DwJsn Enveky ID." F68AlLE4EF4.A7[zJE4AA CHARITY NO: SC045834 THE ROYAL HIGHLAND FUSILIERS TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 THE ROYAL HIGHLAND FUSILIERS (Princess Mar8arei's Own Glas8ow and AyrshiTe Rc8imenl) •* It AIPlftA TtARf MT NFMO N05 IMPUNE LAc£ssET Tartan: MACKEYZIE (Hi8hland Light Infantry Sett) Facin8 Colour: BLUE
DwJsn Enveky ID." F68AlLE4EF4.A7[zJE4AA THE ROYAL HIGHLAND FUSILIERS TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 PAGE Reference and Administrative inforniation Report of the Trustees Independent Examinerfs Report Stalement of Financial Activities Balance Sheet Notes to the Financial Statements 9-19
DwJsn ID". F68AlLE4EF4.A7[zJE4AA THE ROYAL HIGHLAND FUSILIERS TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 REFERENCE ANO ADMINISTRATIVE INFORMATION Charity Number: SC045834 Independent Examiner: Wbg Services LLP 168 Bath Street Glasgow G2 4TP Solicitors: Harper Macleod LLP The Ca. d'oro 45 Gordon Street Glasgow G13PE
DwJsn ID". F68AlLE4EF4.A7[zJE4AA THE ROYAL HIGHLAND FUSILIERS TRUST Report of the Trustees for the year ended 31 March 2025 The Trustees presenl their annual rewt and financial slatements of the charity for the year ended 31 March 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to Ihe accounts and comply wilh the charity's trust deed. the Charities and Trustee Investment (Scotland} Act 2005, the Charities Accounts (Scotland) Regulations 2006 and Accounting and Reporting by Charities: Statement of Recommended Practi applicable to charrties preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The legal and administrative infomialion on page one f(Yms part of this reporL Chairman's Statement The core purposes of the Trust remain unchanged: lo own and maintain the regimental Collection of the Royal Highland Fusiliers, to present elements of the circa 10.5k historic objects in a public museum, and lo nurture and sustain veteran welfare and benevolence, particularly for those fornier soldiers and their dependanls who find themselves in need and distress. Maintaining the Collection is an ongoing activity and very good progress continues to be made. The appointment of the Collections Manager has been a great success and she has now started on her Send year from April 2025. A fvrther short temi appointment was made in January 2025 for a media arKI colleclions assistant until the late stwnmer. Visitor numbers at the museum have improved on the last reports'ng year. The appearance and content of the displays has been progressing well wrth a refreshed temporary exhibrtion space in the centre of the museum. allowing IMO additional short tenn exhibits'ons a year. The cataloguing process of all categories continues. The medal collection inventory has been completed and valued by Spink medal dealers. The Regimental Adjutant, ontinues to coordinate the maintenance and décor of the building, imwoving general storage spa, the reception area of the museum and the Colonel of the Regiment's room. Veteran support continued to be delivered through benevolence grants to individuals as well as faeilrtating or supporting veteran events or organising the presence of veterans at significant public events of national remembrance. The staff at 518 Sauchiehall Street continue to support a considerable number of families wtth the funeral arrangements for fomer soldiers of the Royal Highland Fusiliers. Structure. Governance and Management The Trust is led and administered by a Board of Trustees that exercises day to day control through a small administrative team based at 518 Sauchiehall Street. as well as through the committee stNcture of the Trust. Key areas of interest and activity are- the care and maintenance of the Collection, the public presentation of the social histLry of the Royal Highland Fusiliers at a free to enter Glasgow4)ased Museum, and our Veteran Support and Benevolence work.
DwJsn ID". F68AlLE4EF4.A7[zJE4AA THE ROYAL HIGHLAND FUSILIERS TRUST Report of the Trustees for the year ended 31 March 2025 structure, Governance and Management {continued) The Trustees have assessed the main risks to the charty and they are satisfied that systems are in place to mitigate exposure to pnncipal risks. None of the Trustees has any direct involvement wth parties or organisations benefitting from the Trust. Achievements and Perfomiance The Trust remains engaged with its three principal areas of operation. The Collection requires careful handling and upkeep. This involves the need to update and modemise catalogues and to apply recognised and careful consepiation techniques to help in the maintenance of the Trust's Collection of historic objects and, wherever possible, to improve the stste of repair of the objects in the Collection. From time to time opportunrties crop up when the Trust is presented wrth an option to acquire an historic object erther from private individuals or through specialist auctions. During 2024-25, the Trust was donated a gift of £10K, through a will and a rare Military General servi medal (179&1814) with nine dasps. Museum Development. During the year, discussions with Glasgow Cty Council (GCC) and Glasgow Lrfe (GL) have progressed through the Museum Working Group (MWG). A fimer direction of travel has now been confimied by Trustees. As a result. of changing plans by GCC; further changes to the srte options proposed by GL: the aspiration by GCC to redevelop Sauehiehall street over the next >10 years; and approval by the MOD to include the RHF museum as one of the future 32 museums to be funded by the MOD beyond 2030. the Tnjstees have decided, for the time being, to remain at 518 Sauchiehall Street. lo redevelop the site and investigate the options to enable this. The work undertaken by the MWG over the past few years V*ill rt be wasted but will help to develop the following areas: Develop a design brief to then conduct a feasibilty study of the development options, Completion of the design and the securing of funding. The endorsement of a plan to devebp and then operate the site. Marketing and communications in support of fund raising and the new museum, followed by opening and operation. before entering the sustainment and development phase, particularly in areas of outreach and education. Benevolence. In Veteran Support and Benevolence work. the Trust assisted on a weekly and monthly basis with over £20.000 provided in grants to our veterans and dependants during the year.
DwJsn ID". F68AlLE4EF4.A7[zJE4AA THE ROYAL HIGHLAND FUSILIERS TRUST Report of the Trustees for the year ended 31 March 2025 Achievements and Perforniance (continued) This is matched by other service charities, with £35.000 from the Amiy Benevolent Fund and £32.000 from the Royal British Legion Scotland, contributing an overall £90,000 to veterans. This process continues to be looked after by The three largest areas of request remain- assistance wrth Ihe purchase of household goods. help to families wrth funeral expenses. and supporting individuals who had problems with debl and arrears. Estate. The Defence Infrastructure Organisation continues to supwt the building on behalf of the Ministry of Defence. The annual fire inspection was undertaken successfully in March 2025. further CCTV has been installed and panic alams provided for the reception staff. The planned demolition of Bu11ng 3 was delayed beyond 31st March 2025. Investment. By early 2025, the Trust's investrnent portfolio income remained steady. Trustees are briefed regularfy at Trustee meetings, by Barclays Investment advisor that the asset allocation was positioned tactically for difficult but navigable economic conditions ahead. Plans for 2025126 The Museum redevelopment project remains the Trustees, top prK)rrty. led by the Museum WG. Other plans for the coming year 2025-2026 include: Additional Income. The project to generate addrtional income from hospitality has nol yet been developed. A couple of events have been held during the year to assess the viabilty of the catering arrangements. Preservation. The 9 HLI kilt has been delivered to a conservator in Perth for inspection and condition report before deciding how besl to display the rtem. Collections. The efftirt to calalogue and rationalise the unrfomi. medal. silver. art and library collections continues apace. The accredrtab'on process with Museum Galleries Scotland (MGS) was completed in November 2024 and their final report and futu accreditation is awaited. The museum has been very well served in 2024-25 with six new volunteers and seven post graduates on work placements. Displays. The temporary exhibition space has been developed in the centre of the museum. It has enhanced the visitor experience and allowed additbonal rtems to be on display. Saturday Openings. The museum is running a trial from February 2025. with one Saturday opening a month, and two Saturday open days in July and August. The trial has proved very successfvl so far. with more visitors in a day than in the current four day week.
DwJsn ID". F68AlLE4EF4.A7[zJE4AA THE ROYAL HIGHLAND FUSILIERS TRUST Report of the Trustees for the year ended 31 March 2025 Financial Review The income for the charity during the year was £124,949 (2024". £115,718) and incurred expenditure of £142,856 (2024: £131,391). The charity had gains on investments of £1,984 (2024: gains of £162,181). The charity had total funds at the year end of £2,673,403 (2024: £2,689,326). Reserves Policy The charty has unrestricted reserves of £2,567.134 (2024: £2.585,231) which the Trustees consider sufficient to meet ongoing obligations. Trustees. responsibilities in relation to the financial statements The charty Trustees are responsible for preparing a Trustees, annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepled Accounting Practice). The law applicable to charities in Scotland requires the charity Trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that year. In preparing the financial statements. the Trustees are required to: select suitable accounting policies and then apply them consistently- observe the methods and principles in the applicable Charities SORP; make judgements and estimates that are reasonable and prudent; state whether applicable accounts'ng standards have been followed. subject to any material departures disclosed and explained in the financial statements; prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charty will continue in business. The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements ecnplY with the Charities and Trustee Investment (Scotland) Act 2005, the Charity Accounts (Scotland) Regulations 2006, and the provisions of the charity's constttution. They are also responsible for safeguarding the assets of the charity and taking reasonable steps f(x the prevention and detection of fraud and other irregularities. The Trustees *e responsible for the maintenance and integrity of the charty and financial information included on the charity's webstte. Legislation in the United Kingdom goveming the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Approved by the Trustees and signed on their behalf by: Date: 7 October 2025
DwJsn ID". F68AlLE4EF4.A7[zJE4AA INDEPENDENT EXAMINER REPORT TO THE MEMBERS OF THE ROYAL HIGHLAND FUSILIERS TRUST FOR THE YEAR ENDED 31 MARCH 2025 I report on the accounts of the charity for the year ended 31 March 2025, which are sel out on pages 7 to 19. Respective responsibilities of Trustees and examiner The charity's Trustees are responsible for the preparation of the accounts in accordance with the lerms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulalions 2006. The charity Trustees consider that the audit requirement of Regulation 10(1) (a) to (c) of the Accounts Regulats'ons does not apply. It is my responsibilty to examine the accounts as required under seCtn 44{1) (c) of Ihe Act and to stsle whelher particular matters have come to my attents'on. Basis of independent examiner's statement My examinats'on is carried out in accordance with Regulats'on 11 of the Charrties Accounts (Scotland) Regulations 2006. An examination includes a review of the accounting records kept by the charity and a c(xnparison of the accounts presented with those records. It also includes consideration of any unusual tiems or disclosures in the accounts, and seeks explanations from the Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audrt. and consequentiy I do not express an audit Opini on the view given by the accounts. Independent examiner's statement In the course of my examination. no matter has come to my attention 1. which gives me reasonable cause to believe that in any material respects the requirements: to keep accounting records in accordance with Section 44 (1) (a) of the 21)05 Act and Regulation 4 of the 2006 Accounts Regulations, and to prepare accounts which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulats'ons have not been met. or 2. to which, in my opini(, attents.on should be drawn in order to enable a proper understanding of the accounts to be reached. Wbg Services LLP 168 Bath Street Glasgow G2 4TP Date: 7 October 2025
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DwJsn ID". F68AlLE4EF4.A7[zJE4AA THE ROYAL HIGHLAND FUSILIERS TRUST BALANCE SHEET AS AT 31 MARCH 2025 Total Funds 2025 Total Funds 2024 Note Flxed assets.. Tangible fixed assets Investments 15 16 1.329 2.503.429 2.504.758 2.497.972 2.498.858 Total fixed assets Current assets.. Stocks Debtors Cash at bank and in hand Total current assets 17 18 19 4.208 1.848 174,095 180,151 4,294 1,775 189,665 195,734 Llabllltles: Creditors falling due within one year 20 5,606} 174,545 11,166} 184,568 Net current assets Total assets less current liabilities 2.673.403 2.689,326 Net assets 2.673,403 2.689,326 The funds of the charlty.. Unrestricted income funds Restricted funds 21 21 2.567,134 106.269 2.673,403 2.585,231 104.095 2.689,326 Total charty funds Approved by the Trustees and signed on their behalf by: Chairman Finance Convener Date: 7 October 2025
DwJsn Enveky ID." F68AlLE4EF4.A7[zJE4AA THE ROYAL HIGHLAND FUSILIERS TRUST NOTES TO THE AccouKfs FOR THE YEAR ENDED 31 MARCH 2025 1. Accounting Policies (a) Basis of preparation and assessment of going concern The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial stalements have been prepared in accordance wrth the Statement of Recommended Practice.. Accounting and Reporting by Charits'es preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities and Trustee Investment (ScotlarKI) Acl 2005 arKI the Charities Accounts (Scotland) Regulations 2006. The trust constrtutes a public benefrt entity as defined by FRS 102. The financial ststements are prepared in sterling, which is the functional currency of the charrty. Monetary amounts in these financial statements are rounded to the nearest £. The Trustees consider that there are no material uncertainties abwl the Trust's ability to continue as a going concem. (b) Funds structure Unrestricted income funds comprise those funds which the Trustees are free to use for any purpose in furtherance of the ¢harttable objects. Unrestricted funds include designated funds where the Tnjstees, at their discretion. have created funds for specific purposes. Restricted funds are funds which are to be used in accordance with specific restiictions imposed by the donor or trusl deed. or through the tems of an appeal. Further details of each fvnd are disclosed in note 21. (c) Income recognition Income is recognised once the charity has entitlement to the income. it is probable that the income will be received and the amount of income receivable can be measured reliably. Donations, are recognised when the Trust has been notTfied in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the charty is entttled to the funds. the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting year. Legacy gifts are recognised on a case by case basis following the confimation of estate when the administratorlexecutor for the property has communicated in writing both the amount and settlement date. In the event that the grft is in the fom of an asset other than cash or 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 charity. Interest on funds held on deposrt is induded when receivable and the amount can be measured reliably by the charity; this is nomally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been dedared and notifatiOn has been received of the diwdend due.
DwJsn Enveky ID." F68AlLE4EF4.A7[zJE4AA THE ROYAL HIGHLAND FUSILIERS TRUST NOTES TO THE AccouKfs FOR THE YEAR ENDED 31 MARCH 2025 1. Accounting Policies (continued) {c) Income recognition (continued) This is normally upon nolificats'on by our inveslment advisor of the dividend yield of the investmenl portfolio. Income from govemment and other granls, ether.caPital. or'revenue, grants, is recognised when the charity has entitlement to the funds, any perfomiance condits'ons attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. (d) Expenditure recognition Liabilities are recognised as expendrture as soon as there is a legal or constructive obligation committing the charity to that expendrture, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. All expenses including support costs and govemance costs are allocated or apportioned to the applicable expenditure headings. For more infomation on this attribuiion refer to note (fj below. Costs of raising funds comprised the cost of the curator. Expenditure on charitable activities includes grants payable and other activits.es undertaken to further the purposes of the charity. Grants payable are payments made to third parties in Ihe furtherance of the charitable objects of the Trust. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receNe the one-year or multi-year grant. Grants awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining Unfu111ed condth'on attaching to that grant is outside of the control of the Trust. Provisions for grants are made when the intention to make a grant has been communicated lo the recipient but there is uncertainty as to the timing of the grant or the amount of grant payable. The provision for a mulli-year grant is recognised at its present value where setuement is due over more than one year from the date of Ihe award, there are no unfvlfilled performance conditions under the control of the Trust that would pemit the Trust to avoid making the future payment(s), settlement is probable and the effect of discounting is material. The discount rate used is the average rate of investment yield in the year in which the grant award is made. This discount rate is regarded by the Trustees as providing the most cuent available estimate of the opportunty cost of money reflecting the time value of money to the Trust. (e) Donated services and facilities Donated professional services and donated facilTties are recognised as income when the charty has control over the item, any conditions associated with the donated item have been met. the receipt of economic benefit from the use by the charty of the item is probable and that econom benefft can be measured reliably. io
DwJsn Enveky ID." F68AlLE4EF4.A7[zJE4AA THE ROYAL HIGHLAND FUSILIERS TRUST NOTES TO THE AccouKfs FOR THE YEAR ENDED 31 MARCH 2025 1. Accounting Policies (continued) (e) Donated services and facilities {continued} On receipt, donated professional services and donated facilrties are recognised on the basis of the value of the grft lo the charty which is the amount the charty would have been willing to pay to obtain services or faciliti'es of equivalent economic benefit on the open market- corresporKling amount is then recognised in expenditure in the year of receipt. (n Allocation of governance costs Governance costs comprise the independent examinats'on fee incurred. Govemance costs are allocated directly lo the costs of charitable activrties. {g) Fixed asset investments Investments are a form of basic financial instrument and are inits'ally 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 actIveS indudes the net gains and losses arising on revaluation and disposals throughout the year. The Trust does not acquire put options. derivatives or other complex financial instruments. The main form of financial risk faced by the charty is that of volatility in equty markets and investment markets due to wider econ(wnic condits'ons. the attrtude of investors to investment risk. and changes in sentiment conceming equiti.es and within particular sectors or sub sectors. (h) Heritage assets The assets held by the charity include sifver and museum artefacts. These artefacts are not included wrthin the balance sheet as an asseL (i) Tangible fixed assets All assets costing more than £150 are caprtalised and stated at historical St. Depreciation is charged as follows: Basis 20% Straighl Line Office Equipment ti) Stock Stock is included at the lower of cost or net realisable value and relates to goods sold by the museum. (k) Debtors Trade and other debtors are recognised al the settlement amount due after any trade discount offered. prepanents are valued at the amount prepaid net of any trade discounts due. (l) Cash at bank and in hand Cash at bank and cash in hand includes cash and short temi highly liquid investments with a short maturity of three months or less from the date of acquisiticm or opening of the deposit or similar account. {m) Creditors and provisions Creditors and provisions are re(wnised where the charty has a present obligation resulting from a past event that will probably resutt in the transfer of funds to a third paty and the amount due to settle the obligation can be measured or estimated reliably. li
DwJsn Enveky ID." F68AlLE4EF4.A7[zJE4AA THE ROYAL HIGHLAND FUSILIERS TRUST NOTES TO THE AccouKfs FOR THE YEAR ENDED 31 MARCH 2025 1. Accounting Policies (continued) (m) Creditors and provisions (continued) Creditors and provisions are nomially recognised at the¥ settlemenl amount after allowing for any trade discounts due. (n) Realised gains and losses All gains and losses are taken to Ihe Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the drfference belNeen sales proceeds and their opening carrying value or their purchase value rf acquired subsequent to the firsl day of the financial year. Unrealised gains and losses are calculated as the drfference belween the fair value at the year end and their carying value. Realised and unrealised investrnent gains and losses are combined in the Statement of Financial Acb'vities. (o) Operating leases The charity classffies the lease of property as an operating lease. Rental charges are charged on a straight line basis over the tenn of the lease. (p) Financial instruments The trust only has financial assets and financtal liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. {q) Taxation The Royal Hhland Fusiliers Trust is a charrty within the meaning of Section 467 of the Corporation Tax Act 2010. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 of Part 11 of the Corporation Tax Act 2010 and section 256 of the Taxalion of Chargeable Gains Act 1992 to the extent that such income or gains are applied for charitable purposes only. (r) VAT recovered The Trust is registered with HMRC under section 33A of the VAT Act 1994. which pemts Tecovery of input VAT incurred in the provision of free admission of the public to the museum. Any residual irTecoverable VAT is charged as a cost against the acb'vity for which the expendrture is incurred. Further detaiSs can be found in nole 7. (s) Judgements and key sources of estimation uncertainty In the application of the charty's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carying amount of assets and liabilities that are not readily apparent from other Sour5. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may dtffer from these estimates. The estimates arKI underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are reccMJnised in the period in which the estimate is revised, rf the revision affects only that period, OT in the period of the revision and future periods rf the revtsion affects both current and future periods. The Trustees are satisfied that the accounting policies are appropriate and applied consistently. Key SoUrS of estimation have been applied as follows: 12
DwJsn Enveky ID." F68AlLE4EF4.A7[zJE4AA THE ROYAL HIGHLAND FUSILIERS TRUST NOTES TO THE AccouKfs FOR THE YEAR ENDED 31 MARCH 2025 1. Accounting Policies (continued) {s) Judgements and key sources of estimation uncertainty (continued) IA DeprecIatic of fixed assets Fixed assets are depreciated and amortised over the useful lrfe of the asset. The usefvl lives of fixed assets are based on the knowledge of the operations team, with reference to assets, expected life cycle. 2. Legal status of the Trust The charity is a TNst and is a registered Scottish charity. 3. Related party transactions and Trustees, expenses and remuneration The Trustees all give freely their time and expertise without any form of remuneration or other benefit in cash or kind (2024.. £nil). There were no expenses reimbursed to the Trustees in the year {2024' £nil). During the year no Trustee had any personal interest in any contract or transaction entered into by the charity (2024- none). 4. Income from donations and legacies 2025 2024 Donations Grants 6.279 24,728 31.007 7,661 23,663 5. Income from charitable activities 2025 2024 Museum Sales Regimental Subscriptions 6,209 2,290 8.499 3,350 1,995 6. Investment income 2025 2024 Dividends Bank Interest 76,518 73,469 1,277 74,746 79,562 7. Other incoming resources 2025 2024 VAT Recovered 13
DwJsn Enveky ID." F68AlLE4EF4.A7[zJE4AA THE ROYAL HIGHLAND FUSILIERS TRUST NOTES TO THE AccouKfs FOR THE YEAR ENDED 31 MARCH 2025 8. Raising funds- expenditure on raising donations and legacies Direct Costs Support Costs 2025 Total 2024 Total Curator 9. Raising funds - Investment management costs Direct Costs Support Costs 2025 Total 2024 Total Investment management fees 7,493 7,493 7,072 10. Allocation of governance costs The breakdown of support costs and how these were allocaled beeen govemance and other support costs is shown in the table below: Governance costs: 2025 2024 Independent Examiner & Bookkeeping costs 4,166 4,166 3,780 Governance costs are wholly allocated to Ihe cost of charitable activities. 11. Analysis of expenditure on charitable activities 2025 Total 2024 Total Journal expenditure Grants in relief Insurance Admin and other costs Museum purchases Staff costs Donation to 2 Scots Travel and course accommodation costs Remembrance Servi and funeral costs New museum planning & consulting Depreciation Govemance costs (Note 10) 2.021 20.360 2.262 11,533 302 79.005 3.000 3,010 621 8,640 443 4,166 135 363 1,650 21,711 2,258 5.420 3.607 53,077 401 1.091 16,489 443 3,780 109 927 14
DwJsn Enveky ID." F68AlLE4EF4.A7[zJE4AA THE ROYAL HIGHLAND FUSILIERS TRUST NOTES TO THE AccouKfs FOR THE YEAR ENDED 31 MARCH 2025 12. Analysis of grants Grants to Grants to institutions individuals 2025 Total 2024 Total Grants paid Total 20,360 20,360 21.711 During the 12 months to 31 March 2025 59 grants were paid to individuals (2024: 74). 13. Analysis of staff costs and remuneration of key managemenl personnel 2025 2024 Salaries and wages Total staff costs and employee benefits 79.005 67.469 No employees had employee benefits in excess of £60,000 (2024: £60.000). 2025 No. 2024 No. The average weekly number of persons, by headcount, employed by the charty during the year was: 14. Net incomel(expenditure) for the year This is stated after charging: 2025 2024 Independent Examiner & Bookkeeping costs 4.166 3,780 15. Tangible Fixed Assets Office Equipment Total Cost or valuation At 1 April 2024 Additions Disposals At 31 March 2025 2.215 2.215 2.215 Deprecialion At 1 April 2024 Charge for the year At 31 March 2025 886 443 1,329 886 443 1,329 Net Book Value At 31 March 2024 1.329 1,329 At 31 March 2025 886 15
DwJsn Enveky ID." F68AlLE4EF4.A7[zJE4AA THE ROYAL HIGHLAND FUSILIERS TRUST NOTES TO THE AccouKfs FOR THE YEAR ENDED 31 MARCH 2025 16. Fixed Asset Investments Movement in fixed asset listed investments 2025 2024 Market value brought forward at 1 April 2024 Add: additions to investrnents at cosl Disposals at carrying value Add net unrealised gain on revaluation Market value as at 31 March 2025 Cash held at investment brokers 2,498,642 2,342.666 15,401 (21,722) 162,297 2 498,642 4,787 2 503,429 {7,768) 1,857 2,492,731 5,241 2,497,972 Net cash released from investsnents in the year was £7,895 (2024: cash released £6,204). All investments are carried al Iheir fair value. Investmenl in equities and fixed interest securities are all traded in quoted public markets, primarily the London Stock Exchange. Holdings in common investment funds, unrt trusts and open-ended investment companies are at the bid price. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Asset sales and purchases are recognised at the dale of trade at cost (that is their transaction value). The significance of financial instruments lo the ongoing financial sustainability of the Trust is considered in the financial review and investment policy and perfomiance sections of the Trustees, Annual ReporL The main risk to the Trust from financial instruments lies in the combination of uncertain investmenl markets arKI volatilty in yield. Due to 'quantitative easing, and market sentiment favouring lower risk investments, the yield on bonds has been abnomially low giving rise to a significant downside risk of a fall in caprtal values when interest rates retum to nomial levels. The Trust manages these investrnent risks by retaining expert advisors and operating an investment policy that provides for a high degree of diversification of holdings within nvestmenl asset classes that are quoted on recognised stock exchanges. The Trust does not make use of derivatives and similar complex financial instruments as rt takes the view that investmenls are held for their longer temi yield total retum and historical studies of quoted financial instruments have shown that volatilty in any particular 5 year period will nomially be corrected. 17. Stock 2025 2024 Shop Stock 4,208 4,208 18. Debtors 2025 2024 Other debtors 1,848 1,848 1,775 1,775 16
DwJsn Enveky ID." F68AlLE4EF4.A7[zJE4AA THE ROYAL HIGHLAND FUSILIERS TRUST NOTES TO THE AccouKfs FOR THE YEAR ENDED 31 MARCH 2025 19. Cash at bank and in hand 2025 2024 Bank current accounts and cash Short ten inveslments 19.909 88.388 101277 189,665 174,095 20. Creditors: amounts falling due within one year 2025 2024 Other creditors and accruals 5,606 11,166 21. Analysis of charitable funds As Restated Income As Restated Expendlture 2024 Analysls of Fund movements Balance bnwd Galnsl (Losses) Transfers Fund clfwd Unrestrlcted funds Museum Capital Trust- Capital Trust- Revenu• Fixed Assets Total deslgnated funds General funds Total unrestrlcted funds Restrlcted lund Padre James Morrison Fund Relocation - Revenue Grants in Aid Total restrlcted lunds TOTAL FUNDS 179,718 2,218,464 45,293 179,718 2.376,155 28,029 157.691 90.021 (107,285) 443 (107,728) 2,445,247 90,021 157,691 2,585.231 2 445,247 90.021 107.728 157.691 2 585 231 77,761 19,810 2,034 4.490 84,285 19,810 23,663 23,663 104 095 2,689,326 2,542,818 115,718 131,391 162,181 17
DwJsn Enveky ID." F68AlLE4EF4.A7[zJE4AA THE ROYAL HIGHLAND FUSILIERS TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 21. Analysis of charitable funds (continued) 2025 Analysis of Fund movements Balance bllwd Gainsl Expenditure (Losses) Transfers Fund clfwd Income Unrestrlcted funds Museum Capital Trust- Capital Trust- Revenue Fixed Assets Total deslgnated funds General funds Total unrestrlcted funds Restrlcted fund Padre James Morrison Fund Relocation - R•v•nu• Grants in Aid Total restrlcted fun(ts TOTAL FUNDS 179,718 2.376,155 28.029 1,329 2,585,231 179.718 2.378.084 8.446 886 2,567.134 1.929 98.102 {117.685) 443 (118,128) 98,102 1.929 2 585 231 118128 84,285 19,810 2.119 55 86.459 19.810 24,728 104,095 26,847 2,689,326 124,949 24,728 24,728 142,856 55 1.984 106,269 2,673,403 a) The unrestricted funds are available to be spent for any of the purposes of the charty. The Trustees have created the following designated funds: Museum Capital - is a fund set aside for future Museum refurbishment costs. Trust Capital - is a fund that reflects the value of the charity's investments at the yea end. Trust Revenue - is a fund that reflects the value of the charty's unrestricted funds that is freely available to spend. Fixed Assets - is a fund that reflects the value of1he charty's fixed assets at the year end. b) Restricted funds comprise Padre James M(Krison Fund - is a fund for grants payable lo members of 2 Scots The Royal Regiment of Scotland. Relocation - is a fund for the development and relocation of the museum. Grants in Aid - is a contribution towards wages expenditure. 18
DwJsn Enveky ID." F68AlLE4EF4.A7[zJE4AA THE ROYAL HIGHLAND FUSILIERS TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 22. Net assets over funds As at 31 March 2025 Unrestricted Funds Restricted Funds Total 2025 Fixed Assets Investments Current assets Current liabilities 886 2,411.513 160.341 886 2,497,972 180,151 86.459 19.810 2,567.134 106,269 2,673 403 As at 31 March 2024 Unrestricted Funds Restricted Funds Total 2024 Fixed Assets Investments Current assets Current liabilities 1,329 2,419,144 175,924 11,166 2 585,231 1,329 2,503,429 195,734 11,166 2,689 326 84,285 19,810 23. Operating leases The premises al Sauchiehall Street are leased from the Ministy of Defence for a peppercorn rent of £1 per annum. The lease runs to 2050. The Ministy of Defence also pays for utilty, rates and insurance costs relating to the premises. The total commitment at the end of the year is £26 (2024: £27), split. 2025 2024 Due in less than one year Due in to five years Due in more than five years 21 26 22 27 24. Prior year adjustment During the preparation of the 2025 finanal statements, detailed scrutiny of the allocation of income beeen restricted and unrestricted funds was carried out, with reference to source documentation. This has resulted in £23,663 grant in aid income being reclassrfied as restricted, and £5,345 income from museum sales and regimental subscriptions being reclassrfied as unrestricted. The 2024 figures have been restated accordingly. The impact of the adjustments resulted in a decrease in unrestricted income and an increase in restricted ncome of £18,318. Similarly unrestricted expenditure decreased and restricted expenditure increased by £18,318. There was no change in the overall fund balances. 19