2025-03-31-accounts

The Raeburn Place Foundation Con8olldatsd r•port and Ilnanclal $tatern•nts for the year ended 31 March 2025 8¢olll•h Charltabh In¢ww*

31 2020 Contents 7-10 11 12 13 14 15-26

31 Marth 2025 Reference and admlnlstratlve Infomiatlon Trustees The Stamp OlThee 11k14 Y¥aterk￿ Plaee EdIn￿Ngh EH13EG Banke Ctyth8dal• Bank 30 St Mncent Straat of S( The ￿X￿d Edin G12HL MHA 6 Sl Colme Street Ednburgh EH3 &4D Saltire Cowt 20 Cath T•rrae• Edlnburgh EH12EN Charlty ffeglstrallr￿ number SC044828

31 March 2025 Trustees, report for the ythr ended 31 March 2025 Objecllvej and aclmtoes The F￿nda1th'S man (th'ecttves was kn secure a h)ng 1th￿e d the gro￿￿ at Raetmwn Ph¢e, a j￿rtS faclllty that no k)nger fit for purpose redevelop It and 4u4> it wAh nthv faelmlas. The granting of the I￿ lease vrfas se￿Thed in June 2018. The development plan kr the slte ¢ryiead thrn• phastt: Th• constN￿ of a mon ￿1￿1[r￿j vhlh a ntrw spectkn stand, arnl retal akng tr c￿ Bank Ro1 frontago The cl)￿1￿￿ of a Wseum I￿lId1ft9 a(loknlng ￿ oast WKI dthe mth ￿kItr￿J, to hrAMe a Museum d Inl8mational Ruy A $tsiJAwed fundralslw programme t¥Wing kndividuals commercial wg•nlsath, ¢harilabl• cYg¥4s•tiw￿ and g9vem￿nt ag•ncies, put kn Pl￿ and Commer￿ed In FelAUYy 2018. ¢ompletlon, ts redevelopod faclitie$ wrfll kYovhJe a sustalTrable incum str•am for the Raeb4Yn Place Foundallon for the foréseeable future. This mcJel would enable the charty kn preseNe the hlstoric gr￿nd and Its use ts sport and to fund on-golno W)vIsk￿ of swl and sp￿ts txoLYartwnes as well as the malnlenance d the new modem spulkng faclities, (lir•cty womottng FMA)lic partKpation. h V#1 also fwKI a M￿m of Iniemational R￿Y for the advancement of heritape. Topether thex VAII meet the obieGtives of Ihe ¢harly. Th• Trustees are happy lo report that Irs ba•n aDoth•r INsy year at Ihe develLynxnt and playi Srts cdw last update, we have sd gooty• to Liltte Dcknble$ In Januwy 2025. thè Pl¥ts aTrJ G￿der￿ store lollothi a res1rwththry olth• buslness. TrE Scoll•)d Colege of Clwlrath Is delighted to h•ve exterthd its cnpus space (fomrty TTlb3) to h￿se IwJe teathkng rwm, a S￿dent S￿181 space and kitchen, sknlent rorn￿. offbee space for ther growlw tem as well as a re1 offic. This. cOmbM￿ ￿1th the new SCC S￿d￿l Cllnlc (fomierty Lklle Dobbies). due b QFn kn FetrAU￿ 2026, wll c4)rry>lete the college's growing COMW￿n￿Y and paTthernhip CR)￿￿1111e8. All Lmits in the Ra•bum Place developrn￿t are all tenanted and provlde a greal rrix of Ixthsses offering a wide of servKes. TNS inckjdes the Cow, Two Chli dren (coffee house). Chark Mller Hardresslng, Catalog (ftllni￿re) and Café hndaluz as ￿1 as the Scotb5h Chkqxaclic Colkge aKI Edinburgh Academkal Fo(thl Club.

31 Mwch 2025 Trustees, report Ihey••r ended 31 Alarch 2025 Plkh use is slill in rye•t dern￿d and the green space ￿1p3 enswe that the Ntyth Eththr cunND.lty cm a¢cess the lad1￿ al Ra•bwn Place to fvllll ther nee￿ Youth n¥by at RaelKffn Pltte 1$ Stronger than ever valh teams from P1 to S4. partklpatlrvJ as EAFC, In and playing matche$ 4 dwg Out of the week. The need for physlcal exercbe WKI th• opprxtinity to play swt in a s￿8 wwkonment Is very much the (fvoer lor over 300 cmdren aTrJ yoww people attendlng on a ¢￿91de￿bfy vhlh both arKI off the r￿Id far yo￿va pecple durtro th• Ea•tw and s￿nme1 al Raebwn Plu gwkng m￿h n••d•d sp%e In a safe envirorvnwrt for their pw. s and f4wiI lo en￿Y and we r•LèMd a vrami lthfrom the DeNA• Hèad Tuchw of Fkna Stewrwn Prkmry SdMJoI thwiNJ us for nmkkng tlds ￿$sIble. fimdralsiw day• ts Brnkn ResearL UK and the Geryge CrvAord ￿￿2￿11 TnL%t ralg•d 8cth1he Men's WKI Wurnn, EdIrt￿rgh Bkxth te•iis. tho Australlan Rules FO(1b￿ knam. o pknors. were uowned the 2025 s(￿lSh ARFL ￿nerS at Ihe Grand Flnal in Au￿t our ptrTshlp th the Edlrknuryh Archwy Cl￿¥ f¥)n1knws, vlsling We￿ fi)r hyefv• Fknaty. Tel￿rth9 2025 (m Ihe * knam piic frc¢n th) July. the Ne4hlMxxgood Mathet of the elwty aThl to ￿K)nItOr p[arn￿ e(rnNth￿ftts again this. The ccnsolldated slatement finar￿1 actmues for ts yew ij set oul on page 11 of Fmandal stalemW￿ A gwr#nary oflhi f￿a￿lI1 resulls of Ihe ch¥￿Y b glven bebw. The rK•)me kn Ihe ye¥ d thg ch was £288.619 (2024: £301.2CfJ) (as d•tal•d in ncée 21 and exp•Kli￿re VAS £63.926 (2024: E48.880). This pr￿JUCed an excess of kneome over expeThlilm CA £224.693 {2024." £252.320). Tr maln soth of tsKome fty the chkn has been tr￿n In the yew lo 31 Mwth 2025 th• subsidsary cixyny recorded rental irKgffio of £70925412024. £675244 made a k6s CA £64.859 (2024: b)ss of £57,883) had ne wewvag £2.961288 (2024: Negative £2,896.429). the fin&nd•l yew to 31 Varch 2023 an knpatrment on the value ofthe ¢velopnxnt was recorded. A fomial valuation of the devdwient Co￿1{MI8d tho market valu• of th• develwent to be £9.8 mlli¢n at the tHne of the valua￿n. This valuation ￿11 be kept wder r8vivw x the development The Injslees bekve thal the golng <xxKem ba9b rl 1xeparati￿ is apwwi•te the reasom set out

31 Mwch 2025 Trustees, report (continued) for the year ended 31 Alarch 2025 Resems pollcy At 31 Mard) 2025. the IAS tclal reswve5 of £2,344,497 (2024: £2,175,430) rnJe up of £1.992.533 (2024". £1.821,400) of unre￿￿ lund5 and £351.964 (2024: £354.040) of restri f￿XIs. As the group's assets we held up in fued assets, il has no free r•s•rves As the (tharivs main foujs Is ffianaal stthltty. there is no reserve ptthy as such. The approprlate pollcy wlll be established once phase 1 of the devebpment has been conyleted, fvlly let the Ineome stream stabillty has been athteved FrAmdation arKI ils sthitharies. The k tsks their mana t are set (xrt ￿lOw. Falur• lo altract 8ufflthnl coukl I•oF•rd•• ( delay) Ib plam for ph•• 2 md 3 chwlty IWAHng all ol ll• Th• cwrnnl dln In vhl¢h w• op•r•t• al pr•w •n•urn any L¢u•s w• kl•nlll•d rty ¥bJ•. •n pay bw aoll•Y•d. cr•awl eo•ts1oadl costs c(wkl l••J lo drf•uR t ff rnwlr•d.

31 2025 Trustees, report (conthued) for th•yw ended 31 March 2025 PIMS for fu￿1• perlods The F(xmdatkn's plan ftf the is kj t￿1￿1 a financlally irthwthnt ￿lD1$al￿)Tr that provkte swt. supwt for Sp(￿ prograrnmes. a vIbrt￿t hth fc¢ the Q¥JffThmty and a Mul•￿￿ al Inknknnal Rugby. Its intentlon ij ID: Bulld State of the •t sports fa¢illti68 at Ra•bum Place. Redevelop and modernise lh• ground5 at Raeburn Place. Manage RPDL'S commercial lettings to generate revenue and •nsufe Ilrlandal 8vstsinabilty, protecting the herltage of the Gyound and preserving Its Use for sporL Provlde financlal support tc selected dynwiic gra55roots sports organisation$. Deslgn arml build a Museum of Inlernallonal Ruy dedlcated to the historic. cultural and soclal legacy of Raeb￿n Pl￿. Plannhw fty Ihe concepknal for Mweum and for the fun(traisap.g is planned to (xxnmnce m knclAI 3taJilty is aLieved. The F(xMKIati￿ plans lo review its govemanr stvucbjre and fefrnsh its Boxd ofTnBlees d￿Ing 2028 and 2027, arml to consider (Xeatky an adv￿￿ body to oversee the develownenl of plans for Museurn 01 IntemalirThl Rugby and gtrer4then lh8 FO￿￿￿,$ Ionks lo sporbw herlage. The infcffliat¥)n on page 1 loms wt of this rewt R•(xulkn•nt and appoInth￿rt of TN•le Th8 Tnths have Ihe power kn appoknt nthy Truthes, The n￿1bff of TnNlee515 thme Shall kncl￿e a thairman. The Trustees Shall ¢n￿a¥Or to recruit Bovd 1Th￿IdualS apprwhte and relevant exwxince and skif4 •5 requir￿. c￿ Snducoon, nv•Ylnmte•• are 91¥￿ • (wy ofthe CcffistihrtkA). a copy of the awrent OSCR guidance for Chwty Tntstem WKI ar• 1x0￿hl ￿ to d•t• wlth the orgar¥¥a1Kffi￿ plans and progr•ss on thom. Grawne Hart0p￿r￿1 ts 8oard of Tntst￿ Graeme wlll brlrwj not only brkvJ his Ilnancial acumen fmm his Succes￿ banklng also a deep understaKl& of the FourKlation's $p￿1ng The TNstees had brtended estsblish an Bowd for the MusthTh prOj￿t *> 9￿de tts developrrRnt Hi the yw but this been put on IKAd vhule th• r¢ftwK￿9 ol tho subsbthary

31 Mar¢h 2025 Trustees, report (contlnued) for th• year￿d 31 Alarch 2025 Sthldary RPF has a Wt￿lty￿Vrn¢d s￿)SkI1ary. Rael￿rn Place Developmenl Limited (RPDL). Trffle is one Klependerrt director of RPDL and fr0 indeperKlent trustees of RPF. A full develO￿t fill￿￿¥j aweement has been entered into bets¥e￿ F￿ndati￿ and the suhi(kry, "y￿h interesl ber 8tat•ment ol tn￿t•85, r••pon•ibilill (arity ITh requirns the TN$es to prepare financial ILY aach fmanGial yew ￿]ch gh(w a arKI f&tr view c4 Ihe sl d affair5 of the chkn WKI Its ffinancial aGtswti•s for that Select •uitable accounkng policle3 and then appty thern consistenty; Obsffvè ihe methods and wlnciples n the Charttles SORP 2019 (FRS 102); lake JudgenvJnt8 arKI estimates that ar• reasonable and pNdent had be￿ folloMd, > any thpthr8s exphined kn the flnanclal ilatements," and presLvrÉ Ihal the tharlty VAII In OF￿ti￿1 exlsten¢e. The Trustees are responslble for keeplng proper accountkng reccffds dlsclose wlth reasonable accwacy at any time the financial positicffi of the charlty and lo enable them to ensure that the fin￿￿41 statarnnts comply with the Ch￿Ille$ and Inv•strnent (s￿￿nd> Act 2005 and the Charme8 Account8 (S¢oUand) Regulations 2006 (as amended).. They aro also responsible for safeguarding the assets of the charity 8rMI hence for iaklng reasonable sthps f the pr•v•ntion and delectbn of fraud and other irregularitbes. Approval of the Tn￿ report thariiYs audilorn •re unA￿re and hrn laken ￿1 jteps that ilw lo have taken as a Tntst•e in order b make Ihemsehes aware of•ny reknnt and to estabK8h that th• authtors are aware of that infomth. The fir￿cIal stat•mwts on pry•8 11 to 2e %%re •Fvoved by Ihe Tntheg on 17 Dec￿nt￿ 2025 and signed on th•ir behalf by:

Independent auditors, report to the trustees of The Raeburn Place Foundation Op5nloA We hth audlted the fin￿cial stmerts al Th• Ra01￿M Plx• Foundatvjn ￿•re￿i drW) a 118 8thwJiary (the 'group? for tha year •nded 31 March 2025 whKh comwlse and parent charlty Staterrnts of Financial Adiifjtss, Ihe grrmjp and paTeni chty Baance Stets, the &TOUP and pwerrt ch¥ity Statements of Cashknts noks to the financlal staterrnts. iftdw￿ng a sunyw of signifi￿t accO￿til￿d policles. The fmancial repcykng framev#xxk that has bettb arolled in the eparatlon is applicable law arKI Unlted Kingdthn AccO￿t￿l9 StarKlarts, inclurfllw FRS 102 The Financ￿1 Repoffj'ng Standard applicabh in the UK and Republi¢ of Ireland (United lQwdcTh Ge￿al Awtad Accounling Practlee).I In w L￿￿n. the statmrts: glve a fak VI￿ oflhe sl of the 9￿￿P,1 and p•rart ¢hth'g affairs as al 31 Mareh 2025 and d Ihe gro￿,$ and parant incomlng res(xwe•J appjieaiion of r88cAYrn8. Udb￿ Its NKM G•n•ralty Acceptsd have been prepared In accL¥dW￿ ￿th the requkn of Ihe Charkn arKI Trustee Investsrnnt IS(lland) Acl 2005 arKI regulatK>ns 6 and 8 ofthe ch￿tieS (Sc¢)dand) B••l• for oplnlon We conlknted our •udil kn acc£Ydw 1niwrha1l￿aI Slandard$ on (UKI (IS4$ (UKI) Dpllcable law. Ow respcmlbllkn ItrKM SI￿dards are fiwthr 4¢￿￿ed h the Auditofs respmslbllltles the a￿111 of the financial Stateme￿ secuon ol our r•port. We are hdeperthnt of the ￿￿￿panY in ac¢Ndance with th• rewlrements that are r•l•varl lo ow awlt of I￿ fin¥thl statements in th• UK. including the FRC'I Ethical and w• have fithllled 4xw other ethical resp￿￿111t10s In acccrfdarKe vrtth these rewir•nwrts. We thal tho audt evldence Iwve Conclu•lon8 r•lalino lo golng ¢oncffn con(*tions tha( In(fvklually or colledY¥ety. may cast swnlficant d￿bt on the weni ¢harty arKI gKM>'3 abilty to as a gokng cxancem for a perfod of at least Iwelve rn(th from Wh￿ the fir￿n￿al In audltlry the fin•Kial slatmnts. we have cx)ncluded thal Ihe In￿tee5. Use of ts gclrvj uxKem

Independent audftors. report to the trustees of The Raeburn Place Foundatlon (continued) inth•r• Key a￿lIt matt•r• Except lor the rnatter descrthd in the Materlal uncertairty related to going concern 3eclion, hnvè f)arKial statements and Imjr au(Ilots rem . The INstee5 we resp￿￿1b￿ Ihe cther the other 11rf￿n￿kn ￿d, exwt kn the exlent otheThlge e￿ill￿ty slated in ￿r repor( do n( and. in dokng so, eonsth th• other Informalion is malerralty Inconslstènt with the lknwthl slatemrffjts or our krKMledg• oblavMI in the owrse of tho s￿1( or 0lheTh¥lse 4ipeard to be malefiil rewked ti) delem11￿ vhth tr¥$ gves rise to a material misststement In the knnrial statern￿ts t￿selveS. If. basad an the wcrfk we have Porfo￿. Nye concI￿le that there is a nmtsrial Misstate￿ ol thls other Inftym￿, reqtired to reyt that fad. We have repul in Ihkn r•gKd. Mall•rn on thlch we ar• rnqulred 10 rq)ort ty •xcoOlon We hav• nollth9 kn rewi In r•ycl of the follc#ArvJ mattern in relalion to whkh Ihe ClrlOas A￿￿TrtI (ScLlland) RylatkTh 2008 requkes us to report lo you K, kn our opink)n: the Infom)allm ¥v•n th• thanclal Statem￿ ij trMy)nslstenl In mater181 re¥ect ￿ tho the lknanclal 3lalenwJnts are kn agreement knllh the aC￿￿n￿￿ rncords: LY we have not Tecfved all Ihe and explarlalms ￿ rewwv aud¢. R￿POnSIbl1111¢5 of trwteo• pr•paration of th• f￿ar￿la1 ststsments and ts belry sali5fied that tly glve al￿￿ fatr vletrv, arKI for such mtsmal Cr￿1r01 as the trustees detemiin is necssary to enable the pweparnti￿ offinarKlal statemerts tt￿t ae free from matwial misstatemen( whelhw due to fraud (ff error. In preparmg the financlal $tstemen￿ ts tr￿le¢S are responsble tr assesswvJ w(￿p,S and p¥ent dwivs alMIIty goir*J basis of acco￿￿ unless InBknes ether h)tends to16qu#lale the grow) cr th• parent tharity or to cease operntlons. ry h39 rKJ reallth altema11ve to do so.

Independent auditors, report to the trustees of The Raeburn Place Foundation (contlnued) Auditorfs responslbililies for the audit of the financlal statem We been appolnted as a￿jftc[ under section 44 (1 Y¢) of the Charilies and Tru5e Inve51 (S￿nd) Acl 2005 and rewt wi aca￿anCe with regulaiMS made under that Acl. are free from rnateiial mi551atenrt due lo fra￿1 or error, and ts iMue an eAxAtr)rfs rep(xl indthles our OpinK￿. Reason+k assurance is a Figh level of assurarKe but Is not a guamtee Ihat an a￿lIt c￿￿￿ctsd In acuxdance ISAS (UK) viill always deted a materlal ffdsslatsment when exisls. Mi5Statemerrts ￿ arise frcm traud or errLY aNI are omidefed rnatsrial f, inthvidu tho the ba515 iif these fffwKi41 slatemerts. Ingularttios, IrK4wkng tra￿1, •Htancu of f¥)n44xnpliance wlth IM regukntms. We desi procedurns in line NMth ow respcMbililh?4 oullined above, to detecl n￿t￿la1 nknlatements In resp8Ct of irregularities, frawj. The specffic procedures fLY Ihls engagement and the extert to whieh these are capable of detethy lThewlaiities, 1K1￿￿ng tr￿d Is d8tsiied bekw. how legal leam) ￿Und acttwl and ffttsal lillgthi claiffts; Enq￿ of entity staff li lax and complianc• fwKlicffis to Jentffty any ffNlan￿ of r audit ¢wer the ol m•n•gem8nt ov•rride of ￿ntr￿s. inch￿ng tesliw of entries arKI other adiustrnents f¢x apwowlateness, waluatrg ralionth Revlthvthg11naKial statement disdoms arml testry lo Supp￿ d(#Thnlakn to 1$2eJ8 Be￿USe of the trtherent Ilmitaliorts of an KIIt. there is a iisk thal not dolrfa al irregularlies. Ind￿ling those leathffj to a mtsial ffisstal¢m¢rt In Ihe fin•naal ststements cff r￿￿-C¢M￿lan￿l events transactlons refiectod in th• finanrAal slatements, as we will be less Ikety to bec(The aware of hslances of rth<cryliance. Th• rlsk is also greatsr rewdlng Irrewlaritles occuthrwJ the to frMKI A further ofow re￿￿11th$ Is avalable on the FIr￿￿101 ReFKY C(AKKII's kntbslte at

Independent audttors, report to the trustees of The Raeburn Place Foundation (continued) Use of our report Th15 ryrt Is made soletrrf to the chaty's I￿￿tee5, al a body, in aecordanee ReWicM 10 of Charit￿$ A¢¢oLmts (Scolland) Req￿atiOnS 2006. Cxw audlt b.as been undertakn so that v migtrl stale10 the d￿rI￿5 trustees those matefs we are requlred to state to them in an a￿lIb)rf$ rewi and ts no other purpose. To the fulest exlent pumftted by law. we do nol accept or assume regpJKblllty lo wwone other Ihan the charfty and the charty's trustees as a W for ow autht w<xk, for rewl. or for the opinions w• have forn￿d. MHA 17 Dec￿￿L￿r 2025 EdnknrylK EH3 eAD MHA Is the tradlng na￿￿ (rf MHA Audll SeNlces LLP. • lknited Ilabllly parts)uthlp reglJt•red Erwjland and Wales (regi3tw¢d number OC455542). MHA Is eHgble lo xt as an a￿lI9r in temm of secoon 1212 01t￿ Conwrn Act 211 10

31 Marcli 2025 Consolidated sLment of financial actlvitles lor the year ended 31 Alarch 2025 To Ymr •nd•d 31 March 2025 Ymr •Nlod 31 M•rch 2024 51.8e4) 51A50 71&743 715.743 .126 166.637 3.778 fJ￿.12s 166.637 3.824 1686 8N•JO 1390 911436 1&361 13 7.746 7,746 238.784 347,218 234n4 3472 300.199 300.199 364.879 Ini•rnst cffl 671824 S0,MS 45.177 45.177 Tal1 •xpndRw• 647,902 1096 049,998 718.(Xi1 718.001 194,389 194.435 101.&YI8 11086) 159J40 194.389 194A35 Total fvnth 11 1.821800 JS4030 1175 1,627,011 353.984 1,980.995 Total furnls c•nl•d lonva￿ 11 1.904306 351,964 133S970 1.821AOO 354.0>) 2.175.430 Th• •t*mgnt ￿ f￿￿¢1•1 ￿￿•5 gain$ 8nd losses recowi8ed in the y￿. 11

31 Mirth 2025 Charlty statement of financial actmtles forthe yurended 31 March 2025 UnrMtrlct•d RMtrfct•d Ywr •nd•d 31 M•reh 2025 Y•ai •Nlod 31 M•rth 21r24 22J45 183.106 82,538 4945 183,136 51.850 180.786 518 51.850 180.832 68.518 301.154 3013QO 14361 13,361 7.746 41.134 7.746 41.134 1098 TolAI •xp•ndllur• 61.830 Il•t kn¢rffldi•xp•ndltsw•) 22C759 P.006) 221￿3 251274 202.320 Ilat movffln•nt In fun 2A75• qIO86) 224,th3 262.320 T¢￿1 kndb WfoTh4•rd 11 4n7,033 3x030 4081,N3 4.474.759 J53,9a4 4,828,743 Total earrf•d lomrd 11 4953,7 351,904 S305,llO 4.n7,1)33 364,030 5,081.063 12

31 2025 Consolldated and charlty balance sheets as al 31 March 2025 oup 31 March 2025 Gmup 31 March 2024 Ch•rfty 31 March 21Y24 31 March 2025 1,047W5 9.817,190 1.047035 1,048.463 9.812.1 1,047.930 Irbvwlrmnt prnp•ty Invastnnl• 5001 S,iK11 ftx•d a•••ts loo￿125 I.052￿38 10M60.663 1.062.936 487A62 4￿73￿13 129,195 13.110 455.268 167.625 4.144,745 Cash ot In 616,507 4JW.57• 4,1n.249 19,146h12) 1133,75 (4.497.428) (145,122) N•t 6uTh•nt (l￿bIllI•vlMal• 18,52•M55) 4,252mO 13.874.535) 4.028.127 T¢t•l au4ts l•s• ewT•nt Ilablllu Amount• du• •lt•r 1335a70 43047a6 6.986.118 81.(163 io {4I10.688) 1335370 4305,758 2.175.430 8,081.063 Fund• 1W,300 351,964 494792 351.•04 1,821.400 1335270 5,756 2.175.430 5.081.063 Th• fir￿ncIal stat•nxnts ww• apkyoved by tho trvws OTh 17 Decernhr 2025 ￿ r￿1 on thew bahair The potes fm pages 15 to 28 fclm part of Ihese finandal statements. 13

31 laor¢h 2023 Consolidated and charlty s&￿ementS of &qsh flows for the year ended 31 Alarch 2025 ljro 31 March 2025 Ji 31 Marth 31 M¥th 2024 1￿,84 OBO) (32,0941 104,198 528 22WJ I1￿190) (tt8,6681 194.435 j3.824) 7.730 (13.952) 252.320 (180.787) (242.989) 6.730 Imp.mMrrt charg• and d•w•don Ca& byl(wd In) by cw 22•,7ao 185270 (164.726) 181136 1￿.787 Cath (w•d IN••kng 1W.787 N•w b•ns 110,000 (251.678) (265,X) 1264￿2) (141.678) Chary• In ¢•sh •nd cuh •wlvalMl• In th• r•pornng p•r 47A18 16,061 Ca•h *MI emh •yfval•fits at th• Inw olth• y•ar 167M25 120 12,443 Totsl emh ca•h •qiAval•rt• al th• •nd of th• y••r 129,195 167.626 129.195 111116 167.625 2e.504 14

31 Varth 2025 Notes to the financlal ststements Accountlng policieg Thè Ilnancial statements h•ve been Fry>ared (m a gokng •))n¢em basts In xcordance wllh appkaL4e amntlng standards and wthr1he hbtoykal cost conventK)n. The charity is a PubNc Benefft Entity a Scotlish tha11t+￿ inco￿ted ¢rganisatton ￿￿th the registered ofte as noted page 1. The finarKial statements are wesentsd in StefSng. which is Ihe fundi￿ curr•nLy of the dlwity, rounded to the n￿reSt £. The ffinandal Statem￿ are Ca￿liant wilh the ¢twWs Cor￿li￿1CM, the Charilies and Tn Inve51ment (Scotland) Act 20C6. the Ch￿￿e5 AGwJnts {ScodarKI) Regulatlons 2006 {85 amen￿), the Statement of ReCom￿ded Practice (SORP) FRS 102 'ACCo￿tIng and Rep by Charities., in at￿d￿￿e vAth FI￿ar￿la1 RwbrvJ Stand¥d 102 (FRS 102) issued In Oc 2019 and Unfted Kkngd￿n Genernlly Accepted Acownliy Pracbce. The c(￿5011daled lknan¢lal Stat￿￿￿ InCI￿le ts ffiancial stamils of The Raelxm Place Fourthlon and ts subSKliary undertaklr¥J made up to 31 Marth 2025. The xqulslkn Meth￿ of acc￿ has been applled. Th8 Trustees ciyfjlder that the acc￿￿￿ sh￿Id be drawn w on a golrrfJ concérn basls. The InA5tees wdlook a Ihwih Med1￿ to long terni process to review the cgsh flow¥ of Wrthin the sthlthary eompany, th• loans on the balance Irfe all sh¢yn as bel￿ due Wthln 12 nvJnths of the Ilnanclal year eThJ. Tr ¢unpany has un(rg(m a Succe￿ refinadNJ exerclse with the cwrant fundeTr a rw brrfJ term f￿di￿ p￿age was In place In Octthr 2025. Thls tcgether v￿th the facl Ihat all 12 unlts of the reta￿ (knk4)ment arn now rented ￿der temi leases rnearffj Ihat considered Ihts and the operakn of the sthlthary crn the statem￿1$. Chttlty JtatU8 The tharlty Is a Sujtlsh Charftable In￿￿ated ¢knn15attcn (SCIO) arKI15 ex frtyn COTwxatM tax %thich15 applied ts charitable purposes commenswate N%ryth that Th• chwity tr￿tee5 and have M lablty to pay tr) he￿ to m•91 th• Ihbts (or otrr Ilthlths) of the SCIO l it h dtssofv•d. 16

31 Mirch 2025 Notes to the financlal statements Accowrting polkiu Icontinued) Fixed assets Assets over £500 are c¥ltalsed at rAXt. Dewecklm is woyded at the fdbwry rates In order to fte off each asset over tts eslimated use￿1 Ne: Conyuter equMn•nt- 50% straighl line Plant & Equlpmnt.33% straw lino development will c(Kro￿nCe deweciation on c(ffnpleti￿ of the d?vel(yw. Inve5tsnent wopeities. ￿[ClI k wopety held to •am ren1 c1 apwadakn Is In ex￿dNure. sthequa￿Y It Is measwed at fak vahR at the rep￿g dat•. Chwges In fatr Inylm)ent of fixed a8801s and In￿•1M•nI prop•rty At each r•pcrling date. th• company fevlews the amMts fl Ils t￿Ible 888•ts tc (letemilne Nthether there Is kHlkatk)n thal those assets have Suffered an impaimiffit10ss. If any indlcatkni ari8es th• reCo￿Table amwnl of the asset is esthnated In (ythr to detem)In• the extwll of the Impaim)¢nt loss (rfany). Where It Is nol to estlmate the reasonabl• amount of the indivithjal asse( the company estimates Ihe r?￿Verable amcxnt ot Ihe cash. 9Meration unll In thich the ass•t bthngs. UrKP￿ted invesknents the ts)kkng kn the companles and are at cast Deblors Ca9h at bank arvj In harKI InohKles ¢ath WKI twm hlghty liqwl Ivw•sbnerts vlfth • sl mabjrfty of thr•• rnonlh or Irom the acqulslbn or cpenlr4J ofthe (kFth6t ￿ sknllar. Crethtcrt arKI w0vIsk￿5 are recowtsed where the charity has a presenl obllgatlon resuAlng from a past evffjt that will probabty resull in a trarth of ￿ndS to a thvd party and the amount due to setllè the obligakn can bts Mea￿ed ¢X estknated reliably. c¥edtlcKs and provlslorn arn nomMIty reca)grawJ at thetr setllement amoirt aftff allthvlThJ fty any trnde dlsoxnts due. 16

31 2025 Notes to the financial statements (G￿ti Accountlng pollcle8 (ctyth Fund accowrting FuTrJs held by the thJTity are". the TNstees. ofthe charity at the dlscretkn rlthe Tn￿lee5. These aye that can orty be used kn parti￿1ar restricted wrposos Mfjlhln thè objeds d th• Income Wh￿ there i• legal entstlrnt to the incomo. of r•c•lpl and kn the can Rental IncO￿Va recdved from propty losses bs recwlsed on a straighl lkne basls over the poriod ofthe lea. Incenths gr￿1 lo t•nts to anl•r Into cyeraW leases arn debrted to the Frfofft kxs accMI to redu( Ihe rurtal Inc(ffie on a *JM lkno buls over ts pwkrfl ￿ th• •￿e. R•islng fwmls Charitable acts"vitle• ch￿table aellvities as ￿rtlIn￿ in the lJv$ts• rewt These goveman¢e costs wh 17

31 M•rth 2025 Notes to the flnanclal statements (Co￿nue4 Accountlno pollths (contln Judgements In applylng key sources of e8llmadon uncertalnty In the ¥pli¢abon of the chaiivs acc￿1￿ policies, the tfUStees are requ￿￿ to make Judgements, estknates and aSsury)tKx￿ abcArt the carryiw aTh)unt of assets and liabilities that based (M Iwsliical expe¥Kn￿ other fact￿ that are Ccnjxler￿ to be relevanL AckHI results w•parlng these fmancial stemttts, Ihe Intstees have made the folbthrKJ j￿Ig￿nents. Detemilne ￿ leases Inkn by the chwty a5 a lessee ￿ (yiraONJ ltr￿Ce The applK>lity ofthe aswned IIv•81s reviewed aM￿lly, tsklrrfj Irlo IKilfAIrt fari(n 8iM Flxed assets ar• also asseswd ai to whthr thw• ￿ y￿1¢at(￿ of hTrawmenL Thls Finanelal In8trumffits The th8Tity onty enters Inlo bask frnnc4al •ns1nTh￿. FlrwKial asxts m•a%xed at tra￿aC￿n price and subsequenty at C1>91, less any knpaknxnL Financial Ilablmlles ar• Inklalty mww•d al tranM¢th aThl hold al tAIMlwd CL¥sL Income {￿uP Y•ar •nd•d 31 IAarth 2015 Y•w erthd 31 ￿TCh 2024 1&125 18,125 1,6DO 22 22 51,850 S1,￿) 82J38 166,637 68.818 Oth•r tradlng Ineom• wbskthry n4743 1.125 181.990 179.653 1.179 2M86 18&136 180.832 18

31 2025 Notes to the flnanclal sL*ments (canunued) Expenth1￿ analysls c￿rty Y••r •nd•d 31 Mweh 2025 Y•ar •nd•d 31 Mwch 2024 R•l•kng 10.898 1463 100 not? 7) 238,7M 347288 3LYI,199 364,879 599M33 13J81 6n824 7.746 Gharliablo aclfvlll•• 14893 109 17.048 1&1WJ5 9.785 18,344 22.167 187 18,344 50 45,17T 41.134 Ch•r Y•ar 31 Iqvch 2025 Ymr •nd•d 31 2024 120 120 7.451 12,833 7A51 11833 11,084 33lXI 2WO ,382 Xb,382 CMTIty Y￿r •nd•d 31 Ilor¢h 2025 Y•w fj￿d 31 M•r<h 2024 AUoc•t•d kn.. Rd81ry furth 10 R024 10%) (I Ilm• <2024 ￿ %) 22.107 18.344 18,344 24830 24M30 19

31 2025 Notes to the flnanclal statements (c￿￿nue￿) staff ernolumuts numbern (2024: None) v¢lxse ￿n(￿uMentS exceeded £60,OtK). Fixed assets- Chwty th• cour• of eon8tructlon Clryuknr •WpThnt Total Cost At 31 Marth 20 1.047.936 1.051225 (3290) 132WJ) At 31 IAarch 2025 1,047W5 1,047,•35 At 31 M•rth 2024 3290 329) On dl•w (3290) 13290) At 31 r¢h 2025 N•t Imik vak At 31 Marth 2025 1.047.935 1.047.938 At 31 Man* 2 1.047935 1,047,935

31 M•rth 2025 Notes to the flnanclal statements (contknue Fixed assets (contlnwfj - Group th• ¢ourn• Plant •wlpnwrt Totsl At 31 March 2024 1.047,935 1641 1.053.866 b d•po8al• 1329)) (3￿)) At 31 M•rth 2026 1.047.936 2.641 1.050.576 D•pr•cl•th 31 M•r¢h 2024 2.113 528 5.403 On dl•poMI I32￿) (321¥ At 31 I•Arch 2025 2.641 2,641 N•t book vaMI• At 31 Marth 2025 1,047,935 1.047935 At 31 Maw¢h 20 1.047,935 1.048A63 9,812,1&7 At 31 March 2iJ24 At 31 2025 9.817.1X4 Th• vabJ• oflh• Mb•lm• prr4xrfki r•akca th• cyn ¥•lU1￿ ranl•d +Xt by CoM•r• at 31 ma￿ 2021. Th TnAts•i bth• th• valu• chmwl kn th• plod kn 31 M•rth 2026. A 31 Mlrch 2025 31 M.¢h 4001 5,W1 21

31 Match 2025 Notes to the flnanclal statements (Con1￿u•d1 Investhients- Gro￿ fo￿￿nued) GrwD Inveslnxnts ex(th Ihe knvesknxnl In Raeburn Place Developrn￿ Lknlt&l and Raebwn Plac• D8velopmont (Swt ) Linll•d. nwnber SC403946) and is inydved wi the deveboprnnt ofa sprts staliwn. 676,244 <276.140) r200,839) Oro•• 508,415 145,5361 399.104 (35.101) 120.tIJo op￿ng profft Int•r•st rtt•lv•d (044.S31) Lo•• for th• Iln•nclal ymr 16V59 (57,883) 961388) 896A29) Place Devekyrnnt (Swl) Llnlled Is • ¢xnparry reglslered In Scotland (c￿￿nY registralp)n n(mbor SC001W)2). 11 li (knYw)t hm rnl aM¢ts of £1.

Censc41dat•d r•wt and flnarKlat statsrnrts 31 March 21125 Notes to the financlal statements (contiiiued) Debtor aroup 31 March Charlty 31 Gw 31 l¢•¢h 31 Mirth 2024 2024 2W25 Trnd• d•bt¢rs 1W,99B 144,572 4308359 162 4,136.384 6.861 310.696 4373A13 4.144.745 Gffj 31 MoT¢h 31 ktsT¢h 31 M•rch 2025 31 Pl•rch 2025 4124,148 214,467 338,949 74,443 &696AOS 201.371 247.167 73.133 3,6%.405 11.005 7.650 467 120.(M]O 11,7S5 Olh•r l¢>ang 120,000 9,144412 133,759 4.497A28 145.122 10 Cre(Itors: Amounts due after more than one year Oroup 31 M•rch 2ff25 31 MArch 2025 31 Mwth 31Mo k lo•M 2. 0 yw• 4.810,888 Th• B•th10on• •r• MeAff•d by • tandwd ovor th• r•lall d•vdtyn*rt Ift• and ty & trArynd and lo

31 fv4Mch 2025 Notes to the financial ststements {¢￿th 11 Fund• Transl•r •alor• at b•lw••n jI￿r ftm 2025 at 31 klar Group Exp•ndliurn GeneM ￿ftd 1.821AOO (s47.￿2} 1,983,306 Mwum fund Rlm (2,096) 1.932 2.175AJO 809M38 2A34270 Balance at 31 Mar Thin•f•r B•lanM at 31 Mar ExP•nd￿r• Unrnstrlet•d G•n•ral fiM¥l 4,n7.lJ33 288,589 (61.830) 4953.792 (Z096} 1.932 5.081.063 2W619 (63.926) 5.305,756 Th? Museum fimd rewesents fund5 received to assist wlth Ihe olthe Mweum vthen the geo)nd phase of the develryJm•nl corn￿. The Flkn Fund reprnsents funds rnlsed to woduce th• Evenl Game Docxrntary fitrn ab¢Art frst Ruy krtemational held at Raekn Place in 1871. The Ch￿kng R￿M Fund was specfK Iwmls raimd to a$8knt the fft ¢xrt of lh• thwbgl at31M 31 Mar 2024 Incun• ExP￿dI1￿• Unr••trl¢t•d fvnd• G•n•rnl iimd 1.627.011 1718.Tr)1 1.821,4(¥J fimd Chwrfjkng Room ￿nd 350.(XIO 1.980.995 912,436 (718.001 1175.430 Balanc• at 31 Mar Trnn8lw 8•l•iK• •t 31 Mar 2024 nds 4A74,759 301.154 {48.880) 4.727.033 R•gtrlct•d fvnd• mY￿￿m Fllm Clwwkng Room fvnd 32 4.828.743 301200 (48,a80) 5.081.1)63

31 2025 Notes to the financial statements (conthwd) 12 Analy•i• of a••ts b•tw•en funds Tanglb M•t curr•nt 2025 Total Illiblllum) Oroup 351.961 18,881.819) 351J64 1,98U06 10,865.125 10014125 (8,529054 2J3&270 Charfty 351.964 3,900,856 351.•84 V4792 1147.935 001 1.047,935 40 4J52,820 5*756 ffxod 2024 ￿￿ill￿1) arnp 354,030 (9.039253) 364.030 1.821AOO lo.￿,853 10.860,653 (8.6852231 2.176A Unr••blcl•d thjr 1.047?96 5.001 3,674.637 4,727.033 1,Q47.395 5.001 4,028.667 5.081,OS3 12 ty505 of chwges debt. Group Cash •loTh￿•h 31 Mareh (4.810.688) (3.975,765) 4810,888 204902 14810W8) ￿520￿51> Short t•mi Total borrv (8.786.463) 167.&26 265,&¥J2 P8.430) 20,551) 129,195 Total nol d (&618,828) 227N72 An￿18 of ¢hrge8 In net debt . Charity Short temi loan Cash and cash Wd•rts (120.OCQ) (120.(MXI) 13.166 191.496) 115J38J 11K834)

31 March 2025 Notes to the flnancial statements (conthued) 13 Lea•lng commilm•nts Rathm Place Fo￿da1￿￿ has an wemont with Edirwgh A¢ad•mical Clth to l•ase gn)und 98 31 Mwch 31 March 2025 2024 Nol latsr on• 14 Related party transaction• tyRPI group In y•ar 31Marth 31Mwth 31th1arch 311knh 31m1￿h 31￿r(h 2025 2025 2025 RPF Tlits RPDL Dk•c 14.60D 40.0 110,(XKi 1029,50Q 2.029.5(KI 20•￿18 266.918 RPF TnM• 74000 7&CQJ Ra•burn Pl•c• D•v•lopm•nt Lhnll•d: vknolty own•d •ub•ldlary. Tho Foun(kn is ¢h¥girJ kntwest ¢Jn the h)an bal•nce viti the Juhlthwy at a rate cl 5% per annLTh. the ye¥ £181,8￿ of inlerest was due lo be paKI In rela1￿￿ to the fn•n&al yow. At the year4nd £704.975 (2024 . £522,985) d inl•rnst was due lo be pald by the subsidiary to the parent cLymp￿. Al 31 March 2025. Ihere was a balance d £3,663,284 u•Jing from the sulBidiwy to Ihe paml (2024: £3.611399>. White Honey Famlly Inveslments Limited: a company In which s a director. A loan of £1,299.987 was ￿anted by White Honey Famly Investments Ltd. This remains outstandlng at the year end. Interest Is payable at 1% over base and £77,323 (2024: £78.551) was eharged In the year. At the year4nd £260,343 (2024.. £183,020) of Interest Was acuued on tho loan and remakned payable. Edlnburgh Acadenal Football Cl&) DurirvJ the yw the group was charged man club whlch is a limlted c￿npanY of whlch ement fees of £31,700 (2024: £28,667) by the is a dlrector. These were fulty pald . the year. Tho subskllary company rechaiged £42,741 (2024 . £41.720) In ulllltles to the ckkn. £94,450 {2024: £98.050) r￿naIn5 oulstanding at the year end. Control 15 The (artty ts ￿der the contrd of the In￿180$. 26