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2025-12-31-accounts

EMMS NAZARETH

(KNOWN AS THE NAZARETH TRUST)

ANNUAL REPORT 2025

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TRUSTEES

Geoffrey Spence, Chair Jason Leitch, Vice-Chair Murray McNicol, Trustee Financial Officer Azar Ajaj Dave Pye Elias Haddad Judith Hill (departed November 2025) Kate Gerrish Linda de Caestecker (appointed June 2025) Mary Macleod Naomi Beer Stephen Nash (departed June 2025)

SENIOR EXECUTIVES

Waseem Dibbini, CEO Dr Fahed Hakim, Hospital Director Dr Salam Hadid, Nursing School Director Maha Sayegh, Nazareth Village Director Rev. Frank Kantor, Spiritual Director Steve Sanderson, International Director (appointed June 2025)

BANK

Bank of Scotland Ardmillan Terrace Dalry Road Edinburgh, EH11 2JN

AUDITOR

KPMG Somekh Chaikin 17 Ha’arba’a Street, PO Box 609 KPMG Millennium Tower Tel Aviv 6100601, Israel

PRINCIPAL UK & REGISTERED OFFICE

The Nazareth Trust Annan House, 10 Palmerston Place, Edinburgh, EH2 3JZ

PRINCIPAL ISRAEL OFFICE The Nazareth Trust Nazareth Hospital EMMS, PO Box 11, Nazareth, 16100

LEGAL ADVISOR (ISRAEL)

Kiyon Bilal M. Firon & Co. Solicitors Adgar 360 Tower, 2 Haslosha Street 6706054, Tel Aviv PO Box 9445, 6109302

The Nazareth Trust is the operating name of EMMS Nazareth and

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1. Objectives and Aims

Our purpose, set out in our Memorandum and Articles of Association, is as follows:

To fulfil these objectives, the Nazareth Trust (TNT) manages the following:

The above broadly encompass five key categories that aim to satisfy TNT's healthcare purposes, healthcare education, biblical education, and Christian witness.

Healthcare – Nazareth Hospital EMMS

Nazareth Hospital EMMS is the leading regional healthcare provider and principal trauma centre serving Nazareth and the wider Galilee region, providing care to a catchment population of approximately 570,000 residents. During 2025, the Hospital delivered more than 236,000 patient encounters, including over 80,000 Emergency Department attendances, more than 156,000 outpatient visits, and approximately 33,000 inpatient days, reflecting its central role in delivering acute, specialized, and community-based healthcare services across Northern Israel.

The Hospital offers a comprehensive range of medical services, including Emergency and Trauma Care, Internal Medicine, General Surgery, Orthopedics, Urology, Obstetrics and Gynecology, Maternity and Neonatal Intensive Care, Psychiatry, Intensive Care, Cardiology and Cardiac Catheterization, Renal Dialysis, Gastroenterology, Pulmonology, Oral and Maxillofacial Surgery, IVF, and a growing portfolio of advanced diagnostic and subspecialty services.

Affiliated with the Azrieli Faculty of Medicine at Bar-Ilan University, Nazareth Hospital EMMS serves as a regional academic medical center actively engaged in medical education, residency training, clinical research, innovation, and workforce development. Guided by its Christian

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ethos and longstanding mission of service since 1861, the Hospital strives to deliver the highest standards of clinical excellence, compassion, accessibility, and patient centered care while advancing health equity and improving the wellbeing of all communities across Northern Israel.

Healthcare Education – Nazareth Academic School of Nursing

Established in 1924 to address a national shortage of nurses, the Nazareth Academic School of Nursing offers vocational work opportunities to the local, underserved, and predominantly Israeli Arab population.

Each academic year, up to 300 students are enrolled at the School. The programme available range from Nursing conversion programme to BA Nursing degrees in collaboration with Ono Academic College, Israel. Since its establishment, the Nazareth Academic School of Nursing has continued as the only Arab nursing school in Israel. The School runs a special programme accredited by the Higher Council of Education to empower and equip underprivileged youngsters to join the Academy.

SERVE Nazareth

SERVE Nazareth provides volunteer opportunities in the Galilee region, which, in recent years, has grown to be the most extensive programme of its kind in Northern Israel.

Out of the many opportunities available, volunteers can serve in the hospital chaplaincy or Pastoral Care team, volunteer in the hospital, guide at Nazareth Village, or provide other vital support within the Nazareth Trust or local Christian ministries.

Biblical Education – Nazareth Village

The Nazareth Village allows visitors to experience Nazareth as it was in the first century, during Jesus's time. Tour guides share Biblical stories, bringing them to life using a working farm, traditional buildings, including a synagogue, and authentic first-century meals.

The Nazareth Village is well established as a major Christian ministry and tourist operation in Northern Israel. There have been over 1 million visitors to the Nazareth Village since its founding in 2001.

Christian Witness – Spiritual Care

The Spiritual Care Team are key in providing and integrating Spiritual Care in all of the Trust's activities as well as offering pastoral support to patients, staff and the community.

Their vision is to extend healing, hope, and hospitality in Jesus’ name to every staff member, volunteer, and service user in Nazareth in times of need.

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2. Achievements, Performance and Future Plans

.

In 2025, the security situation in Israel escalated, leading to nationwide emergency measures and major disruptions to healthcare services. The hospital shifted to emergency operations, reducing activity to essential services only, operating approximately 50 protected beds on campus, and relocating the dialysis unit to a fortified unit.

During October 2025 a ceasefire came into effect bringing hope to the millions affected, and in turn positively impacting some of the Trust's operations.

Activities at the Nazareth Village and the SERVE Nazareth volunteer programme were almost ceased.

The Maana Psychological Centre, affiliated with The Nazareth Hospital continues to provide extensive mental health support to staff, patients, and the community in general affected by the conflict. Throughout 2025, the Nazareth Trust remained steadfast in its mission to provide healthcare, education, and spiritual support, adapting to challenges and continuing to serve the community in Nazareth and beyond.

2.1.1 Healthcare – Nazareth Hospital EMMS

The Nazareth Hospital is located in the heart of the city of Nazareth and is the main acute care hospital of the region. Despite being a small hospital, it provides a range of emergency lifesaving services and operates the only Arab Psychiatric department in the country, providing culturally sensitive treatment to the Arab population.

During 2025, the Hospital achieved several important milestones, and continued growth of its academic, residency and fellowship programmes. The Hospital also strengthened its emergency preparedness capabilities while maintaining uninterrupted services during periods of regional conflict and heightened security challenges.

National recognition during 2025 included leading performance in Internal Medicine, Neonatal Care, Emergency Department quality indicators, and patient satisfaction, further reinforcing Nazareth Hospital's EMMS position as one of Israel's leading regional healthcare institutions and a trusted centre of excellence for clinical care, education, research, and community service.

Furthermore, the hospital achieved notable successes in various areas: -

Capital Developments

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Other Developments & Achievements

2.1.2 Academia & Research

The hospital continues to prioritise teaching, residency programmes, and academic research:-

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Research continued to a high level and included the following:

2.1.3 HOSPITAL EMPLOYEES BY JOB FUNCTION

Sector Full-Time Equivalent
No. of Employees
Nursing 211
240
Aid Nurses and Orderlies 42
46
Administrative 156
198
Paramedical 70
106
Physicians 153
208
Total 631
798

2.1.4 PHYSICIANS BY ROLE

Physicians Total
Specialist 66
Senior Specialist (Specialists with additional sub-speciality) 23
Director 1
Resident Physicians 74
Interns/Medical Trainees 25
House Physician 19
Total 208

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2.1.5 MATERNITY DEPARTMENTS

Maternity Statistics 2022 2023 2024 2025
Births 2,008 1,863 1,760 1,855
Neonatal Intensive Care Numbers
38		 40 39 37

2.1.6 Hospital Departments:

Anaesthesia Hydrotherapy Paediatric Surgery
Autonomic Neurology Unit In Vitro Fertilisation Pharmacy
Bariatric Unit Infectious Diseases Physiotherapy
Biomedical Engineering Intensive Care Prenatal
Bone Density Internal Medicine Psychiatry
Cardiology
 Laboratory Psychology Centre
Catheterisation (incl. Neonatal Intensive Care Pulmonology Clinic
cardiovascular)
Chest Surgery Clinic Neurology Radiology (inc. X-ray, CT, US)
Delivery Room
 Obstetrics & Gynaecology Social Services
Dialysis Operating Theatres Stroke Unit
Dieticians
 Oral and Maxillofacial Surgery TB Clinic
Emergency Medicine Orthopaedic Surgery Urology
Gastroenterology Outpatient Clinic Vascular Surgery
General Surgery

2.1.7 Teaching Departments – in partnership with Faculty of Medicine - Bar Ilan University:

Anaesthesia General Surgery Dialysis Internal Medicine Gastroenterology Neurology

An average of 15 rotations per year, 8-10 students per rotation.

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2.1.8 PATIENT NUMBERS

Hospital Admissions 2022 2023 2024 2025
Admitted patients 14,632 14,861 15,743 14,304
Admission days 45,382 42,434 42,017 39,026
ER (incl. Night Centre) 72,050 74,550 80,164 84,364
Outpatients 119,428 153,881 156,931 185,595
Admissions by dept. 2022 2023 2024 2025
Orthopaedics 1432 1447 1717 1611
ICU 975 1425 1565 1600
General Surgery 3809 3438 3435 3162
Obs. & Gyn. 837 880 1114 1101
NICU 159 112 122 131
Internal Medicine 4181 4009 4058 4255
Dialysis patients 172 185 240 164
Weekly Dialysis Sessions 366 390 456 468
Psychiatric 230 253 225 160
Catheterisation Interventions 1164 1360 1183 1609
Covid-19 (ICU) 228 - - -
Total 13,553 13,499 14,115 14,261

2.1.9 RESIDENCY PROGRAMME

Department Approved (months) Out of
(months)
Urology 30 54
ER FULL
Anaesthesia 33 39
Internal Medicine FULL
Orthopaedics Full + a 6-month rotation in the sub-units of
arthroscopyand spine surgeryfull
General Surgery 36 54
Obs. & Gyn. 51 54

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IVF 6-month rotation
US 6-month rotation
Psychiatry 24 54
Radiology 24 45
Neonatology 12 36
Paediatrics 6-month rotation 54
Cardiology Full

2.2.1 Updates

2.2.2 SCHOOL OF NURSING EXAMS

2022 2023 2024 2025
Students taking the Government 78 112 104 86
nursing exams
Pass rate 97% 98% 97% 80%

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2.2.3 ENROLLED STUDENTS

Student Numbers 2025 Total
BA Students 83
Career Retraining (Transition programme) 102

2.3 Biblical Education – Nazareth Village

2.3.1. VILLAGE VISITORS

Visitor Numbers
2022 2023 2024 2025
57,811 80,445 5, 676 17,012

2.4 Christian Witness – SERVE Nazareth

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2.4.1 SERVE VOLUNTEERS

2022 2023 2024 2025
(until 6th Oct)
Volunteers 12 61 2 41
F/T staff equivalent 2.9 5.2 2 2.126
KPI comparison to 2023 2024 2025
Total number of Volunteers 2 41
No. volunteer months from individuals 3 18.4
No. of volunteer days from groups 0 0
Total Volunteer Days
 90 552

2.5 Christian Witness - Spiritual Services **

The ministry of the Pastoral Care Team (PCT) during 2025 continued to be shaped by the painful and traumatic war in Gaza and Lebanon until the ceasefire agreement which came into effect on 10 October 2025. We chose the theme of hope for the year and built our messaging and spiritual care activities around this theme. We gave expression to this theme by bearing faithful, hopeful and loving witness to our staff, patients, and volunteers through regular visits and spiritual care activities during the year. These included the following:

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2.6 Future Plans

2.6.1 Nazareth Hospital

We continue to enhance the quality of health care at Nazareth Hospital for our patients and their families. In recent years, we have substantially modernised our facilities and expanded our capacity. To strengthen our position as the leading trauma and acute care hospital in Nazareth, we will complete the infrastructure for expanding our Emergency Room (ER) department by June 2025 and begin recruiting additional ER medical staff.

Our new MRI infrastructure is already in place and was opened in September 2025. This state-of-theart technology will significantly improve diagnostic capabilities.

We are also committed to developing our mental health services. This includes recruiting additional specialists and relocating the facility back to the hospital premises. By 2026, 25% of our hospital beds will be allocated to the new Psychiatry Department. Our mental health expansion includes the completion and operation of the Maana Resilience Psychology Centre.

Additionally, we are expanding our Maternity Department to provide private rooms for every mother, ensuring greater comfort and privacy.

2.6.2 Academic School of Nursing

We strategically invest in student recruitment by engaging in face-to-face meetings with graduates and high school students, hosting open days to showcase our facilities, and leveraging social media advertising to reach a broader audience. At the same time, we are finalising the acquisition of state-ofthe-art equipment and multimedia resources, and setting up advanced simulation rooms to enhance practical learning experiences. We are also prioritising staff training to ensure proficiency in innovative teaching methods. Furthermore, through a collaborative partnership with Ono Academic College, we continue to develop our BA and Transition programme and the "Afik Maavar" preparatory programme. As part of our focused initiative, we are expanding the School of Nursing (SON) facility to accommodate a larger student body and to support the launch of Advanced Nursing Programme in response to the growing demand for healthcare education.

2.6.3 Nazareth Village

The first phase of digging for the retaining wall for the foundations of the new Discovery Center is complete. Several contractors have been approached with the working plans so that they can submit bids for the next phase, the shell. In the meantime, plans for the interior design and multi- media presentation content is in progress.

2.6.4 SERVE Nazareth

We aim to stay in touch with potential volunteers and current partners so that we are ready to get back to full capacity when they are ready. Especially universities and student who risk management evaluation was hindering them from coming.

We also plan to apply for approval to be granted volunteer visas from the Ministry of Interior since there were some changes in policies and logistics.

We are exploring 10-day trip that would include a taste of SERVE as well as to get to know and see the country and our organisation.

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2.6.5 Christian Witness – Spiritual Services

2025 has been a significant period of transition for PCT, with the imminent retirement of the Spiritual Director and the restructuring of the Spiritual Care Department to better meet the evolving needs of our staff and service users. While the search for a new Spiritual Director has been challenging, we remain confident that the right person will soon be appointed and that the Spiritual Care Department and Pastoral Care ministry of the Nazareth Trust will continue to offer healing, hope, and hospitality in Jesus’ name.

We thank God and all our supporters for your prayers and encouragement throughout this transition. Your support has strengthened and sustained us amid the challenges of the past year.

3. Governance, Structure & Management

3.1 Board of Trustees

The Board of Trustees meets typically four or five times annually – twice in Nazareth, once in Edinburgh or Glasgow, and once/twice in London. As an internationally based Board, additional video conferences are scheduled as needed.

As detailed in the Memorandum and Articles of Association and supplemented by the Board's Standing Orders, the Board appoints all new Trustees. New Trustees go through an induction

period, which includes an orientation visit to Nazareth, where possible, training on Trustee responsibilities, and TNT’s governance process.

Trustee responsibilities focus on stewardship, governance, risk, public accountability, and

strategic development. To support the Board in specific matters, three Committees also meet regularly. These are:

All Committees meet at least three times annually except for the Remuneration Committee, which meets at least once annually.

There are two additional committees planned for 2026. These are:

Though day-to-day management is delegated to the Chief Executive Officer, Trustees are required to direct TNT by the following principles:

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and development.

3.2 Senior Management

In keeping with the Articles and Memorandum of Association, the Board of Trustees act independently of the Trust’s senior management, delegating day-to-day operational duties to the Chief Executive Officer.

The structure of the Executive Team is as follows:

----- Start of picture text -----
CEO
International Chief Financial Director of School Spiritual Director of SERVE Nazareth
Director Hospital Director Officer of Nursing Director Nazareth Village Coordinator
HR & Economic
Hospital Director of Nursing Deputy Hospital Director Development Director Administrative Director
----- End of picture text -----

Following the appointment of Mr Waseem Dibbini as CEO, the role of Acting CFO will be appointed in 2026.

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3.3 Risk Management

3.3.1 Operational Risk

Formal risk assessments are carried out regularly and conducted with the assistance of internal auditors. These assessments cover all TNT's operations and involve identifying the types of operational risk faced and the potential impact on TNT should the risk occur.

As a healthcare provider, all significant medical incidents and sentinel events are reported to the Clinical Services Committee and then to the full Board on a timely basis.

Beginning in 2016, as directed by the Finance and Audit Committee, a focus was given to conducting audits on issues with higher risk factors. In 2017, the Finance & Audit Committee and the Board of Trustees agreed upon an internal audit plan that included areas not previously reviewed. In 2020, the Board initiated a review of all risk across all areas of the organisation.

The Quality & Safety directorate is separated into two distinct categories of 'Quality' and 'Patient Safety'- a split intended to facilitate a focused approach to both issues and implement higher clinical care standards. These directorates are responsible for preparing & reviewing clinical protocols, holding inspections to assure protocol compliance, staff education, data collection & analysis, setting KPIs, reporting to management and investigating cases when applicable.

TNT acknowledges its duty of care to safeguard its staff, volunteers, and users and is committed to ensuring that safeguarding practice reflects statutory responsibilities and government guidance and complies with best practices. Policies are in place in both the UK and Israel—the latter set out and governed by Israeli employment law. The former is reviewed on a three-year basis according to TNT’s policy review practice.

The Hospital must comply with Information Security Management Systems standards. As national legislation requires, significant efforts and resources are invested in compromised systems and back-ups to enable a full data recovery in the unlikely event of harm. ISO accreditation is in place.

In keeping with GDPR legislation introduced in 2018, TNT updated its governance measures organisation-wide regarding data usage and storage and will review these as required.

The Hospital also cooperates with the Israeli government to be prepared for local or national emergencies such as war, natural disasters, or any other mass casualty events.

TNT also employs a Safety Officer who manages the facilities' safety and works according to an annual plan approved and supervised by management.

3.3.2 Financial Risk

TNT reviews its financial position on an ongoing basis. Management accounts are produced internally and submitted by the Chief Financial Officer to the Chief Executive Officer and Trustee Finance Officer. The Finance and Audit Committee meets a minimum of three times annually to review performance against the planned budget, to optimise both income and expenditure whilst ensuring continuing quality of services. An Annual Plan is generated covering planned capital developments and the associated required funds.

From 2022, all public hospitals in Israel, including the Nazareth hospital, are supported by the MOH with an operational budget which enables the hospitals to cover costs. Due to that, The Nazareth hospital was able to sign a collective agreements with the workers' committee and trade union to

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equalise the hourly rate paid to its employees with the rates accepted in governmental hospitals. The main financial risks that the Nazareth hospital are as follows:

3.4 Annual Budget & Monitoring Accounts

An annual budget is prepared each year, taking into consideration: -

The Chief Financial Officer prepares the budget and presents it to the Finance and audit Committee for consideration. After approval or amendment, the budget is brought to the Board and ratified.

TNT aims to maintain an operationally balanced budget, at least. Over time, it aims to begin generating funds internally to contribute to improving the Trust’s infrastructure and managing the replacement of essential equipment. Cost-saving strategies during the year included identifying additional income streams, delaying recruitment if possible, and enhancing additional efficiencies in operational expenditure.

3.5 Remuneration 2025

Total staff no: - 900+

Management: Total cost: £989,176

Data Total Gross
Salaries		 Employers NI
Contribution		 Employers defined
Pension Scheme
Contribution		 Operating costs of Employers defined
Pension Scheme (exc. pension finance
costs);& other employee benefits
Execs £ 782,171 £ 33,003 £83,914 (pension &
Provident funds)		 £ 27,724(advanced study fund)
£ 62,364(employer salarytax)

Trustee cost: £50,942

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Trustees are engaged on a voluntary basis only. The costs above reflect reimbursement of reasonable expenses incurred while conducting business on behalf of the Nazareth Trust and are primarily costs arising from travel and accommodation required for the meetings in Nazareth, Israel, twice each year and the same for meetings held in Edinburgh and London, respectively.

The Remuneration and Nomination Committee meets at least annually to review and assess the pay levels of senior staff.

Only four staff are UK employees, the rest being employed in Israel under Israeli employment law, and in accordance with the national pay scales of Israeli hospitals. For salaries for healthcare public employees in Israel, the Israeli Government dictates annual wage agreements known as collective agreements. Nazareth Hospital EMMS, whilst complying with legislation, pays reduced salaries compared to other public health care providers in Israel to deliver a balanced budget.

It is also important to note, as a small trauma and acute care general hospital, with numerous but small departments, our on-call allowances are divided among a small population of key consultants. For example, our Neonatal Unit has only 2 Senior Doctors who provide all the on-call required. Currently the on-call payments (c.2600 NIS per on-call according to Israel collective agreements) make up more than 40% of the salaries alone. In addition, the fluctuation of the exchange rate of GBP against Israel NIS is reflected in the remuneration table below, as the data

Staff Salaries > £60K (Gross including benefits)

Between £400,000 & £410,000 1
Between £320,000 & £400,000 0
Between £310,000 & £320,000 2
Between £300,000 & £310,000 1
Between £270,000 & £300,000 0
Between £260,000 & £270,000 1
Between £250,000 & £260,000 1
Between £240,000 & £250,000 0
Between £230,000 & £240,000 4
Between £220,000 & £230,000 1
Between £210,000 & £220,000 1
Between £200,000 & £210,000 1
Between £190,000 & £200,000 2
Between £180,000 & £190,000 4
Between £170,000 & £180,000 3
Between £160,000 & £170,000 1
Between £150,000 & £160,000 4
Between £140,000 & £150,000 7
Between £130,000 & £140,000 4
Between £120,000 & £130,000 2
Between £110,000 & £120,000 8

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Between £100,000 & £110,000 17
Between £90,000 & £100,000 29
Between £80,000 & £90,000 65
Between £70,000 & £80,000 58
Between £60,000 & £70,000 74

Total Salary Data

Data Total Gross
Salaries		 Employers
NI
Contribution		 Employers defined
Pension Scheme
Contribution		 Operating costs of Employers defined
Pension Scheme (exc. pension finance costs);
& other employee benefits
All
staff		 £ 35,266K £ 2,082K £ 3,429K (pension &
provident funds)		 £1,518K (advanced study fund)
£2,664K(employer salarytax)

The Nazareth Trust’s table of remuneration disclosure reflects salary levels that may appear higher than is typical within the UK charity sector. These figures arise from a collective agreement designed to align doctors’ pay at the Nazareth Hospital, with comparable roles across the Israeli healthcare system. These salaries are typically not covered by donor income but instead by medical insurance payments. As a healthcare provider serving a predominantly Arab/Palestinian Israeli population, the Nazareth Trust is committed to delivering the highest quality medical care to an otherwise under-served local population. Achieving this requires attracting and retaining highly skilled clinicians, which in turn necessitates offering competitive salaries consistent with national remuneration expectations .

4. Financial Review

4.1 General

Although the war in the past two years has negatively affected the Nazareth Village and the SERVE programme, the Hospital and the School of Nursing experienced a short-term decrease in activities, which quickly returned to full volume. The actual performances in 2024 and 2025 shows that the Trust was able to contain the effects of the war and continue to meet its financial plan.

In 2024, the Nazareth Trust achieved a financial surplus and embarked on strategic expansions despite ongoing challenges due to the war. Furthermore, the surplus was achieved in spite of the fact that the Trust has signed a collective agreement with the trade union significantly increasing its payroll expenses and equalling the hourly rate it pays to its employees to those paid in governmental hospitals. The Trust's financial performance exceeded the projected budget, as reflected in the audited accounts. Overall, the Trust strengthened its financial position and maintained stability.

The improvement in financial performance primarily consists of the following elements achieved:

  1. Improved Sick Fund performance.

  2. Increased Ministry of Health (MOH) support due to excellent performance in national initiatives plans, such as internal medicine, NNICU, ER and IVF.

  3. Improvement of maternity income after introducing the own suite initiative

4.2 Funding Sources

Typically, the majority of TNT's income derives from the activities of Nazareth Hospital EMMS, which operates within the framework of the Israeli healthcare system. Within this, income is primarily generated through contracts with governmental health insurance schemes (Sick Funds), in which all Israeli citizens are enrolled.

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4.3 Reserves

The cash reserves held by TNT relate to restricted and designated funds according to the law and regulations under which the charity must operate. These are principally for capital development projects, for which targets are typically high. TNT's policy is to hold cash reserves in a separate bank account equal to at least the amount of the restricted funds.

A reserves policy was introduced in November 2025. The policy ensures responsible stewardship of funds, supports financial sustainability, and aligns with guidance from OSCR and SCVO and Israeli regulators.

The Trust's aim over the medium term is to generate sufficient surpluses from unrestricted operations to provide cash reserves equal to 90 days of operational expenditure.

The laws under which TNT operate stipulate that reserves may be held in bank deposits or governmental bonds. Given the low returns on governmental bonds when considering related expenses, TNT invests its cash reserves in bank deposits only. Terms and length of deposits are examined periodically and resolved according to cash requirements, current investments, and projected investments for the near future.

4.4 Reserves Status

At the close of 2025, TNT's reserves totalled £70,640k, and the restricted fund balance totalled £3,381k. Restricted funds are primarily for imminent capital developments, mainly the development of the Maana Centre.

4.5 Auditor

KPMG are the appointed auditors after a tender process conducted in 2013.

4.6 Trustees’ Responsibility in Relation to Financial Statements

Company law requires Trustees to prepare financial statements that give an accurate and fair view of the state of affairs of EMMS Nazareth (The Nazareth Trust) for the financial year and of its surplus or deficit for that financial year. In doing so, Trustees are required to:

Trustees are responsible for maintaining proper accounting records which disclose, with reasonable accuracy, at any time, the financial position of EMMS Nazareth (The Nazareth Trust) and enable them to ensure that the financial statements comply with the Companies Act 1985. Trustees are also responsible for safeguarding the assets of EMMS Nazareth (The Nazareth Trust) and hence for taking reasonable steps to prevent and detect fraud and other irregularities.

This report has been prepared and issued by order of EMMS Nazareth (The Nazareth Trust) Board of Trustees.

Geoffrey Spence, Chair of the Board of Trustees

25th June 2026 Date:

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