2026-02-28-accounts

FRIENDS OF ST MARGARETS SCIO

Annual Report & Financial Statements

For the year ended

28 February 2026

ANNUAL REPORT & FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2026

MESSAGE FROM THE CHAIR

It gives me much pleasure to introduce our annual report and accounts for 2025/26, which I hope you will find of interest.

As in previous years, I wish to thank all the trustees for their work, deliberations, and support over the past year and especially to our secretary, Heather and our treasurer, David, whose time, and dedication we all greatly appreciate.

Roger Paterson

Chair

CONTENTS

Trustees’ Annual Report ...................................................................................................................	3 - 6
Independent Examiner’s Report ........................................................................................................	7
Statement of Financial Activities ........................................................................................................	8
Statement of Financial Position .........................................................................................................	9
Statement of Cash Flows ..................................................................................................................	10
Notes to the Financial Statements .....................................................................................................	11 - 14

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TRUSTEES’ ANNUAL REPORT

FOR THE YEAR ENDED 28 FEBRUARY 2026

The trustees present their report and financial statements together with the independent examiner’s report for the year ended 28 February 2026.

OBJECTIVES & ACTIVITIES

The charity's purpose is to advance health by receiving and raising funds to promote and aid the welfare of:

• patients treated at St Margarets Hospital;

• patients treated at St Margarets Health Centre;

• patients treated in the community of Auchterarder and District; and

• the community of Auchterarder and District.

In furtherance of these objectives, the charity's principal activities during the year were to provide grants to support St Margarets Hospital, St Margarets Health Centre and local organisations that meet the above criteria.

ACHIEVEMENTS & PERFORMANCE

The past year has found FOSM approving multiple grant requests for various organisations, as well as continuing to support St. Margaret’s Hospital and Health Centre. As always there is a theme of health and welfare promotion attached to the grants we have made. This has been made possible through prudent investments, fundraising, and donations.

For the hospital, we have funded provision of a drinks water fountain in the Outpatient area, and some groundworks improving access to the Outpatients – along with ongoing maintenance of the garden circle. Additionally, for the Health Centre we have funded an Asthma diagnostic device and high back chairs for the waiting area.

In the community, we have supported the Auchterarder Scouts, Rotary Youth Programme awards, provision of a new shed for the Auchterarder Men’s Shed group and initial works towards community development of the Kincardine Fields.

FINANCIAL REVIEW

The charity's principal sources of income continue to be donations, investment income, and occasional legacies, whilst expenditure is focused on supporting the community of Auchterarder through grant funding. The following is a summary of income and expenditure for the year:

Income Expenditure Net gains/(losses) on investments Net movement in funds Total funds as at 01 March 2025 Total funds as at 28 February 2026	2026 2025
	£ £ 37,255 36,005 (35,777) (31,980) 108,536 65,712
	110,014 69,737 1,010,591 940,854
	1,120,605 1,010,591

Investment policy

The trustees' policy is to continue to seek a balanced return between capital growth and income through active long-term management of the investment portfolio.

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FOR THE YEAR ENDED 28 FEBRUARY 2026

TRUSTEES’ ANNUAL REPORT

Principal risks

The charity is reliant on investment income towards the cost of its grant-making programme. The principal risks facing the trustees are thus a sudden significant downward movement in the valuation of its investments and/or a significant reduction in investment income.

The trustees consider that their investment manager's longer-term investment strategy allied to a diversity of holdings mitigates, as far as reasonably possible, against the risks involved. Even if such movements were to occur, it is unlikely there would be any immediate impact on the charity's grant giving programme.

Reserves policy

The trustees consider the average of the last three years' expenditure is an appropriate level of reserves to hold to meet applications for grant funding and the running costs of the charity without having to realise investments. Reserves at the year end, which are broadly in line with the target level, were:

Total funds as at 28 February 2026 Less: Investments Free reserves as at 28 February 2026	2026 2025
	£ £ 1,120,605 1,010,591 1,031,316 927,533
	89,289 83,058

FUTURE PLANS

We are well-placed to continue providing financial support to enable further improvements in the health and welfare of our hospital, health centre, and local community.

STRUCTURE GOVERNANCE AND MANAGEMENT

Governing document

The charity is a Scottish Charitable Incorporated Organisation (SCIO) that was registered on 15 November 2019 and is governed by its constitution last updated in September 2021. It is the successor charity to the Friends of St Margarets, which was an unincorporated association (Charity No SC014809), established in 1985.

Appointment of trustees

Trustees are appointed at the Annual General Meeting of the charity. In addition, the Board of Trustees may appoint other trustees at any time, subject to there being a minimum of six and a maximum of thirteen trustees, comprising:

• one practicing or retired general practitioner;

• one member of the nursing staff with clinical responsibility for beds in St Margarets Hospital;

• one member of staff from St Margarets Health Centre; and

• at least three, but no more than ten, members of the community of Auchterarder and District defined as the area bounded by the settlements at Greenloaning, Muthill, Forgandenny and Glendevon. The interpretation of the limits of these boundaries will be at the discretion of the trustees.

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FOR THE YEAR ENDED 28 FEBRUARY 2026

TRUSTEES’ ANNUAL REPORT

REFERENCE AND ADMINISTRATIVE DETAILS

Charity name	Friends of St Margarets SCIO	Friends of St Margarets SCIO
Charity number	SC049734
Principal address	St Margarets Hospital
	St Margarets Drive
	Western Road
	Auchterarder
	PH3 1JH
Current trustees	Dr Roger Paterson	Chair
	Heather Wilson	Secretary
	David Brash	Treasurer
	Ruth Burns
	Carol Duncan
	Ian Glen
	Caroline Logue
	Frank McGaffney
	Mary McGraw
	Grace McKenzie
	Norman Morrison
	Dr Fiona Price
	John Yeaman	Co-opted 11/07/2025
Other trustees who
served during the year	John Boyd	Resigned 11/07/2025
Bankers	Unity Trust Bank plc
	4 Brindleyplace
	Birmingham
	B1 2JB
Investment managers	Rathbone Investment Management Ltd
	George House
	50 George Square
	Glasgow
	G2 1EH
Independent examiner	Michael Brougham MCBI FCIE
	3 Lyne Grove
	Crossford
	Dunfermline
	KY12 8YB

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TRUSTEES’ ANNUAL REPORT

FOR THE YEAR ENDED 28 FEBRUARY 2026

APPROVAL

This report, which has been prepared in accordance with the Charities and Trustee Investment (Scotland) Act 2005, was approved by the trustees on 24 July 2026 and signed on their behalf by:

Roger Paterson

Roger Paterson

Chair

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INDEPENDENT EXAMINER’S REPORT

FOR THE YEAR ENDED 28 FEBRUARY 2026

Independent examiner's report to the trustees of Friends of St Margarets SCIO

I report on the accounts of the charity for the year ended 28 February 2026, which are set out on pages 8 to 14.

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 ("the 2005 Act") and the Charities Accounts (Scotland) Regulations 2006 (as amended) ("the 2006 Regulations"). The trustees consider that the audit requirement of Regulation (10)(1)(a)-(c) of the 2006 Regulations does not apply.

It is my responsibility to examine the accounts under section (44)(1)(c) of the 2005 Act and to state whether particular matters have come to my attention.

Basis of independent examiner's statement

My examination is carried out in accordance with Regulation 11 of the 2006 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 seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.

Independent examiner's statement

In connection with my examination, no matter came to my attention:

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

2. to keep accounting records in accordance with section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Regulations, and

3. to prepare accounts which accord with the accounting records and comply with Regulation 8 of the 2006 Regulations

have not been met, or

1. to which, in my opinion, attention should be drawn to enable a proper understanding of the accounts to be reached.

Michael Brougham

Michael Brougham, MCBI FCIE

3 Lyne Grove Crossford Dunfermline KY12 8YB 27 July 2026

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STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 28 FEBRUARY 2026

Income from: Donations Funeral collections Fund raising Investments Expenditure on: Grants Bank charges Fund Raising Governance costs Health Centre Insurance Investment management fees Live active Sundry expenses Net income/(expenditure) before gains/(losses) on investments Net gains on investments Net income/(expenditure) Reconciliation of funds Total funds as at 01 March 2025 Total funds as at 28 February 2026	Note	2026 2025
	4	£ £ 9,485 1,630 1,103 4,492 509 723 26,158 29,160
		37,255 36,005
		26,699 22,899 72 83 20 - 400 200 - 740 260 312 7,701 7,095 581 566 44 85
		35,777 31,980
		1,478 4,025 108,536 65,712
		110,014 69,737 1,010,591 940,854
		1,120,605 1,010,591

All funds are unrestricted.

All income and expenditure derive from continuing activities.

The above statement includes all gains and losses recognised during the year.

The Notes on pages 11 to 14 form an integral part of these accounts.

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STATEMENT OF FINANCIAL POSITION

AS AT 28 FEBRUARY 2026

Fixed assets: Investments Current assets: Investments Cash at bank and in hand Liabilities: Creditors (due within one year) Net current assets Net assets Funds of the charity: Unrestricted funds	Note	2026 2025
	5 6 7 8	£ £ 1,031,316 927,533
		1,707 1,489 94,739 83,333
		96,446 84,822 7,157 1,764
		89,289 83,058
		1,120,605 1,010,591
		1,120,605 1,010,591

All funds are unrestricted.

The Notes on pages 11 to 14 form an integral part of these accounts.

These accounts, which have been prepared in accordance with the Charities and Trustee Investment (Scotland) Act 2005, were approved by the trustees on 24 July 2026 and signed on their behalf by:

Roger Paterson	David Brash
Roger Paterson	David Brash
Chair	Treasurer

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STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 28 FEBRUARY 2026

Cash flows from operating activities Net income/(expenditure) as per the Statement of Financial Activities Adjustments for: Investment managers' fees (Gains)/losses on investments Investment income (Increase)/decrease in debtors Increase/(decrease) in creditors Cash flows from investing activities Purchase of investments Investment income (Increase)/decrease in income held by investment manager Net increase/(decrease) in cash Total cash as at 01 March 2025 Total cash as at 28 February 2026	Note	2026 2025
	5 5 6 7 9 5 6 6	£ £ 110,014 69,737 7,701 7,095 (108,536) (65,712) (26,158) (29,160) - 200 5,393 (23,572)
		(11,586) (41,412)
		(2,948) (5,919) 26,158 29,160 (218) 14,092
		22,992 37,333
		11,406 (4,079) 83,333 87,412
		94,739 83,333

All funds are unrestricted.

The Notes on pages 11 to 14 form an integral part of these accounts.

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NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2026

1. Basis of preparation

• 1.1. These accounts (financial statements) have been prepared under the historic cost convention, with items recognised at cost or transaction value, unless otherwise stated in the relevant note(s), in accordance with:

• (a) The Charities and Trustee Investment (Scotland) Act 2005

• (b) The Charities Accounts (Scotland) Regulations 2006 (as amended)

• (c) The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (January 2022)

• (d) Charities SORP (FRS 102) 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 (FRS 102) (second edition - October 2019)

• 1.2. There have been no changes to the basis of preparation or to the previous year’s accounts.

• 1.3. In preparing the accounts, the trustees were not required to make any judgements that would have a material effect on the numbers reported.

• 1.4. The charity meets the definition of a public benefit entity as defined by FRS 102.

• 1.5. The trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern.

2. Accounting policies

• 2.1. Fund accounting

• (a) Unrestricted funds are those that can be expended at the discretion of the trustees in the furtherance of the objects of the charity.

• (b) Restricted funds are those that may only be used for specific purposes. Restrictions arise when specified by the donor, or when funds are raised for specific purposes.

Currently, all the charity's funds are unrestricted.

• 2.2. Income

Income is recognised and included in the Statement of Financial Activities (SoFA) when the charity becomes entitled to the income; receipt is probable; and the monetary value can be measured with sufficient reliability. The specific bases used are as follows:

• (a) Donations are recognised on receipt.

• (b) Investment income is recognised when received by the charity's investment managers.

• (c) Income, which is subject to conditions that the charity has yet to fulfil, or which is specifically for use in a future accounting period, is treated as deferred income.

• 2.3. Expenditure and liabilities

Liabilities are recognised when it is probable that there is a legal or constructive obligation committing the charity to pay out resources and the monetary value can be measured with sufficient reliability.

• (a) Expenditure is recognised on the accruals basis.

• (b) Grants are recognised where all conditions of the funding have been met by the recipient.

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NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2026

• 2.4. Investment assets

• (a) Fixed asset investments are stock exchange securities professionally managed by the charity's investment managers with a view to capital growth and/or income generation in line with the charity's investment policy. These investments are shown at fair value, being the mid-market price on the last day of the financial year. Any realised or unrealised gains and losses are recognised in the Statement of Financial Activities.

• (b) Current asset investments are dividends, interest payments, or other cash distributions, arising from fixed asset investments, received by the charity's investment managers pending reinvestment or payment to the charity.

• 2.5. Debtors

• (a) Debtors are recognised at the settlement amount due.

• (b) Prepayments are valued at the amount prepaid.

• 2.6. Cash and cash equivalents

• (a) Cash held by the investment manager as part of the investment portfolio is included under fixed asset investments.

• (b) Cash held by the investment manager from investment income pending reinvestment or payment to the charity is included under current asset investments.

• (c) Cash held by the trustees includes cash in hand and bank balances repayable on demand.

• 2.7. Creditors

• (a) Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount, usually the invoice amount.

• (b) Accrued charges are valued at their settlement amount.

• 2.8. Financial instruments

• (a) The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value, except for fixed asset investments, which are measured at fair value.

• 2.9. Taxation

• (a) The charity is not liable to corporation tax or capital gains tax on its charitable activities.

• (b) The charity is not registered for VAT, thus all costs are shown inclusive of VAT charged.

3. Transactions with trustees and related parties

• (a) No remuneration was paid to the trustees during the year, or in the previous year.

• (b) No expenses were reimbursed to the trustees during the year, or in the previous year.

• (c) The charity's insurance policy includes trustee indemnity insurance cover for all its trustees.

• (d) There were no transactions with related parties during the year or in the previous year.

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NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2026

4. Grants payable

Community grants: Aberuthven Village Hall Trust Auchterarder Community Bus Group Auchterarder Community Sports and Recreation Auchterarder Men's Shed Auchterarder Rotary Auchterarder Scout Group Kincardine fields project Sandy Gunn Memorial Fund Strathallan Community St Margarets Health Centre St Margarets Hospital Previous undrawn grant offers withdrawn 5. Fixed asset investments Market Value As at 01 March 2025 Additions (Income) Investment management fees Gains/(Losses) on revaluation As at 28 February 2026 Investment Type Listed investments Cash Original cost As at 28 February 2026	2026 2025
	£ £ - 8,500 - 10,000 - 5,135 2,500 1,850 2,509 - 5,750 - 10,000 2,497
	15,106 33,635 6,066 - 6,340 1,764
	27,512 35,399 (813) (12,500)
	26,699 22,899
	2026 2025 £ £ 927,533 862,997 2,948 5,919 (7,701) (7,095) 108,536 65,712 1,031,316 927,533 964,824 803,364 66,492 124,169 1,031,316 927,533 783,037 793,966

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NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2026

6. Current asset investments

Income held by investment managers As at 01 March 2025 Income received Income invested Income paid to the charity's bank account As at 28 February 2026	2026 2025
	£ £ 1,489 15,581 24,606 27,356 (2,948) (5,919) (21,440) (35,529)
	1,707 1,489

7. Cash at bank and in hand Bank Deposit A/c Bank Current A/c Cash 8. Creditors Grant commitments (Note 9) Other creditors 9. Grant commitments	2026 2025
	£ £ 88,355 41,804 6,384 40,853 - 676
	94,739 83,333
	2026 2025
	£ £ 7,157 1,764 - -
	7,157 1,764

As at 01 March 2025 Approved during the year, less withdrawn Paid during the year As at 28 February 2026	2026 2025
	£ £ 1,764 25,336 26,699 22,899 (21,306) (46,471)
	7,157 1,764

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