Greenock Medical Aid Society
Latest income
£4.3m
Latest spending
£6.7m
Accounts read
FY2025
Financial health, per FY2025 accounts
The accounts state that the charity reported an unrestricted funds deficit of £148,990 for the year ended 31 March 2025, driven by sector-wide cost inflation and lower-than-forecast occupancy. Per the trustees' report, the charity survived the year due to a substantial one-off donation and has taken post-year-end actions, including closing a care home and selling land, to correct the unsustainable trading position. The trustees and auditors confirm the charity remains a going concern with sufficient reserves and bank facilities to meet foreseeable obligations.
What the accounts disclose
Related-party transaction: The charity has a wholly owned subsidiary, Greenock Medical Aid (Properties) Limited, which holds the property at Bagatelle. The charity has a loan receivable from this subsidiary of £2,487,188 (2025) which is interest-free and has no terms of repayment.
“The amounts due from Greenock Medical Aid (Properties) Ltd represent a loan which is interest free, has no terms of repayment and is considered due outwith one year.” — page 32
Per FY2025 accounts as filed with OSCR.