DoGusign Envelope ID.. A4B4D837-F326-820E-81E4-A11CA7ABF40E Greater Glasgow Health Board Endowment Funds Annual Accounts for the year ended 31 March 2026 Greater Glasgow & Clyde Healthcare Charity Greater Glasgow Health Board Endowment Funds Annual Accounts for the Year Ended 31 March 2026 Registered Charity Number: SC005895
DoGusign Envelope ID.. A4B4D837-F326-820E-81E4-A11CA7ABF40E Greater Glasgow Health Board Endowment Funds Annual Accounts for the year ended 31 March 2026 Page Trustees, Report Trustees, Responsibilities 17 Independent Auditor's Report 18 Statement of Financial Activities 23 Balance Sheet 24 statement of Cash Flows 25 Notes to the Financial Statements 26
DoGusign Envelope ID.. A4B4D837-F326-820E-81E4-A11CA7ABF40E Greater Glasgow Health Board Endowment Funds Annual Accounts for the year ended 31 March 2026 Trustees, Re Name Dr L Thomson KC Mr D Gould Mr B Auld Ms M Ashraf Ms E Cairns Cllr J Cameron Ms PA Cameron-Burns Mr M Cawle Ms C Coone Cllr C Cunnin ham Mr G D'Alessio from 18Au MSDFO Mr G Haddock OBE Ms M Kerr Mr J Kinlochan Ms L McDonald Cllr C McDiarmid (until 27 March 2026) Dr M McElro from 1 Jul 2025 Cllr M McGinty Prof l Mclnnes CBE Dr R Metcalfe Ms K Miles Cllr R Moran Cllr K Pra nell Dr L Rousselet DrPR an Ms K Turner Mr C Vincent Ms M Wailes ort- Trustees Position Chair Vice Chair Non-Executive Member Non-Executive Member Non-Executive Member Non-Executive Member Non-Executive Member Non-Executive Member Non-Executive Member Non-Executive Member Non-Executive Member Non-Executive Member Non-Executive Member Non-Execulive Member Non-Executive Member Non-Executive Member Non-Executive Member Non-Executive Member Non-Executive Member Non-Executive Member Non-Execulive Member Non-Executive Member Non-Execulive Member Non-Executive Member Non-Executive Member Non-Executive Member Non-Executive Member Non-Executive Member Non-Executive Member ust 2025 from 25 Au ust 2025 until 31 March 2026 until 30 June 2025 Executive Members Prof J Gardner Mr W Edwards (from 1 May 2025 until 19 April 2026) Dr S Davidson Dr E Crighton {until 11 February 2026) Dr John O'Dowd (from 12 February 2026) Professor A Wallace Mr C Neil (until 3 November 2025) Mr M Breen (from 6 October 2025) Chief Executive Deputy Chief Executive Medical Director Director of Public Health Interim Director of Public Health Nurse Director Director of Finance Director of Finance
DoGusign Envelope ID.. A4B4D837-F326-820E-81E4-A11CA7ABF40E Greater Glasgow Health Board Endowment Funds Annual Accounts for the year ended 31 March 2026 Advisers Administration Office NHS Greater Glasgow and Clyde Central Financial Services Caledonia House 140 Fifty Pitches Road Glasgow G514ED Investment Managers Newton Investment Management Ltd The Bank of New York Mellon Centre 160 Queen Victoria Street London EC4V 4LA Independent Auditor BDO LLP 2 Atlantic Square 31 York Street Glasgow G2 8NJ Lawyers Scottish Central Legal Office Anderson House Breadalbane Street Bonnington Road Edinburgh EH6 5JR Bankers RBS plc 8-10 Gordon Street Glasgow G13PL
DoGusign Envelope ID.. A4B4D837-F32&820E-81E4-A11CA7ABF40E Greater Glasgow Health Board Endowment Funds Annual Accounts for the year ended 31 March 2026 Trustees, Re ort for the ear ended 31 March 2026 The Trustees present their annual report and the audited financial statements for the year ended 31 March 2026. The information with respect to Trustees and advisers set out from page 3 forms part of this report. The financial statements comply with United Kingdom Accounting Standards, including Financial Reporting Standard 102 (FRS102}, the Charities Statement of Recommended Practice (SORP) 2019, the Charities and Trustee Investment (Scotland) Act 2005, and the Charities Accounts (Scotland) Regulations 2006. Structure Governance and Mana ement NHS Greater Glasgow and Clyde's powers to hold funds on trust are set out in Sections 82 to 84 of the NHS Scotland Act 1978. The Charity is registered as a charity with the Office of the Scottish Charity Regulator under the number SC005895. The Charity's objective is the advancement of health, through.. a) improvement in the physical and mental heallh of the board's population., b) the prevention, diagnosis and treatment of illness- c) the provision of services and facilities in connection to the above,. and d) research into any matlers relating to the causation, prevention, diagnosis or treatment of illness, or into such other matters relating to the health service as the Trustees see fit. The Trustees shall observe the principal of not granting charitable funds as a substitute for a core provision, or to cover a responsibility of the NHS Greater Glasgow and Clyde {NHSGGC) Board which is a requirement of health and safety, employment law or a ministerial policy direction. This is in order to reduce the risk of conflict of interest between the role of the NHSGGC Board and the Charity Trustees. Trustee Appointment The appointment as Trustee is legally distinct from the appointment as board members and individual board members, in their capacity as Charity Trustees, are required to meet the requirements of the Charities and Trustee Investment (Scotland) Act 2005. No other individuals are permitted to be appointed to act as Trustees. The Trustees who served in the reporting period and up to the date of approval of these accounts are listed on page 3. The Trustees of the Charity are also members of the Board of NHSGGC. Non-executive members of the Board are appointed by Scottish Ministers and are selected on the basis of their position or the particular expertise which enables them to conlribute to the decision-making process at a strategic level. The Trustees have agreed an Endowments Charter to govern the administration of the charity. Operational control of the management of the charity is delegated by the Trustees to the Healthcare Charity Committee (HCC), which is currently chaired by Mr M Cawley. The Greater Glasgow and Clyde Healthcare Charity is the operational name of the Charity.
DoGusign Envelope ID.. A4B4D837-F32&820E-81E4-A11CA7ABF40E Greater Glasgow Health Board Endowment Funds Annual Accounts for the year ended 31 March 2026 The committee met four limes during the year {13 May, 19 August, 6 November, and 5 February) while the full Board of Trustees meets twice annually, which was supplemented by two Trustee development sessions held during 2025-26. The Trustee Development sessions included information and discussion on the roles and responsibilities of charity Trustees, review the development of the charity's strategy, and risk appetite. Feedback was sought following these sessions, and that feedback will inform a rolling programme of development that will sit alongside Trustee induction and support. The arrangements for the induction and on-going training of Trustees are reviewed on a regular basis. The information was reviewed in Dember of 2025, with updates relating to the Charities and Trustees Investment Act included. Trustees receive a comprehensive induction to the Charity when they join the Board, including an induction pack which includes the Charity's Charter, Trustee Role Description and Code of Conduct, and Conflict of Interest Policy. Members of the HCC are also invited to seminars and other development opportunities throughout the year on governance, investment, and charitable funding. Financial Management The Board's Standing Financial Instruclions contain details of the scheme of delegation for the endowment funds and this includes budgelary control arrangements and provision for the delegation of responsibility to designated senior officialsltruslees of the Board. The remit of the HCC includes approval of budgetary proposals, monitoring of expenditure against budget and approval of proposals for individual items of expenditure in line with delegated authority. The HCC also considers grant requests mainly for expenditure from the general fund and has responsibility for the appointment of investment managers and advisers and receipt from them of periodic reports on performance. It is also relevant to note that a significant body of restricted funds are of a custodian nature established at the request of designated fundholders and controlled by them on an operational basis, but subject to the general oversight of the Trustees. Powers of Investment NHS Greater Glasgow and Clyde's powers of investment in its capacity as corporate Trustee of the Greater Glasgow Health Board Endowment Funds are principally derived from the Charity's Charter and the Charities and Trustee Investment (Scotland) Act 2005.. Trustees are entitled to make any kind of investment of the endowment including a wider power lo acquire stocks and shares. Trustees, duties before making an investment are to consider the need for diversification of investments, consider the suitability of the proposed investmenls, and to consider obtaining appropriate advice. Trustees also have powers to appoint nominees (i.e. an investment manager) for the purpose of investment. Newton Investment Management ('Newton'l have fulfilled this role for the Charity since their appointment in 2017.
DoGusign Envelope ID.. A4B4D837-F32&820E-81E4-A11CA7ABF40E Greater Glasgow Health Board Endowment Funds Annual Accounts for the year ended 31 March 2026 Principal Risks and their Management The Risk Management Strategy 2025-28 for NHSGGC applies equally lo the Endowment Funds. This was approved at the October 2025 NHSGGC Board meeting and is supplemented by a Risk Management Policy and robust guidance protocols. This is supported by a separate risk appetite statement specific to the Charity which covers five key risk types.. operating. legal, financiallcommercial. reputational, and workforce. Risk scoring is done on the basis of Likelihood x Impact = Risk Score. Initial Score- The score is assessed when the risk is first identified. Current Score= The risk score taking into account any controls that are currently in place to manage the risk. Target Score.. the desired risk score required to have managed the risk to acceptable levels. The Board uses a 5 x 5 risk assessment scoring method as follows: Extrerne Me<llum Hlgh 10 Hlgh 15 V Mlgh 20 V Hlyh 25 Major Medlum Medlum Hlg 12 Hlgh 16 20 Moderate Medlum Medlum Hlgh 12 Hlgh 15 MlTror Medium Medium Medium High 10 Flegllglble Low ow Medium Medium Rare Possib Likety Almost Certain 5 Likelihood Source." NHSGGC Risk Management Strategy The charity highlighted the need to explore an independent risk register, with risk categories and appetite statements aligned to its strategy. This will be an area of focus for the charity moving forward into 2026-27. A risk register is maintained for the Charity, which is reviewed annually by the HCC, with the last review taking place at its May 2025 meeting. The risk register currently details six risks which are summarised below.
DoGusign Envelope ID.. A4B4D837-F32&820E-81E4-A11CA7ABF40E Greater Glasgow Health Board Endowment Funds Annual Accounts for the year ended 31 March 2026 Rlsk Descrfp0n n111 Score Current S¢ore Target $¢0 Rlsk Type Rtrcoynlstd dè¢rtasè In the Val of the investhjeht portfo110 9 Mtdlum 6 Médlum Financial I Commerclal Donatton Income Redu¢es 6 Medlum 4 Medlum Flt)an¢lal I ¢omrn•rcl?I R•porting to GGC H•alth¢ar• Charity Committ•• IS incL¥nplete OT in5uffi¢iEnt levèl of d•til and infomkitFon to support effe¢tfve de¢lslon malny 16 Hioh 4 M•dlum 4 M•diuM Financial I commeIal Rlsk of fraud or M1$4Js• of fvnds 16 Hlgh Medlum 4 MdluM Flmneial I Commerdal Gap kn S•TViC• provision to supportth• End0•nt Fund Healthtare Charfty Board of Tru$tees IGGC Heakh¢arÈ Char¢ty Commtttee 6 Medlum 6 AldluM P•opl• I Worklor¢e Rèiulatory and l or opèratSoftal non<ompllinte %th thè Entlownètlty Chartèr. EndowM•nts Operatlng Instruetion& Standing Ftnaneial IR5trUCtions, Sch•rnq of O•l•gation and I orth• Chariti•s and Trust•e In¥•sth•nt Iscotlandl Act 2005 lfj Hlgh 8 M•dium 8 Al•dium Op•Ming Source." Greater Glasgow and Clyde Healthcare Charity Risk Register Mitigating actions and controls have been discussed with the health board's Chief Risk Officer and agreed by the HCC, reflecting the reduction from the initial to the current scores above. Mitigating controls broadly include.. regular and transparent reporting arrangements to the HCC and Board of Trustees. robust govemance controls around the Charity's constitution and expenditure from funds., a suitably qualified and resOUrd Finance and Endowments team to administer the funds., and regular engagement with the investment managers who are independent from the endowment funds and sufficiently qualified and experienced to discharge their duties. Looking forward into 2026-27 and beyond. the principal area of uncertainty for the Charity is the volatility of investment values as global markets continue to contend with wider economic headwinds. Performance review and lans for future eriods The Charity provides millions of pounds of charitable funding to projects that benefit staff and patients every year to advance the health of the people of Greater Glasgow and Clyde. The Charity's budget is aligned to four overarching themes under which funding is provided. These themes provide opportunities for flexibility to meet the needs of our population and ensure that our funding is making a difference to the community we serve.
DoGusign Envelope ID.. A4B4D837-F32&820E-81E4-A11CA7ABF40E Greater Glasgow Health Board Endowment Funds Annual Accounts for the year ended 31 March 2026 Greenlouldoor Spaces Environmental Sustainability Patient and Family Infrastructure Staff Infrastructure Healthy Spaces Research Education and Training Innovation Research & Education Peer Support and Review Leadership Developmenl Endowments Finance Team Counselling and Psychology Our People Patient and Families Welfare Community Services Palliative Care Population Health and Wellbeing Our Patients The Block Grant which has been running since 2023 is an effective way to delegate funding awards and accelerate decision making. Specific allocations from these block grants are delegated to governan sub-groups to ensure the funding is managed by individuals with the requisite knowledge of the specific projects being funded. A summary of the block grants awarded during the year is shown below. Block Grant Allocatlons 2025-26 - 250,000 500,000_ GrcenlOutdooTSpaces 200mO InTioYdtion Projects PatientaThl Famibes InfratUre Communtyservlces IHSCPS) Research Facluty In¥tstment StaffspaS Divp¥Sity Support WelU)elnglnlt1aes Envirffimentsl Sustalnabluty PDPLAationHeplth andWeiLbeing Enhanced EducationhndTr?ining 200 386.C ,•oo. 200,00ts_ - 100,ODO 70.000 loo.000
DoGusign Envelope ID.. A4B4D837-F32&820E-81E4-A11CA7ABF40E Greater Glasgow Health Board Endowment Funds Annual Accounts for the year ended 31 March 2026 Each block grant covers a specific theme which is aligned to the Charity's strategic themes. Bid approvals and spend against each block grant fund is reported to the HCC on a quarterly basis. The Healthcare Charity Committee receives outcomes reports annual from each governance group this provides opportunities to review the impact of our charitable funding. Highlights of Block Grants Outcomes report show the range of activities and projects funded through this initiative. They also demonstrate the commitment of staff on the governance groups to distribute these charitable funds and enhance and improve the experience of patients, families, and those that deliver healthcare in our community. These include: Planting of 18,000 spring bulbs in public areas at Royal Alexandra Hospital - feedback highlighted, "ljust wanted to let you know I was cheered up today by the beautiful 'host of golden daffodils, all along the glass Gorridor heading to my morning ward round. Such a great idea that will bring pleasure to so many heading along that corridor whilst also supporting the environment. Thank you and well donel" -f 11111 IIIFIF[[ Pictured." Royal Alexandra Hospilal garden area Funding to develop a paediatric waiting area- feedback highlighted. "the award enabled us to introduce sensory play equipment to the paediatric waiting area, addressing a clear gap for children with additional needs, including autism and developmental delay. We have purchased toys that stimulate different senses and appeal across ages and abilities. Our LED sensory egg lights have already proved valuable." entertaining a toddler during an allergy food challenge, providing distraction during venepuncture for an 8- year-old with 01, and engaging a 10-year-old with severe developmental epilepsy who was otherwise unable to use standard play equipment" Improving disability data quality and experience, recognising that disability remains the protected characteristic with the largest data gap. Targeted work 10
DoGusign Envelope ID.. A4B4D837-F32&820E-81E4-A11CA7ABF40E Greater Glasgow Health Board Endowment Funds Annual Accounts for the year ended 31 March 2026 will continue to support staff confidence in disclosure, improve data capture processes and strengthen consistent application of reasonable adjustments across services. A comprehensive programme to promote inclusion and belonging, including a range of activity to mark Black History Month, South Asian Heritage Month, Disability History Monlh, LGBTQ+ Pride, and Hate Crime Awareness activity. These events were delivered in partnership with staff forums and networks and supported increased engagement and visibility across the organisation. Pictured.- recognition and celebration of Black History Month In addition to this. larger project grants which were approved in 2025-26 by the Trustees, but not necessarily expended during the course of the year, included.. Pro Descri tion Psychological support will be of benefit to staff, patients & families in a myriad of ways but includes.. 1. Debriefing after events in the unit and for any individual that has found something particularly challenging. Integrated psychological support for staff, patients, & families in the general adult ICU 362,594 over 2 years 2. Psychological support for families during a loved one's stay in ICU and reducing the burden on nursing staff. 3. Bereavement support. 4. Support for patients who are struggling with their illness & recovery.
DoGusign Envelope ID.. A4B4D837-F32&820E-81E4-A11CA7ABF40E Greater Glasgow Health Board Endowment Funds Annual Accounts for the year ended 31 March 2026 5. Fostering a culture of Iransparency, inclusivity and support for all. The aim of this project is to provide integrated highly specialist psychological support for staff, patients & families in the General Adult ICU. The project will further embed psychologically informed care into routine practices and pathways within ICU, allowing these principles to be adopted in all areas for staff. patients & families. Funding to expand the service, strengthen the multi-disciplinary approach and offer meaningful support to patients throughout their prehabilitation and rehabilitation journey. The positive impact is already evident in improved patient outcomes, increased accessibility and the development of new pathways that reflect the needs of our local population. Prehab and Rehab for cancer and surgical patients 100,000 Providing mental heal services within schools located in deprived communities in GGC, this community embedded support will provide early intervention when children experience mental health challenges, improving outcomes and reducing the need for crisis intervention. Place 2 Be Scotland 80,000 over 2 years Support to the extraordinary volunteer programme delivered through the Glasgow Children's Hospital Charity. These volunteers can support families to access appointments, navigate hospital corridors, and provide diversion to children and families in distressing circumstances. Sustainability of Volunteer Programme 137,367 over 2 years A programme of inclusive, interactive, participant-led music activities across the wards at Gartnavel Royal Hospital. This will be delivered in partnership with staff to ensure all patients can access activities. Common Wheel Music Project 35,960 The purchase of new equipment to maintain the highly valued hospital broadcasting service in GGC, the service has seen an increase in listening time and their equipment had reached the end of its usable life. This ro ect ensures a valued service Adult Hospital Radio Provision 83,978 12
DoGusign Envelope ID.. A4B4D837-F32&820E-81E4-A11CA7ABF40E Greater Glasgow Health Board Endowment Funds Annual Accounts for the year ended 31 March 2026 can continue and grow its reach for patients in hospital. The appointment of a Head of Healthcare Charity in October of 2025 provides the charity with an opportunity to develop its strategy, processes, and approach at pace. It is anticipated that in 2026-2027 there will be a launch of a new strategy, application journey. and regular progress reported on the release of dormant funds. The charity will also undertake a full review of its governan documentation in the year ahead. This will include a development session and exploration of an independent risk register for the charity, recognising the intent of Trustees to align with best practice. Financial Review The statement of financial activities for the year is set out on page 23 of the financial statements. A summary of the financial results and the work of the charily are set out below. The charity's overall income for the year was £11.6m which represents an increase of £0.9m compared with the prior year. Income is categorised into four main headings which are: donations and legacies, being donations from individuals. charitable foundations, corporate bodies and legacies,. income from charitable activities which includes sponsorship of research activity, and fee income from courseslother services provided by clinical staff. and investment income. There is a final category of other income covering all income not listed above. The charity does not engage directly in fundraising activities. Expenditure incurred on raising funds relates exclusively to fees paid to the fund's investment manager. Income from donations and legacies was approximately £0.6m lower than that in the prior year. This is mainly due to having a lower number of legacies and donations from individuals in the current year compared to 2024-25. It should be noted that legacy income can fluctuate year on year. Income from charitable activities was £1.4m higher than the prior year, primarily due to an increase in income from clinical trialslresearch. Income generated from investmenls was approximately £0.1 m greater Ihan the prior year and this was across categories of both dividend income and fixed interest securities. Total expenditure from unrestricted funds amounted to £5.8m, compared wilh £5.7m in the prior year. The spend from General Fund included support for a range of patient and staff amenity expenditure, voluntary services, as well as specific budget allocations from the General Funds as noted above. Expenditure from restricted funds was marginally higher than that for the previous year, with research costs (£5.7m) and staff travel and training (£1.1m) being the largest areas of spend from restricted funds. The HCC approved a three-year budget covering the period 2023-24 to 2025-26 in May 2023, with a proposed budget for 2026-27 presented to the HCC in May 2026. 13
DoGusign Envelope ID.. A4B4D837-F32&820E-81E4-A11CA7ABF40E Greater Glasgow Health Board Endowment Funds Annual Accounts for the year ended 31 March 2026 Total budget approvals equalled £8.8m across the fund's budget themes for the 2025-26 financial year, with £5.2m of expenditure incurred in-year. It is typical for there to be a delay between the funding approval and the expenditure being incurred while the projects for which funding has been provided get established and become operational. Reserves The Trustees have established a policy whereby a proportion of unrestricted funds has been set aside to cover management costs and routine patienustaff amenity expenditure. It is considered that the level of investments carried is required to generate sufficient income to maintain charitable activities. It is envisaged that the remaining "free reserves" including investments will be utilised over a period of years to fund a phased programme of non-recurring expenditure. Free reserves amounted to £17.6m (2024-25.. £13.5m) and these consist of unrestricted funds. Investment Polic and Performance The Trustees, investment objective is to maximise the overall rate of return. Investments currently comprise three separate portfolios, denoted as the A, B and C portfolios. The objective of the "A" portfolio is to achieve a return equivalent to the Retail Price Index plus 30/0-4 % per annum over the long term through a broadly diversified portfolio. This includes a mixture of equities. giltslbonds, and a minimum level of cash investment. The "B" portfolio is a lower risk holding intended to cover those funds where protection from capital fluctuation is necessary and is invested in Newion's Global Dynamic Bond Fund. Portfolio "C" is a cash holding with level of investment to cover cash requirements throughout the year. The Trustees have agreed to a moderate tolerance of risk, accepting that at times this will mean accepting short or medium-term declines in capital values. Newton Investment Management was appointed as fund manager effective from 1 April 2017. This contract can be terminated at any time by either party subject to minimum 90 days, notice period. The performance of the investment portfolio is monitored in the quarterly reports provided by the investment managers with the target being to outperform agreed composite benchmarks over rolling 3-year periods. The return on investment {shown net of fees) achieved by the fund manager over the most recent three calendar years is shown below. Note that Newton work on calendar years. therefore. the 2026 Quarter 1 position reflects performance at 31 March 2026. A review of our Investment Strategy will be undertaken in 2026-27. 14
DoGusign Envelope ID.. A4B4D837-F32&820E-81E4-A11CA7ABF40E Greater Glasgow Health Board Endowment Funds Annual Accounts for the year ended 31 March 2026 FUND MANAGER PERFORMANCE Tr4EI reluin Dn InvesVnenli%l Bencknarkretyrn 1% ai os Q4 OL Source." Newton Investment Manager Quarterty Reporting The funds have generally tracked benchmark, however, performance fell below benchmark during 2023 as a result of interest rates persisting at higher levels for longer than anticipated, and a slower than expected post COVID-19 recovery in key global economies. Following a modest recovery during 2024, the firsl quarter of 2025 was marked by an unpredictable policy agenda in the US which depressed performance, particularly within equities. The position was then recovered throughout 2025, with key growth areas being within artificial intelligence and other technological investments. The final quarter of 2025-26 was marked by further uncertainties in global markets, predominantly arising from US foreign policy operations, which resulted in the fund underperforming against its benchmark. The consolidated asset allocation as at 31 March 2026 was as follows.. UK Equities UK Fixed Income Unit Trusts CommoditieslProperty Cash Total 55 22 100 The year-end market value of the investment portfolio administered by Newton was £109.4m compared with £104.3M in the prior year. The increase in carrying value was due to net investment gains of £7.Om, split between £1.8m of realised gains and £5.2m of unrealised gains. Good investment perf0rrnan for most of 2025-26, particularly across equities relating to technology and commodities, contributed positively to increases in market value within the portfolio. However, unrealised gains 15
DoGusign Envelope ID.. A4B4D837-F32&820E-81E4-A11CA7ABF40E Greater Glasgow Health Board Endowment Funds Annual Accounts for the year ended 31 March 2026 saw a reduction in the final months of 2025-26 due to the conflict in Iran and resulting uncertainty across global markets. Early indicators show that the fund's investment value has not been materially impacted in 2026-27. Investment management costs of £533k were incurred in 2025-26 (2024-25.. £505k}. The investment management fee is calculated in accordance with the fee scale agreed at time of last tender and effective from 1 April 2017. Ethical and Responsible Investment The Fund is managed according to the Greater Glasgow and Clyde ethical policy. implemented using a sustainable investment screening tool by the investment manager. The fund manager, in particular in the equity portfolio, is encouraged to take an active approach to engagement in Environmental, Social and Governance (ESG) issues when considering both existing and prospective investments. A quarterly report on ethical investment is prepared by the fund manager and shared with the Charity. The Trustees maintain the following investment restrictions, which would be in direct conflict with the Charity s objectives= No direct investments in companies involved in tobacco production, distillers of alcoholic beverages, armaments or fossil fuels. Screened at 100/0 of turnover. No direct investment in issuers that breach the UN Global Compact Principals of corporate sustainability. Disclosure of Information to the Auditor So far as the Trustees are aware at the time the report is approved.. there is no relevant audit information of which the charity's auditor is unaware. and 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 informalion. The Trustees, Report is approved and signed on behalf of the Board Signed by: 261612026 231 B5F95BF204FF.-. Michael Breen 25 June 2026 16
DoGusign Envelope ID.. A4B4D837-F32&820E-81E4-A11CA7ABF40E Greater Glasgow Health Board Endowment Funds Annual Accounts for the year ended 31 March 2026 Trustees, responsibilities The Trustees are responsible for preparing the Trustees, report and the annual accounts in accordance with applicable law and regulations. Charity law requires the Trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under charity law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing these financial statements, the Trustees are required to: select suitable accounting policies and then apply them consistently- make judgements and accounting estimates that are reasonable and prudent- state whether the recommendations of the Statement of Recommended Practice have been followed, subject to any material departures disclosed and explained in the financial statements- state whether the financial statements comply with applicable accounting standards and the requiremenls of the National Heallh Service {Scotland} Act 1978, subject to any material departures disclosed and explained in the financial statements; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue its activities. The Trustees are required to act in accordance with the National Health Service (Scotland) Act 1978, within the framework of trust law. They are responsible for keeping adequate accounting records, sufficient to disclose at any time, with reasonable accuracy, the financial position of the charity at that time, and to enable the Trustees to ensure that, where any statements of accounts are prepared by them under section 44 of the Charities and Trustee Investment {Scotland} Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended}, those statements of accounts comply with the requirements of regulations under that provision. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Charity and to prevent and detect fraud and other irregularities. Financial statements are published on the charity's website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements, which may vary from legislation in otherjurisdictions. The maintenance and integrity of the charity's website is the responsibility of the Trustees. The Trustees, responsibilily also exlends to the ongoing integrity of the financial stalements contained therein. 17
INDEPENDENT AUDITOR’S REPORT TO TRUSTEES OF GREATER GLASGOW HEALTH BOARD ENDOWMENT FUNDS
Report on the audit of the financial statements
Opinion
In our opinion, the financial statements:
-
give a true and fair view of the state of the Charity’s affairs as at 31 March 2026 and of its incoming resources, application of resources and cash flows for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
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.
We have audited the financial statements of Greater Glasgow Health Board Endowment Funds (“the Charity”) for the year ended 31 March 2026 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements. 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).
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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
We remain independent of the Charity in accordance with the ethical requirements relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
Conclusions related 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. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the Charity’s ability to continue as a going concern. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
18
INDEPENDENT AUDITOR’S REPORT TO TRUSTEES OF GREATER GLASGOW HEALTH BOARD ENDOWMENT FUNDS (CONTINUED)
Other information
The Trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our auditor’s report thereon.
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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is 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 require us to report to you if, in our opinion;
the information given in the Trustees’ Report is inconsistent in any material respect with the financial statements;
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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 and returns; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of Trustees
As explained more fully in the Trustees’ responsibilities statement, 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 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.
19
INDEPENDENT AUDITOR’S REPORT TO TRUSTEES OF GREATER GLASGOW HEALTH BOARD ENDOWMENT FUNDS (CONTINUED)
However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the Charity and management.
Extent to which the audit was 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, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Non-compliance with laws and regulations
Based on:
-
Our understanding of the Charity’s and the sector in which it operates;
-
Discussion with management and those charged with governance; and
-
Obtaining and understanding of the Charity’s policies and procedures regarding compliance with laws and regulations.
We considered the significant laws and regulations to be compliance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), the Charities SORP and the requirements of the Charities Accounts (Scotland) Regulations 2006.
The Charity is also subject to laws and regulations where the consequence of non-compliance could have a material effect on the amount or disclosures in the financial statements, for example through the imposition of fines or litigations.
Our procedures in respect of the above included:
-
Enquires of management whether there were any litigations and claims;
-
Enquires of the legal team of the Charity;
-
Review of minutes of meetings of those charged with governance for any instances of noncompliance with laws and regulations;
-
Review of financial statement disclosures and agreeing to supporting documentation; and
-
Review of legal expenditure accounts to understand the nature of expenditure incurred.
Fraud
We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk assessment procedures included:
-
Enquiry with management and those charged with governance regarding any known or suspected instances of fraud;
-
Obtaining an understanding of the Charity’s policies and procedures relating to:
oDetecting and responding to the risks of fraud; andoInternal controls established to mitigate risks related to fraud. -
Review of minutes of meetings of those charged with governance for any known or suspected instances of fraud;
-
Discussion amongst the engagement team as to how and where fraud might occur in the financial statements; and
-
Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
Based on our risk assessment, we considered the areas most susceptible to fraud to be management override of control and manual journal posted to income.
20
INDEPENDENT AUDITOR’S REPORT TO TRUSTEES OF GREATER GLASGOW HEALTH BOARD ENDOWMENT FUNDS (CONTINUED)
Our procedures in respect of the above included:
- Testing a sample of journal entries throughout the year, which met a defined risk criteria, by agreeing to supporting documentation.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members who were all deemed to have appropriate competence and capabilities and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
A further description of our responsibilities for the audit of the financial statements is located at the Financial Reporting Council’s (“FRC’s”) website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the Charity’s trustees, as a body, in accordance with the Charities and Trustee Investment (Scotland) Act 2005. Our audit work has been undertaken so that we might state to the Charity’s trustees 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.
BDO LLP, statutory auditor Glasgow, UK
29 June 2026
BDO LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).
21
Docusign Envelope ID: A4B4D837-F326-820E-81E4-A11CA7ABF40E Greater Glasgow Health Board Endowment Funds Annual Accounts for the year ended 31 March 2026
STATEMENT OF FINANCIAL ACTIVITIES
| Notes Income and Endowments From: Donations and Legacies 2 Charitable Activities Investments 3 Other Total Expenditure on: Raising Funds 4 Charitable Activities 4 Total Net (Expenditure) / Income Before Investment Gains / (Losses) Net Gains / (Losses) on Investments 7 Net Income / (Expenditure) Transfers Between Funds Net Movement in Funds 12 Total Funds Brought Forward as at 1 April 2025 Total Funds Carried Forward as at 31 March 2026 |
Unrestricted Restricted Endowment Total Unrestricted Restricted Endowment Total Funds Funds Funds 2026 Funds Funds Funds 2025 £000 £000 £000 £000 £000 £000 £000 £000 3 876 - 879 168 1,365 - 1,533 2 7,278 - 7,280 1 5,878 - 5,879 3,446 - - 3,446 3,259 - - 3,259 - 5 - 5 - 1 - 1 |
|---|---|
| 3,451 8,159 - 11,610 3,428 7,244 - 10,672 |
|
| 533 - - 533 505 - - 505 5,288 8,446 - 13,734 5,209 8,403 - 13,612 |
|
| 5,821 8,446 - 14,267 5,714 8,403 - 14,117 |
|
| (2,370) (287) - (2,657) (2,286) (1,159) - (3,445) 7,018 - - 7,018 931 - - 931 |
|
| 4,648 (287) - 4,361 (1,355) (1,159) - (2,514) |
|
| (542) 542 - - (273) 273 - - 4,106 255 - 4,361 (1,628) (886) - (2,514) |
|
| 13,534 84,126 5,939 103,599 15,162 85,012 5,939 106,113 |
|
| 17,640 84,381 5,939 107,960 13,534 84,126 5,939 103,599 |
All income and expenditure relates to continuing activities.
23
Docusign Envelope ID: A4B4D837-F326-820E-81E4-A11CA7ABF40E Greater Glasgow Health Board Endowment Funds Annual Accounts for the year ended 31 March 2026
BALANCE SHEET
| Note FIXED ASSETS Investments 7 Total Fixed Assets CURRENT ASSETS Debtors 8 Cash at bank and in hand TOTAL CURRENT ASSETS CURRENT LIABILITIES Creditors due within one year 9 Net current (liabilities)/assets Total assets less current liabilities THE FUNDS OF THE CHARITY: Endowment Funds 12 Restricted Funds 12 Unrestricted Funds 12 TOTAL CHARITY FUNDS Adopted by the Trustees on 25 June 2026 |
2026 £’000 109,426 109,426 347 2,118 2,465 (3,931) (1,466) 107,960 5,939 84,381 17,640 107,960 |
2025 £’000 104,269 |
|---|---|---|
| 104,269 | ||
| 232 1,970 |
||
| 2,202 | ||
| (2,872) | ||
| (670) | ||
| 103,599 | ||
| 5,939 84,126 13,534 |
||
| 103,599 | ||
26/6/2026
Michael Breen Trustee Charity Number: SC005895
24
Docusign Envelope ID: A4B4D837-F326-820E-81E4-A11CA7ABF40E Greater Glasgow Health Board Endowment Funds Annual Accounts for the year ended 31 March 2026
STATEMENT OF CASH FLOWS
| CASH FLOWS FROM OPERATING ACTITIVITES: Note Net cash (used in)/provided by operating activities 13 CASH FLOWS FROM INVESTING ACTIVITIES: Interest and dividends received Payments to acquire investments Receipts from the sale of investments Net cash provided by investing activities (Decrease)/Increase in cash in year 14 Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year Cash and cash equivalents is represented by: Cash at bank Cash held within investments |
2026 £’000 (5,235) 3,631 (13,716) 13,417 3,332 (1,903) 11,659 9,756 2,118 7,638 9,756 |
2025 £’000 (4,519) |
|---|---|---|
| 3,356 (11,252) 12,148 |
||
| 4,252 | ||
| (267) 11,926 |
||
| 11,659 | ||
| 1,970 9,689 |
||
| 11,659 |
25
Docusign Envelope ID: A4B4D837-F326-820E-81E4-A11CA7ABF40E
Greater Glasgow Health Board Endowment Funds Annual Accounts for the year ended 31 March 2026
Notes to the financial statements for the year ended 31 March 2026
1 Significant accounting policies
1.1 Basis of preparation
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charity SORP (FRS 102)), and The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
The NHSGGC Healthcare Charity is an unincorporated charity registered in Scotland with the Office of the Scottish Charity Regulator (OSCR) under the number SC005895. Its powers to hold funds on trust are set out in sections 82 to 85 of the NHS Scotland Act 1978. Details of its administrative office (registered office) are included on page 4. These financial statements are presented in pounds sterling (GBP) as that is the currency in which the Charity’s transactions are denominated. The Charity meets the definition of a public benefit entity (PBE), as defined in FRS 102.
The financial statements are prepared in accordance with the historical cost convention, modified by the revaluation of investment assets.
The preparation of financial statements requires the use of certain critical accounting estimates and requires Trustees to exercise their judgement in the process of applying the accounting policies. The only material estimate applied in these financial statements relates to the carrying value of investments as disclosed in Note 1.10.
1.2 Going Concern
The accounts are prepared on the going concern basis, which provides that the entity will continue in operational existence for the foreseeable future. The Trustees have considered a period of at least 12 months from the signing of the financial statements and have not identified any material uncertainties that may cast significant doubt on the Charity’s ability to meet its obligations as they fall due in the foreseeable future.
1.3 Income
Donations and legacies are credited to the statement of financial activities on a receivable basis. Legacies are accounted for on receipt of correspondence from the personal representative indicating that payment of the legacy will be made.
Fees receivable and charges for services, for example from the completion of medical tests or delivery of training courses, are accounted for in the period in which the revenue is receivable. Incoming resources are included gross of any tax recoverable.
Grants receivable and research sponsorship income are credited to the statement of financial activities in the year in which they are receivable.
26
Docusign Envelope ID: A4B4D837-F326-820E-81E4-A11CA7ABF40E
Greater Glasgow Health Board Endowment Funds Annual Accounts for the year ended 31 March 2026
Income from investments is included in the year in which it is due.
1.4 Expenditure and recognition of liabilities
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. The costs of raising funds are those incurred in making payments to the Fund’s investment manager and do not include the costs of disseminating information in support of charitable activities.
Charitable expenditure is classified to reflect the main areas of activity of the charity with a more detailed analysis given in the notes to the accounts. All expenditure is allocated directly to the appropriate expenditure heading.
Management and administration costs, excluding governance costs, which are separately disclosed, are allocated against the unrestricted funds. Governance costs include those costs associated with meeting the constitutional and statutory requirements of the Charity. This includes costs related to the statutory audit.
Liabilities arise from legal or constructive obligations that commit the charity to expenditure. A liability and related expenditure are recognised when all of the following criteria are met:
-
Obligation – a present legal or constructive obligation exists at the reporting date as a result of a past event.
-
Probable – it is more likely than not that a transfer of economic benefits, often cash, will be required in settlement.
-
Measurement – the amount of the obligation can be measured or estimated reliably.
1.5 Taxation and VAT
The Charity has charitable status and is exempt from income tax under Section 505 of the Income and Corporation Taxes Act 1988 and capital gains tax under Section 256 of the Taxation of Chargeable Gains Act 1992 and the Charity is entitled to describe itself as a Scottish charity. Any irrecoverable VAT is charged to the statement of financial activities or capitalised as part of the cost of the related asset, where appropriate. The Charity is not separately registered for VAT. As permitted by HM Revenue & Customs (HMRC) under the NHS Contracted Out Services Regulations, VAT on relevant invoices paid from Endowment Funds is reclaimed using NHSGGC’s own VAT registration reference. Amounts reclaimed are credited to the endowment funds which bore the costs initially.
1.5 Cash and cash equivalents
Cash and cash equivalents includes cash in hand, balances held in commercial banks and any other short-term highly liquid investments with original maturities of three months or less, and bank overdrafts.
1.6 Fund accounting
Unrestricted funds are funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific
27
Docusign Envelope ID: A4B4D837-F326-820E-81E4-A11CA7ABF40E
Greater Glasgow Health Board Endowment Funds Annual Accounts for the year ended 31 March 2026
restrictions imposed by donors, or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Endowment funds represent those assets which must be held permanently by the charity. Solely the income generated from those assets may be spent in accordance with the donors’ wishes.
Investment income and gains/losses are allocated to unrestricted funds.
1.7 Investments
Investments are included at closing bid-market value at the balance sheet date. Any realised and unrealised gains and losses on revaluation or disposals are combined in the statement of financial activities.
1.8 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.
1.9 Staff costs
The Charity is a grant making charity and has no employees (Charity staff are employees of NHS Greater Glasgow and Clyde), therefore there is no pension liability recognised. The staff costs disclosed in these financial statements reflect recharged salaries from the health board incurred in the day-to-day operation of the charity.
1.10 Significant judgements and estimates
The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The Charity makes judgements in applying accounting policies. The only material estimate relates to the determination of carrying value of investments at fair value through the Statement of Financial Activities.
1.11 Post Balance Sheet Events
Where events take place after the financial year-end but before the signing of the annual accounts, and provide information about conditions existing as at 31 March, the figures in the financial statements and notes are adjusted in all material aspects to reflect the impact of this information. No such events have been identified for the 2025-26 financial statements.
28
Docusign Envelope ID: A4B4D837-F326-820E-81E4-A11CA7ABF40E
Greater Glasgow Health Board Endowment Funds Accounts for the Year Ended 31 March 2026 Notes to the Accounts
2. DONATIONS AND LEGACIES
| Donations from Individuals Donations from Charitable Foundations Corporate Donations Legacies TOTAL 3. INVESTMENT INCOME Dividends Interest on fixed interest securities Bank and building society interest TOTAL |
Unrestricted Funds Restricted Funds Endowment FundsTotal 2026 £’000 £’000 £’000 £’000 3 291 - 294 - - - 0 - - - 0 - 585 - 585 3 876 - 879 Unrestricted Funds Restricted Funds Endowment Funds Total 2026 £’000 £’000 £’000 £’000 1,437 - - 1,437 1,734 - - 1,734 277 - - 277 3,448 - - 3,448 |
Unrestricted Funds Restricted Funds Endowment Funds Total 2025 £’000 £’000 £’000 £’000 82 278 - 360 - 95 - 95 1 31 - 32 85 961 - 1,046 |
|---|---|---|
| 168 1,365 - 1,533 |
||
| Unrestricted Funds Restricted Funds Endowment Funds Total 2025 £’000 £’000 £’000 £’000 1,315 - - 1,315 1,676 - - 1,676 268 - - 268 |
||
| 3,259 - - 3,259 |
All investment income and movements, and central administration costs are allocated to the unrestricted funds.
4. EXPENDITURE
| 4. EXPENDITURE | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Raising Funds | Charitable activities | RaisingFunds | Charitable activities | |||||||||||
| Unrestricted | Restricted | Endowment | Unrestricted |
Restricted | Endowment | Total 2026 | Unrestricted | Restricted |
Endowment | Unrestricted |
Restricted | Endowment | Total 2025 | |
| Funds | Funds | Funds | Funds |
Funds | Funds | Funds | Funds | Funds | Funds |
Funds | Funds | |||
| £’000 | £’000 | £’000 | £’000 |
£’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 |
£’000 | £’000 | £’000 | |
| Investment Management Costs | 533 | - | - | - | - | - | 533 | 505 | - | - | - | - | - | 505 |
| Research Salaries and Supplies | - | - | - | 2,823 | 5,700 | - | 8,523 | - | - | - | 2,123 | 5,094 | - | 7,217 |
| Donations | - | - | - | 100 | 11 | - | 111 | - | - | - | 196 | 5 | - | 201 |
| Furniture and Equipment | - | - | - | 76 | 81 | - | 157 | - | - | - | 764 | 763 | - | 1,527 |
| Projects/Building Alterations | - | - | - | 10 | 9 | - | 19 | - | - | - | 99 | 81 | - | 180 |
| IT Equipment | - | - | - | 11 | 141 | - | 152 | - | - | - | 22 | 97 | - | 119 |
| Staff Travel/Conference Expenses | - | - | - | 386 | 1,146 | - | 1,532 | - | - | - | 321 | 1,352 | - | 1,673 |
| Staff Bursaries | - | - | - | - | 57 | - | 57 | - | - | - | - | 84 | - | 84 |
| Staff Amenities | - | - | - | 92 | 90 | - | 182 | - | - | - | 110 | 53 | - | 163 |
| Staff Salaries/Lecture Fees | - | - | - | - | 25 | - | 25 | - | - | - | 4 | 121 | - | 125 |
| Publications/Staff Libraries | - | - | - | 13 | 68 | - | 81 | - | - | - | 25 | 94 | - | 119 |
| Professional Fees | - | - | - | 731 | 121 | - | 852 | - | - | - | 637 | 30 | - | 667 |
| Patients' Amenities | - | - | - | 491 | 793 | - | 1,284 | - | - | - | 219 | 443 | - | 662 |
| Christmas Gifts | - | - | - | 45 | 5 | - | 50 | - | - | - | 45 | 4 | - | 49 |
| Governance Costs | - | - | - | 27 | - | - | 27 | - | - | - | 26 | - | - | 26 |
| Hospitality and Room Hire | - | - | - | 16 | 112 | - | 128 | - | - | - | 280 | 140 | - | 420 |
| Other Expenditure | - | - | - | 467 | 87 | - | 554 | - | - | - | 338 | 42 | - | 380 |
| Total Expenditure | 533 | - | - | 5,288 |
8,446 | - | 14,267 | 505 | - | - | 5,209 | 8,403 | - | 14,117 |
29
Docusign Envelope ID: A4B4D837-F326-820E-81E4-A11CA7ABF40E
Greater Glasgow Health Board Endowment Funds Accounts for the Year Ended 31 March 2026 Notes to the Accounts
5. NET INCOME/(EXPENDITURE)
| 5. NET INCOME/(EXPENDITURE) | ||
|---|---|---|
| Net income is stated after charging : External auditor remuneration No indemnity insurance for Trustee's liability has been purchased by the charity. No non-audit services were provided by the statutory auditor during 2025-26. |
2026 £’000 27 |
2025 £’000 |
| 23 | ||
6. EMPLOYEE INFORMATION
| Staff Costs: Salaries and wages Social security costs Total |
2026 £’000 350 40 390 |
2025 £’000 284 27 |
|---|---|---|
| 311 |
No employees received emoluments exceeding £60,000 (2024-25: Nil). No trustee received any remuneration from the charity during the year (202425: Nil). No trustee expenses have been incurred (2024-25: Nil). An average of 7.0 staff (2024-25: 6.0) were employed during the year. There is no key management remuneration to disclose (2024-25: Nil) as only the Trustees are deemed key management. The staff costs detailed above are for those NHS Greater Glasgow and Clyde Health Board employees who provide the administrative support function for the charity.
7. FIXED ASSET INVESTMENTS
| Cost or valuation At 1 April 2025 Additions Disposals Cash movements Net Investment gains Net Book Value as at 31 March 2026 Fixed asset investments are represented by: Fixed interest securities Equity shares Investment trusts and unit trust Commodities Cash held within investments At 31 March 2026 |
2025 £’000 104,269 13,716 (11,639) (2,098) 5,178 109,426 2026 £’000 12,528 60,414 25,859 2,987 7,638 109,426 |
2025 £’000 103,222 11,252 (11,826) 1,132 489 |
|---|---|---|
| 104,269 | ||
| 2025 £’000 10,489 54,932 25,922 3,237 9,689 |
||
| 104,269 |
Investments included in the above with a market value greater than 5% of the total portfolio market value at 31 March 2026 are as follows:
| 2026 | 2025 | |
|---|---|---|
| £’000 | £’000 | |
| BNY Sustainable Global Dynamic Fund | 20,268 | 20,354 |
| Cash held within investments | 7,638 | 9,689 |
30
Docusign Envelope ID: A4B4D837-F326-820E-81E4-A11CA7ABF40E
Greater Glasgow Health Board Endowment Funds Accounts for the Year Ended 31 March 2026 Notes to the Accounts
| 8. DEBTORS Debtors due within one year: VAT Recoverable Prepayments and Accrued Income Total 9. CREDITORS Creditors due within one year: Accruals Due to Related Undertakings Total 10. ANALYSIS OF THE NET ASSETS BETWEEN FUNDS Endowed Funds Restricted Funds Unrestricted Funds Total at 31 March 2026 Endowed Funds Restricted Funds Unrestricted Funds Total at 31 March 2025 |
Investments £’000 8,373 77,160 23,893 109,426 Investments £’000 8,714 82,008 13,547 104,269 |
2026 £’000 4 343 347 2026 £’000 2,677 1,254 3,931 Net Current Assets/ (Liabilites) £’000 (2,434) 7,221 (6,253) (1,466) Net Current Assets/ (Liabilites) £’000 (2,762) 2,105 (13) (670) |
2025 £’000 3 229 |
|---|---|---|---|
| 232 | |||
| 2025 £’000 2,556 316 |
|||
| 2,872 | |||
| Total 2026 £’000 5,939 84,381 17,640 |
|||
| 107,960 | |||
| Total 2025 £’000 5,952 84,113 13,534 |
|||
| 103,599 |
11. TAXATION
The charity is a registered charity, and as such is entitled to certain tax exemptions on income and profits from investments, and surpluses on any trading activities carried on in furthering of the charity's primary objectives, if these profits and surpluses are applied solely for charitable purposes.
31
Docusign Envelope ID: A4B4D837-F326-820E-81E4-A11CA7ABF40E
Greater Glasgow Health Board Endowment Funds Accounts For The Year Ended 31 March 2026 Notes to the Accounts
12. FUNDS
The titles of the individual funds are indicative of the particular specialty, department, hospital or research activity that they support. They fall into two broad categories - funds received by way of legacies or substantive donations to support particular specialties / developments / research activities. Alternatively they are funds of a custodian nature established at the request of designated fundholders and controlled by them on an operational basis, but subject to the general oversight of the Trustees. Custodian funds are mainly research orientated but also include minor amenity funds operated for specific wards/departments.
Abbreviations used above are as follows: GRI - Glasgow Royal Infirmary, PRMH - Princess Royal Maternity Hospital, WIG - Western Infirmary Glasgow, GGH - Gartnavel General Hospital, VI - Victoria Infirmary, SGH - Southern General Hospital, QMH - Queen Mothers Hospital, RHSC - Royal Hospital for Sick Children, RAH - Royal Alexandra Hospital, IRH - Inverclyde Royal Hospital, DBAR - Dykebar Hospital, INS - Institute of Neurological Sciences.
| Unrestricted Funds Total Unrestricted Funds Restricted Funds Advanced Practice Arthritis Baxter's Bequest B-crf Comm + Non Comm Activity B-crf Donations Beatson Wos Patient Centred Biochemistry Department Breast Cancer 2000 Childrens Cont.prof.dev.gp's Wofscot Cystic Fibrosis Day Release Psychiatry-wofs Diabetic Directorate Of Med Education Dr Barclay's Liver Research Early Breast Cancer Recurrance Education And Training Equipment Fund Ermina Johnson Legacy F.p. Training Fund Gartnavel Digestive Diseases Ggc - Virology Fund Ggh B'chem Drug Investig Gghb Social Welfare Ggh-cr-uk In-house Projects Fu Ggh Diabetic Research Ggh Ediu General Ggh Optometry Ggh Pats + Staff Welfare Ggh Radionuclide Service Ggh-scottish Virology Graham Wilson Mem. Fd Gri B'chem Clin Trials Gri Cancer Fund Gri Chest + Heart Fund Gri Clinical Research Dev. Gri Dermatology Gri General Research Gri Haematology Dept Gri Kidney Unit Gri Liver Research Fund Gri Microbiology Dept Gri M.p.millar General Fund Gri Opthalmic Gri Renal Fund Gri Rheumatology Res. (madhok) Gri St. Mungo Oncology Unit |
Balance at 1 April 2025 Receipts Payments Transfers Investment Gain Balance at 31 March 2026 £’000 £’000 £’000 £’000 £'000 £'000 |
|---|---|
| 13,534 3,451 (5,821) (542) 7,018 17,640 |
|
| 141 - (5) - - 136 271 - (2) - - 269 377 - - - - 377 7,386 2,851 (2,272) - - 7,965 114 5 - - - 119 99 31 (3) - - 127 222 16 (4) - - 234 101 - - - - 101 150 - (1) - - 149 101 - - - - 101 213 6 (20) - - 199 228 25 (35) - - 218 204 - - 9 - 213 175 - - - - 175 289 39 (18) - - 310 122 - (4) - - 118 156 10 (61) - - 105 309 25 (3) - - 331 225 - (28) - - 197 139 - - - - 139 85 40 (10) - - 115 396 7 (8) - - 395 119 - (1) - - 118 2,736 - - - - 2,736 832 1,181 (1,300) - - 713 243 - (6) - - 237 110 64 (16) - - 158 99 12 (1) - - 110 155 - - - - 155 223 2 (12) - - 213 120 - - - - 120 274 - (3) - - 271 287 6 (63) - - 230 2,104 - (63) - - 2,041 2,481 - (64) - - 2,417 216 - 1 - - 217 142 - (2) - - 140 106 - (3) - - 103 204 3 - - - 207 189 51 (11) - - 229 132 - (1) - - 131 441 18 (37) - - 422 958 - (27) - - 931 109 - - - - 109 911 - (20) - - 891 367 - - - - 367 158 - - - - 158 |
32
Docusign Envelope ID: A4B4D837-F326-820E-81E4-A11CA7ABF40E
Greater Glasgow Health Board Endowment Funds Accounts For The Year Ended 31 March 2026 Notes to the Accounts
| Accounts For The Year Ended 31 March Notes to the Accounts |
2026 | |||||
|---|---|---|---|---|---|---|
| Balance at 1 April 2025 |
Receipts | Payments | Transfers | Investment Gain |
Balance at 31 March 2026 |
|
| £’000 | £’000 | £’000 | £’000 | £'000 | £'000 | |
| Restricted Funds (Cont.) | ||||||
| Gri - The Ovarian Fund | 546 | - | (1) | - | - | 545 |
| Gri Thrombosis Research | 231 | 27 | - | - | - | 258 |
| Haemophilia | 340 | 3 | (23) | - | - | 320 |
| Health Info And Volunteering | 43 | - | (84) | 160 | - | 119 |
| Health & Safety Service | 182 | 11 | (4) | - | - | 189 |
| Homeopathic Hospital Phase I | 1,919 | - | - | - | - | 1,919 |
| Intensive Care Research | 152 | - | (2) | - | - | 150 |
| Irh Oncology | 102 | - | (2) | - | - | 100 |
| Irh Orthopedic | 159 | - | - | - | - | 159 |
| Jean W Brown Bequest | 287 | 1 | 2 | - | - | 290 |
| Legacy Frances Aranci | 136 | - | - | - | - | 136 |
| Legacy Peter Foley | 129 | - | - | - | - | 129 |
| Legacy Vincent Capaldi | 388 | - | - | - | - | 388 |
| Leukaemia & Cancer Res. | 974 | 35 | (201) | - | - | 808 |
| Mary E Johnston Legacy Beatson Oncolo | - | 105 | - | - | - | 105 |
| Mary E Johnston Legacy Stobhill Hospita | - | 105 | - | - | - | 105 |
| Mary E Johnston Legacy Vic/qeuh | - | 105 | - | - | - | 105 |
| Medical Genetics | 318 | - | - | - | - | 318 |
| Mental Health Conference Fund | 296 | 61 | (13) | - | - | 344 |
| Metabolic | 205 | - | (1) | - | - | 204 |
| M.keeling Vic. Ward 5a | 111 | - | - | - | - | 111 |
| Ms Muir's Bequest | 182 | - | (5) | - | - | 177 |
| Neurology Dept.donations | 117 | 1 | - | - | - | 118 |
| Ng Atherosclerosis-lipid Resch | 172 | - | - | - | - | 172 |
| Ng B'chem Training/education | 653 | 59 | (39) | - | - | 673 |
| Ngt Cap + Rev Initiatives | 596 | - | - | - | - | 596 |
| North Glas Lyle's Executry | 644 | - | - | - | - | 644 |
| Octu General | 275 | 11 | - | - | - | 286 |
| Overseas Support & Training | 199 | 4 | (4) | - | - | 199 |
| Pathology Gardiner L'ship | 365 | - | (13) | - | - | 352 |
| Peter Stirling Stobhill Legacy | 465 | - | - | - | - | 465 |
| Pet Rpu Endowment Fund | 104 | 11 | (4) | - | - | 111 |
| Phenylketonuria | 107 | - | - | - | - | 107 |
| Plumpton C'burn Plastic | 943 | - | - | - | - | 943 |
| Pollok Bequest (renal) | 666 | - | - | - | - | 666 |
| Post Grad Gp Educ W05 | 294 | - | - | - | - | 294 |
| Price Bequest Wards 6/7 | 1,460 | - | (41) | - | - | 1,419 |
| Qeuh Renal Unit Fund | 131 | 17 | (7) | - | - | 141 |
| Quality+serv Improvement Woscc | 590 | - | - | - | - | 590 |
| Rbmh Cancer Fund | 4,293 | 154 | (177) | - | - | 4,270 |
| Reid Bequest - Opthalmic | 388 | - | - | - | - | 388 |
| Renal Research & Travel | 1,137 | 9 | (109) | - | - | 1,037 |
| Renal Unit | 183 | - | - | - | - | 183 |
| Research And Development | 4,176 | 1,400 | (1,256) | - | - | 4,320 |
| Rhc Theatre Project | 468 | - | - | - | - | 468 |
| Royal Sam Women's Health | 6,253 | - | - | - | - | 6,253 |
| Rvs Gifting | 153 | - | - | - | - | 153 |
| Sannino Orthopaedic | 113 | - | (2) | - | - | 111 |
| S.gen.spinal Injuries | 268 | 9 | (35) | - | - | 242 |
| Sgh Haematology Dept Fd. | 146 | - | - | - | - | 146 |
| Sgh Headache Clinic | 178 | 25 | (1) | - | - | 202 |
| Sgh Main X-ray Dept Educ | 131 | 46 | (17) | - | - | 160 |
| Sgh Neurosurgery Dept. Fund | 149 | - | - | - | - | 149 |
| Sgh Nuclear Med. Fund | 218 | 46 | (7) | - | - | 257 |
| Sgh Orthopaedic Fund | 94 | 26 | - | - | - | 120 |
| S Glasgow Hosps Equipt | 834 | - | - | - | - | 834 |
| Sg Neuro-oncology | 161 | - | (5) | - | - | 156 |
| S'hill Gyn-laser & Oncology | 139 | - | (11) | - | - | 128 |
| S'hill Haematology Dept. | 102 | - | - | - | - | 102 |
| Skea Legacy Renal-transplant | 108 | - | - | - | - | 108 |
| Transplant + Renal Failure | 106 | 8 | (5) | - | - | 109 |
| Tset Account | 255 | - | (34) | - | - | 221 |
| Ukneqas-cardiac Markers | 218 | 255 | (142) | - | - | 331 |
| Vic Cancer Research Fd. | 287 | - | - | - | - | 287 |
| Vic. Pathology Laboratory Fund | 298 | 29 | (3) | - | - | 324 |
| Vict. G.macfarlane | 187 | - | - | - | - | 187 |
| Vol Cancer Care | 126 | 5 | - | - | - | 131 |
| Ward 1e Cardiology | 111 | - | - | - | - | 111 |
33
Docusign Envelope ID: A4B4D837-F326-820E-81E4-A11CA7ABF40E
Greater Glasgow Health Board Endowment Funds Accounts For The Year Ended 31 March 2026
Notes to the Accounts
| Restricted Funds (Cont.) Wig Asthma Research Wig Beatson Oncology Wig Bone Research Wig Breast Unit Wig Cancer Wig Cardiol. (hamilton/hastie) Wig Diabetes Research Wig Gastro-intestinal Wig / Ggh Imaging Direct Wig Haematology Educat Wig Opthalmology Fund Wig Plastic Wig Renal Unit Fund Wig Respiratory Res Wig Rheum.arthritis Res. Wig Stroke Unit Research Wig-west Glw. Dermatology Wilson Watt Bequest Wos Cystic Fibrosis Unit Yorkhill Tct Fund Other Total Restricted Funds Endowment Funds Catherine Mcphail Craig Beques Glasgow Royal Infirmary Macfarlane Fund Sir J.andersons Fund Western Infirmary Other Total |
Balance at 1 April 2025 Receipts Payments Transfers Investment Gain Balance at 31 March 2026 £’000 £’000 £’000 £’000 £'000 £'000 325 20 (37) - - 308 111 6 (5) - - 112 103 28 (1) - - 130 127 - - - - 127 963 - - - - 963 430 - - - - 430 175 - - - - 175 117 - (6) - - 111 244 30 (5) - - 269 339 21 (17) - - 343 127 - - - - 127 314 - (9) - - 305 123 - - - - 123 118 4 (13) - - 109 132 2 - - - 134 295 41 (7) - - 329 249 2 (9) - - 242 549 - - - - 549 223 7 (12) - - 218 264 - - - - 264 17,818 1,038 (1,976) 373 - 17,238 |
|---|---|
| 84,126 8,159 (8,446) 542 - 84,381 |
|
| Balance at 1 April 2025 Receipts Payments Transfers Investment Gain Balance at 31 March 2026 £’000 £’000 £’000 £’000 £'000 £'000 485 - - - - 485 1,265 - - - - 1,265 1,634 - - - - 1,634 1,129 - - - - 1,129 1,034 - - - - 1,034 392 - - - - 392 |
|
| 5,939 - - - - 5,939 |
Endowment Funds are established when funding is received with the proviso that the capital is to be preserved and only the revenue spent. The revenue generated by the Anderson and Macfarlane Funds is utilised to support research activity at the Glasgow Royal Infirmary.
34
Docusign Envelope ID: A4B4D837-F326-820E-81E4-A11CA7ABF40E
Greater Glasgow Health Board Endowment Funds Accounts For the Year Ended 31 March 2026 Notes to the Accounts
13. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES
| 13. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES | ||
|---|---|---|
| Continuing Activities Net (Expenditure)/Income for the Year (Gains) on Investments Investment (Income) Decrease/(Increase) in Debtors (Decrease) in Creditors Net Cash Used In Operating Activities 14. RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN FUNDS Decrease in cash in year Cash used to (decrease)/increase short term deposits Movement in cash in year per statement of cash flows 15. FINANCIAL INSTRUMENTS Financial assets at fair value |
2026 £’000 4,361 (7,018) (3,446) (191) 1,059 (5,235) 148 (2,051) (1,903) 109,426 109,426 |
2025 £’000 (2,514) (931) (3,259) 2,449 (264) |
| (4,519) | ||
| (1,399) 1,132 |
||
| (267) | ||
| 104,269 | ||
| 104,269 |
Financial assets measured at fair value relate to investments held within non-current assets on the balance sheet. These are mainly comprised of listed investments and bonds, with further information disclosed in Note 7 Fixed Asset Investments.
16. RELATED PARTY TRANSACTIONS
| Related Party | Related Party Transactions | Detail of Related Party |
|---|---|---|
| Payroll recharges of £390,000 and | ||
| NHS Greater Glasgow and Clyde | year-end creditor due from the | The Charity's ultimate parent and 100% controlling party is NHSGGC. |
| Charity of £1,254,000. | ||
| East Dunbartonshire Integration Joint Board |
Charitable funding of £32,000 was provided for East Dunbartonshire IJB in 2025-26. |
Ms E Cairns, Non-Executive Director, was also Chair of East Dunbartonshire Integration Joint Board, Ms L McDonald and Mr C Vincent, Non-Executive Directors, were also members of East Dunbartonshire Integration Joint Board. |
| East Renfrewshire Integration Joint Board |
Charitable funding of £27,000 was provided for East Renfrewshire IJB in 2025-26. |
Councillor K Pragnell and Ms M Ashraf, Non-Executive Directors, were also Chair and Vice-Chair respectively of the East Renfrewshire Joint Integration Joint Board. Mr M Cawley, Ms C Cooney, and Ms D Foy, Non-Executive Directors, were also members of East Renfrewshire Integration Joint Board. |
| Councillor C Cunningham and Dr P Ryan, Non-Executive Directors, were also | ||
| Charitable funding of £209,000 was | the Chair and Vice-Chair respectively of the Glasgow City Integration Joint | |
| Glasgow City Integration Joint Board | provided for Glasgow City IJB in | Board. Mr M Cawley, Mr D Gould, Mr G Haddock, Mr J Kinlochan, Ms K |
| 2025-26. | Miles, Ms K Turner and Mr C Vincent, Non-Executive Directors, were also | |
| members of Glasgow City Integration Joint Board. | ||
| Inverclyde Integration Joint Board | Charitable funding of £28,000 was provided for Inverclyde IJB in 2025- 26. |
Mr D Gould, Non-Executive Director, was also Chair of the Inverclyde Integration Joint Board. Mr G D'Alessio, Dr R Metcalfe, and Dr P Ryan, Non- Executive Directors, were also members of Inverclyde Integration Joint Board. |
| Renfrewshire Integration Joint Board | Charitable funding of £59,000 was provided for Renfrewshire IJB in 2025-26. |
Ms M Kerr, Non-Executive Director, was also Chair of the Renfrewshire Integration Joint Board. Councillor J Cameron, Ms C Cooney, Mr J Kinlochan and Dr R Metcalfe, Non-Executive Directors, were also members of Renfrewshire Integration Joint Board. |
| West Dunbartonshire Integration Joint Board |
Charitable funding of £31,000 was provided for West Dunbartonshire IJB in 2025-26. |
Ms M Wailes, Non-Executive Director was also Chair of West Dunbartonshire Integration Joint Board. Ms L McDonald, Ms E Cairns, and Councillor M McGinty, Non-Executive Directors, were also members of West Dunbartonshire Integration Joint Board. |
35