THE ROYAL SCOTTISH CORPORATION THE SCOTTISH HOSPITAL OFTHE FOUNDATION OF KING CHARLES 11 {OPERATINC AS'SCOTSCARE REPORT AND fLINANCIAL STATEM￿NTs FOR THE YEAR ENDED 31 MARCH 2024 Chaiity Commission Numbor: 207326 OSCR Number.. SC052739 THC ROY AL scofiisH CORPORATION THE SCOThISH HOSPITAL OF THE FOUNDATION OF KING CHARLES 11 REPORT AP4D filNANCIAL STATEMENTS roR THE YIIAR ILNDILD 31 Mgrch 21124 CONTENTS P8ge Ref¢renc¢ and adminlstratlv¢ knformatioji (J)Rimian's Introdttctlon Hlghllghts 202J 10 2024 Trustees, report Indep¢Dden¢ wdilor's rtptsrt 19 Statemen¢ of fin&n¢lal A¢¢lvltle$ 22 Ba18n¢e sheet 23 CA8h flow 8tat¢mertt 24 Note5 to the financial statements 25 THE ROYAL SCOTTISH CORPORATION THE SCOTfJsH HOSPITAL OF THE FOUNDATIOIY OF KING CHARLES 11 REfiGRENCJL AND ADMINISTRATIVE INfoRMATION IOR THEY￿AR ENDED3J MARCH 2024 HI$ Mqie$ty KI1￿ Ch•tles IIT PrI￿¢1paI Offtet.. 22 Cliy R04d, iKbndon. ECIY 2AJ Vife PIT5id¢nt$', P.J.M, S¢oii 'rr¢a5urer C. Somwlll¢ U5tt¢5: Eletttd MembtrB of th¢ Comrrt5ttee ofMAnAgtinent: K. Lynch (Chalrrnan) (Rppointed Chaithah from J&nuiry 2024) Ite$igned Jonuary 20241 J. cl￿St￿Ut (Ex Th&imhan) D, Guild P.J.M. Seott J. Har¥ie J. Clldzow-collins lieslgned Aprll 20231 (Appointed April 2023 aru5 r¢sign¢d july 20241 Ire518ned April 20231 C. Mccahon W. QilmoTC D. Momunrio C. Ross F. Oram S. Jerniyn R. Brown E. Close Ir¢ylgllcd J&nuary 2024 lappoinied April 2023) (op￿1￿1¢d April 2023) In addition th8 Trea5ureF H¢)norgry Soli¢itor ai¢ TFuslet5 and NrfombBr5 of the ComfftittEB of Mw)a8¢m¢nt. Other A olntment$: Chltf Exetytlv• Sttr*lAry: Sho*a Flerning Honor4ry Cligpl¥lD: The Ileverend Afigus MacLcod Th¢ Reverrnd S¢ott R¢niiS¢ Honorary PlptT Plp¢ M41or J. M¢Lu THE ROYAL SCOTTISH CORPORATION THE SCOTTFSH HOSPITAL OFTHK FOUNDATION OF KING CHARLES 11 REPERENCR AND AT)MINISTRATIVE INFORMATION {eontIn￿ed) FOR THE YEAR CINDRD31 MARCH 2024 Aydltor: H#ysmllcSntyrt LLP 10 Queen Str¢¢t Placo I￿ndOn EC4R IAG Honor8ry Sollcltor: Tsang Simmolls & Simmons LLP Cityvoinl On¢ Rop¢m4ker Streot London L'2Y 9SS B#nker$: Tlie ROYBI Bank of ScotlEnd plc l Fleei Srreet Londo EC4Y IBD Investmenl Advl$¢r: Sarasin & Partners LLP 100 St Poul's ChuKhyard London EC4M 8BU THC IIOYAI. scorrisH CORPORATION THf scorrisH HOSPITAL or TIIE JfouNDA'I'JON 011 Iii. CoiiiinuinE 10 iiirreasE aii'areiigs5 of Scotscai'e is ci'ilically iiiipoi'laiit and Ilii.s h¥5 Colltiiiued iviili oui. podc8sl sei'ies, social incdia. iraditio)n&l media, pitcli side banners al 8ix)rtiiig ¢Ytn15J PLE8CliC¢ al events and conlacis IlirouEh th¢ 8¢olsCaiE Ainbassadors Cliih. Iii Ilje Ti-ugie¢$' Repoi'l yoii ivill see d¢la&ls ofthc exlcnxivt arid varied Ivni'k doi1¢ by oui. staff of 23 and our i'oluIit¢¢i' wiip of 65. Oui. CL>0 and hci. leani al'e piY)a¢iiv¢, ettEI'gcliC and flGiible and ive art fo¥lunaie io liave %u¢h a body of iiiiprcssii'e pcoplc. Tl)oRk you 10 eYeryon¢. It lia8 noiv bcen over a>'ew' siiic¢oursi51¢r chai'ityN¢iv Bor(ki'line lllti'ged iijlo ScoisC8ve io provide aoiie-5top-shop for viiln¢rablc S¢ols in I￿1]dOn. Bor(krline's focus oji Ihe litstjirlcss is IiDiV inleRrale(l inlo Ilie Scotscarc offei'iiJE under on¢ baiin¢i' asid pi'oi'i(les a iiiorc ccoIionit& cffcclii'c and cfficitjit delivei'y nf Glienl sei'yices. l-he fiinding for lioinel¢ss s¢riil¢¢S lias been Jiiaint&iiied, Ilidiiks to Bordei'liIi¢'5 longstandingorganis£lional ¥iid iiidividtial donoi%, as ivell as10 sonie nciv 511pporlci's. This rcsult Ilas been achtJ'ed sji lai'ge pail b}, the steYlii)Lp effoils urihL Scots.CJiY teJiii in succe5sfvlls' cojiimunicaling ilje i?tionale for th¢ m¢i'gei' aIid the visioji foi th¢ IhEI'gcd rharity. Iti May 2023 His Majesty Kiiig Charle$ 111 ¢oiifii'iii¢d his cojitijiiied Royal Paironag4 prfjipidiiig all unbiDken liiie of Royal supw)I'l tliai rKloiids baGk lo 1665, Ivlien (he Kin8'3 naiiiesake Cliai'les 11 be¢oii?¢oui' inaugiiral Pation.'fh¢ cenllirics of Royal Piiionabie foi. ScolsCaTe al'e greaily dpprecialed. As a kndy of IiiiElees Ihiq financial yeai. saiv the succcs8ful iniegimiion of Ili¢ m¢rg¢d Boai'd5. the dei'elopintnl of ic iieiv opei'lllioiial s11'aleg), foi. 2023-2026 aiid regoliitions 10 sireg111lin¢ oiir snixller chai'stics, tli¢ Si AiidrciY8' Scotti8J) .8oldiei's' CIL)b I,Iiiid and 'the Kiillorh Bequesl, lo iiiake Ilieiii tasiei. lo govuii. Mucli ivork has 4150 COIltiniied to bc doiie Ihrougl) oiir Yarioiis Sub.Comiiiitt¢cs. Thank you lo all li)}, felloiv Iriistees foi. Iheir dedi¢alioIi alld hard ii'ork. James Chestnut steppcd doivn as Cliainiian aiid li'usl¢¢ in S&iiu&ry. We al'e very gi?t¢ful lo Iiim foi. slaying to coiicSude Ihe li1￿.ger, ￿S ivell as for his ¢K¢¢llent st¢ivardship over Il)c la816 ),¢￿.5. diii'iiig Ivhal ljas bccn a pcriod of majoi. changc su¢c&%x. Thaiik j'ou also lo all ivlio geneiously donated lo S¢otsCaiY durijig t1￿ year, i%,hether fuiids or linie aiid ialenw you are critical to oui tt)ission. Keipiii L Trycli Chairnian HIGHLIGHTS 2023 TO 2024 EVEN.T.S 1759.1)eoplé- atteiided-our.:- social èvents": psy.chotherapy.. .,J.--ééssiotis Hours.'provided b'y ".65-.tiained ai)d-. "supporterl volurileLJr5-.;... P8ychDlhgrapy ' W￿10n$ provld8d', IBI%,iiicrè&5e ,'iri.'.Y(i41Tulié. .viey¥s.year.'on Young peopl faFnllles 01 geiieyai,: linaYscÉal'.£iiahts'" awarded":. 221 Addl¢ilon 272 959 Yl)¢'Sci?tsCare-. pofl¢asi: Succèss!ul:-Trierge aii.d intogrotion of seTiii¢es (if.:: 8ur(icilino'aiid". Scotscayé al.slait ol.year. total-.i)uintier"": of ull:'g°rurits.- awayded,:.. to-.clicrits, downloads->, 93 ' 29 Blether.- 8iiddies"provlded .'70,695 miniite$ ' speaklny willi',- ilenis '43..14inilles..wliicli .. iiicludèd.93.' ,chiiilrèi)'took p.art . in PGL'activity -"Iiolidays'_ THE ROY AL SCOTTISH CORPORATION THE SCOTTISH HOSPITAL ofi THE fouNDATION 011 KINC CHARLES 11 TRUSTEES, REPORT FOR THE YEAR ENDED31 MARCH2014 The Royal Scottish CoryorEtioJi I'th¢ CorporatiOD") Is the worklng of the S¢otti5h Hospitsl of Ihe fwndation of Kin8 Charl¢s 11. It operAles uttd¢r the name S¢oi$Ca¥E and is r¢8isi¢red wlih ih¢ Charity Commlsslon for England Wa1¢5 registraltoo niimber 207326-and witl) Ille offjce oFilie Scolli5h Churily Rrgulaior (OSCRI- T¢gistratloTh number SC052739. Dela115 of the priiiclpal offic& TTusiees, Chlef EKKiilive ond princii)al advisers caD be found In the r¢f¢ren¢e and adminisiraiivo Information secilon on pp8es l and 2. 'rhe Tiu51ees pr¢seiit tlieir report and ihe audired Flrtan¢ial Stht6ments for Ihe yeAr ettded 31 Mftrch 2024, which have been prepllred in accordance iviih th¢ provisions of the ¢urr#ii Stal¢menl of Re¢omm¢nded Piactl¢e Ac¢ounling and Reportin8 by Charilies Ind the relevant Eceounting standards. Th¢ Corporaiioii is govemed by Royal Charters of 1665. 1676, the Chbrter of Reincorporation of 1775, as amtnded in 1974, 1982 and 2022 and by 3ye.Lasvs, which were last amtDded in July 2022. Our new Royal Charier was duly approved by the Privy Councll with Her Majesty Queen Ellzabeth 11 Council in MaKh 2022 and took legal effect when itwa5 electronitally sealed on l August 2022. nd Ind As provided In the Charterund 8ye-Laws, there is one Annual Qe#eral CoJrttach year, 11ie Cotnmittee ofMJnigettb¢nL S Charity trustees for the purp)ses of the Chariti¢s Ari 2011. hav¢ control of th¢ Corporailon and Its property artd fvDd& Thc Comffliltee of Mrna8Einenl shall elect no fewer thon five nor morÈ Ihlln 14 members in¢luding the Treasurer and the Hoiiorary Soli¢ilor, and ¢a¢h seTve for a petlod of ihree ye&rs. One-lhird (or the numb¢r Dear¢$i one-thlrdl of the Rlecied Members miisi retire at the Commlttee Meeting immcdialely preceding each Annuèl General Cothrt. Subje¢t to Bye.L&ws 5.7 8nd 7.1. a retirins El¢¢ied Meip)ber shall be ¢li8ible for rt-clcclioTr f¢rcon5ecutiv¢ p¢i'iods not ¢xLe¥ding in aggr¢g9te nlne years from the dale of hls or herorÉginAI oppoinlm¢nt bill th￿tAfter￿n Ble¢ied M¢mber shllll not be eligible for re-appointtnent unlil one year after lii5 or her reilrernenl. The Committee of Managem¢nl lias esi&bli5hed aNomiDarlons SuLI-Commlrtee whlch shttll from Ilme ro time put forward and re¢ommend 10 the Committee ofMRrE8gemeni candida￿$ for eleetion as Elected Members. Tru51e¢5 8Te required to attend two meetings of Ihe Commltte¢ ofMaDagein¢nt and a s¢le¢lion of the Siib-committees prcceding their ekction. Regard is given lo the skllls ¢xpErience of the potential IFUStee and skills and cxperience re411ired by the Charity. On #ppoiniment, each trustee is required io und¢nak¢ an induction whicli include5 wevie%ving infortnatioD about the charlry Including ils governlng docum¢KI. Strategy, finhnecs. $taffin8 slNclure, risk re8iStei and briefin4s from staff on fhe work of the oryani541ion. Their &ti¢niion Is drawo io relevaot Chority Lommi59ion guidince, inLluding The Ch4rity GoYeman¢e Cfyle. THII ROYAL sco'ri'isH CORPORATJof4 THE SCOTTISH HOSPITAL OF THE fouNDATION OF KINC CHARLIIS 11 TRusfEES* REPORT (eontlnued) FOR THE YEAR ENDED 31 MARCH 2024 Th¢ Cojnmittee of MLt)Q8em¢ni meths quarterly and can appolni Sub-commlttees to d15¢uss and Inake re¢ommendatlons on morg deiailed aspe¢is of sr(ategy and policy. There are ¢UTrently fiv¢ Sub-CwnmittEes', the Audit, tlie Investfflent, the Welfar¢. the Cornmunicalions and I1￿ NotrtlAations Sub.Commitlees. The Chief Executive is gppolnted by the TTliStee$ to manage the day-to-day op¢ratioiis of the Charfjty. The Chief Executivè has delÈgated auihorlty, wiihiti the terms prescribed by th¢ Thiste¢$, FOT operational, finan¢¢ old service delI￿ry i¢lated activity. Th¢ Chl¢f Bx¢¢u¢lve gnd ihe Committ¢¢ ofManag¢m¥nl (vnpaid Tiust¢¢51 tjjake yp the organlsAtloth's k¢y management. The Chief Exe¢utive's Salary 1$ Imsed on anniièl pay and apprnisal system set by the G)mmittee of Mttnagernent. Th¢ TrIJsr￿ we iexponalble fDr preparln8 Ihe TruMe¢s' R¢port and the tlnan¢lal s￿[￿entS In accordance with &ppll¢4b law and United Klngdom Accountiftg Standards (Unlted Klngdom Generally Accepted Accounting Prn¢tl¢¢). Th¢ law applicableto chorilies in En81ond And Walc5 TCqUITtsth¢ Tru$t¢¢5 t0pre￿re finan¢lal st8tem¢nts for¢o¢h finoncial year whi¢h give fi Irue and fair vi¢w of the Stale of affairs of the Charity and of the incoming resources Bnd oppllcotion of re80urceg of the charity for Ihat ￿riod. In pttp&ring thE5¢ financial sloteinents, the Trus￿¢$ are required to: seleci sulteble acco￿11]ng policles and apply them coThsisienily' observe the methods and PTincipl¢s in fh¢ Charitles Stdtem*Jt of R¢¢ommended Practlce (SORP). makejudgements End Estimates that are reosonable and pwdent: slate wh¢iher opplicable A¢¢ountingStandards8nd SORP h&ve b¢gn follow¢d, $ubJeu to illy departures dlsclosed Blld explaln¢d In tho flnanclol statements. &nd preparc the financlal statements on the golng ¢OnC¢Tn bas15 Unle￿ It Is inappropTiat¢ ty awm¢ that lh¢ Charity will bc able to eonilnue operatlon. ThE TTL151¢es are Tesponsible for nittliilattiing proper accountin8 r¢cords which di5c105C Wlth reasonable ac¢urydcy at any timeih¢ fI￿ancIal posltion oftbe¢harity and lo enable them to£T)511rtth8tthe #ctothnts comply with the CharfIl￿Art 2011, the Chorlty (Accounls ￿ldR¢POr1￿) Regtilalio￿l2Oo8', and t1￿ provisions tsf the Royal Cli&rters And By¢-Law$. They ai¢ Iso re5pDnsible for 5afegiiardin2 the Assets of the chthrlty gtld hence for taking r¢r150nable steps for the preventioD and det¢¢tion of fr&ud and other IrTegulurs1i We hav¢ overall re$pon51bility for.. k¢epiiis prop¢r a¢￿￿titI1)g records, whlch disc105e with re450nable accuracy at a￿Y tim¢ the financial posilion of tlie CorptsTation the fviids held in irust. establishing and Moni￿rIng a system of internal conirctl; en$itrlng that Ihe Financial Slalemenls comply with applicablc Iiw attd regulatloThs' e8t8bliyhing 8rran8ements for safe8UiTdin8 the assets of the CorpDTaiioft alld toking reasonRble $i¢p$ for the prev¢ntson ond deieetlon of fraud and other Irregulariti¢8. Thc systcms of Inkrnal control ore deslgned to Initigote Tlsk include J stiategic plan, rwlaT ¢onsid¢railon by th¢ Committee of M4no8¢ment ofihe actrjol rcsulig compared to budgetAlld any Yarfane¢s Arlslng. fomial wrltteD pollcles and procedures and detslled ¢¢rnis of ref¢Tence for Sub-cornmittees, THC ROYAL SCOTTISH COIIPOIIATION THE scofTISH HOSPITAL OF THE FOUIYDATION OF KING CHARLES 11 TRUSTEES, REPORT (¢onllTru¢d) FOR THE YEAR ENDED 31 MARCH 2&24 Detailed considerftiion of th¢ risks to which the Corporalion is exposed15 delEg2ted io the Audli Sub-committee, whlch is a$$i5ted by the I￿ana8¢m¢llt team. While it is not possible io fully mitigaie lh¢ risk, through e$iabllsh¢d rlsk managemeni pToce35es, w¢ are 8atisfi¢d thosg 8y8terns akd PToc¢dures ATe In place to manage ih¢ risks identifi¢d while reco8nisJn8 thai these sYs￿l￿S can only provide reaswiable and noi absolu1¢ as8uTllllCe, The kny risks to whicli th¢ Charity is exposed are th¢ loss of investment tncome, the r¢518nation or tll hexlih of the CEO aRd thc health and safety Ors￿ff. The Twst¢es have borne thc inv¢simeiJt income risk in mind whcn delenni￿Ingthc levol of fLEe reserves and r¢siilarly Teview oiir re5¢rv¢5 polity. Th¢ manJg¢m¢nt of Scotscare's Snvestm¢t)t is Ulldertak¢￿ by prof¢s3ional inveslmenl advisors. OUT CEO InoJigge$ o strong 8¢nlor In8n￿eMent team wilh Ihe approprl8ie skllls and ¢xwi¢n¢e to rnartage tho day to day operatlDns should th¢re be a loss of key staff. In i¢loiion to the Iirdlili aDd safety of tlie charlry's employees, the ¢haTity follows ¢hp r¢leyanl and ¢urrpnt ggidance and hjs the appropriate risk a$5¢5smenls in pla¢0. Fuiiliert*Dre, tht Charlty ¢on5iders ii$slaff may be al personal iisk when workingwith ¢lienls and int¢rv¢ew roorns hav¢ been deslgii¥d to mTrtl8ate this risK 108eiher willi appropF4&1e wriiiery piocedure5 aiid a loiie working alert sy$t¢m (Look Out Call) for siaff to use and folloiv wh¢n working outsid¢ tlie offJ¢¢. Noneof thetrusi¢eBre¢¢lv¢s r¢muneratlon or otherbeneflis from thelrwork wlih the¢harlty. TNst¢¢s&¥¢ inylted to d￿1# ANY relevant Int¢tf5ts at each meelin8 and are formally requesl¢d to submit hn &nJ)ual related pw and ￿nflIcts of int¢rest fwin, Board Inembers have r¢ported Iransa¢tlons with related partles within noie 24. nd dlve We aTC commiLkd to equallty anddlver9ity at Seorscaw And onsure thatiylihln the framework of th¢ law that ourworkplace is free froin unlawful QT wnfalrdls¢rlmliiaiion because of wotecleii chAracieristlfs a5 dBfin¢d by th¢ Equality A¢t2010. AII employe¢s are provided wiih a¢opy of our w)licy &$ part of their iDductioJ) prOC￿S and are expected to ablde by it. Fallure lo do 50, r¢suliing in di5criiKiiiHtion, can b¢ tr¢aied as gross mi5cDlldu¢t. Thi$ policy •ppli¢s both to b2h&viour the workplace and r¢cruilmenl PTaoli¢u, We ¥e engaged in monitoring at board and staff level eqiilllty aiid dlytrsity within th¢or8aRis#tlon. Royal Ckn¥rl¢t The objects of the Corporation ihhll bts for the piiblic benefitto relleye ciihcr generally or individsjolty p¢rsons resldent or rwnd wltljln a radi￿1 of 35 mil¢$ of Chartn8 Cross who are in conditiorts of need, hawdship or disti¢8s in such ways that #re ¢harllable In law, belng prrson5 who w¢r¢ bom In s¢￿[and or ￿r80￿$ one of whosc parents in ea¢h ¢*5¢ was bom in S¢otlanO or widows, widowers and survlvors of Clvll p&rtnershlps of persons who were bom ID S¢otland or wldows. widow¢rs and survivoTS of eivil partnersliips of wrsons on¢ of wliose pArents in ea¢h case wos bom in ScDtland. Backgrnund The Koyal Scottlsh co￿OrdI10￿ (ScolsCar¢) And Trl¢w Borderllne (Borderlln?) EDeT8ed on l April 2023 to providE a one $lop shop for vulfjarable Scots across Lotidon. On l AprS12023 the ass¢ls and li&biliii¢s of New Borderlin¢ {Re8lSter¢d Comp&Dy number06844151, Charily numbvs 11286848 and 8C044530) W¢lE tran5ferr¢d 10 swtsC￿r¢. Scolscarc has provided supporf to S¢ots athd tholr fami1Ses In L￿nd￿n for over 400 yeors. Th¢ charlty curr•Mly provides rnnge of servlces to ¢nd the cy¢l¢ of d¢privation &mon8St Scots In London by wovidlng financlali Practical em(*tlonal support. Borderlin¢ supported homel¢ss Rnd inse¢urely housed Scots iii London s1￿CE 1991. T1iEir primary ¢xgani5ational aims were lo Assist hoineless Scots In London to ￿TablIsh a se¢ur¢ leJaD¢y and lead a healthy> iThdepend¢nt life by pN)viding th¢ Appropriat¢ sp¢¢iali$t 5UPPOrt 5ervi¢e$ to lead a life away from homele$snes$. THE ROYALscorrisH CORPORATION THE SCOTfisH HOSPITAL OF THE fouNDATION OF KING CHARLES 11 TRIJSTEES, REPORT (¢ontlnu¢d) FOR THE YEAR ENDXD 31 MARCH 2024 OiirstrategyaiTns loknild theprogre58achleved through provious oiganlsatlomal siralegies, to incorporale developments sÉnce the llls1 revicw of both chdrities in 2022 and Ihoge that we aim (o aehleve over the next ihTee yeaTS 2023 10 2026. Our v1s¢011 is an end to ih¢ ¢y¢le of deprivation experienced by Scols and tlieir families living within A 35-mile rRdius of Cl?aring CtDS5, London. Vllrpose OurpuTPQS¢ Is to provlde fioancS01, piactleal and emotlonal supportto Scots and ihelr famllies In London. Porour horneless ¢lient$ w¢ alm to provide a iu$tainabl¢ pathway out of homele&snes& Values OUT yalue$ ar¢ thal we AF¢ a ¢orin& progressive aiid ¢ff¢¢tive organisation. C&ring To provlde a hlgh qURllty of support ro Seois &nd thelr tamllles Progresslve Listening ￿ theneeds of oui. ben¢fici&rl¢$ and R$pondingto that need in a w&yihat brtaks Ih¢¢y¢leofdeprivation Cffectiv¢ Good 8ov¢Man¢e, partnership WOTklng 8nd Investment in wr p¢ople is k¢y ¢0 our $uc¢¢ss Seol$ In London Our current definition ofs¢ots in London is pEopl¢ living wiihin 4 iadius of 35 miles of ChaTin8 Cr05S'. who w¢te born Ith Sctstland. or peTsoll5 ont of wliose ￿ren[S in each Case was bgrn irt Seotlathd; or widow5, wi(loweTSand WTViVOts of civil partn¢rship5 ofp¢rson$ who were borfi In Scoiland,. orwldows, wldowers and suryivors of ¢ivil partnerships of persons ono of who8¢ parents in ¢a¢h ¢as¢ wa5 born In S¢oilafid Our oll¢nl$ S¢oisCare ￿$1S¢S Scots and thelr famille$ who ar¢ In need of tlnan¢iaL practical and emotional a￿l$la￿￿. Most of our Clients Iiève support needs over and obove finwnclal assistance. Moiiy are socSally ex¢luded from society and fllec a combinAtlon of Ilnked problems sueh as UllemployMe￿i, discrlminAiion, poor skllls, low incomes, homelessness and peorhousin8, bad healih and family breakdown, Th¢s¢ probl￿$ ar¢ link¢d ynd mutually reinfeT¢ingso thattheyean £Teal¢ a vl¢lous ¢y¢le In people's Ilves. Social exclusion is a ¢onsequen¢e of what happens when people do not get a fair deal throughoui iheir live8, This 1$ of cour8e sotrtetlme$ liiiked lo the disadvantage they face at birth. Our cliettts receiv¢ Slate b¢n¢fits or are on a low irt¢ome. gC1￿MIlY without supwjrt networks, socially isolated ond often unable to n¢gotialc Ihe public sectOT xystem, including ihe bC￿Cr1ts system. A stgnlflcant thumber of ¢lienis hllv¢ addltionhl support needs such As hom¢lessn¢ss and long-t¢mi rough $l¢epln& mento1 and physi￿1 111 health. houslng concern3, d¢bt probl¢ms and issue$ arouiid S￿b5(ance mlius¢. Our prtorlty clleRfs', Cliildren famili¢& Homel¢33 OT Ins¢ruTely Iioused 4dult$ Older peoplc Worklng 8ge adults THE ROYAL SCOTTISH CORPOIIATION THC sco￿lsH HOSPITAL OF THIL FOUNDATIOP4 or KING CHARLES 11 TRUSTli FSI IiEPORT {¢onllnu¢d} FOR THB YEAR ENDED 31 MARCH 2024 Model olS¢rvice Delfv¢ry Tlie followlng $ection$ de8crihe the key Scotscftw s¢rvi¢¢s and re¢ommend8tion$ for the next three ye&r$. MAkntHINlng serY5¢es We will¢ontinu¢ lo run th¢ full raiigE Df5ervir¢s &vallabl¢now, as they have 4 slrntegi¢ r¢l¢vance in ternis of oiirobieclivcs. rinancial, pracii¢al and emotional support 8¢rvices will be offered to pll so that our ¢lients have th¢ ￿p￿rtuNIty to hllv¢ Ilieir basiG ne¢ds m¢1, wlii¢h in tuin will allow Ihem lo slart thijiking hboiit their IIve5 beyond these Immediate needs. ContlDu¢ our fo¢us oil I'ough sle¢p¢rs fiBd ten4n¢y $v514irJment W¢ will continue 10 work wlih Iho$s sleeplng tsiii on the slr¢•ts of knndon. and those at cEear risk of doing So Ihrough our Scottisli Outrexh Worknr proJe¢t, Preveiitlng rough iie¢plug We will at all tlm¢5 attemptto redu¢¢ lh¢ flow lo Ihe streets by ensuritTgili8t no person spends astcond nlghton the ￿1¢¢1$, Using the cxpcrtise of our Outr¢k)ch Team, ensure thftt ncw are effectively diyeried away from a street lif¢styl¢. Th¢y may be r¢conneeted back to the5r home &Tea, or its i)th¢r more relevant seTvkes, wher¢v¢r they may b Worklhg wlth tfitrtnthtd rougli slteptrs ETrtrenclied rougli sle¢pers fall within our ¢ore cli¢nt base of roy&h sleepers- however, they are unllkely to readlly make Ilie inov¢ away fwoiii the 5trects or ¢ven to engage with services. for this SPEcific group, w¢ will make every Bttempl to t￿COurage them t) o¢¢ess our 5¢rvi¢¢s as part of 4 lon8-term action pl4Th io move thth fiom the streets into a mor¢ settled ivay ofiivlng. Sh¢ller¢d Houslng We will continu¥to provlde sheltered houslngatourthTeE hou51ngsil¢S. two of whl¢h provide on-sil¢$laff., Roihesaycourt In Lewlsham, Bawiry Rtl In BJr(ie¢, KiThnear Court in Wmnbledon. Our rn$ideiil$ are mixed at all three 5it¢s and ar¢ llocaled RCCOmTnodallon based t)ll PTiortty hou$ing n¢¢d. Priority IS 8iven lo Iliosc Applicaijts living In poor cominthlatiui. (pften with mqiordisr¢pasr issues,elieNis who havebeen living in teMp￿llry acc¢Mnmthl&tionwith ft hi3tory of hom¢l¢ssnes5 or cli¢nfS who are a priority on medieal erounds. MeAtal Health In a¢knowledg¢m¢nt of the facl that lltound 650/fy of our 8dlllt Clients hav¢ a diaÈnos¢d mthtal health i5sve, WE will cnsurc thai Ihey are supported io engage with appropriate Tnenlql healih SEfvicts, including outown p5y¢hoiherapy seivl¢¢$. In (klober 2021, we eiigaged witlE Btttt Gielli¢r Psy¢liology Service lo provide a b25pok¢ psychology servlce for our homeless Clients md in (klober 2022 we agaiii engaged HGPS to pmvide a $vb$laii¢e misusc servicc for Lll clients. Thi5 service recognises the compl¢x Deds of ovr clienls and uses a threc phased Appro8eh Incliidlng stt)billsatlon, iher&py. And reint¢gratioD into Ihe eommunity. Furfh¢mior¢. we will contin￿e partnersliip iviih Cainden PsychotheJapy Unlt and The BrentlWcstminst¢r Cenlre for Young P￿pIe to d¢lbver high qu&liiy Indlvidual or family psycho¢herapy for adults and chllOreN. Voluiiteer Progrimme 18 Y¢¥￿ laier. our voluntecr5 Still supporfiiig us acro$$ tlie organisation. Wi¢lher they 8re meeling with a ¢lient f4¢¢ to ta￿ or on the phone- laking calls from client5 in rteed of advlce, or working behind the stene$ ta 8ive Vital KKial ¢v¢rtlS or administrativ¢ support to One ofourservlces orstoff Inembers, ¢v¢ry on¢of ourvolunt¢¢r8makes o blg Imp￿1 and help$ U8 4chleve our aim of reduclng $o¢lal isolatlon ar￿ strengthenlng Ihe SCO￿ comrnunlty. Sodgl &v¢nt$ Scotscare mw8ni$¢s thatre8ularSOCFAI events are crucial c0￿]￿u￿1ty cont)e¢tots thai improvewellbeiiigand redu¢¢ Social Isolation across our client groups. Over 50$ ¢li¢nls ¢njoy m¢xithly social eveThl$ usiiftlly ltt the forni of a buffet lunch and A gfyme of bingo. This provides 8 good opptsrtunlty to meet new frl¢nd5 and reduce so¢lal1501atlon. Attendftn¢¢ ot our fomily day trip$ 1$ hlgh &nd provides a Brcbt OPPDriurtlty for parents to B￿rtd tlme wlih thelr cljlldren wlth S¢otsCare meetlng the cost. The SGOtsCarn ¢holr ￿etts weekly &nd WAS orlglnally s¢t up to ¢onn¢¢t S¢ots ¢1S¢nts and r¢du¢g $o¢ial Iw18tion but now also dSre¢tly ralses Ihe prollle of ihe ¢harlty through InvltaiioThs to perfoTm at ¢v¢nts held by other Scoltish or8uni5atlpn$ op¢raikny in IA)ndon. THE ROYAL SCOTfisH CORPORATION THE ScO￿lSH HOSPITAL OF THE FOUNDATIOiY OF KING CHARLES 11 TRUSTEEI S> REPORT (Co￿tInUEd) FOR THE YEAR fNDED31 MARCH 2014 FA￿lty Support Pi'oleet Ourwork supporls families when they fac¢ complex ngedy and eh911¢ng¢$. including dom¢stlo abuse, mental he3lih l$sue3, and subst&n¢e misuse. Th6 StrvSce mnges froin lighi iou¢h support ro Inienslve lamily suppon, child pro1￿tion, referrals to 9pe¢iall$t p$ychoiherapy serv1¢￿ r¢l*tlon$hlp supp(>rt, and advice and support when dealin8 widi Statutory 5eTVi¢¢S. Advoeicy Our Advn optlons 8Fr055 ￿ndOn- access to health servkes., refefral paths specialist alcthol, dw8 ond i￿entAl liealth servic04 and birth certifLcai&s. Old¢r p¢ople wlth: asstS8mcnt ofttccd for Scolscare's sheli¢red houslng. piogramme of Bnnual socl&l ¢v¢nis; Yolunteer bofriendets,. aTbd volunteer l¢¢h buddy pro8ramme, Worklttg age hdults wlth: grants for troining or study. ai)d job ¢08thin8. 12 THE ROYAL SCOTTISH CORPORATION THE SCOITISH HOSPITAL oifTHE FOUNDATION OF KING CHARLES 11 TRUSTEES, REPORT (tontlnued) FOR THE YEAR ILNDED 31 MARCH 2024 A¢hl¢wemeiil$ ind P¢rforni#nce Publlc Benefil Tli¢ Trusle&s Iiav¢ hud regard lo ￿le ChaTity Cominlsslon's 8uidan¢e on publi¢ b¢n¢fst durlngthe year. The Chgrity meetb. the Publ1¢ BeThefii ie5l set out by the Chorfty Comtnlssion by providsng the following serYice$'. sh¢ltpY¢d housing on Ihr¢e 5ile5 IN London.. Grove Park in L¢wls]Rin' Wlietston¢ in Barnet. and Worplc Road in Wimbledon. Residenis must be over 55, or over 50 willi a signifi¢Ant disability, to qualify forour.4heltettd h(￿80ng., n exlensive mejiv Orrin￿£￿al ￿#￿tI and r¢gular monthly allow&ntes' 5UPPOrt services.. b¢fri¢nding, ath1o¢￿y. psy¢hotherApy includlng substan¢e mtsu5e pgy¢hotherapy $¢rvlce, famlly 5uppon proje¢tand job ¢oa¢hlng wher¢ approprlaie., slgnpL>51ing io other services geneMIIy' range of voluni¢erlng opportuttlile5 across the organl$o1lott'. grani$ to help sivdenl8 and the unemployed who requiye additional ¢raitLing IxfoK r¢tuming to woth,. Bnd an annual programffle of social ¢vents f￿ famTrlie5 and oldtt people. To qualify for any of Ilie above, an app5ieant mysi ￿ &ssessed by the Corporotlon's profesgional sioff and haye ¢xhaustcd slate or othcr welfare provision, mi¢ Corporation's us518t$ thi8 PTOCE5S by Carrying out a b¢nefi18 ¢heck to ensure thp Proper tsk¢-up of stole benefit ¢niitlem¢nt us w¢ll as SiBllPOSting to rel¢yant serYi¢e¥. Nunib¢rs of the m*mbtr$ ofih¢ Plibllc bpn¢nttlng from ours¢rvl¢es 2023-24 2Q22-23 2011-22 Affordthl¢ hou%ing R¢giilar monihly hllowattces Inancial gTat)1$ Train¢d supported volutht¢#rs Bltiher Buddies bcfricnding project Number of people attendtngsocial evenr Helplin¢ calls Student and training Eranls Adult5 bSSCSStd for services Childreii benefit ting fron).%¢rvi¢es Advocacy ¢fyses Counselltng5eSSIDns 8¢oitisli outreaclL wojker project Childr¢n & fatnilies pToj¢cl 96 24 I,ooJ 60 49 24 816 65 39 1.759 514 17 378 332 77 34 896 61 55 840 6,368 25 538 423 95 244 6.659 38 478 445 74 517 36 25 Delgil¢d one-Lo-one assessmenis a￿ earried out at the ¢liei)I's home. on Ilie telephone or at our office ort City Ro8d. Th¢ a¥sessm¢nl in¢lud¢s ih¢ ¢ollec¢ion of infomialiot) tliat Iielps us lo piYJvid¢ Ilie most appropriate setvice$ that ta¢kle long- term deprlv£tioti. Ourobje¢live i$10 identify Ind achiev¢defined oiil¢omes for each client, Ihus measuring find quantifying the impact we li&ve on auf elitnts, livÈ$. This morc foctsscd approach has r¢5ult¢d In moTe 8rnnl$ ATKI $eTvl¢¢s to Lh¢ most vulnerable of ¢llent4 atmi the Impact of our IiiTrrvenilon ha9 been g¥eater for most clienis. 13 THK ROYAL SCOTfisii CORPORATION THE scorrisH HOSPITAL OF THE IfouNDATION OF KING CHARLES 11 TRUSTEES, REPORT (tontlnued) FOR THE YEAR ENDED 31 MARCH 21114 1023-24 202>23 2021-22 CrAJI ¢xpeTrdlture Sl ¢liildren fonillie S2- olderpwpl¢ S3- workln89ge adDIL4 186,990 84,967 120.g31 261.16Q 71,277 131,905 I￿445 75,314 95.709 Sapport5*rYltes I¥ychoih8ropy Cliildrcn and fa￿￿11￿ piole Voluni¢er programme Advoracy Sotiol ¢v¢nis Hom¢l&%sn¢&% thulreuh woerf¢r 176,028 32,987 66,368 119,4Y2 110,998 66,90J 79,296 21,744 63.n8 105,201 122,852 54,720 5,598 49,228 102,133 95231 I'•tal The seiYÉc¢s ofbolli charitiE$ mergcd seatnles$ly and without interruption lo cli¢nt Support tmd s¢rvi¢¢s. Volunteey progr4Thm Our volunteu8 Pfovtde si8niftcant support and 05515Mn¢e acros5 the organlsoilon. In iolal. OilT volunteers provlded 5,432 houTS in var5ous role3 across tlie ownisotion. W¢ &r¢ fully comrnit¢ed ioprovidiDgour volunteers with tlJ¢ best trainingso thal die o￿anISation ￿ntin11¢S to benefitfrom their input. Ov¢r the pasryear, our volun(e¢rswere able to fuifIl the followln8 roles: Bletli¢r Buddy b¢friend¢r (ai home) BlethEr F3uddy befriendcr(telcphontl Tech Buddy Travel Buddy Re¢eption Monthly lunch ¢lubs for tsv¢r 505 Attendance at arlnual clieTrt outin8S Administrativ¢ Comrnunlclltlons t¢tsm $upport Resldenls, ¢offee mornlngs 24 10 30 42 Our volunteer pro￿0mm¢ remylns an Integral patt of the Scolscire $uppori Service. BIEih¢r Buddles ¢ontiiiu¢ to Provide 5UPIM)rt ¢0 older p¢0￿e eiih¢r on ilie plion¢ or in ih¢iT Iiom¢s attd this $18nifi¢anlly ￿d￿¢t$ SOCIRI Isolation. Many b¢frSending relationshtP5 area liftlin¢ for i501ated Sxots, Ènd it 55 tcstarnent to tti¢ cllmmitment aEHI loyalty ofourvolunteers Ihat we Are abl¢ lo impact the lives of so many. THE ROYAL SCOTfisFI CORPORA'fioN THE SCOTTISH HOSPIT AL oir THE FOUNDATION OF KING CHARLES 11 TRUSTEES, REPORT (tontlnutd) FOR THK YEAR ENDED 31 MARCH 2024 rln al lji Ibne with our Slralegic obSECtiVC5, we monilot evaluate our work by using atheory of change framework10 track th¢ progrcss and oulcomes of individual elicnfs overthe eoiir8¢ of thcir involvement wlih tsg. Our 11ieory of Chang¢ Is und r¢vlew Hnd wlll be ¢xpAt)d¢d to In¢lud¢ oul¢omes and Impact for our homelvss clienrs. These outcomes •r¢ g¢n¢¥ally ¢ported toTrugwes on a quarterly and basis. Our new client dathbase is In final stage4 will provid¢ furthtt ways to monitor, ¢waluai¢ and r¢port on otsr work. We cot]Irnu¢ to use a series of surveyg developed to recelve Ttgular feedback from cllent$, tenanty, voluni¢er% to m¢a$ii*¢ s)ti.ifxtion level$ and area% for improvement or additiot)al seivi¢es. Th¢ purpose of Ihas¢ surv¢y5 is to h¢lp d¢t¢min¢ fuluTe slrlltegy and tts thssl$twlth the plènnSng and Improvemepi of speeifle servlees. The f¢¢dback algo provldes the no¢essary ¢videnc¢ ofscotsCare'$ ¢fr￿LIVenesS And increases awar¢lles$ ofour servl¢¢s dmongsl our ben¢fi¢iaTie& Ra55ing aW¢iien¢$% Ihrough (wr COMM￿111¢all01i$ 1$ imporlant to us if we aTe lo r¢a¢lJ mvrc Scots in Londtsn whD need our help. We rev￿cWCd and updated OUT CommunicatlDn8 Strategy to includea focus oil 0￿r amb8wdor wojects￿d Increaslng brand awareness through Linkedln to ensure Ihai we coniinue its communicaie effe¢ilv¢ly extemally with the appropriate key m￿SageS to k¢y 91akcli0ld￿8. Tho podcosi series whl¢h finished in July been an excellent opportunity ￿ raise awarenes$ anioDg$t • wider audi¢nce Ih¥ough car¢fully 5elecled S¢ots fr(Mll professional and 4rtistl¢ back8iounds. In March, we bBgan the process ofplannin8 Ihe 5eeond seri¢5 of podch5ts whi¢h launched this summer. S¢otsCare Christmas cards have ¢on¢inued and aT¢ d¢5igned to help proiMol¢ awar¢ncss of the churity ￿ld the WOTk w¢ do. ScoiBC&r¢ needs holp 10 ralsl awar¢nes$ of Its wovk and lo rdis¢ ibnds. Our ambas5Bdors play a vital rol¢ in r¢pw$¢nling th¢ Charlty amongst their personal and profe5sion#l networks, 8peakins hbout our work and (he importancE of tILe funds our supporters raise. Th¢ role involves our ambassadors using ihcir network of ¢oiJthcli Ihc bushiiess, coIKmcreial, )liti¢al, and other seetots in and around London to increas¢ Rwarcnc5s and siipport for S¢oisCar¢. We ho￿ to ¢xpand the number of Ambassadors over ihe coining year. Th]slees liave been pair¢d with Ambass&dor8 10 h¢lp them develop clokr Tolatlonshlps and greoier knowledge &bout the work of the Chhdty. W¢ ￿lItI￿ve to use the GP surgery and A&B leafl¥td151riI￿I1o￿ 5tTvi¢e to Tiise &W*￿￿E$S of our s¢rvl¢es. Our l¢aflels are ow on display al 528 GP svrg¢ry alid liospilal waiting across London. Additionally* iftor thorough research and taking into accountoursirdtegic aiin of investing children widtheir familie$, we now havc leatlets in 500 primory s¢hools in key ¢lient boroughs along with 50 family hub5 and nine special Bdiicatiortal Need5 CA>HI)rdln4tor(SENCOI teums 8CTOSS London. A new s¢hools family support leaflet &nd posl¢r were created to lupporl this woj¢cl, Adverts promoring our seTvices have appeaT¢d in Camd?n N¢w Journal. 151in8lon Tribvne, Wp51miDsl¢r Extr#, Ha¢kney aijd Islington Gazcltcs, East London Advertisei, London Metro, Direciions magazlne, The CaledoniAn Club ma£#zin4 What'6 oil, Soii¢li Lomdon Ina8azin¢, The sO￿h Londoner. SoiithwaTk Newspaper, Th¢ Cotnmiiiiity Noticeboard Iswthwark Newspaper), and QX Mogazit)¢, Bditori21 pieces app¢fired in th¢ Cllledonim Magazlne Suminer pnd Winier ¢dltlon& Dire¢¢lon Magazine. QX Magazin Camden New Journal and ilie Wesimlnsier Extra. Alongside thi4 editorlals also feaiuied In ihe followlng new51etteTS Scots In Lond￿1, St Columb&'5 Church ond the Asso¢lailon vf CharltablÈ Or8anlsationJ, To aid promotion of the charityi wed¢signed and pr￿U¢eddie following mer¢handis¢- pens, t-shlrts (g¢n¢ral, podcllstand runnin8), badg￿. S¢otsC4r¢ heart donolion box¢s. #nd OySl¢r walleLs. THE ROYALSCOTfisH CORPORATION THE SCOTTISH HOSPITAL ofi THE FOUNDATION OF KINC CHARLFS 11 TRUSTELI Sl REPORT (Contlttutd) YOR THE YEARENDED31 MARCH 2024 venls To celebrate the rnerg¢rbetw¢eEI Scot5CRre and Borderline, a'thank you, event was held at Sora%Sn'9 Offlces and Included donors, siipport¢r$, staff, volunteers and truste¢s. We r¢iunied to Pride In London witti 8 srall in Soho Squar¢ in July. Over one million people all¢iid Prid¢ Day? I great opportunlty to Tneet prospectlve cllents and supportews along with nemorklng willi other ¢hariti¢s and services. Th¢Ang¢l Canal F¢slival ii) Islin8ton inseptewber 1$ o r¢gulJrevetJt for S¢ot$Caregiven the high numberof Scots residittg ill Isliiigton. This event sives us the opportunity to raise aw3rene.4s (If %erYlc¢s amongst nsw and old clLtnlS and new SUPPOrteTS. Forth¢ first tim¢w¢ hod a stall 4¢ Que¢n's Park Day in S¢plem￿r2fj23, We h&v¢ continued our involvement with Scots in London, a group of 17 organisalions promoling Scotlisli Cultu￿ i London. Th¥ ¥roup aims io support Ihe S¢u¢iish ¢oinmurtity ith Loiidon, including its cli&rity Members. lTh¢ purpose of this 8roup Is to contbnue nelworkin8 and collaborating to promot¢ OUT individual or82nisations acro89 the Scottisli dla$por4 i tho bfoad"London" Irea. We art delighled ih&t HRH Th¢ Princc$$ Royal agr¢¢d to eonilnue as Royal Porron. Our CEO Ttpresents Scoiscare bt forum meetiw and sits on the Seots IA London management COMmitte4. S¢otsCaTe is r¢gi51er¢d with fhe Fupdral$ing R¢guiaLor I￿1 doe$ not eii8age in public fundraisi#8 and doe5 riot profe¥5ionAI fundralgets or cominei'cial particlpator5. Non¢th¢less, wtr do ob$erv¢ th¢ relevant fvndraising regulations hnd ¢od¢s. Sw¢sCar¢ will n¢ver ¢411 to ask someone to donate or pass bn their details. W¢ do use d&lab8ses 10 kttp Irack Of ¢llents' oeeds and to ¢oinmunl¢ht¢ b¢tterwith our volunleers. How wt use this informalion is ¢l¢arly slated in our1Sriva¢y PolÉ¢y which 51 aVAilablo on website. No eomplAittts were rccelved durlng 2023r24. The rEsulis for they¢ar are shown In thB St4tem¢nt of Financial Aciivities. Incomlng resourc¢s lotslled £3,049,109 (2023.. £2,734,408) and iolal resources expended were £3,181,196 (2023: £2,979,109). Thi5 resuliEd in a deficit of £132,287 (2023-. deficit £244.701). In¢omTrng resovr¢e5 for Iheyear deJivt predominantly from inve$tmeot in¢ome and interest of£l.317.505 {2023.' £1,261,191) plu$ renial Incom¢ from resldentlal hou51ng of £1,472,87812023: £1,378.758). t£gaeies, covenantslgift atd evenl8 4md donuiions amounled to £258,726 (2023., £21.523). Unreolised gain on Invesimenis omounied 10 £3,798,187 (2023 unreallsed loss: £2,460,919>. Th¢ po3t-mer8er transfer of £259,081 lias been in¢lud¢d ltt fhe resllli forthe y¢&r from the charily N¢w Borderline, The loial fiinds #t 31 March 2024 amounted to £58.458.770 (2023.. £54,533,789). ar The Corporation is th¢ sole Tniste¢ of th¢ Kit)lod) B¢q1￿$t (Charity No. 210067). The charity is requlyed lo be managEd by a Committcc of Mahllgement mud¢ up of15 Lif¢ Govemors of S¢otsCar¢ plus the Presid¢ni, Vlce Pr¢sid¢nts. )nd Tr￿￿Ter. The CoTporation 15 I1$0 the 501¢ Irusl¢¢ of th¢ Si Andr¢ws' Swtti5h Soldi¢r$' Club Fund (CliaTity Ng 233297). The obj¢¢ts of Ihe above chariiles are distinct from those of the Corp)ration and. #¢cordingly, they Lie not tohsidtted to be subsldiary ¢haritlC5. Their resulty, 055¢ts and lifibilitie$ do not fomi part of these financlal statement& We hAve fonnolly Thpproa¢hed the Chority Commission forp¢rnitsslon lo sir¢amlin¢ the ¢harlti¢s so tha¢ they arr ¢asi¢r to govem aThJ to Ilnk ili¢ ¢li&rilies wlih the Corporailon for reportlng and accounting pu￿0$¢$. vt$ftnent M enien 3kne inv¢stm¢nts of the CorpoTation aye managed by the inyeslnietht adviser, Sarasln & Partncrs LLP, LIMder dls¢retloAary mandAte8 ihat provide for annual fces based the aVer￿e valtte of tho resptetlve portfo1108 mtsntsg¢d by them, 16 THE ROYAL SCO￿[SH CORPORATION THB ScO￿lSH HOSPITALOFTHE FOUNDATION OF KING CHARLES 11 TRUSTEESI REPORT (¢antlnu¢d) FOR THE YEAR ENDED 31 MARCH 2024 Tlie Co￿￿ratIOn has adopted 8uid¢lin&8 for thts Investmentof its funds whl¢h hrts Ini¢nded to allow flexibility in the range and cl8sses of iyveslment subject to proi¢dion ogoinsi ImprLTdeni anv¢stm¢ni llctlons, declsk>ns Und pracllces. llieprimary obJe¢tlY65 lire.. the ¥eneral￿n of In¢oiie at a l¢vel ¢onsisienily sttd rewpnably balanced berneen the need to cott￿rve And increase lung-temi eapitsl and ilie nttd io geneTate incotn¢ for tlie a¢tivili¢s of the Lorpordtion., &nd Ilie achi¢vemtt)l of a lev¢1 of income sitrfficient to ethable the Corporation to grow the scale of 119 ¢harltEI)l£ acilvltles in real tenn$. No specitl¢ inve5tmentexclu5ions hav¢ been sei. However, Ihe Sardsin fund in which ScotsCar¢ Invests does nol iiivest in tobaceo artdavoids iThv¢5tmenL In comp&nl8s th*hav¥ morothan IQQAofthelr tumovEr inaleohol manufa¢Nr4 am)am¢nts. gamblingor pornography, Th¢ Inv¢$tm¢nt Sub-committee revi¢wsthe p¢rfomian¢¢ of iheportfolio with the InvutmentAdviserqyartertyBnd Teports ¢0 the Committce of Management. The Investmemt SU￿0mmittee Condu￿ an eyaliialion of the Inv¢stment Adviser on art annuhl b&$ls. The evAluoilnn indudes ¢¢)nsideralion of the iDvestm¢nt Strategy and the praeess of the Inv¢slm¢nt Adviser and p¢rfonr>ittG¢ 4galn$t b¢nchmaTks, In the y¢Ji lo 31 M4r¢h 2024 the IDvestment incomt amounted to £1.307.201 (2023.. £1.258,995). Thr b￿k¢[age ¢ommissSon amounied 10 £154,902 (2023.. £161,712) aDd the illvestment management fe65 w¢re £171,089 (2023., £171,297). The market Value of the portfollo at 31 March 2024 amounied lo £47,533.967 {2023.' £43,903,924). The po$ilioiJ disclosed by thes¢ Finan¢ial Statements shows Ilial at 31 March 2024 th¢ unrestricted reserves of the Corporation atnount¢d to£l1,255,392. This svm ¢ompris¢s (a) £10,062,894 ofFun¢lional fixed Asscts and (b) £1,192,498 Ili¢ balance of unrestricted free re5crve5. The largel fiind of free re5erwes is £1,590,698. The Trustees are confident thAI the charity holds $uffi¢ientreseives for op¢rnlional purpos¢s which In¢ludea¢yclical property maini¢nan¢e plan. We regularly Teyiew our Teserv¢s poll¢y which15 IIDked io ¢he m4lor ri5k5 and opportunliles for the or8an15ation. The re5(TiGlcd funds comprisingihe H¢rltag¢ Fund the r¢stri¢t￿ Scottish Hornelessness ProjE¢t Fundatthe y¢aT.endaniwn¢¢dto £594,246, Th¢5¢ 45SBt5 are the CorporHtlofi's three rcsEdEn(ial properties providing accommodation for tlie over 55 or those ov¢r 50 wilh a si8nifKant di3Ability. trleted Free Resetw Unr¢$iricted fr¢e r¢serv¢s ar¢ r¢pY¢scnted by other nel Jss¢t$ available ￿ lh¢ Tru$tee3' full di￿re¢lOn In ¢h¢ condwT of the Corporation'3 affoirs. We consideT ihat for thc stnoDth Tunnirtrg of the Corw)iatlon and as a protection against exceplional expettdiliir¢ OT & drop iii in¢oni¢, a Icvcl of available expendable reserves is necessary. The Current Icvcl of Ivailablc expendable tt5crv¢y OF £1,192,498 tw)reseiits approximat¢ly 2.04% of the nelass¢t5 of tlie CoryoTOtion and approximalely four months of normal expendiliir¢. The total regtrves at 31 March 2024 ore £58,458,770. Thoy Compri￿ unr¢stri¢ted thnds: £11,255,391 r¢5tricted fund5- £194246 endowed thnd: £47.009.132. We have ￿reed on an ￿nn￿al budget to *ipport and L%)ntribute to ihc ongoin8 develowncnt and d¢lSvery of cllent support 5ervi¢u throughout the ¢omin8 year with a $p¢nd of £3,402.798 in 2024-25. The Annual pro8ramme of s¢rvlce5 will be d61ivw¢d., using dirc¢i interv¢niions wh¢T¢ resourc¢s be most effe￿1Ve. identifying and SI8￿pOsI1ng io othor approprlat¢ s¢rvlees forthe bEDefil of eli¢nts; supporting and investing in OLEr and voluiite¢rs through troining and d¢velopm¢nl; and working with other orgwjisations, $oci¢ties, ¢htsrdie$, cjiarities and 88en¢i¢s. 17 THE ROY AL SCO￿ASH CORPORA TION THE scofTISH HOSPITAL OF THE FOUNDATION OF KINC CHARLES 11 TRUSTEES> REPORT {eorttlnutd FOR THE YEAR ENDED 31 MARCH 2024 Our plans for 2024-25 Intliide: ¢nsuri118 the coniiiLiialioii of Borderllhe $ervi¢es in ih¢ Scolscore r8n8e of servTces: linking Ilie related chai'iiies, Si Andr¢w$' Scdtish Soldi¢rs' Club Fund and The Kinloth Be91￿$1., implem¢niSn8 the k¢y business slrgnds of our n¢w oper&tlon&l strategy for 2023-2026 which inclvde areview of our inv¢stm¢nl m￿n￿er$ and inve$tm¢nt strategy., ni4intain5og and expaiiaing our inental liealth s¢rvices. in pHrticular our ¢hildr¢n and familie5 and substance misus¢ psy¢h(4lierapy servic£s Io Support vulnerable families ind adults. expandiTh8 our family suppori pi￿j¢Ct. ¢ompleting Ihe tmpkM¢ll￿10n of our D¢w ¢lt¢nt databas¢ and expand tliis to Incltsdc additlDnal ddthbas¢$ for r volvDl¢¢¥ pro8ramrne and fvndrAi5ing io eD$ure high l¢v¢l$ of repDrting on outcomes and impact. l]nalising the review of ourTheory of Cli8n8e ty et)sure we are focused on the best s¢rvlc¢s to ¢nd Iht ¢y¢le of deprivalioD aMon8St our clients. c&rrying¢iit a Iru$tee board i¢vi¢w by usin8 Cxtcmal consultantS-,. expandin8 our volunteerin8 prograinmeto include a befi'i¢ndli￿ service for families. fhrough A new property Sub-coiiiinittee, r¢viewing ¢)ur offK¢ leas¢ at City Road as wéll as p05s5blc expan￿0￿ ofour sh¢li¢¥ed housin8 a￿OI]I￿Oda1i9￿- aijd Sncrea51n8 thE numbor of SrotsCdl¥ Amba¥sadors. rova This rsport was approved by the TrUS￿e3 on 22 October2024 signed on thelr beh&lf by,, eyln 14n¢h ,.Clialfrmhn INDEPENDEwf AUDITORJS REPORT TO THE TRusfci Es ofi THE ROYAL SCOTTISH CORPORATION THE SCOThISH HOSPITAL or THE FOUNDATION OF KINC CHARLES 11 FOR THE YEAR ENDED 31 MARCH 2024 Oplnlon We have audilcd the financial statem¢nt$ of'f]ie Scottisli Hospilal ofTh¢ Fouiidatlon Of KlngCharlegTh¢ Second {Royal Scollisli CorporalioD) foT ¢li¢y¢Jr¢nd¢d 31 March 2024 wliich ¢omprls¢ lh¢ Stalementof Finan¢lal A￿1VitIeS. thc Balan¢¢ Sheet and the CAsh Flow Sta*ment and n01es Éo ili¢ financTral staLemeDl$, including ts summary of signifi¢￿1 a¢counling poII¢iE¥. The fjnanrlal reporlin8fraTneivuTk Ihaihh5 beeij applied iji tlieir preparalion is &ppli¢abl¢ IBwand United Klngdom Accounting Standards, including Financial Reporliijg Standard 102 The fiNaKcial Reporling Srundard Gppllcoblt lji ihe UKond Repmblic oflrdtsBd(Unil￿ Ki118dom G¢J¢rally Accepied Accounting Pra¢tie¢l In our opinion. IhB financial stat¢menl8'. give atruetsnd fllirvlew ofthe stai¢ of the charity'saffalrs as ai 31 March 2024 ond of th¢charity'$ nol movemen¢ in funds for the y¢aT ih¢n ￿ded. hav¢ beEll Properly prepared in accordan¢e wlth Unlled Kingdom Generally A¢¢epled A¢cour*ting Prdctice,. and have been prepared attordan¢e iylih Ihe requir¢ments of ¢he Chirities A¢¢ 2011 and ihe CliariÉies and Truste¢ Inv£s¢m¢nt (Scotland) Acl 2005 r¢gulatiDn 8 of the Charitle5 ACCOUr￿ (Scotland) Regulations 2006. Basls for oplalon We have been aP￿Inted a5 auditor undeT section 144 of the CIi&Tltie5 Act 2011, and sectlon 44{1)(c) of lh¢ Churitl¢s And Tn]stee InvestmeDI (Scotl8nd} Act 2005 &iid ieport in accordance wilh tlie Acis and relevant regulaiiolls niade or having effect Ih¢r¢under. We conducl¢d QUT audil in a¢coTdance with Internatio￿￿1 Standards on Auditlng (UK) IISAS IUKI) and 2pplicabl¢ law. Our rc8ponssbiliiies und¢T ihose Slandords ore furtlier described in tlie Auditor's responsibilili25 for Ihc audlt of the finan¢iil st&l¢ments s¢c¢ion of our report. We are independent of ihe chai5ty In &tordanc¢ with th¢ ethical r¢quii¢m¢ntg that are relevani to our 4u¢Jil of tlle finaiTr¢ial slalein¢iits ia the UK, In¢ludlnB th¢ l.'IIL's Llhlcil Standatd. 8nd wchav¢ fulfilled ouroiheTeihieal respunsibililies in J¢cordan¢¢with theserequir¢ments. We bclievothat tho audit evidence we h8v¢ obtoithed is $uffsCient &nd llPPTopriate Io PTovlde o b4$1$ for I￿rop1n￿on, CohelusltbD$ r¢l*iing to golng ¢oncer In 8udSilng the financlal Slat￿n¢llts, we have conclud¢d that th¢ tru51¢e$' Use of rhe solng eon¢¢rn basis tsf arcouni>n8 HI th¢ pr¢p3rntlott of the fin8nc5al si&i¢ments is Appropriate. Based on ihe work we have perfoThhd, we have not identified any mat¢rio1 uncert&inlies rellltln8 to evellts or ¢oDdltion$ Ihal, indivtdually or collectively, may cast signifieant doubt on the charitys &biliry to contlnue a goi1￿ concern for period of ai Ica5t twelyt months frtsin when thc finftncial Slatemcpts hre Duihoris¢d for Issue. Our responsibllliSes and ih¢ responsibilities of th¢ trustecs with respcct to goin8 ooncem &r¢ describeil in th¢ rel¢vAnt s¢¢tions ofÉhis TEPDrt, Otlier liiform4tlon The trust¢e5 are responsible foT the other infomiatEon. Tht oth¢r inf4rm&tion ¢ompriges th¢ inforn)alion in¢lud¢d the TnE$tees' Report. Our opinion on th¢ finarbcial slaterllenls does not eover th¢ other Infom)ailon aiid, except to the extent oth¢Twise ¢xpli¢iily sl)l¢d In our report, we do not express any forni of a$5urall¢¢ coiELlusion Ihu¢on. In connection with oiir audi¢ of the financlal siatemenrs, ourTe$poDsibility 1$ lo r¢MI ih¢ Oll￿r iThforin#ilon arKI, do1￿8 s conslder whether th¢ other iThformation is fflaierilllly iiicon55Steiil willi th¢ finaJJ¢ial $talements or our knowledg¢ obtained in Ilie audit or otheiwis¢ appear$to be Inaterially mi$$l4ted. Ifwe identifysuch mai¢rSal inu)nsist¢n¢i¢sor ApparentmaterE&l misstalcrncnis, wc arc reqtsircd io deiemiit)e whether there 18 a m4tt¢rial mlssta¢em¢nt In tho (Inanclal sittem¢nts or a miterial mi3St&t¢ment of th¢ o¢h¢r infonnatlon. If, based on Ihe work wo hay# performed, w¢ Conclude that there Is a mateTlal mlsstatemeni ofthis otherinfom?atlon. we ar¢ requir¢d to report1h￿ fact. We havenothlng to reportln IhS5 regard. INDEPENDfi NT AUDIIDRS? RIIPORT TO THE TRUSTEES OF THE ROYAL SCOTTISH CORPORAT10Tr4 THE scofTISH HOSPITAL OF THE FOUNDATiof4 OF KINC CHARLES 11 FOR THE YEAR ENDED JI MARCH 2024 M#lt¢rs on whleth wt oro roqulyed to repori by exotptlon We have nothing to report in r¢$peel of Ilie followlng marters In relation io ivhich the Charities (Acco￿n[s and Rcport5) Regulatiotts 2008 and the Charities A￿O￿nts IScotloTEdl Regulslions 2006 wulre us to report toyou if, in our opihiDn: adequ&ie acCounti￿g r¢¢ords have not iw kept by the ¢harity, QT T¢Iurns adequate rot our audlt h&ve not been ¥eceived froni branches rtot visited by us. or stsfficicnt and proper auounling re¢ords ha￿ not beeD kept,. or th¢ ¢harily financial stktethÈ￿ts are not In hgTttme#t wlth the aceountlng Ye￿dS and r￿uM5. or we not w¢lved 011 tkne informatloll ond explanatlon$ we requlre for ouraudlt. Re5ponslblllll¢8 ofirustee5 for the flnancbAI stalements As ¢xplalned more fully in cli¢ tru$i¢es' re$pon51bllitle5 slaternent set out on page 6, Ihe ITU51ee5 are K5pDn$ibl¢ for th¢ prcparalion of the fiThan¢tal 51aieinen¢s artd for ￿Ing saiisfi¢d that tli¢y give & true and fair vlew, and for su¢h internal control as the truste¢5 determiDe is rtecessary lo cnable the pr¢pardtiw) of fi￿aRtiAl siat¢inents thal are free from material misstht¢ment, wh¢ih¢r the to fraud OT ¢tTOT. In weparlng the finfjncial stalemonts, th¢ tru$i¢¢y qre regponylblg for assesslng the chaiSty's ablllty to conilnue a$ A golng concern, daselosln& #s oppllcable, mmwrs Telated ID going ¢oncern and using the going WD¢¢rn of accoulllin8 unl¢¥ Ihe truste¢s ¢i(h¢r intend LO liquidate Ihe charity or to ceAs¢ operation$, orhave no r¢alisti¢ alt¢mativ¢ but lo do so. A￿lIfOr s respomslbllllles for tlie aud51 ofthe finanelal $t#tement$ Ourobj2Giives Ire to obtain reasonable assurante about whethEr ihe financial siAiement8 &s a whol¢ ore fre¢ fron) mAlerl&l misslaternefit, whcthetdueto Traud ortrror, andto issuean audi￿r,9rep￿rt1hdt Includ95 ouroplnlon. Rea50nabl¢ Es$ur8n¢¢ Ss a hlgh level ofassurance. bui Is not a guarantee that ao )udit¢ondueted In aceordance wi¢li ISAS (UK) wlll alw&ys delecl a matcrlal mi$staiement when It exisls. Misslatemenis ¥rise from fT&ud or error &nd ttre considered material if. indivldually or in ihg aggr¢g41e, they could reasonably be ¢xpect¢d to influenc¢ th¢ K¢)nomi¢ d¢¢ision$ of u5eT3 lak¢n on the basls of Ihese finan¢lal slatemen￿. Irregul&rities, including fraud, ar¢ in$tanc¢s of non-tothpliancc wSth laws and re8ulhtlon& We deslgn pm¢edure5 In Ilne with our re5pon5ibilitic& outlined hbov< 10 detect m&ler￿7 mlssiaiemenls in respecl of irr¢gulaiitles. Including fraud. The eKt¢nt to which our p￿￿ed￿r￿ Br¢ c&pThble of d¢te¢iing ltregulllrides, in¢luding fiaud is detAiled below.. Based on our uDdeTsianding of Th¢ Royal Srottish COrpoTa￿on, wr idenlifi¢d thal lh¢ principal risk$ of non-cornplÉ8nre with laws and regulaiions r¢late$ lo di¢ t¢8ulgtory requirement5 ofieiiaELCy regulaiionl Charity Law, klealih and Safety Aet and cmployment law and we ¢onsidered th¢ ¢xlent lo which tkOD-¢omplianee Mighi haye a m&tcrial ¢ffe¢t on the rinan¢ial sl)l¢ments. We 1150 considered those lows a[￿ regulation$ that have a direct impact on the prepArailon of th¢ flnaneial siat¢menis such as the (￿arItIeS ACÈ 2011 and the applicBtion of FRS 102 &nd payroll tox We evaluored mal￿gEment,$ incentives and oppon￿nItIeS for frguduleni rnanlpuS￿lon ofthe 51aiemenlS (including dj¢ risk of override of ct)atroIB), and dei¢rmined Ihat the principal risks wer¢ related to manual ac¢ountiKg jounJal$ artd manag¢m¢nl Èn%nipulaliDn Df accouiilins estifftate$. Audit procedures performed by th¢ eng•g¢ment team included: Enquiri&* olma¢8gement regarding ¢orr¢$pondcrhce with regulators ftnd lax Aulh￿Ill¢S. Discussions with nianagement in¢lydin8 ¢onsid¢r8tion of known or suspe¢trd in5t3nces of non-compllanco with lèws and regullltion and Fraud,. Bvalualing management'5 controls d¢sign¢d to pre¥eDI arid detect irr¢gularitie5' Idcntifying and t¢$tln% Journals, In partleulav. Journal ¢nlYies. postltsgs by unu8u&I us¢r$ or wlth unusual de5criplions' and Challenging assumptlons judgements made by manag¢m¢nt Its ilieir ac¢ounlingestiniotes' 20 INDEPENDRN1' AUDITORS, REPORT TO THE TRUSTEES OF THfi ROYAL SCOTTISH CORPORATION THI scorri8H HosprrAL or THE FOUNDA TION OF KING CHARLES 11 FOR THE YEAR ENDED 31 MARCH 21124 B¢cau5e of the Inherent 1Smiiaiions of an audlt, there Is & risk th4t we will not d¢l¢et all ir¥egutarilie4 including Ihose le8ding lo a mateTi81 Inisstalement In tli# financlal ￿￿1£M¢M18 or non-cotnpliance with r¢gulaiion. This T15k increase5 the MO￿ th&1 ¢ompliartce with o law or ¥eguL41ion is remov¢d from Ilie evtnls and trOn￿¢tionS r¢fle¢ied in the f&nancial slai¢ment5, ag we wlll b¢ less likely to become awBrc of ins*8nces of non.eompllan¢e. The risk is also greator re8brdin8 Irregularltle$ w¢urrlng du¢ to fratsd rother IhATh error, Is fraud it)volves In¢¢ntion&l eonceglmenl, forgery, colluslon, omis$ion or misrepresent&tion. A rurther descriplion of our resp￿)$1b11l1Les for the audlt of thE financial s(aiemen15 is k>cated on the Financial Reporting Coun¢il's w¢bsit¢ al.. ww 5. This de￿[iptIo0 fomis part of otsr auditor's Feport. Use ofour report Thls report15 mede solely to the chority'g trustees, u a body, in aeeordanee with section 144 of the Ch&rili¢y Act 2011 and regulai5oThs made under scctlon 154 of that Act. Our 8udil work has b¢¢n underioken so ihai ive mSght siare to the cliarity* trus*¢s thos¢ Inattcrs we are requir¢d io s18te 10 them in An Auditor's report and for no oth¢r purwbse. To the fullesi ¢xlent permitted by law. we do iivt aLeCPt 01 a55UtnE reBpon5ibility to aiiyon¢ oih¢r Ihan lh¢ ¢11orily'$ Irusiees ag IL body for otsr iudit work, for this repr>tL or for the opinions w¢ Ii*ve fomied, rL LLR Haysm&cin(yre LLP Stsluiory Audlior5 10 QLieeu Sireel Pla¢¢ London EC4R IAG Dule., 6 November 2024 H4y$maeintyr¢ LLP is ellgible to act As ￿ audiior In t¢mis of sec¢ion 1212 of the Comp&nl¢s A¢t 2006. TEIE ROYAL scori'isH COIIPORATION THE scofTISH HosprrAL OFTH& FOUIYDATiof4 OF KIiYG CHARLES II STATEMENT OF FINANCIAL ACTIVITIES FOR THE YfiAR ENDED31 MARCH 2024 Uhrt51rlctrd RtFlrlcled Fuiids 2024 EttdDT¥td Totsl 2024 2124 2014 202J Nol¢s lllconi¢ from: Donations and le8acses 226.110 32.616 238.726 21.523 Investme# I.J17J05 ,J17,505 J.261.191 Charliableficilvliles Income from residpntial pruperly In¢ome from s¢rYic¢s in respect of homeless peiTrple 1.472,878 1,4Y2.878 1,378.758 72.J)36 Toi41 iMeom¢ 3.016,493 32,616 3,049,109 2,734,408 Exp¢lldltur¢ on.. Riibliigffiiirfs lrtvestm¢nt maii8geinent ¢o$ts Fundiaisln8 costs 61.802 185.407 247209 .f1,657 250,082 51,657 Charlidble aellvlfles Weif8r¢ Rosldential hou$inE Oih¢r 1,873,849 9(K),622 108,059 1.981,908 900,622 1,873,247 851,821 1,359 Total e%p¢ndlture 2,836,273 159,716 185,407 3.181,396 2,979, 109 N¢* incornel{expendlture) before Invtstinenl g41n$/(l0ss￿) 180,220 (127.100) (185,407) (132287) (244.7Ql) Unrcali5ed g&1￿$1110$$es) ott investmenls Transfer of ti¢w asset from N¢w Borderline 6,767 3,791.420 3,798,187 P,460.gJ9) 23 259,Q81 259,081 N¢¢ ieAUsedlunve&llsed galmsl (losses) 265,848 3.791,420 4,057268 (2.460,919) iytt movern¢nt In funds 1%0,220 138.748 J,606,013 3.924,981 (2, 705.020) To141 fund$ broughi forward 11,075,172 53.498 43.403.119 54,533.789 37,239,409 TOTAL FUNDS CARRIED FORWARD 1,255,392 194,246 47.009.132 58,458.770 J4.533.78 Tliere have b¢¢Tr no r¢cognlsed gDlns or loss¢$ other ihan Ihose ineluded above. All iransRctlons Are derlved from con¢inuing ￿liVi11¢s. The a¢companyin&i not#s forn pirt of these finan¢lal stal¢rnenls. 22 THE ROYALscorri8H CORPORATION THESCOTTISH HOSPITALOFTHE FOUNDATION OF KINC CHARLES II BALANCE SHEET roR THE YEAR ENDED 31 MARCH 21124 2024 2023 F4ot¢y JIIXED ASSETS T&n8iblo asset Inv¢stmeThts 10,062.894 47,533,967 10,235,404 43,903,924 12 37,596,861 54,139,328 CURRENT￿C￿ls Debtors C￿h At bank and Sn hand 298,799 883,843 124,430 038.J31 1,182,642 762,561 CREDITORS: arnountg falllng du¢ within on¢ y¢ar (213.584) (250,586) Nrf CURRENT ASSETS 969,058 511.975 CREDITORS: f8lllng due aft¢r more one yeAr (31.699) (42.0O4lJ Provl$ions for Ilabllltles and ch&rges <75.450) f75.450) NET ASSETS 58,458,770 54,533, 789 FUND BALANCES Endowed Fund5 Reslrieted Income Fund Unr¢slricted Income FuE)d 19r20 19LO 191?0 47,009.132 594.246 11,255,392 43,403,119 JJ,498 11.tNS.J72 TOTAL FUND5 58,458.770 54.533.189 The finan¢l81 statemtnts wew approved authoris¢d for ISSUB by Ihe Trustees on 22 Orlob¢r 2024 and are signed ils behalf by.. J<., Lynch Chnlrman C. Someryllle Tr￿s￿rer 23 THE ROYAL sCO￿lSH CORPOIIATION THE SCOTTISH HOSPITAL OF THC IfovNDATION OF KING CHARLES 11 CASH FLOW STATEPIJENT VOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Cish Ilows from oporntlng Attlyltles (856,900) 1908,024) Cash llvwl from Investlng a¢llvlllE$ Dividends aEJd int¢re5t Purchase of investments Purchase of fixed B%5cts Pro¢eeds from sgle of inv0￿Ments 1,317,505 (316.166) (56.446) 1,261, 191 (136.440) Nel cash provldod by Inve$tlng w¢llvlfle5 944,893 1,124, 751 Change In ¢4$h ¢&sh equlvalent$ In the year 87.993 216,727 Chsh hmd cosh ¢qulval¢Tht$ #l th¢ b¢glRlllng orthe yewr 799,850 583,J23 C4$h And CAih equlwaleht$ at the end orth¢ report1￿g yE8r 887,843 799.850 NOTLS TO THE CASH FLOW sfATEMENT 21J24 202J R¢¢on¢lll&tlon of Net MoYEment In Fu￿￿9 to Net Cash riow from OperAllng Aeltvltles N¢t movemeTrl in fuftd$ (GaSns)1105s on inv¢31m¢nts Investment Fto pald from the eapitsl a¢Loun( Depre¢ialion charg¢s (fncreas¢)IdEGr¢ase in d¢b¢ws {D¢cre&4c)lincrea5E in creditors Dlvidends and int¢rest from inv¢stments 3.924.981 {3.798,187) 326.591 228.956 1174,369> {47,367) (1,317,505) {2.705,020) 2,400,919 333.098 217,567 27,932 19.361 (J,26J, 191) Net cash used In op¢r#tlng 4¢tlvltles (856,900) (908.024) An#ly$15 Df Cash CA$li EqulvaleNts 2024 2023 Cash &t bank and In hand Cash held by inv¢stm¢nt thanagerl 883,843 4,000 638.131 JOl,719 887,843 79s),850 Note 17 shows thc net movement in ￿nd81d¢bt. 24 THE ROYAL scorrJ511 CORPORATION THESCOTTISH HOSPITAL ofi THE FOUNDATION OF KING CHARLILS 11 NOTES TO THE FINANCIAL STATEMENTS FOIiTHE YEAR ENDKD 31 MARCH 2024 I. ACCOUTr￿1NC POLICIES 1.1 BASISOF PRFPARATION The financial statemcnts have been prepared In aecordattce wlth Accountlng knd Reportlng l)y Churliles.. Slal¢tnenl or Recommended Pracilce oppli£&ble to ¢haTlties preparlthg thelr accounis In a¢COrdan￿ with the Financi81 Reportin8 Staiidttrd app15cAble in th¢ UK ind Republlc of Ireland (FRS 102) 2￿1 edltion eff¢¢tlYa for p¢rlod5 GofBwnEncing on or Hfter l Jafiuary 2019 (Charili¢s SORP PRS102), th¢ Financial REporiing S(8THlard appli¢yble ui the Unil¢d Kil￿d0￿ and Rrpubllr ufiTeland (FRS IQ2) und Ilie Charilies Acl 2011. Th¢ charity ¢onslilutes a publi¢ benefit ¢ntity ag defined by FRS 102. Assets 8nd liabilities are Initlally r¢¢tsgnlsed al historical ¢o$t or Iransa¢lion vttlue unless otherwise st&trd In the relevant A¢coundng pollcy notes. Golng Conetrn Glven tlie ¢haTity's l¢vel of free r¢s¢rvE¥ available al the year Eiid, tlie Trustees ¢onsid¢r that the di4Tity has adeqtt81¢ re5011Tce$ lo continu¢ in op¢ralional ¢x*$l¢rKe for tli¢ foT¢see&ble futvr¢ and Ihat there is no mat¢rial ￿cerIalnty coNn¢cled wilh the eliaT¢ty'S Ability to ¢ontinue to opernt¢ #s a going concern. Aceordingly. Ihe financial slatemehts hav¢ be¢n prepared on a goi118 ¢onvm bas1S. s1gnl1lea￿t Judgem¢nt$ ond ¢stlkniAtes Judgemenis mode by Ihe trus(ees. In the applicoiion of thes¢ accountlng pollciF5 have yignifi¢Ant ¢ffe¢t on the fiiiftrt¢ial Statements. In the oplnion of the Irllstees, In 2023-24 the slgnifi¢intJudgefflcnts and ogtim&l¢s were &ppll¢d 10 retired staff pevsions. the u$eful ¢¢onoEnlc Ilfo of ihe resideThtial properlies. &nd th¢ provision for dilapiddtioh. The details of Ihc5¢ judgemenls aiid e5timal¢s Sncludd in Il* i¢levont notes. 1.2 INVII sT￿￿NTs Listed investments Bre A form of b8s1¢ financldl Instrument and Are Inlflally re¢ognlsed At tlielr transaction value and sllbsequenily m¢&3ur¢d fyttheirfairvalue as at IliÈ balance sheet dat¢ Ilslng the cloiinÈ qyoted markDtpric¢. All movements In value aflslnÈ from Investment changes or rovaluatlun aTE Shown in the SiatemcTrl of Financial A¢tivilie$. R¢ali5ed gain5 (or1055cs) on investment a55Els are ¢alculatcd ès lh¢ d¥ffer¢nce berween diipo$al procetds and either their op¢nitl8 canyins walue. or their purchas¢ value if 511bsqucnl lo rtie first day of ihc finHncial year. Unrealised gains and losses are ¢al¢vlat¢d as thc difference between the fair velue and the cLrrying value ot yeAr ethd, Realised aTrJ unreèlised Investmciit 8&ins (or losses) are comblned In lh¢ $tal¢mentof finan¢ial activSilok and are credlied {ordeblied) in lh¢ yeaT in wthlck Ihey arlse. 1.3 TANGIBLE FIXED ASS&TS Freehold L￿ttd & Bulldlng$ U#d¢r th¢ previou$ GAAP. lond and bulldings wero staled &t valuailon. On transition lo IMS 102 eleclion was made to use the valuAiion &t 2014 ag the deemed cost and no depreclaiion on bulldlllgs wag made as ihe Rmount Involved was decmcd Immaterial. Followlng reapprRlsal 2019-20 depreciatlon of bulldingsls now made annually al 2•A of deemed ¢ost. Vixtur¢s, FlItlDg$ & Offi¢¢ Equlpment Fixturts, fittings And ¢q￿1pment Are dopreGlated at In annual rntc of of cogt. IT Kqulpment IT ¢qulpment li d¢pre¢l&ted At an innual rate of 33.33¢A of co8L 25 THE ROYAL SCOTTISH CORPORATION THE SCOTfisH HOSPITAL OF THE IIOUNDATION OF KING CHARLLg 11 N(yfES TO THE FINANCIAL STATEMENTS (¢ontlnued) FOR THE YEAR ENDED 31 MARCH 21124 1.4 DEBTORS D¢btor$ are re¢ogDis¢d al the s¢¢tlem¢DI amovn4 It$$ wiy wovi8ion for non.rccov¢rabillty. Pr¢p&ym¢nts are volued llt Ilie amount preyld. Trade and oiliey debtors hre reco8nlsed at the settlement Èmount due after any trade dÉs¢ount offered. Prepiym¢nts &r¢ vilved pt the omount prepi5d net of any Irad¢ d15¢0un¢s du¢. A ¥p¢¢ifi¢ provi$lon Is niad¢ for debts for whi¢h ¥ecoverability is in doubi. I.S CASH AT BANK AND INHAND Cash at bank at)d ¢ash in Iiand in¢ludes ush and short terni highly liquid Investmertts. 1.6 CREDITORS AND PROVISIONS Credltors hnd provislons are recognlsed when tliere Is 8n obllgataon at the bal)tL¢¢ $heet date xs a Tesuli of a Wdst event. il Is probabl¢ that x transfer of economic benefit wlll be r¢quired in settlement, and thr awnounl of ihe spiilEtnEnt bE ¢sli]nated r¥llably. Crtdiiors aRd provisio￿$ ai¢ normally recognisedat tlieir settlem¢JJt ainount after allowing for any tride discounts due. CTed5iors and provisiolls are recoEni9ed 8t th¢ imount ihe Charity antl¢lP8les it will poy lo settle the debt. They hRV¢ been di$collnted to the present value of the fuÉur¢ cash payment where such dis¢oLinting is materlal. 1.7 PROVISION FOR UNFUNDED PENSIONS Unfundeil p¢D$ioiis are paid by the Charity ttb Certain former employ¢e$, The pensions or¢ ta be paid durin8 thelr lifetim¢. lkn¢ pension liability wll5 calculated usin8 ihe reluni 0$1 ￿nV¢S¢￿ell¢ and to ttie ￿sUMed 8ge of 87 year& This decision was lakeji in Ili¢ vi¢iv of probable life expectancy of the r¢iired staff who ar¢ already above the age of avernge life expeeiancy of women in Ilie UK. 1.8 PROVISION FOR LIABILITIES Provi51on has b¢¢th mad¢ for ¢xp¢¢ted property cost5 al the end of lh¢ leases bas¢d on th¢ lease lerms, Inanagemtnl. a$s￿$Men1 of ihc property condition and the likely o05ts. The e$timaiion Involves a level ofiruste¢JLtdgeiiJeiit and will be Teassvssed annuNIIy. .9 VUND ACCOUIYTING Funds held by Ihe charity &rceithtr'. Unrestricted funds- which can be used in a¢eordan¢e with the charlfable objects at the dlseretlon of lh¢ IruslCQS Endowm¢tht fi]nd$ the Intome from which ¢an be used for the general purposes of the eharlty, In ¢¢ord&ne¢ with the chaTiIAI)le obie¢tives and at die d15cretion of the tru5te&5 Restrictsd funds Ivliich tan only be u8ed fDr particular restricted purpD8e8 wlthln the objects of th¢ charity. ¢iiherwhen sp¢¢lfied by ilie donor or when funds are rAis¢d for paryi¢ular restrfct¢d purposes 1.10 INCOME RECOGNITIOiY Income Es recognis¢d in th¢ perioot in whtth the Charity has eniitlemeJit10 the income. wheK lh¢ wn4)unt of lttcoiiie cao be measuTed r¢liablyJ aIJd it is probablE ihat ihe income will b¢ rEt¢iv¢d. Itl accoTdance with Charitie5 SORP FRS 102, volunteer time is iiot recogllised, 1.11 LEGACIE& GIFT AID & DONATIONS L¢gacies, 8Sft aid alld th*natlolls aTe &c¢ouni¢d for on an oc¢rual basis, 1.12 INVBSTMB14T INCOME & INTERCI ST Investment in¢ome 15 recognised ilie divideDd lias been deCla￿d and notifJ¢alion has been Ttc¢ived of tli¢ dividend du¢, Int¢wl on funds held d¢posit is in¢luded when il is r¢ceiv8ble, and the amourtt can be measur¢d r¢liably by th¢ ChttFIty', this is nornially upon notification from the bank of tli¢ int¢r¢sl payable or paid. 1,13 RENTAL INCOME Income frorn ¢he renlal i>f functionlll properties Is r¢wgnised wlsen the in¢om¢ is re¢eivabl¢ und¢r lh¢ ¢ontra¢t for Iiire or leis¢ dO￿l￿¢￿t, wh¢n lh¢ amount ¢an b¢ m¢8sured r¢li8bly, atrd it is probable such iii¢ome will bc received. 26 THE ROY AL SCOTTISH CORPORATION THE SCOTTISH HOSPITAL OFTHE FOUNDATION OF KING CHARLLS 11 NOTKS TO THE FINANCIAL STATEMENTS (contlnued) FOR THE YEAR ENDED 31 MARCH 2024 1.14 EXPENDITURE Liabilitie5 are recognistd as expendiiur¢ as soon as thEre Is a legal or ¢onslructive obligatioD committi￿8 ih¢ Charlty to make a paymcnl 10 a third party, it 1% probable that a Ir#nsfcr of economlc benefits wlll be requir¢d In 5ertl¢m¢fit and tli¢ amount of Ihe oblig￿lOn can be meB$ured Tollttbly. All expsndlfur¢ Is occounted fo¥ on an acctuu15 bas15. Bxp¥ndilure con]prlse8 direet Costs and support ¢osts. All e%pertS8s. In¢ludlThg support ¢osis, a¥¢ allocated or appottioned (o thE opplicable ¢xp¢nditure headings. Support costs afe allaeot¢d the same proportion 2$ dlre¢t cosi$ fire in¢urred. All expendiiure is siaied inclusiv¢ Ori￿eCOVer0ble VAT. All ¢li&ible members of staff are auto enrolled workplace pengion scheme. Employer cofttributlony io ihe sohemo are chaYgEd to the siarement of financial A¢livtltes in the year Sn whicli they ar¢ payabl¢ to the 8ch¢me, In iddltion, $iipplemertt#ry pen$ion paymellts art made directly to certain formeremploy¢e5. 1.15 OPERATINC LEASES Rent&ls payable under op¢rating1¢0se$ for equipmeni ar¢ ¢haTB¢d on a 5ITai811¢-liiie basil Over the tcnns oFthe l¢a5¢S. 1.16 EMPLOYEE BENEFITS Short lerm b¢rtetits Short term b¢nefJt$ in¢ludin8 holiday phy are rncognisul an expeDse in the period in whloh iho servl¢e Is received. Kmployee lerinlnAtiort benejlts Te¥minarion bellefil$ are accounted for on an ￿¢rul15 basis and in lin¢ with rKs Iff2. 1.17 HERITAGE ASS&TS No v&lue 1$ atirlbuled to herilag¢ as5¢ts on the ba515 tliat Informatlon on cosi or w&luation ofthe assets is noi available aiid could not be obtslned at re4sonabl¢ cost. The oge, variety and Idck ofcomparable m8Tkrt dat& would In)ke any 4tt¢mpt at v&luatlon ¢x¢rem¢ly oTh¥rous c05tly Compared wlili th¢ b¢n¢fi¢ derived by user$ of th¢ a¢¢ount. 27 'THE ROYALsCO￿lSH CORPORATION THE scofTISH HOSPITAL OF THE FOUNDATIOTrI OF KINC CHARLES 11 NOTES TO THE FINANCIAL STATEMENTS (¢ontltÈued) ItOR THE YEAR ENDED 31 MARCH 2024 DONATIONS AND LEGACIES 2024 21123 Le￿1¢$ DoTrqiians Bven15 139,230 95,212 24,184 1,078 17,1155 2.590 258,726 21,523 INVESTMENT INCOME- UNRESTRICTED FUNDS 2024 2023 Dividend ahd inler2s1 otl Inv¢stments Bank deposit interest 1,307,201 10.304 1.258,995 2, 196 I J17.305 1.261.191 INCOME FROM CHARrrAIILL AcfIviTIES- UNRKSTRICTED VUNDS 2024 2023 Ineome from residejitial property 1,472.878 1,378,758 1,472,878 1,378,758 MANAGEME14T FEE-UNRESTRicfED FUNDS 2024 2023 Fe¢$ for servi¢es in respeci of homeless people 72,936 72,936 28 THIL ROYAL ScO￿lSH CORPORATIQN THE SCOTTISH HOSPITAL OF THE fouNDATION OF KINC CHARLES 11 NOTES TO THE FINANCIAL sfATEMENTS (toktlrtuedl FOR THE YEAR ENDED 31 MARCH 2024 RAISING FUNDS 2024 2023 Brokeroge eommlsglon and Investment n)8nigem&)i fees Less.. accouiited for as inv¢stment trnD53CtioNs 326,591 1134,902) 333,009 {16J,712) 171,09 75,520 17J,2&>7 79.385 Support C05ts (note 9) 247,2(J9 250,682 FUNDRAISING COSTS 2024 2023 Staff ¢0sts Other dlrect costs Support ¢esi$ (not¢ 9) 47,405 2,508 1,684 51,057 EXPENDITURE ON CHARrrADLR ACTIVITIES 2024 202J Wtlfare Siaff ¢0$18 Oiher dir¢ci costs avan15 to individvals Support ¢o$ts (nol¢ 9) 610,914 402,232 J92,788 575,974 531,81& 285,237 464,346 593,846 1,981,908 1.875.247 Resldenllal Houslng Staff costs Oiher direct costs Support eosts (note 9) 147.70S 477,783 275,134 140,76 441.306 269,751 900,022 851.821 GOVRRNANCK COSTS 2024 2023 AtHlitor's remun¢railon-audit fec5 Audltor's Temyn¢ralion-other seTvices Oih¢rdlfect cosls 23,688 20.700 2.880 7,284 5.923 29,611 30.864 Gtsvernanc¢ wsts have beell all0￿[¢d Jeros5 inve51meni managemeni costs and th¢ ¢o$t of charitable actlvjlies pr¢)porljoD io d1￿ct eXpE￿d]lurC. 29 ¥0 ry I I g 115 Ill ¢x Jli rry 4t THE ROYAL sciyrri8H CORPORATION THE scorrisH HOSPITAL OF THE FOUNDATION OF KINC CHARLES 11 NOTCI S TO THE FINANCIAL STATEMENTS (coiitlnu*d) FOR THE YEAR ENDRD 31 MARCH 2024 IIJ. STAFF COSTS 2024 2023 Wages and 511ari¢s Social Securily cos1$ lier pension c051S 1,009,544 102,921 113,548 885,675 P5,044 100,575 1,226,013 1.081,294 Employees 2024 302J The average number of ¢n)ploy¢es during thc y¢or ChBriiable Support 19 23 24 Th¢ av¢ragt nun)bsrof FTE employees durlng ihe year alaritsble Suppon 14 Idl 21 18 There w&s one employee in the selary band £80,000 to £90.000 <2023: one) And one employe¢ in ihe salary band £60.000 t() £70.000 {2023.' on0) durlng the financlal ye4r to 31 MaT¢h 2024, The k¢y Inanag¢men¢ of th¢ Charity consists of the Chi¢fExecy¢iv¢ ¢08ether with the Trustees. Total remuiicration for tlieajlcf ExecutlV4 in¢luding $ocl*l 5uurity and penslon costs ivas £124,623 (2023: £115.489). The Trustees rwelved no r¢muneration in the ¢urrent or prloT year. No relmbursemEnt was rnade lo Truslees in 2024 {2023.' £nlll. DonaliQll5 of £1,625 weR ieceived from ilie TnASte¢s in 2024 (2023: £nill 32 THE ROYAL SCOTTISH CORPORATif)N THE scorrisH HOSPITAL OF TH& FOUNDATION OIT KING CHARLES 11 NOTES TO THE FINANCIAL STATEMENTS {£oNtlnued) FOR THIL YEAR ENDED31 MARCH 2024 TANCIBLB filXED ASSETS Fr¢ehold Lind & Ulllldlngs Flx141re5 & Ittlmgi Offl¢e Equlpment IT F4ulpmeDI Totsl C.OSTS April 2023 Additions Returned it¢ms 10.104,154 917,243 55,284 {5,OJJ) 85,002 30.867 6,195 11,137,266 61.479 (5,033) At 31 M*reh 2024 10,104,154 967.494 85,002 37,062 ,193,712 DEPRECIATION April 2023 Cliarg¢ for the year 493,164 143,281 306,825 76,984 85.002 16,871 8,690 901,862 228.956 At 31 March 2024 636,446 383.809 85.002 25,561 1,130,818 NET BOOK AMOUNT At 31 MaTeli 2024 9,467,708 583,685 10,062,894 At 31 March 2023 9,610,9PO 010,418 13,996 10.235,404 12 INVESTMETr4TS 21124 2023 Opening valu¢ at l April 2023 Cost of additions Investmenr manager'5 fe¢s cliaTged to portfollo Unre#llsed galn4l<>ssl 43,742,205 316,166 1171.689) 3,643285 46,530.585 f171,297) ,623,U83) Marktl walue *t 31 Matth 2024 47,529,967 43,742.205 Funds on deposit %vitl) invtstm¢nt managor 4.000 161,719 TolAI VAlue as at 31 March 2024 47,533,967 41903,924 Cos1 at 31 MaKlI 2024 UnTe2lised gains at 31 M&T¢h 21)24 36,992,198 10.541.769 36.133, 752 7.070,172 MArket volue at 31 Mitreh 2024 47,533,967 43.903,924 33 THE ROYAL scorrESH COIiPORATION THE SCOTTISH HOSPITAL OF THE FOUNDATION OF KING CHARLES 11 NQTKS TO THE FINANCIAL STATEMENTS (eoiitlnued) FOR THE YEAR ENDED 31 MARCH 2024 IL INvEsfMENTS (eonflnts¢d) Th¢ Invesimertt allocAtlon at the year-ErJd based on iTharkol value is ag follows.. 12.40A flxed int¢r¢st, 73.lQ/fj ¢qultl¢s, 3.6PA property, 6.9Qh aliemative inv¢sttneiils, 40A liqold assets. IOOOh of ihE Portfolio is held thFOkl8h a common Inv¢stn)cni fuiid. All Investment5 are in UK entitiC5. 13. DEIITORS 2024 2023 A￿rlled incorn¢ and prwymEttts Tradts debtor$ 2J9,608 59,191 97.38St 27,041 298.799 124,430 14. CREDITORS: Amoun1$ fAMln¥ due wllhln on¢ ye?r 2024 2023 Trade creditors Other creditQTS Deferred income Aceruals 106.863 18,398 93,697 30,290 8. 107 118,492 88,323 213,$84 250,586 her trtdltora Include £11,335 (2023: £12,117) related to unfunded pen$lons. ferrod inco ises rental inco 2024 21123 Bglan¢¢ * l Aprll Amount r¢l¢as¢d io ¥¥nlal incom¢ AEnount deferred in year 8,107 (8,107) 11,217 (11,217) 1.107 Il¥tslanct it JI Mar¢ 8.lQ7 34 THR ROYAL scofTISH CORPORATION THE SCOThISH HOSPITAL OF THE FOUNDATION OF KIIYG CHARLES 11 NOTES TO THE FINANCIAL STATEMENTS (¢ontlhM¢d) FOR THE YEAR ENDED 31 MARCH 2024 I& CREDITORS: Amounls falllthg due Hfler mtsyc tha￿ oftt ytxr 2024 2023 Ursfunded pension5 31,699 42.06 31,699 42,064 16. OPERATING LEASES EquIpM¢￿t Bulldiiigs 2024 21124 2023 2023 Und¢r l y¢fyr 2-5years 11,929 11,929 23,634 124.544 62,273 124.J44 186.817 23,240 35,563 186017 311,361 17. NET DEBT RECONCILIATION At l Aprll 2023 CAshtlow$ other nDlb cash chongEs At31 March 2024 Cosh #t bank & investm6nt manag¢r 799,850 87,994 887,844 NET DEBT RECONCILIATION 2023 Comporatlve AfJAprfl 2022 Ct7sIV7nw Odieriifjii eftsli A13J Mrtr 2Q23 Cash at bank & investmenl manager 583,123 216.727 799,850 18. PROVISION VOR LIABILITIES AND CHARGES Prov151on for dTlthpldf¢tlon A provision of E75,450 has been made for thE expected propcrty dilapidation e05t al Ilie end of the lea5c based on ihe I￿5¢ i¢Fm5 ttjanagemettl's assessmenl of ¢h¢ propeity Condition. lTh¢ ¢stimation involves 4 l¢v¢l of judgement atKt wÈll be re8ss¢ssed annually. Balance ai l April 2023 75,450 Balinc¢ at 31 March 2024 75,450 35 THE ROYAL SCOTTISH CORPORATION THE scofTISH HOSPITAL OF THE FOUNDATION 011 KINC CHARLES 11 NOTI4S TO THE FINANCIAL STATEMENTS {¢ontlnu¢d) FOR THK YEAR ENDED 31 MARCH 2•24 19 MOVEMENT IN FUNDS Ntl A$stt trinsf¢r from New urd¢r11￿￿ l Aprll 2(ll3 Income Exp¢ndllur InvestmEllt 31 MRrch 2024 trA*JfeYs Endowed Fyiid The Jame$ Kinrtear ThEnd 4J.403.119 (185,4071 3,791,420 47,009,132 R¢9trlcted Fund Herliag¢ Fund Homelo55ne& Fund 55.498 6,767 62.265 32.616 (159,7161 259,OBI 131,981 Unrt$trleled Income Funds runclion&l rixed Assets Fre¢ Ass¢i$ 10,235,404 839,768 1,472,878 (900,622) 1,543.615 (5,935,651) (744.766) 10.062.894 744,766 1,192,498 Tolal u￿r*s1r1¢1ed Funds 11,075,172 3,016.49J (2,836,273) 11.235,392 Tolgl FU￿d$ 54.533,789 3,049,109 (3,181,396) 3,798,187 259,081 58,458,770 COMPARATIVE 2023 l Aprti 2Q22 XxpÈndithr¢ IRYe$1m￿r (lossrt¢} nd 31 M*r¢h 2023 Eiidow¢d Funil TheJaMaY Kinnear fTilld 46.047,665 (J88.011) Q,456,535) 43,403.119 ResltletedfuHrf Heriluge Fiind 61,241 fl.55P) (4.384) 55,498 Uttresirlcied Jnctsine Fiiiirfs Fuiiclionol Fixed Assels Free Aiseij 10,316,53J 813,972 1,378, 7J8 (851,821) 1,355,650 (I,Q37.918) (608.064) 10.235,404 608,064 839,708 Tolfjl Uiireslrl¢l¢d Fmijds 11.075. J72 11,130,503 2,734.408 (2,789,739) TothlFHnrfs 57,23Q,40s) 2,734,4IYd Q.J79.109) (2.46J.QJP) 54,533.78 36 THC ROYAL SCOTTISII COIIPORATION THE ScO￿lSH HOSPITAL oir THE FOUNDATION OF KING CHARLIS 11 N(YrEs TO THE FINANCIAL STATEMENTS (eolltlnu¢LI} FOR THE YEAR ENDED 31 MARCH 2024 20. ANALYSIS OF ASSETS IIETWEEN FUNDS Vnre5trltted PU￿d5 eslrlc¢ed Ftsnd$ R￿dow¢ Flind5 Totsl 2024 Tanglble Assets Inv¢stin¢nts 10,062,894 10.062.894 65.078 47,448.889 47.533.967 Current Assets IVJS Creditory & ProvL8ions 1,192,498 109,168 (439,757) 861.909 11.25S.392 194.246 47,009,132 58,d58,770 UnrÉsffrlctsrf F#iirfs RÉMrlcthl F¥od$ roth12023 Funds Tongible As8eis Investment$ 10,235,404 10.235.404 43.825,313 43,903,924 74011 Current Assets less Cr¢dlt0¥5 & Provisio￿5 839.768 (23.IlJ) {422,194) 394,461 11,075, 172 55,498 43,403,119 54,J33. 789 THEJAMES KINNEAR FUND The JAme$ Kinnear Pund is an un¢xpendable capilyl (PerThanent Endowment) fuiid whose assets are Invested 10 produce In¢omo wlil¢h ¢wh y¢Jr is r¢wrded In Ihe Unresirlcted llleome fund and Is freely avallablts for thp rharilable acliYi11¢5 or th¢ CoTporailort. HERfTAGE FUND The Herliage Fund Is a Capital fund wlii¢h arises from th¢ histuric sale of certain of ih¢ Corporation's paiiitin8s (ancienily donated) upon movins pr¢inls¢8. Its income each year is recorded in the Unrestri¢frd Income Fund and is fr¢tly ayailablt forihe ¢harit4bleactiYiti¢softhe Corporatlon. Its caplial asser5 ar84)vallable toihe Trustees forthe pyr¢hasE of rEpluctm¥nf commemoT4tive Brtefact5 for the CorpoTation'g h¢Adquart¢rs or such other eotporaie 8xpendltuie as the Trustees mfty deteniiiiie. HUMELIISS RESTRICTED FUND The Royal Scottish CoTPOfalion IS¢otsC&el attd New Borderlln¢ {BoTdErline) merged on l April 2023 10 provlde a on¢ stop 8hop for vulnerAble Scots acTts5S Londoii. On l April 2023. thc assets hnd liabllilies of New BorderlSne {Registered Company number 06844151, Charity nllmbers 11286848 and SCfj44520) wete transferred to Scotscare. UNRESTRicfED INCOME FUNDS These funds r¢)xeseJ¢ ¢ccumulfy*d Sn¢ome surpluses and conslst of thnciion•l tlxed assas fvnd and fr¢¢ as5¢1s. (a) TAThglble Flxed Assets Fun¢lional fixed assels CQrnPEi5e of residenli41 Property and th¢ fixtures & Ililings witliTrn proYidiTrg 4ttomJKodatioii for th¢ ¢lderly and k¢y workers on lowrr Inromes. Tho TrLEStets h3vE d¢¢¢Trnined Ihatihe5e a$5eis Shall be o ¢apil&l fuiid but thal upon a dSspost*l of ihe ynderlylng propety. ally proceedy not slin51arly reinvesi¢d sho11 b¢¢ome free assets *vallable at the'fru$tees' discretlDn. 37 TRE ROY AL SCOnlSH CORPORATION THE scorrisH HOSPITAL OF THE FOUNDATION OF KING CHARLES 11 NOTFS TO THE FINANCIAL STATEMCI NTS (contliiued) FOR THE YCI AR ENDED JI MARCH 2024 20. ANALVSIS oir ASSETS BETWEEN FUNDS Ib) Fr¢e A$se¢s Fre¢ &ss¢ts are avallablE at lh¢ Trus1¢¢3' di￿r¢ll0￿ in Eh¢ ¢ondu¢t of thc Charity's iffairs. 21. CAPITALCOMMrrMEI NTS At 31 M&Tth 2024, Ihe Ch#rity ha$ no capttal ¢ommltment (2023: £nll). 22. HERITACI ASSETS Worfts of art and ceremonial $ilvcTwai¢ are kol capilali8ed in these account$. They Ore ¢onsldered to be Iierliage 95Stts for the purpos¢s of ihe Charities SORP (FRS 102). They all have vcry long Ilyes and &r¢ wortli preserving indefinitely. No volue is attributed to heritage aswls on the basiy that infonnation ¢11 cost or valuati4)n of the asseis 1$ not avallabl¢ ond ¢ould BD¢ b¢ obt8ined at reA8on8bl¢ ¢o$t. There hos been no movement In th¢ h¢ritaBe 85sets in the lasl 5 y¢aTS. 23, MERGER WITH NEW BORDERLINE Th6 Roy81 Seottish CoTP)ration {S¢ot5Car¢) and N¢w BoTd¢rlin¢ (Borderline) merged on l April 2023 w provlde a one 5top$liop forvllltherablcScDts across Lo#don. Ott l Apri12023 theassetsaftd liablll¢ks, os sei ouibelow, of BoTd¢rliDe (Regi￿ered Company number06844151. ChaTity numbers 11286848 and SC044530) were ITan5ferr¢d io Scot5Care'. Cash and sliort-term deposits £259.081 24. RELATED PARTY TRANSACTIONS Callum Ross, one of the Trustees, is a de5ignat¢d memberof Habitus Colle¢tiv¢ UK LLP. a compony engag¢d to provide consultsncy services to th¢ Charity. The Charity paid £2,814 for ihis ivork during the ye&r {2023.. £11.9401. TJi¢re were no oulslandin8 balanec5 Zt tho reporting date (2023: £•il). (Xher th¢ tran$llCtloDs dlsclosed abov¢, the Charlty no otheT related party Irans4ctivns. 38