Charity reglstration numbèr SC016300 Isrotlandl ALEXANDER SCOTT'S HOSPITAL (EVENTIDE HOME) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 20 JULY 2024 A9 Accountancy Limited Ch8rteied Accountants Elm House Craélehall Business Park Invèrness United Kingdom IV2 5GH
ALEXANDER SCOTT'S HOSPITAL (EVENTIDE HOME) LEGALAND ADMINISTRATIVE INFORMATION Charity nurnb8r (Scotland) SC016300 Audltor A9 Accountancy Limited Elm Htsuse Cradlehall Business Pa Invemess United Kingdom IV2 SGH Solicitor Murdoch, Mcmath & Mrtchell 27129 Duke Street Huntly A854 8DL
ALEXANDER SCOTT'S HOSPITAL {EVENTIDE HOME) CONTENTS Page Trustees, report Statement ol trustees, responsibilities Independent auditorfs report Statement of financi81 activities Balan sheet Statement of Cash flows 10 Note510 the financial statements
ALEXANDER SCOTT'S HOSPITAL (EVENTIDE HOME) TRUSTEES. REPORT FOR THE YEAR ENDED 20 JULY 2024 The trustees present their annu81 reptsrt and financial statements for the year ended 20 July 2024. The financial statement5 have been prepared in accordance wth the accounting policies set out in note 1 to the financial Statements and compty wth ttte charity's Constitution the Charits'es aTrd Trustee Investment (Scotlandl Act 2005. the Charities Accounts (Scollandl Regulations 2006 las 8mendedl and "Accounting 8nd Reporting by Chairties.. Slalemenl of Recommended Practice applicable to charities piepaiing their accounts in accordance with Ihe Finan¢i81 Reporting Standard applicab5e in the VK and Republic of Ireland IFRS 1021.. Objectlves and actlvStles The charty was established by a charitable Trust Dee(J on 29 May 1868 to benefit the welfare of the elderly within the Town of Hunlly and the surrounding parishes. The obJectNe was met by the establishrnent and continuing function of a Resident¢al Home for the elderty. The Board of Trustees meet on a regular basis to review and supervise the ongoing business and planning for the future ol the charity. The Trustees have always aimed to have high ¢)rKupancy levels to ensure that as many local residents as possible ale able lo benefit from the high level of care. The Trustees recognise the difticult financial situation in the social are sector which has proved to be challenging and incjeed became more challenging during the pandemic and the years theafter. The Trustees ults"rnate goal is to provide the best care and attention for the home's residents, and this is considered of paramount importance. The Trustees recognise the care horne fees for self-financing residents require to be increased and the fee level is now substantially higher than it was a few years ago and will continue to increase due lo the inadequacy ol funding provided by Aberdeenshire Council. Achievements afid rtOrnian¢e Significant activities and aGhievements against objectives The financial year has. yel again. been difficult for the Charity. The continuing poor economic climate led to overheads and in particular energy prices increasing but the Local Authority was not 8ble to increase lunding accordingly. The Trustees are in agreement with the Governrnent's commitment lo incre8sing staff wages in line with the living and minirnum wages but seek to rnake their views known on the funding situation which is lar from satisfactory. This does not only apply to the Trustee5 but to every care home provider in Scotland and the Unled Kingdtsm. It is not satisfactory lor the c03t5 of care lo continue to rise for selÈfinancing residents. This is inequrtablè and places an increased burden on those who have saved for their later years. The Care Inspectorate insist on rninimum staffing levels and the Trustees wish to continue the positive feedback which has been reoeNed Irom the recent inspections and which show that the home is achieving higher grading which rtsukts in a small Increase in funding from the Local Authority. Financial review The home incurred a deficit in resour$ of £72,44412023 - £252,958 surplus). The deficit incurred is after a non- cash depreciation charge of £52,28512023 £53,881). The valuation change in the investment pad( was in line with expectations givèn the movement in tts stock market during the year. thi5 8mounted to £40,67812023 £9.4091. R8s8Thes policy It 13 the policy ol the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six months. expenditure. The Trustee5 consider that this level will ensure that. in the event of a significant drop in fundin9. they will be able to continue the tharity's current activitie5 whilè consideration is given to ways in which addib.onal funds may be raised. At the yearnd unrestricted reserves were £949.935 12023 £977,283), of which £56,347 12023 £63.7751 is repsented by tangible fixed assets so is not readily available funds. The level of readily available fvnds is below the 6-rnonth level but is above the 3-monlh level considered necessary by the trustees. Any shortfalls in funding may be able to be covered by the sale of the investments as they can be 501d at the discretion ol the Trustees when required On thes8 basis the Trustees consider the level of reserves sufficient as at the yearnd.
ALEXANDER SCOTT'S HOSPITAL {EVENTIDE HOME) TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 20 JULY 2024 Principal funding sources The prineipal inctsme of the eharty is derwed from Residents Maintenance Charges. Payment is received primarily from Local Authorities and then topped up by contributions from the residents. The weekly charge for those residents who are supported by the council has risen from £765 at the start of the financial year under review lo £825 at the end ol the period, which is the sarne throughout Scolland for a Home such as Alexander Scott's Hospital and has been fixed by the Scottish Govemment and Local Authorities after negotiation with Care Scotland representing care homes. For self-funding residents the charge is £1.495 per week at the time of writing. The Trustees realise the self-funding residents charges will have to continue to increase si9nrficantly over the next f8w years. They recognise other homes in the area are charging considerably rnore and Alexander Scott's Hospital will require to meet the imposition of the IIng wage and minimum wage through additional charges. 11 is also a specific financial aim that thè home should bè fu1ty occupied by residents, but this is not always possiblè due to lack of Local Authority funding. The charty's investments are malntalned by Stockbrokers in Edinburgh on a non-discietionary basis. Transactions invofving investments are deaded by the Trustees following advi trom the Edinburgh Stockbrokers. Thè Stock Market has been somewhat volatile and the Trustees were reqUId to sell investments to meet the continuing demands brought about by thè Pandemic and subsequent energy and cost of living crisis. The operating risk forèmost in th& Trustees minds is the lack ol financial support fiom the Local Authority due to the Government Policy of maintaining people in their own homes and 8 general lack of adequate public lunding for the Care Home Sector. The weekly charge for residents supported by the Local Authority, at the time of writing in earfy 2025 is £825 compared to those for self-funding residents of £1.495. This figure is becomin9 untènable and onfy pressure on the Local and Nation81 Goveinment5 can bring about a change. There 13 a conts'nuing lack of direction from tre Government on the whole social care question and this together wrth the extemal threat from Stod( Market volatility, the uncertainty surrotsnding the affects of Brexit and the Energy Crisis mean the Trustees continue to look forward with great unease to the yeafs ahead. Investmenlpolicy The investment policy is subject to advice given by independent investment managers having regard to the Home's stalus as a ch8rity. The aims are lo maintain the caprtal value of the investments and to obtain a reasonable level ol incomè. Plans for future periods The Trustees will continue to use their best endeavours to ensu the safety and wellbeing of the residents of the home and allow them lo live as fulfilling a life as is possible in a safe and comfortable environment. The safety of the residen15 and their physical and mental wellbeing is paramount. There uigently requires lo be a change In attitude trom Local and Central Government to Social care and this is something that the Trustee5 hope that groups such as Scottish Care Iwho act on behalf of hornesl will be able to pursue given the rising profile of the haidship which care homes and their residènt$ have èndure¢J post pandemic. Coronavirus ICOVID-191 The Continuing Aftemiath The Trustees identified earty in the pandemic that any outbreak of CoTonavirus in the home could pose a SnifICant and potentially fatal threat to the charity After succe5sfulty keeping the Home free from Covid-19 there were fv40 outbreaks in the Hospital in March and August 2022. The hospilal's Matron moved on from her role in 2023 and her Deputy was appointed as the new Matron. There were delays with the accounts and audit procedures whrh resulted in the Year End 20 July 2020 A¢wunts only being finalised and submitted in 2023. Following on from this period of instability an Energy Crisis emerged which compounded the difficulties experienced during the years of the Pandernic. There continues to be pSSUre on prices. known 8s 'lhe cost of Living Crisis" which affe¢ls all areas ol society in general. Locally, there are issues with other care homes recruiting staff The Tnjst has not been required to etnploy Agency Staff, whidt 15 regarded as highly desirable. Structure, gov•rnanee and management The charty was 85tablished by a charitable trusl deed on 29 May 1868.
ALEXANDER SCOTT'S HOSPITAL (EVENTIDE HOME) TRUSTEES, REPORT ICONTINUED) FOR THE YEAR ENDED 20 JULY 2024 The Ifuslees wF]o served dLJrin the ear and u lo the dale of signature ol the financial statements were.. Recryitment and appointment offfustees The 8oard ol Tfuslees currentty indude fepresentstives from local and regional churches, an architect and landowner. and a local businesswoman. Ttuste85 8re appointed in 8ceordance wllh the Hospital Order Confirmation Acts. There is no SP8cific tra1ning programma in place for new trustees, though they are madè aware of their responsibilrties Ihrough reading the Office ol the Scottish Charity Regulator publication 'Guidance and Good Practice for Charity Tmstee5'. Remuneration policy Trustees set key management rernuneration based on comparable posstions within the care sector and wth regard to qualificatsons held. Latest developmerrts Since Ihe end of the Fin8ncial Year 20 July 2023 the charity has managed to recruit new siaff. The Trustees are pleased there is a heatthy walting Ilst post pandemic and full oc¢up3n¢y may become a reality during 2025. Occupancy levels were restricted during the pandemic and recent oulbre8ks in the followin9 years. hom achieved the rating of 'Very Good" at the last Care Inspectorate Inspection which b0081ed morale in the home and the wider eommunty. There is still general concern about the energy price increase8 and the stsbilty tsf markels in gen¢ral. The trustees. report was appfiwed by Ihe 8oard olTrustees. rus ee 26 May 2025
ALEXANDER SCOTT'S HOSPITAL (EVENTIDE HOME) STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 20 JULY 2024 The trustees are SpOnsIbLe fof preparing the Trustees, Report and the finanaal stateFnenls in accordance with applicable law and Unitèd Kingdom Accounting Standards Iunited Kingdom Generally Accepted A¢eounting Practicel. The law applicable to charities in Scotland requires the trustees to prepartr financial statements ftsr each financi81 year which give a true and fair view ol the state of affairs of the charity and of Ihe incoming resources and application of resouf¢es of the charity for that year. In preparing these financial statement5. the Iruslees are required to.. 5ele¢t suitable accounting policies and then apply them consistentty.. observe the methods and principles in th* Charities SORP., make judgements and estimatès that are reasonable and prudent., State whether applicable accounting standards havè been followed, subject to any material departures disclosed and explained in the finanaal statement5,' and prepare the financial statement$ on the golng concem basis unless rt is inappropriate to presunp that the charity will continue in operation The Irtjsteès are responsible for keeping sufficient accounting records that disdose with reasonable accuracy al any tlme the financial position of the charity and enable them to ensuie that the financial statement5 comply with the Charities and Trustee Invéstment Iscotlandl Act 2005. the Charities AccoLsnts Iscotlandl Regulations 2006 las amended) and the provisions ol the trust deed. They are also responsible for safeguarding Ihe assets of the charity and hence for taking reasonable Steps for the prevention and detection of fraud and olhef irregularitie5. The Trustees are responsible for the maintenance and integnty of the charity and financial informabon included on the charity's wèbsite. Legislation in the United lfjngdom governing the preparation and disseminaiion of financial stalemÈnts may differ from legislation in otherjurisdictions.
ALEXANDER SCOTT'S HOSPITAL (EVENTIDE HOME) INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF ALEXANDER SCOTh'S HOSPITAL {EVENTIDE HOME) Opinion have audited the financial statemenls of Alexander Scott's Hospital l£ventide Homel (the 'charty'l for the year ended 20 July 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial st8tements. including significant accounting policiès. The financi81 reporting framework that has been applied in their preparation is applicab5e law and Unitèd Kingdom Accounting Standards, including Finanaal Reporting Standard 102 The Finencial Reportirjg Stanclard applicable in Ihe UK And Republic ol Irel&nd Iuniled Kingdom Genefally Accepted Accounting Practice). In our opinion, the financial statements.. give a true and fair view of the state ol the charty's affairs 88 al 20 July 2024 and ol its incomin9 resources and application ol resources, for the year then ended., have been properfy prepared in a¢cordance with United Kingdom Generally Accepted Accounting practi.. and have been prepared in accordance with the requirements of the Charitie5 and Trustee Investment (Scotlandl Act 2005 and regulation 8 01 the Charities Accounts (Scotlandl Regulations 2006 las 8mendedl. Basis for opinÉon We conducted our au¢Jil in 8¢¢0rdance with Intemational Stand8rd5 on Auditing IUKI IISAS IUKII and applicable law Our respon5ibilitie5 under those standards are further described in the Auditors responsibililies for the 8udit ol the linancial statements section of our report. We are independent ol the charity in accordance wrth the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethi1 Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit eviden we have obtained is sulficient and appropriate to provide a basis for our opinion. Conclusions relating to going concem In auditing the financial siatements, we have concluded that the Iruslees, use of the going concem b8$is ol accoUtng in the preparation of the financial statements is appropriate. Base¢J on the work we have perfomied. we have not identified any matefial uncertaint5 ielating to events or conditions that, individualty or collectively. may fASt significant doubl on the charity's abilty lo continue as 8 90ing eonc8m for a period of at least fv4elve months from when the financial Statements are authorised for Issue. Our spOnSIbl1111èS and the SpOnSibl11t1es of thè trustees with respect lo going concern are described in the relevant sections ol this report. Other infornalion The other information ¢otnprises the inforrnalion included in the annual report othei than the finartial staternenls and our audito¢s report thereon. The trustees are rÈsponsible for the other information contained within the 8nnual report. Our opinion on the financial statements does not cover the olhei information and we do not express any form of agsurance conclusion thereon. Our responsitiility is to Tead the other inforrnation 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 appeals to be materially misstated. If we Identify such materk31 inconsistencies or apparent material rnisstatements, we are required to determine whether this gives iise to a m8terEI misstatement in the financi81 statements themselves. If. based on the work we have perfomed. we conclude that there is 8 material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on whlch we are required to rnport by exceptiort We have nothing to report in respect of the following matters in relation to which the Charilies knounts Iscollandl Regulations 2006 las amendedl require us to report tts you If. in our opinion.. the information given in the ffinancial stalernents is Inconsistent in any material respect with the trustees. report., or proper accounting records have not been kept,. or the financial statement5 ale not in agreement with the accounting recoids., or we have not received 811 the infomation and explanations we require for our audit.
ALEXANDER scorr's HOSPITAL (EVENTIDE HOME) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF ALEXANDER scorr's HOSPITAL (EVENTIDE HOME) Responslbllltles of trustees AS èxplained morè fully in the statement of trustees, responsibilities. the trustees ale responsible for the preparation of the financial statements and lor being satisfied that they give a true and fair view, and for such internal control as the trustees delemine is necessary to enable the preparation of financial statements lttat aro free frorn rnaterial misstatement, wheltter due to fraud or error. In preparing the finanoal statements, the trustees are responsible for assessing the charity's ability to continue 8S 8 going concern, disclosing, as applicable. matters related lo going concern and using the going concein basis of ac¢ountin9 unless the trustees either inlend to cease operations, or have no realistic alternative bul to do so. Auditorfs respon¥ibili¢ies for th* audit of thè flnanclal statements We have been appointed as auditor under section 4411 Ilcl of thè Charities and Trustee Investment (Scollandl Act 2005 an(J report in accordance with the Act and relevant rtrgulations made or having effect th&reunder. Our objectives are to obtain Teasonable assurance about whether the financial statements as a whole are tree from m8terial misstatetnent, whether due to fraud or error, and to issue an auditors report that includes our opinion. Rèasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material rnisstatetnent when it exists. Misstatements Can arise from fraud or emr and are considered material if. individualty or in the aggregate. they could reasonabty be expected to influènce the economic decisions of users t8ktrn on the basis of these finanaal statements. Th• èxtènt to whleh our procedures are capable of detecting irr•gulariti•s, Including fraud, bs detailed below. IrgUlaritieS, incltsding fraud, are instances of non-compliance with laws and regulations. We design procedures in line wrth our responsibilities, outlined above. to detect mateiial misstatements in respect of Irregularities, including fraud. Ttte specific produleS for this engagement and the exlenl lo which these are capable of detecting irregularities. including fraud is detailed below. We obtained 8n understanding of the legal and regulatory frarnewotks that are applicable to the charity, focusin9 on provisions of those laws and regulations that had a direct effect on the determination ol rnaterial amounts and dis¢losures in the financial statements. The most Televanl frameworks we identified include." United Kingdom GenerallyAccepted Accountin9 Practice Corpoialion Tax legislation Charities and Trustees Investment (Scotlandl Ad 2005 Charities Accounts (Scotlandl Regulations 20(kS VAT legislation Care Inspectorate Requirements We gained an understandlng of how the charity is comptying with these laws and regulations by making enquiries ol management. We corroborated these enquirie5 through our review of extemal inspections, relevant correspondence wrth regulatory bodies and board meeting minutès. We assessed the susceptibility of the charity's financial statements to material misstatemènt, induding how fraud might occur, ty meeting with managernent to understand where il was con5ider8d lttere was susceptibility to fraud. This evaluation also considered how management were remunerated and whether this provided an incentive for fraudulent activity. We considered the tsverall control environrnent and how management oversee the implementation and opefation of controls. In areas of the financial statements where the risks were considered to be higher, we performed procedures to address each identifd risk.
ALEXANDER SCOTT'S HOSPITAL {EVENTIDE HOME) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF ALEXANDER SCOTT'S HOSPITAL {EVENTIDE HOME The follLwing procedures wore performed lo providè rèasonabl& assurance that Ihe fInaClaI statements were free of material fraud or erTOr'. RevIen9 rninutes of medngs of those c*arged wrth governance., Reviewng the level of and reasoning behind the charity'5 procurement of legal and professional SèNle£S', Perfoming audit work procedures oveT th¥ risk of management override of controls, includln9 testng ol loumal entries and other adjustments for appropriateness, evaluating the busines5 iationale of significant transactions outside the normal course of business and reviewing jUdgeThnIS made by man8g8rnènt In their calculation of accounting estimates for potential management bias. PrdureS lo conf rm the existence and complettrness of revenue ensuring recognised in line with the charity's accounting policies. Enquiries with managem¢nt regarding the compliance wilh laws and regu13tions, including hèalth and safety requirements. Our audil procedures were designed to resportd to the risk of material misstatements in thè fin8ndal staternents, recognising that the risk of not deleGling a rnat¢rial risk due to traud is higher Inan the risk ol rot detecting one sulling fr¢)m error, as fraud may involve Intentional conalment, forgery, collusion, omission or misrepiesentstion. There are inherenl limitations in the audit produreS performed and the further rernoved lloncompliance with laws and re9ulalions is trom the events and transactions reflected In the financial $t8iements, the less likely we are to become aware of it. A furthèr dèscription of our responsibilities is available on the Financlal Reporting Council's website al.. hHps.'Il www.frc.org.uklaudilorsrespon8ibilities. This description fornis part of our auditorfs report. Use of our report This report is made solely to the charivs trSlee5, as a bDdy. in accordance wilh regulaIn 10 tsl the Char¢tie5 Account5 Iscotlandl Regulations 200S. Our audit work has been undertaketE so that we might stAte to the chaTrty's twstees those matters we are required to State to theEn in an auditors report and lor no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility lo anyone othei Ihan the charty and the charty's trustees as a body. for our audit work, for this report, OT lor the opinions we have fomed for and on behalf of A9 A¢¢ountancy Limited 26 Trjay 2025 Chartered Accounlants Statutory Audltor Elm Housè Cradleh811 Business Park In¥eme$$ United Kingdom IV2 5GH A9 kGountanw Limited Is eligible lor appointment as 8uditOf of the charity by virtue of its eligibilty for appointment as auditor ol a cornpany under 8eotion 1212 of the Companies Act 2006.
ALEXANDER SCOTT'S HOSPITAL {EVENTIDE HOME) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 20 JULY 2024 Unrestrlctsd funds 2024 Restricted funds 2024 Total Totsl 2024 2023 Notes Income and endowinents from: Donations and legacies Charitable aclivities Investments Other income 17,899 1,770,397 32,605 3,250 12,053 29,952 1.770,397 32,605 3,250 524.348 1,610,125 21.119 Total ineom• 1,824,151 12.053 1,836.204 2,155.592 Expendlture on: Raising funds Charrtable activities Other expenditure 3,364 1.902,773 239 3,364 1,947,869 239 3,312 1,908.731 45.0 14 Total ¢xpendituro 1,906,376 45,096 1,951.472 1.912,043 Net gainslllossesl on investments 1S 42,824 42,824 9,409 Net Incomellexpendlturel 139,4011 133,0431 172.4441 252,958 Transfers beeell funds 12,053 112,0531 Net movemgnt In funds 10 127.3481 145,0961 172,4441 252,958 Reeonelliation of funds.. Fund balances at 21 July 2023 977.283 668,587 1,645,870 1,392.912 Fund balances at 20 July 2024 949,935 623.491 1,573.426 1,645,870 The stslement of financial activities includès all gains and losses recognised in the year. All income and expenditure derivè from continuing activities.
ALEXANDER scorr's HOSPITAL (EVENTIDE HOME) BALANCE SHEET AS AT 20 JULY 2024 2024 2023 Not•B FIKod ass•ts Tangib18 ass8t8 Investment8 17 18 679,838 603,314 732.362 632,556 1.283,1 S2 1,364.918 Cyrrent a$$•ts Stocks Deblois Ca5M at bank and In hand 20 21 13.783 153,208 342,362 120,981 424.049 $09,353 553,530 Croditor¥'. #mounts falling dug within onè year 22 219,079 272.578 Net CUTrenl assets 290,274 280.952 Total *ssets le$$ ¢urrent Ilabllltl8s 1.573.426 1,645,870 The fund¥ of the chArity Restricted income funds Unrestricted funds- general Unie51ricted funds- Revaluation reserve 25 623,491 627.013 322.922 668.587 854.361 322,922 Total funds 1,573,426 1.645,870 The fM)anclal stalemeThts were 8pproved by the INstees on 26 May 2025
ALEXANDER SCOTT'S HOSPITAL (EVENTIDE HOME) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 20 JULY 2024 2024 2023 Notes Cash flows from opèratlng actlvltles Cash lab50rbed byllgeneraled from operations 31 1186,3561 313,434 Investlng actlvitlos Purchase of tan9ible fixed assets PrOedS from disposal ol investments Investment income receive(J 13,3571 72.066 32.605 21,119 Net eash g•n•rat•d from Investlng activltles 104.671 17.762 Flnanclng actlvltles Proceeds from boriowings Repayment of borrowings 60,000 180,0001 Net cash used in finan¢ing activitiès 120.0001 Nèt Id•cr•as•llincrease In cash and cash equivalents 181,6871 311,196 Cash and cash equwalents 81 beginning of year 424.049 112,853 Ca$h and ¢a$h gquivalents at end of year 342,362 424,049 10
ALEXANDER SCOTT'S HOSPITAL (EVENTIDE HOME) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 20 JULY 2024 Accounung poli¢i¢• Charlty Infomiatlon Homel is a trust established by charitable deed trust. Its office is located 1.1 Accounting convention The financial Stateffnts have been prepared in accordan with the ehartys Conslitution. thè Charities and Trustee Investment Iscotlandl Act 2005, Ihè Charities Accoun15 (Scotlandl Regulations 20(b las amended). FRS 102 'The Finanaal Reporting Standard applicable in the UK and Republic of Ireland" I"FRS 102.1 and Ihe Chanties SORP "Accounting and R8POrting by Chaiitie5. Stalèmenl of Recornmendèd Practice applKable lo charikn'es Pfepafing their accounts in acwrdancè with the Financial Reporting Stsndard applicable in the UK and Republic of Irelan¢J IFRS 1021" leffeLlive 1 JAnu8ry 20191. The chaThty 15 a Public Benefit Entty as defined by FRS 102. The finanaal statements 8rt prepared In sterting. which 13 th8 funetional currency of th8 chanty. Monètary amounts in the6e financial $temènts are rounded to the n8arast £. The fin8ncial statements have been prepared under the historical cost convention. Modified to Include c4rt3in financial Instrurnents at fair value. The principal accoijnb'ng polioes adopted ale Sel oul below. 1.2 Going eoncom At the time of approving tha ffinancial statements, th? truslèes have a rea3onablts expeclalion thal the chaTty has adequale resources to continue in operational existence for the fore8eeable future Thus the trfee$ continue lo adopt the going concern basis of 3(unI1ng in preparing thg financial stalements. This expectation is based on the substantial investsnenl portfolio held by the charity which is $uficiÈnt to absorb ongoing cash shortlalls In excess of those expected to occur in the 1ve months following the date these financial sialements are signed. The irustèes have concludèd that there is no tnalerial uncert8inty in relalion 10 90ing concern. 1.3 Charitable furKI8 Unreslncted fvnds 3rè availatsle for use at the discretion of the trustees in furtherance of Ih8ir charitable obieclwes unless the funds have been designated for other purposos. Rastricted fijnds are subject to Specif cOndrtns by donors as to how they may be usod. The purposès Bnd Uses of Ihg restricted funds are sel out in the notes to the 8e£ounts. 1.4 Incom¢ Income is recognised when the charity is legally entitled lo rt aftef any performancè conditions have been tnèt. the arnounls can be measured reliably, and it is probable that income will be received. Hospltal charges are recoyni5ed when Ihe service has been provided to the resident. Income from donations 8lld grants are recogni5ed on receipl, unkss performance conditions apply whith either11mrt recognitiorb until a fulure period or require early rec4)gnition. Investrnent in¢oFT 1$ broughl into account in Ihè year in which it IS Teceivable.
ALEXANDER SCOTT'S HOSPITAL (EVENTIDE HOME) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 20 JULY 2024 Ac¢aunting pollcl8s (Continued) 1.5 Expenditur¥ All expenditure is included on an acciuals basis and is recognised when there is a legal constructive obligation to pay for expendiluie. All costs have been directly attributed to one of the function81 ¢ategories of expendityre and include irrecoverable VAT. Expendilure on charitable activities includes the wsts diredy incurred direclty in achievement of the charity's objectives and support costs, which indirectly support the charities acts'vities. 1.6 Tangibl• flx•d assets Tangible fixed assets are initially m&asud at cost and subsequently MeasUd at cost or valuation, nel of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less theii residual values over their useful lives on the following bases.. Heritable propety Owners, Improvements Plant and Equipment Motor vehicles 2-100/0 Straight line IOO/o reducing balance 20% reducing balance 20°h reducing balance The g8in or loss ansing on the disposal of an asset is detèrmined as the difference between Ihe salè proceeds and the carrying value of the asset, and is recognised in the slaternent of finanual activitiès. 1.7 Fixèd asset Investments Investments are induded at fair value, which is based on quoted market values. 8t the year end. Gains and losses on disposal and revaluation of investments 81e recognised in net incomellexpenditurèl. 1.8 Impalmient of flxed assets At each reporting end date. the charity reviews the carrying amounts of its tangible assets to detèmine whether there is any indication that those assets have suffered 8n impairment loss. If any such in(&atIon exists. the recoverable amount of the asset is estimated in order to deteirnine the extent of the impairment loss lif any}. 1.9 Stock8 Stocks are stated at the lower of c05t and estimated selling price less Costs to complete and sell. Cost comprises direct rnaleria15 and, where applicable, direct labour costs and th05e overheads that have been incurred in bringing the stocks to their present location and condition Itern5 held for distribution at no or norpinal Gonsideration are measured the lowei of replacement cost and cost. Net realisabl8 Value is the eslimated selling price less all eslimated costs of completion and sts to be incurred In marketing. selling and distribution. 1.10 Cash and cash equivalents Cash and cash equiv818nts include cash in hand. deposits held at call wrth banks, other short-term liquid investments with original maturrties of three months or less. and bank overdrafts. Bank overdrafts are shown within borrowing5 in current liabilities. 12-
ALEXANDER SCOTT'S HOSPITAL (EVENTIDE HOME) NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 20 JULY 2024 Accountlng policies (Continued) 1.11 Flnancial instrum•nts The charity has elected to 8pply the provisions of Sedion 11 '8asic Financial Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of ils financial instruments. Financial instruments 8rÈ rècognised in the charity's balance sheet when the charty be¢¢mes paty to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the nel amounts pres8ntèd in the financial statements, when there is a leg811y enfoiceable right to set off the recognised amounts and there is an intention to settle on a net basis or lo realise the asstrt and settle the liability simultaneously. Basic finanelal ass•ts Basic financial assets, which indude debtors and cash and bank balances. arè inrtially measured at transaction price induding transaction costs and are subsequently carried at arnortised cost using the effective interest method unless the arrangernenl constitutes a financing transaction, where the transaction is measured at the present value of thè futurè receipts discounted at a market rate of interest. Finanaal assets Classified 8$ rè¢eivablÈ within onè yaar are not amortised. Derècognition of financial assets Financial assets are d¢recognised onty when the contractual rights to the cash flows from the asset expire or are settle. or when the charty transfers the financial asset and substantially all the risks and rewards ol ownership to another entity, or if some significant risks and rewards of ownership are retained but control ol the asset has transferred to another party that is able lo s851 the asset in its entirety to an unr8Iated third paty. Baslc flnanclal Ilablllties Basic financial liabilities, including creditors and bank loans are initi8lly recognised at transaction price unless the arrangement constitutes a financing transaction. where the debt Fnstrument is measured at the present value ol the future payrnents diswunted at a market rate of Interest. Financial liabilities classified as payable wsthin one year afe not 8mortised. Debt instruments are subsequendy carried at amortised co31. using the Èffective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary Course ol operations from suppliers. Arnounts payable are classffied as current liabilities if payment is due wrthin one year or less. If not, they are presented as non-current liabilities. Trade credilors are recognised initkqlly al transaction price and Subsequently Fneasured at amortlsed cost using the effective interest method. Derecognition of flnancial liabilities Financial li8bilities are deCogniSed when the charity's contractual obligab.ons expire or artr discharged or rAncelled. 1.12 Employee ben8fits The cost of any unused holiday entr(lement is recognised in the period in which th& employee's services are reIved. Teirnination benefits are recognised immediatety as 8n expense when the charity is demonstrably committèd to terminate the employment of an employee or to provide termination benefits. 1.13 Retlrement benefits Payments to defined contribulH)n retirement benerrt schemes are charged as 8n expense as they fall due. 13
ALEXANDER SCOTT'S HOSPITAL (EVENTIDE HOME) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 20 JULY 2024 crtti¢al a¢¢¢unting 0stimote$ •nd judgements In the application of the eh8rity's ac¢ounting policies, the Trustees are require¢Y to make judgem8nts, estimates and assumptions about the carrying amount ol assets and liabilities that are nol readily apparent from other source5. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. ActLJal results may differ frorn these 8Stimates. The estimates and underlying assumptions a reviewed on an ongoing basis. Revisions to ac¢ounling estimates are recognised in the period in wh1ch the estimate is revised where the revision affects (mty that period, or in the period of ttte revision and future periods where the revision affects both current and future periods. The following are considered to be eitherjudgement5 that have had the most significant effect on the amounls recogni8ed in the financial statements, or estimates that are dependent upon assumptions which could change in the next fin8ncial year and have a materi81 effeGt on the carrying atnounts of assets and liabilities re¢(>gnised on the balance sheet.. The residual value and useful life of tangible fixed assets is an estimate made by the trustees wh.ch affects the depreciation charged each year and therefore Ihe carrying value of assets on the balance sheet. The depreciation Charge for the year was £52,285 and the carrying value of tangible fixed assets was £679,838 at the balance sheet date. Income from donatlons and legacles Unrestricted Re¥tri¢ted funds funds 2024 2024 Ttstal Unrèstrict•d Restricted funds funds 2023 2023 Total 2024 2023 Donations and gffts Grants 17,899 17.899 12,053 506,671 17.677 506,671 17.677 12,053 17,899 12,053 29.952 524,348 524,348 In¢om* from charitsble a¢tivitÉos UntriCIad funds 2024 Unrestricted funds 2023 Choritable activities Hospital charges 1,770,397 1,610,125 14-
ALEXANDER SCOTT'S HOSPITAL (EVENTIDE HOME) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 20 JULY 2024 Income from investments Unre$tricled Unrestricted fund¥ funds 2024 2023 Incorne from listed investments Interest receivable 24,846 7,759 18,715 2.404 32,605 21,119 All income from investments was unrestricted in both the current and prior year. Oth*r in¢¢mè Unrestri¢led Unrestrlcted funds funds 2024 2023 other income 3,250 Exp•nditure on ralslng funds Unrestricted Unrèstrlctsd funds funds 2024 2023 Fund manager costs 3.364 3,312 All expenditure on raising funds was uniestncted In both the current and prior year. 15-
ALEXANDER SCOTT'S HOSPITAL (EVENTIDE HOME) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 20 JULY 2024 Expendlture on charltable activities Charitsbl• a¢tivities 2024 Charltable activities 2023 Dlrect costs Staff c05t Depreciation and impairment Rates, insur8n¢e and subscriptions Light and heat Repairs and malntenance Telephone and internet Food Training Sundry expenses Bank charges 1,514,565 52.285 65,183 53.056 92,286 2.468 92,470 12,134 222 2.426 1,360.360 53,881 62.479 143,015 109,142 1,767 108,088 7.310 497 2,078 1,887,095 1,848,617 Share of $upport and gov•rnane8 costs (see note 91 Support Governance 38,400 22,374 38.400 21.714 1,947.869 1,908,731 Analysis by fund Unrestricted funds Reslrided funds 1.902,773 45,096 1,863,225 45,5C 1,947,869 1,908,731 Support costs allocated to activltie¥ 2024 2023 88si$ of alloeation Direcl 01cl Clerk and Ire8surer Governance costs 38.400 22.374 38,400 21,714 60,774 60,114 Analysed between: Charitable activities 60,774 60,114 16-
ALEXANDER SCOTT'S HOSPITAL (EVENTIDE HOME) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 20 JULY 2024 Support costs allocated to activities IContSnuedl 2024 2023 Governanc¥ ¢o$ts ¢ompris•'. Audit fees Accountsncy fees 15,834 6,540 15,354 6,380 22.374 21,714 10 Nèt movèmènt In funds 2024 2023 The not movement in funds is stated after chargingllcreditingl.. Fees payable to the charity'5 auditor.. for the audit of the Charity's financial statements - for other assurance ServIS Depreciation of owned tangible fixed assets Loss on disposal of tangible fixed assets 15.834 6,540 52.285 239 15.354 6.360 53,881 11 AudIt08 remuneratlon Fees pay8ble to the charity's auditor and associates.. 2024 2023 For audit s•Thices Audit of the financial statements ol the charity 15,834 15.354 Non-audlt servlces Piepaiation of charity's annual accounts 6,540 6,360 12 Trustees None ol the truslee5 lor any peisons connected with thernl received any remuneration Or benefits from the charity during thè year. 13 Employeès The average monthty number of employees during the year was.. 2024 Number 2023 Number Care home staff 75 72 17-
ALEXANDER SCOTT'S HOSPITAL (EVENTIDE HOME) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 20 JULY 2024 13 Efflployees (Continued) Employment ¢o$ts 2024 2023 Wages and salaries Social security costs Other pension cost5 1.398,663 90,671 25,231 1,257,502 80,155 22,703 1.514.565 1,360.360 There were no employees whose annual remuneration was more than £60,000. Remuneratlon of key management personnèl The remunerats.on of key management personnel was a$ ftsllows.. 2024 2023 Aggregate compensation 50.893 55,316 14 Other expenditure UnrvJtrietÈd Unrestrictèd fund¥ fundB 2024 2023 Net Ioss gn disposal of tangible fixed as5et3 239 1S Gains and 1088e¥ gn invèstmènts Unrestricted Unrestrictèd funds fund¥ 2024 2023 Gainslllosse81 arising on.. Revaluation of investments Sale of snvestmènts 40.678 2.146 9.409 42,824 9,409 16 Taxatlon The charity is exempt trom tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Ch8r9eable Gains Act 1992 to the extent that these are applied to its charrtable objects. 18
ALEXANDER SCOTT'S HOSPITAL {EVENTIDE HOME) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 20 JULY 2024 17 Tangible lix¥d assèts Heritable Ownèrs. property Improvements Plani and Equlpment Motor vehicl•s Totsl Cost At 21 July 2023 Disposa15 1,233,699 6S1,384 139.874 I20,(0> 25,000 2,049,957 120.0601 At 20 July 2024 1,233.699 651,384 119,814 25,000 2.029.897 Depreclatlon and impairment At 21 July 2023 Depreciation charged in the year Eliminated in respect of disposals 570,803 43.458 603,050 4.833 126.934 2,356 119,8211 16,808 1,638 1,317,595 52.285 119,8211 At 20 July 2024 614,261 607,883 109,489 18,446 1,350.059 Caryying amount AI 20 July 2024 619,438 43,501 10,345 6.554 679.838 At 20 Juty 2023 662.896 48,334 12,940 8.192 732,362 18 Flxed asset investm•nts Listed Investhients Cost or valuatlon Al 21 July 2023 Valuation changes Disposals 632,5 40.678 169,9201 At 20 July 2024 603,314 Carrylng #mount At 20 July 2024 603,314 At 20 July 2023 632,556 19 Financial instruments 2024 2023 Carrying amount of flnancial a¥¥ets Debt instfuments measured al amortised Cost Equity instruments measured at cost less impairment 70,225 803,314 58.105 632,556 Carrylng amount of finanelal Ilabllltles Measured at arnoritised cost 189.012 214.436 19
ALEXANDER SCOTT'S HOSPITAL {EVENTIDE HOME) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 20 JULY 2024 20 Stocks 2024 2023 Consumables 13.783 8,500 The total costs of stocks recognised as an expense are £92.47012023- £108.0881 21 Debtors 2024 2023 Amounts fallin9 due wtlhin one year. Trade debtors Prepayments and 8ceiuèd income 70,225 82.983 58.105 62,876 153,208 120.981 22 Creditors.. amounts falling due within one ygar 2024 2023 Notes Other taxation and social security Deferred income Trade creditors Olhei G1105 Accruals 10,507 19.560 31,154 1,274 156.584 26.143 20,529 48.701 23 177,205 219,079 272,578 23 Deferred Income 2024 2023 Other deferred income 19.560 20,529 Deferred incorne is included in ttre financial statements as follows.. 2024 2023 Deferred income is in¢luded within.. Current liabilities 19,560 20.529 Movèmènts in the year". -20-
ALEXANDER SCOTT'S HOSPITAL (EVENTIDE HOME) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 20 JULY 2024 23 Oeferred income Icontlnuedl Deferred income at 21 Juty 2023 Released from previous periods Resources deferred in the year 20.529 120,5291 19,560 26,413 126,4131 20,529 Deferre(J income at 20 July 2024 19,560 20,529 Deferred income relates to hospital charges reiVed in advance. Retlyement beneflt schemes 2024 2023 Deflned contrlbutlon schemes Charge lo profit or Ios8 in respect of defined contribution schemes 25,231 22.703 The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme a held separately from those of the charity in an independently administered lund. 25 Restricted funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trusl subject to speafie conditions by donors as to how they may be used. At 21 July 2023 Incomlng rOUrceS Resources 0xnd•d Translers At 20 July 2024 Heritable Property Motor Vèhicles Foundation Scotland 662,895 5,692 143.4581 11,6381 619,437 4,054 12,053 112.0531 668,587 12,053 145,0961 112,0531 823.491 Provlous year.. At 21 July 2022 Incoming resources Resources expended Transfars At 20 July 2023 Heritsble Propgty Motor Vehicles 706,353 7.740 143,4581 12,0481 662,895 5.692 714,093 I45,5() 668,587 21
ALEXANDER SCOTT'S HOSPITAL (EVENTIDE HOME) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 20 JULY 2024 25 Restrictèd fund$ (Continued) Restricted fLinds include the herrtable propety which, under Alexander Scotts Will, must be used as a hospit81 In the event of a sale the proceeds should be used to purchase property for the ults.mate benefit of the residènts of Huntly. Expènditur8 repSents dèprecation charged on th& property. Restricted funds also include motor vehicles for which a grant of £22.500 was received from Foundation Scotland Per the terms and condrtions of this grant. this is required to be shown as restricted in the financkql $13tements. The grant wll be released in line with the annual depre¢ialion Charged on the motOT veh*cle5. A transfer was made between restricted and unreslncted funds in respect of a grant received from Foundath)n Scouand. This grant was received In respect of costs already incurred, which were classed as unrestricted. 26 Unrestricted funds The unrestricted funds ol the charity comprise the unexpended balances of donations and grants which are not subject to specific condrtions by donors and grantors as to how they may be used. These includè designated fvnds which have been sel aside out of unrestricted funds by the trustees for specific purposes. At 21 Juty 2023 Ineoming resources Rèsourc•s expended Transfers Gains and lossès At 20 Juty 2024 General funds 977,283 1.824,151 I1,9(,376) 12,053 42,824 949,935 Prevlous year.. At 21 July 2022 Incomlng resources Resources expended TransferB Gains and losses At 20 July 2023 General funds 678,819 2,155,592 11,866,537) 9,409 977,283 27 Analy8ls of net assets bets¥een funds Unr•strieted fund5 2024 Restricted funds 2024 Total 2024 At 20 July 2024: Tangible assets Investtnents Current assetsllliabilitiesl 56,347 603.314 290,274 623.491 679,838 603,314 290.274 949.935 623,491 1,573,426 -22-
ALEXANDER SCOTT'S HOSPITAL {EVENTIDE HOME) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 20 JULY 2024 27 Analysis of net assets tseeen funds ICon¢inuedl Unrestrlcted funds 2023 Restricted funds 2023 Total 2023 At 20 July 2023.. Tangible assets Investments Current assetsllli3billLies1 63,775 632,556 280.952 668.587 732,362 632,556 280,952 977,283 668,587 1,645,870 28 Opgrating lea¥9 Cornmhtments Lessee At the reporting end dale the charity ha(J ouislanding ¢ommitments for future minimum lease payments under non-cancellable operating le8sè5, which fall duè as lollows". 2024 2023 fithin one year Beeen and five years 518 1,814 2.332 The arnounl of non-c8nce118ble operating lease payments cOgniSed as an expense during the year wa3 £21712023- Nill. 29 Related party transactions Tran$aetions with rèlatad partles During the year tre charity enler8d intts the following transactions with related parties.. -23-
ALEXANDER SCOTfs HOSPITAL (EVENTIDE HOME) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 20 JULY 2024 Related party transactions Icontinuedl Murdoch, M¢Math & Mil¢hg11 IA firffl that pio¥ides key management pe150nnel ser¥ices (acting as Cleths and Tresurers to the tharityl During the year. Murdoch. McM8th & MilLell rendered key $gMent parsonnel services lo the charity totalling £38.400 I2023- £38,4(M)I. Jamas Rlzza & Son Ltd IA Gompany in whi is a direGloi and $har¢ho1d¢rl During the yoar, th¢ ¢harity purchasad goods from James Rizza & Son Ltd totalling £1012023- £1501. (Nlother of Partner of Murdoth, Mcmalh & Mitchell, a firm that provdes key manogemenl personnel Services to the ¢harityl During the year, Hospital. paid the charty £43,703 12023 Nill, in relation to fees for slaying 81 the 30 Analysls of change5 In net furKIs The th8rity had no material debl durin9 the year. 31 Cash g•n•ratsd from operatlons 2024 2023 IDÈflc1IsUrplus for the year 172,4441 252.956 Adjustments for.. Investment income recognised in statement of fin8nci818ctivilies Los5 on disposal of tangible fixed assels Gain on disposal of inveslrnen15 Fair value gains and losses on investments Depreciation and impairment of tangible fixed assets 132.6051 239 12.1461 14Q,6781 52,28S 121,1191 19,4091 53.881 Movements in working capital.. IlncTeasel in slocks Ilnueaselldecrease in debtors (Decieasellincrease In creditors (Decrease) in defètrèd income {5.2831 132.22n 152.5301 19691 13,934 29,075 15,8841 Cash labsorbed byllgenerated from operatlon¥ 1186,3581 313.434 -24-