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 SCO￿ISH 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
CHAIR￿lAN'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 ChȢf 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 enSl￿e 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¢US￿d￿dtsy'.
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, f￿anCeS, 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, f￿ance 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 f￿ancIal statements for each f￿ancIal year,
whk¢h give a true and fair view of the Foundation's f￿ancial actiyities during the year and of its f￿anCIal position at th¢
end of the year. In preparing fthancial statements that give a true and fair view, the T￿Stee5 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 It￿pproPrIate 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 ScO￿lSH 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 Mit￿gate 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 pU￿oSe 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 ScO￿lSH 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, Cul￿ra1 and educational oppor￿nItieS 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 f￿aNCial 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 S￿dentS 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 ScO￿lSH CORPQRATION
THE ScO￿lSH 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 signa￿Te 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 fea￿red 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 ScO￿I$H CORPORATION
THE sco￿15H 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.0￿1$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 CO￿oration 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 saTh￿1n5 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 w￿th 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 Sco￿￿sH 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 Su￿1¢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 expendi￿re 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 Co￿0ration 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¢uS￿nIdts¥..
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 f￿anCIAl 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 State￿ent 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 f￿ancial 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 f￿ancial
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 SCO￿lSH 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 e￿Or, 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 detet￿1lled that the principal risks were related to application of controls
around authorisation of joumals and, ¢xpenditure alld paytnents. Audit procedures perFOr￿ed 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¢US￿nIdtsy'.
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
p￿rchaSe 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 a￿d 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. A￿ordInglY, the f￿ancial statements have been
prepared on a going concern basis.
The T￿Stee5 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 wa￿an1 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 Sco￿lSH 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 reco￿lSed 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.
prepa￿ents 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
EndOw￿ent 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 ScO￿lSH 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 Cu￿ent 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 Sco￿lSH 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
I￿a￿d &
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 ScO￿lSH 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 Sco￿1.￿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.
PRO￿s1oN 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 SU￿ender 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. sco￿ls]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 sCO￿IsH 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
cu￿nt 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 ScO￿lSH 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 ]nder￿llely.
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.
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Docusign En¥ÈlopÈ ID." 639FAE23-06514960-gC6D-B1BDE4A9B98B