SCOTTISH CHARITY No. - SC005674
ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025
Lanarkshire Health Board Endowment Fund Annual Report and Accounts for Year Ended 31 March 2025
| CONTENTS | |
|---|---|
| PAGE | |
| TRUSTEES' ANNUAL REPORT | 1 - 11 |
| AUDITOR'S REPORT | 12 - 17 |
| COMBINED STATEMENT OF FINANCIAL ACTIVITES AND | |
| INCOME & EXPENDITURE ACCOUNT | 18 |
| BALANCE SHEET | 19 |
| STATEMENT OF CASH FLOWS | 20 |
| NOTES TO THE ACCOUNTS | 21 - 33 |
Lanarkshire Health Board Endowment Fund Annual Report and Accounts for Year Ended 31 March 2025
TRUSTEES’ ANNUAL REPORT FORWARD
A BIG THANK YOU
On behalf of the patients and staff who have benefited from improved services due to donations and legacies, the Trustees would like to thank patients, relatives, staff, local people, NHS Charities Together and all others who have made charitable donations.
The Trustees have pleasure in presenting the Annual Report together with the Audited Financial Statements for the year ended 31 March 2025.
The Annual Report and Accounts, for the year ended 31 March 2025, are prepared in accordance with the trust deed and the recommendations of the Charities Statement of Recommended Practice (Charities SORP), and complies with applicable law.
All members of the NHS Lanarkshire Board are Trustees of the Lanarkshire Health Board Endowment Fund.
The Trustees of the Fund are:
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Lanarkshire Health Board Endowment Fund Annual Report and Accounts for Year Ended 31 March 2025
TRUSTEES’ ANNUAL REPORT (CONTINUED)
OBJECTIVES AND ACTIVITIES
The primary objective of the charity as defined by the National Health Service (Scotland) Act 1978 is the advancement of health for the population of NHS Lanarkshire.
Trustees pursue this through –
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improvement in the physical and mental health of the local population;
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the prevention, diagnosis and treatment of illness;
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the provision of services and facilities in connection to the above; and
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research into any matters relating to the causation, prevention, diagnosis or treatment of health.
It is the practice of the Trustees to use the charity’s resources to support projects and initiatives not normally funded by the Health Service where relevant to the Board’s objectives and in accordance with the above.
In addition, the Trustees will observe any conditions attached to a donation or legacy prescribed by a donor to the charity, so far as is reasonably practicable, and consistent with the above purpose and law. However, it is the Trustees who ultimately decide where and when monies will be spent.
The grant of endowment funds should not substitute for a core provision within the NHS Board’s financial plans. Nor should endowment funds be used to cover a responsibility of the NHS Board that is a direct requirement of health and safety or employment law or a ministerial policy direction.
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Lanarkshire Health Board Endowment Fund Annual Report and Accounts for Year Ended 31 March 2025
TRUSTEES’ ANNUAL REPORT (CONTINUED)
ACHIEVEMENTS AND PERFORMANCE
Following on from the successful application of two significant grants from NHS Charities Together in 2021-22, work has now been completed on the community partnership grant and long terms recovery grant.
The Green Health: Community Hospital Gardening project funded through a further grant from NHS Charities Together began in 2024-25 and focuses on continuing to expand our therapeutic programme and establishing new biodiverse green spaces across the NHS Lanarkshire estate.
Regarding the current community partnership grant for Investing in Lanarkshire’s Social Prescribing Network: Voluntary Action North Lanarkshire, the following are some key highlights of what was achieved through the completion of this project during the year:
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Between July-August 2024, a consultation survey was issued to key partners on the formation of the North Lanarkshire Social Prescribing network
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The network was established in August 2024. The network is for frontline practitioners, delivering and supporting social prescribing services, to strengthen the delivery of social prescribing in North Lanarkshire
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The first meeting of the network was held in September 2024, with 24 delegates (16 from CVS organisations, 8 from statutory organisations) and 5 VANL staff to facilitate workshop groups
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At the first meeting of the network, delegates were asked about their experience of social prescribing in North Lanarkshire and their hopes for the network, which was used to produce a baseline report for the network. The following actions were agreed:
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A Microsoft Teams Channel would be set up to start sharing information, on three areas:
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General, Updates and News
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Referral Forms and Supporting Documents
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Databases and Information Sharing
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A schedule of future meetings would be established at least quarterly, and smaller groups meeting on specific topics would be facilitated as required
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An evaluation process for measuring the impact of the network would be established.
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The ALISS (A Local Information System for Scotland) team would arrange a session for the network on navigating ALISS to improve access to information on
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Lanarkshire Health Board Endowment Fund Annual Report and Accounts for Year Ended 31 March 2025
TRUSTEES’ ANNUAL REPORT (CONTINUED)
ACHIEVEMENTS AND PERFORMANCE
support available within the Community & Voluntary Sector (CVS) for Social Prescribing referrals.
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A Microsoft Teams channel for the network was established after the first meeting, for network members to share information and databases.
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The second network meeting was held in November 2024 with 40 delegates. At the second meeting, members approved the baseline report, had an introductory presentation from ALISS, and heard from 4 CVS organisations about their current projects.
In addition to the above, the Endowment Fund has supported the purchase of equipment, enhancement and improvement of the environment in which healthcare is delivered including:
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Neonatal videolaryngoscopy; an emerging tool to aid intubation success, that is being widely adopted by neonatal units across Scotland
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A 12 month trial into the use of an automated staining assessment platform used to aid diagnosis and treatment of patients with breast cancer
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The design and decoration of a mum and baby room within the Neonatal Unit to enhance the care of parents grieving the loss of a baby.
The total spend on new equipment and enhancements of £75,652 represents a vital and valuable contribution to enhancing the provision of clinical care.
Staff education expenditure includes organising conferences for the benefit of NHS Lanarkshire staff and other health professionals.
Patient Welfare includes funding for patients' outings, Christmas gifts and dedicated Citizens Advice Services.
The Trustees continue to promote the endowment fund through the NHS Lanarkshire website. Further information can be found here - Endowment Fund | NHS Lanarkshire (scot.nhs.uk).
During the year, the Trustees considered the implications of the review of NHS Scotland endowment funds with a view to implementing as required. Further information can be found here - Appendix 2 - Governance of NHS endowment funds: review report - gov.scot (www.gov.scot).
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Lanarkshire Health Board Endowment Fund Annual Report and Accounts for Year Ended 31 March 2025
TRUSTEES’ ANNUAL REPORT (CONTINUED)
FINANCIAL REVIEW
Total income for the year was £406,108, which is a decrease from £418,260 in 2023/24. Income during the year consisted of donations of £282,169, this included the generous grants provided by NHS Charities Together. Other sources of income included £123,939 of dividend income.
A number of organisations and individuals continue to support the charity and a list of donations of £5,000 or more is included in Note 3 to the accounts.
Total expenditure of the charity for 2024/25 was £593,737 (2023/24: £813,709).
Expenditure on raising funds was £53,480 in 2024/25. This comprised: investment managers’ costs of £29,390 and governance & support costs of £24,090.
Charitable expenditure was £540,257 in 2024/25. A full list of the items that make up this cost is provided in Note 6 to these accounts.
The portfoloio generated a return of 0.1% below the benchmark of 3.9% for the year; and is 6.4% below the benchmark over 3 years. This is due to heightened volatility in the global market as a result of global policy announcements around trade tariffs. This resulted in unrealised losses of £433,339 (2023/24 unrealised gains £189,754) and realised gains of £338,002 (2023/24 realised gains £172,080).
The combined net movement in funds for the year was a deficit of £282,966 (2023/24 deficit: £33,615).
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Lanarkshire Health Board Endowment Fund Annual Report and Accounts for Year Ended 31 March 2025
TRUSTEES’ ANNUAL REPORT (CONTINUED)
INVESTMENT POLICY & PERFORMANCE
In accordance with the Trust deed, the Trustees have the power to invest the assets of the Fund as they see fit, within current regulations.
The charity holds all of its investments in the NHS Lothian Endowments Common Investment Fund. The fair value of the investment at 31 March 2025 was £4,901,965.
The investment strategy seeks to preserve capital in real terms using a moderate approach to risk, with a long term return target of CPI +4%.
The charity has an ethical investment approach and investment in tobacco, alcohol and any other areas which might bring the health service into disrepute, is not permitted.
Reserves Policy
The policy on restricted funds is to separately record donations, legacies and other sources of income where restrictions are imposed that are narrower than the charity’s overall objectives. Where these resources have not been fully utilised in the year for their purpose, the balance on the fund is detailed in Note 14 to the financial statements.
Unrestricted endowment funds have accumulated over a considerable number of years. They provide a buffer against fluctuations in the annual level of donations and the value of underlying investments. They provide the ability for the Trustees to support with confidence a steady level of annual expenditure for the advancement of health. The policy of the charity is to ensure that expenditure levels are budgeted at a level that would not run the funds down over a period of less than eight years.
Where money has been donated to a particular area or project, if fund holders wish to keep reserves for more than three years this must be explained giving a clear timetable for their application beyond this period.
The amount held in reserves at 31 March 2025 is £5,243,196. This is split between unrestricted reserves of £4,005,681 and restricted reserves of £1,237,515.
Risk Management
The Trustees have assessed the major risks to which the charity is exposed, in particular those relating to the operations and finances of the Fund and are satisfied that systems are in place to identify and mitigate exposure to all major risks. A risk register forms part of the agenda for the meetings of the Trustees and Endowments
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Lanarkshire Health Board Endowment Fund Annual Report and Accounts for Year Ended 31 March 2025
TRUSTEES’ ANNUAL REPORT (CONTINUED)
INVESTMENT POLICY & PERFORMANCE
Sub-Committee. The most significant risks identified were possible losses from a fall in the value of investments and the level of reserves available to mitigate the impact of such losses. These have been carefully considered and there are procedures in place to review the investment policy and to ensure that both spending and firm financial commitments remain in line with income. Income and expenditure is monitored and reports are produced monthly to detect issues and to avoid any unforeseen calls on reserves.
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Lanarkshire Health Board Endowment Fund Annual Report and Accounts for Year Ended 31 March 2025
TRUSTEES’ ANNUAL REPORT (CONTINUED)
PLANS FOR FUTURE PERIODS
While ensuring the charity remains within its reserves policy, Trustees will accept bids for funding during the year that are in line with the objectives of the charity, following a process of prioritisation.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Endowment Fund is an unincorporated charity administered under the terms of sections 82, 83 and 84a of the National Health Service (Scotland) Act 1978. The fund is constituted under the Endowment Fund Charter with the trustees responsible for the general control and management of the fund.
The members’ term of office shall be established at their appointment. All trustees have the right to attend committee meetings, and have access to the papers.
The charity is administered by the NHS Lanarkshire Finance Department and is sub-divided into smaller funds and one large general fund, for operational purposes. Expenditure from the Fund is approved only if it is in accordance with the charity's objectives. A separate record of each individual fund's income and expenditure is maintained.
The Trustees appoint the Endowment Sub-Committee, which consists of six Board members.
Fundholders submit expenditure requests to the Endowments Sub-Committee as part of the annual budget process. The Endowments Sub-Committee reviews and recommends these to be submitted to the Trustees for approval.
The Endowment Sub-Committee members are:
Chair of Endowment Sub Committee
Member of Endowment Sub Committee Member of Endowment Sub Committee
Member of Endowment Sub Committee (from 1 April 2024)
Member of Endowment Sub Committee
Member of Endowment Sub Committee
The Endowment Sub-Committee is appointed by the Trustees and is responsible for the overall management of the Fund. The Committee is required to:
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Control, manage and monitor the use of the charity's resources;
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Manage and monitor the receipt of all income;
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Ensure that "best practice" is followed in the conduct of all its affairs, fulfilling all of its legal responsibilities;
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Ensure that the Investment Policy approved by the Trustees is continually reviewed whilst being aware of ethical considerations; and
Lanarkshire Health Board Endowment Fund Annual Report and Accounts for Year Ended 31 March 2025
TRUSTEES’ ANNUAL REPORT (CONTINUED)
- Keep the Trustees fully informed on the activity, performance and risks of the Fund.
The Sub-Committee meets regularly and reports directly to the Trustees.
The charity has approved policies and procedures for the guidance of staff. These provide information about the Fund, including the governing regulations, guidance on donations, expenditure, delegated authority, annual budgets and financial control. These documents together with the Trustees' Committee Terms of Reference are issued to new Trustees members as part of an induction pack.
The accounting records and the day-to-day administration of the Fund are dealt with by the NHS Lanarkshire Finance Department located at Kirklands Hospital, Fallside Road, Bothwell, G71 8BB.
In line with the funds reserves policy, income and expenditure is monitored monthly to highlight any potential issues and corrective action taken when appropriate. It is believed that the fund will continue as a going concern.
Performance Management
The Trustees require fundholders to submit annual budget requests with clear explanations and reasons for new items of expenditure. Other expenditure requests are submitted on a proforma business case and have to clearly demonstrate what difference the proposal will make and what benefit it will provide.
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Lanarkshire Health Board Endowment Fund Annual Report and Accounts for Year Ended 31 March 2025
TRUSTEES’ ANNUAL REPORT (CONTINUED)
REFERENCE AND ADMINISTRATIVE DETAILS
The Lanarkshire Health Board Endowment Fund was established in 1974 as part of the National Health Service reorganisation. Its powers are derived from Section 37 of the National Health Service (Scotland) Act 1972 as amended by Section 82 of the National Health Service (Scotland) Act 1978.
The Fund has to comply with the provisions in the Charities and Trustee Investment (Scotland) Act 2005 which deals with the supervision of charities in Scotland, and regulation 10 of the Charities Accounts (Scotland) Regulations 2006 (as amended) which requires the financial statements to be audited.
Lanarkshire Health Board Endowment Fund, registered Scottish Charity Number SC005674, is recognised by HM Revenue and Customs and its registered Tax File Reference Number is ST 01807.
Principal Office
The Principal Office for the charity is: NHS Lanarkshire Kirklands Hospital Fallside Road Bothwell G71 8BB
Principal Professional Advisers
Bankers Virgin Money 47 Main Street Baillieston G69 6SQ
Investment Advisers Schroder & Co. Limited 1 London Hall Place London EC2Y 5AU
Auditor Azets Audit Services Statutory Auditor Titanium 1 King’s Inch Place Renfrew PA4 8WF
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Lanarkshire Health Board Endowment Fund Annual Report and Accounts for Year Ended 31 March 2025
TRUSTEES’ ANNUAL REPORT (CONTINUED)
STATEMENT OF TRUSTEES’ RESPONSIBILITIES
The Trustees are responsible for preparing the Trustees' Annual Report and accounts in accordance with applicable law, regulations and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”.
The law applicable to charities in Scotland requires the Trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these accounts, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities and Trustee Investment (Scotland) Act 2005, The Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the charity’s constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of accounts may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditor
In so far as the Trustees are aware:
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there is no relevant audit information of which the charity's auditor is unaware; and
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the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.
Approved by the Trustees and signed on their behalf by:
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Lanarkshire Health Board Endowment Fund Annual Report and Accounts for Year Ended 31 March 2025
INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES
We have audited the financial statements of Lanarkshire Health Board Endowment Fund for the year ended 31 March 2025 which comprise the Combined Statement of Financial Activities and Income and Expenditure Account, the Balance Sheet, the Statement of Cash Flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
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give a true and fair view of the state of the charity’s affairs as at 31 March 2025 and of its income and expenditure for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended).
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council’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 audit opinion.
Conclusions relating 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.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’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 going concern are described in the relevant sections of this report.
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Lanarkshire Health Board Endowment Fund Annual Report and Accounts for Year Ended 31 March 2025
INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES (CONTINUED)
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities Accounts (Scotland) Regulations 2006 (as amended) require us to report to you if, in our opinion:
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the information given in the financial statements is inconsistent in any material respect with the Trustees’ Report; or
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proper accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of the trustees
As explained more fully in the trustees’ responsibilities statement set out on page 10, the trustees are responsible for the preparation of the financial statements and for being satisfied that they 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 preparing the financial statements, the trustees are responsible for assessing the
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Lanarkshire Health Board Endowment Fund Annual Report and Accounts for Year Ended 31 March 2025
INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES (CONTINUED)
charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial 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 with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor’s Report.
The extent to which the audit was considered capable of detecting irregularities including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the FRC’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the charity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the charity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the charity that were contrary to applicable laws and regulations, including fraud.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including non-compliance with laws and regulations, was as follows:
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Lanarkshire Health Board Endowment Fund Annual Report and Accounts for Year Ended 31 March 2025
INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES (CONTINUED)
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the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise noncompliance with applicable laws and regulations;
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we identified the laws and regulations applicable to the charity through discussions with the trustees, and from our knowledge and experience of the charity sector;
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we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, including the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and taxation, data protection, anti-bribery, environmental and health and safety legislation;
Auditor’s responsibilities for the audit of the financial statements (continued)
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we assessed the extent of compliance with the laws and regulations identified above through making enquiries of the trustees and inspecting legal correspondence; and
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identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
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agreeing financial statement disclosures to underlying supporting documentation;
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reading the minutes of meetings of those charged with governance;
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enquiring of management as to actual and potential litigation and claims; and
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reviewing any correspondence with HMRC, relevant regulators and the charity’s legal advisors.
We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
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making enquiries of management and the trustees as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
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considering the internal controls in place to mitigate risks of fraud and noncompliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
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performed analytical procedures to identify any unusual or unexpected
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relationships;
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Lanarkshire Health Board Endowment Fund Annual Report and Accounts for Year Ended 31 March 2025
INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES (CONTINUED)
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tested journal entries to identify unusual transactions;
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assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
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investigated the rationale behind significant or unusual transactions.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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Lanarkshire Health Board Endowment Fund Annual Report and Accounts for Year Ended 31 March 2025
INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES (CONTINUED)
Use of our report
This report is made solely to the charity’s trustees, as a body, in accordance with regulation 10 of the Charities Accounts (Scotland) Regulations 2006 (as amended).
Our audit work has been undertaken so that we might state to the charity’s trustees, as a body, those matters we are required to state to them in an Auditor’s Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees, as a body, for our audit work, for this report, or for the opinions we have formed. hak Poot erie .
Azets Audit Services
Statutory Auditor
Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 Titanium 1
King’s Inch Place Renfrew PA4 8WF
Date 26 June 2025
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Lanarkshire Health Board Endowment Fund Annual Report and Accounts for Year Ended 31 March 2025
COMBINED STATEMENT OF FINANCIAL ACTIVITIES AND INCOME & EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025
| 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | ||
|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | ||
| Income and Expenditure | Funds | Funds | Funds | Funds | Funds | Funds | |
| Notes | £ | £ | £ | £ | £ | £ | |
| Income | |||||||
| Donations & legacies | 3 | 80,381 | 201,788 | 282,169 | 64,656 | 222,337 | 286,993 |
| Income from Investments | 123,939 | - | 123,939 | - | 131,267 | ||
| 4 | 131,267 | ||||||
| Total Income and Endowments |
204,320 | 201,788 | 406,108 | 195,923 | 222,337 | 418,260 | |
| Expenditure on Raising | |||||||
| Funds | |||||||
| Investment managers’ costs |
29,390 | - | 29,390 | 26,988 | - | 26,988 | |
| Governance & Support costs |
5 | 24,090 | - | 24,090 | 23,182 | - | 23,182 |
| Total Expenditure on | |||||||
| Raising Funds | 53,480 | - | 53,480 | 50,170 | - | 50,170 | |
| Charitable Expenditure | 6 | 338,705 | 201,552 | 540,257 | 502,559 | 260,980 | 736,539 |
| Total Expenditure | 392,185 | 201,552 | 593,737 | 552,729 | 260,980 | 813,709 | |
| Net gain / (loss) on investment assets |
8 | (95,337) | - | (95,337) | 361,834 | - | 361,834 |
| Net movement in Funds | (283,202) | 236 | (282,966) | 5,028 | (38,643) | (33,615) | |
| Reconciliation of Funds | |||||||
| Fund balances brought forward |
4,288,883 | 1,237,279 | 5,526,162 | 4,283,855 | 1,275,922 | 5,559,777 | |
| Fund balances carried forward |
4,005,681 | 1,237,515 | 5,243,196 | 4,288,883 | 1,237,279 | 5,526,162 |
The Combined Statement of Financial Activities and Income & Expenditure Account includes all gains and losses recognised in the above two years.
The notes on pages 21 - 33 form part of these financial statements.
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Lanarkshire Health Board Endowment Fund Annual Report and Accounts for Year Ended 31 March 2025
| BALANCE SHEET AS AT 31 MARCH 2025 Fixed Assets Notes Investments 8 Current Assets Debtors 9 Cash and cash equivalents 10 Liabilities Creditors: amounts falling due within one year 11 Net Current Assets Net Assets Funds Balance Unrestricted funds 13 Restricted funds 14 |
2025 2024 £ £ 4,901,965 4,902,753 7,648 99,460 401,819 622,119 (68,236) (98,170) 341,231 623,409 5,243,196 5,526,162 4,005,681 4,288,883 1,237,515 1,237,279 __ 5,243,196 5,526,162 |
|
|---|---|---|
The Balance Sheet and Combined Statement of Financial Activities and Income & Expenditure Account were submitted at the Endowment Trustees' meeting on 26 June 2025, and were duly approved and authorised for issue.
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Lanarkshire Health Board Endowment Fund Annual Report and Accounts for Year Ended 31 March 2025
STATEMENT OF CASH FLOWS
| 2025 | 2024 |
|||
|---|---|---|---|---|
| Cash flows from operating | activities: | Notes | £ | £ |
| Net cash (used in) operating activities | 18 | (220,300) | (374,500) | |
| Cash flows from investing | activities: | |||
| Cash drawn down from investments | __- | 500,000 | ||
| Change in cash and cash | equivalents | |||
| for the reporting period | (220,300) | 125,500 |
||
| Cash and cash equivalents at 1 April | 622,119 | 496,619 | ||
| 2024 | ||||
| Cash and cash equivalents | at 31 March | 401,819 | 622,119 | |
| 2025 | ||||
| Other | As At 31 | |||
| As At 1 | Cash | non-cash | March | |
| April 2024 | flows | changes | 2025 | |
| £ | £ | £ | £ | |
| Cash and cash | ||||
| equivalents | ||||
| Cash | 622,119 | (220,300) | - | 401,819 |
| Cash equivalents | - | - | - | - |
| ─────── | ─────── | ─────── | ────── | |
| 622,119 | (220,300) | - | 401,819 | |
| Borrowings | ||||
| Debt due within one year | - | - | - | - |
| Debt due after one year | - | - | - | - |
| ─────── | ─────── | ─────── | ────── | |
| - | - | - | - | |
| ─────── | ─────── | ─────── | ────── | |
| Total | 622,119 | (220,300) | - | 401,819 |
| ═══════ | ═══════ | ═══════ | ══════ |
The notes on pages 21 – 33 form part of these financial statements.
Page | 20
Lanarkshire Health Board Endowment Fund Annual Report and Accounts for Year Ended 31 March 2025
NOTES TO THE ACCOUNTS
1. General information
These financial statements are presented in pounds sterling (GBP) as that is the currency in which the charity’s transactions are denominated. The principal activity of Lanarkshire Health Board Endowment Fund is the advancement of health for the population of NHS Lanarkshire.
Lanarkshire Health Board Endowment Fund is an unincorporated charity. It is recognised as a charity for tax purposes by HMRC and registered with the Office of the Scottish Charity Regulator (OSCR) under charity number SC005674. Details of the registered office can be found on page 9 of these financial statements.
2. Principal accounting policies
The principal accounting policies applied in the preparation of these financial statements are noted below. These policies have been applied consistently to all the years presented in dealing with items which are considered material in relation to the charity’s fund statements unless otherwise stated.
Basis of preparation
The financial statements have been prepared under the historical cost convention unless otherwise specified within these polices and in accordance with United Kingdom Accounting Standards, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (“FRS 102”) (United Kingdom Generally Accepted Accounting Practice), the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102)”, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended).
Lanarkshire Health Board Endowment Fund meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The preparation of these financial statements requires the use of certain critical accounting estimates. It also requires trustees to exercise their judgement in the process of applying the accounting policies. Use of available information and application of judgement are inherent in the formation of estimates. Actual outcomes in the future could differ from such estimates. There are no areas involving a higher degree of judgement or areas where assumptions and estimates are significant to the financial statements.
Page | 21
Lanarkshire Health Board Endowment Fund Annual Report and Accounts for Year Ended 31 March 2025
NOTES TO THE ACCOUNTS (CONTINUED)
2. Principal accounting policies (continued)
Going concern
The financial statements have been prepared on a going concern basis. The validity of the going concern basis depends on the ability of the charity to operate within its available funds. The trustees are satisfied that the charity can meet its liabilities as they fall due for the foreseeable future. On this basis the trustees consider it appropriate to prepare the financial statements on a going concern basis.
Income
Income is recognised when the charity has legal entitlement to the funds, the receipt is probable and the amount can be measured reliably. The following specific policies are applied to particular categories of income:
-
Donations and legacies are recognised and included in the Combined Statement of Financial Activities and Income & Expenditure Account when the charity has control over the donation or legacy, any conditions associated with the donation or legacy have been met, the receipt of economic benefits is probable and that the economic benefit can be measured reliably;
-
Income from investments and bank interest are recognised when receivable and the amounts can be measured reliably.
Expenditure and irrecoverable VAT
Expenditure is 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 amount of the obligation can be measured reliably. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates. Expenditure is classified under the following headings:
-
Costs of raising funds comprise the costs associated with attracting voluntary income in relation to donations and legacies. It also includes costs in relation to the management of the charity’s investments.
-
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them;
-
Governance and support costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity. Staff costs are allocated between the expenditure categories in the Combined Statement of Financial Activities and Income and Expenditure Account on a “staff time and use of resources” basis.
Taxation
The fund is a charity and is recognised as such by HM Revenue and Customs for taxation purposes. As a result there is no liability to taxation on any of its income.
Page | 22
Lanarkshire Health Board Endowment Fund Annual Report and Accounts for Year Ended 31 March 2025
NOTES TO THE ACCOUNTS (CONTINUED)
2. Principal accounting policies (continued)
Fund accounting
Funds held by the charity are either:
Unrestricted Funds
These are funds that can be used in accordance with the charitable objects at the discretion of the
Trustees
Restricted Funds
These are funds that can only be used for particular restricted purposes in accordance with specific restrictions imposed by donors.
Investments
Investments are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The Statement of Financial Activities included the net gains and losses arising on revaluation and disposals throughout the period.
Debtors
Accrued income is recognised in the financial period to which it relates to and when the Charity is entitled to receive the income. Prepayments are valued at the amount prepaid.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Creditors
Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.
Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
Page | 23
Lanarkshire Health Board Endowment Fund Annual Report and Accounts for Year Ended 31 March 2025
NOTES TO THE ACCOUNTS (CONTINUED)
3. Donations and legacies
Voluntary income represents all income receivable by the charity by way of donation, legacy and other gifts. All income is shown gross of income taxes as the charity is a registered charity. Total donations for the year amounted to £282,169 (2024: £286,993). Donations of £5,000 and over received during the year, amounting in total to £219,317 are shown below:
| Donor Purpose |
Amount 49,500 45,208 35,614 15,224 12,470 11,000 10,170 10,000 8,699 6,000 5,397 5,035 5,000 |
|
|---|---|---|
| 219,317 | ||
Restricted income donations of £201,788 consist mainly of the NHS Charities Together grant income included above.
4. Investment income
Income from investments is included in the combined statement of financial activities and income and expenditure account in the year in which it is receivable.
| Dividends | 2025 £ 123,939 |
2024 £ 131,267 |
|---|---|---|
Page | 24
Lanarkshire Health Board Endowment Fund Annual Report and Accounts for Year Ended 31 March 2025
NOTES TO THE ACCOUNTS (CONTINUED)
5. Governance and support costs
| Governance and support costs consist of: Auditor’s remuneration Bank charges & interest Administration expenses – staff costs |
2025 £ 18,108 72 30,000 48,180 |
2024 £ 16,248 116 30,000 |
|---|---|---|
| 46,364 |
The governance and support costs are split between expenditure on raising funds and charitable expenditure on an even 50/50 split. The Trustees consider this to be the most appropriate basis considering that each activity requires a similar level of input. Thus expenditure on raising funds is allocated £24,090 (2024: £23,182) and charitable expenditure is also allocated the same amount £24,090 (2024: £23,182).
6. Charitable expenditure
| Expenditure Note Equipment purchase/rental/repair Garden Expenses Property Expenses Patients’ outings/quality of life Christmas festivities Conference/course fees/expenses Publications/libraries Health at work Governance and Support Costs |
2025 Unrestricted Funds 2025 Restricted Funds 2025 Total 2024 Unrestricted Funds 2024 Restricted Funds 2024 Total 56,214 19,438 75,652 71,890 9,488 81,378 20,838 83,710 104,548 2,357 52,086 54,443 6,519 - 6,519 - - - 37,212 35,614 72,826 23,201 148,599 171,800 37,563 12,530 50,093 63,523 - 63,523 18,392 760 19,152 16,974 807 17,781 37,902 - 37,902 2,786 - 2,786 99,975 49,500 149,475 298,646 50,000 348,646 24,090 - 24,090 23,182 - 23,182 |
|---|---|
| 338,705 201,552 540,257 502,559 260,980 763,539 |
7. Employment
There were no employees remunerated during the year directly, with a recharge of £30,000 (2024: £30,000) from NHS Lanarkshire for staff time incurred. The key management personnel of the charity comprise of the trustees. The total remuneration of the key management personnel of the charity was £nil (2024: £nil).
Page | 25
Lanarkshire Health Board Endowment Fund Annual Report and Accounts for Year Ended 31 March 2025
NOTES TO THE ACCOUNTS (CONTINUED)
8. Investment access
| Movement on the invests held by the charity are as follows: | 2025 | 2024 |
|---|---|---|
| £ | £ | |
| Fair value at 1 April | 4,902,753 | 4,936,640 |
| Additions | 123,939 | 131,267 |
| Disposals | (29,390) | (26,988) |
| Cash Drawdown | - | (500,000) |
| Net Unrealised investment (losses)/gains | (433,339) | 189,754 |
| Net Realised investment gains | 338,002 | 172,080 |
| Total investment (losses)/gains | (95,337) | 361,834 |
| Fair value at 31 March | 4,901,965 | 4,902,753 |
| Note | ||
| This represents the Lanarkshire Health Board Endowment Fund’s | share of the investment in | |
| the Edinburgh & Lothian Health Foundation’s pooled fund |
| 9. Debtors Accrued income Prepayments and Tax recoverable |
2025 £ - 7,648 7,648 |
2024 £ 86,501 12,959 |
|---|---|---|
| 99,460 |
Page | 26
Lanarkshire Health Board Endowment Fund Annual Report and Accounts for Year Ended 31 March 2025
NOTES TO THE ACCOUNTS (CONTINUED)
| 10. Cash and cash equivalents 2025 £ Balances held in current accounts 401,819 11. Creditors 2025 £ Amounts falling due within one year comprise: Accruals 1,500 Sundry creditors 66,736 68,236 12. Financial instruments 2025 £ Investment assets 4,901,965 Investment assets are financial assets held at fair value. No financial liabilities are 13. Unrestricted funds Net Income/ Transfer to As at 1 April (Expenditure) Restricted 2024 for the year Funds £ £ £ Unrestricted funds 4,288,883 (283,202) - As at Net Income/ Transfer to 1 April (Expenditure) Restricted 2023 for the year Funds £ £ £ Unrestricted funds 4,283,855 5,028 - |
10. Cash and cash equivalents 2025 £ Balances held in current accounts 401,819 11. Creditors 2025 £ Amounts falling due within one year comprise: Accruals 1,500 Sundry creditors 66,736 68,236 12. Financial instruments 2025 £ Investment assets 4,901,965 Investment assets are financial assets held at fair value. No financial liabilities are 13. Unrestricted funds Net Income/ Transfer to As at 1 April (Expenditure) Restricted 2024 for the year Funds £ £ £ Unrestricted funds 4,288,883 (283,202) - As at Net Income/ Transfer to 1 April (Expenditure) Restricted 2023 for the year Funds £ £ £ Unrestricted funds 4,283,855 5,028 - |
2024 £ 622,119 2024 £ 1,500 96,670 98,170 2024 £ 4,902,753 held at fair As at 311 March 2025 £ 4,005,681 As at 31 March 2024 £ 4,288,883 |
|---|---|---|
| As at Net Income/ Transfer to 1 April (Expenditure) Restricted 2023 for the year Funds £ £ £ 4,283,855 5,028 - |
Page | 27
Lanarkshire Health Board Endowment Fund Annual Report and Accounts for Year Ended 31 March 2025
NOTES TO THE ACCOUNTS (CONTINUED)
| 14. Restricted funds The Burrell Estate The Giffen Trust Wishaw Stoma Care, UHW Wishaw Bereavement, UHW ERCP Training Kello Hospital, Biggar Victoria Cottage Hospital, Kilsyth Wishaw Gynaecology, UHW Ronald Millar Fund, UHW Wishaw Neonatal, UHW Monklands Hospital Renal Unit,UHM Monklands General Surgical, UHM Hamilton Udston Upper GI Fund, UHW R. Parker – Piano Challenge University Hospital Hairmyres, UHH Heart Ward / Cardiology, UHH R. Laurie Memorial Fund University Hosp. Monklands, UHM University Hospital Wishaw, UHW Ward 13 Univ. Hosp. Wishaw, UHW Clydesdale-Damer Family Clydesdale-David Rollo Wishaw Colorectal Training Ravenscraig Cardio Training Wishaw Neonatal-Bereavement Wishaw Neonatal-Angel Eyes Sheila Falloon Fund Restricted Funds |
As at 1 April 2024 Net Income/ (Expenditure) for the year Transfer from unrestricted funds As At 31 March 2025 £ £ £ £ 45,515 - - 45,515 615,064 - - 615,064 39,726 (660) - 39,066 29,772 - - 29,772 8,941 (100) - 8,841 20,100 - - 20,100 52,238 (916) - 51,322 17,013 - - 17,013 68,070 (4,907) - 63,163 52,994 - - 52,994 59,016 - - 59,016 10,000 - - 10,000 7,831 - - 7,831 12,500 - - 12,500 6,865 - - 6,865 44,951 1,933 43,243 40,721 32,220 1,000 3,750 2,911 10,000 420 5,420 5,065 - (2,190) - - (4,416) (5,760) - - - - - (1,985) 10,170 11,000 - - - - - - - - - - - - - - 42,761 1,933 43,243 36,305 26,460 1,000 3,750 2,911 10,000 420 3,435 15,235 11,000 |
|---|---|
| 1,237,279 236 - 1,237,515 |
Key:
UHH – University Hospital Hairmyres
UHM – University Hospital Monklands
UHW – University Hospital Wishaw
Page | 28
Lanarkshire Health Board Endowment Fund Annual Report and Accounts for Year Ended 31 March 2025
NOTES TO THE ACCOUNTS (CONTINUED)
14. Restricted funds (prior year)
| The Burrell Estate The Giffen Trust Wishaw Stoma Care, UHW Wishaw Bereavement, UHW ERCP Training Kello Hospital, Biggar Victoria Cottage Hospital, Kilsyth Wishaw Gynaecology, UHW Ronald Miller Fund, UHW Wishaw Neonatal, UHW Monklands Hospital Renal Unit,UHM Monklands General Surgical, UHM Hamilton Udston Upper GI Fund, UHW R. Parker – Piano Challenge NHS Charities Together S2 Grant University Hosp. Hairmyres, UHH Heart Ward / Cardiology, UHH R. Laurie Memorial Fund Univ. Hosp. Monklands, UHM University Hosp. Wishaw, UHW Ward13 Univ.Hosp.Wishaw,UHW Clydesdale-Damer Family Clydesdale-David Rollo Wishaw Colorectal Training Ravenscraig Cardio Training Wishaw Neonatal-Bereavement Wishaw Neonatal-Angel Eyes Restricted Funds |
As at 1 April 2023 Net Income/ (Expenditure) for the year Transfer from unrestricted funds As At 31 March 2024 £ £ £ £ 45,515 - - 45,515 615,064 - - 615,064 39,726 - - 39,726 29,772 - - 29,772 9,748 (807) - 8,941 20,100 - - 20,100 52,238 - - 52,238 17,013 - - 17,013 72,858 (4,788) - 68,070 68,219 (15,225) - 52,994 58,142 874 - 59,016 10,000 - - 10,000 7,831 - - 7,831 12,500 - - 12,500 8,865 (2,000) - 6,865 43,909 (43,909) - - 42,305 2,646 - 44,951 1,933 - - 1,933 43,243 - - 43,243 40,721 - - 40,721 32,220 - - 32,220 1,000 3,000 - 750 - - 1,000 3,750 - - - - - 2,911 10,000 420 5,420 5,065 - - - - - 2,911 10,000 420 5,420 5,065 |
|---|---|
| 1,275,922 (38,643) - 1,237,279 |
Key:
UHH – University Hospital Hairmyres
UHM – University Hospital Monklands
UHW – University Hospital Wishaw
Page | 29
Lanarkshire Health Board Endowment Fund Annual Report and Accounts for Year Ended 31 March 2025
NOTES TO THE ACCOUNTS (CONTINUED)
14. Restricted funds (continued)
----- Start of picture text -----
Name of restricted fund Description, nature and purpose of the fund
The Burrell Estate Building and landscaping works at Lockhart Hospital,
Ladyhome Hospital, and Kello Hospital
The Giffen Trust Enhanced service for Avondale patients at Stonehouse
Hospital
Wishaw Stoma Care, UHW To help patients recovering from colorectal surgery in
the
Wishaw Bereavement, UHW To create a family bereavement room away from the
ward
ERCP Training To provide ERCP training for staff
Kello Hospital, Biggar For use at Kello Hospital
Victoria Cottage Hospital, Kilsyth For the benefit of nursing and administrative staff at
Victoria
Wishaw Gynaecology, UHW For use within Gynaecology at University Hospital
Ronald Miller Fund, UHW For use in relation to the Ronald Miller Training and
Education Centre at University Hospital Wishaw
Wishaw Neonatal, UHW For use within Wishaw Neonatal, UHW
Monklands Hosp Renal Unit For use within Monklands Hospital Renal Unit, UHM
Monklands General Surgical For use within Monklands General Surgical, UHM
Hamilton Udston For use within Hamilton Udston
Upper GI Fund For use within Upper GI dept. University Hospital
R. Parker – Piano Challenge Staff wellbeing relating to COVID-19
Univ. Hosp. Hairmyres, UHH For use within University Hospital Hairmyres
Heart Ward/Card–Hairmyres For use within Heart Ward/Cardiology, UHH
R. Laurie Memorial Fund For use within Ophthalmology Unit, UHH
Univ. Hosp. Monklands, UHM For use within University Hospital Monklands
Univ. Hosp. Wishaw, UHW For use within University Hospital Wishaw
Ward 13 Wishaw Hospital, UHW For use within Ward 13 University Hospital Wishaw
Clydesdale - Damer Family For purchase of Doppler machine
Clydesdale – David Rollo For use within Clydesdale Community Nursing Team
Wishaw Colorectal Training For use within Wishaw Colorectal Nurse Training
Ravenscraig Cardio Training For use within Ravenscraig Cardiology Team Training
Wishaw Neonatal Bereavement For use within Wishaw Neonatal Bereavement Suite
Wishaw Neonatal Angel Eyes For purchase of Neonatal Angel Eyes Equipment
Sheila Falloon Fund For Staff Rest Area
----- End of picture text -----
Key:
UHH – University Hospital Hairmyres UHM – University Hospital Monklands UHW – University Hospital Wishaw
Page | 30
Lanarkshire Health Board Endowment Fund Annual Report and Accounts for Year Ended 31 March 2025
NOTES TO THE ACCOUNTS (CONTINUED)
| 15. Net assets by fund Investments Current assets Current liabilities Investments Current assets Current liabilities |
Unrestricted Fund £ Restricted Fund £ 2025 £ 4,901,965 - 4,901,965 (828,048) 1,237,515 409,467 (68,236) - (68,236) |
|
|---|---|---|
| 4,005,681 1,237,515 5,243,196 |
||
| Unrestricted Fund £ Restricted Fund £ 2024 £ 4,902,753 - 4,902,753 (515,700) 1,237,279 721,579 (98,170) - (98,170) |
||
| 4,288,883 1,237,279 5,526,162 |
Page | 31
Lanarkshire Health Board Endowment Fund Annual Report and Accounts for Year Ended 31 March 2025
NOTES TO THE ACCOUNTS (CONTINUED)
16. Related party transactions
The trustees all give freely their time and expertise without any form of remuneration or other benefit in cash or kind (2024 £nil).
There are no expenses of any kind (e.g. travel & subsistence) paid to the trustees (2024: £nil).
There were no contracts entered into by the charity with any Trustees to provide any other type of service (2024: £nil).
Lanarkshire Health Board Endowment Fund is managed by Trustees who are also on the Board of NHS Lanarkshire (as noted in the Trustees Annual Report) and is therefore a related party. During the year Lanarkshire Health Board Endowment Fund did not receive from, or make any payments to, the Board. At 31[st] March 2025 Lanarkshire Health Board Endowment Fund had no balance owing to the Board (2024: Nil). At 31[st] March 2025 Lanarkshire Health Board Endowment Fund had no balance owed by the Board (2024: Nil).
17. Ultimate controlling party
In the opinion of the Trustees there is no ultimate controlling party.
18. Reconciliation of net movement in funds to net cash flow from operating activities
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Net movement in funds | (282,966) | (33,615) |
| Adjustments for: | ||
| Net loss/(gain) on investments | 95,337 | (361,834) |
| Dividends less investment managers costs | (94,549) | (104,279) |
| Decrease in debtors | 91,812 | 133,316 |
| (Decrease) in creditors |
(29,934) | (8,088) |
| Net cash used in operating activities | (220,300) | (374,500) |
Page | 32
Lanarkshire Health Board Endowment Fund Annual Report and Accounts for Year Ended 31 March 2025
NOTES TO THE ACCOUNTS (CONTINUED)
19. Consolidation
The results of Lanarkshire Health Board Endowment Fund have been consolidated into the accounts of Lanarkshire Health Board on the basis that all Trustees are also members of Lanarkshire Health Board and therefore effectively operate under common control for accounting purposes. The consolidated accounts are publicly available after they have been laid before parliament, in the autumn of each year and can be accessed on the Lanarkshire Health Board website at www.nhslanarkshire.scot.nhs.uk and click on ‘About us’ followed by ‘Financial information’.
Page | 33