Charity registration number SC033882 (Scotland)
Company registration number SC241125
THE K.O.S.B. ASSOCIATION FUNDS
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
THE K.O.S.B. ASSOCIATION FUNDS
LEGAL AND ADMINISTRATIVE INFORMATION
Directors And Trustees
Colonel A.J. Loudon M.B.E. CStJ
Lieutenant Colonel C.G.O. Hogg O.B.E., D.L.
Lieutenant Colonel R.S. Combe M.B.E.
Major A.G. Horsburgh
Captain A.J.D. Herberts
Charity number (Scotland)
SC033882
Company number
SC241125
Registered office
8 St Ann's Place
Haddington
East Lothian
EH41 4BS
Independent examiner
Colin Frame CA
17 Walkergate
Berwick-upon-Tweed
Northumberland
TD15 1DJ
Bankers
Barclays Bank P.L.C.
Investment advisors
Brewin Dolphin
6th Floor
Atria One
144 Morrison Street
Edinburgh
EH3 8EX
THE K.O.S.B. ASSOCIATION FUNDS
CONTENTS
Page
Directors And Trustees report
1 - 4
Independent examiner's report
5
Statement of financial activities
6 - 7
Balance sheet
8
Notes to the financial statements
9 - 23
THE K.O.S.B. ASSOCIATION FUNDS
DIRECTORS AND TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors and trustees present their annual report and financial statements for the year ended 31 December 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charitable company's governing document, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

The charitable company's objects are :-

 

- to relieve suffering, hardship and distress and promote the relief of need among men or women who have at any time served with the King's Own Scottish Borderers, and their families and dependants, by making grants of money, loans or guarantees.

 

- to act as administrators of the "King's Own Scottish Borderers War Memorial and War Relief Funds".

 

- to make contributions to or otherwise support charitable or benevolent bodies and to make donations for any public purpose connected with the activities of the charitable company or with the furtherance of its objects.

Public benefit

In considering the operation, achievements and performance and finances of the charitable company, the directors and trustees are satisfied that public benefit has been provided in accordance with the Charities and Trustee Investment (Scotland) Act 2005 and guidance provided by the Office of the Scottish Charity Regulator.

Achievements and performance

During the year the fund has continued to support former members of the King's Own Scottish Borderers and their families and dependants in accordance with the aims and objectives set out above. It is anticipated that these activities will continue for the foreseeable future.

 

There continues to be a healthy position in the General Fund, which allows the charitable company to continue to meet the current calls on the funds. Donations were received during the year, each gratefully acknowledged; in particular two sizeable donations were made to a new K.O.S.B. Appeals Fund, set up to help fund the Association's share of the costs of the redevelopment of The Barracks. Typically, income tax is reclaimed wherever possible on donations under the Gift Aid Scheme.

 

The bid by the Berwick Barracks Partners, of which the KO.S.B. Association is a member, to the National Lottery Heritage Fund for funding of the refurbishment of the East Block was successful and, when added to the previous grant from the Community Development Fund, the total so far raised or projected is close to the total sum required for the work. This is due to start in the Autumn of 2025, and be completed by the Spring of 2027.

 

Applications from K.O.S.B. veterans and their families for Welfare assistance and Benevolence grants are processed and almonised by RHQ SCOTS. Financial assistance remains funded by the K.O.S.B. Association. In particular, the fund has assisted, and will continue to assist as the effects of the cost of living crisis continue to impact on many members' finances and wellbeing.

 

The salary of the Association Officer (Museum) continues to be funded by the Army Museums Ogilby Trust.

 

In light of the loss of MOD funding in 2030, and the ongoing Living Barracks project that is planned to see the Association collection housed in a new museum from 2027, the directors and trustees have been giving careful consideration to the future purpose of the Association, its funding and its staffing. This work is not yet complete, but a clear strategy will result that will look to safeguard the collection and our heritage more generally, continue to assist our veterans and provide a spiritual home for our Association members.

THE K.O.S.B. ASSOCIATION FUNDS
DIRECTORS AND TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

I continue to be extremely grateful to the Branch and Re-union Secretaries who, along with many others, especially the volunteers, help with the work of the Association. Their input will become ever more valuable in the years to come.

 

I once again wish to thank my fellow directors and trustees, and Association office bearers, the staff team and our volunteers for their unstinting contribution during the year. Their willingness to commit themselves on a voluntary basis is much appreciated by myself and the wider Regimental family, especially given the many other calls on their time.

Financial review

The accounts from page 6 onwards set out the full financial position for the year ended 31 December 2024.

 

Income

Total income for the year was £175,372 (2023: £128,854) an increase of £46,518.

 

Expenditure

Total expenditure for the year was £161,835 (2023: £160,381) an increase of £1,454.

 

The total net cost of benevolence was £12,000 (2023: £12,000).

 

Financial assistance was given in 33 cases (2023: 56) of hardship, with all cases processed by RHQ SCOTS, who also dealt directly with the Army Benevolent Fund.

 

Donations to other organisations and charities amounted to £Nil (2023: £195).

 

The cost of publishing and distributing the Borderers' Chronicle, £5,785 (2023: £5,311) was covered by income received.

 

The total revenue surplus across all funds for the year before investment movements was £13,537 (2023: £31,527 deficit).

 

Balance sheet

The total net assets of the Association General Funds as at 31 December 2024 were £552,067 (2023: £503,543).

 

The total market value of the investments at 31 December 2024 was £472,719 (2023: £471,312).

 

Grant making policy

Grants are made in accordance with the charitable company's objects, as set out on page 1, to relieve suffering, hardship and distress among men or women who have served at any time with the Regiment of The King's Own Scottish Borderers and their families and dependants. Each application is considered on its merits.

Reserves and investment policy

The directors and trustees have reviewed the reserves of the charitable company in relation to current and future requirements and consider that the reserves are adequate to allow the charitable company to continue to carry out its objects, and to meet its long term commitments.

 

The governing documents allow the directors and trustees to invest funds in any investment they think fit, at their absolute discretion.

 

Investments are professionally managed by Brewin Dolphin, acting on a discretionary basis. The investment objectives are to achieve a balance of income and capital growth with an emphasis on income, assuming a medium risk profile.

THE K.O.S.B. ASSOCIATION FUNDS
DIRECTORS AND TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
Major risks

The directors and trustees have conducted a review of the major risks to which the charitable company is exposed including the long term effect of the formation of the Royal Regiment of Scotland, and have established systems to mitigate the risks identified by putting the funds into their present corporate structure. The position in relation to administration is kept under review.

Structure, governance and management

The K.O.S.B. Association Funds were incorporated on 13 December 2002, as a charitable company limited by guarantee. It is governed by its Memorandum and Articles of Association.

 

The members of the charitable company are the current directors and trustees. Every member has one vote, at general meetings of the charitable company which may be given either personally or by proxy.

 

The business of the charitable company is managed by the directors and trustees, who may exercise all the powers of the charitable company.

 

The maximum number of directors and trustees is fifteen, and the minimum number is four. The directors and trustees may appoint at any time a director and trustee to fill a vacancy or as an additional director and trustee. One third of directors and trustees are due to retire from office at the annual general meeting, but are eligible for re-election.

 

At the AGM Lieutenant Colonel C.G.O. Hogg O.B.E, D.L. and Lieutenant Colonel R.S. Combe M.B.E. will retire, with both eligible for re-election.

 

New directors and trustees are given a copy of the Memorandum and Articles of Association, the latest report and accounts, and all the charitable company's documents on governance. Subject to their experience and expertise, they are also given pamphlets issued by the Office of the Scottish Charity Regulator explaining the duties of Trustees of Charities and offered training in any area of their duties which they think they would like strengthening.

Directors and trustees

The directors and trustees who served during the year are as stated below:

 

Colonel A.J. Loudon M.B.E. CStJ
Lieutenant Colonel C.G.O. Hogg O.B.E., D.L.
Lieutenant Colonel R.S. Combe M.B.E.
Major A.G. Horsburgh
Captain A.J.D. Herberts

As a company limited by guarantee, the charitable company does not have a share capital. The liability of each member is limited to £1.

THE K.O.S.B. ASSOCIATION FUNDS
DIRECTORS AND TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
Statement of directors and trustees responsibilities

The directors and trustees, who are also the directors of The K.O.S.B. Association Funds for the purpose of company law, are responsible for preparing the Directors and Trustees Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

 

Company law requires the directors and trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

 

In preparing these accounts, the directors and trustees are required to:

 

- select suitable accounting policies and then apply them consistently;

 

- observe the methods and principles in the Charities SORP;

 

- make judgements and estimates that are reasonable and prudent;

 

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts; and

 

- prepare the accounts on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.

 

The directors and trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the accounts comply with the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Exemptions

This report is prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

The directors and trustees report was approved by the Board of Directors and Trustees.

Colonel A.J. Loudon M.B.E. CStJ
Director and Trustee
24 June 2025
THE K.O.S.B. ASSOCIATION FUNDS
INDEPENDENT EXAMINER'S REPORT
TO THE DIRECTORS AND TRUSTEES OF THE K.O.S.B. ASSOCIATION FUNDS
- 5 -

I report on the financial statements of the charitable company for the year ended 31 December 2024, which are set out on pages 6 to 23.

Respective responsibilities of directors and trustees and examiner

The charity trustees (who are also the directors of The K.O.S.B. Association Funds for the purposes of company law) are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006.The charitable company directors and trustees consider that the audit requirement of Regulation 10(1)(a)-(c) of the Charities Accounts (Scotland) Regulations 2006 does not apply.

It is my responsibility to examine the financial statements as required under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and to state whether particular matters have come to my attention.

Basis of independent examiner's statement

My examination was carried out in accordance with the Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeks explanations from the directors and trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion 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 respect the requirements:

have not been met, or

 

2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.

Colin Frame CA
17 Walkergate
Berwick-upon-Tweed
Northumberland
TD15 1DJ
24 June 2025
THE K.O.S.B. ASSOCIATION FUNDS
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
Current financial year
Unrestricted
Unrestricted
Restricted
Total
Total
funds
funds
funds
general
designated
2024
2024
2024
2024
2023
Notes
£
£
£
£
£
Income from:
Donations and legacies
3
20,005
53,572
75,366
148,943
115,691
Other trading activities
4
1,436
13,775
-
15,211
1,438
Investments
5
11,218
-
-
11,218
11,725
Total income
32,659
67,347
75,366
175,372
128,854
Expenditure on:
Raising funds
6
4,125
-
-
4,125
8,934
Charitable activities
7
72,915
4,599
80,196
157,710
151,447
Total expenditure
77,040
4,599
80,196
161,835
160,381
Net gains/(losses) on investments
13
36,484
(1,497)
-
34,987
29,937
Net income/(expenditure)
(7,897)
61,251
(4,830)
48,524
(1,590)
Net movement in funds
(7,897)
61,251
(4,830)
48,524
(1,590)
Reconciliation of funds:
Fund balances at 1 January 2024
469,481
26,538
7,524
503,543
505,133
Fund balances at 31 December 2024
461,584
87,789
2,694
552,067
503,543

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

 

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

THE K.O.S.B. ASSOCIATION FUNDS
STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
Prior financial year
Unrestricted
Unrestricted
Restricted
Total
funds
funds
funds
general
designated
2023
2023
2023
2023
Notes
£
£
£
£
Income from:
Donations and legacies
3
18,910
-
96,781
115,691
Other trading activities
4
1,438
-
-
1,438
Investments
5
11,725
-
-
11,725
Total income
32,073
-
96,781
128,854
Expenditure on:
Raising funds
6
8,934
-
-
8,934
Charitable activities
7
62,190
-
89,257
151,447
Total expenditure
71,124
-
89,257
160,381
Net gains/(losses) on investments
13
28,830
1,107
-
29,937
Net income/(expenditure)
(10,221)
1,107
7,524
(1,590)
Transfers between funds
2,791
(2,791)
-
-
Net movement in funds
(7,430)
(1,684)
7,524
(1,590)
Reconciliation of funds:
Fund balances at 1 January 2023
476,911
28,222
-
505,133
Fund balances at 31 December 2023
469,481
26,538
7,524
503,543
THE K.O.S.B. ASSOCIATION FUNDS
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
15
472,719
471,312
Current assets
Stocks
16
393
943
Debtors
17
47,428
22,158
Cash at bank and in hand
43,853
23,115
91,674
46,216
Creditors: amounts falling due within one year
18
(12,326)
(13,985)
Net current assets
79,348
32,231
Net assets
552,067
503,543
The funds of the charitable company
Restricted income funds
19
2,694
7,524
Unrestricted funds - general
461,584
469,481
Unrestricted funds - designated
20
87,789
26,538
552,067
503,543

The charitable company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2024. No member of the charitable company has deposited a notice, pursuant to section 476, requiring an audit of these accounts.

The directors acknowledge their responsibilities for ensuring that the charitable company keeps accounting records which comply with section 386 of the Act and section 44 of the Charities and Trustee Investment (Scotland) Act 2005 and for preparing accounts which give a true and fair view of the state of affairs of the charitable company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to accounts, so far as applicable to the charitable company.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These accounts have been prepared in accordance with the provisions applicable to charitable company subject to the small companies' regime.

The financial statements were approved by the directors and trustees on 24 June 2025
Colonel A.J. Loudon M.B.E. CStJ
Director and Trustee
Company registration number SC241125 (Scotland)
THE K.O.S.B. ASSOCIATION FUNDS
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
1
Accounting policies
Charity information

The K.O.S.B. Association Funds is a private company limited by guarantee incorporated in Scotland. The registered office is 8 St Ann's Place, Haddington, East Lothian, EH41 4BS.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charitable company's governing document, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charitable company is a Public Benefit Entity as defined by FRS 102.

 

The charitable company has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The accounts are prepared in sterling, which is the functional currency of the charitable company. Monetary amounts in these financial statements are rounded to the nearest £.

The accounts have been prepared under the historical cost convention, modified to include the revaluation of fixed asset investments to market value. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the directors and trustees have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors and trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the directors and trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.

The general fund is an unrestricted fund which is available for use at the discretions of the directors and trustees in furtherance of the objectives of the charitable company.

 

Designated funds are unrestricted funds that have been set aside by the directors and trustees for particular purposes.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4
Income

Income is recognised when the charitable company is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charitable company has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

THE K.O.S.B. ASSOCIATION FUNDS
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 10 -

Membership subscriptions are recognised in the year in which they are received.

 

Legacies are recognised at the earlier of the date that the notification of distribution is received or that the legacy is received.

 

Investment income comprises dividends receivable during the year on listed investments held within the investment portfolio as well as interest receivable.

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business and inclusive of VAT and other sales related taxes.

1.5
Expenditure

All expenditure is accounted for on an accruals basis. Costs are allocated to appropriate headings, based on the activities to which they are attributable.

 

Costs of generating funds are the costs of Christmas cards and Regimental items sold in the year.

 

Management and administration costs are those incurred in connection with the administration of the charitable company and compliance with constitutional and statutory requirements.

1.6
Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.8
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The charitable company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the charitable company's balance sheet when the charitable company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

THE K.O.S.B. ASSOCIATION FUNDS
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 11 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charitable company’s contractual obligations expire or are discharged or cancelled.

1.10
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the charitable company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Critical accounting estimates and judgements

In the application of the charitable company’s accounting policies, the directors and trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

THE K.O.S.B. ASSOCIATION FUNDS
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
3
Income from donations and legacies
Unrestricted
Unrestricted
Restricted
Total
Unrestricted
Unrestricted
Restricted
Total
funds
funds
funds
funds
funds
funds
general
designated
general
designated
2024
2024
2024
2024
2023
2023
2023
2023
£
£
£
£
£
£
£
£
Donations and gifts
1,628
43,572
-
45,200
7,003
-
-
7,003
Grants
3,000
-
75,366
78,366
2,000
-
96,781
98,781
Subscriptions and chronicle
10,634
-
-
10,634
9,907
-
-
9,907
Gift aid
4,743
10,000
-
14,743
-
-
-
-
20,005
53,572
75,366
148,943
18,910
-
96,781
115,691
THE K.O.S.B. ASSOCIATION FUNDS
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
4
Income from other trading activities
Unrestricted
Unrestricted
Total
Unrestricted
Unrestricted
Total
funds
funds
funds
funds
general
designated
general
designated
2024
2024
2024
2023
2023
2023
£
£
£
£
£
£
Sale of K.O.S.B. Regimental items
1,373
13,775
15,148
528
-
528
Sale of book - "Always a Borderer"
50
-
50
300
-
300
Sale of Christmas cards
13
-
13
610
-
610

Other trading activities

1,436
13,775
15,211
1,438
-
1,438
5
Income from investments
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Income from listed investments
11,081
11,676
Interest receivable
137
49
11,218
11,725
6
Expenditure on raising funds
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£

Costs of goods sold and other costs

Work costs, including design and printing - "Always a Borderer"
-
79
Stock impairment - "Always a Borderer"
-
4,571
-
4,650

Raising funds

K.O.S.B. Regimental items and Christmas cards
550
639

Investment management costs

3,575
3,645
Total costs
4,125
8,934
THE K.O.S.B. ASSOCIATION FUNDS
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
7
Expenditure on charitable activities
Direct charitable expenditure
Overhead expenses
Management and administration
Total
2024
2024
2024
2024
£
£
£
£
Direct costs
Staff costs
32,930
-
58,974
91,904

Borderers Chronicle

5,785
-
-
5,785

Remembrance wreaths and flowers

1,027
-
-
1,027

Minden Day expenses

4,589
-
-
4,589

Insurances

-
3,138
-
3,138

Repairs and maintenance

-
1,487
-
1,487

Printing, stationery and office expenses

-
-
4,320
4,320

AGM expenses and lunches

-
-
356
356

Cruikshank Dinner

-
-
1,473
1,473

Travel expenses

-
-
197
197

Farewell expenses

-
-
243
243
Normandy Memorial bench
3,572
-
-
3,572
Other charitable expenditure
21,598
-
-
21,598
69,501
4,625
65,563
139,689
Grant funding of activities (see note 8)
12,000
-
-
12,000
Share of support and governance costs (see note 9)
Governance
-
-
6,021
6,021
81,501
4,625
71,584
157,710
Analysis by fund
Unrestricted funds - general
24,074
4,625
44,216
72,915
Unrestricted funds - designated
4,599
-
-
4,599
Restricted funds
52,828
-
27,368
80,196
81,501
4,625
71,584
157,710
THE K.O.S.B. ASSOCIATION FUNDS
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
7
Expenditure on charitable activities
(Continued)
- 15 -
Previous year:
Direct charitable expenditure
Overhead expenses
Management and administration
Total
2023
2023
2023
2023
£
£
£
£
Direct costs
Staff costs
53,074
-
46,931
100,005

Borderers Chronicle

5,311
-
-
5,311

Remembrance wreaths and flowers

515
-
-
515

Advertising and promotions

210
-
-
210

Minden Day expenses

6,754
-
-
6,754

Kelso races

1,560
-
-
1,560

Insurances

-
2,038
-
2,038

Repairs and maintenance

-
420
-
420

Printing, stationery and office expenses

-
-
4,105
4,105

AGM expenses and lunches

-
-
516
516

Cruikshank Dinner

-
-
830
830

Bank charges

-
-
35
35
Other charitable expenditure
11,832
-
-
11,832
79,256
2,458
52,417
134,131
Grant funding of activities (see note 8)
12,195
-
-
12,195
Share of support and governance costs (see note 9)
Governance
-
-
5,121
5,121
91,451
2,458
57,538
151,447
Analysis by fund
Unrestricted funds - general
26,545
2,458
33,187
62,190
Restricted funds
64,906
-
24,351
89,257
91,451
2,458
57,538
151,447
8
Grants payable
Direct charitable expenditure
Direct charitable expenditure
2024
2023
£
£
Grants to institutions:
Grant donations to institutions and branches
-
195
Grants to individuals
12,000
12,000
THE K.O.S.B. ASSOCIATION FUNDS
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
8
Grants payable
(Continued)
- 16 -

Benevolence grants paid to individuals

 

Grants are made in accordance with the charitable company's objects, as set out on page 1, to relieve suffering, hardship and distress among men or women who have served at any time with the King's Own Scottish Borderers and their families and dependants. Each application is considered on its merits.

 

During the year 33 grants totalling £8,900 were made to individuals (2023: 56 grants totalling £12,736) to which the Association Funds contributed £12,000 (2023: £12,000), the balance being almonised with other Army Welfare charities where appropriate. All grants are processed by RHQ SCOTS who are responsible for all K.O.S.B. Welfare assistance and Benevolence applications.

 

 

Grant donations to institutions and branches

 

This includes a number of small donations made to Army related charities located in Scotland. No payments this year (2023: £Nil) were paid to K.O.S.B. Association Branch Secretaries.

9
Support costs allocated to activities
2024
2023
£
£
Governance costs
6,021
5,121
Analysed between:
Management and administration
6,021
5,121
2024
2023
Governance costs comprise:
£
£
Legal and professional
1,796
1,194
Independent examination fee
1,000
950
Accountancy
3,225
2,977
6,021
5,121
10
Directors And Trustees

None of the directors and trustees (or any persons connected with them) received any remuneration (2023: £Nil) or expenses (2023: £Nil) during the year.

11
Employees

The average monthly number of employees during the year was:

2024
2023
Number
Number
4
4
THE K.O.S.B. ASSOCIATION FUNDS
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
11
Employees
(Continued)
- 17 -
Employment costs
2024
2023
£
£
Wages and salaries
91,904
100,005
There were no employees whose annual remuneration was more than £60,000.
12
Retirement benefit schemes

The charitable company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charitable company in an independently administered fund.

13
Gains and losses on investments
Unrestricted
Unrestricted
Total
Unrestricted
Unrestricted
Total
funds
funds
funds
funds
general
designated
general
designated
2024
2024
2024
2023
2023
2023
Gains/(losses) arising on:
£
£
£
£
£
£
Revaluation of investments
35,331
(1,497)
33,834
19,262
1,107
20,369
Sale of investments
1,153
-
1,153
9,568
-
9,568
36,484
(1,497)
34,987
28,830
1,107
29,937
14
Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

THE K.O.S.B. ASSOCIATION FUNDS
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
15
Fixed asset investments
Listed investments
£
Cost or valuation
At 1 January 2024
471,312
Additions
89,179
Valuation changes
34,987
Disposals
(122,759)
At 31 December 2024
472,719
Carrying amount
At 31 December 2024
472,719
At 31 December 2023
471,312
16
Stocks
2024
2023
£
£
Finished goods and goods for resale
393
943
17
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
47,428
22,158
18
Creditors: amounts falling due within one year
2024
2023
£
£
Other taxation and social security
490
2,741
Trade creditors
7,999
7,798
Other creditors
501
266
Accruals and deferred income
3,336
3,180
12,326
13,985
THE K.O.S.B. ASSOCIATION FUNDS
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
19
Restricted funds

The income funds of the charitable company include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

At 1 January 2024
Incoming resources
Resources expended
At 31 December 2024
£
£
£
£
Association Officer (Museum) Fund
5,334
24,728
(27,368)
2,694
Berwick Partners Fund
2,190
50,638
(52,828)
-
7,524
75,366
(80,196)
2,694
Previous year:
At 1 January 2023
Incoming resources
Resources expended
At 31 December 2023
£
£
£
£
Association Officer (Museum) Fund
-
29,685
(24,351)
5,334
Berwick Partners Fund
-
67,096
(64,906)
2,190
-
96,781
(89,257)
7,524

The Association Officer (Museum) Fund consists of restricted grants received from the Army Museums Ogilby Trust that have been set aside by the directors and trustees in order to assist with the employment of an Association Officer (Museum) as well as a proportion of time provided by the Association Executive Officer, to help maintain the K.O.S.B. Regimental Collection.

 

The Berwick Partners Fund consists of restricted grants received from English Heritage that have been set aside by the directors and trustees in order to assist with the vision of turning Berwick Barracks into a thriving cultural hub and visitor destination within Berwick. By renovating and bringing back into use the buildings on the site, it is hoped that this will boost the town's economy and profile while ensuring the survival of this historic landmark.

THE K.O.S.B. ASSOCIATION FUNDS
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
20
Unrestricted funds - designated

The income funds of the charitable company include the following designated funds which have been set aside out of unrestricted funds by the directors and trustees for specific purposes:

At 1 January 2024
Incoming resources
Resources expended
Transfers
Gains and losses
At 31 December 2024
£
£
£
£
£
£
Cruikshank Dinner Fund
24,675
-
-
-
(1,497)
23,178
Shepherd Fund
1,863
-
(1,027)
-
-
836
Normandy Memorial Bench Fund
-
3,572
(3,572)
-
-
-
K.O.S.B Appeals Fund
-
63,775
-
-
-
63,775
26,538
67,347
(4,599)
-
(1,497)
87,789
Previous year:
At 1 January 2023
Incoming resources
Resources expended
Transfers
Gains and losses
At 31 December 2023
£
£
£
£
£
£
Piper Laidlaw VC Fund
32
-
-
(32)
-
-
Cruikshank Dinner Fund
23,568
-
-
-
1,107
24,675
Shepherd Fund
1,863
-
-
-
-
1,863
NI Memorial Stone Fund
2,759
-
-
(2,759)
-
-
28,222
-
-
(2,791)
1,107
26,538

At the end of 2018, the K.O.S.B. Association Fund took over the management of a portfolio investment arising from a legacy by Captain Jack Cruikshank, to enable and subsidise an annual all ranks Dinner. Therefore, in order to separately identify these funds, the directors and trustees chose to designate the investment portfolio, which in future years will be used to defray some of the costs of the annual Cruikshank Dinner.

THE K.O.S.B. ASSOCIATION FUNDS
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
20
Unrestricted funds - designated
(Continued)
- 21 -

The Shepherd Fund consists of unrestricted donations that have been set aside by the directors and trustees in order to assist those men or women who served with the King's Own Scottish Borderers, and whose families are suffering hardship or distress in meeting the costs of funeral arrangements.

 

The Normandy Memorial Bench Fund consists of unrestricted donations that have been set aside by the directors and trustees in order for a Memorial Bench to be commissioned and erected at the new British Normandy Memorial at Vers sur Mer.

 

The K.O.S.B. Appeals Fund consists of unrestricted donations that have been set aside by the directors and trustees in order to safeguard the Association and its collection of Regimental items and heritage in a new Museum and in doing so provide veterans and members with a spiritual home.

 

The Piper Laidlaw VC Fund consisted of unrestricted funds that were set aside by the directors and trustees in order to care and maintain Piper Laidlaw's grave located within Norham Church grounds. However, following a review of designated funds in 2023, the directors and trustees have decided that any future care and maintenance costs should be met from the unrestricted general funds of the Association. Therefore, a transfer of £32 between the Designated fund and Unrestricted General fund was carried out in 2023 in order to close off The Piper Laidlaw VC Fund.

 

The NI Memorial Stone Fund consists of unrestricted funds that have been set aside by the directors and trustees in order for a Memorial Stone to be commissioned and erected in Northern Ireland to honour our fallen comrades. With work now fully complete, the directors and trustees agreed to a transfer of £2,759 be carried out in 2023 between the Designated fund and Unrestricted General fund in order to close off The NI Memorial Stone Fund.

21
Unrestricted funds
At 1 January 2024
Incoming resources
Resources expended
Transfers
Gains and losses
At 31 December 2024
£
£
£
£
£
£
General funds
469,481
32,659
(77,040)
-
36,484
461,584
THE K.O.S.B. ASSOCIATION FUNDS
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
21
Unrestricted funds
(Continued)
- 22 -
Previous year:
At 1 January 2023
Incoming resources
Resources expended
Transfers
Gains and losses
At 31 December 2023
£
£
£
£
£
£
General funds
476,911
32,073
(71,124)
2,791
28,830
469,481
THE K.O.S.B. ASSOCIATION FUNDS
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
22
Analysis of net assets between funds
Unrestricted
Unrestricted
Restricted
Total
funds
funds
funds
general
designated
2024
2024
2024
2024
£
£
£
£
Fund balances at 31 December 2024 are represented by:
Investments
452,280
20,439
-
472,719
Current assets/(liabilities)
9,304
67,350
2,694
79,348
461,584
87,789
2,694
552,067
Unrestricted
Unrestricted
Restricted
Total
funds
funds
funds
general
designated
2023
2023
2023
2023
£
£
£
£
Fund balances at 31 December 2023 are represented by:
Investments
449,377
21,935
-
471,312
Current assets/(liabilities)
20,104
4,603
7,524
32,231
469,481
26,538
7,524
503,543
23
Related party transactions

There were no disclosable related party transactions during the year (2023: None).

24
Company limited by guarantee

Every ordinary member of the charitable company undertakes to contribute to the assets of the charitable company in the event of it being wound up while he is a member or within one year after he ceases to be a member, for such an amount as may be required not exceeding £1.

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