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-bcUi1￿j￿.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&sb*ow
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 audi*d fix the %"ear cNkd 31 Ma￿h 2025.
Objeclives
C'()"I"I.ANI) is an in(kr*ndcni charii) lunding gLncral ML￿iCal rLX'4wch and is rL"¥isILfL'
%ci?Iland.
li c4tsbllthL￿ in 1%7 b) ien viblun*eT% 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 a￿j l a)sith. I he c()n￿llutI1)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 oCr￿ra1 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 re￿arkh 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￿. inde￿￿1¢Di ￿latIonal *ieniili¢ Alh'15(￿. C ()mmiiiec.
TnL$ltts
l.he I rustees i)I' TF.￿0VI.S SC(TrTI..4%"1) ai 31 IIAarch ?0?5 are listcd i)n pagc l.
als(i Ld a% d I ru%lii uniil he rilirL"d ()n 17 June ?1}?4
"I'ni%iccs arc ￿rMall1. elecicd at the Annual (Jenerdl and Ik)Id i)IfiLi fi)r a I￿n(￿j ol'three i'tr&s.
I"niNiLLS (k) ncrt recei%¢ ani rcmunLfati()n. Suitsbli 4Lldlilicd arc appn)dlLhc¢J rrgarding Fx)&si
iWkX)iniment the NaiN?ndl Cc)mmillL'e when ne￿ l rnsie¢% urc rcquirLXI.
Tr in*nci•l Revitw
'l-hL inciiming rcs()urLL% li)r thi ami)uniLd ii) j l.y.fyg.0191 ?11?4 11.4yI().81) I. R￿￿lUfl(￿ eX￿￿dC￿
ere £1 ?77.1()51?n?4 £1.140.5971 ufMthi¢h £1223.N69 M'&$ 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 &pr￿claI11)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 ol*hich £? 558.371 i J124 £2.4￿27
15 e￿arked 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) LI￿linUe ￿ d gui
Libncem.
Reserves Poli¢v
%ullicieni cash is held ts) co%¢r all i?uLS￿ndI￿8 sums arfj)mved troj¢cts. Additional sumN 41re hcld io cnab
lurther pn)jecLs li) ap￿1?￿l￿1 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<ni dLI l%l¢?n% thL I'ru%lLL* hJi'in& thkLn ihL adi ILL ol. thc slibckbn)kLrs. 1.1 L
Partnlrn l.iniilLd. -I"hL IX)IiL% 1% liir J invcsimL'nl %1ratcg¥ wilh rc%ulLS in linf ii.ith iliL 'AII
MJrkLi Index- c>kerthc ￿ri0￿.
Rl8k m*n*%eThenl
"lThc "I ru￿tt5 hilbc &Sse&*d thc m4i(Y risk% li) whiLh'lF.N()VI'S SC'()'I'I.ANI) is cxp)scd. in particular th
rclalLd tt) IhL i?I' I'l.'N( Il'l 1% S(.( I I I.ANI). and arc wii%liLd Ihai %lLm% arL' in plJLL lil miniii)
CXTxisure.
'I"he .1 ru5tees' respoiislbUitit* in rtspeel of the
IhL l rn%iees arc. rcsix)nsible lur pr¢parin¥ thc .1 Annuul ItLlX)rt thL X'CIIUnL% in ￿C1)r(lan(C
appliL41blc lam and I Inilid KinBd(im ALLiiunting Sundards I I Iniied Kin8di>m I ILnLrdl li ALILII
ALLiiunling I￿￿'ZiLe).
'I"hi lfjlw wJpIiLthlc lii chari11L￿ in Su)Iland requirv> the'l ru*L% ts> prLIWL euch financial )'
iihiLh gil'e a irue an41 lair i le￿ i)I' lh¢ %lal¢ ()I' ulluirn i)r"I"l-. Nl>VI IN M'()I'I.ANI) and ol- thL' incc)mi
reM?urLes a￿1 appli¥atii)n i)rrL￿)un¢￿ li)r thai Friixl. In ryLV4win¥ thi)sc th< .1 ru%lLx'% #rL' fLNUi
elLLI witshli ilLL(>ulliin¥ D)IiLie% and then ihem ii)nsisknil)-
i)IN'r¥i thi mLihiKl% and rrfini iple% in the C'hdrilic% Sl )Rl>:
mak'L.jud¥LiiicnL% and L'slimJlL'% ihul ￿. rL'&MmJhlL pru(k.nL'
t¢ whL"ihL"r appli￿h￿. &¥i)uniin¥ 5thnd￿ds haie IK*n liJlk)wcd. wbjLxl 1(> ma
<k'pilrturL'% discli15L￿ and ciplainLxI in ihL aLLMiunLN' dn
prLpafL ihL ￿¢¢bUnLI lin thL' gi)ing IKL4iS unl¢ss li 15 inappn)pri#t¢ kn) prLwmc th
Ihdriti M ill L41niinuL in cii%lLnLe:
"lThc"I ru%tCtr* arc res￿￿n*1b1L r()r kcLpin8 pTrI￿r acciiuniing rcLI)r(Ls. which JiKlI1￿ M iih rc￿.￿)nUhlk aLLura
I iimL the finaniial FX)Siliiiii i)1 I l..N( PVI'S %(-() I"I.AN I) and LThJhlL thim t(1 cn%urc thai ihL acLCTrU
¥cimpl% M iih ils Libnqiiuliiin. Ihc (Thdrities aThl I ruoee In1.¢￿m¢￿t lknilandl Aci 21M15 and Ihe ('harili
AL¥iiunl.% l %LI)lI￿al R<guldliÉin% !IMK? arncnikdi. 'lThci arL" dlmi rls￿1n5l￿1( r(Trr wliguJnJing ihL
i)l- I I X( )I'i 1% %('( ) I I.AN I) Jiid liinLi 14Ir rL-&M)ndblc *lcp% liyr thc prLI Lntion and dLiL'¥lii)n i)I' Ir
nd i)ther irrL'¥ulariiiL%.
.4udilor5
A rc%)luiion lo r¢aP￿)In( WbB IAudil) l.imited &$ a￿lIorS will 81 the Annuul CicnLrdl Meclin
9.lluv ?Q25

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
tion*l
& Regional Endowment
C.omn)illee¥
Nole 6
202
'l-ot#
ott
Income
Volunt*ry Income
IhinJliLTrn% and gijils
1.11.$6.5XII
7211..fj117
1.046..$88
720.-$07
I.IOX.7
6111.7.1
C-h#ril*ble ilclivities
unLI rai%iiig Li ini
Inve%lment income
Y7.8X.I
411.7112
1 ?.28X
l(K).16
I niLrL'St r¢￿￿1vl￿
411.702
'rolxl Income
1.9?(?.7.11
I ? ?XIE 1.9J9.019
1.91K).11 I
Tr'xpendilurt
C'h4rtl*ble 4ctivitiei
('hJrildhli gTrrJnl
upp)rt ii)Nl.
C o%ts of r*55in£ fund$
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
3￿82)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:
Capi￿1
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 ￿h￿l[ 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¢Lig1ni￿Ll ai Lii4l ()r tran￿L
IluL unSL.%s 1)IhLn41SL' %lal¢d in ¢hL fLILKJnl ni)Ics. 'I'hL' aLL(bunts ha¥'L ￿"L￿ pr£p￿d in ￿LI)rdani( i¥ith
ILmL'ni i)I' RcL(irnmLndLd I￿aLlIlL 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
ALLI)unts Ik'iiilimdl RLgulatii)n.% 2(MK).
IhL
ILd
lftvrnlnwni5'
InK L%IIIILiiI% dri %¢atLd al mJrkL't waluL. An>. inLrLd%LS Iir dL'LrLaK'.% in ￿aluL arL' LfLdilL.d Iir Lh￿¥¢d lil
Lapildl dLL(Junl (>l' Ihl rLILi Jni luiiJ. l<iJlisLd &yainQllJ.4￿ts arL LdlLulJlid h% rl ILrL nLL li) hiNI()riLdl Ll)%t
arL all()LalLd i() thl rLILl.￿l lund rlbiiiin. I'hL LlliLI Iil-thi% 1% dis11().Kd in Ni)IL 4.
Donaliiin.I, lexaiirn and invthlmeni Ini'c)n
All inL()mL IS InLIudL￿ in thL ￿LI)UrbL% lin d b&si% wilh IhL additii)n ()I' rLlal¢'d rL'Iq)VLrahle la¥ crcdil
peniliiure
l.xii¢iidilurL 1% dLLiJunlL'd l()r i)n an JLLruJl% inLIusii L ()I' VA'I..
Priij¢'('l.i IiiiilAvriiiii.I
Amards IT)Jdi drl aLiiiuntLIJ i()r whLn IhL l¥￿ndItUrC. hiL% IK'Ln Li?mmitlL.d th¢ fvarii?U% LIFmmitt¢
A￿ardS Lc)mmiltLd hul niTrl lJkLn up allLr a rL'a%l)nahlL' rLri()d Iriim ihL %ldlLd duraliiin iTrl- thL pnTrjLLI
Lredill￿ huLk lil ihL inci)mc l￿￿1)di1urL, aLc()unt.
C a.IhJlow.Ilulepnenl
I hL dLL()unl.% thi inLludc a iii%h t1(1￿. sthtL'mL'ni th¢ .1 ru%tLLN d(? n()1 Ll)n%idc'r it ￿1)uld ￿'r¥'l. d UK.
purtk)SL.
."ndiiwmenlfurtd.I
l..ndi>i%mLllI lund% drL h()Ih Lapitsl and inL(Imi in nuturL und JrL ditslribulJhlL 4LS indiLulLd in N()Ic. 3lhl.
•IIPP()R'l' C'OS>l'S>
202
19.201
J.1kn6
l)rinlin¥). %laliiinLn ti ILphiinL
W¥hsitL & l. undrdixing Ix'l1Tri￿ I
InsuranLI
ML'Lling ¥x￿nse*
A(IM l.unih
Audil ILL
l.Ji¥ ¥ Lr% l..¥Lnin¥. RL%L'dfLh mp(Trsium. Art ljr¢i'iLIV
ii)LkhriTrkir% ILL
I iiiiipu(L'r Ill￿ c I'JpL'%tr>'. Just l iii'ing.
l.(J24
X.911
2.164
2.172
2.11.1
-5.7MI
1.719
10.jwi
.9?.1
5?.229
l)uring Lhc ycar ihcre ()nL part-time regii)nal SLcfLlary' 1211?4 - 1 I wh() rcLCiI'Ld an hi)n(Irdrium (11-£4.21
i ?1194 £4 ?11111 in IhL ! Lar. WLhsili l.undrJisinbi inLludis IhL L()%l Ill- d pJn limi &s%i%lanl iihii rLLI il L
Jn hi)ni)rariuin ()1- £1.2(Tr.5 1711?4- LS.IIIMII in ihr )'Ldr. In ad41iti()n. Ihc IiLnLral SLLr¢lJr) rcLLlkLd £ l S l)(Ni
ILL% duringF th¢ %'Ldr i ?11?4 £1.S.IMIIII.
I ru.%lcLs d() n()t rLxLive any rcmunerali()n and ni) cxrKnses 121124 £451 werc rL'imburK'd i(? .1 ruslLX'S.

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.￿C￿h grant Jpplicalii)n5 ic)
administraiion fund raising eXt￿nI¢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 ca￿1¢￿ ciut in %u>tland
Ib) ENDOW'MEN'I" fr"1,￿1)5
I'hL LJPital is n¢ll k. distr1t￿ted from the fi)IloM'ing
The Tri)under'5 Trust Ll)mpri*% capital scl &sidc to pro%'ide incomc l(Y adminitrati()n ¢X￿n8cs.
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)ll￿d.
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. t￿ll"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 iutnmer￿in8 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 M￿SU￿d ag&nA markd Naluc * thc I￿]nning i)I" % ear. thc rc5uk ha
l*cn 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
Illln8*Orth
AwArd
Slr Roddv
%l*cSMeen
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 di5￿13a1 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
Caplt*l at end of yeAr
Total CAplt*l 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.X￿nses
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( I￿se1.4 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
()pill￿n
WL hal L Judilcd ihe ￿c0unLs i)f .1 ¢￿)VU% %L()tland Ithc 'charit) ) fi>r Ihe )"car L"ndcd 31 %1 M￿h 21)25
whiLh comprise ihe %tstemcni i)l- P'inancidl Acti￿ ilics. the l3d1￿cC Sheet and thL ni)ie% li) thc acci)unts.
inLluding J ill- signi IILant JLL()ulliing rNiliLILS. 'I'hL lin￿(1￿1 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￿¢7￿1 KLrrtirting sL￿dar￿ 1112 Ili¥ J.In(Inciul Rep(JrlinX.Sicip￿1lrd 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<k
hdkL PN1￿￿1%. rrtViuLxI in dCLI￿(L￿CL. with I InilLxI kingthTrm lienLTally ALLLT1￿￿I ALL{￿n11n&
c)f
hdie in &LX)rdance with the Wul￿'m£￿L5 1)I"the ('hdritiL* and"1 rtL8tLY Inve4m¢￿t
IknAlJndl AL121￿5 and ￿ulatI1￿ 11 i)I"tFK' ClwiliLS Aux)unLs I￿￿) 21Kkn.
Basis for opinion
W'L L()ndu¥lLd i)ur audil in JL¢i)rdanLL 1% iih Inlirnaiiiindl %￿ndards ()n Audiling I I IKI I I%As {1 IK114￿￿
appli¢ablL law. l )ur risp(in%ibililiLS undir ih()%L %￿ndards arL' lurthir dLKrilK"d in ihe Audil()r
rL%FK)n%ibililiLS li)r IhL Judit i)I' IhL aLi()unt% seLliiin ()I' (Trur rl￿)rt. WL. arL' InaL￿n￿(nI (Il- thL Lharilb. in
aCL()fLldnLL wilh thL Lihilal rL"quiremLnt% thilt arL' relL%￿l ti) i)ur audit i)l-IhL ￿c￿)Unts in the I IK. inLludi
thL I.'RC' % l.'thical %tandard. WL havc lullillL.d our i)thcr ethical rLsrx)n%ibililiL% in ￿cl)r(￿nLc M ith ih
rcquirimLn15. WL bL.IiLi e that the audit LI idLllCC W'c ha¥e obthtnLd 1.5 sullicient and appropriatL to pn)k i
h&%is liir i)ur iJpinic)n.
C.'on¢lu5M)ns relating to going concern
In dudilin¥ ihL dLLiTrun¢.%. hai L L[?ll¥ludL￿ thai thL' tru%tLYS' ul- Ihe gi)ing L4>nLem l)&sis i)I'¥Lxiunlin
in ihi prLpardtiiin i?f thL acci)unLs 1% appn)priatc.
I1&￿.d nn ihL w()rk we hafvc ￿rIc)rn1L￿. hai'c n()t idcnli Iicd any malerial unccrtainlies relating ￿ cN'en
i)r iiTrndiliiins ihdl. indii idudll J ()r u)IILCtIl Ll)-. md) ca%t %igniliLant di)ubt (In thL ch￿1[}.￿ Jbilili tn L(?ntin
J gi()in¥ Li)nLLm t()r J pL'riiKI c)l- Ji IL'&St IivLlk'c mcinih% Ir()m i%,hen ihL aLLI)unls drc auth1)ri￿￿ 117r i%wc.
Our r{￿p)n51bi1tI1L￿ and the rL'srK)nsibililie% ol. thL Iru%tL*N with res[￿LI tsi gc)ing L()ncern dl￿ribcd in
rL.lL¥￿¢ KLlion% i)I' thi% rLPI)ri.
Other inforn]atM•
I'hL i)1171 r tnlc)riiidtion u)mpri%L5 the infi)miali()n includLd in ihc tru%lL'c"5 re￿irt. i)ther than the account.s
our auditi)r s rL'Trin IhLrL()n. 'I'hL truslLC% JrL' resrxinsihlL l()r thc oihLr infi)m)alii)n Li)nthinLd K¥'iihin thL
tru.slLLS rLrrt)rt. ()Ltr iipinii)n ()n the JLLI)unts d()L'% n()t c()%'L'r ihl IithLr inlc)rmJtinn ¥md. LXLLPt t() Ihc LxILni
()IhLn4i￿. L.xpliiiili %tJlLd in (Trur rL ￿)rt. M'e thi ni?I c¥pfL'%S ans 1()mi (bl-&Ksurancc ci)nclusi()n thLrLx)n.
()ur rL'sfrtTrn%ibilitv is t(? r¢&J ihl othLr inl(Trm)ati()n ￿d. in Ik)in¥ ￿. L()n5idLr whLihLr thc ()thcr inli)rniatio
1% malcriall! inc(?n%islcnl with the acL()unLs or our k￿)11.]edgC c)btained in ihe coursc ol- the audil c)r
iiihLfi¥isL aPP-aTh Ic) hL' malLridlli' iiiitsstalid. I I- idLnlil j such mdllrial inLI)n%islLnLii% ()r apparenl
matlrial mi%%tai¢mLni%. i%c arL fLqUtrLd tiTr dLtcrminL i¥"hithLr ihi5 gil ri￿ II) d mJlLrial mi%slJi¢mLnt in
IhL JCLI)unl% thLm%LlI'L%. It.. ()n ihc M(Irk hawL ￿r1()rnlLd. WL Ll)nLludc thdt thLre 1% d mJlLriJl
miksldtemLni c)l- Ihi% i)th¢r inli)miJliibn. arc rcquircd to rerx)rt thdi r'dcl.
W'c hai'e niithing Ic) rctx)rt in this rLgard.
Matters on which we are requirtd to h).
'L hd¥L l)i)Ihinb l() rl￿)ri in r¥spLil iTrl-thL Iiill()i¥ inb mattLrn in relJti(In li) Ivhich thc ('hdrilieg Acci)unt5
I ￿'1)ll￿nd i Rcgulalicin% ?111)6 rt'quirL% US ti) rL'rx)rt l(? il-. in ibur ()piniiTrn.'
inli)rn)ati()n givcn in thc iXXX)unL% is i￿)nsId¥￿I in #ny TnatLTidl with thc rtprL" ()r
￿ting ruxnkn" hai'L kLW (Y
thc FK)t in H'ith the IW)unting rcu)nlk Lbr
L ha% L fK)I rLLI'I% LXI ￿1 thL inl()mialiC)n L.lpI￿aItorLs i¥L fLNuirc Ic)r our iwdiL

Independent Auditor's Rewbrt lo ihe'frnst¢ts of I tnovus knl•nd for the vear ended JI M*rch 2015
Responsibilities of tru%te
L.KplainLd ni()rL l-ul Ih in ihL' Irustecs rL*fX)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 ￿(1￿1 IL.d that thL) g)il L a trul 4￿d 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 res￿￿51h1II1K￿ 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(l￿niC 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)
I￿L¥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 r*pablt 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)n*i)mplidnL¢ ￿ iih rL'¥ulaliiTrns Li?n5idLrL.d ihc li)Ili)%*ing'
llie n111￿rV (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 SL￿11)r in which il i1￿￿1c5. 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 koil*nd for the ve*r 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 l￿lMen1 (SL￿land) Act 2(M15. and thi L'hiWiti¢% A¢¢()unL% I kJTrilandi
RLgulwiiTrn51&% dmendcdl 2￿ffi. WL LTraIU￿ed m￿&￿eMLnI and t￿5￿$ inctmiive5 and (wrtunilies
rrauJulLnl M￿lpulJIi(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.
()ur pr(K'Lxluris ii) resFK)nd iii thi ritsks id(-nlificd Incl￿￿￿ the libl1()￿inS-
Ciiiininx cin Dn(ler.Ilrtndinx f?f ilkp legéil ¢inilregiilaion' friimemi￿￿ applicuhlv l() Ihe c-hcirin. uikl iM?.%('{-I
.hiL'h il (?￿'T￿lI(..% prcii.i.fiottf cp[relt'i'ani Imi'.$ andreRulaiii)nf <lv.sL'riheiliL¥ hffl'inx u clirec-l é'ffec-l lin ihv
aL'c'(IUlll.f. RgTr'ivMinx (x'&'i)uni di.%L'lci.iure.¥ cind r*.¥iinx l¢).¥upwrlinx dtyunk'niaiion in dsse.ss cc)mpliun¢'v
M'iih
F.wuirinx ¢JJmdikigemeni. In￿lee5 arnl lext71 a(A.Lfors conL'ernin% acfualandpolentiul lilixuli
Re(￿1￿% miiiuies u[meeiinx.¥ (lilhi￿ ¢'harxed H'iih goiyrnurn'e."
In a(th.5.Ting ilkj risl re.Tyli cjfmurnryemgnl ()iYrride (Il¢Éininil.¥. Ig.rlirtg IM.
ixnific.ani irunw¢'liVQS ikni urt vr owi.iidv ihy nejrmul c"iiur.se i)Ic)￿T￿lI(￿nI.
AccruuLf & Prewymews
Inlerfiinil héilan¢'e.¥
WL al￿7 LiimrnuniLatcd rcl¢N"￿1 ldcnlili￿ law5 and regulaiic)ns and ￿￿c￿lI￿1 Irdud ri%k5 all enbTr•d¥VL1llL
Iwn mcm1￿r￿. and remaincd alert kn an) indicalio￿5 of frJwJ i)r n￿-Ll)Mpl￿ancc ￿"11h la￿ and rcgulaii
thftiugh(i￿ ihe audii.
Ilecause ol thc inherent limiwions oran audit. thert is a ri%k ih* ￿'C M ill noi dLtri all irregulaTiii
inLluding IhoK l¥aJing 14) a mJiLrial mT*sldlcmcni in ihc accounts or Th)n4iimplianLf wilh rcgulJti()n.
risk inCrL'&￿% ¢hL mcirL ihal Climpli￿LC li iih J lai% iir rL'gTul4iii)n 1% rLrrii)I In>m ihL Ll
irnn¥Jclii)n5 fLIILCILd In thL &LigunLN. i%ill hL" ILX¥ likLl%" li) beu)mc ijl. in%LmLLS ()[' A)n-
LcimplianiL. 'IhL ri%k 1% alm? grcalcr regar(ling irrcgularitlCS (XLurring dul tsTr fraud rdthLr ihdn Lyrur. &% I.
inviblic* inteniiiinJl CL)nL￿alMLn1. f4)rgcr). Li>IIu%ii)n. 1X7)i￿￿11)n (Y mi%rcprwiL'niJliL)n.
A lurthL'r dLXrl￿Il>n iil-()ur rryx)n%ihililie5 is a% ailable i)n the l. inanLial KLp)rting I i)uncil"s w"cb%ilc
11.d.Illij %lJndJi JN-,iJiJ-
)nsibililiL%-fur-
audil.
Thi% dciLriplicm fcffms twl ofuur audil()r s rryK￿.
[lse ofour rep)rt
"hi% rLriJrt 1% madl ￿TrILlI l() thL Lh￿11} .% In15lLxs. J b(Kls. in aLiiTrrdaniL ￿ iih RLg?ulatiiin 111 ()I' Ihi
C'h￿tTL% ALLC)uni.4 1 %ic)tlJndi Kcgulaiivns (KI6. Uur auJil vi)rk ljcrn undLrtakLn mÉghi
stit< io t￿. chdrit% s thi1￿ matlL'rs wc ￿ rwuircd tsi stall til thLm in ￿ auditsyr'5 rctK)rt lor
vthcr ￿r￿. .1 i) IhL luIlL￿ LxILml ￿rmIll(￿ h) lam. Mc &) ￿￿1 i)r &KsumL n*rxin5ihilil) ti) an%iTr
)Ihi'r Ih&in ihc c'h?rili" Incl Ihc ihjriti s trn%lLX'% a IMXJ!.. Ic)r (Jur wiirk. fi>r this rLPln. or li)r thc
n&v I.4￿119 J.Imiied (.)lululor)'.4vdiiiwJ
9 .11(n' 21P25
w.hgi (Auditi l.imiied i.f eli¥ihlv lij rfa'l cin ￿n￿li0r in ienms ¢ifseclion 121 ? ufilktr C Iimpunie.s.4L'I
21DIPtS