REGISIERED COMPANY NU1￿BER.. SC357442 Isetrtfxttdl BEGISTERED CHABifY NUNIBER: SC006384 REPORT OFfHE1RusfEL8 AND FINANCIALSTATEMENfs FOR THE YEARENDED 31 DECEh£8KR202S FOR THE BEl￿OLE￿r 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 Chairye￿ort) QMB (for COMM￿￿ty$naDi$tsx￿N￿rSi￿S 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 Edw￿d% 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]￿*$EX¢bO￿8¢ l Etrl GAY Sbt¢L Edlnw EH3 9EE Auditor¥'. Johnston Smillie Ltd S South Oyl¢ c￿5￿ntI•m. Edinbw¥l4 EH129EO InvesttnentMaDager5'. Rathb)ne$ Re858trred Office: 24AAinslie Pix¢e. C¢)TnFOTty Re8i*Aiion Number. SC357442 Rewstered S￿t￿ch￿rityN￿MI￿r SC006384 Pllgr I THE BENEVoLE￿FU￿D 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 d￿ClotS of the cbarity for the ￿TpOseS of the Cotthpllttks Aet 200& PTcscnt their with the rM￿claI 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 SthAd￿d apPli￿b￿ sfl th¢ UK and R¢pubii¢ of Itrknnd (FRS 1021 {effcctiveJ8ttU8ry2019). Objeetlyes alrns The objective of th¢ Benevolent Fund for Nurue5 in sc4)tIB￿d 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 Bnd5illgk4r￿ts. 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 o￿l¢er may arrange a visit depcDdiDg on thc k)C￿lOn of the oppli¢xDt And the Arglication fonn ¢orttenL E*eh Ippli￿tion 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 strictestconf￿￿re 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 Wr￿510￿ who, dueto ill beah￿ eTe unubleto Work ACHtEVEMEwfs AND PERFORTrLiNCE ChLAigble attlvitl¢s Tr expEndibJre on grants in th¢ yEar, 4munted to £195.190 COMp￿ed 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 p￿d 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 oftr*neficiDrie5 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 bvr*Jfi¢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 Tot￿paid 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 ￿e￿M￿r 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 in￿Strn¢ntp9rtfolio attheyeBreDdgg&knvmiTh notr IS to statsmettts. omountedto Q43912024£U49). The Fund is entwciy depeDdertt on tsJvestsMent income. donations t¢8￿1¢$. 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 jllvestD￿ts, the appTecithnldepNiatsoo In the s¢v¢u period8 frorn 01101119.10 31112r25 L8 shovmbeiow.. AppT¢¢ia¢lon on Revaiutition oftnvesttnents Depr￿lation 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 M￿9ged 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 $utTLcient inve5bnent to wver th¢ p&ym¢nt of grdnts th¢ admini5ttwttoll support C0515 of thi Fund "' d to respond to erne￿n¢Y Hpplications forgrants whichgri5a from tunBto litne. At 31 Detrmbttr 2025 tothi bJnd5 8mounted to £9,183.916. Illve5bnent income TemaiD5 thi maitl EOUTCI of llKon￿ for thi Fund and the ]evel ofre8erves held I4rythin th¢ FU[￿'S illveth¢nt w)rtfolio is ¢onsid¢ted rrtC4sw for th¢ gellerotion of• wffi¢i¢n¢ i¢v¢l of .. income to fund5 its opETrlion& . FErruREPLANS It hos ktn the wjlky olthe tpJstee5 to exeteise prudeni* in the dispeb5uJg of ￿￿nts and tbis wlll eonthjue. It ts 1ntleip￿ed th¢ ttuttthrof yan¢5 &waTthd will inctEwe inthe cornin8yeHrond the tcvcl of qllErtBrly srorttswill i* kept U￿der￿vIeW. Pag¢ 3 THE BENEVOIENfFuf4D FOR NURSL8IN SCOTLAND (￿]STERED NUMBEIL. SC3S74421 REPORTOFTHE TRUSTEES for the yearellded31 Dttember2025 srRucfuRL COVERNANCEAND hlANAGEME Governlng do¢um¢nt The BEnevoleDL Fund for Nurses in Scotland (the Fund) 15 8 compally limited by guaranttt and govett%d by its Artic]es of. A￿OCIatiOnadoPted 26 Augu5t2021. It i8 t¢￿$t#1￿1038¢harIty withthe Oty￿e of the ScOttishChurityRe￿daIoTH￿JreC08DL*d 85 & cbBrity byHM Revenue& C The Fund w&8 fo￿ed 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 colle8g￿S 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 NUtT￿ld 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 F￿d 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 YOun￿r 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 RB18￿tioll 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 adm￿10￿ 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[Li￿al fix¢d period of 2 years gfter such 'A" Directors may be re 15 TrUllll8ed by a mthnber firm of the Lortth)n Stock ExchaDge, outhorised ond Teguiated by the Fin8Dci41 Conduct Authority. The trustees zeceive 2nd review investrent managemcnt ￿p0￿$ every quartcr and atE 5th$r￿d that th¢ NlloutioTL of witbitt the irLvestmeDt porfolio i5 Jikcly to uchi¢vo Non fiJBJJGiaJ risks Lt1eting to tht opernlion of the FuDd's grBLt mBkitig pollcy Are by bllving Tobust policies Hud PToceduR8 inpJac¢ to revlew&rnntBppli¢ation5 for$in8te p2ymetsts 8ttd querterly 8mts aod lomoDitOTCODtitLuuJg quarterty STATEMEwr ori TRUSTEESt RE8PONSIBILrfLES Tr tnJ5t¢es (who 8]$0 the directors of Ben¢volMrt Fur￿ for NuTS¢S Itl Swti8ud for the pw8e3 of cornpllny low) •x¢ t¢5FK>Lsibie for prep8Ting the R¢port of th¢ Tn*5 apd the f]ztsn¢iol stlltemeDts itl 2ccord8nce with appiicabie IAW and Uoited KiLBdom Ac¢ounting St&ndard5 (Uni¢d Kingdotn Gerterauy Aecepted Act¥J￿Ill)S Ptactice}. including FinanciDI RepOlti￿ StoÈthrd 102'ThE FiDaTr¢ial R6portiti8 St8ndatd8pplicable in the UK ￿ Republi¢ oflrelw￿" Company l&w rniths the to ptepBre fiDwKi81 statements for ¢￿h fill￿1￿J year wbich give & falr vi¢w of the 5tHte of aff•irs of the cbwitable ¢ompBtLy ond of th¢ ujwming rc50ur¢e$ 4nd applictttion of tcsourtt$, inclthllts8 the ioeome aod ¢xpendinJte. of th? charitable wmpwjy forthat wiod. In pteptirin@those rlljanci￿ $t2temert4 the trtrs Arerequittd lo - a¢k￿ su1thbleocw￿tinS ￿licleS ondthED appty thetn ¢onststentty' - obsttve themethod5and principl￿ ￿ th¢ Ch4rity SORP: - m8ke judgements Dlld ¢stbllot¢$ YeLsonoble Èod pn2dent: - prepHrE the fJnon¢i8lststements onthe 8oin8 concernbasis w)ksS it 15 %D8pwsprillte to presume thtthe LhthtAble compony will¢ontiDue in bu5inCSS. The Inwk¢s llTe reswTL4IL )Ie for keeping proper acco￿1)￿8 reeords which di3¢1ox wlth ￿#0￿￿bk llc¢utW #t any time the fiwi¢lHI p)sltton otthe cbaritsbl¢ ¢ornp8ny gjmi to entbk thpm 10 en$ure th&t tho fU]anCi￿ Stater￿ttts comply with thc Q)mpBni¢$ Ac¢ 2006. They are 8iso tcswtsibie for sofeKuardin8 the 0$8ety of the cborltsb]e compony 4nd henee for taking R&wnoble MeFfj for lh¢ pteveDtion 8nd detethon of fraud 2nd olkn UTeBu]8ritie5. - theTe is nottkv8rttLudit n￿o￿natiOn ofwbichthethDritllble 0)M￿ny'S audltoTr at? U￿W￿l?. Bnd the tsustees have toketl a]15tepsthat thcyouBht lo hllve tskcn lo m&ke theM￿yeS awHruofgny Jekv8ntHudit iDformatiotLgndto ¢stabJi%b thBtthe ftuditors8reaw8Ye ofthat infottDAtio AtfDYfoRS The audiw lohn5ton SmilliB Lt￿ will beptop)sed forwSrttsllerttAtthe f(AtheoEnin8 A]mu8] Ge]￿rni Meetuw. This wort h89 E¢¢n prepBred in xcotdonce with the spect81 provisiom of Part IJ of the Conwie5 Act 2006 telatrmg to small )inpJnic5. Approvedby ordcrDfth¢b(wdofirusfvon 28 M&y 2026 and$i￿d0￿ its I￿￿1fby. A Joyce- REPORT OFTHE D4DEPENDEiYf Au￿￿oRs TOT&E TRUST￿ AND m￿l￿BE￿8 OF THe BENEVOLENf FUND FORiYURSES IN SCOTLAND IREGISIERED NUMBEIL. SC357442) Oplukn Wc bave ttudtted tk financi￿ sta*ments of The Benevolent Fund forNurses in Scodand {the'¢heTiteble r))mponyJ for the year ended 31 Decettd*t 2025 which (x)ttLpris¢ the StatemeDt of FinÈDcid Activitie$, the Bllia[￿e spd t￿t£S to th¢ 5t4tyThen ujcluding a summary of signific￿1 É¢counttiJg wlicie& The fIn￿￿8] repoltng frwnework that h&% ￿ert *pplied in thetr pteparntion i5 applicabl¢ law glld Utiited Kingdom Aecounting St￿l￿d5 (Untied Kingdom Generally Accepted Accounting Practice}, including F5oaDcial RetKirtirtg Strndard 102'The FinatL¢iHJ ReporDn8StHndBrd &ppli(thle inthe UK aDd Republic of FTelBDd'. Jnouropinionth¢ flu￿CIal *&ter￿n￿. give &truB ond foirmew of tho stHt¢ of th¢ dwitHble cotllPBDy'8 sffllits ￿ at 31 Decetnber 2025 ADd of Its ineotlliD8 R$O￿te$ QDd oppli¢atiott of resour￿4 in¢lUd￿¥ its income ttxpettditUT4 for the yeatthertet￿d. have prop¢rly ptepBred irt o¢cordence witb Ulli*d Kingdom Genern]]y Accepkd Accouniing Prnctico including FuJwKiBJ Re￿rting Stsnd8Td 102 Tr F￿anCIal Reporting Sthndard oppli¢Hbk intheUKOt￿ R¢publi¢ of Irrjand ot have bc¢n preF￿d 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 V￿th Int¢Tr￿]0￿11 Stondfjrd9 on AudliDIK IUK) asA8 (VKII alld appbcAble jow. thr 5ponsibilitiES under those SI￿dardS we further thscrikd Én the Audilord re8p)nstbillti￿ for the audit of the f￿￿claI 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]ev4￿1 ¢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 S￿n51b11ltieS irt accordance wth thes¢ ffquirements. We believe that the tudit evidence havo obthined is 5uffi¢l￿1 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 i*nc¢rn of •¢¢ouoth8 tn the pr¢p8Tr1iofL ofthe f￿antial 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 th￿te$ aye respons￿1 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 fil￿nclE] &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 co￿der 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¢ rM￿ClaI *otements theIr￿l¥e$. If. b￿d on the work w¢ knve 5*rforme4 we conclude thot there is 8 ma*riaJ missNem¢rtt of thk4 other informodon, we Bre tequited to iEPOrt th8t facL We have TrJthing to reFrf)rt irt thisrega OplDlons on o¢h¢rTDatten prescrlbed by the CDmp*rtlts Art201J6 In oUropini￿ b￿ed onth2workuDdertsken ik the Coutseofthe Budit.. the infotjnotion given in the REPDrt of thE TJwtee5 for thg f￿a￿lat yw for which the fjnanctal Ét*tttnents ore preP￿ed ron5i%tentwiththe rtnpn¢ioi 5t£terneTh￿ and the Reportof the TrustcEsh&¥ beellprepated inHW)r￿ with BpplicablB Ic8tt1rtgUitett￿rtts. Page6 BIPORT OF THE INDEPENDENf AUDITOIL8TOTHETIiUSTELSAND MEMBEIL8 OF THE BE￿voLEN[ FUND FOR NURSKS IN SCOTLAIW (II£GISTERED NUMBER: SC3574421 Mattcn which w¢are rc4nirtd to rtportbyex¢eplion ttt the light ofthe knowledge and under5talldiu8 of the eharhable compony 8nd its envirotJmeDt obtzined in the WUTse of thc lludi4 havenot idelltified matrriaimisstat¢mt]ts illthe Reportofthe Ttwtee We have uothing to ryort in respect of th¢ following matttsts whttTe the Comptiies Act 2006 8lld the CtWi￿ A¢￿Unts (S¢4)tlalld) Regulations 2006 {¥ ametsde￿) requir¢sustO T¢rrt to you 1£ itiOtrOPilliOJL JEqUttte ottd proFer acCo￿tIng ￿E0[aS ￿¥t ttot &%n kept or retwns athqullte for our audit PAve not tr¢¢n Yeceived from brth¢hesDotVi8ited by u5. or the fuJanci81 *#tetllettts arenot in ￿eTn¢Dt￿th th¢ ac￿U￿tIn8 record8al￿re￿ or certain diwlo8uresoftru5ttt8' Tcmunrration ￿(Ir￿d by law Bre llotmth. or we bove not received ￿the iJthtll2atiollAnd explanatioL8 we tequiT¢ for ouraudi¢' or the tsryjstees weK not ents￿ed to take odvantoge of thg small wrrlpwllcs ￿¢mption froox the ttquirn￿t to Prepore a Strategic Rewrt or ill prepoyittgtheRewrtofth¢ TnL*e$. R¢spoulblUtitB of.trnstees As explained mo￿.fi￿1Y in the Ststtmettt ofTrusteel Resp)nsI￿1]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￿¢35￿rytoett&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 ￿alL*l¢ 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 ￿￿V￿llt tE8ulations madeorhAving¢ffc¢¢thtTeundcr. 0￿ obj¢¢dv¢s gye lo obtsin aswAn¢* th)w wbether the sratements as a whole ore free from rtta*rio1 stAtemen¢ whether du¢ lo fraud OT ¢ryor, tnd 10 iwue art audilorfs report thot include5 our Op￿10￿. Rea50￿ble 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 deci￿0￿% 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 misstatJ alert to fjny indic4t10￿8 OF fra￿ or nots-compIiBLee with1a￿E mdr¢8uJ4tioDsthTOU8hout the 2udiL Beck￿Se of the llthetent limitalions of an audii thcR i5 ll Ti8k we wjll t￿1 detect oll irre8ulorities including those kad￿￿ ¢0 a motwial mi55tstement in the ￿￿¢1￿] statements or ￿￿￿￿t￿pIl￿n￿ with tegul2ttoL This risk It￿re￿￿ tbe more thai cothp118t￿e wsth a law ￿ tEgulation Tetnoved from the eve])ts tDd transactions tefkcled in the fujwwial S￿trment4 we Kryjl be le55 l&ely to becomc awTrT¢ of in*lln¢es of non-compli8nce. The risk is a150 ￿e￿ter ￿g￿ll)g irtgulATities oct￿1￿£ due to fr&ud r8ther thBtt ertor. fiwdinvolv¢s intsjJtio￿co￿¢eal[ner￿ forgery. w11u5iD￿ Otni$5ionor]JJistepwttsth A fiLther deseription of our ffsw)thllttie$ for the audit of the fm8ncigJ 5tatenMts 15 loL*¢d on th¢ F5U2rlc￿ Reportill8 Cow￿]r$ website atwww.ftoo￿￿kI&Ud7Io￿rtSPtiAslbIIitl¢& This desrrimion foFtnspartofouTReFVrt of the IndeFudentAudiiOI P28e 7 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 AccO￿ts (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$ume Jtsrrt)nsibility to anyone other than the clwitabk compzny ond the chBrilable COMp￿￿S mernbeTS as a tody, forourw]diti¥orK fotthis repor( or forth&op￿i0￿swe have fonlled. Lell Br&thBA CA (Senior StattrtoryAuditorl for 2nd on behoifof Johnstou Smillie Ltd ChzrterEd Account￿¢s and Statuiory Auditor5 Eligible 10 act￿ en auditorint¢nn5 of SEttion 1212 ofthe CorttpothAct 2006 5 South Gyle Ctescoutt Edinburgh EH12 9EG 28 May 2026 P2Ke 8 SCOTLAND (llYCORPORATING ANll¥cO1￿E AND EXPEND￿ACcOIANrY ror the y¢veDdtd 31 Deeember20 2025 2024 Total UDrestri¢ted fiJttd% INCOMK AND ENDOWMENfs FROM I￿nationS aud leg¢eie8 14.QLK) 14,501 274J17 274.824 762 Otheriucom¢ Tothl 288,317 290,087 EXPEND￿ ON R•i$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 filt￿sbr0￿ foThv4rd 8,191,509 7,987.874 TOTALFUP4DS CARIiLeD FORWARD 9.183.916 8.191.509 CONfiNLfiNG OPERATIONS All iftcome Bndexpe[￿It￿[Bh&5￿15￿ frottt contiSWiD8 ocdvld Th¢ wtesfotmparfofth¢*fiDon¢i81 stskm¢uty P￿e9 THE BENEVOLENf FUND FORNURSFS SCOTLAL¥D OIECIThRED NUhlBER: SC357442) BALANCE SKErr 31 DecEmber2025 2025 2￿24 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 f￿￿n¢1￿] stBtemeDts have been pret￿ed in accordance wlth the wovi5ions appli￿blE 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¢¢. it￿1#t£d B]vJ domtci1￿J 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 f￿￿la1 5ts*Tn¢nts isthe SterEDu14. Amounts shtsvth￿ ts t*£. ACCOUNllNCPOLICIFS Basb ofproparlD8 the finanCI￿$￿tIments The principal accDuntirJg ]A)lici¢s adopte(L judggmcnts k¢y 8ourc¢8 of e&l￿￿tIOn ￿cer￿l￿ty in thts FrtPaTatS0tt of the. fME￿i&l 5¢4tements ore as fouows: The fin8llCiBI.sfat¢wKnts ￿Ve been PTepaTed itl accordan￿ with the ChArftle8 SORP (FRS 1021 'AccoLmting and Reporting by Charitic& Stlltrtnent OF Recommended Prn¢tice #ppliettble to chayittes preparing their accounts in with th F]nw￿l&l Reporting stllTrdp￿ Rpp]itabie b) the UK and RepubJi¢ of (FRS 102) {effethive l Jonw 20191,, FinBnciai R¢p)rtiD8 StaDdsrd applic4ble in the UK and Republic of ITelbrtd (FRS 102). the Chatitie5 ond Trustee Inve5bnrnt (Scotlomdl Act 2005 Bnd the Charitles Accounts Iseotw) Regulations 2006 amended) and thg Componi¢s A¢¢ 2006. Assets th liabilities 8Te initiaify ai histoftcal cost or transEction V￿￿e unle55 otherwise sthted u) th¢ fflevant OUDtin8 wjlicy not¢(s). B¢A¢volent FuDd forNuTscsin SwtlaDd ttLq¢tsthB defknltlon of o public benefrtentity utthrFRS IO2. The cbaTtty hstsktn •dvAllts8e ofthe prnviqions inthg SORP for￿￿11 thMitirsDotto aStrienxtttoec&qhFIo Pr¢pJEratlop oftht gecounts on a 8obD8roll¢ern b*1 thjstees coAsi&rthHtth¢t¢ •x¢no m4terig1 unc4rtOillttes about the charityts Ability to ¢0rttioue ¥A8ODlI tollur Looom¢ All IncotDe is reco￿18ed irL the StsiemEnt of Fiuan¢ioJ Aefvities once the charfty h8$ entitlement to the fimd4 it iy probllbk that the ÈDwme will h receivedand the thmourtt tart be meLwed reliably. For ￿8￿1¢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. R￿elpt of a lew. itl wI￿le or in p4 Isottly considered payobie when the unount Cth b¢ tneowrnl rn11gbiy artd the ch8rity hos E¢eD notifi¢d Dr the exeG*torfs iQ*lltion lo rA8ke & di5tribuborL Whtrre Itgttcies hdve been notifled lo the cbBrity. or the tharity 15 4wart of the 8SYDtiD8 of PTobllt¢, and the rri*ri& for iu¢om¢ ff¢ogtsition Iwe not FRen me¢ then the legacy is tratsd esaeonthjgenta58etandd1￿i05vd ifrnatETi￿. Intete5t on fiDJds held on &tKJ5it i% illcluded when ￿ceIVable 8fLd the ￿OUnt cBn be tneLsuYed reliabty. ThÉs is [￿allY up>n n￿1￿¢￿tIon of the interestpaid or Foyabkbythq bllnk Expendltu Liabilitie5 ￿M￿l$ca Is ¢xpBnditwe ￿ 800A OB there is t legal or obiigatson committing the eb8rlty to th8t expendits]re, it Is proboble ltrensfer of¢wrLomi¢ bER¢fits will k required irt settIemeDt 8rtd the aMo￿t of the obligation mEaswEd reliably. VAT i5 dwoed &8 a cost 88WLL%t the 8Ctivity for the w5t W95 EXpellditt￿ lstjwir￿d uttderthe follNwng headin Raisiry fllllds The cosrs ofTai5in8 fffjdscomprigethe wstsof itiveststttttmana8emeftt fee& Charitlble #¢tEYStle$ FxpendiDJre on ¢b8ritsble Ètthitles Include5 the costs of 8raDts payabl¢ to third F¢rty individuAl$ 5a th¢ fi1rthe￿ of the chritabb 0bjectsoftheFw￿ and their85sociated5uP￿rt 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& P￿ell ¢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 ￿te￿Ory. 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 a￿Stthew￿k0f 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 f￿r valu¢ us llt th¢ b￿ance ￿¢¢t dote using the closing quoted moJ*et 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 $0]es And protetds artd their opeDiDg tarryitig vsIue or purchw voJu¢ if xequir¢d 5ubsqquent to the fjrst doy of the fmoneiol yeBr. u￿re￿i$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 r￿ed 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$iti8 Ort the di5POSBI of an asset L8 delernjined 85 the diifetence bEhveeD the s8ies pto(*e& aDd the ¢Fnyin8v4]ue of the and is creditedorcheJgedtow)fitorlw. Twtlon The charity k4¢x¢mpt from corporatlontlxon Itschoritsble ￿tIVitieS. Fmlld ÈteoJntlDg UNe5tricted fijnds ¢*nb¢ Irt ae¢ord8neewith the eharl￿ble obJeellvesAtthe diwretlollofthe Re*rieitd fbJDds only E¢ used for pVrticu￿ r¢5ththed PUTPDS¢5 Within thc obJ￿ts of th# rhrity. Resknctions ￿]$¥ when specifiedby the donororwh¢n ￿ndS aff r4i5ed forporticuknrTestrl¢kdptry)s¢$. Penslon #ud oiberp￿t-rtt1rIMt￿t 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 vlll￿d￿th£ pryid gmounL C￿h At battk Cash 0¢ bgnk iticludes clsh and short tern highly liquid iJve5tinents vrith 8 st￿rt matrJTity of three month5 or le55 from th dote ofACqUiSitiort oropeningof thi depositor s￿lI1￿r 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 ￿O￿ttt tr) settle the obli8Xtion c8n be meLwred ore#imlltrd reliobty. Crediloys ￿ provisioLLg re t￿rnally tecoKnisedÈt thesr ￿ttlementa￿0￿￿t 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 ￿de￿￿ke1 its cbor2tsbtea¢tivitie5through making yantsto individuals itl fUrtb¢￿¢40f its chDrIt&ble￿I1V1tie& No payment lo a $llJ8le irtdivldual exceeded 1% of the gTOSS income forthe period. During 2025 710 (2024: 744) wts and ChTi8trn45 Kifts owde to Individ￿15 from £150 to £750 (2024.. £21)0 to £7JOI. Tr tothl paid WH¥ £195.190 12024.. £19&7JO). Page 13 corthnued... THE BENEVOLENfFUF4D FOR NUILSES IN SCOTLAND NOTES TO THE FINANCIAL sTATEMENfs-eontE￿llgd rortbe yeAr tlld¢d 31 Deeemb¢r2025 SUPPORT cosrs costs 51703 13290 65.993 Support cos14 included irlthc abov4 are as foljo MAna8emeat 2023 2024 Tothi a¢tiviti¢$ EtDphy¢15 r¢mun¢rnlon SoBitsi gcurlty PenshEL8 S¢uEtsrfs remuneAtion PrilltiD& 8dverti*ngandstationpry R￿tUIts￿eftf MiscellwKou5 TT&v21 BDd$ub8i*en 21701 20.199 956 1888 18.395 lJ69 4.032 3.286 3,863 1270 IgJ43 l J64 3,897 3.928 52.703 54,988 Govtrn*nt• C￿ts 2025 2024 Total A¢tlvlth8 Audi¢oTS' tgmutt¢tatlon A¢¢outtt*ncy fee$ 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 AudSIorfremu￿ratL0ry Surp1￿ oo disposÈl Orr￿ed 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' REmUNU￿TI0N AND BENEFITS Tr trustees at¢ WDsidercd to be the key ]I￿A88t1￿eftt of thc 0[￿15H￿on and theTC ty) tnJste& mlluuerntion or benefitsfoTth¢ y¢)re]Jded 31 Decemiyr 2025 norforthg Y￿endEd31 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 Ye￿Om0￿￿ted to ENLI (2024: £1931). CashBTrJ setthm¢tLts P¢Ading LI￿ed invc5trn¢nts To￿3 At l JonuBry 2tr25 Additions Dtsposttlj ReVol￿tiOnS 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 Decemb￿2024 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 8*D￿lI0￿) 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 f￿a￿CIal to the on￿1￿% 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 investsn￿l markets aDd volatility hj yield. Tr Fond mansy these iDVeStment risk3 by tttsinins expert advtsorn atjd or*￿Ill8 arl investrllent policy thet provid¢s for a hi8hde8ree of diverSifi￿tiOrI0rjN)]dUj￿￿jthIll investtnent8syetclosses thatare quoted on refwixd *o¢kcxcb#nKes. 13. DEBTORS: AMouNfs FALLING DUE W￿￿1110NE 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