THE ROY AL scorrisH CORPORATION THE SCOTTISH HOSPITAL OFTHE TrOUNDATIOh' OF KING CHARI.ES II (OPERATING AS"SCOTSCARE") REPORT AND FINANCIAL STAI"EMENTS FOR THE YEAR ENDED 31 MARCH 2025 Charity Commission Number.. 207326 OSCR Number.. SC052739 THE ROI'AI, SCO￿ISH CORPORATION THE.$C.O￿1sH HOSPITAI. OF TIIE b'OUNDATION OF KING CHARLES II REPORT AND FIIYANCIAL STATF.MEN'TS FOR THE YEARENDED 31 MARCH 2025 CONTENTS Page R¢feT¢n¢e and administrativ¢ information Chairnian's introduction Highlights 2024 to 2025 Tru5tee5' report Ind¢p¢ndent auditor'5 report 19 Siatement of financial activities 22 Balance sheet 23 Cash flow statement 24 Notes to the fjnancial ststements 25 I'HE ROYAL Sco￿lSH CORPOILdTION THE Sco￿lSH HOSPITAL OF TIIE FOUNDATION OF KtNG CHARLES II REFKRENCL AND ADMINISI'IL4TIVE INFORMATION FOR THE YEAR EIYDED 31 MARCH 2025 Patron: Hi5 Majesty King Charles Ill Printip81 Office- 183-185 Bermondsey Street. London SEI 3UW Vice Presidents: P.J.M. Scott Treasurer Colin Somerville (Tesigncd January 20251 Mike Watson (appointed April 20251 Trustees: Elected Members of the Committee of Mknagement: K. Lynch Ichaimian) D. Guild J. Cadzow-collins W. Gilrnore D. Mcmurtrie C. Ross B. Preston S. Jermyn R. Brown E. C105e J. Harvie (resigned July 2024) (appointed January 20251 (resigned ApTiI 20251 (resigned October 20241 In addition the Trea5UT¢T and Honorary Solicitor are T￿Ste¢S and Members of the Cotntnitt¢E of Management. Other A ointments: ChiefExeiulivt Se¢retary- Shona Fletning Honorary ChaplAin: The Revcrend Angus MacLwd The Reverend Scott Rennie Honorary Piper Pipe Major J. McLuca5 I"HE ROYAL scorrisH CORPORATION THE SCOTJ'ISH HOSPITAL OTr 'fHE FOUNDATION OF KING CHARLES II REFERENCE AND ADMINISTRATIVE INFORMATION {continued) FOR THE YEARENDED 31 MARCH 2025 Alldittsr.. HaysTnac LLP 10 Qucen Street Placc London EC4R IAG Ilollorary Solicitor: Danny -I'sang Simmorts & Sirnmon5 LLP C.ityPoint Onc Ropemaker Street London EC2Y 9SS Banker5'. Th¢ Royal Bank of Scotland plc l Fleet Street London EC4Y IBD Investment Advisers: C￿en0Ve 100 St Paul's Churchyard Londo EC4M 8BU WIM 16 Babmaes Street London SWI Y 6AH THE ROYAL SCOI-I'ISH CORP0114TION THE SCOThISH HOSPITALOFTHF FOUNDATIOTh OF KING CHARLES 11 CHAIRMAN'S INTRODUCTION FOR'fHF YEAR ENDED 31 MARCH 2025 Dear Friends, I am privileged to be ablc to present our Annual Report and Financial Statements foT the year ended 31 March 2025. Our mission is to help Scots in need within the Greater London area in a variety of ways, dcpending on a55es5ed need.. housing, health (physical and mentall, advocaey, finan¢ial gtants. training, housing advice, volunteer programrne, career coaching, coun5¢11ing. resplte holidays and social events. Whilst continuing our sllppx)rt to older people and working age adults we have increased our focus on sUPPOrtiiig cliildrell and families, the objective being to stop the cycle of poverty. low educational attainment and unernployment, as well as supporting homeless clients follolving ollr mergeT with Bordcrline in 2023. The charity contjtJUe5 to be strong and stable, testament to the dedication and haTd work of our vcry capable team led by our Chief Executive Shona Fleming. The past year has sc¢n SGQtsCare make significant operational progres5 in delivtring our mission. Following the merger with Borderline in 2023, we have cnsured continuity of 5¢rviGe for our homeless clients, m21lltaining the quality and scope of our support. We successflllly expanded our tn¢ntal health 5eTvices, notably in th¢ arca5 of p5ychotherdPy for children. families. and illdividuals facing sllbstance tt]isuse. Our family support project grew with the addition of a full-tiine staff rnett]ber, allowing us to extend our Teach to more vulnerable familie9. We a150 completed the implementation of a ncw client database, bToadening it to better support our volunteer and fundraising programmes and enhancing our ability to monitor and report on impact. Work continued on finali5ing our Theory of Change, a vital tool to ensure our services are focused on breaking the cycle of deprivation. The board oversaw important developments to strengthen the organi5ation's governance and long-teTrn focus. We completed the legal integration of our two related military charities (the St Andrew's Scottish Soldiers. Club Fund and The Kinloch Bequest). rnoderni5ing our charitable objettives to enable referrals from organisations as well ￿ individuals. Trusie¢s also illitiated a comprehensive board T¢view with the help of an external consultant to ensure best practice in goveTnance alld leadership. In addition, we e5tabli5hed a Property Sub-CoTnmitte¢ to Teview our existing lease at City Road and explore options for a new headquarter5 that will better serve the ¢haTity's evolving needs. We continlled to eTnbed the key strands ofour 2023-2026 strategy. illcluding a full review of OUT investment management, whi¢h led to the appointment of two new manager5 Wlth a mandate to adopt a Total RetUTn policy. Our various sub-committees have continued to undertake Significant work ihroughoul the year, and I would like to express my sin¢ere ihat&s to my fellow tNstees for their ongoing comrnitmcnt and valuable contributions. This year also saw the succcssfi)I launch of our tnauguTal Scot5Car¢ Ceilidh, held as part of the St Andrew'5 Festival.'fhe event brollghi together the Scots cotnmllllity in a large, in¢lusiv¢ celebration of St Andrew's Day, fogtering connection and cultural pride, ￿ well as introdllcing new SUp￿rterS to the charity. Following its su¢cess. w¢ are pleased to confim ihat the Ceilidh will return in 2025. Continuing to in¢rea5e awaTenes8 of scotsc.are is critically important to everything we do, artd this has continued with our pod¢ast s¢iies. social media, traditional medi4 Pltch side banners atsporting events, present¢ atevents and contacts through the Scotscare Atnbassadors Club. To reach more p)tcntial clients we hav¢ also ¢ontinued to U5¢ the GP surgcry Jnd A&E leafletdistribulion service to raise awarenes5 ofourservices, as well as now having leaflets in five hundred pritnary schools in kcy clicnt b0￿Ugh5. Our leaflets are also distributed to twelve PTi50ns across London. In the Trustees. Rq>ort you will see details of the eKten5ive and varied work done by ollr staff and volunteers. Our CEO and her tealn are proactive, energetic and flexible and we are fominate to have such a body of irnpre55ive people_ Thank you to everyone. Thank you also to all who generously donated to Scotscare duTing the year. whether fund5 or time and talcnts, you are ritiral to our mission. J(evin Lnych Chairtnan HtGHLIGHTS 2024 TO 2025 EVENTS 922 2,075 people attended our Jcial events 4,987 psychotherapy sesslons Hours provided by 66 trained and supported volunteers Psychotherapy sessions pr¢)vldèd= £210,163 106% increase in YouTube vlews year on Young people & tamilies ol financial grants awarded in total 201 Addiction 349 in 1,052 The Scotscare podcast: 1,502 downloads 67% Incre￿ In Unkedln Total number of all grants avmrded to cllents 66 49 Blether Buddies provlded 67,440 minutes speaking wlth clients 35 familles whlch in¢luded 66 children took part In PGL activlty holidays THE ROYAL ScO￿lSH CORPOIi4TION THE SCOTTISH HOSPITAI, OF TI4E FOUTrIDATIOIY OF KING CHARLES 11 TRUSTEES. RF.PORT FOR THE YFAR ENDED 31 MARCII 2025 The Royal Scottish Corporation ("th¢ CoTporation"l is the working name of the Scotlish Hospital of the Foundation of King Charles IT. It operates under the naTne Scotscare and is registcrcd with thc Charity Comn)ission for P.ngland and Wales- tegistralion number 207326- and with the Office of the Scottish c.harity Regulator IOSCRI- registration number SC052739. Details of ihe principal office, Tru5t¢¢5, Chi¢fExecutive and priiicipal advisers can be found in the refei'ence and administrative inforniation section on pages l and 2. The Trustees present their report and th¢ audited Fillancial Statcments for the year ended 31 March 2025, whi¢h have be¢n prepared in a¢¢ordan¢e with the PTOV15ions of thc current Statement of Recommended Pr￿tICe A¢¢ouniing and Reporting by Charilie5 and tlie ielevaiit accounting standards. Governin Document The Corporatioii is govcrned by Royal Charters of 1665, 1676, the c.harter of Reincorporation of 1775. a5 arnended in 1974, 1982 and l August 2022 and by Bye-Laws, which wer¢ last am¢nded in July 2022. ointment attd Inductiuth of Trustees As PTovided in the Charter and By¢-Laws, there is one Annual General Court each year. The Comn)ittee of Management, as charity trnstecs for the purposes of the Charities Act 201 I. have control of the Cotporation and its property and funds. The Committee of Managcment shall elect no fcwcr than liv¢ nor rDore than 14 tDembeTS inGluding the Treasurer and the Honorary Solicitor, and each serve for a period of three y¢ar5. One-third {or the number nearest onc-third) of the Elccted Members mu%t retire at the Committee Mecting iTnmediately preceding each Annual General Court. Subject to Bye-Laws 5.7 and 7.1, 2 retirjllg Elected Memb¢r shall be eligible for re-eleclion for consecutive periods not exceeding in aggregate nin¢ years from the dale of his or her original appointmcnt butthereafter an Llected Member shall not be eligible for re-appointsrt¢nt until one yeaT aft¢r his or her retirement. The Committee of Management has established aNominations Sub-committee which shall from timc to time put forward and recornmend to the Committee of Management candidates for ¢l¢ction as El¢ded MernbeTS. Trustees are required to attend two Committee of Management meetings of the and a selection of the Sub-CuTnniittees preceding their election. Regard is given to the skills and expeTience of the potelltTral trustec and skills and experience required by the Charity. On appointsneDt. each trustee is required to undertake an induction which tncludes reviewing infomation about the charity including its governing docurnent, strategy, finances, staffing strucnjre, risk register and briefings from staff on the work of the organisation. Their attention is drawn to relevant ChaTity Comniission guidall¢e, including The Charity Governancc Code. "TJIE ROY AL SCO'I-I'ISH CORPORATION THE sco￿]SH HOSPITAL OF THE F'OUNDATION, OF KING CIIARLES II TRUSTEES, REPORT (cDDtinued) FOR THF YEAR EN.DED 31 MARCH 2025 snisatitsn The Committee of Managetncllt meets quarterly and can appoint SuiFConimittcc5 to discuss and make rccommcndalions on tnore detailed aspects of strategy and poli¢y. Th¢Te are CUTrently six Sub-committecs.. Finance, Investment, PropeTty. Welfare, Communications, and the Non]inations Sub-committees. Th¢ Chief Foxecutive is appointed by the Trustees to manage the day-to-day OP¢Tation5 of the Charity. The Chief Executive has delegated authority. within the terms p￿sCribed by the TTUStees, for operational. finance and service delivery related activity. Mgn ement The ChTef Executive and the Cornmtttee of Managemeiit lunpaid Tru5te¢5} rnake up tlie organisation's key management. 'I'h¢ Chicf Executive's salary is bas¢d an annual pay alld appraisal systeTll set by the Committcc of Manageinent. Trllstees, Res oDsibilities alld Risk MaDa ement The Trustees aTe responsible for preparing the Trustees, Repori and the financial statements in #ccordance with applicable law and United Kingdom Accountlllg Standards (United Kingdoffl Generally Accepted Accounting Practice). The law applicable to charities in England and Walcs requires the Trusteesto prepare financial stateTnent5 for each financial year whi¢h give a tTU¢ and fair vicw of the state of affairs of the charity and of the incoming resources and application of re50urc¢s of the charity for that period. In preparing these finan¢ia] state]nents. the TtU5tees are required to.. $ele¢t suitable accounting policies and apply them conststently., observe the methods and principles In the Charit1¢5 Statement of R¢con]mended Practice ISORPI; make judgern¢nts and estitnate5 that are reasojiable and prudent. State whether applicable Accounting Standards and SORP have been followed, subject to any departures disclosed and explained in the fjnallcial statements" and prepare the financial statements on the going concern basis unless it is inappropriate to assume that the Charity will be able to continue in operation. The Trustees are responsible for mainiaining proper a¢wunting T¢¢ords which disclose with reasonable aecurary ai any time the financial position of tht charity and to enablc them to ellsure thatthe accounts comply wilh the ChuJ'iliesAct 2011, the C'hurily (Accoun15 and Reports) Resuluiions 2008; and the provisions of the Royal CharteTS and Bye-Laws. They are also responsible for safeguarding the assets of the charity and hence for taking retsonabl¢ 5t¢ps for the prevention and detection of fraud and other irregularities. We have overall responsibility for.. keeping proper ac¢ounting Te¢ord5. which disclose with reasonable accuracy at any time the finan¢ial position of the Corporation and the funds held in trust,. establishing and monitoring a systetn tsf Intenial control- ensuring that the Financial Statements comply with applicable law and regulations,. and establishing arrangen)ents foT 5af¢gvarding the assets of the Corporation and taking reasonable steps for the prevention and d¢tection of fraud and other I￿egUlaTIt1cs. The systems of intemal control are designed to mttigate risk and in¢lud¢ a strategi¢ plan. regular consideration by the Committee of ManaBem¢nt ofthe actual Tesults compitTed to budget and any variances arising, formal written policies and procedllres and detailed terms of ief¢reDce for Sub-committees. THE ROYAL sco￿]SH CORPOILITION THE SCO￿￿SH HOSPITAI. OF TIIE FOUNDATION OF KINC CHARLES II TRUSTEES. REPORT (coDtilluedl FOR THK YTr.AR ENDLD 31 MARCkl 2025 Detailed consideration of the Tisks to which the Corporation 15 expostd is delegated to the Finance Sub-CoTnrDitte¢, which Is assisted by the m2nagement t¢arn. While it Is not possible to fully Tllitigate the risk, through established risk Tnallagcrnent processes. we are satisfied the systems and procedures are in place io manage the risks identified while recogn15ing that thes¢ systems can only provide reasonable and not 2bsolute assllr2nce. The key risks to which the C.h3rity is exposed are the loss of investment incorne, the resignation or ill health of the CEO and the health and safw of staff. The Trustccs have borne thc investmcni income risk in mTnd wheii d¢tennining the level of free reberve5 alld regularly revicw our reserves policy. The managemeni of S¢otsCaie's investnient is undcrtaken by professional investmellt advisors. Our CEO manages a Sirong senior [nanage￿£llt teaTn with thc appropriate skills and experience to managc the day-lo-day op¢ralion5 should tliere be a loss of key staff. In relation to the health and safety of th¢ charity's employees, the charity follows the relevant and cU￿ent guidance and has the appropriate risk agsessments in pla¢e. Furth¢Tmor¢, the Charity considers its staff may be at pcrsonal risk when workiiig with client5 and interview rooms have been designed to rnitigate this risk, together with appropriate written procedures and a lone working alert system ILook Out Call) for staff to use and follow when working Outside the offi¢¢. Related rties None of the tru5Eec5 receives remuneration or other benefits from theiT WOTk with the charity. Trustees are invited to declare any relevant interests at each board meeting and are fortnally rcquested to subrnit an annual related party and conflictg of interest forni. Board members have Teported ttansa¢tion5 with related partie5 Wlthin notc 24. Alit and diver51 We are comrnitted to equality and diversity at S¢otsCaTe and eD5UTethatwithin the framework ofthe law that our workplace 15 free frorn unlawful or unfair discrimination b¢¢ause of protectcd cliaTarteristlC5 a5 defined by the Equality Act 2010. AII employees are provided with a ¢opy of our policy as part of thcir induction proce55 and arc expected to abide by il. Failure to do so, resllliing in d]s¢T1￿illati0n, can be treated as gross misconduct. This policy applies both io behavioui in the workplace and recruitment practices. We are engaged in monitoring at board and staff level equality and diversity within the organisation. Strate Royal Charter The objects of the Corporation shall be for the public benefit to relieve either generally or individually persons T¢sideot QT found within a radiu5 of 35 tniles of Charing Cross who are in conditions of need, hardship or distress in such ways that are ¢haritable in law, being persons who were born in Scotland or persons Olle of whose parents In each case was born in Scoiland or widows. Widowe￿ and survivors of civil partnerships of persons who were born in Scotland OT widow5, widowers and survivors of civil partnerships of persotts one of whose paTents in ¢a¢h ¢ase wa5 bom in Scotlalld. Backgroulld The Royal Scottish Corporatloll Iscotscarel and New Borderline (Borderline) merged on l ApTs12023 to provide a Olle stop sliop for vulnerable Scots acros% London. On l April 2023 the asseis and liabilities of N'ew Borderlinc IRe8lStered Company number 06844151, Charity numbers 11286848 and SC0445301 were tTansferr¢d to Scotscare. Scotscare ha5 provided 5UPPOrt to Scots and their families in London for over 400 years. The charity CUTr¢ntly provides a range of servi¢es to end the cycle of deprivation amongst Scots in London by providing financial, pra¢ti¢a] and emotional 5UPPOrt. 'I'HE ROYAL SC.OThISII CORPOIL4TION THE.SCOTTISH IIOSPITAL OF THE FOUNDATION OF KING CHARLES II TRUSTEES, REPORT l¢ontinucdl FOR THE YEAR ENDED 31 MARCH 2025 OUT Strate8y aims to build on the progress achieved through previous organisational strategies, to incorporate developments sinGe thc last rcview of both ¢haritit5 in 2022 and those that we aill) to athieve over the next three years 2023 to 2026. Vision Our vision is an end to the cycle of deprivation experienced by Scots and their families living within a 35-mile radius of ChaTing Cross, London. Purpo8e Our PUTPOS¢ is to provide financial, practi¢al and emotional sUPPOlt to Scot5 and their families In London. For our homeless clients we aim to provide a sustainable pathway out of homelessness. Values Our values are that we are a carin8, progressive and effective organisation. Caring To provide a high quality of support to Scots and their families ProgTessive 1415teniiig to the needs of our berteficiaries and rt5ponding to thatneed in away that breaks the cycle of dcprivation Effective GLKbd gov¢rnance, partnership working and investment in our people is key to our success Scots in Lolldo Our current definition of Scots in LA)zJdon is people lsving within a radius of 35 miles of Charing CTOSS.. who were bom in Scotland., or persons one of whose paTents in cach case was born in Scotland,. or widows, widowetE and Survivo￿ of civil partnerships of persons who were born in Scotland., or widows, widower5 and Survivors of civil partnerships of pergons one of whose pareRt5 in each case was bom in Scotland Our elieDts S¢otsCare as5l5ts Scots and their families who are in need of financial. practical and cmotional a5515tance. Most of our clients have support needs over alld above financial assistan¢e. Many are socially excluded from society and face a coThbination of linked problems sllch as unemployment, discrimination, poor skills, low incomes, homelessness and poor housing. bad health and fatnily breakdown. Thes¢ probl¢tn5 are linked and mutually reinforcing so that th¢y can create a viciou5 cycle in people's live5. Social exclusion is a consequence of what happens wh¢n people do not get a fair deal throughout their lives. Thi5 l5 of course sometime5 linked to the disadvantage they face at birth. OUT clients receive state benefits or are on a low in¢om¢. genera]ly without 5UPPOrt networks, socially isolated and often unable to negotiate the public sector system, including the benefjts system. A signifi¢anl nUTnber of our clicnts have additional support nteds Such as honieles5n¢5s and long-term rough sleeping, mental 2nd physical ill health, housing concerns, debt PTobleTns and i55ues around Substance misuse. Our priority elietlts: Children and families Homeless OT ITiS¢Gurely housed adults Older people Working age adults THE ROY AL ScO￿lSH CORPORA TION TIIE SCOTTISH HOSPITAL OF THE FOUTrtDATION OF KING CEIARLES 11 TRUSTbES' RbPORI- (continued) FOR TIIE YEAR ENDED 31 MARCH 2025 Model of Servict Dclivery The following.8ertlQn5 describe the key Scotscare services and recojnmendations for the next three years. MuintaÉning services Wewill continue to run the thll range of services available now. a5 thcy have a strategic relevance in temis of OUT obje¢tlVC5. Financial, practital 2nd emoiional suppoit services will be offercd to all so ihat our clients have the opportunity to have IheiT basic needs tnct, which in turn will allow them lo start Ihinking about their lives beyond these i]nmediate needs. Continue our focus on ro￿gh sleepers t¢nancy sustainment We will continue to work with those Sleeping out on the Streets of London, and those at clear risk of doing 50 through our Scottish Outreach Work¢1 project. PrcYen*illg rough sleeping We will at all times aiicmpi to redllce the flow to the 5tTe¢ts by ensuring that no person spends a second night on the streets. Using the expenise of our Outreach Team, ensure that new clients are effectively divertcd away from a street lifrstyle. They may be Teconnected baGk to their home arca. or to other more relevant services, wh¢rev¢r thcy rnay bc. WorkiDg with eDtreDched rollRh sleepers Entrenched rough sleepers fall within our ¢oie client base of rough sleeper5. however, they are unlikely to readily make the njove away froTn th¢ 5treet5 or even to engage with services. For this specific group, we will tnak¢ every attctnpt to ¢n¢ouragc theTn to access our services as part of a long-tern) action plan to move them away from the streets into a niore setiled way of living. Sheltered Houstng We will continue to provide 5helttred housing at OUT three housing sites. two of which provide on-site slaff.. Rothesay Court in Lewisham. Bawtry Rd in Barnet. and Kinnear Court in Wiinbledon. Our residents are mjxed at all thr¢¢ 51tt5 and are allocatcd accommodation based on priority housing need. Priority ig given to those applicants living in poor accotnmodation, ofien with majordisrepair issues, clients who hav¢ been living in t¢mpoTary accornmodation with a history of homelessness or clients who are a priority on medical grounds. M¢nt41 Health In ackiiowledgement ofthe fact that around 650/0 of our adult clients have a diagnosed rn¢ntal health issue, we will ensure that th¢y arc 5UPPOrted to engage with appropriate mental hcalth services. Including our own psycliotherapy services. In October 2021, we engaged with Brett Grellier Psy¢hology S¢rvi¢e IBGPSI to provide a bcspoke psychology service for our homeless clients and in Octobcr 2022 wc again engaged BGPS to provide a substance misuse service for all clients. This service re¢ognises the complex needs of our clients and uscs a thrce phased approach including stabilisation. therapy. and reintegration into the community. burtherniore, we will continue our pannership wIth Camden Psychotherapy Ulllt and The Brenvwestninster Centre for Young People to deliver high quality Individual QT fa￿llY psychotherapy for adults and Children. Volullteer Programme 18 ycars after thc Volullteers Programme was first estsblished, our volunteers are still supporting us 8cr05s the organisation. Whether they are meeling with a Client fa¢e to face or on the phune,. laking calls from clients in lleed of advice,. or working behind the 5ceiie5 to give vital social events or ad]ninistTative support to one ofour services or staff members, every one of OUT voluDteers Thake5 a big impact and helps us achieve our aiTn of reducing social isolation and strettgthening the Swt5 community. Soeial Events Scotscare recognises that regular so¢ial events are crucial ¢ommunity COtllJe¢tors that improve wellbeitig and reduce social 1501ation atru55 our client groups. Over 505 clients enjoy nionthly social events usually in the form of a buffet lunch and a garne of bingo. 'I'his provides a good opportunity to meet new friends and reduce social isolation. Attendanc¢ at our family day trips is high and provides a great opportuntiy for parcnts to spend time with their children with Scot5CaTe meeting the Cost. The Scotscare choir meets weekly and origtnally set up io ¢onne¢t Scots clients and reduce social isolaiion but now also dire¢tly r2ises the profile of the charity IIiTough invitations to perfonn at events held by other S¢ottish OTgani5ation5 operating in London. THF, ROY AL scoI"risii CORPOIUTION 'rHF, SCOTTISH HOSPITAL OF TIIE FOUNDAI'ION, OF KING CHARLES 11 TRUSTEES, REPORT {coDtinued) FOR THF, YEAR ENDED 31 MARCH 2025 Farnily s￿pport Projeet Our work 5UPPOrts fan]ilics whcn they face complex need% and challenges, including domestic abu%e, mental health issues, and substance ]nisusc. The service ranges from light touch support to intensive family support, child protection, referrals to specialist psychotherapy services, relationship support. and advice and support when dealing with statutory servi¢es. Advo¢gcy Our Advocacy clients are some of our most vulncrable clicnts and often have the greatest support needs. We will conlinue our advocacy service to help our clients navigate the complexitie5 of the welfarc benefits system and this irtcludcs appealing DWP decisions or preparing for and attcnding iribunal hearings. Additionally, we will advocate and make full usc of statutory complaints processes for our clients in cases of poorly tnaint8illed and unslliiabl¢ accom￿DdatiOn and NHS complaints. Strategic Objectives by&milies with Cbyldre Children deserve the best start possible. For many, this isn't their reality. We help Children and familie5 who need help with specific problems. Our suppori can reduce financial need and provide key opportunities now and in the future 2nd be a cost effective solution lo provIding statutory seryices. All families can face difficult times, whether ivs a parent with a diagnosed memtal health problern. 5ub5tance tni5use issues, or poor housing exacerbated by Iollg terni poverty. We want to help families by providing service5 that will support them to address difficult Sltuations that will improve the life ch2n¢¢s and fututt opportunities for their children. Poverty and social exclusion can p￿5 fvorn one generation to the next. For example, experiencing poverty In childhood and having parents who did not gain qualif￿CatIons at school or college are powerful influences on a child's life, often Coniinuing to affect their life chanccs as thcy gct older. Our objectives will be to help them.. reduce the effert5 of poverty through financial a5515tance' have their voices heard through advocacy on issues that are important to th¢TtL' address the issues faced by children and familie5 to improv¢ their mental and physical wellbeing,. engage with trnining and cmployment opportunities., and, acce55 social, cultural and edu¢ational opportunities for their ¢hildrtn. 10 THE ROYAI, ScO￿ls￿l CORPORATION THE SCOTTISII HOSPITAL OF THE bOUNDATION OF KING CHARLES II TRUSTEES, REPOR'f IcoDtinuedl FOR THE YEAR ENDF.D31 MARCH 2025 Homeless or insecurely housed adults Crisis defines Homeles8ness as follows.. 'Horncle5511¢S5 is about more than rooflessness. A honie is notjust a physical space. it also has a legal and social dimensiott. A home provides Toots, identity. a scnse of belonging and a place of emotional wellbeing. Homcles%ne8s is about the ltsss of all of these. It is an isolating and destn]ctive experience and homeless people are sotn¢ of th¢ rnost vulneTabl¢ and socially excluded in our society" OUT client5 are PTedotninantly male with complex needs including poor health, substancc misuse and mental health Problerns. 'I'he majority of our clients are found within the borough of Westminster, and we work alongside organisations in this borough, as well as pan London. to maximise our efforts in prevenkn.ng and rcducin¥ homele55n¢55. Our obje¢tiv¢s will be- To pievent homelessnes5 wherever possible., I'o reduce hoEllele5sncss and prevcnt rough slccping,. To access a wide range of accommodation options for our clients. and To ensure clients have acccss to appropriate specialist help. Older people Building a sense of community, Teducing social isolation and loneliness. promoting well-bcing and heaFthy living are all part of PTuviding OUT clients with services that are suited to theiT needs. Our objectives will be to help them: Increase Il)eiT independenLt within the Community. reduce their social isolation and loneliness,. access housing appropriate to theiT need9: incT¢a5¢ thtir digital ski115 and knowledge-, and access social activities. Working age adults Providing access to training and job coaching SUPFOrt which moves individuals closer to employment is an important ai of this strategy. Our experience is thai not all tlients can engage wilh these opportunities, but for those who ¢gn. we will provide a¢¢ess to tailored support. Our objectives will be to help them.. identifj. barricrs to crnployment. engage with personalised job coaching., ac¢ess ￿8￿lS for specific tTainillg OT education couises.. and tnove into employment. THE ROY AL SCOTTISH CORPORATION TIIL SCOTTISH HOSPITAL OF THE FOUNDAI'ION OF KING CHARLES II TRUSTLES, REPORT (continued) FOR THE YEAR ENDED31 MARCH 2025 Support Service5 To Tealise our strategic objectives wt shall aim to PTovide the followin8 serviceg as appTOPTiate'. All clients with: acces5 10 oul helpline aiid walk-in as the first point of conta¢i.' Individual ￿seSS￿)ent of need and benefits theck. financial assessment and debt refeTral if appropriate. financial grants., advo¢a¢y', counselling- signposting to health and substance misuse services. housing advice. and access lo training gTant5J job coaGhing and volunteering opportunities. Families witll Children with: job coaching and Erants for training., volunteer befriettders. access to a programtne of annual social events., acce5S to our volunteering opportunities. hildTen's clothing and activity grants,. and Childrcn alld families activity holidays. Homeless or io$e¢urely housed adults wttb.. an outreach Service working pan London: r¢¢onnection to Scotlaiid or elsewhere. access to a range of appropriate accommodation options across London., access to health servi¢¢s.' referral paths to sp¢¢ialist alcohol. drug and mental health services; and birth certificates. OldeT people with: assessmcnt of need for Scotscare's sheltered housing., programme of anllual social evcnts. volunteer befricnders., and volunteer tech buddy programme. WorkiDg 2ge adults with.. grants for training or study. and job coaching. 12 THF. ROYAL SCOTTISH CORPORATION THF SCOI"I'ISII IIOSPITAL OF THE FOUNDATION OF KING CHARLES II TRIJSTF.F.S' REPORT (tontihued) FOR THE YEAR ENDED 31 MARCH 2025 Achievements and Performance P￿b]le Ben¢fit The Trustees have had regard to the Charity Commission's guidance on public benefit during the year. The Chayiry meets the Public Bellcfit test Set out by the Charity Commission by providing the following servi¢¢s'. sheltered housing ort three sites in London." Grove PaTk in Lewi5han): Whetstone in Barnet- and Worple Road in Wimbledon. R¢sidtiitS Tnu5t be over 55. OT over 50 with a Significant disability, to qualify for our sheltered hollsing,. an extcnsivc menu of financial grants at]d rcgular monthly allowances. support services.. befriending, advocacy, psychotherapy including substance rnisuse psy¢hotheTapy seTvi¢e, farnily support project, Scottish Outrcach Worker to homeless clients, 2nd job ¢oa¢hing where kiPPIOPTiate. signposting to other 5etvi¢¢s g¢neially', a rangt of volunteerTng opportunities acr055 the organi5ation' grants to help students and the unemployed who require additional training before rethming to work,. and an annual programme of social events for families and older people. To qualify for any of the above. an appli¢ant ￿uSt be agsessed by the Corporation's professional staff and have exhausted stat¢ or other w¢lfaTe provision. The Corporation's staff assists in this proccss by carrying out a benefits check to ensure the proper take-up of slate benefjt entitlement as well as signposting to relevant services. N￿t￿berS of the members of the publie benefJttiJ]g frorn our 5ervice5 2024-25 2023-24 2022-23 Affordable housing Reglllar monthly a]low￿ceS F1th￿cIal grants TraiD¢d and Sup￿rted wlunt¢er5 Bleihcr Buddies befirending project Number of people attending social eTrEnts Helpljne t￿1$ Student and training granis Adult5 assessed foT services Children benefitting from ser￿lte$ Ad￿CacY cases Counselling sessions Scottish outreach ￿rker project Cluldren & families project 97 96 96 24 1,069 66 49 2.075 6,149 22 24 810 50 39 24 1,003 60 49 1,759 6,514 849 6.659 38 478 445 74 449 266 378 332 77 66 922 1,041 36 25 517 40 31 Detailed one-to-one assessments carried out at the client's home, on the telephone or at our office Oll City Road. The assessment jllcludes the collection of infomiation that helps us lo provide the most appropriate services thai tackle long- teTm dtprivaiion. Ourobjective is to identify and achieve defined outcornes for each ¢li¢nt, thu5 niea5uiing and quantifying the impact we have OD our Gli¢nt5' lives. This tnore fo¢u%ed approach has resulted in more grants and services to the tn05t vulnerable of ¢lients. ano the impaci of OUT intervention has been gr¢ateT for m05t client5. THE ROYAL SCOTTISH CORPOILITION THF. SCOTTISII IIOSPITAL OF THE FOUNDATION OF KING CHARLES II TRUSTEES, REPORT (continued) FOR THE YF.AR ENDF.D 31 MARCII 2025 2024-2.S 2023-24 2022-23 GTJnl expelldilur¢ Sl children and families S2- older people S3- working age adults 172.733 60,601 186.990 84,967 120,831 261,160 71,277 131.909 Support services 1)s}'chotherapy Cliildren and families proje¢i voli1￿tee[ progratnme Advocacy So¢ial cvtnts Homelessness outreach worker 157,979 57.259 64,882 114,590 94.637 84,973 176,028 32.987 66.368 119,482 110,998 66,905 79,296 28,744 63,728 105.201 122,852 Totgl 965 556 864.167 Volunteer programttte Our voluiiteers provide signÈfJcant support and assistance across the organIsation. In totsl. our volunteets provided 4,987 hours Èn various roles across the orgattisation. We are fijlly Committed to PToviding OUT volunteers with the besttraining so that the organisation continues to benefit fvotn theiT inpuL OveT the past yeaT. our volunteers were able to fulfil the following roles.. Blether Buddy befriender lat homel Blether Buddy befriender (telephone) Teeh Buddy Travel Buddy Re¢eption Monthly lunch clubs for over 50s Attendance at annual client outings Administrative Communications team suptK>rt Residents. coffee mornings 21 28 10 42 43 Our volunteer programme remains an integral part of ihe Scotscare support servicc. Blcthcr Buddies continuc to provide support to older people either on the phone or in their hoTnes and this significantly reduces social isolation. Many befriending relationships are a lifeline for i501ated Scots, and it is testamcnt to the commitment and loyalty of our voluntee that we are able to impact the lives of so rnany. Organisstional Achievements 2024-25 post-mergeT Wlth Bordcrlinc in 2023, our service to our homeless clients rcmains as it was pre-merger. we complcicd the Icgal work to link thc related charities. St Andrew5, Scottish Soldier5. c.lub Fund and The Kinloch Bequest, to ScotsCaTe and broadencd the charitable objects to include referrals from organisations, not just individuals. in]plemcnt¢d thc key business strands of our operational strategy for 2023-2026 which in¢luded a review of our invcstmellt mallagers and investment strategy and duly appointed two new investtnent manag¢r5 with a manda to adopt a Total Return invesiment policy., we have expanded our health s¢rvi¢e%, in particular our children alld families and substance misuse psychoiherapy services to sllpport vulnerablc families and adlllts", expanded ollr family support project to include 2nothei full-tinie rn¢mber of staff., cotnpleted the inipleinentatthon of our new client database alld expanded this to include additional datsbases for our voluntetr prograillme and started the work to develop our fllndraising database to ensure high levels of reporting on outcomes and impact., fina115iiig the review of our Theory of Change to ensure we are focused on the best services to end the cycle of deprivation amonggt our ¢lieDts", 14 THE ROYAL SCO￿[SH C.ORPORA TION THL SCO￿lSH HOSPITAL OF THE FOUNDATION OF KING CHARLES 11 TRUSTEES, REPORI. {continu¢d) FOR THE YEAR ENDED 31 MARCH 2025 ¢aTried oui a irustee board Teview using an extcnial consultant; and set up a Property Sub-committee to review ollr office l¢ase at City Road with a view to rnoving to new headquarters afteT caieful consideration by the Property Sub-committee and the BoaTd, purchased new charity headquartCT5 in Bennondsey Street. Monitori 2nd Ev￿1￿￿tion In lint WTth our.qtratcgic obj¢¢tives. we rnonitor and evaluate our work by using a theory of change framework to track the progtess and outcomes of individual clients over thc course of their involvement with us. OUT Thenry of Change Tcrnains undeT revicw and will be expanded to include outcomes and impact for our hO￿tlesS ¢litnts. These outcomes ttre generally repoiled to Trustees on a quarterly and annual basis. Ollr new ¢lient datsbase is complete, and will providc further ways to monitor, evalllale and report on our work. We continue to Use a series of surveys developed to receive regular feedback frorn clients, tenants, and volunte¢r5 to measure satisfaction level% and areas for improvement or additional 5crvice5. Th¢ PUTPOSe of these surveys is to help detemiine futt]re strategy and to assist with th¢ planning and improvement of specific scrviccs. Thc feedback also provides the necessary evidence of Scotscare's effe¢tiveness and increases awarenes5 of our services amollESt our beneficiaries. Raisin ur rofile Raising awareness through our communications is important to us if we are to reach Tnor¢ Scots in London who need our help. We continue to refer to our Communications Strategy to ensure that we communicate cffectively ¢Ktrernally with the appropriate key messages to key stskeholders. The ScotsCaTe podcast, started back in June 2024, provides an cxcellent platfomi to raise the profjle of the charity. The series ran in three parts- June to July, October to November and January to April. Guests in¢lud¢d a ￿1X of Scots from professional and artistic backgrounds with interesting back storie5. The s￿tscare Christmas caTd campaign continued and wa5 designed to help promote awareness of the charity and the woik we do. Scotscare Ambxssadors Club Scolscarc needs help to raise awaTcness of its work and to Tai5e funds. Our ambassadors play a vital role in representing the Charity amongst their PCTsonal and profe55ional netWOTk5, speaking about our work and the importance of the funds our supporter5 rai5c. rhe role involves our ambassadors using their network of contacis in ihe business, commeT¢ial. political, and other sectors in and around London to increase awareness and support foi S¢otsCaie. We hope to expand the number of Ambassadors over the coming year. The communi¢aiions teatn are a crucial link foT our ambassadors to keep them up to date with Scotscarc news and relevant Information. Marketin and Advert15llJ We contillue to use the GP surgery and A&E leaflet distribution servi¢e io raise awaieness of our services. Our leaflets are now on display at 528 CJP surgery and hospital waiting are￿ across London. Additionally, after thorough research and considering our strategic 21m of invesiing In children and their families, we now have leaflets in 500 primary schools in key client boroughs along with 50 Family Hub5 and 9 Special Educational Needs Co-ordinator ISLNCOI teams a¢ross London. Our leaflets are also distributed to 12 prisons across London. Adverts promoting ollr services have appeared in Camden New Journal. 151ington Tribune, We5tmin5t¢r Extra. Hackney and Islington GaLettes, Easi London Advertiser, I.ondon M¢tro, Directions magazit]c, 'I"hc Calcdoniall Club magazine, What's On, South London rnagaLine, The South Londoner, Souihwark Nem'spaper, The Community N'oiiceboard Isouihwark New5paperl, Life and Work, QX Magazine. Barking and Dagenham Post, Newham Recorder, Ilford Recoider, Romford Recorder and the Morrison's Camden Store front. Editorial pi¢¢¢s appeared in the Caledonian Club magazine SuTnTt]er and Winter edition5, Direotion5 Magazine, QX Magazine, and Scots in London Day 80 AnniversaTy booklet. Alollgside thi5, editorials also featured in the following newsletteis Scot5 in London. St Columba's Church, Scottish Business Network and the Association of Charitable Organisations. 15 THF. ROYAL sco￿ls}[ CORPORATION THE SCOI-I'ISH IIOSPI'I-AL OF'I'HE FOUNDATIOTrI OF KING CHARI,ES 11 TRUSTEES, REPORI- (continued) FOR THE YEAR ENDED31 IMARCII 2025 A Tnini general leaflet produced for clients and outreach ¢vents. a5 Something more pocket friendly to hand out at events. Identifying anecd to getmorc clients engaged with our ¢ounselling services, wc designcd a ncw counsclling website page to help promolc our 4 Lounselling services for adulis. ¢hildr¢n, drug and alcohol Inisuse and our bespoke homelessn¢ss courtselling Service Alongside the coun5tlling website page, four new leaflcts were produced lo promote each counselling servict.'I'hi5 work lcd to PToducing a new siiite of more individual specific setvice-Telated leaflets for our Farnily Suppoil Workcrs program, shcltered housing, social events. fundrai%ing, volunteering and our two military chaTities' The Kinloch Bequest and the St Andrews, Scottish Soldiers, Club Fund. Evertt5 To celebrate the merger between Scotscare and Borderline, a'thank you, event was held ai Satagin's Offices and included donors, 5UPPOrters. staff, volunteers and trustees. We returned to Pride in London with a stall in Soho Square in july. Over one million people attend Pride Day, 8 great opportunily io ￿eet prospective ¢lient5 and Supporte￿ along with networlung with other charities and servi¢es. The Angel Canal Festival in Islington in September is a regular event for S¢ot5Car¢ given the high number of Scots residing in Islinglon. This event gives us the opportunity to rais¢ awareness of services amongst new and old clients and new supporters. Worki with otber or anisations We have conlinlled our involvement with Scots in London, a gtoup of 12 organisations pron]oting Scottisli culture in London. The group aims lo siipport the Scotlish community In London. including its charity niembers. The purpose of this group is to continue networking and collaborating to promote our individual organisations across the Scottish diaspora In the broad 'London" area. We are dclighted that HRI l The Princess Royal has agreed to tontinue a5 Royal Patron. Our CEO and Chair of Communicatlolls Sub-comrnittce represents scotsc.are at forum meeiTngs and th¢ CEO also 51t5 on the Scots in London management com[n￿ttee. Fundraisin Scot5CaTe is registered with the Fundraising Regulator but does not engage tn public fijndraising and does not use professional fundraisers or commercial participators. Noneiheltss. we do observe the Televant lundrai5ing Tegulation5 and codes. Scotscare will never call io ask someone to donat¢ or pass on their dctails. Wc do u5t databases to keep track of clients, needs and io ¢ommuni¢ate bert¢r with our volunteers. How we use this infonnation 15 clearly statcd in ollr Privacy Policy which is available on ollr website. No complaints were received during 2024r25. Trillaneial Review The results for the ycar are shown in thc Statement of Financial Activi¢ie5. Tncoming resources toialled £.3,235,841 (2024.. £3.049.109} and total resources expcnded were £3.163,216 12024= £3,181,)961. This resulted in a SUTplus of £72,625 (2024.. dcfscit £132,287). Incoming i'e50urces foT ihe year derive predomillantly from investment income and interest of £1,504.105 12024= £1,317,505) plus relltal illcome from residential housing of £1,478.33412024.. £1,472,878). Lcgacies, covcnanlslgift aid cvcnls and donations zmounted to £253,40212024.- £258,726). Los5¢5 Oll IDV¢5trnents arnounted to £362,62512024 Gains.. £3,798,187). The transfer of £242,431 from the linkcd charities has been included in thc rcsuli. The total fund5 at JI March 2025 amounted to £58,411.20] (2024.. £58.458.770). Assoti#ted Charilies & Related c.harities The C.orpnratIon IE the.sole Tru8te¢ of the Kinloch Bque5t (previously Charity No. 2100671 and the St Andrews. Scottish SoldieT5' Club Fund Ipieviously Charity No 233297). The objects of the abovc chaTities were distinct from thosc of the Corporation and so they were not considered to be subsidiary charities. In 2024-25, these charities have beet) linked to Scotscare. Their results, ￿Sets and liabilities forni part of these f￿ancial Statements. Investment Mgna ement The invesmients of the Corporation were managed by the investment adviser. Sar&sin & Partneis LLP until December 2024. During the year the Trllstees agreed io benchmark and review the peiforniance of the charity's investR]cnt manager Sarasin. The decision wa5 approved in July 2024 and the Jame5 Ki1￿Car Fulld was split equally and transferred to 16 THE ROYAL scorrJsH CORPORATION THE scorfIsH HOSPJTAI. OF THE Tr'OUNDATIOIN OF KING CHARLF.S 11 TRUSTEES, REPORT (continued) FOR THF. YEAR ENDED 31 MARCH 2025 Cazenoveand WIM (previously known as Wavertonl in January 2025 undeT discretionary mandates that provide for annual fee5 based oil the average value of the respective portfolios managed by thetn. The charity adopted atotal return approach to investment from l April 2025, It will generate investment retum frotn incoTne and capital gains & losse5. It is expcctcd that, in the long tem, the real value of thc portfolio will be Tnaintained in accordance with the investment objective. The Corporation l)as adopted guidelines for the investn]ent of its funds which are intended to allow flexibility in the range and classes of inve5tsnent 5ubjett to protection against imprudent investsnent actions, deLisions and pra¢ti¢es. The PTI]nary objectives ar¢.. the generation of income at a level consisiently and rta50nably balanccd between the need to conserve and increase lot]g-term capital and the need to geoerate inCOTne for the activities of thc Corporation., alld the aehievetn¢nt of a level of Inwtne sufficient to enable the Corporation to grow the scale of its chariiable activities in real ttnM5. No specifjc investment exclusions have been set. How¢v¢r. the Sarasin fund in which Scotscare invests does not invest In tobacco and avoids investm¢ni in ¢OTnpanies tliat have morethan IOI/Doftheir turnover in alcohol mallufac￿re, amiaTnents. gambling 01 potnogTaphy. Th¢ new investsnent hou5¢5 have the same mandate. The Inveslmcni Sub-cojnmittee reviews the performance of th¢ portfolio with the Investtnent Adviser quarttrly alld reports to the Conimjttee of Management. The Investment Sub-committee conducts an evaluation of the InvesttneHt Advi5¢T on an annual basis. The evaluation includes consideration of the invegtment strategy and the proce55 of the Investrnent Adviser and perforniance against benchmarks. In the year to 31 March 2025 thc invcstment income amounted to £1,504.105 {2024-. £1.317.5051. and the investment managemellt fees were £172,844 12024.. £171,689). rhe market value of the portfolio at 31 March 2025 amounted to £44,257,23512024.. £47.533,9671 followingihe ¢xtta¢tion of £3 ]nillion from the James KinllearFundtowards the purch8S¢ of Ber[n0nd￿¢Y StrEet PToperty. Reserves The position disclosed by these Financial Statement5 shows that at 31 March 2025 the unrestricted reserves of the Corporation amounted to £1 1,576,706. This SUTn comprises {al £9,989,787 of Functional Fixed Assets and Ibl £1,586,919 the balance of unTe5trictcd frec reserves. LThc target fund of free reserves is £1,581,608. The Trustees are ¢onfident that th¢ charity holds sufficient reserves for operational purposes which in¢lud¢ a¢y¢lical property maintenance plan. We regularly review our reserves policy which is linked to the major risks and opportunities for the organisation. The ie5tricted funds comprising the Heiita¥e Fund and the r¢strIded Scottish Homelessness Project Fund at the year-end amountcd to £134,600. The Linked Charities Eie5erves stand at £263.593. Functional Fixed Assets Th¢se assets Include the Corporation's three iesidcntial propertie5 providing accommodation for those over 55 or those over 50 with a significant disability. Unrestricted Free Reserves Unresiricled free reserves are Tepresetsted by other net assets available at the Tru5tees' fvll discretion in the conduct of the Coryoration's affairs. We Consider that for the smooth runt)ing of the Corporation and as a protection against exceptional expenditure or a drop in iiicoine, a level of available expendable reserves is necessary. The current level of available expendable re5eTves of £1,586,919 represents approximately 2.72D/o of the net assets of the CorpoTalion and approxitnately 6 months of normal expenditure. The total reserves at 31 March 2025 are £58,41 1,201. They comprise unrestricted funds.. £1 1,576,706, Te5triGted fund5.' £134,600 endowcd fund-. £46,463,302, and linked charities. funds.. £236,593. 17 THE ROYAL SCOThISH CORPORATION TIIE SCO￿lS]1 IIOSPITAL Ob THE FOIJNDATION OF KING CHARLES 11 TRUSTEES, REPORT {coTttinued) FOR THE YEAR ENDED 31 MARCH 2025 Future lan5 We have agreed on an annual budget to support and contribute to the ongoing development and delivery of client support services throughout the coming ye2r with a spend of £3.453.257 ill 2025-26. The annual prograrnTne of Services will be delivered.. Using dir¢¢t interveiitions ￿h¢re resources can be most effeciive. idenlifying and signposting io oiher appropriate services for the bcnefit of clients; supporlirtg and investing in our staff and volunteers through training and development. and working with other organisations, societies, ¢hvr¢hes. charit1¢5 aiid agencics. Our plxns for 2025-26 include". idcntifying the mogt appropriate organisatIQll5 to Submit proposals for grant fijnding from the St Andrews, S¢ottish Soldiers. Club Fund and The Kinloch Beque5t', Gompleting the implementation of our fi]ndraising database aiid niodemising our finance software,. finalistng the revicw of our Theory of Change to ¢ll5ure we are focused on the best services to end the cy¢le of deprixiation gmongst our ¢lient5' implemellting the key findings of our govemancc review., expanding our voluntccring PTogTamrne to include a befriending servsce for families. ell5uring a smooth transition from our current headquarters to ollr new premises in Bertnond5ey Street: increasing the number of Scotscare Ambas5ador5', increasing our fundraiging efforts,. and a review of our Strategy 2023-26. rov41 This Teport was appToved by the Trustees on 15 October 2025 and signed on their behalf by: Kevin Lythth,. Chairrnan INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF 'r14Tr. ROI'AL scori'isii CORPORATION THF. ScO￿lSH HOSPITAI. OF'fiiF. FOIINDATIOIY OF KING CHARLES II FOR THE YEAR ENDED 31 MARCH 2025 Oprnion We have audited the financial gtatements of The Scottish Hospital Of The Foundation Of King Charles The Second IRoyal Scottish C.orporationl for the yexr end¢d.31 March 202% which comprise the Statcmcnl of Financial Activities, the Balance Sheet and the C.￿h Flow StatCTncnt and notes to the financial statcmcnts, including a EutnTnary of signifEcant accounting policies. Th¢ finaiicial reporting framework that has been applied Tn th¢irprepaTation 15 applicable law and lJnitcd Kingdom Accounting Stalldards, including Financial Repo￿ting Standaid 102 The Financial Keporting Standard applicable itt th¢ UK and Republic of Ireland (United Kingdom GeTretally Accepted Accoullting Practice). In OUT opinion, the financial 5tatetnents'. give a truc at]d faiT view of the state of the ¢harity's affaiT5 as at 31 MaTch 2025 and of the charity's net movement in funds for thc year thcn ended,. have been properly prepared in a¢¢otdance with United Kingdom Generally Accepted Accounting Practice: and have been prepared in attordanG¢ with the requiremet]ts of the Charities Act 2011 and the Charilies and TTU5tee Investment IS¢otlandl Act 2005 and regulation 8 of the Charities Accounts {S¢otland} Regulations 2006. Basis for opinio We have been appointed as auditor under section 144 of the Charities Act 2011, and sectian 441 I Ilcl of the Charities and Trustee Investment IS¢otlandl Act 2005 and report in accordance with the Acts and relevant regulations made or having effeGt thereunder. Ive conducted our audit in accordance with Tnteinational Siandaids on Auditing (UK) IISAs (UK)) and applicable law. Our responsibilities undcr those siartdards are fvrthei de5ciibed the Auditor's responsibilities for the audit of the financial staiements section of OUT report. We are independent of the group in accordance with tlje Bthi¢al requirements that are relevant to our audit olthe financial statements in the UK, including the FRC'S Ethical Standard. and we have fulfilled ouiother ethiGal rcsponsibilities in accordancewith these requirements. W¢ b¢liev¢ thatthe audit evidence we have obtsined is sufficient and appropriats to provide a basis for our opinion. C0￿clUSiOnS relAting to going concer In 211diting ihe financial staternents, wc have Gon¢luded that the trustees, use of the goinB concern basis of accollnting in the preparation of the financial 5tateTnent5 15 appropriate. Based on the work we have performed, we have not identified any mateTsal uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to Colltinue as a going concern for a perjod of at least twelve months fTom wh¢n the F￿anCial statenient5 are authorised for isslle. Our Tesponsibilities and the re5ponsibilitlC5 of the trustees with respect io going ¢4)ncern aTe d¢sGribed in the relevant sections of this report. Other information The tTUStee5 are Te5POll5ibl¢ for the other inforniation. The other information comprises the information In¢luded in the TTUSte¢s' Report. Our opinion on the financial statements does not cover the other Infortnation and, except to the extent othenvise explicitly stated in our report, we do not expre55 any forni of as5uranc¢ conclusion thereon. In connection with oui audit of the finanGial statements. our responsibility is to read the other infomiation and. in doing so. onsider whether the otheT information is materially inconsistent with the fin2ncial statements 01 OUT knowledge obtsined in the audit or otherwise appears to be materially misslated. If we Identify such rnaieTldl inconsistencies OT apparentmaterial misstatements, we are required to detcrminc whether there 15 a tnalerial rnisstatenient in the financial statements or a material misstatement of the other inlorniation. If. based on the work we have perfomied, we conclude that there Is a mateiial misstatement of this other information, we are requiredto rcportthat fact. We have nothing t() report in thi5 Tegard. Matter5 on which we #re required to report by exception We have nothing to report in respect of the following matters in Telation to which the ChaTities (Accounts and Reports) Regulalions 2008 and the Chariiies Atcounts {8¢otlandl R¢gulatlOll5 2006 require us to report to you if, in ollr opinion". adequate accounting records havc not beell kcpt by the parent charity, or retums adequate for our audit have not been received from branch¢s not visited by u5., or 19 INDEPENDE￿'T AUDITORS. REPORT TO THE I'RUSTLES OF TIIE ROI'AL SCOTI"ISH CORPORATION T&IE SCOI'I'ISH HOSPITAI. OF THF FOUNDATION OF KING CHARLES II FOR TIIL YEAR ENDED31 MARCH 2025 sutTJcient and proper accounting re¢oTds have not bcen kept. or the parent charily finan¢ial statements are not in agreement with the accollnting reu)Ids and Teturns- or w¢ have not received all the information and explanations we require foT our wdit. Responsibilities of trustees for the fihsntial State￿¢￿¢. As cxplained more fully in the trustees, Te5POll5ibilitie5 ststCTnent set out on page 6, the trustees aTe T¢sponsible for the preparation of the financial statetnents and for bcing satisfied that they give a true and fair vi¢w. and for such intcmal control as ihe trustees detertnine is necessary to enable the prep8ration of finan¢ial statements that are free from material Sll155tatement, whether due to fraud or error. In preparing the financial stateTnents. the trustee5 are responsible for assessing the group's and the parent charity's ability to continue ￿ a going ¢oncern, disclosing. as applicablc, matters related to going conc¢Hi and using the going concern basis of accounting unle55 the trustees either intend to liquidate the group or the parent charity or to cease operations, or have no realistic alternative but to do $0. Auditor's responsibilities ftsr tht audit of the finaDcial statemeDts Our obj¢¢tives are to obtain Tea50nablc assurance about whether the financial statements a$ 3 whole are free from material misstatement, whethcr due to fraud or error, and to issue an auditor's report that include5 our opinion. Reasonable assurance l5 a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISA8 IUKI will always d¢t¢¢t a material misstatement when it exists. Misstaten]ents can aTi5e from fraud or error and are considered material if, individually 01 in the aggiegat¢, they could reasonably be expected to influence the economit decisions of user5 taken on the basis of these financial statetnents. Irregularities, including fraud, are instances of non-¢OTnpliance with law5 and regulations. We design proccdllies In line with our responsibilities, outlined above, to deteGt tnaterial mi5Statements in rcspect of irregularities, including fraud. The extent to which our pro¢edur¢s are capable of detecting irregular2ties, including fraud is detailed below.. Based on our understanding of charity, we identifjed ihai thc principal risks of non-cotnpliance with laws and regulation5 relatcs to the regulatory requirenients of tenancy regulations, c.harity Lam., Health and Safety Act and employmeni law and we considered the extent to which non-COTnplianG¢ might have a material effect on the financial statements. W¢ also considered those laws and regulations that have a direct impact on th¢ preparation of the finan¢ial statements such as the Charities Aci 2011 and the application of FRS 102 alld payroll tax We evaluated rnanagement's incentives and opportunit1¢5 for fraudulent manipulation of the financial statements (including the risk of override of controls), and det¢rtnin¢d that the principal risks were related to inai)ual accountittg jouma15 and tnanagement rnanipulation of accounting c5timates. Audit procedures perfomied by the engageJnent tearn included.. Enquiiies of managetncnt regarding correspondence with regulators and thx authorities., DiSCUSSIOllS with ]nanagement including consideration of known OT sijspected instance5 of non-compliance with laws and regulatioii and fraud. Evalualing management's controls de51gned to prevcnl and detect irregularities. Identifying and testiiig journals. in particular, journal entries, postings by unusual users or with unusual descriptions., and Challenging assumptions and judgements made by managernent in their accounting estirnates. Because of the inherent limtiations of an audit, there is a T15k that we will not dctect all irregularities, including those le2dirtg to a mdierial missiaiement Tn the financial statements or non-co]npliancc with reglllation. This risk increa5C5 the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial 5tattmcnts, as we will be le55 likely to become aware of instances of non-compliance. The risk is also greater regarding irregularitie5 OCCUTring due to fraud rather than error, as fTaud involves intentional concealmenL for8ery, collusion, omission or misrepresentaiion. A fvrther description of our responsibilities foT the audit of the f￿anCIal statcmcnts is located on the Financial Reporting Council's website at.. ￿￿￿.fr¢.0rg.UI￿auditorsreSpon5jbljlties. This description fomis part of our auditOT'S repoTt. 20 1NDEPE￿,DLNT AUDITORS. REPORTTO THE TRUSTEES OF THF ROYAL sc.o￿lS11 CORPORATION THE scorrisH HOSPITAL OF TIIE I,-OUNDAI'ION OF KING CHARLES 11 FOR THE YEAR ENDED31 MARCH 2025 Use of our report This report 15 Tnadt solely to the charity's trustecs, ts a bodytr in aGtordanc¢ with 5¢Ctioii 144 of the Charities Act 2011 and regulatioiis made under section 154 of that Act, and section 44llllcl of the Charilies and Trustee Investment Iscotland) Act 2005 and regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we n]ight state to the charity's Irusiees Ihosc tnatter5 we aTe required to state to them in an Auditor's report aiid for no other purpose. To the fullest extent permitted by law, we do noi accept or assume Tesponsibility to anyonc other than the charity's trusiees as a body for our audit WOTk, for this report, or for the opinions we have [0￿ed. s Illoo LLF Haysmac LLP 10 Queen Street Place Statutory Auditors London Date.. 12 November 2025 EC4R IAG Haysmac LLP is eligible to act as an auditor io tetms of section 1212 of the Co]npallies Act 2006. 21 THE ROYAI, SCOThISFI CORPORATION THE SCOTTISH HOSPITAI, OF T14b FOUNDATION OF KING CHARLES 11 STATEMENT OF FINANCIAL AcfiviTIES FOR THE YEAR ENDED 31 MAiiCH 202fj 2015 2025 Rt4lritled 2015 F.nth)ilEd 2025 2024 Nofr5 LIn￿stricted IrtO]DE frnnL 226,044 27,358 253,402 258.726 InvEsEmeKI$ Scutscate W￿K￿kn¢h SASSCF ,497,538 1.317,5Q5 3.149 3,418 3,149 ChurilNble acÉiviÉiEs InconE fromr¢sMleNMlpropeJty 1,478.334 1,478.134 1,472,878 Total TntOrnE 3.201,916 33,925 3234,841 3,f149,109 ExpEnditurE OD.. Rui5iMgfiind5 wsts 62,557 187,669 250,226 247,20Q 51,657 Fu¥knsingcos 402 402 SASSCF ChoritobleActiviii We Resdentsalpmpety Ki)bth SASSCF Ot ,767.662 934,983 84,973 1.852.635 934,983 4.309 4,185 758 1.981.908 900.622 4,309 4,185 758 Totsl ExpEnditun 2,880,602 94,IY7 188,4Z7 3,163,216 3,181,596 NetiLKow*lleApenditurEI brfo invt5trn¢nt8ains ind110sSt51 160,261 188,427 72,625 131,2871 Realsed giiFJ Ibsstsl on iTrtststEtts I}rnEa￿L￿￿ IbwsygaiLS on iivLkn￿5 Tr￿￿ferOf￿￿rasse￿Ofkn￿ed tkntitr5 Tiatsfeiofrtassets frOMNe￿,BordtrLl 2,061,720 2,077,732 1,2341 3,798,187 242.431 259,081 Ntt rMven￿lll iD funds forlbt year 321 J14 176,947 1545WTrI 5,924,98J TOTAL b￿ryD8 HROUC.HT FQRM'ARD 11,255J92 L94346 47,009,132 58,458,770 S4,533,789 TQTAI. FUNDS CARRlb.D FOKIV.QKD 11,576,706 371,193 46,463,302 58,4511,770 Thert have been no recogni5¢d gain5 or Ios5e5 Other than those included above. All transactions are deTived from Gontinuing activitie5. 1th¢ accompanying notes fom part of these financial Statements. 22 THE ROYAL scorrisH CORPORATION THE sco￿lS1[ IIOSPITAL OF THTr; FOUNDA'I'IOIN OF KIIYG CHARLES 11 BAI.ANCE SHEET FOR THE Yb AR ENDED31 MARC&1 2025 Notes 2025 2024 FLXED ASSETS Tan￿b￿ assets InVestn￿nts 12,790,541 44,257,235 57,047,776 JO,062,894 47,533,967 57,i96,861 12 CURRENT ASSETS l)ebtors Cash at bank and in hand 222,527 1,493,987 1,716,514 298. 799 883,843 1,182,642 Credito￿. AnK)unts filling due Hqthin one year 14 (281,353} Q13,584) NET CURRENT ASSETS 1,435,161 969, Oi8 Credito￿. amounts Fd1￿￿ due after nL)re than one ycar 15 (21,286) (31.699) ProvisioTB for I￿lbait￿S and ciwges 18 (50,450) (75,4iO) 58,411,201 58.458, 770 FUND BALANCES EThlowed Fund Restricted Jncont Fu￿lS Unre5trKtcd Inconr l.-uThqs 19&20 46,463,302 371,193 11,576,706 47,009,152 194, 246 11,255,392 19&20 19&20 58,411,201 58,458, 770 Thc financial statements werc approved and authorised for issue by the Trustees on 15 October 2025 and Signed on their behalf by.. L.K. Lynch Chairma 23 I'HE ROYAL Sco￿lSH CORPORAI'ION THE $CO￿lsTrI HOSPI'fAL OF THE FOUNDATION OF KING CTrIARI,F,S 11 CASH FLOW STAI'EMEINT FOR THE YEARENDED 31 MARCH 2025 2025 2024 C#sh floms from 0￿ratIng Atlivittes 1730J821 181 6,9001 Cash frnJ]J inve5tiDg activities DTrTh1cThds and inicre%t 1,504,105 {51,998,3561 55,536,275 (2,965,310) 1,317,505 1316,1661 P￿ChaSe of Thtsttnents Proceed5 from sak of t]vestrnent PL￿Cha￿t of fixed asgets 156.4461 Net £lL5h ptDvided by invtstiliE activities 2,076,714 944,893 Challge in t25h #nd ill5h ¢qU[va￿￿ts in the year 1,346J32 87,993 Casb and cash equivalents at the btgi]Jnillg of the year 887.843 799,850 Cash alld casll eqwvAlellts 21 the end of the repOrti￿g year 2,234,175 887,843 NOTES TO THE CASH FLOW STATEMENT 2025 2024 Retonci]i#tion of Net Movement in Funds to Net Cash ltswfnp￿ Operating A¢tivittes Nel A￿lVeMe[]t in 147,5691 1191,9371 362,625 304,287 237,663 70,272 32,382 (1,504,105) 3.924,981 Trarsfer of ￿￿¢S¢￿entS from ￿]ked charths S5/(ga￿) on ll￿¢50￿nts InvtSlme￿ fees char&ed OAitive%ttnent portfr)￿s DtPTCLkt￿n charFs Dec￿45e/lI￿￿asCI ui debtors 1Dtcrc￿l1t￿rC8se crcditors D￿lIe￿S and ti)terest frotn ￿YeS￿n￿ts 13,798,18T) 326,591 228,956 1174,3691 147,3671 11,317,505) Net cash used ID 0￿￿tIng gttivities 1730,3821 {856,9001 AJJalysi% of Casb xud Cash EquivAlents 2025 2024 Cash atbank and ￿ haThJ Cash hekl by ￿¥t8￿nent t￿￿gerS 1,493,987 740,188 2,234,175 883.843 4,000 887.843 Note 17 sknws the rtt nK)NErnetrt ￿ ￿nd￿debt 24 THE ROYAI. SCOTTISII CORPORATION THE scorrisH HOSPITAL OF"I'HE FOUNDATION OF KING CHARLES 11 NOTES TO THF. FINANCIAL STATEMENTS FOR TIIE YEAR EIYDED 31 MARC.H 202S I. ACCOUIYTING POLICIES 1.1 BASIS OF PRF.PARATION The finan¢xal statements have been prepared in a¢cordan¢e with A¢¢out]ting and Reporting by Charities: StateTnet]t of REcommended Practice applicablc to charities preparing their accounts in aceLbrdance with the Financial Reporting Standard applicable in the UK Republic of Ireland IFRS 102) 2 edition effective for periods coniniellcing oil or after l January 2019 - (Charitie5 SORP I.'RSI 02), the I".inancial Reporting Standard applicable in the United Kingdom and Republic of Ireland {FRS 1021 and tlic Charities Act 201 The charity constitlltes a public benefit entily as dcfined by FRS 102. Assets and liabilities are initially recogni5ed at historical cost or transaction value unles5 oth¢Twise stated in the relevant accounting policy notes. Czoing CoDc¢r Given the charity's level of free reserves available at the yeaT end, the 'l'ru5tees consider that the charity has adequate Te50UTces to continue in operational exisience foT the fore5ecable future and that there is no m8t¢rial uncertainty connected witli the charity's ability io continue to opeTate a5 a goit]g Collcem. Accordingly. the financial statcmcnts have been prepared on a going ¢on¢ern basis. SignificaTLt judgements and estimates Judgements made by the trustees, in the application of these accounting policies have significant effect on the financial statements. In the opinion olth¢ tTUStees, in 2024-25 thc significant judgements and estimates WCTe applitd to retired staff pen%ions, the useful econo￿lC life of the residential properties, and the provision for dilapidation. The detsils of these judgements and estirnates are included ill the relcvat]t notes. 1.2 INVESTMENTS Listed investments are a fomi of basic financial instrument and are initially recognised at their transaction value and subsequently measured attheir fair value as at the balance sheet d&te llsing th¢ closing quoted market price. All movements in value arising fTOm invest]ncnt Ch￿]Be5 or revalllation are shown in the Statement of Financial Activities. Realised gains lor losgesl on Investment a55et5 are calculated as tlie differencc bctween disposal proceed5 and either their opening carrying vallle, or their purchase value if acquiTed subsequent to the first day of the financial year. Unrealised gain8 and losses are ¢al¢ulatcd as the difference between ihc fair value and the caTrying value at year end. Realised and unrealised investment gains lor losses) are combined in the stateTnent of financial activities and are crcdited lor d6bited} in the yeai in which they arise. 1.3 TANGIBLE FIXED ASSETS Freehold Land & Buildings- Supported living Undcr thc prcvious GAAP, land and buildings were statcd at valuation. On transition to FRS 102 an election was rnade to llse the valuation at 2014 as the deemed cost and no dcpreciation on butldings was made as the amount involved was deemed immatetial. Following reappraisal in 2019-20 depreciation of buildiJ)gs is now n]ad¢ annually at 20/0 of deemed ost. Endowed Land & Bttildings- Flead Offic¢ Seotscare purchased a new building on 25 March 2025 by repurposing a portion of the endowed fund- James Kinnear Fund. The building is being depreciated at 2/0 of the deemed cost. Fixture5, ￿ittIngS & oifite Equipment Fixtures, fittings and equipmcnt are d¢preGiat¢d at an annual rate of IOO/o of cost. IT Equipment IT equipment is depreciated at an attnll￿ rate of 33.33D/o of ¢ost. 25 THE ROYAL Sco￿[sH CORPORATION THL scorrisH HOSPITAL OF TIIF. FOUNDA'fioN OTr KING CHARLES II NOTES TO THF. FINANCIAL STATEMI ENTS FOR THE YEAR ENDED 31 L￿RCH 2025 1.4 DF.BI'ORS DebtOTS arc rccogllised at the scttlcment amount. less any provision for non-recoverability. Prq)ayments are valued at the amount prepaid. Trade and other debtors are re¢ogni5cd at the scttlcmcnt amount due aftcr any trade discount offered. Prcpayments ate valued at the atnouiit prepaid nct of any trade discounts due. A specific provision 15 made for debt5 for which re¢overability is in doubt. I.$ C.ASH AT BANK AIND IN IIAND Cash at bank and c￿h in hand includes ¢ash and short tcmi highly liquid investments. 1.6 CREDITORS AND PROVISIONS Creditors and provisions are recognised when there is an obligation at the balan¢¢ sheet date as a result of a past event, it is probable tliat a transfer of economic benefit will be required in settlement, and the atllollnt of the settlement can be estimated reliably. Creditors and provisions ar¢ norrnally recognised at their settlement amount afteT allowing for any trade discoutyis due. CTeditQT5 at]d provisions are recognised at the amount the ChaTlty antlGipate5 It will pay to scttle the debt. They have been discoulllcd to the present value of the future ¢ash payment wheTe such discountit]g is material. 1.7 PROVISIOY FOR IIN'FIINDTr.D PF.NSIONS Unfvnded pcll510ll5 arc paid by the Charity to certain former employees. The pensions are to be paid during their lifetime. The pension liability was calculated using the retum on invesiment and to the a55umed age of 87 years. This decision was taken ill the view of probable life expe¢tsncy of the retired staff who are already abovc the age of average life expe¢lan¢y of women in the UK. 1.8 PROVISION FOR LIABILITIES Provision has been made for expected property costs at the end of the lea5e5 b￿¢d on the le￿¢ terms, management's a5se55ment of the property condiiion and the likcly Costs. The cstirnation itjvolves a level of trustee judgcment. 1.9 FUND ACCOUNTING Fund5 held by the cl)arity are either.. Unrestricted funds- which can be used in accordance with the charitable objects at the discTetion of the tru5tee5 Endowment fund5 the income from which can be used for the genera] purposes of the charity, in accordance with thr charitable ohjective5 and at the discretion of the trustees Restricted funds which can only be used for particular restricted purposes within the objects of the harTty, either when specified by the donor or when funds are raised for particular restrictcd purposes 1.10 INC.OME RECOGNI'I'ION In¢ome is re¢ognis¢d in thr ptriod in which the Charity ha5 entitlement to the income, where ihe amount of income can be ]neasuied reliably, and it is probablc that the income will be received. Jm a¢cordance with Charities SORP FRS 102, volunteer liine is not recognised. 1.1 I I,F.GACIF.S, c.IFr AID & I)ONAI'IONS Lega¢Tes, gift aid and donations arc accountcd for on an accrual basis. 1.12 INVESTMENT INCOME & INTEREST Investment income is recognised once the dividend has been declared and notificatloll has been received of the dividend due. Interest on fund5 lield on d¢tKisit is included when it is receivable, and the amount can be measured reliably by the Charity., this 15 normally upon notifjcation from the bank of the interest payable or paid. 1.13 RENTAL INCOME Income from the rental of functional properties is re¢ognised whe]] the incom¢ 15 receivable under the contract for hire or lease documenL when th¢ atnount can be tnea5ured reliably. aiid it j5 probable such income will be received. 26 THE ROYAL ScO￿lSH CORPORATION THE SCOThISH HOSPITAL OF THF. FOIINDATION OTr KING CHARLES IJ NOTES TO THE FINANCIAL STATEMENTS (eontinlledl FOR THk YFAR F,NDED 31 MARCH 2024 1.14 EXPENDITURE Liabilities ar¢ recognised a5 cxpenditUTC as soon as there is a legal OT Constructive obligation committing the chai.ity to make a payment to a third paty, it is probable that a transfer of econotnic bcntfits will be requircd in s¢ttleTnent and the amount of the obligation can be measllred ieliably. All expenditure is accounted for on an a¢¢Tuals basis. Expenditure comprises direct costs 2nd SUPPOTt costs. All expenses, includinE SUPPOrt costs, are allocated or apportiolled to the applicable expenditur¢ heading5. Support costs are allocated in the $2me proportion as direct costs are incllrred. All expenditure 15 Staled inclusive of irrecoverable VA T. All eligible members of staff are auto enrolled in a workplace pcnsion scheme. Employer contributions to the 5chenie are charged to the Siatement of Financial Activities in thE ycar ill which they are payabl¢ to the SGheme. In addition, supplementary pengton payrnent5 are tnade directly to certain former employees. I.I.S OPb,RATING LLASES Rentals payable under operati￿g leases for ¢qUiPTntnt are charged on a straight-line basis over the terffls of the leases. 1.16 EMPI.OYEE BENEFITS Short terni benefits Short term bcnefits inclllding holiday pay ale recognised a5 an expense in the period in which th¢ servic¢ is rcceived. Employee t¢rfflinatioll beDefits Termination benefits are accounted for on an accrllal basis and in line with FRS 102. 1.17 HERITAGE ASSETS No value is attributed to heritage ￿Sets on the basis that information on cost or Valuation of th¢ assets is not available and could not be obtained at reasonable cost. Thc age, variety and lack of comp&Tablc rnaTktt data would make any atlcmpt at valuation extremely onerous and costly compared with the benefit d¢riv¢d by user5 of the account. 27 THE ROYAL SCOThISH CORPORATION THE scorrisH HOSPITAL OF THE FOUNDATION OF KING CHARLES II NOTES TO'fiiE FINATr4CIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2 DONATIONS AND LTr;GAClbS 2025 21124 Unrestritted Restricted tÈgacies tknnations 99,443 97.350 29.251 139.330 95,212 24, 184 27.358 226.044 27J58 258. 726 DonatiorLS of £32.616 were restricted in 2024. 3 INVESTMENT IN'CO￿1￿ 2025 21124 Unrestrftttd Re$tricted ljnrgslricted 1,483,535 i,510 J,307.2QJ 057 JO,504 6,567 1.317.505 Divide￿ and interest on investft￿nts Bank dewsit intcrcst 1,497,538 4 INCOME FROM CHA]UTABLE ACTIVIIIES- UNRESIRicfED ￿￿NDs 202.% 21124 Unrestrieted Restricted 1.478.334 1.478,J34 InColl￿ from Tesidential prop¢Tty 1,472.878 1.472,878 RAISllNG FUIYDS 2025 2024 Unrestricted RestTltttd 172.844 Brokerage commiq£ion Ard inve5thrrt tnaDwnKnt f¢¢s Supporl costs IT￿te 91 720 J 71,689 75.520 247.209 250,226 720 FUNDRAISING COSTS 2025 2J24 Unrestricted Re5tritted Resiricted Siatrcosis Otkr diieci costs SuppoTI cosLs Inote 91 48.832 30.880 35.688 115.400 47.405 2,568 J.684 51.657 28 THE ROYAL SCO￿[SH CORPOILITION THE ScO￿lSH HOSPITAL OF THE FOUIYDATION OF KING CHARLLS II NOTES TOTIIE TrINANCIAI. STATEMF.NTS FORI'HE YEAR ENDED 31 MARCH 2025 E￿L￿DI].[1RL ON CTI.4RITARLE ACITrITIES 2025 21124 Wtlf4 SLIft-costs Oihcr drecl costs Grdnts kn lldi%Th4uais Swwrt ¢0515 (note 91 Unrestricted RtSt17tltd 570.895 315,279 334,840 546,648 1,767,662 57.719 21,790 610.914 402,232 392, 788 575,974 84,973 1,98J,906 ResÉdenli*l Housing Sidffcosls Other drectcos1s Support cosLs (Thjie 91 153,797 492,042 289,144 934,983 J47.705 477.763 275. 134 900.622 Linked Cbirttie Other d￿¢¢1 costs Grd]]ts to ￿￿t￿ldU&L$ 8,384 8.494 We￿ate ¢05ts of£ill8.059 NTrrre restrrted lli2024. GOVERN.4NCE CO¥tS 2025 2024 Un￿stri￿ted Meslricled Allditols Te]rnUErdti)n- audit fees Od￿1 diteci costs 20,995 16,484 37,479 1,985 23.688 5.923 29.611 1,985 Governrtt costs ha￿ bccn dllocakd aC￿sS tivestrni wsts ajxi th cosi of hartrabk aclNti*s in prowrti)n to EXPEndAure. TRANSTrTr.R OF ASSEI'S OF LINKID CFIARITIES CI&Tty of KllibGh ￿ Si Andews, scottishsok1￿￿, Cknb kn]ked lo Scotscare tlr yrar. i a￿ets oft￿sC Charl￿5 att￿ l Aprl 2024. as set oitt bebw, been rell¢ckd as a &￿￿kil$lafrn￿nL au t arMI exrtnditur¢ retkcicd Stalcttrm Df Fukinckil Actifft% from1￿$ datr. Wi]bam KiTriotb C￿h 4,774 107,085 991 LHblliy SASSCF Cash InNrstsrtt 45,898 84,852 79 130,671 242,431 29 xx 00 uu THE ROYAL SCOTTISH CORPORATION THb sco￿]SH HOSPITAL OFTHE FOUNDATION OF KING CHARLES II NOTES TO THE FINANCIAI. STATEMENTS FOR THE YEAR ENDED31 MARCH 2025 ID STAFF CI)STS 2025 2024 Wagcs& Saknie5 StKEISecLrty costs OllErperÉi)n costs 1,043J65 106,930 1,009,544 103.921 113,548 1,226,013 1,268,572 EJDpioyte5 2025 2024 a%trage rnmberofenwbyees yrar J5 Swpon 23 23 Tr a￿r4e llLmberofFIE enwbyett d￿8￿￿)ear Clpritabk 2024 14 14 21 21 rullthrofeTryibytts aN￿aIrt￿artrat￿n £60000 0[￿￿.. Sxla Bandi 60,001-70,000 70.001-80,MO 80.001-90,MO 90.001-100,000 100,001-110,o 2025 2024 The key management of the chartty consists of the Chief ExeGutive and the trustees. Tot￿ remuner2tion foT the Chief Executive. including social security and pension costs was £125,29912024.. £124.6231. The trustees recerved no rcmuneration in the ¢urr¢nt or prior year. No reimbllrsement Tnade to trustees in 202￿25 {2024.. £Nill. The dot)ation from the trusteeg in 2025 was £2,01012024.. £1,625). 31 THE ROYAL ScO￿lSH CORPORA TION THE scorrisH HOSPITAL OF THE FOUNDATION OF KING CHARLES II NOTES TO Tllb: FINANCIAL STATEMLN'I'S FOR I'HL YEAR ENDED 31 MARCH 2025 TI TAJYGTBLE FLKED ASSETS Frcehold EndDwed Freehobj IAiid & Office Equipfftenl IT Equiprnenl Total Buildin¥s COSTS 10,104,154 967,494 152,344 85,￿2 37,062 Addilior6 Ai31 March 2025 2965JlO 14.159 022 10 104 154 DEPRECJA TJON l April 2024 ChatEe JEar Ai 31 Mdtch2025 636,446 383.809 88.084 85,002 25,561 5,537 237,663 779.730 85.002 Ai31 M8r¢h2025 9,324,424 2,810,754 647,945 17,418 12,790,541 Al 31 AlarcA 2024 9,407,7Q8 585,685 ii,Joi lQ,062,894 12 INVESTMENTS 2025 2024 Opening value at l Aprll LNiked Charities blfivd Cost of additiOT]S t£ss proceeds ofdtsposaL% Investment rrLqn&gePs fees charges to portfolK) Realised bss Unrea]ised gauLIIoss Market value at 31 March 47,529,967 43, 742,205 51,998,J56 155,536.275) (150,547) 1,923,996 (2,440,J59) 4J,517,049 316,166 (J 71, 689) 3.643,285 47.529. 967 Funds on dcposit with Invc%iment AdTr￿er Total value as at 31 Ma￿h 740,188 44,257,2J7 4,000 47.533,967 Cost at 31 March ljnreaiised gains at 31 March Martlet value at 31 M 8r¢h 46,697,595 12,440,J59) 44,257,236 36, 992,198 10,541, 769 47,533,967 32 THE ROYAL SCOThISH CORPOIUTION THF. SCOThISII IIOSPITAL OF THE FOUNDATION OTr KIIYG CHARLES II NOTES TO THE FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2025 J3 DEBTORS 2024 Accrttd & Pr¢pawnL% Trthe Deb￿ 137J48 239.608 59.191 298,799 2Z2,517 J4 CRED]TOKS.. ANIOIq%]S FALLll¥G D[￿ ITrTfiiINONETrF.AR 2025 2024 Tradc ¢reditrits Lrrcrcdityr5 t*fctred ¢¢no15 106.863 18.598 38,109 25,940 88.323 53 213.58 IRF£r ereditors i￿1￿1¢ £l1.335 12024£11,335ITel&kd to ￿dpe￿i9￿5 21124 BalatKe at l April A0￿￿1[¢lt￿ed torertai llKOD d¢fttred inyear 8,107 0.107} 25.940 Balai*e at31 Marth 25,940 11 CREDrroRS.. Afv(OLNTFALLING DL￿AFfERM0RE TIIANONE IEAR 2025 2024 tththtyjcd p¢rt%io 31.699 21,286 31.699 16 OPF.114T]NG LEASES Byd(li 2025 2Q24 202S 2&?4 Lkner l Jr 2-5 IEA 9.409 11.929 61272 124.544 02.273 23,240 62272 186,817 33 THE ROYAL SCOTTISH CORPORATION THE sco￿1814 IIOSPITAL OF TIIE bOUNDATION OF KING CIIARLES 11 NOTES TO THE FINANCIAL STA TEMENTS FOR THE YEARENDED 31 MARCH 2025 AiiAp 2024 Other At 31 htArch CasbfloTrF5 ¢115h ¢hAugè$ 17 I%ET DEBT REC.ONCILL4TIOTr4 887.843 1.3 J6.33? • ry.14.175 Ai 1.4pril 21123 OrhET IioTr .4t31.Ilftrrh Cftslfioiks cll5h chfinge5 2924 2024 CompsTrtis'e Cash 7PJ),SiO S7 993 SS7,845 18 PROVISION FOR LIABIUTIES AND CHARGTr Provisoll fordi]9pid%tio A pro1￿￿￿ of£50:450 kn ￿enn￿de hrtr* wedel wjpertydlapulatsn wstaitrK ETrJ oftk kase basd onthe kas¢terns nMr@genrrfs 8S5eS5n￿rttOrthtP￿petycotdÉl?n. The cslunatsn ￿￿￿rsa kntl0fl￿￿gell￿nI. Movemtllt ￿p)Dy￿E0￿ forD￿apId4tiTrn Bal4￿e al 01 Aprll2024 Adjusts￿t Babnce ai 31 Mar¢h 2025 75,450 50,450 34 THE ROYAL ScO￿lSH CORPOIUTION THE sco"rrisH HOSPITAL OF THE FOUNDATION OF KING CHARI.ES II NOTES TO TIIE FINANCIAL STATF.MENTS FOR THE YEAR ENDED31 MARCH 2025 19 MOITMENT FUNDS l Ap￿ 2024 Tnvesm%m Ik)55esVgav Net Asset Tra￿fer FL￿1 Ikarsfers 31 March2025 Babn¢¢ Fund James KwrtAr FLvd 47.009.132 I357.￿}3) 46.463,302 Rrstrictcd HcriFa8e IIoittlr55tf55 F￿￿ 62.265 60.234 74,366 108.373 128,220 27.358 3.149 3.418 184.9731 SASSCF 130.671 [IDYe3lri¢ted lrt¢omt Futtds Furr¢i)naifrttd A￿ts rrcc A&%¢ts 10.062.894 1.478.334 .723.582 1934.9831 11.945,6191 9.989.787 616,458 TDlal Lttrr5tricted Fun(15 2,880.602 11.576.706 Total Full￿5 5E.45S.770 3.235 841 362.6251 242.431 COMPAIL4TIVE 2024 ExwKiitse I]N¢sknrm 1105se5y8ains NetAsset Tfr fromNBL 31 Ma￿h2o24 Balance Tra￿ferS ENdoThed Fund Tr Jam￿￿ Killr￿ar FWKI 43.4Q3.119 {JS5.407) 3.791,420 47.Q09.152 Rtstriettd fild HcritaEe Fu Ho￿￿leSS[￿s￿ F￿1 55.498 6,767 62.165 13J.981 32.6]6 (159.7J6) 259,081 Unreslricttd 1￿cOme fi41tsd% Fixed Assets Frtt Assets 10.235.104 839.768 1.472.878 1,545.615 (900.622) {J,955.65J) 44.766) 744.700 10,062.894 1.192,498 Toixl Unrtjlricitd 11.n75.172 3 OJ6.493 2,836,273 11.255.392 TolAI Funth 54.533,789 3 049,105) S J81.390 3.798 187 259.081 58.458 770 35 THE ROYAL Sco￿[sH CORPORATION THE SCOTTISII HOSPITAI.OFI'IIE TrOUNDATION OF KING CHARLES 11 NOTES TO THE FINANCIAL STATbMbNTS FOR THE YEARENDED 31 MARCH 2025 20 ANALYSIS OF ASSETS BF,TIIEEN FUTrIDS 31 MARCH 2025 Un]rstricted Restiictsd EDd0￿￿d Totsl 2025 Tanwble Assets ImiestnEnts 9,989,787 2,800,754 43,985,906 12.790.541 44,257,235 271,329 Current A55cts kss Creditors & PrOv5￿￿S 1,586,919 99,864 (323,358) 1,363,425 11,576,706 371,193 46,463,302 58,411,201 ANALYSIS OF ASSETS BETITrIEN FUNDS 31 MARCH 2024 Unreslricted Reslricted Endowed Totol 2024 Tan￿￿ble Assets Investrnents 10,062,894 10,062,894 47,533.967 85,078 47,448,889 C[￿rent Assets less Crcditors & ProvisioT 1, 192,498 109, J68 (439, 757J 861,909 11,255,392 194,246 47,0119,132 58,458,770 THE JAMES KINNEAR FUND The James Kinnear Fund is an unexpendable capital IPermanent EndoMThent} fund whose assets are invested to produce a retum, incomc of which each year is recorded in the Unrestricted lttcorne Fund alld is freely available for the charitable activities of the Corporation. Included in the fund is the Bermondsey Street property purchased during the year. HERITAGE FUND The Heritage Fund is a capital fund which arises from the historic sale of certain of the Corporation's paintings lanri¢ntly donatcd) up)n moving premises. Its incomc ea¢h year 15 recorded in the Unrcsiricted Ineotne Fund and is freely available lorthe chaTjtabl¢ activitie5 ofthe Corporation. Ils capital assEts are available to the Trustees for the purch2se of replacetllent commemorative ariefacts for th¢ Corporation's headquarters or suth other Co￿Orate expenditure the Trustees may determine. LINKb D CHARITILS The Charity of William Kinloch and St AndTews' Scottish Soldiers, Club Fund were linked to Scotscare during the year. The Charity of William Kinloch grant funding directly io eligible individua15 or to charitable orgartisations that SUPPOrt Scot5 who have Served in the Navy, Amiy or Royal AiiFor¢e. who suffcr from a mental or physi¢al impaiTtnent OT disabiliry and who are in need. To qualify for any of the above, an applicant must be assessed by the Corporation's professional staff. 36 THE ROY AL scorrisH CORPORATION THE scorrisii HOSPITAL OF Tllb FOUNDATION OF KINC. CHARLES 11 NOTES TO TIIE FINANCIAL STA TEMENTS FOR TIIE YEAR ENDED 31 MARCH 2025 St Andrews, Scottish Soldiers Club Fund grant funding directly to eligible individua]s or to charitable orgallisations that support Scots soldiers who arc in need, hardship and distress. The truEte¢s Shall apply the clear income of the Charily in relieving serving and former Scottish soldiers and thcir farnili¢s and dependents in any part of the world who are in condilions of need, hardship or distress. HOMELESS RLSTIUCTED FUND The Royal Scottish Corporation Iscotscarel and New Borderline (Borderline) merged on l April 2023 to provide a one stop shop for vulnerable Scots across London. On l April 2023, the assets and li2bilities of New Borderline (Registered Company number 06844151. Charity numbers 11286848 and SC0445301 were transferred to ScotsCaTe. 20. ANAI,YSIS OF ASSETS BETWEEN FIJNDS ICONT.) UNRESI'RlC'fED INCOME FUNDS These funds represent accumulated incorne surpluse5 and consist of ￿nctionS1 fixed a55¢ts fund and free assets. la)Tangible Fixed Assets Functional fixed assets comprise of ie5idential property and the fixtures & fittings within providing accommodation for the elderly and key workers on lower incomes. The Trustee5 have determined that ihese asset5 Shall be a capital fund but that upon a disposal of the underlying properry, any pro¢eeds not Similarly reinvestcd shall bccome free as5et5 availabl¢ at the Trustees. discretion. (bl Free Assets Free assets are available at the Trustees. discretion in the conduct of the Charity's affairs. 21. CAPITAL COMMITMENTS At 31 March 2025, the Charity no capital commitment12024-. £oil). 22. HERITAGE ASSETS Works of art and ceremonial silvenvaie arc not capitalised in these accounts. They are considered to be heritage assets for the purposes of the Charities SORP11,'RS 1021.-I'hey all have very long liv¢5 and are worth preserving indefinitely. No value 15 attributcd to hcritage asscts on thc basis that info￿ation on cost or valuation of ihe assets Is not available and could not be obtained at reasonable cost. Th¢re has been no movement in the heritage ass¢ts in the last S year5. 23. MERGER WITH NEW BORJ)ERLINE The Royal Scottish Corp)Tation Iscotscarel attd New Borderlin¢ (Borderline) nierged on l April 2023 to PTovide a one stop shop for￿￿Incrab1e Scots across London. On l April 2023 the assets and liabilities, as sel out below, ofNew Borderline (Registered Company number 06844151. Charity numbcTS 11286848 and SC0445301 werc tran5feTred to Scotscare.. Cash and short-tertn deposits £259,081 24. RELATED PARTY TRANSACTIONS Callum Ross, one of the TrusteES, j5 a designated member of Habitlls Collective UK LLP. a company engaged to provide ¢onsultan¢y servi¢¢s to the Charity. The Charity did not pay anything for thi5 work during the year12024.. £2,814). There were no outstanding balances at the reFOrting date12024." £nill. Other than the tran8aciions dis¢los¢d above and in Note 10. the Charity had no other relaied paTty traT15actions. 37