2025-11-30-accounts - Goodnews Health Scotland Charitable Trust

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Goodnews Health Scotland Charitable Trust

REPORT AND ACCOUNTS

For the year ended 30 November 2025

Caledonian Exchange 19A Canning Street EDINBURGH EH3 8HE

Scottish Charity No SC037486

Goodnews Health Scotland Charitable Trust

Report and Accounts

For the year ended 30 November 2025

	Contents	Page No
1.	Trustees’ Report	1
2.	Independent Examiner’s Report	5
3.	Statement of Financial Activities	6
4.	Balance Sheet	7
9.	NotestotheAccounts	8

Goodnews Health Scotland Charitable Trust

Trustees’ Report

For the year ended 30 November 2025

Introduction

The Trustees present their report and the financial statements of the Charity for the year ended 30 November 2025. The financial statements have been prepared in accordance with the accounting policies set out in Note 1 to the Accounts and comply with the Charity’s Trust Deed, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) effective 1 January 2019. Objectives, Activities and Grant-Making Policy The objectives of the Trust are the relief of those in need by reason of age, ill-health, disability, financial hardship or other disadvantage (including relief given by the provision of accommodation or care) through the payment of the whole or such part of the free income and the whole or such part of the capital of the Trust Estate as the Trustees may from time to time consider desirable for such charitable purposes or to such charitable institutions, societies, foundations or funds as the Trustees in their sole discretion select. In so far as any such income is not so utilised in any one year, it may at the Trustees' discretion either be retained by them and expended in the following year or years for the Trust's purposes or added to the capital of the trust funds.

Achievements and Performance

During the period of these Accounts the Trustees made or committed grants and other charitable donations to thirteen organisations amounting in total to £99,500 (2024 fifteen organisations totalling £87,500). Further details are contained in Note 5 to the Accounts.

Financial Review

The financial position of the Trust is as shown in the accompanying Accounts which show that this year expenditure has exceeded income by £82,164 due to donations made in the year (2024: expenditure exceeded income by £68,616).

Investment income for the year was £28,912 (2024 - £31,518).

Realised gains on sales of shares were £1,168 and there were unrealised gains of £85,369 (during the previous year there were realised gains of £5,536 and unrealised gains of £91,634). There was a deficit on the General Funds of £72,692 (2024 — deficit of £58,403) reflecting the level of donations in the year and a surplus of £77,065 (2024 — surplus of £86,957) on the Capital (designated) Fund reflecting the investment gains and losses.

The total value of the trust funds held as at 30 November 2025 amounted to £976,429 (2024 - £972,056). The Trustees are satisfied that adequate funds were available at the Balance Sheet date to continue to fulfil the charitable objectives of the Trust.

Investment policy and performance

The Trust’s investments are included in the designated Capital Fund.

The investment objective of the Trustees is to achieve an above average income yield together with growth of income over the long term. To implement that objective, Rathbones manage the

investment portfolio on behalf of the Trustees. The value of the portfolio increased from £936,989 to £941,962 as a result of market conditions during the period.

Risk Management

The principal risk faced by the trust lies in the performance of investments.

The Trustees consider variability of investment returns on the capital (designated) fund to constitute the charity’s major financial risk. This is mitigated by retaining expert investment managers and having a diversified investment portfolio. The trustees have directed the investment managers to manage the funds with a balance between income and capital growth and a medium/high risk classification. The Trustees are aware of risks associated with grant-making and give careful consideration to all applications.

Reserves Policy

The Trustees have chosen to designate the capital funds held by the Trust, being the original capital of the Trust, adjusted annually for income, grants and fees related to capital and for investment gains and losses, to preserve the income generating capacity of the Trust; they have power to apply the capital and the general funds towards the charitable purposes to such an extent as they may from time to time think fit. Income is expended at the Trustees’ discretion after reserving sufficient funds to cover one year’s support costs.

The Trust’s reserves at 30 November 2025 were £976,429 (2024: £972,056). The Trustees are satisfied that this level of reserves is adequate to allow the Trust to continue to meet its objectives on an annual basis.

Future Plans

The Trustees look forward to continuing to provide grants in a similar way to the way in which they have done in previous years.

Structure, Governance and Management

The Charity was established by Deed of Trust granted by The Reverend Mrs Lorna Hay Murray dated 2 August 2006 and registered in the Books of Council and Session on 16 November 2006.

The Trustees who served during the period of these Accounts are noted on Page 3. In appointing Trustees, the Board seeks to maintain a balance of relevant skills and experience. New trustees receive copies of the Trust Deed, Minutes and Accounts and OSCR’s Guidance. Appointments are not limited in time.

The Trustees, who have wide investment powers, meet annually to review the financial position of the Trust and make decisions on the application of income for charitable purposes. During the year C S Kennedy WS until his resignation on 31 July 2025, and Ms L Kerr WS from her appointment on 31July 2025 acted as Secretary and Treasurer of the Trust and administered the charity on a day to day basis. Rathbone manage the investment portfolio on behalf of the Trustees.

Details of Transactions with Related Parties

Callum S Kennedy WS, and Ms Lynsey Kerr, were partners in the firm of Lindsays LLP, Solicitors, to whom a fee is paid for secretarial and administrative support provided by him to the Trust. The Trustees 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 Trustee Investment (Scotland) Act 2005.

Reference and Administrative Information

Scottish Charity Number: SC037486

Trustees

The Reverend Mrs Lorna Hay Murray C S Kennedy WS (resigned 31/7/25) Ms Lynsey Kerr (appointed 31/7/25)

Secretary and Treasurer C S Kennedy WS (resigned 31/4/25) Ms Lynsey Kerr (appointed 31/7/25)

Legal Advisers Lindsays LLP Caledonian Exchange 19A Canning Street Edinburgh EH3 8HE

Independent Examiner Julian Cordery FCCA, FCA, CA Gibson McKerrell Burrows Limited 28 Rutland Square Edinburgh EH1 2BW

Investment Managers

Rathbones George House 50 George Square Glasgow G2 1EH

Statement of Trustees’ Responsibilities

The Trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in Scotland, the Charities and Trustee Investment (Scotland) Act 2005, Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the charity’s constitution requires 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 those financial statements, the Trustees are required to

Select suitable accounting policies and then apply them consistently;
Observe the methods and principles in the Charity SORP;

Make judgements and estimates that are reasonable and prudent;
State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) 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 steps for the prevention and detection of fraud and other irregularities.

Approved by the Trustees on (t/Wb

2026 and signed on their behalf by:

“ , WV )- The Reverend Lorna Hay Murray

Goodnews Health Scotland Charitable Trust

Independent Examiner’s Report to the Trustees

For the year to 30 November 2025

| report on the Accounts of the Charity for the year ended 30 November 2025 which are set out on pages6 to 12.

Respective responsibilities of trustees and examiner

The charity’s trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity’s trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the 2006 Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under section 44(1)(c) of the Act and to state whether particular matters have come to my attention

Basis of independent examiner’s statement

My examination was carried out in accordance with Regulation 11 of the 2006 Accounts Regulations. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently | do not express an audit opinion on the view given by the accounts.

Independent examiner’s statement

In the course of my examination, no matter has come to my attention:

(1) which gives me reasonable cause to believe that, in any material respect, the requirements:

e to keep accounting records in accordance with Section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations, and
e to prepare accounts which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations

have not been met, or

(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Julian Cordery FCCA, FCA, CA

Gibson McKerrell Burrows Limited 28 Rutland Square Edinburgh EH1 2BW

2026

Goodnews Health Scotland Charitable Trust

Statement of Financial Activities

including Income and Expenditure Account

For the year ended 30 November 2025

		General	Designated	Total funds
		2025	2025	2025	2024
	Notes	£	£	£	£
Income from:
Investments	3	28,912	-	28,912	31,518
Total income		28,912	-	28,912	31,518
Expenditure on:
Raising funds:
Investment management costs	4	-	7,912	7,912	8,362
Charitable activities:
Cost ofgrant making	5	101,604	1,560	103,164	91,772
Total expenditure		101,604	9,472	111,076	100,134
Net (expenditure)/income and net movement in
funds before gains and (losses) on investments		(72,692)	(9,472)	(82,164)	(68,616)
Other recognised gains and losses
Realised gains/(losses) on disposal ofinvestments		-	1,168	1,168	5,536
Unrealised gains/(losses) on investments		-	85,369	85,369	91,634
		-	86,537	86,537	97,170
Netmovement in funds		(72,692)	77,065	4,373	28,554
Transfer from capital		75,000	(75,000)	-	-
Total funds brought forward		27,959	944,097	972,056	943,502
Totalfundscarriedforward		30,267	946,162	976,429	972,056

No trust activities were acquired or discontinued during either of the two years. The Notes on Pages 8 to 12 form part of these Financial Statements.

Goodnews Health Scotland Charitable Trust

Balance Sheet

As at 30 November 2025

		2025	2024
	Notes	£	£
Fixed assets
Investments	f	941,962	936,989
Current assets
Debtors	8	3,333	2,613
Cash held by Lindsays		30,897	33,048
Held by investment managers		3,796	3,576
		38,026	39,237
Creditors: Amounts falling due within one year	9	(3,559)	(4,170)
Net current assets		34,467	35,067
Net assets		976,429	972,056
Total Charity Funds
Unrestrictedfunds	10	976,429	972,056

Approved by the Trustees on | =} fp:b-/Zq b 2026 and signed on their behalf by The Reverend Mrs Lorna Hay Murray. \no rw M \ aN The Notes on Pages 8 to 12 form part of these Financial Statements.

Goodnews Health Scotland Charitable Trust

Notes to the Accounts

For year ended 30 November 2025

Principal Accounting Policies

(a) Basis of preparation and assessment of going concern

The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note to these accounts and in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (Second edition — October 2019), the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended).

The Trust constitutes a public benefit entity as defined by FRS102.

The Trustees consider there are no material uncertainties about the Trust's ability to continue as a going concern.

(b) Financial reporting standard 102 — reduced disclosure exemptions The charity has taken advantage of the following disclosure exemptions in preparing these accounts, as permitted by the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102):
the requirements of Section 7 Statement of Cash Flows
(c) Funds Structure All of the Charity’s funds are unrestricted; the Trustees have chosen to designate the capital funds of the charity to more clearly identify the income available for distribution. All of the Charity’s funds are available to be used in furtherance of the charitable objects.

(d) Income Recognition All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

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. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

(e) Expenditure recognition Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings. For more information on this attribution refer to note (i) below.

Grants payable are payments made to third parties in the furtherance of the charitable objects of the Trust. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award and the notification gives the recipient a reasonable expectation that they will receive a grant. Grants awards that are subject to the recipient fulfilling conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to that grant is outside of the control of the Trust.

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty as to the timing of the grant or the amount of grant payable.

(f) Irrecoverable VAT Irrecoverable VAT is charged against the expenditure heading for which it was incurred.
(g) Costs of generating funds The costs of generating funds consist of investment management costs as shown in note 4.
(h) Charitable activities Costs of charitable activities include grants made, support and governance costs as shown in note 5.
(i) Support and governance costs Support costs have been allocated between charitable activities and costs of generating funds. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to independent examination and an apportionment of overhead and support costs. Governance costs and support costs relating to charitable activities have been apportioned between funds based on an estimate by the Trustees. The allocation of support and governance costs is analysed in note 6.
(j) Fixed asset investments Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. The Trust does not acquire put options, derivatives or other complex financial instruments. The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.
(k) Realised gains and losses All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value.
(I) Cash and Cash equivalents Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Trustees and Employees

The Trust has no employees and none of the Trustees received any remuneration, nor were any expenses reimbursed to any of them, during the current or previous year.

Voluntary income

Voluntary income
			Total
	General	Designated	funds
	2025	2025	2025	2024
	£	£	£	£
Investment income
Dividends	28,251	-	28,251	30,578
Interest on funds held by Lindsays and Rathbones	661	-	661	940
	28,912	-	28,912	31,518
Costs of raising funds
			Total
	General	Designated	funds
	2025	2025	2025	2024
	£	£	E	£
Investmentmanagersfees	-	7,912	7,912	8,362

4. Costs of raising funds

Charitable activities

The charity did not undertake any charitable activity directly but met its charitable purposes through grantmaking. During the year grants and charitable donations were made by the Trustees to the following organisations:

organisations:
	General	Designated	Total
	2025	2025	2025	2024
	£	£	£	£
Scheiffelin Institute of Health	36,000	-	36,000	25,000
Medico Pastoral Association	10,000	-	10,000	10,000
Bangalore Baptist Hospital	10,500	-	10,500	-
Aberdeenshire North Foodbank	5,000	-	5,000	5,000
Amaudo UK	5,000	-	5,000	5,000
Children's Orphanage Emmi Serto	5,000	-	5,000	3,000
FOSFKCT	5,000	-	5,000	5,000
Garioch Community Kitchen	5,000	-	5,000	5,000
Marys Meals	5,000	-	5,000	5,000
The Atholl Baptist Centre Ltd	5,000	-	5,000	5,000
Aberdeen Samaritans	3,000	-	3,000	3,000
ASHA Foundation	3,000	-	3,000	3,000
Pitcaple Environmental Project	2,000	-	2,000	2,000
A Rocha International	-	-	-	5,000
Leprosy Mission	-	-	-	5,000
Friends of Inverurie Hospital	-	-	-	1,500
Grant Making	99,500	-	99,500	87,500
Governance and support costs (Note 6)	2,104	1,560	3,664	4,272
	101,604	1,560	103,164	91,772

6. Allocation of governance and support costs

Allocation of governancegovernance and support	costs
			Total
	General	Designated	funds
	2025	2025	2025	2024
	£	£	£	£
Secretarial fees	1,039	600	1,639	2,340
Accounting fees	240	240	480	457
Independent
Examination	720	720	1,440	1,373
Bank charges	105	-	105	102
	2,104	1,560	3,664	4,272
Investments
Investments at market value			2025	2024
			i	£
As at 1 December 2024			936,989	920,520
Additions in period			74,414	82,247
Disposal in period			(154,810)	(157,412)
Unrealised (losses)/gains during year			85,369	91,634
Asat30November2025			941,962	936,989

All investments were held in the UK and investments comprising more than 5% of the portfolio are shown below

2025/2024		Market	Value
Number		2025	2024
		£	£
40900	Bankers InvestmentTrust	54,806	46,342
412000/9850	JP Morgan Growth & Income	68,880	58,214
12000/15000	Polar Capital Technolgy Trust	54,660	50,400
2,250	Murray International Trust	72,424	56,849
23308/21000	BNY Mellon Global Higher Inc	53,711	48,741
21492/24000	Sarasin Intl Equity Inc Fund	51,666	49,584
Debtors
		2025	2024
		£	£
Accrued investment	income	3,333	2,613
Creditors
		2025	2024
		£	£
Grants payable		-	-
Accruals		3,559	4,170
		3,559	4,170

10 Analysis of charitable funds

Analysis of	Balance	Income’	Expenditure	Gains	Transfers	Fund cif
Fund	bif			and
Movements				losses
2025	£	£	£	£	£	£
General	27,959	28,912	(101,604)	-	75,000	30,267
Designated	944,097	-	(9,472)	86,537	(75,000)	946,162
	972,056	28,912	(111,076)	86,537	-	976,429
Analysis of	Balance	Income	Expenditure	Gains	Transfers	Fund cif
Fund	bif			and
Movements				losses
2024	£	£	£	a	£	E
General	31,362	31,518	(89,921)	-	55,000	27,959
Designated	912,140	-	(10,213)	97,170	(55,000)	944,097
	943,502	31,518	(100,134)	97,170	-	972,056