REGISIERED COMPANY NU1BER.. SC357442 Isetrtfxttdl BEGISTERED CHABifY NUNIBER: SC006384 REPORT OFfHE1RusfEL8 AND FINANCIALSTATEMENfs FOR THE YEARENDED 31 DECEh£8KR202S FOR THE BElOLEr nTNk) FOR PtURSES IN SCOTLAM) (A COMPANY Lll[rED BY GUA1L4Tr)
THE BENEVOLENfFtJND FORfiuRSES IN CONfENfs OFTHE FINANCL4L STATEh(&NfS fortbe year endcd 31 Detember2025 P4K¢ RefrreDcE4nd AdmlntstradveD¢toMs Report ofth¢Trust¢ 2 to 5 R¢portofth¢ Ind¢pthd¢ntAudlton St•t¢m¢ut of Fltyts#ehlAetlvltks Sheet io Notes to tb• Flnnn¢l81 Ststcment¥ 11 kn 17
foTtbeyeAr ellded 31 Deccmber2025 NomiBAtcd DlrtetorJfA' Dir¢ctor¥l Thr Royal Co]]ege ofM2dwives Scotlllnd Mr5 E G AnDSttOng (Vlee Chairyeort) QMB (for COMMty$naDi$tsxNrSiS knocietÉotL} Vacant irNISON{forScoknh He2ithVisltotg knoclotion) Vaeant Co-opted Dire¢torsCAt Dlrtttors) MrAlexaDder K HJoy¢e (Cbairpernoll) Mrs Swart A Key Mrs Anne M David51)ll Mrs Jangt TDunboT DrCoilnNMocDuff MTS HeleJJeA M8rsh811 MT8 S8nth&Stephen Cmpted Dire¢tors CBI Dlreetorjl Mrjokn PAt¢tson MrJohnB Miichell MrM4Tk TEdwtrds FCCA Mitcbell Edwd% 24A Ainslie Place. EdInbUry EH3 6PJ UoS8on Offteer. ML8sSottyALIDlon clo Mitchell Edwar& 24AAinsli¢ Phc¢. EdinbuT814 EH3 6A1 Bonkof ScotlAD Tho Mourf Edinburth EHI IYZ SoliuloTh: TurcBn Connell. PI]$EX¢bO8¢ l Etrl GAY Sbt¢L Edlnw EH3 9EE Auditor¥'. Johnston Smillie Ltd S South Oyl¢ c5ntI•m. Edinbw¥l4 EH129EO InvesttnentMaDager5'. Rathb)ne$ Re858trred Office: 24AAinslie Pix¢e. C¢)TnFOTty Re8iAiion Number. SC357442 Rewstered StchrityNMIr SC006384 Pllgr I
THE BENEVoLEFUD FOR NURSLS IN SCOTLAND (REGISTERED NUMBEIL. SC3S74421 REPORT OF THE TRUSTEES lor theyexr endod31 Deeember202S The trnstses of the Benevolept FuDd for Nurses ik Scotland a]so dClotS of the cbarity for the TpOseS of the Cotthpllttks Aet 200& PTcscnt their with the rMclaI statements of the charity fer the year ended 31 Decemlxr 2025. The busiees bave adopted the provisi0ts8 of AccountiDg aDd Reporting by Chariti Ststwneilt of Recommetxkd Pwiice applicabk lo ¢hariti¢s PT¢PATin8 the accounts ill accordance wsth thc finan¢] R¢porhry SthAdd apPlib sfl th¢ UK and R¢pubii¢ of Itrknnd (FRS 1021 {effcctiveJ8ttU8ry2019). Objeetlyes alrns The objective of th¢ Benevolent Fund for Nurue5 in sc4)tIBd 16 to nutses in their hotnes th# cotnmuThTti¢s 10 whi¢h they belong. The Fund work8 with other H8encie5 in providin8 finHnciBi h21p with cquiptllent ottd thptotions alld in pmviditig quarterly Bnd5illgk4rts. The Fund seeksto care forthose who havè given cAre to so many oth Gr2ntMikElli Grants llvailoblE to nuyses in need wkn have traiu¢d OT W4Jrked in S¢otlknd. There ÈT¢ no w ff$trittion4 Appllcatfoos belng ived frojn tetiyed nurses and from nutses who ate urtrtble to wyjrk due to ill health or disability. The Liaison Offjcer handles ail enquiiie8 which can be diffctly from the applicaTht OT from an agency on their behalf. An applie4lion foml is issued 8Dd complel¢d tho LiHi%on ol¢er may arrange a visit depcDdiDg on thc k)ClOn of the oppli¢xDt And the Arglication fonn ¢orttenL Eeh Ipplition 15 Teviewed by two rnvmbcts of the Executive Committee be agreed by them befote a grnDt award is mBde. All Uc4ti0L8 ue deaitwith individudty, Srtthe strictestconfre aDd osquicklyllspJ55ibie. Benefi¢th8 ftceive qu8rteTly 4ndlor $in8le grnnts for SFttioi needs. Gitts 8t Chrislln29 Temain a SFeuai feature of the FutuL Mthy of the 8rnnts aro to younw rnembersof the Wr510 who, dueto ill beah eTe unubleto Work ACHtEVEMEwfs AND PERFORTrLiNCE ChLAigble attlvitl¢s Tr expEndibJre on grants in th¢ yEar, 4munted to £195.190 COMped to £198,750 in the y¢vJ to 31 De¢gmhr 2024. Tr totri numkn of grnnts pllid kn the Feriod wa5 710 of whi¢FL 542 w¢re quvJtsTIy gTWJt5 pd ryJid-Msrtl4 mid-JU, d-SepteM¢r and mid.December. TEUS ¢ompaye5 With a lo¢ai of 744 paid for the yetr 10 31 Decemlxr 2024. of which 560 quBrtwly wts. Th¢ tlumber oftrneficiDrie5 on th¢ qu•rt¢rly list et 31 December 2025 w&8 135 (2024.. 137). The othEr pwd Thrre 33 sln8le 8Tsnts ofv2ryiDg4mounts (2024: 4713nd 135 ChTith85 giftsof £500ea¢h forllll quart¢rty bvrJfi¢iari¢s{2024.. 137 8Lli8of £450). Thi followinitabie summllTiSEsth¢ p8id ltttheyeBrended 31 December2025 and the 4 previou5 accountin8 PUiLxI 2021 2022 2023 2024 2025 NutDl*rofQuBrterly tlr4nts Amount pwd forycBr Rate per qu8rter Numbetof Single Grnnts AmountPDid fory¢ar Numbrrof ChristinÈsQift5 Amountpaid forye8r 676 £1O1.4(KJ £150 63 £36,000 178 £62JOO 665 £99.750 £150 58 £31980 l59 £63hOO 560 £iii.ioo 00 47 £2&OC 137 £61,650 542 £108,400 £200 33 £19,290 135 £67.500 £99,600 £150 53 £26.870 167 £50.100 TotBlnwnburofpDymertts Totpaid fotyear 884 £176,750 917 £199,700 882 £196,330 744 £198,750 710 £195,190 Page Z
THE BENEVOLENfFUND FORNURSESJN SCOTLAND (REGISTERED NLfMBEK' SC357442) REPORT OFTHE TRusfEES for the year ¢Dd¢d 31 Dceember 2025 Fiu4neTxI po8itioii The FuDd's net incorne for the year ended 31 eMr 2025 omW¢d to £992,407 comp with tlet iiKorne of £203,635 for the ye8rend¢d 31 tkee]Dber 2024. N¢¢ expettditute Lxfotp Htcouthg for the effect of the Det gains on inv¢siTuellts which tttclude the uDresiiYA rev8luatiorL of the Fun&5 inStrn¢ntp9rtfolio attheyeBreDdgg&knvmiTh notr IS to statsmettts. omountedto Q43912024£U49). The Fund is entwciy depeDdertt on tsJvestsMent income. donations t¢81¢$. Th¢ Futtd 5$ itthbttd ts7 the Brommtie Tn for its 8enerousdonlltion5 overthe ye&r8 ondalso to the Cord15 Tn In to give a fBiT pith of th¢ ¢ffeBt of the revAIu8tion of jllvestDts, the appTecithnldepNiatsoo In the s¢v¢u period8 frorn 01101119.10 31112r25 L8 shovmbeiow.. AppT¢¢ia¢lon on Revaiutition oftnvesttnents Deprlation otl RivaIuatlotL of InvestllLellts 12 Month5 to 3111V19 12 Months to 31112121 32 Monthsto 31112r23 12 MoDthsto 3111W24 12 Montk¥to 31112125 801280 782.957 162.606 205.180 929.937 12 Month5to 31112nO 12 Mpnths to 31112n2 318,527 474.720 1881.960 793.247 Ibveshnent pollcy and oblectkves The Funds Inve5knEnt p)rtfollo L8 M9ged by Bathbones. Management of the portfollo 15 based on long tern consldetattOll8 vAth inv¢Jtment Fvlicy dlrected IOW2Td5 both capital apprcciation the generation ora tfH50nabk ttnd wwing tevel of income. At 31 De¢ernber 2025, the por&o]io val% &t £8.883,707 producing •D estimlied ineorne of £270.973 wbich reflects È yield of 3.1%. For the cB]end8r year 2025 the portfolio deliveted A totsj Teturn of 16% compared with the ben¢hm2rk used rettm of 8.8% The tru5teES ¢ODsSd¢r that the over&ll Frforrllallce of the porfolio b Eat15fa¢tOry 4nd that thp itLves¢ment objectiv¢s of the Fulld bplD8 Rt8erYes poll¢y It i8 th¢ PDlioy of th¢ Fthid to maintain uti]wtrlcl thd8. which Bre the free Trserves of the charity, at a level which wtll enable thp Fund to gcnernte $utTLcient inve5bnent to wver th¢ p&ym¢nt of grdnts th¢ admini5ttwttoll support C0515 of thi Fund "' d to respond to ernen¢Y Hpplications forgrants whichgri5a from tunBto litne. At 31 Detrmbttr 2025 tothi bJnd5 8mounted to £9,183.916. Illve5bnent income TemaiD5 thi maitl EOUTCI of llKon for thi Fund and the ]evel ofre8erves held I4rythin th¢ FU['S illveth¢nt w)rtfolio is ¢onsid¢ted rrtC4sw for th¢ gellerotion of• wffi¢i¢n¢ i¢v¢l of .. income to fund5 its opETrlion& . FErruREPLANS It hos ktn the wjlky olthe tpJstee5 to exeteise prudeni in the dispeb5uJg of nts and tbis wlll eonthjue. It ts 1ntleiped th¢ ttuttthrof yan¢5 &waTthd will inctEwe inthe cornin8yeHrond the tcvcl of qllErtBrly srorttswill i kept UdervIeW. Pag¢ 3
THE BENEVOIENfFuf4D FOR NURSL8IN SCOTLAND (]STERED NUMBEIL. SC3S74421 REPORTOFTHE TRUSTEES for the yearellded31 Dttember2025 srRucfuRL COVERNANCEAND hlANAGEME Governlng do¢um¢nt The BEnevoleDL Fund for Nurses in Scotland (the Fund) 15 8 compally limited by guaranttt and govett%d by its Artic]es of. AOCIatiOnadoPted 26 Augu5t2021. It i8 t¢$t#11038¢harIty withthe Otye of the ScOttishChurityRedaIoTHJreC08DLd 85 & cbBrity byHM Revenue& C The Fund w&8 foed in 1925 by th4 AswcbtioL of Swtttsh Hospital Matrong. were to WntribDts SIK p¢n¢e ay¢4r to the Fund with the ai]n of helpin8 their colle8gS iti thew tiTernenL At that time s8Iaries were extremely tow and many JwJ8es Iived in tied hou5e5 or in ho4)itsl Èccommodation. Some bad neithEr a famity home to relite to nor the fmenua] tuouces to provide for the of Itfe. Fund opeDEd its fjrst reiirnnettt home for nurses In Edinburgh in 1948. A 8econd hom& Strfjthmore House. wos Xquited u) 1952 th the L%si%trnce ofthe Scottish NUtTld FouT¥Jution. Two firther how$ w¢¥e purehwd in Ab¢Td¢¢n in 1967 with th¢ u&4islJnLr of the North Eo8Trrn Group of Stothsh Motrons ond the MocRobert Trnst and o fmol house irt Largs was aequired til 1976. However. over the years the d¢mÈnth on the Fd chBnged. There was 8 sbBrp decluje in th requir¢meDt for this type of accommodation End degi51on made that the Homes should k 801& Th¢ f¢w Ttsidents w¢i¢ resettl2d in ¢t[liv¢ A¢¢omrthltstion of their ehoice. BeneflciaTI¢s now tttelve quarterly 8Tants or single for u¢¢d& M•ny of th¢ #Tunts Sft w YOunr members of th¢ profession wjx), dtr to ill heolth ate unabk to Continue to Over the years the voiue of grants paid b2s risen aIong with requests for&89iStonee to pJrchu¢ item5 of equipmenL Gifts al Christmas temBin aspe¢i21 feabjreofthe Fw ior to Its Inwtporntion Thc BeDevolertt FUJYA for Nurses in Scotland was an utLuJcorwrated ftssociation governed by its Con51itiJtion wtLi¢h hHd FKen approved at the Court of S¢55ion by thr ik)rd PKsident on 23 Nov¢rnb¢T 1994. Th¢ 4s8¢ts •lld 114bUld¢s of the unitLcorpor&ted &ssocia¢ion were ttpn5r¢¢dlO aeompw lunlied by gu2T8nttt &8 at30 MAr¢h 2009. ThB mEmbeTshlp of the o)mp8ny w88 originllity Ilmited to the Royal Colk8¢ of Nurs S¢otkn4 th¢ Roysl Colleg¢ of Mldwlves SC0tbn GN(B {fot Community and District NursthR A89¢xiAtionl and ifNIsoN (for Scottish Health Visitors knoclotionl. Following the RB18tioll of th¢ Royal Colle8e of Nursing Scotlond on 24 May 2012. the diTectots asreed that the Articles shouId be ettded lo allow, in th¢w SDIE discretio the adm10 as & member of the company any P¢T50n or or8Trni8ation where the direetozs consithr such mEmb¢Tship to be in the inietests of or fi]rtknrallc¢ orth¢ obj¢¢ts orth¢ comppny. Th¢ Artl¢l¢s flthr updoted by Specisi Rts)lutionon26Nov¢mb¢r2020. Th¢ Fulld 18 managed by ll B08rd of Direthr5 comprised of'A" 8nd"B' Director3. The Chair of the Boord is nomlljllted by member3 of the Boord. The ditedors ¢ntitled to APPOitit up to 12 Dabjrnl persons. each teing ll member or fonner member of •itlLer thc Atjrsixg andlor midwif¢ry p[ofe$$i0 to hold the oiflce of dire¢tOT of th¢ company. Euch p¢rson so gPw>tcd 1$ knovm Ls Art 'A Dir¢¢tor' And is oppoiftted for an i[Lial fix¢d period of 2 years gfter such 'A" Directors may be re<lected by the diTecloTS for fiwther fjxed period5 of 2 year5. The dirt¢10 are olso enlilted lo pt up to 5 naturnl persons. ¢ach knovm 85 a'B DtttOr.. hold the ol¢t of dir¢ctQT ofthe eompony. 'B' Director5 are HppoitLt¢d for initi fuKed Feriod of S yexTS aftet whlch 6tKh 'B' Direclots m•y b¢ r¢lected by the di[5 for a fithEr f¢d Peri of5 yellTS but znllst then demk offe. At Jjo time Bre the 'B' Directots petmlttedtoexCeed40rtho totaj nwnbEfof diTe¢tor& An EXu¥¢ Cotnmiitee L¥Jmprising the thi Vlc4 Cknirpe[)n Bnd 'A' dI¢t0 Itets in FebruAry 8nd A181 to revlew the br02d strategy 4nd ¥rns of tivity of the Fun4 including consideration of grant m9k1 res¢rve5, risk management policies 8tLd fingnciBJ PErforztwice. Memkrs of the Exccutive Committe¢ ptop)scd pd ¢l¢cted by thc Board a5 Bnd when vacan¢ie5 grise. Thtr Board meets in May atld Novcmbrr to ¥1¢W th¢ F¢TfornbW of the Fund gttd to consider 2nd gM)rov4 where Appropriite. any tecomm¢ndgtiDnsreLrived frosn the Executive Committee. The day kn day admini5tytiot4 processing ond handling of wt Hpplicatiollj 15 cBrtiEd out by thE LiRisDll Officer. All other 8dmitsistrAttveduties iDcludingthe payllKntof8rutsrt the N)DoSi]1tyofthe Sectetsry. Induetioll and tr&lknlDg of new ttvsttts The itiduction pack for newly w(kinted trustees contsins a copy of the MeJnoRndum and Articles of Associatso a L¥JPy of the 12lest Arnual Report and Fin8nci8J Ststemettty o copy ofthe minutes of the last Commith and Bo4rd meeting4 a copy of the teSt OSCR Gw#[ for Charity Tntee5. a summBry of the Charitie5 Tru5teB Invcsknent (ScotIB[} Act 21105, L lURry of the Jolc and responsThJ ilities of tsv51ees guidanLf for the llpprov21 of t app]icatiot The illdu¢tion ptOCts4 w2U completed by A meeting withthe Ch8itpersoth¢ S¢c¥¢tgry gnd the LiaisOnOffer1mMedl0telY priorto the Lewtrustee's fll*Boardmeetin& Page4
THE BETr4EVOLFUDlD FOR NURSES IN
SCOTLAND (REGISTERED NUMBEIL. SC357442)
REPORT OFTHE TRUSTEES
for the year ¢Dded 31 Deeember2025
STRUCllJR& GOVERNANCE AND MANAGENteNr
Risk millazement
The In5 ulldtrtake an 8rffjval vieW of the principol iisLs and uncettsintrs that thc Fund face$. Thts review includes the
establi5hmettt of wlicie4 sy5m5 PTOtedutes to Mittte those iisks Id¢]fi¢d itl the Teview 8ttd the implementstÈot of
proEedwdesigDed tornlthiormaDB8eany potential imF4¢tonthB clty 5houldthose ri8ks MaterisIi.
The rn4iOT risk is ewidered to be the sustsiDthdity of the Futsd's ittvestment wJ]iw to ochieve a diVidd flow with whi¢h lo fimd its
ontinuing operations # ris¢ In tapitai value over the longer te. The llw¢5tsn
REPORT OFTHE D4DEPENDEiYf AuoRs TOT&E TRUST AND mlBE8 OF THe BENEVOLENf FUND FORiYURSES IN SCOTLAND IREGISIERED NUMBEIL. SC357442) Oplukn Wc bave ttudtted tk financi staments of The Benevolent Fund forNurses in Scodand {the'¢heTiteble r))mponyJ for the year ended 31 Decettdt 2025 which (x)ttLpris¢ the StatemeDt of FinÈDcid Activitie$, the Bllia[e spd tt£S to th¢ 5t4tyThen ujcluding a summary of signific1 É¢counttiJg wlicie& The fIn8] repoltng frwnework that h&% ert pplied in thetr pteparntion i5 applicabl¢ law glld Utiited Kingdom Aecounting Stld5 (Untied Kingdom Generally Accepted Accounting Practice}, including F5oaDcial RetKirtirtg Strndard 102'The FinatL¢iHJ ReporDn8StHndBrd &ppli(thle inthe UK aDd Republic of FTelBDd'. Jnouropinionth¢ fluCIal &tern. give &truB ond foirmew of tho stHt¢ of th¢ dwitHble cotllPBDy'8 sffllits at 31 Decetnber 2025 ADd of Its ineotlliD8 R$Ote$ QDd oppli¢atiott of resour4 in¢lUd¥ its income ttxpettditUT4 for the yeatthertetd. have prop¢rly ptepBred irt o¢cordence witb Ullid Kingdom Genern]]y Accepkd Accouniing Prnctico including FuJwKiBJ Rerting Stsnd8Td 102 Tr FanCIal Reporting Sthndard oppli¢Hbk intheUKOt R¢publi¢ of Irrjand ot have bc¢n preFd in AccoTd8nCe With thE Trquirqnents of the C05np8nie$ Act 200A the Chwide8 alld TnLgtee Investmerjt (ScotloLd) Act 2005 alldR¢8ula¢iory 8 oftht ChayitiesAccoutttslScot12Ldl Regu]2tions 2006. Basts foroplnloll We conducted our audit in Accordance Vth Int¢Tr]011 Stondfjrd9 on AudliDIK IUK) asA8 (VKII alld appbcAble jow. thr 5ponsibilitiES under those SIdardS we further thscrikd Én the Audilord re8p)nstbillti for the audit of the fclaI 5tht¢m¢nts section oFour tep)rt. We Ate iuderrtndenl ofthe chDTitobIe wmpany in acwrO8n¢¢ wlth th¢ d)i¢81 r¢quirrm¢nts thBt Tc]ev41 ¢0 OUT audit of th¢ flljllnci stotsrDents in th¢ UK in¢ludu)g the FRCS Ethicol StondBr4 fjnd hove fv]filled OUT other ethi¢1 Sn51b11ltieS irt accordance wth thes¢ ffquirements. We believe that the tudit evidence havo obthined is 5uffi¢l1 and ftpptoFiote to provid¢ ab8sls forouropin Conelujlong relAting ¢0 goln8 eorteern In auditing th¢ financial 5tstements, we FAve eortcluded thot the bv5tees' we of the going inc¢rn of •¢¢ouoth8 tn the pr¢p8Tr1iofL ofthe fantial stut¢meDLS i$ appropriate. Ba¥ed on the Work we bave perfOrn¢ w¢ have not idtrttifled Any materiB] uncerthintie5 Ttjating b) ¢vtnts or ¢ondidons th4¢ Individuully or eollectively. may wt 918nifi¢snt doubt on the ciwitable comppty5 &bi15ty t¢ ¢Mtinu¢ u * soing Conc for o perlod of &tle8si MElve months from when the fina)1 5thtttmcntsnrt Èuthori8ed fori5sue. Our T¢4M)osTr1 ilities and thq re5P)tLslbi]ities of the tsu5tees with t¢SF¢¢I to 4Oill8 ¢Ort¢¢rn w¢ de8¢nThed in the relevallt section5 of this ort. Otbtrlnformatloll The thte$ aye respons1 Ic for th¢ other SnfoJ%nBlion. The othEr inforn&tioft ¢ompdse$ the knfommtion inc]uded in the Anllual R¢m othetthon the financi41 $tytemellLq and our Rewrt ofthE In(kpenaentAwJitorsthereoL Our opitlion on the filnclE] &at¢m¢nty doe5 Ilot Ver the other itlfonno ¢xwt to the extent otberwise explicitly stated itl OUT repor4 we do llOt¢xprw any fotmof assurance ¢on¢lusionth¢r¢o In conDeetiort with our audit of the fthllneisi Stlltemen ow r¢5ponsilsility to fhe other infornjaliort in doing coder wbtrther the oth¢T infoTmation is m8teriHily in¢on5iStent with the fJn8rtciB] statements or OUT knowledge obtOiDed ll) the Audlt or othemse app¢Hrs malerivjly miso&te(L If we identify such material in¢onsi8tcn¢ie5 OT apparent uwteriai rni$$t&temenls we are T¢quir¢d delemiine whether thi5 gives rise to a m8leriai misstat¢m¢nt in th¢ rMClaI otements theIrl¥e$. If. bd on the work w¢ knve 5rforme4 we conclude thot there is 8 mariaJ missNem¢rtt of thk4 other informodon, we Bre tequited to iEPOrt th8t facL We have TrJthing to reFrf)rt irt thisrega OplDlons on o¢h¢rTDatten prescrlbed by the CDmprtlts Art201J6 In oUropini bed onth2workuDdertsken ik the Coutseofthe Budit.. the infotjnotion given in the REPDrt of thE TJwtee5 for thg falat yw for which the fjnanctal Éttttnents ore prePed ron5i%tentwiththe rtnpn¢ioi 5t£terneTh and the Reportof the TrustcEsh&¥ beellprepated inHW)r with BpplicablB Ic8tt1rtgUitettrtts. Page6
BIPORT OF THE INDEPENDENf AUDITOIL8TOTHETIiUSTELSAND MEMBEIL8 OF
THE BEvoLEN[ FUND FOR NURSKS IN
SCOTLAIW (II£GISTERED NUMBER: SC3574421
Mattcn which w¢are rc4nirtd to rtportbyex¢eplion
ttt the light ofthe knowledge and under5talldiu8 of the eharhable compony 8nd its envirotJmeDt obtzined in the WUTse of thc lludi4
havenot idelltified matrriaimisstat¢mt]ts illthe Reportofthe Ttwtee
We have uothing to ryort in respect of th¢ following matttsts whttTe the Comptiies Act 2006 8lld the CtWi A¢Unts (S¢4)tlalld)
Regulations 2006 {¥ ametsde) requir¢sustO T¢rrt to you 1£ itiOtrOPilliOJL
JEqUttte ottd proFer acCotIng E0[aS ¥t ttot &%n kept or retwns athqullte for our audit PAve not tr¢¢n Yeceived from
brth¢hesDotVi8ited by u5. or
the fuJanci81 #tetllettts arenot in eTn¢Dtth th¢ acUtIn8 record8alre or
certain diwlo8uresoftru5ttt8' Tcmunrration (Ird by law Bre llotmth. or
we bove not received the iJthtll2atiollAnd explanatioL8 we tequiT¢ for ouraudi¢' or
the tsryjstees weK not entsed to take odvantoge of thg small wrrlpwllcs ¢mption froox the ttquirnt to Prepore a Strategic
Rewrt or ill prepoyittgtheRewrtofth¢ TnLe$.
R¢spoulblUtitB of.trnstees
As explained mo.fi1Y in the Ststtmettt ofTrusteel Resp)nsI1]it1e the trustces ate responsTri k for th¢ tIon of th¢ fJnm¢i
stotements alld for bein8 satisfied that tbey give a #Dd fAir vlew, 8rtd for such intrmoi control as the ttustees delennllje Is
n¢35rytoett&ble the prepBrntionoffinan¢i41 stat¢m¢J)ts thstare free ftom terIal misstatemen( wkethordu¢th frnud or¢TTOr.
Jn ptepwring th¢ fitMnci81 statement4 atE Te5p)Trsibie for SesSing the eh8ritÈble ts)mpBny's ability to continue 25 a 8ouJg
conccrn. di5cIosiD& BS 8ppIiLxbl4 t[lte13 T¢l&trd to cottcerll nnd using the goiDg concern basis of accounting UDkss the
tswtees either thJdto14uidate the ehoritable compony orto ce85e operntion4 orhav¢ no alLl¢ dtemtive bll¢to do .
Our respoll51bllltl# for Ih¥audttofthe Ilnan¢181 StAt¢eNts
W¢ have been appointqd 03 auditor under gectiott 44IIXc) of the awities and Thjsteo Invethent (Scotland) Act 2005 aDd Und thi
Componies Act 2006 and 12pDrt b] accordance with the Acts and Vllt tE8ulations madeorhAving¢ffc¢¢thtTeundcr.
0 obj¢¢dv¢s gye lo obtsin aswAn¢ th)w wbether the sratements as a whole ore free from rttario1
stAtemen¢ whether du¢ lo fraud OT ¢ryor, tnd 10 iwue art audilorfs report thot include5 our Op10. Rea50ble a5surnnce Li a bi8h
level of a55uTrm¢¢ but is not i gu8rnnlee that an Audit ¢DtLduthqd in RcwriJullcE with ISAS (iJK} wlll alway8 deieet a materi9]
mi5Sf8trment when it exists. M15&al¢m¢nts ftosn fy#ud or error And are considered material if. individually or in the
IggreEAte. they could r¢Hsonably t¢ ¢xp¢tt¢d kn infiuenee the economic deci0% of T8 loken on the bnsi5 of these rjn9]&l
sthtements. Irre8uluritie4 lttcluding frau4 Ire iTJstsnce5 of nonrf0mp1i with laws 8nd rryulotions. W¢ drsign PTo¢¢duT¢5 UJ lirK
with OUT T¢V)nsibilitie8. outlilled 8bov•, to delect m&tcriAI misstat
REPORT OF N)EPENDENfAUDITOK8TO THE TRUSTEESAND MEMBEtL8 OF THE BENEVOLENT FtIND FORNtWES IN SCOTLAND (RECJSTERED NUMBEili. SC3S7442) Usè ofollrrewjrt Thls rewrt is made sol¢ty to th¢ ¢hÉrltsble cotllp&ny'$ members a¥ a body. th &ccordaJt¢e with Cbapter 3 oEPtrt 16 of the Co]llP2O2es Act 2006, and tt> the ¢Jwritsb]e compzttys busiee4 a ih)dy, in accordaDce with Regulation 10 of the Cturitses AccOts (Scotland) Re8ultttion8 2006. Our audit w)rk hHs b¢¢n d¢rtak¢n so that w¢ might sw¢ to th¢ ¢twitrbl¢ ¢ompmy's m¢mbErs 4nd th¢ trtst¢¢s those matteT5 we at¢ requlled to state 10 them srt att audiiord rewrt and for no purw. To the Sjllest extent permitted by ]ow. w¢ do not accept or ts$ume Jtsrrt)nsibility to anyone other than the clwitabk compzny ond the chBrilable COMpS mernbeTS as a tody, forourw]diti¥orK fotthis repor( or forth&opi0swe have fonlled. Lell Br&thBA CA (Senior StattrtoryAuditorl for 2nd on behoifof Johnstou Smillie Ltd ChzrterEd Account¢s and Statuiory Auditor5 Eligible 10 act en auditorint¢nn5 of SEttion 1212 ofthe CorttpothAct 2006 5 South Gyle Ctescoutt Edinburgh EH12 9EG 28 May 2026 P2Ke 8
SCOTLAND (llYCORPORATING ANll¥cO1E AND EXPENDACcOIANrY ror the y¢veDdtd 31 Deeember20 2025 2024 Total UDrestri¢ted fiJttd% INCOMK AND ENDOWMENfs FROM InationS aud leg¢eie8 14.QLK) 14,501 274J17 274.824 762 Otheriucom¢ Tothl 288,317 290,087 EXPEND ON R•i$in8 futtd8 29.573 28.489 Cltirllablt A¢tlvStl Grants 261.183 263.847 Tothl 290.756 292J36 Nvt8Alnsoo lttvejtsnents 994.846 205.884 NEf WCOME 991407 203.635 RECONCILIATION OF Firr4DS Total filtsbr0 foThv4rd 8,191,509 7,987.874 TOTALFUP4DS CARIiLeD FORWARD 9.183.916 8.191.509 CONfiNLfiNG OPERATIONS All iftcome Bndexpe[It[Bh&515 frottt contiSWiD8 ocdvld Th¢ wtesfotmparfofth¢*fiDon¢i81 stskm¢uty Pe9
THE BENEVOLENf FUND FORNURSFS SCOTLAL¥D OIECIThRED NUhlBER: SC357442) BALANCE SKErr 31 DecEmber2025 2025 224 TotAi Umestri¢ted tllvestm¢r 12 8,883,707 7.9132 D¢btor5 Cashltbofjk 13 1.501 320.096 31.079 261,548 321 J97 292,627 CBEDTTORS Amounts fvjjity du¢ Mthittone year 14 121J88) {14,401) 300209 278,226 TOTAL kSSETS LESSCURREKf LIABILITtES 9.183,916 8.191,509 P4rr ASSETS 9.183,916 .191.J09 FUNDS UTrTestricted fljnds 15 9.183.916 8,191,509 TOTAL FUNDS 9.183.916 8.191,509 Theye fn¢1] stBtemeDts have been preted in accordance wlth the wovi5ions appliblE to dwi¢llbte ¢ompAnies subject to the small compnie8re8bne. The finan¢i81 thalenKnts w¢r¢ yved by the Bo8rd of TNstees and authorised for Issue on 28 May 2026 and wtre 5igDed on Its E¢half by.. AJoycc- The notrs fotrnpprtofthcse fmllnci81 st3¢ements Page 10
THE BENEVOLEFif FUND FOR NUELSFS IN SCOTLAND NOTES TO THE FINANCIAL STATEMENTS forth¢ytllrtllded 3J De¢ember202S LEGAL STATUS OFTE Fuf4D The cbarity is a eompwjy Itmited by guaTallt¢¢. it1#t£d B]vJ domtci1J in Scottaud with Its re8iSter&l office 8t 24A Al[lE PJ2oe,Edinburgh EH3 6AJ. The jiability tsfea¢hmemlxr u) thc cventofwindingup is£). The pR5eDthtton cbrrency of thE fla1 5tsTn¢nts isthe SterEDu14. Amounts shtsvth ts t£. ACCOUNllNCPOLICIFS Basb ofproparlD8 the finanCI$tIments The principal accDuntirJg ]A)lici¢s adopte(L judggmcnts k¢y 8ourc¢8 of e<IOn cerlty in thts FrtPaTatS0tt of the. fMEi&l 5¢4tements ore as fouows: The fin8llCiBI.sfat¢wKnts Ve been PTepaTed itl accordan with the ChArftle8 SORP (FRS 1021 'AccoLmting and Reporting by Charitic& Stlltrtnent OF Recommended Prn¢tice #ppliettble to chayittes preparing their accounts in with th F]nwl&l Reporting stllTrdp Rpp]itabie b) the UK and RepubJi¢ of (FRS 102) {effethive l Jonw 20191,, FinBnciai R¢p)rtiD8 StaDdsrd applic4ble in the UK and Republic of ITelbrtd (FRS 102). the Chatitie5 ond Trustee Inve5bnrnt (Scotlomdl Act 2005 Bnd the Charitles Accounts Iseotw) Regulations 2006 amended) and thg Componi¢s A¢¢ 2006. Assets th liabilities 8Te initiaify ai histoftcal cost or transEction Ve unle55 otherwise sthted u) th¢ fflevant OUDtin8 wjlicy not¢(s). B¢A¢volent FuDd forNuTscsin SwtlaDd ttLq¢tsthB defknltlon of o public benefrtentity utthrFRS IO2. The cbaTtty hstsktn •dvAllts8e ofthe prnviqions inthg SORP for11 thMitirsDotto aStrienxtttoec&qhFIo Pr¢pJEratlop oftht gecounts on a 8obD8roll¢ern b1 thjstees coAsi&rthHtth¢t¢ •x¢no m4terig1 unc4rtOillttes about the charityts Ability to ¢0rttioue ¥A8ODlI tollur Looom¢ All IncotDe is reco18ed irL the StsiemEnt of Fiuan¢ioJ Aefvities once the charfty h8$ entitlement to the fimd4 it iy probllbk that the ÈDwme will h receivedand the thmourtt tart be meLwed reliably. For 81¢5 entitlement 18 loken a5 the t4Tiier of th¢ dot¢ on whi¢h th¢ ¢lwSty 13 uwnre thar ptobats h&8 Fken gtaAte4 thB eswe hL8 been fuM]i5ed 8nd notifKwtion b¥ E¢4n Inade by the executorn lo the clwlty that a distribu¢ion will E¢ mad4 or wbena distribution 15 [e1Ved from estote. Relpt of a lew. itl wIle or in p4 Isottly considered payobie when the unount Cth b¢ tneowrnl rn11gbiy artd the ch8rity hos E¢eD notifi¢d Dr the exeGtorfs iQlltion lo rA8ke & di5tribuborL Whtrre Itgttcies hdve been notifled lo the cbBrity. or the tharity 15 4wart of the 8SYDtiD8 of PTobllt¢, and the rriri& for iu¢om¢ ff¢ogtsition Iwe not FRen me¢ then the legacy is tratsd esaeonthjgenta58etandd1i05vd ifrnatETi. Intete5t on fiDJds held on &tKJ5it i% illcluded when ceIVable 8fLd the OUnt cBn be tneLsuYed reliabty. ThÉs is [allY up>n n1¢tIon of the interestpaid or Foyabkbythq bllnk Expendltu Liabilitie5 Ml$ca Is ¢xpBnditwe 800A OB there is t legal or obiigatson committing the eb8rlty to th8t expendits]re, it Is proboble ltrensfer of¢wrLomi¢ bER¢fits will k required irt settIemeDt 8rtd the aMot of the obligation mEaswEd reliably. VAT i5 dwoed &8 a cost 88WLL%t the 8Ctivity for the w5t W95 EXpellditt lstjwird uttderthe follNwng headin Raisiry fllllds The cosrs ofTai5in8 fffjdscomprigethe wstsof itiveststttttmana8emeftt fee& Charitlble #¢tEYStle$ FxpendiDJre on ¢b8ritsble Ètthitles Include5 the costs of 8raDts payabl¢ to third F¢rty individuAl$ 5a th¢ fi1rthe of the chritabb 0bjectsoftheFw and their85sociated5uPrt Governgn¢¢t•sts GovcrnEnce (J)sts compri5c 811 CD5ts iDvolving tl* public occountability of the Fund and tornplillnee with regttlÈttort Stsd good practi These sts 5ndude costs reldting to siabjtory aultit pAd acwuntaw Allocated within expendiojre OTh c]J8rilable aclivstsc& Pell ¢otLtinued..
IHE BENEVOLENT FUND FORNURSFSIN SCOTLAND NOTES TO THEFINANCIAL sfATEMENfs. contlDU rorthe yellrended31 D¢cember2025 ACCOUNTll¥GP0LIC.eonth¢d Alloution and ipw>rtionrtttrnt of eosts pendittJTe is &c¢ollnled for on 8n aeuvB]s b&%is 2nd hL8 cLwified hegdings that ffj88twtr 811 costs Teiotcd to the teOry. Whete CO cannot be dirtctjy attrjbuted to wticul8r ]Jeading5 ilw blve beeth alloc4ted tr> octivities ott A bLsis consistent with the usc ofT¢50uwe5. SupEx)rt costsore those fiDxÈions that aStthewk0f the FuDd butdo notdiyectly wJdertBke ch2rilable £otivities. FlnkttetAI In$trnmeDts Fu20J)cial instrurrjetts tOTnpri$e fiTroneid eL8 8nd filloutilll lltsbi]itie$ Nvhich Bre inlti81ty ixD8Ris¢d At tran5U¢tion vaiw Dlld sub5equcntly meL8ured at their Eettkmenl with the exception of DJvestsneft& J]]vestsnents atc rne&%utrd i]Jitially It thelr transoclion vo]uo and sub%cquently m¢asuird ut their fr valu¢ us llt th¢ bance ¢¢t dote using the closing quoted moJet price. Ilk 51algin¢ut of £ctivitics iti¢lude¥ uel 801 lo6 Or)5u on ValuatiOns and disw5a15 thtoughout theyeHT. ReHUwl •Jd los All 8oin$ 2nd losses are tckeTh to the st&tement of fitWLciuJ tiVItieS os they lSe. Realiscd gains and losses on investsnents BR caluxLryted Es th¥ diffttEnc¢ b¢twtert $0]es And protetds artd their opeDiDg tarryitig vsIue or purchw voJu¢ if xequir¢d 5ubsqquent to the fjrst doy of the fmoneiol yeBr. urei$ed gaitLg QDd io&%e3 are eaieuloted &8 the diffeyence ftiir Ylliue ttt the ye8r end and theircwin8 valu¢. Rcaii5edgain5 ll]1055 Hre combined itl the statementof fjnanciB] activities. Tangtble Ilxtd a¥s2ts Individygj red costing £l.000 or more Br¢ capitoiised at o)st gLd Bre deprecioted over their estllnated wefvl eoonomie ilves a5 follow5.. The gHin OT los$ 2rl$iti8 Ort the di5POSBI of an asset L8 delernjined 85 the diifetence bEhveeD the s8ies pto(e& aDd the ¢Fnyin8v4]ue of the and is creditedorcheJgedtow)fitorlw. Twtlon The charity k4¢x¢mpt from corporatlontlxon Itschoritsble tIVitieS. Fmlld ÈteoJntlDg UNe5tricted fijnds ¢nb¢ Irt ae¢ord8neewith the eharlble obJeellvesAtthe diwretlollofthe Rerieitd fbJDds only E¢ used for pVrticu r¢5ththed PUTPDS¢5 Within thc obJts of th# rhrity. Resknctions ]$¥ when specifiedby the donororwh¢n ndS aff r4i5ed forporticuknrTestrl¢kdptry)s¢$. Penslon #ud oiberpt-rtt1rIMtt bentlSts The Fund opetates a deflned contribution Fension scheme. Contributio%]s payllble lo the Funds indEF¢n¢kntty m8na8¢d pe]Jsiottxkntme ore ¢haT8¢d to th¥StBkmentof Finvn¢54iA¢tlvi¢Ks luthe p¢riodto Mthi¢hth¢y Debforj Debtors Bre recogni%¢d atthE setti¢merttllmountdu& PTep&)ThEnts vllldth£ pryid gmounL Ch At battk Cash 0¢ bgnk iticludes clsh and short tern highly liquid iJve5tinents vrith 8 strt matrJTity of three month5 or le55 from th dote ofACqUiSitiort oropeningof thi depositor slI1r HmounL Crcditorjgnd proYiJiohJ Csedxlors provi5iOll5 ate Teco8nised wh*E tpresent obli88don from a possed event wi]I prob2bly result iti the tr2rt%fer of fimds to a thwd party und the Ottt tr) settle the obli8Xtion c8n be meLwred ore#imlltrd reliobty. Crediloys provisioLLg re trnally tecoKnisedÈt thesr ttlementa0t Page 12 corttinued...
THE BENEVOLWFUD4D FOR f4URSLSJN SCOTLAM) T40TKS TO THE FINANCIAL STATEMMS•COntlnucd for theyear ¢llded31 Detember2015 DONATIONSAND LEGACIES 2025 2024 DoD&tiony 14.000 2025 2024 Dividertd8ond uJteTe5t 274J17 Z74.824 Invtstmtttt mana8ement¢osts 2025 2024 Portfollo mgll88emellt 29J73 28,489 Ornnt fijndiftg of ctiviliEs rtot¢ Support COSLg (see llote 81 Toto]8 193,190 65.993 261.183 GRANTS PAYABLE 202J 2024 195.190 198.750 Th¢ Fund deke1 its cbor2tsbtea¢tivitie5through making yantsto individuals itl fUrtb¢¢40f its chDrIt&bleI1V1tie& No payment lo a $llJ8le irtdivldual exceeded 1% of the gTOSS income forthe period. During 2025 710 (2024: 744) wts and ChTi8trn45 Kifts owde to Individ15 from £150 to £750 (2024.. £21)0 to £7JOI. Tr tothl paid WH¥ £195.190 12024.. £19&7JO). Page 13 corthnued...
THE BENEVOLENfFUF4D FOR NUILSES IN SCOTLAND NOTES TO THE FINANCIAL sTATEMENfs-eontEllgd rortbe yeAr tlld¢d 31 Deeemb¢r2025 SUPPORT cosrs costs 51703 13290 65.993 Support cos14 included irlthc abov4 are as foljo MAna8emeat 2023 2024 Tothi a¢tiviti¢$ EtDphy¢15 r¢mun¢rnlon SoBitsi gcurlty PenshEL8 S¢uEtsrfs remuneAtion PrilltiD& 8dvertingandstationpry RtUItseftf MiscellwKou5 TT&v21 BDd$ub8ien 21701 20.199 956 1888 18.395 lJ69 4.032 3.286 3,863 1270 IgJ43 l J64 3,897 3.928 52.703 54,988 Govtrnnt• Cts 2025 2024 Total A¢tlvlth8 Audi¢oTS' tgmutt¢tatlon A¢¢outttncy fee$ 8.400 4.890 5,400 4,709 13.290 10.109 NET ]NCOMWPENDrruRE} Net itwomellexpEnditurc) i55ta¢d aft¢r¢kn8lnW{¢r¢dltitiK): 2025 2024 AudSIorfremuratL0ry Surp1 oo disposÈl Orred asgets 8,400 5.400 1762) Page 14 LY)rytinue(L..
IHE BEIYEVOLENfFUND FORNURSES IN NOTESTOTHE Fll¥ANCIAL sfATEMENfs •contiDued ror theytxr ended 31 Dttember2025 10. TRusfÉES' REmUNUTI0N AND BENEFITS Tr trustees at¢ WDsidercd to be the key ]IA88t1eftt of thc 0[15Hon and theTC ty) tnJste& mlluuerntion or benefitsfoTth¢ y¢)re]Jded 31 Decemiyr 2025 norforthg YendEd31 DeL4eth2024. TTY•tw' txpellses No trAvelexpenwwtre Teimbur5edto Trusto¢g in th¢ ye•r¢tthd 31 December2025 (2024: £73). ii. srAFF COSTS 2025 2024 Wages wJd5alwics SociHI s¢curity Costs Othcrpensioncosts 21701 20,199 956 2.888 2270 24.971 24.043 TrA 4v¢r88e monthly nurobErof empioyeesdurlng tho yt4rwEsÈs follo 2025 2024 Supp)rtSmiceJ No ¢mploy¢esreceivedenwlurnents inexcEs5 of£60.0(K). Oth¢mPlOye¢ Ixnefits ift the YeOm0ted to ENLI (2024: £1931). CashBTrJ setthm¢tLts P¢Ading LIed invc5trn¢nts To3 At l JonuBry 2tr25 Additions Dtsposttlj ReVoltiOnS 7.897.568 1.033,299 (996.834) 929937 15.715 7.913,283 1.037.321 1996,834) 929.937 Ai 31 DecemE¢T2025 8363.970 19.737. .883.707 FIKr BOOK VALiF At 31 D¢¢¢mber 2025 8.863.970 &883.707 At31 Decemb2024 7,897,568 15.715 7,913.283 Pagt 15 continued..
THE BENEVOUENf FUND FORNURSES IN for the ye2reDded 31 December2025 12. FI ASSETINVFSTMETrnS. eondnyed Investmemtsat marketvalu¢ Comprb¢d: 2025 2024 F¢d intqr¢stseLatrities UKEquities Ov¢rs¢2 equities BLd funth UKPropety Alt¢rnativ¢ 630.696 3,026,030 4.434J08 60.819 712.117 19.737 914.633 2.501868 3.701.439 227.639 550.989 15.715 Total 8,883,707 7.913,283 Histori Costof inve$tsnents 3.732.413 J.764.466 GglnWsKs) ou Xnvutments 2025 2024 Reoli5edgoln{]osX$) R¢vllJua¢bn 8DlI0) 64.909 929,937 704 205,180 994.846 205,884 A]1 inveBtR4ntsAre Lyried atthetr market value. The Fund'5 txposure to illvesiment risks Rnd the 5(lf1¢¢1 of faCIal to the on1% fm8nclai su8ts1Dobllity of th¢ Fund is eottsidered the fuJan¢ial rcview StruotUTe, BovtrzJ2nce Artd mAno8emettt 8ecttotu of the Report of the Tnjstees. The main ri5k3 Ik combu]otionof uncettiin investsnl markets aDd volatility hj yield. Tr Fond mansy these iDVeStment risk3 by tttsinins expert advtsorn atjd orIll8 arl investrllent policy thet provid¢s for a hi8hde8ree of diverSifitiOrI0rjN)]dUjjthIll investtnent8syetclosses thatare quoted on refwixd *o¢kcxcb#nKes. 13. DEBTORS: AMouNfs FALLING DUE W1110NE YEAR 2025 2024 D¥btotS 1,501 31.079 Page 16
IkiE BENEVOLENfFUND FOR NUBSES ll¥ NOTESTO rtNANCtAL STATEMENfs. eoLthiu¢d forthey¢8r ended31 Dttetttber2025 14. 2025 2tr24 21.388 14,401 15. 2025 2024 Umestricted General Fund Openingbalall SuTpIlL(DtrI¢lt} for the pericd Galooll investments 6.042.692 4391 1¥69 5.8J2.837 249) 191IIM CIos2ng bolEnL 6.052.622 042.692 Utmtricled tevaluationTes<rv¢ Opening b4J8n¢¢ R¢lced on $Ble R¢v2iuotiott IL4&817 52,540 929937 1135,037 1191,400) 205,180 3,131.294 1148,817 Total UDSEStri¢t¢dFurtds 9.183,916 8.191.509 16. RELATED PARTY DISCLOSURES Tn&tts do twt receive [emwtiOn. or 0th2T bcncfjts from th¢tr %wrk with th¢ No Tnty8' ¢xpenw reullbw5edin yw¢nded 31 Decttrtber2025 {2024.. £731. AceouDt8ney Bnd sectetsrial 5ervice5 atE pfoYLded by Milthell Edwards Ltd The Stttetsry DÈTector of Milchell EdwBrd5 Ltd. Dllrin8 the year £24,496 (2024.. £27,638) w&$ ehtsryed by Mitchell Edw8rd8 Ltd. The total omottsrt due to Mitehell Edwwds And IAeltthd In Creditors8ttheyeBrezLd w&8£4,980 (2024.. £4,740). 17. ULTJMATE coNfROLLING PARTY The ¢hoTithbl¢ c<Jmp8tty is C$)tedbY xtsArtEc]eBof AsyrriotiorLalldis controlled by theelected member 18. FINANCIALINsfRUMENrs 2025 2024 CorrytiJ88mount of fujancial aets FinaDCi8t illStn]ments me*wAl foirvdue 8.883.707 7913283 FmaDCi81 iny1nbm¢05red at fairvgl CQmPTise Jisted iryveskntjts. Page 17