harffity Trgl$lTrtlon number SC048757 IScotland} LADY FLORA HASTINGS TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 LADY FLORA HASTINGS TRUST LEGAL AND ADMINISTRATIVE INFORMATION Tru$lee¥ (Appointed 4 October 20231 AP￿￿ted 30April 20251 Principal *ddre88 clo Johnston Ltd 5 Swlk Gyle Crescent Lane Edinburg EH129EG SeGretsry Johnston Smillie Ltd 5 South GY￿ Crescent Lane Edinburgh EH129EG Charlty number (Scotland) SC048757 Audltor &bson McKeFrell Burrows Ltsnlted 28 Rullant1 Square Edinburgh EH12BW BankpY¥ The Ba￿¢ of Sc£Jtland utjèrltsr Hovse 11 Earf Grey Street Edinburgh EH3 9BN Solleltors J & H Mitchell WS 51 Atholl Roa(1 Pitlochry Perthshire PH16 SBU Inve8tm8nt adv180r¥ Sixth Floor Atn"a One 144 Morrv4on Street Edinburgh EH3 8EX LADY FLORA HASTINGS TRUST CONTENTS Pagg Tiuslees. Teport statemenl of Iruste&s' responsSbililies Independent auditor's report Slalement of financial activities Balance sheel Notes lo the financial statements 10-16 LADY FLORA HASTINGS TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 The Iru5tees p¥e8ent their report and ffinancial slalements for the year ended 30 September 2024. The finana81 statements have been prtrpared in a¢xoid8nce wrth the aCc￿nI1r￿j policies Sel out In note 110 the accounts and comply wrth Ihe Ch8ri1ie8 and TIu8lee Investment (Scotlandl Act 20Q5, the Charities Ac(x)unl$ IScotlai)dl R8gulats'on5 200S las amended) and AccKsunting and Roporting by Chairties.. Slalem￿l of RÈcomm8nded Pr8oli¢e applicable lo charities preparirrfj their accounts in 8ceord8nce with Ihe Finarual Reporting Standard app1itib￿ the UK and Republi¢ of Ireland (FRS 1021 las ametKledl. ObJecUve8 and actlvltles The trusi was established under the will ol arthionttss of Bula by means of a scheme approved by the Court of SesS￿n on J ecem n recogntlK>n of the signifitani suc¥al and er￿nOMiC changes whrch have (x¢urred in the r>eriod since the tru81 wa8 eslablished. various reorganisations have been underiaken. The charlty h98 now been incorporated a8 a SCIQ and operates In aC￿rdanCe with Èls con$tilutKJn dat8d 12 Oclobèr 2018. Thts purpos8 of the chatily is to provide reh'ef to IhDse in need by ￿35(￿n ol age, iu hearth, disalylity. fnanckwl hardship or other disadvantage by the promston of, ¢y assistance wrth, houslng to the Following beNef￿ra[￿s.. membeTS and fOrrn￿ members ol all ranks and rallThJs and whethèr or Thtst they #re or havg bgen disabled ol the Naval, Military an¢J Air Forr£s and Reserve For¢e$ ol the Crown and members and former mèmbews as aforesaid ol the Mercharst Navy and Fishing Fle#ts- the wives. husbands, CAVII partn￿, ¢hildren Qf Other dependents of suth members., and tha WKlows, wtdoweT8, ¢*iSdren or other dependents o* d￿eaSe1 members and fonner members. Achlevemonts and perlorniancg Prop8ty ot￿panCY rom8in8d high duting the year. Two properties were vacant for & short period towards the erhd of the financt81 ye¥r and the opportunity was taken lo carry out relurbi$hmenl works which would noi have been practical if the PFoperties had been tenanted. The pr¢k)erties are maintained in W condition w¢th only fDUtine rnal￿tena￿ and repairs expected in the short to medium term. The Truslees will seek io ensure preventstive rnaintenan￿ 1$ Gamed ¢xJI thus reduc4ng the wuwwnenl lor sonifirant repairs in IhB bng temi. The Trustees have mainlailled links wlh Velerans S￿lIand, Velerans Hou&ng Scolland. Scottish Veterans Residen￿8, H8ig Homes and Housing OplKsns SGotlaniJ IMiif(ary Mattersl and remain well pla¢&d lo Idenlfy suitable teTT8nts fDr futur8 tenanoès. During the year, the Trustees explo￿# partnttrshps wrth suitable hoU￿ng and homeless charib'es fo make t￿$1 use of ¢haritable funds.. this includes agreement in prlndFlè to fund the o)sl of a'Nesi' house, prow$￿nallY estimated al £60.000. through Social Bite as Iheir village in Ruiherglen develops. Financml review The charity recorded a deficil for Ihe year before investment gains of £13,Ci17 12023. surplus of £38,596). Nel realised and unrealised Inves1menl gains amounted lo £52.62512023 losses of £5,767). giving a net surplus of £39.618 12023.. surplus of £32.8291. AS a result Ihe free unfeslri¢ièd r￿￿￿¥ ol the trust held in the general ftJAd h8vè in(*e8sed to £691,352 12023". £651.7341. The movement trn geiieral funds indudes £27.558 oy unrealisèd gains12Lf23". unrealised losses of £5.0951 on IhE iFEve51met7t purtfolio. The property fLtnd remains at £3,195,000. The c41rying va￿e of the properbes is rewewed annuaHy by the Iwstees and an external waluation is carried out rf the trustees consider It likely that Ihe Carrying value Is maleibally dillefenl from the ￿rrent market value. The charty's reseNes poli¢y wntinues lo be under review. The Truslees are sab"5fied that the currenl level of free reservès is 8dequaie fr) ensure that the charily can contmue to operate for the foreseeèble fvtyre. Various OPli£M)s for thè 8ppli¢ation of available lunds have boon d￿cUSs￿l Indudin9 Ihe option to buy another propefty OF to u8e available fund8 to financially support tenants in oiher ways. ND clecision urill be made until a u>urse of ath.on be identified will albw eff￿lent and sustainabje use ol the charty s assets. LADY FLORA HASTINGS TRUST TRUSTEES. REPORT (CONTINUED FOR THE YEAR ENDED 30 SEPTEMBER 2024 Investment poficy and perforniaAC¢ The Trust Invest￿￿￿t5 are Managed by nder the lafm8 of a di$¢r&lionary management agreement an¢J are invested Dn a cautious wil asis as ¢tg$sified by the investment manageTS, wilh Ihe intention ol Maintaining the capital value of the fut7d and applying the in(x>rne lo Ihe purposes ol th& trLLSt. Th6 Invèsknènt K4an8yets allended the December 2024 Twslee meeting and presented an investment pèrformanee r6viEw. Th8 Truststss will meet the Investment Managers al least once annualty and will continue to r￿1ve regu￿[ inve51inenl Repod5 to measure perf0rTrJan￿ against agreed crtieria and benchmarks. Rlsk managgThont As part of their full reTr4Eow of the Tnjst's opwations referred to in Actimbes and Finan¢tal Perf¢xmance above th8 TnKtees discuss risk 81 their tneelings and D)nside¥ a risk regisler which ¢tsvors the main Operationa￿ arKI nanual risks facing Chanly indudin9 p¥operty issues and olher issues bolh finanaal and oper4liMal. Risk is revwgd al lea$1 ¥nwally OT 35 trequently as other developments or Issues m8y dÈlato. Pl*fi¥ for th• lutu Thè fruslee5 (xjnlinue lo look for the best w8yS to achieve the ChaFity's aim5 and oblethves in a thangin9 financial enwironinenl and where Ihe nw15 and financial slalu5 of t￿e Trusfs traditional benefj0ar￿S arg changing due lo a variety of factors The Trustees continfft to actively considei various opttons, inrjudirig partnerships with other charilies, for deploytng the TnJsl's funds lo greBtesl 8ffert pursuil of ts ¢)biectives. Thè continuing effe¢ts of polit￿1 evenls ￿ the UK and elsewhere, have had a significant impad on the act¥wliÈs aryj finanua pogilrons of organi8atK)ns in the UK The prinrApal effects on the Trust h8s betrn seen in fluctuations in the valve of Ihts charity's investment portfolio due to the disrt&plion in global markets. AS the investments are held with a view to the long lerrn, Ihese fluclua*ons are not a m81ler of significanl conc*m to the Trustees. Al the date of approval of these finèncial statements, 811 ol the charily's prop¥rtie5 ale tenanted and whblsl 11 is not ptsssible lo prèdtct futur8 evènt$ thgre hès been nts ￿diCal￿n that there will be a s￿nIficant reduction in ineome or increase in éxp&nditure in lh9 foreseeable fvture. StN¢ture, g+w•rnanGo and managemo The legal status of the charity is 8 S￿>t￿sh Ch8ritsbb IwKorporaled Organisalion. Tiuslees are appointed by the existing Trustees. New trustees are fully b[￿le(l on the workln9 01 thè tFUSt b@f¢x8 being Invited lo take up office. Trustees me?t Iwice yearty where possible and ttr￿ Secretaries and Treasurers ar8 task9d wf(h updating the Iru5tees wlh technical and othei developments as thÈy ap￿Y to the Trusi. Tlie Iiusletrs wl)J beived during the yoar and up 10 Ihe dale of signature of the financfral slalement$ ￿r8. (Resigned 11 Odober 20231 (Appoffited 4 October 20231 IAppointed 30 April 20251 LADY FLORA HASTINGS TRUST TRUSTEES, REPORT (CONTINUED) FOR niE YEAR ENDED 30 SEPTEMBER 2024 The Trustees conS￿r Ihe board of tnJst66B 8s (xMry¥isiThu lh8 kgy PgT3onn81 of chaiity tharge of directlng and contromiro (he charity. The Secretaries and treas(wers ar8 eharg¥(I wfth thè running arKI tyerats'ng of the ha￿lY w a dgy tts day b¥5t5 n a￿￿￿n¢e with delegated powels of auth)￿ty fmm tha truste69. All trustee8 give thelr Ilme freety and no tr￿￿te remunèralon was p8KI out ￿ the per￿. Detaily of tnjstee expense5 ancl felated party transadfons a￿ dfjsdosed In the ffinat)eial statem•nts. TruBtaBs are r8qured lo dBdr)ge 81 re￿vant ￿terests and ￿4￿¢*r them wlth the Sectetsrfes and in a(wrdan ¢h TNsf$ poliw wrfhdraw from detish)n5 a conlllct of Intarnst aris¥$. by Board ol Trust608. D81gJ'. 11 JL#Trt) 2025 LADY FLORA HASTINGS TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF LADY FLORA HASTINGS TRUST Opinion We have audited the financial statements of Lady Flora Ha51ings Trust {the 'ch3rty'l for the year ended 30 September 2024 which comprise the slalemenl of finanaal activities, the balancp Sheet and Ihe notes to thè financial statements, including a summary of significanl aC￿unting policies. Th& financial reporting frameworf( that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting St8nd8rd appli¢8ble in the UK ond RepubliG of Ireland Iuftiled Kingdom Generally A¢¢epled Accountr'ng Practice). In our opir*ion. the financial 51alemenls'. give a true and fair view ol thè stale of the Charity's #ffair5 as a130 September 2024 and of Its incoming resources and application of rèsoLsrt*s. for the ye8r then ended., have been properfy prepared in a¢cordani% with Uniled Kingdom Generalty Accepted Accounting Practice., and have been prepared in accordance wrth the Ch3Fities And Tnjstee Investment (Scotland) Aci 2005 and regulation 8 of the Charit￿$ A¢¢ounls (Scotlandl Regulations 20(￿. 8A$l$ for oplnlon We conducted Dur audit in accordance wrth Intémational Stand8rds on Auditing IUKI IISAS IUKII and applicable law. Our responsibilit￿0$ under tho3e slandaid5 ale furthe¥ described in the Auditoffs responsibilities foi the audit of the finaftthal slakmenls section of our ieport. We are independent ol the charity in a¢￿[dance with the ethical requirements that are relevant lo our audit of the financial stalements in the UK. induding the FRC'S Ethul Stsndard, and we have fuifilleLI our other elhical responsibilities in a￿rdance with these requirements. We believe that Ihe audil evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Concluslons rglating to golng ¢on¢em In auditing the financial statements, we have ￿nClUded that the Iruslees. use of the going ¢onctrrn basis of accounliro in Ihe preparation of the financial $tsl¢m&nls is appFopri*e. Based on the work wè have perf(>m&d. we have not idenlifielt any maEerial uncertainties relating to events or conditions Ihal, individu811y oi ¢ollecltvely. may cast significant doubt on the charity's ability lo continue as a going concem for a pefiod of al least ￿e1ve month5 from when the financial statements a￿ aulhoTrsed for issue. Our respon5ibililie5 and the responsibiliiies of the trustees with respect to going concern are described in the relevant sections of this report. Other Inforniation The trustee5 is responsible for the other infomalion. Thè othèr informatioll cornprises the information induded in the annual report. other than Ihe financial statements and our atsdilor's report Ihereon. Our opIn￿n on the financial statements does not ¢ovei th& other ivfftjrfflation and we do not express any form of assurance conclusion thereon. In connedion with our audrt ol the financial stalemenls, o¢Jr iesponsibility is to read the ¢Jther information and, in doing $0. consider whether the other information is malerially inconsistent with the finanaal statements or our knowledgè obtained in the audit or othe￿iSe appears to be materiaSly misslaled. If we identify suth matèrial in￿nsIStenC1eS or apparent material misstatements, we are required lo determine whether there is a matèrial mis51atemenl in the financial statements or a material misstatemènt ot the other iftlorrnation. 11. based on the work we have performed. we conclude that there is a material misstatement of this other infoTmalion, we are cequired to report Ihat fad. Vve have nothing lo report hn this regard. LADY FLORA HASTINGS TRUST INDEPENDENT AUDITOR'S REPQRT (CONTINUED TO THE TRUSTEES OF LADY FLORA HASTINGS TRUST Matters on which we are rèquirod to rèport by •x¢¢pJon In the light of the knowledge and understanding ol Ihe charity and 4ts environment obtained in th8 ry)urse of the 8udÈt. we h8ve not Klentified malerial misstatements in Ihe trustees. annual report. We have nothing to report in respect of the following matters in relation lo which the Charilies Accounis ISry)tlandl Regulations 2006 {as amended) require us lo report to you rf. in our opinion.. the information given in Ihe financial statemènts is inconsistent in any material respe¢¢ with the trustees, report,. OT proper accounting records have not been kept., or the financi81 stalernenls are not in agreement with the ac¢ounling re¢oids.' or we have not received all the infoimalK)n and explanations we require fcsr our audti. Responsibilities ol trustees As explained more fully in the statement of tru5tees' responsibilthes, the trustee$ 8re iesponsible for th8 prèparation of the fjnanaal statements and for being satisfied that they give a true and fair wew, and for such internal control as the Irvslees determine is nE￿Ssary lo enable thè preparats'on of finanaal statements that are free from material misslalement, whether due to fraud or error. In preparing the financial staternents, the tnsstees are responsible for assessing the charity's ability to continue as a going tr)ncein. disdosing. as applicable, matters ielaled lo going concem and using the going ¢on¢em basis of a￿U￿ting unless the ttuslees either inlend to cease operations. or have no realistic alternativè bul to do so. Auditorf8 re$ponslbilities for the audlt of the financlal ststements We have been appointed as auditor under section 4411}Icl of the Charit￿S and Tru$lee Investment {S¢ottandl Aci 2005 and report in a(to¥d3nce wrth the Acl and relevant regulalKsns made or having effect thereunder. Our objectives are to obtain rèasonabl& assuran¢e 8boul whether the financial stalemonls as 8 whole are tree trom material misstatement, whethèr due lo fraud or error. and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high lèvel of assurancè bul is noi a guarantee that an audit conducted in accordance with ISAS IUKI will always (letecl 8 rnaleri81 mi551atement when it exists. Misstatements Can arise from fraud or error and are ¢onsid&red material rf. individually or in the aggregale, they could reasonably be expected to influence the economi¢ dtrcisions of users taken on the basis of Ihese finanaal Statements. The exlent to which our procedures are Capable of dele¢tÈng irregularilie5. including fraud, is dètailed bélow. al the planning stsge, we gainèd an understanding of the legal and regulatory framework applicabl8 lo the ¢harFty and considered the risks of acts by the charity which were contrary lo the applicable laws anrj iegulations.. we discussed amongsl the engagement team the identified laws and regulations and remained alert to any indication5 01 non-complian￿. durtng the audit, we focussed on aroas of laws and regulation5 that could reasonably bÈ expecled lo have material effect on the financial ststements through Lliscussions with trustees and rèview of minutes of trustees, meetings in the year. We also considered those other laws and regulations that have a direcl impact on the preparalion of fingn¢i81 slalemenl$'. we inquired of thè trL*Stèes whelhei they have knowledge of any actual, suspecttrd oi alleged fraud; we discu55ed amongst the engagement team the risk of fraud such as opportunities lor fraudulent manipulation of financial slalements. Because of the inherent limitatkons of an audit. Ilieie is a risk that we will not detect all irregul&riltes. induding those leading to a material misstatement in the finanual slalements or non-compliance with regulation. This risk increases the more that ¢omplian¢e with a law of regulation is removed from the events and Ir8nsactions reflected in the financial statements, as we will be les5 likely lo become aware of inslan￿5 of non-compliance. The risk is also greater regarding irregularitie5 OC¢Ltrring due to fraud rather than error, as fraud involves intentiDnal concealment, forgery. collusion. omission or misrepresentalion. LADY FLORA HASTINGS TRUST INDEPENDENT AUDITOR'S REPORT ICONTINUEDI TO THE TRUSTEES OF LADY FLORA HASTINGS TRUST As pail of an avdfÉ in accordance wilh ISAS (UK), we exercise professional Judgèmeni *nd maintsin professional SGeplici5m throughout the audil. We also.. Identify and assass the risks Df mat8ri81 mi8St*omenl of the fin8n¢ial stalemenls, whether due to fraud OT trror, desi9n and pèrform 8udil procedure$ resporksive to those fisks, and obtain audit evidence that is S￿￿￿ent and appropiiale to pl0￿de a b85is lor OUT opinion. The iisk of not deteeiing a Inateiial mi$slalemenl resulting fiom fraud Is higher Ihan ie5ulling trom error. as fraud may involve collu510n. for9ery. inrentsonal crfn1ss￿n$. misrepreseniations. or the override of inlemal control. Obiain an undeislandiw of inteir7al control relevant to the audil In ￿der ID deS￿n audit procedure8 Ih8t are Èpprowiate in the circumstances, bLrt nol lor the purpose ol eKpfessin9 an opinion Dn thg effeEtivenes5 of Inlemal Control. Evalu*ie the approprrat8n8ss of accounlin9 poli¢ie$ u89d ar￿ the rea50nableness of accounling est￿mateS and related disdosuras made by Ihe tru$lee$. Condude on the appropriateness of Ihe Iiuslees, use ol the going con￿￿ basis of 8c¢ountiTrg and, b8s6d on the audii evidence obtained. wheU)er a material untertainty ex5ts related lo evenls OT ¢ondiliffis that may cast 5ignfficanl doubt on the charily's ability to continue as a goin9 ￿Th¢*rn. Sf we c4)nclude that a material uncertainly exlsts, we a￿ required to draw altention in our auditor's report lo related disclosures in the finanoal statemenls or, of such disdosures are inadequate, to modify our opinion. Our corKlusions are based on the 8udit evidence oblairth up to the dale of our auditor's report. However, future events crf condthon$ may oause If* ¢harity to ¢¢a$e lo ¢x)ntinue a5 a going c¥)ncern. Evaluate the ovèrall presentstion, structvre 8nd contenl of the financlal statèments, including the disdosures. and whether the financial slalements represenl the underfying Iransactions and events in 8 manner that a¢tJieves fasr PTesentatton li.e. gives a true and fair viewl. We ¢ommunic*e wrth Ih05e char9ed with 9overnance f&aarding, among olh*r matler5. Ihè planned SCQPE aT7d timing csf Ihe auclil and significant audit findings, ir¥Juding 8ny signifi(¥nl ¢Jeficiencies in internal control Ihat we idenllfy during wr 4udrt. Use of our repDrt This report is made SDTely lo Ihs ¢harity'$ Irus1¢tts, as a body. in accordance wrth Regulat￿*￿ 10 of the Charities A¢rJ)unts IS¢olandl Re9ul8lion8 2006. Ouf audit WOFk h88 been undertaken so Ihat we might slate lo the charity'$ tru$lè¢$ thos& mattèrs we are required to slate lo them in an auditor's report and for r)0 other Pufpose. To the fvlle$t extent pem)itted by law. we do not alxepi or assurTie iespon5ibilÉty to anyone other than Ihe charity on¢J thè Charity's Iru51ees a5 a body, for our audil work, for this ieport, OT for the otmnions we have foTrned. Glbson McKerTell Burrows Llmltgd Ch#rter•d A¢¢tsuntants Slatutory Auditor Gibson McKeTrell Burrows Lkmited is eligible for appolnlmènt as audllof ol the eharily by virtue of its eligibility for appointment as ?udrtor of a company undèr seclion 1212 of the cOmpan￿5Act 21XÉ. LADY FLORA HASTINGS TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2024 Unrestri¢tod funds 2024 Total 2023 Nots$ Charitable a¢tithties Investments 66,976 13,603 6e,628 14,557 Totsl lft¢ome 80,S79 83.185 Ex nditurg on: Raising funds 5,164 4.578 Chaiiiable activities 88.422 40.011 Totsl r&sour¢•s expended 93,586 44,589 Nel gaK)slllossesl on Investments 12 52,625 15,76n Net in¢ome for the yearl Net mov*ment in fund 39.618 32,829 Fund balan(*$ al 1 October 2023 3.846.734 3.813.905 Fund balances at 30 Septemb•r 2024 3,886,352 3.846,734 Thtr Staterpenl of fir>ancial activities includes all gains and tosses recognised in Ihg year. All in￿rne an¢J expendiitsre derive from cLJr)tinuin9 acbvilies. LADY FLORA HASTINGS TRUST BALANCE SHEET ASAf30 SEPTEMBER 2024 2Q24 2D23 Flxed assets Tangib￿ assets Inveslments 13 14 3.195.(XlO 615.523 3.195,IXIO 467,82S 3.810.523 3.862.B25 Current a88•t¥ 2,470 85,346 2.470 191.929 Cg$h 4t b￿k and Ri hand 87.816 194,399 Cr•dltors: amouTrts lalllng du• TwIthI one ypar 16 111,98n (lo.4￿) Not Cu￿8￿1 88SSts 75,829 I83.￿9 Total as8•1$ 1•0$ ¢urr•nt15ablllll•s 3,888,352 8.846.734 Incom• lund D&BYna￿ furK$8 17 3A86.352 3.846.734 3,886,352 3,846.734 3,886,352 3,848,734 th6 TntstsÈs ork 11 Jung 2025 LADY FLORA HASTINGS TRUST BALANCE SHEET {CONTINUED) AS AT30 SEPTEMBER 2024 Critical accountlng estimates and judgèmonts In the applicalion of the charity's a¢¢ounling policies, the Iruslees are required lo make judgements, estim8tes and assumptions abotrt the carrying amount of assets and liabilrties that are not ieadily apparent frorn other sources. The estimates and associated assumpbons are based on historic81 experience and other factors that are c￿nSidered lo be relevant. Actual results may differ from these eslimales. The estirnales and undertying assumptions are teviewed on an ongoing basls. Revisions lo accountin9 estimate5 are recognised in ihe period in which the estimate is revised whole the revision affects only th81 period, OT in the period of the revisK)n and future periods where the rewsion affects both current and future ppri¥)ds. Accounting policies Charity inlomiation The charity 15 a registere¢J charity in Scotland and is incorporated a5 a Scottish Charitable Incorporated Organisalion. The address of the principal office is cjo Johnslon Smillie Ltfj., 5 South Gyle Crescent L8n8, Edinburgh EH12 9EG. 2.1 A¢countlng ¢onv•ntlon The financial statements have bèen prep8re(l in accordance with the charity's conslitulion, the Charits"e8 and Twslee Investment (Scollandl Act 2005. the Charitie5 AcLounts IScotlBndl Regulations 20￿ las 8mendedl, the Financial Reporting Standard applicable in the UK and Republic ol I￿land IFRS 1021 and 'Accounfing and Reporting by Charities.. Stalement of Recommended Practlcè 8pplt¢able lo d)arities preparing their accounts in a￿[dan￿ with the Financial Reporting Stsndard applicab￿ in the UK and Republic of Ireland (FRS 1021° 13$ amended for accounting pertods commen¢ing from 1 January 20191. The ¢harily is a Public Benefit Entity as defined by FRS 102. The charbty has taken advantage of the provisions in the SORP not lo prepare a Slalement of Cash Fl(Iws. The financtral statements are prepared in sterling, which is the lun¢tion81 currenw of the charsty. Monetary amounts in these financial statements are rounded to the nearest £. The finanaal slatements have been prepared under the historical cost convention. modified to indude the revaluation of freehold properties and lo inclu¢Je investment properties and cèrtain financial instruments al fair valu&. The principal ac¢ounling poliues adopted are sel out below. 2.2 Golng ¢oncem At the time ol approving the financial statements. the trustees have a reasonable expectation that the charrty has adequate resources lo continue in operational existence for thè loreseeable futu￿. Thus the trustees e4)ntinue lo adopt the going concern basis of accounting in preparing the financial ststemenls. 2.3 Chorftable fund$ Unreslricted income lunds comprise thosè funds which Ihe Irustees are Ifee lo use for any purpose in furtherance of lh¢ ¢haritable gbjec15. Unreslricte¢J funds include deS¥Jnat￿ funLls where the trustees. al their discretion, have ue3ted a fund foi a specffic purpose. The tHoperty fttnd represenis the chartty's properties. which are induded In the accounts 81 an open market valu8tion of £3.195,OLKt. The Charity has no restricted fvnds. 2.4 Incoming re$ources All income is re¢ognised on¢e the ¢haiity has entitlement to the income, there is sufficient certainly of Feceipl and $0 it is probable th81 the income W￿11 be received, and the amount ol income receivable can be ffleasured reliably. 10- LADY FLORA HASTINGS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 A¢counttng poli¢ie$ IContlnu¥dl Donations are recognised when Ihoy have been communicated in writing wrth nolification of both the amount and settlernent date. In the event that a donatson is subject to conditions that requir¢ a level of performance before the charity is entitled lo the funds. the income is deferreit and not reco9niseil until either those conditions are fully mel. or the fuifillmenl of those conditions is wholly within the control ol the charrty and it trs probable that those CC>nrtilions will be I￿￿lIed in the reporting peTiod. Income tax re¢overable in relation lo donat'ons rtsceived under Grft Aid or deeds of covenant is reu)gnised al the lime of the donalion. Legaciès arè recognised on receipt or othe￿iSe if the th8rily has been notrfied of an impending dislributioft. the amount krb¢)wn. and receipl is expected. 11 the amount is not known, thè legacy is treated as conlingenl a55el. No legaC￿S We￿ receivable durtrng the year. Inleresl on funds held on deposil is included upon notification of Ihe interest paid or payable by the Bank. Lh'vidends are recognised on¢e Ihe dividend has been declared and nolrficalion has been iecesved ol the dividend due. This is normally upon notification by our investment advisor of the dividend y￿Id ot the investment portfolio. 2.5 Resources expend Liabilities are recognised as @xpanditure as soon 8$ there 15 a legal or constructive obligation comrnittirbg the chaity lo that expendilure, it is probable that settlement will be required and the amount rlf the obligation can be measured reliably. All expendtture is a¢¢ounted lor on an accruals basis. All expenses. including support ￿)515 and govemance costs, arè allocated or aPpOrt￿oned to the appli¢able expenditure headings in the statement ol financial 8cliv11￿S. Irrecoverable VAT is charged against the expendrture heading tor which il was incurred. The costs of generating funds consist ol investment management fees. The Trustees are of the opinion the Charity has only one tharitable activity as such all support and govemance costs are allocated to that activity, providing Tental accommodatiDn lo Ihe Charily's beneficiarie5. 2.6 Tanglbk fixed assets The Irusl's pioperties at Barnshot Road, Edinburgh which are leased to beneffi¢iaries were revalueil on an open market valLie basi5 in July 2017 by DHKK. an independent firn) of Chartered Surveyors. The value is reviewed by the Truslees annually. In thè opjnion of the trustees, the market value at the balan￿ sheet date is not materially drfferonl from thÈs afFK)unl. No depreciation is provided on heritablè Pfopèrties as il 15 the Charity's pra¢tice to maintain Ihe properties in continual slate of sound repaii and, in the opinion of the Trustees, the nel realizable value of the properties is nol less than the carrying valve. Piovision will be made should any pemanent diminution in value occur and as the herÈtable properties are the main assets owned by the Tfust, the TFustees keep this issue undef regular review. Heritable properties not depreoated 2.7 Flxed asset inveslmènts Investments are initially recognised at their tran$8¢tion walue and subsequently measured al their market value as al the balance sheet date using the closing qtjoled market price. The statement of financi818¢tivities includes the net gains or losses arising on ￿valUation and disposals throughout the year. The Trusl does not acquire 01 use pul options, derivatives or other Complèx financial instwments. LADY FLORA HASTINGS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 countlng pollclgs (Continued) 2.6 Cash and ¢ash equlvalents Cash and cash equivalents include ¢ash in hand. deposits held al call wilh banks, other short-leTm liquid bnvestments with Origin81 m81urrties ofthree months or less, and bank overdrafts. 2.9 Flnanclèl instruments A finanejal asset 01 a financial liability is recognise¢J only when the entity becomes a party to the c￿ntraCtUal provisions ol the inytrumenl. Basic ffinanual instruments are initially reeognised at the amount receivable or payable includin9 any ￿Eated Ifansaction costs, unless the arrangemènt ¢onsty'lutes a financtng transaction, where it is recognised al the present value ol the luture payments di$cA)unled at a market rate of interest for a simila¥ debt inslrumenl. Current assels and ¢urtenl liabilities are Subsequently measured al the ¢ash or olhei Conslcleration expecied Its be paid Of received and not discounted. Baslc financial assets Basic financial a55els, which indude debtors and c3$h 8nLI bank balances, are initially rneasured at transaclK>n Price including transaction costs and are subsequently carried al amortised cost using the effectNe interest method unless the arrangement wnstitutes a financing Iransaction, where Ihe tr8n$8clion is rneasured at the present value ol the fvture receipts discounted at a market rale of interesl. Finanual assets dassified as rece*vable wilhln one year ale not amortised. 8asi¢ fin8n¢i•l lia￿litIeS Basic finanaal liabilities. including (xedi1015 and bank loans are initially re