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-offi￿O 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 requIre￿nt 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-1￿e 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 De￿rnber 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 re￿iVed 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 be￿en 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 p￿VentIng 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
conSide￿d 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, c￿ditOrS 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 sophisti￿ted 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
rn￿e 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 y￿th 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 I￿land {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 a￿ru￿ 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 Win￿nt 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 st￿et
Glasgow G2 SEA
Investrnent Managers
RBC Brewin Dolphin
6th Floor, Atria One
144 Morrison Street
Edinburgh EH3 8BR
19