Clwily Number SC 009 5 '292j, I TENOVUS SCOTLAND Accounts 31 March 2025
'I'I.N()VIJS %CI)"I"I.AND PA TRQ HR14 The PrI[Ke Royal PRF.4*lDENT ill June ?0)4) VIC."Tr: PRESIDENTS TRllliTF'F'% and NATIONAL COMMirrF.E Ichaimian ) (Edinburgh) (Edinburgh) (Taysidc & N [-- Pife) (StrattKlyde) IStraihclyde> ( I lon Trcasurcr) (Hon SLY"relar¥ ) ((irampiatL I lighland% & Islands)
TE..N()VIJS SC() I'I.ANI) (-I..NF.K,11. STr'.('RTr'"I'ARY Tr"Ic.F: Ai R()) dl C'oll¢g'¢' of l)hN SiLians and Surb?eons ol"CJl&%gow ?"?_?4? %1 VincL'nl SlrLYt (12 SRJ E MAII. ADDRF.S LIILrJl.%iii','£l'.IL IiiiVU%-%LoilJnd.()rg'.uk WF.IL4ITF, AI)I)R Tr"..% .Il.1]I)YU5-bcUi1j.Ur.uk. AI I I)IT()R. Whk IAiiilill l.imiied 16¥ Ilaili SirLLI Gla%gow IIANKfr".IL4 C'l) dL%liilL Eldnk l)l.('11:<l Virgin Mi)nLy I ?_4 Ri?yÉil l.xchdngyL SquarL' lil 3AH SaiilandL'r L'orKxifiilL Ilankiiig -1111 51 Vi nLLiiI %irLII Gld%blOIV (j2 SNII •'I'()C'KIIR()KF.RS l. vc.li'n l)¢irlners l.ld 177 ili)Il)wLI I SirLx'l { il&sbow C.'IIARI'I'Y iWIIMHTr:R %C'(MI407S
'I'F.NOVIJ% %COI"I.AND .4NNI'AI. RF.P()RT OF THF. TRI'STF.F.% The 'l'nkst¢es wrscni their WM)n aNJ thc audid fix the %"ear cNkd 31 Mah 2025. Objeclives C'()"I"I.ANI) is an in(krndcni charii) lunding gLncral MLiCal rLX'4wch and is rL"¥isILfL' %ci?Iland. li c4tsbllthL in 1%7 b) ien vibluneT% led h¥ . lollowing the example and m f a Pii)nccrin8 I1Tgllnisatii Ii)undLxI in ('arditl-_ I l Nl 11 1 5 s(1) I I ,1 N l) i?[ra(cl ihri)ugh fi>ur rLEVji cornvniitLe5 in l.'dinburgh. Cjrdmpian. Strathclyde aj l a)sith. I he c()nllutI1)n th)cumcni 15 ab'ailable I" IhL ( IiriLral .LrL.laTr. 'IThL rL¥ii)ndl r()mwnitlce% mlri (In a rcgular h&sis rryM?rt lil thc Nati(•nal ( Ibmmiiicc. 'Ih¢ dal ts) running ol. "I'l.'N()¥'l"'S %("()"II.ANI) is dL'lcgdtt(l ts) thc oCrra1 SeLfL'&W%. 'IthL rL¥iiynal commiiic olunlLTh t¢te lunds through ci'enL& aLti% ille% and apprtTrdLhcs tib inLsL% and iNlii'iduals. -I'he Lharil%" rcL'eii JppIiLdti(Jns for funding from di)cl()TS and 5cicnlt%Lk thri)ugh IhL Siitrlli%h I Ini% Lrsili hi) hai L rearkh pn)j¥i1s M hiLh thL 1k.liii L l() bL' ii"iirth% i11- 5uprx)fl. Rigi(Inal LMimn)itlL'e% dLLidc biranlN in thcir drL'J under dL.IL'g&ili.d thL Naiii)nul I cJmmillLL ullir tsking intiTr aLLI)unt thi ad%. ()I"II. inde1¢Di latIonal ieniili¢ Alh'15(. C ()mmiiiec. TnL$ltts l.he I rustees i)I' TF.0VI.S SC(TrTI..4%"1) ai 31 IIAarch ?0?5 are listcd i)n pagc l. als(i Ld a% d I ru%lii uniil he rilirL"d ()n 17 June ?1}?4 "I'ni%iccs arc rMall1. elecicd at the Annual (Jenerdl and Ik)Id i)IfiLi fi)r a In(j ol'three i'tr&s. I"niNiLLS (k) ncrt recei%¢ ani rcmunLfati()n. Suitsbli 4Lldlilicd arc appn)dlLhc¢J rrgarding Fx)&si iWkX)iniment the NaiN?ndl Cc)mmillL'e when ne l rnsie¢% urc rcquirLXI. Tr innci•l Revitw 'l-hL inciiming rcs()urLL% li)r thi ami)uniLd ii) j l.y.fyg.0191 ?11?4 11.4yI().81) I. RlUfl( eXdC ere £1 ?77.1()51?n?4 £1.140.5971 ufMthi¢h £1223.N69 M'&$ 5IKni un rc5carrh )je¢L$and aww(ts1211?4 £1.1I8%.-1fi7 J. %alL% (If ini L"%imLnls fL'Jliscd gains ijl. £ l * ?X? i?n?4 £8. I Wi dn(l ihcrc 'as unrealised &prclaI11)n in aluc (?[ in%esuncnts ai thL I 14r Lnd i)1. È4 ¥llj?11 i?U?4 £4(Tr).5561. ( i)1- £1.6X? .1 IY I ?11•4 £3 J13.471 I was hLld ai thc cnd Épl-thc lear olhich £? 558.371 i J124 £2.427 15 earked lur pnJjLLLN MhiLh ha¥c t) r(>rniall)' arV<)%L. 'llic "I ru%tLes Lunsider thLfL' arc ni) maleridl unLenainiic% iltK)ui the .1 DJ's abilill II) LIlinUe d gui Libncem. Reserves Poli¢v %ullicieni cash is held ts) co%¢r all i?uLSndI8 sums arfj)mved troj¢cts. Additional sumN 41re hcld io cnab lurther pn)jecLs li) ap1?l1 ii¥cr the neil sil mc)nths M ithiiui reli in¥ i)n inLximL in ihal pLriiid.
TF.'NI)VlJf> SCC)"I-I.ANI)
ANNI,'AL Kfr-PC)RT THF. TRiISTTr.F.S {¢on¢inuedl
Inveslm¢nt Polirv
ThL .1 nL%tLes hc)Id in%e%trnenls in l TK s1(Kks and shim in urdcr ts) ¥cncrdiL" d(klitii)ndl inci)mL Lil
gNIMih. Inie%lm
I'l..N()VlJ4i SC()"ri.AND INCOMI.. ANI) I..Xl)l..Nt)I'riJRF. ACC()IJN'I ANI) S'I A I I..MI,:NT ()I." I, INANCIAI. AC I'IVI I'II..S for ihe yL4W LndLd 31 m(Lh 20?5 tionl & Regional Endowment C.omn)illee¥ Nole 6 202 'l-ot# ott Income Voluntry Income IhinJliLTrn% and gijils 1.11.$6.5XII 7211..fj117 1.046..$88 720.-$07 I.IOX.7 6111.7.1 C-h#rilble ilclivities unLI rai%iiig Li ini Inve%lment income Y7.8X.I 411.7112 1 ?.28X l(K).16 I niLrL'St r¢1vl 411.702 'rolxl Income 1.9?(?.7.11 I ? ?XIE 1.9J9.019 1.91K).11 I Tr'xpendilurt C'h4rtlble 4ctivitiei ('hJrildhli gTrrJnl upp)rt ii)Nl. C o%ts of r*55in£ fund$ 1.2211.1kn 511.1116 -I.IIIMI 1223J69 -% lJ.$6 I.IIXX.16 52.22 1.880 -1 otil b'xptnditu 1.272.135 4.9711 1277.104 1.1411.5Y7 Nei In¢omel{Tr-xpcnditurel befort (J4in% #nil l.o%i¢¥ Inveslment ()54..5W) 7.-11 6(11.914 { jain( I()5.) i)n invLsimLnL% KLalisL.d I InrLdli5cd 7.712 4.5711 12.5.7281 12.2112 12S.228) x.lw 77.W14 Net movement 6411.968 115?.411 Broughi r(brwxrd ?.4()X.415 1.115.(J72 3.484.O87 2.711.6711 C".arried fonvard 3.131).723 1.102..1.12 4JJJ.O.s£ -1.584.11116
rE..N()vus sco'ri.AND BAI.ANCI. %1 ILL I- ai 31 March 20?- & Rt%bnn•l F.•dowmtnt C ommilltes fvott 6 2024 2n2 Tot Note IN%'ESTMkNTS 2.536.756 2.V&7$6 C'I KRENT.45SE1"5 OOJ.L4J 9.117 Inier-lund balanLCS Bank 1.434.473 3.6x2.319 11.4J4.4:41 382)19 3.513.97 TolAI C"urrtnl Axlets 5.7111.W5 (1.4.14.4241 4JL4.471 CI'RRF.YT LI..IBII.ITIF_S 2J5XJ71 2.44AJ71 JO.9•1 (XhLY crediiiys IY.¥3 Toi#l Currtmi ljabllltleg ?.51y.•72 Z.489.2n 2.48fi.10 NF.T I'I'RR&.%T A4.¢¥F.T .1.131I.72.3 {1.4.J4.4:4I 11•116299 1,1)36.7 NET ASSE'I'5 3.1 Jl).723 1.102J12 4XU.OSS 3.584.0 REPRI:51.'NI"INC; FI,'NDS: Capi1 Lnrtalis¢d investment apryccialicbn 544.5W2 $44_VJ2 4J8J28 5411.022 461.556 8?.Y20 982.920 l.W3J7¥ R¢w¢nuc &,5 3.130.723 1113.41? J2V.134 2.5411.51)X I'u1'.41. fr I,, N D.¥4 3.1311.VJ I.IUl 332 4aJJ.fys5 -1.5114.1)111 ' i atKI signed on their hl[ by: I lilTh)r8ry I'reagjr
'I"I,'NOVIJS SC()'I'LAND
N()'I'I,'S'I-O I'FII.. ACC'()IJN'I"%
lor ihL' LndLd 31 MarLh 2025
AC'C'()IIN-fiNI: POI.II'ITr.Si
Bu.ii iifpreparailipn und L¥.iit.Imenl cJfRlPllIR ccpnt'ern
'l-hL ¢t¢¥iiunis ari prLpJfLd und¢r IhL hi.%l()riLal L()%l LiinvLniii)n wilh itinis rL¢Lig1niLl ai Lii4l ()r tranL
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ILmL'ni i)I' RcL(irnmLndLd IaLlIlL li)r C'hJrities. the l. inanLiJl RLlX)rtingJ Stsndard JppliiJblL in tht I I
Kingpdi)m Il.KS 1112. IAI. IhL ('hdriliLs and '1 ru%lLC Invi%lmLnt I%LI)Ilandl ALI 21M15 and IhL ('h
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Lapildl dLL(Junl (>l' Ihl rLILi Jni luiiJ. l
TF.NOVLJ(> SCOTLAND NOI'I..S I'() "I"HF. ACC ()IJNI"S lor the vcar ended 31 March 2025 NATiIRE AND PIIRPOSE OF THE MAJOR FlINDS NATIONAI. A%D RTr.C'IONAL CO%I%IITI'Tr.E TrI'NDS 'I"hL.%L lunds afL all ai'ailablL li) meii medical dLntsl rl.Ch grant Jpplicalii)n5 ic) administraiion fund raising eXtnI¢s. All rLWLh granL% arc suhjccl l() initial appmi'al b% the mem i)I"Ihc Regii)ndl C i)mmiitce M'ithin whc)5c arca the rescarch is kn) carried c)ui and thertraflLT b). thc Nati %Licntilic Advix)rv C"ommittc¢. Rcgii?nal C'()mmiiiee% arc rc5ry)nsiblc for gcnerdling the income locally nal l)uring ihc )'ear. TF.N()VII% %C'()I I.ANI) madc 4? granL$ 120?4 341 lotslling £1.276.6(vl 121 £1.2??.(?X71 ts) the Scottish Ilni¥'erSiiit% Icir mcdical rcscarch pn)jects ca1¢ ciut in %u>tland Ib) ENDOW'MEN'I" fr"1,1)5 I'hL LJPital is n¢ll k. distr1tted from the fi)IloM'ing The Tri)under'5 Trust Ll)mpri% capital scl &sidc to pro%'ide incomc l(Y adminitrati()n ¢Xn8cs. The.Ildrxqrei .VacLellan Award madL fi?r ihc pivcc i)l-rcscarch carriLd out in %u>iland .Sir Rohln ,VacLellan Travel Award 15 madc annuall% and is intended ¢cTrntribuic Ic)w'ards the Ll) J ( c)nlcrLncciS! mEX)%ium ts) enablc thc rcSfdrchcr. M hose Final R¢y)rt c)n their rcscaTch M'(Trrk cn judgLd the musi i)uLstsrKling lor thL ) LW. to prcxnl il pwr. 'Thc rescarLh thork mwsi ()ui in S11)lld. Ladi, Illinxworth A ward is madL Crn )'cars and ]% intcndcd lo rL'Liigni%¢ a majc)r ciTrnirihulic)n li)w'ar impr(i% ing ihL qiiJliti ill- li fe l(?r ihe Lldcrl%. 'I'hL resL.h iii)rk' mu%t Ix. tll"d i)ul li iihin thL Ilrilish 1%] cl 'lkne subjLits for all a$ are 1 and judged hN' an indLpendeni pancl dramm from thc lield i)fmcdicine. I"hL Ldpital and inLI)mc may distrÉbuied fn)m the r()Ili)M ing lund= Roddi. Macsween Award- For thc mi)%1 merits)rious rathology sluikni in I It)ivcrsit) of CJl&sgi)w during aih ill" IhL Icn iutnmerin8 in 2017. LISTF.D INN'ESTMF.NTf 202_5 202 Cost al l April 2024 Addilic?ns l)i%wsal. 2.083.4&S l.X74.¥ 299.067 -3.14.7 128S.7101 11ty6. C'c)51 31 MarLh 2025 I Inreali%¢d apprL"Lialion 2.li96i42 438J28 2.1)83. 46.3.5 X5 Ixrkel valtst di 31 March 2025 C'&%h hLld b¥ %iiKkbr()kcTh 2.43S.170 1_486 2.547.1 Pr()Leeds ol" sales C'()%1 01-.le% 297.992 {28S.7101 1126.0.1 R¢?lised gain I I" rcali&d gain$ w'crr MSUd ag&nA markd Naluc * thc I]nning i)I" % ear. thc rc5uk ha lcn a o1"I23.121 c(Nnprcd io an al r¢ guin 8gain5t IKiginai CO (I1"£122X2.
TENOVUS SCOTLAND NOTES TO TF4E ACCOUNTS for the Near ended 31 March 2025 E%DOIi',%IENT Tr"I'NDS Founder'j Trust The MAeLellAn Aw'ards l.ady Illln8Orth AwArd Slr Roddv %lcSMeen Awxrd 202.4 2024 Ini'estmeni income r,Ipcn%L's Aiiard NL¥I inL(Trmellexpenditurel f()r )'ear 6.670 16131 5.052 14791 566 1581 12.288 11.1701 12,212 {I.U8RI 4.573 1?931 7J18 4.2911 Rti'enue 4t beglnnlng of year 47.875 55.701 8.517 112.093 107.803 Revenue al end of yeAr Cjains on di513a1 of inN'estm¢n15 3.1118 Unrealised ini'LsimLni l)l.'l)RI.'L'IA'J'I()N lLILy I 750 568 63 3.367 17911 159.8h6 15991 105.000 1671 1.416 120.6.471 1.003.578 81.361 922.217 Cipltwl •1 be8lnnln8 of yeAr 736.695 Capltl at end of yeAr Total CApltl And Revenue Rcpre5ented by.: Inveslmcnts al market i'alue Cash ii'ith %ii)ckbr(?kLr 2.249.913 1.586 154.899 117.328 13.031 2.1435.170 2.547.041 253 2,251.498 154.899 117.328 13.031 2,-436,7Y+ 2,547.294 l)ue It()i N'aii()nal l)ue It()Iib3 Nuiional l.iabilities-approi ed projects 11.534.IX151 {l.q34.(101) 11,493.0771 61.455 55.090 47.947 13.457} 717494 209 988 163,275 1115.671
TENOVUS SCOTLAND NOTES TO"fHE ACCOUNTS for the year ended 31 March 2025 INCOIIE AND EXPE%DITI'RE AC."COI'%TS- YATIOIAI. AND REGIONAI. COM.%IITTF.ES Ilonal Edlnburgh rund rgisin8 e%'en15 InLI)me Expendilure Gr#mpl•n SirAihclyde TA)'slde 202. 2024 3.11$] D()nalions LL'88cies Inicrcst rLLeii'ed Rcalis¢d guins In¥e51meni inL()me 4.-162 4UU.600 i 00.000 300.000 1.173 8911 8.-146 243.244 42.51111 i o,Jii! 1.5¥4 14.1() 308.392 378.007 37.119 4,02 -16.27.1 1.046,.$88 720,.q07 4.14,702 7.71J 97,883 i.In8.7811 (JlO,7.14 14.3121 4.2211 4.83? 93.94() 28.439 111.656 28.479 119.114?) 115.1)001 36.IIIK) 716 27.7?1 101 416.676 410.4n9 18931 313.179 763.8211 17161 Administruiion cxpL'nsLS I liinc)rari hured Naiional Lxpenses Stl)Lkbri)kcr c.Xnses 1,932,164 (21,7671 (19.2001 1.899.41? 123.11411) 119.21M)I 14.200) 19.nnii) (J.o(M)I 14.0001 118.OOQI 4111.665 4114.766 997,5111 1352.J4111 741.7116 1579.()391 Proje¢i.% und 8ran15 .882,377 (1220.1)691 1.1148.2Y I I1.11111.5341 27.721 333.339 27.3..355 289.1154 25J.995 276.1711 Revenue It be8lnnlng of y¢Mr 154.112()1 692.4116 162.067 876.6311 662,308 2.468.411 766.757 1.7UI.658 Revenue At end of ytar FILpfL'SLYItLxI bi.. C41sh ai Ildnk DUL, I b>. Naiii)nal) t() RLgi()n5 DLb(()r and prepai menls Due kn) Nulional I b). Funds) Duc lolibk I l. und.% AcLrued C'hargL'S & C redilor5 LurrLII( Ise1.4 L'xcluding projLCts Liabilities- Apprn)i'ed prujec(s . LQJ&7Q4 -146L413 1.979,125 13.624.24411 6113.?53 .534.11115 199.5801 351.206 556.543 72,640 693.594 623.377 478.103 655,972 1.896.61K) 3ffj82J19 3.513.071 9.8*8 1.493,n77 161.4551 (W.$80) 361.n6n 907.749 1344.5401 766.234 1236.0611 101.4811 1463.9021 2.55?.572 11.513.86%1 -%.689.09S (2.q18J711 4.934.69(1 12.466.275) 10
TI:'NOVUS SCC)TLAND
Independent Audilor's Report to the Trustees ofTenovus Scotland for the year ended 31 M#rch
24
()pilln
WL hal L Judilcd ihe c0unLs i)f .1 ¢)VU% %L()tland Ithc 'charit) ) fi>r Ihe )"car L"ndcd 31 %1 Mh 21)25
whiLh comprise ihe %tstemcni i)l- P'inancidl Acti ilics. the l3d1cC Sheet and thL ni)ie% li) thc acci)unts.
inLluding J ill- signi IILant JLL()ulliing rNiliLILS. 'I'hL lin(11 rLfrt)rling Iramci¥(brk' Ihai bec
applicd in their prLpdra(ic)n 1% appli¢ablL lai%. and IlnilLJ Kingd()m ALlI)unling %undards. inLluding
F In¢71 KLrrtirting sLdar 1112 Ili¥ J.In(Inciul Rep(JrlinX.Sicip1lrd Iipplii'cihle in ihi. I,'A Iinil Repiihli
Irvl(Ind I I InitLd kingd()m (JLnLrally AcLLpILd ALLuunling l)rdLtilLI.
In i)ur i)pinion ihL dLLI)unl.%-.
gii'c a truL' and lair vicw of the *c ol.tk charitv's atlairs as * 314 Mdrch 21125. and ol'iLs in(xJnK'
LNtKndilure. l()r thL I'L-ar thLm im
Independent Auditor's Rewbrt lo ihe'frnst¢ts of I tnovus knl•nd for the vear ended JI Mrch 2015 Responsibilities of tru%te L.KplainLd ni()rL l-ul Ih in ihL' Irustecs rLfX)nsibilitie% %tatL'mcnt set i)ut ()n pdgc 4. the tnJ%ieL'N arc re%tMbn%ihlL li)r ihL prL'piWdti4)n Ill- IhL dLL()unl.% dnd li)r tK'ing (11 IL.d that thL) g)il L a trul 4d lair viiw and l()r.%ULh inlL'rnal Ll)nlrol 4L% the IruslLL'% dLiCrn)inc 1% neL(%n. tc) enablc ihe Prcparaiic ol'accounLs arL. IrL'C Iri)m mdlLrial mi%siJlLmLnl. whL'ihL'r duL' li) IrJud iir Lmir. In prLpJringi ihL aLLiiunls. IhL iru%ltL.% drL rL4rKTrn%iblL" li)r a.1%1ng the charit). s abilili. l() LC)niinue g()ing a)n¢Lm. di%LlI)%ing. appliLJhle. mJllLrs r¢.IdlLd i() g()ingTr L()nLLm and using ihl gi)ing L()nLLrn i)l- aLLiiunling Ihl IruNILL% LiihL'r intend IiTr liquidJtL the ¢hJrity iir li) L<4L%e ()PLralii)n%. or hawL n() rcali4liL aliLrnalii L bul (ki %(). al Audilor's res51h1II1K for the audit of ihe x¢tsunts WL hLin dpixiini¢d dudil()r undLr LI11)n 441 I XLI i)f ihL ('harilies and -fnJ%lcL Inve%lmLnt 1 SLiiilimdi ALI ?IM15 rLfrtirt in 1¥1)r(lniC K¥ ith rL'giulaiii)n% madc undL'r LhJl ALI. l )ur i)hjLLlii ¢% arl ti) ()hthin rL&MindhlL a.%%uranLL JFx)ul MhLihLr ihL aLL()unis M.h()IL" arL. IrL. Ir¢)m malirial nii%.%lalLlnLni. 1% h¢ihLr duL l() Iraud i?r LrriTrr. and li) ik%UL audilibr s rl.)rI that inLludLs 1)ur i)pinii)n. RL&MTrnJhlL d%%uranLi 1% a hi¥h ILN Il ()l-&%%uranLL. hul is ni)l J biuJranlii thdi dn audil LiTrnduclL' ILLI)rdunLL H'ith l I IK I w ill alm'ays dLlILI a matLrial mi&%tslLmLnl whLn il LXI.s1.%. MiK%idlLmLnt.S Ld ari%L. Iriim Irdud iTrr Lrft)r Ll)nNidLfLd mJl¢riJl it.. indiN iduallN ijr in IhL dggprLgpatc. t.% rLthMindhl hL' LXPLLlid i(? inlluLnLL ihL L'LI)n(IllllL dL¥i%iiins Ill. U.r% IdkLn lin IhL ()I' thcs¢' JLL()unl. Irrn'¥ularilic%. ini ludiiig I rJud. Jr¢ inslJnic% cil- ni)n_iiTrnipl ianLL iih lJi¥% Jiid r¢4giLilJli(In%. IK'I dLsigyn priiLidurL% in linL w iih iiur rL%rrf)n%ibililiL%. l)uilinLd JFMiiL. l() dilLLI mdicriJl mi%.4lalLmL'nlts in rispL¥I L) IL¥UlarItil. illLludinB IrJud. 'I'hL' %PLii IIL PnTrLLdurLN l(Jr ihi% LngagL'mL'nl IhL IXILnl LI) hILh ihr%L' LIIPdhlL ijl. dL'(L'¥lingb jrrL'biulariliL%. illLludinB IrJud is dLlailLd Ix'li)14'. in rL' .xlent lo whlch ihe audit eoffjidcrtd rpablt of ddedin2 irreRul•ri¢itr ittrkndin% fraud IhLn dL%ibyn PLrl()riii audit pn)LLdurL% fL%FK)nSL' l() IhiiK risk%. ini ludin¥ iihiJinin¥ audit L¥ idLnLL Ih uIIiLILni appri)pridlL Iii pr(1 idL a hJ.4i4 1(Jr ()ur i)piiiiiiii. In idLnii l) ing ld Ihl ri%k% ()r mJlLfiiil mi(dILMlDl in re%1 c)I' irTeBularilie including Ira dnd ni)ni)mplidnL¢ iih rL'¥ulaliiTrns Li?n5idLrL.d ihc li)Ili)%ing' llie n111rV (Ilihe c'hcirilv, ihe envir()nm¥nl in M.hic'h il i¥yeriile.Y dnil ilw c'iJnircilpr<K'vdure.I IlaK'(I i)n iTrur un(kY•14nding Iil-the Lh&rity ond thc SL11)r in which il i11c5. M'c idcnti Iicd Ihal thc prinLipal riNk% ()l- n()n-LiJmpliJnLe with and rcgulali()n% rL.IdtLd L(b. hut MLfL fMTrI limilLd i(): R¢'AJiil(Ilj¢ini iiiiil It'Alj.Il(Ili<)n perlinépnl Ic) Ihe c'hiiriiy .¥ éiwr(Ili(In¥.' cind Ilii. L'liiirily .1 <'iJn.sllli4li(In.
IDdependenl AMditor'5 Report lo the Trnslees ofTtnovus koilnd for the ver ended 31 March
024
Wc consideT¢d the exieni to hICh n(In-ccimpliancc might have a mal¢rial impacl on ihc a¢LnunL%. We '
ci)n%idLrLd th() and regulaliiTrns hILh haie d dirLXt impaLt on thr Wcpfjiralion of thc c1)unt& s
as (hL C'harilics and I ruslee Ins llMen1 (SLland) Act 2(M15. and thi L'hiWiti¢% A¢¢()unL% I kJTrilandi
RLgulwiiTrn51&% dmendcdl 2ffi. WL LTraIUed m&eMLnI and t5$ inctmiive5 and (wrtunilies
rrauJulLnl MlpulJIi(Trn i)fthL ¢vunts linLluding the risk ol"mana8emLml 0¢de i)I' control.%l. and
detLmiinLd th¢ prinLipal ri%ks MLfc IL"la. w.
Pr).Flinx inuppriipriale journal emrie.%
Audit responst to the Mltttlified.
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