Scottish Charity No. SC019364 PATRONS OF COWANE'S HOSPITAL TRUST TRUSTEES. REPORT AND FINANCIAL STATEMENTS for the year to 31 March 2025 DICKSON MIDDLETON CHARTERED ACCOUNTANTS STIRLING BONYYBRIDGE THE UK 200 GROUP PRACTISING CHARTEREO ACCOUNTANTS
PATRONS OF COWANE'S HOSPITAL TRUST Contents Page Report of the trustees Auditors, report 9-12 stotement of Financial Activities 13 Balance sheet 14 statement of Cash Flows 15 Notes to the financial statements 16-25
PATRONS OF COWANE'S HOSPITAL TRUST Report of the Trustees for the year ended 31 March 2025 The Trust6es of Patrons of Cowane's Hospital Trust have pleasure in presenting their annual report, which incorporates the Strategic Report, and the audited Financial Statements for the year ended 31 March 2025. In preparing this report, the trustees have complied with the Charities. Trustee Investment (Scotland) Act 2005, and applicable accounting standards. REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number SC019364 Day to day management of the charity is delegated to the Master & Factor, who is not a Trustee of the charity. Auditors Dickson Middleton Chartered Accountants & Statutory Auditors 20 Barnton Street Stirling FK81NE Bankers Virgin Money 56 Murray PlaGe Stirling FK8 2BX Bank of Scotland 7113 Port Street Stirling FK8 2EJ Investment Fund Managers Brooks MacDonald 10 Melville Crescent Edinburgh EH3 7LU
PATRONS OF COWANE'S HOSPITAL TRUST Report of the Trustees for the year ended 31 March 2025 {continued) The Trustees present their annual report together with the audited financial statements for the year to 31 March 2025. STRUCTURE, GOVERNANCE AND MANAGEMENT CONSTITUTION The Trust was originally established in 1637 for the provision of an almshouse for the poor members of Stirling Guildry. Over the years the purposes of the Trust have altered and with effect from February 2011 the trust fund is to be held and the income from it applied by the Trustees for the relief of those in need by reason of age, ill health, disability. financial hardship or other disadvantage through the provision of housing within the local govemment area of Stirling Council. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed. All Patrons meet four times per year to review financial performance and operational matters. Independent Patrons also meet, as required, to discuss business that is reserved for non-councillor Patrons only in order to avoid any potential conflict of interest. The Hospital sub-group, which was set up in 2019, to discuss all matters relating to the refurbishment of Cowane's Hospital has now evolved to incorporate all heritage matters. including John Cowane's House and the CARS Project, and as Such was renamed in 2022 as the Heritsge Committee. The Heritage Committee, along with Finance Committee and the Cowane's Residential Care Committee, report to the Patrons at the full Trust meetings. RISK MANAGEMENT The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks. Additional risk assessments were undertaken, to ensure that staff were safely working within the restrictions caused by the Covid-19 pandemic. Staff worked from home whilst still carrying out the day-to-day management of the Trust. Remote IT infrastructure, which was implemented, ensuring that all staff could complete task electronically, has also allowed staff to continue to work on a hybrid basis. In addition to this, each employee continues to review a 'Work At Home, assessment. OBJECTIVES AND ACTIVITIES POLICIES AND OBJECTIVES The Trustees objectives shall be.. to provide housing within the local government area of Stirling Council to those in need by reason of age, ill health, disability, financial hardship or other disadvantage, and the advancement of heritage through the maintenance, care and preservation of the historic buildings in Stirling known as Cowane's Hospital and John Cowane's House, and such other land and buildings owned by the Patrons which are of heritage interest. The Trustees have absolute control over the business of the charity and are charged to apply any surplus to those charitable purposes.
PATRONS OF COWANE'S HOSPITAL TRUST Report of the Trustees for the year ended 31 March 2025 {continued) REVIEW OF ACTIVITIES Residential Care The provision of housing within the local government area of Stirling Council to those in need by reason of age, ill health, disability, financial hardship or other disadvantages, remain at the forefront of the Trust's objectives. The Trust's residential care portfolio of x23 properties, consisting of x4 1 bedroom, x16 2 bedroom, x1 3 bedroom and x2 4-bedroom HMO'S continue to be managed through Bield Housing & Care who remain experts within the service and care sector. The Trust meet with representatives from Bield on a regular basis to review the management of care and maintenance for all the portfolio's properties and are content with the levels of service provision. The Trust are keen to support Bield's brand promise of 'Free to Be,, summing up their belief that older people should have the freedom to make their own choices and live as independently as possible. This has led the way for the Trust to explore option of SMART Living, details of which are accounted for within Future Developments. Heritage & Tourism Cowane's Hospital Building The John Cowane Exhibition Gontinues to be open to the public daily, within the Guild Hall, and has seen a steady increase in visitor numbers to 6,562, in which the majority visit during the tourist season from April to September. The footfall, within the Guild Hall, has mainly been driven by Stirling District Tourism Limited who oversee the visitor experience at the Church of the Holy Rude, adIant to the Hospital Building. Out of season has been quieter with visitors in general (when the church is closed). which allowed the Trust to reduce the opening days of the Hospital Building from 7 to 3 days. The Hospital Building and Guild Hall within has allowed the Trust to continue to promote itself as an events venue, catering for boutique weddings, small conferences, meetings and celebrations. A total of 15 events took place during the 2024 calendar year. The Trust continues to invest in this area with the ongoing seivices of a freelance Event Officer, charged with attracting events to the Hospital Building and grounds. This was further supported by a series of advertising campaigns (both above and below the line), targeting the wedding and business community. There are 34 pre- booked events for the 2025 calendar year with an expected 1,750 guests attending, all as a direct result from the continued investment made by the Trust. John Cowane's House John Cowane's House, a Category A-listed structLtre in St Mary's Wynd. is described by Historic Environment Scotland as a 17th century ruin. It is within the historic city core of the city and also within the Stirling Conservation Area. Part of the building may be as old as the second half of the 16th century., at which time the Cowane's Trust owned the propety. The structure is not all of the same date and part of it may represent the house known to have been built by Andrew Cowane in 1603. Further additions were made in 1633 and 1697. It is rubble built with a square staircase tower and the remains of a cort)elled corner turret facing the street. The house was used as a merchant's house between 16th to 18th centuries and later in 19th century it was used as a wright workshop and tenement. By the late 19th century, it was a three-storey high structure with attic and laid out in a U-plan.
PATRONS OF COWANE'S HOSPITAL TRUST Report of the Trustees for the year ended 31 March 2025 (continued) The house was much dilapidated by the end of the 19th century; its roof and upper storey were then removed in 1877 after it was found to be unsafe. The Trust took back ownership of the house in 1921 and in 2015 a lintel within the house was also determined to be unsafe with access to the house restricted. The site not only features the ruin of the historic tenement house. but also an elevated garden space which will be a key focus of the project at John Cowane's House. The project seeks to make safe and accessible the house as a community resource and visitor destination. This includes ensuring the garden provides a rich resource for Stirling residents and supports the wider regeneration of the city's Top of the Town area. More information on the project can be found within Future Developments. Investments Brooks Macdonald continue providing a comprehensive range of innovative investment solutions to help the Cowane's Trust achieve long-tem success. Whilst the closing balance of the Trust's portfolio was down _10/0 year on year. Brooks Macdonald have continually driven growth for the Trust. since 2015, across the portfolio value and dividend income. Much of that dividend incorne underwrites the administration costs of the Trust, allowing it to remain on a sound financial footing. With volatility remaining in the market, mainly due to the risks associated with the evolution of trade relations with the United States, economic projections are expected to remain challenging. The Trust have every confidence that the portfolio will continue to return a healthy set of dividends throughout the year, despite the outside challenges that remain out of their control. RESERVES POLICY Unrestricted reserves at 31 March 2025 stood at £11,047,897 with designated funds of £10.177,911 made up of the Capital Reserve, which represents the net book value of the fixed assets. excluding those transferred from Cowane's Housing Association and the John Cowane's House Project of £500.000 where the Patrons have financially committed to 5UPPOrt the Stirling Council Scheme (CARS) application to HES to regenerate various areas of Stirling. The balance of the reserves is the General fund amounting to £869,986 which the Trustees are free to use in accordan with the charitable objectives. The Trustees aim to maintain the General fund at a level at least equivalent to 6 months running costs to ensure that should the charity experience unexpected financial difficulties there will be sufficient money to cover staff and operating costs on a short-term basis. This has been achieved as of 31 March 2025. GOING CONCERN After making appropriate enquiries. the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.
PATRONS OF COWANE'S HOSPITAL TRUST Report of the Trustees for the year ended 31 March 2025 (continued) FUTURE DEVELOPMENTS Cowane's Hospital Building The East Wing and West Wing offices continue to be leased for commercial rent, with all funds generated going towards the upkeep of the Hospital Building. The exhibition area within the Guild Hall also encouraged customers to take a seat in the café and view the exceptional surroundings. In addition, there has been the ability to purchase coffee, teas & snacks to take away, Thru-The- Hatch,, from the kitchen window. Visitor numbers were calculated to be 6,562 in 2024 with a further 1,600 people attending events throughout the year. Work will continue to attract more customers to the café and visitors to the Hospital Building through a series of above and below marketing campaigns. The Trust were delighted to have finally received the Building Warrant in July 2024 for the newly installed handrails positioned in both the Gallery and Minstrels Gallery. Both galleries had remained exempt from public use for some time. as the final part of the refurbishment project was completed. Due to the age of the building and regulations associated. the complex installation was finally given the green light by the Council. The delay did not interrupt the day-to-day operations of the Hospital Building. with visitors and events taking place within the main hall of the Hospital Building. Some events enjoyed the extensive surroundings of the Hospital grounds. utilising both the Terrace and Bowling Green. Work continues on the restoration of the Parterre Gardens, and particularly the box hedging, as the Trust looks to ensure longevity of this historic garden of note. John Cowane's House A public consultation took place at the very start of June 2024. within the Guild Hall of Cowane's Hospital Building, where plans were on show for the public to peruse and provide written feedback. The feedback gained was overwhelmingly positive for the plans on show, cementing the Trust's belief that the project was viable. At the same time, the Trust appointed a freelance Fundraising Officer, charged with raising the necessary funds in addition to the Trust's already committed £100,000 towards the restoration of John Cowane's House. Through conversations with potential future key funding bodies, along with a review of the increased costs for the project since its inception in 2018119. the Trust then took the difficult decision to withdraw from the CARS Project in July 2024 in favour of running the project independently. This was followed by the appointment of McGowan Miller Construction Consultants in September 2024 to undertake a tender for the Design Team, namely being the Lead Architect, Structural Engineer and Landscape Architect. Five suitable Conservation Accredited Architects were invited to tender in November 2024, and following a robust tender process. ARPL Architects were successfully appointed in January 2025. along with Narro Associates and Scott + Simmons Landscape Architects. The appointment for design and delivery of the project is subject to securing funding for round 1 and round 2 of the National Heritage lottery fund and Heritage Environment Scotland. The process for round 1 funding {known as the development phase) has already begun with a submission deadline of August 2025. If successful, this will pave way for round 2 funding (known as the delivery phase) with the expectation that onsite works could begin in late 2027, early 2028 with an expected completion date of 2029 (subject to any variables such as weather).
PATRONS OF COWANE'S HOSPITAL TRUST Report of the Trustees for the year ended 31 March 2025 (continued) SMART Livlng The Cowane's Residential Care Committee (CRC) reviewed their financial strategy in 2023 which resulted in the exploration of a SMART Living project. SMART Living gives people the opportunity to benefit from new ways of living, involving original and innovative solutions aimed at making life more efficient, more controllable, economical, productive, integrated and sustainable. The Committee are keen to explore this concept as either a stand-alone or in partnership with a third party, seeking ways in which the Trust's tenants who reside in residential care can benefit from new technology either now in the present or in the future. Scoping of the project has been well underway for much of 2024 with discussions and site visits with bodies who have already implemented such schemes in place. Invaluable advice has been sought from the University of Stirling in line with their Designing Homes for Healthy Cognitive Ageing (DesCHA) project as well as with Bield Housing & Management, whose adapted 'future' living is in place across several of their own properties. Scoping has continued into 2025 as a full business plan would be required to formulate such a project, and the Trust remains excited about how care may look like in the nOt-tOdIstant future and how both existing and future tenants may be able to benefit from its potential implementation.
PATRONS OF COWANE'S HOSPITAL TRUST Report of the Trustees for the year ended 31 March 2025 (continued) Trustees, responsibilities in relation to the financial statements The trustèes a responsible for preparing the Report of the Trustees arxl the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accépted Accounting Practice). The law applicable to charities requir8S 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, including the income and expenditure. of the charity for that period. In preparing these financial statements. the trustees are required to: select suitable accounting policies and then apply them consistently. observe the methods and prineiples in the Charities SORP., make judgements and estimates that are rèasonable and prudent; state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements.. prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charitable cornpany will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose wlth reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements Gomply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the charity's conslitution. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the tr¢Jstees are aware.. there is no relevant audit information of which the charitable company's auditor is unaware. and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. The tnjstees are responsib16 for the maintenance and integrity of the corporate and financial information included on the Charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial ststements may differ from legislation in otherjurisdictions. Dire¢tors' and officers, liabillty insurance During the period the charity purchased liability insurance for its trustees and staff as permitted by Section 233 of the Companies Act 2006. Auditors Messrs Dickson Middleton are auditors to the charity and the trustees recommend their reappointment at the Annual General Meeting. A resolution will be proposed at the Annual General Meeting authorising the Trustees to fix the remuneration of the auditors. By order of tha Board IC September 2025
PATRONS OF COWANE'S HOSPITAL TRUST Independent Auditor's Report to the Trustees and Members of Patrons of Cowane's Hospital Trust for the year ended 31" March 2025 Opinion We have audited the financial statements of Patrons of Cowane's Hospital Trust (the 'charity') for the year ended 31st March 2025 which comprise Statemenl of Financial Activities, Balance Sheet, 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). This report is made solely to the charitable company's trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the Gharity's members and 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, the charity's members as a body and the charity's trustees as a body, for our audit worf(, for this report, or for the opinions we have fonmed. In our opinion the financial statements= give a true and fair view of the state of the charity's affairs as at 31st March 2025, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice" and have been prepared in accordance with the requirements of the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006. Basis for opinion We conducted our audit in accordance with Intemational 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 in the United Kingdom, including the Financial Reporting Council'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 concem 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.
PATRONS OF COWANE'S HOSPITAL TRUST Independent Auditor's Report to the Trustees and Members of Patrons of Cowane's Hospital Trust for the year ended 31" March 2025 (continued) Other information The trustees are responsible for the other information. The other information comprises the information included in the trustees, report. other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any fonm 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 charitable company 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 require us to report to you if, in our opinion: adequate and proper accounting records have not been kept. or returns adequate for our audit have not been received from branches not visited by us", or the information given in the Trustees report is inconsistent in any material respect with the financial statements- or the financial statements are not in agreement with the accounting records and returns" or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the statement of trustees, responsibilities, 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 concem, disclosing, as applicable. matters related to going concern and using the going concem basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations. or have no realistic alternative but to do so. 10
PATRONS OF COWANE'S HOSPITAL TRUST Independent Auditor's Report to the Trustees and Members of Patrons of Cowane's Hospital Trust for the year ended 31 March 2025 (continued) 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 Investrnent (Scotland) Act 2005 and report in accordance with regulations made under those Acts. Our objectives a 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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below-. Inquired of management, and those charged with governance. about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud" The audit engagement team identified the risk of management override of controls as the area where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual joumal entries and other adjustments, evaluating the business rationale in relation to any significant unusual transactions and challenging judgements and estimates., Reviewing minutes of meetings held by management and those charged with governance to identify any matters including actual or attempted fraud, litigation and non-compliance with laws and regulations. Inspecting expenditure incurred in the year while making sure this has been appropriately categorised in the financial statements. This included agreeing a sample from the nominal ledger to purchase invoice while also reviewing post year end transactions and invoices to confimi the completeness of the expenditure was disclosed. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non- compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error. as fraud involves intentional concealment, forgery, collusion. omission or misrepresentation.
PATRONS OF COWANE'S HOSPITAL TRUST Independent Auditor's Report to the Trustees and Members of Patrons of Cowane's Hospital Trust for the year ended 31" March 20251continued) As part of an audit in accordance with ISAS (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements. whether due to fraud or eOr, design and perform audit procedures responsive to those risks, and obtain audit evidence that 15 sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one r&sulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the charitable company's intemal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disdosures made by the tnjstees. Conclude on the appropriateness of the trustees, use of the going conGem basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company's ability to continue as a going concem. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disdosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the charitable company to cease to continue as a going concem. Evaluate the overall presentation, structure and content of the financial statements. including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding. among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. For and on behalf of Dickson Middleton, Chartered Accountants, Statutory Auditors, 20 Barnton Street, Sb'rling. FK8 1NE. Dickson Middleton is eligible to act as an auditor In terms of section 1212 of the Companies Act 2006. DatO.' j.:: Septèmber 2025 12
PATRONS OF COWANE'S HOSPITAL TRUST STATEMENT of FINANCIAL ACTIVITIES for the year to 31 March 2025 Unrestrlcted Restricted Funds Funds 2025 Total 2024 Total Note Income: Donations and legacies Rental income Investments Other Income Grants receivable 1,230 93,221 185,957 1,487 1,230 304,158 185,957 1,487 31,582 258,896 192.078 1,419 210,937 Total 281.895 210,937 492,832 483,975 Expenditure: Charitable aclivities 305,455 114.423 419,878 348.233 Total Expenditure 305,455 114.423 419,878 348,233 Net Incoming Resources Before Other Gains {23,5601 96,514 72,954 135,742 Net ILoss)Igains on investments Net gain on revaluation of investment property 116.018) 349,012 {16,018} 349.012 283,567 Net movement before actuarial gain on pension fund 309,434 96.514 405,948 419.309 Actuarial gain on pension fund Net Incoming resources before transfers Transfers between funds 17 81,000 390,434 81.000 486,948 50,000 369,309 96.514 Net Movement in Funds 390,434 96,514 486,948 369,309 Balances brought forward 10,657.463 3,545,864 14,203,327 13,834,018 Balances carried forward 11,047,897 3,642.378 14,690,275 14,203,327 All income and expenditure derive from continuing activities. The statement of financial activities includes all gains and losses recognised during the year. The notes on pages 16 to 25 fomi part of these financial statements. 13
PATRONS OF COWANE'S HOSPITAL TRUST BALANCE SHEET As at 31 March 2025 Notes 2025 2024 FIXED AsSs Tangible assets Investment property Total tangible assets 12 13 1,651.337 5.725,024 7,376,361 1,649,498 5,376,012 7,025,510 Investments Cash held for Investments 14 4,896,219 95.331 4,985,50S 44,613 12,367,911 12,055,628 CURRENT ASSETS Debtors Cash at bank and in hand 15 88,649 1.744,331 1,832,980 go,g94 1,690,197 1.781,191 CURRENT LIABILITIES - Creditor5.' amounts falling due within one year NET CURRENT ASSETS 16 18,616 35,492 1,745.699 1,814,364 Pension Asset 17 508,000 402.000 NET ASSETS 14.690,275 14,203,327 FUNDS Unrestricted Funds Restricted Funds 18 18 11.047,897 3.642 378 10,657.463 3,545,864 TOTAL CHARITY FUNDS 14,690,275 14,203,327 The notes on pages 16 to 25 fomi part of these financial statements. Approved by the Board of Directors on September 2025 and signed on its behalf by Company Registration Number: SC019364 14
PATRONS OF COWANE'S HOSPITAL TRUST STATEMENT of CASH FLOWS For the year ended 31sI March 2025 2025 2024 Reconcillation of net movement In funds to nel cash Inflow Irom operatlng acllvlffes Net movement in funds Pension scheme movement Donation in Kind Gain on revaluation of tangible fixed assets Revaluation of investrnents Income shown in investing activities Depreciation Movement in debtors Movement in creditors Net cash used by operating actlvltles 486.948 (106,000) 369.309 26,000 131,5121 (349.012) 16,018 1283.5671 (185,957) 1192,0781 3.811 3,811 2.345 53.465 16,876 32.729 148.723 87.301 Cash flows from investlng acllvities Interest received and dividend income Purchase of tangible fixed assets Disposal of investment property Proceeds from sale of investments Purchase of investments Cash provided by Investing activlties 185,957 (5.650) 192.078 12.9301 1.553,922 1,480,654 253.575 382.091 465,080 106,159 Increase In cush ond Cash equlvalents In the year 104.852 18,858 Cash and cash equlvalenls ot I Aprll 2024 1.734.810 1.715,952 Cash and cosh equlvalent5 at 31st March 2025 1.839.662 1 ,734.810 The notes on pages I d to 25 form part of these flnanclal statements.
PATRONS OF COWANE'S HOSPITAL TRUST Notes to the Financial Statements for the year ended 31 March 2025 A¢counting Policies Basis of preparation and assessment of going concern The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS1021, the Charities SORP {FRS1021 and the Charities Accounts (Scotlandl Regulations 2006. A summary of the more important accounting policies, which have been applied consistently, is set out below. The charity meets the definition of a public benefit entity under FRS 102. The trustees ¢onsider that there are no material uncertainties about the Charity's ability to continue as a going concern. Accounting convention The financial statements have been prepared under the historical cost convention. Fund accounting General funds are unrestrtcted fvnds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are subject to restrictions on Iheir expenditure imposed by the donor or through terms of the grant. Incoming resources Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service. Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. All expenditure is accounted for on an annual basis and is classified by activity. The costs of each activity are made up of ihe total of direct costs and shared costs. including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to thal activity. Shared costs which contribute to more than one activity and support costs which are not attiibutable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Govemance costs are those incurred in connection with administr8tion of the charity and compliance with constitutional and statutory requirements. Tangible flxed assets Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases.. Freehold propety Fumiture & Fittings 2°/0 Straight line 200/0 straight line or held at valuation 16
PATRONS OF COWANE'S HOSPITAL TRUST Notes to the Financial Statements for the y8ar ended 31 March 2025 {continued) Accounting Pollcles (continued) Investment property Investment properties are carried at fair value determined by external valuers and reviewed annually by the trustees. No depreciation is provided. Changes in fair value are recognised in the Ststement of Financial Activity. Investments Fixed asset investments are a fomi of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the balance sheet dale, unless fair value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading 'Net gainslllossesl on investments, in the Slatement of financial activities. Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity. this is normally upon notification of the interest paid or payable by the bank. Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash at bank and In hand Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three monlhs or less from the date of acquisition or opening of the deposit or similar account. Liabilities and provisions Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amounl of the settlement can be estimated reliably. Liabilities are recognised at Ihe account that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. 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. Pensions The charity operales a defined contribution pension scheme and the pension charge represents the amounts payable by the charity io the fund in respect of tha year. The charity operates a defined benefit pension scheme for certain employees. Th8 assets of the scheme are held separately from those of the charity. Contributions of the scheme are charged to the incorne and expenditure account so as to spread the cost of pensions over the service lives of employees. Variations from the regular costs are spread over the average expected working lives of current Members of the scheme. 17
PATRONS OF COWANE'S HOSPITAL TRUST Notes to the Financial statements for the year ended 31 March 2025 (continued) Income from donations and legacies 2025 2024 Unrestricted Donations 1,230 31,582 Rental income 2025 2024 Unrestricted Agricultural properties Houses and shop Other propeeS Cowane's Hospital 28,459 26,290 16.991 21.481 26,615 26,000 16.021 12,786 93,221 81,422 2025 2024 Restricted Residential Care 210,937 177,474 Investment income 2025 2024 Unrestrlcted Dividend income Bank interest 141,270 44,687 140,660 51,418 Income from investments 185,957 192.078 Other income 2025 2024 Unrestrlcted Wayleaves Other income 1.487 1.319 loo 1,487 1,419 18
PATRONS OF COWANE'S HOSPITAL TRUST Notes to the Financial statements for the year ended 31 March 2025 (continued) Income from Grants 2025 2024 Total Grant Income Direct and support costs Unrestricted Funds Restricted Funds 2025 Total 2024 Total Project Fees - John Cowane's House Property insurance Heat and light Property repairs Upkeep of grounds Property costs Equipment. tools and materials Printing. postage and stationery Telephone Computer expenses Advertising General office expenses Bank charges Investment Management fees Memberships Donations Event Costs Wages and salaries Pension cost Depreciation 39,635 12,417 28.321 35.581 39,635 16,403 28,321 82.237 584 29,933 2.560 1,296 1,990 5.298 4,271 3,698 2,998 30,351 971 1.500 5,040 117,015 9,047 3,811 17,295 12.608 19.912 42,612 6,409 21.315 4,243 1,505 1,949 4,180 6,831 6.700 28 28.654 893 1,500 5.090 126.501 10,263 3.811 3,986 46,656 29,933 256 130 199 530 427 370 300 3.035 97 2,304 1,166 1,791 4.768 3,328 2,698 27,316 874 1,500 5,040 93.612 7.238 3,811 23,403 1,809 275,828 111,131 386.959 322,299 Governance costs Unrestricted Restricted Funds Funds 2025 Total 2024 Total Audit and accountancy Legal Fees Other professional fees 15,795 3,312 10,520 29,627 1,755 368 1,169 3,292 17,550 3,680 11,689 32,919 8.688 4,835 12,411 25,934 Analysis of expenditure by expenditure type Staff Costs 2025 Other Costs 2025 Depreclation 2025 2025 Total 2024 Total Direct and sUPPOrt costs Expenditure on governance 126,062 3,811 257,086 32.919 290,005 386,959 32,919 419,878 322,299 25.934 348,233 126,062 Total 2024 136.764 3,811 207.658 348,233 19
PATRONS OF COWANE'S HOSPITAL TRUST Notes to the Financial Statements for the year ended 31 March 2025 (continued) 10. Net incomel(expendlture) for the year This is slated after charging- 2025 2024 Oeprecialion of tangible fixed assets Auditors remuneratson - 2udil other 3.811 9,000 8,550 3.811 8,688 During the year. no Trustees received any remuneration12024 - £NILI. During the year. no Trustees received any benefits in kind12024 - £NILI. During the year. no Trustees received any reimbursement of expenses12024- £NIL)- 11. Stsff costs Staff costs were as follows.. 2025 2024 Wages and salaries Social security costs Other pension costs 111,689 5,326 34,047 121.070 5.431 34.263 151,062 125,0001 160,764 124,000} FRS 102 Adjustment 126,062 136.764 Average sfaff numbers Employees 1 employee had total remuneration in excess of £60.000 {2024.' 11 which was between £60,000 and £70,000. The charity considers its key management personnel Gomprise the Trustees, the Master & Factor and the Finance Officer. The total employment benefits including employer pension contributions of the key management personnel were £104,886 {2024- £109,597). 12. Tangible fixed assets Furniturel Fixtures & Fittings Total Freehold Property Cost: Al 1 April 2024 Additions during the year Disposals during year At 31 March 2025 1,641,876 5,650 33,155 1,675,031 5,650 1,647.526 33,155 1,680,681 Accumulated depreciation: Al 1 April 2024 Provided during the year Disposals during year At 31 March 2025 23.267 3,000 2,266 811 25,533 3,811 26,267 3,077 29,344 Net book value 31 March 2025 1,621,259 30,078 1651,337 31 March 2024 1,618,609 30,889 1,649,498 20
PATRONS OF COWANE'S HOSPITAL TRUST Notes to the Financial Statements for the year ended 31 March 2025 Icontinued) 13. Investment property Heritable investment property Valuatlon At l April 2024 Additions Disposals Surplus on revaluation At 31 March 2025 5,376,012 349,012 5,725,024 The chanly's inveslment propertt'es were revalued by DM Hall, independent valuers and surveyors, on 21 November 2024. The valuations were undertaken in accordance with the RICS Appraisal and Valuation manual. The Trustees have reviewed this valuation and consider il to be a rea59nable valuation al 31 March 2025. 14. Fixed asset investments Listed securities Market value At 1 April 2024 Additions Disposals Realised gains Unrealised Losses At 31 March 2025 4,985.505 1,480,654 11,553,922) 387,323 403.341 4,896,219 Investments at market value comprise. UK Overseas 2025 Total 2024 Total Listed investments 2,720,392 2,175.827 4,896,219 4,985,505 2025 2024 15. Debtors". Trade debtors Other debtors Prepayments and accrued income 14,583 74.066 20,412 70,582 88.649 90,994 2025 2024 16. Creditors: Amounts falling due within one year Trade creditors Accruals and deferred income 5,174 13,442 7,521 27,971 18,616 35,492 21
PATRONS OF COWANE'S HOSPITAL TRUST Notes to the Financial Statements for the year ended 31 March 2025 {continued) 17. Penslon commltments and other post-retlrement beneflts The charily participates in a pension scheme providing benefits based on final pensionable pay. The assets of the scheme are held separately from those of the charity. Pension contributions ore determined by a quolified actuary. A full actuariol voluation was carried out at 31st March 2025. Chonges in the Falr Value of Plan Assets, Dellned Benefit Obligation and Net Ilablllty 2025 Asset Obllgallons 2024 Asset Obllgatlons Net (Ilablllty) l asset £OOOs Net (Ilabillty) 1055et £OOOs 1,175 747 428 £OOOs £OOOs £OOOs 1.175 Foir volue ol plan assets Present volue of plan liabilities Opening p051tlon 796 796 796 402 747 747 1,198 1,175 Service Cost Current service cost Pasl seNice cost Elfecl of settlements Total Service Cost Net interest Interest income on plan asse15 Interest on defined benefit obligotion Total Nel Interest Total deflned benefll recognised in SOFA 29 1291 1301 29 29 30 58 58 1381 56 56 1361 38 36 58 58 38 67 20 (9) 56 56 36 66 20 (io) cost Cashftows Plcn participonts, contributions Employer contllbutions Benefits poid Expected closlng posillon 34 36 1.262 34 34 34 1.239 34 36 835 34 787 427 452 Remeasurements Changes in demographic ussumptions Changes in financial assumptions other experience Return on assets excluding amounts included in nel interest 19 110 1301 30 191 1761 35 58 11341 35 1391 1391 Total remeasurements fecognlsed In SOFA (39) {120) 81 (41) (50) Foir value of plan osset5 Present volue of plan liabilities Closlng posltlon 1,223 1,223 715 508 1.198 796 402 715 715 796 796 1.223 1.198 The employer contribution in the yeor totalled £34,04712024'. £34.2631. 22
PATRONS OF COWANE'S HOSPITAL TRUST Notes to the Flnancial Statements for the year ended 31 March 2025 (continued) 17. Penslon commltment$ and other post-retlrement benellts (conllnued) The principal octuarial assumptions used at the balance sheet date are as follows.. 2025 2024 Pension Increase Rate Salary Increase Rate Discount Rate 2.80 3.30 5.80 2.80 3.30 4.80 Life expectancy is based on the Fund's Vitacurves with improvements in line with the CMI 2023 model, with a I 5% weighting of 2023 land 20221 dato. a 0% weighting of 2021 land 20201 data. standard smoothing ISk71. initial adjustment of 0.25% and a long term rate of improvement of 1.5Y. p.a. Based on these assumptions. the average future life expectancies at age 65 are summarised below: Males Years 17.8 23.8 Females Yeors 23.7 25.3 Current pensioners Future pensioners lassumed lo be aged 45 at last formol valuation datel An allowance 15 included for future retirements to elect lo take 50fo of the maximum additional tax- free cash up to HRMC limits for pre-April 2009 service and 75Yo of the maximum tax-free cash for post-April 2009 service. The major categories of plan assets os a percentage of total plan 05sets were as follows.. 2025 2024 Equities Bonds Property Cash 53 36 59 33 The estimated employer contributions to the defined benefit scheme for the next financial year will be approximately £34,000 23
PATRONS OF COWANE'S HOSPITAL TRUST Notes to the Financial Statements for the year ended 31 March 2025 (continued) 18. Fund reconciliation At 11¢ April Income 2024 Expendlture Transfers Other At31SI Gains1 March 2025 (Losses) Unrestricted funds Designated - Rentsl Deposits Designated - Capital ReseNe 9,365,628 120,711) 332,994 9,677,911 Designated- John Cowane's House 100,000 400,000 500,000 Gener81 Fund 1,191,835 281,895 (305,4551 (379.2891 81,000 869,986 Total Unrestricted Funds 10.657,463 281.895 (305,4551 413,994 11,047,897 Restricted funds Cowane's Residential Care 3,545,864 210,937 114.423 3,642.378 Total Restricted funds 3,545,864 210,937 114,423 3,642,378 Total of funds 14,203,327 492,832 419,878 413.994 14,690,275 The Capital Reserve is a designated fund and represents the net book value of the fixed assets, excluding those held in the Cowane's Housing Association Fund. The John Cowane's House reserve is a designated fund set up to set money aside for the Trusts financial commitment lo provide £500,000 funding towards the renovation of John Cowane's House. Restricted funds relate to grant monies received to fund the repair programme, these are transferred to the capital reserve when spent. The Cowanes's Residential Care fund is based on the activities formerly undertaken by Cowane's Housing Association on transfer of the assets and liabilities of the Association to this Charity. 19. Funds analysis at 31 March 2025 2025 Total Funds 2024 Total Funds Restrlcted Unrestrlcted Tangible fixed assets Fixed asset investments Investment property Current assets Creditors due within one year Net pension AsseU{Liability} 1,651,337 4,991,550 3.035,024 880,602 {18,616) 508,000 11.047.897 1,651,337 1,649,498 4,991.550 5,030,118 5,725,024 5,376,012 1,832,980 1,781,191 (18.616) (35.4921 508,000 402,000 14.690.275 14,203,327 2,690.000 952,378 3,642,378 24
PATRONS OF COWANE'S HOSPITAL TRUST Notes to the Financial Statements for the year ended 31 March 2025 {continued) 20. Contingent asset Causewayhead Development With missives dated 29th and 30th July 2002, and then subsequently extended, the Tnjst entered a binding contract for the sale of an area of land at Ladysneuk Road, Stirling. The land title has since transferred twice to different developers. A Standard Security has now been granted in favour of Cowane's over the area of ground and this has now been registered in the Land Register of Scotland. Said Security will remain in place until the flats have been constructed and handed over. The Trust have re-affirmed their decision to have the nine flats buitt opposed to accepting settlement offers. There is still no definitive timescale on the development of the buildings. The Trust had hoped for revised planning permission to be obtained by January 2024. with the build set to begin in June 2024. However, this has not been the case. A press release was issued in June 2025 confirming that site investigation had begun to support the vision of creating a collection 01124 apartments in the sought after Causewayhead area of Sb'rling with a planning application expected to be subrnitted to Stirling Council in the autumn of 2025. 21. Related party transactions The Trustees of Patrons of Cowane's Hospital Trust have an interest in a number of other entities. The Trust received a donation in the year from Patrons of Spittals Hospital Trust totalling £Nil12024= £31,512). 22. Capltal Commitments At the year-end capital commitments amounted to £Nil {2024.' £Nil) relating to ongoing building projects. 25