THE ROYAL HIGHLAND SOCIETY DEVELOPMENT TRUST Scottish Charity Number SC024206 REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025 ROYAL HIGHLAND CENTRE INGLISTON, NEWBRIDGE EDINBURGH EH28 8NB The Royal Hlghland Soclety Development Trust Scottish Chari Number SC024206 REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity Number SC024206 Address Ingliston House Royal Highland Centre Ingliston Edinburgh Advlsers Bank The Royal Bank of Scotland RBS Gogarburn 175 Glasgow Road Edinburgh EH12 1HQ Auditor Azets Audit Services Quay 2 139 Fountainbridge Edinburgh EH3 9QG Solicitors Shepherd & Wedderburn LLP 9 Haymarket Square Edinburyh EH3 8FY Insurance Brokers December 2024 to September 2025.. Marsh Brokers Ltd Orchard Brae House 30 Queensferry Road Edinburgh EH4 4QG From September 2025.. Howden One Creechurch Place One Creechurch Lane London EC3A SAF Th• Roy•l Highltythd So¢ioty DovolopthwtTru¥t Report ofthe Trustses forthe year ended 30 November 2025 STRUCTURE, GOVERNANCE MANAGEMENT The Fund was established under Deed of Trnsl wislered in the Books of Counul and SessK)n in 1995, supplernenl& by a supplementary deed of lrnsl dated 2009. Twstees and Officers During the yeBr ended 30 November 2025 the Tyuslees were.. J J Logan D Bridgeford S Lawri8 A P2teYson lapwnied May 20251 The Manag&r ol the Twsl was. N R Wood, RHASS Finance Director The Secrelaryof the Trust was". C Livingslone. RHASS Secretary )polntment of New Trustees The TTuslees ol the Royal Highland kniely Developrnenl Trust IRHSDTI are responsible for el￿ting Iruslees lofill anyvacancies, wilh such Iruslees not lo bè appointèd wrthoul Ihe tonseni ol RHASS. The finaTh￿al statements of Tmgt Sre consolldatèd into the RHASS financiql statements on the basis of indireGt ￿ntrOl through apwDl￿nI of Trustees. ObjKtives, Aims and AGtiTrAties The Trust's principal Objeds are to promote $griwliure throughwt S¢otl$nd. to en¢ourage good 8nimal husbandry ¥nd tur$1 employnwi the provision of grants or financial assistance lo the Royal Hvjhland and Agricultural Society of Scotland IRHASSI and lo assist with the development and maintenante ol equIr￿rnt £S well as the Improvemènt of the land and bU1￿1n9S b￿0Th91ng ￿ RHASS. Award hlaking Policy Urhder the Defd ol Trust, Th8 Royal Highland Souety D&vglopttwl Trust can only give grants orfinancial assistsn¢e lo RHASS. These grants GaD only be used by RHASS for the development, rnainienance, equipment or irnprovemenl of the land and buildings belonging to RHASS at In91islon or for any other purpose or purrmw of RHASS The$e ¥w$rd¥ are made ai the di¥¢*ti¢n of the Bosrd of Tw$tee¥. who are ¢PPOinted by RHASS Coun¢il Of Tru$tees. Rlsks The Trustees ￿￿fIrM Ihatlhe major risks lo ¥thiGh the Charity 15 exFK>sed have been reviewed and systerns established lo miligale those risks. Rese￿93 The TTUSI holds unrestricted reserve5 of t14,899 12023- £14.6631, SUffi￿ent for the anticipated future level of Spend in providing financial suP￿rt for the development of RHASS 18nd 8nd prorÈrty. lor at 1è8sL h¥0 yèars. The RHASS development pLqn will ensure the secuniy of future rèvenuès. assistlng RHASS ID meeting its GhaTitabl8 Obl￿tiVeS. Revlew of Financlal Posltlon The Tmsl's work Is entirely reliant on income and In¥esthEnl retums its investment portfolio 8nd funds held In Ils b£nks. The Trust's investment PDrtfolio had a fair market value as al 30 Nov8mb8r 2025 ol £nil130 November 2024. £nill. Cash fre￿ as part of the iDveslm8DI portfolio for rginv8sITn&nl al 30 November 2035 was £185 130 November 2024.. £2531. Other cash was held Vvilh RBS total￿ £14,714130 November2024.' £14.5491. The inveslmeni portTollo genèrated Inlèresi income of £4 durlng the year12023' £71. No further Incrme was gener2led through b£nk Intere51 in 202512024.. £2041. The trust made payments to its slockbrokgrof £72 for LEI levy12024. £721. Thg Ttusl awarded grants during the year of £Nil12024. £Nill. At 30 November 2025 the Trust had nel assets of £479.899. made up of £185 Investrnenl rash. t465,￿0 legaGy income and t14.714 cash In ￿nk. The Dir8Gtors believ8 Ih?l. whilst rgcogDising the uncertainlyeconomically. that th8 finanual outlook through lo al least 12 moDth5 fr(w th8 approval of these financial statements is Mallageab￿ and accordingly. these financ￿1 statements are prepared on a going c￿￿rn basis. lthvo¥tm0nt Policy The trustees pursue a wlicywhere the appropriate proportion of Ils funds will be invested in a manner there the capital Is not al risk. No funds Shou￿ be Inves￿d In produtts th2t h2vè lower th2n five yearm8turiiy and return a yleld in li￿ market nomts forthe typè of product. They can be inves￿d for both interest arbd capital g[￿h. The IdlDwing in$ttuments $¢ permitted". Depositaccounts - Govemrnenl bonds Equity based instruments The majorilyof diredly invested funds ¥￿11 be denominsled in GBP. In orderlo redu￿ ihe èffects of exch£nge rale flue￿allonS Ai any Ilme. no more than 10% of directly held inv8strn&nls should ￿ hgld in kneign currgncydenomiDaled hddings. The inveslmentobiective adopted by the Trustees Is to deliver a long term total rthm, nel of investment manager costs of between 3.IMWA and 3.50% per annum. hievgmgnts and Future Plan8 In Janaury 2026, the Trust was In re￿Ipl of a Legacy donation of £465,OCK) the furthermonl of the RHASS chanty WOTks. This payrnenl represents an Interim value, £nd its use is 21 the descrllh)n ol Ihe RHSDT Trustse's. The Trustees ￿￿tInUe to consider the future plans of the Trust going forward and will take forward plans on￿theSe have agreed and approved. Atlhe me of approving these finanti21 ststemenLS, the TrUS￿e￿ have not approved any chawes to pLqns of Tmst going for4v2rd. Dennis Bridgeford Chair D*e." 1910512026 Dennis BridgÈford The Royal Hlyhland Soclety Development Trust Scottish Charty Number SC024206 Tru$tee5' responsibilities in relation to the financial statements The charity trustees are responsible for preparing a trustees, annual report 3nd financial slalements in accordanTr wlh applicable law and United Kingdom Accounting Standards (United Kingdorn GenerallyAccepled Accounting Practi￿1. The law applicable to charities in Scotland requires the charity Iruslees lo prepare financial slatetnents for each yearwhich give a true and fair view of the slate of affairs of the charity and of the incotlling resourcès and applitslion of rèsources, of the charity for that period. In p￿parIng the financial 8tal&mènts, lh& trustè&8 are r8quir8d to.. select sui18ble accounting policies and then 8pply them consislenlly.. observe Ihe method5 and principles in the applicable 2015 Charities SORP.. make judgements and eslimales that are reasonable and prudent., stale whether applicable accounting standards have been followed. subjectto any tnaterial departures disdosed and explained In th8 finantial 8taltrments', prepar8 the financial st8tsm8nl8 on the going concern b8818 unle88 It is in8ppropri8t8 lo pr88um8 that the Trust will continu8 In business. The Iruslees are responsible for keeping proper aGcounling records which disclose wlh reasonable aGcurary at any lime the financial position of Ihe Trust and to enable them to ensure that the financial slatetnents comply with the Charities and Trustee Investment (Scollandl Act 2005, the Charity Accounts Iscouandl Regulations 2006 las amended), Ènd the provisions of the Trust deed. They are also responsibl& for safeguarding th& a$s&ts of thè Trust and taking reasonable s16ps for the pr8v&ntion and de18ction of fraud and othèr Th8 trustees ar8 responsible for th8 mainl8nanc8 and inlegrityof the charity and financial Information included on the d)8rity's w&bsit8. Legis18tion in the United Kingdom governing the prepar8tion and dissemination of fin8naal statements may differ from legislation in other The Royal Hlyhland Soclety Development Trust Scottish Char Number SC024206 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE ROYAL HIGHLAND SOCIETY DEVELOPMENT TRLIST Oplnlon We have audited the finÈnaal slatetnenls of The Royal HighlÈnd Socièty DevelopTnent Trust Ilhe 'charity'l for thè year ended 30 November 2025 which ￿Mpris& the Statement of Flnanclal Actlvities Ilno)rporaling th8 Incom& and Expenditure Accounll, th8 Balance Sh8el. and Ihe no1&81o Ihe financ1818ta18m&nls, Including significant accounting policies. The financial reporting fram&work that h8É b88n applied In their prep8ralion is applicable law and United Kingdom Accountin9 S18nLl8rds, Induding Financial Reporting Standard 102'The Fin8naal Reporting Stsndard applicable in the UK and Republic of Irelanij, (United Kingdom GeDerallyAC￿pted Accounting Praclicel. In ouropinion. the finanual statements.. give a true and fair view of Ihe stste of the ch3rity'5 affairs a5 3t 30 November 2025 and of 115 incorne and expenditure for the year then ended.. have b88n properly prepar&d in accordance with UnS18d Kingdom G&nèrallyAcc8pl8d Accounllng Practic&", and have b8&n prepar8d in accordanc& with th& r84uir8m&nls of th& Chari11&8 and Trus18e Inv&8tm&nl Iscotlandl Act 2005 and regulation 8 of the Chari118s Account8 Iscotlandl Regulations 2006 las am8nd8dl. Bas18 for oplnlo We cOndu￿ed our audil in accordance wlth Internallonal Standard8 on Auditing IUKI IISAS IUKII and applltr2bl& law. Our r&sponslbilltl8$ und&r those standards are furth8r de8crib8d in the auditor's re8pon8ibili11&8 for the audit of th8 fin8nual statements s8clion of our report. We 8re Independent of the charity in accordance with the elhical requirements that are relevant lo our audil of the financial sl8tement8 in the UK. including the Financial Reportin9 Council's IFRC'sl Ethical Standard, and we have fulfilleLI our elhic81 responsibilities in 8CcOrdan￿ with these requirements. We believe that the audit evidence we h8¥e obtained is sufficient and appropriate lo provi(le 8 basis for our opinion. Con¢lusion$ relating to going Gon¢em In 8udiling th8 financial statements, we hav8 concluded Ih81 th8 Irusl8es' us8 of the going concern ba818 of accounting in the preparation of the fin8naal stslements is appropriate. B3sed on the work we have performed. we h8ve not identified any material uncertainties relating lo events or wndilions that. individually or collectively, may cast significant doubt on the charity's abilityto continue as a going con￿r￿ for a peri(￿ of al least Iwelve months from when the financial slatetnents are authorised for issue. Our re8pon81bili118s and the responsibilitie8 of the Iru8te&8 With re8pecl to going conc8m ar8 d&sMb8d in th& r&l&vanl sections of th18 report. Other Informatlon Th& other Information comprisÈ8 th& Information Includ8d in the Annual Report. olh8rthan th8 finanaal slal&ments and ourAuditor's R&port Iher8on. The Iruslees are responsible for the other information contsined within the Annual Report. Our opinion on the fin8naal stslements does not cover the other information and we do not express any form of 888urance conclusion thereon. Our responsibility is to read the other Information and. in doing so, consider whether the other information is m8teri8lly inconsislenl with the financi81 slaterllenls or our knowledge obtsined in the course of the ?ULlil or othepmse appears lo be materially rnisstsleLI. If we idenlrfy such material inwnsislencies or apparent material misstatements. we are required to delerrnine whelherthis gives rise lo a material misstatement in the financial ststements themselve5. If. based on the work we have performed. we conclu(le that Ihep is d tnaterial misslatetnent of this other inforrnation. we are required to reportthal fact. We have nolhlng lo r8POrt in this regard. Th• Royal Hlghlan(I Soclèty Davèlopm•nt Trust Scottl$h Charlt Numbtrr SC024206 Matters on whlch we ar8 r8qulr8d to report by oXC8Ptlon We have nothing to report in respect of the following matters in relation to vthich the Charities Accounts Iscotlandl Regulations 2008 las amended) require us lo report lo you If. In our opinion.. the infomalion given in the Report of the Trustees 15 inconsistent in any material respect with the financial statetnents". or proper accounting records have not been kept". or th& financial 8t8tem8nts are not in agreement with the accounting r8eords', or we have not received all the infortnation and explanations we require for our 3udit. Responsibilities of the Trustees As explained more fully in the Tru8188s' RÈ8pon8ibilities Statement 8el out on page 3, th& trustees are r8spon$ib18 for the pr8paralion of the financial ststements and for being satisfied that they give 8 true and fair view. and for such internal control as the trustees d&l8mine is necessary lo &nable the pr¶tion of financial slalem&nts that arè fr88 from mÈ18ri81 misstat8m8nl, wh&th8r du& lo fraud or error. In preparing the financi81 statements. the trustees are responsible for assessing the charity's abilityto continue as a going concern. disclosing, a8 applicable, malt8rs relatèd lo going ton¢8m and using the going Concern basi8 of accounting unless the Iru81&88 811h8r intend to liquidate the charity or to cease operations. or have no realistic atternative but to do so. Audltovs responslbllltles for the audlt of the flnanclal ststtments We have been appointed as 8udrtor under section 4411 Ilcl of the Charities and Trustee Investment Iscotlandl Act 2005 and report in accordance vAth thè Act and r&l&vant regulations madè or having 8ff8ct ther&under. Our obj8Ctive8 8r8 to obtain r8a80nabl8 assurance about thelher th8 financial 8tat8men18 a8 a who18 are fr88 from mat8ri81 tnisslatement. whether due to fraud or error. and lo issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of 88suranc8 bul is not a gu8rant88 that 8n audit conducted in accordanc8 VAth ISAS IUKI wll alway8 d8t8Ct a material tn15slateTnent il exi515 Mi5slatements can arise frotn fraud or error and are considered tnaterial if. individually or in aggregate. th&y could r8ason8bly b8 8XP8Ct8d lo influence the economic deusions of us8r8 t8k8n on the basis of Ihe8e fin8ncial slat8m8nts. A furth&r description of our responsibiliti88 18 8vailabl8 on th8 FRC'8 W8bsit8 at.. www.frc.org.uklauditor8r8sponsibiliti88. Thi8 description forms part of our Auditor's Report. The extenl to whlch the audlt wes consldered capable of detectlng lryulerttles Includlng fr&ud.. Irregularities, including fraud. are instances of non-compliance wlh laws and regulations We design procedures in line wlh our r8spon$ibili11&8, oullin8d abov8 and on th& FRC'S w&b811&, to d8t8ct materi81 mi881al&m8nts In r8sp8ct of irr8gulariti8s, Including fraud. We obtain and updat& our under81anding of the charity. 118 activities, its control environm&nt, and lik81y future d&velopm&nt8, including in relation to the legal and regulatory framework applicable and how Ihe charity 15 complying wlh that framework. Based on this understanding, w& Id8ntify and a8sess the risks of ma18rial m1È8tat8m8nl of th& financial 81at8m8nts, wh&lh8r due lo fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate lo provide 8 ba818 for our opinion. Thi8 includ&8 con8id&ration of the risk of ac18 by the charity that Wer8 contrary to applicabl8 law8 2nd regulations. including fraud. Th• Royal Hlghlan(I Soclèty Davèlopm•nt Trust Scottl$h Charlt Number SC024206 Audltovs responslbllltles for the audlt of the fflnanclal ststements Icontlnuedl Our approach lo id&ntifying and assessing the ri8ks of mat&rial misstat8m8nl in r&8P&Ct of irregularilie8, including non- compli8nce with laws and r￿Ulations. was as follows. the engagement P8rtner ensured that the engagement team collectively h8d the 8ppropriate competence, capabllilies and skills to identify or recognise non-compllance wlth applicable laws and regulations,. we identified the laws and regulations applicable to the charity through discussions with the trustees. and trom our kno￿edge and experience of the charity sector., W8 focused on 8P8cific laws and r8gulations which we consid8r8d may hav8 a direct material effect on th& fin3ncial s18tetnents or the operations of the charily. including the Charities and Twslee Inveslmenl (Scollandl Act 2005, th8 Charitie8 AccountÈ (Scollandl R8gulalion8 2006 las am8nd8dl and lax8tion, dsla prol&clion, anti- bribery, environtnental. and health and s3fety legislation.. we assessed the extent of compliance wlh the 18ws and regu18tions identified above through making enquiries of the trustees and inspecting legal correspondence." and identified18Ws and regulations were corntnunicated within the audit team regularfy 8nd the tearn remained alert lo In8lÈnc&s of non-¢omplianc& throughout th& audit. In response lo the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included. but were not litnited to". agreeing financial stslement di8closure8 to underlwng supporhng documentation,. reading the tninutes of meetings of Ih05e charged wth governance". enquiring of man8g8m8nt as to aclu81 and potential litigation and daims,. and reviewing any correspondence wth HMRC. relevant regulators and the Gharty'5 legal advisor5. We 88sessed th& 8U8C&Ptibilily of the tharity's financial stal8ment8 to material misstat8menl, including obtaining an understanding of hi)w fraud tnight ocGur. by. making 8nquiri8$ of manÈg&m8nt and th& tru$t8e$ as to wh&re they con8id&r8d there WÈ8 8u8c&plibility lo fraud, their kTrowdedge of actual. suspected and alleged fraud.. and considerlng the internal contr(As In place to mitlgate risks of fraud and non-compliance wlth laws and regulatlons. To address th8 risk of fraud through management bi28 and ov&rrid8 of conlrds, we.. P8rformed analytiC81 procedure8 to identify any unusual or unexpected r818tion8hip8', tested adjusting entries lo identrfy unusual transactions, ÈS8&8sed wh8therjudg&m8nts and assumption8 mÈd8 In d8t8m)ining th& accounting estimates w&r8 Inditativ& of potential bias.. and in¥esligaled the rationale behind signffjcant or unusu81 transactions. Because of th8 Inherent limitation8 of an audit, there is a risk that w8 will not delècl Èll irr8gularit18s, Including thos818ading to a material rnisstaletnent in the finanaal stslements or non-cornpliance regulation. This risk increases the tnore that complianctr with a law or regulation is removed from the events and transactions refleded in thè financial 8lalÈm8nts, as we will be less likely lo become aware of instances of non-cotnpliance. The risk of not delecting 8 material misstslement r8sulting from frÈud Is higher than for one re8ulling from error, as fraud MÈY Involve collusion, forg&ry, intentional omissions. misrepresenlalions, or the override of internal control. The Royal Highland Society Development Twst Scottish Charity Number SC024206 Auditor's responsibilities for the audit of the finan¢ial Statements l¢ontinuedl Use of our report This report is made solely to the charitls trustees. as a body. in accordan￿ with regulation 10 01 the Charities Accounts Iscotlandl Regulations 2006 las amended). Our audit work has been undertaken so that we might slate to the charity's trustees, as a body, those matters we are required to state to them in an Auditor's Report and lor no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's truste8s, as a body, for our audit work, for this report, or for th8 opinions we hav8 formed. ILVJ Azets Audit 8ervi¢es statutory Auditor Charter8d Accountants Quay 2 139 Fountainbridge Edinburgh EH3 9QG Dat8.' 20 May 2028 Azets Audit Services is eligible for appointment as auditor ol the charity by virtue ol its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. The Royal Highland Society Development Trust statement of Flnanclal ActI￿tIeS IlncNporatlng In¢ome and expend6ture accounti for the rended 30 Novemb2r2025 2025 2025 202$ Unrestrf¢tod Restrf¢ted Totsi Income from.. Income from investsllents Interest reTrivable 169 169 211 Danations 1,840 2,009 465,000 465,000 466,840 467.009 1,750 1,961 Expand￿￿re on.. Charitable Activities Investment management costs Audit Fee Total expendlturo 72 1.640 72 1,840 1,912 72 1.750 1.822 Net income on operating a￿l¥l¢le5 97 465.000 465.097 139 Realised gains I Iloss&sl i)n investments N8t Income and nèt mov&m&nt on fund8 97 465,000 485.097 139 Reconciliation of funds Fun(Is brought forward 14.802 14,802 14.663 Total funds carrled forward 14,899 465,000 479.899 14,802 Balance Sheet as at 30 NovembBr2025 2(Q4 Fixed Assets Invesknenls 185 253 Current A88ets Debltsrs Cash al B8nk Total ¢urr8nt assets Net assets 465,000 14,714 479,714 479,899 14.549 14.549 14.802 Represented byfund5 ofthe charty- Unr8stricted fund8 14,899 465,000 14,802 Restricted Funds Total charity funds The financial statements were approved bythe board of trustees 19th May 2026 Signed on behalf of the board of Iruslees". Dennis Bridgeford Chairfftan Dennis Bridgeford The Royal Highland Society Development Twst Scottlsh Charlt Numb8r SC024206 Notès to the flnanclal statements at 30 November 2025 1 - Accounting Policies lal Basis of preparation and assessment of going concern The Financi31 Slalemenls have been prep8red under the historical cost convention with excepti￿ of the investments which a￿ included t fair value. their market v?lue.The financial sl?tements have been prep?red in accordance with the Financial Reporting Stsndard 8pplicable in the UK and Republic of Ireland IFRS1021. the Charities SORP IFRS1021. the Charities 8nLI Trustee Investment IScotl8ndl Act and the Charities Accounts Iscollandl Regulations 2006 las amended). The Trust cTh)slitul&s a public ben&fit enlily as defin8d by FRS102. AI 30 November 2025 the Trust had net assets of £479,899, made up of £185 investment cash. £465,￿0 legacy incorne and £14,714 c8sh in bank. The Trust now h88 no materi81 non-discrelion8ry expenditure. The Trustees believe that. whilst recognising the uncertainty economic811y. that the financial outlook through to at least 12 month8 from the approval of these financial statements is manageable and 8ccordingly, th888 financial sial8m&nls are prep8r8d on 8 going u)ncern b8Si8. Ibl Fund accounting Unrestricted funds are available to spend on activities that further any of the purposes of the charity. 1¢) Income recognition Dividends are recogniseLI once the dividend has been Lleclared and nolificalion h85 been receiveLI of the tliwdenLI due. This is normally upon nolificalion by our investment man8ger of the diwdend yield of the investment portfolio. Idl Fixed asset investments Investments are a foTrn of basi¢ financial inslrurnent and are initi311y reGognised at their tr8ns8dion value and subsequently measure(l at their fair values as at the balance sheet dale using the closing market prices as valued by the Trust's apwinled investmenl managers. The st8ternent of finanaal activities includes the net gains and losses 8rising on revalu?tion and disposals throughout the year. lel Galn$ and lo$se$ on Investments All gains and losses are taken to the Statetnent of Financial Activities as they arise. Realised gains and losses on investments are 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 Unre81ised g?ins and losses are calculated as the difference between the fair value at the year end antl their carrying value. Realised 8nd unrealiseLI inwestmenl gains 8nLI losses are recognised in the Statement of Fin8ncial Actiwilies. Itl Expenditure recoynition Liabilities are recognised 88 expenditure as soon as there 18 8 legal or constructive obligation commilling the charity to that expenditure, il is probabl8 that selllem8nl will b& required and the amount of th8 obligation c8n be measured reliably. Igl Grants Under the Deed of Trust. the charity can only give grants LY fin8ncial assistsnce lo the Roy81 Highland and Agricultur81 Society of Scotland IRHASSI unless such grant or financial 888i818nce Shall have been offered lo RHASS 8nd declined by RHASS. These grants can only be used by RHASS for the d8velopmenl. maintenance. 8quipmenl or improv8m8nl of the land and buildings belonging io th8 Society or for any olh8r purpose or purp08&8 of RHASS. These awards ar& mad& al th& dis¢r&lion of the Board ofTru8t88S. Ihl Taxation The Twsl has charil8ble stslus and is exempt from laxalion. Donations and legaaes to the Trust 8ttracl laxalion relief for the donor. The Trust is not registered for Value Added Tax and accordingly any such unrecoverable 18x is included in the expenditure concerned. lil Cash Cash and cash &quivalÈnts ar8 basic financial assets and include cash in hand and d&posits hèld al call with banks. The Royal Highland Society Development Twst Scottlsh Charlt Numb8r SC024206 10 Notès to the flnanclal statements at 30 November 2025 til Financial as5et5 and finantial li8bilities Financial instwmenls are recognised in the stslemenl of financial activities when the Charity becornes a party lo the contractual provisions of the inslrurllent. Financial instruments are inilially measured at transacti￿ price and subsequently accounted for as sel out below. A financing Irans?ction is measured al the present value of the future payments Lliscounted al the m8rf(el rale of interest for similar debt instrument. Financial instrum8nls are classified as ba8ic in 8ccord8nc8 with Chapt8r 11 of FRS102. Al th& &nd of &ach r&porting p&riod, basic financial Instruments are m&asur8d al amortised co81 using ihe eff&ciiv8 Inter8St ral& m&thod, other than listed inVèSlTnenls whlch arÈ ￿tc￿jnISed Initlally al cost and subsequently at fair valuÈ, which Is norTnally mid-TnarkÈt valuè. Where the fair value cannot be reliably tneasured, they are rectrjnised at cost less itnpairtnent. Gains and losses on listed investsnents a￿ recorded through nel income. Financial assets are derecognised when the contractual rights to the ￿sh flows frorn the asset expire. or when the Ch8rity has transferre(1 substantially 311 the risks and rewards of ownership. Financial liabilities are derecwnised only once the liability has been e%linguished through dischar9e, cancellation or expiry. Ikl FRS 102 exemption The Trust has 18ken 8dvants9e of exemption. under the terms of Fin8ncial RekhNting Standard 102 'The Financial Rewrting Standard 8pplicable in the UK and Republic of Ireland. not lo prepare a cash flow statement. 111 Judgements In aPpI￿ng a¢countlng pollcles and koy Sourc88 of estlmatlon unc8rtalntle8 Managetn8nl considers thér& to b& no material judg8ments or Èstitnatés r8quir8d in the presentation of thÈsÈ financial statetnènts. 2 - Related partytransactlons and Trustees. rtmuneratlon and expenses lal Administration The Trust 18 administe￿d by th& Royal Highland and Agricultural Soci&ty of Scotland IRHASSI. RHASS is a r89ister8d charity ISC0045611 and has the sam8 r8gl$ter8d offic8 addr&ss as RHSDT. 118 charilÈbl8 objects are th8 advanc&m8nl of.. education,. citizenship and community development, heritage, Cultu￿ and sciènce, environtnenlal protection and improvetnent,. and anitnal welfare. Its purpose is to supwrt and encourage the best of agriculture, to Cotntnunicale and bring to lrfe its value as well as to develop a greater appreciation of the impact of agriculture on everyday life. It prepares consolidated accounts which incorporate the accounts of RHSDT. which are available from ils registered offiGe. As al 30 November 2025 the Trust h8d three Twslees in common ¥vilh the Royal High18nd 8nd Agricuttural Society of Scoland. There w&r8 no r8lat8d party transaction8 Other than the payment of th8 audit fee by RHASS Inot8 61. Ibl Key management personnel remuneiatlon Thè trust8es consider th& board of trustee8 (including the chief 8xecutiv8 of RHASSI, th8 manag8r of the tru8t and th8 sècretary as compromising IhÈ key tnanagÈment ￿tsonnel in charg8 of directing and controlling thè trust and running and 0￿ratIng th8 trust on day 10 day basis. The Trustees all give freely of their time and experknse without any form of rernuneration other benefit in cash kind 12024.. nill. During the year no reimbursernents were rnade to Trustees for extEnses12024.' nill. No remuneration 18 made lo the chi8f ex8¢utiV8 of RHASS. manager of the trust and secr8tary by th8 trust. Th8ir sa18ri8s and r81aled C0818 ar& paid by the Royal Highland and Agricultural Society of Scotland in 118 8nlir&ty. 11 wa8 not possible lo accural&ly 8stimal& th& prowrtion of Ih81r r&mun8ralion which ha8 b88n incurred whi181 man89ing th8 affairs of the Trust, accordingly no amount has beèn récognlséd whhln thÈs& financlal statetnènts. Icl Related Fiarty disclosuros No payments lo the related pariy. RHASS were made during the year. Idl Trustee expenses The Irusle8s give of Ih8ir time fr88ly and make no claim fc* expenses through the Trust. The Royal Highland Society Development Trust Scottish Charit Numbor SC024206 11 Notes to th8 financial statements at 30 November 2025 Icontinuedl 3- Investment Income Inveslrnent incorne is derived frorn investrnent funds which the Trust is entitled to receive during the period of the accounts. 2025 2024 Dimdends Bank Inte￿$t 169 169 211 211 4- Donation Income 202S 2024 Donation in ￿nd- Audit 1,840 465.000 466,840 The trust received part of a legacy award in Janaury 2026. with the valuation of the award known al year-end. 1,750 Lega¢t Income 1,750 5- Investment management costs 2025 2024 Portfolio management fees 72 72 6. Audlt Fee The auditors remuneration constituted of an audit fee of £1.84012024.. £1,750). This cost was borne by the Royal Highland and Agricultural Society of Scotland and is I￿at¢￿ as donation in kind. 7. Investments Inveslrnent5 are included at fair value, their market value. and are held primarily to provide an investtnent retum for the Trust. Currently inve5trnents are held as cash pending reinvestrnent. 2025 2024 Investments Market v81u8 at 1 D8cemb8r 2024 Gainslllossesl Disposa15 at current valu8 Market value at 30 November 2025 excluding portfolio cash Portfolio ¢ash held pending reinvestment Market value at 30 November 2025 In¢ludlng Portfollo 185 253 185 253 8- Analysis of charitable funds al The unrestricted funds of £14,89912024.. £14,8021 are available to be sp8nl for any of the purposes of the charity. bl the restricted fund of £465,000 can only be distrbuted to RHASS, for the advancement of the RHASS charity and in rnemory of the deceased member.