THE ROYAL SCOTTISH CORPORATION
THE SCOTTISH HOSPITAL OF THE FOUNDATION OF KING CHARLES II
(OPERATING AS'SCOTSCARE")
REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2023
Charity Number.. 207326

THE ROY AL SCOTTISH CORPORATION
THE ScO￿lSH HOSPITAL OF THE FOUNDATION OF KING CHARLES 11
REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 Mareh 2023
CONTENTS
Page
Reference and administrative infonnation
Chairn)an's introduction
Highlights 2022 tLI 2023
Trustees, report
Independent auditors, report
16
Statement of financial activities
19
Balance sheet
20
Cash flow statement
Notes to the financial statements
22

THE ROYAL SCOTTI.8H CORPORATION
THE SCOTTISH HOSPITAL OF THF, FOUNDATION OF KING CHARLES 11
REFERENCE AND ADMINISTRATIVE INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023
Patron:
His Majesty King Charle5 111
Prineipal Office:
22 City Road, Loiidon, EC I Y 2AJ
Viec Presidents:
Stuart Steele
P.J.M. Scott
(resigned November 2022}
Treasurer
C. Somerville
Tru5tee5:
Elected Members of the Committee of Managernent:
J. Chestnut Ichairnjan)
D. Guild
J. Grieve
B. Griffin
P.J.M. Scott
J. Harvie
J. Cadzow-collins
K. Lynch (Vice Chair)
C. Mccahon
W. Gilmore
D. Mcmurtrie
C. Ross
F. Oram
S. Jemiyn
R. Brown
E. Close
(resigned July 2022)
(resigned NoveTnber 2022)
Iresi¥ned ApTiI 2023)
{appointed April 2023)
{resigned April 2023)
(appointcd April 2023)
(appointed April 2023)
(appointed October 2022)
In addition the Treasurer and Honorary Solicitor are Trustees and Members of the Committee of Managemeni.
Other A
ointments:
Chief Executive and Secretary:
Shona Fleming
Honorary Chaplain:
The Reverend Angus MacLeod
The Reverend Scott Rennie
Honorary Piper
PEpe Major J. McLucas

THE ROYAL.%COTTISH CORPORATION
THE SCOTTISH HOSPITAL OF THE FOUNDATION OF KING CHARLES II
REFERENCE AND ADMINISTRATIVE INFORMATION (continued)
FOR THE YEAR ENDED 31 MARCH 2023
Auditors..
Haysmacintyre LLP
10 Queen Street Place
London
EC4R IAG
Honorary Solieitor:
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
lrtvestment Advis¢r'.
Sarasin & Partners LLP
100 St Paul's Churchyard
London
EC4M 8BU

THE ROYAL SCOTTISH CORPORATION
THE SCOTTISH HOSPITAL OF THE VOUNDATION OF KING CHARLF.S 11
CHAIRMAN'S INTRODUCTION
FOR THE YEAR ENDED 31 MARCH 2023
Dear Friends,
l am privÉleged to be able to present our Annual Report and Financial Statements for the year ended 31 March 2023.
Our mission is to help Scots in need within the Greater London area in a variety of ways, depending on assessed Reed..
housing, health {physical and mental}, advocacy, financial grants, training, housing advice. volunteer prograTnn]e, career
coaching, ¢ounselling, respite holidays and social events. Whilst continuing our support to older people and working age
adults we have increased our loclls on 5UPPOrting children and families, the objective being to stop the cycle of poverty.
low educational attainment and unemployment.
The charity continues to be strong and stsble, testament to the dedication and hard work of our very capable team led by
our Chief Executive Shona Fleming.
After some years of Covid disruption this year has been a year of clear and Consistent perfomance within th¢ stTategic
framework agreed with the board and significant success was achieved in areas such as advocacy, counselling,
psychotherapy and activity holidays.
Our three sheltered housing 51te5 provide 96 flats in total.. 48 in Lewisham, 28 in Barnet and 20 in Wimbledon.
Continuing to increase awareness of Scotscare is critically important and this has continued with our podcast series, social
media. traditional media, pitch side banners at sporting events, presence at events and ctsntacts through the Scotscare
Ambassadors Club.
In the Trnstee5' Report you will see details of the extensive and varied work done by our staff of 23 and our volunteer
group of 55. Our CEO and her team are proactive, energetic and flexible and we aFe fortunate to have such a body of
impressive people. Thank you to everyone.
On l April 2023 our slster chariry New Border]￿ne m¢Tged into Scotscare to provide a one stop shop for vulnerable Scots
in London. Borderline's focus on the hotneless is now integrated into the Scotscare offering under one banner and provides
a moTe economic, effective and efficient delivery of client services.
As a body of trustees this fmancial year saw the conclusion of our project to modernisc our Constitution when our updated
Royal Charter received the seal of Her Majesty Queen Elizabeth 11, and also tho project to merge ScotsCaTe and New
BorderSine. As part of the latter project we were delighted to welcome three New Borderline trustees onto the Scotscwe
board in April 2023. Thank you to all my fellow trustees for their dedication and hard work.
Thank you also to all who generously donated to S¢otsCare during the year, whether funds or time and talents, you are
critical to our mission.
James Chestnut
Chairman

HIGHLIGHTS 2022 TO 2023
95%
445 children
awarded
clothing grants
totalling £67,150
d kn(Y•Aedge
d comp8tgn
of Staff was
excellent or
A total of 1003
grants were
awarded to
clients
517
COtsn￿lIIn9
sesslons
88 children's
activity grants
awarded,
totalling £43,515
Over
400 years
of
Scotscare
in
L4unched d
& alcohol
misl
¢ounsellln
servi
Advocacy resulted
in 90 clients
receiving back
payments totalling
£300,000 over last
5 years
Nearly 36% of
support
applications
made in online
portal
0% Increase
in Linkedln
lollowers
Scotscare
podcast
launched, 25
episodes and
1400 downloads
The charity
for Scots In
London
24 student
rants provld
iotalllng
£45,333
94% success rate
in accessing
services with
Advocacy
Tosldents ID
6heftered
89%
95%
95
of clients either
very satisfied or
satisfied with their
experience of
ScotsCare'$
services
sald S¢otsC
helped impr
thelr slandard
living
74,100 minutes ol
Blether Buddies
speaking with
clients
ouse
families whkh
Included 95
hildren took
part In PGL
holidays
grants were
awarded to
¢llents In th•
year

THE ROYAL ScO￿lSH CORPORATION
THE SCOTTISH HOSPITAL OFTHE FOUNDATION OF KING CHARLES 11
TRUSTEES, REPORT
FOR THE YEAR ENDF.D 31 MARCH 2023
The Royal Scottish Corporation ("the Corporation") is the working natne of the Scottish Hospital of the Foundation of
King Charles 11. It operatc.% under the name Scoiscare and 15 registeTed with the Charity Commission for England and
Wales - registration nuniber 207326. Our application for registration with the Office of the Scottish Charity Regulator
{08CR) was granted in August 2023
registFation number SC052739. Details of the principal offi¢e, Trustees. Chief
Executive and prin¢ipal advisers ean be found in the Teference and administrative infomiation section on pages l and 2.
The Trustees present their report and the audited Financial Statements for the year ended 31 March 2023, which have been
prepared in accordance with the provisions of the current StsteTnent of Re¢ommended Practice Accounting and Ret)orting
by Charities and the relevant accounting standard5.
Governin
Document
The Corporation is governed by Royal Charters of 1665, 1676, the Charter of Reincorporation of 1775, as amended in
1974, 1982 and 2022 and by Bye-Laws, which were last amended in July 2022.
Our new Royal Charter was duly approved by the pri￿ Council wilh Her Majesty Queen Elizabeth 11 in Council in March
2022 and took legal effect when it was electronically sealed on l August 2022.
ointment and InduetioM of Trustees
As provided in the Charter and Bye-Laws, there is one Annual General Court each year. The Committee of
Management, as charity trustees for the purposes of the Charities Act 2011, have control of the Corporation and its
property and fvnds.
The ComTnittee of Management shall elect no fewer than fsve nor moFe than 14 members including the Treasurer and the
Honorary Solicitor, and each serve for a period of ihree years.
One-third (or the number nearest one-third) of the Elected Members must retire at the Committee Meeting immediately
preceding each Annual General Court, Subject to Bye-Laws 5.7 and 7.1. a retiring Elected Metnber shall be elsgible for
re- ele£tion for consecutive periods not exceeding aggregate nine years from the date of his or heT original
appointment but thereafter an Elected Member shall not be eligible for re-appointment until one year after his or her
retirement.
The Committee of Management has established a Nominations Sub-committee which shall from time to time put forward
and recommend to the ComTnittee of Management candidates for election a5 Elected Members. Trustees are required to
attend two meetings of th¢ Committee of Management and a selection of the Sub Committees preceding their election.
Regard is given to the skills and expeTience of the potential trustee and that required by the Charity.
On appointment, each trystee is required to undertake an induction which includes reviewing infom)ation about the charity
includinbj its governing document. strategy, finances, Sta￿￿g StructUTe, risk register and briefings from staff on the work
of the organisation. Their attention is drawn to relevant Charity CoTnmi5sion guidance, including The ChèTity Governance
Code.

TIIE ROYAL SCOTTISH C.ORPORATION
TIIE sco￿]SH HOSPITAL OTr 'I'HE FOUNDATION OF KtNG CHARLES 11
TRUSTEES. REPORT (Continued)
FOR THE YEAR ENDED 31 MARCH 2023
Or
anisation
The Committee of Management meets quarterly and can appoint sub-committees to discuss and make recommendations
on more detailed aspects of strategy and policy. There are currently five sub-committees.. the Audit, the Investment. the
Welfare, the Communications and the Nominations sub-committees.
The Chief Executive is appointed by the Trustees to manage the day-to-day operations of the Charity. The Chief Executive
has delegated authority, within the terms prescribed by the Trust¢¢s, for operational, f￿art¢e and service delivery related
activity.
Ke
Mana
ement
The Chief Executive and the Committee of Management (unpaid Trustee5) make up the organisation's key management.
The Chief Exeeutive's salary 55 based on an annual pay and appraisal systeEn set by the Committee of Management.
Trustees, Res
onsibilitie5 and Risk Mana
emenl
The Trustees are responsible for preparing the Trustees, Report and the financial statements in accordance with
applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable lo charities in England and Wales requires the Trustees to prepare f￿ancial statements for each
financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and
application of resources of the chaTity for that period. In preparing these financial statements, the Trustees are required to..
select suitable accounting policies 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 departures disclosed
and explained in the financial 5tatements,' and,
prepare the financial statements on the going concern basis unless It 15 inappropriate to a55ume that the Charity
will be able to continue in operation.
The Tru5tee5 are responsible for maintaining proper accounting records which disclose with reasoRable accuTacy at any
time the financial position of the charity and to enable thetn to ensure that the accounts comply with the Chap'illes
Aci 2011, the Chai'ity (Accoynt5 and Reporls) Regtslulions 2008., and the provisions of the Royal Chaiters and Bye-Laws.
They are also Tesponsible for safeguarding the assets of the charity and hence for taking reasonable steps for the
preveption and detection of fraud and other irregularitie5.
We have overall responsibility for..
keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of
the Corporation and the funds held in trust;
establishing and monitoring a system of internal control.
ensuring that the Financial Statements ¢omply with applicable law and regulations,. and,
establishing aTTangeinents for safeguarding the assets of the Cgrporation and taking reasonable steps for th¢
prevention and detection of fraud and other irr¢gularities.
The systems of internal control are designed to mitigate risk and include a strategic plan, regular consideration by the
Committee of Management of the actual results Compared to budget and any variances arising. formal written policies and
procedures and detailed tems of reference for Sub Committ¢¢s.

THE ROYAL SCOTTISH CORPORA TION
THE SCOTTISH HOSPITAL OF THE FOUNDATION OF KING CHARLES 11
TRUSTEES, REPORT (continued)
FOR THE YEAR ENDED 31 MARCH 2023
Detailed consideration of the Tisks to which the Corporation is exposed is delegated to thc Audit Syb-committee. which is
assisted by the management teaTn. While it is not possible to fully miti&iate the risk, through established risk management
processes, we are Satisfied those systems and procedures are in place to manage the risks identified while recognising that
these systems can only provide reasonable and not absolute assEJraR¢e.
The key risks to which the Charity is exposed are the 1055 of investment income, the resignation or ill health tsf the CEO
and the health and safety of staff. The Trustees have borne the investment income risk in mind when detemiinin¥ the level
of free reserves and regularly review our reserves policy. The management of S¢otsCare's investment is undertaken by
professional investment advisors. Our CEO mana¥e5 a 5tron¥ senior management team with the appropriate skills and
experience to manage the day io day operations should there be a loss of key staff. In relation to the health and safety of
the charity's employees, Ihe charity follows the relevant and current guidance and has the appropriate rssk assessments in
place. Furthermore, the Charity considers its staff may be at personal risk when working with Client5 and interview rooms
have been designed to mitigate this risk, together with appropriate Written procedures and a lone working alert system
(Look Out Call) for staff to use and follow when workit]g outside the office.
Related
arties
None of the trustees receives remuneratitsn or other benefits from their work with the charity. Trustees are invited to declare
any relevant interests at each btsaTd meeting and are formally requested to submit an annual related party and ¢onflicts of
interest fom. Board members have Teported tTansactions with related parties within note 23.
ualit and diversit
We are committed to equality and diversity at S¢otsCare and ensure that within the framework of the law that our workplace
is free from unlawful or unfair discrimination because of protscted 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 expe¢ted to abide by it. Failure
to do 50, resulting in discrimination, can be treated as gross misconduct. This policy applies both to behaviour in the
workplace and recFUitFnent practices. We are engaged in monitoring at board and staff level equality and diversity within
the organisation.
Strate
Scotscare has provided support to Scots and their families in London for over 400 years. Our strategy 5et5 Out our
objectives for three priority Clients.. children and families; older people and working age adults.
Royal Charter
The objects of the Corporation shall be for the public benefit to relieve either generally or individually persons resident or
found within a radius of 35 miles of Charing Cr05s who are in conditions of need, hardship OT distress in such ways that
are charitable in law, being PeTsons who were born in Scotland or persons one of whose paTents in ea¢h case was bom in
Scotland or widows, widowers and survivors of civil parmerships of persons who were born in Scotland or widows,
widowers atjd 5urvivor5 of civil partnerships of persons one of whose parents in each case was born in Scotland.
Visio
Our vision is an end to the cycle of deprivation experienced by Scots atjd their families living within a 35-mile radius of
Charing Cross.
Purpose
Oui purpose ig to provide financial, practical, and elnotional support to Scots and their families living within a 35-mile
rddius of Charing Cross.

THL ROYAL SCOTTISH CORPORATION
THL SCOTTISH HOSPITAL OF THE FOUNDATION OF KING CHARLES 11
TRUSTEES. REPORT (conlinuedl
FOR THE YEAR ENDED 31 MARCH 2023
Values
Our values are that we are a earing, progressive, and effective organisation.
Caring
To provide a high quality of support to Scots and their families.
Progressive
Listeningttsthe needs of our beneficiaries and Tespondingto that need in a way that breaks the Cycle of deprivation.
Effective
Good governance, partnership working and investment in our people is key to our success.
Our elienls
ScotsCaTe a5SlSts Seots and their families who are in need of f￿ancIal, practical, and emotional assistance.
The organisation delivers a grant giving progTamme that sits alongside personalised support servi¢es to clients that includes
a needs led as5essTnent to provide direct services or signposting to specialist support sei'vices.
Many of our clients have support needs over and above fitjancial assistance. Many are socially excluded from society and
face a Combination of linked problems such as unemployment, poor skills, low incomes, poor housing, living in areas of
high crime, bad health and family breakdown. These problems are linked and mutually reinforcing so that they can create
a vicious cycle in people's lives.
Our elients recesve state benefits or aTe on low incomes. generally without support networks, socially isolated and often
unable to negotiate the public sector System, including the benefits system. A significant number of our clients have
additional support needs such as mental and physical ill health, debt problem5 and issues around substance misuse.
Our priority clients are..
Children and families
Older people
Working age adults
Strategic objectives
Children aDd families
All fainilies can face difficult times. whethei. it's a paient witli a diagnosed mental health problem, substance misuse issues
or poor housiiiu exacei'bated by long term poverty. We want to lielp faTnilie5 by providing sei'vices tliat will SUPPOTt them
to address difficult situations that will improve the life chances and flltiire opportunities foi. tlieir cliildren.
Our objectives will be to help Éhem:
reduce the effects of poverty through fmancial assistance-
have their voices hcaTd through advocacy on issues that are important to them.
address the issues faced by children and families to improve their mental and physi¢al wellbeing.
engage with training and employment opportunities,. and,
ac¢es5 50cial, cultural, and edueational opportunities for their children.
Older people
Building a sense of conununity,. reducing social isolation and loneliness; proTnoting well-being and healthy living i5 all
part of providing our client5 with services that are suited to their needs.

THF, ROYAL Sco￿lS￿l CORPORATION
THF, SCOTTISH HOSPITAL OF TIIE Tr'OUNDATION OF KING CHARLES II
TRUSTEES, REPORT (eontinutd)
FOR THE YEAR ENDED 31 MARCH 2023
Our objectives will be to help them:
incTease the￿T indep¢nd¢n¢e within the community,.
reduce their social isolation and lonelines5'
access housing appropTiate to their needs,.
increase their digital skills and knowledge; and,
access SOC131 activities.
Working age adults
Providing access to training and job coaching support which rnoves individuals closer to employmeiit is an important aim
of this strategy. Our experience is thai noi all clients can engage with these opportunities, but for those who can, we will
provide access to tailored support.
Our objectives will be to help them:
identify baTriers to employment-
engage with personalised job coaching;
access grants for specific training or education cour5es,' and.
move into employment.
Support services
To realise our strategic objectives w¢ will aim to provide..
All clients, as appropriate, with..
access to our helpline and walk-in service as the f￿51 point of contact,.
individual assessment of need and benefit5 check.
budgetin¥ advice and debt referral if appropriate;
financial grdnts to PUTchase household items;
advocacy.,
counselling;
signposting to health and substance misuse services-
housing advice. and,
access to volunteering opportunitles.
Children and families with..
job coaching and gTants for training.
volunteer befrienders,.
access to a programme of annual social events.
access to our volunteering opportunities.
childTen'5 clothing gnd activity grants,. and,
Children and families activity holidays.
Older people with..
assessment of need for Scotscare's sheltered housing,.
programme of annual social events.
volunte¢T befrienders. and,
volunteer tech buddy programme.
Working age adult5 With..
grants for training or study., alld,
job coaching.

THE ROYAL SCOTTISH CORPORA'I'ION
TIIE SCOTTISH HOSPITAL OFI'HE DOUNDATION OF KING CHARLES II
TRUSTEES. REPORT (continued)
FOR THE YEAR ENDED 31 MARCH 2023
Achi¢vements and Performance
Publie Benefit
The Trustees have had Tegard to the Charity Commission's guidance on public benefit during the year. The Charity meets
the Public Benefit test set out by the Charity Commission by providing the following services..
sheltered housing on three sites ill London.. Grove Park in Lewisham,. Whetstone in Bamet., and Worple Road in
Wimbledon. Residents must be over 55, or over 50 with a significant disability, to qualify lor our sheltered
housing.
an extensive menu of financial grants and regular tnonthly allowances.,
siipport services.. advocacy., psychotherapy, family sUPPQrt work and job ctsaching;
signposting to other services ¥enerally'
volunteering opportunities acT055 the organisation,.
grants to help students and the unemployed who Tequire additional training before returning to work., and,
n annual pro¥ramme of social events for fatnilies and older people.
To qualify for any of the above, an applicant must be assessed by the Corporaiion's professional staff and have exhausted
state or other welfare provision. The Corporation's staff as51Sts in this process by carrying out a benefits check to ensuTe
the PToper take-up of state benefit entitlement as well as signposting to relevant services.
Numbers of the members of th¢ public benefittiNg from our services
2022-23
2021-22
2020-21
Affordable housing
Regular monthly allowance5
Financial grants
Trained and supported volunteers
Blether Buddies befriending project
Number of people attending social events
Helpline calls
Student and training gTants
Adults assessed for services
Children benefitting froTn service5
Advocacy cases
Counselling sessions
96
24
1.003
60
49
849
6,659
38
478
445
74
517
96
34
896
96
49
807
76
73
55
840
6,368
25
538
423
95
244
6,269
30
564
255
71
268
Detailed one-to-one assessments are carried out at the client's home, on the telephone or at our office on City Road. The
assessment includes the collection of information that helps us to provide the tnost appropriate Services that tackle long-
term deprivation. Our objective is to identify and achieve defined outcomes for each client, thu5 measuring and quantifying
the impact we have on our client5, lives. This more focused approach has resulted in more grants and services to the most
vulnerable of clients, and the itnpact of our intervention has been greater for most clients.
2022-23
2021_22
2020-21
Grant expenditure
S l- cliildr¢n and farnili¢5
S2 4)Ider people
S3- workillg age adults
261,160
71.277
131,909
190,445
75,314
95,709
194,337
63,526
94,179
Support 5ervice5
Psychotherapy
Children and families, project
Volunteer progr&rnm¢
Advocacy
Social events
79.296
28.744
63,728
105,201
122.852
54,720
5.598
49,228
102,133
95,231
22,000
102,149
17.566
Total
fi68
10

THE ROYAL sco￿]SH CORPORATION
THE SCOTTISH HOSPITAL OF THE FOUNDATION OF KING CHARLES II
TRUSTEES, REPORT {eontinued)
FOR THE YEAR ENDED 31 MARCH 2023
Merger with Borderline
The Royal Scottish Corporation {ScotsCare) and New Borderline (Borderline) merged on l April 2023 to provide a one
stop shop for vulnerable Scots across London. Previously, the truste¢s had agreed in their respective strategies for 2019-
2022 to consider the potential for a merger. They are the only two ¢haritie5 in London with a specific focus on supporting
the needs of Scots.
Whilst Scotscare has a remit to address general need and Borderline was more specialist in their service to the htsTlleless,
there was already a Service Level Agreement between the two charities for premises costs, management and staffing, and
a proven smooth operaiional framework over the past 10 years.
Th¢ aim of the merger between the eharities is to CTeate a single charity that is client focussed to use the financial and
professional resources of both charities to ensure a more economic, effective. and efficient delivery of elient service5 and
to remove the confusion that exist5 #mongst tnost of our stakeholders.
On l April 2023 the as5et5 and liabilities of New Borderline (Registered Company number 06844151, Charity numbers
11286848 and SC044530) were transferred to Scotscare.
Volunteer prograrnme
Our volunteers provide significant support and assistance across the organisation. In total, OUT volunt¢ers provided 5.935
hours in various roles acros5 the organisation.
We are fully COTllTnitted to providing our volunteers with the best training so that the organisation continues to benefit from
their input. OveT the past year, our volunteers were able to fulfil the following roles..
Blether Buddy befriender (at home)
Blether Buddy befriender (telephone)
Tech Buddy
Travel Buddy
Rcception
Monthly lunch clubs for over 50s
Attendance at allnual client outings
Administrative
Communications team support
Residents, coffee momings
19
30
10
30
40
Our volunteer programme, strongly led by our Volunteer Co-ordinator, has Eecome an integral part of the ScotsCaTe
support service. In particular, our Blether Buddies provide 5UPPOrt to older people either on the phone OT Ill their hgm¢s
and this significantly reduces social isolation. Many befriending relationships become a lifeline for isolated Scots, and it
is testament to the commitment and loyalty of our volllnteers that we are able to impact the lives of $0 many.

THF. ROYAL SCOTTISII CORPORATION
THE SCOTTISH HOSPITAL OF THE FOUNDATIOIY OF KING CHARLES II
TRUSTEES, REPORT {continued)
FOR THE YEAR ENDED 31 MARCH 2023
Monitorin
d Evaluation
In line with oiir Strategic objectives, we monitor and evaluate our work by using a theory of ¢hang¢ outcomes fratnework
to track the progress of individual clients over the course of their involvement with us. These outcomes consideT a ran¥e
of indicators and are reported to Trustees on a quarterly basis. Our client database and theory of change dashboard PTovide
fvrther way5 to monitor, evaluate and report on our work.
We continue to use a series of surveys developed to receive regular feedback from clients, tenants, and volunteers to
measure satisfaction levels and areas for improvement or additional services. The purpose of these surveys is to help
deteTmine future strategy and to as51St with tlie planning and itnprovement of specific services. The feedback also provEdes
the necessary evidence of Scotscare's effe¢tivene5s and increases awareness of our services amollgst our beneficiaries.
Raisin
our
rofile
The itnportance of raising awarene55 throiigh our cornmunications is important to us if we are to reach more Scots in
London who need our help. Our Communication5 Strategy for 2020-22 was developed to stren.
then the brand identity
and to ensure that we continue to communicate effectively internally and externally witli tlie appropriate key messages to
our staff, volunteers, clients, and key stakeholders.
It has been a 5ucce55ful year for brand awareness with the introduction of our podcast series. social media and pitch side
banneTS at top level football and rugby events featurcd on Amazon Prime, Channel 4 and BBCI. The podcast serEes has
been an excellent opportunity to raise awareness amongst a wider audience through carefully selected Scots fvom vaTIOUS
professional and art15tic backgrounds. We introduced, foT the first time, a Scotscare Christmas card to Sell to help protnote
awarenes5 Of the charity and the work we do.
Seotscare Ambassadors Club
Scotscare needs help to raise awareness of its work and to raise ￿nds. Our ATnba5sadors play a vital role in representing
the Charity amongst their personal and professional network, speaking about our work and the importance of the funds our
supporters raise. The role involves our Ambassadors using their network of contacts in the business. commercial. political,
and other sectOTS in and around London to increase awareness and support for Scotscare. We hope to expand the number
of Ambassador5 over the coming year.
Marketing 2nd Advert15ing
We coiilinue to use the GP surgery and A&E leaflet distributioii service to raise awareness of ou￿. 5erviees. Our leafleis are
now on display at 528 GP surgei'y aiid ho5Pltal waitints ai.eas across Loiidon.
Adverts promtsiing OLir services have appeared in Camden New Journal, Islington Tribune, Westminster Extra, Haekney
nd 151it]gton Gazettes, East London Adveitiser, Loiidoii Metro, Directions magazine - Community Services Ma¥azine,
Caledonian Cliib magazine, What's On magazijie, South London rna&7azine, The South Londoiier, SouthwarL Neiv5pttper,
The Coininuiiity NotiLeboard (Souihwark Newspaper also), Miiswell Flyer, Highgate Handbook, The N8 Cominunicator,
N21 Directory, N14 Directory. The Bamet London EN4 and The N20 Co￿7e¢t1olI.
To further eiihaiice our branding and overall e.xposure to more Scots, we had pitch side baniiers at the Natlolls Clip rugby
gaines shown on Amazon Prime and Channel 4 hi(Thlights, extendiiig the reach of ilie banner being seeii in London and
further afield.
Kvent5
We returned io Pride in London with a stall in Soho Square in July. Over one million people attend Pride Day, a great
opportunity to meet prospective clients and supporters along with networking with other charities and services.
12

THE ROYAL SCOTTISH CORPORATION
THE SCOTTISH HOSPITAL OV THE FOUNDATION OF KING CHARLES 11
TRUSTEES, REPORT {continlled)
FOR THE YEAR ENDED 31 MARCH 2023
We also retumed to the Angel Canal Festival, an event local to OUT office, and in a borough where we have a high number
of cliellts. Like Pride. it's an excellent way io meet OT reconnect with cli¢nts and supporters.
Our St Andrew's Day Festival Dinner was a su¢cessfiJl event with the Scotscare Choir performing to the delight of
attendees.
Working with other organisatioDs
We have continucd our involvement with Scots in London. a group of 17 Scots organisations working in London. The
group aims to support the Scottish community in London, including ils charity Tnembers. The purpose of this group will be
io continue networking and collaborating to promote our individual organisations acr05S the Scottish diaspora in the broad
'London" area. We are delighted that HRH The Princess Royal has agreed to Continue as Patron.
Fundrai5111
Scotscare is registered with the Fundraising Regulator but does not engage in public fundraising and does not use
professional fvndraisers or commercial participators. Nonetheless, we do observe the relevant fundraising regulations and
codes. Scotscare will never call to 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 inforTnation is clearly stated in our Privacy
Policy which is available on our website. No complaints were received during 2022123.
Financial Review
The results for the year are shown in the Statement of Financial Activities
Incoming Te50urces totalled £2,734,408 {2022.. £2,627,869) and total resources expended were £2,979,109 {2022..
£2,688,658). This resulted in a defjcit of £244,701 (2022.. deficit £60,789);
Incoming resources for the year derive predominantly from investment income and interest of £1,261,191 (2022..
£1,252,485) plus rental income from residential housing of 1,378,758 (2022.- £1,280,4551-
Legacies, covenanlslgift aid events and donations amounted to £21,523 (2022.. £24,381).
Realised Ios5 on investment5 amounted to £0 (2022 realised loss.. £402).
UnTealised loss on investments amounted to £2.460,919 {2022 unrealised gain-. £1,298,0981- and
The total funds at 31 March 2023 amounted to £54,533,789 (2022.. £57,239,409).
Associated Charities & Related Charities
The Corporation is the sole Trustee of the Kinloch Bequest (Charity No. 210067) . The charity is required to be managed
by a Committee of Management made up of 15 Life Governors of S¢otsCare plus the President, Vice Presidents, and
Treasurer.
Trustees of the Corporation are also appointed as the sgle trustees of the St Andrew's Scottish Soldiers, Club Fund {Charity
No 233297}.
The object5 of the abov¢ charities are distinct from those of the Corporation and, accordingly, they are not considered to
be subsidiary charities. TheiT results, assets and liabilities do not fom) part of these fmancial st8teTnents.
Investrnent Mana
¢m¢nl
The investments of the Corporation are managed by the investment adviser, Sarasin & Partners LLP under dEscretionary
mandate5 that provide for annual fee5 based on the average value of the respective portfolios managed by them.
The Corpor&titsn ha5 adopted guidelines for the investment of its funds which are intended to allow flexibility in the range
and classes of investment subject to protection against imprudent investment actions, decisions and practices. The primary
objectives are..
The generation of income at a level consistently 2nd reasonably balanced between the need to conserve and
increase lon¥-temi capital and the need to generate income for the activities of the Corporation
The achievement of a level of income sufficient to enable the Corporation to grow the scale of its charitable
activities in real terms

THE ROYAI. SCOTTISH CORPORATION
THE SCOTFISH HOSPITAL OF T14E FOUNDATIOIY OF KtNG CHARLES 11
TRVSTEES. REPORT (continued)
FOR THE YEAR ENDED 31 IVIARCH 2023
No specific investinent exclusions have been set. However, the Sarasin's fund in which Scotscare invests does not invest
in tobacco and avoids investtnent in companies that have more than l OQ/o of their turnover in alcohol manufacture.
arn)aments, gambling or porno¥raphy.
The Investment Sub Committee reviews the perforniance of the portfolio with the Investment Adviser quarterly and reports
to the Committee of Mana(Tement.
The Investtnent Sub Committee conducts an evaluation of the Investtnent Adviser on an annual basis. The evaluation
includes ¢onssderation of the investment strategy and the process of the Investment Adviser and performance against
benchmarks.
In the year to 31 March 2023 the investment income amounted to £1,261,191 (2022.. £1,252,485). The brokerage
commission amounted to £161,712 (2022.. £167,946) and the investment tnanagement fees were £171,297 (2022..
£179,693). The market value of the portfolio at 31 March 2023 amounted to £43,903,924 (2022.. £46,530,585).
Reserves
The position disclosed by these Financial Statements shows that at 31 March 2023 the unrestricted reserves of the
Corporation amounted to £11,075,172. This sum comprises {a} £10,235,404 of Functional Fixed Assets and {bl £839,768
the balance of unrestricted free reserves. The target fund of flee reserves is £1,489,555. The TrLJStees are confident that the
charity holds sufficient reserves for operational purposes which include a cyclical property maintenance plan, We regularly
review our Teserves policy which is linked to the major risks and opportunities for the organisation. The restricted fi]nds as
at the year-end artJountEd to £55,498.
Functional Fixed Assets
These assets drc the Corporation's three residential properties providing accommodation for the over 55s.
Unrestricted Free Reserves
Unrestricted ftee reserves are represented by other net asset5 available at the Trustees full discretion in the conduct of the
CorpoTation's aftairs.
We consider that for the smooth running of the Corporation and as a protection against exceptional expenditure or a drop
ill illCOTne, a level of available expendable reserves is necessary. The current level of available expclldable reserves of
£839,768 represents approximately 1.540/0 of the net asset5 of the Corporation and approximately four Tnonth5 of noTtnal
expenditure.
The total reserves at 31 March 2023 are £54,533,789. It comprises unrestricted fund.. £11,075,172, restricted fund.. £55,498
endowed fund.. £43.403,119.
Future
lans
We have agreed on an annual budget to support and contribute to the ongoing development and delivery of client support
service5 throughout the coming year with EL Spend of £3.3 million in 2023-24.
The annual programme of 5ervice5 will be delivered..
usin¥ direct interventions where resources Can be most effective.
identifying and signposting to other appropriate services for the benefit of clients,.
supporting and investin¥ in our staff and volunteers through training and development. and,
working with other organisations, societies, churches, chariiies and agencies.
Next year we will..
ensure the eontinuation and smooth tran5ltion of Borderline services into the Scotscare range of services,.
develop a new operational strategy for 2023-2026.
review OUT mental health services, in particular our children and fatnilie5 Psychotherapy service to 5UPPOrt
vulnerable faTnilies, especially those children with educational and mental health needs;
implement QUT new client database and develop our reporting capabilities,.
refresh our theory of change to ensure we aTe focused on the best services to end the cy¢le of deprivation
amongst our clients.
14

THE ROYAL SCOThISH CORPORATION
THE ScO￿lSH HOSPITAL OF THE FOUNDATION OF KING CHARLES 11
TRUSTEES. REPORT {continued)
FOR THE YEAR ENDED 31 MARCH 2023
expand our volunteering programme to include a bcfriending service for families.
develop our communications strategy for 2023-26 to increase the nuinbeT of individuals benefitting frotn our
seTviees-
review our office lease at City Road as well as consider fvrther expansion of our sheltered housing
accommodation,.
increase the number of Scotscare Ambassadors.,
review The Kinloch Bequest and St Andrew's Scottish Soldiers, Club Fund charities,. and
¢ontinue to adopt our new Supplemental Charter and Bye-laws.
roval
This report was approved by the Trustees on 25 October 2023 and signed on their behalf by..
ames Chestnut
Chairman

INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF
THE ROYAL SCOTTISH CORPORATION
THE SCOTTISH HOSPITAL OF THE FOUNDATION OF KING CHARLES 11
FOR THE YEAR ENDED 31 MARCH 2023
Opinion
We have audited the financial statements of The Scottish Hospital Of The Foundation Of KiRg Charles The Second
(Royal Scottish Corporation) for the year ended 31 March 2023 which comprise the Statetnent of Financial Activities, the
Balance Sheet and the Cash Flow Statement and note5 to the financial statements, including a SUTnmary of significant
accounting policies. The financial reporting fi'2mework that has been applied in their prcpaTation is applicable law and
United Kingdom Accounting Standards, including financial Reporting Standard 102 Thc Financial Reporting Standard
applicable in the UK and Republic of Ireland (United Kingdom Generally A¢ccptcd Accounting Practice).
In our opinion, the financial statement5'.
give a true and fair view of th¢ state of the charity's affairs as at 31 Ma￿h 2023 and of the charity's net movement in
nds for the year then ended.,
have been properly prepared in accordance with United Kingdom GeneTally Accepted Accounting Practice. and
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
Wc have been appointed as auditor under Section 144 of the Charities Act 2011 and report in accordance with the Act and
r¢lcvant regulations made or having effect thereunder. We conducted our audit ij) accoTdance with Iniernationa
Standards on Auditing (UK) (ISAS (UKI) and applicable law. Our responsibilities under those standards are furtheT
described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are
independent of the charity in accordance with the ethical requirements that are relevant to our audiE of the financial
statements in the UK, including the FRC'S Ethical Slandard, and we have fi]Ifilled our Other ethical responsibilities in
accordance with these requirements. We believe thai the audit evidence we have obtained is sufficient and appropTiate to
provide a basis for our opinion.
Conclusions relating to going eoneer
In auditing the f￿ancial statements, we have concluded that the trustees, use of the going concern basis of accounting in
the preparation of the financial 5taten]ents is appropriate.
Based on the work we have p¢rfoTmed, we have not identified any material uncertainties relating to events or conditions
that, individually or collectively, may east significant doubt on the charity's ability to continue as a going concern for a
pei'iod of at least tweSv¢ month5 from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are descrsbed in the Televant
sections of this report.
Other information
The trustees are responsible for the other information. The other infomiaiion comprises the infor￿ation included in the
Trustees. Report. Our opinion on the financial statements does not cover the other infomiation and, except to the extent
otherwise explicitly stated in our report, we do not express any fortn of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doll)g
so. consider whether the other information is materially inconsistent with the financial ststements or our knowledge
obtained in the audit OT OtheTwise appears io be materially misstated. If we identify such material it]consistencies oi.
apparent material misstatements, we are required to determine whether there is a material misstatement in the financial
statements or a material misstatement of the other information. If, based on the work we have performed, we conclude
that there is a material misstatement of this other infomiation, we are required to report that fact. We have nothing to
report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following mattcTS in relation to which the CharitEes (Accounts and Reports)
Regulations 2008 require us to report to you if. in our opiniot]'.
adequaie accounting records have not been kept by th¢ charity. or
sufficient accounting records have not been k¢pt' or
the charsty financial statemenis are not in agr¢cTnent with tlie accounting records and returns,. or
we have not received all the information and explanatsons we require for our audit.
56

INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF
THE ROYAL SCOTTISH CORPORATION
THE SCOTTISH HOSPITAL OF THE FOUNDATION OF KING CHARLES II
FOR THE YEAR ENDED 31 MARCH 2023
Responsibilitie5 of trustees for the financial statements
As explaiiied more fully in the trustees, responsibiliiies stalements on page 6, the trustees are respoTisible for the preparation
ol. the financial statements and for being satisfied thai they give a true and fair view, and for such internal control as the
trustees determine is necessary to enable the preparation of f￿ancial statements that are free fi'om material misstaiement,
whether due to fraud or error.
In preparing the finoncial statements. the trustees are responsible foT assessing the charity's ability to continue as a going
concern, disclosing. as applicable, matters related to going conceTn and using the going concern basis of accounting unless
the trustees either intend io liquidaie the charity or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the uudit of the financial statements
Our objectives are to obtain Teasonable assurance about whether the financial statements as a whole are free from material
misstaiement, whether due to fraud or error, and to issue an auditor's reportthat includes our opinion. Reasonable assurance
is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK} will always detect
a material misstatement when it exists. Mi5Statements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the economic decisiolls of useTS taken on
the basis of these financial 5taternents.
Irregulariiies, including fTaud, [￿e instances of non-compliance with laws and regulations. We design procedures in line
with our responsibilities, Outlined above, to detect material misstatements in respect of irregularities, including fraud. The
exteni to which our procedures are capable of detecting irregularities. including fraud is detailed below.
Based on our understanding of the Charity, we identified that the principal risks Of ntsn-compliance with laws and
regulations relates to the regulatory requirements of tenancy regulations, Charity Law, Health and Safcty Act and
employment law 2nd we considered the extent to which non-compliance might have a material effect on the financial
statements. We also considered those laws and regulations that have a direct impact on the preparation of the finaDcial
statements such as the Charities A¢t 201 l and the application of FRS 102 and payroll tax.
We evaluated management's incentives and opportunities for fraudlllent manipulation ofthe finan¢ial statements (including
the T15k of override of ¢ontrols), and detennined that the principal risks were related to posting of inappropriate journal
entries and management bias in accounting estimates. Audit procedure5 perfortned by the engg&Jem¢nt team included..
Enquiries of management regarding correspondence with re¥ulators and tax authoritie5.
Discussions wilh management including consideration ot known or suspected instances of non-compliance with laws
and regulation and fraud.
Evaluating management's controls designed to prevent and detect irregulariti¢s'
Identifying and testing journals, in particular, journal entTie5, Postings by unusual users or with unusual descriptions.
and
Challenging assumptions and judgements made by management in their accounting estimates.
Because of the inherent litnitations of an audit, there is a risk that we will not detect all irregularities, including those
leading to a material misstatement in the financial statements or non-cornpliance with regulation. This risk increases ihe
moTe that compliance with a law or regulation is removed from the evenis and transactions reflected in the finan¢ial
statements, as we will be less likely to become aware of in5tanc¢s of non-compliance. The risk is also greater regarding
Irregularit￿eS occurring due to fraud rather than error, as fraud involve5 intentional conc¢almcnt, forgery, collusion,
onii5siott or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting
Council's website at.. www.frc.org.uklauditorsresponsibilities. This des¢ription forms part of our auditor's report.
17

INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF
THE ROYAL SCOTTISH CORPORATION
THE SCOTTISH HOSPITAL OF THE FOUNDATION OF KING CHARLES 11
FOR THE YEAR ENDED 31 MARCH 2023
Use of our report
This report is made solely to the charity's trustees. as a ix)dy, in accordance with section 144 of the Chai'itie5 Act 201 l and
regulations made under Section 154 of that Act. Our audit work has been undertaken so that we might State to the chaTity'S
trustees those matters we ale reqtjired to state to them in an Auditor's repoi1 and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume responsibility to anyone othei. than the charity's trustees as a body foT OUT
audit work, for this report, or for the opinions we have fomed.
LLLR
Haysrnacintyre LLP
Ststutory Auditors
l O Queen Street Place
Londgn EC4R IAG
Date.. 1511112023
Haysmacintyre LLP is eligible to act as an auditor in terms of section 1212 of the Companies Aet 2006.
18

THE ROYAL SCOTTISH CORPORATION
THE SCOTTISH HOSPITAL OV THE VOUNDATION OF KING CHARLES II
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 MARCH 2023
Uni'estrieted
Trund5
ZO23
R¢$tri£ted
Funds
Fndoiyed
F￿n￿$
2023
Tot*1
2023
Toffrfl
2022
21123
Notes
Ineome frotn:
Donations and legacies
21,523
21,523
24,381
Inve5ttnents
1.261,191
1,261,191
1,252,485
Clillril￿￿l￿ oclivilies
IncoTne from residential propety
Income from services in respect of
homeless people
1,378,758
1.378,758
1,280.455
72,936
72,936
70,548
Total income
2,734,408
2,734,408
2,627,869
Expenditure on:
Rai5iiigfHiids
Investment management costs
62,671
188,011
250,682
251,384
Char1147ble aellvlil
Welfare
Residential housing
Other
1,875,247
851,821
1,875,247
851,821
1,359
1,560,859
873,223
3.192
1,359
Total expenditure
2,789,739
1,359
188,011
2,979,109
2,088,658
Net (expenditure) before
investment (1055es)IgaTn5
(55,33 I)
(1,359}
(188,0111
(244,701)
(60, 789)
Realised (lo5se5) on
inve5trnent5
Unrealised (Ios5esygains orh
iiivestments
(402)
{4,384) (2,456,535) (2,460,919)
1,298,098
et realis¢dlunrealised (lossesy
gains
{4,384) (2,456,535) (2,460,919)
1,297.096
Net movement in funds
(55,331)
(5,743) (2,644,546) (2,705,620)
1,236,907
Total funds brought forward
11,130,503
61,241
46,047,665
57,239,409
56,002,502
TOTAL FUNDS CARRIED
FORWARD
11,075,172
55,498
43.403,119
54,533,789
57,239,409
All transactions are derived from continuing activities. All recognised gains and losses are included in the Staternent of
Financial Activities.

THE ROYAL SCOTTI.SH CORPORATION
THE SCOTTISH HOSPITAL OF TIIE FOUNDATION OF KING CHARLES 11
BALANCE SHEET
AS AT 31 MARCH 2023
2023
2022
Notes
FIXED ASSETS
Tangible assets
Investments
10,235,404
43,903,924
JO,316,531
4Lf,536,585
12
54,139,328
56,853, J16
CURRENT ASSETS
Debtors and prepayinents
Cash at bank and in hand
13
124,430
638,131
152,362
582,670
762,561
735,032
CREDITORS.. a￿OUnts falling due
within one year
14
(250,586)
QJg,J09)
NET CURRENT ASSETS
511,975
5J5,923
CREDITORS: amounts falling due
after more tli&n one year
15
(42,064)
(54, J80)
Provisions for liabilities and charges
18
(75,450)
(75,450)
54,533,789
57,239,409
FUND BALANCES
Endowed Fund5
Restricted Income Fund
Unrestricted Income Fund
19120
19120
19120
43,403,119
55.498
11,075,172
40,047,665
61,241
IJ, 130,503
TOTAL FUNDS
54,533,789
57,239,409
The fmancial statements were approved and authorised for issue by the Trustees
on 25 October 2023 and are signed on its behalf by..
J. Chestnut
Chairman
C. Somerville
Treasurer
20

THE ROY AL scorrisH CORPORATION
THE SCOTTISH HOSPITAL OF THE FOUNDATION OF KING CHARLES 11
CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023
2023
2022
Cash flows from operating activities
(908,024)
(J,2J7,654)
Cash l]ows from investiDg activities
Dividends and interest
Purchase of investrnents
Purchase of fixed assets
Proceeds from sale of investments
1,261,191
1,252,485
(480. 789)
(269,232)
223
(130,440)
Net cash provided by investing aetivities
1,124,751
502.687
Change in cash and cash equivalents in
the year
216,727
(7J4,967)
Cash 2nd cash equivalents at the
beginning of the year
583,123
1,298,090
Cash and cash equivalents at the end of the reporting year
799,850
583, 125
NOTES TO THE CASH FLOW STATEMENT
2023
2022
Reeonciliation of Net MovemeTht in Wunds to Net Cash
Flow from OperatlDg Activities
Net movement in funds
Lossl(gainsl on investments
Investment Fee paid frorn the ¢apital account
Depreciation charges
Decreasellincreasel in debtors
Increasel(decrease) in creditors
Dividends and interest from investments
(2,705,620)
2,460,919
333,008
217,567
27,932
19,361
1,236,907
(1.297,69LS)
201,904
(17,327)
[88.957)
(J,252.485)
Net cash used in operating activities
{908,024)
(1,217,654)
An8lysi5 of Cash and Cash Eqllivaltnts
2023
2022
Cash at bank and in hand
Cash held by investment managers
638,131
161,719
582,670
453
799,850
585, J23
Note 17 shows the net movement in fundsldebt.

THE ROYAL SCOTTISH CORPORATION
THE SCOTTISH HOSPITAL OF THE FOUNDATION OF KING CHARLES 11
NOTES TO THE FIIYANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
J. ACCOUNTING POLICIES
1.1 BASIS OF PREPARATION
The fiiiancial statements have been prepared in accordance with Accounting and Reportit]g by ChaTlties.. Statement of
Recommended Practice applicable to chai'ities preparing their accounts in accordance with the Financial Reporting
Standard applicable in the UK and Republic of Ireland IFRS 10212ThJ edition effective for pei'iods commencing on or after
l January 2019 - (Charities SORP FRS1021, the Financial Reporting Standard applicable in the United Kingdom and
Republic of Ireland IFRS 102) and the Charities Act 2011.
The charity constitutes a public benefit entity as defined by FRS 102. Assets and liabilities are initially recognised at
histoi'ical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
Gotng Concern
Givet] the chaTity'S level of free reserve5 available at the year end, the Trustees consider that the charity has adequate
resources to continue in operational existence for the foreseeable future and that tliere is no TnateTial uncertainry connected
with the chariry's ability to continue to operate as a ¥oin¥ concern. Accordingly, the financial Statements have been
prepared on a going concern basis.
Significant judgements and estimates
Judgements Enade by the trustees. in the applEcation of these accounting policies have signifIcant effect on the financial
statetnents. In the opinion of the trustees, in 2022-23 the significant judgements and estimate5 were applied to retired siaff
pen5ion5, the useful economio life of the residentEal properties, and the provision for dilapidation. The details of these
judgements and estimates are included in the relevant notes.
1.2 INVESTMENTS
Listed investments are 8 fonn of basic financial instrument and are initially recognised at their transaction 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 from investment change5 or revaluation are shown in the StateTnent of Financial Activities.
Realised gains {or losses) investment assets are calculated as the difference between disposal proceeds and either their
opening carrying value, or their purchase value if acquired subsequent to the first day of the financial year. Unrealised
gains and losses are calculated as the difference between the fair value and the carrying value at year end. Realised and
unrealised investment gains (OT losses) are combined in the statement of fit]ancial activities and are credited (or debited) in
the year in which they arise.
J.3 TANGIBLE FIXED ASSETS
Freehold Land & Building5
Under the previous GAAP, land and buildings were stated at Valuation. On tTansition to FRS 102 an election was made to
Use the valuation at 2014 as the deeEned cost and no depreciation on buildings was made as the amount involved was
deemed immaterial. Following reappraisal in 2019-20 depreciation of t>uildings 15 now made at￿UallY at 20/0 of deemed
eost.
Fixtures. Fitting5 & Equipment
Fixtures, fittings and equipment are depreciated at an annual rate of IOQ/D of cost.
IT Equipment
IT equipment is depreciated at an annual rate of 33.330/0 of cost.
22

THE ROYAL SCOTTISH CORPORATION
THE SCOTTISH HOSPITAL OF THF. FOUNDATION OF KING CHARLES 11
NOTES TO THE FINANCIAL STATEMENTS (eontinued)
FOR THE YEAR ENDED 31 MARCH 2023
1.4 DF,IITORS
Debtors are recognised at the settlement amount, le55 any provision for non-recOVerab￿1Ity. Prepayments are valued at the
amount prepaid. Trade and other debtors aTe recognised at the settlement amount due after any trade discount offered.
Prepaymenrs are valued at the amount 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 includes cash and short term highly liquid investments.
1.6 CRII DITORS AND PROVISIONS
Creditors and provisions are recognised when there is an oblsgation at the balance sheet date as a result of a past event, it
is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be
estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any tradc
discounts due.
Creditors at]d provisions are recognised at the amount the Charity anticipates it will pay to settle the debt. They have been
discounted to the present value of the future cash payment where such discounting is material.
1.7 PROVISION FOR UNFUNDED PENSIONS
Unfunded pensions are paid by the Charity to certain former employees. The pensions are to be paid duTing their lifetime.
The pension liability was calculated using the return on investment and to the assumed a¥e of 87 years. Thi5 decision was
taken in the view of probable life expectancy of the retired staff who are already above the age of average life expectsncy
of women in the UK.
1.8 PROVISION FOR LIABILITIES
Provision has been made for expected property costs at the end of the leases based on the lease ternis, management's
assessment of the property condition and the likely costs. The estimation involves a level of trLJStee judgement and will be
reassessed annually.
1.9 FUP4D ACCOUNTING
Funds held by the charity are either..
Unrestricted funds- which can be used in accordance with the charitable objects at the discretion of the
trustees
Endowment funds - the income from which can be used for the general PLtrposes of the charity, in
accordance with the charitable objectives and at the discretion of the trustees
Restricted funds
which can only be used for particular restricted PUTposes within the objects of the
chariry, either when specified by the donor or when fi]nds are raised foT particular restricted purposes
1.10 INCOME RECOGNITION
Income is recognised in the period in which the Charity has entitlement to the income. where the amouni of income can be
easured reliably, and it 15 probable that the income will be received. In accordance with Charities SORP FRS 102,
volunteer time is not Fecognised.
1.1 I LEGACIES, GIFT AID & DONATIONS
Legacies, covenants 2nd donations are accounted for on a cash received basis.
1.12 INVESTMENT INCOME & INTEREST
Investment incoTne is recognised once the dividend has been declwed and noiification has been received of the dividend
due. Interest on funds held on deposit is included when it is rece￿vable, and the amount can be measured reliably by the
Charity. this is nornially upon notsfication from the bank of the interest payable or paid.
.13 RENTAL INCOME
Income from the rental of functional properties is recognised when the income is receivable under the contract for hire or
lease document, when the amount can be measured reliably. and it is probable such income will be received.
23

THF. ROY AL 8CO'I'TISH CORPORATION
THE SCOTTISH HOSPITAL OFTIIE FOUNDATION OF KING CHARLES 11
NOTES TO THE FINANCIAL STATEMENTS (continued)
VOR THE YEAR ENDED 31 MARCH 2023
1.14 EXPENDITURE
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity to
make a payment to a third party, it is probable that a transfer of economic benefits will be required in scttlement and the
amount of the obligatEon can be measured reliably. All expenditure is accounted for on an accTua15 basis. Expenditure
comprise% direct costs aiid support costs. All expenses, including support costs, are allocated OT apportioned to the
applicable expcnditure head￿gs. Support costs are allocated in the same proportion as direct costs are incuried. All
expenditure is stated inclusive of irrecoverable VAT.
All eligible mernbers of staff are auto enrolled in a workplace pension scheme. Employer contributions to the scheme are
charged to the statetnent ol Financial Activities in the year in which they are payable to the scheme. In addition,
supplementary pension payments are made directly to certain former employee5.
1.15 OPERATING LEASES
Rentals payable under operating leases for equipment are charged on a straight-line basi5 over the lerms of the leases.
1.16 EMPLOYEE BENEFITS
Short term benefits
Short term benefits including holiday pay are recognised as an expense in the period in which the service is Teceived.
Employec termination benefits
Temiination benefits are accounted for on an accruals basis and in line with FRS 102.
1.17 HERITAGE ASSETS
No value is attributed to heritage assets on the basis that inforniation 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 cotnpared with the benefit derived by users of the account.
24

THF. ROY AL SCOTTISH CORPORATION
THF. SCOTTISH HOSPITAL OF THE fioUNDATION OF KING CHARLES II
NOTF.S TO THE FINANCIAL STATEMENTS (continued)
FOR THF. YEAR ENDED 31 MARCH 2023
DONATIONS AND LEGACIES
2023
2(J22
Legacies
Donations
Events
1,078
17,855
2,590
11,066
,86]
4,434
21,523
24,381
All income from donations and legacies in 2022 and 2023 was unrestricted.
INVESTMENT INCOME- UNRESTRICTED FUNDS
2023
2022
Dividend and interest on investments
Bank Deposit Interest
1.258,995
2,196
1,251, 784
701
,261,191
1.252,485
INCOME FROM CHARITABLE ACTIVITIES- UNRESTRICTED FUNDS
2023
2022
Incotne from residential property
1,378,758
1.280.455
1,378,758
1.280,455
MANAGEMENT FEE- UNRESTRICTED FUNDS
2023
2022
Fees for services in respect of homeless people
72,936
70,548
72,936
79,548
25

THE ROY AL SC.OThISH CORPORATION
THE SCOTTISH HOSPITAL OF THE FOUNDATION OF KING CHARLES 11
NOTES TO THE FINANCIAL STATEMENTS (eontinued)
FOR THE YEAR ENDED 31 MARCH 2023
RAISING FUNDS
2023
2022
BTokerag¢ commission and investsnent management fees
Less.. a¢counted for as inve5ttnent transaclions
333,009
{161,712}
347, 657
(167,964)
171,297
79,385
179,693
71, 691
Support Costs {note 91
250,682
251,584
EXPENDITURE ON CHARITABLE ACTIVITIES
2023
2022
Welfare
Staff costs
Other direct costs
Grants to individuals
Support costs (note 9)
531,818
285,237
464,346
593,846
546,414
207,848
361,466
445,12
1,875,247
1,560,859
Residential Housing
Staff costs
Other direct costs
Support costs (note 9)
140,764
441,306
269,751
133.293
490,903
249,027
851,821
873,223
GOVERNANCE COSTS
2023
2022
Auditors, remuneration- audit fees
Auditors, remuneration- other services
Other direct tosts
20,700
2,880
7.285
17,400
3,600
6,845
30.865
27.845
Governance costs have been allocated across inve5ttnent management costs and
the cost of charitable a¢tiYities In proportion to direct expenditure.
26

In
OOO)
rN
i l J
Qrry
tr4 ro (
- * C
xx o

THE ROYAL SCOTTISH CORPORATION
THE SCOTTISH HOSPITAL OF THE FOUNDATION OF KING CHARLES 11
NOTES TO THE FINAP4CIAL STATEMENTS {eontinucd)
FOR THE YEAR ENDED 31 MARCH 2023
io.
STAFF COSTS
2023
2(122
Wages and subsidiaries
Social Securiiy costs
Other pension costs
885,675
95,044
100,575
821,519
83, 186
90,955
,081,294
995,660
Employees
21123
2022
The average number of employees during the year
Charitable
Support
19
24
25
2023
2022
fresloled)
The average number of FTE during the year
Charitable
Support
14
15
18
19
There was one employee in the salary band £80,000 to £90,000 during the f]nancial year to 31 March 2023 (2022..
one).
The key management tsf the Charity consists of the Chief Bx¢cutive together with the Tjwstees.
Tolal remuneration for the Chief Executive, including social security and pension costs was £115,489
(2022.. £107,853).
The Trustees received no remuneration in the current or prior year. No reimbursement was made to Trnstees in
2023 (2022: £Nil}.
No donations were received from the Trustees in 2023 {2022.. £2).
28

THE ROYAL ScO￿lSH CORPORATION
THE SCOTTISH HOSPITAL OF THF. FOUNDATION OF KINC. CHARLES 11
NOTF.S TO THE FINANCIAL STATEMENTS (continucd)
FOR THE YEAR ENDED 31 MARCH 2023
TANGIBLE FIXED ASSETS
Freehold
Lllnd &
Buildings
Fixtures &
Fittings
Offiee
Eq￿1Pment
IT
Total
E4uipJnent
COSTS
l April 2022
Additions
Returned items
10, 104, 154
785, 178
132,945
{880)
65,002
26,492
7,264
(2,889)
11,000,826
140,209
{3,769)
At 31 Mareh 2023
10,104,154
917,243
85,002
30,867
11,137.266
DEPRECIATION
l April 2022
Charge for the year
349,881
143,283
23P,211
67,614
85,002
10,201
6,670
684,295
2J7,567
At 31 March 2023
493,164
306,825
85,002
16.871
901,862
NET BOOK
AMOUNT
At 31 March 2023
9,610,990
610,418
13.996
10,235,404
At 31 March 2022
9, 754,273
545,967
16,29]
JO,316,531
29

TIIE ROYAL SCOTTISH CORPORATION
TIIE SCOTTISH HOSPITAL OF THE FOUNDATION OF KIIYG CHARLES JI
NOTES TO THE VINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 MARCH 2023
12
INVESTMEIYTS
2023
2022
Opening value at l April 2022
Cost of additions
Less proceeds of disposals
Investment manager's fees charged to
portfolio
Realised (loss)Igain
Unrealssed gain
46,536,585
44, 757,870
660,482
Q23)
{171,297}
(179,693
(402)
1,296,096
(2,623,083)
Marktt value al 31 March 2023
43,742,205
46.536, J32
Funds on deposit with investment manager
161,719
453
Total valut as at 31 March 2023
43,903,924
46,536,585
Cost at 31 March 2023
Unrealised gains at 31 March 2023
36,833,752
7,070,172
36,672,486
9,864,099
Market value At 31 Mgrch 2023
43,903,924
46,536,585
The Investment allocation at the year-end based on market value is a5 follows..
14.8 % fixed interest, 65.90/0 equities, 4.4 /0 property, 12.30/0 alternative investments, 2.6D/o liquid assets.
I 00/0 of the portfolio is held through a common investment fund. All investments are in UK entities.
13.
DEBTORS
2023
2022
Accrued income and prepayment
Trade debtoi's
97,389
27,041
88,971
63,391
124,430
J52,362
30

THE ROYAL.8corfisH CORPORATION
THE scorrisH HO.SPITAL OF THE FOUNDATION OF KING CHARLES 11
NOTCIS TO THE FINANCIAL STATEMENTS (eontinued)
FOR THE YEAR ENDED JI MARCH 2023
14.
CREDITORS: Amounts falling due within one yeAr
2023
2022
Trade creditors
Other creditors
Deferred income
Accruals
93,697
30,290
8.107
118,492
72,375
28,208
Jl,2J7
J07,309
250,586
219.109
Other creditors include £12,117 (2022.. £12,937) related to unfunded pensions.
Deferred income comprises rental income received in advance, as follows..
2023
2022
Balanee at l April
Amount released to rental sncome
Amount deferred in year
15, 142
(15, 142)
11,217
(11,271)
8,107
Balance at 31 March
8,107
11,217
15.
CREDITORS: Amounts falling due after more than one year
2023
2022
Unfunded p¢n5ions
42.064
54, J80
42,064
54, 180
16.
OPERATING LEASES
Equipment
Buildings
2023
2023
2022
21122
Under l year
2-5years
11.929
23,634
5, 718
124,544
186,817
124,544
311,361
35,563
5, 718
311,361
435.905

THE ROYAL.scorrisH CORPORATI()N
THE SCOTTISH HOSPITAL OF THE FOUNDATION OF KING CHARLES II
NOTES TO THE FINANCIAL STATEMENTS {eontiNued)
FOR THE YEAR ENDED 31 MARCH 2023
17.
NET DEBT RECONCILIATION
At l April
2022
Cashflows
Other non
cash
changes
At31
March
2023
Cash
583, 123
216,727
799,850
IYET DEBT RECONCILIATION
2022 Conipllrolive
Al l April
21P21
Cffshjloivs
Oilier lion
casli
clioiiggs
Ai31
Mftrcli
2(122
Cash
1,298.090
(714,967)
583, J23
18.
PROVISION FOR LIABILITIES AND CHARGES
Provision for dilapidation
A provision of £75,450 has been made for the expected property dilapidation cost at the end of the lease based
on the lease terms and management's assessment of the property condition. The estimat￿on involves a level of
judgement and will be reassessed annually.
Balance at l ApTiI 2022
75,450
Balance at 31 March 2023
75,450
32

THE ROYAL SCOTTISH CORPORATION
THE SCOTTISH HOSPITAL OFTHE FOUNDATION OF KING CHARLES II
NOTES TO THE FINANCIAL STATEMENTS (c(bntinued)
FOR THE YEAR ENDED 31 MARCH 2023
19.
MOVEMENT IN FUNDS
l April
2022
Income
Eip¢nditure
Investment
Furtd
transfer5
31 M&r£h
2023
Endowed Fund
The James Kinnear
Fund
46,047,665
(188,011) {2,456.535)
43,403,119
Restrieted fund
Heritage Fund
61,241
(1,359)
(4.384)
55,498
Unrestricted Incorne
Fund5
Functional Fixed
Assets
Free Assets
JO,316,531
J3,972
1,378,758
1,355,650
(851,821)
11,937,918)
{608,0641 10,235,404
608,064
839,768
Total Unrestricted
Funds
JI, 130,503
2,734,408
(2,789.739)
11,075,172
Total Funds
57,239,409
2,734.408
(2,979,109) 12,460,919)
54.533.789
COMPARATIVE 2022
l April
2021
Ineome
Expendilvr¢
INveslinent
Fund
tnnsfers
31 MArch
21122
Endowed Fund
The James KiTTrnear
Fund
44,940,876
(188,538)
1,295,327
40,047,665
Restricted fund
Heritage Fund
62,064
(3, 192)
2,369
61,241
Unrestri¢t¢d Income
Funds
Functional Fixed
Assets
Free Assets
10,249,203
750,359
1,280,455
J,347,4J4
(873,223)
(1.623, 705)
(339,904) 10,316,531
339,904
813,972
Total Unrestricted
Funds
10,999,562
2,627,869
(2.496,928)
11, 130.503
Total Funds
56,002,502
2,627.869
(2,688.658)
1,297,696
57,239,4U9
33

THL ROYAL SCOTTISH C.ORPORATION
THE sco￿]SH HOSPITAL Ob THE FOUNDATION OF KJNG CHARLES Il
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31 MARCH 2023
20.
ANALYSIS OF ASSETS BETWEEN FUNDS
Unrestricted
Funds
Restricted
Funds
Endowed
Fundy
Total 2023
TangEble Assets
Investments
10,235,404
10,235,404
43,903,924
78,611
43,825,313
Current Assets less Creditors
& Provisions
839,768
(23.113)
1422,194)
394,461
1,075,172
55.498
43,403,119
54,533,789
Unreslriclerf
Resirlcfeél
Enrfowerf
Fiinds
Tthffn12022
Tangible Assets
Inwestments
10,3J6,53J
JO,3J6,53J
83,299 46,453,286 46,536,585
Current Assets less Creditors
& Provisions
813,972
(22.058)
(405,62J)
586,293
JI,130,505
61,241
46,047,065
57,23P,409
THE JAMES KINNEAR FUND
The James Kinnear Fund is an unexpendable capital (Permanent Endowment) fund whose assets are invested tQ PToduce
income which each year is recorded in the Unrestricted Incotne Fund and is freely available foT the charitable activities of
the CorpoTation.
HERITAGE FUND
The H¢ritage Fund is a capital fund which arises from the historic sale of certain of the Corporation's paintings lanciently
donated) upon moving premises. Its income each year is recorded in the Unrestricted Income Fund and is freely available
for the charitable activities of the Corporation. Its capital a55ets are available to the TTUStees for the purchase of replacement
cotnmemorative artefa¢t5 for the Corporation's headquarters or such other corporate expenditure as the Trustees rnay
deterniine.
UNRESTRICTED INCOME FUNDS
These funds repTe5ent accumulated incom¢ surpluses and consist of functional fixed a55ets fund and free assets.
(a) Tangible Fixed As5etS
Functional fixed assets comprise residential property and the fixtures & fittings within providing accommodation for the
elderly and key workers on lower incotnes. The Trustees have deteTmined that these assets shall be a capital fund but that
upon a disposal of the underlying property. any proceeds not similarly reinvested shall become free assets available at the
Trustees, discretion.
34

THE ROYAL SCOTTISH CORPORATION
THE SCOTTISH HOSPITAL OF THF. FOUNDATION OF KING CHARLES 11
Tr40TES TO THI FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED 31 MARCH 2023
20. ANALYSIS OF ASSETS BETWEEN FUNDS
(b) Free Assets
Frce asseis are available at the Trustees, discretion in the conduct of the Charity's affairs.
21. CAPITAL COMMITMENTS
At 31 March 2023, the Charity ha5 no capEtal commitment (2022.. £70,000}.
22. HERITAGE ASSETS
Works of art and ceremonial silverware are not capitalised in these accounts. They are considered to be heritage assets for
the purposes of the Charities SORP (FRS 102). They all have very long lives and are worth preserving indefinitely.
No value is attributed to heritage assets on the basis that information on cost or valuation of the assets is not available and
could not be obtained at reasonable cost. There has been no movement in the heritage assets in the last 5 years.
23. RELATED PARTY TRANSACTIONS
Callum Ross, one of the Trustees, is a designated member of Habitus Collective UK LLP, a ¢ompany engaged to provide
consultancy services to the Charity. The Charity paid £11,940 for this WOTk during the year {2022.. £nil). There were no
outstanding balances ai the reporting date (2022.. £nil}.
Other than the transactions disclosed above, the Charity had no other related paty transactions.
24. POST BALANCE SHEET EVENTS
The Royal Scottish Corporation (Scotscare) and New Borderline (Borderline) merged on l April 2023 to provide a one
stop shop for vulnerablc Scots across London. On l April 2023 the assets and liabilities of New Borderline (Registered
Company number 06844151, Charity numbers 11286848 and SC044530) weTe transferred to Scotscare.
35