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 De￿mber 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 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