Charity registration number SC036188 Iscotlandl SCOTTISH MINING CONVALESCENT TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025 SCOTTISH MINING CONVALESCENT TRUST CONTENTS Page Trustees. report Independent auditor's report statement of financial activities Balance sheet Stslemenl of cash flows 10 Notes lo the financial statements 11- 19 SCOTTISH MINING CONVALESCENT TRUST TRUSTEES, REPORT FOR THE PERIOD ENDED 31 MARCH 2025 The Trustees present their annual report and financial statement5 for the period ended 31 March 2025. The financial statements have been prepared in accordance with the accounting Policies set out in note 1 to the financial statements and comply with the Charity's Trust Deed, the Charities and Trustee Investment Iscotlandl Act 2005, the Charities Accounts Iscollandl Regulations 2008 las amended) and "Accounting and Reporting by Charilie5." Slalemenl of Recommended Practice applicable lo charitie5 preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 leffe¢live 1 January 20191" Objectlves and actlvltles The Scottish Mining Convalescent Trust is a Registered Scottish Charity SC038188 which provides at its premises, Blair Castle, Culross, Fife, KY12 8JW, suitable accommodab'on for limited periods of convalescence to families from throughout the UK with a link lo the coal mining industry. Applicants are offered a period of convalescence of eleven days during which time they are afforded full board, support and supervision according to their individual needs. Entertainment and outings are available for those who wish lo participate. This will be the last set of accounts for Scottish Mining Convalescent Trust and we will be ¢onlarting OSCR to finalise the reorganisation to Scottish Mining Welfare Trust. Achlevements and perfom)an¢e Scottish Mining Convalescent Trust is now in the process of finalising the reorganisation. Financial review The account5 cover the period to 31 March 2025. The deficAt for the year is £114,083 12023.. deficit £57,078). The financial slalements have been prepared in accordance with current slalutory requirements and the charity's trust deed. Reserves and Going Concem 11 is the charity's policy lo relain unrestricted ftjnds not already designated lo cover six months, operating costs. The Trust is in the pro￿$$ of merging with Scottish Mining Welfare Trust (SMM￿l which has assets to Cover the requirements of 6 months operating costs if required. Rlsk Management The management committee has conducted a review of the major risks to which the charity is exposed. A risk register has been established and is updated al least annually. Vvhere appropriate, systems or procedures have been established to mitigate the risks the charity faces. Plans for future periods The charity is Currently in the process of finalising the reorganisalion wth The Office of the Scottish Charity Regulator. This set of accounts will be to cessation. Structure. govemance and management The Scottish Mining Convales￿nt Trust is governed by the decree of the Court of Session and supporting Interlocutor dated 2 December 2004. The Trust is a registered Scottish charty ISC0361881. SCOTTISH MINING CONVALESCENT TRUST TRUSTEES, REPORT (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2025 statements were.. Appointment of Trustees Joint appointments are made from the mining unions and mining companies for Trustees to join the Board. The mining unions can make up lo three appoinlmenls, mining companies three appointments and the Coal Industry Special Welfare Organisation one appointment. Trustees are required to have the necessary experien￿ in order to carry out their duties effectively and efficiently. Vvhen recruiting new Trustees the important attribute is a passion for the work of the Trust and an understanding of the ch8ritsble obieclives. Key Management Personnel Charlty Reglstratlon Number SC036188 Registered Office Scottish Mining Convalescent Trust, Blair Castle, Culross, Fife, KY12 8JW Our Advlsors Auditor- Thomson Cooper, 3 Castle Court, Camegie Campus, Dunfermline, Fife, KY11 8PB Solicitors- Morgan Law Pathership, 33 East Port, Dunfemiline, Fife, KY12 7JE Bankers Unity Ttusl Bank, Ninè Brindleyplace, Bimingham, B12HB Investment Managers- Ralhbones, 159 New Bond Street, London, W1 S 2UD Trustees Inductlon and Tralnlng The induction and training of Trustees is carried out during their term of service. Related parties and co-operating with other organisations All Trustees give freely of their lime and talents for the benefit of the Charity and lake no remuneration. SCOTTISH MINING CONVALESCENT TRUST TRUSTEES, REPORT (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2025 Stst•mgnt of Tru¥ts8¥' rg¥ponslbllltlg¥ The Trustees are re5pon&ble for preparing the Trustees, Report and the ffinancAal 5tatemen15 in accordancE ￿th applicable law and United ￿'ngdoM Accounting Standards (Unrted Kingdom Generally Accepted Accounting Pr8Cticel. The law applicable lo charities in Scodand requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the Charity and of the incoming resources and applicalion of r8$our¢8s of tho Charity for that poriod. In preparing these financial slatemenls, the Trustee¥ are required lo.. - seleGt suitable accounb'ng policies and Ihen apply them ¢XJnsi5tently', - obseNe the methods and principles in the Charities SORP.. - make judgements and estimates that are ￿asOnable and prudent. - slate whether applicable accounting standards have been followed, subject lo any material departures disclosed and explained irb the financial slalements.. and prepare the finanaal statements on the gcing concem basis unless it is inappropriat8 to presume that the charty will continue in operation. The Trustees are reS￿n51t1e for keeping suffiaent accounting ret￿rdS that disdose svith reasonable accuracy at any lime the financial position of the Charity and enable them to ensure that the financial slalement8 Comply wth the Charities and Tnjstee Investment {Scotl8ndl Act 2005, the Charities Accounts Iscouandl RegLAalions 2006 las 8mended} and the provisions of the trust deed. They are also responsitrAe for safeguarding the assets of the Charty and hence for taknThJ reasonablg Steps for the prevention and detsCt￿n of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the charity and financial infomalion induded on the Charrtls websf(e. Legi￿ation in the Un¢ted Kingdom governing the preparab'on and dissemination of financial slatemgnls may differ from legislation in otherjurisdicts'on& Audltor A resclution proposing Ihat Thomson Cooper te reappointed a$ auditor of the company will be pul al a General Meeling. Dl¥closure of Infommtlon to audltor Each of the Trustees has confirmed that there is no information of which they are aware ￿lch is relevant to the audi(, bul of which the auditor is unaware. They have further confirmed that they have taken appropriate Steps to identify such relevant information and lo eslabli8h that the audit¢x is aware of Such infomalion. The Trustees. report was approved by the Board of Trustees. Chair 23 December 2025 SCOTTISH MINING CONVALESCENT TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF scorrisH MINING CONVALESCENTTRUST Oplnlon We have audited the finanrjal 5talemen15 of Scottish Mining Conval2sont Trust (the 'Charity'l for the period ended 31 March 2025 which comprise the statement of financial activTbes. the balance sheet, the 5t8lemenl of cash flows and the notes lo the financial slalements, including 8 summary of significant accounting pdicies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Stsndards, induding Finanaal Reporting Stsndard 102 The Financi81 R8porting Stand8nS applicable ￿ thg UK and Republic of Ireland {Uniled Kingdom Generally Accepted Accounting Practicel. In our opinion, the financi81 statements.. give a true and fair view of Ihg $tsle of the thanty's affairs as al 31 March 2025 and of its incoming resources and application of resources, for the period then ended,. have been properly prepared In ae£ordance wth Unlted Klngdom Generally Accepted Accounlng prath￿., and have been prepared in a￿Ordan￿ with th8 Charitigs and Trust99 Investmont Iscodandl Act 2005 and regulation 8 of the Charities Accounts Iscouandl Regulations 2006. Ba818 for oplnlon We conducted our audit in accordance with International Standard5 on Audthng IUKI (ISAS IUKI) and applicatle law. Our responsibilities under those standards are further dvdcribed in the Auditorfs responsibilities for the audit of the fin8nci41 st8temenls section of our report. ￿ are independent of the Charity in accordance bwth the ethical requirements that are relevant to our audi( of the financial stslemenls in the UK, induding the FRC'S Ethical Stsndard, and we have fulfilled our other ethical respon8ibilib.es in accordance wth these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Concluslons relatlng to golng concem In audf(ing the finan¢ial statsmenls, we have conduded that tho Trusleos, use of the gThng concem basis of a¢￿UntIng in the preparation of the finar￿141 statements 1$ appropriate. Based on the work we have performed, we have not identified any material un￿rtaIntieS relating to events or conditions that, individually or collectively. may cast signrficanl doubt on thè Charitys 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 responslbllilles and the respLMsib[l￿es of the Trustees wth respect 10 going concem are descrlbed In the relevant sections of this report. Other Infomiatlon The other information comprises the infomialion included in the annual report other than the finan￿al slalements and our audilorfs report Ihereon. The Trustees are responsitle for the olher information contained wthin the annual report. Our opinion on the financial statements does ngt cover the other infomialion and we do not express any form of assurance condusion thereon. Our responsibility is to read the other information and. in doing so, consider whether the other infomialion is materially inconsistent with the financial slalements or our kr￿wledge obtained in the course of the audit. or otherwse appears lo be materially misstated. If we identify such material incorbSiStencie3 or apparent material mis5ts1ement5, we are required to determine whether this give5 rise to a material mi55tstemenl in the finanual stslemenls themselve8. If, based on the work we have performed, we conclude that there is materi8J mi88talement of thi8 Other informslion, we are required to report that fact. IAb have nothing to report in this rggard. Matters on whlch we are requlred to report by exceptlon Wo havg nothing lo roport in re$pgCt of the following matters in relation lo vthich the CharitKgs Accounts Iscotlandl Regulations 2006 requires us lo report to you rf, in our opinion.. the information given in the financial stslemenls is ineLJnslstent In any materfal respect wfth the Trustees, report," or propor accounting records have not been kept., the financial 8talements are not In agreement wrth the accounting records.. or we have not received all the infomation and explanations we require for our audit. SCOTTISH MINING CONVALESCENT TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF SCOTTISH MINING CONVALESCENT TRUST Re5ponsibilitie5 of Trustees As explained more fully in the slalement of Trustees. responsibilities, the Trustees are responsible for the preparation of the financial stslemenls 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 ststemenls 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 ID continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend lo cease operations, or have no realislie altemalive but to do so. Auditorfs responsibilities for the audit of the financial statements We have been appointed as auditor under section 4411 Ilcl of the Charities and Trustee Investment (Scotlandl Act 2005 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are lo obtain reasonable assurance about whether the financial stslemenls as a whole are free from material misslalemenl, whether due to fraud or error, and to issue an auditor's report that in¢ludes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material 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 slatemenls. The extent to which our prO￿dureS are capable of detecting irregularities, including fraud, is detailed below. Extent to which th8 audit was capable of datecting irrngularitias, including fraud. We considered the opportunities and incentives that may exist within the organisation for fraud and identrfied the greatest potential for fraud in the followng areas." existence and liming of recognition of income, posting of unusual journals along with complex transactions and non-compliance with laws and regulations. We discussed these risks with management, designed audit procedures lo lesl the timing and existence of revenue and tested a sample of journals to confirm they were appropriate. In addition, we reviewed areas of judgement for Indi￿lOr$ of management bias to address these risks. We identified areas of laws and regulations that Could reasonably be expeded lo have a material effect on the financial statements from our sector experience through discussion with the officers and other management las required by the auditing standards). We reviewed the laws and regulations in areas that directly affect the financial slalements induding applicable charity and company law and considèred the extent of compliance with those laws and regulations as part of our procedures on the related financial slalemenl items. With the exception of any known or possible non-compliance with relevant and signifi¢anl laws and regulations, and as required by the auditing standards, our work in respect of these was limrted to enquiry of the offi￿r$ and management of the charity. We communicated identified laws and regulations and potential fraud risks throughout our team and remained alert to any indications of non-compliance or fraud throughout the audit. However the primary responsibility for the prevention and detection of fraud rests with the trustees. Owing lo the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misslatemenls In the financial slalements, even though we have properly planned and performed our audit in accordance with auditing 5tandard5. We are not responsible for preventing non-compliance and cannot be expected lo delect non