Independent bamlner% Repwttothe Trusw of Roy4 Alr For￿As$r￿latkn, Ednbuoh. Lothl & Borders Brnnth l report on tht act￿nts of the chority for the year thded 31 Dec 2025. Respècth* re5pon4blll15e5 oltrusteès and oamlner The chafity's tTUStees are reS￿￿Tr$1b1e forthe Pre￿￿tiOn of theattounts in ac£ordance with the terrns of the Charti¥es andTntstee Investment IScotlandlAct 2(KJS andthe Charities AccouTrts Iscotjandl Re8ulation$ 21￿ lasamendedl. Thecharitytrustee5wnsideTthatthe audrt requirementof Regulatr'on I￿1} Idl of the 2￿sAcrO￿nts Regulations does notappty. It is my responsibility to t￿rnine the acctyjnts as required under Section 4411) Icl of the Act and to state whether particular matters cometo rny attenbon. My examination is cafried outin attordance ￿ Regukn"on 11 ofthe 20)6 Accounts Regulations. An examination It￿ude5 a re￿¥ of the ac￿￿nI1￿ re£￿$ kept by the tharity and a comparison of the accounts presented ￿th those retwls. ￿31$0 inclvdes consideration of arry ¢Jnusual items or disclosures in the ottounts. and seeks explanation5 from thetrUStees iJ)rKernireany such mattets. The prc