coLLective
weLLbeing
Carnegie
UK
Annual Report
and Accounts
FOR THE YEAR ENDED 31 DECEMBER 2025
ANDREW CARNEGIE HOUSE
pirrENCRIEFF STREET
DUNFERMLINE
FIFE KY12 8AW
www.carnegieuk.org.uk
The Carnegle Unlted Klngdom Trust
Incorporated by Royal Charter 1917
Registered Charity No.. SC 012799 operating in the UK
Registered Charity No.. 20142957 operating in Ireland

Trustees, Staff and Advisers
Trustees
David Emerson CBE (Chairl
Rachel Doyle
Dr Colin Firth
Mohammad Jamei
Megan Mathias MBE lur)til June 20251
George Murray
Christine McLaughlin CBE. Iconvener of the Finance and Corporate Services (Executive)
Committee)
Claire Mccolgan CBE
Dr Laura Zahra McDonald'
Professor Duncan Morrow.
WiLliam Perrin OBE.
Mike Reid (until June 20251
Trewin Restorick Ifrom June 20251
Professor Mark Shucksmith OBE. (Deputy Chair & Convener of the Audit and Risk
Committeel
Dr Ruth Strain
Andrea Westall (from September 2025)
'Audit and Risk Comn7ittee Members
Ke
mana
ement
ersonnel
Sarah Davidson C8 - Chief Executive
Adam Lang - Director of Policy, Insight and Advocacy
Gillian Donald - Head of Finance. Governance and Risk
Lucy Smith - Head of Corporate Services
stuart Mackinnon - Head of Communications and Advocacy
Susan Pinkney - Head of Research and Insight
Advisers
External auditor Henderson Loggie LLP, The Stamp Office, Level 5, lo-u Waterloo Place,
Edinburgh, EHI 3EG
Investment managers Sarasin & Partners LLP. Juxon House. loo St Paul's Churchyard,
London, EC4M 8BU
Bankers Royal Bank of Scotland, 50-54 East Port. Dunfermline KY12 7HB
Legal/professional advisers Lindsays LLP. Caledonian Exchange. 19A Canning Street.
Edinburgh. EH3 8HE
Pension advisers Titan Wealth Planning Limited, 3 Temple Quay. Temple Back East,
Bristol, BSI 6DZ
HR advisers EVH Limited. 137 SauchiehaLL Street. Glasgow, G2 3EW

The Carnegie United Kingdom Trust
Report of the Trustees for the year ended 31 December 2025
The Trustees present their report with the accounts of the Trust for the year ended
31 December 2025. The accounts have been prepared in accordance with the accounting
policies set out on pages 19 to 22 and comply with the Royal Charter 1917, the Charities and
Trustee Investment (Scotlandl Act 2005, the Charities Accounts IScotLandl Regulations 2006
las amended) and the Statement of Recommended Practice applicable to charities
preparing their accounts in accordance with the Financial Reporting Standard appLicable in
the UK and Republic of Ireland IFRS 1021.
Introduction
The Carnegie United Kingdom Trust was set-up as an independent not-for-profit foundation
in 1913, through an initial endowment of $iom, donated by the philanthropist Andrew
Carnegie, who was born in Dunfermline. The Trust was incorporated by Royal Charter in
1917 and is a registered Charity.. No.. SC 012799 operating in the UK and No.. 20142957
operating in Ireland.
The work of the Trust is non-partisan and dedicated to improving the wellbeing of the
people of the UK and the Republic of Ireland and is one of over twenty Carnegie
foundations and institutes worLdwide. The Trust has a strong commitment to the exchange
of ideas within the jurisdictions of the UK and Republic of Iretand.
The Aims of the Trust
The remit of the Trust (Carnegie UKI has been the same since it was endowed in 1913,
although the approach has changed over time in line with our founder's encouragement to
update our methods to meet the needs of the day. We are now an operating foundation,
using our resources to fund policy and advocacy work, and partnering from time to time
with other organisations who share our goals.
Trustees are committed to a regular review of the impact of the organisation's activities in
pursuit of its strategic goals. There is a five-year strategic cycle, underpinned by ongoing
reviews of the programme portfo￿0. One of the strengths of Carnegiè UK is its commitment
to a thoughtful and proportionate ptanning process, while retaining the flexibility to respond
to urgent issues which may arise.
2026 marks five years since the publication of our current strategy. During 2025. Carnegie
UK staff and trustees undertook a review of learning and progress to date to inform our
approach going forward. This was informed by a substantial survey of organisationaL
stakeholders, as well as desk-based analysis ofour operating environment, identifying
future challenges and opportunities. At the start of 2026, the Trust intends to review its
policy and research programme for the coming period, in line with our ambitions for this
next phase of strategic impact.

The Carnegie United Kingdom Trust
Report of the Trustees for the year ended 31 December 2025
Carnegie UK'S work in 2025
During 2025. Carnegie UK undertook a wide range of activities in support of our strategic
objectives..
Life in the UK Index
In October 2025, Carnegie UK published the latest findings from the Life in the UK Index,
continuing our work to measure the collective wellbeing of people across the UK. Now in its
third year, the Index is starting to build a longer-term picture of what life is like for people
living in the UK. While there are some signs of progress. the 2025 results show that Life in
the UK continues to be marked by persistent inequalities and stagnating wellbeing.
Alongside the UK-wide findings. Carnegie UK produced jurisdictional reports for EngLand,
Scotland, Wales and Northern Ireland. Working with partners. we hosted an online event to
share the results and engage stakeholders in discussions about wellbeing policy.
To support greater accessibility and engagement with the data, Carnegie UK developed a
new Data Dashboard in 2025. This interactive online tool enables users to explore wellbeing
trends across jurisdictions and demographic groups. It provides a clear. visual way to
understand wellbeing outcomes across the social, economic, environmental and
democratic dimensions of life. offering a valuable resource for policymakers, researchers
and practitioners.
The Life in the UK research continues to be referenced by government and elected
representatives, In 2025. we delivered substantial government outreach associated with this
programme, leading to new relationships with teams in multiple government departments
across the UK.
Communications and Advocacy
In 2025. Carnegie UK delivered a broad range of communications and advocacy activity to
further our strategic objective of putting wellbeing at the heart of decision making,
In 2025 we benchmarked awareness of and regard for Carnegie UK'S work with key
stakeholders by engaging social research agency The Lines Between. This work has been
used to inform the future direction of our communications and advocacy programme as
weLI as informing the trust's overall broad goals for the coming years. We have atso added
to our capacity on communications and public affairs to help us deliver more external-
facing activities.
During the year. we submitted evidence to Senedd, Scottish Parliament and Westminster
committees on issues of reLevance to our work. In addition, we supported three external
policy events.. the CLES conference in Manchester. the IPPR Scotland io-year anniversary
event in Edinburgh, and the Re'.State conferènce in Liverpool- alL of which allowed us to
reach new audiences and build useful relationships. We delivered a wide range of media
relations work including opinion pieces placed in publications such as The Times. The
Yorkshire Post and Civil Service News.
This programme also supported new activity with the Institute of Welsh Affairs to
investigate the impact of the WeLI-being of Future Generations Act 2015.

The Carnegie United Kingdom Trust
Report of the Trustees for the year ended 31 December 2025
Carnegie UK'S work in 2025 (continued)
Engaging Democracy
Phase two of the Engaging Democracy programme was a major focus of our work in 2025.
Carnegie UK aims to bring a distinctive perspective to this field, assessing impact through
improved decision-making. stronger policy development and a deeper exercise of voice
and choice by people across the UK,
This phase of the programme focuses on exposing elected representatives- primarily
Parliamentarians - to deliberative processes, The aim is to demonstrate the quality of public
debate possible within these forums, the insights that deliberation can contribute to policy
development. and the positive impact that participation can have on individuals. By
engaging eLected officials directly in these processes and supporting their adoption within
parliamentary settings, we believe that it is possible to strengthen overaLI democratic
welLbeing.
To inform this work, our policy team is collaborating with academic partners at the
Universities of Edinburgh and Newcastle to produce an advocacy paper which expLores
different approaches to deliberative democracy in more detail. A programme of
roundtables, events and webinars is planned for early 2026.
In 2025 we also partnered with Demos to support their collaborative democracy network
Financing the Future
In 2025, Carnegie UK hosted four roundtable discussions in Glasgow, Cardiff, Newcastle and
Belfast. These convened experts from academia. business, economics. government, pubLic
policy and the third sector to explore some of the most significant fiscal policy challenges
facing the UK
Ahead of these discussions, we published a paper with Carnegie UK Associate Eleanor Ryan
summarising tax and spend trends and projections across the UK'S nations and highlighting
key wellbeing-related issues identified through our annual Life in the UK index. The paper
also explored the idea of a renewed social contract between citizens and the state as a
foundation for raising and spending public money more effectively.
The roundtables examined shared policy themes and identified successful approaches
from across the UK. Key insights were synthesised in a report published in September 2025.
We also partnered with The Social Agency to explore public understanding and
perceptions of taxation across the UK, This research shows that dominant perceptions of tax
and spend - that it is not fair, not delivering, and not something the public can change- are
negative and entrenched.
We identified the need for practical and actionable guidance to support governments
seeking to better embed wellbeing approaches in spending and finance. Dr Cressida
Gaukroger produced a paper for Carnegie UK which examines gLobal examples. innovative
tooLs. and emerging practices that have the potential to transform public spending.

The Carnegie United Kingdom Trust
Report of the Trustees for the year ended 31 December 2025
Carnegie UK'S work in 2025 (continued)
Poverty Truth Network programme
In 2025, our partnership with the Poverty Truth Network focused on integrating learning into
other Carnegie UK programmes and further developing practice in using a spectrum of
evidence to engage decision makers.
This collaboration has reinforced the importance of lived experience in shaping policy,
particularly the power of storytelling and personal testimony alongside statistical evidence
to bring issues to life and strengthen the case for change.
Wellbelng Frameworks programme
In 2025, we established a Community of Practice for officiats across the UK working on
wellbeing frameworks and similar initiatives, Members come from the Scottish Government,
Welsh Government, Northern Ireland Executive. the Office for National Statistics IONSI,
Camden Council, and the North East Combined Authority. A wellbeing framework is a tool
that helps governments, organisations, or communities make better decisions by focusing
on what people need to live well, now and in the future
Under the auspices of this programme. we have also engaged with proposed wellbeing
legislation in Scotland and contributed to a review of the Scottish Government's National
Performance Framework.
Carnegies. 2025 gathering
In May 2025. Carnegie UK played a key role in delivering a series of events in Edinburgh and
Dunfermline which brought together Carnegie institutions from across the UK, Europe and
the USA. This was an opportunity to reflect on Andrew Carnegie's enduring legacy and the
continued relevance of his values in addressing todays challenges.
Highlights included a keynote address by former Prime Minister Gordon Brown and an
awards ceremony hosted jointly by the UK-based Carnegie institutions to honour
outstanding global philanthropists with the Carnegie Medal of Philanthropy. The 2025
medallists incLuded Carol Colburn Grigor CBE., Barbara and Amos Hostetter,. and Joe
Neubauer and Jeanette Lerman-Neubauer, each recognised for their significant
contributions to the arts, education, climate action and community wellbeing. A special
Carnegie Catalyst Award was also presented to Comic Relief. ceLebrating its remarkable
impact in Mobi￿sing public generosity and raising more than £1.6 billion to tackle poverty
and injustice.
The 2025 gathering strengthened collaboration across the international Carnegie family and
provided valuable space to share Learning, recognise collective achievements and reaffirm
a shared commitment to improving weLlbeing,

The Carnegie United Kingdom Trust
Report of the Trustees for the year ended 31 December 2025
Learning about change
Evidence of impact:
At Carnegie UK. we accept that systemic public policy change requires Long-term
commitment and working in partnership with a range of organisations and individuals. We
will rarely be able to evidence poLicy change within a single financial year. However.
evidence of our ongoing impact as an organisation includes..
Widespread muLti-jurisdictional interest in our Life in the UK Index, with engagement
with officials and elected members in UK, devolved, regional and local government.
In addition, we saw substantial media interest in our work in England, Scotland.
Wales. Northern Ireland and UK-wide.
Evidence that convening activity delivered as part of our Financing the Future
programme Led to new policy relationships and opportunities for innovation,
Our 2023 Cost of living research was referenced at Prime Minister's Questions and our
Life in the UK Index at First Minister's Questions in Scotland.
In addition, our stakeholder survey re-affirmed the value of our organisational
independence, political neutrality and ongoing reputation for rigorous and high-quality
research and network building. We believe we have a growing List of credible and influential
partner organisations across the UK and Ireland that vaLue our work and engagement
lincluding Demos, Re'.State, CLES, New LocaL, IWA, Pivotall. We are increasingly well
positioned and recognised by our peers as part of the policy eco-system focussed on
government process, practice and system change.
Organisational development
We continue to commit resources to modernisation, learning and continuous improvement
within Carnegie UK. This included..
Risk management
We continued to deepen our practice in the identification and management of risk. In the
course of 2025. we assessed our enierging risks in relation to the various aspects of our
strategy and operations and have now embedded this within our existing risk management
framework which is set out in more dÈtaiL in the financial section of this report.
Modernlsing our governance
In 2025, we sought specialist legal advice in relation to our 1917 Royal Charter. the key
reference document in relation to the governance of Carnegie UK. This process identified
that the Charter could and should be modernised to reflect current good practice in matters
of trust governance and charity law which have evolved in several respects since the Last
revision twenty years ago. The Board of trustees approved the proposed changes which
have now been presented to the Privy Council for consideration early in 2026.

The Carnegie United Kingdom Trust
Report of the Trustees for the year ended 31 December 2025
Organisational development (continued)
The trustee body
In 2025. two trustees retired from the Board of Carnegie UK.. Mike Reid and Megan Mathias
stepped down after nine and seven years of service respectively.
In their stead, we welcomed Trewin Restorick and Andrea WestaLI to the Board of trustees.
Financial review
Reserves policy
Capital reserves
Carnegie UK was set up with a permanent endowment. originally gifted by Andrew
Carnegie in 1913. The capital value of this endowment is maintained at a level which
provides sufficient funds to meet our long term strategic goaLs. Income and gains in excess
of those required to preserve this Level of capitaL can be drawn down and are unrestricted.
The value of our permanent endowment fund at 31 December 2025 was £45.340k12024'.
£44,626kl. £43,880k of the permanent endowment is invested in global stock markets by a
professional investment manager, with a mandate to obtain best total returns. within our
ethical policy, with a view to our drawing down excess returns each year based on the 7-
year rolting average. This policy was implemented in 2022 and in order to transition
smoothLy to a lower annual drawdown. we set fixed annual operating budgets which used
historical accumulated surpluses, thereby giving certainty to our managers on a growth
mandate until 2026,
Revenue reserves
At 31 December 2025 we held revenue reserves of £2,748k12024.' £3,266kl in the form of
unrestricted funds which are available for application to any of our activities in furtherance
of our charitable purposes. Of this, £i,042k has been allocated to future programme
activity.. £542k12024: £777kl for specific future programmes ongoing during the year,, the full
balance of £259k of 2024 revenue underspend to improved dissemination over the coming
5 years,. and £45k12024', 23kl as a capital fund to reflect the net book value of fixed assets
which were funded from unrestricted funds.
Free reserves are those which are both unrestricted and can be easily converted to cash if
required. therefore they exclude fixed assets, Andrew Carnegie House is included in our
endowment portfolio so is excluded from this calculation. The net book vaLue of the other
fixed assets at 31 December 2025 was £45k12024'. £23kl. giving us free reserves at 31
December 2025 of £1,707k12024'. £3,243kl The reduction reflects our move in 2026 to
implementation ofthe 7-year rolling average value, for which we drew down sufficient
funds into a short-term reserve to fund the period through to 2026.

The Carnegie United Kingdom Trust
Report of the Trustees for the year ended 31 December 2025
Financial review (continued)
Revenue reserves Icontinued)
It is necessary to hold a level of cash and short term investment in a buffer fund which WILL
enable our managers to make the best investment decisions. We aim to hold 9 to 12
months, expenditure in easily accessible assets. This equates to a range of around £1.2m to
£1.6m on current activity and is in Line with our year end position.
Resources arising during the year and how they were applied
Aligned with this long term reserves policy, our resources budget for the year was £1,6ook
12024.. £1,65old drawing on cash previousLy drawn down from the endowment fund for the
period from 2021-2025.
Programme activity
As an operating foundation, retaining skilled and experienced policy staff is crucial to
enable us to deliver our programme activity as described in more detail above.
AccordingLy, our programme staff expenditure comprises the main component of our cost
base at £732k12024', £685kl.
Investment policy
The endowment is invested to produce the best financial return that is within an acceptable
level of risk and within the boundaries of Carnegie UK'S ESG policy.
Carnegie UK has implemented a total return approach to its investments, generating the
investment return from income and capital gains and losses. It is expected that if in any one
year the total return is insufficient to meet the budgeted expenditure, the real value ofthe
endowment will still be maintained in the long-term using a sustainable distribution p0￿CY,
The investment objective is to achieve long term capital and income growth ahead of
inflation. The assets are managed to minimise capitaL erosion while generating sufficient
income and growth to support the activities. The distribution policy for impLementation from
2026 envisages a budget based on the average value of the investments over 7 years.
Risk management
The Board accepts that if Carnegie UK is to achieve its charitable purposes it will have to
take risks from time to time, particularly in specific policy areas. The Trustees have a duty to
ensure that the Trust is financially sound and legislatively compliant and that it operates to
high standards.

The Carnegie United Kingdom Trust
Report of the Trustees for the year ended 31 December 2025
Financial review (continued)
Risk management (continued)
The Audit and Risk Committee, reporting to the Board, oversees risk assessment and
management. The main tool used by the Committee to manage risk effectively is the risk
management framework which includes a risk appetite for each of our key risk categories,
and acceptable risk parameters for managers. During 2025, in conjunction with the strategy
refresh, we assessed our emerging risks in reLatioN to the various aspects of our strategy
and operations and have now embedded this within the risk management framework. In
addition, the Committee continues to conduct a'deep dive" into a risk category each
meeting and to report to the Board each December on their annual assessment. Trustees, in
consultation with the ch￿ef Executive, will assess the actions necessary to manage risks and
these form part of the strategic and operational plans for the folLowing year.
Day to day risk management is delegated by Trustees to the Chief Executive who in turn
allocates ownership of each risk on the risk register to one of the Senior Management Team,
The risk register is kept under review throughout the year in harmony with the Audit and
Risk Committee timetable.
The highest net strategic risks after mitigations currentLy facing Carnegie UK concern our
programme delivery and our people and we continue to manage these risks carefully in
accordance with our risk appetite.
structure, governance and management
Board
The Trustees of the Carnegie UK are responsibLe for the governance and strategy of the
Trust, They are responsible for making sure that Carnegie UK is administered effectively
and can account for its activities and outcomes.
Trustees serve for a maximum of 9 years. The Board of Trustees keeps the skill
requirements for the Trustee Body under regular review. Each new Trustee receives an
induction meeting with the Trust Chair. Chief Executive and staff,
Trustees meet formally on a quarterly basis where they agree and oversee the broad
strategy and areas of activity for Carnegie UK. within the context of the agreed Strategic
Plan, The Board of Trustees agree annual budgets in line with work plans. which are then
delegated to the Chief Executive and her management team. Every five years the Trustees
formalLy approve a Strategic PLan,' the Camegie UK Strategic Plan for 2026 -2030 was
approved at the September 2025 Board.

The Carnegie United Kingdom Trust
Report of the Trustees for the year ended 31 December 2025
Structure, governance and management (continued)
standing committees
Seven members form a quorum at each Board meeting. The Board appoints standing
committees, which also meet regularly linked to the Board cycle..
Finance and Corporate Services (Executive) Committee - members support the
Board in their responsibilities regarding Carnegie UK financial, investment, staff and
property matters.
Audit and Risk Committee- members independently review systems of internal
control. oversee external audit procedures, monitor risk and compliance and report
to the Board.
Nominatlons Committee- members oversee procedures for the succession
planning of new Trustees and Committee composition, and the membership of
periodic working groups established by the Carnegie UK. The Committee also assists
with governance issues.
The terms of reference of each Committee are included in the Trust's Standing Orders.
Carnegie UK atso uses additional working groups where required to oversee specific work
relating to its charitable objectives.
Key management personnel
Carnegie UK considers its key management personneL to be the Trustees and senior
management team ag set out on page i. Trustees do not receive remuneration for their
services. Members ofthe senior management team are each subject to regular
performance and professionaL development appraisal and remuneration is approved at
Board leveL
Statement of Trustees, Responsibilities
The Trustees are responsibLe for preparing the Trustees, Annual Report and the accounts in
accordance with applicable law and United Kingdom Accounting Standards Iunited
Kingdom Generally Accepted Accounting Practicel.
The law applicable to charities in Scotland requires the Trustees to prepare accounts for
each financial year which give a true and fair view of the state of affairs of the Trust and of
the incoming resources and application of resources of the Trust for that period, In
preparing these accounts, Trustees are required to..
select suitable accounting policies and then apply them consistently,
observe the methods and principles in the Charities Statement of Recommended
Practice ISORPI 2019 IFRS1021',
make judgements and estimates that are reasonable and prudent,
state whether applicable accounting standards have been followed., and
propare the accounts on the going concern basis unless it is inappropriate to
presume that the Trust wilL continue in operation
io

The Carnegie United Kingdom Trust
Report of the Trustees for the year ended 31 December 2025
structure, Governance and Management (continued)
statement of Trustees, Responsibilities (continued)
The Trustees are responsible for keeping proper accounting records that disclose with
reasonable accuracy at any time the financial position of the Trust and enable them to
ensure that the accounts comply with the Charities and Trustee Investment IScotLandl Act
2005, the Charities Accounts IScotLandl Regulations 2006 las amended) and the provisions
of the Royal Charter 1917. They are also responsible for safeguarding the assets of the Trust
and hence for taking reasonable steps for the prevention and detection of fraud and other
irregularities.
The Trustees are responsible for the maintenance and integrity of the Trust and financial
information included on the Trust's website. Legistation in the United Kingdom governing
the preparation and dissemination of accounts may differ from legislation in other
jurisdictions.
Signed on behalf of the Trustees on io June 2026 by
David Emerson. Chair
Carnegie United Kingdom Trust
Registered Charity Numbers,. Operating in UK SC 012799; Operatlng in Ireland 20142957
Incorporated by Royal Charter 1917
li

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF
THE CARNEGIE UNITED KINGDOM TRUST
Opinion
We have audited the accounts of The Carnegie United Kingdom Trust (the 'charity'l for the
year ended 31 December 2025 which comprise the Statement of Financial Activities, the
Balance Sheet, the Statement ofcash Flows and notes to the accounts, including a summary
of significant accounting policies. The financial reporting framework that has been applied in
their preparation is applicable law and United Kingdom Accounting Standards, including
FinanciaL Reporting Standard 102 The Financial Reporting Standard applicable in the UK and
Republic of Ireland (United Kingdom Generally Accepted Accounting Practicel.
In our opinion the accounts..
give a true and fair view ofthe state ofthe charity's affairs as at 31 December 2025. and
of its incoming resources and application of resources for the year then ended,
have been properly prepared in accordance with United Kingdom Generally Accepted
Accounting Practice., and
have been prepared in accordance with the requirements of the Charities and Trustee
Investment IScotLandl Act 2005 and regulation 8 of the Charities Accounts (Scotlandl
Regulations 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing IUKI IISAS
IUKII and applicable Law. Our rèsponsibilities under those standards are further described in
the Auditor's responsibilities for the audit of the accounts section of our report. We are
independent of the charity in accordance with the ethical requirements that are relevant to
our audit of the accounts in the UK. including the Financial Reporting Council's Ethical
standard, and we have fulfilled our other ethical responsibilities in accordance with these
requirements. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the accounts, we have concluded that the trust&s' use of the going concern basis
of accounting in the preparation of the accounts is appropriate.
Based on the work we have performed, we have not identified any material uncertainties
retating to events or conditions that, individually or collectively. may cast significant doubt on
the charity s ability to continue as a going concern for a period of at leasttwelve months from
when the accounts are authorised for issue,
Our responsibilities and the responsibilities of the trustees with respect to going concern are
described in the relevant sections of this report.
other information
The other information comprises the information included in the trustees. annuaLreport. other
than the accounts and our auditor's report thereon. The trustees are responsible for the other
information. Our opinion on the accounts does not cover the other information and we do not
express any form of assurance conclusion thereon.
12

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF
THE CARNEGIE UNITED KINGDOM TRUST Icontinued)
Our responsibitity is to read the other information and, in doing so, considerwhether the other
information is materialLy inconsistent with the accounts or our knowledge obtained in the
course of the audit or otherwise appears to be materialLy misstated. If we identify such
material inconsistencies or apparent materiaL misstatements. we are required to determine
whether this gives rise to a material misstatement in the accounts themselves. If, based on
the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect ofthe following matters in relation to which the Charities
Accounts (Scotlandl Regulations 2006 requires us to report to you if, in our opinion..
the information given in the trustees. report is inconsistent in any material respect
with the accounts., or
proper accounting records have not been kept., or
the accounts are not in agreement with the accounting records,, or
we have not received all the information and expLanations we require for our audit.
Responsibilities of trustees
As explained more fulLy in the trustees, responsibilities statement set out on page ii, the
trustees are responsible for the preparation of accounts which give a true and fair view, and
for such internal control as the trustees determine is necessary to enable the preparation of
accounts that are free from material misstatement, whether due to fraud or error.
In preparing the accounts, the trustees are responsible for assessing the charity's ability to
continue as a going concern, disclosing. as applicable, matters related to going concern and
using the going concern basis of accounting unless the trustees either intend to tiquidate the
charity or to cease operations. or have no rea￿StIC alternative but to do so.
Auditor's responsibilities for the audit of the accounts
We have been appointed as auditor under section 441illcl of the Charities and Trustee
Investment (Scotland) Act 2005 and report in accordance with the Act ar)d any relevant
reguLations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the accounts as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor's
report that includes our opinion. Fieasonable assurance is a high Level of assurance, but is not
a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a
material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if. individually or in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of these accounts.
Irregularities, including fraud, are instances of non-compliance with Laws and regulations. We
design procedures in line with our responsibilities. outlined above, to detect materiaL
misstatements in respect of irregularities. including fraud. The specific procedures for this
engagement and the extent to which these are capable of detecting irregularities, including
fraud, are detailed below.

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF
THE CARNEGIE UNITED KINGDOM TRUST (continued)
As part of our planning process..
We enquired of management the systems and controts the charity has in place, the
areas of the financial statements that are mostly susceptible to the risk of
irregularities and fraud. and whether there was any known, suspected or alleged
fraud. Management informed us that there were no instances of known, suspected
or alleged fraud.,
We obtained an understanding of the Legal ar)d regulatory frameworks applicable to
the charity. We determined that the following were most relevant,, employment Law
lincLuding the Working Time Directivel,, and compliance with charity law and
accounting framework,,
We considered the incentives and opportunities that exist in the charity, including the
extent of management bias. which present a potential for irregularities and fraud to
be perpetrated, and tailored our risk assessment accordingly.. and
Using our knowledge of the charity, together with the discussions heLd with
management at the ptanning stage, we formed a conclusion on the risk of
misstatement due to irregularities including fraud and tailored our procedure5
according to this risk assessment.
The key procedures we undertook to detect irregularities including fraud during the course
of the audit included..
Enquiries with management about any known or suspected instances of non-
compliance with laws and regulations and fraud..
Reviewing Board meeting minutes for discussions of irregularities including fraud.,
Challenging assumptions and judgements made by management in their significant
accounting estimates, in particular in relation to the vaLuation of Listed and social
investments..
Auditing the risk of management override of controls. including through testing
journal entries and other adjustments for appropriateness.,
Testing key revenue lines, in particular cut-off, for evidence of management bias..
and
Reviewing the financial statement disclosures and determining whether accounting
FX)licies have been appropriately applied.
Owing to the inherent Limitations of an audit, there is an unavoidable risk that some material
misstatements in the financial statements may not be detected, even though the audit
is properly pLanned and performed in accordance with the ISAS IUKI. For instance, the
further removed non-compliance is from the events and transactions reflected in the
financial statements, the Less likeLy the auditor is to become aware of it or to recognise the
non-comptiance, The risk is also greater regarding irregularities occurring due to fraud
rather than error, as fraud involves intentionaL concealment, forgery. collusion, omission or
misrepresentation. The primary responsibility for the prevention and detection of
irregularities and fraud rests with the trustees.
A further description of our responsibilities is avaitable on the FRC'S website
at.. htli!s //www.fi'c.or
.uk/(JudiLoi""
urisibililies. This description forms part of our
auditor's report.

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF
THE CARNEGIE UNITED KINGDOM TRUST (continued)
Use of our report
This report is made solely to the charity's trustees. as a body, in accordance with Regulation
io of the Charities Accounts (Scotlandl Regulations 2006. Our audit work has been
undertaken so that we might state to the charity's trustees those matters we are required to
state to them in an auditor's report and for no other purpose. To thè fullest extent permitted
by law, we do not accept or assume responsibility to anyone other than the charity and the
charity s trustees as a body. for our audit work, for this report, or for the opinions we have
formed.
Henderson Loggie LLP
CharteredAccountants and Statutory Auditor
The Stamp Office Level 5, 10-14 Waterloo Place Edinburgh EHI 3EG
Henderson Loggie LLP is eligibLe to act as an auditor in terms of section 1212 of the
Companies Act 2006.
1410712026
15

The Carnegie United Kingdom Trust
statement of FinanciaL Activities
Year ended 31 December 2025
Unrestricted Endowment
Funds
Fund
2025
Total
2024
Total
ote
Income and endowments
from..
Investments
823.712
20.000
843,712
844,735
other income
Total
4,187
848,922
823,712
20,000
843,712
Expenditure on:
Raising funds
Charitable activities..
Total
87,307
1,551.600
150,787
188,2481
62,539
238,094
1,46
.352
1.701.446
238,102
7.013
1.595,115
Net gains/llossesl on
investments
1,054.569 1.054,569 5,317,750
Net
income/lexpenditurel
1815.1951
1.012,030
196,835
4.571.557
Transfers between funds
7,397
12
7,3971
Net movement in funds
1517.7981
7u.633
196.835
4,571,557
Reconciliation of Funds,.
Total funds brought
forward
Total funds carried
forward
20
All results relate to continuing octivities.
The notes on pages 19 to 29 form part of these accounts
16

The Carnegie United Kingdom Trust
Balance Sheet
As at 31 December 2025
2025
2024
Note
Fixed assets:
Tangible assets
Investments
Social Inveslmenls
Total fixed assets
741.415
45,856,625
659,60
47,257,645
740.074
45.725,116
.879
47,0￿,069
io
li
Current assets
Debtors
Cash investments
Cash at bank and ir) hand
Total current assets
12
18
18
46,773
524.517
416,50
987.7g9
102,000
507,424
642.257
1,251,681
LiabiLities',
Creditors.. amounts falling due
within one year
Net current assets
13
1156.1231
(374,262J
831,676
8,089,321
877.41
47,892,488
Total net assets
The funds of the charlty..
Endowment funds
Unrestricted funds..
Total charlty funds
45,340,943
2.748,378
48,08g,321
44.626.312
3,266.176
47,892,488
15
Approved by the Trustees on io June 2026 and signed on their behalf by..
DAVID EMERSON, Chair ofTruste
MARK SHUCKSMITH, Convener of Audit and Risk Committee
The notes on pages 19 to 29 form part ofthese accounts
17

The Carnegie United Kingdom Trust
statement of Cash Flows
Year to 31 December 2025
2025
2024
Note
Net cash loutfiow) from operating
activities..
17
11.094.628)
(516.415)
Cash flows from investing activities..
Redemption of social investment
Proceeds on disposal of investments
Payments to acquire investments
Movement in inveslment portfolio
cash
Payments to acquire fixed assets
247.320
19,242.433
119,049.461)
(232,230)
17,739.956
117,456,894)
639,997
.0871
13.024J
Net cash provided by investing
activities
885,973
205,038
Change in Cash and cash
equlvaLents In the year
18
1208,650
{311,377)
Cash and cash equivalents
brought forward
1,149.681
1,461,058
Cash and cash equivalents
Carried forward
941,026
1,149,681
The notes on pages ty to 29 form part of these accounts
18

The Carnegie United Kingdom Trust
Notes to the Accounts
Year to 31 December 2025
i. General Information
Carnegie UK'S charitable purpose is to improve the wellbeing of the people of the UK
and the Republic of Ireland. It is recognised as a charity in Scotland (No SC 0127991
and in Ireland (No 201429571 and meets the definition of a public benefit entity for the
purposes of reporting under the Financial Reporting Standard applicabLe in the UK
and RepubLic of Ireland IFRS 1021.
The accounts are prepared in accordance with FRS 102 and with the Statement of
Recommended Practice ISORP) and are presented in pounds sterling IGBPI as the
currency in which the Trust's transactions are denominated.
2. PrincipaL accounting policles
The principal accounting poLicies,judgements and egtimates applied in the
preparation of these financial statements are summarised below, These policies
have been applied consistently to allthe years presented, in dealing with items which
are considered material in relation to the charity s financial statements.
lal Basls of preparation incLuding criticaljudgements and estimates
The financial statements have been prepared under the historical cost convention,
with the exception of listed investments which are included at market value at the
balance sheet date. Assets and tiabilities are initially recognised at historical cost.
Preparation of financial statements requires the use of certain critical accounting
estimates and assumptions which affect reported results and financial position and
require Trustees to exercisejudgement in the process of selecting and applying the
accounting policies. Use of available information and application ofjudgement are
inherent in the formation of estimates. Actual outcomes in the future could differ
from such estimates.
There are no estimates or assumptions with a significant risk of causing a material
adjustment to the carrying amounts of assets and liabilities within the next financiaL
year. The areas involving a higher degree ofjudgement or complexity, or areas
where assumptions and Èstimates are significant to the financial statements
comprise..
Depreciation rate applied to Andrew Carnegie House, and
RecoverabiLity of loans within the Trust's sociaL investment portfo￿0.
19

The Carnegie United Kingdom Trust
Notes to the Accounts (continued)
Year to 31 December 2025
2, Principal accounting policies (continued)
Ibl Going concern
The trustees have assessed the Trust's Long term sustainability in the context of its
endowment fund, which is fundamentaL to its ability to continue as a going concern
and have a reasonable expectation that the Trust has adequate resources to continue
in operational existence for at Least the next twelve months. Thus, they continue to
adopt the going concern basis of accounting in preparing the accounts.
Icl Incoming resources
All incoming resources are recognised when the Trust has entitlement to the income,
it is probable that the income will be received. and the monetary value of the income
can be measured with sufficient reliabiLity. Dividends from listed investments are
recognised on the ex-dividend date.
Idl Recognition and allocation of resources expended
A Liability is recognised when the Trust has entered into a legal or constructive
obligation. The Trust is not registered for Value Added Tax IVATI so expenditure is
recorded gross of VAT.
Costs are allocated to the relevant cost category in the Statement of Financial
Activities as follows..
Raising funds - investment management fees. These are allocated 60/ to
endowment and 40% to unrestricted funds..
Directly charitable activities - costs directLy attributable to wellbeing programmes
Support costs- indirect costs which enable the directly charitable activity. These
include governance costs, which are costs of meeting the constitutional and
statutory requirements, including audit fees and an allocation of indirect support
costs
lel Pension scheme
The Trust makes contributions to group personal pension plans for employees. The
Trust's contributions are charged to the Statement of Financial Activities in the year in
which contributions are made.
20

The Carnegie United Kingdom Trust
Notes to the Accounts (continued)
Year to 31 December 2025
2. PrincipaL accounting policies (continued)
If) Flxed assets
Expenditure of over £1,000 is capitalised if the Trust expects to gain economic benefit
for more than one year.
Land and buildings comprise the Trust's share of Andrew Carnegie House. The Trust
is the co-owner of this building together with the Carnegie Dunfermline and Hero
Fund Trusts and the Carnegiè Trust for the Universilies of ScotLand. Land and
buildings are originally stated at cost and reviewed for impairment annually.
Depreciation is charged on fixed assets as follows..
Property
2/0 Straight ￿ne
Fixtures, furniture, fittings & plant
2/ - 25/¢ Straight line
Computer equipment over £1,000
33.33/0 Straight line
Igl Listed investments
Listed investments are included initiaLLy at cost and subsequently at fair value, being
mid-market price at the balance sheet date. Gains and losses arising are recognised
in the Statement of Financial Activities in the period in which they arise.
Ihl Social investments
The Trust has an AffordabLe Credit Loan Fund which comprises programme related
investments, in the form of concessionary Loans made at below market rates and on
terms designed to advance the Trust's charitable purposes.
The carrying value of the Fund represents the initial Loan amounts advanced, net of
repayments and any impairment.
lil Flnancial instruments
The Trust has only basic financial assets and liabilities comprising investments,
debtors, cash at bank and creditors. These assets and LiabiLities are initiaLly recorded
at cost and subsequentLy at market value in the case of investments and in respect of
other assets and liabilities at the amounts expected to be received or paid.
(il Current asset Investments
These comprise notice deposits with maturity of more than 3 months and less than
one year. They are accounted for at cost.
Ikl Cash and cash equivaLents
Cash at bank comprises baLances held with banks and investment managers, with a
maturity of Less than one year.
21

The Carnegie United Kingdom Trust
Notes to the Accounts (continued)
Year to 31 December 2025
2. Principal accountlng policles Icontlnuedl
IL) Funds
Funds held by the Trust are..
endowment fund - originally gifted from Andrew Carnegie in 1913. The capital
value should be preserved and the income arising is unrestricted., and
unrestricted funds, which can be used in accordance with the charitable objects at
the discretion of the Trustees.
3. Comparative statement of financial activitles 2024
Unrestricted Restricted Endown7ent
Funds
Funds
Fund
2024
Total
Incoming resources arising from..
Investments
Other income
Total
820,425
4,187
824,612
24.310
844.735
4.187
848,922
24.310
Resources expended on..
Raising funds
Charitable activities,.
Total
86.ggi
1,331,06
1,418,060
151,111
20,944
172,055
238.102
1,357,01
1,595.115
5.000
.000
Net resources expended before
gains/(losses) on investments
(593.448)
(5.000)
(147,745)
(746,193)
Net gains/llossesl on investments
5,317,750
Net fresources expended)/incomlng
resources
Transfers
Net movement in fvnds 2024
(593,448)
(5,000)
5.170.005
4.571,557
88,061
(505,
87)
1555)
.555)
(87,506)
5.082,499
4,5B,
22

The Carnegie United Kingdom Trust
Notes to the Accounts (continued)
Year to 31 December 2025
4, Resources expended on charitable activities
Unrestricted
Restri¢ted
Funds
Funds
Endowment
Funds
Total 2025
Directly charitable activity..
staff costs
Programme grants
other programme costs
other direct costs
Support costs (note 51
Total 2025
732,964
21.980
381.070
137,885
277,700
732,964
21.980
271,516
154.238
282,653
1,463,352
1109.5541
16,353
4.953
188.2481
1,551,600
Prioryear
Directly charitable activNIy.'
staff costs
Programme grants
otherprogramme costs
Other direct costs
Support costs (note 5)
Total 2024
685,727
21,980
zii,883
119.893
2gi,586
1,331,069
685.727
26,g80
211,883
135.968
296,455
5,000
16,075
4,869
5.000
20,944
1,357.013
5. Support costs
TotaL
2025
Totul
2024
staff costs
Property
IT and related costs
Office and administration
Governance (see note 61
201,582 .
12,159
19.740
10.976
38.197
282,653
207,693
13,990
17.036
10,157
47.579
296,455
23

The Carnegie United Kingdom Trust
Notes to the Accounts (continued)
Year to 31 December 2025
6. Governance costs
Total
2025
Total
2024
External audit fee
Trustee expenses
15,360
22,837
38,197
17.061
30.518
47,579
7. Analysis of staff costs
2025
2024
Salaries
Social Security costs
Pension costs
666.962
77,191
155,099
899,252
645.810
66.253
6.334
848,3
The Trust considers its key management personnel to be Trustees, and the Senior
Management Team, comprising the chief executive. directors and heads of services.
The total employee benefits of key management personnel
including employer NIC and pension contributions were:
Included in the staff costs above is a termination payment of £nil12024.'£17,3221 to one
member of staff. The amount was fully paid by the year end.
The number of employees, whose employee benefits
(excluding employer's pension contributions) exceeded £6ok
and felL within the following bands, were..
£60,000- £70.000
£70.000- £80,000
£80.000 - £90,000
£90.000- £100,000
£ioo,000- £iio,000
£510,545
£488,906
2025
2024
The average monthly number of employees during the yoar was as
follows..
Policy development
Support staff
io
io
13
No Trustees received any remuneration in 2025 or 2024. Trustees are reimbursed for
expenses incurred whilst carrying out their duties as trustees. All trustee reimbursements
12024., all) were in furtherance of the charitable objectives. The total incurred was £22,836
12024.. £30,518) and these comprised mainly travel, accommodation and catering expenses
for attendance at Board meetings. plus venue hire for the Board m&ting held off-site
annually.
24

The Carnegie United Kingdom Trust
Notes to the Accounts (continued)
Year to 31 December 2025
8. Pension Commitments
As at 31 December, all 16 employees were in the Royal London Group Personal Pension
PLan12024'. all), to which the Trust contributes. Trust contributions range from 6/ to 13/0 of
salary. The pension charge for the year was £155,099 in respect of the personal pension
pians12024'. £136,334). The pension contributions outstanding at the year-end were £nil
12024: £11.6041.
9. Tangible Assets
Land and
BuiLding5
Fittings &
Plant
Computer
Equipment
Total
Cost
At i January 2025
Additions
Disposats
At 31 December 2025
1.065,345
286,147
57,198
37,087
151,5161
42.769
1.408.690
37,087
151.5161
1,394,261
1.065,345
286.￿7
AccumuLated depreciation
At i January 2025
Charge for year
Disposals
At 31 December 2025
347,908
21,306
264,366
4,678
269.044
56.342
9,762
151,5161
14,588
668,616
35.746
151,5161
652,846
369,214
Net book value
At 31 December 2025
At 31 December 2024
696.131
717.437
17,103
21,781
28.181
856
741,415
740.074
io. Llsted Investments
2025
2024
Mayket value
At i January
Additions at cost
Disposals at opening market value
Unrealised gain during year
Change in cash
At 31 December
45,725.116
17,456,894
118,365,840)
1.680.452
163
.g971
45.856.625
40.368,108
19.049.461
(18,327,952J
4,347,742
287,757
45,725,116
Cost
At 31 December
.463,539
39,407.
25

The Carnegie United Kingdom Trust
Notes to the Accounts (continued)
Year to 31 December 2025
ii. SociaL Investments
2025
2024
Balance at i January
Interest receivable
Management fee5 payable
Loan repayment
Reversal of impairment
Al 31 December
549,879
20,000
119,8281
793,515
24.310
(20,626)
1247,320)
109,554
65
,605
54g,879
12., Debtors
2025
2024
Debtors and prepayments
Accrued income
Total
26,474
20,299
46,773
73,846
28,154
102,000
13.Creditors: amounts due withln one year
2025
2024
Accruals
other creditors
Total
122.754
3.369
260,433
113,829
74.262
14.Endowment fund
2025
2024
Opening baLance at i January
Net resources expended
Net gains/llossesl recognised in year
Transfers
Total
44,626,312
142.5391
1,054.569
1297.3
71
45,340,94
39.543,813
(147,745J
5.317.750
187.506)
44,626.312
The net transfer of £297,397 (2024.. £87.506) is the drawdown to fund programme activity in
line with the Trust's total rèturn investment p0￿CY,
26

The Carnegie United Kingdom Trust
Notes to the Accounts (continued)
Year to 31 December 2025
15. Unrestrlcted Funds
Balance
atiJan
2025
Net
resource5
expended
Transfers
Balance at
31 Dec
2025
Designated funds..
Programme development
Unspent revenue
Designated capital
Total designated
Free reserves
Total
776,791
258,649
22,637
1,058,077
2,208,099
3,266.176
1234,6531
542,138
454.395
45,284
1.041,817
1,706,561
2,748.378
195.746
22,647
218,393
79,004
297,397
1234.6531
1580,5421
1815,1951
Programme deveLopment funds represent the balance of funds committed in prior years
for programmes which WILL complete in subsequent years. The main component of this is a
further five year commitment to our flagship Life in the UK index,
The capitaL fund reflects the net book value of asset5 funded from unrestricted funds.
These exclude the Trust's share of Andrew Carnegie House, which is held in the
endowment fund.
The unspent revenue fund represents the underspend from 2024 and 2025, based on a
sustainable total return investment policy. The opening balance of £259k has been
committed to future dissemination activity. Plans are ongoing to utilise the 2025
underspend for future charitable activity.
As expLained in the investment policy, we have a long term average drawdown of a
sustainabLe total return. Accordingly our free reserves comprise the cash flow reserve
against stock market downturns as explained in the reserves poLicy section of the trustees
annuaL report,
Prioryear comparison
Balonce
atijan
2024
Net
resources
expended
Trun5ftrs
Balance
at31 Dec
2024
Designated funds..
Programme development
Capitol
Unspent revenue
13.500
25,648
(122,709)
886,000
(3,01
258.649
1.141,638
(1,0
.577)
88.061
776,791
22.637
258.649
1,058.077
2,208.099
3,266,176
39,￿8
3,732,415
,771,56
1122,7091
(470,739)
(5g3,448)
Free reserves
Total
27

The Carnegie United Kingdom Trust
Notes to the Accounts (continued)
Year to 31 December 2025
16,
Analysis of net assets among funds
Tangible
Investments
flxed
assets
Social
investments
Net
Current
assets
Total
Endowment
Unrestricted
Funds
Total 2025
696,131
45.284
43,879,903
1.976,722
659.605
105,304
726,372
45,340,943
2.748.378
741,415
45,856,625
659,605
831.676
48.089.321
Prioryear¢omparlson
Tanglble
fixed
assets
Investments
Soclal
Investments
Net
current
assets
Total
2024
Endowment
Unrestricted [unds
Tota12024
717,437
22,637
740.074
43,270,464
2,454,652
45.725,116
549,879
88.532
788,887
44.626.312
3.266.176
47,8
549,879
17. Reconciliation of net movement In funds to net cash loutftow) from operating actlvities
2025
2024
Net movement in funds for year including investment Income
Depreciation
Ilncreasel/decrease in debtors
IDecreasel/increase in creditors
Net change in social investment
Unrealised Igainl on investments
Realised loss/lgainl on investment disposats
Net cash loutflowl from operating activities
196,835
35,746
55,227
1218.uil
1109.7261
11,680,4521
625,883
11,094,628)
4,571,557
26,979
17,184
189,299
13.6841
14,347,742>
1970,0081
1516,4151
28

The Carnegie United Kingdom Trust
Notes to the Accounts (continued)
Year to 31 December 2025
18, Cash and Cash equivalents
AtiJan
2025
At 31 Dec
2025
Cash flows
Short term deposit
Cast at bank and in hand
507,424
642,257
1,149,681
17,093
1225,7481
1208.6551
524,517
416,509
941,026
19. Related parties
Four trustees of the Carnegie UK Trust are also trustees of the Carnegie Dunfermtine and Hero
Fund Trusts. charities registered in Scotland.
The Trust shares ownership of Andrew Carnegie House with the Carnegie Dunfermline and Hero
Fund Trust and the Carnegie Trust for the UniversSties of Scotland. The Trust is responsible for an
agreed proportion of the running costs of the building.
20. Operatlng lease commltments
Carnegie UK Trust has one operating lease. The charge for the year was £6,58612024.' £6,197).
The total future minimum commitment at 31 December 2025 was £2.41312024'. £8,193), all of which
is payable within one year12024', £6,197 due within one year and the balance of £1.997 Wlthin two
years).
29