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← Fife Health Board Endowment Funds

2025-03-31-accounts

Health Charity fie — Annual Report and Accounts 2024-2025

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Fife Health Charity Published June 2025

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Contents

A message from the Chair .............................................................................................. 4 Trustees’ report .............................................................................................................. 5 Independent Auditor’s Report to the Trustees of Fife Health Charity ......................... 27 Statement of Financial Activities (Including Income and Expenditure Account) ........ 31 Balance Sheet as at 31 March 2025 ............................................................................. 33 Statement of Cash Flows for the Year Ended 31 March 2025 ..................................... 34 Notes to the Accounts for the Year Ended 31 March 2025 ......................................... 35

A message from the Chair

Reflecting on 2024/25 and the work of Fife Health Charity, even after several years as a Trustee, I am continually inspired by the difference that we are making through the funding we provide to benefit the people, staff and communities supported by NHS Fife. It is inspiring because, in spite of the challenges that people experience in their lives, and the persistent pressures facing our colleagues in the NHS, we are delighted to see people come forward with ideas for projects and activities to help improve the lives of people living here in the Kingdom of Fife. That is our goal as a charity: to help build healthier, brighter futures for people here in Fife. Looking back on 2024/25, which is the first year of our new strategy and approach to our grant-making, I am delighted to be able to share with you evidence of the impact we are making. I hope you too, will be inspired by what you read in our Annual Report and consider how you can work with and support us to grow our impact over 2025/26 and beyond.

Having set out our strategy for 2024-2029 in April 2024, this has been a year where we are boldly seeking to deliver the change and outcomes we identified. With our determination to make outcomes-based decisions and guided by our new Grants Policy, I am pleased to share that the number of grants we made in 2024/25 increased by over 20% on 2023/24. Our charity, like most charities in Scotland, has been facing falling levels of donations in recent years and this has meant that the overall value of our grant-making was lower last year than in previous years. However, by consciously shifting our focus towards awarding smaller grants we ensured that we have reached and benefitted more people across Fife. We have also seen how, with the passion and ingenuity of our NHS Fife colleagues and charities across Fife, small amounts of funding when used well, can achieve great things.

This was a year where we also continued our efforts to develop the charity and ensure we are best placed to deliver on our strategy ambitions. We undertook an extensive review of a number of our policies, including our Fundraising and Donations Policy and Investment Policy, to support our efforts to increase our income which will help grow the value of our grantmaking in the coming years. This year also saw the conclusion of our long-term work to review our charity funds and following an external legal audit and review, we have made significant changes to how these are managed. These changes will make it easier for more NHS Fife colleagues to access charity funding, ensuring our resources are used where they are most needed and that we can deliver on our ambitions for the benefit of people, NHS staff and communities across Fife.

I would like to thank everyone who has donated to and supported our charity in 2024/25. All our work is only made possible by the kindness and generosity of our supporters. Each and every penny donated here in Fife, stays in Fife and we take our responsibility to our supporters very seriously to use these donations to make the biggest difference for the people of Fife. I want to thank all my fellow Trustees for their hard work and commitment to the charity and our supporters over this past year in fulfilling this responsibility.

Last year I wrote that we would not achieve our vision in one year, but I am very excited about the progress that we have made so far. Whilst there will continue to be challenges in the year ahead I very much hope that, by working together with our supporters and colleagues, 2025/26 will see us move ever closer towards our vision. I look forward to sharing how we are progressing with you next year.

Chair, Fife Health Charity

4 | Annual Report and Accounts 2024–2025

Trustees’ report

The Trustees are pleased to present their annual report together with the financial statements for the year ended 31 March 2025. These are prepared to meet the requirements of the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended). In preparing the annual report and financial statements of the charity, the Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” applicable in the UK and Republic of Ireland (FRS 102) amended for accounting periods commencing 1 January 2019 (SORP 2019).

Objectives and Activities

“Why we are here and what we do”

Fife Health Charity was established as the Fife Health Board Endowment Funds, and is administered under the terms of sections 82, 83 and 84A of the National Health Service (Scotland) Act 1978 alongside the requirements of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities (Regulation and Administration) (Scotland) Act 2023. Accordingly, Fife Health Board holds the funds and property attributable to the charity on trust as a Corporate Trustee and the members of Fife Health Board, as those charged with Governance, are the Trustees of the charity. The charity is administered separately from NHS funding from the Scottish Government and commercial income. Under the provisions of the 1978 Act, the purposes of the charity are:

The enhancement of healthcare and patient welfare in Fife, through:

  1. Improvement of the physical and mental health of Fife Health Board’s population and our staff.

  2. Prevention, diagnosis and treatment of illness.

  3. Provision of services and facilities in connection to the above.

  4. Research into any matters relating to the causation, prevention, diagnosis or treatment of illness, or any other matters relating to the health service as the Trustees see fit.

These are aligned to our registered purposes under the 2005 Act:

5 | Annual Report and Accounts 2024—2025

Over the life of our 2024 – 2029 strategy, the charity has identified the following outcomes which we are working towards to deliver on our charitable purposes:

The charity’s funds can only be used for the purposes described above whilst observing any conditions attached to a donation or legacy prescribed by a donor to the charity, so far as is reasonably practicable, and consistent with the above purposes and the law. There are numerous funds managed by the charity, some are for specific purposes and others are designated for various services delivered within NHS Fife. There are no specific restrictions on the designated funds held by the charity. Every donation given within NHS Fife hospitals, wards or services is distributed through grants awarded by Fife Health Charity to benefit the people, staff and communities supported by NHS Fife. There have been no changes in objectives since the last annual report.

2024–2025 Achievements and performance: Year 1 of our strategy

6 | Annual Report and Accounts 2024–2025

Delivering our outcomes in 2024—2025

‘Improving patient experience’

(£276,058 — 52% of total grants amount awarded) Examples of grants:

eee Cuddle beds for palliative care patients in Victoria Hospice and community hospitals Refurbishing parents room in Neonates, Victoria Hospital Enhancing new treatment room in Ward 44, Victoria Hospital Providing televisions in patients’ rooms

Upgrading ‘quiet’ room in Colorectal unit, Victoria Hospital Summer party for long-term patients at Stratheden Hospital

Complementary therapies for patients in Victoria Hospice Christmas presents for in-patients across NHS Fife

RITA devices for patients in Cameron, Glenrothes, Queen Margaret and Victoria Hospitals

New mural in Children’s ward, Victoria Hospital

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7 | Annual Report and Accounts 2024-2025

‘Increase staff knowledge and skills to benefit patients’

£47,261 — 9% of total grants amount awarded

A total of 430 staff members were directly supported

through the following grants:

I

Equipment to support staff learning and development such as GERT suits and a Smart TV

Support for team development and learning in Ophthalmology, Oncology, Children’s Physiotherapy, Speech and Language Therapy, Renal and Nutrition and Dietetics services

Support for individual staff learning and development to undertake training and formal qualifications

Support for staff to attend conferences and learning events

8 | Annual Report and Accounts 2024-2025

‘Improve the physical and mental wellbeing of staff’ £124,315 — 23% of total grants amount awarded

Examples of grants:

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Funding to roll out Values Based Reflective Practice in NHS Fife

Refreshments in staff wellbeing hubs

Refurbishment of staff spaces in Critical Care, Day Intervention Unit and Doctors and Dentists in Training Quiet Room, Victoria Hospital

Equipment to support Porters in Victoria Hospital

Continued funding for training Peer Supporters

‘Improve people’s mental wellbeing’

£32,950 — 6% of total grants amount awarded

Examples of grants:

eee Support for the Adults bereavement group

Flourish Winter Wonderland at Stratheden Hospital

Sensory soothe bags for the Community Mental Health Service

Physical activity equipment for the Mental Health Community Rehabilitation Team

Our community grants programme supporting young people’s mental health

9 | Annual Report and Accounts 2024-2025

‘Increase support for children and young people’

£25,803 — 5% of total grants amount awarded

Examples of grants:

eee Continued support for the Young People’s Resilience project (bereavement support)

Christmas event for families supported by the Family Nurse Partnership

RITA device for children in Emergency Department, Victoria Hospital

Music in Hospitals and patient activities in Children’s Ward, Victoria Hospital

Our community grants programme:

Befriending sessions and group activities

Arts, crafts, outdoor games and nature activities

Sensory room equipment

Kitbags - mental wellbeing resources for schools, youth groups and families

Youth cafe and youth work activities

Developing young sports leaders and physical activities

‘Reducing health inequalities through early intervention and prevention’

£27,839 — 5% of total grants amount awarded

Examples of grants:

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Piloting a ‘loan’ service for breast pumps in Neonates

Bereavement support groups

Our community grants programme supporting young people

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10 | Annual Report and Accounts 2024-2025

The difference our grants make

Our grant-making is about making a difference in people’s lives and helping people towards a brighter, healthier future across the Kingdom of Fife. We’re pleased to be able to share some examples of the difference that our grants have made in recent years

Held in our Hearts

Baby loss counselling and support

Our grant to NHS Fife Maternity service helped develop a partnership with the charity Held in our Hearts. Held in our Hearts is a specialist baby loss and counselling charity, which supports families who have experienced the tragedy of a pregnancy, baby or infant loss. 6 visits at home at times that suits the family. A Small Grant from Fife Health Charity enabled the Maternity Service and Held in our Hearts to pilot the Hospital to Home (H2H) service for families in Fife. Hospital to Home provides an opt out approach to families whose baby has died after 12 weeks of pregnancy and under school age. The services fill a gap in the transfer of bereaved families between hospital and home by providing bespoke and targeted short term support to bereaved families.

This allows the H2H support workers to reach in so families do not have to reach out for support. H2H provides a range of support for grieving families including:

In 2024, Held in our Hearts supported 36 families in Fife, supporting them through this incredibly traumatic period in their lives. Feedback from families indicates how important this support was: (? “It was a real crutch for me whilst going through the most difficult time in my life. __“We couldGetting speak to much someone needed who advice, understo supp o rtd howand wejust aresomf eling e one to wi t alk hou t o.”judgement, without any other motive but to help us process how we are feeling and process grief, it was an incredible amount ofcomfort and support for us having to speak our minds and having someone other than friends and family listen to us”

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11 | Annual Report and Accounts 2024-2025

Young People’s Resilience project

Our grant to the NHS Fife Specialist Palliative Care Service continues to support a bereavement group for children and young people The loss of a family member or someone close to us is just about as difficult as it gets. For children and young people who are adjusting to impending adulthood and the responsibilities that come with it, losing a parent or close relative is often devastating. The Fife Specialist Palliative Care Service provides care for many people in their final months and weeks of life. However, the care the team provides isn’t simply limited to the patient but also provides wraparound support for their loved ones too, helping them prepare for the loss and providing ongoing care in the days and weeks afterwards.

This is a project with roots back in the years of the Covid pandemic. The Children and Families team within the Fife Palliative Care Service realised that because of the Covid-related restrictions in place, they needed to find a new way of supporting teenagers and young people. In response to these challenges, the service developed an outdoor support group designed to help teenagers cope with the loss of a parent or close relative due to advanced disease.

Delivered in Falkland Estate in Fife, the project aims to provide a therapeutic space for young people to build resilience, understand their emotions, and create social connections with other young people coping with similar experiences. This pioneering initiative has proved a great success with the young people involved really benefiting from the peer support and simply being outdoors in nature.

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Falkland woodland shelter for the Young People’s Resilience Project

The Children and Young people’s team aim with the project is to provide its young participants with the tools and the support to navigate their way through the loss and become more resilient in the process. The outdoor setting provides a unique opportunity to connect with peers who have experienced a similar loss, fostering a sense of community and support. Feedback from young people who have been supported shows how this is making a difference in their lives: in the same kind ofsituation as me - | thinkjust being around other people who ~\ (?[(2] “The teen group for me was a really good way to meet people who were —"\ \_ know whatfact losingthat a you’re parentnot is like the isonly really one goodexperiencing because itlosing makes someone.” you aware of the a)

12 | Annual Report and Accounts 2024-2025

Originally funded with a grant of over £200,000 in 2020 and opened in January 2022, the Simulation and Training Centre is evidence of the value and long-term benefit of the charity’s investment in staff training and development for the people of Fife. The centre has made significant progress since first opening as shown in highlights from 2024:

13 | Annual Report and Accounts 2024—2025

Refurbished parents facilities in Neonates, Victoria Hospital

Our grant to the NHS Fife Neonatal Unit funded the upgrade of parent facilities with the needs of the parents of the most vulnerable babies born in Fife in mind. These tiny newborns, some born up to 12 weeks early, require constant care and monitoring. Often their parents stay in the unit in order to care for them and make those important early bonds and it was clear to all that the facilities for overnight stays were tired at best.

The newly renovated rooms are unrecognisable from before. They have been equipped with comfortable double beds, high-quality bedroom furniture, premium reclining breastfeeding chairs, and wall-mounted televisions. Additionally, lighting and a mural has been thoughtfully installed to provide a warm and comforting ambiance, a far cry froma clinical ward space. Fold down camp beds have been replaced with double fold down beds which not only allow both parents to stay with their baby, but importantly also save space.

The premium reclining breastfeeding chairs have been equally well received. Mothers use these for important skin-to-skin contact cuddles between breastfeeding and can be reclined for optimum comfort, allowing baby to relax and stay close to mum for as long as they want.

The calming wall mural created by a local artist completes the peaceful retreat for parents and family members away from the activity and alarms of the busy ward. The rooms have been aptly named Blossom and Sunflower and feedback from parents shows just how much of difference this upgrade has made:

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14 | Annual Report and Accounts 2024—2025

Funding from the charity has enabled more staff from across NHS Fife to become trained Peer Supporters. Peer Supporters are a group of multi-professional staff members from across NHS Fife who are trained and volunteer to provide a non-judgmental listening ear to any colleague seeking short-term emotional social support. Our Small Grant has helped develop the knowledge and skills of Peer Supporters to complete courses in ‘Assisting the Individual in Crisis’ and ‘Critical Incident Stress Management’ Courses. As a result NHS Fife staff can now benefit from Peer Supporters who can provide one-to-one peer support as well as group peer support sessions after significant events. Feedback from one-to-one peer support shows that people appreciate their trained colleagues who provide their time and space to listen without judgement, which makes them feel heard and valued. Evaluation of the group peer support sessions has been universally positive with all respondents finding these Staff Support Debriefs helpful. Participants have found it helpful to:

Participants often report that they felt better following the staff support debrief and are often relieved realising that they are not the only ones who have been impacted by a certain event. In the words of an ED Consultant Peer Supporter:

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15 | Annual Report and Accounts 2024—2025

The impact of Art across NHS Fife

Over and above our grant-making, Fife Health Charity is also responsible for the NHS Fife Art Collection. However, in line with our new strategy, we wanted to see how we could use Art to help deliver on our outcomes for Improving the Patient Experience within Fife. Following the successful trial of our first ever Community Gallery at Queen Margaret Hospital in 2023, we have hosted two further exhibitions this year including the 'Old Dunfermline’ exhibition which tracked the development of the city over the last 100 years, and ‘Rhythm of the Seasons’ showcasing the work of local artist a These exhibitions have met with great success and on walking through this corridor, which connects Phases 1 and 2 of the hospital, you will often see visitors and staff looking at artworks and discussing them.

2024 also saw the charity work with Fife College Visual Arts students to create an exhibition for a new Community Gallery space at Victoria Hospital.

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Part of this project also saw ten vinyls of images produced by the students installed, with one in each hospital site across Fife. Each image has been inspired by the built and natural environment around Fife or participants’ experience of healthcare in their lives.

16 | Annual Report and Accounts 2024-2025

Donations

Our charity continues to benefit from the generosity of supporters and throughout 2024-2025 we received £568,000 in donations and legacies to the charity. These donations are what make our grants possible and we are incredibly grateful to, and want to thank, everyone who supports our charity.

We know that behind every donation is a person and a story. There is someone who has recovered from illness, or sadly, a family who wants to remember their loved one. Every donation to Fife Health Charity, however large or small, stays in Fife and goes towards improving the health and wellbeing of people living in the Kingdom.

Every year we are amazed and inspired by the ways in which people fundraise for our charity and 2024-2025 was no different. It’s not possible to mention every donation received but here are just a few of the many incredible ways in which people are fundraising to support our work:

, whose late husband was cared for at the Victoria Hospice, pledged her support to the charity after losing her husband. Selling her car and enlisting friends to help, managed to raise an impressive £18,000 for the charity for the benefit of Victoria Hospice.

17 | Annual Report and Accounts 2024—2025

The Fife Specialist Palliative Care team are there for people at what can be the most challenging time of life. It was in recognition of their thoughtful care that the family of Lynne Braisby went on to raise an incredible £37,000 for Fife Health Charity. They were helped in this massive achievement by a donation from the Mary Leishman foundation, with having been great friends. The family were delighted when the palliative care team had given each of the grandchildren a cuddly toy before their grandmothers passing, with smaller versions of the toy remaining with | after her passing. Comforted by this initiative, called Continuing Bonds, the family vowed to raise funds with the view of enabling more families to benefit from this support.

We were thrilled when colleagues across NHS Fife services chose to raise funds for Fife Health Charity by taking part in one of Scotland’s Kiltwalks this year! Their incredible fundraising efforts raised over £6,000 for the charity to benefit specific services across Fife.

18 | Annual Report and Accounts 2024-2025

We were excited to have the consultant-led unit within the maternity service at the Victoria Hospital hold a raffle for Fife Health Charity. By raffling generously donated prizes from local businesses, including holiday vouchers, golf games and equipment, afternoon teas, beauty treatments and fun days out, they managed to raise £3,715 for the charity which will help benefit the families supported in the maternity service.

A brave group of people took on a Firewalk to raise funds for the charity to benefit Victoria Hospice in memory of their friend and loved one, . The group wanted to give something back for ‘the exceptional care and a peaceful space’ which | benefited from at Victoria Hospice and raised over £4,000 to help the charity continue to fund those ‘extras’ to make those precious last moments with family more comfortable for more of our hospice patients.

19 | Annual Report and Accounts 2024-2025

Business Review

The overall purpose of Fife Health Charity is to ensure that the donations and funds managed by the charity are used to benefit the people NHS Fife is here to support across the whole of the Kingdom of Fife. 2024–2025 was the first year of delivery for our five-year strategy and saw the charity operate under our revised Constitution, Standing Orders, Scheme of Delegation and Grants Policy which were approved by Trustees in December 2023.

These have all been implemented effectively and strengthened the governance and operations of the charity, both to demonstrate best practice and also in preparation for the future governance independence of the charity from the NHS. This was recommended in the ‘Independent review into Governance of NHS Endowment Funds’, published in November 2021, and endorsed by Scottish Government but will only take effect following legislative changes which have yet to be brought forward. Until such time as these recommendations are implemented Fife Health Charity accounts continue to be subject to consolidation with NHS Fife Exchequer accounts.

Further governance developments and improvements this year have included:

This year we concluded an extensive review of our restricted funds, which has been a long-term objective for the Trustees and was also identified as an action for NHS charities in the ‘Independent review into Governance of NHS Endowment Funds’. In 2024–2025 the charity commissioned an independent legal review and audit of our restricted funds. The findings of this review were that the majority of our funds are not legally restricted, as defined in charity law, and do not require to be held separately. This has resulted in a significant transfer of funds from ‘restricted’ to ‘unrestricted’ funds and Trustees have therefore agreed to rationalise our unrestricted funds. The overall value of the charity’s funds did not change however the charity will now manage our total funds within a smaller number of consolidated restricted and unrestricted funds. Further information on our restricted funds is provided in the notes to the accounts.

2024–2025 saw the implementation of our new committee structure where the Board of Trustees are supported by a Grants Committee and a Finance Committee. Each committee has defined remits and delegated authority for the governance of charity activities and is accountable to the full Board of Trustees for the delivery of annual workplans and activities. Under the scheme of delegation, the Grants Committee has authority, and is responsible, for reviewing and approving all grant applications of £10,000 to £99,999. Applications of £100,000 and above are approved by the Board of Trustees. Annual assurance statements for each committee were provided by the Committee Chairs demonstrating that the committee remits were met and workplans have been delivered in full for 2024–2025.

20 | Annual Report and Accounts 2024–2025

Financial Review

Income

During the year the value of donations, gifts and legacies totalled £568,000. Income from donations was £374,000 and income from legacies was £194,000. This is a significant increase on our previous year (2023/24 £369,000) and is largely attributable to higher numbers of legacies received which varies year to year. Investment income was £452,000 (2023/24: £409,000) to provide a total income figure of £1,020,000 . This is an increase of £242,000 from £778,000 received in 2023/24.

In support of our new strategy, the charity employed our first ever Fundraising Manager in January 2025. With a new fundraising approach and plan for 2025 to 2027, the charity will proactively seek to increase our fundraised and donated income, following several years of falling levels of donation income which is a trend seen widely across the charity sector.

Expenditure

Charitable expenditure in 2024–2025 totalled £864,000 . This includes committed grants that have been approved by the Trustees but not yet expensed. Our expenditure figure is lower than the previous year (£1,110,000) which is a result of a deliberate decision to manage our expenditure more closely in line with our income to ensure the long-term sustainability of the charity’s grantmaking activities. Charitable expenditure in the past year has focused on the six priority areas identified in our strategy.

Investments

Investments are included in the financial statements at market value. The value of the portfolio has decreased in the year. The fund had unrealised losses on the portfolio which amounted to £238,000 and realised losses on investments sold of £134,000. In 2021/22 the charity created a ‘Revaluation reserve’ designated fund within our unrestricted fund. This allows for unrealised gains and losses to be allocated to this fund to reflect that these funds are not freely available to spend without divesting funds from our investment portfolio. The decrease in value of our portfolio has resulted in the value of the reserve decreasing by £372,000 to £452,000. The decrease has largely arisen due to the timing of import tariff announcements in the USA, taking place close to the financial year end, which caused significant decreases in share prices across global markets and negatively affected our portfolio value.

The Trustees confirm that the assets are available and adequate to fulfil the objectives of the charity.

Principal Funding Sources

The principal funding sources continued to be a combination of charitable donations received and dividends and interest received from the investment portfolio.

Reserves Policy

In setting our strategy, the Trustees identified that the charity needs to be of a sufficient operational size and scale to deliver on our long-term outcomes. The Trustees are therefore conscious of the need to hold reserves in order to be able to generate sufficient investment income to meet grant commitments and operating expenditure each year in delivering this strategy. The Trustees believe that the current level of reserves is sufficient for this purpose but not excessive.

21 | Annual Report and Accounts 2024–2025

Plans for the Future

The charity is now entering year two of our five-year (2024-2029) strategy: ‘Making a positive difference across Fife’. We continue to focus our grant-making on delivering our six strategic outcomes:

2024–2025 has provided a baseline for the charity in terms of our grants awarded against each of these strategy outcomes. As a result of the progress the charity made in delivering our year one financial plan objectives, the Trustees have agreed to increase our grant-making budget for 2025– 2026. Our aim is to increase the number of Large Grants awarded in 2025–2026 while continuing to grow the volume of Micro and Small Grants measured as a percentage of our grant-making volume from 2023/24, which was the year preceding the launch of our strategy and Grants Policy.

Having successfully delivered our first Community Grants programme in 2024–2025, we will deliver this programme again in 2025–2026 with the aim of increasing the programme funding available in order to reach more people in communities across Fife. We also look forward to capturing and sharing the impact of the 2024–2025 programme which focused on increasing support for children and young people. This coming year will also see the charity launch an additional offer to support staff training and development and we look forward to sharing details of this later in the summer.

Alongside growing our grant-making, 2025–2026 will see a renewed focus on sharing the stories of the difference our grants make for the people, staff and communities supported by NHS Fife. It is now a requirement that all grantholders provide feedback to the charity on the difference made and we will work with our grantholders to capture this information. This is incredibly important to us as it helps us learn what works and what does not, and how the projects and activities we are funding benefit people. It also enables the charity to demonstrate to our existing and potential new supporters how their donations can make a difference here in the Kingdom of Fife. This is essential if the charity is to deliver on our ambitions to sustainably increase our grant-making and impact over the life of our strategy which can only be achieved by growing our income.

22 | Annual Report and Accounts 2024–2025

Structure, Governance and Management

Governing Document

In accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005, Fife Health Charity is entitled to describe itself as a “Scottish Charity” and is registered with the Scottish Charity Regulator (OSCR). Our charity number is SC011988. Charity funds are held on trust under Section 82 of the National Health Service (Scotland) Act 1978. The Inland Revenue recognised Fife Health Charity as a “charity” for the purpose of Section 505, Income and Corporation Taxes Act 1988.

Recruitment and Appointment of Trustees

All appointed NHS Fife Board Members are automatically appointed as the Trustees for Fife Health Charity. The Trustees exercise power over investment decisions and ensure the appropriate use of charity funds through the Board of Trustees, which comprises all Fife Health Board Members. The Trustees express their grateful thanks for the donations made by many individuals and organisations who, by gift, bequest or fundraising have contributed to the charity’s funds.

Trustee Induction and Training

A Trustee Handbook and Induction pack is issued to every new Trustee which includes information on the roles and responsibilities of a Trustee and others involved in the charity, the structures in place to distribute and manage funds as well as an introduction to charity governance. These introduce Trustees to underpinning laws and the legal duties of charity Trustees. New Trustees meet with the Charity Director and spend time learning about the charity as well as receiving the Handbook and pack.

Risk Management

The charity undertook a complete refresh of our risk register in 2024–2025, following the launch of our strategy. Risks were identified across the following themes: Strategy, Finances, Grant-making, Governance, Compliance, Capacity/Capability, and Reputation. Each risk has a named owner(s) and a range of mitigations and controls identified to manage the risk. Both the Finance and Grants Committees have Risk as a standing agenda item and review the controls and status for each of the risks under their respective ownership. The whole risk register is reviewed annually by the Board of Trustees.

Significant external risks to funding led to the appointment of professional advisers to oversee the management of the charity’s investments. Internal risks are minimised by the application of financial controls on authorising expenditure and strict budgetary control. All Trustees signed a mandate which states that they can act in an official capacity. In addition the Trustees have signed a “fit and proper persons” declaration to ensure that charity funds and tax reliefs are used only for charitable purposes.

23 | Annual Report and Accounts 2024–2025

Investment Policy

The investment portfolio is managed by LGT Wealth Management Ltd. They provide quarterly reports to the charity’s Finance Committee on portfolio performance as well as an annual presentation to the full Board of Trustees. To guide the management of our investments, the charity has an Ethical Investment Policy Statement (IPS, see below) which provides our investment manager with clear parameters from the Trustees in how our funds should be invested. This was fully reviewed and agreed by Trustees in 2024–2025 to reflect our charity strategy objectives and reinforced our 5-10 rolling time horizon for investing. The review saw several areas strengthened, including:

Overall, Trustees require an investment approach which seeks to achieve an optimal total return of capital growth and income over a period of time, based on a medium-high risk profile of investment across equities, bonds and cash. In respect of economic, social and governance factors, Trustees require investments to be limited to those acceptable under the Charities and Trustee Investment (Scotland) Act 2005.

The following investment restrictions have been agreed by Trustees, as they feel these would be in direct conflict with the Charity’s objectives:

It will therefore be reasonable for Trustees to exclude investments:

24 | Annual Report and Accounts 2024–2025

Reference and Administrative Information

The Trustees who served during the year were as follows:

==> picture [108 x 32] intentionally omitted <==

----- Start of picture text -----
Chair
ee|
Board of Trustees:
----- End of picture text -----

From 1 July 2024 From 2 April 2025 Until 4 July 2024

Until 28 February 2025 From 1 November 2024 Until 31 December 2024 Until 2 April 2025

From 28 February 2025
1 Member of Finance Committee / 2 Memberof ofGrants Committee
Auditors Thomson Cooper Bankers Bank ofScotland
3 Castle Court 9 Falkland Gate
Carnegie Campus Glenrothes
Dunfermline Fife
Fife KY7 5LW
KY11 8PB
Investment LGTWealth Management Ltd
Managers Capital Square
58 Morrison Street
Edinburgh
EH3 8BP
Registered Office Fife NHS Board
Queen Margaret Hospital
Whitefield Road
Dunfermline
KY12 OSU
CharityNumber $C011988

25 | Annual Report and Accounts 2024-2025

Statement of Trustees Responsibilities

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 of the incoming resources and application of resources for that year. In preparing these financial statements, the Trustees are required to:

The trustees are responsible for keeping accounting records that disclose with reasonable accuracy at any time the financial position of the charity 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of Disclosure to the Auditor

In so far as the Trustees are aware:

Approved by the Board of Trustees on 18 June 2025 and signed on its behalf by:

==> picture [353 x 74] intentionally omitted <==

Chair, Fife Health Charity

Trustee, Fife Health Charity

26 | Annual Report and Accounts 2024–2025

Independent Auditor’s Report to the Trustees of Fife Health Charity

Independent Auditor’s Report to the Trustees of Fife Health Charity

Opinion

We have audited the financial statements of Fife Health Charity (the ‘charity’) for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows 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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements of 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 Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

27 | Annual Report and Accounts 2024–2025

Other information

The other information comprises the information included in the Trustees’ annual 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.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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

In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ report.

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

Responsibilities of Trustees

As explained more fully in the Trustees’ responsibilities statement set out on page 26, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act and report in accordance with those Acts and relevant regulations made or having effect there under. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK). Those standards require us to comply with the Auditing Practices Board’s Ethical Standards for Auditors.

28 | Annual Report and Accounts 2024–2025

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud

We considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: existence and timing of recognition of income and posting of unusual journals along with complex transactions and non-compliance with laws and regulations. We discussed these risks with management, designed audit procedures to test the timing and existence of revenue, tested a sample of journals to confirm they were appropriate and inspected minutes from meetings held by management and trustees for any reference to breaches in laws and regulations. In addition, we reviewed areas of judgement for indicators of management bias to address these risks.

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience and through discussion with the officers and other management (as required by the auditing standards). We focused on specific laws and regulations which may have a direct material effect on the financial statements or operations of the charity, including the Charities and Trustee Investment (Scotland) Act 2005, regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended).

We assessed the extent of compliance of the laws and regulations identified above by inspecting any legal correspondence and any correspondence from regulators and making enquiries of management.

We reviewed the laws and regulations in areas that directly affect the financial statements including financial and taxation legislation and considered the extent of compliance with those laws and regulations as part of our procedures on the related financial statement items.

With the exception of any known or possible non-compliance with relevant and significant laws and regulations, and as required by the auditing standards, our work in respect of these was limited to enquiry of the officers and management of the charity.

We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance or fraud throughout the audit. However, the primary responsibility for the prevention and detection of fraud rests with the trustees. To address the risk of fraud we identified internal controls established to identify risk, performed analytical procedures to identify unusual movements, assessed any judgements and assumptions made in determining accounting estimates, reviewed journal entries for unusual transactions and identified related parties.

29 | Annual Report and Accounts 2024–2025

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing noncompliance and cannot be expected to detect non-compliance with all laws and regulations.

These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and regulation 10 of the Charities Accounts (Scotland) Regulations 2006 (as amended). Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

for and on behalf of Thomson Cooper, Statutory Auditor Accountants Dunfermline

20 June 2025

30 | Annual Report and Accounts 2024-2025

Statement of Financial Activities

(Including Income and Expenditure Account)

For the Year Ended 31 March 2025 CURRENT FINANCIAL YEAR

Notes
Income and endowments from:
Donations and legacies
4
Investment income
5
Total income
Expenditure on:
Raising funds
7
Charitable activities
8
Total expenditure
Net income/(expenditure) and net
movement in funds
Transfers between funds
Net gains/(losses) on investments
12
Net income
Other recognised gains/(losses):
Gains/(losses) on revaluation of
investments
12
Net movement of funds
Reconciliation of Funds
Total funds brought forward
Total funds carried forward		 Unrestricted
Funds
£’000
Restricted
Funds
£’000
2025
Total Funds
£’000
2024
Total Funds
£’000
212
356
568
369
452
-
452
409
664
356
1,020
778
-
49
49
44
267
548
815
1,066
267
597
864
1,110
397
(241)
156
(332)
7,945
(7,945)
-
-
(121)
(13)
(134)
(67)
8,221
(8,199)
22
(399)
(238)
-
(238)
891
7,983
(8,199)
(216)
492
3,802
9,978
13,780
13,288
11,785
1,779
13,564
13,780

The Statement of Financial Activities includes all gains and losses recognised in the year.

All incoming resources and resources expended derive from continuing operations.

The notes on pages 35 to 48 form part of these accounts.

31 | Annual Report and Accounts 2024–2025

PRIOR FINANCIAL YEAR (2023/24)

Notes
Income and endowments from:
Donations and legacies
4
Investment income
5
Total income
Expenditure on:
Raising funds
7
Charitable activities
8
Total expenditure
Net income/(expenditure) and net
movement in funds
Transfers between funds
Net gains/(losses) on investments
12
Net income
Other recognised gains/(losses):
Gains/(losses) on revaluation of
investments
12
Net movement of funds
Reconciliation of Funds
Total funds brought forward
Total funds carried forward		 Unrestricted
Funds
£’000
Restricted
Funds
£’000
2024
Total Funds
£’000
2023
Total Funds
£’000
21
348
369
634
368
41
409
429
389
389
778
1,063
40
4
44
47
237
829
1,066
988
277
833
1,110
1,035
112
(444)
(332)
28
6
(6)
-
-
(14)
(53)
(67)
(419)
104
(503)
(399)
(391)
754
137
891
(822)
858
(366)
492
(1,213)
2,944
10,344
13,288
14,501
3,802
9,978
13,780
13,288

The Statement of Financial Activities includes all gains and losses recognised in the year.

All incoming resources and resources expended derive from continuing operations.

The notes on pages 35 to 48 form part of these accounts.

32 | Annual Report and Accounts 2024–2025

Balance Sheet as at 31 March 2025

Notes
Fixed Assets:
Tangible fixed assets
11
Investments
12
Total fixed assets
Current Assets:
Debtors
13
Cash at bank and in hand
Total current assets
Liabilities:
Creditors falling due within one year
14
Net Current (Liabilities) / Assets
Total Net Assets
The Funds of the Charity:
Unrestricted Funds
15
- General funds
- Revaluation reserve
Restricted Funds
16
Total Charity Funds		 Unrestricted
Funds
£’000
Restricted
Funds
£’000
2025
Total Funds
£’000
2024
Total Funds
£’000
201
30
231
231
11,583
1,749
13,332
13,788
11,784
1,779
13,563
14,019
36
5
41
114
492
75
567
485
528
80
608
599
(527)
(80)
(607)
(838)
1
-
1
(239)
11,785
1,779
13,564
13,780
11,333
-
11,333
2,978
452
-
452
824
-
1,779
1,779
9,978
11,785
1,779
13,564
13,780

The financial statements were approved by the Trustees on 18 June 2025 and signed on their behalf by:

==> picture [356 x 64] intentionally omitted <==

Chair, Fife Health Charity

Trustee, Fife Health Charity

The notes on pages 35 to 48 form part of these accounts

33 | Annual Report and Accounts 2024–2025

Statement of Cash Flows for the Year Ended 31 March 2025

Notes
Net cash used in operating activities
21
Cash flows from investing activities:
Dividends and interest from investments
Proceeds from sale of investments
Purchase of investments
Cash provided by (used in) investing activities
Increase/(decrease) in cash and cash equivalents
in the year
Cash and cash equivalents at the beginning of the
year
Total cash and cash equivalents at the end
of the year		 2025
£’000
(454)
452
4,289
(4,205)
536
82
485
567		 2024
£’000
(593)
409
2,796
(2,743)
462
(131)
616
485

34 | Annual Report and Accounts 2024–2025

Notes to the Accounts for the Year Ended 31 March 2025

1. Accounting policies

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

(a) 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 the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) as amended for accounting periods commencing from 1 January 2019 - (Charities SORP (FRS 102), and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended).

The charity constitutes a public benefit entity as defined by FRS 102.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity and rounded to nearest £’000.

(b) Funds Structure

Unrestricted funds 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.

Designated funds are those unrestricted funds which the Trustees have designated for a particular purpose.

Restricted funds are funds which are to be used in accordance with specific 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.

(c) Income Recognition

All incoming resources are recognised when the charity has entitlement to the funds, any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably.

35 | Annual Report and Accounts 2024–2025

For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.

(d) Expenditure Recognition

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably.

Expenditure is classified under the following activity headings:

Where possible, expenses are attributed directly to the Fund to which they relate. Where this is not possible, they are apportioned on the basis of Fund size.

e) Allocation of Support and Governance Costs

Support and governance costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include office costs, payroll and audit fees and are incurred directly in support of expenditure on the objects of the charity. These costs have been allocated between cost of raising funds and expenditure on charitable activities. The bases on which support and governance costs have been allocated are on a direct basis or as a proportion of time spent.

(f) VAT

Government departments including the NHS can recover VAT on contracted-out services provided the conditions on the refund schemes are met.

(g) Operating Leases

The total cost of assets held under operating leases is charged to the profit and loss account as they fall due.

36 | Annual Report and Accounts 2024–2025

(h) Tangible Fixed Assets and Depreciation

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life.

The NHS Fife Endowment Art Collection is valued as per the details contained within the Board’s Art Catalogue. Purchased or donated items in the art collection are not depreciated.

(i) Investments

Investments are recognised initially at cost which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains / (losses) on investments’ in the Statement of Financial Activities if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments, where applicable, are measured at cost less impairment.

(j) Realised Gains and Losses

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and the opening market value (or purchase value if later).

Unrealised gains and losses are calculated as the difference between the market value at the year end and opening market value (or purchase date if later). Realised and unrealised gains are not separated in the Statement of Financial Activities. All unrealised gains at the Balance Sheet date are now disclosed separately in the revaluation reserve. This provides a clearer statement of the resources immediately available to fund projects. Unrealised losses are provided for in the Statement of Financial Activities as part of net gains and losses on investments.

(k) Debtors

Trade and other debtors are recognised at the settlement amount due after any discount offered. Prepayments are valued at the amount prepaid net of any discounts due.

(l) Cash at Bank and in Hand

Cash at bank and cash in hand include cash and all amounts held within bank current and deposit accounts.

(m) Creditors and Provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the

37 | Annual Report and Accounts 2024–2025

amount due to settle the obligation can be measured or estimated reliably. This includes where the Trustees have approved a grant following an application to the charity but the grant has not yet been paid out. Creditors and provisions are normally recognised at their settlement amount after allowing for any discounts due.

(n) 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. Investments in shares which can be publicly traded and be measured at fair value (market value).

2. Taxation

As Fife Health Charity is recognised by HMRC as a charity, there is no liability to taxation.

3. Auditor’s remuneration

2025 2024
£’000 £’000
Audit fees 11 11

4. Income from donations and legacies

Donations and gifts
Legacies		 2025
2024
£’000
£’000
374
337
194
32
568
369

Income from donations and legacies was £568,000 (2024: £369,000) of which £356,000 (2024: £348,000) was attributable to restricted and £212,000 (2024: £21,000) was attributable to unrestricted funds.

38 | Annual Report and Accounts 2024–2025

5. Investment income

Dividends received
Interest received		 2025
2024
£’000
£’000
452
409
-
-
452
409

Income from investments was £452,000 (2024: £409,000) of which £0 (2023: £41,000) was attributable to restricted and £452,000 (2024: £368,000) was attributable to unrestricted funds.

6. Donated goods, facilities or services

The charity benefits greatly from the involvement and support of its volunteers, details of which are given in the annual report. In accordance with FRS 102 and the Charities SORP (FRS 102), the economic contribution of general volunteers is not recognised in the accounts.

7. Analysis of expenditure on raising funds (Current Financial Year)

Investment management costs Patient
Welfare
Staff
Welfare
Total
2025
Total
2024
£’000
£’000
49
-
49
44
49
-
49
44

Analysis of expenditure on raising funds (Prior Financial Year)

Investment management costs Patient
Welfare
Staff
Welfare
Total
2024
£’000
£’000
£’000
44
-
44
44
-
44

Expenditure on raising funds was £49,000 (2024: £44,000) of which £0 (2024: £4,000) was attributable to restricted and £49,000 (2024: £40,000) was attributable to unrestricted funds.

39 | Annual Report and Accounts 2024–2025

8. Analysis of expenditure on charitable activities (Current Financial Year)

Salaries & Professional Fees
Administration Charges & Supplies
Property Development & Maintenance
Christmas Expenditure
Equipment
Functions & Conferences
Patient Activity
Governance costs (Note 9)
Support costs (Note 9)		 Patient
Welfare
Staff
Welfare
Total
2025
Total
2024
£’000
£’000
£’000
£’000
95
-
95
51
14
-
14
11
(38)
-
(38)
339
31
6
37
38
345
-
345
180
91
-
91
110
43
-
43
124
217
-
217
202
11
-
11
11
809
6
815
1,066

Fife Health Charity does not make grants to individuals. The total cost of making grants is disclosed on the face of the Statement of Financial Activities within expenditure on charitable activities. The following institutions were paid grants from the charity in 2024/25:

– Clued Up Project £4,961
– Families First St Andrews £4,955
– Hyperclub £5,000
– International Futures Forum £4,950
– Link Befriending Project £4,400
– Methilhill Community Children £5,000
– Options In Fife £5,000
– Scotland Yard Adventure Centre £5,000
– YMCA Kirkcaldy £4,960
– Youth 1st £4,990

40 | Annual Report and Accounts 2024–2025

Analysis of expenditure on charitable activities (Prior Financial Year)

Salaries & Professional Fees
Administration Charges & Supplies
Property Development & Maintenance
Christmas Expenditure
Equipment
Functions & Conferences
Patient Activity
Governance costs (Note 9)
Support costs (Note 9)		 Patient
Welfare
Staff
Welfare
Total
2024
£’000
£’000
£’000
51
-
51
11
-
11
339
-
339
30
8
38
180
-
180
110
-
110
124
-
124
202
-
202
11
-
11
1,058
8
1,066

Expenditure on charitable activities was £815,000 (2024: £1,066,000) of which £548,000 (2024: £829,000) was attributable to restricted and £267,000 (2024: £237,000) was attributable to unrestricted funds.

9. Analysis of governance and support costs (Current Financial Year)

The charity initially identifies the costs of its support functions. It then identifies those costs which relate to the governance function. Having identified its governance costs, the remaining support costs together with the governance costs are apportioned between its key charitable activities undertaken (see Note 8) in the year. Refer to the table below for the basis for apportionment and the analysis of support and governance costs.

Basis of
Apportionment
Recharge Of
Relevant Salaries
Time spent
Audit Services
Direct cost		 Support
Costs
Governance
Costs
Total
2025
Total
2024
£’000
£’000
£’000
£’000
-
217
217
202
11
-
11
11
11
217
228
213

Analysis of governance and support costs (Prior Financial Year)

Basis of
Apportionment
Recharge Of
Relevant Salaries
Time spent
Audit Services
Direct cost		 Support
Costs
Governance
Costs
Total
2024
£’000
£’000
£’000
-
202
202
11
-
11
11
202
213

41 | Annual Report and Accounts 2024–2025

10. Analysis of staff costs and trustee and key management remuneration and expenses

The charity has no employees, therefore no employee received emoluments in excess of £60,000 during the year (2024 – nil). The recharge of relevant salaries included within Governance costs (Note 9) relate to the cost of NHS staff time spent administering the charity. The cost relates to staff time recharged to the charity, as the charity itself has no direct employees.

The charity considers its key management personnel to be the Trustees and the Charity Director.

11. Tangible fixed assets

Cost or valuation
At 1st April 2024
At 31st March 2025
Depreciation
At 1st April 2024 and 31st March 2025
Net Book Value
At 31st March 2024
At 31st March 2025
vestments
Market value brought forward at 1st April
Additions to investments at cost
Disposals at carrying value
Realised gains/(losses)
Unrealised gains/(losses)
Market value at 31st March
Investments at fair value comprised:
Equities
Fixed interest securities
Total		 Art Collection
£’000
231
231
-
231
231
2025
2024
£’000
£’000
13,788
13,017
4,205
2,743
(4,289)
(2,796)
(134)
(67)
(238)
891
13,332
13,788
11,056
12,117
2,276
1,671
13,332
13,788

12. Investments

All investments are carried at their fair value. Investment in equities and fixed interest securities are all traded in quoted public markets, primarily the London Stock Exchange. Holdings in common investment funds, unit trusts and open-ended investment companies are at the bid price. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value). Cash held within the investment portfolio is shown within “Cash at bank and in hand” and is therefore not included within the value of investments. The

42 | Annual Report and Accounts 2024–2025

significance of financial instruments to the ongoing financial sustainability of the charity is considered in the financial review and investment policy and performance sections of the Trustees Annual Report.

13. Debtors and prepayments

btors and prepayments
Tax Recoverable
Legacy Receivable
Fife Health Board
Other Debtors
editors falling due within one year
Trade Creditors
Audit Fee
IR35
Fife Health Board
Provision For Commitments*
ovision for Commitments – Movement in The Year
Balance At 1 April 2024
Commitments made in the period
Expenditure incurred on committed grants
Balance At 31 March 2025		 2025
2024
£’000
£’000
29
12
-
87
10
-
2
15
41
114
2025
2024
£’000
£’000
5
2
11
9
3
8
187
161
401
658
607
838
£’000
838
151
(588)
401

14. Creditors falling due within one year

Provision for Commitments – Movement in The Year

The following committed grants, payable to NHS Fife, have still to be paid in full:

43 | Annual Report and Accounts 2024–2025

15. Unrestricted Funds (Current Financial Year)

Unrestricted
Funds
Revaluation
Reserve		 Balance
at
Incoming
Resources
Outgoing
Resources
Gains
and
Losses
Fund
Transfer
Balance at
01/04/24
31/03/25
£’000
£’000
£’000
£’000
£’000
£’000
2,978
664
(267)
7,958
11,333
824
-
-
(359)
(13)
452
3,802
664
(267)
(359)
7,945
11,785

The balance on the revaluation reserve reflects gains/losses on investments calculated as any positive variance between the market value and the initial purchase value of investments in equities held at the balance sheet date. The reduction of £372k in revaluation reserve reflects the decrease in the value of the portfolio. £7,945k represents the value of funds that were reclassified as Unrestricted from Restricted in the current year following the legal review and audit of the charity’s restricted funds.

Unrestricted Funds (Prior Financial Year)

Unrestricted
Funds
Revaluation
Reserve
Restricted
Fund		 Balance
at
Incoming
Resources
Outgoing
Resources
Gains
and
Losses
Fund
Transfer
Balance at
01/04/23
31/03/24
£’000
£’000
£’000
£’000
£’000
£’000
2,944
389
(271)
(84)
-
2,978
-
-
-
824
-
824
-
-
(6)
-
6
-
2,944
389
(277)
740
6
3,802

44 | Annual Report and Accounts 2024–2025

16. Restricted Funds (Current Financial Year)

Restricted Funds over
£100,000
Palliative Care*
Diabetes
Haematology
Renal
Cardiology
Diabetic Research
Haematology Day Unit
Queen Margaret Hospice
Diabetic Clinic
Breast Unit
Renal Unit
Haematology unit
Chest Unit Research
Haematology/Oncology
Victoria Hospice Staff
Tarvit Ward
Adamson Hospice
Endoscopy
Oncology
Urological Audit & Training
Blood Disorders
Haematology Day Unit Staff
Other Restricted Funds		 Balance
at
Incoming
Resources
Outgoing
Resources
Gains
and
Losses
Fund
Transfer
Balance at
01/04/24
31/03/25
£’000
£’000
£’000
£’000
£’000
£’000
995
261
(28)
-
(1,001)
227
-
-
-
-
404
404
-
1
-
-
336
337
-
-
-
-
173
173
809
1
(1)
-
(809)
0
718
2
(2)
-
(718)
0
472
0
0
-
(472)
0
433
5
0
-
(438)
0
477
0
0
-
(477)
0
325
0
0
-
(232)
93
294
0
0
-
(294)
0
243
0
0
-
(243)
0
223
0
0
-
(223)
0
210
0
0
-
(210)
0
161
1
(8)
-
(154)
0
166
10
(3)
-
(97)
76
126
0
0
-
(126)
0
118
0
(5)
-
(113)
0
116
0
(25)
-
0
91
118
0
0
-
(118)
0
114
0
0
-
(114)
0
105
0
0
-
(105)
0
3,755
75
(525)
(13)
(2914)
378
9,978
356
(597)
(13)
(7,945)
1,779

* Palliative Care fund was previously known as Victoria Hospice fund

During the year to 31 March 2025 the Board, along with their legal advisors undertook a review of the charity’s categorisation of funds, particularly their restricted funds. The review concluded that the majority of the charity funds are those which were amalgamated from other endowment funds in 2004, as confirmed by archive papers held by OSCR. The Public Appointments and Public Bodies etc. (Scotland) Act 2003 removed all restrictions on amalgamated funds. The archive papers indicated that the majority of the restricted funds were created by NHS management on amalgamation and not as a result of donor applied restrictions. This has therefore resulted in a transfer of £7.958m which has reallocated the funds to the correct category.

45 | Annual Report and Accounts 2024–2025

Restricted Funds (Prior Financial Year)

Restricted Funds over
£100,000
Victoria Hospice
Cardiology
Diabetic Research
Haematology Day Unit
Queen Margaret Hospice
Diabetic Clinic
Breast Unit
Renal Unit
Haematology Unit
Chest Unit Research
Haematology/Oncology
Victoria Hospice Staff
Tarvit Ward
Adamson Hospice
Endoscopy
Oncology
Urological Audit & Training
Blood Disorders
Haematology Day Unit Staff
Other Restricted Funds		 Balance
at
Incoming
Resources
Outgoing
Resources
Gains
and
Losses
Fund
Transfer
Balance at
01/04/23
31/03/24
£’000
£’000
£’000
£’000
£’000
£’000
983
94
(82)
-
-
995
817
4
(12)
-
-
809
720
6
(8)
-
-
718
462
11
(1)
-
-
472
463
3
(33)
-
-
433
457
21
(1)
-
-
477
324
1
(1)
-
-
325
296
4
(6)
-
-
294
243
1
(1)
-
-
243
223
1
(1)
-
-
223
218
13
(20)
-
-
210
173
4
(12)
-
-
161
134
9
23
-
-
166
128
-
(2)
-
-
126
118
-
-
-
-
118
116
-
-
-
-
116
114
4
-
-
-
118
114
-
-
-
-
114
105
2
(2)
-
-
105
4,136
211
(670)
84
(6)
3,755
10,344
389
(833)
84
(6)
9,978

46 | Annual Report and Accounts 2024–2025

17. Analysis of assets between funds (Current Financial Year) Analysis of assets between funds (Current Financial Year)
Unrestricted Restricted Total
Funds Funds Funds
31/03/25 31/03/25 31/03/25
£’000 £’000 £’000
Tangible fixed assets 201 30 231
Investments 11,583 1,749 13,332
Debtors 36 5 41
Bank and cash 492 75 567
Creditors (527) (80) (607)
11,785 1,779 13,564

Analysis of assets between funds (Prior Financial Year)

Tangible fixed assets
Investments
Debtors
Bank and cash
Creditors		 Unrestricted
Funds
31/03/24
Restricted
Funds
31/03/24
Total
Funds
31/03/24
£’000
£’000
£’000
64
167
231
3,802
9,986
13,788
28
86
114
133
352
485
(225)
(613)
(838)
3,802
9,978
13,780

18. Operating leases

The charity has no annual commitments under non-cancellable operating leases expiring.

19. Legacies

Peter MacNaughton Executry

The final instalment of the MacNaughton Legacy was received in January 2025 (£139,557). This exceeded the amount of £75,000 which was accounted for as a debtor in 2023/24.

20. Related party transactions

The Trustees of Fife Health Charity are also members of the NHS Fife Board. In 2024/25 there was total expenditure with NHS Fife of £845,000 (2024: £1,036,000) and at the end of 2024/25 there was a net creditor balance of £180,000 (2024: £169,000) and a provision for committed expenditure for £401,000 (2024: £658,000).

47 | Annual Report and Accounts 2024–2025

21. Reconciliation of net movement in funds to net cash flow from operating activities

Net movement in funds
Adjustments for:
(Gains)/losses on investments
Dividends and interest from investments
(Increase)/Decrease in debtors
Increase/(Decrease) in creditors		 2025
2024
£’000
£’000
(216)
492
372
(824)
(452)
(409)
73
279
(231)
(131)
(454)
(593)

48 | Annual Report and Accounts 2024–2025

Fife Health Charity Queen Margaret Hospital Whitefield Road Dunfermline KY12 0SU

nhsfife.org/fife-health-charity