Docusign Envelope ID: 51DD1FA5-CB8E-4151-BB02-0EA3D0B9DD1C
## **THE NURSES MEMORIAL TO KING EDWARD VII IN SCOTLAND**
**FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
**Scottish Charitable Incorporated Organisation (SCIO) Charity Number: SC053595**
**Johnston Smillie Ltd CA 5 South Gyle Crescent Lane Edinburgh EH12 9EG**
Docusign Envelope ID: 51DD1FA5-CB8E-4151-BB02-0EA3D0B9DD1C
## **THE NURSES MEMORIAL TO KING EDWARD VII IN SCOTLAND**
|**CONTENTS**|**Page**|
|---|---|
|Report of the Trustees|1 - 6|
|Independent Examiner’s Report|7|
|Statement of Financial Activities||
|(including Income and Expenditure Account)|8|
|Balance Sheet|9|
|Notes to the Financial Statements|10 - 14|
Docusign Envelope ID: 51DD1FA5-CB8E-4151-BB02-0EA3D0B9DD1C
## **THE NURSES MEMORIAL TO KING EDWARD VII IN SCOTLAND**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024**
The trustees present their report and financial statements of the charity for the year ended 31 December 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's constitution, 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 financial statements in accordance with the Financial Reporting Standard 102 applicable in the UK and Republic of Ireland (Second edition – October 2019).
## **Objectives and activities for the public benefit**
On the 26 August 2024, The Nurses Memorial to King Edward VII in Scotland (SC053595) was established as a Scottish Charitable Incorporated Organisation (‘SCIO’). The assets of the unincorporated charity The Nurses Memorial to King Edward VII in Scotland Scottish Committee (SC023963) were transferred to the SCIO on the 5 December 2024 and an application made to wind up the unincorporated charity. The Nurses Memorial to King Edward VII in Scotland Scottish Committee (SC023963) was wound up on the 30 January 2025.
The principal purposes of The Nurses Memorial to King Edward VII in Scotland are:
(1) the support, care and welfare of nurses or midwives in Scotland (or elsewhere in the United Kingdom where there is a connection with Scotland) who are aged, retired or suffering from illness or disability or suffering financial hardship.
(2) the education, training or professional development of nurses or midwives in Scotland (or elsewhere in the United Kingdom where there is a connection with Scotland) which may include at the SCIO’s sole discretion the payment of incidental travel and subsistence costs generally for the benefit of nursing and/or midwifery professions in Scotland including research and study into these professions or either of them and the publication of the results of such research and study.
The principal activities are, by way of financial assistance, the support, care and welfare of nurses or midwives in Scotland (or elsewhere in the United Kingdom where there is a connection with Scotland) who are aged, retired or who are suffering from illness or disability or financial hardship; and an educational bursary scheme for qualified nurses and midwives looking for assistance with continuing education and training.
## **Gift making policy**
Gifts are paid out in accordance with the objectives of the charity. The trustees consider that all payments made during the period fall within the constitution.
The circumstances of the persons applying for charitable aid are reviewed by the Distribution Committee before a decision is made as to whether or not a gift should be made and, if so, the amount of the gift.
A standard application form is used for those wishing to apply for assistance which provides the information required by the trustees to decide on the merits of the application. Receipts are requested from beneficiaries of gifts. Follow up procedures include visits or telephone calls to recipients, and these have taken place in most cases during the period under review.
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## **THE NURSES MEMORIAL TO KING EDWARD VII IN SCOTLAND**
## **REPORT OF THE TRUSTEES**
## **FOR THE YEAR ENDED 31 DECEMBER 2024**
## **A review of our achievements and performance**
The charity continues to promote its activities through the use of the charity website. The charity also continues to respond to applications for support by approving single payments to successful applicants where appropriate.
The charity continues to provide successful applicants for benevolence with twice yearly heating payments and a payment at Christmas.
The charity continues to provide periodic support payments where the trustees agree such payments are appropriate.
The bursary scheme has continued to attract applications in the year to 31 December 2024 and these are assessed by the trustees and awarded based on the merits of individual applications.
Details of gifts to beneficiaries are set out in note 5 to the financial statements.
## **Financial review**
The charity activities are entirely reliant on donations, legacies and investment returns from its investment portfolio. All funds are unrestricted and there are no restrictions in the constitution on the use of capital funds.
Annual incoming resources have increased to £53,305 (2023: £52,254)
Gifts to beneficiaries have decreased in the year to 31 December 2024 to £147,428 (2023: £177,595).
Included within gifts to beneficiaries, bursary awards in the year to 31 December 2024 were £15,870 (2023: £14,516).
In the year to 31 December 2024 the investment portfolio shows realised gains of £57,360 (2023: realised losses of £3,481). Realised gains, if any, are reinvested as capital. Investments are also used to cover the net cash outflow from operating activities where needed. As in 2023 there was a loss in the period before taking account of investment gains and losses. There were unrealised gains of £80,880 in the year (2023: unrealised gains of £62,362).
Overall results show a decrease in funds of £2,968 (2023: decrease of £102,300).
Going forward the most significant areas of uncertainty that affect the charity’s operations are the carrying value of investments held by the charity, the level of investment return and the performance of investment markets. Having considered these there continue to be no material uncertainties regarding going concern.
As all funds are unrestricted and there are no restrictions on the use of capital funds the charity is able to continue to meet its charitable objectives.
2
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## **THE NURSES MEMORIAL TO KING EDWARD VII IN SCOTLAND**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024**
## **Investment policy and management**
The trustees employ RBC Brewin Dolphin, Charities section, as investment managers of the portfolio on a discretionary basis. The investment mandate as agreed with them is to maintain a long term diversified portfolio aiming for a balance between income and capital growth to meet the trustees investment objectives. The risk category chosen is Moderate Investment Risk as the trustees are prepared to have a significant majority of the investments in equities in order to achieve higher returns and provide the investment income and liquid capital gains on which it is reliant. There are no specific investment restrictions or limitations applied to the portfolio and the investment managers have the authority to make acquisitions and disposals as they see fit within the agreed mandate.
The performance of the portfolio is compared against a benchmark and the investment managers have set limits to minimise investment risks. The trustees accept that the risk category chosen is likely to have moderate market volatility. The trustees meet with the investment managers to review performance and market conditions at each trustee meeting.
## **Investment Performance**
The value of the portfolio at 31 December 2024 was £1,937,297 compared with £1,872,569 at 31 December 2023. The cost of investments at 31 December 2024 was £1,737,818 and £1,741,603 at 31 December 2023.
There were realised gains of £57,360 (2023: loss £3,481) and unrealised gains on revaluation of £80,880 during the year (2023: gains of £62,362).
## **Risk management**
The Trustees have assessed the risks to which the charity is exposed. The most significant areas of uncertainty are the level of investment return and overall performance over time of the mix of assets in the portfolio in volatile markets. These areas are regularly reviewed by both the investment managers and secretaries and treasurers, reporting to the trustees.
3
Docusign Envelope ID: 51DD1FA5-CB8E-4151-BB02-0EA3D0B9DD1C
## **THE NURSES MEMORIAL TO KING EDWARD VII IN SCOTLAND**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024**
## **Reserves policy**
Gifts made in accordance with the constitution, are paid out of investment and other income after deduction of administrative expenses.
It is the intention of the Trustees to maintain the capital of the charity. However, there is no restriction on using funds brought forward, including the capital of the charity, to meet any shortfall that arises.
As shown in note 8 to the financial statements unrestricted reserves totalled £1,976,409 at 31 December 2024, £199,479 of this represented as unrealised gains in the investment portfolio and the balance of £1,776,930 represented the unexpended capital of the charity.
## **Plans for the future**
The charity plans to ensure support for all "nurses in need" under the widened purposes subject to available resources and the bursary scheme will be continued.
## **Structure, governance and management**
On the 26 August 2024, The Nurses Memorial to King Edward VII in Scotland (SC053595) was established as a Scottish Charitable Incorporated Organisation (‘SCIO’). The assets of the unincorporated charity The Nurses Memorial to King Edward VII in Scotland Scottish Committee (SC023963) were transferred to the SCIO on the 5 December 2024 and an application made to wind up the unincorporated charity. The Nurses Memorial to King Edward VII in Scotland Scottish Committee (SC023963) was wound up on the 30 January 2025.
Trustees are nominated by members of the board of trustees, appraised of the work of the Memorial and appointed where they have the necessary skills to contribute to the Charity's development.
All new trustees receive an induction pack that includes the constitution, minutes of the last two trustee meetings, most recent financial statements and relevant guidance from the Office of the Scottish Charity Regulator regarding their role and duties as a trustee. The secretaries and treasurers are also charged with providing the trustees with updates on technical and other issues affecting the trust on a regular basis.
The trustees employ Johnston Smillie Ltd. Chartered Accountants as Secretaries and Treasurers to the charity.
4
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## **THE NURSES MEMORIAL TO KING EDWARD VII IN SCOTLAND**
## **REPORT OF THE TRUSTEES**
## **FOR THE YEAR ENDED 31 DECEMBER 2024**
## **Key management personnel remuneration**
The trustees consider the board of trustees as comprising the key management personnel of the charity in charge of directing and controlling the charity. The Secretaries and Treasurers are charged with the running and operating of the charity on a day to day basis in accordance with delegated powers of authority from the trustees. All trustees give their time freely and no trustee remuneration was paid out in the period.
Details of trustee expenses and related party transactions are disclosed in the financial statements.
Trustees are required to disclose all relevant interests and register them with the Secretaries and in accordance with the policy of the charity withdraw from decisions where a conflict of interest arises.
## **Reference and administrative information**
## **Trustees**
## **Secretaries and treasurers and principal address**
Johnston Smillie Ltd., Chartered Accountants
5 South Gyle Crescent Lane, Edinburgh EH12 9EG
## **Charity Number:**
SC053595
## **Independent Examiner**
, Chiene + Tait LLP (Trading as CT)
61 Dublin Street, Edinburgh EH3 6NL
## **Bankers**
CAF Bank Ltd, 25 Kings Hill Avenue, Kings Hill, West Mailing Kent, ME19 4JQ
## **Investment managers**
RBC Brewin Dolphin 144 Morrison Street, Edinburgh EH3 8BR
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Docusign Envelope ID: 51DD1FA5-CB8E-4151-BB02-0EA3D0B9DD1C
## **THE NURSES MEMORIAL TO KING EDWARD VII IN SCOTLAND**
## **REPORT OF THE TRUSTEES**
## **FOR THE YEAR ENDED 31 DECEMBER 2024**
## **Trustees responsibilities in relation to the financial statements**
The charity trustees are responsible for preparing a trustees' annual report and 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 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 at the end of the year and of its incoming resources and application of resources 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 applicable Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures that must be 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 operation.
The trustees are responsible for keeping proper accounting records that 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, and the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the charity's constitution. They are also responsible for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the charity and financial information included in the charity's website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial information.
Approved by the trustees on … 16[th ] September 2025 …and signed on their behalf by:
**- Trustee**
6
Envw ID." 51tX11FAScB8E4151.BB024IEA3tM9DD1C
THE NURSES MEMORIAL TO KING EDWARD VII IN SCOTLAND
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF
THE NURSES MEMORIAL TO KING EDWARD VII IN SCOTLAND
FOR THE YEAR ENDED 31 DECEMBER 2024
report on the financial statements of the charity for the year ended 31 December 2024
which are set out on pages 8 to 14.
This report is made to the Trustees, as a body. in accordance with the terms of my
engagement. My work has been undertaken to enable me to report my opinion as set out
below and for no other purpose. To the fullest extent permitted to me by law, I do not
accept or assume responsibility to anyone other than the Charity and the Trustees. as
body, for my work or for this report.
Respective responsibilities of Trustees and Independent Examiner
The charity's Trustees are responsible for the preparation of the financial statement5 in
accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005
(the Act) and the Charities Accounts (Scotland) Regulations 2006 (as amended) (the
Regulations). The charity Trustees consider that the audit requirement of Regulation
10(l)(a) to (c) of the Regulations does not apply. It is my responsibility to examine the
financial Statements as required under Section M(l)(c) of the 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 Regulations. An
examination includes a review of the accounting records kept by the charity and
comparison of the financial statements presented with those record5. It also includes
consideration of any unusual items or disclosures in the financial statements, 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 opi nion on the view given by the financial statements.
Independent Examiner's statement
In the course of my examination, no matter has come to my attention
which give5 me reasonable cause to believe that in any material respert the
requirements:
to keep accounting records in accordance with Section 44(1)(a) of the Act and
Regulation 4 of the Regulations, and
to prepare financial statements which accord with the accounting records and
comply with Regulation 8 of the 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 financial statements to be reached.
Chartered Accountants and Independent Examiners
61 Dublin Street
Edinburgh EH3 6NL
Relevant Professional Body: The Institute of Chartered Accountants of Scotland
Dated: 17 September 2025
Docusign Envelope ID: 51DD1FA5-CB8E-4151-BB02-0EA3D0B9DD1C
## **THE NURSES MEMORIAL TO KING EDWARD VII IN SCOTLAND**
## **STATEMENT OF FINANCIAL ACTIVITIES (including Income and Expenditure Account) FOR THE YEAR ENDED 31 DECEMBER 2024**
|Note
**Income and endowments from:**
Donations and Legacies
3
Investments
3
Total
**Expenditure on:**
**Costs of raising funds:**
Investment management costs
4
**Expenditure on charitable activities:**
Cost of gifts to beneficiaries
5
Total
Net gains/(losses) on investments
6
Net (expenditure)/income and net
movement in funds
**Reconciliation of funds:**
Total funds brought forward
Total funds carried forward
All the results relate to continuing activities
All funds are unrestricted||**2024**
**£**
1,223
52,082
53,305
12,991
181,522
194,513
138,240
(2,968)
1,979,377
1,976,409||**2023**
**£**
-
52,254|
|---|---|---|---|---|
|||||52,254|
|||||12,635
200,800|
|||||213,435|
|||||58,881|
|||||(102,300)
2,081,677|
|||||1,979,377|
||||||
The notes on pages 10 to 14 form part of these accounts.
8
Docusign Envelope ID: 51DD1FA5-CB8E-4151-BB02-0EA3D0B9DD1C
## **THE NURSES MEMORIAL TO KING EDWARD VII IN SCOTLAND**
## **BALANCE SHEET AS AT 31 DECEMBER 2024**
|Note
**Fixed assets:**
Investments
6
Total Fixed Assets
**Current assets:**
Debtors – investment income
Cash at bank and in hand
Total current assets
**Liabilities:**
Creditors: Amounts falling due within one
year
7
Net current assets
Total assets less current liabilities and Total
net assets
The funds of the charity:
Unrestricted funds
Total charity funds|**Total**
**Funds**
**2024**
**£**
1,937,297
1,937,297
270
57,462
57,732
18,620
39,112
1,976,409
1,976,409
1,976,409||**Total**
**Funds**
**2023**
**£**
1,872,569
1,872,569
593
119,936
120,529
13,721
106,808
1,979,377
1,979,377
1,979,377|
|---|---|---|---|
|||
||
|||||
|||||
|||||
|||||
The notes on pages 10 to 14 form part of these accounts.
Approved by the trustees on … 16[th ] September 2025 … and signed on their behalf by:
**Trustee**
9
Docusign Envelope ID: 51DD1FA5-CB8E-4151-BB02-0EA3D0B9DD1C
## **THE NURSES MEMORIAL TO KING EDWARD VII IN SCOTLAND**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **1. Accounting policies**
## **(a) Basis of preparation and assessment of going concern**
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) (Second edition – October 2019) (the ‘SORP’), the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended).
These accounts are merged charity accounts, prepared in accordance with merger accounting principles set out in the charity SORP and FRS102. The assets, liabilities and funds of the combining charities have been brought together at their book values at the date of the merger and comparative figures have been presented as if the charities had always been combined. They include the transactions of the unincorporated trust (SC023963) and the SCIO (SC053595). On the 26 August 2024, The Nurses Memorial to King Edward VII in Scotland (SC053595) was established as a Scottish Charitable Incorporated Organisation (‘SCIO’). The assets of the unincorporated charity The Nurses Memorial to King Edward VII in Scotland Scottish Committee (SC023963) were transferred to the SCIO on the 5 December 2024 and an application made to wind up the unincorporated charity. The Nurses Memorial to King Edward VII in Scotland Scottish Committee (SC023963) was wound up on the 30 January 2025.
Before the date of the transfer, 5[th ] December 2024, all income, expenditure and assets related to the unincorporated charity SC023963. The new SCIO charity SC053595 having been set up only for the incorporation of the charity SC023963 had no transactions, no income, expenditure or assets. The comparative Statement of Financial Activities on page 8 therefore shows all the transactions of the charity SC023963 only.
On the date of the transfer 5[th ] December 2024 all assets of the charity SC023963 were transferred to the SCIO charity SC053595. The transfer was of net assets of £2,052,233. There was nothing in charity SC053595 before this date and nothing in charity SC023963 after this date. All amounts were and continued to be unrestricted.
All income, expenditure and other gains and losses through the Statement of Financial Activities before the date of transfer related to the unincorporated charity SC023963 with a net movement on funds of a gain of £72,856. The income, expenditure and other gains and losses of the merged charity SC053595 from the date of transfer to the 31 December 2024 amounted to a deficit of £75,824, much of this relating to the movement on investments in the period.
The charity constitutes a public benefit entity as defined by FRS 102. These financial statements are presented in pounds sterling (GBP) as that is the currency in which the charity’s transactions are denominated and are shown to the nearest £.
The trustees consider there are no material uncertainties about the ability of the charity to continue as a going concern. Going forward the most significant areas of uncertainty that affect the charity’s operations are the carrying value of investments held by the Trust, the level of investment return and the performance of investment markets. Having considered these there continue to be no material uncertainties regarding going concern.
10
Docusign Envelope ID: 51DD1FA5-CB8E-4151-BB02-0EA3D0B9DD1C
## **THE NURSES MEMORIAL TO KING EDWARD VII IN SCOTLAND**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **(b) Funds structure**
The charity has a single unrestricted fund. Unrestricted income funds comprise those funds which the trustees are free to use for any purpose in the furtherance of the charitable objectives. Unrestricted funds include designated funds where the trustees, at their discretion, have created a fund for a specific purpose.
## **(c) 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.
Donations and legacies are accounted for when received or where there is sufficient evidence of entitlement, 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.
Dividends are recognised once a dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our investment managers
## **(d) 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. As the charity has only one activity, gift making, all support and governance costs are allocated to that activity.
Gifts payable are payments made to beneficiaries in the furtherance of the charitable objectives of the Trust. In the case of an unconditional gift offer this is accrued once the recipient has been notified of the gift award.
Governance costs are Independent Examination fees. Costs of raising funds are investment management fees.
## **(e) Irrecoverable VAT**
Irrecoverable VAT is charged against the expenditure heading for which it was incurred.
## **(f) 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.
11
Docusign Envelope ID: 51DD1FA5-CB8E-4151-BB02-0EA3D0B9DD1C
## **THE NURSES MEMORIAL TO KING EDWARD VII IN SCOTLAND**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **(g) Realised and unrealised gains and losses on investments**
Realised gains and losses are accounted for at the time of realisation and allocated to the capital fund. Investments are revalued at 31 December each year and unrealised gains and losses are calculated and held as a separate fund allocation; unrealised gains and losses brought forward now realised are transferred to capital.
## **(h) Critical accounting estimates and judgements**
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
## **2. Related Party Transactions and trustees’ expenses and remuneration**
The trustees all freely give their time and expertise without any form of remuneration or other benefit in cash or kind (2023: £nil). 4 trustees received repayment of travel and other expenses during the year totalling £556 (2023: expenses paid to 2 trustees for travel totalling £505).
No trustees or any person related to a trustee had any personal interest in any transaction entered into by the Charity during the year. During the year no donations were received by the charity from trustees.
## **3. Income**
|**Donations and Legacies**
Donations
**Investment Income**
Dividends and interest on fixed interest securities
Bank interest
**4. Investment management costs**
Investment management fees|**2024**
**£**
1,223
48,961
3,121
53,305
**2024**
**£**
12,991|**2023**
**£**
-
50,897
1,357
52,254
**2023**
**£**
12,635|
|---|---|---|
12
Docusign Envelope ID: 51DD1FA5-CB8E-4151-BB02-0EA3D0B9DD1C
## **THE NURSES MEMORIAL TO KING EDWARD VII IN SCOTLAND**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **5. Analysis of charitable expenditure**
The charity undertakes its charitable activities through gift making and awarded gifts to a number of individuals in the furtherance of its charitable objectives.
|**Gifts to beneficiaries:**
Heating and Christmas payments
Periodic support payments
Single support payments
Bursary awards
**Total gifts**
**Support costs:**
Secretaries fees and expenses
Legal and professional
Administration expenses
**Governance costs:**
Independent Examiner's fee|**2024**
**£**
44,025
39,560
47,973
15,870
147,428
23,414
6,300
1,892
2,488
181,522|**2023**
**£**
56,225
36,860
69,994
14,516
177,595
19,083
-
1,949
2,173
200,800|
|---|---|---|
Heating and Christmas payments included three distributions in the year to December 2024 to 37 beneficiaries in total (2023: 46 beneficiaries), periodic support payments consist of gifts to 23 different beneficiaries (2023: 25) and single gifts were made to 28 beneficiaries (2023: 37). Bursary awards include awards to 33 individuals in 2024 (2023: 51).
The charity has one activity therefore support costs relate to that activity as shown above.
## **6. Fixed Asset Investments**
## **Listed Investments**
|Market value at beginning of year
Additions at cost
Proceeds of sale
Gain/(loss) on revaluation
Realised gain/(loss) on sale of investments
Market value at end of year
Historical cost at end of year|**2024**
**£**
1,872,569
564,847
(638,359)
80,880
57,360
1,937,297
1,737,818|**2023**
**£**
1,966,916
510,975
(664,203)
62,362
(3,481)
1,872,569
1,741,603|
|---|---|---|
The significance of financial instruments to the ongoing financial sustainability of the trust is considered in the financial review and investment policy and performance sections of the Trustees Annual Report.
13
Docusign Envelope ID: 51DD1FA5-CB8E-4151-BB02-0EA3D0B9DD1C
## **THE NURSES MEMORIAL TO KING EDWARD VII IN SCOTLAND**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **7. Creditors falling due within one year**
Creditors represent accrued fees due to the Investment Managers and Independent Examiner, and bursaries approved prior to the year end but not yet paid.
|Investment Managers' fees
Independent Examiner's fee
Legal and professional fees
Bursary Awards approved but not yet paid|**2024**
**£**
3,312
2,388
4,020
8,900
18,620|**2023**
**£**
3,047
2,174
-
8,500|
|---|---|---|
|||13,721|
14