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2024-12-31-accounts

The Patrick Allan-Fraser of Hospitalfield Trust

Trustees’ report and consolidated financial statements for the year ended 31 December 2024

Charity number SC009987

The Patrick Allan-Fraser of Hospitalfield Trust

Contents

Page
Reference and Administrative Details of the Trust, its Trustees and Advisers 1
Trustees’ report 2 - 9
Independent auditor’s report 10-13
Consolidated statement of financial activities
(incorporating the income and expenditure account) 14-16
Trust balance sheet 17
Consolidated balance sheet 18
Trust statement of cash flows 19
Consolidated statement of cash flows 20
Notes to the consolidated financial statements 21-46

The Patrick Allan-Fraser of Hospitalfield Trust

Reference and Administrative Details of the Trust, its Trustees and Advisers

Trustees

Auditor Findlays Audit Limited
11 Dudhope Terrace
Dundee
DD3 6TS
Bankers Bank of Scotland
Brothock Bridge
Arbroath
DD11 1NH
Principal office Hospitalfield House
West Way
Arbroath
Angus
DD11 2NH
Charity number SC009987
Chief Executive Officer Lucy Byatt

1

The Patrick Allan-Fraser of Hospitalfield Trust

Trustees’ report

The Trustees present their annual report together with the audited financial statements of the group and the Trust for the year 1 January 2024 to 31 December 2024. The Trustees confirm that the Annual report and financial statements of the Trust comply with the current statutory requirements, the requirements of the Trust's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) as amended (effective 1 January 2019). The Trustees of the charity (the Trust) are its Trustees for the purpose of charity law and throughout this report are collectively referred to as the Trustees. The board of Trustees presents its report and consolidated financial statements for the year ended 31 December 2024.

Objectives and Activities

AIMS OF THE TRUST

To: Provide, furnish, maintain and administer at Hospitalfield House, Arbroath, an Institute for the study and practice of the arts, which would function for such part of the year as the Trustees regard practical within the limits of the finances available and of the facilities of the Trust.

HOSPITALFIELD - An Artist’s House - a place where time and space for new ideas is the highest priority.

A place for art production; we run an international programme of residencies for artists; rooted in the visual arts yet working across art form …. we commission new work, summer schools; events; talks; festivals; conferences & more…

Hospitalfield is one of Scotland’s most fascinating Victorian Arts & Crafts houses with a history that connects Arbroath’s dynamic medieval history with the legacy of a 19th century artist. This is a beautiful place to visit, learn about and enjoy.

Hospitalfield is a place of research and development for artists and at the core of the programme is a series of nationally and internationally significant residency programmes for artists, curators and writers which are accommodated within the house and purpose built studios. Over the last year we have made great strides in developing new commissions for our public programme, so growing the audience for Hospitalfield.

A current priority is to develop a greater audience focused programme through opening the house frequently to the public, platforming new work, developing productive international links that will help us to support artists working locally and evolving strong strategic partnerships with schools and other local and regional agencies.

The context within which this programme is evolving is a valuable historic one - in 1890 Patrick AllanFraser left his house and estate of Hospitalfield in trust. The principle of the bequest has been interpreted loyally over the years and, since the early part of the 20th century Hospitalfield has hosted and facilitated, through residency programmes; artists, students, educators, writers, curators, and others working within the broad themes of contemporary art, design and cultural ideas. As a result, Hospitalfield has had a central role in the arts ecology of Scotland for a long time and will continue to facilitate the development of artists and designers at all stages of their careers.

2

The Patrick Allan-Fraser of Hospitalfield Trust

Trustees’ report

The House itself is one of Scotland's most important Arts & Crafts houses with a significant history. As a hospital established in the 12th century the site was linked to the early years of Arbroath Abbey then as a monastery and much later was the inspiration behind Walter Scott’s novel The Antiquary. It is however the mid-19th century architecture, and the early arts and crafts style that influenced the vision of Patrick Allan-Fraser, that we experience today. Alongside the vivid Victorian collections and exceptional early arts and crafts interiors experienced in combination with the surrounding landscape, this is an impressive place to visit and outstanding resource for the arts in Scotland and beyond. Hospitalfield has been an artist’s house since the mid-19[th] century and we continue to interpret this vision by supporting artists and learning in the arts through the prism of contemporary art and ideas.

The aims as set out in the current business plan: -

Review of Activities

HOSPITALFIELD’S FUTURE PLAN

The Trust is nearing completion of the restoration of the historic studios and the development of the new 21[st] century digital studio. This is a £3.5m investment with funds from Creative Scotland, Tay City Deall Historic Environment Scotland and other supporters.

The buildings were handed back post completion in March 2024 with a 12 month defects period.

In this year the Trust received permission to start the design phase for the next phase of works to the historic house and the development of the collections study centre. This is estimated to be a further £4.9m investment in to the important heritage property and the development of a new building to hold the archives and collections. The development period brought us to RIBA stage 3 and enabled us to clear the required permissions for the development. The funding applications are now submitted and we are wating for a September 2025 deadline for a decision from NLHF which will trigger the other funding stakeholders to confirm their funding.

Working with Artists in our Public Programme

In this year we took an overarching loose theme – All About Grian. We worked in partnership with the Travelling Gallery

3

The Patrick Allan-Fraser of Hospitalfield Trust

Trustees’ report

We delivered the first Grow Up Festival which emerged as a summer school but programmed for those interested in horticulture. The focus on the garden and our horticulture programme is becoming more established.

We commissioned the artist Frieda Ford to give vision to the annual children’s procession – a project which is a collaboration between Hospitalfield and two local primary schools, Muirfield Primary and Timmergreens Primary School. This is the first of the seven years that this project has been running where the artist has worked with the school to make an animated film.

Our popular walks continued. This is a programme that has sustained since covid and included in the year a bat walk, the super moon walk with the story teller Erin Farley.

We developed a new model, our study days – the first of the three was programmed with Ufuoma Essi, the second on the voice, with Adam Benmaklouf and the third – the Artist House Study Day - brought speakers from across Europe to speak about the development of their projects which have at their centre the house of an artist left for the benefit of others.

With the new studio available the residency programme was an important focus for development after not having had on-site studios for 2.5 years.

A number of other public events focussing on families and young people were also developed.

Engagement & Learning

Over 12,000 individuals engaged with our learning programme including over 700 children and young people. We have continued to grow our long-standing developmental partnerships with Angus schools and key third sector organisations such as Tayside Healthcare Arts Trust, Angus Carers, Angus Community Mental Health Team, Glen Isla & Glen Clova Women’s Charity and Voluntary Action Angus. Volunteers In 2023 we worked with a team of over 45 volunteers. These are individuals who give their time to specific activity at Hospitalfield. Volunteers are an essential part of the Hospitalfield team, they are engaged across our garden and horticulture programme, house tours, events and work on the collections.

We have continued to run the New Scriptorium with the Arbroath 2020 committee at Arbroath Abbey.

Quarter 1 Winter/ Spring –

Partnership with the traveling gallery Partnership with Angus Carers through the Herbal Solidarity programme The tours of the house and garden began for the season Field Works with John Glenday and Gillian Fleetwood.

Quarter 2 Summer –

The Children’s graduation commission featuring Frieda Ford The first edition of Grow Up The late night bat walk

4

The Patrick Allan-Fraser of Hospitalfield Trust

Trustees’ report

Study Day – Ufuoma Essi Hospitalfield Summer Festival Grain

Quarter 3 – Autumn –

Garden and house tours continue

Angus Doors Open Day – Hospitalfield participated in this event but we need to re think how we engage better.

Study Day – Ufuoma Essi – experimental film

Study Day Artist’s Houses

Clay Festival now in its third year an important event that supports local ceramicists and makes very clear the range of astonishing craft skill there is in this region.

FUNDING – KEY STAKEHOLDERS

Public sector: -

Creative Scotland – Hospitalfield is a ‘regularly funded organisation’ and receives £100,000 annually paid quarterly this represents approximately 18% of turnover. Reporting for this funding includes reporting on programme, finances, carbon and climate, audience numbers and participation figures. In March 2024 we submitted the new Multi Year Funding application stage 2 requesting an increase to £280,000, 38% of projected income.

In 2024 we made a new application for Multi Year funding requesting considerably more funding, justifiable given the changes that have taken place within the organisation – in 2025 the result of this application for three year funding was announced with an increase on existing funding in the 2[nd] year of 150% :-

2025/26 £180,000

2026/27 £250,000

2027/28 £250,000

- Angus Council:

Hospitalfield has had strong support from Angus Council within the context of the Tay City Deal.

Trusts and Foundations

Northwood Trust – a new agreement has been reached for 2 further years supporting Hospitalfield’s core costs £40,000 per annum.

William Grant Foundation – we are in the 2[nd] year of funding at 30k per annum.

Hope Scott Trust – the second year of the Hope Scott Trust funds.

Garfield Weston Foundation – the final year of this funding.

5

The Patrick Allan-Fraser of Hospitalfield Trust

Trustees’ report

INCOME GENERATION AND HOSPITALFIELD TRADING

The café continues to develop and we now have a stable and excellent staff team running the hospitality. The other business is gradually in recovery from covid. We are grateful to our Directors of the Trading Arm for all their help and support through this setting up period.

STAFFING

Hospitalfield Trust

The Trust employs eleven members of staff.

The Hospitality Development Manager is employed by the Trust to drive the business forward for the Trading arm. We have made a conscious decision for this role to be covered by the Trust as it is vital that the Trust is able to directly guide the work of the Trading arm so that it aligns with the profile of the Trust.

Hospitalfield Trading

The trading arm employs the part time café staff, chefs and this year we moved the housekeeping staff in to the trading arm.

VOLUNTEERS

The volunteer cohort at Hospitalfield is currently around 50 people. Some are focussed on working in the grounds and the garden, others with the collection care. This is an increasingly committed group of people that we rely on significantly as they run the tours of the house.

COLLECTION CARE

We had funding from the National Lottery heritage fund to have a 12 month full time post for someone to focus on developing the systems around the collection. left in August 20204 after the period was complete.

Financial review

GOING CONCERN

The trust continued to progress with the ongoing capital project with the support of the capital funders. After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

RESTRICTED RESERVES

Hospitalfield is holding considerable reserves currently as this is funding that is restricted to capital development. Some trusts give their funding in advance of the project taking place. Once the capital funds have been spent the depreciation of the project will be offset against the relevant funds. Depreciation is only applied to phases as they are complete and fully operational. Moving forward the Trustees want to pay particular attention to the tracking of restricted funds to operating budgets.

6

The Patrick Allan-Fraser of Hospitalfield Trust

Trustees’ report

INVESTMENT POLICY AND PERFORMANCE

Under its Constitution, the charity has power to make any investment that the Trustees deem appropriate. The Trustees objectives are to invest the funds with a view to the generation of income and capital growth from the portfolio of the company's investments.

Structure, governance and management

GOVERNING DOCUMENT

The Trust in its present form was set up by a Statutory Instrument 1980 No. 2037 (S. 183) [Education, Scotland] and is governed by its constitution. The organisation is unincorporated and a new constitution was approved on 27 April 2010 following the constitution of 23 December 1980.

Following the 2010 constitution, the governing body shall consist of a maximum of 11 Trustees. The appointed Trustees shall hold office for a period of three years. Trustees shall be eligible for appointment for a maximum of two terms, thereafter vacating office for one year before becoming eligible to serve for a maximum of two further terms.

The Trustees are responsible for the overall strategy of the charity. Lucy Byatt was appointed in September 2012 as the Director of Hospitalfield, to form the vision and to take this forward.

POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF TRUSTEES

The Trustees ensure that a skills audit is maintained and where there are clear gaps in the skills and knowledge required by Hospitalfield at board level, the Director and Chair of the Trust work together to gain applications from individuals who can bring these skills to the organisation.

The Chair will invite interested individuals to follow their preferred application process. A potential Governor will often be invited to observe a Governor’s Meeting and will be formally invited to become a Trustee if all parties are in agreement.

When each Governor joins the board they are presented with a pack which includes a range of papers relating to the Trust. Within these papers there is a guide to the roles and responsibilities of a trustee published by OSCR. The Trustees attend an away day annually with the staff. Part of the programme for these days will include training and an update on the roles and responsibility of a Governor of a charitable trust.

PAY POLICY FOR SENIOR STAFF

The pay policy for senior staff is reviewed annually.

ORGANISATIONAL STRUCTURE AND DECISION MAKING

A scheme of delegation is in place and during the year the day to day responsibility for the provision of service rested with the executive director, Lucy Byatt. The executive director is responsible for forming the vision for the Trust and overseeing the management of both the Trust and the Trading arm this includes supervision of the staff team and management of the finances.

7

The Patrick Allan-Fraser of Hospitalfield Trust

Trustees’ report

RISK MANAGEMENT

The Trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The Trustees are working to ensure that they have a system in place that offers a good level of knowledge of the running of the organisation.

The Trustees delegate their responsibility for health and safety management and other risk to the staff team. They then request reporting of all the management protocols.

The main risk over the coming three to five years will relate to the capital development. There are key fundraising targets and if these are not met the Trustees must consider the position before commencing the next capital phase. The Trust has established a Development Sub Committee which allows for very close scrutiny of the fundraising. To mitigate the risk of an over large capital commitment, the Trustees have made the decision to phase the capital investment project to ensure that work can take place yet on a manageable scale.

In 2017 Hospitalfield established a trading arm, Hospitalfield Trading. This has been done to ensure that increased business use of the site can benefit the Trust in terms of revenue income and in preparation for running the site after the capital investment. Work is underway to improve the reporting between staff and Trustees to ensure the financial and organisational risk is low.

REVIEW OF RESULTS AND RESERVES POLICY

The consolidated financial statements show a deficit in unrestricted reserves of £34,932 at the year-end (2023 - deficit £91,768). In the individual charity financial statements the charity have unrestricted reserves of £27,348 (2023 – deficit of £57,369). During the year the decision was taken by the trustees to amalgamate the endowment fund which had no restrictions with the unrestricted reserves. This has been shown in the financial statements as a transfer between the funds.

The Trust has considered the level of reserves required to meet current and future liabilities. The Trustees’ policy is to gradually build up unrestricted reserves, given the financial requirements of the day to day operation of the Trust, as well as maximizing restricted funds acquired to invest in the capital infrastructure, in the collection, and in specific activities of the Trust. The Trustees aim to maintain free reserves to cover between three and six months expenditure. Whilst the Trust has substantial unencumbered assets, unrestricted liquid resources available for general operational activities are currently limited, and a focus of the capital development plans is therefore to invest in a manner that reduces ongoing operational costs and increases income generating potential. The aim is to build up £135,000 of unrestricted reserves by generating operating and trading surpluses.

FUTURE DEVELOPMENTS

This focusses on the future plan and its impact. In 2025 we will be operating the new facilities for artists and working on the next design phase of the Future Plan.

8

The Patrick Allan-Fraser of Hospitalfield Trust

Trustees’ report

TRUSTEES' RESPONSIBILITIES STATEMENT

The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in Scotland requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and the group and of the income & expenditure of the group for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charity and the group's transactions and disclose with reasonable accuracy at any time the financial position of the group and enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the charity's constitution. They are also responsible for safeguarding the assets of the charity and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Auditor

In accordance with the Trusts constitution, a resolution proposing that Findlays be reappointed as auditor of the charity will be put at the General Meeting.

Disclosure of information to auditor

Each of the Trustees have confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

This report was approved by the Trustees, on and signed on their behalf by:

Trustee & Chair 5 September 2025

9

The Patrick Allan-Fraser of Hospitalfield Trust

Independent auditor’s report to the Trustees of The Patrick Allan-Fraser of Hospitalfield Trust

Opinion

We have audited the financial statements of The Patrick Allan-Fraser of Hospitalfield Trust (the “parent charity”) and its subsidiary (“the group”) for the year ended 31 December 2023 which comprise the consolidated statement of financial activities, Trust and group balance sheets, Trust and group cash flow statements and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis of opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Trust and group in accordance with the ethical requirements that are 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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustee’s 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 trust’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

10

The Patrick Allan-Fraser of Hospitalfield Trust

Independent auditor’s report to the Trustees of The Patrick Allan-Fraser of Hospitalfield Trust

Other information

The other information comprises the information included in the Trustees’ Report, other than the financial statements and our auditor’s report thereon. The Trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities Accounts (Scotland) Regulations 2006 and the Charities and Trustees Investment (Scotland) Act 2005 requires us to report to you if, in our opinion:

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 charitable organisation’s and group’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 Trust and group or to cease operations, or have no realistic alternative but to do so.

11

The Patrick Allan-Fraser of Hospitalfield Trust

Independent auditor’s report to the Trustees of The Patrick Allan-Fraser of Hospitalfield Trust

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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Irregularities, including fraud, are instance 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 and non compliance with laws and regulations is detailed below.

The audit team has the appropriate skills and expertise required and through discussions with management and trustees and knowledge of the sector to ensure any non compliance is recognised and all necessary disclosures are made. The controls in place help the charity mitigate the risk of fraud and also aids them in highlighting any instances of fraud that might have occurred.

We assess the susceptibility of the charity's financial statements to material misstatement including obtaining an understanding of how fraud and non compliance with laws and regulations may occur.

Because of the field in which the client operates we identified the following areas as those most likely to have a material impact on the financial statements;

Direct Impact on Financial Statements

Indirect Impact on Financial Statements

12

The Patrick Allan-Fraser of Hospitalfield Trust

Independent auditor’s report to the Trustees of The Patrick Allan-Fraser of Hospitalfield Trust

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

We communicate with those charged with governance, trustees regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’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 regulation 10 of the Charities Accounts (Scotland) Regulations 2006. 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 Auditors' 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 its Trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Findlays Audit Limited (Senior statutory Auditor) Chartered Accountants & Statutory Auditors

11 Dudhope Terrace Dundee DD3 6TS

5 September 2025

13

The Patrick Allan-Fraser of Hospitalfield Trust

Consolidated statement of financial activities (incorporating the income and expenditure account) for the year ended 31 December 2024

Unr estricted
funds
Note
£
Income
Grants and donations
4
207,758
Income from charitable
activities:
Charitable activities
5
31,714
Income
from
other
trading activities:
Trading activities
6
246,089
Other income
16,650
Investment income
7
-
Total income
502,211
Expenditure
Trading operations
8
245,829
Charitable activities
Investment management
8
8
308,516
-
Total expenditure
554,345
Net
gains/(losses)
on
investments
11
-
Net movement of funds
in year
(52,134)
Transfers between funds
108,970
Net movement in funds
56,836
Reconciliation of funds
Total
funds
brought
forward
(91,768)
Total
funds
carried
forward
17
(34,932)
=======		 Restricted
funds
Endowment
funds
£
£
1,081,919
-
-
-
-
-
-
-
-
3,378
1,081,919
3,378
-
-
414,453
-
-
360
414,453
360
-
803
667,466
3,821
348
(109,318)
667,814
(105,497)
5,064,749
105,497
5,732,563
-
========
========		 Total
funds
2024
£
1,289,677
31,714
246,089
16,650
3,378
1,587,508
245,829
722,969
360
969,158
803
619,153
-
619,153
5,078,478
5,697,631
=========		 Total
funds
2023
£
2,040,979
37,028
175,661
-
3,356		 Total
funds
2023
£
2,040,979
37,028
175,661
-
3,356
2,257,024
192,149
663,888
360
856,397
2,799
1,403,426
-
1,403,426
3,675,052
5,078,478
=======

All of the above activities relate to continuing operations.

The notes on pages 21-46 form part of these financial statements.

14

The Patrick Allan-Fraser of Hospitalfield Trust

Consolidated statement of financial activities (incorporating the income and expenditure account) for the year ended 31 December 2024 (continued)

Notes to the statement of financial activities

15

The Patrick Allan-Fraser of Hospitalfield Trust

Consolidated statement of financial activities (incorporating the income and expenditure account) for the year ended 31 December 2024

Prior financial year
Unr estricted
funds
Note
£
Income
Grants and donations
4
207,563
Income from charitable
activities:
Charitable activities
5
37,028
Income
from
other
trading activities:
Trading activities
6
175,661
Investment income
7
-
Total income
420,252
Expenditure
Trading operations
8
192,149
Charitable activities
Investment management
8
8
359,935
-
Total expenditure
552,084
Net
gains/(losses)
on
investments
11
-
Net movement of funds
in year
(131,832)
Reconciliation of funds
Total
funds
brought
forward
40,064
Total
funds
carried
forward
17
(91,768)
=======		 Restricted
funds
Endowment
funds
£
£
1,833,416
-
-
-
-
-
-
3,356
1,833,416
3,356
-
-
303,953
-
-
360
303,953
360
-
2,799
1,529,463
5,795
3,535,286
99,702
5,064,749
105,497
========
========		 Total
funds
2023
£
2,040,979
37,028
175,661
3,356		 Total
funds
2023
£
2,040,979
37,028
175,661
3,356
2,257,024
192,149
663,888
360
856,397
2,799
1,403,426
3,675,052		 2,799
5,078,478
=========

16

The Patrick Allan-Fraser of Hospitalfield Trust

Trust balance sheet at 31 December 2024

Note
Fixed assets
Tangible assets
12
Investments
13
Current assets
Debtors
14
Cash at bank and in hand
Creditors
Amounts falling due within one year
15
Net current assets
Net Assets
Funds
Unrestricted funds
17
Restricted funds
Endowment funds
17
17
Total funds		 £
289,420
1,401
290,821
(153,778)		 2024
£
5,547,430
75,438
5,622,868
137,043
5,759,911
========
27,348
5,732,563
-
5,759,911
========		 2023
£
£
4,711,495
83,236
4,794,731
313,981
117,089
431,070
(112,924)
318,146
5,122,877
======
(57,369)
5,064,749
105,497
5,112,877
=======

The financial statements were approved by the board on 5 September 2025 and signed on its behalf by

Governor

The notes on pages 21-46 form part of these financial statements.

17

The Patrick Allan-Fraser of Hospitalfield Trust

Consolidated balance sheet at 31 December 2024

Note
Fixed assets
Tangible assets
12
Investments
13
Current assets
Stock
Debtors
14
Cash at bank and in hand
Creditors
Amounts falling due within one year
15
Net current assets
Net assets
Funds
Unrestricted funds
17
Restricted funds
Endowment funds
17
17
Total funds		 £
2,162
264,084
1,408
267,654
(192,890)		 2024
£
5,547,430
75,437
5,622,867
74,764
5,697,631
========
(34,932)
5,732,563
-
5,697,631
========		 2023
£
£
4,711,495
83,235
4,794,730
1,052
311,256
118,798
431,106
(147,358)
283,748
5,078,478
=======
(91,768)
5,064,749
105,497
5,078,478
=======

The financial statements were approved by the board on 5 September 2025 and signed on its behalf by

The notes on pages 21-46 form part of these financial statements.

18

The Patrick Allan-Fraser of Hospitalfield Trust

Trust statement of cash flows for the year ended 31 December 2024

Note
Net cash provided by operating
activities
21
Cash flows from investing activities
Payment to acquire tangible fixed
assets
Purchase of investments
Proceeds from disposal of investment
Investment income
Net cash used in investing activities
Cashflows from financing activities
Cash
inflows/(outflows)
from
borrowing
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end
of the reporting period		 £
(961,551)
(2,489)
11,091
3,378		 2024
2023
£
£
£
833,883
1,211,493
(2,284,966)
-
-
3,356
(949,571)
(2,281,610)
-
-
(115,688)
(1,070,117)
117,089
1,187,206
1,401
117,089
=======
=======

19

The Patrick Allan-Fraser of Hospitalfield Trust

Consolidated statement of cash flows for the year ended 31 December 2024

Note
Net cash provided by operating
activities
21
Cash flows from investing activities
Payment to acquire tangible fixed assets
Purchase of investments
Proceeds from disposal of investment
Investment income
Net cash used in investing activities
Cashflows from financing activities
Cash inflows from new borrowing
Change in cash and cash equivalents
in the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end
of the reporting period		 2024
2023
£
£
£
£
832,181
1,210,857
(961,551)
(2,284,966)
(2,489)
11,091
3,378
3,356
(949,571)
(2,281,610)
-
-
(117,390)
(1,070,753)
118,798
1,189,551
1,408
118,798
=======
=======

20

The Patrick Allan-Fraser of Hospitalfield Trust

Notes to the consolidated financial statements

1 Accounting policies

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. 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 the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102 - effective 1 January 2019 & Charities SORP - FRS 102), The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Accounts (Scotland) Regulations 2006 (as amended).

The Patrick Allan-Fraser of Hospitalfield Trust constitutes a public benefit entity as defined by FRS 102 and is a registered charity in Scotland (charity number SC009987).

The financial statements are presented in Sterling £.

The charity is unincorporated and is a recognised Scottish charity (charity number SC009987). Details of its principal office are noted on page 1.

The Statement of Financial Activities (SOFA) and Balance Sheet consolidate the financial statements of the charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line-by-line basis.

Basis of accounting and assessment of going concern

The financial statements are prepared under the historical cost convention and included the results of the operations of the Trust as indicated in the Trustees' Report. The financial statements incorporate the requirements of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities and Trustee Investment (Scotland) Act 2005 and Regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended).

The following is a summary of the significant accounting policies adopted by the Trust in the preparation of the financial statements.

Group financial statements

These financial statements consolidate the results of the Trust and its wholly owned subsidiary, Hospitalfield Trading Limited on a line-by-line basis.

21

The Patrick Allan-Fraser of Hospitalfield Trust

Notes to the Consolidated financial statements (continued)

1 Accounting policies (continued)

Going concern

The Trust continues to receive restricted and unrestricted funding for its ongoing activities including the development of the property and running of the site. Excluding restricted funds, the Trust must manage its operating activities within a limited and stretched budget. A significant uplift in public funding from Creative Scotland has been secured for the coming three years. Year one of this funding is less than required, but this has been addressed by a reduction in the expense budget in year one, including delayed hirings. The investment in a trading subsidiary, whilst still in its early days, is now diversified and making a solid contribution to overheads. The Trustees are confident that with its focus on the more profitable revenue streams, together with the rising popularity of the trading offer, the Trading Company will become increasingly profitable. The ongoing capital project is also designed to boost income generating opportunities for the Trust in addition to safeguarding and enhancing the assets. Hospitalfield is currently in a development phase where many of the planned recurring savings in annual expenditure and boosts to regular income are yet to be realized, so cashflow remains tight. Nevertheless, the Trust has considerable tangible heritable assets, including land and buildings and collections of significant worth, most of which are not valued in the balance sheet. Whilst the Trust continues to preserve and enhance these assets in delivering the mission of the organisation, they are unencumbered, and Trustees may liquidate assets as appropriate to ensure the long term health of Hospitalfield’s operations. Having considered expected future funding and income streams and the strong asset profile, the Trustees consider that there are no materiel uncertainties about the Trust’s ability to continue as a going concern.

22

The Patrick Allan-Fraser of Hospitalfield Trust

Notes to the financial statements (continued)

1 Accounting policies (continued)

Tangible fixed assets and depreciation

Individual items costing £500 or more are capitalised at cost unless funded by restricted grants.

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life as follows:

Heritable property - Not depreciated Fittings & Equipment - 5 – 25% of cost Arts Collection - Not depreciated Property’ improvements - 10% of cost (older improvements) 2% of capital development, once in use 1980 scheme expenditure - 3% of cost

No depreciation is provided in respect of land and buildings under construction.

The historical cost of Land, Buildings and the Art collection owned by the Trust have not been reflected in the accounts up to 21 April 1994, and the Trustees consider it would be impracticable to now include these items. For this reason, reference to Heritable Property and the Art Collection in these accounts relates to expenditure incurred since 22 April 1994.

Heritable property is not depreciated as this cost reflects additional costs attributed to the heritage asset which have not been included in the accounts as information relating to the cost of value is not available. The Trustees believe however that the property will appreciate in value over the coming years.

Heritage assets

Heritage assets measured under the cost model are recognised initially recorded at acquisition cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Where information on the cost or value of an asset is not available and cannot be obtained at a cost which is commensurate with the benefits to users of the financial statements, the asset shall not be recognised in the statement of financial position.

Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless fair value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading 'Gains/(losses) on investments' in the Statement of Financial Activities.

(i) Subsidiary undertakings

Investments in subsidiaries are valued at cost less provision for impairment.

23

The Patrick Allan-Fraser of Hospitalfield Trust

Notes to the financial statements (continued)

1 Accounting policies (continued)

Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Trust; this is normally upon notification of the interest paid or payable by the Bank.

Debtors

Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid.

Cash at bank and in hand

Cash at bank and in hand includes cash and cash held in a deposit or similar account.

Creditors and provisions

Creditors and provisions are recognised where the Trust has a presented obligation resulting from a post event that will probably result in the transfer of funds to a third party, and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Financial instruments

The Trust only has financial assets and liabilities of a kind that qualify as basic financial investments. Basic financial investments are initially recognised at transaction value and subsequently measured at their settlement value.

Funds

In the Statement of Financial Activities funds are classified as either restricted funds or unrestricted funds, defined as follows:

Unrestricted funds are donations and other incoming resources receivable or generated for the objects of the Trust without further specified purpose and are available as general funds. Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure, which meets these criteria, is charged to the fund together with a fair allocation of management and support costs.

Endowment funds are monies held in an investment portfolio which provides dividend income to the charity.

A transfer is made from unrestricted funds to restricted funds to compensate fully all restricted funds which would otherwise be in deficit at the accounting date.

Income

Income is recognisable when the Trust and group have entitlement to the funds, any performance conditions attached to the item of income have been met, it is probable that the income will be received, and the amount can be measured reliably.

24

The Patrick Allan-Fraser of Hospitalfield Trust

Notes to the financial statements (continued)

1 Accounting policies (continued)

Grants

Government and other grants in respect of capital expenditure are included in the income and expenditure and depreciation of the capital costs is offset against the grants over the estimated useful lift of the relevant fixed asset. These grants are included within restricted funds. Any grants shown in the balance sheet represent the total grants receivable to date less the amount so far credited to the income and expenditure account.

Government and other grants relating to revenue are recognised when the Trust has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received, and the amount can be measured reliably and is not deferred. All other income is included when the Trust and group are entitled to the income, it is probable the income will be received and when it can be reliable measured.

Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings.

Certain expenditure is directly attributable to specific activities and has been included in those cost categories. Certain other costs, which are attributable to more than one activity, are apportioned across cost categories based on an estimate of the proportion of hours spent on these activities.

Irrecoverable VAT

All resources expended are classified under activity headings that aggregate all costs related to the category. Irrecoverable VAT is charged against the category of resources expended for which it was incurred.

Pensions

The Trust operates a defined contribution pension scheme, and the pension charge represents the amounts payable by the Trust to the fund in respect of the year.

Taxation

The Trust has been registered by the Office of the Scottish Charity Regulator (OSCR) as a charity. The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

25

The Patrick Allan-Fraser of Hospitalfield Trust

Notes to the financial statements (continued)

1 Accounting policies (continued)

Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the trust is demonstrably committed to terminate the employment of an employee or to provide termination benefits

Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical Judgements

Depreciation

Tangible fixed assets are depreciated over a period to reflect their estimated useful lives. The applicability of the assumed lives is reviewed annually, considering factors such as physical condition, maintenance and obsolescence.

Fixed assets are also assessed as to whether there are indicators of impairment. This assessment involves consideration of the economic viability of the purpose of which the asset is used.

Overhead allocation

Overheads are allocated against restricted funds on an actual basis as are direct costs. Wages and salaries are also allocated on an actual basis. Remaining overheads are allocated on an agreed percentage in line with any grant awards.

Stock

Stock has been estimated at values from around the year end. This is considered adequate as only a low level of stock held and there was minimal purchases around the year end.

26

The Patrick Allan-Fraser of Hospitalfield Trust

Notes to the financial statements (continued)

2 Financial activities of the Trust

The financial activities shown in the consolidated statement of financial activities includes those of the Trust’s wholly owned subsidiary, Hospitalfield Trading Limited. The summary of the financial activities undertaken by the Trust is set out below:

Total income
Total expenditure on charitable activities
Gain/(Loss) on investments
Service charge payable by subsidiary
Net income
Total funds brought forward
Total funds carried forward
Represented by
Unrestricted funds
Restricted funds
Endowment funds		 2024
£
1,342,310
(723,329)
803
27,250
647,034
5,112,877
5,759,911
========
27,348
5,732,563
-
5,759,911
========		 2023
£
2,081,529
(664,248)
2,799
10,833
1,430,913
3,681,964
5,112,877
========
(57,369)
5,064,749
105,497
5,112,877
========

27

The Patrick Allan-Fraser of Hospitalfield Trust

Notes to the consolidated financial statements (continued)

3 Commercial trading activities

The wholly owned trading subsidiary Hospitalfield Trading Limited, which is incorporated in the United Kingdom, pays its profits to the Trust by service charge. Hospitalfield Trading Limited operates a café and offers hire of facilities.

The Trust owns the entire share capital of 1 ordinary shares of £1. A summary of the trading results is shown below.

Turnover
Grant income
Cost of sales
Administration costs
Intercompany service charge costs
Net profit/(loss) before tax
Tax on profit
Retained profit/(loss) in subsidiary
The assets and liabilities of the subsidiary were:
Tangible assets
Current assets
Current liabilities
Total net assets
Aggregate share capital and reserves		 2024
2023
£
£
245,198
175,495
-
(222,273)
(170,140)
(23,556)
(22,009)
(27,250)
(10,833)
(27,881)
(27,487)
-
-
(27,881)
(27,487)
=====
=====
-
-
20,732
18,907
(83,011)
(53,305)
(62,279)
(34,398)
======
======
(62,279)
(34,398)
======
======

28

The Patrick Allan-Fraser of Hospitalfield Trust

Notes to the consolidated financial statements (continued)

otes to the consolidated financial statements (continued)
4
Income from donations & grants
Unrestricted
funds
Donations
2024
£
6,758
Grants
201,000
Donations
207,758
========
Unrestricted
funds
2023
£
3,261
Grants
204,302
207,563
========
Donations
Unrestricted
funds
General donations
2024
£
5,258
British Council
1,500
Donations
General donations
6,758
========
Unrestricted
funds
2023
£
3,261
John Cuthill Bursary
-
– Drawing School
-
– Graduate Fellowship
-
3,261
========		 Restricted
funds
2024
£
50
1,081,869
1,081,919
========
Restricted
funds
2023
£
18,000
1,815,416
1,833,416
========
Restricted
funds
2024
£
50
-
50
========
Restricted
funds
2023
£
-
6,000
10,000
2,000
18,000
========		 Total
2024
£
6,808
1,282,869
1,289,677
========
Total
2023
£
21,261
2,019,718
2,040,979
========
Total
2024
£
5,308
1,500
6,808
========
Total
2023
£
3,261
6,000
10,000
21,261
========
2,040,979
========
Total
2024
£
5,308
1,500
6,808
========
Total
2023
£
3,261
6,000
10,000
21,261
========

29

The Patrick Allan-Fraser of Hospitalfield Trust

Notes to the consolidated financial statements (continued)

Notes to the consolidated financial statements (continued)
4
Income from donations & grants (continued)
Grant income by project
Unrestricted
funds
Art programme
2024
£
-
Capital project
-
Place partnership/Angus Remembers
-
Small Grants
3,000
Garfield Weston Foundation
25,000
William Grant
30,000
Leng Charitable Trust
3,000
Creative Scotland
100,000
Northwood Foundation
40,000
201,000
========
Unrestricted
funds
Art Programme
2023
£
802
Capital Project
-
Place Partnership/Angus Remembers
-
Small Grants
4,750
Garfield Weston Foundation
25,000
William Grant
30,000
Paolozzi Foundation
-
Creative Scotland
103,750
Northwood Foundation
40,000
Hope Scott Trust
-
204,302
========		 Restricted
funds
2024
£
66,857
992,512
22,500
-
-
-
-
-
-
1,081,869
========
Restricted
funds
2023
£
44,313
1,668,603
90,000
-
-
-
2,500
-
-
10,000
1,815,416
========		 Total
2024
£
66,857
992,512
22,500
3,000
25,000
30,000
3,000
100,000
40,000
1,282,869
========
Total
2023
£
45,115
1,668,603
90,000
4,750
25,000
30,000
2,500
103,750
40,000
10,000
2,019,718
========

30

The Patrick Allan-Fraser of Hospitalfield Trust

Notes to the consolidated financial statements (continued)

otes to the consolidated financial statements (continued)
4
Grant Income by funder
(continued)
Unrestricted
funds
2024
Restricted
funds
2024
£
£
Creative Scotland
100,000
-
THAT partnership
-
3,109
Community Fund – Herbal Solidarity
-
19,840
Angus Council – Place Programme
-
12,500
Northwood Foundation
40,000
-
Idlewild Trust
-
3,876
Tay Cities
-
555,711
PF Charitable Trust
3,000
-
Leng Charitable Trust
3,000
-
HES Heritage – capital grant
-
137,232
Greenspace Scotland
-
10,000
Creative Scotland – capital grant
-
113,854
National Heritage – capital grant
-
185,714
William Grant
30,000
-
Hope Scott Trust
-
10,000
Foyle Foundation
-
25,000
Garfield Weston Foundation
25,000
-
Other small grants (<£1,500)
-
5,033
201,000
1,081,869
========
========
Unrestricted
funds
2023
Restricted
funds
2023
£
£
Creative Scotland
103,500
-
THAT partnership
-
3,000
Lottery Funding – Arts for All
-
10,000
Angus Council – Rural Partnership
-
16,420
Northwood Foundation
40,000
-
British Council
-
14,894
Tay Cities
-
997,089
PF Charitable Trust
3,000
-
Paolozzi Foundation
-
2,500
HES Heritage – capital grant
-
250,000
Greenspace Scotland
-
90,000
Creative Scotland – capital grant
-
394,756
National Heritage – capital grant
-
26,757
William Grant
30,000
-
Hope Scott Trust
-
10,000
Other grants
2,802
-
Garfield Weston Foundation
25,000
-
204,302
1,815,416
========
========		 Total
2024
£
100,000
3,109
19,840
12,500
40,000
3,876
555,711
3,000
3,000
137,232
10,000
113,854
185,714
30,000
10,000
25,000
25,000
5,033
1,282,869
========
Total
2023
£
103,500
3,000
10,000
16,420
40,000
14,894
997,089
3,000
2,500
250,000
90,000
394,756
26,757
30,000
10,000
2,802
25,000
2,019,718
========

31

The Patrick Allan-Fraser of Hospitalfield Trust

Notes to the consolidated financial statements (continued)

5
Income from Charitable activities
Unrestricted
funds
Self-funded residencies
2024
£
28,247
Other income
29
Friends of Hospitalfield Membership
3,438
Self-funded residencies
31,714
========
Unrestricted
funds
2023
£
29,255
Lux Winter School
2,028
Friends of hospital field Membership
3,729
Skill Share – Creative Scotland
2,016
37,028
========
6
Trading income
Unrestricted
funds
Book and other sales
2024
£
891
Income from trading subsidiary
891
========
Unrestricted
funds
2024
£
Hires & events
224,037
Tours
13,286
Rent received
2,000
Café and other income
5,875
245,198
246,089
========		 Restricted
funds
2024
£
-
-
-
-
========
Restricted
funds
2023
£
-
-
-
-
-
========
Restricted
funds
2024
£
-
-
========
Restricted
funds
2024
£
-
-
-
-
-
-
========		 Total
2024
£
28,247
29
3,438
31,714
========
Total
2023
£
29,255
2,028
3,729
2,016
37,028
========
Total
2024
£
891
891
========
Total
2024
£
224,037
13,286
2,000
5,875
245,198
246,089
========

32

The Patrick Allan-Fraser of Hospitalfield Trust

Notes to the consolidated financial statements (continued)

Notes to the consolidated financial statements (continued)
6
Trading income (continued)
Unrestricted
funds
Restricted
funds
2023
2023
£
£
Book and other sales
166
-
166
========
-
========
Unrestricted
funds
Restricted
funds
Income from trading subsidiary
2023
£
2023
£
Hires & events
162,278
-
Tours
6,043
-
Rent received
2,000
-
Café and other income
5,174
-
175,495
-
175,661
========
-
========
7
Investment income
Unrestricted
funds
Restricted
funds
Endowment
funds
Investment income
2024
£
-
2024
£
-
2024
£
3,378
========
========
========
Unrestricted
funds
2023
Restricted
funds
2023
Endowment
funds
2023
£
£
£
Investment income
-
-
3,356
========
========
========		 Total
2023
£
166
166
========
Total
2023
£
162,278
6,043
2,000
5,174
175,495
175,661
========
Total
2024
£
3,378
========
Total
2023
£
3,356
========

33

The Patrick Allan-Fraser of Hospitalfield Trust

Notes to the consolidated financial statements (continued) Total
2024
£
723,329
245,829

8
Analysis of charitable & trading
activities by fund
Unrestricted
funds
2024
Restricted
funds
2024
Endowment
funds
2024
£
£
£
Study & practice of arts
308,516
414,453
360
Events, private hires & café
245,829
-
-
554,345
414,453
360
========
========
========
Unrestricted
funds
2023
Restricted
funds
2023
Endowment
funds
2023
£
£
£
Study & practice of arts
359,935
303,953
360
Events, private hires & café
192,149
-
-
552,084
303,953
360
========
========
========
Analysis
of
charitable
&
trading
activities by expenditure type
Staff costs
2024
Depreciation
2024
Other costs
2024
£
£
£
Study & practice of arts
238,326
125,615
359,388
Events, private hires & café
151,620
-
94,209
389,946
125,615
453,597
========
========
========
Staff costs
2023
Depreciation
2023
Other costs
2023
£
£
£
Study & practice of arts
207,506
52,478
404,264
Events, private hires & café
106,947
-
85,202
314,453
52,478
489,466
========
========
========
969,158
========
Total
2023
£
664,248
192,149
856,397
========
Total
2024
£
723,329
245,829
969,158
========
Total
2023
£
664,248
192,149
856,397
========

34

The Patrick Allan-Fraser of Hospitalfield Trust

Notes to the consolidated financial statements (continued)

8 Charitable Activities & direct costs

Basis of
appointment
Trading operations
Charitable activities
2024
2023
2024
£
£
£
Drink & food purchases
Direct
67,427
58,947
-
Wages and salaries
Direct
151,620
106,947
238,326
Hire of equipment
Direct
287
1,206
-
Subscriptions & licences
Direct
2,728
3,081
-
Advertising & marketing
Direct
946
340
4,778
Non-recoverable VAT
Direct
-
-
74,439
Telephone
Direct
-
-
3,654
Capital project – repairs & renewals
Direct
-
-
53,490
Bank charges
Direct
1,814
552
1,196
Art programme expenses
Direct
-
-
55,471
Rates
Direct
-
-
9,919
Printing & postage
Direct
-
-
680
Sundries
Direct
233
95
6,999
Training, travel & subsistence
Direct
284
741
-
Repairs
Direct
1,334
4,011
19,762
Compliance expenses
Direct
-
-
2,172
Independent auditor fee
Direct
5,250
6,400
12,745
Heat & light
Direct
-
-
25,151
Garden repairs
Direct
-
-
3,349
Place partnership expenses
Direct
-
-
44,170
Cleaning
Direct
2,719
3,040
2,109
Insurance
Direct
-
-
27,158
Legal & Professional
Direct
10,957
6,789
7,562
Angus remembers expenses
Direct
-
-
4,224
Depreciation
Direct
-
-
125,615
Interest on overdue tax
Direct
230
-
-
Investment management
Direct
-
-
360
Total expenditure
245,829
192,149
723,329
======
======
======		 2023
£
1,199
207,506
-
-
14,420
121,563
2,319
41,607
978
42,509
5,737
902
8,370
4,505
10,204
3,102
10,665
35,097
24,103
4,548
1,896
28,695
1,669
39,816
52,478
-
360
664,248
=======		 2024
Total
£
67,427
389,946
287
2,728
5,724
74,439
3,654
53,490
3,010
55,471
9,919
680
7,232
284
21,096
2,172
17,995
25,151
3,349
44,170
4,828
27,158
18,519
4,224
125,615
230
360
969,158
=======		 2023
Total
£
60,146
314,453
1,206
3,081
14,760
121,563
2,319
41,607
1,530
42,509
5,737
902
8,465
5,246
14,215
3,102
17,065
35,097
24,103
4,548
4,936
28,695
8,458
39,816
52,478
-
360
856,397
=======

35

The Patrick Allan-Fraser of Hospitalfield Trust

Notes to the consolidated financial statements (continued)

9
Analysis of staff costs and remuneration of key personnel
Group
2024
2023
£
£
Wages and salaries
359,864
292,991
Social security costs
25,527
15,877
Other pension costs
4,555
5,585
389,946
314,453
======
======		 Trust
2024
£
217,679
16,092
4,555
238,326
======
2023
£
192,604
10,353
4,549
207,506
======

The average monthly number of employees during the year was as follows:

2024 2023 2024 2023
No. No. No. No.
18 23 8 9
=== === === ===

No Trustees received any remuneration in either year and trustees were reimbursed for expenses totalling £255 (2023 - £nil) in the year.

None of the employees were paid more than £60,000 in either year.

Key management in the year was deemed to be the chief executive officer, hospitality development manager, and programme manager. The aggregate remuneration of the key management personnel was £107,872 (2023 - £109,973).

10 Auditors Remuneration
Group Trust
2024 2023 2024 2023
£ £ £ £
Auditor’s remuneration
- audit 16,750 15,350 11,500 9,550
- payroll & VAT services 1,245 1,715 1,245 1,115
===== ===== ====== ======
11 Other gains and losses
Group Trust
2024 2023 2024 2023
£ £ £ £
Fair value gains/(losses)
Change in value of financial assets
held at fair value 803 2,799 803 2,799
===== ===== ====== ======

36

The Patrick Allan-Fraser of Hospitalfield Trust

Notes to the consolidated financial statements (continued)

12 Tangible fixed assets

Trust
Cost or valuation
At 1 January 2024
Additions
Disposals
At 31 December
2024
Depreciation
At 1 January 2024
Charge for year
At 31 December
2024
Net book value
At 31 December
2024
At 31 December
2023		 1980
Heritable
property
£
Fittings
and
equipment
£
Art
Collection
£
Property
improvement
£
scheme
expenditure
£
Total
£
240,257
159,008
2,000
4,546,347
15,290
4,962,902
-
9,623
-
951,927
-
961,550
-
-
-
-
-
-
240,257
168,631
2,000
5,498,274
15,290
5,924,452
-
118,741
-
117,376
15,290
251,407
-
24,038
-
101,577
-
125,615
-
142,779
-
218,953
15,290
377,022
240,257
25,852
2,000
5,279,321
-
5,547,430
=======
=====
=====
========
=====
========
240,257
=======
40,267
=====
2,000
=====
4,428,971
========
-
=====
4,711,495
========

Heritage assets

It is the policy of the Trust not to capitalise heritage assets that were given to them at no cost, including the property from which they operate, Hospitalfield House. The cost of any acquisitions and improvements to the building are reflected in the balance sheet.

37

The Patrick Allan-Fraser of Hospitalfield Trust

Notes to the consolidated financial statements (continued)

12 Tangible fixed assets (continued)

Group
Cost or valuation
At 1 January
2024
Additions
Disposals
At 31 December
2024
Depreciation
At 1 January
2024
Charge for year
At 31 December
2024
Net book value
At 31 December
2024
At 31 December
2023		 1980
Heritable
property
£
Fittings
and
equipment
£
Art
Collection
£
Property
improvement
£
scheme
expenditure
£
Total
£
240,257
-
159,008
9,623
2,000
-
4,546,347
951,927
15,290
-
4,962,902
961,550
-
-
-
-
-
-
240,257
168,631
2,000
5,498,274
15,290
5,924,452
-
118,741
-
117,376
15,290
251,407
-
24,038
-
101,577
-
125,615
-
142,779
-
218,953
15,290
377,022
240,257
25,852
2,000
5,279,321
-
5,547,430
=======
=====
=====
========
=====
========
240,257
=======
40,267
=====
2,000
=====
4,428,971
========
-
=====
4,711,495
========

38

The Patrick Allan-Fraser of Hospitalfield Trust

Notes to the consolidated financial statements (continued)

13 Fixed asset investments

Group & Trust Listed Securities
£
1 January 2024, at Market Value 83,235
Movements in the year
Purchases at cost 2,489
Sales at cost (8,107)
Increase/(decrease) in unrealised
appreciation (2,180)
31 December 2024, at Market Value 75,437
All investments held are listed UK securities
Represented by £
Investments at cost 53,447
Unrealised appreciation 21,990
75,437

Hospitalfield Trading Limited is a wholly owned subsidiary incorporated in Scotland. The profit/(loss) for the year ended 31 December 2024 in Hospitalfield Trading Limited is £(27,881) (2023 – (£27,487)) and closing shareholders’ funds are a deficit of £62,280 (2023 – deficit of £34,399).

Shares
in
Hospitalfield
Trading
Limited
Listed Investments		 Group
2024
2023
£
£
-
-
75,437
83,235
75,437
83,235
=====
=====		 Trust
2024
£
1
75,437
75,438
=====
2023
£
1
83,235
83,236
=====

The investment portfolio is managed by Brewin Dolphin, and consists of UK bonds, UK and overseas equities and property.

Investment Risks

FRS 102 requires the disclosure of information in relation to certain investment risks. These risks are set out by FRS 102 as follows:

Credit risk: this is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation.

Market risk: this comprises of currency risk, interest rate risk and other price risk.

39

The Patrick Allan-Fraser of Hospitalfield Trust

Notes to the consolidated financial statements (continued)

13 Fixed asset investments (continued)

The Trust has exposure to these risks because of the investments it makes to implement its investment strategy. The Trustees manage investment risks, including credit risk and market risk, within agreed risk limits which are set taking into account the Trust’s strategic investment objectives. These investment objectives and risk limits are implemented through the investment manager agreements in place with the Trust’s investment managers and monitored by the Trustees by regular review of investment portfolios.

Credit risk

The Trust invests in pooled investment vehicles and is therefore directly exposed to credit risk in relation to the instruments it holds in the pooled investment vehicles and is indirectly exposed to credit risks arising on the financial instruments held by the pooled investment vehicles.

Analysis of direct credit risk

Direct credit risk arising from pooled investment vehicles is mitigated by the underlying assets of the pooled arrangements being ring-fenced from the pooled manager, the regulatory environments in which the pooled managers operate and diversification of investments amongst a number of pooled arrangements. The Trustees carry out due diligence checks on the appointment of new pooled investment managers and on an ongoing basis monitor any changes to the regulatory and operating environment of the pooled manager.

Pooled investment arrangements used by the Trust comprise authorised unit trusts.

Indirect credit risk arises in relation to underlying investments held in the bond pooled investment vehicles. This risk is mitigated by only investing in pooled funds which invest in at least investment grade credit rated securities.

Currency risk

The Trust is subject to currency risk because some of the Trust’s investments are held in overseas market, via the pooled investment vehicles. At the year end, the Trust’s exposure to funds investing in overseas securities was 31.3% (2023 – 22.67%) of overall investment.

Interest rate risk

The Trust is subject to interest rate risk through investments comprising of bonds. At the year end the Trust’s exposure to funds investing in bonds was 16.58 % (2023 – 17.05%) of overall investment.

Other price risk

Other price risk arises principally in relation to equities held in pooled vehicles. The Trust manages this exposure to other price risk by constructing a diverse portfolio of investments across various markets.

40

The Patrick Allan-Fraser of Hospitalfield Trust

Notes to the consolidated financial statements (continued)

14
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Amounts due from subsidiary
15
Creditors
Amounts falling due within one year:
Trade creditors
Other creditors
Accruals
Social security and other taxes
Amounts owed to group		 Group
2024
2023
£
£
6,903
19,470
257,181
-
291,786
-
264,084
311,256
======
======
Group
2024
2023
£
£
119,364
88,126
5,884
1,544
33,105
36,367
34,537
-
21,321
-
192,890
147,358
=======
=======		 Tr ust
2024
2023
£
£
1,897
15,292
243,625
43,898
279,819
18,870
289,420
313,981
======
======
Tr ust
2024
2023
£
£
111,939
78,569
4,864
1,544
20,546
24,350
16,428
1
8,460
1
153,778
112,924
======
======		 ust
2023
£
15,292
279,819
18,870
112,924
======

41

The Patrick Allan-Fraser of Hospitalfield Trust

Notes to the consolidated financial statements (continued)

16 Financial instruments

Group Trust
2024 2023 2024 2023
Carrying amount of financial assets £ £ £ £
Financial assets that are debt
instruments measured at amortised
cost 289,420 311,256 266,245 313,981
====== ===== ====== ======
Carrying amount of financial
liabilities
Financial liabilities measured at
amortised cost 192,890 147,358 153,778 112,924
====== ====== ====== ======

Financial assets that are debt instruments measured at amortised cost comprises other debtors and amounts due from the subsidiary company.

Financial liabilities measured at amortised cost comprises trade creditors, bank loan and other creditors.

42

The Patrick Allan-Fraser of Hospitalfield Trust

Notes to the consolidated financial statements (continued)

17 STATEMENT OF FUNDS – Trust

Balance at 1
January 2024
Income
Expenditure
Transfers
in/out
£
£
£
£
Restricted funds
Arts Programme
57,579
64,532
(67,271)
-
Place Partnership
9,894
12,500
(21,394)
-
Paolozzi Foundation
2,500
-
(2,500)
-
Capital Building project
4,944,592
991,012
(258,881)
-
Angus Remembers
50,184
10,000
(60,184)
-
Heritage fund
-
3,875
(4,223)
348
5,064,749
1,081,919
(414,453)
348
Endowment funds
Endowment funds
105,497
3,378
(360)
(109,318)
General funds
General Fund
(57,369)
284,263
(308,516)
108,970
Total funds
5,112,877
1,369,560
(723,329)
-
=======
======
======
======
STATEMENT OF FUNDS – Group
Balance at 1
Transfers
January 2024
Income
Expenditure
in/out
£
£
£
£
Restricted funds
Arts Programme
57,579
64,532
(67,271)
-
Place Partnership
9,894
12,500
(21,394)
-
Paolozzi Foundation
2,500
-
(2,500)
-
Capital Building project
4,944,592
991,012
(258,881)
-
Angus Remembers
50,184
10,000
(60,184)
-
Heritage fund
-
3,875
(4,223)
348
5,064,749
1,081,919
(414,453)
348
Endowment funds
Endowment funds
105,497
3,378
(360)
(109,318)
General funds
General Fund
(91,768)
502,211
(554,345)
108,970
Total funds
5,078,478
1,587,508
(969,158)
-
=======
======
======
======		 Gains/
(Losses)
Balance at
31
December
2024
£
£
-
54,840
-
1,000
-
-
-
5,676,723
-
-
-
-
-
5,732,563
803
-
-
27,348
803
5,759,911
======
=======
Balance at
31
Gains/
December
(Losses)
2024
£
£
-
54,840
-
1,000
-
-
-
5,676,723
-
-
-
-
-
5,732,563
803
-
-
(34,932)
803
5,697,631
======
=======

43

The Patrick Allan-Fraser of Hospitalfield Trust

Notes to the consolidated financial statements (continued)

Capital Building Project – Hospitalfield is holding considerable reserves currently as this is funding that has been raised specifically for the capital development. Some trusts give their funding in advance of the project taking place. This funding will be held until we have completed the relevant stages of the capital development and subsequent depreciation will be offset.

Arts Programme – relates to funding received for specific arts programmes to be carried out.

Place Partnership – to strengthen a programme of activity across the region and is designed to encourage participation in the arts, support artists and celebrate the rich culture of the region by working alongside Angus Council, Angus Alive, Brechin 2020 and Arbroath 2020.

Paolozzi Foundation – monies received for the transport/restoration of the Paolozzi Sculpture to be installed with the grounds of the charity.

Angus Remembers – working with artists as part of the place partnership programme to create with communities across Angus memorials to remember the complexity and impact of the COVID pandemic.

Heritage Fund – funding towards the conservation of the portrait of John Phillip by Patrick Allan of Hospitalfield Trust

Endowment Fund – represented monies held in an investment portfolio which provides dividend income to the charity however there is no legally ringfenced fund or evidence of any restriction on the use of either the income or capital. The fund just " represents monies in an investment portfolio" and, the trustees have decided to transfer the investments into the unrestricted funds in the current year.

SUMMARY OF FUNDS – Trust

Balance at 1
Transfers
January 2024
Income
Expenditure
in/out
£
£
£
£
Restricted funds
5,064,749
1,081,919
(414,453)
348
Endowment funds
105,497
3,378
(360)
(109,318)
General Fund
(57,369)
284,263
(308,516)
108,970
Total funds
5,112,877
1,369,560
(723,329)
-
=======
======
======
======
SUMMARY OF FUNDS – Group
Balance at 1
Transfers
January 2024
Income
Expenditure
in/out
£
£
£
£
Restricted funds
5,064,749
1,081,919
(414,453)
348
Endowment funds
105,497
3,378
(360)
(109,318)
General Fund
(91,768)
502,211
(554,345)
108,970
Total funds
5,078,478
1,587,508
(969,158)
-
=======
======
======
======		 Balance at
31
Gains/
December
(Losses)
2024
£
£
-
5,732,563
803
-
-
27,348
803
5,759,911
======
=======
Balance at
31
Gains/
December
(Losses)
2024
£
£
-
5,732,563
803
-
-
(34,932)
803
5,697,631
======
=======

44

The Patrick Allan-Fraser of Hospitalfield Trust

Notes to the consolidated financial statements (continued)

18
Analysis of net assets between funds – current period
Endowment
funds
2024
Unrestricted
Funds
2024
£
£
Trust
Tangible fixed assets
-
268,108
Investments
-
75,438
Current assets/(liabilities)
-
(316,198)
Net assets at 31 December 2024
-
27,348
========
======
Group
Tangible fixed assets
Investments
-
-
268,108
75,438
Net current assets/(liabilities)
-
(378,478)
Net assets at 31 December 2024
-
(34,932)
========
======
Analysis of net assets between funds – prior period
Endowment
funds
2023
Unrestricted
Funds
2023
£
£
Trust
Tangible fixed assets
-
242,256
Investments
83,236
-
Current assets/(liabilities)
22,261
(299,625)
Net assets at 31 December 2023
105,497
(57,369)
========
======
Group
Tangible fixed assets
-
242,256
Investments
83,235
Current assets/(liabilities)
22,262
(334,024)
Net assets at 31 December 2023
105,497
(91,768)
=========
=======		 Restricted
Funds
2024
£
5,279,322
-
453,241
5,732,563
========
5,279,322
-
453,241
5,732,563
========
Restricted
Funds
2023
£
4,469,239
-
595,510
5,064,749
========
4,469,239
-
595,510
5,064,749
=========		 Total
Funds
2024
£
5,547,430
75,438
137,043
5,759,911
========
5,547,430
75,438
74,763
5,697,631
========
Total
Funds
2023
£
4,711,495
83,236
318,146
5,112,877
========
4,711,495
83,235
283,748
5,078,478
=========

45

The Patrick Allan-Fraser of Hospitalfield Trust

Notes to the consolidated financial statements (continued)

19 Pension commitments

The group operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £4,555 (2023 - £5,585). At the year end, there were outstanding contributions due to be paid of £928 ( 2023 - £1,145).

20 Contingent Liabilities

The Trust will have to repay the grant received from the Big Lottery Fund of £50,000 if the Trust disposes of the property, ceases to trade or does not use the property for the purpose intended, without prior permission from the Big Lottery Fund. The restriction is in place for 80 years from 2003.

21 Reconciliation of net income to net cash flow from operating activities

Net income for the reporting period
(as per the statement of financial
activities)
Investment income
Depreciation
(Increase)/Decrease in debtors
Increase/(decrease) in creditors
(Gains)/losses on FV mvt investments
(Gain)/loss on disposal of investments
(Increase)/decrease in stock
Net cash provided by operating
activities		 Group
2024
2023
£
£
619,153
1,403,426
(3,378)
(3,356)
125,615
52,478
22,153
(145,152)
70,551
2,180
(93,934)
(2,799)
(2,983)
-
(1,110)
194
832,181
1,210,857
======
======		 Trust
2024
2023
£
£
647,034
1,430,913
(3,378)
(3,356)
125,615
52,478
24,570
(155,942)
40,845
2,180
(109,801)
(2,799)
(2,983)
-
-
-
833,883
1,211,493
======
======

22 Related parties

The Trust has taken advantage of the exemption available in FRS102 Section 33.11 “Related party disclosures” whereby it has not disclosed transactions with any wholly owned subsidiary in the group.

The Trust is controlled by the Trustees and there were no transactions with the Trustees during the year other than those noted in note 9.

Remuneration of key management personnel

The remuneration of key management personnel is as follows:

2024 2023
£ £
Aggregate compensation 107,872 109,973
====== ======

46

Consolidated Accounts 2024 Final Audit ReFort 202M94J5 Adobe Acrobat Sign