Docusign En¥ÈlopÈ ID." 639FAE23-06514960-gC6D-B1BDE4A9B98B TIIE ROYAL SCOTTISH CORPORATION TIIE SCOTTISH HOSPITAL OF I'HE FOUNDATION OF KING CHARLES 11 {OPERATING AS'SCOTSCARK") REPORT AND VINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Charity Number.. 207326
Docusign En¥ÈlopÈ ID." 639FAE23-06514960-gC6D-B1BDE4A9B98B TIIE ROYAL scorfisH CORPORATION THE SCOTTISH HOSPI'fAL OF T14E FOUNDATION OF KING CHARLES II REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH2021 CONTENTS Page Reference and administrative inftsmation Chairfftan's introduction Highlights 2020 to 2021 Tnjstees, report Independent auditor's report 15 Statement of fthancial activities 17 Balance sheel 18 Cash flow statement 19 Notes to the financial statements 20
Docusign En¥ÈlopÈ ID." 639FAE23-06514960-gC6D-B1BDE4A9B98B THE ROYAL SCOTTISH COIIVORA'I'ION THE SCOTTISH HOSPITAL OF THE bOUNDATION OF Klf4G CHARLES II REFERENCE AND ADMINISTReiTIVE INFORMATION FOR THE YEAR ENDED 31 MARCH 2021 Patron,. Her Majesty the Queen Prinelpal Office: 22 Ciry Road, London. ECIY 2AJ Viee Presldents: S. J. Steele W.G.C.White P. R. Hay P.J.M. Scott (resigned November 2020) (resigned November 2020) Treasurer A. H. Gilroy C. Somerville (resigned November 2020) (appointed November 2020) Trustecs: Eleeted Members of the Committee of Management: J. Chestnut (Chairn)an) D. Guild J. Grieve B. Griff P.J.M. Scoti J. Harvie D. Coughtrie A. Christie K. Lynch C. Mccahon S. Clajk C. Somerville W. Gilmore D. McMurtTie C. Ross F. Oram (retired November 2020) (resigned July 2021) (appointed Vice Chair July 2021) (resigned September 2020} (resigned November 2020) (appointed O¢tob¢r 2020) (appointed January 2020) (appointed July 2021) (appointed July 2021) In addition tbe'l-reasiwer and Honorary Soli¢itor w¢ Ex Officio M¢mb¢rs of the Comtllsttee of Management. Other A ointments: Chlef Executive and Secretary.. S. Fleming Honorary Chaplains: The Reverend P. Majcher The Reverend Angus MacLeod (resigned November 2020) Honorary Piper Pipe Major J. McLucas
Docusign En¥ÈlopÈ ID." 639FAE23-06514960-gC6D-B1BDE4A9B98B THE ROY AL SCOISH CORPORATION THE SCOTTISH HOSPI'fAL OF TIIE FOUNDATION OF KING CHARLES JI REFERENCE AND ADMJNISTRATIVE IP4FORMATION (contiThued) FOR THE YEAR ENDEI D 31 MARCH 2021 Allditor.s: Haysmacintyre LLP 10 Queen Street Place London EC4R IAG Hnnorary Snlicitor: Danny Tsang Simmons & Simmons LLP CityPoint One Ropemaker Street London EC2Y 9SS Bankers: The Royal Bank of Scotland plc I, Fleet Street, London. EC4Y IBD Investment Adviser: Sarasin & Partners LLP 100 St Paul's Churchyard London EC4M 8BU
Docusign En¥ÈlopÈ ID." 639FAE23-06514960-gC6D-B1BDE4A9B98B THE ROYAL SCOTTISH CORPORATION THE SCOTTISH HOSPITAL OF THE FOUNDATION OF KING CHARLES II CHAIRlAN's INTRODUCTION FOR THE YEAR ENDED 31 MARCH 2021 Dear Friends. l am privileged to be able to prescnt our annual Report and Financial St8teTnents for the year ended 31 Msrch 2021. The year was truly a unique year in that everything we did was impacted by thc covid pandcmic. The world was dealing with a deadly disease and in the UK we were subjcct to a rnng¢ of protective Tnea5ures 85 the govemment struggled to combat the threat. As infeciion and death rates varied these measures at time5 became quite restrictive. In an environment where at many times personal movement and eontact with other5 Was r¢stricted and human intcraction was affected by requirements to be masked attd physically dIStttnc, Scotscare contittued to opcratc and tg serve gur clients to the greatest extent possible. Credit must go to our ChÈ¢f Executivc Shona Flcming and her team of capable, dedicated people. The charity continues to be strong and stable. Our mission is to help Scots in need within the Greater London area in a variety of ways, depending assessed ne¢d.. housing, health (physical and mental), 2dvocacy, fin2nci21 grants, trdining, housing advice, volunteer programm¢. career coaching, counselling, respite holidays and soc?al events. In recent yCaTS we have increased our focus on 5UPPOrting chtldren and families, the objeciive being to stop the cycle of povety, low cducational attainment and llnernployment. In the covid environmeni ineviiably some of our programmes were not possible (such as social events) and some were curtailed (such as counselling) bui to the extent possible adjustments w¢re Tnade to meet the current need5 of Clients (Such as grants to help home schooling and food pareels forthose self-isolating). Importantly. the ¢harity maintained ¢onta¢twith all clients. Our three sheltered housing sites now provide 96 flats in total. Our cotjstrnction project to build 12 new flats at our site in Lewisham was completed within budget and with minim21 delay, despile the constraints of the pandemic. Effective communication continues to be an important area of focus. It is critical thar we continue to develop awareness of Scotscare throughout the Scottish community in London and this year has featured tbe launch of our signature filrn. which clearly communicates examples of our services, and advertising across a range of platfomis from Facebook to traditional press. In the TNstees' Report you will see details of the extensive and varied work done by our staff of 21 and volunteer group of 76. We are fortunate to have such a body of impressive people. particularly these unusual times. Thank you to everyone. As a body of trnstees, we continue to review our govemance structure to enSle that it is relevant and effieient for a 21" century charfftty. Thank you to all my fellow tNstees, including those who have retired during tbe past y¢ar, for their dedication and hard work. Thank you also to all who generously donated to Scotscare during the year, whether ndS or tllne and ialenls,. you are critical to our mission. Do¢USddtsy'. Jrt4MLS W5h James Chestnut Ch&itinan
Docusign En¥ÈlopÈ ID." 639FAE23-06514960-gC6D-B1BDE4A9B98B HIGHLIGHTS 2020 to 2021 1648 255 grants awarded were for children's lothing ellbeing calls ade to clients Ihe first wee of lockdown A total of 807 granls were awarded to clients 268 individu counselling sessions offered 98% of volunteers enjoyed volunteering with us Over 400 years of Scotscare 128 Advocacy assistance results in 70 clients receiving back payments totalling £240,000 over last 3 years 80 children's activity grant5 were awarded. Children took part in activities like martial arts & learning piano .896 increase emergency grants distributed n Instagram followers 17,500 plus impressions on Twitter monthly The charity lor Scots in London 5.496 increase clients on database sin 2020 sheltered housing flats ompleted and I new Tesidents ross all housi 9396 success rate in accessing services with Advocacy 70% 98% 1¢J said Scotscare helped improve their quality of life 60,526 minutes of Blether Buddies speaking with clients 359 househol grants were awarded to lients in the of clients either very satisfied or satisfied with their experience of Scolscare's seNices lets provided o families to upport home hooling during lockdowns year
Docusign En¥ÈlopÈ ID." 639FAE23-06514960-gC6D-B1BDE4A9B98B THE ROYAL SCOTTISH CORPORATION THE SCOTTISH HOSPITAL OF THE FOUNDATION OF KING CHARLES IJ TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2021 The Royal Scottish Corporation (Yhe Corporation") is the working name of the Scottish Hospital of the Foundation of King Charles 11. It operates under the name Scotscare and is registered with the Chariry Commission for England and Wales- registration number 207326. Details of the principal office, Trustees, Chief F.xecutive and principal advisers can be found in the reference and administrative infomiation section on pages l and 2. The Truste¢s present their report and the audited Financial Statements forthe year ended 31 March 2021, which have been prepared in accordance with the provisions of the current Statement of Recommended Practice Accounting and Reporting by Charities and the relevant accounting standards. GovernTn Doeumcnt The Corporation is govemed by Royal Charters of1665, 1676, the Charter of Reincorporation of1775, as amended in 1974 and 1982 and by Bye-Laws. which were last amended on 14 July 2004. ointment and Induction of Trustees As provided in the Charter and Bye-Laws, there are 5 Generdl Courts each year. The Officers and Trustees are elected at the St Andrew's Day Court. There are up to IS TNstees, and each serve for a period of 3 years. Up to S Trnstees retire each year but may stand for re-election. Trustees, including any Vice President (exercising their right under the Bye-Laws). the Treasurer and the Honorary Solicitor constitute the Committee of Managemenl. Trnstees are recruited by recommendation. or through advertisement. and are required to attend two meetings of the Committee of Management and a selection of the Sub Cornmittees preceding their election. Regard is given to the skills and experience of the potential trustee and that required by the Charity. On appointment, each tNstee is required to undertake an induction which includes reviewing infomiation about the charity in¢ludÈng its govemsng docutnent, strategy, fanCeS, staffmg structure, risk register and briefings from staff on the work of the organi5ation. Their attention is drawn to relevant Charity Commission guidance, including The Charity Governance Code. anis8tion The CoJEunitt¢e of Management ]neets quarterly and appoint sub-committees to discuss and make reconunendations on mor¢ detsiled asp¢¢ts of 5trat¢gy and policy. There are ¢urrently five sub-conunittees.. the Audit, the Investment, the Welfare, th¢ Communications and the Nominations sub-committee5. The Chief Executive is appointed by the Thistees to manage the day-to-day operations of the Charity. The Chief Executive has d¢l¢gated authority, within the terms pr¢scribed by th¢ Trust¢¢s, for operatlODal, fance and S¢Tvice delivery related activity. Malla ement The Chief Executive and the Committee of Management (unpaid Trustees) rnake up the organisalion's key managemenL Th¢ Chief Executiv¢,5 salary is based on an annu81 pay and appraisal System set by the Committe¢ of Managem¢nt. Trustee5 Res onsibilities glld Rt5k Mana eJDent Law applicable to charities in England and Wales requires Trustees to prepare fancIal statements for each fancIal year, whk¢h give a true and fair view of the Foundation's fancial actiyities during the year and of its fanCIal position at th¢ end of the year. In preparing fthancial statements that give a true and fair view, the TStee5 Should follow best practice and Select suitable a¢countiT)g poli¢ie5 and apply them consistently,. observe the methods and principles in the Charities Statement of Recommended Practice (SORP)- make judgements and estimates that are reasonable and prudent., state whether applicable Accounting Standards and SORP have been followed, subject to any departure5 disclosed and explained in the fmancial statements. and, prepare the r]nancial siatemenis on the going concern basis unless it is ItpproPrIate tts assume that the Chari(y will be able to continue in opeiation.
Docusign En¥ÈlopÈ ID." 639FAE23-06514960-gC6D-B1BDE4A9B98B THf ROY AL SCOTTISH CORPORATION THE ScOlSH HOSPITAL OF THE bOUNDATION OF KING CHARLEI S IJ TRUSTEES. REPORT (contlnlled) FOR THE YEAR ENDED 31 MARCH 2021 Trustees Res on5ibilitie5 and Risk Mana ement continued The Trustees of the Corporation are restx)nsible for safeguarding the assets of the Corporation, and for taking reasonable steps for the prevention and detection of enx)r, fraud and other irregularities. They are also responsible for keeping accounting records whieh disclose, with irasonable a¢curacy, the financial position of the Corporation at any time, and ensure that the fjnancial statement5 comply with the Charities Act 2011, the applicable Charity (Accounts and Reports) Regulations and the provi510115 of the Royal Charters and Bye-Laws. We have overall responsibility for.. keeping proper accounting records, which disclose with reasonable accuracy at any time the fmancial position of the Corporation and the funds held in trust. establishing and monitoring a System of internal control. ensuring that the Financial Statements comply with applicable law and regulations. and, establishing arrangements for safcguarding the assets of the Corporation and taking reasonable Steps for ihe PTevention and detection of fraud and other irregularities. The systems of internal Control are designed to mitigate rssk and include a strategic plan, regular consideration by the Committee of Managem¢nt of the acmal result5 compared to budget and any varianc¢s arisin& formal written policies and procedures and detailed tern)s of reference for Sub Committees. Detailed consideration of the risks to which the Corporation is exposed is delegated to the Audit Sub-comtnittee, which is assisted by the management team. Through established risk management processes, we are 5at15fied those systems and procedures are in place to manag¢ the risks identified while recognising that these systems can only provide reasonable and not absolute assurance. The key risks to which the Charity is exposed are the loss of investment income, the resignation or ill health of the CEO and the health and safety of staff. The Trnstees have borne the itivestment income risk in mind when deteTtnining the level of free reserves and regularly review our Teseryes policy. Our CEO manages a strong senioi. management team with the appropriate skills and experience to tnanage the day to day operatiODS should there be a 105s of key staff. In relation to the health and safety of the charity's elnployees, the charity has followed government Covid-19 guidance at all times and implemented the appropriate risk a55e55ments. Furthernore, the Charity considers its staff may be at personal risk when working with ¢lients and inteiview roo]ns have been designed to Mitgate thi5 risk together with appropriate written procedures and a lone working alert System (Look Out Call) for staff to use and follow when working outside the office. Related arties None ofthe trustees receives remuneration or other benefKts from theirwork with the charity. TNstees are invitedto declar¢ any relevant interests at each board meetitig and are fomally requested to submit an atjnual related party and confliets of interest form. Board ]nembers have reported no relevant interests or transactions. uali and diversit We are cotnmitted to equalily and diversity at Scotscare and ensure that within the framework of the law that ourwo]kplace Is free frotn unlawful or unfair discrimination because of protected characteristics as defined by the Equality Act 2010. AII employees are provided with a copy of our policy as part of their induction process and are expected to abide by it. Failure to do so, resulting in discrimination, can be treated as gr055 misconduct. This policy applies both to behaviour in the workplace and recruitment practices. We are engggcd in monitoi'ing at board and staff level equality and diversity within th¢ organisation.
Docusign En¥ÈlopÈ ID." 639FAE23-06514960-gC6D-B1BDE4A9B98B THE ROYAL scorrisH CORPORATION THE SCOTTISH HOSPITAL OF THE FOUNDATION OF KING CHARLES 11 TRUSTEES, REPORT {eolltiThued) FOR THE YEAR ENDED 31 MARCH 2021 StrAte Scotscare hds pmvided 5UPPOrt to 8¢ots and their families in London for over 400 years. Our strategy for 2019 to 2022 Sets out our objeciives for three priority clicnts.. children and families. older people and working age adults. Royal Charter Tbe object of the Corporation is. to relieve either generally or individually persons resident or found with a radius of 35 miles of Charing Cr0s5, who are in conditions of need hardship or distress, being persons who were born in Scotland or persons one of whose parents was born in Scotland and widows of persons bom in Scotland." Vigion Our vision is an end to the cycle of deprivation experienced by S¢ots and their faTnilies living within a 35-mile radius of Charing Cross. Purpose Our pUoSe is to provide fjnancial, prdctical and emotional 5UPPOrt to Scots and their familie5 in London. Values Our value5 are that we are a Caring. prow&sive, and etTetÉive organi5ation. Carlng To provide a high quality of support to Scots and their families. Progresslve Listening to the needs ofour knefi¢iaries and rcsponding to that need in a waythat breaks the cycleof deprivation. Effective Good governance, partnership working and investment ill our people is key to our success. Our clients Scotscare assisÉs Scot5 and th¢ir families who are in need of fmancial, practical and emotional assistance. Historically. the organisaiion has delivered a grant givingprogramTne but has evglved to provide a holisli¢ service to clients that includes a needs led &8sessment to Provide dir¢ot 5¢rviccs OT signposting to specialist SUPPOrt services. Most of our clients have support needs over and above financial assistance. Many are Socially excluded from socioty and faee a combinaiion of linked problems such as unetnployment, poor skills, low incomes, poor housing. living in areas of high crune. bad health and family breakdown. These problems are linked and muThally Ttinforcing 50 that they can create a vicious cycle in people's lives. Our clients receive state benefits or are on low incomes, generally without support networks, socially isolated and often ujable to negotiate the public seetor system. including the benefits system. A significant number of our ¢lients liav¢ additional support needs such as mental and physical ill health, debt problems ana issues around sllbstance misuse. Our priority clitnts are- Childrcn and families Oldcr people Working age adults
Docusign En¥ÈlopÈ ID." 639FAE23-06514960-gC6D-B1BDE4A9B98B THE ROY AL SCOTTISH CORPORATION THC ScOlSH HOSPI'fAL OF THE FOUNDATION OF KJf4G CHARLES II TRUSTEES, REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2021 Stj'ategie objectives Children and families All fainilies caii facc difficult times, wheiher it's a parent with a diagnosed mental health problem, substai)ce tnisuse ISS¢5 or. poor housiiig exaccrbated by long temi poverty. We want to help families by providing services that will support them to addi'ess diffIcult 51tiiations that will improve the life chances and future oppurlunities for their Children. Our objective5 will be to help them". reduce the effects of povety through fll)ancial assistance. have their voices heard through advocacy on issues that are important to theTn' address the issues faced by chilthEn and families to improve their mental and physical wellbeing,. engage with training and employment opportunities,. and, access social, Culra1 and educational oppornItieS for iheir children. Older people Building a sellse of community., reducing social isolation and loneliness,. promoting well-being and healthy living is ell part of providing our clients with services that are 5Ulted to their needs. Our objectives will be to help them: increase their independence within the coTnmunity', reduce thesr social isolation and loneliness. access housing appropriate to their needs; increase their digital ski115 and knowledge. and, access social activities. Working age adults Providing access to training and job coaching support which moves individuals closer to employtnent is an important aim of this strategy. Our experience is that not all clients can engage with these opportunities. but for thosc who can, we will provide access to tailored support. Our objective$ will be to help them: identify barriers to employment. engage with personali5ed job coaching. access grants for specific tTaining tsi. education Courses. and. move into employment.
Docusign En¥ÈlopÈ ID." 639FAE23-06514960-gC6D-B1BDE4A9B98B THE ROY AL SCO'I'TISH CORPORATION THE SCO'i'fIsH HOSPI'IAL OF THE FOUNDATION OF KINC CHARLES II TRUSTEES, REPORT (contillued) FOR THE YEAR ENDED 31 MARCH 2021 Support services To realise our strdtegic obj¢otives we will aim to provide.. All clients, as appropriate, with.. CC¢S5 tQ QllT helpline and walk-in service as the first point of Contact; individual assessment of need and benefits check,. budgeting advice and debt relerral if appTowiate,' fthancial gTatits to purchase household items. advocacy. counselling., signposting to health and substance lSUSe services,. housing advic¢,' aDIL a¢cesS to volunteering opportunities. Children And fgmilie5 Ivith: job coaching and grants for training. volunteer befrienders,. access to a programm¢ of annual social events. access to our volunteering opportunities. children's clothing and activity grants,. and, children and families activity holidays. Older people with.. a5se55tnellt of Deed for Scot5Car¢'s sheltered housing. progratnme of annual sorial events., volunteer befrienders. and, volunteer tech buddy progranllne. Working age adults with.. grants for training or study. &nd. job coaching. Aehicyements and Performfinee Public Benefit The Trustees have had regard to the Charity Commission's guidane¢ on public benefit during the year. The Charity meets the Public Benefit test set out by the Charity Commission by providing the following servi¢es- sheltered housing on three sites in London= Grove Park in Lewisham. Whetstone in Barnet- and Worple Road in Wimbledon. Residents Tnust be Over 55. or ov¢r 50 with a significant disability, to qualify for the sheltered housing. a menu of faNCial grants and regular monthly allowances. support s¢rvi¢es.' advo¢a¢y', psychotherapy and job coachings signposting to other services generally., volunteering oppormnities across ihe organisation. grants to help SdentS and the unemployed who require additional trdining befor¢ retuming to work. and, allnual programme of social events for families and older people. To qualify for any of the above, an applicant must be asse55ed by the Corporation's professional staff and have exhausted State or other welfare provision. The CorporatlOn'S Staff a5SjSts in this process by canying oul a benefits check to ensure the proper take-up of state benefit entÉtlement as well as signposting to relevant servi¢es.
Docusign En¥ÈlopÈ ID." 639FAE23-06514960-gC6D-B1BDE4A9B98B THE ROY AL ScOlSH CORPQRATION THE ScOlSH HO.SPITAL OF THE FOUNDATION OF KING CHARLES tI TRUSTEES, RFPORT (continued) FOR THI YEAR ENDED 31 MARCH 2021 Numbers of th¢ members of thc publle benefiting from our 5erYi¢es 2020-21 96 49 807 76 2019-20 2018-19 84 60 1,019 75 Affordable housing Regular monthly allowances Financial grants Trained and supportcd volunteers Blether Buddies befriending project Number of people attending social events Helpline calls Student and training grants Adults assessed for services Children benefiting from services Advocacy ¢ases Counselling s¢ssions Job coaching 49 1,056 77 73 1,548 7,070 29 724 452 91 317 1,553 2,213 30 552 462 85 274 6,269 30 564 255 71 268 Detailed one-to-one as5essrnents of our clients are ¢Ti¢d out at their home, on the telephone or at our offjce on City Road. Th¢ assessment includes the collection of infonnation that help5 U5 to provide the most appropriate services that tackle lollg-term deprivation. Our objective is to identify and achieve defined outcomes for each client, thus measuring and quantifying the impact we have on our ¢lients' lives. Thi5 more focused approach has resulted in Tnore grants and services to the tnost vulnerable of elients, and tbe impact of our intervention has been eater for most clients. Expenditure by Priority 2020-21 2019-20 2018-19 Sl- children and farnilies S2- older people S3- working ag¢ adult5 194.337 63,526 94.176 229.830 80,¥42 123.488 176,020 98,511 131.957 Total 352.039 434,160 406,488 Volunteer programme Our volunteers provsde significant support and assistsnce across the organisation. Due to Covid-19 rnaTLy of the support roles to as51St staff and clients on an in-person basis were stopped. Our telephone befriending service expanded quickly to support existing and new clients during the pandemic. In total. our Blether Buddy volunteers made 2,744 calls totalling 1,009 hours. We are fully committed to providing our volunteers with the best training so that the organisation continues ¢0 benefit from their input. Over the past year. our volunteers were able io fi]Ifil the following roles- Blether Buddy befriender (at home) Blether Buddy befriender (telephone) l ech Buddy Travel Buddy Reception Monthly lunch clubs for over 505 Attendance at annual client outings AdTninistrative ComTnunicaiions team support Residents, coffee mornings 27 io
Docusign En¥ÈlopÈ ID." 639FAE23-06514960-gC6D-B1BDE4A9B98B THE ROYAL SCOTTISH CORPORA'fIoN THE SCOTTISH HOSPITAL Ob FOUNDATJON OF KING CHARLES ll TRUSTEES, REPORT {contiE]ued) FOR THE YEAR ENDED 31 fvIARCH 2021 Development of 12 neiv hornes for older people In 1984. Scot5Ciire began lo provide sUPPOrted shelteird housing for some of the most vulnerable older people in London and has 96 flats across three siies.. Barnet, Wimbledon, a]id Lewisham. In 20E9, we were granted pennission (o build an additional 12 flats at our Lewisham site in Grove Park. The Yalue of the contract was £2.671,734. Constn]ctiott began in July 2019 and completed 29 Septcmbcr 2020. De5Plte the Covid-19 pandcmic, we comploted this pmject with a stx-week delay and on budget. The developinent of these 12 one-bedroomcd homes increases our stock to 96 flats and provide much needed housing and support to older Scot5 living in London. Monitorin and Evaluatio In line with our 5tt'ategic objectives, we monitor and evaluate our work by using an outcomes framework to track ihe progress of individual clients over the course of their involvemet]t with us. These outcomes consider a range of indicators and are reported to TTUStees on a quarterly ba515. Our client database and theory of change dashboard provide further ways to monitor, evaluate and report on ourwork. As part of ourtheory of ¢h3nge work, we collect infonnation from ourchildren and families, clients so that we can build a picture of longer-term outcomes by tracking their children's progress through the national pupil database. We continue to Use a series of surveys developed to receive regular feedba¢k from clients, tenants, and volunteers to measure satisfaction levels and areas for improvement or additional scrviees. Th¢ purpo8e of these surveys is to help deterniine future strategy and to a5SISt with the planning at]d itnprovement of spccifJ¢ seryices. The feedback also provides the necessary evidence of Scotscare's efftetivene5s and increases awarcn¢ss of our servi¢es amongst our beneficiaries. Inereasi Awkrenesy Thc importance of raising awftrertess through our commufiicatioll& is important to us if w¢ are to reach more Scots in London who need our help. Our Communications Strategy for 2020-22 was developed to strengthen the brand identity and to ensure that we continue to communicate effect2vely internally and externally with the appropriate key messages to our staff, volunteers, clients and key stakeholders. Raisin our Marketing To coincide with the launch of our new website and signaTe film in Oetober 2020, we engaged the support of g digital public relations company to assist us with Facebook advertisements. The advcrts focused on Scotscare s¢rvi¢es and used the films to showcase how the different clienrs feared had received services. Our aim was that new and existing ¢lients would be able to identify with the participants and Access support for thcmselvcs tsr know of 50Tneon¢ who needed our support. To maximise the impact. we engaged the PR Company in a re-tttrgeting campaign to capture anyone that had previously viewed the adverts but did not take initially take any action. rofile To coincide with the new website going live. we sent out a press release just after St Andrew's Day to promote the launch of the signature film covering services such as counselling, advocÈcy, financial grants, social events, sheltered housing and more. The press release led to stOTies appearing in the Camden News Journal, Charity Today and South I,ondon Press. On social media we encouraged supporters to sharelrettveet our posts relating to the laun¢h which l¢d to BHC Football pundit (and fornier Scottish International player) Pat Nevin rehveeting the signawre film launch post to hi5 supporters. In Febny 2021, we sent out Scotscare presentation folders with services related m8rketing materials, alongside other merchandise (tote bags and oyster wallets) w new clients. A similar exercise had been done in August 2019 to eapture all active clients on our systetn prior lo that date. A¢knowl¢dgiDg that 2020 had been a difficult year formany of us due to Covid 19, we produced a Christmas Cdrd to go out to all clients, 5UPPOrters, and donors. This exercise allowed us to remind them that we were thinking of them and here to help. We have maintained our g¢J)eral 5¢rvi¢e5 l¢aflet ¢an]paign across London GP surgeries and hospitsl A&E depattrents. From November 2020 to April 2021 just over 82,000 leaflets were picked up. The f&1 quarter of this fll)ancial saw a srnall increase on tbe previou5 quarter, and it is exp¢cted that pickup rates should significantly increase in tbe coming months as GP surgeries retum to person appointments.
Docusign En¥ÈlopÈ ID." 639FAE23-06514960-gC6D-B1BDE4A9B98B THE ROY AL ScOI$H CORPORATION THE sco15H HOSPITAL OF TIIE FOUNDATION OF KING CHARLES II TRUSTEES, REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2021 Advertising Adverts promoting our services have appe8red in the Camden New Joumal, London Metro, Westminster Extra, Caledonian Club magazine, GP Health Magazine and Direction's magazine. A digital Scotscare advert banner appeared briefly in some London based gyms in Decetnb¢r 2020. Pitch side advertisements at several 2020 rugby internationals were organised and screened on Amazon Prime and highlighted on Channel 4 thus increasing our media reach. Evcnts Due to Covid-19 restrictions lilniting face to face interaction. all events were cancelled during the year. Working with other org&nisatioNs Our involvement OTI the Scots in Great War London working group, set up to highlight the contribution of Scots during World War One was a 5UCCCS5ful collaboration with 10 otherscottish organisations operating in London. The organisations that came together to foJTn Scots in Great War London has now grown tg 17 organi5ations who will build on the succes5 of the networking and collaboration during 2016-19 by foming a new Scots in London umbrella group. The workrequired to fornially set up this umbrella group was put on hold during the pandemic but will be progressed now that restrictions have lifted. The purpose of this group will be to continue the networking and collaboration that proved so beneficial during the SIGWL project, and togetherto promote our individual organisations acr055 the Scottish diaspora in the broad"LA)ndon" area. Covid-19 Before the end of the financial year to March 2020. we were faced with significant challenges due to Covid-19. Our initial response was to ensure the safety and wellbeing of our staff, clients and volunteers. We have always followed govemment guidance and worked from home when it was complllsory to do so and transitioned back to a level of outreach work and working in the office when restrictions were lifted and with the correct risk assessments in place. We have Tnade regular contsct with all clients to provide support where it was needed, problem Solving along the way to provide bespoke support, and ensured that our client5 know how to contact U5. Our grant5 programme was intemipted due lo the Closure of Tnany of our suppliers, but we adapted to the need5 of our clients and their children by offering new grants such as tablets for children who were hoTne schoolin& food parcels to those who were 5elf-i501ating and expanded our volunteer befriending service to include those who were more 50ci2lly isolated than nom)al. We have paid close attention to the melltal health needs of our clients, including children, and begun the process of developing a new children and families psychotherapy 5¢rviee which we hope will be available froln Novetnber 2021. Whilst face to face assessments with clients have signifi¢antly reduced, we have maintained contact with our clients by phone and have regular and scheduled staff, volunteer. and trustee rneetings. The Senior Management Team continue to meet on a weekly basis to address any issues or concerns a5 they arise. This has been particularly important to ensure staff wellbeing and to manage the transition back to i)utreach work for our outreach stsff as well as continutng to provide our other services. Over the past year, als staff were assessed and provided with new IT equipment which will enable a smooth tran51tion and provide more flexibility for staff as we adopt a hybrid workitig environment. These new working arrangements allowed us to reduce our head office space and reconfigure it to aceommodaie the reduced number of staff returning to the otyice in September 2021. We have been incredibly proud of our staff and volunteers since the oarly days of lockdown and throughout the past 18 months of the pandemic. their resilience and commitment in difficult circuTllStances has been admirable throughout. FundrAisln Sctstscare is registered with the Fundraising Regulator but does not engage in public fundraising and does not Use professional fundraisers or commercial participators. Nonetheless, we do observe the relevant fundraising regulations and codes. Scotscare will never eall io ask someone to donate or pass on their details. We do use databases to keep track of clients. needs and to communicate better with our volunteers. How we use this information is clearly stated in our Privacy Policy which is available on our website. No co]nplaiDts were received during 2020121. 12
Docusign En¥ÈlopÈ ID." 639FAE23-06514960-gC6D-B1BDE4A9B98B THE ROY AL SC.01$H CORPORATION THE SCOTTISH HOSPITAL OF THE FOUNDATION OF Kll¥G CHARLES II TRUSTEES, REPORT {contRnued) FOR THE YEAR ENDED 31 MARCH 2021 inancial Review 'rhe results for the year are shown in thc Statement of financial Activities Incoming resources lotslled £2,713.850 (2020.. £2,655,119) and total resources expended were £2,516,470 (2020.. £2,684,352). This resulted in a surplus of £197,380 (2020.. deficit £29,233),. Jncoming resources for the year derive predominantly from investment income and inteTe5t of £1,369.303 (2020.. £1,394,620) plus renlal income from residential housing of £1,141,808 (2020.. £1,165,281),. Legacies, tovenantslgift aid events and donations amounted to £41,092 (2020.. £23,155). Coronavirus Job Retention Scheme (CJRS} Gr&nts £85,295 (2020.. £0). Realised gain5 on investments amounted to £590.80512020.. £365.935): Unrealised gain on inyestmenls amounted to £6,619,399 (2020 uniealised 105s'. £3,274,713). The lo(al funds as at 31 Match 2021 dmounted to £56,002,502 (2020.. £48,594,918). The construction of an additional 12 units at our residential sile al Grove Park, Lewtsham completed in September 2020 within budgeL Fees for this project, incurred during 2020-21, were capstalised and appear on the balance sheet. Assoetated Charltles & Related Charities The Corporation is the sole Trustee of the Kinloch Bequest (Charity No. 210067) and has been given power to delegate its responsibilities to a committee drawn from among the Trustees of the Coryoration. Trnstees of the Corporation are also appoillted as Trnstees of the St Andrew5 ScottÈsh S(>ldiers' Club Fund (Chgrity No 233297). The objects of the above charities are distinct from those of the Corporation and, atcordingly, they are ttol considered tt) be subsidiary charities. Their results. assets and liabilities do not forni part of these flliancial statements. Investment Mana ement The investments of the COoration are managed by the investment advisers, Sarasin & Partners LLP and UBS AG (until September 2020) under discretionary mandates that provide for annual fees based on the average value of the respective portfolios managed by them. The Corporation has adopted guidelines for the investment of its funds which are intended to allow flexibility in the range and classes of investtnent subject to protection against imprudent investment actions, decisions and practices. The primary objectives are.. The generation of income at a level consistently and reasonably balanced between the need to conserve and increase long-ierni capital and the need tr> generate income for the activities of the Corporatiot) The achievement of a level of income sufficient to enable the Corporation to grow the stale of its eharÈtable activities in real terms No specific investtnent exclusion5 have been set. l.lowever, the saTh1n5 l*und in which Scot5Care invests doe5 not invest in tobacco and avoids invest]nent in companies that have ffiore than 10 % of their turnover alcohol rnanufacture. arrnaments, gambling or pomography. The Investment Sub Committee reviews the perfomiance of the portfolio wth the Investment Advisers quarterly and reports to the Committee of Management. The Investment Sub Committee conducts an evaluation of the Investment Advisers on an annual basis. The evaluation includes consideration of the investment strategy and the process of the Investment Advisers and perfomiance agaiDSt benchmarks. In the year to 31 March 2021 the iThvestment income amounted to £1.369.303 (2020.. £1,394,620). The brokerage commission amounted to £109,164 (2020.. £57,130) and the investmentmanagement fees were £188,262 {2020-. £212.773). The market value of the portfolio as at 31 March 2021 amounted to £45,418,040 (2020.. £38,416.356). 13
Docusign En¥ÈlopÈ ID." 639FAE23-06514960-gC6D-B1BDE4A9B98B THI ROY AL sco]SH CORPORATION THE ScosH HOSPITAL OF THE FOUNDATION OF KING CHARLES II TRUSTEES, REPORT (Continued) FOR THE YEAR ENDEI D 31 MARCH 2021 Reserves The p05ltion disclosed by these Financial Statement5 shows that as at 31 March 2021 the unrestricted reserves of the Corporation amounted to £10,999,562. This sum comprise5 la) £10,249,203 of Functional Fixed Assets and (b) £750,359 the balance of unrestricted free reserves. I'he target fund of free reserves is £1.3 million. Th¢ Trustees are confident that the chai.ity holds Su1¢1¢nt reserves for operational PUTposes which include a ten-year cyclical maintenance plan. We regulaTly review our reserves policy which is linked to the fftajor risks and opportunities forthe organisation. The restricted fund5 a5 at the year-end amounted to £62,064. Functional Flxed Assets These assets are ihe Corporation's three residential properties providing accommodation for the elderly. Ullrcstrieted Free Reserves Unrestricted free r¢serv¢s are represented by other net assets available at the Trustee5 full discretion in the conduct of the Corporation's affairs. We consider that for the smootb running of the Corporation and as a protection against exceptional expendire or a drop in income, a level of available expendable reserves is necessary. The current level of available expendable reserves of £805,358 represents approximately 1.44Yts of the net assets of the Co0ration and approxitnately four months of nomial expenditure. The total reseryes at 31 March 2021 are £56,002,502. It comprises unrestricted fund.. £10,999,562, restricted fimd.. £62,064, endowed fund.. £44,940,876. Future 18ns We have agreed on an at)nual budget to support and contribute to the ongoing development and deliyery of client support services throughout the coming year with a spend of £2.7 rnillion in 2021-22. The annual progralnrne of services will be delivered.. - Using direct ihterventions where resources can be most effe¢tive' identifying and signposting to other appropriaie services for the benefit of clients. supporting and investing in our staff and volunteers through training and developtnent,. 8nd, working with other organisations, societies, churches, charities and agencies. Next year we will.. continue to monitor and progress the objectives set out in our operational strategy for 2019-22. develop a children and families support service to assist vulnerable families to access services and 5upporL in particular those children with special educational and mental health needs. continue to develop and implement a new children and families psychotherapy service.. expand our Yolunteering programtne to include a befriending service for children and families. continue to implement our conununications strategy for 2020-22 to increase the nutnber of individuals benefitting from our services. and, complete the fornial process to modernise our Bye-Laws and Charter. roval This report was approved by the Thistees on 13 O¢tober 2021 and signed on their behalf by.. - Do¢uSnIdts¥.. 8A2SF 8D Jame5 Ynu't es ChairTna 14
Docusign En¥ÈlopÈ ID." 639FAE23-06514960-gC6D-B1BDE4A9B98B INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE ROYAL SCOTTISH CORPORATION THE SCOTTISH HOSPITAL OF THE FOUNDATION OF KING CHARLES JI FOR THE YEAR ENDED 31 MARCH 202] Opinio We have audiled die fanCIAl statements of The ScottÈsh Hospjtal Of The Foundatign Of King Charles JJ (Royal Scottish Corporatioii) for the year ended 31 March 2021 wlii¢h compris¢ the Stateinent (Ff Finaiicial Activities. the Balance Sheet and the Casli Fl¢)w Stateent notes to th¢ fu)anoial statements, llicluding a 5uinmary of significant ac¢ouii¢ing policies. The FIn(la] reporting fram¢work that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, in¢ludiDg Fk]ian¢ial Repoilllig Standard 102 The Financial Repoi1ing Siandard applicable in the UK and RepublEc of Ireland (United Kingdorn Gen¢rally Acc¢pt¢d Accounting PTactic¢). In our opinion, the fancial staternent5.' 8ive a true and fair view ofthe state of th¢ charity's affairs as at 31 Ma 2021 and of the charity's Det movement in nds for the year then eThded. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordaDce with the requirements of the Charities Act 2011. Ba5È5 for opinion We have been appointed as auditor under section 144 gf the Charittes A¢t 2011 and Teport in accordance with the Act and relevant regulatiot]s made or havtng effect thereunder. We conducted our audit in accordan¢e with Intemational Standard5 on Auditing (UK) (ISAS (UK}) and applicable law. Our resporAsibiliti¢s under those standards are further described in the Auditor'5 responsibilities for the audit of the r]nancial statements section of our report. We are independent of the charity in accordat]ce with the ethical requirements that are relevant to our audit of the fancial Statements in the UK, including the FRC'S Ethical Stalldard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we haye obtained is 5uffJcient and appropriate to provide a basi5 for our opinion. ConclusioRs rel#tÉng to going eoncer In auditing the financial statetnents, we have concluded that the trustees, use of the going eoncern basis of accounting in the preparation of the f]nancial statements is appropriate. Based on the work we have perfornied, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity'5 ability to continue a5 a going concern for a period of at least twelve months from when the financial statements are authorised fr>r issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the Televant sections of this report. Other informatio The trustees are responsible for the other infomiation. The other inforniation comprises the infomation included in the Trnstees, Report. Our opinion on the financial statements does thoi eover the other infolynation and, except to the extent otherwise explicitly stated in our report, we do noi express any fom of assuranee ¢onclusio]J thereort. In connection with our audit of the financial statements, our responsibility is to read the other inforniation and, in doing so, consider whether the other inforniation is materially inconsistent with the fjnancial statements, or our knowledge obtained in the audit or othernvise appears to be materially misslaied. If we identify such material inconsistencies or apparent material misstatements, we are required io determine whether there is a material misstatement in the fjnancial siatements or a material misstatement of the other infomjation. If, based on the work we have perfornied, we conclude that there is a material misstatement of this other infomiation, we are required to report that faci. We have nothing to report in this regard. Matters on whieh we arc required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requ¢ us to report to you if. in our opinion: adequate accounting records have not been kept by the charity. or sufficient accounting records have not been kept- or the charity financial statcmcnts are not in agreement with the accounting records and returns- or we have not received all the information and explanation5 we require for our audit. 15
Docusign En¥ÈlopÈ ID." 639FAE23-06514960-gC6D-B1BDE4A9B98B INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE ROY AL SCOTTISH CORPORATION THE SCOlSH HOSPITAL OF THE FOUNDATION OF KING CHARLES II FOR THf. YEAR ENDED 31 MARCH 2021 RespoD$ibilitie5 of trustee5 for the finaneial statemcnt8 As explained more fully in the trustees, responsibilities statement on pag¢ 5 and 6, the trustees are responsible for the preparation of the financial statements and fth. being satisfied that they give a true and fair view, and for such internal control as the trustees detemiine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Jn preparing the financial statements. the tNstees are responsible for as$¢ssing the tharity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concem basis ofaccounting unless the trustees either intend to liquidate the charity or to Cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statemertts Our objectives are to obrain reasonable assurance about whether the fjnancial statements are free from material misstatement, whether due to fraud or eOr, and to issue an auditor's report that includes our opinion. Reasonable assllrance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS (UK) will alway5 detect a m2terial misstatement when it exists. Misstatement5' can arise from fraud or error and aTe considered material if, individually or in the awegate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud. are instances of non-eompliance with laws and regulations. We design procedures in line with our responsibilities. outlined above, to det¢ct malerial misstatements in respect of iJTegularities, including fraud. The extent to which our procedures are capable of deteeting irregularities, including fraud is detailed below. Based on our understanding of The Royal Scottish Corporation, we identified that the principal risks of non40mplian¢e with laws and regulations relates to the re¥ulatory requirements of Trust law, Health and Safety Act and Employment law and we considered the extent to which non-compliance might have a material effect on the f]nancial statements. We also considered those laws and regulations that have a direct impact on the preparation of the f]nancial ststements such as the Charities Act 2011 and the application of FRS 102 and payroll tax. We evaluated management's incentives and opportunities for fraudulent manipulation of the f]nancial statements (including ihe risk of override of controls), and detet1lled that the principal risks were related to application of controls around authorisation of joumals and, ¢xpenditure alld paytnents. Audit procedures perFOred by the engagement team included: Enquiries of management regarding correspondence with regulators and tax authoritie5. Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud. Evaluating managen)ent'5 controls designed to prevent and detect irregulaTltses' Identifyillg and testing joumals, in particular, journal entrie5, Postings by unusual users or with unusual descriptions. and Challengiryg assumptions and judgements made by manageinent in their Gritical accounting estimates. Reviewing the procedures around approval of grants and authori5ation of payments. A further descriptioTJ of our responsibilities for the audit of the f]nancial statements is located on the Financial Reporting Council's website at.. www.frc.org.uklauditorsresponsibilities. This description fomis part of our auditor's report. Use of our report This report 15 made solely to the Charity's twstees, as a body, in accordance with section 144 of the Charities Act 2011 and T¢gulation5 made under section 154 of that Act. Our audit work ha5 been undertaken so that we might state to Ihe charity's trustees those matters we are required to state to thern in an Auditor's report and for no other PUTpose. To the fullest extent pertnitted by law. we do not accept or assume responsibility to anyone other than the charity's trustees as a body for our audit work, for this report, oi. for the opinions we have fomed. Haysmacintyre LLP Statutory Auditor5 10 Queen Street Place London EC4R IAG Date.. 17 November 2021 16
Docusign En¥ÈlopÈ ID." 639FAE23-06514960-gC6D-B1BDE4A9B98B 'HE ROYAL SCOTTISH CORPORATION THE SCOTTISH HOSPI'fAL OF THE FOUNDATION OF KING CHARLES ll STATEMENT or FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021 UDr¢sti'ietod R¢$tri¢t¢d Funds 2021 Tolttl 2020 (Reslaled) Endowed 202J Total 2021 2021 Notes Income from: Donrtlioiis oiidlegftcies Grftiiis- CJRS 41,092 85.295 41,092 85,295 23,155 JnveshneRts 1,369,303 1,369,303 1,394,620 Chariluble aclivilies Incom¢ from residential PlDperty Income froln servic¢s respe¢t of homeles5 people 1,141,808 1,141,808 1,165,281 76.352 76.352 72,063 Total income 2,713.850 2,713,850 2,655. 119 Expenditure on: Rui5ingfiiMdy Inveshment management eosts 70,804 212,413 283,2l7 316,225 Chfjrliffble aclivilies Welfare Residential property 1,455,095 778.158 1,455,095 778,158 J, 750,493 617,634 Total exptnditure 2,304,057 2,516,470 2,684,325 Net ineomel(expenditure) before Investmertt EainsI(losses) 409,793 (212.413) 197?80 (29,233) Realised gainsl(losses) on investments Ut)realised gainsl(losses) on investments (2,070) 592,875 590,805 365,935 11.720 6,607,679 6,619.399 (3.274,713) Net realisedlunrealised gaimsl (losses) 12 9,6SO 7,200,554 7,210,204 (2.908, 778) Net movement in funds 409,793 9,6SO 6,988,141 7,407,584 Q.938,011) Reconelliation of funds: Total funds previously stated in 2020 accounts Prior year adjustment in 2021 accounts Total funds brought forward (restated) 10,672,577 52,414 37,952,735 48,677,726 51,532,929 19 {82,808) (82,808) 10.589,769 52,414 37,952,735 48,594,918 51,532,929 TOTAL FUNDS AT CARRIED FORWAIiD 10,999,562 62,064 44,940,876 56,0112,502 48,594,918 All transactions are derived from continuing activities. All recognised gains and losses are included in th¢ Staternent of Financial Actsvitics. 17
Docusign En¥ÈlopÈ ID." 639FAE23-06514960-gC6D-B1BDE4A9B98B THE ROY AL scorrisH CORPORATION THE scorrisH HOSPITAL OF THE FOUNDATION OF KtNG CHARLES II BALANCE SHEET FOR THE YEAR ENDFD31 MARCH 2021 2021 2020 (Reslrtlerf) Notes FIXED ASSETS Tangible asse15 Investments 10,249,203 45,418,040 9,017,672 38,416.350 12 55,667,243 47,434,028 CURRENT ASSETS Debtor5 Cash at bank and in hand 13 135,035 637,920 191, 741 J.2PO,25)7 772,955 1,482,038 CREDITORS: amounts falling due within one year 14 {312,516) (148,858) NET CURRENT ASSETS 460,439 J.333. 180 CREDITORS.. amounts falling due after one year 15 (49,730) (62,290) Provisions for liabilities and d)arges 18 (75,450) (JJo.000) 56,002,502 48,594.9J8 FUND BALANCES Endowed Funds Kestrict¢d Tncome Fund Unrestricted Incotne Fund (restated) 20&21 20&21 20&21 44,940,876 62,064 10,999,562 37,952, 735 52,414 10.589, 709 TOTAL FUNDS 56,002,502 48.594.918 The financial statements were approved and authorised for issue by the Truste¢s on 13 October 2021 and are signed on its behalf by.. DO¢USnIdtsy'. 8D nu B4EI es C. Somervi Treasurer le Chairman
Docusign En¥ÈlopÈ ID." 639FAE23-06514960-gC6D-B1BDE4A9B98B THE ROYAL SCOTTISH CORPORAfioN THE SCOTTISH HOSPITAL OF THE FOUNDATION OF KING CHARLES II CASH FLDW STATEMNT FOR THE YEAR ENDED 31 MARCH 2021 2021 2020 Cash flows from operating activities (862,459) (J,355,540) Cash flow5 from investing activitie5 Dividend5 and int¢TeSt prchaSe of investments Purchase of fixed asSQts Proceed5 from sale of investments 1,369,303 (12,769,787) (1,367,741) 13,194,455 1,394,620 (8,600,962) (J,486, 721) 10,265, 767 Nct cish provided by investing activities 426,230 1,572, 704 Change in cash and eash equivalents in the year (436,229) 2J7, J64 C*sh ad cash equiv8lent5 8t the Beginnirjg of the year 1,734,319 J,517,J55 Cash and £ash equivalents at the end of thc reporting year 1,298,090 1.734,319 NOTES TO THE CASH FLOW STATF.MENT 2021 21120 Reeoneiliation of Net Movement IN Funds to Net Cash Flow from operating Activitie$ Net movement in funds {Gainsy105ses on investments Depreciation charges Decrease in debtors Increasel(decrea5e) in creditors Dividends and int¢r¢st from investments 7.407,584 (7.210.204) 136,210 56,706 116,548 (1.369,303) (2,938,OlJ) 2,908. 778 J04.900 J,257 (36,Q44) {1,394,620) Net u$ed ID operating 8Ctivities (862.459) (1,355.540) Analysls of Cash and C8sh Equiv#lents 2021 2020 Cash at bank and in hand Cash held by investhient managers 637,920 660,170 1,290,297 444,022 1,298,090 1, 734,319 Note 17 shows the net movement in fundsldebt. 19
Docusign En¥ÈlopÈ ID." 639FAE23-06514960-gC6D-B1BDE4A9B98B THE ROYAL SCOTTISH CORPORATION THE scorrIsH HOSPITAL OF THE FOUNDATION OF KING CHARLES II NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 I. ACCOUNfING POLICIES 1.1 BASIS OF PREPARATION The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their account5 in ac¢ordance with the financial Reporting Standard applicable in th¢ UK and Republic of Ireland (FRS 102) 2. edition effective for periods commencing on or after l January 2019 - (Charities SORP FRS102). the Financial Reporting Standard applicable in the United lQingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. The charity constitutes a public benefit entity as defu)ed by FRS 102. Assets and liabilities are initially recognised at historical c05t or transaction value unless otherwise stated in the relevant accounting wlicy noles. Going Concern Given the charity's l¢vel of free reserves availabl¢ at the year end, the Trustees consider that the charity has adequate resources to continue in operational existence for the foreseeable future and that there is no material uncertasnty connected with the charity's ability to continue to operate as a going concern. AordInglY, the fancial statements have been prepared on a going concern basis. The TStee5 acknowledge and recognise the itnpact of the COVID-19 pandcmic on the operations of the Charity, its benefieiaries, partners, stakeholders and on the wider society, and have ensured that both resources and processes are in pla¢e to mitigate any disruption to its operations. As a result, the impact of thc COVID-19 pandemic does not waan1 any adjustments to these fjnancial statements. Significant judgements and estimates Judgements made by the trustees, in the application of these a¢counting policies have significant effect on the financial statements. In the opinion of the trustees, in 2020-21 the significant judgements and estimates were applied to retired staff pensions, the useful economic life of the residential properties, and the provision for dilapidation. The details of these judgements and estitnates are included in the relevant notes. 1.2 INVESTMENTS Listed investfftents are a forni of basic f]nancial instNment and are initially recognised at their trdnsaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. All movements in Value arising frotn investment chaDge5 or revaluation are shown in the Siatetnent of Financial Activities. Realised gains lor losses) on investment assets are calculated as the differente between disposal proceeds and either their opening carrying value, or their purchase value if acquired 5ub5equent to the ftrst day of the financial year. Unrealised gains and losses are eal¢ulated as the differenee between the fair value and the carrying value at year end. Realised and unreali5ed investment gains (or losses) are combined in the Statement of Financial Activities and are eredited (or debited) in the year in which they arise. 1.3 TANGIBLE FIXED ASSETS Freehold Land & Building5 Under the previous GAAP, land and buildings were stated at valllation. On transition to FRS 102 an election was made to use the valuation at 2014 as the deemed cost and no depreciation on buildings wa5 rnade as the amount involved was deemed immaterial. Following reappraisal in 2019-20 depreciation of buildings is now made annually at 2Yo of de¢Jn¢d cost. Fixtures, Fittings & Equipment Fixtures, fittings and equipment are depreciated at an annual rate Of Ioi/bD of cost. IT Equipment IT equipment is depreciated at an annual rate of 33.330/D of cost. 20
Docusign En¥ÈlopÈ ID." 639FAE23-06514960-gC6D-B1BDE4A9B98B THE ROY AL SCO'I'TISH CORPORATIOIY THE ScolSH HOSPITAL OF THE FOUNDATION OF KING CHARLES II NOTES TO THE FINANCIAL STATEI¥IENTS (CODtiDlled) FOR THE YEAR ENDED 31 MARCH 2021 1.4 DEBTORS Debtors are recolSed at the settlement amounL less any provision for non-recoverability. Prepayments are valued at the amount prepaid. Tradc and othcr debtors are recognised at the settlement amount duc after any trade discount offered. prepaents arc valued at the ami)unt prepaid net of any trade discounts due. A specific provision is made for debts for which recoverability is in doubt. 1.5 CASH AT BANK AND IN HAND Cash at bank and cash in hand include5 cash and short term highly liquid investments. 1.6 CREDITORS AND PROVtSlONS Creditors and provisions Lire reco¥nised when the is an obligation at the balance sbeet date as a result of a past event, it is probable that a transfer of economic bencfit W[1 be required in settlement, and the amount of the settlement can be esttmated reliably. Creditors and provisions arc normally recognised attheir settlement amount after allowing forany trade discounts due. Creditors and provisions are recognised at the aTnount thc Charity anticipates it will pay to settle the debt. They have been discounted to rhe present V21ue of th¢ future ¢ash paytnent where such discounting is material. 1.7 PROVISION FOR UNFUNDED PENSIONS Provision has been made for the unfiinded pensions paid by the Charity to certain fornier employees. The pensions are to be paid during their li(etim¢. The pension liability was ¢alculated using the return on investment and average life expectancy of women. 1.8 PROVISIOFI FOR LIABILITIES Provision has beell made for expected property cosls at the end of the leases based on the lease terms, management's assessment of the property condilion and the likely costs. The estitn&tion involves a l¢vel of trustee judgement and will be reassessed annually. 1.9 FUND ACCOUNTING Funds held by the charity are either: Unrestricted funds- which cÈn b¢ used in accordance with the charitable objects at the discretion of the trustees EndOwent fi]nds - the income from whtch ean be used for the general purposes of the charity, ill accordance with the charitsble objectives and at the discretion of the trustees Restricted funds which only be used for particular restricted purposes within the objects of tbe ¢harity, either when specified by the donor or when funds are raised for particular restricted purposes 1,10 INCOME RECOGNITION Income is recognised in the period in which the Charity has entitlement to the income. where the amount of income can be measured reliably, and it Is probable that the income will be received. tn accordance wlth Charities SORP FRS 102, volunteer time is not ffecognised. 1.11 LEGACIES, GIFT AID & DONATIONS Legacies, coveiiants and donations are accounted for on a cash received basis. The Coronavirus Job Retention Scheme (CJRS) grdllt has been recorded a5 a separate unrestricted income. The grdnt was reeognised on an a¢cruals basis. 1.12 INVESTMENT INCOME & INTEREST Investment incorne is rccogjiised onec the dividend has been declared and notification has been received ofihe dividend due. Interest on funds held on deposlt is included when it is rccesvable, and the amount call be measured reliably by the Charity., this is normally upon notification from the bank of the interest payable or paid. J.13 RENTAL INCOME Income from tlie rental of fi]nctional properhes 15 recognised when the income is receivablc und¢r the contrdct foy hire or lease document, when the amount can be mcasured reliably, and it Is probable such income will be received. 21
Docusign En¥ÈlopÈ ID." 639FAE23-06514960-gC6D-B1BDE4A9B98B THE ROY AL SCOTTISII CORPORATION THE ScOlSH HOSPITAL OF THE FOUNDATION OF KING CHARLES II NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDEID 31 MARCH 2021 1.14 EXPENDITURE Liabilities are recognised ps expendittve as soon as there is a legal or constructive obligation commiiting the Charity to make a payment to a third paty, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be Tneasured reliably. All expenditure is accounted for on an accwals basis. Expenditure comprises direct costs and support costs. All expenses, including support cost5, are allocated or apportioned to the applicable expenditure heading5. Support costs are allocated in the same proportion a5 direct costs are incurred. All expenditure 15 Stated inclusive of irrecoverable VAT. All eligible members of staff aiE auto enrolled in a workplace pension scheine. Employer contributions to the scheme are charged to the Statement of Financial Activities in the year in which they are payable to the scheme. In addition, supplementary pension payments are made directly to certain fornjer etnployees. 1.15 OPERATING LEASES Rentals payable under operating leases for equiprnent are charged on a stTaight-line basis over the temis of the leases. 1.16 EMPLOYEE BENEFITS Short term benefits Short term benefits including holiday pay are recognis¢d as an expense in the period in which the service is reeeived. Employee termination benefits Terniination benefits are aeeounied for on an accruals basis and in line with FRS 102. 1.17 HERITAGE ASSETS No value is attributed to heritsge assets on the basis that information on cost or valuation of the assets is not available and could not be obtained at reasonable cost. The age, variety and lack of comparable market data would make any attempt at valuation extremely onerous and costly compared with the benefit derived by users of the account. 22
Docusign En¥ÈlopÈ ID." 639FAE23-06514960-gC6D-B1BDE4A9B98B TIIE ROY AL scoFfisH CORPORATIOIY THE SCOTTISH HOSPITAL OF THE FOUNDATION OF KtNG CHARLES 11 NOTES TO THr r4 INANCIAL STATEMEI NTS {continued) FOR THE YF.AR Y,IYDFD 31 MARCH 2021 DONATIONS AND LEGACIES 2021 2020 Legacies Donations Events Other Items 11,092 30,000 5, 77LS 13,689 3,LSOO 90 41,092 23. 155 All income from donaiions and lega¢i¢5 in 2020 and 2021 was unrestricted. INVESTMENf INCOME- UNRESTRICTED FUNDS CRe.¥lutÈd) 2020 2021 Dividend and interest on investments Bank deposit interest 1.368,840 463 1.394,494 126 1,369,303 1.394,620 Adjustment As resiftled In ihe 2021 accouiiis previously Stated in the 2020 ccounts Investment iticome 1,477.428 (82,808) 1.394.620 2,737,927 (82,808) 2,655,119 INCOME FROM CHARITABLE AcfIviTIES- UNRESTRICTED FUNDS 2021 2020 Rent Income from residential propety 1,141,808 1,165,281 1,141,808 1,165,281 MANAGEMEP4T FEE- UNRESTRICTF.D FUNDS 2021 202 Fees for services in respect of homcless peoplc 76,352 72,063 76,3S2 72,063 23
Docusign En¥ÈlopÈ ID." 639FAE23-06514960-gC6D-B1BDE4A9B98B THE ROY AL SCO[sH CORPORATION THE SCOTTISH HOSPITAL OF THE FOUNDATIOf4 OF KIPIG CHARLES II NOTES TO THE FINANCIAL STATEMENTS (eontinued) FOR THE YEAR ENDED 31 MARCH 2021 RAJSING FUNDS 2021 2020 Brokerage commission and investment management fees Less.. accounted for as investment ts'ansactions 297,426 (109,164) 269,903 (57, 130) 188,262 94,955 2J2,773 103,452 Support costs {note 9) 283,217 316,225 EXPENDITURE ON CHARITABLE ACTIVITIES 2021 2020 Residential Housing Staff costs Other direct costs Suppoil cost5 {note 9) 126,669 390,596 260,893 108,009 3J3,418 196,207 778,158 617,634 Welfare Stsff costs Other direct Costs Grant5 to individuals Support costs (note 9) 514,518 100,687 352,039 487,851 591.088 158,6P5 454,160 566,550 1,455,095 1, 750,493 Total 2.233,253 2,368. 127 GOVERNANCE COSTS 2021 202 Auditors remuneration- audst fees Auditors remuneration- additional audit fees Auditors remuneration- Other services Other direct costs Legal and professional fees- internal audit fe¢s 16,200 3,000 6,480 11,476 4,200 15,237 4,OP8 31.221 41?56 50,556 Govemance Costs have been allocated across investment management costs and the cost of charitable activities in proportion to direct expenditure. 24
Docusign En¥ÈlopÈ ID." 639FAE23-06514960-gC6D-B1BDE4A9B98B CN (Y) ts) rrtm sr c¢ 4tr f4 t40 tso ¥0 00
Docusign En¥ÈlopÈ ID." 639FAE23-06514960-gC6D-B1BDE4A9B98B THE ROY AL SCOTTISH CORPORATION THE SCOTfisH HOSPITAL OF THE FOUNDATION OF KING CHARLES II NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR NDED 31 MARCH 2021 io. STAFF COSTS 2021 2020 Wages and salaries Social Security Costs Other pension costs 794,299 81,778 92,446 820,471 80,283 86.544 968,523 987.298 Employees 2021 2020 Ivo The average number of employees during the year Charitable Support 19 23 23 2021 No 2020 The average nutnber of FfE during the year Charitable Support 13 13 18 18 There was one employee in the salary band £80,000 to £90,000 during the f]nancial year to 31 March 2021 (2020: one The key Enanagement otthe Charity consists of the Chief Exeeutive together with the TTU5tees. Total remuneration for the Chief Executive, including social security and pension costs was £1 10.741 {2020.. £102,014}. Th trustees received no remllneration in the Cuent or prior year. No reitnbursement of expenses was made to tru5tee5 in 2021 (2020.. £108- one trustee). 26
Docusign En¥ÈlopÈ ID." 639FAE23-06514960-gC6D-B1BDE4A9B98B THF, ROY AL SCOTTISH CORPORATION THE ScolSH HOSPJTAL OF THE FOUNDATION OF KtNG CHARLES II NOTES TO THF. FINANCIAL STATEM£NTS (continued) FOR THE YEAR ENDED 31 IVLARCH 2021 Al. TANGIBLE FIXED ASSETS Freehold Iad & Buildings Asset under C.on5truction iixturts & Fitting5 Offiee Fquipment IT Equipment Tot81 COST l April 2020 Additions Transfer 7,430,000 E,557,672 1,117,074 {2,674,746) 291,179 220,633 85,002 9,363,853 1,367,741 30,034 2,674,746 At 31 March 2021 10,104,746 511,812 85,002 30,034 10,731,594 DEPRECIATION l April 2020 Charge for the year 90,600 115,997 170,579 18,283 85,002 346,181 136,210 1,930 At 31 March 2021 206,597 188,862 85,002 1,930 482,391 NET BOOK VALUE At 31 March 2021 9,898,149 322,950 28,104 10249,203 At 31 Mawh 2020 7,339.4 1,557.672 120,600 9,017,672 12 INVKSTME]YTS 2021 202 Opening Yalue at l April 2020 C05t of addition5 Less proceeds of disposals Reali5ed gain Unrealised gainl(loss) 37,972,333 42,545,918 12,769,787 8,60Q,961 (13,194,455) (JO,265, 768) 590,805 365,935 6,619,400 (3,274, 713) Mkrket v8lue at 31 March 2021 44,757,870 37,972,333 Funds on deposit with Investment Manager 660,170 444,02J Total vAlue As 8t 31 M*rch 2021 45,418.040 38.416,356 Cosi at 31 March 2021 Unrealised gains at 31 March 2021 36,505,103 8,912,937 36.560,628 1.855, 728 Marliet value at 31 frfKarch 2021 45,418,040 38.416,356 27
Docusign En¥ÈlopÈ ID." 639FAE23-06514960-gC6D-B1BDE4A9B98B THE ROYAL ScOlSH CORPORATION THE SCOThISH HOSPITAL OF THE FOUNDATION OF KtNG CHARLES II ]YOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDfiD31 MARCH 2021 12. INVESTMENTS (Continued) The Investment allocation at the year-end based on tnaTket value is as follows.. I l.OQ/o fixed interest, 71.00/0 equities. 2.4D/o property, 7.90/0 alternative inyesttnents, 7.7Q/D liquid assets. IOO/o of th¢ portfolio is held through a common nVeStment fund. 13. DEI wfoRS 2021 2020 (Resialed) A¢¢rued Income & Prepayment5 Debtors 44,011 91,024 114,929 76,812 135,035 191, 741 Adjustment As reslfiled ilie 2021 accouiils previously stated in the 2020 aeeounts Debtors, Prepayments & AccTued Income 274,549 (82,808) 191, 741 Please refer to note 19 for further details on the prior year adjustment. 14. CREDITORS: Amounts falling due wlthln one year 2021 2020 Trade creditors Other creditors Deferred income Accwals 78,752 31,541 15,142 187,081 31,441 19, 761 15. 788 81,868 312,516 148.858 Other Creditors include £13,573 (2020 £12,560) related to unfunded pensions Deferred in¢ome comprises of rental income received in advance 2021 2020 Balance at l April Amount released to rental income Amount deferred in year 15,788 (15,788) 15,142 25, 734 (25,734) 15, 788 Balance at 31 Mareh 15,142 15, 788 28
Docusign En¥ÈlopÈ ID." 639FAE23-06514960-gC6D-B1BDE4A9B98B THE ROY AL Sco1.H CORPORATION THf SCOTTISH HOSPI'fAL or TFIE FOUNDATION OF KING CHARLES II NOTES TO THE FINANCIAL STATCMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2021 15. CREDITORS: Amounts falling due after more than one year 2021 2020 Unfunded pensions 49,730 62,290 49,730 62.290 16. OPERATING LEASES ui Biillrflii 2021 2021 2020 2020 Under l year 2-5years 7,364 2,244 8,4JO 7,835 124,544 443,171 186.932 93,466 9,608 16,245 567.715 280,398 17. NET DEBT RECONCILIATION At l April 202 Cashflows Other no Cash Changes At31 March 2021 Cash 1,734,319 {436,229) J,298,OPO NET DEBT RECONCILIATION 2020 Cornparative At l April 2019 Ca5hflow5 Other non Cash chaRge5 A131 March 2020 Cash 1,5J7.155 217. 164 J, 734,319 18. PROs1oN VOR LIABILITIES AND CHARGES Provision for dilapidation A provision of £75,450 has been made for the expected property dilapidation eost at the end of the lease based on the lease temis and management's assessment of the propety tondition. The estimation involves a l¢v¢l of judgtTnent and will be reassessed annually. Movtment provlsion for Dilapidation Balanee at l April 2020 Amount released re SUender of LGF, 22 City Road 110.ooo (34,550) Balance at 31 March 2021 75.450 29
Docusign En¥ÈlopÈ ID." 639FAE23-06514960-gC6D-B1BDE4A9B98B THE ROYAL SCOTTISH CORPORATION THE SCOTTISH HOSPITAL OF THE FOUNDATION OF KtNC CHARLES II NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR EI NDED 3J MARCH 2021 19. PRIOR YEAR ADJUSTMENT Further to a review undertaken this year, it has been established that the Charity had over accrued the investtnent income 2n 2019-20 accounts. Funds at 31 March 2020 as previously stated Prior year adjustment- accrued invesiment income 10,672,577 52,414 37,952,735 48,677,726 (82,808) (82,808) Funds at 31 March 2020 as restated 10,589,769 52,414 37,952,735 48,594,918 30
Docusign En¥ÈlopÈ ID." 639FAE23-06514960-gC6D-B1BDE4A9B98B THE ROYAL SCOTTISH CORPORATION THF. scols]1 HO.SPITAL OF THF, FOUNDATION OF KIf4G CHARLES II NOTES TO THE FINANCIAL,STATEMENTS (continued) VOR THF. YEAR ENDED 31 MARCH 2021 20. MOVF,MENT IN FUNDS At l April 2020 (restated) Income Expendittsre Invtstment gllins Fund trinsfers At 31 March 2021 Thdowed Fund The James Kinnear Fund 37.952,735 (212,413) 7,200,554 44,940,876 Restricted fund Heritage Fund 52,414 9,650 62,064 Unrestrieted Ineome Funds Functional Fixed Assets Housing Maintenance Fund Free Assets 9,017.672 1.141,808 {778,158) 867.881 10,249,203 232,348 {232.348) 1,339. 74 1.572,042 (1,525,899) (635,533) 750,359 Total Unrestrleted Funds 10,589, 769 2,713,850 (2,304,057) 10,999,562 Tot&l Funds 48.584,918 2,713.850 (2,516,470) 7,210,204 56,002,502 COMPARATtVE 2020 (RESTATED) At l April 2019 Ir¢¥t8tedl Intomt Expenditure Invtstment (lossc$) Fund transftr5 At 31 March 2020 EndoTrved Fund The James Kinnear Fund 41.078,800 (237,169) (2,888,896) 37,952,735 RestrÉcted fund H¢ritage Fund 66,4J3 (13,999) 52,414 Unrestricteil Ineome Funds Functional Fixed A$5ets Housing Maintenance Fund Free Assets 7.034,951 1,165,281 (602,945) 820.385 9,017,672 141,037 (14,689) 106.000 232,348 2,6Jl, 728 1,489,838 (1,829,549) (5,883) {926,385) 1,339,749 Total Unre5tri¢ted Funds 10,387. 710 2,655,119 (2.447,183) (5,883) 10,589,769 Total Funds 51.532,P2S1 2,655,119 (2,684,352) (2,908,778) 48,594,918
Docusign En¥ÈlopÈ ID." 639FAE23-06514960-gC6D-B1BDE4A9B98B THE ROYAL SCO[SH CORPORATION THE sCOIsH HOSPITAL OF THE FOUNDATION OF KING CHARLES II NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2021 21. Af4ALYSIS OF ASSETS BETWEEN FUNDS 31 MARCH 2021 Unrestrltted Restricted Endowe TotAI 2021 Tot&l 2020 {re$t8ted) Tangible Assets Investments 10,249,203 10.249,203 9,017.672 45,336,790 45,418,040 38,416.356 81,250 Current Assets less Creditors & Provisions 750,359 {19,186) (395,914) 335,259 1.160,890 10,999,562 62,064 44,940,876 56,002,502 48,55)4.918 ANALYSIS OF ASSETS BETWEEN FUNDS 31 MARCH 2020 Unrestricted Restricted Endowed Totwl 2020 Tangible Assets Investtnents 9.017.672 9,017,672 38,416.356 71,866 38,344.491 cunt Assets less Creditors & Provisions 1,372,097 (19,452) (391,756) 1,160,890 10,589,769 52,414 37,952,73S 48,594,918 THE JAMES KINNEAR FUND The James Kinnear Fund is an unexpendable capital (Trernianent Endowment) fund whose a55ets are invested to produce income which each year is recorded in the Unrestricted Income Fund and is freely available for ihe charitable activities of the Corporation. HERITACE FUND The Heritsge Fund is a capital fund whith arises froTn the histori¢ sale of certain of the Coryoration's paintings (anciently donated) upon moving premises. Its income each year is recorded in the Unrestricted Income Fund and is fiEely available forthe charitable activities of the Corporation. Its capital assets are available to the Trustees forthe purchase of replacement commemorative artefacts for the Corporation's headquarters or such other corporate expendirnre as the Trustees may determine. 32
Docusign En¥ÈlopÈ ID." 639FAE23-06514960-gC6D-B1BDE4A9B98B THE ROY AL ScOlSH CORPORATION THE SCOTTISH HOSPITAL OF THF FOUNDATION OF KING CHARLE(S 11 NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2021 UNRESI'IUCTED tNCOME FUNDS lThese funds represent accumulated Èncome surpluses and consist of functional fixed assets ftjnd and free assets. {a} Tangible Fixed Assets FLmCtEonal rtxed assets comprise of residential property and the fixMTes & fittings within providing accommodation forthe elderly and key workers on lower incomes. The Trustees have dcterniined that these assets shall be a capital fvnd but that upon a disposal of the underlying propety, any proceeds not similarly rciMv¢st¢d Shall become free assets available ai the Tru5tees' discrelion. {bl FTe¢ Assets Free assets are available at the Trustees, discretion in the condu¢t of the Charity's affairs. The Ilousing Maintenance Fund, a designated fund earmdrked for nlaintenance of the Corporation's housing stock, has been merged with the Free Assets in 2021. 21. CAPITAL COIWITMENTS At 31 March 2021, the Charity has no capital commitments. 22. RELATED PARTY TRANSACTIONS Other than the tTansactions noted in not¢ l O tliere are transaciions with two associated charities. The total amount of transaction in 2020-21 with Charity of Willian) Kinloch Fund is £l.118 (2020.. £2,158) at)d St. Andrew's Scottish Soldiers, Club Fund £778 (2020.. £78) 23. HERITAGE ASSETS Works of art, cups are not capitalised in these accounts. They are considered to be heritage assets for the puT)se8 of the Charities SORP {FRS 102). They all have very long lives and are worth preserving ]nderllely. No value is attributed to heritage asset5 on the basis that information on cost or valuation of the assets is noi available and could not be obtained at reasonable ¢05t. There ha5 been DO movement ilk the heritage a55ets in the lost 5 years. 33
Docusign En¥ÈlopÈ ID." 639FAE23-06514960-gC6D-B1BDE4A9B98B