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 peri￿1 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 app1￿Cable 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
943￿02
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 p￿pared 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 (S￿Ond
edition
October 20191, the Charities and Trustee Investment (Scollandl Act 2005 and the
Charities Accoun18 (Scotlandl Regulations 2￿6 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 follcM*ing disclosure exemptions in pieparing these
accounts, as p8rmrtled by the Financ*1 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 nolff￿al￿jn 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
Ir￿coVerable VAT is charged against the expendrture heading for wh￿h 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 be￿een fund$
based on an estimate by the Trustees. The allocation of support and governance costs is
ana￿Sed 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 d￿5 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 part￿Ular 5￿torS 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 h￿hty 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, (￿r￿9 ¢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 ag￿rnp￿t wrth LINJsays LLP with regard lo these SèT¥iCQS In U)r￿lIanCe 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 fu￿1$ 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 Internalic￿al
Aber¢Jeenghire North FOo¢J￿k
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 DOrff￿*0 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 Grry*lh & Income
Sojtiith MortgagÈ lrtvesbn8nt TNst
Polay Capital TethnokJy Trust
Muir8y Internat￿nal TTUSI
8NY Mellon Global Hvjher Inc
Sarasin Inu Equty Inc Fund
Verit85 Gk)b81 Equty
Scott￿h 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