CARNEGIE HERO FUND TRUST Charil Number SC000729 REPORT OF THE TRUSTEES AND ACCOUNTS For the Year Ended 31st De￿mber 2025 CARNEGIE HERO FUND TRUST Accounts for the Year Ended 31 st December 2025 ontents Pa Report of the Trustees Independent Auditor's Report Statement of Financial Activities ISOFAI 10 Balance Sheet 11 Notes Forming Part of the Accounts 12-19 CARNEGIE HERO FUND TRUST Re ort ofthe Trustees for the Year Ended 31st December 2025 The Trustees present their report and accounts for the year ended 31st December 2025. The a¢¢ounts have been prepared in accordance with the accounting policies set out in note 110 the accounts and comply with the charity's Trust Deed and Royal Charter, the Charities and Trustee Investment (Scolland) Act 2005, the Charities Accounts (Scollandl Regulations 2006 las amended) and 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 IrelandlFRS1021 {effects've 1st January 20191. Objectlves and Activities The Hero Fund was established in 1908 to recognise acts of heroism and provide welfare support and financial assistance, if necessary. lo people who have suffered injury. or lo the families of people who have been killed in the heroic endeavour lo save human life in peaceful pursuits in the United Kingdom, Ireland and the Channel Isles and the surrounding waters. on￿ a ¢ase of heroism is recognised a financial assessrfftnl is undertaken and, If appropriate, grants are awarded according lo need. Grants may continue lo be awarded or re-inlrodu¢ed throughout a beneficiary's lifetime subject lo individual circumstances. Achievemgnts and Performance The Carnegie Hero Fund Trust continued with its charitable objectives of recognising acts of civilian heroism throughout the United Kingdom and Ireland during 2025. The purpose of the Trust is lo present heroism awards and then support Camegie heroes and their dependents emotionally and financ￿allY for as long as required. The Trust has had active engagement with some beneficiaries for almost 60 years. Thirteen new cases of heroism were investigated throughout 2025, and 4 people were recognised as meeting the Carnegie Hero Fund eligibility criteria. Presentations for heroic events look place in Devon and Dunfermline during 2025. Th? Trust is always reviewing ways of enhancing and tailoring the support offered. Our Trustees are committed to providing financial support to beneficiaries where necessary and each case is reviewed on an annual basis. The Carnegie Hero Fund Trust had 74 beneficiaries on the Hero Fund register who We￿ financially supported in 2025 w((h contacuemolional support being maintained with a further 58 Individu81s. During 2025, grants ranging in total from £310 to £4,300 were awarded to 8 total of 78 beneficiaries. In addition, 8 education grants of £2,000 were awarded lo the children of Carnegie Heroes to assist them with the cost of higher and further education. The Hero Fund Manager travelled throughout the UK and Ireland lo visit new and existing beneficiaries and maintained regular telephone and written contact with others. In addition. the Hero Fund Manager hosted 11 visits to the Andrew Carnegie Birthplace Museum by Carnegie Hero Fund Trust beneficiaries and descendants during 2025. DuTing these visits family members can find out more about the heroic act and view their hand ¢alligraphed entries in the Roll of Honour. In addition, we received 68 requests for information about historical hero fund awards. During 2025 we have been working in partnership with other charitable organisations who recognise Heroism such as the Royal Humane Society. This has allowed us to learn from each other and share best practice. Our new CRM database has greatly improved the storage of historic and live cases and ensures that data is secure and easier to search. We have now almosl completely moved away from papei-based records. In May, The Carnegie Hero Fund Trust UK and Ireland hosted a meeting of the World Hero Fund Committee as part of the Carnegie Medal of Philanthropy 2025 events. The global Hero Fund institutions came together to share learning and discuss new inilialives. Future Pro sals During 2028, The Carnegie Hero Fund Trust will carry out a review of our GDPR processes, and we will be appointing an HR adviser lo carry out a review of our staff policles and ¢onlracls to ensure that they are compliant with the new Employment Rights Act 2025. CARNEGIE HERO FUND TRUST ort of the Trustees for the Year Ended 31st December 2025 Financlal Revlew The results for the year are sel out on page 10 of the Accounts. The Trustees consider the slate of affairs of the Trust lo be salisfa¢tory. The Trust was founded in 1908 when Andrew Carnegie gifted $1,250,000 to be managed in perpetuity. The capital of this fund al 31 st December 2025 amounts lo £6.6 million. This fund generates income which is used lo provide financial assistance lo injured heroes or dependanls of heroes in accordance with the objects of the Trust. The Trust received total incorne of £241,673. Total income was used to fund grants and related costs which totalled £255,556 resulting in an anticipated deficit of £13,883 which has been met ffom reseNes. Investment income increased overall from £216,487 10 £241.568 an increase of 11.6%. Interest rates have remained relatively stable and there were no exceptional dividend$ re¢eived. The Trust's investment portfolio rose from £5,961,930 to £6,340,366 an increase of 6.30/0. Portfolio performance reflects the current market. In 2015 the Trust receNed a bequest of £61,440. Trustees agreed that this money would be used to help support families in ways lo enable family members, but espe¢i811y youngsters, lo enter and sustain further education and the bequest was sel aside as a designated fund. Since then. a further £81,000 has been added from general funds and a bequest received in 2021. Inole 15) Princi al Fundin Sources The principal funding source continued lo be that of investment income. Dividend yields were significantly higher than those in 2024. Interest on short term deposits ￿mained relalivety stable. The Trustees will continue lo closely monitor the Trust's financial position. Investment Polic and Performance The Trust has an Investment Committee, members of which are list￿ on page 4. The Trust employs Investment Managers and the Committee meets with them throughout the year and reports lo the full Board of Trustees with recommendations. There are no reslriclions on the Trusvs power lo invest funds and the inveslmenl strategy is set by the Trustees in the light of advice from the Investment Managers. The investment strategy is informed by the objective to maintain the capital value of the funds whilst producing 5uffiGient income lo enable the Trust lo fulfil ils charitable aims. This strategy is subject lo regular review 2nd is sel within an overall policy under which funds are invested in stocks and shares, gills and lixed interest investrnenls, undertaken within the agreed working terms with the Investment Managers according to their stewardship code and Klenlified miligalion of risk by the avoidance of certain produGts, Stock market movement informs the balance of the poitfolios and the emphasis on the generation of income. Reserves Polic It is the policy of the Trust to maintain unrestricted funds, which are the free reserves of the Trust, at a level which provides sufficient cover for meeting ongoing costs of generating fvnds and charitable expenditure. Grant Makin Polic Grants are awarded at the discrets'on of Trustees and reviewed on an annual basis. CARNEGIE HERO FUND TRUST ort of the Trustees for the Year Ended 31st December 2025 continued Structure, Governance and Management GoveTnin Document The original governing document of the Trust is the Trust Deed of 1908 followed by the Royal Charter of Incorporation granted in 1919. A supplementary Royal Charter modernising statutory and management processes was granted by the Privy Council in September 2006. Staff Remuneration The Trust has a Staff and Salaries Committee, members of which are listed on page 4. Remuneration of staff is not determined by fixed scales. The Staff and Salaries Committee review salaries, performance, pension requirements, and other related matters al least once in each financial year. The Trust considers its key management personnel to comprise the Chief Executive Officer. The post of Chief Executive Officer is shared be￿een the Carnegie Dunfermline Trust and the Camegie Hero Fund Trust. Related Parties The Trust shares common Trustees and administration with the Carnegie Dunfermline Trust. The Carnegie Dunfermline Trust makes payments an¢J collects sums on behalf of the Carnegie Hero Fund Trust. The Trust also shares ownership of Andrew Carnegie House with the Carnegie Dunfermline Trust, the Carnegie UK Trust and the Carnegie Tiusl for the Universities of Scotland. Recruitment and A ointment of Trustees The Trustees who served during the year are sel out on page 4. Of these, four are appointed by Fife Council an¢J their appointment is reviewed following each local goveinmenl election. Of the other Trustees, when a vacancy arises nominations are sought through advertising, applications invited and interviews conducted by a committee of serving Trustees. Following an advertising campaign and recruitment process, bNo new Trustees, Greg Robertson and Kirsty Watson were appointed and duly welcomed onto the Board on 241h April 2025. In October, after a number of years of dedicated service. Danny McArthur stepped down as a Trustee. He was thanked for his many years of commitment and contribution lo the Trust. Tru51ee Induction and Trainin Trustees receive a full induction pack on appoinlmenl, followed by an ongoing programme of TTuslee training. The Tiusl also introduced a code of conduct which Trustees are reqUI￿d lo sign. Risk Mana emenl The Trust has an Audit Committee which meets at least iwice a year and reports lo the full Boaid of Trustees. Trustees who serve on the Audit Committee are listed on page 4. The independent auditor has direct access to the Chair of the Audit Committee. Included in the remit of this Committee 15 the annual review of mallers o¢Jtlined in the risk management document. None of the currently identified risks are considered higher than 'medium' for likelihood. Whilst potential loss of investment income would conslilule the highest possible risk this is mitigated by the investment management procedurelsee Inveslmgnt Policy and Perform8nce above) and the prudent management of fomard grant commitments. Trustees meet bi-monthly lo conduct the business of the Trust and consider new cases of heroism. In be￿een these bi-monthly meetings, the Hero Fund Sub Committee meet to consider the individual needs of beneficiaries as they arise. At the beginning of each year the Hero Fund Sub Committee conducts an annual review of beneficiary need which lakes account of age profile, circumstances and potential ¢onlingencies set against projected income to determine offers of grants made in that year. This analysi$, together with an overall review and recommendations are brought lo the February meeting of Trustees. Other risks are miligaled through standing proceduies. CARNEGIE HERO FUND TRUST ort of the Trustèes for the Year Ended 31 st Decemb&r 2025 continued Structure, Governance and Management l¢ontlnuedl Reference and adminislralive information Tru6tee$ Andrew W Croxford BA CA Thomas Dochety Rachel Doyle Colin Firth MBChB FRCGP Gillian Mann Danny McArthur Bsc Msc MRICS MaPS Janel Mccauslin MBE Resigned 30 October 2025 Chair George Murray Mike Reid Rev. M8ryAnn R. Rennie Greg Robertson Victoria Simpson MAHons, LLB, ATh, DIPLP, NP, ASI Dr Ruth Strain Appointed 24th April 2025 David M Walker BA CA Klrsly Walson lan M Wilson BS Appointed 24th April 2025 Trusteos appolntod by Flfe Councll Cllr Brian Goodall Cllr Gordon Pryde Cllr James Cafder Cllr Conner Young Indicates a member of the Audit Committee. # Indicates a member of the Investment Committee. + Indicates a member of the Staff and Salaries Committee. The Chair is entitled to allend any meeting of the Audit or Investment Commillees. CARNEGIE HERO FUND TRUST Re ort ofthe Trustees for the Year Ended 31st December 2025 continued Structure, Governance and Management Icontinuedl Reference and administraltve infomiation continued Chief Executive Gillian R Taylor BA Independent Auditor CT Audit Limited Chartered Accountants and Slatulory Auditor 61 Dublin Street Edinburgh EH3 6NL Bankers The Royal Bank of Scolland 52-54 East Port Dunfermline KY12 7JB Registered Office Andrew Carnegie House Pittencrieff Street Dunfermline KY12 8AW Investment Adviserslmanagers Brooks MacDonald 80 Hanover Street Edinburgh EH2 1EL Leg81 Adviserslsolicitors Stevenson & Marshall LLP 41 East Port Dunfermline KY12 7LG CARNEGIE HERO FUND TRUST ort of the Trustees for the Year Ended 31st December 2025 continued statement of Trustees, Res onslbilities The Trustees are responsible for preparing the Trustees, Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practieel. The law applicable lo charities in Scotland requires the Trustees to prepare accounts for each financial year which give a true and fair view of the stste of aff8ir$ of the charity and of the incoming resources and application of resources of the charity for that period. In preparing those accounts, the Trustees are required to, select suitable ac¢ounling poli¢ies and apply them consislenlly., observe the methods and principles Contain￿ in the Charities SORP 2019 IFRS 102}', make judgements and eslimales that are reasonable and prudent., stale whether applicable accounting standards have been followed, subject to any departures diso105ed and explained in the financial statements; prepare the accounts on the going concern basis unless il is inappropriate lo presume Ihal the Trust will continue in operation. Th8 Trustees are responsible for keeping proper accounting records that disclose with reasonab￿ accuracy at any lime the financial position of the Trust and enable them lo ensure that the accounts Comply with the Charities and Trustee Investment {Scotland} Act 2005, the Charities Accounts {Scollandl Regulations 2006 (as amended) and the provisions of the Trust's constilulion. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevenlion and deleclion of fraud and other irregularities. Trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity'5 website. Legislation in the United Kingdom governing the preparation and dissemination of accounts may differ from legislation in other jurisdictions. Disclosur9 of information to auditor Each of the Trustees has confirmed that there is no information of which they are aware which is relevant lo the audit, bul of which the auditor is unaware. They have further Confirmed that they have taken appropriate steps lo identify such felevanl infoTmation and lo establish that the au¢Jitor is aware of such information. CT Audit Limited were appointed as audrtor lo the Trust and a re501ution proposing that they be reappoinled w511 be put at the annual general meeting. Approved by the Trustees on 30th April 2026 and signed on their behalf by.. Janet Mccauslin MBE- Chair CARNEGIE HERO FUND TRUST Inde endent Auditor's Re ort to the Trustees of Carne ie Hero Fund Trust Oplnlon We have audited the accounts of Carnegie Hero Fund Trust (the 'Charity'} for the year ended 31 st December 2025 which comprise the Statement of Financial Activities, the Balance Sheet and notes lo the accounts, including a summary of significant accounting policies. The financial reporting framework that h8s been applied in their prepaiation is applicable law and United Kingdom Accounting Standard5. including Financi81 Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinlon the accounts.. give a true and fair view of the state of the charity's affairs as at 31st December 2025, and of its incoming resources and application of resources, including ils income and expenditure, for the year then ended.. have been properly prepared in accordance with United Kingdom Generally Accepted Aecounting Practice., and have been prepared in accordance with the requirements of the Charities and Trustee Investment (Scollandl Act 2005 and regulation 8 of the Charities Accounts {Scotlandl Regulations 2006. Basls for oplnion We conducted our audit in accordance with International Standards on Auditing (UK) IISAS IUKI) and applicable law. Our Tesponsibililies under those standards are further described in the Auditor's responsibilities for the audit of the accounts section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant lo our audit of the acGounts in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordan￿ with these requirements. We believe that the audit evidence we have obtained 15 sufficient and appropriate to provide a basis for our opinion. Conclu$lons relatlng to golng concern In auditing the accounts, we have concluded that the Tru5tees' use of the going Goncern basis of 3¢Gounting in the preparation of the accounts is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubt on the charity's ability lo continue as going concern for a period of at least ￿e1ve months from when the accounts are aulhorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other Informatlon The other information comprises the information included in the Trustees, report, other than the accounts and our auditorfs report thereon. The Trustees are responsible for the other information. Our opinion on the accounts does not cover the other information and, except to IhF extent otherwise explicitly slated in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is lo read the other information and, in doing so, consider whether Ihe other informatlon is materially inconsistent with the accounts, or our knowledge obtained in the course of the audit or othen￿lSe appears to be materially misslaled. If we identify such material inconsistencies or apparent malerial misstatements, we are required to determine whether this gives rise lo a material misslalemenl in the accounts themselves. If, based on the work we have performed, we conclude that there is a material misstalemenl of this other information, we are required lo report that fact. We have nothing lo report in this regard. CARNEGIE HERO FUND TRUST Inde endenl Auditor's Re ort to the Trustees of Carne ie Hero Fund Trust continued Matters on whlch we aro roqulred to report by exceptlon We have nothing lo report in respect of the following mallers in relation to which the Charities Accounts (Scollandl Regulations 2006 requires us to report lo you If, in oui opinion.. the information given in the accounts is inconsislenl in any material aspeGt with the Trustees, report,. or proper accounting ￿e0rd$ have not been kept., or the accounts are not in agreement with the accounting records., or we have not ￿ceiVed all the information and explanations we require foi our audll. Rosponslbllltles of Trustees As explained more fully In the Statement of Responsibilities of the Trustees, the Trustees, are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary lo enable the preparation of accounts that are free from material isstalemenl, whether due to fraud or error. In preparing the accounts. the Trustees are resp)nsible for a$5essing the charty's ability lo continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend lo liquidate the oharity or lo cease operations, or have no realistic allernalive but to do so. Audltor's ro$ponslbllltles for the audlt of the a¢¢ounts We have been appointed as auditor under section 44111{cl of the Charities and Trustee Investment {Scotl8nd) A¢1 2005 and repoTI in accordance with regulations made under that Act. Our objective5 are lo obtain reasonable assurance about whether the accounts as a whole are free from material misstalemenl, whether due to fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance bul is not 8 guarantee that an audit conducted in awordance with ISAS IUKI will always detect 2 malerlal misstatement when it exists. Misslatemenls can arise from fraud or error and a￿ considered material if, individually or in the aggregate, they could reasonably be expected lo Influence the economic decisions of users taken on the basis of these accounts. Irregularities. including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities. including fraud is detailed below.. A review of manual adjustments made in coming lo the financial statements would identify any unusual adjuslmenls. Through gaining a detailed understanding of the business and operations this allowed for identifi¢alion of irregularities. Review of minutes of board meetings throughout the period. Specific consideration was given lo transactions with related partie5. Reviewing the evSdence provided by thircs parties to ensure the value of Investments is correct. Because of the inherent limitations of an audit. there is a risk that we will not detect all irregularities, including those leading to a material misslalemenl in the accounts 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 accounts, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due lo fraud Talher than error, as fraud involves intentional concealment, forgery, collusion, omlssron or misrepresentation. CARNEGIE HERO FUND TRUST Inde endent Auditor's Re ort to the Trustees of Carne ie Héro Fund Trust continued A further description of our responsibilities is available on the Financial Reporting Council's website al.. hll s-.Ilwww.frc.or .uklOur-WorklAudiVAudit-and-assurancelStandards-and- uidancelStandards-and- uidance- for-auditorslAudilors-res onsibililies-for-audivDescri lion-of-auditors-re5 nsibilities-for-audil.as This description forms part of our auditor's report. Use of our report This report is made solely lo the Board of Trustees, as a b￿y, in accordance with Regulation 10 of the Charities Accounts (Scollandl Regulations 2006. Our audit work has been undertaken so that we might stale lo the charity's Trustees those matters we are required lo slate to them in an auditor's report and for no other purpose. To the fullest exlenl permilled by law, we do not accept or assume responsibility lo anyone other than the charity and the charity's Trustees as a body, for our audit work, for this report. or for the opinions we have formed. Cf CT Audil Limited Chartered Accounlanls and Statutory Auditor 61 Dublin Street Edinburgh EH3 6NL Date= 05 May 2026 CT Audit Limited is eligible lo act as an auditor in lemis of section 1212 of the Companies Act 2006. wr£¢J CARNEGIE HERO FUND TRUST Balance Sheet As at 31 st De￿mber 2025 Notes 2026 2024 Fixed Assgt$'. T2ngible assets Inve51menls 11 12 128.874 6,340.366 133,804 5,961,930 Total Fixed Assets 6 469 240 6 095 734 Current Assets: Debtors Cash al bank and in hand 13 9,163 577,242 5,365 576,570 Total Current Assets 586,405 581,935 Current Llabllities: Creditors.. Amounts falling due within one year 14 28,354 31,293 Not Current Assets 558,051 550,642 Net Assets 7,027,291 6,646,376 The Funds of thg Charity: Unrestrioled income funds General Designated Total unrestricted funds 15 367,330 351,443 46,782 398,225 398,112 Endowment funds.. Expendable endowment 15 6629 179 7 027 291 6.248,151 6 646 376 The accounts were approved by the Trustees on 30th April 2026 and signed on their behalf by.. el Mccauslin MBE - Chair avid Walker BA CA- Finance Convener The noteg on pages 12 to 19 form part of these accounts. CARNEGIE HERO FUND TRUST Notes to the Accounls For the Year Ended 31st December 2025 Accounting Pollcles Accounting Conventlon The accounts are prepared under the historical cost convention. as modified by the revaluation of certain fixed assets al market value, in accordance with the Statement of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 {effective 1 st January 20191, the Charities and Trustee Investment (Scotlandl A¢1 2005 and the Charities Accounts Iscollandl Regulations 2006 las amended}. The Trust has only basic financial assets and liabilities comprising investments, debtors, cash at bank and creditors. These assets and liabilities are initially recorded al cost, in £ sterling wh￿h is the functional currency of the entity and subsequently al market value in the case of investments and in respect of other 8ssets and liabilities al the amounts expected lo be received or paid. The Trust constitutes a public benefit entity as defined by FRS 102. The Trustees are confident that the Trust has sufficient funds to allow it lo carry on for the next twelve months. The Trustees consider that there are no material uncertainties about the Trust's ability to continue as a going coneern. bl Fund Accounting Unrestricted funijs are avallable for use al the discretion of the Trustees in furtheran¢e of the general objectives of the Trust. Expendable endowment funds relate to the permanent capital of the Trust and are represented mainly by inveslmenls. Gains or losses arising on the sale of tangible fixed assets and investments form part of the fund. Income recognition All income is recognised In the year in which il is receNed and when the value of the incoming resources can be measured with sufficient reli8bilty. Income arising on the expendable endowment fund Can be used in accordance with the objects of the Trust and is included as unreslricled income. Vvhere the Trustees consider that exceptional dividends have been received which represent a repayment of capital lo shareholders, such dividends shall be included as income of the expendable endowment fund. Expenditure reGognition Expenditure is recognised on an accruals basis as the liability is incurred. Charitable expenditure comprises those costs incurred by the Trust In the delivery of its a¢tivities and seryices for ils beneficiaries, It includes both costs that can be allocated directly lo su¢h activities and those costs of an indirect nature necessary to support them including governance costs. Governance costs include those costs associated wlh meeting the conslltutional and statutory requirements of the Trust and include the costs linked lo the strategic management of the TrusL Grants payable are charged in the year when the offer is conveyed to the recipient except in Ihose cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject lo conditions which have not been mel al the year end are noted as a commitment bul not accrued as expenditure. 12 CARNEGIE HERO FUND TRUST Notes to the Accounts For the Year Ended 3151 December 2025 T8ngible Fixed Assgts and Depreciation Tangible fixed assets are slated al cost less depreciation. Depreciation is provided at rates calculated lo write off the cost less estimated residual value of each asset over ils expected useful life, as follows.. Buildings Furniture, fittings, plant and equipment 2% Straight line 5 - 25% Straight line Expenditure on furniture, fittings, plant and equipment in excess of £1,000 will be capllallsed unless the expenditure relates to an asset shared with the other three Trusts (note 31 Fixed Asset Investments Fixed asset investments are included in the Balance Sheet al market value. g) VAT The Trust is not registered for VAT and accordingly expenditure includes VAT where appropriate. h) P8nsions The Trust operates a defined conlTibulion pension scheme for ils employees. Contributions payable for the year are charged to the SOFA. The assets of the scheme a￿ held separately from those of the Trust in independently administered funds. Transaetlons wlth Trustees and Trustees, expenses The Trustees all give freely of their tsme and expertise wilhoul any form of remuneration or benelit in cash or kind other than reimbursement of expenses. Exper¢ses paid tolon behalf of Trustees during the year lotalled £341 {2024 £1231. These expenses were in respect of the Chair's travel and accommodation Costs lo attend Hero Fund presentations. Related party transactions The Trust shares common Trustee5 and administration wtth the Carnegie Dunfermline Trust. The Carnegie Dunfermline Trust makes payments and collects sums on behalf of the Carnegie Hero Fund Trust and therefore there may be al any lime a balan￿ outstanding between the Trusts, detsils of wh￿h are given al note 14. The Trust shares ownership of Andrew Carnegie House with the Carnegie Dunfermline Trust, the Carnegie United Kingdom Trust and the Carnegie Trust for the UrsiveTSlties of Scotland. The Trust is responsible for an agreed propOrt￿n of the shared running costs of the building. Taxation The Trust is recognised by HM Revenue & Customs as a charity and as the Trustees believe that all income and gains fall within the lax exemptions granted lo charities, no liability lo tax arises in the year. Net gain on investment assets 2025 2024 Unrealised gain on revaluation of investments Inole 121 Realised {loss}1gain on sale of investments (note 121 400,630 144,984 73,404 218,388 394 798 The nel gain on investment as$els was allocated to endowment funds in both 2025 and 2024. 13 O)C+*NfJ i o¢DtowJ 00 O rin ry) )0* Lnoon o)o(o *r4¢J> I Inor*)o)r oNa) *O