Company regi5tratK)n numter: SC389638 O￿Tity registratK)n number.. SC045236 CGLMC Limited (A comrliny Ilmited guarantee) Annual Repjt arm1 ￿narthI StatenRnts for the peritsj fr(Mn I CktoiEr 2024 to 29 Septwnber 2025 l*l)rris & Youry, Statutory A￿lti Charter&l Accountsnts 6 Ath￿1 Crts￿nt Perth PHI 5JN CGLMC Limited Contents Refere￿ and Administrative Detsils Trustees, Report 2to7 ststement of Tru5tee5' Re5￿M511m'1itles I￿epe￿Ient Auditors, Report 9t013 statement of Financial ALtivttEs 14to15 lanc@ She@t 16 ststement of Cash Fiows 17 Notes to the Financial Stat¢￿ts 18Lu34 CGLMC Limited Reference and Administrative Detsils Scott BrickrNIll Derek Cavdlini DdvKI Jack Cruickshanks hn GilLert rAYa Gordon Peter G)udE Edna Kelty Allan M¢arth Athn McCoSgan Gratyne Mcth¥iTrJ Craig McNkoll Ralph Wardlaw CharKY Registratton Numl>er 5LI)45236 Company Reglstratlan NumberSC389638 RegISt•r￿ Offlce Whitehall House 33 Yeaman 5h(Ke DUNDEE Taysl DDI 4BJ Morris & Youngi Statutory Audltor charte￿ Accounrants 6 Atholl Crescent Perth PHI 5JN Audltor P•3e I CGLMC Limited Trustees, Report The Trust￿ have pleasure In presentirKJ their rewrt tcrf￿tt￿ wth the audited financial Stat￿nts of the charitable ccffl￿3ny for the year endgj 29 September 2025. The finandal ststements havc ￿￿en Prepa￿ in accordance with the accounttng p)lioes set out on pages 18 to 22 and comply with tre Chantbes and Trustee InvthEnt (Scotland) Act 2005, the Charities Accounts (*otland) Regulations 2(MJ6, the Companies kt 2C(6, the Memorandum and Attrles of 551Kiation and Account1￿ and RewrtiTrJ by Chartknes: stat&)￿tt of Reccxnmen￿ {SORP) appltabk in the UK and Republ￿ of Ireknd (FRS 102). Thls report Incorporates the Lyrectors. Rewrt aNI Strategk Rewrt requlred under tr￿ Companies Act Chalrnian'$ report Thos year has been a very signifKant one in that tre transaction to sell the trading pats of the business to CGHH finally CO￿lULled In Febnmry 2025 after a kn3thy pencKJ of time negotiatiThJ the various elements of the deal ttheen tre re￿ant parties (An9￿ cou￿11/ CGHH I CGLMC). CGLMC'S maln ￿5￿nsIbIl￿ golng forward are thredokl :. Invest the prc(eeds of the Sale to obtaln an ￿ceptable return over a long perlod of time whlch wlll cover CGLMCs ¢)verhe&ts and tharitable th)nation5 whllst also ac£ountirvJ ftK InfiatkJn on an annual basis. Continue to make charitabbe donatMJn5 to kral VK#ththik causes vthkh meet CGLMCS charltable donatK￿￿ criterla. Monitor the various kgal agreemerts bets￿ the partks to ensure that the oblwthms on each of them are being adhered to. I wouhj Ilke to expre55 my thanks to all tr£ staff a￿1 trust￿ dedtst*)n and hard work over the past 12 mnth5 have been instrumentsl In shaplrKJ our Continl￿d succ￿. In particular. I woukl also like to thank the staff In CGHH who greaty assist&J our administrative assistsnt during the initial handover peTlc#J and continue to do so as and when requ1￿. Objectlves and actlvltle* CGLMC was granbj charitable status on 17th Mov￿)ber 2014 Son￿ then ¥￿ have bu1￿ a successful busine55 in cyder to fulfil the charitabk objecti￿. To encour&¥ aThl pr￿￿te public participatKX) in the of golf in the area of Angus; To promote the provish)n iy of r￿eat￿)nal fKilities in the Carrwjustie area wlth the obJ￿t￿e of improvir¥J recreathl facilitie5 or actlvitss avallable to dtizens ￿ld1r￿￿ within the Carnoustie area; To proTh)te the a(fvarKement (* the arts, arKI culture for the of dtthns ￿ld1￿j within the Camustie area: CGLMC Limited Trustees, Report To promote the thancement of communty dVNelOp)￿rt for the benefft of citizens resbJirKJ within the Camoustk a￿a. Charftable 9rants Camou5tie Panmure FC rriends of the foiry Step5 Camoustle & Monlfieth Mer6 Shed £26,8f)O £12,(K)J £10,59) £9,140 Camoustoe Conmunity Coundl Camousue and Dlstrlct pipe Band Carnoustle Church (frinty) Church of the HdyriJLxI Boys Brigade Maulesbank Lawn Tennls aub £2.SCMJ £2,450 £2,283 £2,150 Carnoustié Théatre aub Carlogie Primary School Carn0ust￿ Ckymores cycli￿ Wlthout Age knUarKI Camoustk Memorks £1,900 £1,6LM) £1,5(K) Ei,5&] £1,3U) £i,L £800 KIn1￿h Care Centre Skilz Academy Angus Jubilee FurKJ Braehlll Lodge (Confort FuThJ) Carmustle Photo Group Angus Adcyth)n & Fosterin9 GrtyJp Kinlcch Court Carmustie Games Club Car￿UstIe ChJir CarTh)ustie Communlty Café £256 £175 £116,464 Paje 3 CGLMC Limited Trustees. Report Hn•n¢io1 review The results for the tyth wtN)nttL5 to 29 2025 ale of a tryLxKJ [￿lu1￿ by1￿1 U￿11￿[￿1 Lv Lhe p￿ViouS year. This is due to trading cpAsiw in February 2025. ThÈr@aftgr thp. Thxlp.I ha£ rhangwl tn refiprt the trnnsaction done with CGHH. This has led to operntion5 trJn5ferrirs to CGHH and ttr￿refOre from March 2025 onwards the SOFA (kes not reflect owathjnal trajing actvity, onty investsnent income and chantsble ￿tiVty. Future financial years wlll contsin ¢)perntional Kbvty. PU￿re plans CGLMC's fuiure plan5 are tV•xJfold In that ￿ contlnues to tHI In the rEw nK#Jel r#)st tr￿ sak of the trading parts of t￿ busirws and to continue to V￿rk clos•ly with Angu5 Q)uncbl and CGHH to cu￿Vate a fvture that will preserye kKal golf access, S￿re the retum of Tr 0[￿n and safeguard the W-temi Inte￿$ts of the charlty and its obiectNes. Rlsk management CGLMC takes a strurturcd apPr￿7th to managing busln¢ss risk5 through its dedicated risk reglster, whlch categorises risks into operatK)nal and strategK aws albelt the nUmtr￿r of rfsks have r&Juced slnce the sale of the tradlng businesses. The register Is presented to the fvll tK)ard on a regular basis, providing a clear vlew of rlsk trends ar￿ de￿kn￿￿ents aThl for each W r6l the LKord dete￿ineS toleran￿ levels. fjO¥ernan￿ and StriKtur• of Carnouth Goll Unks Management Commlttee (CGLMC) Ltd CGLMC Ltd is a company Ilm6bJ ty guarantee aTh1 a registered charity in Scodand, govemed by its Memorandum and Artides of AsxKiaticm. This stnjCtu￿ ensure5 that our operation5 are allgned wlth charitable obiecbves Whi￿ maintsinitvJ Str￿ cthernancp. pract￿.￿. Board ComFosith)n arKI Trustee Induit Thp. Artlr.* nf Awk)twJn provth for the apF¥JintmÈnt ￿ t¥￿ direLtors from each of thè slx constitutional club5, with Arpjus Coul￿1 iu dywliil dlMlors. Newly apwlnted tru51ees part￿pate In a structured irKluctlon FYogramff*, whKh . Receivlng all relevant L*xumentstKJn. . An ¢)veryiew of the organisatim by the executive team OfKI sifKe Febiuaiy 2025 by U Chaimian and VI￿ Chairn￿n. This comprehensNe Ind￿ ensures tnjstees are wdl.prepar￿l to contribute effective￿ to the organisation's objectlves. CGLMC Limited Trustees, Report Str￿tUre The day.tO-day Man>j￿rent of CGLMC Is rthy in the ha￿15 Trust￿, wlth the as$Lstsn￿ of I part - time memter of stsff folknylng the sale of the trading assets in February 2025. The Trustees are split Into a number of Sub-committ￿ with these sulFcommittees over￿Ing spe(ific areas of the organisation's operatk)nsi perfonnants, arKI a550ciated r￿ks• reportlw back to the full for decision-maknrvJ. Sub.commlttees FInan￿ SU￿ComMIttee Res￿nSIble for reviewing ap￿tr￿[￿j the annual bw before submlsshin to the fijll Ixxrd. It reviews audtt flndings aThl implements nec￿ary chatyjes to ensure finar￿1 hea￿h and ccffnplian￿. In addltkn, the Sub-committee wlll n￿nItOr tr* ￿rfOrn￿￿e of tre charitrJe 6 CGLMC Limited Trustees, Report Reference and Admlnistraljve Infornmtlon Dlrethrs and Trustees The directors of the charIts￿e company are its trustees for the purp)se of charity law and throughout this repK)rt are collectively referred to as the trustees. The Trustees servirwj during the year and Sin￿ the perb# eThJ were as folbvts: Derek Cavellinl (Chalmwn) RalFth Wardlaw (Vlce thaimwn) David Cheape nda Gordon Peter Goudie Edna Kelly Allan McArtney Aidan McCohJan Cralg McNlcoll David &)nd (ap￿Inted 8 January 2025) John Gilbert (appJnted 5 March 2025) ott Bricknal (aprointed 7 April 2025) Graeme McEwin9 {apwinted 7 April 2025) Jack Cruthhanks (appointgj 13 Cth)ber 2025) Scott Duncan (resigned 4 Novwnber 2024) Kenneth Daty (resigned 10 February 2025) Ian FrEr (￿SIgned 17 February 2025) Colln Yule (￿sK￿ned 23 March 2025) ThcAnas Stewart {ap￿snted 28 Juty 2025) (r*r*d 11 December 2025) Dlsclosure of Inforniatlon to audltor Each trust* has taken steps that ought to have tsken as a trustee In ortal¥nents", w￿ have condLM1ed that tre trustees use of the golrvj con￿rn basis of accounting in the preparath)n of the financial statements Is appropriate. Based on the work we have perfO￿ed, we have ￿ thntified any material un￿rtaIn￿e$ relaung to events or conditK)r￿ thal individualty C￿ colkntivefy, may cast sKJnificant dwbt on the tharity's ablllty to contlnue as a going cOn￿M for a perth of at least t%•th mcth fr(th the original finandal ststements We￿ authorised for issue. Our re5FrfJnsibllltles and the resporfybilities of the trustees with rweLt to Ong corKem are descriw in the relevant $￿tIOnS of this rewrt. CGLMC Limited Independent Auditor's Report to the Members of CGLMC Limited Other Inlormatlon The trustees are r9%￿nsible for the ottrw infonnabon. The other Inf0M￿tIOn comprtses the Information incllthd in the annual retKrt, otPw than the financial statements and our a￿dItorf5 repNt thereon. Our opIn￿n on the finanaal ststements doe5 not cover the other infornation and, except to ￿ extent otherwise explicitly stated in our rewrt, wc do rth)t express any fomi of assurarKe condusion thereon. In connection with our audlt of the firkincial stste7wits, our re5FA)nsibilty is to r&id the other infomiation arKI, in (h)ing so, conshkn whether tre other infonnation Is rnaterIal￿ inconsistent with the financial statements or our knowledge obtain&J in the audrt or otheThYise appears to be materially misstated. If we Identfy such material inconsistencies or ap￿?rent n*rial misstatemerts, Y•E are reyulred to determine whether there Is a materval misstatwt In the finarKial staterrents or a material misstatement of the thr infomiation. If, bas&J on the work we have perforrr&1. we colKI￿ that trere Is a material misstatement of this other Infom)atbJn, we are reyulred to rewt that fact. We have nothirvJ to in thls regard. Oplnlon on other matter westrlbed by the Companles Act 2006 In our oplnion, based on the work undertaken in the course of tre aLKIit'. the infomation gNen in the Trustees, ReFort for tr* flnanoal perkxd for whkh the finar(lal sLitements a￿ prepared is conslstent wlth the financial stateyents,. and the Trustees. Report has been prepared in accordan￿ wlth arq)lTrble I￿￿1 requlreffents. Matters on whlch we are requlred to report by exceptlon In the light of our knowledge and urNkrstsndiThJ of the charity and Its envlronment obtsin&J In the course of the audit, we have not ldentff￿d material mlsstatements in the Trustees, ReFQrt. We have nothlng to rewjrt In respect of the f￿k)V￿n9 matters where the Charities Accounts (Scotk7nd) Regulatbn 2IXJ6 (as ameThJed) requires us to reixrt to you rf, in tyJr qmnion: adequate accounting r£￿rdS have not been krf or retums a*u*e for our a￿lIt hwe r#)t been received from branches not vlsited by u5; or the finanaal 5tstements are rMIt in agreerrent with the aCC￿ntir￿j aThl retums; or rtaln di5dosures of trustees rernur￿rath)n by law are Th)t made; or ￿￿ have not received all tr* inf0m￿tion ejplanatpxs ¥￿ require for our aLhJlt. Page io CGLMC Limited Independent Auditor's Report to the Members of CGLMC Limited Responsibilities of trustees A5 eJpléined mole fully in the SLaLLYILYIL vf TrusW' R￿￿￿51t￿litIV?. [sei out on ￿ ], the tru51ee5 are reSF￿nSIb1e for the preparation of the fina￿￿11 statements and for being satiSf￿d that ttw give a true and fair view, and for 5uth internal control as t￿ trustees detemiine 15 necessary to enabbe the prÈpardtinn nf finanrial thtprrents that ar@ free frr*n rnaterial MISStaten￿n( whetlw due to fraud or error. The trustee5 have elected for the finarKial ststern￿ts to LE awJit&J in EKCOrdan￿ wlth the Charlties and Trustee Irwestment (Scotland) Art 200£ rhthpr than al￿ with the CoM￿nb* Art ?1))6 Accordingly we have been aPFointed as aLMlitor under sectK)n 44 (Ixc) of the Chaiities aiml Tiusley Iriv¢s￿T￿1IL (Sccthnd) Act 21)J5 and re￿rt in accordan￿ w6th that Act. Tn prprk3riNJ th@ financial statements, the trustÈÉs are responsible for assessin9 th• charity'$ ability to continue a5 a goiivj coIKerii, LIthiiKJi d5 dpplKAb￿, matter5 relatul to golng con￿rn and uslng the going con￿rn basis of accounting unless the trustees either intend to I￿luidate the charity or to ￿se operatlons, or have no reallstt altematlbE i¥Jt to th) so. Audltor respon¥lbllltles for th¢ •udlt of the flr￿nda1 statements Our objertives are to obtsin reasonable aSSura￿e at()ut whether the fina￿al ststements as a whoie are free from material misststement, whether due to fra￿1 or error, arKI to Issue an a￿lt0￿5 rewrt that Includes our opinion. ReasonatAe assuran￿ is a hijh level of a$sura￿e, bui Is not a guarantee that an audit coiiducLtxl iii dLLuiddiLe wlili ISA5 (UK) wlll always a Ma￿rtaI mwtement when It exlsrs. Misstatements can arise frc¥n fra￿ or error and are consMYeral material rf, indiv￿4ua1IY or in the aggregate, they could rea50nabty ejperted to infiuerKe the eo)Th)mic deo'sths of users tsken on the b35is of these financial statements. The extent to whth our procedurqs ar• capable of detedin9 irregularitrs, ind￿li￿j fraud i telow: dctalled Extent to whlth the audlt was COn￿ered capable of detedlng IrTegularltles, Indudlng fraud We Klenufy assess tr* rtsLs of matenal misstrternent ot the h"nanoal stateffents, wliether due to fraud or error, arKI then deS￿n and Ferforn audit pr¢(edu￿ reS￿lS￿e to those risks, IncliKling obtalnlng audit evidw that Is suffic*nt a￿1 appro[￿te to provth a basis for our oplnion. IrregukirltÈs, ind￿lIr￿J fra￿1, a￿ instarK£s of Th￿*0m[￿lan￿ with k3ws and regulath)ns. We design prC(edU￿ In line with our resp)n￿bilrt￿5. oudir)ed atA)ve, to detect material misststements in rewt nf irregularities, induding fraud. The extent to which procedure5 a￿ capoble of detecting irregularities, Including fraud is detailed teh)w: the naturc of the industry, control environment urnkr5taThlin9 of entbty ilKludiivJ, bul IKJI restntteil to, the prevalen￿ of fra￿1 in the sth eS￿￿al￿ in tt* current urttrtain ecmmnic environment; Page li CGLMC Limited Independent Auditor's Report to the Members of CGLMC Limited of our erquiries of directors a￿u¢ tsr tyyn KIentI￿th aTrJ asses5ffent of r(sks of irregularities; any matters we identified having otrrtainql a￿1 the companvs documentation of their polldes and prctedures relating to.. identsfyingi evaluatirKJ and comptying with lav&5 a￿1 regukitions and whthr they vRre aware of any Instan￿ of n0nc0mplvan￿. detecting arbj responding to tr* rLsks of fraud aThJ vhth they have kr#JYledge of any artual, susFetted or alleged fraud; the internal controls estsblished to mtw r￿ of fraud or Th)n-compllar￿ with laws arKI regUlat￿n5. the matters discussed affKJng the audrt eng*%wt team regardirvJ IK)w arKI wtre￿ fraLKI mhjht cÉcur in tr￿ financial statements and any Fotsnt6al indKators of fra￿1. As a result of pr￿jureS, we cons￿red the opwrtunitEs that exlst wlthln organlsation for fraud aThY hjentlfied the 9￿atest F*Jtential for fra￿1 In relation to revenue rero9n￿1on and ¢)verststement of exFenditure. In common wlth all a￿JIts under ISAS (UK), we are also rg]ulred to perform SFedflc pr￿edu￿ to reswnd to the risk of manageffent overrtrje. We also obtsined an undethndirwj of the legal ar#Y ￿U￿tOry frérne¥￿r￿ that the ccffipany operates In, fc(using on provlslons of those laws a￿1 regulat￿$ that had a direct effect on the detemiinabon of materlal amounts and di￿￿05ures In the financJal statements. The key law5 arKI regulatk￿$ we consKlered in this context included the G>mpanles Act 2006 and UK tax legislation. Our prcKedures to reswrKI to rlsk5 kjenttfled Incl￿ the followlrKJ'. reviewing the financial statement diSCbsu￿ and testir¥J to 5Upw￿ng documentatlon to assess compliance with provisiorts of re￿vant laws and described as having a dirert effeL1 on the finandal statemerts; enqulrfng of dlrectors concerniThJ actual arKI FKtritial IlthJatlon ar￿ daims; performing analytical prc£edures to identify any unwl or Ur￿PeCtod relationshlps that may Indlcate rlsks of material misstatement due trs fraud; tested a sample of Ir￿ ts ur*Jerststement and other relv¥ant audit pr(redU￿ while considerdtvjn was gNen to revenue recc*Jniti)n; tested a sampk of eXwKlitU￿ for o￿temert aThl otPer ￿leVart audrt prcreJure5; in addressing the risk of fraud through managefftht override of ccffltrols, testing the appropriateness of Joumal entries and other adjusbnents: assessing whether the judgements made in making accounting estimates are Ind￿d￿ve of a kthntial bias,. and erfaluatiThJ the business rationale of ar slgnlflcant transactions that are unusual crf ￿lts￿le the rthmal course of busi￿. We also communicated re￿ant Klentified aThl regutath)ns arKI P￿ntial fraiKI risks to all engèjement fram members and remained akrt to any i￿licat￿n5 of tra￿ or Th)ncompliartt with laws and regulations throughout the audit. Page 12 CGLMC Limited Independent Auditorfs Report to the Members of CGLMC Limited Due to the inherent limitatK*ts of an a￿1¢ there ts an unavomlable rtsk that we may not have detects some material misstatements in the finandal ststwnents, e￿n ttM)ugh we have pro￿ty planned and rfomied our in ￿CL¥dar￿ with auditirKJ slandards. For example. as with any audit, there remained a higher rBk of non-detectmm of irregularitse5, as these may involve collusion, forgery, intent￿nal omissK)ns, misrepresentstions, ￿ the override of intemal controls. We are Th)t responsible for preventing fraud or non<0mplian￿ with jaws and reguktions and cannot be eX1xt￿ tts dp.tert all fra￿1 and rK)n-aNnp1k7n￿ with laws arKI ￿ulat￿￿￿. A further descripts'on of our resp)nslbilities Is available on the Financial Rep)rting Coundl's webslte at.. www.frc.0rg.uklaudltor5resk￿n$ItsaIltje$. This desUlpt￿ forms part of our aud6torfs report. Use ol our rewt Thls repjt is made sow to the tharltable ctKnparfs trustees, as a Ixkn, In Kcordan￿ wlth Chapter 3 of Part 16 of the Companies ILt 21))6. Our a￿dit VKJrk has tttn undertaken so that we mkJht state to the charity's trustees tfv)se matters ￿￿ a￿ required to state to thwn in an aud1￿5 rekK)rt and for no other purFose. To the fullest extent pemiitted by law, we do not or assume reswnsiblllty to anyone other than the charitsble CLwnpany arKI Its trustees as a t#*, for our aud5t work, thls rek¥JL or for the opinions ha¥e f￿rned. Alexander J Fyfe, M.A.A.T., C.A., tKha (Senlor Statutory Auditor) For and on behalf of Mords & Youngi Ststutory A￿ttor Chartered Accountsnts 6 Atholl CreKent Perth PHI SJN 9 March 2026 13 CGLMC Limited ststement of Financial Actlvltles for the Period from i October 2024 to 29 September 2025 (Including Income and Expenditure Account and Ststement of Total Recognised Gains and Losses) Contlnulry D15cDntlnuryl operations operatlons 2025 2025 Total 2025 Incom• and Endowm•nts from: L)onatsons and legac aritable activities Investment incLKr 79,$56 1,077,795 79.556 1,077,795 517 869 Total incom 1657 351 1675 220 Expendlture I￿. Ctharitahlp artiviti 227 029 170 026 Totsl exFenditure 397 055 170 026 Net {experKif(ure)Ilncc*k Other rec4Jgnlxd g•ln¥ and10g9 Gainl{loss) on investments Net mvement In funds (209,160) 2,054,4C6 1,845,246 (135.996) 2.054.4 1.918.410 Recondllatlon of lunds Totsl furKIs brought foTrvard lotal furKts carned ft)r￿ar(l 21 4 528 287 6 562 b93 The notes on pages lil to 34 tomi an irtegrdl part ot trEse finarKwl statements. Page 14 CGLMC Limited Statement of Financlal Activities for the Period from l October 2024 to 29 September 2025 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Continuing Dl8contlnued operatlons operations 2024 2024 Total 2024 Income and Endowments from: Charitable activit￿5 Investrnent IrKome 7,414,240 7,414,240 Totsl Income 7 414 240 7 459 896 Expendlture on: Charitsble ￿tivit￿$ 6 819 330 7 334 733 Total eXpe￿Ilture 6 819 330 7 334 733 Net (ex￿nd6tUre)1lncome 125 163 Net Move￿Ent In funds (469,747) 594,910 125,163 Recondllatlon of funds Totsl funds brought for¢Rrd Totsl funds carrled fon¥ard 4 539 120 4 539 120 21 4 C69 373 All of the charlty's furK15 were unrestrkbj for PWKxI5. The funds breakd¢)wn for 2024 Is sfthyn in no* 21. The t￿te5 on pages 18 to 34 fom an integral part of these finaTh*l stateffents. Page 15 CGLMC Limited (Registration number: SC389638) Balance Sheet as at 29 September 2025 2025 2024 Flxed assets Intangible assets Tangibk assets Inve5twents li 12 13 65,754 8,735,351 3 882 717 3 882 717 Current •¥¢ts str￿kS Debtors Cash at bank and in ha￿1 14 15 16 73,616 4,479,832 3 615 374 2,648,681 2,998,571 8,168,822 Credltors: Amounts falllng due wlthln one yev 17 298 595 7 419 746 2 699 976 749 076 Total asJ¢ts le•$ current Ilabllltl¢• 6,582,693 9,650,756 4 986 473 Credltors: Amounts falllng due after more than ¢Kbe 18 Net assets 6 582 693 Funds of the d￿rIty. Unrestrlrt¢d Income funds Un￿tricted funds 6 582 693 Total fund$ 21 6 582 693 The flnancial ststements on pages 14 to 34 were apwoved trustees, aThl authoris6J for Issue on 16 February 2026 and swJr*d on their behalf by: Derek Cavellinl Trustee The rKtss on pèjes 18 to 34 fomi an integral part of these finarKial statements. P•Je 16 CGLMC Limited Statement of Cash Flovts for the Period from l October 2024 to 29 September 2025 2025 2024 Cash flows from operntlng actlvltles Net cash incoff 1.918.410 125.163 Adjustments to cash flows from non-ash Items DePrecklt￿Jn Amortisation Investsnent Income ReValuat￿n of investments Galn on dlsposal of flxed assets 328,166 944,091 5,510 (45,656) (517,869) (71,164) 3 571551 5,229,162 994.353 Workln9 ￿p1￿1 •dJu¥tme 14 15 17 73,616 1,831,151 R 3310?fl 18,472 571,167 876413 Decrease in debtors IDecrease)lincrease in (Jedltors Net cash flows from or*rdting aLtvitE5 Cash flows from Invesilng actlvltle• Interest receivable arKI simikr irKoff PLtrchase of Intsnglble fixed a55ets Sale of intsnglble flxed assets Purchase of tangible fixcd a53ets sa￿ of tsngible fixed assets Purchase of investff*nts Income from dNthnds 17,869 45,656 (25,439) 500 (1,598,354) 35,000 li 63,688 (363,163) 5,198,795 {3,708,978) 12 13 Net cash flows from investir¥J activth5 Cash flow$ from flnandng actlvltles Repayment of k)ans and torrowings Repayment of finaiKe dlKJ HP wntrdtts" 1708 211 1542 637 17 iy (3.595,528) (253,561) Net cash ftows fran finanang actsvibe5 (decrease)IitKrease In cash arKI cash equNaknts 37765% 316 266 (3,265,484) 3 615 374 601.502 Cash and cash e]uivalents at l Octot 3 013 872 sh and Gash eouwaknts at 29 September 3 615 374 The notes on pages 18 to 34 form an integral part of financial statements. Page 17 CGLMC Limited Notes to the Financial Statements for the Period from l October 2024 to 29 September 2025 I Charlty status The tharity is Ilmlted by guarantee, irKorF¥)rated in , and owuenty &)es not have Sha￿ capitsl. &ich of the trustees is liable to contrfbute an amount not exceeding £1 towards the assets of the charity in the event of liquidation. The address of its registered ¢)ffKe is: Whitehall House 33 Yeaman Shore DUNDEE Tayside DDI 4BJ These flnandal statements were aUt￿rIs& for tre trustees on 16 Febnmry 2026. 2 Accountlng polld Summary ol slgnlflcant accountlng polldes and key accountlng esllmatrs The principal accounting w1￿.1￿5 ar&plied in the p￿[MAration of these fina￿la1 statements are set out below. These Oicles have been cfjnsistentty applled to all the ￿r5 wesent&J, unless Other￿lSe stated. Statement of compllance The financial ststements have been wepared in acrXjrda￿e vAth P£cwntiTrJ arKJ Rerm)￿Trj by Char￿￿5. ststement of Rtromwthd Practice applKable to chaiities preparirKJ their accounts in accordan￿ wth the Financlal Repjtlng Stsndard a￿Kable in the UK and Republic of Ireland (FRS 102) (efflxtive I January 2015) - (CharftSes SORP (FRS 102)), the Financial Re￿￿n9 Standard applicable in the UK and Republlc of Irel¢iKJ (FRS 102), the Charltbe5 and Tru5fee InVeStm￿t (ScotkrKI) Act 20J5, the Charifies Accounts (Scotland) Regulatsn5 (as ar￿KIed) and tr* Companie5 Art 21))6. Ba￿1 of preparatlon CGLMC Limited meets the defin￿ of a public LEnefft entity under FRS 102. Assets and liabilitie5 are Inltially recc¢Jnised at hi5tiKtsI cost or transactlon value unle55 (thrwt* stated In the ￿thnt accounting wlicy notes. Golw conc•rn The trustees consider that there are no material un￿rtaInbe5 atM)ut ￿ charity's ability to conts'nue as golng con￿rn ￿r any ggnrfunt aws of ur￿ertaInty that aff￿ the carrying value of assets held by the charity. Page 18 CGLMC Limited Notes to the Financial Statements for the Period from l October 2024 to 29 September 2025 Income and endowments All income is recD3nised once the charity has entitkntht to the I￿off￿, it Is prc4)abk that the IKome will be r￿1Ved and the anTr)unt c( the income re￿1¥able can LE measured rdiabty. Donations are recr)3nlsed when the charlty has been r￿lf￿ In wrf¥rMJ of both the amount arKI settlement date. In the event that a dorotmin ts subject to Cr￿ditIonS that require a IpNel of Ferfonnan by the charty tef0￿ the chanty is entitkd to the fu￿15, the incryne is deferred and not rwnlsed until elther those condltyons are fulty met, or the fuiniThEnt of th(￿e cOrKI￿kun5 15 WtKlly wlthln the cuntrul ur the charty and it is probable that ttr￿e coTh1itions will ￿ fulfillejj In the repJrtlryJ perknd. Ceferr8J Ir￿rne represents arn￿nts received for future ptrlcxls ar￿ Is released to IncomSng resour￿ In the perioj for whKh, it has been received. Such irKY)we 15 dderrexl when: - Tre donor specifies that the grant or donation must onty used in future accountirKJ Ferlc*Js; or . TfE donor has imix6ed cor#aft1￿￿ musr be w b￿￿e rhe charlry has uncryKI￿I0naI entitkment. Interest on fu￿15 held on dek¥)slt Is I￿lud￿j when receivable and the amount can be Tr￿Sured ￿liablY by the charty,. thls Is nomwlty upon r)otfficatlon of the interest paKI or payable by the bank.Dfvidends a recogntsed Or￿ the divmlend has t*en declared and notifKation has been rerewed of the dNidend due. Exp•ndltur• All exFenditure 15 recognised ￿ ￿re is a *al or Constr￿ti¥e oblwJatK>n to that exFenditure, It Is probable settlement ts required and the affthint can be twsured ￿lkibty. All costs are allcoted to the applicabk eXr￿ltu￿ head1r￿ that a9Jregate sfimilar costs to that category. Where costs cannot be directly attributed to partKular headirK4s have teen alkxated on a basis consistent with the use of resour￿, with ￿ntral staff costs alkxated on tr* basts of spent, aTrJ depredatlon charges allc(ated on the ￿?￿On of the assevs use. Other supp3rt costs a￿ alhxated based on the spread of staff costs. Charitable Jthvilies Charitsble expenditu￿ ccffiprises cc6ts incurred ty the charity in the dellvery of its activit￿5 and services for its tenefKiaries. It includes costs that can I￿ alkKatsl dir￿ to activfties and those costs of an indirert nature n￿eSsary to SUPFM>t th￿￿. These include the costs attributable to tre charivs Complian￿ with constitU￿nal and ststutory rEquirements, lThY￿lIng a￿lt, strategK manag￿r￿t aTrJ trustees meelirwjs arKI reimbursed expenses. Page 19 CGLMC Limited Notes to the Financial Statsments for the Period from l October 2024 to 29 September 2025 Taxatlon The charity ts consKlered to pass tt* tests set ￿t in Paragraph I 5d￿dUle 6 of the Finan￿ Act 2010 and therefore It meets the definthn of a charIta￿e ccffipany for UK corwration tsx purp)ses. Accordingly, the charity is FQtentialty exempt from tsxation in of income or capital gains received within catejories covered by Chapter 3 Part 11 of the Corwration Tax Att 2010 or Sect￿￿ 256 of the Taxation of Chargeafrje Gains kt 1992, to tt* extent that such or gains are applioj eJclu5ively to tharftsble purposes. Intsnglble assets Intangible assets are stated in the Balano Sheet at cost th K£umulatal aM￿satIOn and Impaiment. are arnrtis&J on a strai9ht line basis their estimaw usefiJl I￿￿5. Tanglble flxed assets IndNidual fixed assets costlThJ £0.￿ or more are initially record&1 at co* less any subsequent accumulated depreciatKJn arKI subsequent ac£umul*d impainnent105ses. Amortlsatlon Amortisation is provkled on Intsngible flxed assets so as to wrlte df the cos¢ bess any esumated resklual value, over their expected Lthl econ(xnic life as fdths: Intellectual proFerty Q¥er 10 year5 Depredatlon and amortlsatlon Depreciation is provided on tangible fixed assets so as to write (rff the cost or valuation, th any estimated r&idual value, over their exrtcted useful ecoThJnK life as folk>ws: Depredatlon method and rate 4 to 20 years (￿r I to 10 years •V I to 5 years Freehold buildings Plant aTrJ machinery Shop arKI offKe equipment Flxed asset Investments Flxed asset investments, other than prc*Jramme related investm￿ts, are indth at market value at the balance sheet dats. Realis&J gair6 a￿1 k6ses on Invth)ents a￿ Cal￿￿ted as the dIfferen￿ betsveen sales prcceeds and their market value at the start of the pericd, or their subsequent cost, are charged or cr&Jited to the Ststement of fina￿la1 Acbvtbes in FerKKI of di5Wsal. Unrealised gains and losses represert the Th)Ve￿ in market values durir*J the periTrJ aThJ are (￿lited or charged to the Stata)*nt rf ￿nar￿la1 Actrvibts ba*1 on the market value at the period end. Page 20 CGLMC Limited Notes to the Financial Statements for the Perlod from l October 2024 to 29 September 2025 Stock Is valued at the knver of cost ar￿ estimated sdlirYJ price less costs to CIXnp￿ sell, after due regard for Ob￿￿ete and slow st￿. Cost is detemii￿1 ￿51￿j the first.in, firSt￿ul (FIFO). Trade debtors Trade debtors are amounts due from Custo￿ for merchaThJise sold or servKts tErf0m￿d In the ordinary course of busir*ss. Trade debtors are ￿nised inltialty at the transxtx)n wKe. Tly are subsequently measured at amortised cost usirvJ the effectsve interest metlKyJ, less provisK)n for impairment. A provtsion for the impainnent of trade debtor8 is estaN1$P￿ wtr*.n is objectwe ev￿1￿ that the dwrrty will not be able to colktt all amounts due accordirvj to the orvjinal tem15 of the receivables. Cash and equlvalents Cash and cash equivalents comprise cash on haThJ call (￿F￿lts, and Ott￿r slw)rt-term h6ghty IAiu6d Investments that a￿ readlty convertible to a known arrK>unl of cash and are subject to an In￿gnIfkant sk of change In value. Trade credltors Trade creditots a￿ oblwtions to pay for gcths or Sep41￿ that have been acqulred In the ordlnary course of business from Supkliers. Accounts payable are cla￿rEd as current Ibabilities ff the charlty &)es not have an uncondlth)nal rfght, at the end of the ￿rk)d, to defer setoerrent of the credltor for at least ￿efve months after the ￿p￿ting date. If there is an UrKondit￿nal r￿ht to defer Settl￿nent for at least tsvelve ff￿nths after the repjts'ng date, ttw are we5ented as non-current Ikibiifties. Trade creditors are reco3nised initlalty at the transaction ptKe ar￿ sulwuendy mea5uryI at amorused cost using the effective inter& methcd. 8orrowlng$ Interest-bearirrfJ t(Jrrowlngs a￿ Initialty recorded at fair value, net of transaction costs. Interest-tearlng t￿)rrOwing5 are SLsbsequendy carried at ar￿rtised cost, with the drffe￿r￿e tetween the prcoeds, net of transaction costs, and the amount due on redemption rwognised as a charge to the Ststement of Flnancial Actfvrtks over the of relerfart tx1rrTh￿r4J. Interest eX￿nSe is reCOgn￿ed basis of the eff￿tIVe interest rnethC￿ and is Ind￿led in interest payable arKI simiLir tharyes. Borrowlngs are clas$ff￿ a5 current liabilities unless the charity has an urKondith)nal rwJht to defer settlement of the liabilty for at tht months after the reFortiry date. Paje 21 CGLMC Limited Notes to the Financial Statements for the Period from l October 2024 to 29 September 2025 Fund structure Unrestricted income funds are gu*rdl fuNIs that are avalkble for use at the trustee5 di9yetKm In furtheran￿ of the objective5 of the charty. 3 Income from donatlons and legacies UnrestrlLt•d funds General Total 2025 Total 2024 ()onations and legades; Donatlon from subSKliary 4 Income from d￿rftable actlvl¥e• funds General Total 2025 Total 2024 Course InccAne Facility fe5 Tournaff*nt Surplus Other Inccffk 891,531 122,5¢XI 561 891,531 122,5CKI 561 6,933,098 220,Q 137,340 1077 795 1077 795 7 414 240 5 1nve¥tm¢nt Income Unrestrlcted funds General Totsl 2025 Total 2024 IrKome from dividends; Dwidends re￿1vable frDm gr(MJp undertaktrKJs Interest receivable and simikr income,. Inter& receivable on bank deFrf)sits CGLMC Limited Notes to the Financial Statements for the Period from l October 2024 to 29 September 2025 6 Expendlture on charltable aLtMtles funds Total 2025 Totsl 2024 Salai di￿ ￿115￿￿7 cosis Training and other staff costs Repalrs and maintenarK£ Rent and rates Insuran HeaL light and deanlry PosLdy¥", sLdUvl￿Y dllLI ddveril￿[ Leo3ing and hire of equipment Telephone Complrter costs Professional fees Open costs Junlor golf Golfers 50uvenir ba95 Sundry pjrenses Travel expenses Mpdia lirp.nrp4 ank charges Charlty donatlons Irrecoverable VAT Hlrc purchax intcrc5t paid Bank Interest paK1 Pension pxit liahilty intprest Depreciation Amorti5ation Bad debts Wr￿ off Gain on sole of assets 1.168.991 11,392 210,C66 21,918 80,403 1.168.991 11,392 210,066 21,918 80,403 86,496 11.552 208,478 9,810 70,870 I￿,604 3,950 1,2C 6,894 284,108 28,432 10,475 33,477 117,288 211,54b 5,421 322,0 65,829 328,168 3,122.331 70,024 591,040 65,484 198,299 249,811 4Y.IJIS 560,956 25,559 128,842 104,151 12,056 12,222 62,942 318,834 35,521 19,362 118,966 85,338 251.571 17,162 265,833 53,708 944,091 5,510 11.552 208,478 9,810 70,870 I¢YJ,604 3,950 1,2(KJ 284,108 28,432 10,475 33,477 117,288 211.54b 5,421 65,829 328.168 3 571551 3 571551 170 026 170 026 7 334 733 Page 23 CGLMC Limited Notes to the Financlal Statements for the peri¢￿ from l October 2024 to 29 September 2025 7 Anal￿1$ of governance and support costs Governance costs Unrestrlct funds Total 2025 Trt*l 2024 Audlt f￿5 Audit of the fir￿lK￿l >tsL¥T￿IlS Other fees PklKI to auditors 21,(KJ5 27.lJ65 19,550 No trustees, nor any persons conr*rted wlth them, have recelved any rwnuneratkjn from t￿e charlty durin9 the year. No trustees have recelved any ￿1MbUrSed expenses or any fr￿n the charty during the 9 Staff costs The aggregate payrdl costs were as follty*•S: 2025 2024 Staff costs durlng the perlod were: Wages and salaries (ial security costs Pensi)n costs 1,007,457 87.124 2,695,662 238,029 3 122 334 24 CGLMC Limited Notes to the Flnancial Ststements for the Period from l October 2024 to 29 September 2025 The number of empbyees wlwxe effK)luments fell wbthin folk￿l￿j barKIs wa5: 2025 2024 £60,001- £70,￿) £iC¥J,(XJi - £iio,Ix £130,001- £140,000 The totsl empbyee teneffts of the key rnanag￿t tErsonrd rf the cNIrfty were ÉNII (2024 . FE4A,IAS). IOTaxatlon The chailty Is a ieglstewed ctkiiily aiK1 is UErefowe eJUli￿ fr￿11 idxdivji. 11 Intanglble flxed assets Intellectual property Total At l October 2024 Dlsp)sals 84,039 84,039 At 29 September 2025 AmOrtI￿tIOn At l ¢)rtober 2024 Charge ft)r the year Eliminated on dISr￿SaI5 1R,?RS 1R,?A At ?q qoptemlw ?0?5 N¢t book value At 29 September 2025 At 30 September 2024 Paje 25 CGLMC Limited Notes to the Financial Statements for the Period from l October 2024 to 29 September 2025 12Tanglble Ilxed •s%ts Fumlture and equlpment vehldes Land and ljulldlngs tangibl• flxed asset Total At I cktober 2024 Addltions 10,310,938 534 10 311472 2,268,6 35,610 3,616,654 16,231,892 362,629 363,163 3 979 283 16 595 055 At 29 September 2025 At l October 2024 Charge for the year Eliminated on 4,528,155 188,478 1,764,317 53,IC 35,610 1,168,459 7,496,541 86,582 328,168 4 716 633 1817 425 1255 041 7 824 709 At 29 September 2025 Net book value At 29 Septanber 2025 At 30 Septtsnber 2024 2 448 195 8 735 351 Page 26 CGLMC Limited Notss to the Financial Statements for the Period from l Ortober 2024 to 29 September 2025 13 Flxed asset Investments 2025 2024 Shares in group urKkrtakirvJs Other investrnents l(KJ,575 3 782 142 l(K),575 3 882 717 Shares In group undertaklnqs and partlclpatlng Interests Subsidiary undertaklng• Total Cort At 1 (kthhgr ?0?4 At 29 September 2025 Net book valu• At 29 September 2025 At 30 September 2024 Other Investments Unllsted Cost or Valuatlon Addltsons Revaluation 3,708,978 3,708,978 At 29 Septemter 2025 3 782 142 3 782 142 N•t br•ok valu• At 29 September 2025 3 782 142 3 782 142 Paje 27 CGLMC Limited Notes to the Financial Statements for the Period from l October 2024 to 29 September 2025 Detall$ of undertaklngs Detslls of the inve5trrrt In which the chatlty hokts 20Y> or nK)re rf the Th)mlnal Val￿ of any ck55 of share capitsl are as fdlows: Undertaklng Incorporatlon Holdlng rlghts and shares held 2025 2024 Subsldlary undertaklngs Carnoustie Golf Links mited Ordlnary 14Stock 2025 2024 Str£ks 15 Debtor* 2025 2024 Trade debtors Due from group undertakir Prepayments Other debtors 63,826 1,688,882 2,714,393 79,556 60,748 4 479 832 16Cash and cash equivalents 2025 2024 Cash on haThJ Cash at bank 1,150 3 614 224 3 615 374 CGLMC Limited Notes to the Financial Statements for the Period from l October 2024 to 29 September 2025 17 Credltors: amounts falllng due withln one year 2025 2024 Bank loans Trade creditors Other loans Hire purchase finan￿ leases Other taxation and sc(ial Security VAT grant repayatAe Other credltors Accruals 343,324 1,020,307 156,320 56,242 76,580 85,204 152,354 171,379 5 358 036 149,014 1,213 (120,314) 144,484 124,198 7 419 746 Credotors due ￿thIn one year Sndth ts￿ followiThJ Ivabilitie5, on whth security has tEen given by the thadty: 2025 2024 Bank loan Other loan Pensbn exlt Ilabllity 343,324 156,320 596 475 2025 2024 Deferred ino)me at I CKtsLEr 2024 Resour￿ deferr&J in tre penod 3,029,898 2,618,473 2,739,564 2 328 139 3 029 898 Deferred Income at year end 3 029 898 Deferred income comprises payff*nts received in &fvan￿ to confim reServat￿n$ for play in subsequent year5, the unexpired pjrtion of season t￿kets aTrJ comFetitv)n receipts in advan￿. P&3e 29 CGLMC Limited Notes to the Flnancial Statements for the Period from l October 2024 to 29 September 2025 18Credltors: amounts falllry due after one year 2025 2024 Bank loar Other loans Hire purchase ark4 finan¢e leases Other cr&litiJrs 1,549,054 1,546,830 124,826 1765 763 4 986 473 Cr&Jitors amnts fallirKJ due after nM)re than one Ir(1￿ ftlkwiirvj 1vatm.lit￿s, on wh￿h s￿urIty has been given by the dwrrty: 2025 2024 Bank loan Other loan P•nsK?n exit liability 1,549,054 1,546,830 1765 763 The kk4ns were ful￿ repakl duriThJ year endwj 30 September 2025. The tenslon exlt Ilabilty Is reccKJnised within other creditor5. Tr Ilablllty was secu￿1 wth a floatlng tharge ¢)ver the buildings of the charitsble comFony. 19 Obllgatlons under leases and hlre purchase contracts Thp. tntal valijp nf fijhire minimum lease was as fdkjws: 2025 2024 Wlthin one year In tsvo to five years 56,242 124 826 The finan￿ leases %*ve fully repaKI durirvj ￿ yEar ended 30 Sep￿tr￿ 2025. Page 30 CGLMC Limited Notes to the Financial Statements for the Period from l October 2024 to 29 September 2025 Operarbng lease commltments Totsl future minlmum lease pa￿￿nts under nOn￿n￿lable operatirKJ leases are as follo￿. 2025 2024 Other Within one year Between one and flve years 535,057 20 Penslon and other schemes charity OFerate5 a defi￿￿ c¢￿trIbUt￿ penslon scheme. The pa)skn cost charge for peric*J presents ccffitr6buth)ns payable ty the charity to the arKI anN)un￿l to £74,409 (2024 . £186,643). 31 CGLMC Limited Notes to the Financial Ststements for the Period from l October 2024 to 29 September 2025 21 Fund$ BalarKe at Balan￿ at 29 l October Incomlng Resources rec4)gnlsed September 2024 r•Murcas axpffid•d gainsl(loKas) 202S Unresblcted funds General 167J 220 6 582 693 Balanry at Balance at I 30 October Incomlng Resources September 2023 resour￿ expended 2024 Unr•strl¢t•d funds General 4 539 120 7 334 733 The specifK purrx%es for whKh tr£ fvrts are to be applied are as folkms: All Income and eXP￿Ilture of charltable company was unrestrKtsA. Pa9e 32 CGLMC Limited Notes to the Financlal Statements for the Period from l October 2024 to 29 September 2025 22Analysl$ of net assets between funds Total funds at29 September 2025 funds General Flxed asset investm Current assets Current Ilakn'litie5 3,882,717 2,998,571 3,882,717 2,998,571 298 595 Totsl net assets 6 S82 693 6 J82 G93 Total funds at30 September 2024 funds General IntsrKJlbk fixed assets Tawihle fixed assets Flxed asset Investrne Current assets Current liabilities Creditors ¢)ver I year 65,754 8,735,3SI 100,575 8,168,822 (7,419,746) 4 986 473 65,754 8,735,351 I￿,575 8,168,822 (7,419,746) Total net assets 33 CGLMC Limited Notes to the Financial Statements for the Period from l October 2024 to 29 SeptÉmbÈr 2025 23Analy5is of net funds At29 At l Octobw Flnandng September 2024 (ash flow$ 2025 Cash at bank and In hand Debt due within one year Debt due after mre than year Flnance leases and hire purthase contracts Current asset Investn￿nts 3,615.374 (1,892,378) [1,703,150) (1,181,068) (3,265.484) 1,892,378 1,703,150 1,181,068 349,890 Net fund51(debt) 3 023 816 3 373 71>5 At30 At l Octob•r Hnandng Ilew flnano September 2023 cash flo I￿Se$ 2024 Cajh at bank and in hond Debt due within ore year Debt due after more than one year Flnancp Ipaw aro hi￿ purchase contracts Current asset investn*nts 3,013,872 (2,210,495) (1,838,132) 601,502 318,117 134,982 3,015,374 (1,892,378) (1,703,150) (44,235) 1977 507 137,929 114 913 (274,762) (181,068) Net tuncW(debt) J U56 497 274 762 2 023 816 24 Related party transjctlo The company has tsken advantage of eX￿npt￿n in FR£ 102 'Rplat@d Paty Tvanwtinns. that alkjw it to r￿ dlsdose transacti[￿ with wholPy owr& rn￿berS viiihin the group. Page 34