GREENOCK MEDICALAID 50CIErY TRUSTEES, ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 REGISTERED CHARITY NO. SC004538 page I GREENOCK MEDICAL AID SOCIETY DIREcfoRY TRUSTEES CHAPL41N PATRON SECRETARY CHIEF EXECUTIVE OFFICER HEADOF FINANCE AUDITORS Welsh Walker Limited 179A Dalrymple Street Greenock PA15 18X BANKERS Royal Bank ol Scotland plc 122 Cathcart Street Greenock PAIS IBA INVESTMENT ADVISERS Ratht*ones Gegr8e House 50 George Square Glas8ow G2 IEH REGISTERED OFFICE Bagatelle 47 Éldon Street Greenock PA16 7RA REGISTERED CHARITY NUMBER SCLKA538 page 2 GREENOCK MEDICAL AID SOCIETY ANNUAL REPORT TO THE SOCIETY for the year ended 31 March 202S The Trvste¥s dnd EX￿lUtI¥e Curiimiltee of the Soc¢ety have pleasure in presenting their Annujl Report of the Socierfs attivities and allairs for the year to 31 March 2025. Full details of the Soclety's actlviiies Can be found within the minute5 of the Executive. Care. and other Committees as well a5 on the Societ￿$ website. Following last yearfs majrjr changes in the management structure ihese changes bedded in 5ucce5sfully éuring 2024-25. lust to remind you of these changes.. Alison Shaw was appoinred a5 Head of Care over both Homes while i%sumed the role5 of House Managers in Bagatelle aNd Glenfield respectively. Our Chief Ixeiutive Ollicei ICIOI continues to Provide excellent staff leadership and guidance under the nèw structure. in adilitic￿ to providing outstanding care to the residènts. Once again I make speclal rnentlon of the dedicatlon of all the GMAS staff of nurses, carers and ancillary, Their loyalty and hard work continue to be excepiional. On behalf OF the Tr￿stee5 and resident5 1 should like to pass on our appreciation to the management and st3ff of GMAS for their efforts during the ye8r. In a particularly financially difficult year, our CEO continues to provide innovètive ideas on how GMAS rnu5t change to meet the challenees of provicinkj excellent care for the re5idenrs in our care. Tumin8 to the Executive Comm, i iQPtinued to successfulfy lead gur Care Committee during 2024-25 with the assistance of voluntee continue to attend the in-hoii%e multi-disciplinary meetings where clinical issues eti. are discussed by tle Tnapagernen* team. I would refer you to Care Report for more detail. Many thanks are due to Ruth and Stazla for their hard work In ensurlng the standards of care in GMAS remaln high. I mentioned in last year's Annual Report that the improved financial results in 2023-24 had not been maintained into 2024-25. In lact thè trading position deteriL)rated particularly seriously in the la51 qLbarter 012024-25. Details of the extent of this deterior My thanks also go to Secretary, who afranges and meticulously records the Minutes of GMAS Meetlngs. plus also advises orb administraiiv& IbJu¥J. In 2025-2 ha5 also provided the Trustees with guidance on the property sales. It was mentioned in the 2023.24 Annual Report that looking forward to 2024-25 and beyond there were manv uncertaintie5 and challenges particularly with resldent nurnbers and the rlsing Cost of providing care to residenis. These warnlngs proved to be real and it became obvious to the Executive Committee that our current business rnodel wa5 not fit for the future survival of GMAS. Eadier in this report I have outlined the steps that have been taken, albeit not in 2024-25 but in 202S-26. to correct the posltion. 6ud8et5 for likely future occupancy numbers and runnillg costs lor Bagatelle have been prepared. These budgets indicate that GMAS can 5ucce55fully continue for the foreseeable fvture. However, the national situation with funding for Care Homes remains uncertain and WE can only continue to manage the Society's affairs within the resources available to U5. The Executive Committee will tontlnuÈ to monitor c105ely the linancial position ar￿ endeavour to provide the best possible quality of care to our residents. ChuirmL7n of rhp Trustees & Executive Cornmittee page 4 GREENOCK MEDIU4LAID SOCIÉTY TRUSTEES, ANNUAL REPORT Iconvd.) for the year ended 31 March 2025 TRUSTEE5' REPORT The trustees are pleased to present their annual trustees. report together with the consolidated financial statements ol the charity and its subsidiary for the year ending 31 March 2025. The financial stoternents comply with the Charitles an(J Trustees Inve5trnent Iscotlanél Act 2005, the Charities Account5 (Scotlandl Regulations 2006 (as awnendedl. the Memorandum and Articles of Association, and Accounting and Reportin8 by Charities: Statement of Recornrrended Practice applicable to charities preparin8 their accounts in accordance with the Fin3ncial Report Standard applicable ID the UK and Rèpublic of Ireland IFRS 1021. Our Purposes and ActfvltSe5 Philosophy ol Care To provide a high srandard of care and an Improved quality of life for each resident. To ensure each resident 15 treated as an individual with dignity and respect at all time5. To help each resident mointatn a positive attitude to the future and, in doins so. enhance the qvality of h￿s/her life. To yomote independence a5 far as possible and to give support a5, and when. it is required. To encuurage hobbies and DUt5ide interests for those who dc) r¢ot have full independence supported by activtties arranged by thè Artivities Co-ordinators. To encourage the active Involvement of family and frbends and to give encouragement and support where It Is needed. Achievem•nts and Perlorrn*n¢• The Care Tearn The Core Team thll comprises as formerly a staff nurse in Bagotelle. Mary 15 also from the nursing profession. but for many decade5 ha5 been ead and the co-ordinalor of the Glenh'eld House Committee. I was a GP based in Greenock. 3re members of the GMAS IGrèÈnock Medical Aid Society) Executive Committee. The Care Team'5 purpose 55 to ensure that GMAS is prowdlng high quality care for the people it looks after. This means that on our visits we hope to meet comfortable and contented residcnts. A p5easant physical environment 15 a150 crucial. A lurther 8oal is to observe residents enjoying en8a8ernent in stimulatin8 activities. For all of this ro succeed, a capable, hardworkin8 and enthusiastic workforce is needed, I'm pleased to Say that this is eKaclly what we fin(J on our visits. If we have any concerns we raise Ihem with Alison Shaw, Head ol Care who will di5CJ55 re5oluDons with the rnanagement team. RetaSnin8 8ood and experiencÈd 5t3ff is important for any organisarion and we are pleased to report we have some form on this. In September 2024 several of our nurslng staff received Queen's Nursln8 Insdtute Service Awarc15. These are Iven in recognition of 21 years of nursing selvice in the cornmunity. In December 2024 the Society gave Long Service Awards to 10 of our care and support staff. The most lor*gsranding of these ladies had been an employee for 42 years. Tho total len8th o15ervice of the ten employees wa$ 240 yèar51 From October 2024 we launched a Re5Plte/Rehabilltatlon Service. Thi5 15 on offer for anyone post surgery who requires more intensive care and physiotherapy before 80ing home. These people will usually have had hip or knee sur8ery, but anyone with re5Plte or rehabilitation needs would be considered. Our physiotherapy input lor this is locally based McFartane Physiotherapv, page 5 GREENOCK MEDICAL AID SOCIETY TRU5TEES' ANNUAL REPORT {conVd.I for the year ended 31 March 2025 The Care Team IconVd.I Bagatelle's Sensory Garden wa5 opened In September 2024. The money for this was raised by the Society supplemented by legacy funds and donations from the families of two former Bagatelle residents. The garden was dedicated to rhe memory ol B41gatelle resident. the late Mar¥dret Colquhoun who had provided years of voluntary servlce to the Socieiy. We Should also comment on diffi"cultie5 that have been encountered since the last AGM. There was a fairly major practical problem in the second part ol lasi year in Glenlield with the main lift used for residen1s being out of action for an extended period due to supply issues with parts. Other major repairs including boiler replacement5 made daily operations challenging however the staff rose to the challenge of these sltuattons. Though thls report theoretically stops at the end of March 2025 which was the last'fiscal year, we cannot Ignore the great sadness for us all in this fi'scal ye3r with the closure of Glenfi"eld for linancial reasons. From a care vlewpolnt ihis ha5 been dealt wlth a5 well as could have been hoped loi. Placements into other home5 were made for most of the Glenfield residents and seven were moved to 8a8atelle. All of this was done in consultation with the choice of resident's families and the advice and management of Inverclyde Council's Health and Social Care Partnership IHSCPI. The entire Care Sector is currently facing considerable financial challen8e5. There ha5 been a gradual e5calaDon of these lor some years now. However despite the challenges GMAS aims to provide excellent care for our resident5 into the foreseeable future. Care Team.. page 6 GREENOCX MEDICAL AID SOCIETY TRUSTEES. ANNUAL REPORT IconYd.I lor the year ended 31 March 2025 Fundraising / Emternal Donation Report Fundraising has continued to be a key focus for GMAS throughout the year. We extend our sincere thanks to The DW Cargill Trust and The Hugh Fraser Foundation for their ongoing annual support. We would also like to acknowledge the generosiry of our Life Membèrs, families. friends of our residents, local bu5inesse5, and ihe many trusts and foundation5 who have kindly contributed towards several of our projects. Thi5 year, for the first time, we were delighted to engage a professiona1 Music Therapist. introducing a new and enriching approach to svpporting our residents and helping them to express themselve5 in meaningful ways. We continue to raise essential funds towards the purchase ol a wheelchair-accessible minibu5, which will greatly enhance residents. Independence and participation in community life. Another significant project thi5 year involves securing funding for the next phase of our wet room installations. ensuring all bedrooms are equipped with accessible bathing In an increasingly challenging fundraising environment, we rernain committed to seeking out new opportunitie5 and raising awareness of the importance of our work ensuring that our residents continue to experience the best possible quality of life in their home environment at Ba8atelle. We also continue to emphasise the value of Gift Aid, which increases the amount GMAS receives from donations. Gift Aid Declaration Forms are avaslable upon request from our Administration Office. Flnanclal Report 2025 I have pleasure in reporting on the events of the last year and the financial health of the Society during that time. The Society's finances in 2024125 have been significantly affected by sector wide challenges in the Care 5ecfO¥. Although the Society produced an Unrestricted Funds surplus forthe year 2023124 of £116,670 there were sign5 that the Society was startin8 to recognise difficult trading conditions developin8. Major area5 of spend continued to increase, with costs of wages. food, insurance and power all significantly rising above inflation. The Society sets its forecast to meet anticipateé cost5 based on expected occupancy with a mix of private funded and local authority funded residents. The overall occupancy remained below the forecast total for most of 2024125 with a rnix of private funded and local authority residents which was 5ignifi¢antly diflerent from the forecast and not in our favour. A5 ha5 been recognised in previous years, financial reports 5ignifi¢antly more residents coming into the homes are coming through the local authority rèferrals rather than being funded privately. With the sector wide challenges facing Social C3re, referrals slowed down and in the course of the year the Trustee5 became aware that the level of ongoing trading losses could not be sustained long term. The funding rate lor local authority funded residents has been referred to in Tecent annual report5 and the gap between the rate paid by local authorities and the c05t of care has increased from a minimal value a number of years ago to a substantial figure, In an attempt to manage the shortfall in these cases the society attempted to raise additional funds through Voluntary Additional Contribution5 from families of newly admitted residents however this endeavour was not SLJPPOrted and did not eventually realise significant income. These difficulties which have impacted us over manv vears are well documented as part of an overall scotland wide care sector crisis and have ultimately become too rnuch for an alarming number of organi5ations who have not been able to continue trading. The Society was fortunate part way through 2024125 to receive a substantial donation from the winding up ol Miss M B Reekie's Charitable Trust. This donation temporarily relieved the trading losses and afforded the Trustees time to consider options for the Society which would return the on80ing trading to a surplus and give more assurance about the long term vlability of the Charity. page 7 GREENOCK MEDICAL AID SOCIETY TRU¥tEES' ANNUAL REPORT IconYd.I for the year ended 31 March Z024 Finandal Report 2025 Icont'd.) In 2024125 the Society produced an Unrestricted Funds deficit of £148,990, before the impairment review adjvstrnent, compared wlth a surplvs of £82,997 in 2023124. As noted above a large one.off donation of £150.000 was gratefully received and helped with working capital. The 8alance Sheet decrease in net assets reflects the deficit for the year although, through judicious cash management, a small increase in Cash Inflow in the year wa5 recorded. Funds for Restricted Funds not spent at year end are held in investments to keep them out of operational working tapltal. The Society managed its affairs wrchin the limits of its avallable boirowings and met all loan and interest repayments on timè. The GMAS management team supported by the Trurtees continues to monitor the financial po5ilion of the Society and revi51ts all leve15 01 staffin8 and operational cost5. Our bankers are lully involved in our plans for the future and ale aware of the financial thallenges across the sector ané our actions being taken to reduce t¥)rrowing5. The commitment and dedication ol a15 our staff acr055 the ofsanisation on an ongoing ba51$ this year in adLlressiAg the enorrnous challenges that continue to arlse is recognised by the Trustees who thank them for all that they do to make a difference in the lives of our resident5 during their time wilh us. The Same comment applles to our volunteers who spend time in our homes and whose contribuiions are second to none. It is plain to see to those who vi51t our homes 01 read about our GMAS care provision and activities In all our soclal media areas. Through actions taken by the Trustees post-year end a posillve turnaround Is being achleved Ihough it is reco8ni5ed that our sector rernains fragile and In need of investment at a national level. We do however look forward positively to the year ahead and reporting on what hopefully will be a positive picture this time next year. Oue to the decision taken by the trustees to close Glenfield nursing home after the year end, the value of the assets held on rhe balance sheet were considered for impairment as at 31 March 202$. This resulted in a total of £2.233.341 of asset5 being removed from the balance sheet. Thi5 had an impact in reducing the General unrestrirted reserves by £267,1(KS and the Designated reserves of the Charity by £1,966.241_ Financ& MaraEer page 8 GREENOCK MEDICALAID SOCIETY TRUSTEES. ANNUAL REPORT Icont'd.) for the year ended 31 March 2025 Reserves Poll¢y and Going Concern The Policy of the Trustees is to maintain. internally, five designated reserves.. 111 The Capital Repayrnent Provision are funds retained frorn the Society's operations to enable the scheduled repayments of Capital on various term loans of the Society and the wholly owned property company. Greenock Medical Aid (Properties) Limited which has the legal title to the building and grounds of Bagatelle, 47 Eldon Street. Greenotk. 121 The Repairs Reserve is to provlde for the advent of any major unforeseen repairs to the fabric of the buildings and major equipment. 131 The M Colquhoun legary was received in the year to be used for the benefit of those in residence at the Society's Bagatelle home. The trustees have designated that these funds be utilised to fund the proposed extension at Bagatelle. 141 The award of £57,755 from the ACI 8urgess Charitable Trust received in March 2024 has been designated to be utili5ed for the replacement of fire detertion systems in both homes and other essential repair works. Thi5 fund was fully utilised in the year to 31 March 2025. IS) Fund5 received towards Capltal projects that have been transferred to 8eneral reserves once the initial assets costs have been incurred. The Society does not have any Endowment Funds. The Society 15 in the fortunate position of having a re8ular income stream and has considered forecasts at varying levels of occupancy. and the Trustees consider that the Society has sufficient reserves. bank facilities and investments in place to meet the current and foreseeable obligations to be considered as a Going Concern. Plans for Future Perlods The Society airns to maintain maximum capacity in term5 of residents in Bagatelle and does not intend to acquire any 5imilaf or8ani53tions. In the curTent diff icult economic times in the Health Industry. the Society. with the support of the local ommunity, will continue to provide and extend the care required for the increasingly elderly and infirm population in this area. The tru5tee5 are planning to expand the range of services offered by the Society further developing Rehabilitation Service for post-operative clients. Re5ponslbllitles of the Trustees law applicable to charities in Scotland require5 the Trustees to prepare financial statements for each financial period which give a true and fair view of the state of the affairs of the Society and its Group and ol the incoming resources and application of resources, including the income and expenditure. of the charitable group for that period. In preparing those financial statements. the Trustees are required to.. Select suitable accounting policies and then apply them consistently,. Observe the method5 and principle5 in the Charities SORP- Makejudgements and estimates that are Teasonable and prudent,. Prepare the financial Statements on the going concern basis unless tt is inappropriate to) presume the Society will continue in operation,. and State whether applicable accounting Standards and Statements of recommended practice have been followed, subject to any departures disclosed and e¥plaineé in the financial statement5. GREENOCK MEDICAL AID SOCIETY page 9 TRUSTEES, ANNUAL REPORT Icont'd.) for the ￿ar ended 31 March 2025 Respon51bIl￿1e3 of the Tru5tee5 {coDt'd.I The Trustees are respon51ble for keeping proper accounting records whith drsclose wlth reasOnal￿e accuracy at any time the financial position of the Society and which enable them to ensure that the financial staternents comply with the Charities and Trustee Investment (Scotlandl Act 2LK)5 and the ChaTlties Accounis Iscotlandl Regulations 2￿6 las arnendedl. They are also responsible for safeguardin8 the assets of the Society and hence for takin8 reasonable step5 foi the prevention and detection of fraud. The trustee5 are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website. Legislation in the United Kithgdom governing the preparation and dissemination of financial Statements may differ from legislation in other jurisdictions. Reference and Administr*tive Detalls Charity number.. 5C004538 Re8lStereé offi￿.. Bagatelle, 47 Eldon Street. Greenock, PA16 7RA r Advmrs Auditors.. Bankers.. StockbrL*ers'. Welsh Walker knmited. 179A Dalrymple street, Gfeenock, PA15 IBX Royal Bank of Scotland, 122 Cathcart Stfeet. Greenock, PA15 1&4 Rathbones, 50 George Square, Glasgow, G2 IEH TRUSTEES The Trustees who have served since the l April 2024 are as lolltJWS'. Key Management Personnel as at JJ March 2025 anagemeni OT Chairman Is Mr Archie Livingstone. ne nanos o e ixecv Iv annually at the Annual General Meetin8. The The responsibility of the management of GMAS Trs with the Chief Executive, Mrs Andrea Wyllie, who ovèrsp r)rrJinatps the work and strateAic development of the organisatÉon. She is assisted by the Head of Financ ho ha5 delegated responsibility for the financi31 affairs of GMAS. Nu15inB staff are on duty 24 hours per day. 7 days per week. In additson, there are Senior Care staff. Care staff, Therapy staff, Catering staff, Housekeeping staff. Laundry staff, Maintenancè staff and Administration staff. GMAS employed over 140 permanent Staff. along with another 30 as bank workers. at Glenfield and 8agatelle to provide lull time care with nursing support for the 63 resident5 of both Horres. page IQ GR£ENOCK MEDICAL AID SOCIETY TRVSTEES, ANNUAL REPORT {conVd.I for the year ended 31 Marth 2025 Structure. Governance and Management Nature of the Charity's Go¥ernln8 Document The Greenock Medical Aid Society Is an unincorporated body, which is governed by a wrltten constitution. The Society. as it exists today, was constituted through a mefger of organi5ations with similar objectives in the field of charitable work. The Desrilute Sick Society Wa5 e5tablishefl in 1798 and in 1917 it merged with the Greenock MedKal Aid Society founded in 1876, assuming the latters. name. The Society is a wistered charity IRegistered Chartty Number SCCMM5381 and, following the dosure of Glenfield Care Home in Jurbe 2025, now Pr￿ideS care for older people with nursing support at Bagatelle Care Home. There is no discr¢mination on admission to Bagatelle Care Nome. Methods of Re(rultlni and Appolntln8 New Trustees The Executive Committee appoints new Trustees after due consideration as to their skills and abilities for the p05t. Details of Outside Part*$ Who ￿ Appoint Trustees o outside party can appoint trustees. Related Partle5 The Greenotk Mèdical Aid Society has 3 5vbsidiary, Greenock Medical Aid IPropertle51 Limlted. tompany number SC109137. Scottlsh Charlty number SCOOS943, which holds the 8round and heritable property at Bagatelle, 47 Eldon Street. Greenock on behalf ol the Greenock Medical Aid Society. The accounts for Greenock Medical Aid IPropertie51 Limited are included in the consolidated financial statements, Statement on Rlsk M•n•8ement The major risks to whichthe Sotiety is exposed, as Klentified by theTrustees. have been rv4lewed and systems or procedures have been ertabli5hÈd to manage those risks. Audltors The auditors. Welsh Walker Limited. Chartered Atcountants. have indicated their wllirvdness to continue in office and resolullon re"appointlns them will be proposed at the Annual General Merfin8. Statement of Dlsclosur• to AUd￿or5 SO far as the Trustee5 are aware, there Is no relevant audit inlorrnatitsn of which the charity's auditors are unaware. Additionally, the trustees have taken all the necessary steps that they ought to have taken as trustees in order to make themselves aware ol all relevant audit information and to establish that the charity's atsdito￿ are aware of that inforrnation. By Order ol the board and signed on their behalf on 28 October 2025. Seuetsry of Èhc Tru5t£es & E￿(uLlS1e Committee page 11 GREENOCK MEDICAL AID50CIErY CONSOLIDATED INCOME & EXPENDITURE ACCOUNT lor the year ended 31 March 2025 NOTE 2025 2024 Income Board of Resident5 Investment Income Legacies, Donatlons & Sundry Income Care Gap Contribution Rental & Managèment Income Grant Income Bank Interest Received Fund Raising & Appeals 4,044,893 1,814 176,767 4.051.102 981 85.252 ia,000 102.085 129,340 524 10.066 48,382 22.230 778 4,574 4,299,438 4,389,350 Expendlture Salaries, Training & Therapy Costs Housekeeping & Furnishing Repairs & Replacements Insurance & Water Heating & Lighting Flnancial & Audlt Charges Sundry Administration & Costs Registration Fee5 3,415,351 269,122 181,422 74,597 168,657 8,654 236,400 11,304 3,306,451 261,058 199.355 69.114 106,275 9,873 157,528 12,765 14,365,507 1 14,122.419 1 Operatin8 IDeflcltllSurplus before Flnance Char8es 166,069 1 266,931 8ank loan Interest 32.728 38,202 132,728 1 138.202 1 Operatini IDeficitllSurplu5 Finance Charges After 198.797 1 228,729 Depreciation of Fitting5 47,943 30.747 147.943 1 130,747 1 Operating IDeficltllSurplus for Year 1146,740 1 197,982 Capital Movements IL05sI/Gain on Revaluation & Disposal of Investments 11,005 1 4,871 11.005 1 4,871 IDeficltllSurplus for the year 1147,745 1 202,853 lrnpairment review carried out in year 12,233.341 1 12.381.086 1 202.853 Page 12 GREENOCK MEOICAL AID SOCIETY CONSOLIDATED STATEMENT OF FINANCIAL AcfiviTIES for the year ended 31 March 2025 Unrestricted Fund5 2025 Designated Funds 2025 Restricted Total 2025 2025 Intomlng Resour¢es Charitable activities Investment income Rental incorne & management lee other charitable activities Legacies and donations Grant Income other Incorne 4,044,893 1,814 48.382 4.574 176,767 4,044,893 1,814 48,382 4,574 176.767 22.230 778 22.230 778 TOTAL INCOMING RESOURCES 4.277,208 22,230 4,299,438 Resources Expended Charitable activities Managemenl and Administration Costs 4,433,965 246,978 1,973,803 9,666 15,107 6,417,434 262,085 TOTAL RESOURCES EXPENDEO 4.680,943 1,973,803 24,773 6,679,519 Net loutgoingllincoming re50UTce5 before transfers 1403,735 1 11,973,803 1 12,543 1 12,380.081 1 Gross transfers between fund5 111,350 1 31,338 119,988 1 Net loutgolnglllncomlng resource5 before other recognrsed gains and 1055es 1415,085 1 11,942,465 1 122,531 1 12,380,081 1 Other recognised gains and losses IL055I/Gain on Revaluation and disposal of investments 11,005 1 11,005 1 Net Movement In Funds 1416,090 1 11,942,46S I 122,531 1 12,381.086 1 Opening funds 1.497,411 3,756.971 43,204 5.297,586 Closing funds 1,081,321 1,814,506 2D,673 2.916.500 page 13 GREENOCK MEDICAL AID SOCIETY CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES- COMPARATIVE for the year ended 31 March 2025 Unrestrlcted Funds 2024 Deslgnated Funds 2024 Restrirted Total 2024 2024 Incoming Resources Charitable activities Investment income Rental income & managernent fee Other charitable activities Legacies and donations Grant Income Other income 4.051,102 981 102,085 10,066 85.252 34,0(X) 10,524 4,051,102 981 102,085 10.066 85.252 129,340 10,524 95,340 TOTAL INCOMING RESOURCES 4.294.010 95.340 4,389,350 Resources Expended Charitable activities Management and Administration Costs 3.980,853 201,358 3,416 2,130 3,611 3,986.399 204,969 TOTAL RESOURCES EXPENDED 4.182.211 3.416 5,741 4,191,368 Net incoming I loutgoingl resources before transfers 111.799 13,416 1 89.599 197,982 Gross transfers between funds 133.673 1 107,535 173,862 1 Net in¢omin8 I lout8oin81 resource5 before other recognised 8alns and losses 78,126 104,119 15,737 197.982 Other reco8nlsed gains and lo55es Gain / ILossl on Revaluation and di5POsal of investTnents 4.871 4.871 Net Movement In Funds 82.997 104,119 15.737 202.853 Opening funds 1,414,414 3,652,852 27,467 5,094,733 C105ing funds 1,497,411 3,756,971 43.204 5,297,S86 page 14 GREENOCK MEDIC4L AID SOCIETY CHARITY STATEMENT OF FINANCIAL A￿[VITIEs for the year ended 31 March 2025 Unrestrirted Funds 2025 Designated Funds Restrlcted Total 2025 2025 2025 Incoming Resources Charitable attivitles Investment income Other charitable activities Legacie5 and donation5 Rental income & management fee Grant Income 4,044,893 1,814 4,574 205,879 2,482 4,(144.893 1,814 4,574 205,879 2,482 22,230 778 22.230 Other income 778 TOTAL INCOMING RESOURCES 4,260.420 22,230 4,282,650 Re50urce5 Expended Charitable activities Management and Administration Cost5 4.417,177 246.978 1,973,803 9,666 15,107 6,400,646 262,085 TOTAL RESOURCES EXPENDED 4,664,155 1,973,803 24,773 6.662,731 Net loutgoingl l incoming resources before transfers 1403.73S I 11,973,803 1 12,543 1 12,380,081 1 Gros5 transfers between funds 111.350 1 31.338 119,988 1 Net loutgoingl / incomlng resources before other recogni5ed Bains and losses 1415,085 1 11,942.465 1 122,531 1 12,380,081 1 Other reco8nised gains and losses ILossl/Gain on Revaluation and disposal of investments 11,005 1 I l.C¥)5 1 Net Movement In Funds 1416.090 1 11.942,465 1 122,531 1 12,381.086 1 Opening funds 1,181,814 3,756,971 43,204 4.981,989 Closln8 funds 765,724 1.814,51)6 20.673 2,600.903 page 15 GREENOCK MEDICALAID SOCIETY CHARITY STATEMENT OF FINANCIAL AcrivmES- COMPARATIVE for the year ended 31 March 20254 Unrestricted Funds 2024 Designated Funds Restricted Total 2024 2024 2024 Incoming Resources Charitable artivities Investment income other charitable activities Legacies and donations Rental income & management fee Grant Income Other income 4.051.102 981 4,051,102 981 10,066 104,657 56,185 129,340 10,524 10.066 104,657 56,185 34.000 10.524 95.340 TOTAL INCOMING RESOURCES 4,267,51S 95,340 4.362,855 Resources Expended Charitable activities Managernent and Administration Costs 3,954,358 201,358 3,416 2.130 3.611 3,959,904 204,969 TOTAL RESOURCES EXPENDED 4.155,716 3.416 5,741 4.164,873 Net loutgoingl / incoming resources before transfers 111,799 13,416 1 89,S99 197.982 Gross transfers between funds 133.673 1 107,535 173.862 1 Net incomin6 resources before other re¢ognlsed gain5 and losses 78.126 104.119 15,737 197.982 Other reco8nised gains and losses Gain I IL05sI on Revaluation and disposal of investment5 4,871 4.871 Net Movement In Funds 82,997 104,119 15.737 202,853 Opening funds 1.098,817 3.652,852 27,467 4.779,136 Closlni funds 1,181,814 3,756,971 43,204 4,981,989 page 16 GREENOCK MEDICAL AID SOCIETY CONSOLIDATED BALANCE SHEET s at 31 Mar¢h 2025 Notes 20Z5 2024 Flxed Assets Tangible Assets Investments at Cost/Valuatlon Total Flxed Assets io li 3,635,070 69,046 3,704.116 5,810,741 110,655 5,921,396 Current Assets Debtors Cash Total Current Assets 63,155 67,571 130,726 87,504 54,092 141,596 Current Llabllltles Creditors.. amount5 falling tlue withln one vear 1536,039 1 1323,404 1 1405,313 1 1181,808 1 Total Assets less Current Ilabllltles 3,298.803 5,739.588 Creditors-. amounts lalllng due after more than one year Net A55ets 14 1382.303 1 2.916,500 1442,002 1 S,297,586 The funds of the charity.. Restricted Funds Unresrricted Funds Designated Funds Total unrestrkted funds and total tharltv fund$ 16 20,673 1,081.321 1,814,506 43,204 1,497,411 3,756,971 2,916.5Crf) 5,297,586 proved on behalf ol the Trustees on 28 aitober 202S. Chairman ol the Trv5teeg & FMe.iutive Cornmittee pa8e 17 GREEM)CK MEOICAL AID SOCIEri CHARITY BALANCE SHE as •t 31 Marth 2025 Notes 2025 2024 Fixed A55ets Tangible Assets Investments at Cost/V4lu4tion Total Flxed Assets io 591,28S 70.046 661,331 2,76S,956 111.655 2,878.611 li Cuffent Assets Debtors Cash 12 2,550,343 67.571 2,617,914 2,524.692 54,092 2,578,784 Total Current Asseis Current Llabllltle5 Credrtors.- arnounts falling due wlthin one vear 13 1496,039 1 1273,404 1 2.121.875 2.783,206 2,305,380 5,183,991 Total Assets less current liabllliles Creditors: amounts falllng due after rnore thèn one year 14 1182,303 1 202.002 1 Net Assets 2,600,903 4,981,989 The lunds of the charlty: Restricted Funds Unrestricted Funds Designated Funds Totsl unrestrfrted funds and total charity funds 16 20.673 765,724 1.814,506 43,204 1,181,814 3,756,971 2.600,903 4,981.989 rovcd on be4011 ol..he TrL Ort Iq Orlobc f ?02g. Chairman of the Trustees & Executivè Committee page 18 GREENOCK MEDICALAID SOCIErY CONSOLIDATED CASH FLOW STATEMENT for the year ertded 31 March 2025 Notes 2025 Z024 Reconciliation of Operating IDeficit115urplus to Net Cash Inflow I (Outflowl from Operating A¢tivities Net IOutgoingl/lncoming resources before other recognised 83in5 and losses Loan interest and charges Depreciation charges Impairment review Decrease I Ilncreasel in debtors Increa%e/lOecreasel in creditors 12,380,081 1 32,728 47,943 2,233,341 24,349 232.698 197.982 38.202 30,747 66,179 65.006 Net Cash Inflow from Operating Actlvities 190,978 398.116 Returns on Investment & seNing of finance Capital Expenditure and financtal investment 16 16 132.728 1 165,009 1 138.202 1 1169,307 1 Cash Inflow I Iouthowl Before Flnancing Financin8 93,241 169.093 1 190,607 146,118 1 16 IncreasellDecreasel in Cash 24.148 144,489 Reconclllation of Net Cash Flow to Movement in Net Debt Increase/lDecreasel in cash in the period Cash flow from movement in debt 24,148 69.093 144,489 46,118 Movement in Net Debt in the Period Net Debt at l April 2024 93,241 1503,490 1 190.607 1694.097 1 16 Net Debt at 31 March 2025 16 1410,249 1 1503.490 1 page 19 GREENOCK MEDICAL AID SOCIETY CHARITY CASH FLOW STATEMENT for the year ended 31 March 2025 Notes 2025 2024 Recoftciliation of Operating IDeficitl/Surplus to Net C35h Inflow I Ioutflowl from Operatin8 Activities Net IOut8oingll Incoming resources before other recognised gains and105se5 Loan interest and charges Depreciation charges Impairment review Ilncreaselloecrease in debtor5 IncreasellDecreasel in creditors 12,380,D81 1 15,940 47,943 2,233,341 125,651 1 232,698 197,982 11,707 30.747 36,179 6S.006 Net Cash Inflow I Ioutflowl from Operatin8 Artlvitie5 124,190 341.621 Returns on Investment & 5ervin8 of finance Capital Expenditure and financial investment 16 16 115,940 1 165,009 1 111,707 1 1169,307 1 Cash Inflow / Ioufflowl Before Flnancing 43,241 160,607 Financing 16 119.093 1 116,118 1 Increase I (Decrease) In Cash 24,148 144,489 Recon¢lliation of Net Cash Flow to Movement in Net Debt Increase I (Decrease) in cash in the period Cash flow from movement in debt 24,148 19.093 144.489 16,118 Movement in Net Debt in the Period Net Debt at l April 2024 43.241 1213.490 1 160,607 1374,097 1 16 Net Debt at 31 March 2025 16 1170,249 1 1213.490 1 GREENOCK MEDICALAID SOcI￿y page 20 NOTES TO THE ACCOUNTS As at 31 March Z025 ACCOUNTING POUCIES The Registered Office of the Charity is Bagatelle, 47 Eldon Street, Greenock. PA16 7RA. The following accounting policie5 have been consistently applied in dealin8 Wlth the items which are considered rnaterial in relation to the Society's accounts. Basls of accountln8 The Accounts are prepared under the historical cost convention, with the exception of heritable property and investrnents which are included at market value, and in accordance with applicable accounting standards in the U.K., the Statement of Recomrnended Practice.. Accounting and Reporting by Charities (revised Ortober 20191 and ihe Financial Reportin8 Standard Applicable in the UK and Republic of Ireland IFRS1021 (effective I.: January 20191, the Charities and Trustee Investment1Scotlandl Act 2005 and the Charities Accounts (Scotlandl Regulations 2006 las amended). The Charity meet the definition of a public benefit entlty under FRSIO2. The Financial Staternents are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these Financial Statements are Tounded to the nearest £. Departure from Accountlng star￿ards The Sotiety has not valued the b3nk loan owed by it5 Svbsidiary at fair value as required by FRS102. This is a departure from Section 12 of the standard that requires all financial liabilitie5 that are not basic in nature to be di5c105ed at fair value. The loan is an interest Rate Swap loan entered into in 2005. The trustee5 are of the opinion that to value this liability would incur costs which would detrart from the reserves they have available to further their th3ritable activities and have therefore included the loan using the historical cost convention. Preparation of the accounts on a golng concern basls The trustees have taken into account the financial challenges which arose during the year and in partlcular the difficulties presented by lower than expected occupancy and in¢reasTng challenges of meeting staff cost5 a5 Scottish Living Wage Employer. With cashflow pressures arising frorn these fattors and in response to a prolonged period ol loss making. the trustees re501ved to take positive action io address the situation by planning to close one of it5 Care Home5 and sell off a piece of land to reduce it5 borrowings and consolidate it5 operations in one facility. Taking into account the results of these actions and with increased Local Authority and private Board Rates. the charity IS Still considered to be a going concern. The accounts will be prepared on that going concern basis. Group finèn¢lal statements The financial statements consolidate the results of the charity and its wholly owned subsidiary Greenock Medical Aid Properties Limited on a line by line basis. Income Income is recognised when the charity ha5 entitlement to the funds, any performance conditions attached to the itern5 of income have been met, it Is probable that the income will be received and the amount can be measured reliably. Income from government and other grants, whether 'capital' grants or 'revenue' grants, Is recognised when the charity ha5 entitlement to the fund5, any performance conditions attached to the grants have been mei, it is probable that the income will be received and the amount can be measured reliably and 15 not deferred. For legacies. entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and the notification has been made by the executor to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy. in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified ol the executor's intention to make a distribution. Where legacies have been notified to the charity. or the chaTItv 15 aware of the granting ol probate. and the criteria for income recognition have not been met, then the legacy is treate(J as a contingent asset and disclosed if material. page21 GREENOCK MEDICALAID SOCIErY P40TES TO THE ACCOUNTS Iconvd.) As at 31 March 2025 Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity,. this is normally upon notification of the interest paid or payable by the Bank. Donated service5 and fa¢lllties Donated professional services and donated facilities are recognised as income when the charity has control over the item, any condition5 associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charitie5 SORP IFRS 1021. the general volunteer time is not recognised. On receipt. donated professional service5 and donated facilities are recognised on the basis of the value ol the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent econoThic benefit on the open market,. a corresponding amount is then recognised in expenditure in the period of receipt. Fund accountlnl Unrestricted funds are available to spend on activities that further the purposes of the charity. Designated funds are unrestricted fund5 of the charity which the trustees have decided, at their discretion, to set aside to Use for a Specific purpose. Re5tritted funds are donations which the donor ha5 specified are to be solely used for particular areas of the Charites work. Funds received for capital expenditure are held as restricted funds until the cost has been incurred. At this polnt the fund$ are transferred from restricted to a designated unrestricted fund, unles5 the funder puts a clawback provision in place or restricts the use of the asset. Expendlture and irrecoverable VAT Expenditure 15 recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the arnotjnt of the obligation can be measured reliably. Expenditure is classified under the following activity headings.. The costs of generating voluntary income are not significant and have not been separately disclosed. Charitable expenditure comprises those costs incurred by the charity in the delNery of it5 attivities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs ol an indirect nature necessary to 5UPPOrt them. Other expenditure represents those items not falling into any other heading. Allocation of 5UPPOrt costs Support Costs are those function5 that asSlSt the work of the charity but do not directly undertake charitable activities. Support C05t5 include back office cost5, finance. personnel. payroll and governance costs which support the charity. These costs have been allocated to expenditure on charitable activities. page 22 GREENOCK MEDICALAID SOCIETY NOTES TO THE ACCOUNTS I￿n￿d.) As at 31 March 2025 Investments Listed Investments are included in the Accounts at market value. Gains and10sses are included in the Statement of Finan£i31 Activities when realised. The unlisted Investment15 in Subsidiary Undertaking- Greenock Medical Aid (Properties) Ltd. This is included at cost. The Society forrned Greenock Medical Aid IPropertiesl Limited with a Share Capital of I,(M)O Ordinary £1 Fully-Paid Shares during 1988 for the sole purpose of acquiring the slte known as '8agatelle" 47 Eldon Street, Greenock, from the Argyll & Ctyde Health Board for development as 3 Residential Nursing Home. All costs of the development were met by the Limited Cornpany. In the Year 2003, the Society commenced the East Wing Extension of the Bagatelle Nursing Home which was handed over by the Principal Contractor in December 2W. The Capital Cost5 Qt the extension are borne by Greenock Medical Aid IPropertiesl tsmited and funded by a Term Loan and the Society's own cash resources. Tan8ible Flxed A55ets- Heritable Property- Revaluation Glenfield House & Grounds were previously shown at a Nominal Value of £1, having been gifted to the Society in 1926 and all capital additions thereafter were written off as and when incurred to the Society'5 General Fund. To accord wr(h Charity Legislation, the House and ground5 were revalued by Stewart & Williamson Chartered Surveyors on IS September 2008 at £2,0(YJ,OW. and the valuation incDrpoTated into the Accounts. An impairment review was carried out on this asset due to the closure of the home in June 2025 and the value has been adjusted in the accounts. With the exception of Glenfield House and Ground. all other Heritable Property is included at cost. Provislon for Capital Repayments In the prior year. the total fvnding repaid was £198,114. Of this. £10.181 related to the repayment of the bounce- back loan, and E120.9C4J was the capital repaid on refinancin8, leaving capital instalment5 paid in the year of £67,033. For the year to 31 March 2024, the total funding to be repaid is expected to be £58.011. In the year to 31 March 2025. the total funding repaid was £69,06312024 - £46,118). Of this, £50,0￿(2024 - E30.C(101 related to the repayment of the loan facility held by Greenock Medical ￿'d IPropertiesl Ltd for the building of Bagatelle, £lO.ooK)12024- £10,0(Xll related to the repayment of the Bounce-Back loan. and E9,09312024- £6,118) related to the repayment of the Sociews Long-term loan. For the year to 31 March 2026. the total funding to be repaid is expected to be E437,963 due to the utili53tion of funds raised through the sale of the land and Glenfield. Tangible Fixed Assets Depreciation Tangible fixed assets are initially measured at C05t and subsequently measured at cost or v31uation, net of depreciation and any impairment losses. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each a55et over its expected useful life, as follow5.' Land & Buildings Fixtures & Fittings IO% straight l(ne 25% reducing balance The gain or loss arising on the di5P05al of an asset is determined as the difference between the sale proceeds and the carrying value of the a55et, and is credited or charged to profit or loss. page 23 GREENOCK MEDICAL AIDSOCIEri NOTES TO THE ACCOUNTS IconVd.I As at 31 March 2025 Impairment of Fixed Assets At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable arnount of any affected a55et is estsmated and compared with its carrying amount. 11 estimated recoverable amount is lower, the carrying amount is reduced to it5 estimated recoverable amount, and an impairment loss is recognised immediately in the profit and loss account. If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairrnent loss been recognised for the asset in prior year5. A reversal of an impairment loss is recognised irnmediately in the profit and loss account. Debtors Trade and other debtors a￿ recognised at the settlement amount due after any trade discount offered. Prepayrnents are valued at the amount prepaid net of any trade discounts due. Cash and Cash Equivalent Cash at bank and in hand are basic financial assets and include cash in hand, deposlts held at call with bank5, Other 5hort-term liouid investments with original maturities of three months or less. and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilitie5. Credltors and Provisions Creditors and provisions are recognised wherE the charity has a present obligation resulting from a past event that will probably result in the transter ol funds to a third party and the amount due to settle the obligation can be measured or estimared reliably. Creditor5 and provisions are normally recognised at their settlement amount after allowing for any trade discount due. Financlal Instruments The trust has elected to apply the provisions of Sertion 11 '6asic Financial Instruments, of FRS 102 to all of its financial instruments. 8oslc Fingnciol Assets Basic financial assets, which include debtors and cash and bank balance5, are initially measured at transaction price including transaction costs and are subseqL)ently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Financial assets, other than those held at fair value through profit and loss. are asse55ed for indicators of impairrnent at each reporting end date. Any impairment Ioss 15 recognised in the income and expenditure account. Subsequent reversals are reversed recognised in income and expenditure but not in exce55 of the amount that would have been determined had no impairment loss been recognised lor the asset in prior years. Classificotion of Finonclul Llobllitie5 Financial liabilities and equity instruments are classified according to the substance of the contractual arrangernents entered into. An equity in5trurnent 1$ any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities. page 24 GREENOCK MEOICALAIDSOCIETY NOTES TO THE ACCOUNTS IconVd.I As at 31 March 2025 Basic Financiol Liabilities Basic financial liabilities, including creditors, bank loans, loans from fellow group entities and preference shares that are classified as debt. are initially recognised at tTan5action price unles5 the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments dt5counted at a market rate of interest. Finantial liabilities cla55ified as payable within one year are not amortised. Debt instruments are subsèqtsently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or setvices that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilitie5 if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost Using the effective interest method. General Fynd The Society operates a General Fund which is unrestricted in its use. The sub-division of the General Fund into designated funds is at the TTU5tees' discretion. Pensions Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. Employment Benefits The costs of short-term employee benefits including holiday pay are recognised a5 a liability and an Èxpensè. JudgeTnents and Key SouT¢es of Estlmation Uncertalnty In the application of the Charity's accounting policies. the trustees are required to make judgements, estimate5 and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimate5 and associated assumptions are based on historical experience and other factors that are considered to be relevant. Attual results may differ from these estirnates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recogni5ed in the period in which the estimate is revised where the revision affects only that period, or In the period of the revision and future periods where the revision affects both current and future periods. Critical Judgements The following judgements lapart from those involving e5timates1 have had the m05t significant effed on amounts recognised in the financial statements. Depreclation Depreciation of fixed assets ha5 been based on esttmated useful lives and residual valLJes deemed appropriate bv the trustees. Estimated useful lives and residual values are reviewed annually and revised as appropriate. page 25 GREENOCK MEDICAL AIDSOCIErY NOTES TO THE ACCOUNTS IconVd.I As at 31 March 2025 Bod Debt5 8ad debt provisions are provided ar rates deemed appropriate by the trustees. Specific allowances are provided lor when it 15 known to the trustees that the debtor is not recoverable in part or General allowances are proviL4ed based on the trustees, cumulative knowledge and experience of the industry. where it is deemed probable a portion of the debtors balance will become unrecoverable. CARE GAP SHORTFALL Where a residents financlal resources are limited. the Benefits Agency and local Councils provide Income Support depending on the level of the resident's Income and Assets. In these case5. this falls Short of the economic Board Rate charged by the Society. This Shortfall is. where possible, funded by voluntary contributions but in exceptional circumstances, the Society has had to bear the shortfall. TERM LOAN INTEREST & CHARGES 2025 2024 Interes1 paid by Society Interest paid by Subsidiary 15.940 16.788 11,707 26.495 32,728 38,202 SALARIES AND WAGES COSTS 2025 2024 Gross Wages and Salaries including.. Training & Therapy Costs Employers National Insurance Costs Pension Costs 3.121,705 235,944 57,702 3.031.126 220,231 52,323 3,415.351 3.306.451 Staff costs include the followin8 number of employee5 who received remuneration in Èxcess of E60,CK(I-. 2025 2024 £60.(X)I to £70.0 Remuneration includes gross pay. employers NIC, employers pension contributions and any employee benefits. The number ol full-time equivalent employees for the yearlperiod are.. 2025 2024 Nursin8 Administration 153 io 162 12 163 174 page 26 GREENOCK MEDICAL AID SOCIErY NOTES TO THE ACCOUNTS IconYd.I As at 31 March 2025 GRANT INCOME- GROUP & CHARITY 2025 Unre5trlcttd Funds 2025 Restricted Fund5 1025 Total Funds AMW Charitable Trust Music Therapy Programme Voluntary Service Development Fund Minibus Allied Vehicles Arnold Clark 4,000 2,500 9,600 4.430 700 1,000 4,OC 2,500 9,600 4,430 7C i.O(K) 22.230 22,230 GRANT INCOME-GROUP & CHARITY 2024 Unrestricted Funds 2024 Re5tri¢ted Funds 2024 Total Fund5 Hugh Fraser Foundation George & Margaret Trotter Abbvie Ltd Kirkpatrick Trust James T Howat Charitable Trust The Stafford Trust Charitie5 Trust - YBS Mi$5 MB Reekie's Charitable Trust B&Q Foundation CarBill Trust The Neighbourly Fo - Regenerate DWF Foundation The Edward Gostling Scottish Midland Community Fund John Scott Charitable Trust Wolfson Foundation Westwood Charitable Trust Hospital Saturday Fund W G Edward5 Trust io.ooo 10.000 3.OQK) 5,OLK) 1,5CKJ 500 i.sc(J 1,200 5.000 6,000 12,000 3.000 2,5(J) 10.0 220 I,soo 500 1,500 1,200 5.C4JO 6.C(JO 12.000 3,C(JO 2.500 10.000 220 20,000 40.CM)O 20.01 40,0(M) 2,0 5,0 920 920 34,000 95,340 129,340 page 27 GREENOCK MEDICAL AIO SOCIETY NOTES TO THE ACCOUNTS IconVd.I As at 31 March 20Z5 CHARITABLE ACTIVITIE5 IGRoupI 2025 2025 Unrestricted Deslgnated Funds Funds 2025 Restricted Funds 2025 Total Funds Salaries Housekeeping and furnishing5 Repairs and replacements Insurance and water Heating and Lightin8 Term Loan inrerest Impairment review Depreciation of fittings 3.409.624 268,650 172,228 74,597 168,657 32.728 267,100 40,381 3,409,624 269,122 181,422 74.597 168.657 32.728 2,233,341 47,943 472 9,194 1,966,241 7,S62 4,433,965 1,973,803 9,666 6.417.434 CHARITA8LE ACTIVITIES IGROUPI . COMPARATIVE 2024 Unrestrlcted Funds 2024 2024 Designated Restricted Funds Funds 2024 Total Funds Salaries Housekeeping and furnishings Repairs and replacements Insurance and water Heating and Lighting Term Loan interest Depreciation of fitting5 3.281,347 260.118 198.466 69.114 106.275 38.202 27,331 301 940 889 3.281,648 261.058 199,355 69,114 106,275 38,202 30,747 3,416 3.980.8S3 3,416 2,130 3,986.399 page 28 GREENOCK MEDICAL AID SOCIETY NOTES TO THE ACCOUNTS IconVd.I As at 31 March 2025 CHARITABLE AcfiviTIES ICHARITYI Z025 Unrestricted Funds 2025 Designated Funds 2025 Restricted Funds 2025 Total Funds Salaries Housekeeping and furnishings Repairs and replacements Insurance and water Heating ènd Lighting Term Loan interest Impairment Review Depreciation of fittings 3.409,624 268,650 172.228 74,597 168.657 15,940 267,100 40,381 3,409,624 269,122 181,422 74,597 168.657 15,940 2,233,341 47,943 472 9.194 1,966,241 7,562 4.417,177 1,973,803 9,666 6.400,646 CHARITABLE A￿1VITIEs ICHARITYI - COMPARATIVE 2024 2024 2024 2OZ4 Unrestricted Funds Designated Funds Restricted Funds Total Funds Salaries Housekeeping and furnishings Repairs and replacement5 Insurance and water Heating and Lighiing Term Loan interest Depreciotion of fittin85 3,281,347 260.118 198,466 69,114 106.275 11,707 27.331 301 940 889 3.281,648 261.058 199.355 69.114 106.275 11,707 30,747 3,416 3,954,358 3,416 2,130 3.959.904 IMPAIRMENTS Impairment tests have been carried out where appropriate and the following impairment1055es have been recognised.. 2025 2024 In respect Df-. Fixed Assets 2.233,341 Reco8nised in.. Charitable Activities 2,233,341 page 29 GREENOCK MEDICAL AID SOCIETY NOTES TO THE ACCOUNTS l£onYd.I A5 at 31 March 2025 MANAGEMENT & ADMINISTRATION COSTS (GROUP & CHARITY I 2025 Unrestricted Funds 2025 2025 Restricted Funds Total Funds Stationery & Print Cost5 Staff training costs Computer Costs Telephone Cost5 ank Charges Investmenr Managers Fees Sundry Expenses Travellsng expenses Advert15ing costs Registration lees Financial. stockbroking and audit charges Legal and secretarial charges Provision for bad and dtsubtful debts 16,760 1.427 35,475 5,822 5.440 804 86.959 4,043 20,197 11.304 8,654 29,918 20.175 16,760 5,727 35,475 5.822 5,440 804 97,766 4,043 20,197 11,304 8,654 29.918 20.175 4,300 10,807 246.978 15.107 262.085 MANAGEMENT& ADMINISTRATION COST5 (GROUP & CHARITY I_ COMPARATIVE 2024 2024 Restrirted Funds 2024 Total Funds Unrestricted Funds Stationery & Print Costs Staff training costs Computer Costs Telephone Costs Bank Charges Investment Managers Fees Sundry Expenses Travelling expenses AdvertlSln8 Costs Registration lees Financial, stockbroking and audit charges Legal and secretarial charges 18,093 24,803 36,145 7,600 5,320 437 52,441 3.303 18.433 12,765 9,873 12,145 18,093 24,803 36,145 7,600 5,320 437 56,052 3,303 18.433 12,765 9.873 12,145 3.611 201.358 3.611 204,969 pa8e 30 GREENOCK MEDICALAID SOCIETY NOTES TO THE ACCOUNTS l¢onYd.I As at 31 Marth 2025 10. TANGIBLE FIXED ASSETS Land & Fixtures & Fittings Group Buildings Total Cost or valuatlon At l April 2024 Additions 5,718,409 8,094 514.414 97,519 6,232,823 105,613 At 31 March 2024 5.726,503 611,933 6,338,436 Depreciatlon At l April 2024 Impairment review Charge lor year 422.082 55,356 47.943 422,082 2,233.341 47,943 2,177,985 At 31 March 2024 2.177,985 525.381 2,703,366 Net Book Value At 31 March 2025 3.548.518 86.552 3,635,070 At 31 March 2024 5.718,409 92,332 5,810.741 The historical cost of land and buildin85 included at valuation was £33,759, this includes additions Since the valuation. The cost value on the date of valuation was £1. The Glenfield property at l Bedford Street Greenock was valued by Allied Surveyors Scotland plc, Chartered Surveyors in lune 2025. The market value of the property was £375,000 and an impairment adjustment ha5 been mède to reflect the drop In market value. Land & Bulldin85 Fixture5 & Fittin8S Totsl Charlty Cost At l April 2024 Additions 2,674,624 8,094 514,414 97.519 3,189.038 105,613 At 31 March 2024 2.682.718 611,933 3,294,651 Depreclation At l April 2024 Impairment review Charge for year 422,082 55,356 47.943 422,082 2.233,341 47,943 2,177.985 At 31 Marth 2024 2,177.985 525,381 2,703.366 Net Book Value At 31 March 2025 504,733 86,552 591,285 At 31 March 2024 2,674,624 92,332 2,766.956 page 31 GREENOCK MEDICAL AID SOCIETY NOTES TO THE ACCOUNTS IconVd.I As at 31 March 2025 11. INVESTMENTS 2025 20Z4 5ted Investments Valuatk•n At l April 2024 Additions Disposals Revaluation 107,766 46.242 56,653 139,514 1 1490 1 4,871 At 31 March 2025 67.762 107.766 Cash 1,284 2,889 69,046 110,655 Investment in Subsidiary undertaking- Greenock Medical Aid IProperties1 Limited I,Cl)O Lirdinary £1 shares. fully paid at cost 1.000 Total investments 70,046 111.655 The original tost of investment5 l>sted on thè UK 5tC•ck e¥change as al 31 March 2025 wa5 £63,89912024- EIOI,0531. The proportion of the ordinary share5 held by Greenock Medical Aid Society in the subsidiary company is as follows.. Country of Registration Name olcompany Greenock Medical Aid (Properties) Lsmited % Holdin8 loo% Nature of Business Availability of use of the ground nd heritable property at nil rent to Greenock Medical Aid Society. Scotland 12. DEBTORS GROUP SOCIETY 2025 2024 2025 2024 Trade Oebtors Amounts due from subsidiary P￿payMentS and accrued income 27.765 66.880 27.765 2,487.188 35.390 66.880 2,437.188 20.624 35,390 20,624 63.155 87.504 2.550.343 2,524,692 The amounts due from Greenock Medical Aid IPropertie51 Ltd represent a loan which is interest free. has no terms of repayment and is considered due outwith one year. All other debtors are due within one year. page 32 GREENOCK MEDICALAID 50CIErY NOTES TO THE ACCOUNTS Iconyd.) As at 31 March 2025 13. CREDITORS.. AMOUNTS FALUNG DUE WITHIN ONE YEAR GROUP SOCIETY 2025 2024 2025 2024 Bank ￿erdraft Trade Creditors Other taxation and social security Other Creditors Bank Term Loans 36,364 47,329 96,944 296,249 59,153 47,033 48.545 45.158 114.121 68.547 36,364 47,329 96,944 296,249 19,153 47,033 48,545 45,158 114.121 18.547 536.D39 323,404 496,039 273,404 14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR GROUP SOCIETY 2025 2024 2025 2024 Bank Term Loan 441,456 510,549 201,456 220.549 From 1-2 years From 2-5 years 57.212 153.8F 58.609 156,834 17,212 33,860 18,609 36,834 211.072 171.231 215,443 226,559 51,072 131,231 55,443 146,559 After 5 years 382,303 442,002 182,303 202,002 The above loans are covered by a Standard Security over the SoCie￿s premise5 at Glenfièld and Bagatelle. The loans are from the Royal Bank of Scotland, payable within the next 180 months The split of the loans between ageing categorie5 is based on the Bank of England base rate at the 31 August 2024. Included in the balance sheet 15 a loan the subsidiary company took out in 2005 which is an Amortising interest Rate Swap Loan where they are the Fixed Rate payer in the agreeTnent with the fixed rate set at 4.81%. The capital is repaid ai £40,[￿ per annum in equal quarterly payments with the interest also charged on a quarterly basis. At the balance sheet date the notional value otthe loan outstandin8 Wa5 £240.tKIO12024- £290,000) of this, £40,(KX) 12024- £50,000) is included in Bank Term loans under Creditors.. Amounts falling due within one year and £2(K>.OCX] 12024- £240.WOI is included in Creditors.. Amount falling due after more than one year. page 33 GREEN(KK MEDICALAIDSOCIErY NOTE5 TO THE ACCOUNTS IconVd.I As at 31 March Z025 15. ANALYSIS OF NET ASSETS BETWEEN FUNDS- GROUP Unrestricted Funds Restrlrted Funds Total Funds Fixed Assets Current A5set5 3.704.116 110,053 1918.342 1 3,704,116 130.726 1918,342 1 20.673 2.895,827 20.673 2,916,500 Analysis of Net Asset5 Between Funds- Charity Unrestricted Fund5 Restricted Fund5 Total Funds Fixed Assets Current Assets 661,331 2,597,241 1678.342 1 661,331 2,617.914 1678.342 1 20,673 2.580,230 20.673 2.600.903 Analysis of Net Asset$ Between Funds- Group- Comparative Unrestrlrted Funds Rèstrlcted Funds Total Funds Fixed Assets Current A55ets 5,921,396 98.392 1765,406 1 5,254.382 5,921.396 141,596 1765.406 1 5,297,586 43,204 43,204 Analysls of Net Asset5 Between Funds- Charity- Comparative Unrestrlcted Funds Restrl¢ted Fund5 Total Funds Fixed Assets Current As5et5 2,878,611 2.535,580 1475,406 1 2,878,611 2.578,784 1475.406 1 43,204 4,938.785 43,204 4,981,989 page 34 GREENOCK MEDICAL AID SOCIETY NOTES TO THE ACCOUNTS l¢onVd.I As at 31 Mar¢h 2025 16. GENERAL FUNDS & RESERVE5- MOVEMEMf IN YEAR IGROUPI Analysis of Reserves At l April Incomlng 2024 Resources Transfer5 Between Funds Outgoing Resources At 31 March 2025 Restricted Funds Gannett Foundation Scottish Government Abbvie Ltd The Stafford Trust 8&Q Foundation The Neighbourly Fo - Regenerate OWF Foundation John Scott Charitable Trust Hospital Saturday Fund W G Edwards Trust AMW Charitable Trust 1.631 1,040 3,118 624 6,000 2.371 2,500 20,￿0 11,631 1 11.040 1 13.118 1 1524 16,000 1 12,262 1 1270 1 loo 109 2.230 120,¢Joo I 13,900 1 1932 1 i.ioo 920 12 4.000 2.500 4,000 2,176 Music Therapy Programme Voluntary service Development Fund 1324 1 9,600 4.430 700 1.000 22,230 14,3W I 5.31X) 4.430 228 Minibus Allied Vehicles Arnold Clark 1472 1 1.000 20,673 Total Restrlcted Fund5 43.204 119.988 1 124,773 1 Unrestricted Funds General Reserve Repairs Reserve Capital Repayment Reserve Glenfield Revaluation Reserve Funded Fixed A55et Reserve BurBe55 Charilable Tiust 1,497,411 33,543 1,689,186 1.966,241 10.246 57,755 4.277,208 111,350 1 14,681,948 1 1,081,321 33,543 1.758,279 69.093 11,966,241 1 17,562 1 20,ThJO 157.755 1 22,684 Total Unrestrlcted Fund5 5.254,382 4.277,208 19,988 16.655,751 1 2,895.827 Total Funds 5.297.586 4,299,438 16,680,524 1 2,916,500 page 35 GREENOCK MEDICALAID SOCIErY NOTE5 TO THE ACCOUNTS Icont'd.) As at 31 March 2025 16. GENERAL FUNDS & RESERVES- MOVEMENT IN YEAR IGROUPI- Convd Analysi5 of Reserves- IComparati¥el At l April 2023 Incoming Resources Transfers Between Funds Outgoing Resources At 31 March 2024 Restrlcted Funds Arnold Clark Gannett Foundation Morri50n Foundation Percy Bilton Scottish Governrnent Screwfix Foundation Skipton Building Society Abbvie Ltd The Stafford Trust Charities Trust YBS B&Q Foundation The Neighbourly Fo- Regenerate DWF Foundation The Edward Gostling Stott15h Midland Community Fund John Scott Charitable Trust Wolfson Foundation Hospital Saturday Fund W G Edwards Trust 585 1585 1 11,836 1 110,200 1 12,771 1 11,220 1 15,000 1 12.250 1 4.401 10,200 2,771 2,260 5,000 2.250 1934 1 1,631 1,040 11,882 1 1876 1 11.2rJ) I 3,118 624 i.sc 1,200 6.000 3.000 2,500 10.000 220 20.000 40,000 5.000 920 1629 1 2,371 2,5(Xl i io.ow I 1220 1 20.OLKS 140.000 1 5,000 920 Total Restricted Fund$ 27,467 95.340 173,862 1 15.741 1 43,204 Unrestricted Funds General Reserve Repairs Reserve Capital Repayment Reserve Glenfield Revaluation Reserve Funded Fixed Asset Reserve Miss Colquhoun Legacy Burgess Charitable Trust 1,414.414 33,543 1.643.068 1,966.241 4,298,881 133.673 1 14,182,211 1 1.497,411 33,543 1,689,186 1.966.241 10,246 46.118 13,662 i 10,000 I 57.755 13.416 1 10.000 57,755 Total Unrestrirted Funds 5,067,266 4.298.881 73,862 14.185.627 1 5,254,382 Totsl Funds S.094.733 4,394.221 14,191,368 1 5.297,586 page 36 GREENOCK MEDICAL AID SOCIETY NOTES TO THE ACCOUNTS {conVd.I As at 31 March Z025 16. GENERAL FUNDS & RESERVES- MOVEMENT IN YEAR ICHARITYI Analysi5 of Reserves At l April Incoming Transfer5 Between Funds Out8oin8 At 31 March 2024 Resources Resource5 2025 Restricted Funds Gannett Foundation Scottish Government Abbvie Ltd The Stafford Trust 8&Q Foundation The Neighbourly Fo- Regenerate DWF Foundation john Scott Charitable Trust Hospital Saturday Fund W G Edwards Trust AMW Charitable Trust Music Therapy Programme Voluntary Service Development Fund Minibus Allied Vehicles Arnold Clark 1.631 1.040 3,118 624 G,0 2,371 2,500 20,000 5,000 920 11.631 1 11,040 1 13,118 1 1524 1 16,000 1 12,262 1 1270 1 109 2,230 120,(XJO I I3,9￿ I 1932 1 1,100 12 4,000 2,$00 4.000 2,176 1324 1 9,600 4.430 700 1,000 14,31X) I 5.300 4,430 228 1.000 1472 1 Total Restr5cted Funds 43,204 22,230 119.988 1 124,773 1 20.673 Unrestrirted Funds General Reserve Repairs Reserve Capital Repayment Reserve Glenfield Revaluation Reserve Funded Fixed A55et Resetve Burgess Charitable Trust 1.181.814 33,543 1.689.186 1,966,241 10,246 57,755 4,260,42Q 111.350 1 14,665.160 1 765,724 33,543 1,758.279 69,093 11,966,241 1 17.562 1 20.000 157.755 1 22.684 Total Unrestricted Funds 4.938.785 4,260,420 19.988 16.638,963 1 2,580,230 Total Fund5 4.981.989 4,282,650 16.663,736 1 2.6CMJ.903 page 37 GREENOCK MEDICALAID SOCIETY NOTES TO THE ACCOUNTS IronVd.I As at 31 March 2025 16. GENERAL FUNDS & RESERVE5- MOVEMENT IN YEAR ICHARITYI-¢onVd Analys15 of Reserves . (Comparativel At l April Incoming Transfers Between Funds Outgoing At 31 March Z023 Resource5 Resouice5 2024 Restrirted Funds Arnold Clark Gannett Foundation Morrison Foundation Percy Bilton Scottish Government Screwfix Foundation Skipton Building Society Abbvie Ltd The Stafford Trust Charities Trust YBS 8&Q Foundation The Neighbourly Fo - Regenerate DWF Foundation The Edward Gostling Sctsttlsh Midland Community Fund john Scott Charitable Trust Wolfson Foundation Hospital Saturday Fund W G Edward5Trust 585 4,401 10.200 2,771 2,260 5,000 2,250 1585 1 11,836 1 110,200 1 12.771 1 11,220 1 15,000 1 12,250 1 1934 1 1,631 11,040 11,882 1 1876 1 I I,zoo I 3.118 624 1,500 1,2 6,000 2,371 2,51YJ 3,000 2.500 io,ociJ 220 20,ODO 40,000 1629 1 I iO,(KJO I 1220 1 20.CN)O 140,(MXI I 920 920 Total Restricted Funds 27,467 95,340 173,862 1 15,741 1 43.204 Unrestricted Funds General Reserve Repair5 Reserve Capital Repayment Reserve GlenfiEld Revaluation Reserve Funded Fixed Asser Reserve Miss Colquhoun Legacv Burgess Charitable Trust 1,098.817 33.543 1,643,068 1,966.241 4.272,386 133,673 1 14.155.716 1 1,181,814 33,543 1.689,186 1.966,241 10.246 46.118 13.662 i lo.(￿ I 57,755 13,416 1 io,(x)o 57,755 Total Unrestrkted Funds 4.7SI,669 4.272,386 73,862 14,IS9.132 1 4,938,785 Total Funds 4,779,136 4,367,726 14,164,873 1 4,981,989 page 38 GREENOCK MEDICAL AIDSOCIErY NOTES TO THE ACCOUNTS Iwnt'd.) As at 31 Mar¢h Z025 16. GENERAL FUND5 & RESERVES-conVd Purpose of funds and reserve5 Designated Funds The Repairs Reserve is for the purpose of future repairs rÈquirÈd on the Glenfield and 8agatelle properties. The Capital Repayment Provision is to enable funds to be retained from the Society's c*peration5 to enable the scheduled repayments of Capital on v3rious term loan5 of the Society and the wholly owned property company, Greenock Medical Aid IPropertie51 Limited which has the legal title to the building and ground5 of Bagatelle, 47 Eldon Street. Greenock. The Glenfield revaluation was credited as a result of the property being revalued in 2008. The M Colquhoun legacy wa5 received in the year ended 31 March 2023 to be used forthe benefit ofthose in residence at the Society's Bagaielle home. The trustees have designated that these funds be utilised to fund the proposed extension at Bagatelle. The 8urgess Charitable Trust was received in the year ended 31 March 2024_ The trustees have designated thi5 rnonev forthe replacement of fire detection 5y5tem5 in both homes and other essential repair works. Restrirted Funds The Gannett Foundatlon The Gannett Foundation donated £5,001.21 to provide in-house aromatherapy for residents at Bagatelle and Glenlield to set up a Health antl Wellbeing Suite with heated massaEe chair. folding m855agè table. sensory lights. aromatherapy oils. towe15. gowns, heat pads, tens machine and music player. Scottish Government An award ol £10.(￿ wa5 received from Workforce Wellbeing Fund for Adult Social Work and Social Care, to deliver staff wellbeing activities. Abbvle Ltd Abbvie Ltd awarded GMAS £S,OCKI to be Spent on resources that will enhance and engage residents livin8 Wlth dementia. The 5tafford Trnst The Stafford Trust awarded GMAS £1,5(XJ to be Spent on entertainment. equipment and outings. B&Q Foundation The B&Q Foundation awarded GMAS £6,0(NJ to be spent on a wetroom for residents with mobility Challenges. The NeiBhbourly Fo- Regenerate The Royal Bank Regenerate Fund awarded GMAS £3,CMJO to be spent on sky illuminated ceiling panels. DWF Foundatlon The DWF Foundation awarded GMAS £2,StK) for continuation of the Livin8 Well project tg be used in continuation of the work that has already been ongoing in relation to developing and growing our residents garden. John Scott Charitable Trust The John Scott Charitable Trust awarded GMAS £20.1￿ to be spent on replacement of heatin8 SyStem5. page 39 GREENOCK MEDIcAL￿D SOCIETY NOTES TO THE ACCOUNTS Icont'd.) As at 31 March 2025 16. GENERALFUND5 & RESERVES-conVd Hospital Saturday Fund The Hospital Saturday Fund awarded GMAS £S,CQO to support implementation of the Carechair project. a project dedicated to enhancing thÈ quality of lifè for residents in our t3re home. The focu5 of this 8rant is to acquire specialised posture chair5. specifically the Kirton Duo Posture Chair. The W G Edwards Charitable Foundation The W G Edwards Charitable Foundation awarded GMAS £920 to lund four side tables and two chairs. AMW Charitable Trust Donation of £4,000 towards ensuite bathroom projett. Bruce Wake Charitable Trust Donation of £3,(K)O towards wheelchair acce55ible minibus. IThis is within the minibu5 total but should be acknowledged separately). Allied Vehlcles Charitable Trust Donation of £700 to purchase dementia friendly clocks. Arnold Clark Community Support Fund Donation of £l.OCM) towards activities. Souter Charitable Trust Donation of £2,CXX towards music therapy activities. Miss E C Hendry Charitable Trust Donation of £SOO towards music therapy activities. Scottish Social Services Council Grant from Voluntary Sector Development Fund towards SVQ training costs. page 40 GREENOCK MEDICAL AID SOCIErY NOTES TO THE ACCOUNTS {conVd.I As at 31 March 2025 17. NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT 2025 2024 Return5 on Investments and 5er¥icing of finance Interest paid 132,728 1 138.202 1 132.728 1 138,202 1 Capital ewenditure and financial investment Purchase of tangib5e fixed assets Movement in investment cash balance Acquisition of investments Proceeds from disposal of investments 1105.613 1 1111.956 1 1,605 1698 1 156,653 1 38,999 165.009 1 1169,307 1 Financlng Repayment long term loan Repayment bounce back loan Repayment of property loan 19.093 1 i 10,000 I 150,000 1 16,118 1 i 10,000 I 130.000 1 169,093 1 146.118 1 Analysis of Changes in Net Cash Funds Asat Cash Flow5 Asat 31.03.25 31.03.24 Bank and cash (including overdraft) Bank Loan 7,059 1510,549 1 24,148 69,093 31,207 1441.456 1 1503,490 1 93.241 1410.249 1 page 41 GREENOCK MEDICAL AID SOCIETY NOTES TO THE ACCOUP4fs IconVd.I as at 31 March 2025 18. NOTE5 TO THE COMPANY CASH FLOW STATEMENT 2025 2024 Returns on Investments and servicing of finance Interest paid 115,940 1 111.707 1 115,940 1 111,707 1 Capital expenditure and financial investment Purchase of tangible fixed assets Acquisition of investments Proceeds from disposal of investments Movement in investment Cash balance 1105,613 1 1111,956 1 156,653 1 38.999 1,605 1698 1 165,(KJ9 1 1169.307 1 Flnanclng Repayment Bounce Back Loan Repayment long term loan i 10,000 I 19.093 1 I iO,CKJo I 16.118 1 119,D93 1 16.118 Analysis of Changès in Net Cash Funds Asai 31.03.24 Cash Flows A5at 31.03.25 Bank and cash (including overdraft) Bank Loan 7.059 1220,549 1 24.148 19.093 31.207 1201.456 1 1213.490 1 43,241 1170.249 1 19. CAPITAL COMMITMENTS At 31 March 2025, the Society had no capital commitment512024 - £69,538). 20. CONTINGENT LIABIUTIES The Trustees are not aware of any contingent liabilitie$12024- £NILI. 21. TRUSTEES REMUNERATION AND EXPENSES INCLUDING KEY MANAGEMENT PERSONNEL No trustees received any remuneration and ￿1mbUrSeMent of expenses. During the year the Society paid remuneration totalling £278,307 12024 £271.5671 to key management personnel. page 42 GREENOCK MEDICAL AID SOCIETY NOTES TO THE ACCOUNTS IconYd.I as at 31 March 2025 22. CAPITAL REPAYMENT PROV1510N 2025 2024 As at l April 2024.. Transferred in year to cover Capital Repayments made during the year 1.689,186 69.093 I,643,(￿8 46.118 As at 31 March 2025.. 1,758,279 1,689.186 In General Funds & Reserves 1.758.279 1.689,186 TAXATION As a charity, Greenock Medical Aid Society is exempt from tax on income and gains falling within section 1177 of the Corporation Taxes Act 2010 or s256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the Charity. 24. posr BALANCE SHE￿ EVENT On 30" June 2025 the Subsidiary company disposed of a piece of land for a net cash income of £917,729. Thi5 cash injection was used to reduce the borrowing in the parent charity. This sale reduces the rental income received going forward to £nil. However the subsidiary company will still be able to provide the property at Bagatelle to Greenock Medical Aid Society for £Nil rent as the sale of the land has no impact on the suitability of 8agatelle as a nursing home. The impatt on the value of the assets owned by the charitable company is still being determined. In addition to the sale of the land, the trustees took the decision on 4 June 2025 to close the home at Glentield and for the property to be subsequently sold. At the date ol signing no deal has been made to se51 the property, however the value of the asset ha5 been reduced in the accounts to reflect the market conditions for a property the size of Glersfield. page 43 WELSH WALKER CHARTERED ACCCOUNTAP￿5 179A Dalrymple Street GrÈÈnock PA15 IBX Tel. 01475 722233 Fax. 01475 732540 INDEPENDENT AUDITORS. REPORTfoTHE TRUSTEES OF GREENOCK MEDICAL AID SOCIET Opinlon We have audited the financial statements of Greenock Medical Ald Society and its subsidiary (the Charitable Group) for the year ended 31 March 2025 which comprise an Incorne & Expenditure Account. Statement of Financial Activities. Balance Sheet. Statement of Cash Flow5 for both the parent Charity and the Group, and Notes to the Financial Statements including a summary of significant accounting policie5. The financial reporting framework that ha5 been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic ol Ireland, Iunited Kingdom Generally Accepted Accounting Practice). In our opinion. the financial statements.. grve a true and fair view of the state of the Charitable Group's and parent charity'5 affatrs a3 èt 31 March 2025 and of its income and expenditure for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accounting Practice.. and have been prepared in accrlrdance with the requirements of the Charilies and Trustee Investment15eotlandl Act 2005 and regulations 6 & 8 of the Charities Accounts Iscotlandl Regulations 2006 las amended). and the Companies Act 2006 Iwhere applicablel. Basis for oplnlon We conducted our audit in accordance with Internat*onal Standards on Auditing IUKI IISAS UK) and applicable law. Our responsibilifies under those standards are further described in the Auditor's responsibilitie5 for the audit of the financial Statements section of our report. We are independent of the group and parent charity in accordance with the ethiial requirements that are relevant to our audit ol the financial statements in the UK. including the FRC'S Ethical Standard and we have fulfilled our ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to Provide a basis for our opinion. Conclusions relatln8 to going concern In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements Is appropriate. &ased on the work we have performed. we have not identified any malerial uncertaintie5 relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to goin8 concern are described in the relevant sections ol this report. page 44 GREENOCK MEDICAL AID SOCIETY INDEPENDENT AUDITORS, REPORTTO THE TRUSTEES OF GREENOCK MEDICALAID SOCIETY other information The other information comprise5 the information included irs the annual report. other than the finantial statements and our auditorf5 report thereon. The tru5tee$ are responsible for the other information. Our opinion on the financial statements doe5 not cover the other information and, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements. our responsibility 15 to read the other inforrnation and, in doing so. consider whether the other information is materially inconsistent with the financial statements OT OUT knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material mis51atements. we are reouired to determine whether there is a material misstatement in the financial statements or a material m15Statement of the other information. If, based on the work we have performed, we conclude that there 15 a material misstatement of this Cither information, we are required to report that fact. We have nothing to report in thi5 regard. Emphasls of Matter We draw your attention to note l of the accounts which states that the parent charity has not restated a financial liability, as defined under Sertion 12 of FRS102, at falr value. Our opinion 15 not modified for this matter. Matters on whlch we are required to report by exception In light of the knowled8e and tjnderstanding of the group and parent charity and it5 environment obtained in the course ol the audit. we have not identified material mi55tatements in the Trustee5' Report. We have nothing to report in respect of the following matters in relation to which the Charities Account5 (Scotlandl Regulations 2006 las amendÈdl require us to report to you if, in our opinion.. the information given in the financial 5tarements is incon515tent in any material respect with the trustees, annual report.. or proper accounting record5 have not been kept. or the financial statements are not in agreement with the accounting records,. certain disclosure5 of Trustees, remuneration specified by law are not made., or we have not received all the information and explanation5 we require for our audit. Responsibilities of trustees As explained more fully in the trustees, responsibilitie5 Statement set out within the Trustees Report, the trustees are responsible for the preparation of financial statement5 which give a true and fair view. and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In prepaTin8 the financial statement5, the trustees are responsible for assessing the group and parent charity's ability to continue 35 a going concern, disclosing. as applicable. matters related ro goin6 concern and using the going concern basis of accounting unles5 the trustees either intend to liquidate the group and parent charity or to cease operations, or have no realistic alternative but to do so. page 45 GREENOCK MEDICAL AID SOCIErY INDEPENDENT AUDITORS, REPORTTOTHE TRUSTEES OF GREENOCK MEDICALAID SOCIETY Auditorfs responsibilities for the audlt of the financial statements We have been appointed as auditor under Section 4411ll£l of rhe Charities and Trustee Invèstment Iscotlèndl Act 2005 and report in accordance with the Act and relevant re8vlation5 made or having effect thereunder. Our objectives are to obtain reasonable assurance about wheiher the flnancial statements as a whole are free from material misstatement, whether due to fraud or error. and to Issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with1SAs IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud Dr error and are Considered material if. individually or in the aggregate. they could reasonably be expected to infltsence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with13ws and regulations. We design procedures irs line with our responsibilitie5. Outlined above, to detect material misstatements in respect of irregularities. including fraud. The extent lo which our procedure5 are capable of deterting irregularitie5. including fraud is detailed below,. In identifying and assessing rlsks of material rni5Starernent In respect to irregularities, including fraud and non-tompliance with laws & re8ulatsons, we considered the followin8'. Enquiries of management, including r)btaining and reviewin8 SUPPOrtin8 docurnentation, concerning the Charitable Group policies and procedure5 relating to.. Identifyin& evaluating and complying with laws and regulations. Whether they were aware of any instances of non-complian¢e. As with all audits performed under ISAS IUKI, performance of procedure5 to respond to the risk of the rnanagement override of controls. We obtained an understanding of the legal and Tegulatory frameworks in which the group and parent charity operate5. focussing on those laws which had a direct effect on the rnaterial balance5 and disc105ures in the charl￿$ financial statements. Key laws & regulations considered in this context were.. Companies Act 2006 The Financial Reportirtg Standards applicable in the UK and Republic of Ireland IFRS 1021 Charities Accounts (Scotlandl Regulations 2006 In addition. we considered other law5 & regulations that do not have a direct effect on the financial Statements. but cornpliance Is necessary for the continued operations of the charity. or to avoid a material penalty. Our procedures to respond to the risks identified included the following.. Reviewing the financial statement disclosures, and testing to supporting documentation. Enquiring of management concerning any artual or potential litl8ation or claims. Reviewing minute5 of meetings of those charged with governance, and correspondence with HMRC and OSCR. In the assessment of the risk of fraud through management override of contro15, we have tested the appropriateness ofjournal entrie5, a55e55ed whetherthe judgements made in the charity making accounting estimates are indicative of 3 potential management bias. and evaluated the buslnes5 rationale of any significant transactions that are outside the normal course of business. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reportin8 Council's website at www.frc.org.uVauditorsrespon5ibilities. This description forms part of our auditor's report. pa8e 46 GREENOCK MEDICAL AID SOCIErv INDEPENDENT AUOITORS. REPORT TO THE TRUSTEES OF GREENOCK MEDICAL AID SOCIEr Us• of our r•p(vt This report 15 made 501eW to the Charlty's Trustees. as a body, in accordance with settion 44llllcl of the Charrfties and Trustee Inve5trnent (Scotlandl Act 2005 and regulation 10 of the Charitles Accounts Iscotlandl Re8ulation5 2CQ6 las amended). Our audit work has been undertaken so we mi8ht state to ihe group and paienr Charity's Trustees those matters we are required to state to them an auditorfs report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility io anyone other than the group and parent Charity'5 Trustees as body, for our audit work. for this report. or for the opinions we have formed. For and on bchalf of Welsh Walkei knmited Statutory Audittrrs 179a Dalrymple Street GREENOCK PAIS IBX Date: 28 Ortobèr 2025 Welsh Walker Ltd is eligible for appointment as auditor of the Charity undef regulation 1012} ol the Charitie5 Accounts (Scotlandl Re8ulations by virtue of its elisibility under section 1212 of the Cofflpanies Act 2W6_