DwJs￿n Enveky ID." F6￿8AlLE4EF4￿.A7[￿zJE4A￿￿A
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

DwJs￿n Enveky ID." F6￿8AlLE4EF4￿.A7[￿zJE4A￿￿A
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

DwJs￿n ID". F6￿8AlLE4EF4￿.A7[￿zJE4A￿￿A
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

DwJs￿n ID". F6￿8AlLE4EF4￿.A7[￿zJE4A￿￿A
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 Se￿nd 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.

DwJs￿n ID". F6￿8AlLE4EF4￿.A7[￿zJE4A￿￿A
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 r￿t 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.

DwJs￿n ID". F6￿8AlLE4EF4￿.A7[￿zJE4A￿￿A
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 Bu1￿1ng 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.

DwJs￿n ID". F6￿8AlLE4EF4￿.A7[￿zJE4A￿￿A
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 ec￿nplY 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

DwJs￿n ID". F6￿8AlLE4EF4￿.A7[￿zJE4A￿￿A
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 seCt￿n 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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DwJs￿n ID". F6￿8AlLE4EF4￿.A7[￿zJE4A￿￿A
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

DwJs￿n Enveky ID." F6￿8AlLE4EF4￿.A7[￿zJE4A￿￿A
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
notif￿atiOn has been received of the diwdend due.

DwJs￿n Enveky ID." F6￿8AlLE4EF4￿.A7[￿zJE4A￿￿A
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 Unfu￿111ed
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 cu￿ent 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

DwJs￿n Enveky ID." F6￿8AlLE4EF4￿.A7[￿zJE4A￿￿A
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 actIv￿eS 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. prepa￿nents 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

DwJs￿n Enveky ID." F6￿8AlLE4EF4￿.A7[￿zJE4A￿￿A
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 H￿hland 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 Sour￿5. 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 SoUr￿S of estimation have been applied as follows:
12

DwJs￿n Enveky ID." F6￿8AlLE4EF4￿.A7[￿zJE4A￿￿A
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

DwJs￿n Enveky ID." F6￿8AlLE4EF4￿.A7[￿zJE4A￿￿A
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 be￿een 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

DwJs￿n Enveky ID." F6￿8AlLE4EF4￿.A7[￿zJE4A￿￿A
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

DwJs￿n Enveky ID." F6￿8AlLE4EF4￿.A7[￿zJE4A￿￿A
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

DwJs￿n Enveky ID." F6￿8AlLE4EF4￿.A7[￿zJE4A￿￿A
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 te￿n 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

DwJs￿n Enveky ID." F6￿8AlLE4EF4￿.A7[￿zJE4A￿￿A
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

DwJs￿n Enveky ID." F6￿8AlLE4EF4￿.A7[￿zJE4A￿￿A
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 finan￿al statements, detailed scrutiny of the allocation of
income be￿een 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