Goodnews Health Scotland Charitable Trust REPORT AND ACCOUNTS For the year ended 30 November 2024 Caledonlan Exchange 19A Cannlng Street EDINBURGH EH3 8HE
Scottlsh Charlty No SC037486 Goodnews Health Scotland Charltable Trust Report and Accounts For the year onded 30 November 2024 Contents Page No Trustees, Report Independent Examinerfs Report Slalement of Financial Activities Balance Sheet Notes lo the Accounts
Goodnews Health Scotland Charltable Trust Trustees, Report For the year ended 30 November 2024 Introductlon The Trustees PTeser)I their report and the financial statements of the Charity for the year ended XJ November 2024. The financial slalements have been prepared in accordance with the accounti policies set out in Note 1 to the Accounts and comply with the Charity's TTUSI Deed, the Chariti and Trustee Snveslment (Scollandl Aet 2005, the Charities Account5 (Scotland) Regulation$ 20( las amended) and Accounting and Reporting by Charities.. Slalement of Recommended Practi applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS102} effective 1 January 2019. Ob e¢tlves Actlvltles and Grant-makln Pollc The objectives of the Trust are the relief of those in need by reason of age, ill-heallh, disability, rinancial hardship or othèr disadvantage (including relief given by the provision of accommodatloh or care) through the payment of the whole or such part of the free income and the whole or such part of the c3Pltal Df the Trust Eslale as the Trustees may from lime to lime consider desirable f( such charitable purposes or to such charitable institutions. societies. foundations or funds as the Trustees in theii sole discretion select. In so far as any such income is not so utilised in any on• year, l( may at the Trustees, discretion eilher be retained by them and expended in the following year or years for the TTUSt'5 purposes or added lo the capital of the trust funds. Achlovèments and Porformance During the period of these Accounts the Trustees made or committed grants and other charitable donations to fifteen organisalions amounting in lolal lo £87,500 12023 fourteen organisalion8 lotalling £63,248). Further details are contained in Note 5 to the Accounts. Flnanclal Revlew The financial position of the Trust is as shown in the accompanying Accounts which show that this year expenditure has exceeded income by £68.616 due to donations made in the year 12023.. expenditure exceeded income by £41,096). Investment income for the year was £31.51812023 - £34,396). Realised gains on Sales of shares were £5,536 and there were unrealised gains of £91.634 (during the previous year there were realised losses of £3,482 and unrealised losses of £30,882). There was a deficit on the General Funds of £58,403 12023 - deficit of £30,897) reflecting the level of donations in the year and a surplus of £86,957 (2023 deficit of £44,563) on the Capital (designated) Fund reflecting the investment gains and losses. The lolal valLJe of the trust funds held as at 30 November 2024 amounted lo £972,056 12023 - £943.5021. The Trustees are satisfied th81 adequate funds were av2ilable at the Balance Sheet dale lo continue lo fulfil the charitable objectives of the Trust. Invostmgnt ollc and orformanca The Trust's investments are included in the designated Capital Fund. The investment objective of Ihe Trustees is lo achieve an above average income yield together with growth of income over the long term. To implement that objective, Ralhbones manage the
investment portfolio on behalf of the Trustee5. The value of the portfolio in¢aSed from £920,520 10 £936,989 as a result of market conditions during the peri(¥J. Risk Mana ement The principal risk faced by the Irusl lies in the performance of investments. The Trustees consider variabilrty of inveslmenl Tetums on Ihe capital Idèslgnatedl fund to conslilule the chaTrty's major financial r15k. This is miligaled by relaining expert investment managers and havin9 3 diversified investment portfolio. The trustees have directed the inv8Stment managers to manage lh8 funds wllh a balance between income and capital growth and mediumlhi9h risk cla3$ific8tion. The Tru8te88 afe aware ol risks associatéd wrth grant-making and give Careful consideration to all applications. Reserve8 Pollc The Trustees have chosen to designate the capit81 funds held by the Trust. being the orwJin•l capital of the Trust, adiusled annually for income. grants and fees related lo capital and for investment gains and losses, to preserve th8 income generating capa¢rty ol the Trust., they havB power lo apply the capital and the general funds towards the charitable purposes lo such an extent as they may from lime lo lime think fit. Incorne is expended al the Truslees. discfetion aftar reserving sufficient funds lo cover one yearfs support costs. The Trust's reserves al 30 November 2024 were £972.056 12023. £943,502) Th8 Trustees arp satisfied that this level of reseNes is adequate lo allow the Trust lo continue lo meet its objectives Dn an annual basis. Future Plan¥ The Tru51ees look forward to continuing to provlde grants in a slmilar way lo the way in which they have done In previou8 year8. Structure Governance and Man eme The Chority was eslabllshed by Deed of Trust granted by dated 2 August 2006 and registered In the Books of Council antt Session on 16 November 2 The Trustèes who served during the peri1 of these Accounts ale noted on Page 3. In appointin Trustees, the Board seeks to mainlain a balance of relevant skills and experience. New Iruslee receive copies of the Trust Deed, Minutes and Accounts and OSCR'S GuKlance. Appointment6 ar not limited in time. The Trus1è8s. who have wide investment powers, meet annualty to revlew the financial position o the Trust and make decislons on Ihe applicalion of income for charitable purposes as Secretary and Treasurer of the Trust, administers the charty on a day hone manage Ihe investment portfolio on behalf of the Trustees. ay 08SIS. Dètalls of Trans3Ctlons wlth Related Partles as one of the Trustee5. is a partner in the fimi of Lindsays LLP. Solicitors, ,LJ(. IS i Liid lor secretarial and administrative support provided by him lo the Trust. The Trustoos have entered into the appropriate written agreement with Lindsays LLP with regard to these services in compliance with the terms of S.67 of the Charities and Tiustee Investment IScDllandl Act 2005.
Reference and Admlnlstratlve Infonnatlon Scollish Charity Number.. SC037486 Tiusto08 Secretary and Treasurer Legal Advlsers Lindsays LLP Caledonian Exchange 19A Canning Streét Edlnburgh EH3 8HE Iiidepeiident Examlnpr son erre 14 Rulland Squ¢ire Edinburgh EH12BD urrows Imiled Inv8Stmgnt Managers Ralhbones George House 50 George Squa Glasgow G2 1EH at ment of Tr tee Ibllltles The Trustees are responsible for preparing Ihe Report of the Trustees and the financial slalemen19 in accordance with 8pplic8ble law and United Klngdom Accounting Standards (United Kinudom Generally Accepted Accounting Practicé). The law app1Cable lo charities in Scotland, the Charities and Trustee Investment (Scollandl A¢t' 2005. Charities Accounts IScolland> Regulations 2006 (as am8nd6dl and the provisions of thè ch8Tily's constitution requires the Trustees lo prepare financial slalemenls for each financial year which give a true and fair view of the slate of affairs of the charity and of the incoming resouTces and appll¢alion of resources, inclLJding the income and expenditure, of the charity for that period. In Preparing those financial slalemenls, the Trustees are required to Select sullable accounting polici85 and then apply them consistently., Observe the methods and principles in the Charity SORP., Make judgements and estimates that are reasonable and prudent.. Slate whether applicable a¢¢ounling standards have been followed, subject to any material departures disclosed and explained in the financSal slalemenls., Prepaie the financial slatem9nts on the going Goncern basls unless it is inappropriate lo presume th81 the charity will continue in business. The TrLlStees are responsible for keeping proper accounting records which disc105e with reasonable accuracy at any time the financial position of the charity and lo enable them to ensure that the financial slalements comply with the Charities and Trustee Investment (Scotland) Act
2005, the Charities Ac¢ounts ISco118ndl Regulations 2006 (as amended) and the provisions of the charity's constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable slep5 for the preventton and detection of fraud and other irregularities. Approved by the Trustees on 2025 and svJned on their behalf by..
Goodnevts Health Scotland Charltable Trust Independent Ex8mlneVs Reportto the Trustees For the year to 30 November 2024 I report on the Accounts of the Charty for the year ended 30 NovembeT 2024 which are set out on pages 610 12. Respectlve responsibllltles of trustees and examlner The charity's trustees a SPonsIb for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment IScolland} Act 2005 and the Charrties Accounts (Scotlandl Regulations 2006 {as amended) The charity's trustees consider that the audit requirement of Regulabon 10(11(al to Ic) of the 2006 Accounts Regulations does not apply. It Is my responsibility lo examine the accounts as required under section 44{1}{c) of the Act and lo stal8 whether particular matters have come lo my attention Basls of Independent examlner's statemont My examination was carried out in accordan with Regulation 11 of the 2006 Accounts Regulalions. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented wrth those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as ITUStees Concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequentty I do not express an audit opinion on the view given by the accounts. Independent examlner's statement In the covrse of my examination, no matter has come to my attention.. (1) which gives me reasonable cause lo b61i8V6 that. in any material respect. the requirements.. lo keep accounting records in accordance with Section 44{1)(a} of tt)e 2005 Act and Regulation 4 of the 2006 Accounts Regulations. and lo prepare accounts which accord with the accounting records and Comp with Regulation 8 of the 2006 Accounts Regulations have not teen met. or {2) to which, in my opinion, attention should drawn in order to enable a proper understanding of the accounts to be reached 4Jibe•OlI iviknTh¥llfll DUIIUYIS LIFniieu 14 Rulland Square E¢Jinburgh EH128D 3/ 2025
GoodnBws Health Scotland Charttsble Trust Statement of Flnanclal Aetlvitles Includlng Incom8 and Expenditure Account For thè year ended 30 November 2024 General 2024 De8lgnated Total lund8 2024 2024 2023 Note¥ Incomè from: Investments 31.518 31,518 ,396 Total Incom 31.518 31,518 14,396 gndlture on.. Raising funds-. Investment management cos15 8.362 8,362 .609 Charitable 8clivilies.. Cost of grant making 89.921 1.851 91,772 ,883 Total expendlture 89.921 10.213 100,134 .492 Net lexpendlturelllncome and not movemont In funds befor8 galns and Ilos$esl on Snvestments (58,403} (10,2131 (68,616) (41,0961 Oth8r reco nlsgd alns and losses Realised gainslllossesl on disposal of investrnents Unrealised gainsl{losses) on investments 5,536 91.634 5.536 91,634 {314821 130,8821 97,170 97,170 134.364) Ngt movement In funds 158.4031 86.957 28.554 175.460) Transler from capital Total funds brought fotward 55.¢X 31.362 155.0001 912,140 943.502 1,018,962 Total funds carrfed forward 27.959 944.097 972,056 94302 No trust activities were acquired or discontinued during eilhet of the two years. The Notes on Pages 8 to 12 fonn part of these Financtal Statements.
Goodnews Health Scotland Charltsble Trust Note8 to the Accounts For year ended 30 November 2024 Prlncl al Accountln Pollcles 18) Ba81s of preparallon and ass•ssment of golng ¢oneern The accounts Ilinancral statemenlsl have been ppared under the historical co81 convgnlion th item$ recognise(1 al cost or transaction value unless otherwise stated in the relevant nolo lo these accounts and in acc(Yd8nce with the Slalemenl of Recommende(S Practice,, Accounting and Reporting by Charrties preparing their accounts in aceordance with the Financi81 Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 (SOnd edition October 20191, the Charities and Trustee Investment (Scollandl Act 2005 and the Charities Accoun18 (Scotlandl Regulations 26 las arn9nd). The Trust conslilules 8 public benefii entity 8$ defined by FRS102. The Trustees constder there a no malarol uncertainlie$ aljout the Trust'8 8bilily lo continuè as a going concern. Ib) Flnanclal rèportlng Standard 102- reduced dlsclo8ure exemptlons The charity has taken advanlage ol the follcMing disclosure exemptions in pieparing these accounts, as p8rmrtled by the Financ1 Reporting Sland8rd applieèble in the United Kingdom and Republic of Ireland IFRS1021 - the Tequiremenls ol Section 7 Statement of Cash Flows Fund¥ Structure All of Ihe Charity's fvnds arn unTeJtricted.' the Trusleos havo chosen lo dgsign818 the capital ', fvnds ol the charity lo mor8 clearty identify Ihe income available for dislribulion. All ol Ihg Charity's funds are available lo k used in furtheranc8 of the eharilable objects. Incom8 RecognStlon All income is recognised once the charity has entitlement lo Ihe income, il is probable that the income will be recewed and the 8mount of inc(xne feceTvable can be mgasur•J reliably. Inleresl on funds hekl on deposrt 1$ included when receivable and the amount can be rneasured liab by Ihe charity,. this 18 noimalty upon nolffaljn of the interest p8KJ or payable by the bank. DNidend$ are Tecognised once the dividend has been declared and nolrficalion has been receive(l of the dNKknd due. Idl lel ExpendStur• recognltlon Liabilities are recognised as exp8nditure as soon as there i8 8 legal or conslruclfve obligalKJn commilling the charrty lo Ihal expenditure. rt is probable Ihal settlement will be required and the amunl of the obliga can b• mè85UTed T81iabty. All exp8ndrture is accounted for on an accruals basis. All expenses including support C0515 and governance costs are allocated or apportioned lo the 8pplicable expenditure he8dings. Fw more information on this attribution refer to note lil below. Grants payable are payments made lo third parties in the fvrther8nce of the charitable objects of the Trust. In the Case of an uncondrtional grant offer this is accrued once the recipient has been notifi'ed of the grant award and the notification gNes the recipient a reasonable expectation Ihal they will e1ve a grant. Grants awards that are subject to the recipient fuWilling conditions are onty accrued when the Tecipienl has been nolrfied of the grant and any remaining unfulfilled condrtion allachino lo Ihal granl is outside ol the control of the Trusl.
Provisions for grants ate made when the inlenlion lo make a grant has been communicated b the recipient but there is uncertatnty as to the timrng of the grant or the amount of grant payable. ifj Irrecoverable VA T IrcoVerable VAT is charged against the expendrture heading for whh it was incurred. Igl Costs of genoratlng funds The costs of generating fund5 consist of investrnenl management costs as shown in note 4. Ihl Charltsblo activltles Costs of charitable actwf(ies indude grants made, SUPFK)rt and govem8nce costs as shown i note 5. Support and govemance costs Support costs have been alltxaled btheen charitable adwities and eknsls of generating ftjnds. Gov&man¢e costs comprise all costs invofving the public accounlabilily of the charity and ils compliance wth regu53lion and good practice. These costs include costs related to independent examination and an apportionmenl of overhead and support costs. Governanc• costs and support costs relating lo chanlable activities have been apportioned beeen fund$ based on an estimate by the Trustees. The allocation of support and governance costs is anaSed in note 6 Flxed asset Inv&stments Investments are a form ol bas financk81 in51rumenl and are inrtially recognised at their transaction value and subsequenlty measured at their fair value as at the b818nce sheet data using the closing quoted market price. The slalemenl of financial activities includes the nel gains and losses arising on revaluation and di5posa15 throughoul the year. The Trust d5 not acquire pul options derivatives or oth8f complex financial inslrumenls. The rnain form DI financial risk faced by the charity is that of volatility in equty marke15 and investment markels due lo wider economic conditions, the attitude of investor5 10 investment risk, and changes in senlimenl conceming u((leS and wthin partUlar 5torS or sub sectors. Ikl Reallsed galns and losses Al gains and losses are iaken lo the Stslement of Financi81 AclNilies as they arise. Realised gains and losses on investments are calculalwj as the difference behveen sales proceeds and Iheiw opening carrying value or their purchasè value rf acquired subsequent lo Ihe firsl day of the financial year. Unrealised gains and losses are ¢alcuQ3ted a5 the drffeTence between the fair Wdlue al the year end and their carrying value. Cash and Cash •quSvalents Cash and cash equNalellls are represented by cash in hand. depDsTts held at call wrth financial inslitulions. and other short-lemi hhty liquid investments that m8ture in no more than three months from the dale of acquisitK)n and Ihal are readity convertible to known amounts of cash wilh insonrfrant risk of change in val.
Trustees and Em lo ees The Trust h85 no employees 8nd non8 of Trusiees raceived any remuneralk)n. wèrè any èxpenses reimbursed to any of them, (r9 ¢he Current or y8W. s on8 ol the Trustees, Is a p8rtnÈr In Ihe firm of Lindsay5 LLP. SoliciloTS, lo whom a -.'" rr larial and 8dmlrtlstratNe support prcwmyed by hun to the Trust. Thè Trusl8es have enlered Into the appropriate wrltten agrnpt wrth LINJsays LLP with regard lo these SèT¥iCQS In U)rlIanCe with Ihe twrns of S.67 01 Ihtr Chari148S and Tvustee6 Invèslment Iscoiland) Acl 21J)5. V lunta In¢ Ttstsl fundB 2024 G•neTrl D•¥lgnated 2024 2024 2023 Inv•stmont Incom• Dividends Interest on fu1$ held by LiThJ8ays and Ratht)n•8 30.578 30,578 33,324 1,072 31.518 31.518 34,396 ol ra161n funds Total fund8 2024 G•n•rnl DMlonated 2024 2024 2023 Investment managers le88 Charltable actlvltlgj Th¢ charity did rnl undertako wny thafilabl6 actNIty rfir•clty tr*Jt mol Iti th8ritabl•J thfouoh gr8nlmAking. Dunng th• ytaf grnrts chath8Lle donaJM$ were m8d• by Iha Tiu8laa8 to thg follcrwlng organlsallons.. G•ner•l Oellonatsd 2024 2024 Total 2024 2023 Scheifftrlin Institute of He8lih Medlco Pasloral Assoctalkjn A Rotha Internalical Aber¢Jeenghire North FOo¢Jk Amaudo UK FOSFKCT Gailoch Communrty Kllchen Lepr05y M18sI(M) Klarys Meals The Alholl B8PtI81 Cenlre Ltd Aberdeen S8m8rilan8 ASHA FryJnd8¢ion Chlldren's Orphanage Emml Sert¢ PIlGaplg EnviroTrm•ntal Prqec Friends of Invèrurfe Hospital 25,orMJ 10,C4XI 25.CXX) 10.rxxs 5,000 4,500 5,0 5,OtKI 5,0 s,0 5.0 5,OC 3,0(J) 3.000 3,OC 1.5CM) 3,748 Granl Maklng 87, 87,5 63.248 Govwn8n And SUPFK)rt ccffj13 {Nol¢ 8) 2,421 1.851 4,272 3,6 89.921 1.851 91,772 66,883 10
Allocatlon of overnanco and Su ort costs Total funds 2024 General Dèslgnatsd 2024 2024 2023 Secr8tarikl lees Accounting fees Independent Ex8minatKsn BAnk charges 936 2.340 457 1,8LW) 435 228 1,373 1,305 95 11Y2 2,421 1.851 4,272 3.635 Investments Investments at rnarket value 2024 2023 As at 1 December 2023 Additions in peric¥J Disposal in peri¢)d Vnre81ised Ilossesygains drwrng year 920,520 1,004,733 82.247 138,603 1157,4121 1191.9341 91,634 130,8821 A$ 8130 Novernber 2024 938.989 Y20,520 All inves1rn8nts were h&hJ in the UK and investments comprising rTKXè th8n 5% of the DOrff0 are thown below 202412023 Numb•r arkèt Valuè 2024 2023 47(Ky]901x) 9650110500 821x716600 15000r25(KS 2250118750 21.WO 24.txio 8ankw5 IThvostsnenl Tru81 JP Morgan Grrylh & Income Sojtiith MortgagÈ lrtvesbn8nt TNst Polay Capital TethnokJy Trust Muir8y Internatnal TTUSI 8NY Mellon Global Hvjher Inc Sarasin Inu Equty Inc Fund Verit85 Gk)b81 Equty Scotth American Inv Co Natixis Inll FuThYs 46.342 58,214 58,454 50.4 56,849 48.741 49.584 52.260 46,865 55,772 46.342 50,505 47,824 59,875 45,469 43.544 44.160 45.851 45.591 9,100 75(XM) 2024 2023 Aoyued investment ino)m8 2,613 3,176 Credi 2024 2023 Grants payatrle Accruals lo.)0 4,170 4,170 14,040 11
Anal sls of charltable funds Analysts of Fund Movemènt8 2024 General Balance In¢omo blf Exp•ndlture Galns and losses Transfers Fund cm 31,362 31,518 {89.921) 55,000 27,959 DesNJnated 912,140 110,213) 97.170 {55,0) 944,097 943,502 31.518 {1Q).134) 97.170 972.056 Analy815 of Fund Movemgnts 2023 General Balanc• Incom• blf Expendlture Galns and losses Transfèrs Fund CM 17.259 34,396 {65,293) 45,000 31,362 DesvJn8led 1.001.703 110,199) 134,3641 145,0001 912.140 1.018,962 34.396 175,492) 134,3641 943.502 12