the charity has not kept proper and adequate accounting records or returns adequate for our audit have not been received from branches not visited by us; or the financial statements are not in agreement with the accounting records and retums- or certain disclosures of trustees, remuneralion specified by law are not made,. or we have not reiVed all the information and explanations we require for our audrt. Responsiblllties of trustees Ag explained more fijlly in the Statement of Trustees Responsibilities set out on page five, 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 such internal control as the trustees detemine is necessary to enable the preparation of financial statements that are free from material misststement, whether due to fraud or error. In preparing the financi81 statements. the trustees are responsible for assessing the charivs ability to continue as a going concem, disclosing. as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic allemalive but to do so.
ROYAL CONSERVATOIRE OF SCOTLAND INFRASTRUCTURE TRUST (Established under Deed of Trust dated 18 June 1993) Audltors. responslbllltles for the audlt of the financlal statements Our objectives are to obtain reasonable assuran about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors thal includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordan with ISAS {UKI will always detect a material misstatement when il exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence Ihe economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non¢0mplI8n¢e with laws and regulations. We design procedures in line with our responsibilrties, Outlin above. to detect material misstalemenls in respect of irregularities, including fraud. The extent to whiGh our procedures are capable of detecting irregularities, including fraud is detailed below- We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due lo fraud or error, ar)d discussed these been our audit team members. We Ihen designed and perfomied audit procedures responsive lo those risks. includin9 obtainlng audit evidence sufficient and appropriale to provide a basis for our opinion. We are not responsible for pVentIng non-compliance and cannot be expected to detect non- compliance with all laws and gUlationS - this responsibility lies wth management wth the oversight of the Tiustees. Based on our understanding of the Charity, discussions with management and Trustees we idenlified financial reporting stsndards and Charity SORP as having a direct effect on the amounts and di8closure$ in the financial statements. As part of the engagement team discussion about how and where the Chanty's financial statements may be materially misstated due to fraud, we did not identify any areas with an increased risk of fraud. Our audit procedures Included: completing a risk-assessment process during our planning for this audit that specifically conSided the risk of fr8ud', enquiry of managemenl about Ihe Charity's policies. procedures and related controls regarding compliance with laws and regulations and if there are any known instances of non-compliance., examining supporting documents for all material balances, transactions and disclosures,. review, where applicable, of the Board of Trustees, minutes., enquiry of management about litigatlons and claims and inspection of relevant correspondence; analytical procedures lo identify any unusual or unexpected relationships., specific audit testing on and review of areas that could be subject lo management ovenide of controls and potential bias, most notably around the key judgments and estimales, including the carrying value of inveslmentg, cditOrS and revenue recognition., considering management override of controls outside of the normal operating cycles including tesling the appropriateness of journal entries recorded in the general ledger and other adjustments made in the preparation of the financial statements includin9 evalualing the business rationale of signrficant transactions, outside the nomial course of business.
ROYAL CONSERVATOIRE OF SCOTLAND INFRASTRUCTURE TRUST (Established under Deed of Trust dated 18 June 1993 Owing to the inherent limltallons of an audit, there is an unavoidable risk that some material misstatements of the financial ststsments may not be detected, even though the audit is propedy planned and perfomied in ac¢ordan¢e with the ISAS {UK). The potential effects of inherent limitations are particularly signtficant in Ihe case of misstatoment resulting from fraud because fraud may involve sophistited and carefully organized schemes designed to conceal it, including delib8rat8 failure to record transactions, collusion or intentional misrepresentations being made to us. A fvrther description of our responsibilrbes for the audrt of the financial statements is located on the Financial Reporting Council's website at.. Www.frc.org.ukJauditors sponsibilities. This description forms part of our audilorfs report. Anderson Anderson & Brown Audit LLP Slalutory Auditor 133 Finnieston Street Glasgow G3 8HB (Anderson Anderson & Brown Audit LLP is eligible to act as an auditor in terms of Section 1212 ofthe Companies Act 20061 Date...
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ROYAL CONSERVATOIRE OF SCOTLAND INFRASTRUCTURE TRUST (Established under Deed of Trust dated 18 June 1993) BALANCE SHEET AS AT 31 DECEMBER 2024 Unrestricted Restrfcted Funds Funds Total Total Funds Funds 31 Dec 2024 31 Dec 2023 Noto FIX Assets: Investments Totsl FIX Ass¢t$ 1715628 715 1 716909 1 716909 1646154 1646 154 Currnnt Ass•ts: Debtors.. amounts falllng duo thIn one yèar Debtors.. amounts falling duo after rne than one year Cash at bank and in hand Total Current Assets 46.215 68.200 112,415 118.105 1.088.784 1,086,784 1,152,984 46.215 1.160.516 1.208,731 1,276.805 Liabilities: Creditors.. amounts falllng due wf(hin one year 10 Not Curront A¥$•ts 1160 $16 1 199529 1277 111 Total Net Assets 1754 641 1 161797 2 916 438 The Funds ofthe Charity: Unreslricled Funds Restricted Fund$ 1.754,641 1.754.641 1,689,268 1 161797 Totsl Ctharlty Funds 1 754 641 1 161797 2916438 2917265 Appmved by the Board of Trustoes and sign8d on its behalf by Trustcc Date 2J- The notes on pa9es 13 to 18 forn part of these financial statements. li
ROYAL CONSERVATOIRE OF SCOTLAND INFRASTRUCTURE TRUST (Establishèd under Deed of Trust daled 18 June 1993) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 Nota 2024 2023 Cash flows from operatlng actlvltlos: Cash used in operating activities 11 Net cash used in oporating actlvhios {4.542) {30.180) Cash flows from investing activities: Dividends, Interest Proceeds from sale of investments Purchase of Investments 58,474 353.958 52,718 475.658 Net cash provided by investing activities 6,358 22,247 Change In cash and cash equlvalents In the year 1,816 17.933) Cash and cash equivalent brought forward 12 Cash and cash equlvalents carrled forward 12 The notes on pages 13 to 18 form part of these financial statements. 12
ROYAL CONSERVATOIRE OF SCOTLAND INFRASTRUCTURE TRUST (Established under Deed of Trust dated 18 June 1993) Notes to the Financial Statements for year ended 31 December 2024 Accounting Policies (a> Basls of preparatlon and assessment of golng ¢on¢ern The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value modified by the revaluation of listed Fixed Asset Investments. The financial statements have been prepared in accordance yth the Ststemenl of Recommended Practice.. Accounting and Reporting by Charities preparing Iheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102} issued on 16 Juty 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Iland {FRS 1021 (issued August 2014}, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts {ScoUand} Regulations 2006 (as amended). l figures reported in the financial statements are in pounds sterling. The Trust constrtutes a public benefit entity as deffined by FRS102. The trustees consider that there are no material uncertainties about the Trust's ability to continue as a going concern. Ib) Funds structure Unrestricted income funds comprise those funds which the trustees a free to use for any purpose in furtherance of the charitable objects. Restricted funds are fvnds which are to be used in accordance with specific restrictions imposed by the donor or trusl deed or through the terms of an appeal. (c) Income recognition All incorne is recognised once the Trust has entitlement to the income, it is probable that Ihe income will be received and the amount of income receivable can be measured reliably. Donations are recognised when the Trust has been notified in writing of both the amount and settlemerrt date. In the event Ihat a donation is subject to condttions that reqvire a level of perforniance before the Trust is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met. or the fulfilment of those conditions is wholly within the control of the Trust and tt is probable that those conditions will be fulfilled in the reporting perK)d. Legacy gifts are recognised on a case by case basis following the granting of confimiation when the administratorlexecutor for the estate has communicated in writing both the amount and settlement date. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of Ihe grft being reliably measurable wilh a degree of reasonable accuracy and the title to the asset having been transferred to the Trust. 13
ROYAL CONSERVATOIRE OF SCOTLAND INFRASTRUCTURE TRUST (Established under Deed of Trust dated 18 June 1993) 1 Accounting Policles (Continued) (c) Income recognltlon (continued) Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Trust,. this is nomally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has be8n declared and notification has been received of the dividend due,. this is normally upon notification by our investment manager. (d) Expendilurg recognition Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation commstting the Trust to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. expenditure is accounted for on an accruals basis. Al expenses including support costs and govemance costs are allocated or apportioned to the applicable expenditure headings. {0) Allo¢atlon of support and governance costs Governan costs comprise all costs involving the public accountability of the Trust and its compliance wth gulatIOn and good practice. These include costs related to statutory audit and legal fees. (fj Costs of ralslng funds The costs of raising funds con8lSt of investment management costs. (g) Charitable activities Costs of charitable activities include grants and donations made, support costs and governance costs. (h) Flxed assets Investments Investments are a fomi of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as al the balance sheet dale Ltsing the closing quoted market price. The statement of financial activities irTrcludes th6 net gains and losses arising on revaluation and disposals throughout the year. The Trust does not acquire put options. derivatives or other complex financial instruments. The main fofm of financial risk faced by the Trust is volatility in equity markets and investment markets due to wider economic conditions. the attitude of investors to investment risk and changes in sentiment conceming equities within particular sectors or sub sectors. 14
ROYAL CONSERVATOIRE OF SCOTLAND INFRASTRUCTURE TRUST (Established under Deed of Trust dated 18 June 1993) 1 Accountlng Pollcles (contlnued) (l) Public Benefit Entity Concessionary Loans Concessionary loans to public benefit entities are made in furtherance of Ihe Trust's public benefil activities. Concessionary loans are interesl free and repayable over the term specified in the loan agreement. The loans are initially recognised and measured at the amount paid, wilh Ihe carrylng amount adjusted in subsequent years to fleCt repayments and rf necessary for any impairment. U) Reallsed galns and losses All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments a calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value al the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities. (k) Allo¢atlon of Balance Sheet items acmss Funds Amounts within the Balance Sh88t are directly attributed to the appropriate fund category where the amount can be specifically identified. The remainiT)g amounts are allocated on a pro rdta basis. 2 Related Party Transactions and Trustee5' expenses and remuneration The Trustees all give freely their time and expertise without any form of remuneration or other benefit in cash or kind12023-. £nil). Expenses paid lo the trustees in the year totalled £nil {2023: £nil) There were no related party tTansa¢tions during the year. 3 Investment Income Year to 31 Dec 2024 Year lo 31 Dec 2023 Income from investments Bank interest received 57,446 51,973 745 15
ROYAL CONSERVATOIRE OF SCOTLAND INFRASTRUCTURE TRUST {Established undor Deed of Trust dated 18 June 1993) 4 Invostmont Management Year to 31 Dec 2024 Year lo 31 Dec 2023 Professional fees 5 Grant to Royal Conser4tatolre of Scotland Year to 31 Dec 2024 Year lo 31 De¢ 2023 Grant 200 Support Costs Year to 31 Dec 2024 Yaar to 31 Dec 2023 General expenditure 214 205 7 Governance Costs Year to 31 Dec 2024 Year lo 31 Dec 2023 Legal fe8S Insurance costs Audit fees 738 728 333 728 4800 Remuneration of the auditors in respect of non-audit services was £nil {2023- £nil). 16
ROYAL CONSERVATOIRE OF SCOTLAND INFRASTRUCTURE TRUST (Established under Deed of Trusl dated 18 June 1993) 8 Fixed Asset Investments Year to 31 Dec 2024 Year to 31 Dec 2023 Llsted Investments Market value as at 1 January Further additions at cost Disposals Unrealised investment gains Market value as at 31 December 1,646,154 406,074 (351,848) 1.580.621 506,129 1492,7801 1 716 909 1646 154 Cost of listed investments as at 31 December 1713386 1647 712 Individual shareholdings (including investment Irusts) which consttiute a materral proportion of the total market value of the Trust's portfolio at 31 December 2024 were as follows: Security Holding Value Percenlage of total Ishares Physical Metals 4.5Yo Treasury Gill Bonds 2034 Vanguard Investment Services HSBC Gk)bal Funds Robeco Capital Growth Fund Ishares11 plc 3.775 139.552 1,505 12,534 1,210 22.790 152,737 141,163 128,791 116,673 109,650 108,594 Debtors: amounls falling duo wlthin ono year 31 Dec 2024 31 Dec 2023 Prepayments and aru income Other debtors Concessionary loan to RCS 9,775 36,440 8.130 43.775 112415 118 105 Debtors: amounls falllng due after more than one year 31 Dec 2024 31 Dec 2023 Concessionary loan to RCS 1086 784 1086 784 1 152 984 1 152 984 A concessionary loan of £1,885,000 was paid to the RCS to fvnd a part redevelopment of its campus. The loan is interesl free for a temi of 25 years and is not repayable on demand.
ROYAL CONSERVATOIRE OF SCOTLAND INFRASTRUCTURE TRUST (Estsblished under Deed of Trust dated 18 June 1993) 10 Creditors: amounts falling duo Within one year 31 Dec 2024 31 Dec 2023 Accruals and deferred income 11 Reconclllation of net Income to net cash flow from operatlng actlvltles Year lo 31 Dec 2024 Year lo 31 Dec 2023 Net lexpenditure)lincome for the year as per Statemenl of Financlal Activities Adjustments for. Dividends and interest Gains on investments Decrease in debtors Increaselldecreasel in cr8ditors Net cash used in operating activities {827) 9,706 158,474) 118.639) 71,890 152,7181 135,062) 49,999 12 Analysls of cash and cash equivalents 31 Dec 2024 31 Dec 2023 Cash in hand Total cash and cash equivalents 13 Charlty Funds The Unrestricted Funds may be applied for any of the Purposes of the Trust. Reslricled Funds relate to the Creative Campus Fund to be used for fulure estste development within the RCS insofar as they align wtth Ihe objectives of the Trust. 14 Connocted Bodies The Trust is connected with the Royal ConseNatoire of Scotland Endowment Trust and the Royal Conservatoire of Scotland Trust. During the year the Trust made no payment lo ether Trust12023= £nill. 18
ROYAL CONSERVATOIRE OF SCOTLAND INFRASTRUCTURE TRUST (Established under Deed of Trust dated 18 June 1993) Bankers Virgin Money {formerly aydesdale Bank PLC) 30 Sl Winnt Place Glasgow G12HL Audltofs Anderson Anderson & Brown Audit LLP 133 Finnieston Street Glasgow G3 8HB Solicltors Morton Fraser MacRobertg LLP Capella, 60 York Street Glasgow G2 BJX Pinsenl Masons LLP 123 St Vincent stet Glasgow G2 SEA Investrnent Managers RBC Brewin Dolphin 6th Floor, Atria One 144 Morrison Street Edinburgh EH3 8BR 19