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,
adIa￿nt 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-tO￿dIstant 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 e￿Or, 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 AsS￿s
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 prope￿eS
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