Clbarfty rtumb•r: $¢03YS63 THE ROYAL REGIMENT OF SCOTLAND REGIMENTAL TRUST TRLISTEES. REPORT AND AUDITEO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCM 2Q25 Armstrongwatsorf Accountants, Busine55 6 FiThanti31 A£fvisers THE ROYPI leOIMENT OF SCI)TLAND K£Olhl£NTAL TRLwr oNYeNT8 R4t•r•ne• ind C￿￿115 ol TrL￿t. M rmstw Trusts•i' rawt Indoyrdllnt auL4ior•' reporton th* firt•n¢lil 814tf menl *h•+t 12 13-27 ThE ROYAL REGIMENT OF scofLAMD REGIMENTAL TRUST REFERENCE AND AOMINISTRATIVE DETALS OF THE TRUST, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 PIARCH 2025 Truste•• Ch•rtty r•glJl•rnd ￿￿1b•1 SC037S83 R•glBt•r•d offi¢• R•glm•nlal H•gOqu￿¢r$ Th• RO￿ R•wnwt ol Scolland The Ca&ll• Ed¥￿ur EH12YT Compwy ••cr•lAry lThd•p•nd•nt audllor• Al￿¢10￿ Audil Limi chwler￿ Acc¢xJntanM & Siatutory A￿Irt0￿ 181 Fl 24 Sw¥• Gl•wow G2 4BG Pag• 1 TNE ROYNL REGIMENI OF SCOTLAND kEQlklENT AL TFtUST TRusfEES' REPQRT FOR THE YEAR EI4DED 31 I￿k¢￿ IW2S Th& T￿￿1￿èt Ort￿ntl￿r a￿Ul￿ res￿rt tho gudq8d 5tstorhonii Ll* Tfupknt IDrth wr t W 2024 to 31 Mar¢h 202$. TM h&￿ bwn tryw•d Ifp lh• oul in *Otè ? tts IMO naw¥ st4tetTrBntB and Iximply with Iho Truyl's ConsbLu11¢>31, IM wEd TnkslBg Fw•slmèni l&yJttsntTr) Act 2005, lh8 Chari￿ Accoun1$ {$4X)118rK15 Regulaknns 24x16, 1h& FthBncis1 Rowling Stsndard k3ptyicablg Ihe UK Rgpublic Ot irfèianO IFAS 102} Bnd -Acee4JniiTrg Rewrtry by Gfyariw: St8ILNn8nl RecoThmNdBd PladI￿ aPPlHYJb to chiTiIi85 pfwiin9 IhdT ¥c￿un[S in acc¢*danc• Fin￿n￿l Ropjrw star7dBrd #pr￿c￿)I• In ihe UK Re￿blIC￿l (FRS I021. . Pollclw4 obl•ctlw* Th& TWI￿1,5 objectives we'.- To appky W c8J)It&l **tsd incorno of lh8 Tund1 and yopoty copltal and of arry *hJiEH)n81 •&tsle whlch rrJY4y b& PBid IErto Iho Tru￿ Fund fffjm to lim&. ￿thing 8ny ￿￿li￿￿￿1 ru￿￿. prDpwlyèi *sthte ol Any klnd thhRt5wer emer￿ting f¢om any R¢oulBr or Rusofw6 Amy, AUXi￿ary QT 3ffi1ioEed Tbke Réglm&rht %*+a￿r 4Jr 5uth unil b• orarnaloww, in n￿nn¢T as Lhay Lhink fil for... 1. kny pl¥p￿S ¥thith Aplwr to Ihem In lh8￿ IbBoluW dixfaiion diracted Lo Ihs irnKKmmtni, effwnGy, beneftl. or impro¥orninl of morak and ¥ielfeTr of Tro Re91m￿l u 4ny wil lh¢[￿1 indudiry any ReguL3r or Re5ervB Amy, C&aeL Auxiliaryoi affili&￿1 uniL 2. Th¢ b1￿￿[1[ ol any I￿￿loUS p8fsDn p•rsuJs vtho are in n￿d ol è8Si81¥Thce ￿h0 are S￿ring Irb or 4th0 have ser4e(F th {al Th8 R89sfflenl (bl Ihe Anwethni RoBlm8nls ￿ Ic) any ncw or lormer Inlgnlry Rtrgimefit of im Brillsh Arffty substanuglly a￿(￿ale￿ S¢oMartd llhg Form•r Reglm¢rLts-l. orwhD4r8 tha d•wndanl$, widowrt. wldtyrt8￿ ¢r4il partnaTS or ¢(phaM of p￿90￿3 whD ar• who 88rv8d 85 afN•3••*. or 3. T￿ Ra￿￿nI?1 Assoc4atloTh ol Th? Flrflni8nl OT bj •ry 0￿[ Charity prDvidwvJ weH#to and hièn¢￿18￿ppDrt h)r8er¥Ke cr qx 8•r¥U )￿W4n11. hl•v•m•rnts artd p•rforniafico . M4bn ithl•¥•ment5 of th• Iru•t lThtroducllDn Thè applicaPlon 41 Iru¥tfvnd¥ o¢)nbnutr8 lh¢ Deed 0fTn￿ll0rTh& Royol R¢gltThent Df Scotkwd. Th• Irusl*•s allocat• 1he caplr818rbd lrt¢me ol lh¢ prlm8rtyto Enharth lh• vthf8re. and o¥ertll nefil of lh* R•ty[￿ vfflh g particulèr f¢￿ on Sddiern. vetwan¥, lheird8F￿nIs In n••d assis￿￿. wdrèr• TM SCOTS TFUW prthstlBd w8lfÉm supptht b8nofilinq S•rvlng Pet%￿In￿l {SPI. v8t£r8ns. th•lr famllles. Thi& fijn￿￿￿J wgs direcrsd e8witr&l ￿lIAr8 ini11aty￿frs. lllcjudirtg la)ninkx￿.o[ffj to thfr Amyy B¢nwo*nl Fund 8Th1 pty￿ 8COlkftll. Is lh8 o14w4¥lh5 (Dr ew•nL5 slralL4yi¢ally 4lF*1ri￿t8￿lQ ¢nsure bmely ￿￿t￿Pj￿ ywpom bonBThciarÉ8S. 8y dl$bur¥lrba èuMIIiw& Ino Trygt &XP8drtBd a5$i$l￿O4. ￿￿￿￿4 n¢ed$ witrM)ul aelpy. CollaboYAilw8 tftons 44¥lh 91her charitabl8 orgaths•tiofr¥ (Urth￿ amplifiad lilY￿¢t ottr¥e l￿bIll0 11c￿l ¢onWbullDn$ WKI 4xtendiry IhB mè¢h ot WPPDrt IDttw)&e irb n*&1. PaB# z THE ROYAL REGIMENT OF 8WTLAND RE¢l￿ENTAL TRU¥T TRU STEES, REPORT ICQPITIMUED FOR THE YEAR ENDED 31 MARCH 21125 ,A¢hi•wm*nM Jnd {cOnt4n￿￿1 $Cts79 Asgoclatlon sUp￿rt lo th8 SCOTS AÈ>St1av￿ft t￿o￿9h SCOTS Tru$l prO￿d￿d in PY. Th18 fU￿1ft9 t)6nefi1ad SP. wtèiarp* Ihèirfarnli•l, and ith) *wJimnl 3 wholg. gLWllrting gv•thS $TrJCM a% the Rgn>FMblar￿th Sun¢Tay luftch. As$4)iauoTr oveiits. Ihe A8SOCi?Ilon R&lw. arfmj olhgr i•wasts. Th884 g8th8rir¥s plly 8 vttal ttJli fft fostering UJmit&Jer*. Wmely SLrpport. and Mrt4Mirp i #ns• OP t￿1rd¥￿ing wiLhin ihu SGOTS a*sou8Lv)n. Th¢y ott¢r opportunillas for ettendE￿ to r*ts>nrt￿l old ror4Je rE￿Ik(M￿￿1PI, hurturi￿ mwnoryof Iho¥? who hB¥e pos￿. SLr¢h Sigfvficamty upllft mm, per60nBI End txJllvctr¥• t••S, aiKI to ￿ o¥arnll ¥rnl bBiw *id 4Jnityol Ihe Re9imenl. A ￿)he￿1ve and rnoclv4￿d as8(*Falon is for Euture 34Kc855. losiwing ol posillwty, re9irnental ￿, 8FKI mulLFaJ suppNi ind IThd1￿d￿ll Grnnts Th8 prole$g&)n8tlsffl ar￿ vrt11.being ol Rè)im&rat'$ apr￿￿$ gnd wldlets were erhhanead WIMèthII 'qrén1$ Thege SUPFQrt8d 9dvBnIur¢￿ trairtrng. $P¢rtI. ifid 01hw Collecllve BctFvili85, anablino soldwrs lo develco 8bAl& in ¢hallBnwng BniirOrtM*)ts and èxe•l IN IndWldWIl t4bd l&am wrwitg. Anth￿1 and Chrigitnlg grants Iyoy*J￿ to Battfjllw cornm8ndff￿ Officarn to ￿ne071 Ihelr pewnel I￿1 rlfftd Chri5tsna$ luncPh•s lor sold*ri. Adddl¢ng19rarts 141PPWted the S￿c￿ Acadomy. a 8lrwg 3eiise olbe*Jngw 4nxJng SCOTS SOhJlerg unLfer Iralning. Adven1u￿5 IialNI9 arba iwt3 remiirh criWI lo B￿n￿n9 the Rryim?nl$ fiwmg pu￿￿d IhB hBalih qN I￿￿ing 4Jl11$ $pfdierg Fund& w8r* 8Jxated 10 5UPPDrt parti¢iOlcm Irb actMILQS suth $8ilw. uNra- mara1hw$, cycjing. goktcomwlf￿iS. BncF ShC￿ Th￿tr acl￿118& nol enhance opera1ronal 8180 Conint￿￿e 10 sokli8rs' ph>wal and tNnLal vffjW.b¢lng ￿￿10d8 betrlnen dgpioymw and vxero$e$. commun1￿1￿8 'Thg Trnst I￿7ded enh￿c*d cOmn￿nIcat￿n$, bemfitino lh& Intem81 SCOTS Ihrcwh r¢des19nod •Thl co￿*}￿nI SC4)TS Assticialion M¢wd¢llers and ￿ enhanced SCOTS Jwnal. Tht jOutrf*oI $er￿s 05 rwbprBhensiwo r•t¥Jrd ol AdgirMnl'S ￿romI ihB DI Repr￿[01 Tr4i$tory V&um8 Ona. Bolh pubjicabons, availible w1he SCOTS th￿b$lIe and app. 81tr5ure corÈgisionl and UFhJat Suppolling tho wlmeniil slfaregy. RHQ SCOTS 3180 ￿nder￿8￿18 VR5u81 rfroth, Mylh updiletl Brtthyjrk. well vmy15. and proloss￿Or}ol Arwory In5ts11ed in Offic￿ end oNridDrs to belter wrtrty1he rde and Bnhancg tho exwrlofi¢4 ol re¢nait3 and To fvthersuoppfj comrftunlfviot+p¢11vgF. lh¢ Roglmani to •nwloy Ihe FwofpyglDrbal o[ Qrwling, & wmm•raal Markgling wmppny. manpged comrrnJnicaPiw& •ri4 ¢reate(I coFrteni (Dr prtnl 8nd 5tTrcial mrJd0, r•gulOry ffj swinillcanl meth& TV, prirsL radio, and FK*Gr4¥ts. Thi& R8Bimwfs profile, Id•nfAy, an(1 ¥i&ndry *iihirh kxxl dgrytsntl Ihe Annfs rdtr In so(*ty. Bespc*fraclhTllle3 f4V SCQT5 lamllhs clwing ¢8PID￿lent8. A t¢mp)r?ry pxhibit•on, Th• Brib¥h Arry and LPk(Aln&. ii pirtn•rshlp*4th th8 M4fw•l Amy P41u68um. hipbNihfit¥g Ih¢ R8gthwnl's 1nv0lvw￿nt In Op INTERFLE Th Musfflrn. recoiv•s Mr 600.DCO dyllDf8 anr1￿llYl70% from Du46wJ8 Ihp UK), rpmllns 8 vS18l publiB r*• ol Ihe Re9￿￿ent. ensuriop 1he SCOTS brBnd is it8M￿l01￿8l￿ recoon19￿. FInInG￿l rn¥l• . FSnonGiéI Dunno Ihtr ￿ lh8 Irusl ogn8raM on ov8rBII d8ficAI aftgr in￿￿nen1 of E?¥,Z48 12024 - $urpiu$ £31,￿) conslstit¥J of 8 lun¢ ¥urpkn5 of £151 (2P24 . D¢fv'l . E2.0(￿1 and w unreslricted d•fiol of £35,399 12021 Swrglus - £33,688Tr. Al the year *nd lh¢ tiyyl hod totsl fvnd$ DI E2.926.142 I2UZ4 - £2.961,390} kn inc￿(•& of E9.703 12024 - E9.552) and Unre￿￿rE¢ll fiJrKl& OT E2.816,439 )24 . £2.951.8381. Our inv8therts hav¢ In m•*W finarwl sywr. Tha knng-iwni Ilm Is 1 greyepffj arKJ orcw Ine r￿p1￿1 ah8Bd Df inllaLiM. WiihtsJl laklng unduB risk. whlie weTativwJ 8 mcthrJl8 of inGom8. A& 8131 2025 lh& twrko1 iThiffjslm9n15 ¥￿5 t2,945,BDS (2024 . ￿829,4141. Pagv4 THE ROYAL REGIMENT OF SCOTLAND REGIMENTAL TRUST TRUSTEES, REPORT IGoKfiNUED) FOR ThE YEAR ENDED 31 MARCH 2W2S b, R•••fWS pomcy The Tntstees wjlicy on ro￿￿￿5 is Ih8111 ￿9￿allY Cg)Mme￿*J Y•th Ihe miThmum amounl necessary lo wo4ide income lor ts mwntenwce ol Ihe Tw$ts obpGt'ves. The Tnjslees consldef Ihai fufth•f le90r￿S t1￿ in Ihe hth and Iher81or• Ih•l 11 Is •PPf4)nele lo ar£um(lat• surpthJS•$ as thty arise. 11 q tho wlerf ol Ih• Ttust ihal uNestrKted fupmls %thi¢h h•vo nol b••n des19￿ted for a Sped￿ u80 $houkl be al a Iovol oqth*•nl to botvfftn 3 and 6 mmths •xpenditu(e. The Tru91eo¢ Cons￿or thal f•ser4eJ &t this level will ensur• Ih•i, In lh• thienl ol B *nrf￿n1 drop In Iw)dlr¥J, Ily be able ID (xxthM•• IM Tru8f8 current acMi•8 ￿thI1• ¢orrf4id•r•llon is 9p￿n to ways in vhrth •thliiw￿l funds may ￿ rniG•d. Al bal•nc• sheel ¢Jate th• dwrlly has unrestsKled 01 £2.916.439 (2024 - £2.951.838) th•f•fty• IM l•¥d of roserv*S has b••fi ma￿taIned Ihroughwl thg y••, Th• Trusl••s hov¢ 8gses•ed Ihe mtyr risks io th• Tntht Is exposed. and W• SyJt•m8 wo . p*• ￿ mlWt• wosura lo m•￿r r5sk& 8tructurn. gov•rnIn￿ and m•n•p•rn•nl •, 81ru￿Vr•, w•m•rK• •nd fflanag•m•nt Th• R•wMnl of ScdlBThl R•9lm•N•l TA￿¢ utabll•h•d ty • ch•r•l•l* D••0 ol TfU•t ￿ 20 j￿u¥Y T r)e frusLees ara app(hni¥d SpaG*1￿ af• m¥•r• of Ihlr ro8wx￿llltsOS In of Ihe govefnarTh of the IntsL Full begal aThl admlntstr•Uv• d•1* bé at th• Iff￿1 d IM fln•Ka•l slatements. Plans for luiur• P•flod• The lutwe plang for ts or9￿153¢￿1 ￿tInUe lo I￿1￿ 113 chaTtable as d•iad•d on page 2. P•9¢ 5 ThE ROYAL REGIIAENT OF SCOTLIIID REGIMENTAL TRUST TRUSTEES. REPOR T I¢ONTWUED) FOR ThE YEAR ENDED 31 WCH 2025 stst•m•nt ¢1 Trn$1￿. responJlblllll• Ttusl0*3 are resp￿st1￿8 ft* prepwing lh• Trusloe8' TO￿ the financ￿1 in X¢%yd•r•ce Prdcbce). knv &ppliubh lo chafllles In Scotyand r¢qulres trle Tw$lé•s tr• y•par• lln•pKlal s1810n￿￿ for oxh llnwldal w1￿ch glvos a and falf W4Y of Ihe slate ol affalrd of Tr￿¢ and ol its In¢(*niry r•s(xw¢ and apO¢oElon ol fox￿1¢e$. iTrrknJlr¥J Its Ino)me and lor th•t pwtr)d. In pr•p•rfn9 Iln*Kl•l •l•t•mrrt*. th• TNitoM •rn war•d to: s•IKI •uil8bl8 fAxunling and t1￿ appty th•n cMyslffity, observe the meihods and Pri￿p{•S ol lh• Chaiilles SORP {FRS 102)". mako pjgments and accounling •sts'mai•s ifv•t •fe rn8xThbl8 ￿ wud•nt; Slato appli￿bI¢ UK Acco￿1￿* si1￿jardS IFRS 102) have been fthv•d. wbl•¢t lo any ma￿.81 dep•tyt•s d￿0￿￿ •nd •xpl•lf*l In Ihe fiMn(#al s181ornents; pr8pare f￿ancIal st•l•m•nl1 on lh• gthg cty)(*rn ba618 il18 In•pwfl•i• lo that lh8 Tru$1 wlll contynuè In bu￿1*$. The Tru8lMJ ar• I•$po￿ltIe for ke•plry su1n￿nt r•cord• dls¢loge *4lh reqqonable acojrw •1 any Ilm• th• Iln•nclal pogilion of Ihe Tnjm enrtjle Ih•m lo •nwr• Ih•l th¢ sth*menls compty I￿ ehwif•s and Truste• Inv•8lm8nl (Scottbr￿) Acl 2CK15 •id lh• Ch¥￿10$ Accounts {S¢ollwMII R•Wwi￿1 2Q0618s •rne•)O•dTr and Ihe Fxovis•on of lh• trust d••d. Th•y •r• atso r•¥wiwble lor ih• Msels ol Truit afmj h•nc• lor tknd I￿60n￿ •l•ps IrK ￿ w•nUon ol IT•ud and ¢lJier Truatee* ￿ r•¥poMilA• for lh• m•ntwwn¢• •thY Inl¢grfy of the chgr*y and knlormBtlon ¢)n the Trusfs web8lh. L•gi$latlon In lh• UMe¢l KIn9a￿￿ g(wemkvJ th• w•p•f•lbyb •MI dwemlnalK￿.Ot flnanra&l 3lalemants may diftlr from W•lrtyi m olhor lurtsdlc•¢xw. sd•iur• of Informallon lo •udllor¥ Eoth ol pernon$ Tr(•l•M •t lkn• wh•n th1• Tn•t•e8' rnwl 1$ •pprwed ￿r￿m•d Ihat" $0 lar •9 Trwee h awv•. thw• o no r•knvart th#lil ltsrn•￿ ¢f lh• ¢h•rltys wdtOf% W• unawar•, and Ihai T¢u$l•e ha8 takn al th• 8ty thol h•v• b••n lak•n •• a TN8tM In ¢yd•f ts) b• •wv• ol y r•I¢v￿1 au(ht in1mt￿n and to 68labhh thal ch•dVg •uth8 ar• •wgr• ol Ih•i lnSym•￿n. Audllors Th8 auditw knEron9 W•tson AuthE Llmlt•d. have kndkated olffico. Th• de&yn8ted Tfusiws wlll propM• a mor￿n fe8ppJlntlng audltsxs ai a m••iir4 of Il* Tru8to08. thppr.￿pt+ tr,, P￿￿￿T ta rnprn.W, p• TpJSWt¥ aNI 81gned ￿ Itw b•haY ty, Dd'.tt P•9• 8 THE ROY AL REGIIIENT OF $¢OTLAMD REGIMENTAL TRUST INDEPEE4DEMT AUQITORS. REPORT TQ THE TRIJSTEES OF THE ROYAL REGIMENT QF ¥GQTLAND REOIMENTAL TRUST OPIMIQN We h?¥8 audited Ihe rÈn￿n￿315tr1?ffll)ftts ￿ Tlw Rcvy81 Rogim8nt ￿ ScJ3llarwd Ri￿￿La] TnJS1 Ilhe Tru$l'Tr f Ihe ￿￿r endbl 31 M8rch 2D25 ¥thich ufflprlso Ihe Sl818m8fbl finanrial a￿4¥7￿￿￿ lh• B3￿n¢0 $heei and 1htt fel818d noE85. lTrEa￿1r￿J a 5aJmmBry Ot ￿g￿l[￿an1 a[￿Un￿ng Tht fin￿￿￿1 Wt las Bn applied in Ihqw weparation &PFlirablo gnd Vnifed Kiftroom AXQuniin9 8tondafO&, In¢ludlry FiTkBnrAaJ RBportst>E SIBndHrd 102 Tr FI￿￿￿1￿1 RgpDrUng St4nd¥d appk&bb in lh• UK F¢pub￿ ¢1 Ir¢lpnd' ¢UntfBd Kiwdom fjenBrBItyAwEoeO Pw4it*l. In opinlffi lh• ￿nIn￿tI $tht•m8nl&'. vg a Iiw and I￿r r*1 l￿e stil¢ ¢1 lh* ¢h8nlable c&Thpanl8 a$ at 31 Marcli 2025 Ind ot 41 IrKomlEWJ re3oufGeB and 4pp*odorb Dt resour￿, ￿ClUdIng tt8 in¢omè gncF IYb•n prDp* pr8pafed kn 4ccord8￿9 wrtti Lpntted Kirtyom G•n•rally Ptt4o•d have b8&n wepqred in Bcwdw wllh Ihe wUn[T￿l8 01 th• Charilits Tru￿8• InV￿M (Sc￿8￿) Ad2005 and regulat￿ 8 of Lhe ChEF￿&sA£c￿￿W IS¢•lliFidl R&guloilofi$2QC*. BASIS FOR OPINION W• our wdll in aGcordanG• Int4m01ional Sthndgrth Avdlung IUKI {I&As ILJK)) arK1 app￿Cab l¢v¢. 04Jr r￿PC￿lI1t1Ss under ¥t8ndaYd$ ?r¥ hJr4herdescribecS in Ihe Audilors, f8spon$itryh1tès lor auth1 of lh8 finan￿1 81&t8m8nl8 8eCtIDn ol r8PDrt. Wè are In￿Pendent ol ¢hadtable (¢4M[￿nY in eKcorOanc• Ifh th* elhlcBI requirefflenf6 Ihe1 8ro rel8want lo tyJr 8udtt ol tho finwri•l slal•mthits In iybe UTh1ed Klngdom, FwnciBI Reporling Council'5 Elhical S￿hlard. •r*J vffj Iwe lulliii8cI our other eihic re5porbsiblMio4 in a￿Or￿anC8 ￿1h Ih688 f•qUf8merb15. W• b&liwe t￿1 ￿dI1 v4ltJpAyc• hew 1> sufficgBnl apwoprots lo provirf• a basis our opiwn. COPKLtasioN3 RELATING TO QOIMQ CONceRN In audilin¥ lh8 fin8nc#Jl 6latefflgnf8, 4w have conduded Ihol th* Tru¥l•v¥' ¢)f lh• S*￿[￿j conG£m b8$1$ of nling in pr8pwglwi otthfe finwKi81 statèn¥8nts ts appropr*ts. Bas•d lh• 4¥ork MYJ haw• ￿rfOrM0￿, w hav• TrDI Idontrfied any rFatori81 uncertaini•è& rel8liw lo ewenls condlllons 1hal, In¢Whknlly or 4xll•ctivoly, may cast $lgntf•canl d£￿￿t OD Ihe ctrwit4b18 companyB ability to conlinue • 9￿￿5 concern lor 4 of al 1•031 Mefve Thonths fiom Iho financial statonwnls avè auLPtor¥e4 lor iswg. ¢XJr rew&ibllltl88 and IhE rew*i&4hi'e¥ ol IP* TrusiEe5 vAlh rwè¢t Co 90iw ar• In I relev¥nt secli0Ths D11Pkyy repDrt. P8gq 7 THE Ro¥￿ RE¢IPAEIIT OF 5¢DTL4ND REGIME1￿AL TRu$r ITrIDEPEE4DETriT AUDrtOR8' REPORT TOTHE TF¢USTEES OF IHE ROYAL REGIMENT OF 5GOYLANO REGlhlENTAL TRUST IGOlff INUED OTHEFI INFORPIATION othw comw*ye8 In Alln￿7 wp¢rt otnw IhBn fmahixg13tsf8m8nts and wr Audilw4' rey)rt Iwaon. Th8 Tru$WS &r8 r95p￿lt* for tlie tmhef Inf￿￿3110n wnia1n￿1 ￿li￿1n I Annual r&wt Our opinim un fhB finanei81 ￿¥teME1￿5 noi th8 tKh8r ¥rfrrt)aiM)n 8nd wa BXPlaS$ 8ny IoTTh gf F55UrB￿B conduslork there￿. &Jf ftsJponsib&1y i& tr rèad Iho ouKr InforfflEdtion and, In dcNThJ $0. ¢4nsiUw Yknelher Ihg olher In1W￿8410Tr 15 tTratu¥411y incons131enl ￿lIh Iht si&lernBnts or tyJr ￿(￿￿&d9& (blai￿￿ in ts txyurs8 ol the tKTrdit, or [thr￿ls? apFe4r5 to th MI￿rIallY ml**tpd. If wa idtrnbfy Such mvjter￿l inconsistertGTrB5 or apw•nl miwaiemenEB, w& arB T￿*￿j to deteM￿ne wthBihar trls giY¢$ rlse to a rnBleri81 Mi￿rat0￿)nE fftwnGial lh￿Tr￿￿￿. Ir, on LhB Wtyk w• condurjg ty • m￿131 fftimiatetiwnl of Ihly olhw bnfc¢Mlw, r8qw•d rw We hawo noihlry in thA r•wd., MArrERS 011 WHIClf ¥￿ ARE REQUIRED IQ REPORT BY EXCEPTION We hayl rtihlng to irk rosffj of Irt8 folknwing marteA {ScolLJndl R￿J￿￿¥onl 3(IK (as w*ndwJl U11ts l¢Ethto rf. in LWI opl￿n. inforn￿ Iht Ttustees. r8FKrt l# Ir•CW8¢ybnl In Aw rwp8Ct wth th• IIrb￿￿1 $1818rTrenl5,' proppf xcountir¥ thcord$ ncl b8th kepi,. c finarlcsal $talen￿nIS I￿ not in 4ur•ethent 4vlth Ih•4cfxTrunling r•o)rd$ r•bm' or hwo no1 rovJlY8cF 811 Lhè inforn￿b￿ ¥•d *wlin8llons ¥rn r•qutr4 fc* 8uthL RESPON*161LITh%S OF TRVSTEES exp18ined m¢K* f4Flly in Tw1&￿, 51818manL tt¥• we T•6pm$￿ for Ihe ep8r8lM fina¢￿￿1 *iiments for bgin9 ¢¥U$fFed Ihal th•y tfft ¥ tivg arAI lair for 84Jc* 18mal a& thp Trui*OS d￿e￿ine is n•¢eS￿ry ltren*l• th• pr•pUrati￿ staMnwhts Ihal rgè Imrn mal8fk* mi¥$i•lerwil, whèth8F rJu• to Irwd 4Jr Srror. In prwng Ube ffiMrtrMI &laiem•iLS. lh* TN•tw vn r•spmglblg for wessing Llw Trwf$ ablHty to u)nb'nu6 a gwg dtsc105inu, 95 applic•ble. m&trers rolal•d lo concam the 9txng concern basi$ of acwyn1in9 ynlÈs$ Ttyste•s •iLMr inf¢nd to I￿Ulda1* th• ctrWta￿0 Cr￿nY or io rR¥se opet8tTrorbS, Qr have rrfj reall$tir glternBftve tut lo dts so. ThE ROYAL REGlhl£NT OF SCOTLATrID REalMÉNTAL fAIJ$T WDEPENUETr￿ AuD￿OR8. REPORT TO THE TRUSTEES OF THE A0¥￿ REOlhlENT OF SCI)TUAO FIEGIMENTAL TRUST (CONTINUED) AUD￿oRs. RESPONSIBILITES FOR ThÉ AUDIT OF IHÉ FINAMCIAL STATEME1￿5 bo•n a& a￿lI￿r undor SBctFOll 4411Kc} ol lh8 t￿￿￿lIeS 4nd 7r4the Inve91merh1 {Scot*l Act 2WS ana •1 Ad thl rokn4ni made or IwM¥J eftp¢l thereurth. Our owtrwes 4re to oblw T?9￿rEa￿le ￿￿￿nCe about wh•thw fw*anelal 5thtetTrDnt6 l(& makni&l mi8sl¥lement. whelP￿r to Ir¥¥d or Qr￿[. i$SUP an Aucmors, Ihal irdvd8s our Yin￿>￿. Rea?￿Y4b4e alw￿Tr¢8 ks & hlglE l¢vel of th$s￿rInC•, but i& rftol a ULFar4rynte8 Ihai an audit ctsndtFdÈO in ¥￿th ILFKI aM*yS a maienw mi$$LaLthbnl wthon ￿ ￿15t8. IAi551atèrThDnlS can gri Ircm fvaLMI ur conslder8rt twtgrt&111, Irrflwuatty or in iho r>aie41abty b •XF*C￿ to infiwce ts ￿K￿nIC￿e¢l81o￿ of u￿r$ 18ken ￿ IM Dail& finar￿* *tatèn*nis. IrTegu18I1tJ•S. In¢4u¢YNg fuud, Instanc￿ of nrwliiFbC• W￿1h IHw3 4nrJ Fe4ulsllons. Wl8 dwi p￿￿e￿Jr8P in I1￿ ¥Alh our rewn$ibiltli*S. ¢yutJin•d atthe. io dèlect maLwial tni554a1effleEhi8 ￿ rgspgcl ol in￿L￿Ing fvaud. The •xtsnl to whlch we￿ur•S capa)IB of d8tethwJ irreg￿1￿, Irwd . del*d b¢kn'. We oblBlnod 4n urblerst•i¢lry ofih¢ *901 ty9uwvyfMmworks Ihal appliutK• lu kn 4awrriy, foc4 n pr¢)vision8 of IhrA¢18w$ 8n(I r¢gulgtion$ Ih•i had a 4irtti eff￿1 on dBlernnina1i￿ of tTratgri81 a￿o￿nIT* aw disctDSure3 in fJn8nclaf 81818rnents. ThÈ mosi i¢lw•Tr1 tramtrworks KSanuThed includo FRS 102. L C￿rIll09 SORP (FRS 102), the Chwit*s &nd Trv51ee Inve$tm8nl ISco1Fandl A¢1 2005 ar4d lh• Ch•rilF•$ AccourElI 1SroMJndl RegLptstKn8 20Ch3. VW• Vil￿d ￿ urKSarbt￿dIl$ Ilb• dbarty IB comp4ryng Yrfh Ihrfe kw8 by maklng nqwies ol managBrn￿L W• ￿rUb[X518d enqpiri88 Lhrough our of 34bbthLiett rerurrbs. rnlevant cwr*a$pmd•K• wllh rogu*ry bDdTr•s board Th￿ul￿B. We SWCfjWlbWiLyol lh• financi￿ S￿l￿A•n￿ ￿￿￿￿1131 mi6818Mmnl, Incfuding he￿ trnu migtil mr. by meeting w11b mar￿ement in& Lh)v char0￿ 44YM urywnanc• ID und8rnt4TrS it Was considered IhÈre w&9 3USC4Wlbwty ￿ IIautt. This iv4lua1ion also cm5id8r8d IKf4¥ m&iag8monl and Ihosfr ch8Tg8cP vrnre iemurker818d arbj wh&1her Ihls provld*J 4n incenltwe lor frnudulBnl aCIt¥7Ly. Nyo Gonsid8rgd lh8 rnr811 conlrol enwonmeni Bnd hDW mar￿ge￿nent gjnd thos• charyd ￿lIh wyw•monc• ov8r¥•• the imthmenl8110Th End 0￿[8110￿ of conirol&. In we85 ol Ihe finLincial stotsments tlsks wert conside18d lo be hithr. w¢ Ferfomi@d p￿c￿ure1 to oddreii eaGh i¢ork￿led The lo11ry￿1￿ proce￿ra6 werè porformèd Ictr p￿￿de rthyongb* Ih•l lh• frf4ndal $talen￿nIS w•r• rm• ol nmtwiak IraLKI or err4Jr.' miTruto& ot m811np 4Jl Ihog0 ch8Tged ￿lIh g¢)vwna￿', FloW•w￿n9 18v81 of and r￿￿onIng bPht￿l thè chBW8 prucurenienl rA19ga4 ar*d profegsiwgl seNI¢os,' •rIormir￿ wcKk pr¢>cedure& over th8 risk ￿rnan￿9￿niÈn1 overrtrJ? ol ￿nIr01$. I￿lu¢jing l¢$w of Iwmal efiboBS 8Thd oth8r8dpJslm8nLsfc• BMJrtTrwi8teness. evalugilng lh¢ busirw> faitt)Ji?F¢ of %ynificanl trartrfaJdiCrtk* oulsid8 lh8 norn￿1 o)urs8 of busine55 gnd revrekving jLEdg¢fflwts by mana9emwrt In thw caleufdkn estimales F￿11￿ ffl&nB9Thnl bia¥. CXJr a￿11 prLX•thJr8s w•Ig dwn8d its to Ihg rFsk ol matwiBI mls&tatwiients in fin8n¢i81 $14tel¥bBnlg, rÉYcgnrsing lha1 rhè wisk ol noi dotecling o mal8rial ml55latety￿nr dLpe to fr8uO 19 h￿haT Ih8n Lhg csf ¥eclir¥ lion) •rror. A$ Iiaud MBY In￿1￿ inl8n,lic￿l corK88lm8nt. forgery. (rJllu<bTr. 0mlys1￿ or misrepr•swwN?n, Th&r6 inhÈf8nl IFmiLIIiotss tn kn ￿￿111 prr￿￿juTY¥ perf￿n￿¥ 9nd Ihe further ierTroved nW.Comp￿￿ wllh kws and ThJulthn5 i& firm Iho è¥onts BrAJ ErBrkwttM5 Tell￿ In thB fwnGlal A furth￿ d￿5￿p[l￿ re¥Jprkyiknkn& Butm is k¢at*d ¢n rmnciai C4xncdf& y￿b&[te 4t.. vNM.frc. . d¢scAiMiofi lorms part of OpJr )j¢￿LDr5. PÈ90 THE ROYAL REGIIIEHT OF 8COTLAIID REGthIENTAL TRUST INDEPENDENT AUDITOR8. REPORT TO THE TRU3TEES OF THE ROYAL REGIMENT OF SCOTLAND RECAMENTAL TRUST {CONTINUED) USE OF OUR REPORT Thls r•port18 rn•d• fjol•ly to the trust•M, u • b(%ty. in accoThJ¥bce wilh rogul•lth 10 01 t￿ Clwrtlo8 A￿ou￿1$ {ScotlaThYI Re9ula110Th8 2(M)6. thjr aud* th has bmn undertaken so that ￿ rnighi io I ¢hafttys Vuslees lho￿ matier8 r•wlred 10 $lale lo th•m In ￿ Audilors. rnport and A)r no olher pwpose. To the lulle51 exleni p•rmitted by law. do not 8ccepi or 8sswM responsibihty than ts th¥ty •)d lis tnrnle￿. M a l>ody, fof wr wjll wwk. for r•ptsrt. or for th• w• h•ve I￿ed. knstrong W•lson Audlt Llmlt•d CharteTul AffjyJnl•nts & Slaluw Au¢hlN• Gla&9QW Dgle: 16 xf rr￿T(w￿ Watfjm Audll Umled ar• •11glfA• lo acl aj i•nM ol 8•cllon 1212 Df lh• Conynl•s Ad Page 10 THE RQYAL REGImEP￿ OF SCOTLAE4D AEGIMEKTAL TRLJST STATEhlENT OF FlTriAllCtAL ACTlVtll£S (INCORPORATING IPICOIIE AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 MARGH 1025 R95trtct&d Uni45trict•d furhds fund Z015 1025 TDtal funtfs 20ZS fund5 2Q24 In¢orn• from: DonalTrDfbs B Tra1o98CI QWrtr4dirv4 4G*viU@s Inv•sbMnts 178.822 2.It8 SLi93 203.80è 2.118 S8.1gJ 2M.819 Z.315 61.410 70111 Incom• 248.933 273.920 Expgndiiu14 Eiri., R916ing furKI& Chtfilabl8 23.371 29D,784 23,374 315,62D 19.451 503, 324 24,836 Total •xpendi¢urtr 2&8J6 314,158 522, 775 N•t 1ncomol[•x￿Ind￿turI) b•foF4 Ilot oalns On Inv¢$lm•nts Nètgaitss Ots ￿v£s1￿8rIts 151 165,22151 29,8 185,0741 29,126 1258, 17rJ 289.653 N•t mw•m•nl In 151 lJS,5991 31.682 R¥￿n￿lI[•llVn of fullds: TO1￿ fmds brwhl IC￿￿31d Tr481 mtrwotwni In fLN>ds 2,95f.8J8 13S.319 2.981.390 {39.248) 1929.70& 31.682 151 Ttstsl fundi oarrftd lorward 9,703 1,916,439 2.926.142 2.961.390 Th• Statem•tii ot Ilnar•cpè1 aclrviiw Indud8$ 411 gilrw and r•cog1*￿d kn lh• ￿r. Th• on pai•b 13 * 21 fcrn part of th868 steltinwifs. THE ROYAL REGIIAENT OF 8COTLAMD REGlhlENTAL TRUST REGISTERED W¥BER: SC037 BALANCE SHEET Ag AT 31 MARCH 2023 2025 2024 Not• Fkx•d u••ts Inveslm•niS 14 2,943,805 2.929.414 2w&aos 1929,414 Curr•Tht M••ts 1S 11910 33.607 13.431 IOZ419 sh at b•ik aThJ Sn h•fKI 47,$87 115.910 Cr•4M¢n.' amourKJ ljlllng du• wlthln w• ar 18 (65350) (83.9341 N•t uirr•nl Il•blllll•• l ••s•ts Tots14•••11 l•B• cmnt Il•bllltl•A (17,663) 31.976 2,926.142 2.961.390 Chartiy fund• R•strtl•d lu Urrnlrlct•d 18 18 9.703 2.916,439 9, 552 2,951.838 Tol•l lund• 2.926,142 2,981.390 ,, pd lor iw• by TIWI•￿ and on thwr bqhall by Dat•, 2 011112( Th• noles on pago8 13 Lo "- JI :",c5c statsffi•its. pag• 12 TIIE ROY AL ￿¢1￿[El•T OF SCOTLVID RÉ¢IMENTAL Thusr NOTES TO THE FIMAN¢tAL STATEMENTS FOR THE YEAR ENDED J1 MARCFi 2025 GhJrlty ItrfQ*rmli4XI The RD)Fl RvglmBv41 Of SG[Kla￿a ResimBntsl TruEt i? a chBriiablg Iru5t Tegisteiei In S¢oLtsntt. Thfr Tiu$i1s r5W￿￿JE•d with OSCR. tharily numbor sco37￿. Th8 rBgiB18F￿a t>ffir49 is R*gir)%Mtal ￿4￿￿9y￿*￿9, Th• CasU#: Edinbur9h: Midkjlhian: EHI 21T. Awufillng poll¢l 2.1 of prnp•r•tl¢n ol •taEirn•nt4 Ilnw>rx&l ￿¥191nents hiv4 bts•n pr•par•d kn acctyd8￿ 44iLh Chllrii￿ TrL￿1 InY881tThgnl IScoL4wnd) Acl 20ts5. ihÈ ChBrtile$ Attourhts IScoll8ftd) R￿Ul￿1￿Dn5 2U06. thFI Roport4nu SIBrbd8rd ap￿1b￿ irh UK and Re￿￿lIC ol Irdand {FRS ILf214nd "AcmJTh11ng and R8pDrting by Ch￿[be￿.. SL*omgnl ol Racornmend&J Practi￿ apolirAble to rthArilius pr8parino lh8ir aCc￿nt6 in dcctthncB *51h thg Flrwdal R8pIMing StBndBrd gpplFcablo Ihè UK aThY Rèpumc of Ir818nd IFRS 1021 Th8 Rtyyal Rty1mentofStxJi￿ncP RBwvnla TrEF81 d8f1n￿C￿ PthFic b￿1￿1 l￿*r FRS 102. 4ssfjt¥ •Tra liatHMies Nwiially 18cognisBd at his101￿1 <0*1 ¥ tr9n￿Gi￿)n v•lu¢ unb5¥ olhwthT5t st*•d in lh• rthani Oiw. Th• f**n&al s18t￿nentl ¥• pryr¢d kn 8l•rW, which il Ihe futhxlorb31 curranw of th• TrusL mOThetary8c￿n15 kn Ih•sè fin8rK*I lt41￿￿*￿ntS *T& rounded to Ihe rwr85tE. 2.2 Golng concern the bme of 8FprcwlFvJ the Ert¢o￿ls. Ihe Tru$ie•$ hav8 9 r&wabl8 pxpeGlalTruTr thal Iho Trust has - Adequats mscvrc85 lo con￿'n￿8 in Dptrr8t•onal èxistence forAI $8asl Ihg ￿&xl 12 mon￿$ ano havè . Identsf￿ any matorial urTrfOrtainU8& r•>¥ding Ihtr ib1￿lY0[1h8 charrty to crjillnw. Thus Tnwo•s can￿n￿ ￿adopt th8 goiw eanc•m bssis of4cc￿n￿ in propaling tm amn￿. 2.3 ￿ComI Income 1$ rOCG9nlsed wh¢n Ihe frusi i& On￿11￿￿ to C any perfiorfflan&t Gondluons haye been m81, ampurhts b¢ J)￿Ur0d reliably. it is Ihai IrLfjQt￿ ¥iiL ￿ i&Getv¢d. C•$h dJ& ￿ $trpri￿$ 11 pthlJ&. Pthrysbns arè mth*ured at th8 bosl o511rTr•te ofthe •TrK)unl$ reoulred lo #elllg LTho oWBilon. VlhBrn 1￿ •rr•d ol lh• Ilmt ol monay w malgnal, Ihg prwislrj) Is on the pr96gTrt value of thDS amOu￿ts. O18¢wnted al prfrtsx rat& th81 ienecw Ihe to Thè vnwlnw ofth? 4lsc¢xJni IS recwiwd in Stalernenl ol finwKIBI actsvtl￿ 88 4 ffirbBnce co&L 2.9 Fln•n¢lal In4truff*•nts The TnJsi only *a9 ￿nE￿(Eal and fin¥th1 f￿blIN1￿5 cbf a kind IhBI qua*ty basic fvJnci8r Tun*nt8. 88sic finanuBI 4nslwm8rh1S ar? inrEially FwnisEd al trAn59cl￿+n and &ubS8qv8nlly ffle98ured 81 Iheir 88lL*n*nl vajq wilh thé gXC¥PlKJn ol bwk bons which 4r¢ sUbs￿ni1¥ Bured al artlDriwd co&l uiing Ihe off•cliv8 inbrBs1 mirhfyj. 2.10 Fund aGGounllng Unros1rf¢l￿ funds ar• vJ¥aIts￿t for u$4 &1 Ihe dl$¢raibn ol Ihe Tr￿8￿ In f4wltw4nc? ollhe Ghthfs ¢4"8Ctwt£ unless lurAs (wnai8d Icrf 01hw FrtJrwsg5. Reslricled (un¢ts l￿ble¢1 Io specif￿ condi￿0￿8 by dcmrs lu huw thBy MBY bo us•d. The Fwpwes and use$ of rhe re31rt¢W fuThJs ar8 Eet oul ITr Ihe note5 lo iho 7Kuun1s. PBgg 15 THE ROYAL REGIMENT OP SCOTLAND REGIME147￿ TRUST MOTES TOTHE FINANCIAL STATEIIEMTS FOR fHE YEAR ENDED JI IIAPCbl 202S IfiCQbll• trorn dDnllEiOni R￿lI1¢t•0 Un[0￿17¢ lunt runds 2025 2025 Tot•1 funds 2025 R&gin£nUI l)wWB and 172,633 112,633 30,97fj 24.987 24.g87 178.622 ZD3.GOJ tltvtSlrrcl•d fvntjs 2024 TolAr 2024 2024 Flag1￿￿111 FAtscriffts Dorla￿n$ ar￿ gtks 170,663 2. 133 TTO,683 2a063 17281 2￿.&79 Inc¢bM from olher Ir4dlnll actSYLtI•s UnMsirlct•d lurbds la25 Totjl nds Joum81 IrbCCXne 4y•trillg InTh)m8 162 1.958 1,958 2,118 To191 lunds 202 2024 T65 2.15D 165 2.1S0 Websll8 Inctmi 2.315 2. 315 In lh& WiDr bwr. JDUTrW incorreuiy describ￿ Tweed J*vsey hès rKryv be￿ BctXKaL•tyiJwili8d Incom fr{￿￿ oth8r Lr3dW aUr￿lI1&s. Pige 16 THÈ kèYAL REGlh%ENT OF SCOTLAND REGIMEf4TAL TRUST NOTES TOTHE FINANcfAL STATEMENT FOR YHE YEAR ENDED 31 MARCH 2025 Unre&trFct&d fun IQ25 Total tun 2025 In￿strneTht InrornB 68,193 68,191 Total fwJd& 2Q24 funda 2024 In¥o3lrnBnl￿rLrf 61.470 61.410 RaL61ny Furkd6 UnY•slriet•d runclb 2Q25 TDtil ruFbd• ID25 Inv•srm?nl mintyjmenl f••s 23,374 Z1374 Toi41 lurjds 2024 2024 lYW•￿Ment mJna9•rrrtTht h¢s Fvnttr8isirYJ e￿nIg 18,047 10,047 19.451 19.45T THE ROYAL REtsIfvIENT OF SCOTLAND RÈ¢lklENTJL TRUST IOTES TO THE FiNthrlAL ￿ATEmENTs FOR THE YEAR ÉNOÉO 31 M*RCH 202S ¢harltsble actlvlll•s Forth• y041 31 klarch 2025 ¢omrnuThlty *hd Reglmenkl adlvili•S exp8thtlon 202S 2025 GgDq*•l weltare Recruilth•ttt 2025 2025 Tolal 21)25 T*MI 2025 zO*S 2025 ChBrslable 8,9Z9 15.597 171,481 1ts.213 33f.515 144,429 s￿12 21,166 21.4¥2 2.4F4 15.975 14.110 55.3$9 ,951 2,41 1 $,)75 Sharo Df 5vPWt CCTSIB Shat& 019womanGE Ggsts 15 10 Unf8slncierJ lund5 Reslnclad furbd 39.S41 15.YJ7 171.181 14.110 10213 290.F84 24,￿6 473_25S 30.187 31 thB ihe TTUSI ifftpitsmenie41 rt5 Ihreè y￿1 A¢9lmentsl Sualcgy itshleh Is vtvwvd 8$ Bn Inv8stsnDnt M tho kjng tqrm $￿taIn￿111ty of thè Tr￿1 T￿￿te0￿. Costy in Ihe tr*)gr £136XZ *hlch are indud*d wi¢hin Reg1ffi￿￿éI P4g8 1B THE ROYAL RE¢IMENT OF SCOTLAND REGIMENTIL TRUST NOTES TO THE FINANCIAL STATÈ¥ÈllfS FOR THE YEAR ENDED 31 IAARCN 2025 ChartiBbla Klhftle F¢1 th* y*aw 31 MBr¥h 2024 Preseth¥long and erncqlg1$ 2024 Cornmunity nls paid ￿¥￿Ver￿e￿I zoz4 2024 Rogim¢pw a¢trvrti*S ExpÉ(kn5 2024 2034 General IFare Rwltmeni 2024 2024 rou 2024 TolEI zuzJ I￿Labl• actV￿Fil￿5 9.736 S.814 10.744 15.621 3$1.915 144,429 5.812 2F.I66 1S2.016 l56,*)3 fj.65F 14,yJJ Gr8nl fLMJdlng ￿ ?¢l¥vlii¢B ShBWe of BUPFX)rt Shéth èf 9Dviimartè ts)5t* 31,$16 5.812 21,188 44,¢1 L833 44 62 Atsaiyii5 by luTrd 64,4 s￿14 0.744 44.CWI 32.766 30.OS7 15,621 4F3.255 30.1%7 RestrTrcted fuTrd PagB 19 THE RQYAL REGlhIETr￿ OF S¢OfLAND REGIMENTAL TRIJST NOTES TO THE FI11AMC￿L STATEMErirS F4)R THE YEAk ENoeD JI MARCH 2015 P*y•bb• st￿￿r&I Welfare 2025 Gr•nts p•ld exp•ditlort 2025 2025 T•)¢ai fjiwnts EXF4dlllo 2025 21 2024 Welfarb Gr8nts lo InyLit￿￿fv.. Army Bèrtè%yYW FvrKE ROYOE Mililary A(adBmy S¥￿. ￿r&t lund C Cattvr 1Q,01)Q 10,C RDy81 GUW rffly Colle9a 1 RANGER BN 912 2,776 1.112 1272 3,473 3.519 3.817 scoys 3 S¢OTS SCOTS 5 S¢OTS 6 S¢OTS 7 SCOTS V8tsrAii$ & Co( 50 8.450 9.92S s.￿9 9217 3.176 1.W7 1.129 3.4 $,Y5 724 3,Z20 140 367 8$? 1.050 27,153 27,15$ 1,4JO 1 .440 1,440 2$0 21.4 14,1lQ 35.592 44.080 77.9t6 SS.3$9 $2.833 21 All gryd¢*S gpy*>bB AF* mè(* IbTth the obj*¢¢iY¢$ 91 ts TIL￿1. P￿￿ 20 THE ROYAL AEai*EFIT OF $COTLIND REGIMENYAL TRLI$T NOTES TO THE FIMAN¢IAL STATEIIEIITS FOR THE YEAR ENDED 31 IIAACI4 2025 10. 5uppc•rt R8Btsl8tt Skwurl Gowernar supp￿ GuvarrknE 2￿5 st£ 2024 I[￿U￿r Posfage th ststK)nery SuTrdry expetyF Autht feBs 552 200 1.722 550 1.336 &926 550 1,3J J,92E 14,760 2(X) 1.7t2 16.120 1 S.12rJ 8S5 14,7fQ 6.406 44 b￿￿￿￿eTh Charitable adi4ri1ias 47 GO￿￿nce oosts ￿￿lUdfrs paJ¥n￿￿ to t1￿ wliiDfs ￿ £15.120 {2QZ4 - E14,760) in rwpeGt pl £utr( prtw ￿, sts¥emorKe eosis inKorr•¢ty t¢t*4J dui to r•*llociiioF) ol Iccourtsrw f￿$. AS a resulL L*6ye co$t3 hB¥P reS￿led from EJ,FS0 to E8,A(% to i¥JneU Ihe correct allo￿t¥>A. Tf*r• W88 IID Irr)p8¢f 011 Gpgfvri9 r8Éér¥88 a$ • ¢1 Ihls r•stal¢J)wnl ￿¢￿rally?. F408 PBygbl• ts Ecc4xuils preparatK￿ SO￿1¢*$ fop the segr amrA￿•d to £2,520. Tr$8 shown IDwrnr in lh• t4blB abm to 8Th acttuol In P￿￿￿r. 11, Audlbrg, r*mun•r•*Fon ZTr25 3024 p85gbleto thè Trugfs (QT Dflho Trwfs amu* T4,7$0 fl Trul￿4$. r•Mun•1￿1on •X￿nI D￿Try Ihèyew, nD I•COiV4¢F Èny r£munorg1Ic￿ ￿ olhw (Z02ffj. ENIU. 0￿Ing th• yw 31 20R5. IKJ OAP8ns85 hBV8 b88n irKurfètt (2024 . ENIU. 1& Efflpw••• There were ¢mpbW4& (￿rIng rh& PJir•nlor y. Pag821 THE ROYAL REGIAIEPiT OF SGOTLAND AEGIMEPITAL TRibST NOTES TO THE FINANCIAL STATEhlENTS FOFiTHE YEAR ENDED 31 2D25 14. Fix•d Othor ftxgd L*•d Inv•strMnts lThvBstm4nt T¢)tsl ¢DAt or Valua￿￿r AIIW2024 29.91 2,929,414 1M14.2SI (0.3J9) (1,829.8￿) Z?.828 1.814.2S1 11.BZ?.J47) 29.826 Dispw15 R•vglualion4 At 3l 2Q25 1920,234 23.571 2,943,806 Met bTrok valu• Al 31 M8rch 2025 2JIO.134 23,S71 At 31 AlafGh 2Q24 2.899. 29,910 2.929.414 1& D•blors 20 24 Ou•wliNn yiar Pièpaymenls a￿1 Incom 15,980 13.431 13,980 13.431 22 TNE ROYAL REGIMENT QF 5COTLAMD REGIMENT#L TRIJST ptOTE5 TO Th8 FINANCIAL STATEMÉNTS FIJR THE YEAR ENOEO 31 2915 15. C￿11¢￿. Am¢um$ 14FJlng dy• wrtlhth one ￿•r 302S 2Q24 T￿dI ¢rèdilo OlhBr c¥adilt)rs 2,681 38,9th4 23,557 r3.51G .51.284 T9, 141J 6S,2SQ 83.g34 1T, FlnansFal InJtrum&nto 2015 2024 FiFwH>al a55ots rTb8B8wed 41 fylrvalu• LhrowJN Inwn• and •xp•thJiLur• SJ,6QY IL12.479 FlrwNcW •M•ts m*asur&d * l*r Incom8 oxp8Thllt4Jre comprls? CBth li bank arnl In nd P89e 23 THE ROY AL kEGlldENT OF 8COTLAN47 REQIMENTAL TRU$T IOTE5 TOThE FWAtrICIAL STATEMENT8 FOR ThE YEAA ENDED 31 hlARCM ZiIR5 1& 5tat•m•M 5tat0m•M olfuThds - CLifY4ni y B*lBncg ai JI Ulrch 2O2S BalanE• Il I Aprll 21W GHln*l {Lo*tsS lTrcom• EAF•rtdltur• un￿￿1¢1￿ furt G8nw¥ Fur 2,è51,831 24U.933 {314158} 29.826 B*l•n¢• at Jl March 2025 Bolanco at t Awil 2024 G&ln {Losso5 Ra•lrKtsd lund Q￿n$ ¢)Nn Plloh*nd HlghLsTrdBrs Camer(￿nB RtyAI S¢oi$ K.O.S.B. Assoc4at*on ,091 1,286 5.O7S 1.500 15,2411 {2.5501 {65Q> 18.390) ¢7,905) 915 3.136 2,801 3,371 &ll77 1.495 1809 8.5S2 ¢24,8361 9,703 Total ol fund IYOf.390 273.gzo I338,￿) Zg.52 2,921,141 24 THE Roy￿ REGIME1￿ OF 5CI)TLINO REGIMENTAL TRusr NOTE S 10 ThE FINANCIAL STATEMENTS FOR THE YeAR EMDED 31 MARCH 2DZ5 18. 51atth•ni •t (¢OntIn￿￿) Slii*m•th •f l¥ndg - pr4or year 8èJsnc¥ 41 Gafirw 31 i 2023 tuMd8 GBnw31 F￿dI ZS71,266 296,$41 (492. IM) 46.866 269,853 1951,838 B*8nc• ar I ApAT 2023 Ift￿• Expanthur Tr•nsfws 4￿]¥ 31 ltsrch IL0$￿$} 24 Roslrict•d furTrds Hih18EbJer¥ rJghlai4Jerg C4mrwi&n$ ROW S¢£ l H¥h18ThJ Furnd K.O.S.3. r5.3SOJ r3.449J 155 ij f9,Q4aJ l.lJ91 1.286 ,689 1,541 48 19,46J 46.860 f46.W) 12.e9t flT.O62J 3.319 &5,422 28,063 r30,0$7J (I&866} 9.552 Ttrtsl ¢ffvThds 2, 929. IQS 284. r522. Yf5) 289. 853 2.981.390 The r•m•rnin9 tyalonce o( Ihe 51 HighlBnd re&iric18d fur￿￿ wiés transferred ID urwe&lridBd hjnds during the r. Th15 transler was c¥JmplEl&d Ihe Trust£85 ongnol wrpDsB of lh8 rund, whi¢h Ki create B web8lle, has bBBn luifiifed. Pw25 THE ROYAL RE¢IIIEMT OF SCOTLAND AEOUIENTJL TIIU8T NOTES TO THE FIIIAN¢laL STATEMENT¥ POR THE YEAII ENDED 21 MIRGH ZQ25 Sumrnw ollund& T Gidrrpnt yuar Ba14rt¢• •t 31 hlirch 21&2S al I April 2024 Goln&l ILo•sHs) Como ExP•rTrdllur• G8nBr21 lunds Re8W8d funds 2,5M,83b 9,&52 248,935 24,987 IJ14,1581 124,835 ,126 1$16,438 9,71)J 2,951,390 273,9ZII 3B,9MI 29,&ZU 2.￿.142 Summory Df lunth- P￿tsr y 8*4nte 37 8¥14rf(fr al IW202J TrBrrsl¢rs Giln&v fLossgsJ 2024 G¢￿rIlfv1￿8 RosIr￿d funa$ Z871.28S 58,422 236.S4f 28,063 (49Z. 708J 13Q,067J 40.806 146.S&6J 299,853 1951.838 2, 929. 708 264,604 1522, 775) 289. 853 2.g61.39tr AnJ5yJl$ of 45q•ts bgiwmn fund& *currant y••r R•strkl•d Vrbr••trlcted fund¥ lund8 2020 202$ ,1025 Fhxed 88881 ￿￿￿1m•[lI¥ 2.843.805 37.863 185.2501 1.943,805 47,580 165,25Ql Cvriiril 453e15 Crédltors ¢hJo 9.703 Tot41 2,916,438 2.92£.14f 26 THE ROYAL RÉ¢IIIENT OF SCOTLAND REGIME￿AL TRUST NOTES TO THE FINANCIAL SYATEMeMTS FOR THE YEAR ENDED 31 hlARCH 2025 10. AnIty$￿ OF not fundts I¢Dfftlnu•dl ILffjd5 I￿￿S 2024 2()24 Fix&d a5981 inveslrn8ll ¢utt•nt asJ•ts GrKfth *iihkn on• yr 2,92&.4I4 f 0&358 f83, 134) Z929.414 IT5.910 ru934} T¢iai 9.55? 2.>51.838 Z961.390 21. Ro5atod party tsinsa¢t4onJ Th• Chartiy sw4e commrh dIre¢￿rS inrj Th19 vnlh thF Mustham ofTh• Ropl RBgknwnl S(￿8nd. ITh Ih8 y¢ar to 31 K+grth 2025 gr•ffll$ lotallln9 £4.01)012024 - E3,Ml ¥ffjO J4vard&d to IP* Ot TtJ8 ROYTI Rtyim8fLt of 5c4)Uand. reimbur¥¢4 ewn$8s wèrn pawj ID IP* PAuMum ol The W RegimBnl ot S￿l*n6 t¢X6Thng £Nil12024- E1.7501- The Charfty Xll 8$ 8 C4JsiL)di8n arKI Ib)Id$ gr•nl * aid fuTrding trtrfarded lo th• kluwum ol Tho Ao Règimthi ol Scoltand In Ai Ihv balè)Ke ghèél daté arnoun15 hé* by lh& chwity aTrd IPw•kJre Paya￿ lo tho bluS￿M of Thè Row R￿￿en1￿[scO11thJ wss £38.99412024. (St.2841. FWZ7