2025-03-31-accounts

Annex 16a to Minute 1505108125 Transport Benevolent Fund (CIO) known as TBF A registered charity in England and Wales (1160901) and in Scotland (SC047016) Report and financial statements. For the year ended 31 March 2025

Transport Benevolent Fund (CIO) Report for the year ended 31 March 2025 Contents Page Reference and administrative information Trustees, annual report Independent auditors, report 26 Statement of financial activities (incorporating an income and expenditure account) Balance sheet 30 31 Statement of cash flows 32 Notes to the financial statements 33

Transport Benevolent Fund (CIO) Reference and Administrative Details of the Charity, its Trustees and Advisors For the year ended 31 March 2025 1. Name of charity Transport Benevolent Fund CIO. Known as TBF. 2. Charity Registration A registered charity in England and Wales111609011 and in Scotland ISC0470161 3. Address Suite 2.7, The Loom, 14 Gowers Walk, LONDON, E18PY Telephone: e-mail: Website 0300 333 2000 Iofflcel hel @tbf.or .uk www.tbf.or .uk 4. Trustees Rob Jones lan Wllson Michael Keane Ravinder Kaur Kalsl Nicole Marie Elgram Stephen Dadswell Sharon Hilley Delroy White Olubunmi Ayoade Sutton Chair Vice-chair {resigned 13 November 2024) Vlce-chair {elected 12 February 2025) (appointed on 12 February 2025) 5. Prlnclpal Officer Rob Jones, Chair. Mr Jones, as an elected trustee, remains the Managing Director of Stagecoach Manchester. He Is advised and assisted by John Sheehy ICEOI, Vicky Jennlngs (Secretary) and Shaun Hearn (Business Manager), who are employees of the charity.

Transport Benevolent Fund (CIO) Reference and Administrative Details of the Charity, its Trustees and Advisors For the year ended 31 March 2025 6. Other relevant organisations Solicitors Taylor Rose MW 104 South End, South Croydon, CRO 1 DQ T C Young Melrose House, 69A George Street, Edinburgh, EH2 2JG Custodian Trustees Pershing Securities One Canada Square, London, E14 SAL (investments for the main unrestrlcted fund) Fiske PLC 100 Wood Street, London, EC2V 7AN (investments for the TfL Staff Welfare Fund) Investment Managers Castlefield Investment Partners LLP 9th Floor, 111 Piccadillyi Manchester, M12HY (main unrestrlcted fund) Fieldings Investment Management 100 Wood Street, London, EC2V 7AN {TfL Staff Welfare Fund) Bankers Unity Trust Bank plc Four 8rindleyplace, Birmingham, B12JB (current account for the main unrestricted fund) CAF Bank Ltd 25 Kings HS11 Avenue, Kings Hlll, West Malling, ME19 4JQ (current account for the TfL Staff Welfare Fund) CCLA (COIF Charity Funds) One Angel Lane, London, EC4R 3AB Ilnvestment house used for placing part of the reserve account for the main, unrestricted, fund) Accountants and Auditors Goldwlns Limited 75 Maygrove Road, London, NW6 2EG

Transport Benevolent Fund (CIO) Reference and Administrative Details of the Charity, its Trustees and Advisors For the year ended 31 March 2025 7. Patrons Patrons are not involved Sn the administration of the Charity but lend their support by making known their endorsement of its aims. In order of appointment, the present Patrons are: Mick Whelan, General Secretary, ASLEF Graham Vidler, Chief Executive, CPT UK Michael Lynch, General Secretary, RMT Lucy D'orsl, Chief Constable, British Transport Police Jacqueline Starr, Chief Executive Officer, Rail Delivery Group Ralph Roberts, Chief Executive Officer, McGill's Buses Andy Lord, Commissioner of Transport for London Martln Dean, Managlng Director, UK Regional Bus, Go.Ahead Group Ray O'Toole, Executive Chairman, Stagecoach Group Graham Sutherland, CEO, First Group plc Chris Jackson, Managin8 Director, TransPennlne Express

Transport Benevolent Fund (CIO) Report for the year ended 31 March 2025 The trustees present their report and financial statements for the year ended 31 March 2025 and confirm that the financial statements comply with current Statutory requirements, the constitution granted by the Charity Commission in March 2015 and the Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with Charities SORP (FRS 102). Objectives and activities Objectives The object of the charity is the relief of need, hardship and distress among beneflciaries and their dependants. For the purposes of this clause. 'Beneficiary' means a person who is or has at any time been employed or engaged in any way in a business concerned wholly or partly with the provision of any form of public transport either within or to or from any part of Great Britain who is accepted by the Trustees as being for the tlme being entitled to consideration for rellef. 'Dependant' means a person who is for the time being wholly or partly dependant for support on the beneficiary in relation to whom he is described as a dependant or if that beneficiary is dead was so dependant at the tlme of the beneficiary's death. The Constitutlon provides for the Trustees to make Rules for the regulation of the charity, and, under these, they have determined that - other than in exceptional circumstances - at present only Fund Members and their dependants shall be eligible for relief from the main (unrestricted) fund. The Rules deflne the term Fund Member. There Is no quallfication for the classes of person specified by Transport for London as being eligible for relief from the TfL Staff Welfare Fund. Actlvlties To help beneficiarles and dependants by: Maklng cash grants to relieve short.term hardship; Signp05ting members on wherelhow to obtain advice on debt related issues and, where necessary, enabling them to enter into arrangements which will relieve their burden; Helplng with the cost of equlpment requlred In order to ensure the maintenance of a reasonable standard of Ilving, Making available complementary medical treatments; Helping with the cost of medical consultations where there is a long wait on the NHS; Helping towards the cost of scans and tests where there is a long walt on the NHS or these will help ensure the continued employment of beneficiaries or relieve stress on their dependants; Provfdlng legal help (except, normally, on employment matters and conveyancing). Helplng with the cost of mobillty equipment not generally available from the state. Helping towards the cost of convalescence, recuperation or respite care; Helplng towards the cost of prescription pre-payment certificates; (For TfL Staff Welfare Fund employed beneficiaries only} providing loans repayable from salary. In all cases these activities are at the discretion of the trustees.

Transport Benevolent Fund (CIO) Report for the year ended 31 March 2025 Public Benefit The Charities Act 2011 provides that charities must show they provide public benefit through their activities. We have concluded that TBF is indeed providing public benefit. Charities must show that they have charitable purposes. TBF has these because it exists for the relief of need, hardship or distress among those engaged {or previously engaged) in the public transport industry and their dependants. This relief falls within the categorles of: • The prevention or rellef of poverty; • The advancement of health or the saving of lives; •The relief of those in need by reason of youth, age, ill-health, dlsability, financial hardship or other disadvantage. 2. Charlties must show that they have provided Identiflable benefit or benefits. This means that: It must be clear what the benefits are; • The benefits must be related to the aims; Benefits must be balanced against any detriment or harm. All benefits disbursed by TBF are to meet one of the charitable purposes set out above, which accord with the alms of the Constitution. While all benefits are granted at the discretion of the Trustees, there 15 no doubt what these are or how they relate to the relief of need, hardship or distress. We do not believe that any of our activities could be said to cause detriment or harm to the public. 3. Charities must ensure that benefit Is to the public, or to a section of the public. To achieve this: • The beneficiaries must be approprlate to the aims; •Where benefit is to a section of the public, the opportunlty to benefit must not be unreasonably restrlcted by geographical or other abllity to pay any fees charged; • People in poverty must not be excluded from the opportunity to benefit. • Any private benefits must be incldental. Our beneficiaries are appropriate to our aims. We restrict membership by only allowing those engaged in the public transport industry within Great Britain to join, which the Charity Tribunal has agreed (on a reference from the Attorney General relating to occupational benevolent funds In general) to be within the realm of publlc benefit. We do not know how many such workers there are in Great Britain, but it is hundreds of thousands - a significant proportion of the public. We welcome everyone in the industry who accepts our Rules and do not believe that the weekly membership subscription of £1.25, Is excessive, representing about half the cost of a cup of coffee in a typical outlet. We do not require members to pay their membership subscriptions if they are suffering short.term hardship and not drawlng sufficient pay and we do not require subscriptions so missed to be made up. We provide free membership for those who retire from work with a minimum length of membership, and we grant free membership to those who have been contributing for five years while working in the industry if they are permanently medically unflt to work again. We believe that the minlmum membership qualifications to enable access to free membership are reasonable. The only private benefits are those paid to Trustees who, in accordance with the Constitution, are eligible for benefit on the same basis as other beneficiaries.

Transport Benevolent Fund (CIO) Report for the year ended 31 March 2025 Main aims for the year ended 31 March 2025 Our main aims for the year under review were to.. Continue to revlew the types of help we offer and to introduce any additions or changes we believed appropriate and desirable in the light of the resources available. Further extend our work throughout England, Scotland and Wale5, especially within the rail and air industry; Spend £2,979,000 on direct benefits to beneficlaries. Increase paying membership to 64,500, with an average contributing membershlp of 63,000. Recover £944,000 in Gift Ald on contributlons; Ensure TBF was not adversely affected by bank or other business problems or by events in world stock markets by maintaining diversity of investments and cash holdings; Attempt to increase the reserves of the main fund and maintaln the value of the Staff Welfare Fund; Establish more Local Committees, With a target of 150; Increase spending on benefits by more than would be anticipated by the growth in membership and Inflation, subject to resources. Continue to increase the diversity of the trustee board and ensure good governance., Monitor the actions of the government in relation to Gift Aid, VAT and public expenditure Malntaln a strategic cash reserve of between E450k and £500k to ensure good cash flow; Develop proposals for the future management of the charity. Strategies for achieving the main objectives for the year ended 31 IAarch 2025.. Active involvement of members (through their representatives) in determining the relevance of benefits and possible extensions; Wide dissemination of publicityi Along with new members being able to joln online, continue face-to.face recrultment of members to increase membership as planned, Obtain agreement from significant transport operators for TBF to have access to staff and, If possible, paybill deduction facilities; Encourage and help facilitate employers who see membership as a benefit and offer to pay their employees, membership subscription under employer paid; Review staffing regularly to ensure It met the needs of the charity and Its members, Establish additional Local Committees and gain more Patrons; Ensure maximisation of Gift Aid. Ensure that the investment managers do everything possible to meet investment objectives. Seek additional trustees to add to the diversity of the board whilst retaining a proper balance of skills; Continued maintenance of signlflcant cash reserves in case flnancial difficulties of others affect TBF. Work with our management consultants to ensure robust systems of control and management for the future.

Transport Benevolent Fund (CIO) Report for the year ended 31 March 2025 Activities undertaken to achieve main objectives for the year ended 31 March 2025.. Distribution of publicity material with trade magazines. Regular communication with CIO members" Contact with employers to seek support and payroll deduction facilities including employer paid; Organisers recruiting new members on planned public transport slte visits; Additional employers agreed to pay their employees, membership subscription under employer paid; A flexible approach to office management, including all offlce staff being able to work from home, to ensure that help was available to beneficiaries and dependants to help them in accordance wlth the charity's objects to relieve need, hardship and distress as described more fully under activltles. Regular monltoring of cash reserves. Regular monitorin£ of Investment returns. Regular monitoring of our recruitment efforts. Social investment The trustees recognise the requlrement to take into account all relevant financially material considerations for the charity assets and requires the Investment Managers to implement and explaln how this is carried out. Discretionary powers are delegated to them In relation to the management of the charity's Investments, in accordance with the charity's Constitution.The trustees require the Investment Managers to use their discretion to engage with investee companies on matters relating to environmental, soclal and governance issue5, wlth the objective of enhancin8 returns or reducing risk, Where the Investment Manager doe5 not provide an in.house custody service, he may (with our consent) appolnt a corporate body or other sultable person to act as Custodian to hold the Investments a5 nomlnee of the charity in accordance wlth that Constitution. The medium to long-term Intention 15 that the charity should operate with the mlnlmum practicable level of working capital. To this end, the Secretary is usually expected to place surplus cash for the main fund with the Investment Manager for investment. In the short to medium-term, however, we have suspended this expectatlon because it is more important to have cash available in case of unpredictable external events. The Secretary can call on money from the Investment Manager to meet the immediate needs of the charity, but only when authorised to do so by us in accordance with thelr authority. We review the performance of the Investment Managers regularly and also take steps to satlsfy ourselves that the Custodians remain able to act. It is within our powers to replace either the Investment Manager or the Custodian at any time with or without notice, but such changes will not be made wlthout good reason.

Transport Benevolent Fund (CIO) Report for the year ended 31 March 2025 For the present, the Investment Manager for the main fund is Castlefield Investment Partners LLP. Custodial services are provided by Pershing Securities Ltd. For the Staff Welfare Fund, the Investment Manager is Fieldings Investment Management and the custodian is Fiske PLC. We have considered the Investor Protection arrangement5 offered by the undertakings and consider them appropriate in all the circumstances, but the matter is kept under regular review. The Investment Managers have given satisfactory assurances about diversiflcation of both investment holdings and cash deposits. The investment objective notified to the Investment Managers is to provlde a total return at least equal to the speclfied benchmark allocated to each Investment Manager. By prior written agreement between the partles, other Indices may be substltuted for all or part of the portfolio. The agreed distrlbution of the investments IS: Asset Class UK Shares Global Shares Fixed Interest Bonds Infrastructure & Pro ert Other Investments M7nlmum Ex 20% 20% osure % Maxlmum Ex 50% 50% 25% 10% 20% osure % Other Investments belng defined as any type of asset, or class, which does not fall into the categorles defined above. Examples of this are, but not exclusive to, commodities, private equity, structured products, hedge funds etc. The elements and proportions may be varied as agreed in wrlting with the Investment Manager from time to time. It is recognised that the percentages set out can only ever be approximate. It is understood that the term 'UK Equities, may include companies which derive all or part of their earnings from overseas activities, Conversely¥ 'Overseas Equities, may include companies where all or part of the earnings are derived from activltles withln the UK. The agreed overall rlsk profile of the investment funds is considered by the Investment Managers to be 'moderate' and to provide an appropriate balance between flxed income and equity investments, The overall alm is that each fund should grow on the basis set out in our Reserves Policy. There Is presently no remit to either Investment Manager to achieve any minimum level of income. For the TfL Staff Welfare Fund, the aim is that the fund should grow at the rate of Retail Price Inflation; it is intended that income should be spent to meet the needs of beneficlaries and thelr dependants, wlth investments realised if necessary to meet those needs if they are not met from such Income. Grant-making We only help beneficiaries and dependants and do not make any grants to instltutions or companies except in payment for services to our beneficiarfjes. Hardship grants are made where the beneficiary is able to demonstrate financial hardship which is not part of a long-term difficulty: we do not offer any continuing support by way of grants.

Transport Benevolent Fund (CIO) Report for the year ended 31 March 2025 Such hardship is most commonly caused by illness of working members, but it arises in many other ways, and we are constantly vlgilant to ensure that we do not seek to impose our values on those who have fallen into difficLtlty. Sometimes help with managing debt or with embarking on the road to bankruptcy is of more benefit to the beneficiary than a cash grant. We provide other services (and cash grants towards medical equipment) to our members because they need them and, in general, we do not seek to ascertain financial hardship except sometimes where help is sought beyond the normal limits. The limits imposed on most categories of help are not intended to be absolute, and help is extended beyond these whenever necessary and within resources. We do not make loans, except to beneficiaries of the TfL Staff Welfare Fund who can demonstrate that they are in need, hardship or distress and that they are able to repay these interest free loans through regular deduction from their salary. The trustees have no general wish to make loans but agreed to contlnue them to TfL Staff Welfare Fund working beneficiaries as to do otherwise would have eliminated a facility available to them at the time of transfer of the TfL Staff Welfare Fund. They have become a very useful addition to the range of help available to beneficiarles. London's Transport Choir We helped the cholr or£anise events, for which we recelved £542 in donations from those attending. We value our relationship with the choir, which performs a valuable service to the public transport community. Volunteers We pay tribute to the help given by those in the various companies who offer recruitment facillties, recruit new members, refer those in need, encourage membership or offer informal advice or help. It would be an unusual charity which dld not rely on support from those in a position to give It whether local representatives, members of local committees, the retlred activists, committee, managers, trade union representatives or others. It is impossible to quantify the value of these voluntary efforts, but without them, it would be much harder for the charity to reach its objectives. We place on record our sincere thanks to two retired member5: David Freeman, a community activist who leads discussions about the responsibilities of trustees at board meetings, serves on the risk group. Mike Welch, a former Councll member who attends the office regularly and devotes a good deal of time helping the charlty. The trustees do not significantly rely on volunteers to undertake TBF'S charltable or income- generating actlvities, relying mainly on the work carried out by the charity's paid employees.

Transport Benevolent Fund (CIO) Report for the year ended 31 March 2025 Achievements and Performance - Transport Benevolent Fund CIO The main indicators we use for assessment of performance are numbers of paying members and performance against budget (including income from subscriptions and Gift Aid and the various categories of expenses). We also monitor the level of reserves and of investment performance against that achleved generally In the marketplace. Increased membership fn Scotland. Total dfrect expenditure on benefits was [£344k] + [£309k] + [34k] * [101k] + [£14k] + [£2,104k] + [£7k] + [£2k] + [1 K] £2,916,000 (2%) below budget. Average membership was around 250 below budget. The value of grants Iprimarlly those assoclated with hardship, bereavement and including those for medical equipment was £687k. Expenditure was £112k below budget {14%1. Expenditure on medical treatments and consultations was £2,104k, was 4% over budget. The cost of servicing, insuring and storing medical equipment was less than £1 k . this was under budget. Expenditure on convalescence, recuperation and respite care was £115k. This was (13%) below the budget provlsion. Total spendln8 Other than dlrectly on grants and services was E2,093k. This was 22k 11%) below budget. Membershlp increased by 3,14215%) to reach 64,373 at year-end, and thls was 187 below the target. Donations received totalled £10,440, which included large donatlons from the Rail Staff Awards, Linda Arwood, Transport UK East Midlands Ltd and Just Giving. We also received donations form Charities Aid Foundatlon, Rail Concert, Great Western Railway, Charitable Giving and the Transport for London Festival of Carols. We recruited 11,668 new members, which was 29% above target due to organisers, having better access to sites and the facility for members to join online. Expenditure on fundralsing was £1,203k, slightly down on the prevlous year. Travel costs for some of our recruiters did not Increase, thanks to the Rail Dellvery Group provlding free rail travel to visit publlc transport sites to demonstrate the benefits of TBF membershlp to public transport workers. We recelved £901 k by way of Gift Aid, which was 5% below budget and adding 22.0% to our contributlons income. There is little scope to improve the ratio significantly, as the absolute maxlmum percentage achlevable would be 25% and that figure in practlce can never be achieved. Arrangements contlnued wlth several companies whereby contributions were met by the employer and 1587 members were belng paid for by their employers at year.end, At £90k, investment income represented just 2% of income. This was a useful sum, but not a major factor in our plans. We do not intend to alter our policy from one of looklng for growth in the value of our reserves rather than for income. For fisures in [ ] please refer to note 5, Charitable Activlties on pose 39. io

Transport Benevolent Fund (CIO) Report for the year ended 31 March 2025 Overall, income exceeded expenditure by £107k (2%}. There was a net loss on the investment portfolio of E92k. Reserves increased by £15,000 to £5,911,000. Reserves amount to just over one year's cover. Like all investors, we understand the global equities market has faced a lot of uncertainty, impacting returns. However, we have conveyed to the Investment Manager that we expect a better performance next year. Day.to-day investment decisions are taken by our Investment Managers in accordance with the authority granted under the Constitution and the terms of the agreed investment policy. This provides for risks to be limited by a wide spread of investments in different types of stocks and both Investment Managers are required to use their discretion to engage wlth investee companies on matters relating to environmental, social and governance issues to enhance returns or reduce risk. We review performance quarterly and hold an annual discussion with the Managers, who are required to achieve a total return at least equal to the specific benchmark allocated to each Investment Manager. Where necessary (and by prior written agreement between the parties) other indices may be substituted for all or part of the portfollo. The retlred actlvists, forum continued to discuss the progress of the charity and to offer suggestions. The Chlef Executive Officer and Secretary attended all meetings on our behalf. We re-affirmed our belief that poor cash flow was likely to be among the greatest risks to the charity, either because of bank fallures or the possible difficultles of one or more major employers. The aim was always to retain free cash reserves of around between £450k and £500k. We malntain contact with local representatives by mean5 of telephone and organisers, visits, Overall, the number of Local Committee5 141 was below target of 150 at the year-end. We would like to see further improvements in member involvement. We worked closely with our IT provider. We review our governance procedures regularly, to ensure not only that the charity continued to be governed In accordance with best practice, but also to ensure we complied with the ever.increaslng requirements of the various statutory and other bodies. li

Transport Benevolent Fund (CIO) Report for the year ended 31 March 2025 Achievements and Performance - TfL Staff Welfare Fund The only income of the TfL Staff Welfare Fund is that derived from investments. The investment objectives, indices and procedures are similar to those of the main fund, except that it is necessary not only to draw investment income for the provision of grants and services, but potentially also to release part of the capital appreciation. The aim is to maintain the value of the TfL Staff Welfare Fund after taking into account inflatlon, and this was achieved, with Investments increasing in value by £117k. There was an operational deficit of £16k. Therefore, the TfL Staff Welfare Fund's value increased during the year from £1,912,000 to £2,013,000. The value of grants from the TfL Staff Welfare Fund was £57k. While we do not make loans from the main fund, we contlnue to make these to approprlate TfL etc. Staff from the TfL Staff Welfare Fund where they were in need, hardship or distress. They are recovered direct from the employee's pay and much appreciated by them, as they are often looking for a short-term helping hand to get them back on their feet rather than a grant. There have been no signiflcant problems wlth the process involved, and there was a steady demand for loans, wlth £2k belng made during the year. Financlal Review The charlty's financlal posltion is sound. Income exceeded expendlture durlng the year of the main TBF fund, and expenditure exceeded income during the year of the TfL Staff Welfare Fund. There was a decrease in the value of investments for the main fund and an increase in the value of investments for the TfL Staff Welfare fund, leading to an increase in the combined value of the funds by £116k. Cash flow was good, but we decided to continue holding a strateglc cash reserve of between £450k and £500k as a precaution agalnst bank failures or any major employers ceasing for any reason to continue to collect contributions on behalf of the charity. Usually, this money would be placed with the relevant investment manager. Still, we consider one of the more significant risks to the charlty at present to be a shortage of cash rather than a failure to invest to the maximum extent possible. This pollcy wlll continue to be revlewed occasionally In light of world economic circumstances. It Is the aim that, taklng one year with another, income and expenditure should broadly equate after allowing for any intended increase In reserves. Our reserves are now £7,924,000, including the TfL Staff Welfare Fund money, which Is held on restricted trust. TfL Staff Welfare Fund has no income beyond investment returns, and its reserves cannot be considered part of the general reserve. The trustees wish the general reserve to represent two years, expendlture cover. The present level does not meet the objective but is considered adequate. 12

Transport Benevolent Fund (CIO) Report for the year ended 31 March 2025 Exercise of control It is not practicable Inor desirable) for us to manage the charity on a day-to-day basis. For this, we appoint senior staff who advise us, implement our policies and decisions and refer issues to us where necessary. In turn, other staff report to these senior staff and take instruction from them. We exercise control through a document (titled 'Authorities'), which we review regularly. This includes limits on individual benefits, controls over such items as accounting for assets, securing supplies and procedures which enable the Fund to be effectively managed wlthout the need for us to constantly be involved in detail, provided the levels of authority granted are not exceeded. During the next year we Intend to: Contlnue to review our benefits, relevance and adequacy and consider any affordable additions or changes we believe are appropriate and desirable. Improvements in benefits in the present economic climate may not be the chosen course of many organisations. Still, we believe it is appropriate to increase help to beneficiaries and can be afforded given the level of reserves on which we may call upon. Further extend our work throughout England, Scotland and Wales. Increase payin£ membership to 68,000, with an average contributing membership of 66,000. We should like to see more arrangements where employers meet the cost of contributions for their staff but can see that this will not be easy. Recover £990k from Glft Aid. Ensure that TBF Is not adversely affected by bank or other business problems or events in world markets. We will ensure the diversity of our investments and cash holdings to mlnimize the impact of further downturns. Maintain the value of the TfL Staff Welfare Fund after taking Into account the effects of inf lation. Establish more Local Committees, with a target of a total of 150 by the year-end. Increase the Sum spent on benefits more than would be indlcated by the growth In membership, subject to need and resources. Continue to increase the diversity of the Trustee Board, Including further appointment5 of those with a bus or alr background. Monitor the actions of the government, to see what impact these will have on Gift Ald, the VAT we have to pay (and cannot recover} and the effects of public expenditure cuts both on the likely demands from beneficiaries for help and on the numbers employed in the Industry. We expect to undertake much of the monitoring through the Association of Charity Officers (to which we are affiliated), but our beneficiaries have particular needs that are not necessarily common with those of other benevolent funds. Hold a strategic cash reserve of between £450k and £500k to ensure good cash flow, Continue to pay attention to our corporate governance and legislative requirements, to ensure that we remain well controlled and managed in line with good practice. Continue to keep our Rules under revlew to ensure they remain appropriate to the needs of the charity and its beneficiarles. 13

Transport Benevolent Fund (CIO) Report for the year ended 31 March 2025 Reserve Policy The main unrestricted Fund Our policy is to hold reserves to enable us to: meet obligations in the event of the fallure of the charity or any compensation awards. develop the charity, including the appointment of additional staff who may not be cost- effective in the short-term, or only effective In terms of member service. undertake speclal projects Including the campaign to expand to cover the whole of Great Britaln. provlde a continuing range of benefits whlch members and their dependants may call on in times of need without interruption. provide cover for fluctuations in future income or expendlture and protect benefits for those qualifying for free membership. meet demand for help by members In new areas. The public transport Industry has been subject to continued fundamental change since the mfd- 1980s. Only a seventh of our members now work directly for the undertaking which - when the charity was re-constructed in 1996 - employed 95% of them. We enjoy good relations wlth many companies which help us recruit and deduct contributions - but the possibility must be faced that we might lose the goodwill of a major employer at some time. Alternatively, a major employer may go out of business, as have a few smaller ones - some leaving staff with no current wages and looking to TBF for help. In addltion, experlence shows that continuing income streams from employer-paid schemes are more valuable than those generated by individual membership. To reduce our independence on a small number of employers and to bring the benefits of membership to others in the industry we are expanding into companies large and small throughout England, Scotland and Wales. We have no means of knowing what demands may be placed on the charity by new members and their dependants In those areas. We need to make provlsion for such demands and also for the cost of recruiting these new members. Finally, we are very unusual in providing free membershlp to many of those retiring from the Industry and thelr partner5. We have no means of knowing how many of these there are, but our best guess is 60,000. Added to contributlng members and their dependants, this may mean we have 180,000 people able to call on us for help against a paying membershlp base of around 116,000 fewer. Additional expenditure may also result from our decision to offer help to non- members involved in fatallties and their dependants and to allow member5 and their dependants to seek help much earlier that was allowed In the past. For all these reasons the trustees have decided that substantial reserves should be established to provide a cushion in uncertain tlmes and following the difflculties encountered by the TBF'S predecessor in the early 1990s. We have decided that reserves for the main unrestricted fund should represent two years, expenditure, although we recognise that actual reserves against target will fluctuate from time to time. Given predicted levels of expenditure, our medium-term aim is thus to increase the general reserve to around £6 million. 14

Transport Benevolent Fund (CIO) Report for the year ended 31 March 2025 The TfL Staff Welfare Fund The aim in respect of the TfL Staff Welfare Fund is to maintain its capital value, taking into account price inflation as evidence by the Retail Prices Index. TfL Staff Welfare Fund has no other income beyond investment returns (which are spent for the relief of beneficiaries and their dependants) and it is necessary to monitor the capital value of the fund very carefully to ensure that it remains in being for the long-term. Other Matters Appreciation - our Volunteers We thank all our Activists for the help they give the Fund. Without them the charity would be much the poorer. Appreclation - our Patrons We are fortunate to enjoy the support of the leaders of most public transport groups and trades unions and we thank them for their support. Appreclatlon - our Contractors We thank Catherine Barlow the Fund's Design Partner who manages all our advertlslng and also protects the good name and image of TBF along with designing all our artwork. We also thank AJW Experience Group Limited for keeping us abreast of developments within the public transport industry and helping TBF raise its profile. Staff We place a great deal of reliance on John Sheehy the Chief Executive Officer and staff, and we thank them for all they do. John Is supported by Shaun Hearn as Business Manager and VScky Jennings as Secretary and the three staff form the senior management team. Other staff are Gladys Folaranmi and Alan Blackett (Benefits Advisors), Linda Hearn (part-time Finance Administrator}, Mamade Ruhomauly (Office Supervisor), Yvonne Cammarata, Luella Allen, Steven Morgan, Nicole Henry, Kalpesh Patel, Rita Clemente-smee, Nadia Ander50n {full-time Administrators), Aneeqa Khanom, Rebbeca Hearn 1part.time Administrator), Charlotte Jeffery (Admlnistrative Assistant}, Michael Gibson (full-time organiser for south.west Ensland and South Wales), Karen Needham {part-time organiser for North.east England and East Mfdlands), Sandra Ryland {full-time organlser for London), Gary Bailey (full-tlme or8aniser for rall staff in the midlands and North-west, Anne Hay Ifull-time organiser for Scotlandl, Mick Vile {full-time organlser for London and Home Counties), Ben Talbot Ifull-time organiser for south.east England and London) and Terry Sharpe (full-time organiser for North-west England). We thank the staff for all they do for the charity and its beneficiaries. We recognise the Transport Salaried Staffs, Association {TSSA). 15

Transport Benevolent Fund (CIO) Report for the year ended 31 March 2025 The Arthur and Rose Hollingsworth Memorial Our predeces50r received a donation of nearly £40,000 from the estate of the late Rose Hollingsworth in 2013, the widow of former London Transport employee {and one-time LTBF activist) Arthur Hollingsworth. After much consideration, we decided to allocate some of this money to the Sandra Barr and Issy Gold Memorials, with a signlffcant part of ft being added to the money earmarked to help non- members who encounter specified problems. It seemed appropriate to re-name this allocation in honour of Mr and Mrs Hollingsworth and it is now known as the Arthur and Rose Hollingsworth Memorial. TBF has always been a membership charity and there Is no expectation that this will ever change. We are here to help in time of need, but it Is not at that stage that staff should declde to join. To Increase the publlc benefit of the TBF we recognise that - from time to time - those employed in the public transport industry encounter events that are beyond those they might reasonably have envisaged when deciding whether or not to join TBF. These circumstances Include intimate involvement in a fatal accident at work (perhaps being killed themselve51 or being personally Involved in the recovery of the body of someone fatally injured as a result of the operation of publlc transport servlces. To make money avallable to relieve such employees and their dependants, we originally set aside a donation of E2,000 received from Metronet Rail {now part of London Underground) and added notional interest. With the allocation of additional funds from the Hollingsworth bequest, this memorial stood at £10,268 at 31 March 2025. We would welcome additional donations for this purpose but this does not constitute a separate fund. The Sandra Barr Memorlal Sandra Dowdle (nee Sandra Barr) was a London Transport employee for flfteen years, during which time she was an active trade unionist as well as being involved in many community initiatives. Following her retirement on ill-health grounds in 1991, she continued to be active in the Labour Party, on a number of community issues and in support of anlmal rights. sandra passed away early in 2001 at the age of 49 and It was the wish of her husband, John, that money should be donated to our predecessor in her memory rather than being spent on flowers. We decided to establish a Sandra Barr Memorlal with the Intention that this should fund all future medical equipment purchased to help with breathingi Sandra having been an asthmatlc herself. Such was the high regard In which Sandra was held that donations to date total no less than £5,040. The Memorlal remains open for further donations, All those who are loaned TBF nebullsers are advised of the existence of the Memorial and of Sandra's life and work, In these ways, her memory is kept alive. If necessary, we shall consider transferring additional funds to the Memorial in the future. The net sum standing in the name of the Memorial (which does not constitute a separate fund) at 31 March 2025 was £8,838. 16

Transport Benevolent Fund (CIO) Report for the year ended 31 March 2025 The Issy Gold Memorial Issy was the much-loved Secretary of the LT Benevolent Fund for many years prior to his retirement in 1985. After retirement, he continued to take an interest in the Fund's work and was a member of the retired activists, forum to the end. He also remained active in his trade union and was a pillar of his synagogue. The size of the congregation at his funeral in 2005 said much about the respect in which he was held in so many quarters. We have established a Memorial (which does not constitute a separate fund). This will be used to relieve need, hardship or distress among beneficiaries who have retired from London Transport or its successors. We believe that these would have been those that Issy would most have liked to see helped. The net sum in the name of the Memorial at 31 March 2025 was £11,621. The Roy Cartlidge Memorial Roy was Mayor of Crewe in 2011112 and kindly declded to award part of the funds raised during hls year to the Fund. We have used the money to establish a Memorlal to relieve need, hardship or distress among existing or retired railway workers who have lived or worked in postcode areas CW1, CW2 or CW3 and their dependants. Help from this Memorial is available to TBF members and to non-members. We would welcome additional donations for this Memorial (which does not constitute a separate fund). The net sum in the name of the Memorlal at 31 March 2025 was £1,126. The Belly Mujlnga Memorlal The Belly Mujinga Memorlal has been set up with full agreement from the famlly of Belly Mujinga, the station staff employee who sadly lost her life to the virus. Belly, a TBF member, was a frontline worker who, like so many other staff in the rail industry, sadly faced threats and abuse whilst dolng her Job. Belly's story highlights the difficulties rail workers face on a daily basls. TBF is a great supporter of rail employees and for many years has sponsored the Statlon Staff category at the annual Rail Staff Awards. The money generously donated to TBF from the last three Rail Staff Awards annual charity raffle, wlll be available to help those rall staff worker5 affected by Covid.19 who are not TBF members. As Covid-19 is not as prevalent as it once was, the memorial can now conslder help wlth general hardship. The net sum in the name of the Memorlal at 31 March 2025 was £8,796. The RunForABus Memorial The RunForABus Memorial Is available to help London bus employees and their dependants affected by Covid-19. Over the weekend of June 26th - 28th 2020, 18 runners took part in a sponsored fundraising event organised by Mike Higgins to raise money to support London's bus drivers and associated staff who have been affected by Covid-19. The event took place through the streets of London with runners following the route of several designated bus journeys. The event wa5 a great success, raising thousands of pounds. All funds raised have been presented to TBF and have been ring-fenced for this particular purpose. Funds 17

Transport Benevolent Fund (CIO) Report for the year ended 31 March 2025 are available to help London bus employees and their dependants who find themselves in need, hardship or distress due to the coronavirus, and who are not TBF members. As Covid-19 is not as prevalent as it once was, the memorial can now consider help with general hardship. The net sum in the name of the Memorial at 31 March 2025 was £9,715. Environment TBF Is an integral part of the public transport industry, which is concerned with reducing the negative environmental impact of transport. The charity also seeks to help protect the environment. It complies fully with environmental legislatlon and endeavours to follow best practice within the resources available. Every effort wlll be made to Increase staff awareness of envlronmental responsibilities, minimlse waste and pollution, reduce energy and water consumption, avold the use of unnecessarily hazardous substances, and consider environmental factors when carrying out the charity's work. It Is not the current pollcy of the charity to seek to impose environmental standards on its contractors, but attentlon will be paid to these matters as time goes on, as Indeed it will to Its own performance and aspirations for the environment. Office staff are encourased to travel to work (or to outside events) by public transport, and the organisers use thls when possible. There are no car parking facilities at the TBF offices, and none will be provided. Unfortunately, however, It Is often not feasible to use public transport because of the location of the worksltes visited, the need to carry recruitment materials and - unfortunately - its cost. We are grateful to the Rall Delivery Group who make travel faclllties avallable for TBF organisers to undertake their duties. Organisers use thelr own cars, which they also use for their prlvate purposes. It is not consldered realistic to Impose on them the need to have cars which use green fuel, especially given the patchy distribution of supply outlets. A watch will be kept on these Issues, but it Is expected that TBF will follow natlonal trends rather than seek to set them. No hazardous materlals are generated beyond those generally associated wlth office premises (Including lightlng bulbs/tubes and toner}. It Is the policy of the charity to use and dispose of these responsibly, in accordance with the recommendations of manufacturers and as requlred by local authorities and waste disposal contracts. All waste including recycling Is collected by the landlord's contractor. Steps have been taken to ensure that the contractor is properly licensed. Consumption of energy and water fs kept to the minimum bearlng in mind the need to operate effectively, economically, comfortably and with due regard to safety requirements. No attempt would be made to specify green energy until its cost In cash terms was similar to that for energy generated by other means, as again the trustees do not believe they have a mandate from the beneficiaries to spend funds in this way, 18

Transport Benevolent Fund (CIO) Report for the year ended 31 March 2025 Data Protection Act The charity takes its responsibility to protect personal data relating to members very seriously. Details of our registration with the Information Commissioner (No.ZA1784411 are included on that official's website. We do not, and shall not, share membership or mailing lists with any other organisation. Flnancial Conduct Authorlty We take complaints very seriously and if a beneficiary has a speclfic complaint about debt advice provided by the charity, the charity wlll respond in wrlting with a final response within 8 weeks of the complaint. If the beneficiary is stlll dissatisfied, they have the right to complain to the Financial Ombudsman Service and details of the Financial Ombudsman Service will be provided by the charity on request. Equality Act TBF happily complies with the provislons of this Act and aims to ensure that neither staff nor beneficiaries are unfairly discriminated against on any grounds including disabllity, gender reassignment, marriage & cfvll partnership, pregnancy & maternity, race, religion or belief, sex and sexual orlentation. It aims, as far as possible, also to ensure that discrimination does not take place on the basis of age, but certain service5 are only provided to those working in the Industry and their dependents. Human Rlghts and Freedom of Informatlon Acts The charlty Is not subject to the provlslons of these Acts because it does not carry out public functions. All procedures and methods of working aim to ensure fair and dignified treatment of members, beneficiaries and others. They may appeal agalnst our declsions where this rlght does not interfere with the ability of the charity to undertake its work on behalf of the majority of members and beneficiaries. It Is our policy to make as much information available to members, beneficiaries and others as is feasible without compromising the interests of the charlty. The maln method of dissemlnation Is our website. Trade Unlon support We very much appreciate the support shown to us at most levels in most trades unions In the sector. 19

Transport Benevolent Fund (CIO) Report for the year ended 31 March 2025 An appeal We wish that not only staff, but all employers would recognise the job we do and the help we can offer not only to staff but indirectly to them as employers. We enjoy a lot of support from companies, but it is necessary to record that we continue to be denied access to staff in some of the subsidiaries of even the most supportive groups. All we ask for is access to your staff (potential TBF members) so we can offer help and support when they experience need, hardship or distress. If you are not yet a TBF member, please join. If you are able to offer any time to help us (however little), please volunteer. We can be the means of preventing those working in the public transport industry (or retired from It) falling into a cycle of hardship and despair. We can make life better for them by being there when they need help. Your help would be more than appreciated. Structure, Governance and Management Nature of the 8overnlng document The charlty's Constitutlon was registered as a charity on 16 March 2015. It has a legal status of a Charitable Incorporated Orsanisation (CIO). Amendments to the charity's Constitution were agreed by the Charity Commission on 15 October 2019. History of the charlty The roots of the charity go back to the Flrst World War when, in order to supplement the Income of the dependants of those called to servlce with the armed forces, the Train, Omnibus and Tramway Group of London passenger transport companies set up the T.O.T. Mutual Aid Fund. Subscriptions were paid on a voluntary basis and were matched penny for penny by the participating companies. This enabled the service pay of employees to be supplemented so their families would not suffer undue hardship. Special help was also provided to relieve domestic difficultie5 and to offer medical and legal advlce. The actlvlties of the Fund were so successful that the T.O.T. Group (by then consisting of twelve public transport and associated companies) entered into a Declaration of Trust, the result of whlch was the formation of the Train, Omnibus and Tramway Benevolent Fund on January 1, 1923. Ten years later the T.O.T. Group and other undertakings were amalgamated to form the London Passenger Transport Board {'London Transport'l and the name of the Fund was changed to the London Transport Benevolent Fund. In January 1990, as a result of the fragmentatlon of London Transport, a new Deed was adopted, by which was formed the Transport Benevolent Fund (Registered Charity No 10025861. The transfer of assets from the London Transport Benevolent Fund to the first Transport Benevolent Fund was not successfully achieved, the Transport Benevolent Fund was finally established on 27 August 1996, to take over the assets of the earlier one of the same name and (insofar as they had not been transferred earlier) those of the London Transport Benevolent Fund. The transfer took place In accordance with a Charlty Commissioners, Scheme of December 19, 1996, together with the transfer of the assets of the associated London Transport War Comforts Fund Association ('LTWARCO'). This charity had been established on November 29, 1939 to provide relief for London Transport staff while on active service as well as their families or following death or disablement as a result of the Second World War or any extension of it. At the time of transfer 20

Transport Benevolent Fund (CIO) Report for the year ended 31 March 2025 to the new charity, LThARCO still provided relief to eleven widows whose husbands had been killed either while on service or in air raids. The final beneficiary passed away during 2008. On March 1, 2006, the charity acquired the assets of the TfL Staff Welfare Fund, which had been established in 1948 to provide help for staff of the London Transport Executive la predecessor body of Transport for London). These assets were accepted on the general trusts of the TBF but are held separately and used only for the relief of need, hardship and distress among the classes of persons specified by Transport for London in the Deed of Grant. Followlng the unincorporated charity's successful applicatlon to become a Charitable Incorporated Organisation, all assets from Transport Benevolent Fund a registered charity in England and Wales 110580321 and In Scotland ISC0400131 were transferred to the new entity Transport Benevolent Fund CIO a registered charity in England and Wales 111609011 on the 1 October 2015. The unlncorporated charity ceased operation on the 1 October 2015 and the new Transport Benevolent Fund CIO started operating on the 1 October 2015. On the 25 November 2016 Transport Benevolent Fund CIO was registered with the Office of the Scottish Charity Register, registration number ISC047016). Recrultrnent and Appolntment of New Trustees TBF aims to be a democratic organlsation. The Rules states there shall be no fewer than three or more than flfteen trustees at any time, who shall be appolnted in accordance with clauses 12 and 13 of the Constitution, either by an AGM or, where vacancies remain, by the Trustees under Clause 13[4]. Trustees shall make such appointments only after taking into consideration any perceived need to increase diversity among the Trustees. Written notice of the call for nominations for the electlon of Trustees at an AGM shall be sent by the Secretary to the registered address of each Local Committee Member or other CIO Member. They shall be given no less than fourteen days from the date of the despatch of the invitation to submit nomlnatlons which shall then be Included in the formal notice of the AGM. In order to ensure the Board collectively reflect5 the diverslty of the membership, the Board always keeps in mind the following; Maintenance of representatlon from existing minority groups; or Improved representation for minorlty groups. or Involvement of a further major employer group. or Involvement of a Train Operating Company or Network Rail. or Bus workers (from companies where they are under.represented); or Apart from these employment categories, minority groups may be based on disability, gender reassignment, marriage & civil partnershlp lin employment only), pregnancy & maternity J race, religion or belief, sex and sexual orlentation. In addition, Trustees will be sought from younger age 8roups, to help ensure the smooth continuation of the charity as existing trustees retire. Trustees are elected because of their commitment to the charity and the support they enjoy from their peers. While a proper balance of skills is required on the Board, Trustees are not generally elected because they posses5 any particular practical or professional skills. 21

Transport Benevolent Fund (CIO) Report for the year ended 31 March 2025 Collectively they control the Secretary, who is required to ensure that the necessary skills are available to them, either from among the staff or by the purchase of services in the market. The Secretary as scrutineer is responsible for ensuring that those elected are not barred from office. Trustee Induction and Training The Secretary is responsible for ensuring that all trustees understand their powers and responsibilities, providing them with copies of appropriate Charity Commission publlcation5 and identifying further training needs. The Chair is responslble for maintaining a climate in which all trustees may raise questions or Issues of concern and discuss matters relevant to their stewardship of the charity. He also ensures that meetings are conducted in such a way that all trustees may take part In determining policies. They are expected to attend meetings regularly• both in order to control the charity effectively and to learn by experience and exposure to issues. A lay expert on trusteeship issues addresses the Board annually on these issues, when all trustees are able to raise any questions or items of concern and to identify what they believe to be shortcomlngs in the way In which the charity is run, or in their own development and training. There are also occa51onal questionnalres to the trustees, to ascertain areas fn which they feel that further trainlng Is needed. The Board considers the outcome and the Secretary pursues matters as necessary. Arrangements are made for trustees to attend external training courses as necessary. Some also have opportunities to undergo related training by other bodies on which they serve. Organlsatlonal structure of the charlty and how declslons are made The basic unft of organisation is the Local Committee who also form part of the CIO membership and each contributing Fund Member is covered by a Local Committee. Each Local Committee consists of members employed in that area but, exceptionally> there is a Local Committee administered by TBF staff whSch covers areas not currently able to support a separate committee. this Is known as LC2. It is the duty of each member of the CIO to exercise their power as a member of the CIO in a way they decide In good faith would be the most likely to further the purposes of the CIO. The secretary is charged wlth the establishment of as many viable Local Committees as possible. She determlnes the number of members to serve on each, taklng into account the views of members in that area, of CIO membership (see below) or the trustees. The trustees are able to over-rule any decision of the Secretary in respect of the establishment or membership of Local Committees. Together, all members of Local Committees form part of the CIO membership. They elect the trustees, have the power to consider all aspects of the charlty's business and may make recommendations to the trustees. If the trustees do not adopt any recommendation of the CIO membership, they must explain why. The Chair and Vice-chair are elected at the first Trustees, meeting in each calendar year from among the existing trustees. Trustees, who must number between three and fifteen are elected by the AGM for rolling three year terms. They must be members of the CIO and are eligible for re- election as long as they retain this qualification. TBF staff are not eligible to serve as CIO members. 22

Transport Benevolent Fund (CIO) Report for the year ended 31 March 2025 The trustees are accountable for all activities undertaken on behalf of the charity. They normally meet six times a year, including the AGM, to establish policy and review progress and developments. Within strictly defined limits (which are set down in a document which is revTewed regularly) they delegate responsibility for the day-to-day running of the charity to their staff {generally through the CEO). Local Committees are able to consider recommendations in respect of initial grants for members in their areas who are in financlal need, but the final decisions rest with the trustees. A small sub- committee of trustees determines whether to grant further help and its decisions are notified to all trLSStees. The main aim of the trustees is to ensure that, through the system of delegated authority, requests for help are considered expeditiously, compassionately and fairly. Only in exceptional cases Is it necessary for them as a body to consider individual requests. Remuneration policy for key management personnel Key management personnel pay rates are in Ilne with other charities or companies of a similar slze. Risk pollcy There is also a sub-committee which deals with matters related to rlsk. It reports to the trustees as a whole, who decide whether or not to accept its recommendations. We have identified the risks to whlch the charity is exposed and have adopted systems which wlll mitigate these. These matters are considered annually lor more frequently if required), when we also determine which are the major risks requiring regular monitoring. These major risks are reviewed at least each quarter to ensure that they are properly managed. Each risk identified, along with assessments of the likely impact if they occurred and of the likelihood of thelr occurring. There are six levels each of impact and likelihood. In each case, Level I means Very Low. Level 2 means Low, Level 3 mean5 Medium, Level 4 means High, Level 4.5 means Medium High and Level 5 means Very High. By multiplylng the two Ilmpact and Likelihood) figures together, an overall level of risk is assessed. It follows that the lowest possible score IS 111 time5 1) Very Low (Negliglblel, while the highest IS 2515 times 5) - Very High {Crltlcall. We have identified the 11 risks whlch warrant regular monltoring to ensure that the control measures remain appropriate and are operating correctly. 23

Transport Benevolent Fund (CIO) Report for the year ended 31 March 2025 Statement of responsibilities of the trustees The trustees are responsible for preparing the Trustees. Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standard5 including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (Unfted Kingdom Generally Accepted Accounting Practice), The law applicable to charlties in England & Wales requires the trustees to prepare flnancial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing these financial statements, the trustees are require ed to: select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP; make judsments and accounting estlmates that are reasonable and prudent. state whether applicable accountlng standards have been followed, subject to any material departures disc105ed and explalned in the financial statements, and prepare the flnancial statements on the going concern basis unless it is Inappropriate to presume that the charity will continue in business. The trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charitie5 Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deedlconstitution. They are also responsible for safeguardlng the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responslble for the maintenance and integrity of the charity and financial information included on the charlty's website. Leglslatlon in the United Klngdom governing the preparation and dissemination of financial statements may differ from legislation in other Jurisdictions. Statement a5 to dlsclosure to our audltors In so far as the trustees are aware: There is no relevant audit information of which the CIO'S audltors are unaware; and The trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the audltors are aware of that information. 24

Transport Benevolent Fund (CIO) Report for the year ended 31 March 2025 Auditors Goldwins limited were re.appointed as the auditors of the CIO during the year and have expressed their willingness to continue in that capacity. The trustees, annual report has been approved by the trustees on .flAAts s.&..2oa.. and signed on thelr behalf by; Rob Jone5 Chair 25

Independent Auditor's Report to the Trustees of Transport Benevolent Fund (CIO) Opinion We have audited the financial statements of Transport Benevolent Fund {CIO} for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the flnancial statements; give a true and fair vlew of the state of the Charlty's affairs as at 31 March 2025 and of its income and expenditure for the year then ended; have been properly prepared in accordance with Unlted Kingdom Generally Accepted Accounting PractSce' have been prepared in accordance with the requirements of the Charities and Trustee Investment (Scotlandl Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended) and Charities Act 2011. Basls for oplnlon We conducted our audit In accordance with Internatlonal Standards on Auditlng (UK) (ISAS {UKI) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilitles for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirement5 that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion, Concluslons relating to goln8 concern In auditing the flnancial statements, we have concluded that the trustees, use of the going concern basis of accounting In the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identifled any material uncertainties relating to events or conditions that, individually or collectlvely, may cast slgnificant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilitles and the responsibilitles of the trustees with respect to going concern are described in the relevant sections of this report. 26

Independent Auditor's Report to the Trustees of Transport Benevolent Fund {ClO) Other information The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection wlth our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material mlsstatement of this other Information, we are required to report that fact. We have nothing to report in this regard. Matters on whlch we are required to report by exceptlon In the Ilght of the knowledge and understanding of the Charity and environment obtained In the course of the audit, we have not identified material misstatements in the Trustees, Annual Report. We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 or the Charity Accounts {Scotlandl Regulations 2006 (as amended) requires us to report to you if, in our opinion: sufficient accountlng records have not been kept. the financlal statements are not In agreement wlth the accountlng records and returns. or we have not obtained all the informatlon and explanations necessary for the purposes of our audlt. Responslbllltles of the trustees As explained more fully in the trustee5' responsibillties statement, the trustees are responsible for the preparatlon of the financial statements and for being satisffed that they give a true and fair view, and for such Internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparfng the financlal statements, the trustees are responsible for assesslng the Charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basls of accounting unless the trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so. 27

Independent Auditor's Report to the Trustees of Transport Benevolent Fund (CIO) Our responsibilities for the audit of the financlal statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS {UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or In the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, Including fraud, are instances of non-compllance wlth laws and regulations. We design procedures In line with our responsibilities, outlined above, to detect material misstatements in respect of Irregularitles, including fraud. The extent to which our procedures are capable of detecting irregularities, Including fraud are set out below. Capabillty of the audit in detectlng Irregularities In identifying and assessing risks of material mlsstatement in respect of irregularities, including fraud and non-compllance with laws and regulations, our procedures included the followlng: We enquired of rnanagement, which included obtainin8 and reviewlng supporting documentatlon, concernlng the charity's pollcles and procedures relating to: Identifying, evaluating, and complying with laws and regulations and whether they were aware of any Instances of non-compliance. Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud; The internal controls established to mitigate risks related to fraud or non-compllance with laws and regulations. We inspected the mlnutes of meetlngs of those charged with governance. We obtalned an understanding of the legal and regulatory framework that the charity operates In, focuslng on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operatlons of the charity from our professional and sector experience. We revlewed the financlal statement disclosures and tested these to SUPPOrting documentatlon to assess compliance with applicable laws and regulations. We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of materlal misstatement due to fraud. In addresslng the rlsk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made In making accounting estimates are Indicatlve of a potential blas and tested significant transactlons that are unusual or those outside the normal course of business. Because of the inherent limitatlons of an audit, there is a risk that we wlll not detect all Irregularitles, including those leading to a material misstatement in the financial statements or non.compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non.compllance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities is available on the Financial Reporting Council's website at: www.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report. 28

Independent Auditor's Report to the Trustees of Transport Benevolent Fund (CIO) Use of our report This report is made solely to the Charity's trustees, as a body, in accordance with section 144 of the Charities Act 2011 and the regulations made under section 154 of that Act and under Section 44(1) {c} of the Charities and Trustee Investment (Scotland) Act 2005. Our audit work has been undertaken so that we might state to the Charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity's trustees as a body, for our audit work, for thls report, or for the opinions we have formed. G L4-'L'o4 Goldwlns Llmlted Chartered Accountants Statutory Audltor 75 Maygrove Road London NW6 2EG Goldwlns Limited Is eligible for appointment as auditor of the charity by virtue of Its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. 29

Transport Benevolent Fund (CIO) Statement of Financial Activities (Including an Income and Expenditure Account) For the year ended 31 March 2025 TBF 2025 £ 'ooo SWF 2025 E'ooo Total 2025 £ 'ooo Total 2024 Note INCOME AND EXPENDITURE INCOME FROM Donations Gift Aid on donatlons Investment income 4,125 901 90 4,125 901 150 3,923 898 741 60 Total Income 5,116 60 5.176 4,962 EXPENDITURE ON Raising funds: Raising funds Investment Mana8ement costs Charitable activities 1,189 14 3,806 1,189 33 3,863 1,114 39 3,613 19 57 Total expendlture 5,009 76 5,085 4,766 Net income before net galns / (losses) on Investments 107 (16) 91 196 Net gains / (losses) on investments (92) 117 25 361 Net movement in funds 101 116 557 Funds brought forward Funds carrfed forward The attached notes form part of these accounts. The TBF (Transport Benevolent Fund CIO) Is unrestricted, while the TfL Staff Welfare Fund {SWF) Is restricted. The Sandra Barr Memorial, Issy Gold Memorial, Arthur and Rose Hollingsworth, Roy Cartlidge Memorial and Belly Mujinga Memorial are part of the unrestricted fund. All actlvltles during the year were contlnulng. There were no other recognised gains or losses other than those stated above. 30

Transport Benevolent Fund (CIO) Balance Sheet As at 31 March 2025 TBF 2025 £ 'ooo SWF 2025 £ 'ooo TOTAL 2025 £ 'ooo TOTAL 2024 Note Fixed Assets Investments 3,631 2,002 5,633 5,619 3,631 2,002 5,633 5,619 Current Assets Debtors Cash at bank and in hand 1,566 783 1,568 797 7,487 806 14 2,349 16 2,365 2,293 Llabilftles Amounts falling due wlthin one period 10 {691 {51 1741 (104) Net Current Assets 2,280 2,291 2, 189 Total assets less current Ilabllltles 5,911 2,013 7,924 7,808 The funds of the charlty 11,12 5,911 2,013 7,924 7,808 The TBF (Transport Benevolent Fund CIO) is unrestricted, while the TfL Staff Welfare Fund is restricted. The attached notes form part of these accounts. Approved by the Board of Trustees on .f.¢A.A￿ .i&I,.2.o.z.&...... and slgned on its behalf by: ftk Rob Jones Chair ane Trustee 31

Transport Benevolent Fund {ClO) Statement of Cash Flows For the year ended 31 March 2025 TBF SWF Total Note 2025 2025 2025 £'ooo £'ooo £'ooo £'ooo Total 2024 Net cash provided by l (used in) operating actlvlties 15 (98) 172) (170} (182) Cash flows from investing activities: Interest/ rent/ dividends from investments Proceeds from sale of Investments Purchase of investments 90 634 622 60 184 185 150 818 807 141 276 230 Cash provlded by Investfng activitles 102 59 161 127 Chan8e In cash and cash equlvalents In the year (13) (9) (55) Cash and cash equlvalents at the beglnning of the year Cash and cash equlvalents at the end of the year 779 783 27 14 806 797 861 16 806 32

Transport Benevolent Fund (CIO) Notes to the Financial Statements For the year ended 31 March 2025 Accounting PolicTes 1.1 Bas7s of preparatlon The financfal statements have been prepared in accordance with 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 (Charities SORP FRS 1021, Charities and Trustee Investment (Scotland) Act 2005, regulation 8 of the Charities Accounts (Scotlandl Regulatlons 2006 las amended) and the Charitles Act 2011. The charity meets the definition of a public benefit entity under FRS 102. Assets and liabillties are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting pollcy or note. These accounts are prepared on the historic cost basis of accounting except for Investments and other fixed assets, which have been included at revalued amounts. 1.2 Goln8 concern The trustees consider that there are no material uncertainties about the charity's abillty to continue as a golng concern. The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabllities within the next reporting period. 1.3 Income Income is recognised when the charity has entitlement to the funds, any performance condltlons attached to the income have been met, it is probable that the income wlll be received and that the amount can be measured rellably. 1.4 Donations of glfts, services and facllitfes Donated professional services and donated faclllties are recognised as income when the charlty has control over the Item or received the servlce, any conditions associated with the donation have been met, the receipt of economlc benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognlsed so refer to the trustees, annual report for more information about their contribution. On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been wllling to pay to obtain services or facTlities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the year of receipt. 33

Transport Benevolent Fund {ClO) Notes to the Financial Statements For the year ended 31 March 2025 Accounting Policies (continued) 1.5 Interest receivable 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. 1.6 Fund accounting Unrestricted funds are available to spend on activities that further any of the purposes of charity. Restrlcted funds are donations which the donor has specified are to be solely used for partlcular areas of the charity's work or for speclflc projects belng undertaken by the charity. 1.7 Expendlture and irrecoverable VAT Expenditure is recognised once there is a legal or constructfve obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obllgatlon can be measured rellably, Expenditure Is classified under the following actlvity headings: Costs of raising funds comprise of tradins costs and the costs Incurred by the CIO in Inducing third parties to make voluntary contributions to it, as well as the cost of any activities with a fundraising purpose. Expenditure on charitable activities includes the costs of dellvering servlces and other activities undertaken to further the purposes of the charity and their associated support costs. Other expenditure represents those Items not falllng into any other heading. Where grants have been pledged but not paid by the end of the financial reporting period, these are treated as accrued expenses. The charlty incurs a range of charitable expenditure, breakdown of whlch is included in Note 5. Expenditure on medical treatments and consultatlons, legal assfstance and medical equipment is incurred In respect of any given beneficiary or dependant at any time throughout the accounting perlod and payments may be made either to that person or to a third-party provlder. Several payments may be made to or for the same person, Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. 34

Transport Benevolent Fund (CIO) Notes to the Financial Statements For the year ended 31 March 2025 Accounting Policies (continued) 1.8 Allocation of support costs Support costs are those functions that asslst the work of the charity but do not directly undertake charitable activities. Support costs include back.office costs, finance, personnel, payroll and governance costs which support the CIO'S activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities on the following basis: Expenses have been allocated against the most approprlate category in the Statement of Financial Activities. Certain expenses have been apportioned between two or more categories. the proportions may vary from year to year, but for the year being reported the following basis has been adopted. The expenses attributable to the different classes of charitable actlvities are further allocated as shown in Note 5. The trustees have considered whether any of the following expenses should be allocated to Investment Management costs but have determined that the sums attributable to this category are small enough to be consldered immaterial. Salaries, Pensions & Soclal Securlty costs 60% costs of generating fund5, 39% charitable activities, 1% governance costs Premfses 25% costs of generating funds, 73% charitable activlties, 2% governance costs Informatfon Technology 25% costs of generating funds, 75% charltable activities Telecommunlcation5 and postage activltles, 49% costs of generatlng funds, 49% charitable activities, 2% governance costs Travel & subsfstence 98% costs of generating funds, 2% governance costs Depreciatfon of office Equiprnent 25% costs of generating funds, 75% charitable activities Other expenses 33% costs of generating funds, 50% charitable activities, 17% governance costs 'Other expenses, includes costs of engagement of management consultants, agency staff, training, general insurance, printing and stationery, offlce expenses, charges levied by one employer for collection of subscriptions, payroll service charges and expenses of trustees (see Note 18.41. 35

Transport Benevolent Fund (CIO) Notes to the Financial Statements For the year ended 31 March 2025 Accountfng Pollcie5 (continued) 1.9 Operating lease5 Rental charges are charged on a straight-line basis over the term of the lease. 1. 10 Tanglble flxed assets Assets acqulred at a cost of less than £1,000 are written off In the year of acqulsltion. The cost of all other furniture and equipment is wrltten off on a straiqht-line basis over its estimated useful life. This is taken to be: Furnfture, ffttings and non-electrical offlce equipment Electrical office equlpment and medlcal equipment 8 years 3 years When an asset Is fully depreciated, both the gross amount and the aggregate depreclation are ellminated from the accounts. 1.11 Investments Investments are a form of baslc flnancial Instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date usfng the closing quoted market price. Any change In fair value will be recognised In the statement of flnanclal activitles, with galns or losses shown in Note 8. 1.12 Publlclty materlals All publicity materials are consldered to be for the purpose of generating funds and the cost of acqui51tlon Is written off on payment for the goods. 1.13 Debtor5 Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid. 1.14 Cash at bank and In hand Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisltion or opening of the deposit or simllar account. 1.15 Creditors and prov7sions Creditors and provlsions are recognised where the charlty 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 and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. 36

Transport Benevolent Fund (CIO) Notes to the Financial Statements For the year ended 31 March 2025 Accounting Policies (continued) 1.16 Financial Instruments 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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. Detailed comparatlves for the statement of financlal activitles TBF 2024 £ 'ooo SWF 2024 £'ooo Total 2024 £ 'ooo INCOME AND EXPENDITURE INCOME FROM Donations Gift Aid on donations Investment income 3,923 898 89 3,923 898 141 52 Total Income 4,910 52 4,962 EXPENDITURE ON Raising funds: Ralsing funds Investment Management costs Charltable activitles 1,114 39 3,613 23 3,509 16 104 Total expenditure 4,646 120 4,766 Net income before net galns / (losses) on Investments 264 (68) 196 Net gains I (losses) on investments 124 237 361 Net movement fn funds 388 169 557 Funds brought forward Funds carried forward 5,508 5,896 1,743 1,912 7,251 7,808 37

Transport Benevolent Fund (CIO) Notes to the Financial Statements For the year ended 31 March 2025 Donations Income from donations was attributable to membership subscriptions and tax recoverable on these through the Gift Aid scheme, apart from the following donations: Charltable Giving Charities Aid Foundation Donations from Q Members Great Western Railway JustGiving Linda Arwood Rail Concert Rail Staff Awards TFL Carol Concert Transport UK East Midlands Limlted 117 976 869 304 1,579 2,000 429 2,552 113 10,440 Raising funds TBF SWF TOTAL TOTAL 2025 2025 2025 2024 £'ooo £'ooo £'ooo £'ooo Salaries, Pensions, Soclal Security Premises Information Technology Telecommunications and Postage Travel and subslstence Publlcity Other expenses Governance costs {note 6) Costs of generating voluntary Income 849 37 38 13 43 153 45 849 756 37 41 38 36 13 23 43 37 153 159 45 49 11 13 1,189 1,114 1,189 Investment management costs 14 19 33 39 Total cost of generatlng funds 1,203 19 1,222 1,153 See also Note 7. Investment Management costs represent a proportion of the value of the funds under management. 38

Transport Benevolent Fund (CIO) Notes to the Financial Statements For the year ended 31 March 2025 5. Charitable Act7Vities TBF SWF TOTAL 2025 2025 2025 £ 'ooo £ 'ooo £ 'ooo TOTAL 2024 £ 'ooo Hardship grants for beneflciaries by Local Committees (No. of grants: 1,421)12024: 1,374) [344] 344 312 Hardship grants for beneficiaries by the trustees (No. of TBF grants: 1,402)12024.. 1,3901 (No. of SWF grants: 461 (2024: 50) Grants for beneflclaries for medlcal equipment and aids (No. of TBF grants: 121) {2024: 124) (No. of SWF grants: 5)12024: 121 Costs in support of grant making Total cost of grant making Provision of convalescence (No of TBF cases: 111112024: 80) (No. of SWF cases: 26)12024: 161 Provision of recuperation (No of TBF cases: 17)12024: 231 {No. of SWF cases: 61 (2024: 71 Medical treatments and consultations Legal assistance Debt relief Medical equipment a550ciated costs Costs in support of the provision of servlces Total cost of the provision of servlces [309] 23 309 340 [34] 34 40 201 201 202 888 26 888 894 [101] 25 101 [14] 14 19 [2,104] [7] [2] [1] 654 2,104 1,933 654 615 2,883 31 2,883 2,680 Total 3,771 57 3,828 3,574 Governance costs (note 6) 35 35 39 Total cost of charitable actlvities 57 Further to Note 1.8, expenses attributable to charitable activities have been allocated to grant making and the provision of services in proportion to the direct costs incurred on these activities. See also Note 7. For fisures in [ J please refer to Achievements and Performance on pase 10. 39

Transport Benevolent Fund (CIO) Notes to the Financial Statements For the year ended 31 March 2025 Governance Costs TBF 2025 £ 'ooo SWF 2025 £ 'ooo TOTAL 2025 £ 'ooo TOTAL 2024 £ 'LIJo Audit fees Staff costs Premises Telecoms and postage Travel and subsistence Other expenses Total cost of governance Allocated to raislng funds Allocated to charitable activities Total 14 14 13 22 46 (111 35 22 46 (11) 35 27 52 (73) 39 Governance costs are allocated to raising funds costs and charitable actlvities on the basis of staff tlme spent on paying grants and recruiting members. Total Expendlture 7.1 Unre5trfcted fund Telecoms and postage 2025 £'ooo 13 Staff Costs Premises 2025 2025 £'ooo 849 Informatlon Technology 2025 £'ooo 38 Travel and Subslstence Publlclty 2025 2025 E'ooo I'ooo 43 153 Ralslng funds INote 41 Charltable actlvitles INote 51 Governance costs (Note 6) 37 552 709 113 14 748 151 26 44 153 Audlt and Investment legal Management advice 2025 2025 £'ooo £'ooo 14 Grants and servlces 2025 E'OOO Other expenses 2025 E'OOO 45 Re- allocatlon Total Total 2025 2025 2024 £'ooo £'ooo £'ooo 1,203 1, 137 Raising funds (Note 4) Charitable Activities (Note 51 Governance costs (Note 61 2,916 68 35 3,806 3,509 22 1461 14 135 5009 4646 40

Transport Benevolent Fund {ClO) Notes to the Financial Statements For the year ended 31 March 2025 Total Expenditure (continued) 7.2 TfL Staff Welfare Fund (restricted fund) 2025 2024 £'ooo £ 'ooo 57 104 19 16 76 120 Grants and services (note 5) Investment Management (note 41 7.3 Staff Costs 2025 £'ooo 1,208 131 76 1,415 2024 Salaries Social Security Staff pensions 7,072 119 69 The following number of employees received employee beneflts (excluding employer penslonl during the year between: 2025 2024 £60,000 . £69,999 £70,000 - £79,999 £80,000 - £89,999 The total employee benefits Including penslon contributlons of the key management personnel were £190,736 {2024: £178,559). None of the charlty trustees received any remuneration or other benefits from the charity. Amounts paid to auditors net of VAT in respect of audit servlces amounted to £6,50012024: £6,500) and £4,16712024'. £4,167) in respect of accountancy services. Staff number5 The average number of employees (headcount based on the number of staff employed) durlng the year was as follows: 2025 2024 No. No. 10 10 Raising funds Charitable activitles Support Governance 10 25 26 41

Transport Benevolent Fund (CIO) Notes to the Financial Statements For the year ended 31 March 2025 Total Expenditure (continued) 7.4 Professional Indemnlty Insurance Professional indemnity insurance was held throughout this year, with a value of £2,500,000. The total cost of general insurance, includin£ professional indemnlty cover, was £7,198 {2024: £6,909). Fixed Assets - Investments TBF SWF TOTAL TOTAL 2025 2025 2025 2024 £ 'ooo £ 'ooo £ 'ooo 3,735 1,884 5,619 622 185 807 (634) {184) {818) (92> 117 25 Market Value at the beglnnin8 of the year Add: Additions at cost Less: Disposals at market value Net movement on the portfolio Market Value of securltles at the end of the year 5,244 230 [phone] 2002 5633 8.1 Benevolent Fund Account (unrestrlcted fund) All investments (other than cash held by the Investment Manager) were In UK listed securities, including Brltish Government Stocks, Investment and Unit Trusts. The followlng holdings constituted 5% or more of the total portfolio: Fund CFP Ca5tlefields FD CFP Castlefields th htful UK O Sarasin Funds ICVC Sarasin Res GblE CFP Castlefield FD CFP Castlefield Th htfl Eur First Sentier Inv stwrt in Wldwide All Ca CFP Castlefields FD CFP Castlefields Real Rtn Gn CFP Castlefield FD CFP Castlefield Th htfl UK Smlr Wellin ton M t Fds Wln tn GBL Im act BD GBP S Liontrust Sust Futr GBL GTH 2 Value £ 931 674 484 564 368 776 346 013 296 034 273 017 265 308 227 696 Percenta 28.2% 13.2% 10.1% 9.5% 8.1% 7.5% 7.2% 6.2% 42

Transport Benevolent Fund (CIO) Notes to the Financial Statements For the year ended 31 March 2025 Fixed Assets - Investments (continued) 8.2 TfL Staff Welfare Fund (restrlcted fund) All investments {other than cash held by the Investment Manager) were in UK Ilsted securities, including Britlsh Government Stocks, Investment and Unit Trusts. The following holdings constituted 5% or more of the total portfollo: Fund Marks & S Value £ 106 650 Percenta 5.30% encer Grou ORD GBPO.01 Debtors TBF 2025 £ 'ooo 149 1,173 244 SWF 2025 £ 'ooo TOTAL TOTAL 2025 2024 £ 'ooo £ 'ooo 149 709 1,173 1, 174 244 199 Prepayments and other debtors Tax recoverable on subscriptions Subscriptions not yet received Loans advanced to beneficiaries 10. Liabillties: Amounts falllng due withln one year TBF 2025 £ 'ooo SWF 2025 £ 'ooo TOTAL TOTAL 2025 2024 £ 'ooo Audlt fees Staff costs Other 30 32 30 37 31 66 69 74 104 11. Transport Benevolent Fund (Unrestrlcted) 2025 £ 'ooo 5,896 15 2024 £ 'ooo 5,508 388 Brought forward Surplus I (loss) for the year Balance as at the end of the year The money In this account was held for the prov?sion of grants and other member services, cost5 of support and governance and fundraising. All the funds are unrestricted. 43

Transport Benevolent Fund (CIO) Notes to the Financial Statements For the year ended 31 March 2025 12. TfL Staff Welfare Fund (Restricted) 2025 £ 'ooo 1,912 101 2024 Brought forward surplus I1105sI for the year Balance as at the end of the year 1,743 169 The money in thi5 account is held for the provision of grants and other member services, costs of support and governance and fundraislng. The funds are restricted and may only be used in the way described in the Deed of Grant from Transport for London dated March 1, 2006. Eligible persons (who need not be TBF members) may also be granted loans from this fund. 13. Transfers between Funds There were no transfers between the (restricted) TfL Staff Welfare Fund and the {unrestrlctedl Benevolent Fund account, Although the trustees are entitled in accordance wlth the Deed of Grant whlch transferred the TfL Staff Welfare Fund from Transport for London to the charity to charge up to 0.5% of the asset value each year for administration, the trustees have determined that this charge should not be levied in the foreseeable future. 14. Analysfs of Net Assets between Funds Unrestrlcted Restrfcted 2025 2025 £ 'ooo £ 'ooo Total 2025 £ 'ooo Fixed assets Net Current Assets Total 3,631 2,002 5,633 Previous year Unrestricted Restricted 2024 2024 £ 'ooo £ 'ooo Total 2024 £ 'ooo Flxed assets Net Current Assets Total 3,735 2,161 1,884 28 5,619 2, 189 44

Transport Benevolent Fund (CIO) Notes to the Financial Statements For the year ended 31 March 2025 15. Reconciliation of net income / {expenditure) to net cash flow from operating activities TBF SWF Total 2025 2025 2025 £ 'ooo £ 'ooo £ 'ooo 15 101 116 Total 2024 £ 'ooo 557 Net income for the reporting period (as per the statement of financlal activltfes) Interest, rent and dividends from investments (Gains) I losses on investments Ilncrease) I decrease in debtors Increase l {decrease) In creditors Net cash provided by l (used In) operatlng activities (901 92 184} 31 (601 11501 (117) 1251 181) 30 (741) (361) 1273) 36 98 72 170 182 16. Analysls of cash and cash equlvalents TBF SWF Total 2025 2025 2025 £ 'ooo £ 'ooo £ 'ooo Total 2024 £, 000 Cash at bank and In hand 783 14 797 806 Total cash and cash equlvalents 783 14 797 806 17. Penslon arrangements The penslon charge for the year shown in Note 7 to the accounts relates to the stakeholder penslon scheme and death.In.service cover. All staff aged under State pension age are auto enrolled Into the scheme. There is no legal or contractual obligation for the trustees to contribute beyond 3% of salary but the trustees have decided to contrlbute 5% of salary and meet the cost of the associated death-in-service cover. Thelr contributlon fs increased to 9% of salary where members of the scheme agree to contribute 6% or more of salary. The trustee5 believe it is right to help staff prepare for retirement and encourage them to remain In the scheme. At the year-end, nineteen staff had joined and seventeen were paying at the rate of 6% or more, triggering the trustees, additional contributlon of 9% and two were paying 5%. 45

Transport Benevolent Fund (CIO) Notes to the Financial Statements For the year ended 31 March 2025 18. Transactions with Trustees and Related Parties 18. 1 Services Granted All trustees are members of the Charity and they and their dependants are eligible for consideration for services on the same terms as any other beneficiary or their dependants, with the exception that they take no part in determining the grantTng of any services to themselves or their dependants. The total value of grants or services made to trustees or their dependants from the unrestricted fund was £1,401 {2024: £1081, Involving three trustees. No grants or services were made to trustees or their dependants from the TfL Staff Welfare Fund. 18.2 Remuneration and loans No trustee received any remuneration, loan or other beneflt from the Charity, except as dlsclosed in the preceding Note. 18.3 Buslness Tran5actlons Involvln8 Trustees and Related Partles There were no business transactions involving trustees personally or persons with a family or business connectlon wlth them, either directly or Indirectly nor with any related parties. 18.4 Expenses Only actual expenses incurred by trustees are reimbursed. The total paid during the year was £134 (2024: £642). 19. Grants to Other Instftutions No grants were made to other Institutlons, except where these were for the direct relief of the charlty's beneficiaries. 20. Loans and Guarantees There were no loans or guarantees secured against the Charity's assets. 46

Transport Benevolent Fund (CIO) Notes to the Financial Statements For the year ended 31 March 2025 21. Future Commitments The only major leasing commitment is in respect of office premises. Total minimum rental payments payable in terms of operating lease are £531,192 (2024: £673,383), payable quarterly in advance. This includes service charge which is a fair and reasonable proportion of the service costs. The charity is also required to pay business rates and a fair proportion of the landlord's insurance premium. The lease expires in October 2028. The charity incurs expenditure on medical treatments and consultations, legal asslstance and medical equipment, all of which is for the specific relief of the beneficiary or dependant. Such expenditure may take place over an extended period and it is the policy to agree in advance the extent of help which may be offered over a period not exceeding twelve months. The beneficiary or dependant is then enabled to seek appropriate reimbursement of expenditure during that period. The assessment of these future commitments is difficult to achieve, however, because the extent to which reimbursement will be sought by the individuals concerned is not known, the trustees have considered the questions of, firstly, at which point a contingent liability may be said to arise in this regard and, secondly, whether or not it Is possible to reasonably estimate the extent to which any such contingent liability may crystallize. The trustees consider that it Is not likely that any contingent liability will crystallize in this respect and hence no provislon has been made In the flnancial statements in this regard. The trustees have assessed the potential liability accruing for these reasons to be £199,663 representlng approximately 14.5 days, Income12024: £191,519 representing approximately 14.5 days, Income>. 47