ROYAL CONSERVATOIRE OF SCOTLAND
ENDOWMENT TRUST
(Charlty No - SC043985
Established under Deed of
Trust dated 1 May 20131
REPORT AND FINANCIAL STATEMENTS
FOR YEAR ENDED 31 DECEMBER 2024

ROYAL CONSERVATOIRE OF SCOTLAND ENDOWMENT TRUST
{Establlshed under Doed of Trust datod 1 May 2013)
Contents
Page
Report by the Trustees
Report of the Independent Auditors
ststement of Financial Activities
10
Balance Sheet
Statement of Cash Flows
12
Notes to the Financial Statements
13-17
List of Trustees and Advisers
18

ROYAL CONSERVATOIRE OF SCOTLAND ENDOWMENT TRUST
(Established under Deed of Trust dated 1 May 2013}
REPORT BY THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024
The Trustees present their report along with the financial statements of the Trust for Ihe year
ended 3151 December 2024.
Strncture, Governanco and Management
The Royal ConseNatoire of Scotland Endowment Trust IRCS Endowmeni Trust) was
estsblished under Deed of TTUSt on 1 May 2013 and is a regISte￿d Scottish Charity - number
SC043985.
The Deed provides that the Trustees shall never be less than three in number and In addition
to the power vested in the Trustees to assume such other person or persons as they may
detennine to act as Trustees, the Royal Conservatoire of Scolland {RCS} shall have power to
appoint up to one-half of Ihe total number of Trustees. excluding always the Chair of the
Trustees who shall be appointed from Trustees not appointed by the RCS. Th8 Principal of
the RCS Shall at all limes act as an ex-officio Trustee. The RCS irrevocably renounced the
said power of appointment in March 2021.
The Trustees listed on page 18 have $eNed during the whole of the period from 1 January
2024 to the dale of this report unless otherwise slated.
The Trustees keep the skill requirement of the Trustee body under review and in the event that
a Trustee retires, or additK)nal new Trustees are required nominations are considered al full
meetings of the Trustees.
The induction process for any newly appointed Trustee comprises an initial meeting with the
Chair, the Secretary and TreaSu￿r 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 statements and
Minutes for the last 3 years.
The Trustees nOM￿llY meet four times a year. At these meetings the Trustees agree the broad
strategy and areas of activity forthe Trust, including consideration of grant making. investment.
reserves and risk management policies and perfomiance. The day-to-day administration of
the affairs of the Trust is undertaken by appropriate personnel within the RCS overseen by the
Secretary and Treasurer who has an executive role wrthin the RCS.
Obieclivos and A￿1vItIeS
The Trustees shall hold the Endowment Fund and the Income thereof for such charitable
purposes as they in their uncontrolled discretion shall from time to time think frt, including
without prejudice, to the foregoing generality and without restricting the Trustees in any way in
the exercise of their discretionary powers,. and by way of a guide lo Truslees for the support of
the RCS directly or indireclly through other Charitable Trusts in such ways as the Tnjslees
deem appropriale. The Trustees may also provide grants and bursaries lo deserving students
and graduates ofthe RCS or the Royal Scottish Academy of Music and Drama, studying at the
RCS or elsewhere. The TNstees are empowered to arrange for direct sponsorship of any
particular scholarship, bursary, grant or performance by commercial or private companies.
organisatiolls or individuals (herein called sponsors) and to seek out, inforn and advise
sponsors as to the purposes of the Endowment Fund and as to how the sponsors can best
assist in the promotion of the Endowmenl Trust purposes.

ROYAL CONSERVATOIRE OF SCOTLAND ENDOWMENT TRUST
(Established under Deed ol Trust dated 1 May 2013)
The Deed gives the Trustees full discretionary power to accumulate the income of Ihe
Endowment Fund for a period of twenty-one years or to make such payments from income of
the Fund for the purposes defined in the Deed of Trust.
During the year the Trust made donations to RCS to assist the institution as it engages in a
range of initiatives to improve its future financial sustainability and lo support the expansion of
fundraising capacity within the conse￿at01re. The Trust also continued to donale lo RCS Trust
to supplement the distribution from the ABRSM to that Trust, which is still in a process of post-
pandemic recovery. Consistent wilh the objectives of the Trust. this donation assisted the RCS
Trust in the provlsion of scholarship supr)ort to sludents of the RCS.
Achievements and perforniance
Donation$ to RCS as noted above amunted to £1,836,696 and the donation to RCS Trust
amounted to £254,716 during the year. The Trust also continues to provide a contingency
fund lo the Principal of RCS of £20,000. Taken together these donations required a partial
liquidalion of the investment portfolio.
The perfom)ance of the investment portfolio for the year is noted below.
Financial review
During the year investment income and bank interesl of £307,953 {2023'. £323.295) were
received and added to the Fund.
Total outgoings for the year amounted to £2,167.27712023.' £674,905) which included grants
tothe RCS of£1,856,69612023'. £20,000) and lo the RCS Trust of£254,716 {2023'. £600,000).
After accounting for realised and unrealised investment gains aggregating £811,13312023'.
gains of £588,451) as detailed below, Ihe result for the year was a net total decrease in funds
of £1,048,191 {2023.' increase in funds of £236,841).
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 to manage those risks.
The Trust is largely dependent on investment returns for its income stream and the Trustees
consider the volalility of market perf0mlan￿ lo be the major risk. Investment strategy and
performance are monitored closely by the Trustees at each meeting.
Outlook and the future of the Trust
The Trustees will continue to 5UPPOrt the work of the RCS and its students through direct
financial contributions, which at the momenl mainly consisls of support for RCS to invest in its
fundraising capacity and through management of the Endowment Fund to ensure longer temi
sustainability of the Trust.
Grant making policy
The Trust provides such additional SLJPPOrt to the RCS on an ad hoc basis as the Trustees
consider necessary and also provides a contingency fund to the Principal of the RCS each
year to finance worthy projects that cannot be funded from the RCS'S on-going budget. A
donalion Is made each year to the RCS in recognition of the administration WOTk that is carried
out on behalf of the Trust and of the Royal Conservatoire of Scodand Infrastructure Trust.

ROYAL CONSERVATOIRE OF SCOTLAND ENDOWMENT TRUST
(Established under Deed of Trust dated 1 May 2013)
Investment powers• policy and porformanco
The Trustees, investment powers are govemed by the Trust Deed, whlch permits Ihe Trustees
to invest in stocks, bonds. securities and other investmerrts whether or not quoted on any
recognised stock exchange.
The Trust has the power to accumulate income until 2034. As the Trustees wish to add to the
value of the Fund and provide on-going financial support for RCS, the investment policy is to
seek a balan￿ btheen capital growth and income. To this end the Trust has appointed an
investment manager.
The Trust's inveslments have continued to be managed in confomiity with the current policy
and the Trust Deed.
Transactions for the year resulted in realised gains of £234,543 12023.. realised gains of
£42,207} and unrealised gains for the year of £576,590 {2023.' unrealised gains of £546,244).
The market value of the portfolio at 31 December 2024 stands at £1,545,332 higher Ihan book
cost {2023'. £1,206,096 higher than book cost).
A fomial method of perfO￿an￿ monitoring of the investment manager has been agreed and
implemented. The perfomance of Ihe investment portfolio on a total return basis for the year
to 31 December 2024 was +9.6Yo (Year to 31 De￿rnber 2023.. +8.1 /¢J) compared with a
benchmark of +13.1OA (Year to 31 December 2023.. +11.1 /0). The extreme concentration in
global equity markets with a small number of technology stocks driving markets higher is nol
reflected in a well-diversified discretionary investment portfolio which results in the current lag
relative to the benchmark.
Reserves Pollcy
The Trustees are mindful of the important role which the Trust can play in assisting the RCS
to achieve its strategic objectives. To be able to provide as much strategic financial support
as possible, the Trustees currently have a policy of accumulating any sutplus annual income,
after agreed commrtments. and add such surplus to General Funds.
Trustees, Insurance
The Trust has arrangements for Directors and Officers liability insurance cover.
Going Con¢orn
In their assessment of going concern Ihe Trustee5 have Considered the impact on the business
of the currenl economic climate. The Trust may be impacted in the longer term by Ihe extent
to wh￿h the Trustees agree to provide support to the RCS which has additlonal financial
challenges at this time and to the RCS Trust.
Having reviewed budgets and cash flows. considered management accounts and available
workin9 capilal the Truslees have a reasonable expectation that the TTUSt ha$ adequate
resources to continue in operational existence for the foreseeable future. The Trustees
continue to believe the going ¢on¢efn basis of accounting appropriate in preparing the financial
statements. There are known material uncertainties about the Trusl'5 ability lo continue as
a going concem.

ROYAL CONSERVATQIRE OF SCOTLAND ENDOWMENT TRUST
(Estsblished under Deed of Trust dated 1 May 2013)
Trustees, rosponslbllltles In relatlon to tho flnanclal statements
The Trustees are responsible for preparing a trustees. annual report and financial statements
in accordance with applicable law and United Kingdom AccountingStand8rds (United Kingdom
Generally Accepted Accounting Practice).
The law applicable to charities in Scot12nd requires the TTuslees to prepare financial
statements for each year which give a true and falr view of tho state of affairs of the charity
and of the incoming resources and application of resoLsrces, of the charty for that perbjd.
In preparing the financial statements, the Trustees are required to:
select suitable accounting policies and then apply them consistently..
obseNe the methods and principles in the applic2ble Charities SORP.,
make judgements and estimates that are reasonable and pnjdent;
state whether applicable accounting standards have been followed, sublect to any
material departures disclosed and explained in the financial staternents.,
prepare the financial statements on the going concem basis unless it is inappropriate
to presume that the charity will continue in business.
The Trustees are restM)nsible for keeplng proper accounllng records that dlsclose wlth
reasonable accuraoy at any time the financlal posltion of the charlty and to enable them to
ensure that the financial statements comply wllh Ihe Chant'es and Trustee Investment
Iscodand) Act 2005, the Charity Accounts {Scotlandl Regulations 2006 (as amended). and th8
provisions of the Trust deed. They are also responsible for safeguarding the assets of the
charity and taking reasonable steps for the prevention and detection of fraud and oiher
IT￿gularItIes.
Acknowledgement
The Trustee5 lake this opportunity lo thank the Principal of the RCS and all staff inVo￿ed in
the administration of the Tlust.
Date..

ROYAL CONSERVATOIRE OF SCOTLAND ENDOWMENT TRUST
(Established under D￿1 of Trust dated 1 May 2013
Independent Auditor's Report to the Trustees of Royal Conservatoire of Scotland
Endowment Trust
Opinion on financlal statements
We have audited the financial statements of The Royal Conservatoire of Scotland Endowment
Trust I'the Charity.) for the year ended 31 Decernber 2024 which comprise the Statement of
Financial Acttvities and Income and Expenditure Account, the Balance Sheet. Statement of
Cash Flows, related notes and a summary of signfficant accounting policies. The financial
reporting framework that has been applied in their preparation is applicable law and United
Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practi￿1,
including FRS 102 "The Financial Reporting Stsndard applicable in the UK and Republic of
Ifeland"
This report is made solely to the charity's trustees, as a body, in accordance with Section 4411)
(c) of the Charities and Truslee Investment {Scotlandl Acl 2005 and regulation 10 of the
Charities Accounts {Scotland} Regulalions 2006 {a$ amended). Our audit work has been
undertaken so that we mighl state to Ihe charty's trustees those matters we are required to
slate to them in an auditors, report and for no other purpose. To the fullest extent permitted
by law. we do not accept or assume responsibility to anyone olher Ihan the charity and ils
trustees as a body, for our audit work, for this report, or for the opinions that we have fomied.
In our oplnion the financial statements..
give a true and fair view of the state of the charity's affairs as al 31 December 2024
and of its incoming resources and application ol ￿sources. for the year then 8nded-,
have been properly prepared in accordance with United Kingdom Genera51y Accepted
Accounting Practice., and
have been prepared in accordance wilh Ihe requirements of the Charities and Trustee
Investment (Scollandl Act 2005 and regulations 6 to 8 of the Charities Accounts
(Scollandl Regulations 2006 las amended).
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK} (ISAS
(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 accordance 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 wilh these requirements. We
believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our opinion.
Conclusions relating to going ¢onc¢rn
We have nothing to report in respect of the following matters in relalion to which the ISAS (UK)
require us to report to you where..
the trustees, use of the going concem basis of accounts'ng in the preparation of the financial
statements is not appropriate: or
the trustees have not disclosed in the financial statements any identified material
uncertainties that may cast sigr)ific8nl doubt about the charity's abilty to continue to adopt
the going concem basis of accounting for a period of al least ￿e1ve months from the date
when the financial statements are authorised for issue.

ROYAL CONSERVATOIRE OF SCOTLAND ENDOWMENT TRUST
(Established under Deed of Trust dated 1 May 2013)
Other Inforniation
The trustees are responsible for the other information. The other information comprises the
information included in the annual report, other than the financSal statements and our Report
of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other infomation and we do nol
express any form of assurance conclusion thereon.
In connection wlh our audit of the financial slalements, our responsibility is to read the other
information and, in doing so, consider whether the other Infomialion is materially inconsistent
with the financial statements or our knowledge obtained in the audit or olhenNise appears to
be matenally misstated. If, based on the work we have perfomied. we conclude that Ihere is
a material misstatement of this other infornation, we are required to report that fact. We have
nothing to report in this regard.
Matters on whlch we are requlred to roport by ex¢eptlon
In the light of the knowledge and understanding of the charty and its environment obtained in
the course of the audit, we have not identified material misstatements in the Report of the
Trustees.
We have nothing to report in respect of the following matters where the Charilies Accounts
(Scotland) 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 nol in agreement with the accounting records and returns- or
certain disclosures of trustees. remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Rosponsibllltles of Irusteos
As explained more fully 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 detemiine is
necessary to enable the preparation of financial ststements that are free from material
misstatement. whether due lo fraud or error.
In preparing the financial statements. the trustees are responsible for assessing the charitrfs
ability lo continue as a going concem, disclosing, as applicable, matters related to going
concern and using the going con￿rn basis of accounting unless the trustees either intend to
liquidate the charily or to cease operations, or have no realistic alternative but to do so.

ROYAL CONSERVATOIRE OF SCOTLAND ENDOWMENT TRUST
(Established under Deed of Trust dated 1 May 2013)
Audltors, responsibllities for the audit of the ftnancial statements
Our objectives are lo obtain reasonable assurance about whelher 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 that includes our opinion. Reasonable assuran￿ Is a high level of
assurance, but is not a guarantee that an audit conducted in accordance with ISAS {UKI will
always detect a material misstatement when it exists. Misstatements can arise from fraud or
error and are considered material if. individually or in the aggregate, they could reasonably be
expected to Influen￿ the economic decisions of users taken on the basis of these financial
stat￿MentS.
Irregularities, including fraud, are instances of non•complian¢e with laws and regulations. We
design prO￿dureS in line with our responsibilities, outlined above, to detect material
misstatements in respect of irregularities, including fraud. The extent to which our procedures
are G3p8ble of detecting irregularities, including fraud is detailed below-
We identified and assessed the rlsks of malerial mlsstatement of the financial statements from
irregularilies, whether due lo fraud or error, and discussed these be￿een our audit team
mernbers. We then designed and perfomied audit procedures responsive lo those risks,
including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.
We are not responsible for preventing non-compliance and cannot be expected to detect non-
rnpliance with all laws and regulations - this responsibility lies with management with the
oversight of the Trustees.
Based on our understanding of the Chartty, discussions with management and Trustees we
identified financial reporting standards and Charity SORP as having a direct effect on the
amounls and disclosures in the financial statements.
As part of the engagement team discussion about how and where the Charity's financial
statements may be materially misstated due to fraud, we did not identify any areas with an
increased risk of fraud.
Our audil procedures included..
completing a risk-assessment process during our planning for this audit that specifically
considered the risk of fraud.,
enquiry of management about the Charity's policies, procedures and related controls
regarding compliance with laws and regulations and if there a￿ any kn(MMn instances of
non-compliance..
examining supporting documents for all material balances, transactions and disclosures,.
review. where applicable, of the Board of Tw5tees' minutes.,
enquiry of management about litigations and claims and inspection of relevant
correspondence.,
analytical procedures to identify any unusual or unexpected relationships.,
specific audrt testing on and review of areas that could be subject lo managemenl override
of controls and potential bias, most notably around Ihe key judgments and estimates.
including the carying value of investmenls, creditors and revenue recogn¢tion'.
considering management override of controls outside of the nonT¢al operating cycles
including lesting Ihe appropriateness of journal entries recorded in the general ledger and
other adjustments made in the preparation of the financial statements including evaluating
the business rationale of significant transactions, outside the normal course of business.

ROYAL CONSERVATOIRE OF SCOTLAND ENDOWMENT TRUST
(Estsbllshed undèr Dèad of Tnjst datèd 1 May 2013)
Owing to the inherent limitations of an audit, there is an unavoidable risk that some material
rnisstatemenls of the financial statements may not be detected, even though the audit is
properly planned and pèrforned in accordancè with thè ISAS (UKI.
The potenttal effects of Inherent Ilmitations are partlcularly significant In the case of
mi55tatemenl resulting frorn fraud because fraud may involve sophisti￿ted and carefully
organized schemes designed to Gonceal il, including ijeliberate failure to record Irdnsactions.
collusion or intentional misrepresentations being made to us.
A further description of our responsibilrties for the audit of the financial statements 15 located
on the Financial Reporting Council's website at.. www.frc.org.ukJauditorsresponsibilities. This
description foms part of our auditor's report.
Anderson Anderson & Brown Audit LLP
statutory Auditor
133 Finnieston Street
Glasgow G3 8HB
{Anderson Anderson & Brown Audr( LLP is eligib￿ to act as an auditor in terms of Section
1212 ofthe Companies Act 20061

ROYAL CONSERVATOIRE OF SCOTLAND ENDOWMENT TRUST
(Established under Deed ofTrust dated 1 May 2013)
sTATEMETr￿ OF FINANCIAL ACTIVITIES FOR THE YEAR TO 31 DECEMBER 2024
Total Funds
2024
Total Funds
2023
Noto
INCOME FROM:
Investments
Total Income
307 953
307 953
323 295
323 295
EXPENDITURE ON:
Ralslng funds
Investment management
Charitable activities
Grants payable
Support costs
Govemance costs
2.111,412
4.881
620,000
4,633
2 125 130
634 171
Total Expenditure
2 167 277
674 905
Realised gains on inveslments
Unrealised gains on inve8lments
Nel gains on Investments
234,543
576 590
811 133
42,207
588 451
Net movement in funds
11,048,191)
236,841
Funds Reconciliation:
Totsl funds brought foThYard 1 January
12115296
11 878455
Total funds carried forward 31 December
11067 105
12 115296
All funds are unrestricted.
The notes on pages 13 10 17 form part of these financial statements.
io

ROYAL CONSERVATOIRE OF SCOTLAND ENDOWMENT TRUST
(Establlshed under Deed of Trust dated 1 May 2013)
BALANCE SHEET AS AT 31 DECEMBER 2024
Total
Funds
31 Doc 2024
Total
Funds
31 Doc 2023
Noto
Flxed Assets:
Investments
Total Fixed Assets
10697 172
10697 172
11 690473
11690473
Currenl A550ts:
Debtors
Cash at bank an(i in hand
Totsl Current Assets
195.909
233 887
429.796
258,083
484,044
Liabilities..
Creditors falling due within one
year
Net Current Assets
369 933
424 823
Total Not Assets
11067 105
12 1152g6
The Funds of the Charity:
Unrestricted Funds
11 067 105
12115296
Total Charlty Funds
11 067 105
12115296
Approved by the Board of Trustees and signed on its behalf by
TrustÈe
Date
W.G.zr
The notes on pages 13 10 17 form part of these financial statements.

ROYAL CONSERVATOIRE OF SCOTLAND ENDOWMENT TRUST
(Establishod under Deed of Trust daled 1 May 20131
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024
Noto
2024
2023
Cash flows from operatlng actlvStles:
Cash used in operating activities
10
861222
Ngt ¢ash used in operatlng activitles
(2,104,461)
1861,222)
Cash flows from investing activities:
Dividends. Interest
Proceeds from sale of Investments
Purchase of investments
307,953
6.042.321
4 237 887
323.295
3.424,959
3 282 632
Net cash provided by invosting
activities
2,112,387
465,622
Change In cash and cash
equlvalents In the year
7,926
{395,600)
Cash and c2sh equivalent brought
foNRrd
225 961
Cash and ¢ash oqulvalents ¢arrl6d
forward
Th6 notes on pages 13 to 17 fo￿ part of these financial statements.
12

ROYAL CONSERVATOIRE OF SCOTLAND ENDOWMENT TRUST
(Established under Deed of Trust dated 1 May 2013)
Notes to the Financial Statements for year ended 31 December 2024
Accountlng Policies
(a) Basls of preparatlon and asses$mont 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 acwrdance with the Statement of
Recommended Practice.. Accounting and Reporting by Charities preparing their accounls
in accordance with the Financial Reporting Standard applicable in the UK and Republic of
Ireland (FRS 1021 issued on 16 July 2014 and the Financial Reporting Standard applicable
in the United Kingdom and Republic of Ireland IFRS 102} (issued August 20141, the
Charities and Trustee Investment IScolland} Act 2005 and the Charities Accounts
(Scotland) Regulations 2006 las amended)-
All figures reported in the financial statements are in pounds sterling.
The Trust constitutes a public benefrt entty as defined by FRS102.
The trustees consider Ihal there are no material uncertainties about the Trust's ability to
continue as a going concern.
(b) Funds structure
All funds are unrestricted income funds which the Trustees are free to use for any purpose
in furtherance of the chaiitable objects.
Ic) Income rocognltlon
All income is recognised once the Trust has entitlement to the income, it is probable that
the income will be received and the amount of income receivable can be measured
reliably, with the exception of transfers from the RCS Trusl which are accounted for on a
cash basis.
Donations are recognised when the Trust has been notified in writing of l)oth the amount
and settlement date. In the event that a donation is subject to condib'ons that require a
level of performance before the Tnjst is enlitled to the funds, the income is deferred and
not recognised until either Ihose conditions are fully met, or the fulfilment of those
conditions is wholly within the control of the Trust and it is probable that those conditions
will be fulfilled in the reporting period.
Legacy gifts are recognised on a case by case basis following the granting of confirmation
when the administratorlexecutor for the eslale 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 the gift being reliably measurable with a degree of reasonable accuracy and
the title to the asset having been transferred to the Trust.
13

ROYAL CONSERVATOIRE OF SCOTLAND ENDOWMENT TRUST
{Established under Deed of Trust dated 1 May 2013)
1 Accounting Policios (continued}
(c> Income recognltlon (¢onlSnued
Interest on funds held on deposit is included when receivable and the amount can be
measured reliably by the Trust,. Ihls is nomally upon notification of the interest paid or
payable by the bank. Dividends are recognised once the dividend has been declared and
notrfication has been received of the dividend due- this is noThally upon nolifficalion by our
investment advisor.
(d) Expendlture recognition
Liabililies are recognised as expenditure as soon as there is a legal or constructive
obligation committing the Trust to that expenditure, it is probable that settlement will be
required and the amount of the obligation can be measured reliably.
l expenditure is accounted for on an accruals basis. All expenses including support
costs and governance costs are allocated or apportioned to the applicable expenditure
headings.
(o) Allo¢atlon of support and govemance costs
Administration costs have been allocated belween goveman¢e costs and support costs.
Governance costs comprise all costs involving the public accountability of the Trust and
ils compliance with regulation and good practice. These include costs related to statutory
audit and legal fees together with an apportionment of administration Gosls.
Administration costs ￿p￿ sent a donation to the RCS in respect of the administration of
Ihe Trust and the RCS Infrastructure Trust and are allocated betsveen support and
governance costs on the basis of the estimated time spent upon each area of activity.
(fj Costs of ralslng funds
The costs of raising funds consist of investment management costs.
(g) Charitable activities
Costs of charitable aclyvilies include grants and donations made, support costs and
governanc8 Costs.
(h) Fixed assets Inv￿lments
Investments are a form of basic financial instrument and are initially recognised at their
transaction value and subsequently measured at their fair value as at the balance sheet
date using the closing quoted market price. The statement of financial activities includes
the nel gains and losses arising on revaluation and disposals throughout the year.
The Tnjst does not acquire put options. derivatlves or other complex financial instruments.
The main fom of financial risk faced by the Trust is volatility in equity markets and
investment markets due to wider economic conditions, the 8ttf(ude of investors to
investment risk and changes in sentiment conceming equilies within particular sectors or
sub sectors.
14

ROYAL CONSERVATOIRE OF SCOTLAND ENDOWMETrif TRUST
(Established under Deed of Trust dated 1 May 2013)
1 Accounting Policies {continuedl
(i) Realisgd gains and losses
Afi gains and losses are tsken to the Statement of Flnancial Activities as they arise.
Realised gains and losses on investment8 are calculated as the difference behveen sales
proceeds and their opening carying value or their purchase value if acquired subsequent
to the ffirst day of the financial year. Unrealised gains and losses are calculated as the
difference between the fair value at the year end and their carryin9 value. Realised and
unrealised investment gains and losses are combined in the Statement of Financial
Acts'vilies.
2 Related Party Transactions and Trustees, expenses and remuneration
The Twstees 811 give freely their time and expertise without any form of remuneration or
other benefit in cash or kind {2023: £nil}. Expenses paid to the trustees in the year totalled
£nil12023.' £nil).
There were no related party transactions during the year.
3 Investment Income
2024
2023
Income from investments
Bank interest received
301,056
312,891
323 295
4 Grants Payable
2024
2023
Principal's Contingency Fund
Donation to RCS
Donation to RCS Trust
20,000
1,836,696
254 716
2 111412
20,000
600 000
620 000
15

ROYAL CONSERVATOIRE OF SCOTLAND ENDOWMENT TRUST
(Established undor Deed of Trust dated 1 May 2013)
S Support Costs
2024
2023
Share of adminislralion costs
General expenditure
4.846
35
4,615
18
Administration costs represent a donation to the RCS in respect of the admiDislration of
the RCS Endowment Trust and the RCS InfraslTuclure Trust and are allocated between
Support and Governance Costs on the basis of Ihe time spent upon each area of activity.
6 Governance Costs
2024
2023
Share of Administration costs
Legal fees
Insurance costs
Audit fees
3,231
738
728
3,077
333
728
Remuneratlon of the audltors In ￿SpeCt of non-audit seNices was £nil (2023- £nil).
7 Fixed Asset Invostments
31 Dec 2024
31 Dec 2023
Listed Investmgnts
Market value as at 1 January
Further additions at cost
Disposals
Unrealised investment gains
Market value as at 31 December
11,690,473
11,244,349
4,237,887
3,282.632
15,807.7781 13,382,752)
576 590
10697 172
11 690473
Cosl of listed Investments as al 31 December
9 151 840
10484377
Individual shareholdings (including investment Irusls) which constitute a material
proportion of the tolal market value of the Trust's portrolio at 31 December 2024 were as
follows..
Security
Holding
Value
Percentage
of total
Fidelity UCITIS
Vanguard US Govemment Bonds
Ishares Physical Metals
55,000
5,206
10,374
474.375
445,504
419,732
16

ROYAL CONSERVATOIRE OF SCOTLAND ENDOWMENT TRUST
{Eslablishgd under Dood of Trust datsd 1 May 2013)
8 Debtors: amounts falling due within one year
31 Dec 2024
31 Dec 2023
Prepayments and accrued income
Royal Conservatoire of Scotland Trust
Other deblors
53,313
13,284
129312
195 909
49,721
208 362
258 083
9 Creditors: amounts falling due wlthln one year
31 De¢ 2024
31 Dec 2023
Accruals and deferred income
Royal Conservatoire of Scolland CUTrenl account
46,027
46,514
10 Reconciliation of net income to net cash flow from oporatSng activities
2024
2023
Net lexpenditureyincome for the year as per
Statement of Financial Activities
Adjustments for..
Dividends and interest
Gains on investments
Decrea8ellincrease} in debtors
Increaselldecreasel in creditors
Net cash used in operating activtties
{1.048.191)
236,841
1307,953)
1811,133}
62,174
642
2 104461
(323.2951
(588,4511
(161,7391
861 222
11 Analysls ol cash and cash equivalenls
2024
2023
Cash in hand
233 887
Total cash and cash equivalenls
233 887
225 961
12 Connectod Bodies
The Trust is connected wtth the Royal ConseNaloire of Scotland Infrastructure Trust and
the Royal Conservatoire of Scotland Trusl.
During the year the Trust made a payment to the Royal Conservatoire of Scotland Trust
of £254,716 {2023'. £600,000).
17

ROYAL CONSERVATOIRE OF SCOTLAND ENDOWMENT TRUST
(Established under Deed of Trust dated 1 May 2013)
Bankers
Virgln Money (fomiedy Cwesdale Bank PLC)
30 St Vincent Place
Glasgow G12HL
Audltors
Anderson Anderson & Brown Audit LLP
133 Finnieston Street
Glasgow G3 8HB
Sollcitors
Morton Fraser MacRoberts LLP
Capella. 60 York Street
Glasgow G2 8JX
Pinsent Masons LLP
123 St Vincent Street
Glasgow G2 SEA
Investment Managers
RBC Brewin Dolphin
6th Floor, Atria One
144 Morrison Street
Edinburgh EH3 88R
18